0001067701-15-000014.txt : 20150421 0001067701-15-000014.hdr.sgml : 20150421 20150421172253 ACCESSION NUMBER: 0001067701-15-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150421 DATE AS OF CHANGE: 20150421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED RENTALS INC /DE CENTRAL INDEX KEY: 0001067701 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 061522496 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14387 FILM NUMBER: 15783896 BUSINESS ADDRESS: STREET 1: 100 FIRST STAMFORD PLACE STREET 2: 7TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 2036223131 MAIL ADDRESS: STREET 1: 100 FIRST STAMFORD PLACE STREET 2: 7TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED RENTALS NORTH AMERICA INC CENTRAL INDEX KEY: 0001047166 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 860933835 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13663 FILM NUMBER: 15783897 BUSINESS ADDRESS: STREET 1: 100 FIRST STAMFORD PLACE STREET 2: 7TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 2036223131 MAIL ADDRESS: STREET 1: 100 FIRST STAMFORD PLACE STREET 2: 7TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 FORMER COMPANY: FORMER CONFORMED NAME: UNITED RENTALS INC DATE OF NAME CHANGE: 19971020 8-K 1 uri-3312015x8xk.htm 8-K URI-3.31.2015-8-K



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________  
FORM 8-K
  __________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 2015
  __________________
UNITED RENTALS, INC.
UNITED RENTALS (NORTH AMERICA), INC.
(Exact name of registrant as specified in its charter)
  __________________
 
 
 
 
 
Delaware
 
001-14387
 
06-1522496
Delaware
 
001-13663
 
86-0933835
(State or other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
 
 
 
100 First Stamford Place, Suite 700
 
 
Stamford, Connecticut
 
06902
(Address of Principal Executive Offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (203) 622-3131
 
 
 
 
 
 
    (Former name or former address if changed since last report.)
__________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 






Item 2.02.    Results of Operations and Financial Condition.
On April 21, 2015, United Rentals, Inc. issued a press release reporting its results of operations for the quarter ended March 31, 2015. A copy of the press release is being furnished with this report as Exhibit 99.1.

Item 7.01.    Regulation FD Disclosure.
Certain information concerning our business, financial results and 2015 outlook that the Company expects to use at certain investor meetings and presentations can be accessed currently on the Company’s website, www.unitedrentals.com. Such information will be maintained on the Company’s website for at least the period of its use at such meetings and presentations or until superseded by more current information.
The presentation includes certain financial measures - free cash flow, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA and adjusted earnings per share (“adjusted EPS”) - that are “non-GAAP financial measures” as defined under the rules of the Securities and Exchange Commission. Free cash flow represents net cash provided by operating activities, less purchases of rental and non-rental equipment plus proceeds from sales of rental and non-rental equipment. EBITDA represents the sum of net income, provision for income taxes, interest expense, net, depreciation of rental equipment and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of the merger related costs, restructuring charge, stock compensation expense, net, and the impact of the fair value mark-up of acquired RSC fleet. Adjusted EPS represents EPS plus the sum of the merger related costs, restructuring charge, the impact on interest expense related to the fair value adjustment of acquired RSC indebtedness, the impact on depreciation related to acquired RSC fleet and property and equipment, the impact of the fair value mark-up of acquired RSC fleet, merger related intangible asset amortization and the loss on repurchase/redemption of debt securities and amendment of ABL facility.
The presentation includes reconciliations of these non-GAAP financial measures to their nearest generally accepted accounting principles financial measures. The Company believes that: (i) free cash flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements; (ii) EBITDA and adjusted EBITDA provide useful information about operating performance and period-over-period growth; and (iii) adjusted EPS provides useful information concerning future profitability. However, none of these measures should be considered as alternatives to net income, cash flows from operating activities or earnings per share under GAAP as indicators of operating performance or liquidity.

Item 9.01.    Financial Statements and Exhibits.

