United Rentals Annual Report 2024

FY2024 Annual Report · United Rentals

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ANNUAL
REPORT
2024

In 2024, our team doubled down on being
the partner of choice for our customers. Our
commitment to safety, coupled with unmatched
service, technology and operational excellence,
translated into another year of record revenue,
adjusted EBITDA1 and earnings per share
(“EPS”). We delivered these results thanks to
our nearly 28,000 team members, whose hard
work enabled us to support our customers day
in and day out.
Our growth in 2024 was supported by healthy
demand across our end-markets, including
non-residential construction and industrial
manufacturing. Both our general rental and
specialty businesses grew year-over-year, with
particular strength in specialty. Even excluding
the addition of Yak, which added a new product
line to our specialty business in early 2024, our
specialty rental revenues grew an impressive
17% year-over-year.
We continue to execute on our strategy with
investments in new branch locations, fleet,
headcount and technology, all setting the
foundation for our growth over the long-term.
Additionally, we remain focused on leveraging
our industry leading profitability, capital
efficiency and the flexibility of our business model
to generate meaningful free cash flow, which in
turn helps us drive long-term shareholder value.
For the full year 2024, we reported total revenue
of $15.3 billion, GAAP diluted EPS of $38.69 and
adjusted EPS1 of $43.17, all of which were records.
Net income was a record $2.6 billion, at a margin
of 16.8%1. Adjusted EBITDA was also a record at
$7.2 billion, translating to a margin of 46.7%1. We
generated $4.5 billion of net cash from operating
activities, and $2.1 billion of free cash flow1 after
$3.8 billion of gross rental capital expenditures.
Return on invested capital (ROIC) for the year was
13.0%, while our net leverage ratio ended the
year at 1.8x and our year-end liquidity was strong
at $2.8 billion. Based on the combination of our
growth, cash generation and strong balance sheet,
in January 2024, we announced an enhanced
capital allocation strategy, including lowering our
targeted full-cycle leverage ratio to 1.5x-2.5x
from our prior range of 2.0x-3.0x. We believe our
updated leverage range provides us plenty of
capacity to execute our growth initiatives while
simultaneously enhancing shareholder value.
After fully funding growth, we returned $1.9
billion of capital to shareholders in 2024 through
$1.5 billion of share repurchases and $0.4 billion
through our dividend program. In furtherance of
our capital allocation strategy, in January 2025,
we announced a 10% increase in our quarterly
dividend to $1.79 per share. We initially paused
our share repurchase program in January 2025
in conjunction with our announcement to acquire
H&E Equipment Services (“H&E”). However, with
the termination of the H&E acquisition agreement
in February 2025, we resumed our share
repurchases with the expectation of completing
the remaining $250 million of our current $1.5
billion authorization by the end of the first quarter
of 2025.
Letter to our
Shareholders

As we look to 2025, we expect to see another
year of growth, again led by large projects.
This is supported by customer optimism, solid
backlogs, and most importantly, feedback from
our field teams – combined with the demand we
carried into the New Year. We remain focused
and engaged on being the partner of choice for
our customers through our differentiated value
proposition, which leverages our scale, go-to-
market approach, technology and one-stop-shop
offering.
Consistent with what we shared last year, longer-
term tailwinds continue to look favorable for our
industry. These include the secular shift towards
renting equipment, combined with reshoring in
North America and the significant investments
being made across infrastructure, manufacturing,
technology, and energy and power. We’re very
proud of the size and diversity of our end-market
mix, which means we are not levered to any
particular end-market. Our fungible fleet allows
us to pivot to where customer demand presents
itself, and to quickly respond to the ebbs and
flows of different verticals.
Furthermore, our incredible team, which puts
the customer at the center of everything we do,
gives us confidence in our ability to continue
outpacing the industry and to capitalize on the
opportunities ahead. We are proud to be the
employer of choice in our industry. In 2024, we
saw strong employee retention and grew our
employee base by 6%. We also invested in our
best-in-class safety culture, resulting in another
excellent safety recordable rate for the year, while
also earning national recognition for our strong
culture.

Outlook
Based on all of the market factors summarized
above, we expect another year of growth in 2025.
Our 2025 guidance reflects our expectations for
total revenue of $15.6 billion to $16.1 billon, and
adjusted EBITDA of $7.2 billion to $7.45 billion.
We expect to generate net cash from operating
activities of $4.5 billion to $5.1 billion and, after
gross rental capital expenditures of $3.65 billion
to $3.95 billion, free cash flow of $2.0 billion to
$2.2 billion.
March 26, 2025
Matthew J. Flannery
Chief Executive Officer
Michael J. Kneeland
Chair of the Board
1 Please see the reconciliations of adjusted EBITDA and free cash flow to the comparable GAAP
measures contained in the “Management Discussion and Analysis of Financial Condition and
Results of Operations” section in the accompanying Annual Report on Form 10-K for the year
ended December 31, 2024. Please see our fiscal 2024 earnings press release furnished on Form
8-K with the Securities and Exchange Commission on January 29, 2025 for the reconciliation of
adjusted EPS to the comparable GAAP measure. Net income margin and adjusted EBITDA margin
represent net income or adjusted EBITDA divided by total revenue.

Board of Directors
Michael J. Kneeland
Chair
Bobby J. Griffin (3)
Lead Independent Director
Julie M. Heuer Brandt (4)
Corporate Vice President and
President, Global Commercial & Field
Operations at Johnson Controls
Marc A. Bruno (2, 3)
Chief Operating Officer U.S.
Food & Facilities at
Aramark Corporation
Larry D. De Shon (3, 4)
Director
Matthew J. Flannery (4)
President and Chief
Executive Officer at
United Rentals, Inc.
Kim Harris Jones (1, 2)
Director
Terri L. Kelly (2, 3, 4)
Director
Francisco J. Lopez-Balboa (1, 2)
Executive Vice President & Chief
Financial Officer at Cumulus Media
Gracia Martore (1, 2)
Director
Shiv Singh (1, 3, 4)
Founder and CEO,
Savvy Matters, LLC
Executive Officers
Matthew J. Flannery
President and Chief Executive
Officer
William E. “Ted” Grace
Executive Vice President and
Chief Financial Officer
Michael D. Durand
Executive Vice President and
Chief Operating Officer
Craig A. Pintoff
Executive Vice President
Chief Administrative Officer
Joli L. Gross
Senior Vice President
Chief Legal & Sustainability Officer,
Corporate Secretary
Anthony S. Leopold
Senior Vice President
Chief Technology & Strategy Officer
Andrew B. Limoges
Vice President, Controller and
Principal Accounting Officer
Senior Vice Presidents
Robert C. Bower
Senior Vice President
Operations, West Division
Chris A. Burlog
Senior Vice President
Operations, Central Division
Michael G. Cloer
Senior Vice President
Business Operations
Thomas P. Jones
Senior Vice President
Operations, Site Solutions Division
John “Eddie” King
Senior Vice President
Operations, South Division
Kenneth B. Mettel
Senior Vice President
Performance Analytics
Kevin C. Parr
Senior Vice President
Operations, Northeast &
Mobile Storage Division
Joseph W. Pledger
Senior Vice President
Finance
Craig A. Schmidt
Senior Vice President
National Accounts
David C. Scott
Senior Vice President
Specialty Operations
Corporate Vice Presidents
Tomer Barkan
Vice President
Planning and Analysis
Alfredo E. Barquin
Vice President
Business Development
Christopher P. Carmolingo
Vice President
Service and Maintenance
Sybil F. Collins
Vice President
Treasurer
John J. Fahey
Vice President
Internal Audit
Elizabeth Grenfell
Vice President
Investor Relations
Robert N. Halsey
Vice President
Marketing
Daniel T. Higgins
Vice President
Chief Information Officer
Teresa A. Kee
Vice President
Health & Safety
Mitchell J. Holder
Vice President
Total Rewards
Brent R. Kuchynka
Vice President
Corporate Fleet Management
Cristina Madry
Vice President
Employee Relations

Ty “TJ” Mahoney
Vice President
Supply Chain
Erin C. Neumann
Vice President
Operations Excellence
Andre L. Powell
Vice President
Finance
Michael V. Sala
Vice President
Tax and Real Estate
Emmanuel “Noel” M. Siscar
Vice President
IT Infrastructure &
Cyber Security
Daniel C. Sparks
Vice President
Sales Operations and Support
Regional Vice Presidents
Jason C. Barba
Vice President
Carolinas Region
Leland J. Burton
Vice President
West Gulf Region
Ryan T. Dillon
Vice President
Mobile Storage Region
Ryan R. Eaton
Vice President
Midwest Region
John “Scott” Fisher
Vice President
Western Canada Region
Ron D. Groff
Vice President
Northwest Region
Todd M. Hayes
Vice President
Trench Safety Region
Antwan J. Houston
Vice President
Tools Solutions
John J. Humphrey
Vice President
Mid-Atlantic Region
Neil R. Littlewood
Vice President AU/NZ
Storage & Modular Solutions Region
Esiah D. McNeil
Vice President
Southwest Region
Hendrik Jan Molenaar
Interim Vice President, Europe
Kevin M. O’Brien
Vice President
Mid-Central Region
Audwin W. Reed
Vice President
South Region
Nicholas M. Roberts
Vice President
Southeast Region
Gina M. Rollins
Vice President
Reliable Onsite Services Region
Jason L. Rose
Vice President
Fluid Solutions Region
Stephen M. Szaniszlo
Vice President
Northeast Region
Joel S. Weaver
Vice President
Matting Solutions Region
David G. Williams
Vice President
Gulf South Region
Larry K. Worthington Jr.
Vice President
Power & HVAC Region
Committees of the Board as of March 26, 2025
(1) Audit Committee, Kim Harris Jones, Chair
(2) Compensation Committee, Gracia Martore, Chair
(3) Nominating and Corporate Governance Committee, Larry D. De Shon, Chair
(4) Strategy Committee, Terri L. Kelly, Chair
Directors and Officers

Michael J. Kneeland
Bobby J. Griffin
Julie M. Heuer Brandt
Marc A. Bruno
Matthew J. Flannery
Kim Harris Jones
Terri L. Kelly
Gracia Martore
Francisco J. Lopez-Balboa
Shiv Singh
Larry D. De Shon

Peer Group Index

C.H. Robinson Worldwide, Inc.
Carrier Global Corporation1
Cintas Corporation
Dover Corporation
Fortive Corporation
J.B. Hunt Transport Services, Inc.
Masco Corporation
Parker-Hannifin Corporation
Republic Services, Inc.
Rockwell Automation, Inc.
Stanley Black & Decker, Inc.
Trane Technologies plc2
W.W. Grainger, Inc.
Waste Connections, Inc.
Waste Management, Inc.
WESCO International, Inc.
Xylem Inc.
TOTAL RETURN TO STOCKHOLDERS
The comparisons in the graph and tables above are not intended to forecast or be indicative of future
performance of our common stock, any of the indices or any of the companies comprising them. Data
source: Standard & Poor’s Compustat.
Total Cumulative Return
(Includes reinvestment of dividends)
The following tables and graph compare the cumulative total return of United Rentals common stock with the cumulative total return
of the Standard and Poor’s 500 Index (“S&P 500 Index”), the Standard and Poor’s 500 Industrials Index (“S&P 500 Industrials Index”)
and an industry peer group index comprised of publicly traded companies participating in the industrials and consumer discretionary
sectors (the “Peer Group Index”). The table and graph assume that $100 was invested on December 31, 2019 in shares of our
common stock; shares of stock comprising the S&P 500 Index; shares of stock comprising the S&P 500 Industrials Index, and shares
of stock comprising the Peer Group Index and the reinvestment of any dividends. The returns of each company within each of the
S&P 500 Index, the S&P 500 Industrials Index, and the Peer Group Index have been weighted annually for their respective stock and
market capitalization.
(1) Carrier Global Corporation included from March 19, 2020 when it began trading.
(2) Ingersoll-Rand plc started trading as Trane Technologies plc on March 2, 2020.
12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
39.06
18.40
11.06
25.84
43.28
28.71
21.12
32.65
6.96
-18.11
-5.48
-13.22
63.62
26.29
18.13
29.78
23.97
25.02
17.47
19.64
100.00
100.00
100.00
100.00
139.06
118.40
111.06
125.84
199.25
152.39
134.52
166.92
213.12
124.79
127.15
144.85
348.70
157.59
150.52
187.99
432.27
197.02
176.44
224.90
Annual Return Percentage
Years Ending
Indexed Returns
Years Ending
Base Period
Company Name / Index
Company Name / Index
United Rentals, Inc.

S&P 500 Index

S&P 500 Industrials Index
Peer Group Index
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
United Rentals, Inc.

S&P 500 Index

S&P 500 Industrials Index
Peer Group Index

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-14387
United Rentals, Inc.
Commission File Number 1-13663
United Rentals (North America), Inc.
(Exact Names of Registrants as Specified in Their Charters)
Delaware
06-1522496
Delaware
86-0933835
(States of Incorporation)
(I.R.S. Employer Identification Nos.)
100 First Stamford Place, Suite 700
Stamford
Connecticut
06902
(Address of Principal Executive Offices)
(Zip Code)
Registrants’ Telephone Number, Including Area Code: (203) 622-3131
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $.01 par value, of United Rentals, Inc.
URI
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐
No ☑
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes ☑
No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files). Yes ☑No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an
emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in
Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
☑Accelerated Filer
☐Non-Accelerated Filer
☐Smaller Reporting Company
☐Emerging Growth Company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control
over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its
audit report.
Yes ☑
No ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the
filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received
by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐
No ☑
As of June 30, 2024 there were 66,235,191 shares of United Rentals, Inc. common stock outstanding. The aggregate market value of common stock held by
non-affiliates (defined as other than directors, executive officers and 10 percent beneficial owners) at June 30, 2024 was approximately $37.8 billion, calculated by
using the closing price of the common stock on such date on the New York Stock Exchange of $646.73.
As of January 27, 2025, there were 65,307,098 shares of United Rentals, Inc. common stock outstanding. There is no market for the common stock of United
Rentals (North America), Inc., all outstanding shares of which are owned by United Rentals, Inc.
This Form 10-K is separately filed by (i) United Rentals, Inc. and (ii) United Rentals (North America), Inc. (which is a wholly owned subsidiary of United
Rentals, Inc.). United Rentals (North America), Inc. meets the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and is therefore filing this
form with the reduced disclosure format permitted by such instruction.
Documents incorporated by reference: Portions of United Rentals, Inc.’s Proxy Statement related to the 2025 Annual Meeting of Stockholders are
incorporated by reference into Part III of this annual report.

FORM 10-K REPORT INDEX
PART I
Item 1
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Item 1A
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Item 1B
Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Item 1C
Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Item 2
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
Item 3
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31
Item 4
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31
PART II
Item 5
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31
Item 6
Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
Item 7
Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . .
33
Item 7A
Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
Item 8
Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
55
Item 9
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . . . . . .
103
Item 9A
Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
Item 9B
Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
106
Item 9C
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . . . . . . . . . . .
106
PART III
Item 10
Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
Item 11
Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
Item 12
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
107
Item 13
Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . . . . . . .
107
Item 14
Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
PART IV
Item 15
Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108
10-K Part
and Item No.
Page No.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This annual report on Form 10-K contains forward-looking statements within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements can 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 strategy or outlook, and include statements regarding the closing of the H&E
Equipment Services, Inc. d/b/a H&E Rentals (“H&E”) acquisition. You are cautioned that our business and
operations are subject to a variety of risks and uncertainties, many of which are beyond our control, and,
consequently, our 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:
•
the impact of global economic conditions (including inflation, interest rates, supply chain
constraints, trade wars and sanctions), geopolitical risks (including risks related to international
conflicts) and public health crises and epidemics on us, our customers and our suppliers, in the
United States and the rest of the world;
•
declines in construction or industrial activity, which can adversely impact our revenues and, because
many of our costs are fixed, our profitability;
•
rates we charge and time utilization we achieve being less than anticipated;
•
changes in customer, fleet, geographic and segment mix;
•
excess fleet in the equipment rental industry;
•
inability to benefit from government spending, including spending associated with infrastructure
projects, or a reduction in government spending;
•
trends in oil and natural gas, including significant increases in the prices of oil or natural gas, have in
the past affected, and could in the future adversely affect, the demand for our services and products;
•
competition from existing and new competitors;
•
the cyclical nature of the industry in which we operate and the industries of our customers, such as
those in the construction industry;
•
costs we incur being more than anticipated, including as a result of inflation or tariffs, and the
inability to realize expected savings in the amounts or time frames planned;
•
our significant indebtedness (which totaled $13.4 billion at December 31, 2024 and which is
expected to increase by approximately $4.9 billion in connection with the pending acquisition of
H&E that is discussed in note 19 to the consolidated financial statements) requires us to use a
substantial amount of our cash flow for debt service and can constrain our flexibility in responding
to unanticipated or adverse business conditions;
•
inability to refinance our indebtedness on terms that are favorable to us, including as a result of
volatility and uncertainty in capital or credit markets or increases in interest rates, or at all;
•
incurrence of additional debt, which could exacerbate the risks associated with our current level of
indebtedness;
•
noncompliance with financial or other covenants in our debt agreements, which could result in our
lenders terminating the agreements and requiring us to repay outstanding borrowings;
•
restrictive covenants and the amount of borrowings permitted under our debt instruments, which can
limit our financial and operational flexibility;
•
inability to access the capital that our businesses or growth plans may require, including as a result
of uncertainty in capital or credit markets;
•
the possibility that companies that we have acquired or may acquire (including H&E upon
completion of the pending acquisition) could have undiscovered liabilities, or that companies or
assets that we have acquired or may acquire (including H&E upon completion of the pending
acquisition) could involve other unexpected costs, may strain our management capabilities, or may
be difficult to integrate, and that we may not realize the expected benefits from an acquisition over
the timeframe we expect, or at all;
i

•
incurrence of impairment charges;
•
fluctuations in the price of our common stock and inability to complete stock repurchases or pay
dividends in the time frames and/or on the terms anticipated;
•
our charter provisions as well as provisions of certain debt agreements and our significant
indebtedness may have the effect of making more difficult or otherwise discouraging, delaying or
deterring a takeover or other change of control of us;
•
inability to manage credit risk adequately or to collect on contracts with a large number of
customers;
•
turnover in our management team and inability to attract and retain key personnel, as well as loss,
absenteeism or the inability of employees to work or perform key functions in light of public health
crises or epidemics;
•
inability to obtain equipment and other supplies for our business from our key suppliers on
acceptable terms or at all, as a result of insolvency, financial difficulties or other factors affecting our
suppliers;
•
increases in our maintenance and replacement costs and/or decreases in the residual value of our
equipment;
•
inability to sell our new or used fleet in the amounts, or at the prices, we expect;
•
risks related to security breaches, cybersecurity attacks, failure to protect personal information,
compliance with privacy, data protection and cyber incident reporting laws and regulations, and
other significant disruptions to our information technology systems;
•
risks related to severe weather events and other natural occurrences, and climate change regulation;
•
risks related to our aspirational sustainability and safety goals, including our greenhouse gas
intensity reduction goal;
•
the fact that our holding company structure requires us to depend in part on distributions from
subsidiaries and such distributions could be limited by contractual or legal restrictions;
•
shortfalls in our insurance coverage or inability to obtain coverage on reasonable terms or at all;
•
increases in our loss reserves to address business operations or other claims and any claims that
exceed our established levels of reserves;
•
the outcome or other potential consequences of litigation, regulatory and investigatory matters;
•
incurrence of expenses (including indemnification obligations) and other costs in connection with
litigation, regulatory and investigatory matters;
•
risks related to, and the costs of complying with, environmental and safety laws and regulations;
•
risks related to, and the costs of complying with, foreign laws and regulations, as well as other risks
associated with non-U.S. operations, including currency exchange risk and tariffs;
•
labor shortages and/or disputes, work stoppages or other labor difficulties, which may impact our
productivity and increase our costs, and changes in law that could affect our labor relations or
operations generally;
•
the effect of changes in tax law; and
•
other factors described in this annual report on Form 10-K and in our other filings with the Securities
and Exchange Commission.
Any forward-looking statement speaks only as of the date such statement was made. We make no
commitment to revise or update any forward-looking statements in order to reflect events or circumstances after
the date any such statement is made, except as required by law.
ii

