UNITED RENTALS INC /DE : Results of Operations and Financial Condition, Regulation FD Disclosure (form 8-K)
Item 2.02. Results of Operations and Financial Condition.
results of operations for the quarter ended
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 2017 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of its use at such meetings and presentations or until superseded by more
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
less purchases of rental and non-rental equipment plus proceeds from sales of
rental and non-rental equipment and excess tax benefits from share-based payment
arrangements. 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 of the fair value mark-up of acquired RSC fleet, merger related
intangible asset amortization and the asset impairment charge.
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 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; 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.
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