99.1 Press Release of United Rentals, Inc.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 21, 2015
 
UNITED RENTALS, INC.
 
 
By:
 
/S/    Jonathan M. Gottsegen     
 
 
Name: Jonathan M. Gottsegen
 
 
Title:   Senior Vice President, General Counsel and Corporate Secretary
 
UNITED RENTALS (NORTH AMERICA), INC.
 
 
By:
 
/S/    Jonathan M. Gottsegen     
 
 
Name: Jonathan M. Gottsegen
 
 
Title:   Senior Vice President, General Counsel and Corporate Secretary





EXHIBIT INDEX
 
 
 
 
Exhibit
 No.
  
Description
 
 
99.1
  
Press Release of United Rentals, Inc.



 EX-99.1 2 uri-3312015xex991.htm EXHIBIT 99.1 URI-3.31.2015-Ex 99.1


Exhibit 99.1
United Rentals, Inc.
100 First Stamford Place
Suite 700
Stamford, CT 06902
Telephone: 203 622 3131
Fax: 203 622 6080
unitedrentals.com

United Rentals Announces First Quarter 2015 Results
Updates Full Year Outlook

STAMFORD, Conn. – April 21, 2015 – United Rentals, Inc. (NYSE: URI) today announced financial results for the first quarter 2015. Total revenue was $1.315 billion and rental revenue was $1.125 billion, compared with $1.178 billion and $1.005 billion, respectively, for the same period last year1. On a GAAP basis, the company reported first quarter net income of $115 million, or $1.16 per diluted share, compared with $60 million, or $0.56 per diluted share, for the same period last year2.

Adjusted EPS3 for the quarter was $1.34 per diluted share, compared with $0.90 per diluted share for the same period last year. Adjusted EBITDA4 was $602 million and adjusted EBITDA margin was a first quarter company record 45.8%, an increase of $83 million and 170 basis points, respectively, from the same period last year.

First Quarter 2015 Highlights

•
Rental revenue (which includes owned equipment rental revenue, re-rent revenue and ancillary items) increased 11.9% year-over-year. Within rental revenue, owned equipment rental revenue increased 12.0%, reflecting year-over-year increases of 8.1% in the volume of equipment on rent and 2.9% in rental rates. Excluding the impact of the National Pump acquisition, rental revenue increased 7.3% year-over-year.
•
Return on invested capital was 9.0% for the 12 months ended March 31, 2015, an increase of 1.2 percentage points from the 12 months ended March 31, 2014.
•
Time utilization decreased 40 basis points year-over-year to 64.2%. The locations from the National Pump acquisition experienced volume and pricing pressure associated with upstream oil and gas customers, which was a primary driver of the time utilization decrease. Excluding the impact of the National Pump acquisition, time utilization was 64.5%.
•
The company generated $116 million of proceeds from used equipment sales at an adjusted gross margin of 50.9%, compared with $110 million and 49.1% for the same period last year.5
•
Flow-through, which represents the year-over-year change in adjusted EBITDA divided by the year-over-year change in total revenue, was 60.6% for the quarter.
_______________

1.
On April 1, 2014, the company acquired certain assets of the following four entities: National Pump & Compressor, Ltd., Canadian Pump and Compressor Ltd., GulfCo Industrial Equipment, LP and LD Services, LLC (collectively “National Pump”). National Pump is included in the company's results subsequent to the acquisition date.
2.
GAAP net income and diluted earnings per share for the first quarter 2015 include an after-tax merger benefit of $17 million, or $0.17 per diluted share, associated with the National Pump acquisition.
3.
Adjusted EPS is a non-GAAP measure that excludes the impact of the following special items: (i) merger related costs; (ii) restructuring charge; (iii) impact on interest expense related to fair value adjustment of acquired RSC indebtedness; (iv) impact on depreciation related to acquired RSC fleet and property and equipment; (v) impact of the fair value mark-up of acquired RSC fleet; (vi) merger related intangible asset amortization and (vii) loss on repurchase/redemption of debt securities and amendment of ABL facility. See table below for amounts.
4.
Adjusted EBITDA is a non-GAAP measure that excludes the impact of the following special items: (i) merger related costs; (ii) restructuring charge; (iii) impact of the fair-value mark up of acquired RSC fleet and (iv) stock compensation expense, net. See table below for amounts.
5.
Used equipment sales adjusted gross margin excludes the impact of the fair value mark-up of acquired RSC fleet that was sold.