PART I
United Rentals, Inc., incorporated in Delaware in 1997, is principally a holding company. We primarily
conduct our operations through our wholly owned subsidiary, United Rentals (North America), Inc., and its
subsidiaries. As used in this report, the term “Holdings” refers to United Rentals, Inc., the term “URNA” refers
to United Rentals (North America), Inc., and the terms the “Company,” “United Rentals,” “we,” “us,” and “our”
refer to United Rentals, Inc. and its subsidiaries, in each case unless otherwise indicated.
Unless otherwise indicated, the information under Items 1, 1A and 2 is as of January 1, 2025.
Item 1. Business
United Rentals is the largest equipment rental company in the world, operates throughout the United
States and Canada, and has a smaller presence in Europe, Australia and New Zealand. The table below presents
key information about our business as of and for the years ended December 31, 2024 and 2023. Our business is
discussed in more detail below. The data below should be read in conjunction with, and is qualified by reference
to, our Management’s Discussion and Analysis and our consolidated financial statements and notes thereto
contained elsewhere in this report.
2024
2023
PERFORMANCE MEASURES
Total revenues (in millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$15,345
$14,332
Equipment rental revenue percent of total revenues . . . . . . . . . . . . . . . . . .
85%
84%
Equipment rental revenue variance components: . . . . . . . . . . . . . . . . . . . .
Year-over-year change in average original equipment cost (“OEC”) . .
3.5%
21.9%
Assumed year-over-year inflation impact (1) . . . . . . . . . . . . . . . . . . . . .
(1.5)%
(1.5)%
Fleet productivity (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.1%
(0.7)%
Contribution from ancillary and re-rent revenue (3) . . . . . . . . . . . . . . .
1.9%
(0.4)%
Total equipment rental revenue variance . . . . . . . . . . . . . . . . . . . . . . . .
8.0%
19.3%
Pro forma equipment rentals variance components (4): . . . . . . . . . . . . . . .
Year-over-year change in average OEC . . . . . . . . . . . . . . . . . . . . . . . . .
10.4%
Assumed year-over-year inflation impact (1) . . . . . . . . . . . . . . . . . . . .
(1.5)%
Fleet productivity (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.8%
Contribution from ancillary and re-rent revenue (3) . . . . . . . . . . . . . . .
(0.4)%
Total equipment rental revenue variance . . . . . . . . . . . . . . . . . . . . . . . .
11.3%
Key account percent of equipment rental revenue . . . . . . . . . . . . . . . . . . . .
68%
67%
National account percent of equipment rental revenue . . . . . . . . . . . . . . . .
44%
43%
FLEET
Fleet OEC (in billions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$21.43
$20.66
Equipment units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,120,000
995,000
Fleet age in months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51.3
52.4
Equipment rental revenue percent by fleet type: . . . . . . . . . . . . . . . . . . . . .
General construction and industrial equipment . . . . . . . . . . . . . . . . . . .
40%
42%
Aerial work platforms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23%
25%
General tools and light equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9%
8%
Power and HVAC (heating, ventilating and air conditioning)
equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11%
10%
1

Trench safety equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5%
5%
Fluid solutions equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7%
7%
Mobile storage equipment and modular office space . . . . . . . . . . . . . . .
3%
3%
Surface protection mats (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2%
—%
LOCATIONS/PERSONNEL
Rental locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,686
1,584
Approximate range of branches per district . . . . . . . . . . . . . . . . . . . . . . . . .
4-13
5-14
Approximate range of districts per region . . . . . . . . . . . . . . . . . . . . . . . . . .
5-10
6-11
Range of regions per division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2-7
3-6
Hourly employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,900
18,900
Salaried employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,000
7,400
Total employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27,900
26,300
INDUSTRY
Estimated North American market share (6) . . . . . . . . . . . . . . . . . . . . . . . .
15%
15%
Estimated North American equipment rental industry revenue growth (6) .
8%
12%
CUSTOMERS/SUPPLIERS
Largest customer percent of total revenues . . . . . . . . . . . . . . . . . . . . . . . . .
1%
1%
Top 10 customers percent of total revenues . . . . . . . . . . . . . . . . . . . . . . . . .
5%
4%
Largest supplier percent of capital expenditures . . . . . . . . . . . . . . . . . . . . .
12%
15%
Top 10 supplier percent of capital expenditures . . . . . . . . . . . . . . . . . . . . .
51%
48%
(1)
Reflects the estimated impact of inflation on the revenue productivity of fleet based on OEC, which is
recorded at cost.
(2)
Reflects the combined impact of changes in rental rates, time utilization, and mix that contribute to the
variance in owned equipment rental revenue. See note 3 to the consolidated financial statements for a
discussion of the different types of equipment rentals revenue. Rental rate changes are calculated based on
the year-over-year variance in average contract rates, weighted by the prior period revenue mix. Time
utilization is calculated by dividing the amount of time an asset is on rent by the amount of time the asset
has been owned during the year. Mix includes the impact of changes in customer, fleet, geographic and
segment mix.
(3)
Reflects the combined impact of changes in the other types of equipment rentals revenue (see note 3 for
further detail), excluding owned equipment rental revenue.
(4)
We completed the acquisition of Ahern Rentals, Inc. (“Ahern Rentals”) in December 2022. The pro forma
information includes the standalone, pre-acquisition results of Ahern Rentals. Pro forma information is not
reflected above for 2024 versus 2023 because Ahern Rentals was fully included in our results for both
years.
(5)
As discussed in note 4 to the consolidated financial statements, in March 2024, we completed the
acquisition of Yak Access, LLC, Yak Mat, LLC and New South Access & Environmental Solutions, LLC
(collectively, “Yak”), which was a leading provider of surface protection mats. Prior to the Yak
acquisition, we did not rent material amounts of such equipment.
(6)
As discussed below (see “Industry Overview and Economic Outlook”), North American market share and
equipment rental industry revenue are based on industry estimates (excluding party and event rentals)
from the American Rental Association (“ARA”). As discussed above, in March 2024, we completed the
acquisition of Yak. Estimated North American market share as of December 31, 2024 includes the
standalone, pre-acquisition revenue of Yak.
2

Human Capital
The Company’s key human capital management objectives are to attract, retain and develop talent to
deliver on the Company’s strategy. To support these objectives, the Company’s human resources programs are
designed to: keep people safe and healthy; enhance the Company’s culture through efforts aimed at making the
workplace more inclusive; acquire and retain high-performing talent; ensure employees are supported and
engaged so they can provide outstanding customer service; reward and support employees through competitive
pay and benefit programs; develop talent to prepare them for critical roles and leadership positions; and
facilitate internal talent mobility to create a high-performing workforce. See “Locations/Personnel” in the table
above for information on employee counts.
The Company focuses on the following in managing its human capital:
•
Health and safety: We have a safety program that focuses on implementing management systems,
policies and training programs and performing assessments designed to promote proper training of
workers and prevention of injuries and incidents. All of our employees are empowered with stop-
work authority which enables them to immediately stop any unsafe or potentially hazardous working
condition or behavior they may observe. We utilize a mixture of indicators to assess the safety
performance of our operations, including total recordable injury rate (TRIR), preventable motor
vehicle incidents per million miles, corrective actions and near miss frequency and have disclosed an
aspirational goal to further reduce our TRIR. We also recognize outstanding safety behaviors
through our annual awards program.
•
Employee wellness: The Company’s Live Well, Safe & Healthy program is a comprehensive
approach to wellness that encourages healthy behaviors and is intended to raise morale, productivity
and overall employee engagement. Through the program, eligible employees can reduce medical
plan costs if they complete a health assessment and participate in a biometric screening at work or
off-site, and, in 2024, 56 percent of eligible employees did so. The program also includes (i) a paid
day off to be used for a wellness exam or day of service, which was used by 91 percent of eligible
employees in 2024, (ii) tobacco cessation support and (iii) participation incentives. Additionally,
employees and family members can participate in virtual health challenges to encourage daily
activity.
•
Compensation programs and employee benefits: Our compensation and benefits programs provide
a package designed to attract, retain and motivate employees. In addition to competitive base
salaries, the Company provides a variety of short-term, long-term and commission-based incentive
compensation programs to reward performance relative to key financial, human capital and customer
experience metrics. We offer comprehensive benefit options including paid time off, retirement
savings plans, medical and prescription drug benefits, dental and vision benefits, accident and
critical illness insurance, life and disability insurance, health savings accounts, flexible spending
accounts, parental leave, legal coverage, auto/home insurance, identity theft insurance and tuition
assistance. Additionally, we have conducted five company-wide stock grant programs for employees
since 2014 – the most recent grant took place in 2024.
•
Employee experience and retention: To evaluate our employee experience and retention efforts, we
monitor a number of employee measures, such as employee retention, internal promotions and
referrals. For example, voluntary employee turnover, which represents voluntary terminations during
the year divided by average headcount during the year, was 11.9 percent, 12.4 percent and 13.1
percent for 2024, 2023 and 2022, respectively. We also conduct an annual employee experience
survey, with Peakon (a Workday company) serving as administrator, which provides information on
drivers of engagement and areas where we can improve. Our 2024 employee experience survey
showed strong results with average responses ranging from 8.3 to 9.1 out of 10 in each of our four
survey categories: Engagement (8.4), Belonging (8.3), Health & Wellbeing (8.4) and Safety
Commitment (9.1). Our 2024 results were consistent with our strong 2023 results, with scores in all
four categories flat or within 0.1 year-over-year. Our employee Net Promoter Score places us in the
top five percent of the Peakon Benchmark for Commercial and Professional Services Companies for
3

the Engagement category, in the top 10 percent for the Health & Wellbeing category and in the top
25 percent for the Belonging category. There is no external benchmark reference for our Safety
Commitment category.
•
Employee inclusion and engagement: Our commitment to inclusion is demonstrated through many
efforts such as employee-led employee resource groups (“ERGs”). Our many ERGs are open to all
employees and aim to foster a diverse and inclusive workplace by facilitating: networking and
connecting with peers; education and awareness efforts; and professional development. As part of its
inclusion efforts, the Company is committed to supporting its military veterans and has made the fair
inclusion of veterans a priority, through its veterans ERG and external partnerships. To provide an
open and frequent line of communication for all employees, we host town hall meetings and
quarterly all employee conference calls, and utilize Workplace, a virtual collaboration platform for
our employees, to engage with our full team. The Company also sponsors the United Compassion
Fund, an employee-funded 501(c)(3) charity that provides financial assistance to fellow employees
in need. In 2024, employees voluntarily donated approximately $1.6 million to the fund, and
employees received 845 grants totaling approximately $2.2 million.
•
Training and development: The Company is committed to the continual development of its
employees. We aim for all new hires to attend JumpSTART, a new hire orientation, to quickly
acclimate them to our culture, as well as applicable new hires to attend Center of Excellence (job
related) training within 90 days of hire. We offer a wide array of training solutions (instructor led in-
person, virtual, digital, hands-on, e-learning and experience maps) for further development of our
employees to help them achieve their career goals. In addition, as we did in 2024, we aim to
regularly develop new training programs, launch pilot programs and expand leadership opportunities
for our employees. In 2024, our employees enhanced their skills through approximately 1.2 million
hours of training, including safety training, sales and leadership training and equipment-related
training from our suppliers. Our performance process encourages employee check-ins throughout the
year to discuss performance and career goals, as well as development opportunities at all levels
across the Company.
Strategy
For the past several years, we have executed a strategy focused on improving the profitability of our core
equipment rental business through revenue growth, margin expansion and operational efficiencies. In particular,
we have focused on customer segmentation, customer service differentiation, rate management, fleet
management and operational efficiency. Our general strategy focuses on profitability and return on invested
capital, and, in particular, calls for:
•
A consistently superior standard of service to customers, often provided through a single lead
contact who can coordinate the cross-selling of the various services we offer throughout our
network. We utilize a proprietary software application, Total Control®, which provides our key
customers with a single in-house software application that enables them to monitor and manage all
their equipment needs. Total Control® is a unique customer offering that enables us to develop
strong, long-term relationships with our larger customers. Our digital capabilities, including our
Total Control® platform, allow our sales teams to provide contactless end-to-end customer service;
•
The further optimization of our customer mix and fleet mix, with a dual objective: to enhance our
performance in serving our current customer base, and to focus on the accounts and customer types
that are best suited to our strategy for profitable growth. We believe these efforts will lead to even
better service of our target accounts, primarily large construction and industrial customers, as well as
select local contractors. Our fleet team's analyses are aligned with these objectives to identify trends
in equipment categories and define action plans that can generate improved returns;
•
A continued focus on “Lean” management techniques, including kaizen processes focused on
continuous improvement. We have a dedicated team responsible for reducing waste in our
operational processes, with the objectives of: condensing the cycle time associated with preparing
4

equipment for rent; optimizing our resources for delivery and pickup of equipment; improving the
effectiveness and efficiency of our repair and maintenance operations; and implementing customer
service best practices;
•
The continued expansion and cross-selling of adjacent specialty and services products, which
enables us to provide a “one-stop” shop for our customers. We believe that the expansion of our
specialty business, as exhibited by our acquisition of Yak in March 2024, which is discussed in note
4 to the consolidated financial statements, as well as our tools and onsite services offerings, further
positions United Rentals as a single source provider of total jobsite solutions through our extensive
product and service resources and technology offerings; and
•
The pursuit of strategic acquisitions to continue to expand our core equipment rental business, as
exhibited by our acquisition of assets of Ahern Rentals in December 2022, as well as the pending
acquisition of H&E Equipment Services, Inc. d/b/a H&E Rentals (“H&E”) that is discussed in note
19 to the consolidated financial statements, which is expected to close in the first quarter of 2025.
Strategic acquisitions allow us to invest our capital to expand our business, further driving our ability
to accomplish our strategic goals.
Industry Overview and Economic Outlook
United Rentals serves the following three principal end-markets for equipment rental in North America:
industrial and other non-construction; commercial (or private non-residential) construction; and residential
construction, which includes remodeling. We also have a smaller presence in Europe, Australia and New
Zealand. See Item 2—Properties for further geographical detail on our rental network. In 2024, based on our
classification of the vertical market segments in which our equipment was used:
•
Industrial and other non-construction rentals represented approximately 49 percent of our rental
revenue, primarily reflecting rentals to manufacturers, energy companies, chemical companies, paper
mills, railroads, shipbuilders, utilities, retailers and infrastructure entities;
•
Commercial construction rentals represented approximately 46 percent of our rental revenue,
primarily reflecting rentals related to the construction and remodeling of facilities for office space,
lodging, healthcare, entertainment and other commercial purposes; and
•
Residential rentals represented approximately five percent of our rental revenue, primarily reflecting
rentals of equipment for the construction and renovation of homes.
Based on industry estimates (excluding party and event rentals) from the ARA, 2024 North American
equipment rental industry revenue grew an estimated 8 percent year-over-year. In 2024, our full year rental
revenue increased by 8.0 percent year-over-year, which included the impact of the Yak acquisition that was
completed in March 2024 and is discussed in note 4 to the consolidated financial statements. Our estimated
North American market share of approximately 15 percent as of December 31, 2024, which includes the
standalone, pre-acquisition revenue of Yak, did not change materially from our market share as of
December 31, 2023.
Competitive Advantages
We believe that we benefit from the following competitive advantages:
Large and Diverse Rental Fleet. Our large and diverse fleet allows us to serve large customers that
require substantial quantities and/or wide varieties of equipment. We believe our ability to serve such customers
should allow us to improve our performance and enhance our market leadership position.
We manage our rental fleet, which is the largest and most comprehensive in the industry, utilizing a life-
cycle approach that focuses on satisfying customer demand and optimizing utilization levels. As part of this life-
cycle approach, we closely monitor repair and maintenance expense and can anticipate, based on our extensive
experience with a large and diverse fleet, the optimum time to dispose of an asset.
5

Significant Purchasing Power. We purchase large amounts of equipment, contractor supplies and other
items, which enables us to negotiate favorable pricing, warranty and other terms with our vendors.
National Account Program. Our national account sales force is dedicated to establishing and expanding
relationships with large companies, particularly those with a national or multi-regional presence. National
accounts are generally defined as customers with potential annual equipment rental spend of at least $500,000
or customers doing business in multiple states. We offer our national account customers the benefits of a
consistent level of service across North America, a wide selection of equipment and a single point of contact for
all their equipment needs. National accounts are a subset of key accounts, which are our accounts that are
managed by a single point of contact. Establishing a single point of contact for our key accounts helps us
provide customer service management that is more consistent and satisfactory.
Operating Efficiencies. We benefit from the following operating efficiencies:
•
Equipment Sharing Among Branches. Each branch within a region can access equipment located
elsewhere in the region. This fleet sharing increases equipment utilization because equipment that is
idle at one branch can be marketed and rented through other branches. Additionally, fleet sharing
allows us to be more disciplined with our capital spend.
•
Customer Care Center. We have a Customer Care Center (“CCC”) in Charlotte, North Carolina that
handles all telephone calls to our customer service telephone line, 1-800-UR-RENTS. The CCC
handles many of the 1-800-UR-RENTS telephone calls without having to route them to individual
branches, and allows us to provide a more uniform quality experience to customers, manage fleet
sharing more effectively and free up branch employee time.
•
Consolidation of Common Functions. We reduce costs through the consolidation of functions that
are common to our branches, such as accounts payable, payroll, benefits and risk management,
information technology and credit and collection.
Our information technology systems, some of which are proprietary and some of which are licensed,
support our operations. Our information technology infrastructure facilitates our ability to make rapid and
informed decisions, respond quickly to changing market conditions and share rental equipment among branches.
We have an in-house team of information technology specialists that supports our systems.
Our information technology systems are accessible to management, branch and call center personnel.
Leveraging information technology to achieve greater efficiencies and improve customer service is a critical
element of our strategy. Each branch is equipped with one or more computers that are electronically linked to
our other locations and to our data center. Rental transactions can be entered at these computers, or through
various web/mobile applications, to be processed on a real-time basis.
Our information technology systems:
•
enable branch personnel to (i) determine equipment availability, (ii) access all equipment within a
geographic region and arrange for equipment to be delivered from anywhere in the region directly to
the customer, (iii) monitor business activity on a real-time basis and (iv) obtain customized reports
on a wide range of operating and financial data, including equipment utilization, rental rate trends,
maintenance histories and customer transaction histories;
•
allow our mobile sales and service team members to support our customers efficiently while in the
field;
•
permit customers to access and manage their accounts online; and
•
allow management to obtain a wide range of operational and financial data.
We have a back-up facility designed to enable business continuity for our core rental and financial
systems in the event that our main computer facility becomes inoperative. This back-up facility also allows us to
6

perform system upgrades and maintenance without interfering with the normal ongoing operation of our
information technology systems.
Strong Brand Recognition. As the largest equipment rental company in the world, we have strong brand
recognition, which helps us attract new customers and build customer loyalty.
Geographic and Customer Diversity. We primarily operate in the United States and Canada, and have a
smaller presence in Europe, Australia and New Zealand, and our global branch network includes 1,686 rental
locations. See Item 2—Properties for further geographical detail on our branch network. Our North American
network operates in 49 U.S. states and every Canadian province, and serves customers that range from Fortune
500 companies to small businesses and homeowners. We believe that our geographic and customer diversity
provides us with many advantages including:
•
enabling us to better serve national account customers with multiple locations;
•
helping us achieve favorable resale prices by allowing us to access used equipment resale markets
across North America; and
•
reducing our dependence on any particular customer.
Our foreign operations are subject to the risks normally associated with international operations. These
include (i) the need to convert currencies, which could result in a gain or loss depending on fluctuations in
exchange rates and (ii) the need to comply with foreign laws and regulations, as well as U.S. laws and
regulations applicable to our operations in foreign jurisdictions. For additional financial information regarding
our geographic diversity, see note 5 to our consolidated financial statements.
Strong and Motivated Branch Management. Each of our full-service branches has a manager who is
supervised by a district manager. We believe that our managers are among the most knowledgeable and
experienced in the industry, and we empower them, within budgetary guidelines, to make day-to-day decisions
concerning branch matters. Each regional office has a management team that monitors branch, district and
regional performance with extensive systems and controls, including performance benchmarks and detailed
monthly operating reviews.
Risk Management and Safety Programs. Our risk management department is staffed by experienced
professionals directing the procurement of insurance, managing claims made against the Company, and
developing loss prevention programs to address workplace safety, driver safety and customer safety. The
department’s primary focus is on the protection of our employees and assets, as well as protecting the Company
from liability for accidental loss.
Segment Information
We have two reportable segments– general rentals and specialty. Segment financial information is
presented in note 5 to our consolidated financial statements.
The general rentals segment includes the rental of construction, aerial and industrial equipment, general
tools and light equipment, and related services and activities. The general rentals segment’s customers include
construction and industrial companies, manufacturers, utilities, municipalities and homeowners. The general
rentals segment reflects the aggregation of four geographic divisions—Central, Northeast, Southeast and West
—and operates throughout the United States and Canada.
The specialty segment rents products (and provides setup and other services on such rented equipment)
including (i) trench safety equipment, such as trench shields, aluminum hydraulic shoring systems, slide rails,
crossing plates, construction lasers and line testing equipment for underground work, (ii) power and HVAC
equipment, such as portable diesel generators, electrical distribution equipment, and temperature control
equipment, (iii) fluid solutions equipment primarily used for fluid containment, transfer and treatment, (iv)
mobile storage equipment and modular office space and (v) surface protection mats. The specialty segment’s
customers include construction companies involved in infrastructure projects, municipalities and industrial
7

