M&A Strategy and Financial Overview

Free Cash Flow GAAP Reconciliation (In millions, except footnotes) We define "free cash flow" as net cash provided by operating activities less purchases of, and plus proceeds from, equipment and intangible assets. The equipment and intangible asset purchases and proceeds are included in cash flows from investing activities. Management believes that free cash flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements. However, free cash flow is not a measure of financial performance or liquidity under GAAP. Accordingly, free cash flow should not be considered an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. The table below provides a reconciliation between net cash provided by operating activities and free cash flow. Net cash provided by operating activities Purchases of rental equipment Purchases of non-rental equipment and intangible assets Proceeds from sales of rental equipment Proceeds from sales of non-rental equipment Insurance proceeds from damaged equipment Free cash flow (1) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 $ 1,062 $ 1,142 $ 3,290 $ 3,182 (1,030) (1,102) (3,078) (2,456) (88) (59) (267) (182) 366 181 1,136 556 18 6 46 15 11 8 30 25 $ 339 $ 176 $ 1,157 $ 1,140 1) Free cash flow included aggregate merger and restructuring related payments of $1 million for the three months ended September 30, 2023, and $6 million and $3 million for the nine months ended September 30, 2023 and 2022, respectively. The table below provides a reconciliation between 2023 forecasted net cash provided by operating activities and free cash flow. Net cash provided by operating activities Purchases of rental equipment Proceeds from sales of rental equipment Purchases of non-rental equipment and intangible assets, net of proceeds from sales and insurance proceeds from damaged equipment Free cash flow (excluding the impact of merger and restructuring related payments) $4,500-$4,800 $(3,400)-$(3,550) $1,450-$1,550 $(250)-$(300) $2,300-$2,500 United Rentals® Work United® | 48

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