Driving Digital Transformation and Shareholder Value
Long-term capital allocation strategy
Manage
Leverage
Target leverage range over
•
the cycle of 2.0x-3.0x.
• Net leverage (1,2); 2.5x
•
Total liquidity (2): $3.083 billion
• Next long-term maturity (2): 2025
.
⚫ Credit ratings (2):
S&P: BB
Moody's: Ba2
Invest in Growth
Organic
• Continued organic
investments to support
growth and boost
productivity.
Opened 34 specialty
branches in 2019,
following 30 openings
in 2018.
•
•
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 1Q 2020. Note: Further
repurchases have been paused
due to the COVID-19 pandemic,
while the company assesses
available sources and
anticipated uses of cash.
• Since 2012, United Rentals has
returned approximately $4.0
billion to shareholders,
representing 37% of total issued
shares.
Disciplined, prudent, efficient, and opportunistic approach to capital allocation
(1) 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.
(2) As of March 31, 2020
United Rentals®
United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2020 United Rentals, Inc. All rights reserved.
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