companies. This segment primarily operates in the United States and Canada, and has a smaller presence in
Europe, Australia and New Zealand.
Products and Services
Our principal products and services are described below.
Equipment Rental. We offer a fleet of rental equipment with total OEC of $21.4 billion for rent on an
hourly, daily, weekly or monthly basis. The types of equipment that we offer include general construction and
industrial equipment; aerial work platforms; trench safety equipment; power and HVAC equipment; fluid
solutions equipment; mobile storage equipment and modular office space; surface protection mats; and general
tools and light equipment.
Sales of Rental Equipment. We routinely sell used rental equipment and invest in new equipment in
order to manage repair and maintenance costs, as well as the composition and size of our fleet. We also sell used
equipment in response to customer demand for the equipment. Consistent with the life-cycle approach we use to
manage our fleet, the rate at which we replace used equipment with new equipment depends on a number of
factors, including changing general economic conditions, growth opportunities, the market for used equipment,
the age of our fleet and the need to adjust fleet composition to meet customer demand.
We utilize many channels to sell used equipment: through our national and export sales forces, which can
access many resale markets across our network; at auction; through brokers; and directly to manufacturers. We
also sell used equipment through our website, which includes an online database of used equipment available
for sale.
Sales of New Equipment. We sell equipment such as aerial lifts, reach forklifts, telehandlers, compressors
and generators from many leading equipment manufacturers. The type of new equipment that we sell varies by
location.
Contractor Supplies Sales. We sell a variety of contractor supplies including construction consumables,
tools, small equipment and safety supplies.
Service and Other Revenues. We offer repair and maintenance services and sell parts for equipment that
is owned by our customers.
Customers
Our customer base is highly diversified and ranges from Fortune 500 companies to small businesses and
homeowners. Our customer base varies by branch and is determined by several factors, including the equipment
mix and marketing focus of the particular branch as well as the business composition of the local economy,
including construction opportunities with different customers. Our customers include:
•
construction companies that use equipment for constructing and renovating commercial buildings,
warehouses, industrial and manufacturing plants, office parks, airports, residential developments and
other facilities;
•
industrial companies—such as manufacturers, chemical companies, paper mills, railroads, ship
builders and utilities—that use equipment for plant maintenance, upgrades, expansion and
construction;
•
municipalities that require equipment for a variety of purposes; and
•
homeowners and other individuals that use equipment for projects that range from simple repairs to
major renovations.
Our business is seasonal, with demand for our rental equipment tending to be lower in the winter months.
8

Sales and Marketing
We market our products and services through multiple channels as described below.
Sales Force. Our sales representatives work in our branches and at our customer care center, and are
responsible for calling on existing and potential customers as well as assisting our customers in planning for
their equipment needs. We have ongoing programs for training our employees in sales and service skills and on
strategies for maximizing the value of each transaction.
National Account Program. Our national account sales force is dedicated to establishing and expanding
relationships with large customers, particularly those with a national or multi-regional presence. Our national
account team closely coordinates its efforts with the local sales force in each area.
Online Rental Platform (UROne®). Our customers can check equipment availability and pricing, and
reserve equipment online, 24 hours a day, seven days a week, by accessing our equipment catalog and used
equipment listing, which can be found at www.unitedrentals.com.
Total Control®. We utilize a proprietary software application, Total Control®, which provides our key
customers with a single in-house software application that enables them to monitor and manage all their
equipment needs. This software can be integrated into the customers' enterprise resource planning system. Total
Control® is a unique customer offering that enables us to develop strong, long-term relationships with our larger
customers.
Advertising. We promote our business through local and national advertising across marketing channels,
including digital media (including organic and paid search), customer engagement (lifecycle marketing and
direct mail), television (connected and linear), trade publications (digital and print), earned media, tradeshows
and sponsorships.
Suppliers
Our strategic approach with respect to our suppliers is to maintain the minimum number of suppliers per
category of equipment that can satisfy our anticipated volume and business requirements. This approach is
designed to ensure that the terms we negotiate are competitive and that there is sufficient product available to
meet anticipated customer demand. We utilize a comprehensive selection process to determine our equipment
vendors. We consider product capabilities and industry position, the terms being offered, product liability
history, customer acceptance and financial strength. We believe we have sufficient alternative sources of supply
available for each of our major equipment categories.
Competition
We primarily operate in the United States and Canada, and have a smaller presence in Europe, Australia
and New Zealand. The North American equipment rental industry is highly fragmented and competitive.
As discussed in note 4 to the consolidated financial statements, in March 2024, we completed the
acquisition of Yak. As the largest equipment rental company in the industry, we estimate that we have an
approximate 15 percent market share, which includes the standalone, pre-acquisition revenue of Yak, in North
America based on 2024 total equipment rental industry revenues (excluding party and event rentals) as
measured by the ARA. Estimated market share is calculated by dividing our total 2024 North American rental
revenue, including the standalone, pre-acquisition revenue of Yak, by ARA’s forecasted 2024 industry revenue
(excluding party and event rentals). Our competitors primarily include small, independent businesses with one
or two rental locations; regional competitors that operate in one or more states; public companies or divisions of
public companies that operate nationally or internationally; and equipment vendors and dealers who both sell
and rent equipment directly to customers. We believe we are well positioned to take advantage of this
environment because, as a larger company, we have more resources and certain competitive advantages over
our smaller competitors. These advantages include greater purchasing power, the ability to provide customers
9

with a broader range of equipment and services, and greater flexibility to transfer equipment among locations in
response to, and in anticipation of, customer demand. The fragmented nature of the industry and our relatively
small market share, however, may adversely impact our ability to mitigate rental rate pressure. See “Industry
Overview and Economic Outlook” above for a discussion of our end-markets.
Environmental and Safety Regulations
Our operations are subject to numerous laws governing environmental protection and occupational health
and safety matters. These laws regulate issues such as wastewater, storm water, solid and hazardous wastes and
materials, and air quality. Our operations generally do not raise significant environmental risks, but we use and
store hazardous materials as part of maintaining our rental equipment fleet and the overall operations of our
business, dispose of solid and hazardous waste and wastewater from equipment washing, and store and dispense
petroleum products from storage tanks at certain locations. Under environmental and safety laws, we may be
liable for, among other things, (i) the costs of investigating and remediating contamination at our sites as well as
sites to which we send hazardous wastes for disposal or treatment, regardless of fault, and (ii) fines and
penalties for non-compliance. We incur ongoing expenses associated with the performance of appropriate
investigation and remediation activities at certain locations.
Employees
Approximately 8,000 of our employees are salaried and approximately 19,900 are hourly. Collective
bargaining agreements relating to approximately 164 separate locations cover approximately 1,800 of our
employees. We monitor employee satisfaction through ongoing surveys and consider our relationship with our
employees to be good.
Available Information
We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K
and amendments to these reports, as well as our other SEC filings, available on our website, free of charge, as
soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Our website
address is www.unitedrentals.com. The information contained on our website is not incorporated by reference in
this document.
Item 1A.
Risk Factors
Our business, results of operations and financial condition are subject to numerous risks and uncertainties.
In connection with any investment decision with respect to our securities, you should carefully consider the
following risk factors, as well as the other information contained in this report and our other filings with the
SEC. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may
also impair our business operations. Should any of these risks materialize, our business, results of operations,
financial condition and future prospects could be negatively impacted, which in turn could affect the trading
value of our securities.
Industry and Economic Risks
Challenging economic conditions and the occurrence of unforeseen or catastrophic events, including public
health crises and epidemics, have in the past adversely impacted, and may in the future adversely impact, us,
our customers or our suppliers and in turn adversely affect our business, revenues and operating results.
Our business has been and may in the future be adversely affected by economic conditions in the United
States and globally. A worsening of economic conditions, in particular with respect to North American
construction and industrial activities, could cause weakness in our end-markets and adversely affect our
revenues and operating results, the effect of which could be exacerbated due to end-market concentration. Our
general rental equipment and specialty equipment are used in connection with private non-residential
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construction and industrial activities. In the past, weakness in our end-markets has led to a decrease in the
demand for our equipment and in the rates we realized. Such decreases have adversely affected our operating
results by causing our revenues to decline and, because certain of our costs are fixed, our operating margins to
be reduced.
In addition, the following factors, among others, could adversely impact us, our customers or our
suppliers and in turn adversely affect our revenues and operating results:
•
a decrease in expected levels of infrastructure spending;
•
a lack of availability of credit;
•
excess fleet in the equipment rental industry;
•
a decrease in the level of exploration, development, production activity and capital spending by oil
and natural gas companies;
•
an increase in costs, including the cost of construction materials, as a result of inflation, tariffs or
other factors;
•
an increase in interest rates;
•
instability in macroeconomic conditions;
•
adverse weather conditions, which may temporarily affect a particular region;
•
a prolonged shutdown of the U.S. government;
•
public health crises and epidemics (or concerns over the possibility of such a health crisis or
epidemic), such as COVID-19;
•
supply chain disruptions;
•
terrorism or hostilities involving the United States, Canada, Europe, Australia or New Zealand;
•
geopolitical conflicts, such as Russia’s invasion of Ukraine and the conflict in the Middle East, and
the resultant sanctions and other measures imposed in response; or
•
other unforeseen or catastrophic events.
These factors have in the past resulted, and could in the future result, in, among other things, weakness in
our end-markets, reduced customer demand for equipment rentals, reduced availability and productivity of our
employees, increased costs, delayed payments from our customers and uncollectible accounts, impacts to
previously announced strategic plans or impacts to our ability to access funds from financial institutions and
capital markets on terms favorable to us, or at all.
Our industry is highly competitive, and competitive pressures have in the past led, and could lead again in
the future, to a decrease in our market share or in the prices that we can charge.
The equipment rental industry is highly fragmented and competitive. Our competitors include small,
independent businesses with one or two rental locations, regional competitors that operate in one or more states,
national and global companies or divisions of national and global companies, and equipment vendors and
dealers who both sell and rent equipment directly to customers. We may in the future encounter increased
competition from our existing competitors or from new competitors. Competitive pressures have in the past
adversely affected, and could again in the future adversely affect, our revenues and operating results by, among
other things, decreasing our rental volumes, depressing the prices that we can charge or increasing our costs to
retain employees.
Trends in oil and natural gas prices have in the past adversely affected, and could again in the future
adversely affect, the level of exploration, development and production activity of certain of our customers and
the demand for our services and products.
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Demand for our services and products is sensitive to the level of exploration, development and production
activity of, and the corresponding capital spending by, oil and natural gas companies, including national oil
companies, regional exploration and production providers, and related service providers. The level of
exploration, development and production activity is directly affected by trends in oil and natural gas prices,
which historically have been volatile and are likely to continue to be volatile.
Prices for oil and natural gas are subject to potentially large fluctuations in response to relatively minor
changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other
economic factors that are beyond our control. Any prolonged reduction in oil and natural gas prices will depress
the immediate levels of exploration, development and production activity, which could have an adverse effect
on our business, results of operations and financial condition. Even the perception of longer-term lower oil and
natural gas prices by oil and natural gas companies and related service providers can similarly reduce or defer
major expenditures by these companies and service providers given the long-term nature of many large-scale
development projects. Additionally, potential climate change regulation could adversely affect the level of
exploration, development and production activity of certain of our customers and the demand for our services
and products. See “Operational Risks–Severe weather events and other natural occurrences may materially
adversely impact our operations and markets.”
Increases in fuel costs or reduced supplies of fuel have in the past harmed, and could in the future again
harm, our business.
We believe that one of our competitive advantages is the mobility of our fleet. Accordingly, our business
in the past has been, and in the future could be, adversely affected by limitations on fuel supplies or significant
increases in fuel prices that result in higher costs to us for transporting equipment from one branch to another
branch. Although we have used, and may continue to use, futures contracts to hedge against fluctuations in fuel
prices, a significant or protracted price fluctuation or disruption of fuel supplies could have a material adverse
effect on our financial condition and results of operations. Additionally, potential climate change regulation
could increase the overall cost of fuel to us and have a material adverse effect on us. See “Operational Risks–
Severe weather events and other natural occurrences may materially adversely impact our operations and
markets.”
Risks Related to our Indebtedness and Liquidity
Our significant indebtedness exposes us to various risks.
At December 31, 2024, our total indebtedness was $13.4 billion (which is expected to increase by
approximately $4.9 billion in connection with the pending acquisition of H&E that is discussed in note 19 to the
consolidated financial statements, which is expected to close in the first quarter of 2025). Our significant
indebtedness could adversely affect our business, results of operations and financial condition in a number of
ways by, among other things:
•
increasing our vulnerability to, and limiting our flexibility to plan for, or react to, adverse economic,
industry or competitive developments;
•
making it more difficult to pay or refinance our debts as they become due during periods of adverse
economic, financial market or industry conditions;
•
requiring us to devote a substantial amount of our cash flow to debt service, reducing the funds
available for other purposes, including funding working capital, capital expenditures, acquisitions,
execution of our growth strategy and other general corporate purposes, or otherwise constraining our
financial flexibility;
•
restricting our ability to move operating cash flows to Holdings. URNA’s payment capacity is
restricted under the covenants in our senior secured asset-based revolving credit facility (“ABL
facility”), our senior secured term loan credit facility (“term loan facility”) and the indentures
governing URNA’s outstanding senior notes;
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•
affecting our ability to obtain additional financing for working capital, acquisitions or other
purposes, particularly since substantially all of our assets are subject to security interests relating to
existing indebtedness;
•
decreasing our profitability or cash flow;
•
causing us to be less able to take advantage of significant business opportunities, such as acquisition
opportunities, and to react to changes in market or industry conditions;
•
causing us to be disadvantaged compared to competitors with less debt and lower debt service
requirements;
•
resulting in a downgrade in our credit rating or the credit ratings of any of the indebtedness of our
subsidiaries, which could increase the cost of further borrowings;
•
requiring our debt to become due and payable upon a change in control; and
•
limiting our ability to borrow additional monies in the future to fund working capital, capital
expenditures and other general corporate purposes.
A portion of our indebtedness bears interest at variable rates that are linked to changing market interest
rates. As a result, increases in market interest rates increase our interest expense and our debt service
obligations. At December 31, 2024, we had $4.3 billion of indebtedness that bore interest at variable rates. As of
December 31, 2024, our variable rate indebtedness represented 32 percent of our total indebtedness. See
Item 7A—Quantitative and Qualitative Disclosures about Market Risk for additional information related to
interest rate risk.
To service our indebtedness, we require a significant amount of cash and our ability to generate cash
depends on many factors beyond our control.
We depend on cash on hand and cash flows from operations to make scheduled debt payments. To a
significant extent, our ability to do so is subject to general economic, financial, competitive, legislative,
regulatory and other factors that are beyond our control. We may not be able to generate sufficient cash flow
from operations to repay our indebtedness when it becomes due and to meet our other cash needs. If we are
unable to service our indebtedness and fund our operations, we will have to adopt an alternative strategy that
may include:
•
reducing or delaying capital expenditures;
•
limiting our growth;
•
seeking additional capital;
•
selling assets; or
•
restructuring or refinancing our indebtedness.
Even if we adopt an alternative strategy, the strategy may not be successful and we may continue to be
unable to service our indebtedness and fund our operations.
We may not be able to refinance our indebtedness on favorable terms, or at all. Our inability to refinance our
indebtedness could materially and adversely affect our liquidity and our ongoing results of operations.
Our ability to refinance indebtedness will depend in part on our operating and financial performance,
which, in turn, is subject to prevailing economic conditions and to financial, business, legislative, regulatory and
other factors beyond our control. In addition, prevailing interest rates or other factors at the time of refinancing
could increase our interest expense. A refinancing of our indebtedness could also require us to comply with
more onerous covenants and further restrict our business operations. Our inability to refinance our indebtedness
or to do so upon attractive terms could materially and adversely affect our business, prospects, results of
13

operations, financial condition and cash flows, and make us vulnerable to adverse industry and general
economic conditions.
We may be able to incur substantially more debt and take other actions that could diminish our ability to
make payments on our indebtedness when due, which could further exacerbate the risks associated with our
current level of indebtedness.
Despite our indebtedness level, we may be able to incur substantially more indebtedness in the future and
such indebtedness may be secured indebtedness. The indentures and other agreements governing our current
indebtedness permit us to recapitalize our debt or take a number of other actions, any of which could diminish
our ability to make payments on our indebtedness when due and further exacerbate the risks associated with our
current level of indebtedness. If new debt is added to our or any of our existing and future subsidiaries' current
debt, the related risks that we now face could intensify and we may not be able to meet all of our debt
obligations.
If we are unable to satisfy the financial covenant or comply with other covenants in certain of our debt
agreements, our lenders could elect to terminate the agreements and require us to repay the outstanding
borrowings, or we could face other substantial costs.
We rely on our ABL facility and accounts receivable securitization facility to provide liquidity for our
business, including to fund capital expenditures, acquisitions, operating expenses and other liquidity needs. The
only financial covenant that currently exists under the ABL facility is the fixed charge coverage ratio. Subject to
certain limited exceptions specified in the ABL facility, the fixed charge coverage ratio covenant under the ABL
facility will only apply in the future if specified availability under the ABL facility falls below 10 percent of the
maximum revolver amount under the ABL facility. When certain conditions are met, cash and cash equivalents
and borrowing base collateral in excess of the ABL facility size may be included when calculating specified
availability under the ABL facility. As of December 31, 2024, specified availability under the ABL facility
exceeded the required threshold and, as a result, this financial covenant was inapplicable. Under our accounts
receivable securitization facility, we are required, among other things, to maintain certain financial tests relating
to: (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales outstanding. The
accounts receivable securitization facility also requires us to comply with the fixed charge coverage ratio under
the ABL facility, to the extent the ratio is applicable under the ABL facility. If we are unable to satisfy the
financial covenant under the ABL facility or the financial tests under the accounts receivable securitization
facility or comply with any of the other relevant covenants under the applicable agreement, the lenders could
elect to terminate the ABL facility and/or the accounts receivable securitization facility and require us to repay
outstanding borrowings. In such event, unless we are able to refinance the indebtedness coming due and replace
the ABL facility and/or the accounts receivable securitization facility, we would likely not have sufficient
liquidity for our business needs and would be forced to adopt an alternative strategy. Even if we adopt an
alternative strategy, the strategy may not be successful and we may not have sufficient liquidity to service our
debt and fund our operations. Future debt arrangements we enter into may contain similar financial covenant
provisions.
Restrictive covenants in certain of the agreements and instruments governing our indebtedness may
adversely affect our financial and operational flexibility.
In addition to the financial covenant and other financial tests, various other covenants in the ABL facility,
term loan facility, accounts receivable securitization facility and the other agreements governing our debt
impose significant operating and financial restrictions on us and our restricted subsidiaries. Such covenants
include, among other things, limitations on: (i) liens; (ii) indebtedness; (iii) mergers, consolidations and
acquisitions; (iv) sales, transfers and other dispositions of assets; (v) loans and other investments; (vi) dividends
and other distributions, stock repurchases and redemptions and other restricted payments; (vii) dividends, other
payments and other matters affecting subsidiaries; (viii) transactions with affiliates; and (ix) issuances of
preferred stock of certain subsidiaries. Future debt agreements we enter into may include similar provisions.
14