CEO Comments

Michael Kneeland, chief executive officer of United Rentals, said, "We turned in a solid first quarter, with record revenue, EBITDA and ROIC. The year has had some early headwinds, including a decline in upstream oil and gas activity, a harsh winter, and the adverse currency impact of a strong U.S. dollar. We've offset these pressures by redistributing underutilized fleet to areas of higher demand. An improving rental landscape, and the strong performance of our power and trench specialty lines, helped drive our 12% increase in rental revenue."
 
Kneeland continued, "Looking to the rest of the year, we expect a continued rebound in construction activity, along with our usual seasonal uptick. We also expect secular penetration to continue. We're investing in our sales force, and we plan to open about 18 specialty rental branches this year. Our employees are excited to deliver a level of service that sets us apart in this environment."

2015 Outlook        

The company has updated its full year outlook as follows:
 
Prior Outlook
 
Current Outlook
 
Total revenue
$6.0 billion to $6.2 billion
 
$6.0 billion to $6.1 billion
 
Adjusted EBITDA
$2.95 billion to $3.05 billion
 
$2.95 billion to $3.00 billion
 
Increase in rental rates (year-over-year)
Approximately 3.5%
 
Approximately 3.0%
 
Time utilization
Approximately 69.0%
 
Unchanged
 
Net rental capital expenditures after gross purchases
Approximately $1.2 billion, after gross purchases of approximately $1.7 billion
 
Unchanged
 
Free cash flow (excluding the impact of merger and restructuring related costs)
$725 million to $775 million
 
Unchanged
 

Free Cash Flow and Fleet Size

For the first quarter 2015, free cash flow was $450 million, after total rental and non-rental gross capital expenditures of $345 million. By comparison, free cash flow for the first quarter 2014 was $278 million after total rental and non-rental gross capital expenditures of $351 million.6
The size of the rental fleet was $8.39 billion of original equipment cost at March 31, 2015, compared with $8.44 billion at December 31, 2014. The age of the rental fleet was 43.3 months on an OEC-weighted basis at March 31, 2015, compared with 43.0 months at December 31, 2014.

Share Repurchase Program

During the first quarter 2015, the company repurchased $316 million of common stock as part of the $750 million share repurchase program that was announced in December 2014. The company expects to complete the program within 18 months of the December 2014 announcement.
_______________

6.
Free cash flow for the first quarter 2015 and 2014 includes aggregate merger and restructuring related payments of $1 million and $4 million, respectively.






Return on Invested Capital (ROIC)    

Return on invested capital was 9.0% for the 12 months ended March 31, 2015, an increase of 1.2 percentage points from the 12 months ended March 31, 2014. The company’s ROIC metric uses after-tax operating income for the trailing 12 months divided by average stockholders’ equity (deficit), debt and deferred taxes, net of average cash. To mitigate the volatility related to fluctuations in the company’s tax rate from period to period, the federal statutory tax rate of 35% is used to calculate after-tax operating income.7

Conference Call            

United Rentals will hold a conference call tomorrow, Wednesday, April 22, 2015, at 11:00 a.m. Eastern Time. The conference call number is 866-835-8906. The conference call will also be available live by audio webcast at unitedrentals.com, where it will be archived until the next earnings call. The replay number for the call is 703-925-2533, passcode is 1655031.

