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Investor Presentaiton

Historical EBITDA and Adjusted EBITDA GAAP Reconciliations ($M) (cont'd) Net cash provided by operating activities (9) Adjustments for items included in net cash provided by operating activities but excluded from the calculation of EBITDA: Loss from discontinued operation, net of taxes Amortization of deferred financing costs and original issue discounts Gain on sales of rental equipment Gain on sales of non-rental equipment Gain on insurance proceeds on damaged equipment (10) Gain (loss) on sale of software subsidiary (7) Merger related costs (2) Restructuring charge (3) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019 $ 438 $ 452 $ 612 $ 721 $1,551 $ 1,801 $1,987 $ 1,941 $ 2,209 $2,853 $ 1,590 4 (17) (23) (22) (23) (21) (17) (10) (9 (12) (8) 66 125 176 229 227 204 220 278 148 2 2 6 11 8 4 6 3 8 12 21 22 12 ®ཕྱེ། ། |རྒྱབྱེ॰ 41 སྐྱི+ | | | |$ ཚེ N | | € 1. - 31 ∞ ∞ | 2 GINA 1 8 (19) (111) (9) 26 (50) (36) (1) (31) (34) (19) (99) (12) (6) (14) (50) (31) (14) Stock compensation expense, net (8) (8) (8) (12) (32) (46) (74) (49) (45) (87) (102) (31) Gain (loss) on extinguishment of debt securities, and amendments of debt facilities 7 (28) (3) Loss on retirement of subordinated convertible debentures (1) 13 (2) Excess tax benefits from share-based payment arrangements (11) Changes in assets and liabilities Cash paid for interest, including subordinated convertible debentures (1) 5ཕྲུགྲྭ། |བྱེ (72) (1) (80) (123) (101) (54) (2) (58) 65 49 571 31 182 234 229 203 371 461 457 3 (49) 24 40 48 100 ། ॰ ༈ ༈༙ 8 5 58 194 101 129 124 (136) 447 415 357 455 301 60 99 205 71 589 649 879 1,501 2,181 2,599 2,774 2,665 2,895 3,628 73 1,905 | $| |8gཤྩ། (32) Cash paid (received) for income taxes, net EBITDA Add back: Merger related costs (2) Restructuring charge (3) Stock compensation expense, net (8) Impact of the fair value mark-up of acquired fleet (6) (Gain) loss on sale of software subsidiary (7) Adjusted EBITDA | $ ྋ 8 | ∞ | 31 19 111 9 11 34 19 99 12 == (26) (1) 6 14 550 36 1 31 14 8 12 IN 32 46 74 49 45 87 102 31 37 44 35 29 35 82 66 43 $ 628 $ 691 $ | 「ཱ - (8) 1 - - - 929 $1,772 $2,293 $2,718 $2,832 $ 2,759 $3,164 $ 3,863 $ 1,994 United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2018 United Rentals, Inc. All rights reserved. 52 52
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