United Rentals M&A and 4Q Results Presentation
Long-term capital allocation strategy
Manage
Leverage
Target leverage range over
•
the cycle of 2.0x-3.0x.
• Net leverage (1,2); 2.4x
•
.
Total liquidity (2): $3.073 billion
Next long-term note maturity:
2026
⚫ Credit ratings (3):
·
S&P BB Stable
•
Moody's: Ba2 / Positive
Invest in Growth
Organic
• Continued organic
investments to support
growth and boost
productivity.
Opened 15 specialty
branches in 2020.
Targeting 30 openings
in 2021, consistent
with 2018 and 2019
levels.
•
•
M&A
Balance sheet strategy
creates flexibility to
pursue strategic assets
as opportunities arise.
Acquisition of National
Pump in 2014 and
BakerCorp in 2018
expanded specialty.
Acquisitions of NES
and Neff in 2017 and
BlueLine in 2018 to
support our 'grow the
core' strategy.
•
Return Excess
Cash to
Investors
$500 million repurchase program
commenced in the first quarter of
2020. $257 million purchased
through March 18, 2020, when
the program was paused due to
COVID-19, while the company
focuses its use of free cash flow
to reduce net debt levels.
Since 2012, United Rentals has
returned $4.0 billion to
shareholders via share
repurchases, representing 37%
of total issued shares.
Disciplined, prudent, efficient, and opportunistic approach to capital allocation
Leverage ratio calculated as net debt, divided by adjusted EBITDA. Net debt calculated as the balance sheet value of debt less cash and cash equivalents.
(1)
(2)
As of December 31, 2020.
(3)
As of January 25, 2021.
United Rentals®
United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2021 United Rentals, Inc. All rights reserved.
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