Non-GAAP Measures                         

Free cash flow, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, and adjusted earnings per share (adjusted EPS) are non-GAAP financial measures as defined under the rules of the SEC. Free cash flow represents net cash provided by operating activities, less purchases of rental and non-rental equipment plus proceeds from sales of rental and non-rental equipment. EBITDA represents the sum of net income, provision for income taxes, interest expense, net, depreciation of rental equipment and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of the merger related costs, restructuring charge, stock compensation expense, net, and the impact of the fair value mark-up of acquired RSC fleet. Adjusted EPS represents EPS plus the sum of the merger related costs, restructuring charge, the impact on interest expense related to the fair value adjustment of acquired RSC indebtedness, the impact on depreciation related to acquired RSC fleet and property and equipment, the impact of the fair value mark-up of acquired RSC fleet, merger related intangible asset amortization and the loss on repurchase/redemption of debt securities and amendment of ABL facility. The company believes that: (i) free cash flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements; (ii) EBITDA and adjusted EBITDA provide useful information about operating performance and period-over-period growth; and (iii) adjusted EPS provides useful information concerning future profitability. However, none of these measures should be considered as alternatives to net income, cash flows from operating activities or earnings per share under GAAP as indicators of operating performance or liquidity. Information reconciling forward-looking free cash flow and adjusted EBITDA to GAAP financial measures is unavailable to the company without unreasonable effort.

About United Rentals

United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 888 rental locations in 49 states and 10 Canadian provinces. The company’s approximately 12,500 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 3,300 classes of equipment for rent with a total original cost of $8.39 billion. United Rentals is a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index and the Russell 3000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.
_______________

7.
When adjusting the denominator of the ROIC calculation to also exclude average goodwill, ROIC was 12.1% for the 12 months ended March 31, 2015, an increase of 1.5 percentage points from the 12 months ended March 31, 2014.





Forward-Looking Statements


This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These statements can generally 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 vision, strategy or outlook. These statements are based on current plans, estimates and projections, and, therefore, you should not place undue reliance on them. No forward-looking statement can be guaranteed, and 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: (1) the challenges associated with past or future acquisitions, such as undiscovered liabilities, costs, integration issues and/or the inability to achieve the cost and revenue synergies expected; (2) a slowdown in the recovery of North American construction and industrial activities, which decreased during the economic downturn and significantly affected our revenues and profitability, or a slowdown in the energy sector, in general, could reduce demand for equipment and prices that we can charge; (3) our significant indebtedness, which requires us to use a substantial portion of our cash flow for debt service and can constrain our flexibility in responding to unanticipated or adverse business conditions; (4) the inability to refinance our indebtedness at terms that are favorable to us, or at all; (5) the incurrence of additional debt, which could exacerbate the risks associated with our current level of indebtedness; (6) noncompliance with covenants in our debt agreements, which could result in termination of our credit facilities and acceleration of outstanding borrowings; (7) restrictive covenants and amount of borrowings permitted under our debt agreements, which could limit our financial and operational flexibility; (8) a decrease in levels of infrastructure spending, including lower than expected government funding for stimulus-related construction projects; (9) fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated; (10) our rates and time utilization being less than anticipated; (11) our inability to manage credit risk adequately or to collect on contracts with customers; (12) our inability to access the capital that our business or growth plans may require; (13) the incurrence of impairment charges; (14) our dependence on distributions from subsidiaries as a result of our holding company structure and the fact that such distributions could be limited by contractual or legal restrictions; (15) an increase in our loss reserves to address business operations or other claims and any claims that exceed our established levels of reserves; (16) the incurrence of additional costs and expenses (including indemnification obligations) in connection with litigation, regulatory or investigatory matters; (17) the outcome or other potential consequences of litigation and other claims and regulatory matters relating to our business, including certain claims that our insurance may not cover; (18) the effect that certain provisions in our charter and certain debt agreements and our significant indebtedness may have of making more difficult or otherwise discouraging, delaying or deterring a takeover or other change of control of us; (19) management turnover and inability to attract and retain key personnel; (20) our costs being more than anticipated and/or the inability to realize expected savings in the amounts or time frames planned; (21) our dependence on key suppliers to obtain equipment and other supplies for our business on acceptable terms; (22) our inability to sell our new or used fleet in the amounts, or at the prices, we expect; (23) competition from existing and new competitors; (24) security breaches, cybersecurity attacks and other significant disruptions in our information technology systems; (25) the costs of complying with environmental, safety and foreign laws and regulations; (26) labor difficulties and labor-based legislation affecting our labor relations and operations generally; and (27) increases in our maintenance and replacement costs and/or decreases in the residual value of our equipment. For a more complete description of these and other possible risks and uncertainties, please refer to our Annual Report on Form 10-K for the year ended December 31, 2014, as well as to our subsequent filings with the SEC. The forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.