These restrictions may cause us to suspend or cease the payment of dividends. These restrictions may also
make more difficult or discourage a takeover of us, whether favored or opposed by our management and/or our
Board of Directors.
Our ability to comply with these covenants may be affected by events beyond our control, and any
material deviations from our forecasts could require us to seek waivers or amendments of covenants or
alternative sources of financing, or to reduce expenditures. We cannot guarantee that such waivers, amendments
or alternative financing could be obtained or, if obtained, would be on terms acceptable to us.
A breach of any of the covenants or restrictions contained in these agreements would result in an event of
default. Such a default could allow our debt holders to accelerate repayment of the related debt, as well as any
other debt to which a cross-acceleration or cross-default provision applies, and/or to declare all borrowings
outstanding under these agreements to be due and payable. If our debt is accelerated, our assets may not be
sufficient to repay such debt.
The amount of borrowings permitted under our ABL facility and the accounts receivable securitization
facility may fluctuate significantly, which may adversely affect our liquidity, results of operations and
financial position.
The amount of borrowings permitted at any time under our ABL facility and the accounts receivable
securitization facility is limited to a periodic borrowing base valuation of the collateral thereunder. As a result,
our access to credit under our ABL facility and the accounts receivable securitization facility is potentially
subject to significant fluctuations depending on the value of the borrowing base of eligible assets as of any
measurement date, and, in the case of the ABL facility, certain discretionary rights of the agent in respect of the
calculation of such borrowing base value. The inability to borrow under our ABL facility and/or the accounts
receivable securitization facility, or limitations on the amounts we can borrow under our ABL facility and/or the
accounts receivable securitization facility, may adversely affect our liquidity, results of operations and financial
position.
We rely on available borrowings under the ABL facility and the accounts receivable securitization facility for
cash to operate our business, which subjects us to market and counterparty risk, some of which is beyond our
control.
In addition to cash we generate from our business, our principal existing sources of cash are borrowings
available under the ABL facility and the accounts receivable securitization facility. If our access to such
financing was unavailable or reduced, or if such financing were to become significantly more expensive for any
reason, we may not be able to fund daily operations, which would cause material harm to our business or could
affect our ability to operate our business as a going concern. In addition, if certain of our lenders experience
difficulties that render them unable to fund future draws on the facilities, we may not be able to access all or a
portion of these funds, which could have similar adverse consequences.
If we are unable to obtain additional capital as required, we may be unable to fund the capital outlays
required for the success of our business.
If the cash that we generate from our business, together with cash that we may borrow under the ABL
facility and accounts receivable securitization facility, is not sufficient to fund our capital requirements, we will
require additional debt and/or equity financing. However, we may not succeed in obtaining the requisite
additional financing or such financing may include terms that are not satisfactory to us. We may not be able to
obtain additional debt financing as a result of prevailing interest rates or other factors, including the presence of
covenants or other restrictions under the ABL facility and/or other agreements governing our debt. In the event
we seek to obtain equity financing, our stockholders may experience dilution as a result of the issuance of
additional equity securities. This dilution may be significant depending upon the amount of equity securities
that we issue and the prices at which we issue such securities. If we are unable to obtain sufficient additional
capital in the future, we may be unable to fund the capital outlays required for the success of our business,
including those relating to purchasing equipment, growth plans and refinancing existing indebtedness.
15

Risks Related to our Strategic Transactions and Investments
Our growth strategies may be unsuccessful if we are unable to identify and complete future acquisitions and
successfully integrate acquired businesses or assets.
We have historically achieved a significant portion of our growth through acquisitions and we will
continue to consider potential acquisitions on a selective basis. From time to time we have also approached, or
have been approached by, other public companies or large privately-held companies to explore consolidation
opportunities. The pending acquisition of H&E that is discussed in note 19 to the consolidated financial
statements, which is expected to close in the first quarter of 2025, is an example of our strategy of growth
through acquisitions. There can be no assurance that we will be able to identify suitable acquisition
opportunities in the future or that we will be able to consummate any such transactions on terms and conditions
acceptable to us.
Acquisitions, including the pending acquisition of H&E, entail certain risks, including:
•
unrecorded liabilities of acquired companies and unidentified issues with acquired companies or
acquired assets that we fail to discover during our due diligence investigations or that are not subject
to indemnification or reimbursement by the seller;
•
greater than expected expenses, such as the need to obtain additional debt or equity financing for any
transaction;
•
unfavorable accounting treatment and unexpected increases in taxes;
•
adverse effects on our ability to maintain relationships with customers, employees and suppliers;
•
inherent risk associated with entering a geographic area or line of business in which we have no or
limited experience;
•
difficulty in assimilating the operations and personnel of an acquired company, or acquired assets,
within our existing operations, including the consolidation of corporate and administrative functions;
•
difficulty in integrating marketing, information technology and other systems;
•
difficulty in conforming standards, controls, procedures and policies, business cultures and
compensation structures;
•
difficulty in identifying and eliminating redundant and underperforming operations and assets;
•
loss of key employees of the acquired company;
•
operating inefficiencies that have a negative impact on profitability;
•
impairment of goodwill or other acquisition-related intangible assets;
•
failure to achieve anticipated synergies or receiving an inadequate return of capital; and
•
strains on management and other personnel time and resources to evaluate, negotiate and integrate
acquisitions.
Our failure to address these risks or other problems encountered in connection with any past or future
acquisitions, including the pending acquisition of H&E, could cause us to fail to realize the anticipated benefits
of the acquisitions over the timeframe we expect, or at all, cause us to incur unanticipated liabilities or harm our
existing operations or our business generally. In addition, if we are unable to successfully integrate our
acquisitions with our existing business, we may not obtain the advantages that the acquisitions were intended to
create, which may materially and adversely affect our business, results of operations, financial condition, cash
flows, our ability to introduce new services and products and the market price of our stock.
We would expect to pay for any future acquisitions using cash, capital stock, net proceeds from the
issuance of notes, borrowings under our credit facilities and/or assumption of indebtedness. For example,
financing for our pending acquisition of H&E may include the issuance of debt securities and/or term loan
borrowings, in addition to borrowings under our existing ABL facility. To the extent that our existing sources of
16

cash are not sufficient, we would expect to need additional debt or equity financing, which involves its own
risks, such as the dilutive effect on shares held by our stockholders if we financed acquisitions by issuing
convertible debt or equity securities, or the risks associated with debt incurrence.
If we determine that our goodwill has become impaired, we may incur impairment charges, which would
negatively impact our operating results.
At December 31, 2024, we had $6.9 billion of goodwill on our consolidated balance sheet. Goodwill
represents the excess of cost over the fair value of net assets acquired in business combinations. We assess
potential impairment of our goodwill at least annually. Impairment may result from significant changes in the
manner of use of the acquired assets, negative industry or economic trends and/or significant underperformance
relative to historic or projected operating results. For a discussion of our goodwill impairment testing, see
“Critical Accounting Policies-Evaluation of Goodwill Impairment” in Part II, Item 7-Management’s Discussion
and Analysis of Financial Condition and Results of Operations.
Risks Related to our Securities
Our operating results may fluctuate, which could affect the trading value of our securities.
Our revenues and operating results may fluctuate from quarter to quarter or over the longer term due to a
number of factors, which could adversely affect the trading value of our securities. These factors, in addition to
general economic conditions and the factors discussed above under “Cautionary Statement Regarding Forward-
Looking Statements”, include, but are not limited to:
•
the seasonal rental patterns of our customers, with rental activity tending to be lower in the winter;
•
changes in the size of our rental fleet and/or in the rate at which we sell our used equipment;
•
excess fleet in the equipment rental industry;
•
changes in private non-residential construction spending or government funding for infrastructure
and other construction projects;
•
changes in demand for, or utilization of, our equipment or in the prices we charge due to changes in
economic conditions, including rising inflation, competition or other factors;
•
changes in customer, fleet, geographic and segment mix;
•
commodity price pressures and the resultant increase in the cost of fuel and steel to our equipment
suppliers, which can result in increased equipment costs for us;
•
cost increases as a result of inflation;
•
other cost fluctuations, such as costs for employee-related compensation and healthcare benefits;
•
labor shortages and/or disputes, work stoppages or other labor difficulties;
•
potential enactment of new legislation affecting our operations or labor relations;
•
supply chain or other disruptions that impact our ability to obtain equipment and other supplies for
our business from our key suppliers on acceptable terms or at all;
•
completion of acquisitions, divestitures or recapitalizations;
•
increases in interest rates or the aggregate principal amount of our outstanding indebtedness, and
related increases in our interest expense and our debt service obligations;
•
the possible need, from time to time, to record goodwill impairment charges or other write-offs or
charges due to a variety of occurrences, such as the adoption of new accounting standards, the
impairment of assets, rental location divestitures, dislocation in the equity and/or credit markets,
consolidations or closings, restructurings, the refinancing of existing indebtedness or the buy-out of
equipment leases; and
17

•
currency risks and other risks associated with international operations.
Our common stock price has fluctuated significantly and may continue to do so in the future.
Our common stock price has fluctuated significantly and may continue to do so in the future for a number
of reasons, including:
•
fluctuations in the results of our operations and general conditions in the economy, our market, and
the markets served by our customers;
•
announcements of developments related to our business;
•
market perceptions of any proposed merger or acquisition and the likelihood of our involvement in
other merger and acquisition activity;
•
variations in our revenues, gross margins, earnings or other financial results from investors’
expectations;
•
departure of key personnel;
•
purchases or sales of large blocks of our stock by institutional investors or transactions by insiders;
•
investor perceptions of the equipment rental industry in general and our Company in particular;
•
fluctuations in the prices of oil and natural gas;
•
expectations regarding our share repurchase program;
•
changes in our dividend policy; and
•
the operating and stock performance of comparable companies or related industries.
In addition, prices in the stock market have been volatile over the past few years. In certain cases, the
fluctuations have been unrelated to the operating performance of the affected companies. As a result, the price
of our common stock could fluctuate in the future without regard to our operating performance.
We cannot guarantee that we will repurchase our common stock pursuant to our share repurchase program
or that our share repurchase program will enhance long-term stockholder value. Share repurchases could
also increase the volatility of the price of our common stock and could diminish our cash reserves.
In January 2024, our Board of Directors authorized a share repurchase program, under which we are
authorized to repurchase shares of common stock for an aggregate purchase price not to exceed $1.5 billion,
excluding fees, commissions and other ancillary expenses. We have completed $1.25 billion of repurchases
under the program as of December 31, 2024. We have paused repurchases under the program due to our
pending acquisition of H&E. As discussed in note 19 to the consolidated financial statements, on January 13,
2025, we entered into a definitive merger agreement to acquire H&E, which is expected to close in the first
quarter of 2025. We currently intend to complete the share repurchase program; however, we will re-evaluate
the timing over which we expect to do so as we integrate H&E and assess other potential uses of capital,
including paying down debt.
Although the Board of Directors has authorized the share repurchase program, the share repurchase
program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of
shares. The timing and amount of repurchases, if any, will depend upon several factors, including market and
legislative conditions, the trading price of the Company’s common stock and the nature of other investment
opportunities. For example, the Inflation Reduction Act imposes a one percent tax on stock repurchases, subject
to certain adjustments, by publicly traded U.S. companies, including us, and may impact our decision to engage
in share repurchases. Also, our ability to repurchase shares of stock may be limited by restrictive covenants in
our debt agreements. The repurchase program may be limited, suspended or discontinued at any time without
prior notice. In addition, repurchases of our common stock pursuant to our share repurchase program could
affect our stock price and increase its volatility. The existence of a share repurchase program could cause our
18

stock price to be higher than it would be in the absence of such a program and could potentially reduce the
market liquidity for our stock. Additionally, our share repurchase program could diminish our cash reserves,
which may impact our ability to finance future growth, to continue to pay a dividend and to pursue possible
future strategic opportunities and acquisitions. There can be no assurance that any share repurchases will
enhance stockholder value because the market price of our common stock may decline below the levels at
which we repurchased shares of stock. Although our share repurchase program is intended to enhance long-term
stockholder value, there is no assurance that it will do so and short-term stock price fluctuations could reduce
the program’s effectiveness.
Our charter provisions, as well as other factors, may affect the likelihood of a takeover or change of control
of the Company.
We have in place certain charter provisions that may have the effect of deterring hostile takeovers or
delaying or preventing changes in control or management of the Company that are not approved by our Board,
including transactions in which our stockholders might otherwise receive a premium for their shares over then-
current market prices. We are also subject to Section 203 of the Delaware General Corporation Law which,
under certain circumstances, restricts the ability of a publicly held Delaware corporation to engage in a business
combination, such as a merger or sale of assets, with any stockholder that, together with affiliates, owns 15
percent or more of the corporation’s outstanding voting stock, which similarly could prohibit or delay the
accomplishment of a change of control transaction. In addition, under each of the ABL facility and the term loan
facility, a change of control (as defined in the applicable credit agreement) constitutes an event of default,
entitling our lenders to terminate the ABL facility or the term loan facility, as applicable, and require us to repay
outstanding borrowings. A change of control (as defined in the applicable agreement) is also a termination event
under our accounts receivable securitization facility and under certain circumstances would require us to offer to
repurchase our outstanding senior notes. As a result, the provisions of the agreements governing our debt also
may affect the likelihood of a takeover or other change of control.
We cannot make any guarantees with respect to payment of dividends on our common stock.
The Board of Directors will regularly evaluate our capital allocation strategy and dividend policy, and any
future determination to continue to pay dividends, and the amount of such dividends, will be at the discretion of
the Board of Directors and will depend upon, among other factors, our results of operations, financial condition,
capital requirements and contractual restrictions, including the requirements of the agreements governing our
indebtedness. No assurance can be given that cash dividends will continue to be declared and paid, and, if
declared and paid, the amount of such dividends.
Operational Risks
If we are unable to collect on contracts with customers, our operating results would be adversely affected.
One of the reasons some of our customers find it more attractive to rent equipment than own that
equipment is the need to deploy their capital elsewhere. However, some of our customers may have liquidity
issues and ultimately may not be able to fulfill the terms of their rental agreements with us. If we are unable to
manage credit risk issues adequately, or if a large number of customers have financial difficulties at the same
time, our credit losses could increase above historical levels and our operating results would be adversely
affected. Further, a worsening of economic conditions would be expected to result in increased delinquencies
and credit losses, which could exacerbate adverse impacts on our business and operating results.
Turnover of members of our management and our ability to attract and retain key personnel may adversely
affect our ability to efficiently manage our business and execute our strategy.
Our success is dependent, in part, on the experience and skills of our management team, and competition
in our industry and the business world for top management talent is generally significant. Although we believe
we generally have competitive pay packages, we can provide no assurance that our efforts to attract and retain
our senior management staff will be successful. Moreover, in the past, we have experienced volatility in our
19

stock price, and we may experience such volatility again in the future, which may make it more difficult and
expensive to recruit and retain employees, particularly senior management, through grants of stock or restricted
stock units. This, in turn, could place greater pressure on the Company to increase the cash component of its
compensation packages, which may adversely affect our operating results. If we are unable to fill and keep
filled all of our senior management positions, or if we lose the services of any key member of our senior
management team and are unable to find a suitable replacement in a timely fashion, we may be challenged to
effectively manage our business and execute our strategy.
In addition, we must continue to identify, hire, train and retain key personnel who maintain relationships
with our customers and who provide technical skills required for our Company's growth. There is a shortage of
qualified personnel in these fields, and we compete with other companies for the limited pool of talent. The
failure to recruit and retain necessary key personnel could cause disruption, harm our business and hamper our
ability to grow our Company.
Our operational and cost reduction strategies may not generate the improvements and efficiencies we expect.
We have been pursuing a general strategy of optimizing our field operations in order to address potential
labor shortages, improve servicing capabilities, improve sales force effectiveness, and focus our sales force’s
efforts on increasing revenue per account. We also continue to pursue strategies to improve productivity. The
extent to which these efforts and strategies will achieve our desired efficiencies and goals in 2025 and beyond is
uncertain, as their success depends on a number of factors, some of which are beyond our control. Even if we
carry out these strategies in the manner we currently expect, we may not achieve the efficiencies or savings we
anticipate, or on the timetable we anticipate, and there may be unforeseen productivity, revenue or other
consequences resulting from our strategies that may adversely affect us. Therefore, there can be no guarantee
that our strategies will prove effective in achieving the desired level of profitability, margins or returns to
stockholders.
We are dependent on our relationships with key suppliers to obtain equipment and other supplies for our
business on acceptable terms.
Our centralization of equipment and non-equipment purchases has resulted in us depending on, and being
exposed to, the credit risk of a group of key suppliers. While we make every effort to evaluate our
counterparties prior to entering into long-term and other significant procurement contracts, we cannot predict
the impact on our suppliers of the economic environment and other developments in their respective businesses.
Insolvency, financial difficulties, consolidation among our suppliers, or other factors may result in our suppliers
not being able to fulfill the terms of their agreements with us. Further, such factors may render suppliers
unwilling to extend contracts that provide favorable terms to us, or may force them to seek to renegotiate
existing contracts with us. The termination of our relationship with any of our key suppliers could have a
material adverse effect on our business, financial condition or results of operations in the unlikely event that we
were unable to obtain adequate equipment or supplies from other sources in a timely manner, at a reasonable
cost or at all.
If our rental fleet ages, our operating costs may increase, we may be unable to pass along such costs, and our
earnings may decrease. The costs of new equipment we use in our fleet have increased, and may continue to
increase, requiring us to spend more for replacement equipment or preventing us from procuring equipment
on a timely basis.
If our rental equipment ages, the costs of maintaining such equipment, if not replaced within a certain
period of time, will likely increase. The costs of maintenance may materially increase in the future and could
lead to material adverse effects on our results of operations.
The cost of new equipment for use in our rental fleet has increased, and could continue to increase in the
future, due to increased material costs for our suppliers (including tariffs on raw materials) or other factors
beyond our control. Such increases could materially adversely impact our financial condition and results of
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operations in future periods. Furthermore, changes in customer demand could cause certain of our existing
equipment to become obsolete and require us to purchase new equipment at increased costs.
Disruptions in our or our third-party vendors’ information technology systems could adversely affect our
operating results by limiting our ability to effectively monitor and control our operations, adjust to changing
market conditions, implement strategic initiatives or support our online ordering system.
We rely on the continuous and uninterrupted performance of our and our third-party vendors’ information
technology systems to be able to monitor and control our operations, adjust to changing market conditions,
implement strategic initiatives and support our online ordering system. These systems may be subject to
interruptions due to technological errors, bugs, defects or vulnerabilities, system capacity constraints, human
errors, computer or communications failures, power loss, disruptions during upgrades or replacements of
software or hardware or integrations of acquired businesses systems, adverse acts of nature and other
unexpected events. Disruptions to our customers’ information technology systems could also adversely impact
us. Any disruptions in these systems or the failure of these systems to operate as expected have in the past
adversely affected, and could in the future adversely affect, our ability to access and use certain applications and
could, depending on the nature and magnitude of the problem, adversely affect our operating results by limiting
our ability to effectively monitor and control our operations, adjust to changing market conditions, implement
strategic initiatives and service online orders. Although such disruptions and failures have not been material to
date, we cannot guarantee that they will not be material in the future.
Our financial performance and our reputation could be adversely affected, and we could be subject to legal
liability or regulatory enforcement actions, if we are unable to protect against, or effectively respond to,
cyberattacks or other cyber incidents.
We depend on the security of our and our third-party vendors’ information technology systems to support
numerous business processes and activities, including our online ordering system. There are numerous
cybersecurity risks to these systems, including individual and group criminal hackers, industrial espionage,
man-in-the-middle and denial of service attacks, viruses, malicious software (malware), employee error or
malfeasance and phishing attacks. We also face cybersecurity risks due to our reliance on internet technology
and hybrid work arrangements, which could strain our technology resources or create additional opportunities
for cybercriminals to exploit vulnerabilities. Cyber threats are constantly evolving, especially given the
advances in, and the rise of the use of, artificial intelligence, thereby increasing the difficulty of preventing,
detecting and successfully defending against them. Successful breaches could, among other things, disrupt our
operations, jeopardize the security of information stored in or transmitted by the sites, networks and systems,
which include cloud-based networks and data center storage, or result in the unauthorized disclosure, theft and
misuse of company, customer, and employee sensitive and confidential information. If this were to occur, we
could be in violation of applicable privacy, data security and other laws, subjected to regulatory enforcement
actions and private litigation, and our reputation and financial performance may be adversely affected.
Although we employ security measures to protect our data and systems, and, to our knowledge, so do our
third-party vendors, these measures have in the past not detected or prevented, and may in the future not detect
or prevent, all attempts to infiltrate our systems. We have, from time to time, experienced threats to and
breaches of our data and systems, including malware and computer virus attacks, which have led, and could in
the future lead to, disruptions in our online ordering or other systems, or the unauthorized release of confidential
or otherwise protected information or corruption of data. We continuously develop and enhance our controls,
processes and practices to protect our systems, computers, software, data and networks from attack, damage,
vulnerabilities or unauthorized access. This continued development and enhancement requires us to expend
significant resources. However, we may not anticipate or combat all types of future attacks until after they have
been launched, and there is no guarantee that the measures we take will be adequate to safeguard against all
threats. If any of these breaches of security occur or are anticipated in the future, we could be required to expend
additional capital and other resources, including costs to deploy additional personnel and protection
technologies, train employees and engage third-party experts and consultants. Our response to attacks, and our
investments in our technology and our controls, processes and practices, may not be sufficient to shield us from
21

