United Rentals Earnings Reconciliation and Strategic Vision
Long-term capital allocation strategy
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Manage
Leverage
Target leverage range over
the cycle of 2.0x-3.0x.
Net leverage (1,2): 1.8x
Total liquidity(2): $2.706 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 35 specialty
branches in 2022 vs.
30 in 2021, 15 in 2020
and ~30 in both 2018-
2019. Targeting 40+ in
2023.
M&A
Balance sheet strategy
creates flexibility to
pursue strategic assets
as opportunities arise.
Specialty: National
Pump, BakerCorp, and
General Finance to
augment Specialty.
GenRent: NES, Neff,
BlueLine and Ahern to
support "grow the core"
strategy.
Return Excess Cash
to Investors
Began repurchases under $1.25 billion
share repurchase program in the first
quarter of 2023 and $500 million has been
repurchased through June 30, 2023.
Since 2012, United Rentals returned $5.5
billion to shareholders via share
repurchases, representing -41% of total
issued shares.
■ Our first quarterly dividend program was
initiated in the first quarter of 2023, and
we paid year-to-date dividends of $205
million ($2.96 per share) through June 30,
2023.
■ Board of Directors declared third quarter
2023 dividend of $1.48 per share, payable
on August 23, 2023 to shareholders of
record on August 9, 2023.
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, 2023.
3)
As of July 24, 2023.
United Rentals®
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