Financial Data and Key Metrics Changes - Fourth quarter rental revenue reached a record $2.74 billion, an increase of $435 million or nearly 19% year-over-year [8] - Adjusted EBITDA for the quarter was $1.65 billion, an increase of $338 million or 25.8% year-over-year, with a margin improvement of 280 basis points to 50% [89][79] - Free cash flow for the full year was $1.76 billion, with a free cash margin of better than 15% [12][25] - Return on invested capital (ROIC) was a record 12.7%, up 50 basis points sequentially and 240 basis points year-over-year [25] Business Line Data and Key Metrics Changes - The specialty segment reported an 18% increase in rental revenue year-over-year, with solid gains across all lines of business [13] - Used sales in the fourth quarter increased by approximately 26% to $409 million, with adjusted use margins rising by 940 basis points year-over-year to 61.6% [9][8] - Ancillary revenues increased by $81 million or 23.1% year-over-year, while re-rent remained flat [75] Market Data and Key Metrics Changes - Total construction activity was up 19% year-over-year, with non-residential construction up 22% and industrial up 11% [85] - Customer sentiment remains strong, with the majority of customers indicating growth over the next 12 months [14] - The company opened 35 new specialty locations in the past 12 months, with plans for at least another 40 in 2023 [5] Company Strategy and Development Direction - The company is focused on optimizing fleet and facilities post-Ahern acquisition, with a strong emphasis on integrating new team members and technology [4][16] - A capital allocation strategy was announced, including a $1.25 billion share repurchase program and quarterly dividends totaling $5.92 per share in 2023, returning approximately $1.4 billion to shareholders [15][20] - The company plans to invest more than $3.4 billion in gross CapEx in 2023, while also taking advantage of a strong used equipment market [18][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment for 2023, citing strong demand and positive feedback from field leaders [6][5] - The company expects total revenue in the range of $13.7 billion to $14.2 billion for 2023, implying full-year growth of about 20% at midpoint [27] - Management noted that while there are supply chain challenges, they are optimistic about the demand for mega projects and infrastructure spending [57][56] Other Important Information - The company reported a leverage ratio of 2.0 times at the end of the quarter, with liquidity at $2.9 billion and no long-term note maturities until 2027 [26] - The integration of the Ahern acquisition is progressing well, with the business contributing approximately $54 million in total revenue and $20 million in EBITDA in the fourth quarter [79][81] Q&A Session Summary Question: Concerns about equipment availability and market share - Management indicated that the market remains tight, with some supply chain challenges expected to persist into 2023, but they are working to mitigate these issues [34][35] Question: Fleet productivity expectations for 2023 - Management stated that fleet productivity in Q4 met expectations, and they will report on both as-reported and pro forma bases moving forward [44] Question: Impact of mega projects and infrastructure spending - Management confirmed that many mega projects are progressing well, and they expect infrastructure spending to accelerate throughout 2023 [57][120] Question: Capital allocation and leverage strategy - Management reiterated their commitment to maintaining a disciplined balance sheet strategy, with no immediate changes planned [31][39] Question: Pricing dynamics in the used equipment market - Management expects a return to a more normalized channel mix for used sales in 2023, with expectations for stable pricing [72][70]

• Community 27 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. © 2023 United Rentals, Inc. All rights reserved. Emissions Progress against existing goal: 9% reduction in greenhouse gas (GHG) emissions intensity in 2021 vs. 2018 baseline, toward our goal of 35% reduction by 2030 Continued to invest in low- and zero-emissions equipment and vehicles for our rental and non-rental fleets, and engage with manufacturers and customers about related opportunities Approximately 27%* of rental flee ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________________________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-14387 United Rentals, Inc. Commission File Number 1-13663 United Rental ...

