2022 Financial Outlook
Long-term capital allocation strategy
•
Manage
Leverage
Target leverage range over
the cycle of 2.0x-3.0x.
• Net leverage (1,2); 2.0x
•
.
Total liquidity (2): $2.83 billion
Next long-term note maturity:
2027
⚫ Credit ratings (3):
·
S&P: BB+/Stable
•
Moody's: Ba1/Stable
Invest in Growth
Organic
• Continued organic
investments to support
growth and boost
productivity.
Opened 30 specialty
branches in 2021 vs.
15 in 2020 and ~30 in
both 2018-2019,
targeting ~45
openings in 2022.
•
•
•
M&A
Balance sheet strategy
creates flexibility to
pursue strategic assets
as opportunities arise.
Specialty: National
Pump, BakerCorp, and
General Finance to
augment Specialty.
Gen Rent: NES, Neff,
and Blue Line to
support "grow the core"
strategy.
Return Excess
Cash to
Investors
The 2022 $1 billion repurchase
program commenced in the first
quarter of 2022. Through June 30,
2022, $762 million was purchased.
The company expects to complete
the program in the third quarter of
2022.
Since 2012, United Rentals has
returned over $4.7 billion to
shareholders, representing 39% of
total issued shares.
Disciplined, prudent, efficient, and opportunistic approach to capital allocation
Leverage ratio calculated as net debt divided by LTM adjusted EBITDA. Net debt calculated as the balance sheet value of debt less cash and cash equivalents.
(1)
(2)
As of June 30, 2022.
(3)
As of July 25, 2022.
United Rentals
8
United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. © 2022 United Rentals, Inc. All rights reserved.
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