United Rentals Files Q2 2024 10-Q

Ticker: URI · Form: 10-Q · Filed: Jul 24, 2024 · CIK: 1067701

Sentiment: neutral

Topics: 10-Q, quarterly-report, sec-filing, compliance

Related Tickers: URI

TL;DR

**URI filed its Q2 10-Q, confirming compliance with SEC reporting rules.**

AI Summary

United Rentals, Inc. filed its quarterly report for the period ended June 30, 2024. The company is registered with the SEC under file number 1-14387 and its common stock trades on the New York Stock Exchange under the symbol URI. The filing indicates that United Rentals has met all reporting requirements for the preceding 12 months and the past 90 days.

Why It Matters

This filing provides investors with the latest financial performance and operational details of United Rentals, Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not contain immediate red flags or significant new risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by United Rentals, Inc. pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2024.

On which stock exchange is United Rentals, Inc. common stock traded?

United Rentals, Inc. common stock is traded on the New York Stock Exchange.

What is the trading symbol for United Rentals, Inc. common stock?

The trading symbol for United Rentals, Inc. common stock is URI.

Has United Rentals, Inc. filed all required reports for the preceding 12 months?

Yes, the filing indicates that United Rentals, Inc. has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

What is the principal executive office address for United Rentals, Inc.?

The principal executive offices are located at 100 First Stamford Place, Suite 700, Stamford, Connecticut 06902.

Filing Stats: 4,720 words · 19 min read · ~16 pages · Grade level 18.5 · Accepted 2024-07-24 16:22:32

Key Financial Figures

Filing Documents

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 11 Notes to Unaudited Condensed Consolidated Financial Statements 12

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 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4 Controls and Procedures 43

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1 Legal Proceedings 44

Risk Factors

Item 1A Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 44

Other Information

Item 5 Other Information 44

Signatures

Signatures 47 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) June 30, 2024 December 31, 2023 (unaudited) ASSETS Cash and cash equivalents $ 467 $ 363 Accounts receivable, net 2,260 2,230 Inventory 219 205 Prepaid expenses and other assets 273 135 Total current assets 3,219 2,933 Rental equipment, net 14,685 14,001 Property and equipment, net 958 903 Goodwill 6,749 5,940 Other intangible assets, net 744 670 Operating lease right-of-use assets 1,211 1,099 Other long-term assets 47 43 Total assets $ 27,613 $ 25,589 LIABILITIES AND STOCKHOLDERS' EQUITY Short-term debt and current maturities of long-term debt $ 1,369 $ 1,465 Accounts payable 1,349 905 Accrued expenses and other liabilities 1,251 1,267 Total current liabilities 3,969 3,637 Long-term debt 11,520 10,053 Deferred taxes 2,672 2,701 Operating lease liabilities 988 895 Other long-term liabilities 183 173 Total liabilities 19,332 17,459 Common stock—$ 0.01 par value, 500,000,000 shares authorized, 115,109,208 and 66,235,191 shares issued and outstanding, respectively, at June 30, 2024 and 115,010,396 and 67,269,577 shares issued and outstanding, respectively, at December 31, 2023 1 1 Additional paid-in capital 2,664 2,650 Retained earnings 12,630 11,672 Treasury stock at cost— 48,874,017 and 47,740,819 shares at June 30, 2024 and December 31, 2023, respectively ( 6,722 ) ( 5,965 ) Accumulated other comprehensive loss ( 292 ) ( 228 ) Total stockholders' equity 8,281 8,130 Total liabilities and stockholders' equity $ 27,613 $ 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues: Equipment rentals $ 3,215 $ 2,981 $ 6,144 $ 5,721 Sales of rental equipment 365 382 748 770 Sales of new equipment 61 70 109 1

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