significant losses or liability. Further, given the increasing sophistication of bad actors and complexity of the
techniques used to obtain unauthorized access or disable systems, a breach or attack could potentially persist for
an extended period of time before being detected. As a result, we may not be able to anticipate the attack or
respond adequately or timely, and the extent of a particular incident, and the steps that we may need to take to
investigate the incident, may not be immediately clear. It could take a significant amount of time before an
investigation can be completed and full, reliable information about the incident becomes known. During an
investigation, it is possible we may not necessarily know the extent of the harm or how to remediate it, which
could further adversely impact us, and new regulations could result in us being required to disclose information
about a material cybersecurity incident before it has been mitigated or resolved, or even fully investigated.
Certain of our software applications are also hosted by third parties who provide outsourced administrative
functions, which may increase the risk of a cybersecurity incident. Any compromise or breach of our systems
could result in adverse publicity, harm our reputation, lead to claims against us and affect our relationships with
our customers and employees, any of which could have a material adverse effect on our business. Although we
maintain insurance coverage for various cybersecurity risks, there can be no guarantee that all costs or losses
incurred will be fully insured.
Failure to comply with data privacy and protection laws and regulations could subject us to legal liability and
adversely affect our reputation and our financial performance.
We collect, use, process, and store proprietary information and personal, sensitive, or confidential data
relating to our business, customers, and employees. Privacy laws and similar regulations in many jurisdictions
where we do business require that we take significant steps to safeguard that information, and these laws and
regulations continue to evolve. New laws may add a broad array of requirements on how we handle or use
information, increase our compliance obligations and impose new and greater monetary fines for privacy
violations. For example, the European Union’s (“EU”) General Data Protection Regulation (Regulation (EU)
2016/679) (the “GDPR”) has stringent data protection requirements and provides for significant penalties. Non-
compliance could lead to lower revenues, increased costs (including fines, which could be significant) and other
material adverse effects on our results of operations. Countries such as the United Kingdom (the “UK”) have
implemented the GDPR through their own legislation and other countries in which we operate have proposed or
adopted their own data protection legislation. In addition, in the United States, a growing number of states have
enacted different laws regarding personal information and privacy that impose significant new requirements on
consumer personal information. Although we monitor and assess the impact of these laws and regulations, and
regularly update our systems to protect our data and comply with these laws, their interpretation and
enforcement are uncertain and subject to change, and may require substantial costs to monitor and implement.
Failure to comply with data privacy and protection laws and regulations could also result in government
enforcement actions (which could include substantial civil and/or criminal penalties) and private litigation,
which could adversely affect our reputation and financial performance. These laws and regulations are broad in
scope, complex, and subject to evolving interpretations and increasing enforcement, and we have incurred costs
to monitor compliance and have altered our practices, and may have to do so again in the future. Moreover,
certain new and existing data privacy laws and regulations diverge and conflict with each other in certain
respects, which makes compliance increasingly difficult. Complying with new regulatory requirements has in
the past required, and could in the future require, us to incur substantial expenses or require us to change our
business practices, either of which could harm our business. As regulators have become increasingly focused on
information security, data collection and use and privacy, we may be required to devote significant additional
resources to modify and enhance our information security controls and to identify and remediate vulnerabilities,
which could adversely impact our results of operations and profitability.
Severe weather events or other natural occurrences may materially adversely impact our operations and
markets.
As severe weather events and other natural occurrences become increasingly common, our or our
customers’ operations may be disrupted, which could result in increased operational costs or reduced demand
for our products and services, and the increased incidence of severe weather and other natural occurrences may
22

also reduce the availability or increase the cost of insurance for such events. In addition, severe weather events
and other natural occurrences may impact the global economy, including as a result of disruptions to supply
chains. While we have invested in the administration of programs and physical loss prevention improvements to
mitigate the risk of natural disasters causing disruption to our ability to serve our customers and communities in
times of need, extended periods of disruptions could have an adverse effect on our results of operations. We
anticipate that these risks will increase over time.
Regulators’ and stakeholders’ requirements and expectations on environmental, social and sustainability-
related topics continue to evolve and diverge, and our ability to meet these requirements and expectations
may have a material adverse impact on our results of operations.
Environmental and social topics, such as climate change and diversity, as well as companies’ actions and
initiatives on such issues, have received significant attention from a wide range of stakeholders. The U.S.
federal government, U.S. states and certain other countries and regions have adopted or are considering
legislation, regulation or policies on these topics, including the imposition of caps or taxes on greenhouse gas
emissions from certain sectors or facility categories, disclosure of corporate greenhouse gas emissions, and
limitations on diversity, equity and inclusion programs. Compliance with such laws, regulations or policies,
including any that may be adopted in the future, could, among other things, increase the costs of operating our
businesses, reduce the demand for our products and services and impact the prices we charge our customers,
any or all of which could adversely affect our results of operations. In addition, policymakers in some
jurisdictions have adopted or proposed laws, regulations and policies that diverge from, or potentially conflict
with, those in other jurisdictions. Failure to comply with any legislation, regulation or policy, including as a
result of making good faith interpretations that may differ from those taken by enforcement authorities in
relevant jurisdictions, could potentially result in substantial fines, criminal sanctions, reputational harm or
operational changes. Moreover, our customers, stockholders, employees and other stakeholders have diverse
expectations, demands and perspectives on these topics, which are continuing to evolve. We may not be able to
meet the diverse expectations and demands of all of our stakeholders, which could result in adverse publicity,
harm our reputation, lead to claims against us and affect our relationships with our customers and employees,
and subject us to legal and operational risks, any of which could have a material adverse effect on our business.
We are subject to risks related to our ability to meet our aspirational sustainability and safety goals,
including our greenhouse gas intensity reduction goal, which, if not achieved, could damage our reputation
and have an adverse effect on our financial performance.
Although we have announced aspirational sustainability and safety goals, including our greenhouse gas
intensity reduction goal, our efforts to provide more low- and zero-emissions equipment to our customers and
our efforts to provide customers with tools to monitor and manage their environmental impacts, there can be no
assurance that our shareholders and other stakeholders will agree with our goals and strategies or be satisfied
with our efforts to attain such goals. Moreover, any perception, whether or not valid, that we have failed to act
responsibly with respect to such matters, failed (or may fail) to achieve our goals or to effectively respond to
new or additional legal or regulatory requirements, could adversely affect our business, reputation and exposure
to legal risks. Our ability to execute on our aspirational sustainability and safety goals is subject to numerous
risks and uncertainties, many of which are outside of our control, including, but not limited to, our ability to
achieve our goals within the expected timeframes and the currently projected cost ranges; the availability and
cost of renewable energy; the availability and cost of low- and zero-emissions equipment and vehicles for our
rental fleet; the availability and cost of low- and zero-emissions vehicles for our sales, service and delivery non-
rental fleet; compliance with global and regional regulations, taxes, charges, mandates or requirements relating
to greenhouse gas emissions, carbon costs or climate-related goals; adapting products to customer preferences
and customer acceptance of low- and zero-emissions equipment; the accuracy of the assumptions used to
estimate customers’ emissions in our emissions tracking tool in Total Control®; and the actions of competitors
and competitive pressures. As a result, there is no assurance that we will be able to successfully achieve our
aspirational sustainability and safety goals, which could damage our reputation and customer and other
23

stakeholder relationships and have an adverse effect on our business, results of operations and financial
condition.
Our growing specialty reportable segment, as well as our tools and onsite services offerings, presents
new and expanded risks, which may increase as we engage in new activities and provide new services.
Our specialty reportable segment has accounted for an increasing portion of our business and revenues in
recent years. Specialty segment revenues constituted 29.3 percent of our revenues for the year ended
December 31, 2024, as compared to 7.3 percent of our revenues for the year ended December 31, 2013. In
connection with the expansion of the specialty segment, we have expanded the scope of services we provide to
customers; for example, we advise customers on the compatibility of our equipment with various applications,
collaborate and consult with customers on certain aspects of civil construction projects, design and erect
scaffolding, and design electrical pump systems. To the extent we engage in those and other similar activities,
we have faced, and will continue to face, increased legal, reputational and operational risks. These new or
expanded business activities also expose us to new or different types of risks, including risks related to spills,
unauthorized use of equipment, system failure, ineffectiveness of the solutions and products we provide, and
hazardous material issues and interference. We have been, and may in the future be, subject to various claims in
connection with these activities and services, and the associated risks may be difficult to assess or quantify and
their existence and magnitude may remain unknown for substantial periods of time, particularly as we engage in
new business activities where we do not have historical experience. Although we have insurance to protect
ourselves against claims in connection with these activities, we cannot guarantee that any insurance coverage
will be sufficient or that we will continue to be able to obtain such coverage at reasonable rates or at all. See
also “We are exposed to a variety of claims relating to our business, and our insurance may not fully cover
them.”
Our rental fleet is subject to residual value risk upon disposition and may not sell at the prices or in the
quantities we expect.
The market value of any given piece of rental equipment could be less than its depreciated value at the
time it is sold. The market value of used rental equipment depends on several factors, including:
•
the market price for new equipment of a like kind;
•
wear and tear on the equipment relative to its age and the performance of preventive maintenance;
•
the time of year that it is sold;
•
the supply of used equipment on the market;
•
the existence and capacities of different sales outlets;
•
the age of the equipment at the time it is sold;
•
worldwide and domestic demand for used equipment; and
•
general economic conditions.
We include in income from operations the difference between the sales price and the depreciated value of
an item of equipment sold. Changes in our assumptions regarding depreciation could change our depreciation
expense, as well as the gain or loss realized upon disposal of equipment. Sales of our used rental equipment at
prices that fall significantly below our projections and/or in lesser quantities than we anticipate will have a
negative impact on our results of operations and cash flows.
We have operations outside the United States, in Canada, Europe, Australia and New Zealand. As a result,
we may incur losses from the impact of foreign currency fluctuations and have higher costs than we
otherwise would have due to the need to comply with foreign laws.
Our operations in Canada, Europe, Australia and New Zealand are subject to the risks normally associated
with international operations. These include the need to (i) convert currencies, which could result in a gain or
24

loss depending on fluctuations in exchange rates and (ii) comply with foreign laws and regulations, as well as
U.S. laws and regulations, applicable to our operations in foreign jurisdictions. Changes in such laws or
regulations, or any material failure to comply with any applicable laws or regulations, can increase our costs,
affect our reputation, limit our business, drain management time and attention and otherwise impact our
operations in adverse ways. In addition, laws or regulations or the interpretations thereof can conflict among
jurisdictions, and compliance in one jurisdiction could result in legal or reputational risks in another jurisdiction.
See Item 7A—Quantitative and Qualitative Disclosures about Market Risk for additional information related to
currency exchange risk.
We have a holding company structure and depend in part on distributions from our subsidiaries to pay
amounts due on our indebtedness. Certain provisions of law or contractual restrictions could limit
distributions from our subsidiaries.
We derive substantially all of our operating income from, and hold substantially all of our assets through,
our subsidiaries. The effect of this structure is that we depend in part on the earnings of our subsidiaries, and the
payment or other distribution to us of these earnings, to meet our obligations under our outstanding debt.
Provisions of law, such as those requiring that dividends be paid only from surplus, could limit the ability of our
subsidiaries to make payments or other distributions to us. Furthermore, these subsidiaries could in certain
circumstances agree to contractual restrictions on their ability to make distributions. Distributions from our
subsidiaries may also be limited by restrictive covenants in our debt agreements.
Legal and Regulatory Risks
We are exposed to a variety of claims relating to our business, and our insurance may not fully cover them.
In the ordinary course of our business operations, we are exposed to a variety of potential claims. These
claims include those relating to personal injuries or property damage arising from: (i) the use and/or operation
of our rented or sold equipment, (ii) motor vehicle accidents involving our vehicles and our employees, and
(iii) employment-related claims. Currently, we carry a broad range of insurance for the protection of our assets
and operations and we also self-insure for certain types of claims. However, such insurance and self-insurance
may not fully cover these claims for a number of reasons, including:
•
our insurance policies, reflecting a program structure that we believe reflects market conditions for
companies of our size, are often subject to significant deductibles or self-insured retentions;
•
our director and officer liability insurance policy has no deductible for individual non-indemnifiable
loss, but is subject to a deductible for company reimbursement coverage;
•
we do not currently maintain Company-wide stand-alone first party coverage for environmental
liability (other than legally required and third-party site pollution coverage), since we believe the
cost for such coverage is high relative to the benefit it provides; and
•
certain types of claims, such as claims for punitive damages or for damages arising from intentional
misconduct, which are often alleged in third-party lawsuits, might not be covered by our insurance.
We establish and evaluate our loss reserves on a semi-annual basis to address casualty claims, or portions
thereof, not covered by our insurance policies or self-insurance. To the extent that we are subject to a higher
frequency of claims, are subject to more serious claims or insurance coverage is not available, we could have to
significantly increase our reserves, and our liquidity and operating results could be materially and adversely
affected. It is also possible that some or all of the insurance that is currently available to us from third parties
will not be available in the future on economically reasonable terms or at all.
We are subject to numerous environmental and safety regulations. If we are required to incur compliance or
remediation costs that are not currently anticipated, our liquidity and operating results could be materially
and adversely affected.
25

Our operations are subject to numerous laws and regulations governing environmental protection and
occupational health and safety matters. These laws regulate issues such as wastewater, storm water, solid and
hazardous waste, storage of hazardous materials, and air quality. Under these laws, we may be liable for, among
other things: (i) the costs of investigating and remediating any contamination at our sites as well as sites to
which we send hazardous waste for disposal or treatment, regardless of fault; and (ii) fines and penalties for
non-compliance. While our operations generally do not raise significant environmental risks, we use hazardous
materials to clean and maintain equipment, dispose of solid and hazardous waste and wastewater from
equipment washing, and store and dispense petroleum products from above-ground storage tanks located at
certain of our locations.
We cannot be certain as to the potential financial impact on our business if new adverse environmental
conditions are discovered. If we are required to incur environmental compliance or remediation costs that are
not currently anticipated, our liquidity and operating results could be materially and adversely affected,
depending on the magnitude of such costs. In addition, as environmental and safety regulations have tended to
become stricter, we could incur additional costs in complying with requirements that are promulgated in the
future. These include climate change regulation, which could materially affect our operating results through
increased compliance costs.
We have operations throughout the United States, which exposes us to multiple state and local regulations, in
addition to federal law and requirements as a government contractor. Changes in applicable law, regulations
or requirements, or our material failure to comply with any of them, can increase our costs and have other
negative impacts on our business.
Our 1,433 branch locations in the United States are located in 49 states, and Puerto Rico, which exposes
us to a host of different state and local regulations, in addition to federal law and regulatory and contractual
requirements we face as a government contractor. These laws and requirements address multiple aspects of our
operations, such as employee safety, consumer rights, privacy, employee benefits and more. In addition, there
are often different and potentially conflicting requirements in different jurisdictions. Changes in these
requirements, or any material failure by our branches to comply with them, can increase our costs, affect our
reputation, limit our business, drain management time and attention and otherwise impact our operations in
adverse ways.
Changes to income tax laws or regulations in the U.S. and other jurisdictions where we operate could
increase our tax liability and adversely impact our financial results.
We are subject to income taxes in the U.S. and other jurisdictions where we operate. Changes to income
tax laws and regulations in any of the jurisdictions where we operate could adversely affect our overall tax
liability and adversely impact our financial results. In addition, we are subject to tax audits in the various
jurisdictions in which we operate. Given the complexity of the current and changing tax laws and regulations,
tax authorities may disagree with certain positions we have taken, or may in the future take, and assess
additional taxes, which could have a material impact on our effective tax rate and adversely impact our financial
results and cash flows.
Our collective bargaining agreements and our relationship with our union-represented employees could
disrupt our ability to serve our customers, lead to higher labor costs or the payment of withdrawal liability.
We currently have approximately 1,800 employees who are represented by unions and covered by
collective bargaining agreements and approximately 26,100 employees who are not represented by unions.
Various unions occasionally seek to organize certain of our nonunion employees. Union organizing efforts or
collective bargaining negotiations could potentially lead to work stoppages and/or slowdowns or strikes by
certain of our employees, which could adversely affect our ability to serve our customers. Further, settlement of
actual or threatened labor disputes or an increase in the number of our employees covered by collective
bargaining agreements can have unknown effects on our labor costs, productivity and flexibility.
26

Under the collective bargaining agreements that we have signed, we are obligated to contribute to several
multiemployer pension plans on behalf of some of our unionized employees. A multiemployer pension plan is a
plan that covers the union-represented workers of various unrelated companies. Under the Employee Retirement
Income Security Act, a contributing employer to an underfunded multiemployer plan is liable, generally upon
withdrawal from a plan, for its proportionate share of the plan's unfunded vested liability. We currently have no
intention of withdrawing from any multiemployer plan. However, there can be no assurance that we will not
withdraw from one or more multiemployer plans in the future and be required to pay material amounts of
withdrawal liability if one or more of those plans are underfunded at the time of withdrawal.
27

Item 1B.
Unresolved Staff Comments
None.
Item 1C.
Cybersecurity
We have a cross-departmental approach to addressing cybersecurity risk, including input from employees
and our Board of Directors (the “Board”). The Board, Audit Committee, senior management and the Enterprise
Risk Management Council (a taskforce comprised of senior representatives from primary corporate functions as
well as senior representatives from field operations) devote significant resources to cybersecurity and risk
management processes to adapt to the changing cybersecurity landscape and respond to emerging threats in a
timely and effective manner. Our cybersecurity risk management program leverages the National Institute of
Standards and Technology (“NIST”) framework, which organizes cybersecurity risks into six categories:
govern, identify, protect, detect, respond and recover. We regularly assess the threat landscape and take a
holistic view of cybersecurity risks, with a layered cybersecurity strategy based on prevention, detection and
mitigation. Our information technology (“IT”) security team reviews enterprise risk management-level
cybersecurity risks annually, and key cybersecurity risks are incorporated into the Enterprise Risk Management
Council’s framework. In addition, we have a set of Company-wide policies and procedures concerning
cybersecurity matters, which include an IT security manual as well as other policies that directly or indirectly
relate to cybersecurity, such as policies related to encryption standards, antivirus protection, remote access,
multifactor authentication, confidential information and the use of the internet, social media, email and wireless
devices. In the event we identify a cybersecurity incident, we have defined procedures to respond to and
remediate such incident. These policies and procedures go through an internal review process and are approved
by appropriate members of management.
The Company’s Chief Information Officer is responsible for developing and implementing our
information security program and reporting on cybersecurity matters to the Board. Our Chief Information
Officer has over a decade of experience leading cyber security oversight, and others on our IT security team
have cybersecurity experience or certifications, such as the Certified Information Systems Security Professional
certification. We view cybersecurity as a shared responsibility, and we periodically perform simulations and
tabletop exercises at a management level and incorporate external resources and advisors as needed. All
employees are required to complete cybersecurity trainings at least once every three years and have access to
more frequent cybersecurity trainings through online trainings. We also require employees in certain roles to
complete additional role-based, specialized cybersecurity trainings.
We have continued to expand investments in IT security to mitigate cybersecurity risks, including
additional end-user training, using layered defenses, identifying and protecting critical assets, strengthening
monitoring and alerting, and engaging experts. We regularly test defenses by performing simulations and drills
at both a technical level (including through penetration tests) and by reviewing our operational policies and
procedures with third-party experts. At the management level, our IT security team regularly monitors alerts and
meets to discuss threat levels, trends and remediation. The team also prepares a monthly cyber scorecard,
regularly collects data on cybersecurity threats and risk areas and conducts an annual risk assessment. Further,
we conduct periodic external penetration tests, red team testing and maturity testing to assess our processes and
procedures and the threat landscape. These tests and assessments are useful tools for maintaining a robust
cybersecurity program to protect our investors, customers, employees, vendors, and intellectual property. In
addition to assessing our own cybersecurity preparedness, we also consider and evaluate cybersecurity risks
associated with use of third-party service providers. Our Internal Audit team conducts an annual review of third-
party hosted applications with a specific focus on any sensitive data shared with third parties. The internal
business owners of the hosted applications are required to document user access reviews at least annually and
provide from the vendor a System and Organization Controls (SOC) 1 or SOC 2 report. If a third-party vendor
is not able to provide a SOC 1 or SOC 2 report, we take additional steps to assess their cybersecurity
preparedness and assess our relationship on that basis. Our assessment of risks associated with use of third-party
providers is part of our overall cybersecurity risk management framework.
28

