$URI
UNITED RENTALS, INC.

2021 Q1 Form 10-Q Financial Statement

#000106770121000018 Filed on April 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $2.057B $2.125B
YoY Change -3.2% 0.38%
Cost Of Revenue $1.343B $1.398B
YoY Change -3.93% 3.1%
Gross Profit $714.0M $727.0M
YoY Change -1.79% -4.47%
Gross Profit Margin 34.71% 34.21%
Selling, General & Admin $250.0M $267.0M
YoY Change -6.37% -4.64%
% of Gross Profit 35.01% 36.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $466.0M $526.0M
YoY Change -11.41% 5.41%
% of Gross Profit 65.27% 72.35%
Operating Expenses $250.0M $267.0M
YoY Change -6.37% -4.64%
Operating Profit $372.0M $358.0M
YoY Change 3.91% -2.72%
Interest Expense -$99.00M -$136.0M
YoY Change -27.21% -9.93%
% of Operating Profit -26.61% -37.99%
Other Income/Expense, Net $2.000M $4.000M
YoY Change -50.0% 33.33%
Pretax Income $275.0M $226.0M
YoY Change 21.68% 2.73%
Income Tax $72.00M $53.00M
% Of Pretax Income 26.18% 23.45%
Net Earnings $203.0M $173.0M
YoY Change 17.34% -1.14%
Net Earnings / Revenue 9.87% 8.14%
Basic Earnings Per Share $2.81 $2.33
Diluted Earnings Per Share $2.80 $2.33
COMMON SHARES
Basic Shares Outstanding 72.34M shares 74.04M shares
Diluted Shares Outstanding 72.67M shares 74.27M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $278.0M $513.0M
YoY Change -45.81% 886.54%
Cash & Equivalents $278.0M $513.0M
Short-Term Investments
Other Short-Term Assets $44.00M $173.0M
YoY Change -74.57% 198.28%
Inventory $114.0M $115.0M
Prepaid Expenses
Receivables $1.254B $1.413B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.004B $2.214B
YoY Change -9.49% 28.72%
LONG-TERM ASSETS
Property, Plant & Equipment $9.741B $10.69B
YoY Change -8.86% 0.45%
Goodwill $5.167B $5.122B
YoY Change 0.88% 0.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.00M $21.00M
YoY Change 80.95% 31.25%
Total Long-Term Assets $15.54B $16.65B
YoY Change -6.7% -1.26%
TOTAL ASSETS
Total Short-Term Assets $2.004B $2.214B
Total Long-Term Assets $15.54B $16.65B
Total Assets $17.54B $18.87B
YoY Change -7.03% 1.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $562.0M $484.0M
YoY Change 16.12% -13.11%
Accrued Expenses $694.0M $658.0M
YoY Change 5.47% -12.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $585.0M $854.0M
YoY Change -31.5% -8.17%
Total Short-Term Liabilities $1.841B $1.996B
YoY Change -7.77% -10.81%
LONG-TERM LIABILITIES
Long-Term Debt $8.497B $10.74B
YoY Change -20.91% 0.63%
Other Long-Term Liabilities $145.0M $86.00M
YoY Change 68.6% 0.0%
Total Long-Term Liabilities $145.0M $86.00M
YoY Change 68.6% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.841B $1.996B
Total Long-Term Liabilities $145.0M $86.00M
Total Liabilities $12.80B $15.23B
YoY Change -15.99% 0.14%
SHAREHOLDERS EQUITY
Retained Earnings $6.368B $5.448B
YoY Change 16.89% 27.41%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.957B $3.957B
YoY Change 0.0% 28.47%
Treasury Stock Shares 42.01M shares 42.01M shares
Shareholders Equity $4.745B $3.635B
YoY Change
Total Liabilities & Shareholders Equity $17.54B $18.87B
YoY Change -7.03% 1.52%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $203.0M $173.0M
YoY Change 17.34% -1.14%
Depreciation, Depletion And Amortization $466.0M $526.0M
YoY Change -11.41% 5.41%
Cash From Operating Activities $758.0M $644.0M
YoY Change 17.7% -3.45%
INVESTING ACTIVITIES
Capital Expenditures $19.00M $53.00M
YoY Change -64.15% 26.19%
Acquisitions $1.000M $0.00
YoY Change -100.0%
Other Investing Activities $280.0M $222.0M
YoY Change 26.13% 552.94%
Cash From Investing Activities -$34.00M -$39.00M
YoY Change -12.82% -85.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.00M $276.0M
YoY Change -89.13% 13.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$649.0M -$142.0M
YoY Change 357.04% -63.87%
NET CHANGE
Cash From Operating Activities $758.0M $644.0M
Cash From Investing Activities -$34.00M -$39.00M
Cash From Financing Activities -$649.0M -$142.0M
Net Change In Cash $76.00M $461.0M
YoY Change -83.51% 5022.22%
FREE CASH FLOW
Cash From Operating Activities $758.0M $644.0M
Capital Expenditures $19.00M $53.00M
Free Cash Flow $739.0M $591.0M
YoY Change 25.04% -5.44%

