$URI
UNITED RENTALS, INC.

2021 Q2 Form 10-Q Financial Statement

#000106770121000028 Filed on July 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $2.287B $1.939B
YoY Change 17.95% -15.33%
Cost Of Revenue $1.412B $1.238B
YoY Change 14.05% -10.22%
Gross Profit $875.0M $701.0M
YoY Change 24.82% -23.05%
Gross Profit Margin 38.26% 36.15%
Selling, General & Admin $301.0M $222.0M
YoY Change 35.59% -18.08%
% of Gross Profit 34.4% 31.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $475.0M $490.0M
YoY Change -3.06% -2.78%
% of Gross Profit 54.29% 69.9%
Operating Expenses $301.0M $222.0M
YoY Change 35.59% -18.08%
Operating Profit $481.0M $381.0M
YoY Change 26.25% -27.98%
Interest Expense -$100.0M -$130.0M
YoY Change -23.08% -27.78%
% of Operating Profit -20.79% -34.12%
Other Income/Expense, Net -$4.000M $0.00
YoY Change -100.0%
Pretax Income $377.0M $251.0M
YoY Change 50.2% -28.49%
Income Tax $84.00M $39.00M
% Of Pretax Income 22.28% 15.54%
Net Earnings $293.0M $212.0M
YoY Change 38.21% -21.48%
Net Earnings / Revenue 12.81% 10.93%
Basic Earnings Per Share $4.03 $2.94
Diluted Earnings Per Share $4.02 $2.93
COMMON SHARES
Basic Shares Outstanding 72.46M shares 72.16M shares
Diluted Shares Outstanding 72.72M shares 72.28M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $336.0M $127.0M
YoY Change 164.57% 69.33%
Cash & Equivalents $336.0M $127.0M
Short-Term Investments
Other Short-Term Assets $60.00M $162.0M
YoY Change -62.96% 54.29%
Inventory $174.0M $107.0M
Prepaid Expenses
Receivables $1.400B $1.226B
Other Receivables $18.00M $0.00
Total Short-Term Assets $2.154B $1.622B
YoY Change 32.8% -11.85%
LONG-TERM ASSETS
Property, Plant & Equipment $11.02B $10.36B
YoY Change 6.4% -6.12%
Goodwill $5.845B $5.135B
YoY Change 13.83% 0.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $42.00M $21.00M
YoY Change 100.0% 16.67%
Total Long-Term Assets $17.49B $16.28B
YoY Change 7.43% -5.4%
TOTAL ASSETS
Total Short-Term Assets $2.154B $1.622B
Total Long-Term Assets $17.49B $16.28B
Total Assets $19.64B $17.90B
YoY Change 9.73% -6.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $897.0M $316.0M
YoY Change 183.86% -57.98%
Accrued Expenses $795.0M $799.0M
YoY Change -0.5% 1.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $852.0M $806.0M
YoY Change 5.71% -18.99%
Total Short-Term Liabilities $2.544B $1.921B
YoY Change 32.43% -24.22%
LONG-TERM LIABILITIES
Long-Term Debt $9.308B $9.599B
YoY Change -3.03% -10.29%
Other Long-Term Liabilities $154.0M $121.0M
YoY Change 27.27% 28.72%
Total Long-Term Liabilities $154.0M $121.0M
YoY Change 27.27% 28.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.544B $1.921B
Total Long-Term Liabilities $154.0M $121.0M
Total Liabilities $14.55B $13.99B
YoY Change 3.96% -10.12%
SHAREHOLDERS EQUITY
Retained Earnings $6.661B $5.660B
YoY Change 17.69% 24.51%
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% 20.27%
Treasury Stock Shares 42.01M shares 42.01M shares
Shareholders Equity $5.094B $3.907B
YoY Change
Total Liabilities & Shareholders Equity $19.64B $17.90B
YoY Change 9.73% -6.02%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $293.0M $212.0M
YoY Change 38.21% -21.48%
Depreciation, Depletion And Amortization $475.0M $490.0M
YoY Change -3.06% -2.78%
Cash From Operating Activities $1.176B $817.0M
YoY Change 43.94% -11.48%
INVESTING ACTIVITIES
Capital Expenditures -$947.0M -$194.0M
YoY Change 388.14% -79.07%
Acquisitions
YoY Change
Other Investing Activities -$1.227B $192.0M
YoY Change -739.06% 3.23%
Cash From Investing Activities -$2.174B -$2.000M
YoY Change 108600.0% -99.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.047B -1.203B
YoY Change -187.03% 656.6%
NET CHANGE
Cash From Operating Activities 1.176B 817.0M
Cash From Investing Activities -2.174B -2.000M
Cash From Financing Activities 1.047B -1.203B
Net Change In Cash 49.00M -388.0M
YoY Change -112.63% -1786.96%
FREE CASH FLOW
Cash From Operating Activities $1.176B $817.0M
Capital Expenditures -$947.0M -$194.0M
Free Cash Flow $2.123B $1.011B
YoY Change 109.99% -45.35%

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 70 percent of total revenues for the six months ended June 30, 2021) and are governed by our standard rental contract. We account for such rentals as 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 $84 and $51 as of June 30, 2021 and December 31, 2020, respectively. The increase in 2021 primarily reflects the impact of the General Finance acquisition discussed in note 3 to the condensed consolidated financial statements.</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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CY2021Q2 uri Operating Lease And Finance Lease Liability
OperatingLeaseAndFinanceLeaseLiability
959000000 USD
CY2020Q4 uri Operating Lease And Finance Lease Liability
OperatingLeaseAndFinanceLeaseLiability
862000000 USD
CY2021Q2 us-gaap Sublease Income
SubleaseIncome
42000000 USD
CY2020Q2 us-gaap Sublease Income
SubleaseIncome
30000000 USD
us-gaap Sublease Income
SubleaseIncome
74000000 USD
us-gaap Sublease Income
SubleaseIncome
64000000 USD
CY2021Q2 us-gaap Lease Cost
LeaseCost
71000000 USD
CY2020Q2 us-gaap Lease Cost
LeaseCost
72000000 USD
us-gaap Lease Cost
LeaseCost
140000000 USD
us-gaap Lease Cost
LeaseCost
144000000 USD
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
34000000 USD
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
27000000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
62000000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
58000000 USD
CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
4000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
117000000 USD
CY2021Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
29000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
205000000 USD
CY2021Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
50000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
172000000 USD
CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
40000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
139000000 USD
CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
17000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
102000000 USD
CY2021Q2 uri Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
199000000 USD
CY2021Q2 uri Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
4000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
934000000 USD
CY2021Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
144000000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
112000000 USD
CY2021Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
7000000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
822000000 USD
CY2021Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
137000000 USD
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2021Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M18D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.041
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.042
CY2021Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.027
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.034
us-gaap Operating Lease Payments
OperatingLeasePayments
108000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
104000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
6000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
42000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
26000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
184000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
92000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
39000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
39000000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
293000000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
212000000 USD
us-gaap Net Income Loss
NetIncomeLoss
496000000 USD
us-gaap Net Income Loss
NetIncomeLoss
385000000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72455000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72161000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72397000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73101000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72717000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72275000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72693000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73270000 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.03
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.94
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.85
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.26
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.02
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.93
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.82
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.25

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