The Audit Committee and the full Board actively participate in discussions with management and
amongst themselves regarding cybersecurity risks. The Audit Committee performs an annual review of the
Company’s cybersecurity program, which includes discussion of management’s actions to identify and detect
threats, as well as planned actions in the event of a response or recovery situation. The Audit Committee’s
annual review also includes review of recent enhancements to the Company’s defenses and management’s
progress on its cybersecurity strategic roadmap. In addition, the Board receives quarterly cybersecurity reports,
which include a review of key performance indicators, test results and related remediation, and recent threats
and how the Company is managing those threats. Further, at least annually, the Board receives updates on the
Company’s Crisis Management Plan, which covers, among other things, potential cybersecurity incidents, data
privacy and its compliance programs. To aid the Board with its cybersecurity and data privacy oversight
responsibilities, the Board periodically hosts experts for presentations on these topics. For example, in 2024, the
Board hosted an expert to discuss developments in the cybersecurity threat landscape and current cybersecurity
trends across industries.
We face a number of cybersecurity risks in connection with our business. Although such risks have not
materially affected us, including our business strategy, results of operations or financial condition, to date, we
have, from time to time, experienced threats to and breaches of our data and systems, including malware and
computer virus attacks. For more information about the cybersecurity risks we face, and how, if realized, those
risks are reasonably likely to materially affect us, see the risk factor entitled “Our financial performance and our
reputation could be adversely affected, and we could be subject to legal liability or regulatory enforcement
actions, if we are unable to protect against, or effectively respond to, cyberattacks or other cyber incidents” in
Item 1A- Risk Factors.
29

Item 2.
Properties
As of January 1, 2025, we operated 1,686 rental locations. 1,433 of these locations are in the United
States, 158 are in Canada, 39 are in Europe and 56 are in our Australasia network (which is comprised of our
locations in Australia and New Zealand). The number of locations in each state, territory, province or country is
shown in the table below, as is the number of locations that are in our general rentals (GR) and specialty (S)
segments.
●
Alabama (GR 33, S 10)
●
Maine (GR 4, S 1)
●
Oklahoma (GR 26, S 9)
●
Alaska (GR 2)
●
Maryland (GR 16, S 8)
●
Oregon (GR 13, S 7)
●
Arizona (GR 24, S 9)
●
Massachusetts (GR 19, S 6)
●
Pennsylvania (GR 24, S 9)
●
Arkansas (GR 14, S 4)
●
Michigan (GR 12, S 8)
●
Puerto Rico (GR 2)
●
California (GR 95, S 44)
●
Minnesota (GR 13, S 5)
●
Rhode Island (GR 2)
●
Colorado (GR 17, S 6)
●
Mississippi (GR 14, S 4)
●
South Carolina (GR 30, S
10)
●
Connecticut (GR 7, S 3)
●
Missouri (GR 22, S 9)
●
South Dakota (GR 2)
●
Delaware (GR 3, S 1)
●
Montana (GR 2)
●
Tennessee (GR 33, S 14)
●
Florida (GR 61, S 37)
●
Nebraska (GR 5, S 2)
●
Texas (GR 123, S 51)
●
Georgia (GR 40, S 15)
●
Nevada (GR 16, S 10)
●
Utah (GR 10, S 5)
●
Idaho (GR 7, S 5)
●
New Hampshire (GR 1, S 2)
●
Vermont (GR 2, S 1)
●
Illinois (GR 17, S 11)
●
New Jersey (GR 13, S 10)
●
Virginia (GR 28, S 17)
●
Indiana (GR 15, S 5)
●
New Mexico (GR 9, S 5)
●
Washington (GR 26, S 12)
●
Iowa (GR 10, S 4)
●
New York (GR 26, S 7)
●
West Virginia (GR 8, S 4)
●
Kansas (GR 16, S 5)
●
North Carolina (GR 36, S
14)
●
Wisconsin (GR 11, S 7)
●
Kentucky (GR 14, S 6)
●
North Dakota (GR 5)
●
Wyoming (GR 5)
●
Louisiana (GR 42, S 15)
●
Ohio (GR 25, S 16)
Canada
Europe
Australasia
●
Alberta (GR 24, S 12)
●
Belgium (S 7)
●
Australia (S 37)
●
British Columbia (GR 26, S
7)
●
France (S 6)
●
New Zealand (S 19)
●
Manitoba (GR 5, S 2)
●
Germany (S 7)
●
New Brunswick (GR 5, S 1)
●
Netherlands (S 15)
●
Newfoundland (GR 5)
●
United Kingdom (S 4)
●
Nova Scotia (GR 4, S 1)
●
Ontario (GR 30, S 10)
●
Prince Edward Island (GR 1)
●
Quebec (GR 10, S 6)
●
Saskatchewan (GR 7, S 2)
United States
Our branch locations generally include facilities for displaying equipment and, depending on the location,
may include separate areas for equipment service, storage and displaying contractor supplies. We own 127 of
our branch locations and lease the other branch locations. We also lease or own other premises used for
purposes such as district and regional offices and service centers.
We have a fleet of approximately 17,300 vehicles. These vehicles are used for delivery, maintenance,
management and sales functions. Approximately 45 percent of this fleet is leased and the balance is owned.
30

Our corporate headquarters are located in Stamford, Connecticut, where we occupy approximately 47,000
square feet under a lease that expires in 2030. Additionally, we maintain other corporate facilities, including in
Shelton, Connecticut, where we occupy approximately 12,000 square feet under a lease that expires in 2028,
and in Scottsdale, Arizona, where we occupy approximately 20,000 square feet under a lease that expires in
2029. Further, we maintain a shared-service facility in Charlotte, North Carolina, where we occupy
approximately 100,000 square feet under a lease that expires in 2031.
Item 3.
Legal Proceedings
A description of legal proceedings can be found in note 15 to our consolidated financial statements,
included in this report at Item 8—Financial Statements and Supplementary Data, and is incorporated by
reference into this Item 3.
Item 4.
Mine Safety Disclosures
Not applicable.
PART II
Item 5.
Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities
Market Information
Holdings’ common stock trades on the New York Stock Exchange under the symbol “URI.” As of
January 1, 2025, there were 62 holders of record of our common stock. The number of beneficial owners is
substantially greater than the number of record holders because a large portion of our common stock is held of
record in broker “street names.”
Issuer Purchases of Equity Securities
The following table provides information about acquisitions of Holdings’ common stock by Holdings
during the fourth quarter of 2024:
Period
Total Number of
Shares Purchased
Average Price
Paid Per Share
Total Number of
Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs (2)
Maximum Dollar
Amount of
Shares That May
Yet Be Purchased
Under the
Program (2)
October 1, 2024 to October 31, 2024 . . . .
141,641 (1) $
815.81
141,412
November 1, 2024 to November 30, 2024
179,442 (1) $
833.52
147,720
December 1, 2024 to December 31, 2024
175,242 (1) $
785.14
173,008
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
496,325
$
811.38
$
462,140
$ 250,000,268
(1)
In October 2024, November 2024 and December 2024, 229, 31,722 and 2,234 shares, respectively,
were withheld by Holdings to satisfy tax withholding obligations upon the vesting of restricted stock
unit awards. These shares were not acquired pursuant to any repurchase plan or program.
(2)
On January 24, 2024, our Board of Directors authorized a $1.5 billion share repurchase program, and
repurchases under this program began in March 2024. We have paused repurchases under the program
due to our pending acquisition of H&E. As discussed in note 19 to the consolidated financial
statements, on January 13, 2025, we entered into a definitive merger agreement to acquire H&E, which
is expected to close in the first quarter of 2025. We currently intend to complete the share repurchase
program; however, we will re-evaluate the timing over which we expect to do so as we integrate H&E
31

and assess other potential uses of capital. A 1 percent excise tax is imposed on “net
repurchases” (certain purchases minus certain issuances) of common stock. The repurchases above (as
well as the total program size) do not include the excise tax, which totaled $13 million for the year
ended December 31, 2024.
Equity Compensation Plans
For information regarding equity compensation plans, see Item 12 of this annual report on Form 10-K.
Item 6.
Selected Financial Data
Not applicable.
32

Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(dollars in millions, except per share data and unless otherwise indicated)
We have omitted discussions comparing 2023 and 2022 results, as such disclosures were included in our
Annual Report on Form 10-K for the year ended December 31, 2023.
Global Economic Conditions
Our operations are impacted by global economic conditions, including inflation, tariffs, interest rate
fluctuations and supply chain constraints, and we take actions to modify our plans to address such economic
conditions. In 2022, for example, we intentionally held back on sales of rental equipment to ensure we had
sufficient rental capacity for our customers. To date, the impact from supply chain disruptions has been limited,
but we may experience more severe supply chain disruptions in the future. Interest rates on our debt instruments
have increased in recent years. For example, in March 2024, United Rentals (North America), Inc. (“URNA”)
issued $1.1 billion aggregate principal amount of senior unsecured notes at a 6 1/8 percent interest rate, while
URNA's issuance in August 2021 of $750 aggregate principal amount of senior unsecured notes was at a 3 ¾
percent interest rate. Additionally, the weighted average interest rates on our variable debt instruments were 6.3
percent in 2024 and 1.4 percent in 2021. We have experienced and are continuing to experience inflationary
pressures. A portion of inflationary cost increases is passed on to customers. The most significant cost increases
that are passed on to customers are for fuel and delivery, and there are other costs for which the pass through to
customers is less direct, such as repairs and maintenance, and labor. Tariffs could result in the costs we incur
being more than anticipated. The impact of inflation, tariffs and interest rate fluctuations may be significant in
the future.
We continue to assess the economic environment in which we operate and take appropriate actions to
address the economic challenges we face. See “Item 1. Business-Industry Overview and Economic Outlook” for
a discussion of our end-markets, and Item 1A- Risk Factors for further discussion of the risks related to us and
our business.
Executive Overview
We are the largest equipment rental company in the world, with an integrated network of 1,686 rental
locations. We primarily operate in the United States and Canada, and have a smaller presence in Europe,
Australia and New Zealand (see Item 2—Properties for further detail). Although the equipment rental industry
is highly fragmented and diverse, we believe that we are well positioned to take advantage of this environment
because, as a larger company, we have more extensive resources and certain competitive advantages. These
include a fleet of rental equipment with a total original equipment cost (“OEC”) of $21.4 billion, and a North
American branch network that operates in 49 U.S. states and every Canadian province, and serves 99 of the 100
largest metropolitan areas in the U.S. Our size also gives us greater purchasing power, the ability to provide
customers with a broader range of equipment and services, the ability to provide customers with equipment that
is more consistently well-maintained and therefore more productive and reliable, and the ability to enhance the
earning potential of our assets by transferring equipment among branches to satisfy customer needs.
We offer our equipment for rent to a diverse customer base that includes construction and industrial
companies, manufacturers, utilities, municipalities, homeowners and government entities. Our revenues are
derived from the following sources: equipment rentals, sales of rental equipment, sales of new equipment,
contractor supplies sales and service and other revenues. In 2024, equipment rental revenues represented 85
percent of our total revenues.
For the past several years, we have executed a strategy focused on improving the profitability of our core
equipment rental business through revenue growth, margin expansion and operational efficiencies. In particular,
we have focused on customer segmentation, customer service differentiation, rate management, fleet
management and operational efficiency. Our general strategy focuses on profitability and return on invested
capital, and, in particular, calls for:
33

•
A consistently superior standard of service to customers, often provided through a single lead
contact who can coordinate the cross-selling of the various services we offer throughout our
network. We utilize a proprietary software application, Total Control®, which provides our key
customers with a single in-house software application that enables them to monitor and manage all
their equipment needs. Total Control® is a unique customer offering that enables us to develop
strong, long-term relationships with our larger customers. Our digital capabilities, including our
Total Control® platform, allow our sales teams to provide contactless end-to-end customer service;
•
The further optimization of our customer mix and fleet mix, with a dual objective: to enhance our
performance in serving our current customer base, and to focus on the accounts and customer types
that are best suited to our strategy for profitable growth. We believe these efforts will lead to even
better service of our target accounts, primarily large construction and industrial customers, as well as
select local contractors. Our fleet team's analyses are aligned with these objectives to identify trends
in equipment categories and define action plans that can generate improved returns;
•
A continued focus on “Lean” management techniques, including kaizen processes focused on
continuous improvement. We have a dedicated team responsible for reducing waste in our
operational processes, with the objectives of: condensing the cycle time associated with preparing
equipment for rent; optimizing our resources for delivery and pickup of equipment; improving the
effectiveness and efficiency of our repair and maintenance operations; and implementing customer
service best practices;
•
The continued expansion and cross-selling of adjacent specialty and services products, which
enables us to provide a “one-stop” shop for our customers. We believe that the expansion of our
specialty business, as exhibited by our acquisition of Yak Access, LLC, Yak Mat, LLC and New
South Access & Environmental Solutions, LLC (collectively, “Yak”) in March 2024, which is
discussed in note 4 to the consolidated financial statements, as well as our tools and onsite services
offerings, further positions United Rentals as a single source provider of total jobsite solutions
through our extensive product and service resources and technology offerings; and
•
The pursuit of strategic acquisitions to continue to expand our core equipment rental business, as
exhibited by our acquisition of assets of Ahern Rentals, Inc. (“Ahern Rentals”) in December 2022, as
well as the pending acquisition of H&E Equipment Services, Inc. d/b/a H&E Rentals (“H&E”) that
is discussed below, which is expected to close in the first quarter of 2025. Strategic acquisitions
allow us to invest our capital to expand our business, further driving our ability to accomplish our
strategic goals.
As discussed below, fleet productivity is a comprehensive metric that reflects the combined impact of
changes in rental rates, time utilization, and mix that contribute to the variance in owned equipment rental
revenue. For the full year 2024:
•
Equipment rentals increased 8.0 percent year-over-year, including the impact of the Yak acquisition
that is discussed in note 4 to the consolidated financial statements;
•
Average OEC increased 3.5 percent year-over-year;
•
Fleet productivity increased 4.1 percent including the impact of the Yak acquisition, and increased
2.7 percent excluding the impact of the Yak acquisition; and
•
68 percent of equipment rental revenue was derived from key accounts. Key accounts are each
managed by a single point of contact to enhance customer service.
Pending Acquisition of H&E
On January 13, 2025, we entered into an Agreement and Plan of Merger (the “H&E Merger
Agreement”) that provides for our acquisition of H&E. Pursuant to the H&E Merger Agreement, we expect to
acquire H&E for $92 per share in cash, reflecting a total enterprise value of approximately $4.8 billion,
including approximately $1.4 billion of net debt. H&E provides its customers with a comprehensive mix of
high-quality general rental fleet including aerial work platforms, earthmoving equipment, material handling
34

equipment, and other general and specialty lines of equipment. With approximately $2.9 billion of rental fleet
at original cost as of September 30, 2024, H&E serves a diverse mix of customers across both construction
and industrial markets through its network of approximately 160 branches in over 30 U.S. states. For the 12
months ending September 30, 2024, H&E had revenues of $1.518 billion.
The transaction is subject to customary closing conditions, including a minimum tender of at least one
share more than 50 percent of then-outstanding H&E common shares and the expiration of the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. We commenced a tender offer on January
28, 2025 to acquire all of the outstanding shares of H&E common stock for $92 per share in cash. Following
completion of the tender offer, we intend to acquire all remaining shares not tendered in the offer through a
second-step merger at the same price as in the tender offer. The transaction is expected to close in the first
quarter of 2025.
Financial Overview
Prior to taking actions pertaining to our financial flexibility and liquidity, we assess our available
sources and anticipated uses of cash, including, with respect to sources, cash generated from operations and
from the sale of rental equipment. In 2024, we took the following actions to improve our financial flexibility
and liquidity, and to position us to invest the necessary capital in our business (see note 12 to the consolidated
financial statements for further discussion of our debt instruments):
•
Issued $1.1 billion aggregate principal amount of 6 1/8 percent Senior Notes due 2034. The issued
debt, together with drawings on our ABL facility, was used to fund the Yak acquisition that is
discussed in note 4 to the consolidated financial statements;
•
Amended our term loan facility, primarily to extend the maturity date to February 2031 and to
increase the facility size to $1.0 billion; and
•
Amended our accounts receivable securitization facility, primarily to extend the maturity date and to
increase the facility size from $1.3 billion to $1.5 billion. The facility expires in June 2025 and may
be extended on a 364-day basis by mutual agreement with the purchasers under the facility.
As of December 31, 2024, we had available liquidity of $2.845 billion, comprised of cash and cash
equivalents, and availability under the ABL and accounts receivable securitization facilities.
In October 2022, our Board of Directors authorized a $1.25 billion share repurchase program, which was
completed in the first quarter of 2024. In January 2024, our Board of Directors authorized a $1.5 billion share
repurchase program, and repurchases under this program began in March 2024, following the completion of the
$1.25 billion program. We repurchased $1.25 billion under this program in 2024. We have paused repurchases
under the program due to our pending acquisition of H&E. As discussed above, on January 13, 2025, we
entered into a definitive merger agreement to acquire H&E, which is expected to close in the first quarter of
2025. We currently intend to complete the share repurchase program; however, we will re-evaluate the timing
over which we expect to do so as we integrate H&E and assess other potential uses of capital. A 1 percent
excise tax is imposed on “net repurchases” (certain purchases minus certain issuances) of common stock. The
repurchases above (as well as the total program sizes) do not include the excise tax, which totaled $13 in 2024.
Our Board of Directors also approved our first-ever quarterly dividend program in January 2023, and the
first dividend under the program was paid in February 2023. We did not pay any dividends prior to 2023, and in
2024 and 2023, we paid dividends totaling $434 ($6.52 per share) and $406 ($5.92 per share), respectively. On
January 29, 2025, our Board of Directors declared a quarterly dividend of $1.79 per share, payable on
February 26, 2025 to stockholders of record as of February 12, 2025.
35

Net income. Net income and diluted earnings per share for each of the three years in the period ended
December 31, 2024 are presented below.
2024
2023
2022
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2,575
$
2,424
$
2,105
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . $
38.69
$
35.28
$
29.65
Year Ended December 31,
Net income and diluted earnings per share for each of the three years in the period ended December 31,
2024 include the after-tax impacts of the items below. The tax rates applied to the items below reflect the
statutory rates in the applicable entities.
2024
2023
2022
Tax rate applied to
items below . . . . . . .
25.3 %
25.3 %
25.3 %
Contribution
to net income
(after-tax)
Impact on
diluted earnings
per share
Contribution
to net income
(after-tax)
Impact on
diluted earnings
per share
Contribution
to net income
(after-tax)
Impact on
diluted earnings
per share
Merger related
intangible asset
amortization (1) . . . . $
(143)
$
(2.14)
$
(160)
$
(2.33)
$
(126)
$
(1.79)
Impact on
depreciation related
to acquired fleet and
property and
equipment (2) . . . . .
(102)
(1.53)
(113)
(1.65)
(40)
(0.56)
Impact of the fair
value mark-up of
acquired fleet (3) . . .
(47)
(0.71)
(81)
(1.17)
(20)
(0.29)
Restructuring charge
(4) . . . . . . . . . . . . . .
(2)
(0.04)
(21)
(0.31)
—
—
Asset impairment
charge (5) . . . . . . . . .
(3)
(0.05)
—
—
(2)
(0.03)
Loss on repurchase/
redemption/
amendment of debt
(6) . . . . . . . . . . . . . .
(1)
(0.01)
—
—
(13)
(0.18)
Year Ended December 31,
(1)
This reflects the amortization of the intangible assets acquired in the major acquisitions that significantly
impact our operations (the “major acquisitions,” each of which had annual revenues of over $200 prior to
acquisition).
(2)
This reflects the impact of extending the useful lives of equipment acquired in certain major acquisitions,
net of the impact of additional depreciation associated with the fair value mark-up of such equipment. The
increase in 2023 primarily reflects the impact of the Ahern Rentals acquisition.
(3)
This reflects additional costs recorded in cost of rental equipment sales associated with the fair value
mark-up of rental equipment acquired in certain major acquisitions that was subsequently sold. The year-
over-year increase in 2023 and decrease in 2024 primarily reflect the impact of the Ahern Rentals
acquisition.
(4)
This primarily reflects severance and branch closure charges associated with our restructuring programs.
For additional information on the restructuring charges, which generally involve the closure of a large
number of branches over a short period of time, often in periods following a major acquisition, see
“Results of Operations-Other costs/(income)-restructuring charges” below. The amounts above primarily
reflect charges associated with a restructuring program initiated following the closing of the Ahern Rentals
acquisition. As of December 31, 2024, there were no open restructuring programs.
36