# # #

Contact:
Fred Bratman
(203) 618-7318
Cell: (917) 847-4507
fbratman@ur.com




UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In millions, except per share amounts)
 
 
Three Months Ended
 
March 31,
 
2015
 
2014
Revenues:
 
 
 
Equipment rentals
$
1,125

 
$
1,005

Sales of rental equipment
116

 
110

Sales of new equipment
33

 
26

Contractor supplies sales
18

 
19

Service and other revenues
23

 
18

Total revenues
1,315

 
1,178

Cost of revenues:
 
 
 
Cost of equipment rentals, excluding depreciation
444

 
409

Depreciation of rental equipment
235

 
217

Cost of rental equipment sales
64

 
65

Cost of new equipment sales
27

 
20

Cost of contractor supplies sales
12

 
13

Cost of service and other revenues
9

 
6

Total cost of revenues
791

 
730

Gross profit
524

 
448

Selling, general and administrative expenses
181

 
168

Merger related costs
(27
)
 
1

Restructuring charge
1

 
1

Non-rental depreciation and amortization
69

 
60

Operating income
300

 
218

Interest expense, net
121

 
125

Other income, net
(3
)
 
(1
)
Income before provision for income taxes
182

 
94

Provision for income taxes
67

 
34

Net income
$
115

 
$
60

Diluted earnings per share
$
1.16

 
$
0.56






UNITED RENTALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions)
 
 
March 31, 2015
 
December 31, 2014
ASSETS
 
 
 
Cash and cash equivalents
$
257

 
$
158

Accounts receivable, net
848

 
940

Inventory
81

 
78

Prepaid expenses and other assets
51

 
122

Deferred taxes
215

 
248

Total current assets
1,452

 
1,546

Rental equipment, net
5,988

 
6,008

Property and equipment, net
428

 
438

Goodwill
3,249

 
3,272

Other intangible assets, net
1,047

 
1,106

Other long-term assets
118

 
97

Total assets
$
12,282

 
$
12,467

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Short-term debt and current maturities of long-term debt
$
593

 
$
618

Accounts payable
465

 
285

Accrued expenses and other liabilities
497

 
575

Total current liabilities
1,555

 
1,478

Long-term debt
7,482

 
7,434

Deferred taxes
1,690

 
1,692

Other long-term liabilities
60

 
65

Total liabilities
10,787

 
10,669

Temporary equity
1

 
2

Common stock
1

 
1

Additional paid-in capital
2,156

 
2,168

Retained earnings
618

 
503

Treasury stock
(1,118
)
 
(802
)
Accumulated other comprehensive loss
(163
)
 
(74
)
Total stockholders’ equity
1,494

 
1,796

Total liabilities and stockholders’ equity
$
12,282

 
$
12,467






UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In millions)
 
Three Months Ended
 
March 31,
 
2015
 
2014
Cash Flows From Operating Activities:
 
 
 
