United Rentals Financial Performance and Market Exposure
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)
Stock compensation expense, net (8)
Gain (loss) on extinguishment of debt securities, and amendments of debt facilities
Loss on retirement of subordinated convertible debentures (1)
Excess tax benefits from share-based payment arrangements (11)
Changes in assets and liabilities
Cash paid for interest, including subordinated convertible debentures (1)
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
2009
2010
2011
$ 438 $ 452 $
2012 2013 2014
2015 2016 2017
2018
612 $ 721 $1,551 $ 1,801 $1,987 $ 1,941 $ 2,209 $ 2,853
2
4
(17)
7
(23)
41
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66
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176
229
227
204
220
278
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49
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415
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40
48
100
60
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205
71
589
649
879
1,501
2,181
2,599
2,774
2,665
2,895 3,628
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929 $ 1,772 $ 2,293 $ 2,718 $ 2,832 $ 2,759 $ 3,164 $ 3,863
United Rentals®
United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. © 2018 United Rentals, Inc. All rights reserved.
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