(5)
This reflects write-offs of leasehold improvements and other fixed assets.
(6)
This primarily reflects the difference between the net carrying amount and the total purchase price of the
redeemed notes.
EBITDA GAAP Reconciliations. 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 restructuring charge, stock compensation expense, net, and
the impact of the fair value mark-up of acquired fleet. See below for further detail on each adjusting item. These
items are excluded from adjusted EBITDA internally when evaluating our operating performance and for
strategic planning and forecasting purposes, 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. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided
by total revenue. Management believes that EBITDA and adjusted EBITDA, when viewed with the Company’s
results under U.S. generally accepted accounting principles (“GAAP”) and the accompanying reconciliations,
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:
2024
2023
2022
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2,575
$
2,424
$
2,105
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . .
813
787
697
Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
691
635
445
Depreciation of rental equipment . . . . . . . . . . . . . . . . . .
2,466
2,350
1,853
Non-rental depreciation and amortization . . . . . . . . . . . .
437
431
364
EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,982
6,627
5,464
Restructuring charge (1) . . . . . . . . . . . . . . . . . . . . . . . . .
3
28
—
Stock compensation expense, net (2) . . . . . . . . . . . . . . . .
112
94
127
Impact of the fair value mark-up of acquired fleet (3) . . .
63
108
27
Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
7,160
$
6,857
$
5,618
Net income margin . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.8 %
16.9 %
18.1 %
Adjusted EBITDA margin . . . . . . . . . . . . . . . . . . . . . .
46.7 %
47.8 %
48.3 %
Year Ended December 31,
37

The table below provides a reconciliation between net cash provided by operating activities and EBITDA
and adjusted EBITDA:
2024
2023
2022
Net cash provided by operating activities . . . . . . . . . . . $
4,546
$
4,704
$
4,433
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(15)
(14)
(13)
Gain on sales of rental equipment . . . . . . . . . . . . . . . . .
710
786
566
Gain on sales of non-rental equipment . . . . . . . . . . . . .
17
21
9
Insurance proceeds from damaged equipment . . . . . . .
51
38
32
Restructuring charge (1) . . . . . . . . . . . . . . . . . . . . . . . .
(3)
(28)
—
Stock compensation expense, net (2) . . . . . . . . . . . . . . .
(112)
(94)
(127)
Loss on repurchase/redemption/amendment of debt (4)
(1)
—
(17)
Changes in assets and liabilities . . . . . . . . . . . . . . . . . .
121
107
(151)
Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . .
674
614
406
Cash paid for income taxes, net . . . . . . . . . . . . . . . . . . .
994
493
326
EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,982
6,627
5,464
Add back:
Restructuring charge (1) . . . . . . . . . . . . . . . . . . . . . . . .
3
28
—
Stock compensation expense, net (2) . . . . . . . . . . . . . . .
112
94
127
Impact of the fair value mark-up of acquired fleet (3) .
63
108
27
Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
7,160
$
6,857
$
5,618
Year Ended December 31,
_________________
(1)
This primarily reflects severance and branch closure charges associated with our restructuring programs.
For additional information on the restructuring charges, which generally involve the closure of a large
number of branches over a short period of time, often in periods following a major acquisition, see
“Results of Operations-Other costs/(income)-restructuring charges” below. The amounts above primarily
reflect charges associated with a restructuring program initiated following the closing of the Ahern Rentals
acquisition. As of December 31, 2024, there were no open restructuring programs.
(2)
Represents non-cash, share-based payments associated with the granting of equity instruments.
(3)
This reflects additional costs recorded in cost of rental equipment sales associated with the fair value
mark-up of rental equipment acquired in certain major acquisitions that was subsequently sold. The year-
over-year increase in 2023 and decrease in 2024 primarily reflect the impact of the Ahern Rentals
acquisition.
(4)
This primarily reflects the difference between the net carrying amount and the total purchase price of the
redeemed notes.
For the year ended December 31, 2024, year-over-year, net income increased $151, or 6.2 percent, and
net income margin decreased 10 basis points to 16.8 percent (because net income margin did not change
significantly year-over-year, further explanation of the change is not included herein). For the year ended
December 31, 2024, year-over-year, adjusted EBITDA increased $303, or 4.4 percent, and adjusted EBITDA
margin decreased 110 basis points to 46.7 percent.
38

The year-over-year decrease in the adjusted EBITDA margin primarily reflects a 50 basis point decrease
in equipment rentals gross margin (excluding depreciation and stock compensation expense) and a 600 basis
point decrease in gross margin from sales of rental equipment (excluding the adjustment reflected in the table
above for the impact of the fair value mark-up of acquired fleet). The decreased gross margin from equipment
rentals (excluding depreciation and stock compensation expense) primarily reflects the (i) impact of a higher
proportion of 2024 revenue from ancillary revenues, which generate lower margins than owned equipment
rentals, (ii) inflation and (iii) normal cost variability. The decreased gross margin from sales of rental equipment
(excluding the adjustment for the impact of the fair value mark-up of acquired fleet) primarily reflects the
continued normalization of the used equipment market, including pricing.
Revenues. Revenues for each of the three years in the period ended December 31, 2024 were as follows:
2024
2023
2022
2024
2023
Equipment rentals* . . . . . . . . . . . . . . . . . . . . . $
13,029
$
12,064
$
10,116
8.0%
19.3%
Sales of rental equipment . . . . . . . . . . . . . . . .
1,521
1,574
965
(3.4)%
63.1%
Sales of new equipment . . . . . . . . . . . . . . . . . .
282
218
154
29.4%
41.6%
Contractor supplies sales . . . . . . . . . . . . . . . . .
155
146
126
6.2%
15.9%
Service and other revenues . . . . . . . . . . . . . . .
358
330
281
8.5%
17.4%
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . $
15,345
$
14,332
$
11,642
7.1%
23.1%
*Equipment rentals variance components:
Year-over-year change in average OEC . . . . .
3.5%
21.9%
Assumed year-over-year inflation impact (1) .
(1.5)%
(1.5)%
Fleet productivity (2) . . . . . . . . . . . . . . . . . . .
4.1%
(0.7)%
Contribution from ancillary and re-rent
revenue (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.9%
(0.4)%
Total change in equipment rentals . . . . . . .
8.0%
19.3%
*Pro forma equipment rentals variance
components (4):
Year-over-year change in average OEC . . . . .
10.4%
Assumed year-over-year inflation impact (1)
(1.5)%
Fleet productivity (2) . . . . . . . . . . . . . . . . . . .
2.8%
Contribution from ancillary and re-rent
revenue (3) . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.4)%
Total change in equipment rentals . . . . . . .
11.3%
Year Ended December 31,
Change
_________________
(1)
Reflects the estimated impact of inflation on the revenue productivity of fleet based on OEC, which is
recorded at cost.
(2)
Reflects the combined impact of changes in rental rates, time utilization, and mix that contribute to the
variance in owned equipment rental revenue. See note 3 to the consolidated financial statements for a
discussion of the different types of equipment rentals revenue. Rental rate changes are calculated based on
the year-over-year variance in average contract rates, weighted by the prior period revenue mix. Time
utilization is calculated by dividing the amount of time an asset is on rent by the amount of time the asset
has been owned during the year. Mix includes the impact of changes in customer, fleet, geographic and
segment mix.
(3)
Reflects the combined impact of changes in the other types of equipment rentals revenue (see note 3 for
further detail), excluding owned equipment rental revenue.
39

(4)
We completed the acquisition of Ahern Rentals in December 2022. The pro forma information includes
the standalone, pre-acquisition results of Ahern Rentals. Pro forma information is not reflected above for
2024 versus 2023 because Ahern Rentals was fully included in our results for both years.
Equipment rentals include our revenues from renting equipment, as well as revenue related to the fees we
charge customers: for equipment delivery and pick-up; to protect the customer against liability for damage to
our equipment while on rent; for fuel; and for environmental costs. Collectively, these “ancillary fees”
represented approximately 17 percent of equipment rental revenue in 2024. Delivery and pick-up revenue,
which represented approximately eight percent of equipment rental revenue in 2024, is the most significant
ancillary revenue component. Sales of rental equipment represent our revenues from the sale of used rental
equipment. Sales of new equipment represent our revenues from the sale of new equipment. Contractor supplies
sales represent our sales of supplies utilized by contractors, which include construction consumables, tools,
small equipment and safety supplies. Services and other revenues primarily represent our revenues earned from
providing repair and maintenance services on our customers’ fleet (including parts sales). See note 3 to our
consolidated financial statements for further discussion of our revenue recognition accounting.
2024 total revenues of $15.3 billion increased 7.1 percent compared with 2023. Equipment rentals and
sales of rental equipment are our largest revenue types (together, they accounted for 95 percent of total revenue
for the year ended December 31, 2024). Equipment rentals increased 8.0 percent, primarily due to a 4.1 percent
increase in fleet productivity, which includes the impact of the Yak acquisition, and a 3.5 percent increase in
average OEC. Fleet productivity increased 2.7 percent excluding the impact of the Yak acquisition. Sales of
rental equipment did not change significantly year-over-year.
Critical Accounting Policies
We prepare our consolidated financial statements in accordance with GAAP. A summary of our
significant accounting policies is contained in note 2 to our consolidated financial statements. In applying many
accounting principles, we make assumptions, estimates and/or judgments. These assumptions, estimates and/or
judgments are often subjective and may change based on changing circumstances or changes in our analysis.
Material changes in these assumptions, estimates and/or judgments have the potential to materially alter our
results of operations. We have identified below our accounting policies that we believe could potentially
produce materially different results if we were to change underlying assumptions, estimates and/or judgments.
Although actual results may differ from those estimates, we believe the estimates are reasonable and
appropriate.
Allowance for Credit Losses. We maintain allowances for credit losses. These allowances reflect our
estimate of the amount of our receivables that we will be unable to collect based on historical write-off
experience and, as applicable, current conditions and reasonable and supportable forecasts that affect
collectibility. Our estimate could require change based on changing circumstances, including changes in the
economy or in the particular circumstances of individual customers. Accordingly, we may be required to
increase or decrease our allowances. Trade receivables that have contractual maturities of one year or less are
written-off when they are determined to be uncollectible based on the criteria necessary to qualify as a
deduction for federal tax purposes. Write-offs of such receivables require management approval based on
specified dollar thresholds. See note 3 to our consolidated financial statements for further detail.
Useful Lives and Salvage Values of Rental Equipment and Property and Equipment. We depreciate
rental equipment and property and equipment over their estimated useful lives, after giving effect to an
estimated salvage value which ranges from zero percent to 50 percent of cost. The weighted average salvage
value of our rental equipment is 12 percent of cost (immaterial salvage values are assigned to our property and
equipment). Rental equipment is depreciated whether or not it is out on rent.
The useful life of an asset is determined based on our estimate of the period over which the asset can
generate revenues; such periods are periodically reviewed for reasonableness. In addition, the salvage value,
40

which is also reviewed periodically for reasonableness, is determined based on our estimate of the minimum
value we will realize from the asset after such period. We may be required to change these estimates based on
changes in our industry or other changing circumstances. If these estimates change in the future, we may be
required to recognize increased or decreased depreciation expense for these assets.
To the extent that the useful lives of all of our rental equipment were to increase or decrease by one year,
we estimate that our annual depreciation expense would decrease or increase by approximately $297 or $391,
respectively. If the estimated salvage values of all of our rental equipment were to increase or decrease by one
percentage point, we estimate that our annual depreciation expense would change by approximately $29. Any
change in depreciation expense as a result of a hypothetical change in either useful lives or salvage values
would generally result in a proportional increase or decrease in the gross profit we would recognize upon the
ultimate sale of the asset. To the extent that the useful lives of all of our depreciable property and equipment
were to increase or decrease by one year, we estimate that our annual non-rental depreciation expense would
decrease or increase by approximately $44 or $66, respectively.
Acquisition Accounting. We have made a number of acquisitions in the past and may continue to make
acquisitions in the future. The assets acquired and liabilities assumed are recorded based on their respective fair
values at the date of acquisition. Long-lived assets (principally rental equipment), goodwill and other intangible
assets generally represent the largest components of our acquisitions. Rental equipment is valued utilizing either
a cost, market or income approach, or a combination of certain of these methods, depending on the asset being
valued and the availability of market or income data. Goodwill is calculated as the excess of the cost of the
acquired business over the net of the fair value of the assets acquired and the liabilities assumed. The intangible
assets that we have acquired are non-compete agreements, customer relationships and trade names and
associated trademarks. The estimated fair values of these intangible assets reflect various assumptions about
discount rates, revenue growth rates, operating margins, terminal values, useful lives and other prospective
financial information. Non-compete agreements, customer relationships and trade names and associated
trademarks are valued based on an excess earnings or income approach based on projected cash flows.
Determining the fair value of the assets and liabilities acquired can be judgmental in nature and can
involve the use of significant estimates and assumptions. The significant judgments include estimation of future
cash flows, which is dependent on forecasts; estimation of the long-term rate of growth; estimation of the useful
life over which cash flows will occur; and determination of a risk-adjusted weighted average cost of capital.
When appropriate, our estimates of the fair values of assets and liabilities acquired include assistance from
independent third-party appraisal firms. The judgments made in determining the estimated fair value assigned to
the assets acquired, as well as the estimated life of the assets, can materially impact net income in periods
subsequent to the acquisition through depreciation and amortization, and in certain instances through
impairment charges, if the asset becomes impaired in the future. As discussed below, we regularly review for
impairments.
When we make an acquisition, we also acquire other assets and assume liabilities. These other assets and
liabilities typically include, but are not limited to, parts inventory, accounts receivable, accounts payable and
other working capital items. Because of their short-term nature, the fair values of these other assets and
liabilities generally approximate the book values on the acquired entities' balance sheets.
Evaluation of Goodwill Impairment. Goodwill is tested for impairment annually or more frequently if an
event or circumstance indicates that an impairment loss may have been incurred. Application of the goodwill
impairment test requires judgment, including: the identification of reporting units; assignment of assets and
liabilities to reporting units; assignment of goodwill to reporting units; determination of the fair value of each
reporting unit; and an assumption as to the form of the transaction in which the reporting unit would be acquired
by a market participant (either a taxable or nontaxable transaction).
When conducting the goodwill impairment test, we are required to compare the fair value of our reporting
units (which are our regions) with the carrying amount. As discussed in note 5 to our consolidated financial
41

statements, our divisions are our operating segments. We conduct the goodwill impairment test at the reporting
unit level, which is one level below the operating segment level.
Financial Accounting Standards Board (“FASB”) guidance permits entities to first assess qualitative
factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its
carrying amount. We estimate the fair value of our reporting units using a combination of an income approach
based on the present value of estimated future cash flows and a market approach based on market price data of
shares of our Company and other corporations engaged in similar businesses as well as acquisition multiples
paid in recent transactions. We believe this approach, which utilizes multiple valuation techniques, yields the
most appropriate evidence of fair value.
Inherent in our preparation of cash flow projections are assumptions and estimates derived from a review
of our operating results, business plans, expected growth rates, cost of capital and tax rates. We also make
certain forecasts about future economic conditions, interest rates and other market data. Many of the factors
used in assessing fair value are outside the control of management, and these assumptions and estimates may
change in future periods. Changes in assumptions or estimates could materially affect the estimate of the fair
value of a reporting unit, and therefore could affect the likelihood and amount of potential impairment. The
following assumptions are significant to our income approach:
Business Projections- We make assumptions about the level of equipment rental activity in the
marketplace and cost levels. These assumptions drive our planning assumptions for pricing and
utilization and also represent key inputs for developing our cash flow projections. These projections
are developed using our internal business plans over a ten-year planning period that are updated at
least annually;
Long-term Growth Rates- Beyond the planning period, we also utilize an assumed long-term growth
rate representing the expected rate at which a reporting unit's cash flow stream is projected to grow.
These rates are used to calculate the terminal value of our reporting units, and are added to the cash
flows projected during our ten-year planning period; and
Discount Rates- Each reporting unit's estimated future cash flows are discounted at a rate that is
consistent with a weighted-average cost of capital that is likely to be expected by market participants.
The weighted-average cost of capital is an estimate of the overall after-tax rate of return required by
equity and debt holders of a business enterprise.
The market approach is one of the other methods used for estimating the fair value of our reporting units'
business enterprise. This approach takes two forms: The first is based on the market value (market capitalization
plus interest-bearing liabilities) and operating metrics (e.g., revenue and EBITDA) of companies engaged in the
same or similar line of business. The second form is based on multiples paid in recent acquisitions of
companies.
In connection with our goodwill impairment test that was conducted as of October 1, 2024, we bypassed
the optional qualitative assessment for each reporting unit and quantitatively compared the fair values of our
reporting units with their carrying amounts. Our goodwill impairment testing as of this date indicated that all of
our reporting units, including our Matting Solutions reporting unit, which was created following the March
2024 acquisition of Yak that is discussed in note 4 to the consolidated financial statements and which includes
the assets acquired in the Yak acquisition, and our Mobile Storage reporting unit, which is discussed below
associated with the goodwill impairment test that was conducted as of October 1, 2023, had estimated fair
values which exceeded their respective carrying amounts by at least 60 percent.
In connection with our goodwill impairment test that was conducted as of October 1, 2023, we bypassed
the optional qualitative assessment for each reporting unit and quantitatively compared the fair values of our
reporting units with their carrying amounts. Our goodwill impairment testing as of this date indicated that all of
our reporting units, excluding our Mobile Storage reporting unit, had estimated fair values which exceeded their
respective carrying amounts by at least 54 percent. We completed the acquisition of General Finance in May
42