Net income
$
115

 
$
60

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
304

 
277

Amortization of deferred financing costs and original issue discounts
3

 
5

Gain on sales of rental equipment
(52
)
 
(45
)
Gain on sales of non-rental equipment
(2
)
 
(1
)
Stock compensation expense, net
14

 
12

Merger related costs
(27
)
 
1

Restructuring charge
1

 
1

Loss on repurchase/redemption of debt securities and amendment of ABL facility
2

 
11

Increase in deferred taxes
39

 
22

Changes in operating assets and liabilities:
 
 
 
Decrease in accounts receivable
81

 
47

Increase in inventory
(4
)
 
(32
)
Decrease (increase) in prepaid expenses and other assets
18

 
(4
)
Increase in accounts payable
184

 
163

Decrease in accrued expenses and other liabilities
(1
)
 
(9
)
Net cash provided by operating activities
675

 
508

Cash Flows From Investing Activities:
 
 
 
Purchases of rental equipment
(323
)
 
(333
)
Purchases of non-rental equipment
(22
)
 
(18
)
Proceeds from sales of rental equipment
116

 
110

Proceeds from sales of non-rental equipment
4

 
11

Purchases of other companies, net of cash acquired
—

 
(1
)
Net cash used in investing activities
(225
)
 
(231
)
Cash Flows From Financing Activities:
 
 
 
Proceeds from debt
2,736

 
2,398

Payments of debt
(2,704
)
 
(2,543
)
Payments of financing costs
(24
)
 
(20
)
Proceeds from the exercise of common stock options
—

 
1

Common stock repurchased
(343
)
 
(61
)
Cash received in connection with the 4 percent Convertible Senior Notes and related hedge, net
—

 
7

Net cash used in financing activities
(335
)
 
(218
)
Effect of foreign exchange rates
(16
)
 
(7
)
Net increase in cash and cash equivalents
99

 
52

Cash and cash equivalents at beginning of period
158

 
175

Cash and cash equivalents at end of period
$
257

 
$
227

Supplemental disclosure of cash flow information:
 
 
 
Cash (received) paid for income taxes, net
$
(35
)
 
$
9

Cash paid for interest
91

 
84





UNITED RENTALS, INC.
SEGMENT PERFORMANCE
($ in millions)
 
Three Months Ended
 
March 31,
 
2015

 
2014

 
Change

General Rentals
 
 
 
 
 
Reportable segment equipment rentals revenue
$
976

 
$
924

 
5.6
%
Reportable segment equipment rentals gross profit
383

 
344

 
11.3
%
Reportable segment equipment rentals gross margin
39.2
%
 
37.2
%
 
2.0pp

Trench, Power and Pump
 
 
 
 
 
Reportable segment equipment rentals revenue
$
149

 
$
81

 
84.0
%
Reportable segment equipment rentals gross profit
63

 
35

 
80.0
%
Reportable segment equipment rentals gross margin
42.3
%
 
43.2
%
 
(0.9pp)

Total United Rentals
 
 
 
 
 
Total equipment rentals revenue
$
1,125

 
$
1,005

 
11.9
%
Total equipment rentals gross profit
446

 
379

 
17.7
%
Total equipment rentals gross margin
39.6
%
 
37.7
%
 
1.9pp



UNITED RENTALS, INC.
DILUTED EARNINGS PER SHARE CALCULATION
(In millions, except per share data)
 
Three Months Ended
 
March 31,
 
2015
 
2014
Numerator:
 
 
 
Net income available to common stockholders
$
115

 
$
60

Denominator:
 
 
 
Denominator for basic earnings per share—weighted-average common shares
97.0

 
95.2

Effect of dilutive securities:
 
 
 
Employee stock options and warrants
0.3

 
0.4

Convertible subordinated notes—4 percent
1.2

 
10.2

Restricted stock units
0.6

 
0.6

Denominator for diluted earnings per share—adjusted weighted-average common shares
99.1

