Investor Presentaiton
...that has ultimately been reflected in free cash flow
Adjusted
Free Cash
Flow ($M)
$1,800
$1,300
2011-2018 Free Cash Flow Conversion: 103% (2)
$800
FCF/EBITDA(1)
20.4%
$300
FCF/EBITDA(1)
27.5%
-$200
2002
2003 2004
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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 2009-2018.
(2) Reflects average annual adjusted free cash flow relative to reported net income with 2017 net income adjusted to exclude tax reform benefits.
United Rentals®
United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2018 United Rentals, Inc. All rights reserved.
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