Financial Data and Key Metrics Changes - The company reported a record rental revenue of $2.73 billion, an increase of $455 million or 20% year-over-year [26] - Adjusted EBITDA for the quarter was $1.52 billion, an increase of $288 million or 23.4% year-on-year [29] - The adjusted EBITDA margin increased by 240 basis points to 49.9%, indicating strong operational efficiency [31] - Adjusted EPS reached a record $9.27, an increase of $2.69 per share or almost 41% year-on-year [31] - Return on invested capital (ROIC) was a record 12.2%, up 70 basis points sequentially and 270 basis points year-on-year [33] Business Line Data and Key Metrics Changes - Rental revenue from non-residential construction increased by 24%, infrastructure by 11%, and industrial by 13% year-over-year [17] - Specialty rental revenue grew by 23% year-over-year, driven by strong demand in Mobile Storage and Fluid Solutions [17] - Ancillary revenues increased by $103 million or 32%, primarily due to higher delivery fees and other pass-through charges [27] Market Data and Key Metrics Changes - The company noted strong customer activity and demand for equipment rental, despite some economic slowdowns in other sectors [13] - The U.S. infrastructure bill is expected to provide $550 billion in funding, creating opportunities for at least five years [15] - The manufacturing sector is seeing significant investments, particularly in automotive electrification and microchip factories, which are expected to drive demand [16] Company Strategy and Development Direction - The company is focusing on profitable growth and maintaining flexibility to adapt to market conditions [23] - Investments in ESG initiatives include purchasing all-electric ride-on dumpsters and launching a sustainability tool to track greenhouse gas emissions [12] - The company plans to return $1.25 billion of excess capital to investors through a new share repurchase program [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for rental services, citing strong customer sentiment and key industry indicators [13] - The company is prepared to capitalize on the expected growth from infrastructure and manufacturing investments [15][16] - Management emphasized the importance of maintaining operational efficiency and profitability amid rising costs [8] Other Important Information - The company has revised its full-year guidance for total revenue to a range of $11.5 billion to $11.7 billion, reflecting continued momentum [35] - Gross rental CapEx is expected to increase by $350 million, with total gross CapEx projected between $3.25 billion and $3.45 billion [38] Q&A Session Summary Question: Visibility on mega projects and project backlog for 2023 - Management noted unprecedented levels of mega projects in infrastructure and manufacturing, with over $250 billion of funds activated [42] Question: Thoughts on leverage and capital allocation - Management discussed the flexibility of their leverage strategy, indicating comfort with operating below the 2x target if necessary [46] Question: CapEx increase and its selectivity - The increase in CapEx is due to delayed orders in high-demand categories, not a loosening of supply chain constraints [50] Question: Performance of general finance and cross-selling opportunities - Management reported robust growth in the general finance business, exceeding initial expectations [56] Question: Scenario planning for potential downturns - Management highlighted the flexibility of their business model, allowing for rapid adjustments in response to changing market conditions [60] Question: Growth drivers for 2023 - Management indicated natural fleet growth and continued productivity improvements as key drivers for 2023 [65] Question: Rate increases for 2023 - Management expects a conducive environment for rate increases, balancing inflationary pressures with customer understanding [68] Question: Impact of tight fleet and supply chain on revenue opportunities - Management acknowledged some lost revenue opportunities due to fleet constraints but expressed satisfaction with overall growth [87]

Company Overview - United Rentals holds the 1 market share in North America [12] - In 2021, United Rentals' total revenue reached $9.72 billion, marking a 13.9% year-over-year increase [12] - The adjusted EBITDA for 2021 was $4.41 billion, with a 45.4% margin, up 12.3% year-over-year [12] - As of September 30, 2022, the company's fleet comprised $17.4 billion of equipment, totaling 890,000 units [12] Financial Performance & Growth - The company has experienced strong revenue growth with a 10-year Compound Annual Growth Rate (CAGR) of 14.0% [27] - Adjusted EBITDA has also shown powerful growth, with a 10-year CAGR of 16.9% [27] - Adjusted EPS has seen significant growth, with a 10-year CAGR of 28.0% [27] - Specialty revenue represented almost 28% of total revenue in 2021, amounting to approximately $2.7 billion [79] ESG Initiatives - The company aims for a 35% reduction in greenhouse gas (GHG) emissions intensity by 2030, achieving a 9% reduction in 2021 compared to the 2018 baseline [95] - United Rentals is targeting 40% diverse representation in sales and management job groups by 2030 [104] - The company is targeting to divert 70% of its waste from landfills by 2025, with 42.5% achieved in 2021 [96]

