$URI
UNITED RENTALS, INC.

2023 Q3 Form 10-Q Financial Statement

#000106770123000032 Filed on July 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $3.765B $3.554B
YoY Change 23.4% 28.26%
Cost Of Revenue $2.180B $2.129B
YoY Change 29.38% 31.34%
Gross Profit $1.585B $1.425B
YoY Change 16.03% 23.91%
Gross Profit Margin 42.1% 40.1%
Selling, General & Admin $374.0M $378.0M
YoY Change 5.06% 10.2%
% of Gross Profit 23.6% 26.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $695.0M $696.0M
YoY Change 24.11% 27.01%
% of Gross Profit 43.85% 48.84%
Operating Expenses $374.0M $482.0M
YoY Change 5.06% 40.52%
Operating Profit $1.099B $943.0M
YoY Change 19.33% 31.89%
Interest Expense -$163.0M -$161.0M
YoY Change 53.77% 42.48%
% of Operating Profit -14.83% -17.07%
Other Income/Expense, Net $7.000M $8.000M
YoY Change 600.0% 33.33%
Pretax Income $943.0M $772.0M
YoY Change 15.56% 26.97%
Income Tax $240.0M $181.0M
% Of Pretax Income 25.45% 23.45%
Net Earnings $703.0M $591.0M
YoY Change 16.01% 19.88%
Net Earnings / Revenue 18.67% 16.63%
Basic Earnings Per Share $10.30 $8.60
Diluted Earnings Per Share $10.29 $8.59
COMMON SHARES
Basic Shares Outstanding 68.28M shares 68.73M shares
Diluted Shares Outstanding 68.26M shares 68.84M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $284.0M $227.0M
YoY Change 273.68% 233.82%
Cash & Equivalents $284.0M $227.0M
Short-Term Investments
Other Short-Term Assets $65.00M $143.0M
YoY Change -47.58% -6.54%
Inventory $201.0M $210.0M
Prepaid Expenses
Receivables $2.277B $2.138B
Other Receivables $102.0M $120.0M
Total Short-Term Assets $2.978B $2.838B
YoY Change 27.98% 31.15%
LONG-TERM ASSETS
Property, Plant & Equipment $16.29B $16.02B
YoY Change 25.26% 28.45%
Goodwill $5.792B $5.826B
YoY Change 4.49% 3.85%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $48.00M $49.00M
YoY Change 2.13% 19.51%
Total Long-Term Assets $22.85B $22.67B
YoY Change 19.7% 21.51%
TOTAL ASSETS
Total Short-Term Assets $2.978B $2.838B
Total Long-Term Assets $22.85B $22.67B
Total Assets $25.83B $25.51B
YoY Change 20.6% 22.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.121B $1.339B
YoY Change -1.32% 25.73%
Accrued Expenses $1.104B $1.027B
YoY Change 13.58% 14.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.448B $1.444B
YoY Change 828.21% 2306.67%
Total Short-Term Liabilities $3.673B $3.810B
YoY Change 62.23% 88.33%
LONG-TERM LIABILITIES
Long-Term Debt $10.58B $10.49B
YoY Change 8.47% 7.5%
Other Long-Term Liabilities $176.0M $1.065B
YoY Change 13.55% 596.08%
Total Long-Term Liabilities $176.0M $11.56B
YoY Change 13.55% 7454.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.673B $3.810B
Total Long-Term Liabilities $176.0M $11.56B
Total Liabilities $18.08B $18.09B
YoY Change 19.98% 22.46%
SHAREHOLDERS EQUITY
Retained Earnings $11.09B $10.49B
YoY Change 23.03% 24.75%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.756B $7.414B
YoY Change
Total Liabilities & Shareholders Equity $25.83B $25.51B
YoY Change 20.6% 22.51%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $703.0M $591.0M
YoY Change 16.01% 19.88%
Depreciation, Depletion And Amortization $695.0M $696.0M
YoY Change 24.11% 27.01%
Cash From Operating Activities $1.062B $1.289B
YoY Change -7.01% 11.7%
INVESTING ACTIVITIES
Capital Expenditures $1.118B $1.357B
YoY Change -196.3% -244.36%
Acquisitions
YoY Change
Other Investing Activities $407.0M $289.0M
YoY Change 122.4% -598.28%
Cash From Investing Activities -$711.0M -$1.068B
YoY Change -27.3% 7.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -290.0M -92.00M
YoY Change 90.79% -50.8%
NET CHANGE
Cash From Operating Activities 1.062B 1.289B
Cash From Investing Activities -711.0M -1.068B
Cash From Financing Activities -290.0M -92.00M
Net Change In Cash 61.00M 129.0M
YoY Change 408.33% -516.13%
FREE CASH FLOW
Cash From Operating Activities $1.062B $1.289B
Capital Expenditures $1.118B $1.357B
Free Cash Flow -$56.00M -$68.00M
YoY Change -102.43% -103.25%

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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 69 percent of total revenues for the six months ended June 30, 2023) and are governed by our standard rental contract. We account for such rentals as operating </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%">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 $135 and $131 as of June 30, 2023 and December 31, 2022, respectively. </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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