United Rentals M&A and 4Q Results Presentation
2021 Financial Outlook
Total Revenue
Adjusted EBITDA*
Net Rental Capital Expenditures
Net Cash Provided by Operating Activities
Free Cash Flow*
$8.625 billion to $9.025 billion
$3.925 billion to $4.125 billion
$1.15 billion to $1.45 billion, after gross.
purchases of $2.0 billion to $2.3 billion
$2.95 billion to $3.45 billion
$1.65 billion to $1.85 billion**
*Adjusted EBITDA and Free Cash Flow are non-GAAP measures. See the table provided elsewhere in this presentation for a reconciliation of forecasted Free Cash Flow to the most comparable GAAP measure. Information reconciling forecasted
adjusted EBITDA to the most comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed in the "Introductory Information" slide.
**Excludes aggregate merger and restructuring related payments. FCF outlook assumptions include 2021 cash taxes of $290M and cash interest of $390M.
United Rentals®
United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2021 United Rentals, Inc. All rights reserved.
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