 
106.4

Diluted earnings per share
$
1.16

 
$
0.56






UNITED RENTALS, INC.
ADJUSTED EARNINGS PER SHARE GAAP RECONCILIATION

We define “earnings per share – adjusted” as the sum of earnings per share – GAAP, as reported plus the impact of the following special items: merger related costs, merger related intangible asset amortization, impact on rental depreciation related to acquired RSC fleet and property and equipment, impact of the fair value mark-up of acquired RSC fleet, impact on interest expense related to fair value adjustment of acquired RSC indebtedness, restructuring charge, and loss on repurchase/redemption of debt securities and amendment of ABL facility. Management believes that earnings per share - adjusted provides useful information concerning future profitability. However, earnings per share - adjusted is not a measure of financial performance under GAAP. Accordingly, earnings per share - adjusted should not be considered an alternative to GAAP earnings per share. The table below provides a reconciliation between earnings per share – GAAP, as reported, and earnings per share – adjusted.
 
Three Months Ended
 
March 31,
 
2015
 
2014
Earnings per share - GAAP, as reported
$
1.16

 
$
0.56

After-tax impact of:
 
 
 
Merger related costs (1)
(0.17
)
 
0.01

Merger related intangible asset amortization (2)
0.32

 
0.22

Impact on depreciation related to acquired RSC fleet and property and equipment (3)
(0.01
)
 
—

Impact of the fair value mark-up of acquired RSC fleet (4)
0.04

 
0.05

Impact on interest expense related to fair value adjustment of acquired RSC indebtedness (5)
(0.01
)
 
(0.01
)
Restructuring charge (6)
—

 
0.01

Loss on repurchase/redemption of debt securities and amendment of ABL facility
0.01

 
0.06

Earnings per share - adjusted
$
1.34

 
$
0.90


(1)
Reflects transaction costs associated with the 2012 RSC acquisition and the April 2014 National Pump acquisition. The income for the three months ended March 31, 2015 reflects a decline in the fair value of the contingent cash consideration component of the National Pump purchase price.
(2)
Reflects the amortization of the intangible assets acquired in the RSC and National Pump acquisitions.
(3)
Reflects the impact of extending the useful lives of equipment acquired in the RSC acquisition, net of the impact of additional depreciation associated with the fair value mark-up of such equipment.
(4)
Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in the RSC acquisition and subsequently sold.
(5)
Reflects a reduction of interest expense associated with the fair value mark-up of debt acquired in the RSC acquisition.
(6)
Primarily reflects branch closure charges associated with the RSC acquisition and our closed restructuring program.







UNITED RENTALS, INC.
EBITDA AND ADJUSTED EBITDA GAAP RECONCILIATION
(In millions)

EBITDA represents the sum of net income, provision for income taxes, interest expense, net, depreciation of rental equipment, and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of the merger related costs, restructuring charge, stock compensation expense, net, and the impact of the fair value mark-up of acquired RSC fleet. These items are excluded from adjusted EBITDA internally when evaluating our operating performance and allow investors to make a more meaningful comparison between our core business operating results over different periods of time, as well as with those of other similar companies. Management believes that EBITDA and adjusted EBITDA, when viewed with the Company’s results under GAAP and the accompanying reconciliation, provide useful information about operating performance and period-over-period growth, and provide additional information that is useful for evaluating the operating performance of our core business without regard to potential distortions. Additionally, management believes that EBITDA and adjusted EBITDA help investors gain an understanding of the factors and trends affecting our ongoing cash earnings, from which capital investments are made and debt is serviced. However, EBITDA and adjusted EBITDA are not measures of financial performance or liquidity under GAAP and, accordingly, should not be considered as alternatives to net income or cash flow from operating activities as indicators of operating performance or liquidity. The table below provides a reconciliation between net income and EBITDA and adjusted EBITDA.
 
