United Rentals Earnings Reconciliation and Strategic Vision
Consistent free cash flow generation
$2,500
$2,100
$1,700
$1,300
$900
Free Cash Flow ($M) (1)
10-Yr Average (2)
5-Yr Average (3)
$2,454
$1,768
$1,592
$1,527
$1,334
$1,195
$983
$924
$574
$421
$2,400
$500
$335
$367
$227
$100
$23
($73)
-$300
(4)
(4)
(4)
(4), (5)
2008
2009
2010
2011
2012
2013
2014
2015 2016
2017
2018
2019
2020 2021
2022 2023F
~$8.7B of free cash flow generated over last 5 years"
(3)
Notes:
1)
2)
3)
4)
5)
Free cash flow is a non-GAAP measure. See tables provided elsewhere in this presentation for reconciliations to the most comparable GAAP measure. Merger and restructuring related payments were first reported for 2012. The information required to
determine the amount of merger and restructuring related payments for periods prior to 2012 is unavailable without unreasonable effort. Free cash flow for 2012 and subsequent periods above excludes merger and restructuring related payments.
Reflects 10 year period from 2013 to 2022, excluding merger and restricting related payments.
Reflects 5 year period from 2018 to 2022, excluding merger and restructuring related payments.
2020 reflects a $1.2 billion year-over-year decrease in net rental capital expenditures, while 2021 reflects a -$1.9 billion year-over-year increase in net rental capital expenditures. 2022 net rental capital expenditures exceeded 2021 levels and 2023F net rental capital
expenditures are expected to decrease from 2022, primarily due to increased used equipment sales.
2023F reflects the mid-point of guidance.
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