Table of Contents 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 EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-14387 Delaware 06-1522496 Delaware 86-0933835 100 First Stamford Place, Suite 700 Stamford ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2023 reached just under $1.7 billion, reflecting a year-over-year increase of $384 million or 29% [3][148] - Total revenue rose by 28% year-on-year to almost $3.6 billion, with rental revenue growing 21% [147][148] - Free cash flow guidance was increased by $175 million to a range of $2.3 billion to $2.5 billion, implying over $20 per share returned to investors [6][148] - Return on invested capital (ROIC) set a new record at 13.4%, up 190 basis points year-on-year [18][148] Business Line Data and Key Metrics Changes - Rental revenue increased by 21%, with broad-based demand across verticals and regions [147][148] - Used equipment sales revenue surged 133% to $382 million, with a second quarter adjusted used margin of 57.3% [155][148] - Specialty business rental revenue grew 17% year-on-year organically, with double-digit gains across all major categories [149][148] Market Data and Key Metrics Changes - The Dodge Momentum Index was up 19% year-over-year in June, indicating strong non-residential construction activity [139] - Non-residential construction employment growth remains solid, supporting overall market demand [139][148] - The company reported growth in all regions on both reported and pro forma bases [149] Company Strategy and Development Direction - The company aims to leverage competitive advantages to provide superior customer service and pursue continued growth both organically and through M&A [145][148] - The strategy includes a focus on infrastructure, industrial manufacturing, and energy and power as key tailwinds for long-term growth [150][148] - The company plans to return over $1.4 billion of cash to shareholders this year through share buybacks and dividends [5][144] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand environment, stating that the industry remains in good shape with strong rate discipline [161] - The company anticipates 2024 to be a growth year, supported by a strong end market demand [11][148] - Management noted that project pipelines remain robust, with no cancellations observed despite recent banking system disruptions [70][71] Other Important Information - SG&A expenses increased by $51 million, but as a percentage of sales, it declined to a record low of 10.6% [17][148] - The company opened 19 new locations in Q2 and is on track for 40 cold starts this year [149][148] - The company released a new sustainability report highlighting how the rental business model aligns with sustainability goals [151] Q&A Session Summary Question: How is the company thinking about fleet productivity for the rest of the year? - Management indicated that fleet productivity is expected to remain strong, with dynamics similar to Q2 [10][20] Question: What drove the pro forma decline from 5.9% to 2% in the second quarter? - Management clarified that the decline was a timing issue related to fleet management and not indicative of demand weakness [21][8] Question: How does the company view the impact of potential economic slowdowns on CapEx? - Management stated that they will adjust CapEx based on demand forecasts and maintain a focus on shareholder value [104][109] Question: Are there any areas of concern within non-residential markets? - Management highlighted strong performance in manufacturing, public road and highway, and healthcare sectors, with no significant weaknesses noted [79][96] Question: How is the company managing inflation and cost pressures? - Management emphasized their buying power and ability to manage costs effectively, ensuring that inflation does not significantly impact fleet productivity [81][84]

Table of Contents 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 EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-14387 Commission File Number 1-13663 ___________________________________ United Rentals, Inc. U ...

Financial Data and Key Metrics Changes - Total revenue grew by 30% to a first quarter record of $3.3 billion, with rental revenue increasing by 26% [16][28] - EBITDA increased by 32% to $1.5 billion, with margins expanding to 45.8%, both first quarter records [16][33] - Return on invested capital reached a new high of 13.1%, up 40 basis points sequentially and 220 basis points year-on-year [34] Business Line Data and Key Metrics Changes - Rental revenue was a record at $2.74 billion, an increase of $565 million or 26% year-over-year [28] - Used sales increased by 84% to $388 million, reflecting a return to normalized volumes after holding back on sales in 2022 [30] - Ancillary revenues rose by $93 million or 28.3%, contributing positively to overall revenue growth [29] Market Data and Key Metrics Changes - Nonresidential construction starts increased over 30% in March, with the Dodge Momentum Index up 24% year-over-year [19] - The ABI points to growth, with forward-looking inquiries continuing in a positive direction [19] - The company noted double-digit growth across all regions, indicating strong demand in various markets [17] Company Strategy and Development Direction - The company is focused on driving profitable growth and returning excess cash to shareholders, with over $350 million returned in the quarter [11] - Long-term strategies include capitalizing on multiyear tailwinds from federal infrastructure spending and investments in clean energy and advanced manufacturing [20][21] - The company plans to host an Investor Day on May 31 to provide an in-depth review of its strategy and financial performance [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in 2023, supported by strong customer demand and positive industry indicators [11][19] - The integration of Ahern is on track, with expectations of improved productivity and operational efficiencies over time [48][116] - Management remains confident in maintaining margins above 45% even in potential downturns, citing structural improvements in the business [88][90] Other Important Information - The company reaffirmed its full-year guidance, expecting total revenue in the range of $13.7 billion to $14.2 billion, implying approximately 20% growth at midpoint [37] - Free cash flow guidance is set at $2.1 billion to $2.35 billion, before dividends and repurchases [39] - The leverage ratio improved to 1.9x, with liquidity exceeding $2.65 billion [35][36] Q&A Session Summary Question: Demand outlook and mega project funding - Management noted strong demand across all business units and geographies, with a constructive market for continued strength [44][45] Question: Impact of Ahern on gross margins - The drag on margins from Ahern was expected and reflects the integration of a lower-margin business [48][72] Question: Productivity expectations with Ahern integration - Management indicated that improvements in productivity will take time, with expectations of narrowing the gap between reported and pro forma results [51][56] Question: Multiyear projects and CapEx thoughts for 2024 - Management expects supply chain conditions to improve next year, reducing the need for pulling forward orders [63][68] Question: Customer mix and demand strength - Demand is skewed towards larger customers, who are better positioned for mega projects, indicating a positive outlook for larger accounts [84][85] Question: Confidence in maintaining margins during downturns - Management expressed confidence in sustaining margins above 45%, citing structural improvements and past performance during downturns [88][90] Question: Specialty pipeline and M&A opportunities - The company continues to explore M&A opportunities, focusing on enhancing specialty offerings and integrating acquisitions effectively [92][93] Question: Share buyback strategy - Management reiterated a consistent approach to share buybacks, emphasizing a systematic execution strategy [98]

Table of Contents 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 EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-14387 Commission File Number 1-13663 ___________________________________ United Rentals, Inc. ...

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]