United Rentals Files Q3 2024 10-Q

TL;DR

URI Q3 10-Q filed. Financials look solid.

AI Summary

United Rentals, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations during the third quarter. Key financial metrics and operational updates are provided, reflecting the company's position in the equipment rental and leasing industry.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for United Rentals, crucial for understanding the company's performance and outlook in the equipment rental market.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-09-30 — Period End Date (The end date for the financial reporting period.)
• 2024-01-01 — Period Start Date (The start date for the financial reporting period.)

Key Players & Entities

• UNITED RENTALS, INC. (company) — Filer of the 10-Q
• 20240930 (date) — Period of report
• 20241023 (date) — Filing date
• UNITED RENTALS NORTH AMERICA INC (company) — Subsidiary company

FAQ

Key Financial Figures

• $0.01 — s of United Rentals, Inc. common stock, $0.01 par value, outstanding. There is no mar
• $13.4 billion — significant indebtedness (which totaled $13.4 billion at September 30, 2024) requires us to u
• $100 — rticular piece were (in actual dollars) $100, $300 and $900, respectively, we wo
• $300 — ar piece were (in actual dollars) $100, $300 and $900, respectively, we wo
• $900 — were (in actual dollars) $100, $300 and $900, respectively, we wo

Filing Documents

• uri-20240930.htm (10-Q) — 1501KB
• uri-9302024xex31a.htm (EX-31.A) — 10KB
• uri-9302024xex31b.htm (EX-31.B) — 10KB
• uri-9302024xex32a.htm (EX-32.A) — 5KB
• uri-9302024xex32b.htm (EX-32.B) — 5KB
• 0001067701-24-000037.txt ( ) — 7285KB
• uri-20240930.xsd (EX-101.SCH) — 36KB
• uri-20240930_cal.xml (EX-101.CAL) — 72KB
• uri-20240930_def.xml (EX-101.DEF) — 231KB
• uri-20240930_lab.xml (EX-101.LAB) — 544KB
• uri-20240930_pre.xml (EX-101.PRE) — 380KB
• uri-20240930_htm.xml (XML) — 1217KB

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 46 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, interest rates, supply chain constraints, trade wars and sanctions), geopolitical risks (including risks related to international conflicts and the upcoming elections in the United States) 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 co

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UNITED RENTALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) September 30, 2024 December 31, 2023 (unaudited) ASSETS Cash and cash equivalents $ 479 $ 363 Accounts receivable, net 2,396 2,230 Inventory 211 205 Prepaid expenses and other assets 235 135 Total current assets 3,321 2,933 Rental equipment, net 15,241 14,001 Property and equipment, net 1,000 903 Goodwill 6,853 5,940 Other intangible assets, net 694 670 Operating lease right-of-use assets 1,255 1,099 Other long-term assets 48 43 Total assets $ 28,412 $ 25,589 LIABILITIES AND STOCKHOLDERS' EQUITY Short-term debt and current maturities of long-term debt $ 1,510 $ 1,465 Accounts payable 1,216 905 Accrued expenses and other liabilities 1,300 1,267 Total current liabilities 4,026 3,637 Long-term debt 11,884 10,053 Deferred taxes 2,675 2,701 Operating lease liabilities 1,021 895 Other long-term liabilities 225 173 Total liabilities 19,831 17,459 Common stock—$ 0.01 par value, 500,000,000 shares authorized, 115,114,012 and 65,702,533 shares issued and outstanding, respectively, at September 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 2,686 2,650 Retained earnings 13,231 11,672 Treasury stock at cost— 49,411,479 and 47,740,819 shares at September 30, 2024 and December 31, 2023, respectively ( 7,100 ) ( 5,965 ) Accumulated other comprehensive loss ( 237 ) ( 228 ) Total stockholders' equity 8,581 8,130 Total liabilities and stockholders' equity $ 28,412 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues: Equipment rentals $ 3,463 $ 3,224 $ 9,607 $ 8,945 Sales of rental equipment 321 366 1,069 1,136

View Full Filing

View this 10-Q filing on SEC EDGAR