United Rentals M&A and 4Q Results Presentation
...that has ultimately been reflected in free cash flow
2011-2020 Average Free Cash Flow Conversion: 124% (2)
Free Cash
Flow ($M)
$2,600
$2,400
$2,200
Average FCF as % of
$2,000
EBITDA (1): 30.8%
$1,800
$1,600
$1,400
$1,200
Average FCF as % of
$1,000
EBITDA (1): 20.4%
$800
$600
$400
$200
$0
($200)
2002 2003
2004
2005 2006 2007 2008 2009 2010 2011 2012
2013 2014 2015 2016 2017 2018 2019 2020
Durable Free Cash Flow generated throughout the cycle
(1) Free Cash Flow (FCF) and EBITDA are non-GAAP financial measures. See the Appendix for reconciliations to the most comparable GAAP measures for 2008-2020.
Reflects average annual free cash flow, excluding the impact of merger and restructuring payments, relative to reported net income with 2017 net income adjusted to exclude tax reform benefits.
(2)
United Rentals
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