Three Months Ended
 
March 31,
 
2015
 
2014
Net income
$
115

 
$
60

Provision for income taxes
67

 
34

Interest expense, net
121

 
125

Depreciation of rental equipment
235

 
217

Non-rental depreciation and amortization
69

 
60

EBITDA (A)
$
607

 
$
496

Merger related costs (1)
(27
)
 
1

Restructuring charge (2)
1

 
1

Stock compensation expense, net (3)
14

 
12

Impact of the fair value mark-up of acquired RSC fleet (4)
7

 
9

Adjusted EBITDA (B)
$
602

 
$
519


A) Our EBITDA margin was 46.2% and 42.1% for the three months ended March 31, 2015 and 2014, respectively.
B) Our adjusted EBITDA margin was 45.8% and 44.1% for the three months ended March 31, 2015 and 2014, respectively.
(1)
Reflects transaction costs associated with the 2012 RSC acquisition and the April 2014 National Pump acquisition. The income for the three months ended March 31, 2015 reflects a decline in the fair value of the contingent cash consideration component of the National Pump purchase price.
(2)
Primarily reflects branch closure charges associated with the RSC acquisition and our closed restructuring program.
(3)
Represents non-cash, share-based payments associated with the granting of equity instruments.
(4)
Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in the RSC acquisition and subsequently sold.







UNITED RENTALS, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES
TO EBITDA AND ADJUSTED EBITDA
(In millions)

 
Three Months Ended
 
March 31,
 
2015
 
2014
Net cash provided by operating activities
$
675

 
$
508

Adjustments for items included in net cash provided by operating activities but excluded from the calculation of EBITDA:
 
 
 
Amortization of deferred financing costs and original issue discounts
(3
)
 
(5
)
Gain on sales of rental equipment
52

 
45

Gain on sales of non-rental equipment
2

 
1

Merger related costs (1)
27

 
(1
)
Restructuring charge (2)
(1
)
 
(1
)
Stock compensation expense, net (3)
(14
)
 
(12
)
Loss on repurchase/redemption of debt securities and amendment of ABL facility
(2
)
 
(11
)
Changes in assets and liabilities
(185
)
 
(121
)
Cash paid for interest
91

 
84

Cash (received) paid for income taxes, net
(35
)
 
9

EBITDA
$
607

 
$
496

Add back:
 
 
 
Merger related costs (1)
(27
)
 
1

Restructuring charge (2)
1

 
1

Stock compensation expense, net (3)
14

 
12

Impact of the fair value mark-up of acquired RSC fleet (4)
7

 
9

Adjusted EBITDA
$
602

 
$
519


(1)
Reflects transaction costs associated with the 2012 RSC acquisition and the April 2014 National Pump acquisition. The income for the three months ended March 31, 2015 reflects a decline in the fair value of the contingent cash consideration component of the National Pump purchase price.
(2)
Primarily reflects branch closure charges associated with the RSC acquisition and our closed restructuring program.
(3)
Represents non-cash, share-based payments associated with the granting of equity instruments.
(4)
Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in the RSC acquisition and subsequently sold.







UNITED RENTALS, INC.
FREE CASH FLOW GAAP RECONCILIATION
(In millions)

We define free cash flow as (i) net cash provided by operating activities less (ii) purchases of rental and non-rental equipment plus (iii) proceeds from sales of rental and non-rental equipment. Management believes that free cash flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements. However, free cash flow is not a measure of financial performance or liquidity under GAAP. Accordingly, free cash flow should not be considered an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. The table below provides a reconciliation between net cash provided by operating activities and free cash flow.

 
Three Months Ended
 
March 31,
 
2015
 
2014
Net cash provided by operating activities
$
675

 
$
508

Purchases of rental equipment
(323
)
 
(333
)
Purchases of non-rental equipment
(22
)
 
(18
)
Proceeds from sales of rental equipment
116

 
110

Proceeds from sales of non-rental equipment
4

 
11

Free cash flow
$
450

 
$
278




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