Facts In Submission

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<div style="text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Lease revenues (Topic 842)</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting for the types of revenue that are accounted for under Topic 842 is discussed below. </span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Owned equipment rentals represent our most significant revenue type (they accounted for 68 percent of total revenues for the three months ended March 31, 2021) and are governed by our standard rental contract. We account for such rentals as </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">operating leases. The lease terms are included in our contracts, and the determination of whether our contracts contain leases generally does not require significant assumptions or judgments. Our lease revenues do not include material amounts of variable payments.</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Owned equipment rentals:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Owned equipment rentals represent revenues from renting equipment that we own. We do not generally provide an option for the lessee to purchase the rented equipment at the end of the lease, and do not generate material revenue from sales of equipment under such options.</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We recognize revenues from renting equipment on a straight-line basis. Our rental contract periods are hourly, daily, weekly or monthly. By way of example, if a customer were to rent a piece of equipment and the daily, weekly and monthly rental rates for that particular piece were (in actual dollars) $100, $300 and $900, respectively, we would recognize revenue of $32.14 per day. The daily rate for recognition purposes is calculated by dividing the monthly rate of $900 by the monthly term of 28 days. This daily rate assumes that the equipment will be on rent for the full 28 days, as we are unsure of when the customer will return the equipment and therefore unsure of which rental contract period will apply. </span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of this straight-line methodology, when the equipment is returned, we recognize as incremental revenue the excess, if any, between the amount the customer is contractually required to pay, which is based on the rental contract period applicable to the actual number of days the equipment was out on rent, over the cumulative amount of revenue recognized to date. In any given accounting period, we will have customers return equipment and be contractually required to pay us more than the cumulative amount of revenue recognized to date under the straight-line methodology. For instance, continuing the above example, if the customer rented the above piece of equipment on December 29 and returned it at the close of business on January 1, we would recognize incremental revenue on January 1 of $171.44 (in actual dollars, representing the difference between the amount the customer is contractually required to pay, or $300 at the weekly rate, and the cumulative amount recognized to date on a straight-line basis, or $128.56, which represents four days at $32.14 per day). </span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We record amounts billed to customers in excess of recognizable revenue as deferred revenue on our balance sheet. We had deferred revenue (associated with both Topic 842 and Topic 606) of $51 as of March 31, 2021 and December 31, 2020. </span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As noted above, we are unsure of when the customer will return rented equipment. As such, we do not know how much the customer will owe us upon return of the equipment and cannot provide a maturity analysis of future lease payments. Our equipment is generally rented for short periods of time. Lessees do not provide residual value guarantees on rented equipment.</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We expect to derive significant future benefits from our equipment following the end of the rental term. Our rentals are generally short-term in nature, and our equipment is typically rented for the majority of the time that we own it. We additionally recognize revenue from sales of rental equipment when we dispose of the equipment.</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Re-rent revenue:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Re-rent revenue reflects revenues from equipment that we rent from vendors and then rent to our customers. We account for such rentals as subleases. The accounting for re-rent revenue is the same as the accounting for owned equipment rentals described above.</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">“Other”</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> equipment rental revenue is primarily comprised of 1) Rental Protection Plan (or "RPP") revenue associated with the damage waiver customers can purchase when they rent our equipment to protect against potential loss or damage, 2) environmental charges associated with the rental of equipment, 3) charges for rented equipment that is damaged by our customers and 4) charges for setup and other services performed on rented equipment.</span></div>
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