United Rentals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>United Rentals, Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, providing an update on its financial performance.</b>

AI Summary

UNITED RENTALS, INC. (URI) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. United Rentals, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 31st. The filing was made on April 24, 2024. The report details financial information for the period.

Why It Matters

For investors and stakeholders tracking UNITED RENTALS, INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for United Rentals, Inc., enabling them to assess the company's performance and make informed investment decisions. The detailed financial information within the report is crucial for understanding the company's revenue, expenses, assets, and liabilities as of the end of the first quarter of 2024.

Risk Assessment

Risk Level: low — UNITED RENTALS, INC. shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial updates, not indicating any immediate or significant adverse events.

Analyst Insight

Monitor future 10-Q filings for trends in revenue growth, operational efficiency, and any changes in debt levels to assess United Rentals' ongoing financial health.

Key Numbers

• 2024-03-31 — Period End Date (Reporting period for the 10-Q)
• 2024-04-24 — Filing Date (Date the 10-Q was filed)
• 1231 — Fiscal Year End (United Rentals' fiscal year end)
• 061522496 — IRS Number (IRS number for United Rentals, Inc.)

Key Players & Entities

• UNITED RENTALS, INC. (company) — Filer name
• URI (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-04-24 (date) — Filing date
• 10-Q (filing) — Form type
• STAMFORD (location) — City for business and mail address
• DE (location) — State of incorporation
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

United Rentals operates in the equipment rental and leasing industry, providing a wide range of equipment and services to contractors and industrial customers.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare the reported Q1 2024 results with previous quarters and the same period in 2023.
3. Analyze any disclosed segment performance or significant changes in assets and liabilities.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial data reported in the 10-Q.
• 2024-04-24: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K annual report filed previously.

Key Financial Figures

• $0.01 — s of United Rentals, Inc. common stock, $0.01 par value, outstanding. There is no mar
• $12.4 billion — significant indebtedness (which totaled $12.4 billion at March 31, 2024) requires us to use a
• $100 — rticular piece were (in actual dollars) $100, $300 and $900, respectively, we would
• $300 — ar piece were (in actual dollars) $100, $300 and $900, respectively, we would recogn
• $900 — were (in actual dollars) $100, $300 and $900, respectively, we would recognize reven
• $32.14 — ectively, we would recognize revenue of $32.14 per day. The daily rate for recognition
• $900 b — culated by dividing the monthly rate of $900 by the monthly term of 28 days. This dail
• $171.44 — ize incremental revenue on January 1 of $171.44 (in actual dollars, representing the di
• $128 — ed to date on a straight-line basis, or $128.56, which represents four days at $32.1

Filing Documents

• uri-20240331.htm (10-Q) — 1153KB
• uri-3312024xex31a.htm (EX-31.A) — 10KB
• uri-3312024xex31b.htm (EX-31.B) — 10KB
• uri-3312024xex32a.htm (EX-32.A) — 5KB
• uri-3312024xex32b.htm (EX-32.B) — 5KB
• 0001067701-24-000016.txt (&nbsp;) — 6066KB
• uri-20240331.xsd (EX-101.SCH) — 33KB
• uri-20240331_cal.xml (EX-101.CAL) — 70KB
• uri-20240331_def.xml (EX-101.DEF) — 213KB
• uri-20240331_lab.xml (EX-101.LAB) — 504KB
• uri-20240331_pre.xml (EX-101.PRE) — 354KB
• uri-20240331_htm.xml (XML) — 893KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial Statements (unaudited)

Item 1 Unaudited Condensed Consolidated Financial Statements (unaudited) 6 United Rentals, Inc. Condensed Consolidated Balance Sheets 6 United Rentals, Inc. Condensed Consolidated Statements of Income 7 United Rentals, Inc. Condensed Consolidated Statements of Comprehensive Income 8 United Rentals, Inc. Condensed Consolidated Statements of Stockholders' Equity 9 United Rentals, Inc. Condensed Consolidated Statements of Cash Flows 10 Notes to Unaudited Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4 Controls and Procedures 40

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1 Legal Proceedings 41

Risk Factors

Item 1A Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 41

Other Information

Item 5 Other Information 41

Signatures

Signatures 43 3 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "seek," "on-track," "plan," "project," "forecast," "intend" or "anticipate," or the negative thereof or comparable terminology, or by discussions of strategy or outlook. You are cautioned that our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control, and, consequently, our actual results may differ materially from those projected. Factors that could cause actual results to differ materially from those projected include, but are not limited to, the following: the impact of global economic conditions (including inflation, increased interest rates, supply chain constraints and potential trade wars, sanctions and other conditions related to international conflicts) and public health crises and epidemics on us, our customers and our suppliers, in the United States and the rest of the world; declines in construction or industrial activity, which can adversely impact our revenues and, because many of our costs are fixed, our profitability; rates we charge and time utilization we achieve being less than anticipated; changes in customer, fleet, geographic and segment mix; excess fleet in the equipment rental industry; inability to benefit from government spending, including spending associated with infrastructure projects, or a reduction in government spending; trends in oil and natural gas, including significant increases in the prices of oil or natural gas, could adversely affect the demand for our services and products; competition from existing and new competitors; the cyclical nature of the indust

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UNITED RENTALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Cash and cash equivalents $ 429 $ 363 Accounts receivable, net 2,221 2,230 Inventory 208 205 Prepaid expenses and other assets 151 135 Total current assets 3,009 2,933 Rental equipment, net 13,979 14,001 Property and equipment, net 916 903 Goodwill 6,863 5,940 Other intangible assets, net 666 670 Operating lease right-of-use assets 1,181 1,099 Other long-term assets 44 43 Total assets $ 26,658 $ 25,589 LIABILITIES AND STOCKHOLDERS' EQUITY Short-term debt and current maturities of long-term debt $ 1,087 $ 1,465 Accounts payable 959 905 Accrued expenses and other liabilities 1,318 1,267 Total current liabilities 3,364 3,637 Long-term debt 11,318 10,053 Deferred taxes 2,690 2,701 Operating lease liabilities 966 895 Other long-term liabilities 200 173 Total liabilities 18,538 17,459 Common stock—$ 0.01 par value, 500,000,000 shares authorized, 115,101,951 and 66,796,805 shares issued and outstanding, respectively, at March 31, 2024 and 115,010,396 and 67,269,577 shares issued and outstanding, respectively, at December 31, 2023 1 1 Additional paid-in capital 2,638 2,650 Retained earnings 12,103 11,672 Treasury stock at cost— 48,305,146 and 47,740,819 shares at March 31, 2024 and December 31, 2023, respectively ( 6,343 ) ( 5,965 ) Accumulated other comprehensive loss ( 279 ) ( 228 ) Total stockholders' equity 8,120 8,130 Total liabilities and stockholders' equity $ 26,658 $ 25,589 See accompanying notes. 6 Table of Contents UNITED RENTALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share amounts) Three Months Ended March 31, 2024 2023 Revenues: Equipment rentals $ 2,929 $ 2,740 Sales of rental equipment 383 388 Sales of new equipment 48 44 Contractor supplies sales 36 34 Service and other revenues 89

View Full Filing

View this 10-Q filing on SEC EDGAR