$URI
UNITED RENTALS, INC.

2023 Q4 Form 10-Q Financial Statement

#000106770123000041 Filed on October 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $3.728B $3.765B
YoY Change 13.11% 23.4%
Cost Of Revenue $2.166B $2.180B
YoY Change 19.8% 29.38%
Gross Profit $1.562B $1.585B
YoY Change 4.97% 16.03%
Gross Profit Margin 41.9% 42.1%
Selling, General & Admin $393.0M $374.0M
YoY Change 3.97% 5.06%
% of Gross Profit 25.16% 23.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $697.0M $695.0M
YoY Change 20.8% 24.11%
% of Gross Profit 44.62% 43.85%
Operating Expenses $495.0M $374.0M
YoY Change 6.68% 5.06%
Operating Profit $1.063B $1.099B
YoY Change 3.81% 19.33%
Interest Expense -$161.0M -$163.0M
YoY Change 21.97% 53.77%
% of Operating Profit -15.15% -14.83%
Other Income/Expense, Net $0.00 $7.000M
YoY Change -100.0% 600.0%
Pretax Income $902.0M $943.0M
YoY Change 0.78% 15.56%
Income Tax $223.0M $240.0M
% Of Pretax Income 24.72% 25.45%
Net Earnings $679.0M $703.0M
YoY Change 6.26% 16.01%
Net Earnings / Revenue 18.21% 18.67%
Basic Earnings Per Share $10.04 $10.30
Diluted Earnings Per Share $10.01 $10.29
COMMON SHARES
Basic Shares Outstanding 67.78M shares 68.28M shares
Diluted Shares Outstanding 68.26M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $363.0M $284.0M
YoY Change 242.45% 273.68%
Cash & Equivalents $363.0M $284.0M
Short-Term Investments
Other Short-Term Assets $62.00M $65.00M
YoY Change -15.07% -47.58%
Inventory $205.0M $201.0M
Prepaid Expenses
Receivables $2.230B $2.277B
Other Receivables $5.000M $102.0M
Total Short-Term Assets $2.933B $2.978B
YoY Change 7.71% 27.98%
LONG-TERM ASSETS
Property, Plant & Equipment $16.00B $16.29B
YoY Change 7.15% 25.26%
Goodwill $5.940B $5.792B
YoY Change -1.43% 4.49%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.00M $48.00M
YoY Change -8.51% 2.13%
Total Long-Term Assets $22.66B $22.85B
YoY Change 5.57% 19.7%
TOTAL ASSETS
Total Short-Term Assets $2.933B $2.978B
Total Long-Term Assets $22.66B $22.85B
Total Assets $25.59B $25.83B
YoY Change 5.81% 20.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $905.0M $1.121B
YoY Change -20.54% -1.32%
Accrued Expenses $1.267B $1.104B
YoY Change 10.66% 13.58%
Deferred Revenue $138.0M
YoY Change 5.34%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.465B $1.448B
YoY Change 809.94% 828.21%
Total Short-Term Liabilities $3.637B $3.673B
YoY Change 48.75% 62.23%
LONG-TERM LIABILITIES
Long-Term Debt $10.05B $10.58B
YoY Change -10.31% 8.47%
Other Long-Term Liabilities $173.0M $176.0M
YoY Change 12.34% 13.55%
Total Long-Term Liabilities $173.0M $176.0M
YoY Change 12.34% 13.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.637B $3.673B
Total Long-Term Liabilities $173.0M $176.0M
Total Liabilities $17.46B $18.08B
YoY Change 1.97% 19.98%
SHAREHOLDERS EQUITY
Retained Earnings $11.67B $11.09B
YoY Change 20.88% 23.03%
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 $8.130B $7.756B
YoY Change
Total Liabilities & Shareholders Equity $25.59B $25.83B
YoY Change 5.81% 20.6%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $679.0M $703.0M
YoY Change 6.26% 16.01%
Depreciation, Depletion And Amortization $697.0M $695.0M
YoY Change 20.8% 24.11%
Cash From Operating Activities $1.414B $1.062B
YoY Change 13.03% -7.01%
INVESTING ACTIVITIES
Capital Expenditures $725.0M $1.118B
YoY Change -168.92% -196.3%
Acquisitions
YoY Change
Other Investing Activities $288.0M $407.0M
YoY Change -118.07% 122.4%
Cash From Investing Activities -$437.0M -$711.0M
YoY Change -83.48% -27.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -906.0M -290.0M
YoY Change -163.53% 90.79%
NET CHANGE
Cash From Operating Activities 1.414B 1.062B
Cash From Investing Activities -437.0M -711.0M
Cash From Financing Activities -906.0M -290.0M
Net Change In Cash 71.00M 61.00M
YoY Change 129.03% 408.33%
FREE CASH FLOW
Cash From Operating Activities $1.414B $1.062B
Capital Expenditures $725.0M $1.118B
Free Cash Flow $689.0M -$56.00M
YoY Change -70.08% -102.43%

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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 nine months ended September 30, 2023) 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 $153 and $131 as of September 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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CY2023Q3 uri Prepaid Expense And Other Assets Equipment
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CY2022Q4 uri Prepaid Expense And Other Assets Equipment
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CY2023Q3 us-gaap Prepaid Insurance
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CY2022Q4 us-gaap Prepaid Insurance
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CY2023Q3 uri Prepaid Expense And Other Assets Advertising Reimbursements
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CY2022Q4 uri Prepaid Expense And Other Assets Advertising Reimbursements
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CY2023Q3 us-gaap Prepaid Taxes
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CY2022Q4 us-gaap Prepaid Taxes
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CY2023Q3 us-gaap Other Assets Current
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CY2022Q4 us-gaap Other Assets Current
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CY2023Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2022Q4 us-gaap Goodwill
Goodwill
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uri Goodwill Acquired During Period Net Of Purchase Accounting Adjustments
GoodwillAcquiredDuringPeriodNetOfPurchaseAccountingAdjustments
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us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
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CY2023Q3 us-gaap Goodwill
Goodwill
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CY2023Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
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CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
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210000000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
60000000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
208000000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
166000000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2023Q3 uri Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
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CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
188000000 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2023Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
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CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
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CY2023Q3 us-gaap Debt Current
DebtCurrent
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CY2022Q4 us-gaap Debt Current
DebtCurrent
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CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
10580000000 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
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CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
703000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
606000000 usd
us-gaap Net Income Loss
NetIncomeLoss
1745000000 usd
us-gaap Net Income Loss
NetIncomeLoss
1466000000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68153000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69854000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68757000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71140000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68263000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70053000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68942000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71337000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
10.30
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
8.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
25.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
20.61
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
10.29
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
8.66
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
25.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
20.56
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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uri-20230930_cal.xml Edgar Link unprocessable
0001067701-23-000041-index-headers.html Edgar Link pending
0001067701-23-000041-index.html Edgar Link pending
0001067701-23-000041.txt Edgar Link pending
0001067701-23-000041-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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report.css Edgar Link pending
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uri-20230930.htm Edgar Link pending
uri-20230930.xsd Edgar Link pending
uri-9302023xex31a.htm Edgar Link pending
uri-20230930_def.xml Edgar Link unprocessable
uri-20230930_lab.xml Edgar Link unprocessable
uri-20230930_pre.xml Edgar Link unprocessable
uri-20230930_htm.xml Edgar Link completed
uri-9302023xex31b.htm Edgar Link pending
uri-9302023xex32a.htm Edgar Link pending
uri-9302023xex32b.htm Edgar Link pending