Financial Performance - Total revenues for the three months ended September 30, 2022, increased to $3,051 million, up 17.5% from $2,596 million in the same period of 2021[22]. - Net income for the nine months ended September 30, 2022, was $1,466 million, representing a 62% increase from $905 million in the same period of 2021[22]. - Basic earnings per share for Q3 2022 was $8.69, up 53.9% from $5.65 in Q3 2021[22]. - Comprehensive income for the three months ended September 30, 2022, was $511 million, compared to $357 million in the same period of 2021[26]. - Net income for the three months ended September 30, 2022, was $606 million, compared to $409 million for the same period in 2021, representing a 48% increase[126]. - For the nine months ended September 30, 2022, net income rose by $561 million, or 62.0%, with a net income margin of 17.6%[144]. Revenue Breakdown - Equipment rentals revenue rose to $2,732 million, a 19.9% increase compared to $2,277 million in Q3 2021[22]. - Owned equipment rentals accounted for 73% of total revenues for the nine months ended September 30, 2022, generating $6,053 million compared to $4,937 million in 2021, reflecting a 22.7% increase[52]. - Total equipment rentals for the nine months ended September 30, 2022, reached $7,369 million, up from $5,895 million in 2021, marking a growth of 25.0%[50]. - Equipment rentals accounted for 88% of total revenues for the nine months ended September 30, 2022[131]. - For the three months ended September 30, 2022, equipment rentals represented 90% of total revenues[159]. Assets and Liabilities - Total assets as of September 30, 2022, increased to $21,419 million, compared to $20,292 million at December 31, 2021[19]. - Total liabilities rose to $15,066 million as of September 30, 2022, compared to $14,301 million at the end of 2021[19]. - The company’s total liabilities were $13.363 billion as of September 30, 2022[207]. Cash Flow and Liquidity - Cash flows from operating activities for the nine months ended September 30, 2022, were $3,182 million, compared to $3,021 million in 2021, indicating a 5.3% increase[39]. - Cash and cash equivalents decreased to $76 million as of September 30, 2022, from $144 million at December 31, 2021[19]. - The company had available liquidity of $2.843 billion as of September 30, 2022, which includes cash and cash equivalents[135]. - Free cash flow for the nine months ended September 30, 2022 was $1.140 billion, a decrease of $114 million compared to $1.254 billion for the same period in 2021[199]. Capital Expenditures and Investments - Capital expenditures for the nine months ended September 30, 2022, totaled $2,638 million, compared to $2,450 million for the same period in 2021[104]. - The company repurchased common stock totaling $1,058 million during the nine months ended September 30, 2022, compared to only $33 million in the same period of 2021[39]. - The company plans to fund cash requirements for operations, equipment purchases, and share repurchases from existing cash sources and may seek additional financing as market conditions permit[190]. Debt and Interest - Total debt as of September 30, 2022, was $9,910 million, an increase from $9,685 million as of December 31, 2021[115]. - The weighted-average interest rate on average debt outstanding was 2.7% as of September 30, 2022[116]. - The company was in compliance with all covenants and provisions of its debt facilities as of September 30, 2022[121]. Operational Efficiency - The company executed a strategy focused on improving profitability through revenue growth, margin expansion, and operational efficiencies[132]. - The gross margin from sales of rental equipment increased by 14.3 percentage points due to improved pricing[143]. - SG&A expenses benefited from better fixed cost absorption, contributing to improved margins across equipment rentals and sales[143]. Acquisitions and Market Position - The acquisition of General Finance was completed for an aggregate consideration of $1.032 billion, funded through available cash and drawings on the ABL facility[83][84]. - The company is pursuing strategic acquisitions to expand its core equipment rental business, enhancing its market position[136]. Miscellaneous - The company had deferred revenue of $126 million as of September 30, 2022, compared to $83 million as of December 31, 2021[57]. - The company’s foreign subsidiaries accounted for $839 million, or 10 percent, of total revenue of $8.346 billion during the nine months ended September 30, 2022[211]. - There were no changes in internal control over financial reporting during the quarter ended September 30, 2022 that materially affected internal control[215].

Company Overview - United Rentals is the North American equipment rental leader with 15% market share[12] - The company has 1,331 locations across North America, including 1,188 branches in the U S and 143 in Canada as of June 30, 2022[12,19] - United Rentals' total revenue for 2021 was $9 72 billion, a 13 9% year-over-year increase[12] - Adjusted EBITDA for 2021 was $4 41 billion, with a 45 4% margin, a 12 3% year-over-year increase[12] - The company's fleet is valued at $16 6 billion, comprising 845,000 units as of June 30, 2022[12] Financial Performance & Growth - The company has demonstrated strong revenue growth with a 10-year CAGR of 14 0%[27] - Adjusted EBITDA has also shown powerful growth, with a 10-year CAGR of 16 9%[27] - Adjusted EPS has seen significant growth, with a 10-year CAGR of 28 0%[27] - Specialty revenue represented almost 28% of total revenue in 2021, amounting to approximately $2 7 billion[80] ESG Initiatives - The company is aiming for a 35% reduction in greenhouse gas (GHG) emissions intensity by 2030, achieving a 9% reduction in 2021 compared to the 2018 baseline[98] - United Rentals is targeting 40% diverse representation in sales and management job groups by 2030, with progress from 26 8% in 2018 to 31 3% in 2021[107]

United Rentals, Inc. (NYSE:URI) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET Company Participants Matt Flannery - President & Chief Executive Officer Jessica Graziano - Chief Financial Officer Ted Grace - Vice President of Investor Relations Conference Call Participants David Raso - Evercore ISI Tim Thein - Citigroup Rob Wertheimer - Melius Research Steven Fisher - UBS Seth Weber - Wells Fargo Clay Williams - Goldman Sachs Ken Newman - KeyBanc Scott Schneeberger - Oppenheimer Mig Dobre - Baird ...

Table of Contents For the transition period from to Commission File Number 1-14387 Commission File Number 1-13663 ___________________________________ United Rentals, Inc. United Rentals (North America), Inc. (Exact Names of Registrants as Specified in Their Charters) ___________________________________ Delaware 06-1522496 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ___________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXC ...

| --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------| | | | | United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. © 2022 United Rentals, Inc. All rights reserved. | | Introductory Information Unless otherwise specified, the information in this presentation, including forward-looking statements, is as of our most recent earnings call held on April 28, 2022. We make no commitment to update any such informa ...