United Rentals Earnings Reconciliation and Strategic Vision
Balance sheet strength has improved
Leverage Ratio (1)
3.6x (2)
(4)
3.0x
3.0x
2.9x
2.9x (3)
2.8x
2.7x
2.6x
2.4x
2.2x (5)
(6)
2.0x
1.8x
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Q2 2023
2.0x-3.0x targeted leverage range across the cycle
Leverage Ratio calculated as net debt divided by LTM adjusted EBITDA.
1)
2)
Pro Forma assumes RSC acquisition occurred on January 1, 2012.
3)
4)
5)
Reflects leverage as reported, which includes borrowings related to the acquisitions of both NES and Neff without full-year benefits of EBITDA contribution.
Reflects leverage as reported, which includes borrowings related to the acquisitions of both Baker and Blue Line without full-year benefits of EBITDA contribution.
Reflects leverage as reported, which includes borrowings related to the acquisition of General Finance without full-year benefits of EBITDA contribution.
6) Reflects leverage as reported, which includes borrowings related to the acquisition of Ahern without full-year benefits of EBITDA contribution.
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