2021, and all of the assets in the Mobile Storage reporting unit were acquired in the General Finance
acquisition. The estimated fair value of our Mobile Storage reporting unit exceeded its carrying amount by eight
percent. As all of the assets in the Mobile Storage reporting unit were recorded at fair value as of the May 2021
acquisition date, we expected the percentage by which the fair value for this reporting unit exceeded the
carrying value to be significantly less than the equivalent percentages determined for our other reporting units.
Impairment of Long-lived Assets (Excluding Goodwill). We review the recoverability of our rental
equipment, property and equipment, lease assets and other intangible assets when events or changes in
circumstances occur that indicate that the carrying value of the assets may not be recoverable. If there are such
indications, we assess our ability to recover the carrying value of the assets from their expected future pre-tax
cash flows (undiscounted and without interest charges). If the expected cash flows are less than the carrying
value of the assets, an impairment loss is recognized for the difference between the estimated fair value and
carrying value. We also conduct impairment reviews in connection with branch consolidations and other
changes in our business. During each of the three years in the period ended December 31, 2024, we recognized
asset impairment charges, primarily in depreciation of rental equipment in our consolidated statements of
income, that were not significant to our operating results ($4 or less for each year).
In support of our review for indicators of impairment, we perform a review of all assets at the district
level relative to district performance and conclude whether indicators of impairment exist associated with our
long-lived assets, including rental equipment. We also specifically review the financial performance of our
rental equipment. Such review includes an estimate of the future rental revenues from our rental assets based on
current and expected utilization levels, the age of the assets and their remaining useful lives. Additionally, we
estimate when the assets are expected to be removed or retired from our rental fleet as well as the expected
proceeds to be realized upon disposition. Based on our most recently completed quarterly reviews, there were
no indications of impairment associated with our rental equipment, property and equipment, lease assets or
other intangible assets.
Income Taxes. We recognize deferred tax assets and liabilities for certain future deductible or taxable
temporary differences expected to be reported in our income tax returns. These deferred tax assets and liabilities
are computed using the tax rates that are expected to apply in the periods when the related future deductible or
taxable temporary difference is expected to be settled or realized. In the case of deferred tax assets, the future
realization of the deferred tax benefits and carryforwards are determined with consideration to historical
profitability, projected future taxable income, the expected timing of the reversals of existing temporary
differences, and tax planning strategies. After consideration of all these factors, we recognize deferred tax assets
when we believe that it is more likely than not that we will realize them. The most significant positive evidence
that we consider in the recognition of deferred tax assets is the expected reversal of cumulative deferred tax
liabilities resulting from book versus tax depreciation of our rental equipment fleet that is well in excess of the
deferred tax assets.
We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a
tax return regarding uncertainties in income tax positions. The first step is recognition: we determine whether it
is more likely than not that a tax position will be sustained upon examination, including resolution of any
related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax
position has met the more-likely-than-not recognition threshold, we presume that the position will be examined
by the appropriate taxing authority with full knowledge of all relevant information. The second step is
measurement: a tax position that meets the more-likely-than-not recognition threshold is measured to determine
the amount of benefit to recognize in the financial statements. The tax position is measured at the largest
amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.
We are subject to ongoing tax examinations and assessments in various jurisdictions. Accordingly,
accruals for tax contingencies are established based on the probable outcomes of such matters. Our ongoing
assessments of the probable outcomes of the examinations and related tax accruals require judgment and could
increase or decrease our effective tax rate as well as impact our operating results.
43

We have historically considered the undistributed earnings of our foreign subsidiaries to be indefinitely
reinvested, and, accordingly, no taxes were provided on such earnings prior to the fourth quarter of 2020. In
2021, we remitted the cumulative amount of identified cash in our foreign operations in excess of near-term
working capital needs. The taxes recorded associated with the remitted cash were immaterial. We continue to
expect that the remaining balance of our undistributed foreign earnings will be indefinitely reinvested. If we
determine that all or a portion of such foreign earnings are no longer indefinitely reinvested, we may be subject
to additional foreign withholding taxes and U.S. state income taxes.
Results of Operations
As discussed in note 5 to our consolidated financial statements, our reportable segments are general
rentals and specialty. The general rentals segment includes the rental of construction, aerial, industrial and
homeowner equipment and related services and activities. The general rentals segment’s customers include
construction and industrial companies, manufacturers, utilities, municipalities, homeowners and government
entities. This segment operates throughout the United States and Canada. The specialty segment rents products
(and provides setup and other services on such rented equipment) including (i) trench safety equipment, such as
trench shields, aluminum hydraulic shoring systems, slide rails, crossing plates, construction lasers and line
testing equipment for underground work, (ii) power and HVAC equipment, such as portable diesel generators,
electrical distribution equipment, and temperature control equipment, (iii) fluid solutions equipment primarily
used for fluid containment, transfer and treatment, (iv) mobile storage equipment and modular office space, and
(v) surface protection mats. The specialty segment’s customers include construction companies involved in
infrastructure projects, municipalities and industrial companies. This segment primarily operates in the United
States and Canada, and has a smaller presence in Europe, Australia and New Zealand.
As discussed in note 5 to our consolidated financial statements, our general rentals reporting segment
reflects the aggregation of four geographic divisions—Central, Northeast, Southeast and West. Historically,
there have occasionally been variances in the levels of equipment rentals gross margins achieved by these
divisions, though such variances have generally been small (close to or less than 10 percent, measured versus
the equipment rentals gross margins of the aggregated general rentals' divisions). For the five year period ended
December 31, 2024, there was no general rentals' division with an equipment rentals gross margin that differed
materially from the equipment rentals gross margin of the aggregated general rentals' divisions. The rental
industry is cyclical, and there historically have occasionally been divisions with equipment rentals gross
margins that varied by greater than 10 percent from the equipment rentals gross margins of the aggregated
general rentals' divisions, though the specific divisions with margin variances of over 10 percent have
fluctuated, and such variances have generally not exceeded 10 percent by a significant amount. We monitor the
margin variances and confirm margin similarity between divisions on a quarterly basis.
We believe that the divisions that are aggregated into our segments have similar economic characteristics,
as each division is capital intensive, offers similar products to similar customers, uses similar methods to
distribute its products, and is subject to similar competitive risks. The aggregation of our divisions also reflects
the management structure that we use for making operating decisions and assessing performance. Although we
believe aggregating these divisions into our reporting segments for segment reporting purposes is appropriate, to
the extent that there are significant margin variances that do not converge, we may be required to disaggregate
the divisions into separate reporting segments. Any such disaggregation would have no impact on our
consolidated results of operations.
These reporting segments align our external segment reporting with how management evaluates business
performance and allocates resources. We evaluate segment performance primarily based on segment equipment
rentals gross profit. Our revenues, operating results, and financial condition fluctuate from quarter to quarter
reflecting the seasonal rental patterns of our customers, with rental activity tending to be lower in the winter.
44

Revenues by segment were as follows:
Year Ended December 31, 2024
Equipment rentals . . . . . . . . . . . . . . . . . . . . . . . . . . $
8,945
$
4,084
$
13,029
Sales of rental equipment . . . . . . . . . . . . . . . . . . . .
1,328
193
1,521
Sales of new equipment . . . . . . . . . . . . . . . . . . . . .
159
123
282
Contractor supplies sales . . . . . . . . . . . . . . . . . . . .
87
68
155
Service and other revenues . . . . . . . . . . . . . . . . . . .
326
32
358
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
10,845
$
4,500
$
15,345
Year Ended December 31, 2023
Equipment rentals . . . . . . . . . . . . . . . . . . . . . . . . . . $
8,803
$
3,261
$
12,064
Sales of rental equipment . . . . . . . . . . . . . . . . . . . .
1,411
163
1,574
Sales of new equipment . . . . . . . . . . . . . . . . . . . . .
95
123
218
Contractor supplies sales . . . . . . . . . . . . . . . . . . . .
89
57
146
Service and other revenues . . . . . . . . . . . . . . . . . . .
299
31
330
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
10,697
$
3,635
$
14,332
Year Ended December 31, 2022
Equipment rentals . . . . . . . . . . . . . . . . . . . . . . . . . . $
7,345
$
2,771
$
10,116
Sales of rental equipment . . . . . . . . . . . . . . . . . . . .
835
130
965
Sales of new equipment . . . . . . . . . . . . . . . . . . . . .
73
81
154
Contractor supplies sales . . . . . . . . . . . . . . . . . . . .
81
45
126
Service and other revenues . . . . . . . . . . . . . . . . . . .
250
31
281
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
8,584
$
3,058
$
11,642
General
rentals
Specialty
Total
Equipment rentals. Equipment rentals represented 85 percent of total revenues in 2024. 2024 equipment
rentals of $13.0 billion increased 8.0 percent year-over-year, primarily due to a 4.1 percent increase in fleet
productivity, which includes the impact of the Yak acquisition, and a 3.5 percent increase in average OEC. Fleet
productivity increased 2.7 percent excluding the impact of the Yak acquisition.
On a segment basis, equipment rentals represented 82 percent and 91 percent of total revenues for general
rentals and specialty, respectively. General rentals equipment rentals increased 1.6 percent as compared to 2023.
Specialty rentals increased 25.2 percent as compared to 2023, primarily due to the impact of the Yak acquisition
and increased average OEC. Specialty equipment rentals increased 16.9 percent year-over-year excluding the
revenue from the acquired Yak locations.
Sales of rental equipment. For the three years in the period ended December 31, 2024, sales of rental
equipment represented approximately 10 percent of our total revenues. 2024 sales of rental equipment of $1.5
billion did not change significantly year-over-year.
Sales of new equipment. For the three years in the period ended December 31, 2024, sales of new
equipment represented approximately 2 percent of our total revenues. 2024 sales of new equipment of $282
increased 29.4 percent from 2023, primarily due to the impact of the Yak acquisition and supply chain
normalization.
Contractor supplies sales. For the three years in the period ended December 31, 2024, sales of contractor
supplies represented approximately 1 percent of our total revenues. 2024 sales of contractor supplies did not
change significantly from 2023.
45

Service and other revenues. For the three years in the period ended December 31, 2024, service and other
revenues represented approximately 2 percent of our total revenues. 2024 service and other revenues did not
change significantly from 2023.
Fourth Quarter Items. There were no unusual or infrequently occurring items recognized in the fourth
quarter of 2024 or 2023 that had a material impact on our financial statements.
Segment Equipment Rentals Gross Profit
See note 5 to our consolidated financial statements for additional information on segment performance.
Segment equipment rentals gross profit and gross margin for each of the three years in the period ended
December 31, 2024 were as follows:
2024
Equipment Rentals Gross Profit . . . . . . . . . . . . . . $
3,232
$
1,966
$
5,198
Equipment Rentals Gross Margin . . . . . . . . . . . . .
36.1%
48.1%
39.9%
2023
Equipment Rentals Gross Profit . . . . . . . . . . . . . . $
3,219
$
1,595
$
4,814
Equipment Rentals Gross Margin . . . . . . . . . . . . .
36.6%
48.9%
39.9%
2022
Equipment Rentals Gross Profit . . . . . . . . . . . . . . $
2,905
$
1,340
$
4,245
Equipment Rentals Gross Margin . . . . . . . . . . . . .
39.6%
48.4%
42.0%
General
rentals
Specialty
Total
General rentals. For the three years in the period ended December 31, 2024, general rentals accounted for
71 percent of total equipment rentals and 66 percent of total equipment rentals gross profit. For the year ended
December 31, 2024, general rentals’ equipment rentals gross profit increased by $13, and equipment rentals
gross margin decreased by 50 basis points, from 2023, primarily due to the impact of inflation and normal cost
variability, including increases in insurance and certain other costs.
Specialty. For the year ended December 31, 2024, equipment rentals gross profit increased by $371, and
equipment rentals gross margin decreased by 80 basis points from 2023. Gross margin decreased primarily due
to increased depreciation expense, which largely reflected the impact of the Yak acquisition.
Gross Margin. Gross margins by revenue classification were as follows:
2024
2023
2022
2024
2023
Total gross margin . . . . . .
40.1%
40.6%
42.9%
(50) bps
(230) bps
Equipment rentals . . . . . . .
39.9%
39.9%
42.0%
— bps
(210) bps
Sales of rental equipment .
46.7%
49.9%
58.7%
(320) bps
(880) bps
Sales of new equipment . .
18.8%
17.9%
19.5%
90 bps
(160) bps
Contractor supplies sales .
33.5%
32.2%
33.3%
130 bps
(110) bps
Service and other revenues
38.3%
38.5%
40.2%
(20) bps
(170) bps
Year Ended December 31,
Change
2024 gross margin of 40.1 percent decreased 50 basis points from 2023. Equipment rentals gross margin
for 2024 was flat year-over-year. Gross margin from sales of rental equipment decreased 320 basis points from
2023, which primarily reflected the continued normalization of the used equipment market, including pricing.
The gross margin fluctuations from sales of new equipment, contractor supplies sales and service and other
46

revenues generally reflect normal variability, and such revenue types did not account for a significant portion of
total gross profit (gross profit for these revenue types represented 4 percent of total gross profit for the year
ended December 31, 2024).
Other costs/(income)
The table below includes the other costs/(income) in our consolidated statements of income, as well as
key associated metrics, for the three years in the period ended December 31, 2024:
2024
2023
2022
2024
2023
Selling, general and administrative
(“SG&A”) expense . . . . . . . . . . . . $ 1,645
$ 1,527
$ 1,400
7.7%
9.1%
SG&A expense as a
percentage of revenue . . . . . .
10.7 %
10.7 %
12.0 %
— bps
(130) bps
Restructuring charge . . . . . . . . . . .
3
28
—
(89.3)%
—
Non-rental depreciation and
amortization . . . . . . . . . . . . . . . . . .
437
431
364
1.4%
18.4%
Interest expense, net . . . . . . . . . . .
691
635
445
8.8%
42.7%
Other income, net . . . . . . . . . . . . .
(14)
(19)
(15)
(26.3)%
26.7%
Provision for income taxes . . . . . .
813
787
697
3.3%
12.9%
Effective tax rate . . . . . . . . . .
24.0 %
24.5 %
24.9 %
(50) bps
(40) bps
Year Ended December 31,
Change
SG&A expense primarily includes sales force compensation, information technology costs, third party
professional fees, management salaries, bad debt expense and clerical and administrative overhead. SG&A
expense as a percentage of revenue for the year ended December 31, 2024 was flat year-over-year.
The restructuring charges primarily reflect severance and branch closure charges associated with our
restructuring programs. We incur severance costs and branch closure charges in the ordinary course of our
business. We only include such costs that are part of a restructuring program as restructuring charges. The
designated restructuring programs generally involve the closure of a large number of branches over a short
period of time, often in periods following a major acquisition, and result in significant costs that we would not
normally incur absent a major acquisition or other triggering event that results in the initiation of a restructuring
program. The year-over-year decrease in restructuring charges for the year ended December 31, 2024 primarily
reflects 2023 charges associated with the restructuring program initiated following the December 2022
acquisition of Ahern Rentals. Since the first such program was initiated in 2008, we have completed seven
restructuring programs and have incurred total restructuring charges of $383. We currently have no open
restructuring programs, and the total liability associated with our restructuring programs was $17 as of
December 31, 2024.
Non-rental depreciation and amortization includes (i) the amortization of other intangible assets and
(ii) depreciation expense associated with equipment that is not offered for rent (such as computers and office
equipment) and amortization expense associated with leasehold improvements. Our other intangible assets
consist of customer relationships, non-compete agreements and trade names and associated trademarks.
Interest expense, net for the year ended December 31, 2024 increased by 8.8 percent year-over-year
primarily due to increased average debt, including the debt issued to partially fund the Yak acquisition
discussed above.
Other income, net primarily includes (i) currency gains and losses, (ii) finance charges, (iii) gains and
losses on sales of non-rental equipment and (iv) other miscellaneous items.
47

A detailed reconciliation of the effective tax rates to the U.S. federal statutory income tax rate is included
in note 14 to our consolidated financial statements.
Balance sheet. Prepaid expenses and other assets increased by $100, or 74.1 percent, from December 31,
2023 to December 31, 2024, primarily due to an increase in income taxes receivable which reflected required
tax payments exceeding the estimated tax accruals (see note 6 to the consolidated financial statements for
further detail). Operating lease right-of-use assets increased by $238, or 21.7 percent, and operating lease
liabilities increased by $194, or 21.7 percent, from December 31, 2023 to December 31, 2024, and both
increases primarily reflected increased amounts of real estate and equipment leased under operating leases.
Accounts payable decreased by $157, or 17.3 percent, from December 31, 2023 to December 31, 2024,
primarily reflecting normal variability in business activity and the timing of payments. See the consolidated
statements of cash flows for further information on changes in cash and cash equivalents, the consolidated
statements of stockholders’ equity for further information on changes in stockholders’ equity, note 8 for further
detail on property and equipment, net, note 9 for further detail on goodwill, note 10 for further detail on accrued
expenses and other liabilities, and note 12 for further detail on short-term and long-term debt.
Liquidity and Capital Resources.
We manage our liquidity using internal cash management practices, which are subject to (i) the policies
and cooperation of the financial institutions we utilize to maintain and provide cash management services,
(ii) the terms and other requirements of the agreements to which we are a party and (iii) the statutes, regulations
and practices of each of the local jurisdictions in which we operate. See “Financial Overview” above for a
summary of the 2024 capital structure actions taken to improve our financial flexibility and liquidity.
In October 2022, our Board of Directors authorized a $1.25 billion share repurchase program, which was
completed in the first quarter of 2024. In January 2024, our Board of Directors authorized a $1.5 billion share
repurchase program, and repurchases under this program began in March 2024, following the completion of the
$1.25 billion program. We repurchased $1.25 billion under this program in 2024. We have paused repurchases
under the program due to our pending acquisition of H&E. As discussed in note 19 to the consolidated financial
statements, on January 13, 2025, we entered into a definitive merger agreement to acquire H&E, which is
expected to close in the first quarter of 2025. We currently intend to complete the share repurchase program;
however, we will re-evaluate the timing over which we expect to do so as we integrate H&E and assess other
potential uses of capital. A 1 percent excise tax is imposed on “net repurchases” (certain purchases minus
certain issuances) of common stock. The repurchases above (as well as the total program sizes) do not include
the excise tax, which totaled $13 in 2024. Since 2012, we have repurchased a total of $7.478 billion (inclusive
of immaterial excise taxes, which were first imposed in 2023) of Holdings' common stock under our share
repurchase programs (comprised of eight programs that have ended and the current program).
Our Board of Directors also approved our first-ever quarterly dividend program in January 2023, and the
first dividend under the program was paid in February 2023. We did not pay any dividends prior to 2023, and
during 2024 and 2023, we paid dividends totaling $434 ($6.52 per share) and $406 ($5.92 per share),
respectively. On January 29, 2025, our Board of Directors declared a quarterly dividend of $1.79 per share,
payable on February 26, 2025 to stockholders of record as of February 12, 2025.
Our principal existing sources of cash are cash generated from operations and from the sale of rental
equipment, and borrowings available under our ABL and accounts receivable securitization facilities. As of
December 31, 2024, we had cash and cash equivalents of $457. Cash equivalents at December 31, 2024 consist
of direct obligations of financial institutions rated A or better. We believe that our existing sources of cash will
be sufficient to support our existing operations over the next 12 months. The table below presents financial
information associated with our principal sources of cash as of and for the year December 31, 2024:
48

ABL facility:
Borrowing capacity, net of letters of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
1,973
Outstanding debt, net of debt issuance costs (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,253
Interest rate at December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.6 %
Average month-end principal amount of debt outstanding (1) . . . . . . . . . . . . . . . . . . . . . . .
1,634
Weighted-average interest rate on average debt outstanding . . . . . . . . . . . . . . . . . . . . . . . . .
6.2 %
Maximum month-end principal amount of debt outstanding (1) . . . . . . . . . . . . . . . . . . . . . .
2,259
Accounts receivable securitization facility (2):
Borrowing capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
415
Outstanding debt, net of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,085
Interest rate at December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.4 %
Average month-end principal amount of debt outstanding (3) . . . . . . . . . . . . . . . . . . . . . . .
1,219
Weighted-average interest rate on average debt outstanding . . . . . . . . . . . . . . . . . . . . . . . . .
6.1 %
Maximum month-end principal amount of debt outstanding (3) . . . . . . . . . . . . . . . . . . . . . .
1,424
_________________
(1)
The outstanding and maximum amounts of debt under the ABL facility exceeded the average
outstanding amount primarily due to the use of borrowings under the facility to fund seasonal expenditures and
acquisition activity.
(2)
As discussed in note 12 to the consolidated financial statements, the accounts receivable securitization
facility expires on June 24, 2025 and may be extended on a 364-day basis by mutual agreement with the
purchasers under the facility.
(3)
The maximum amount of debt under the accounts receivable securitization facility exceeded the
average outstanding amount primarily due to normal usage of increased availability under the facility.
Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face
amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the
outstanding loans. The maximum amount of debt above reflects normal usage of the available borrowings based
on the amount of the receivables in the collateral pool (see note 12 to the consolidated financial statements for
further detail). In May 2024, the accounts receivable securitization facility was amended, primarily to extend the
maturity date and to increase the facility size from $1.3 billion to $1.5 billion, which also contributed to the
difference in the average and maximum amounts outstanding.
We expect that our principal short-term (over the next 12 months) and long-term needs for cash relating
to our operations will be to fund (i) operating activities and working capital, (ii) the purchase of rental
equipment and inventory items offered for sale, (iii) payments due under operating leases, (iv) debt service, (v)
debt repayment or redemption, (vi) share repurchases, (vii) dividends and (viii) acquisitions. We plan to fund
such cash requirements from our existing sources of cash. We may also seek additional financing through the
securitization of some of our real estate, the use of additional operating leases or other financing sources as
market conditions permit, and the financing for our pending acquisition of H&E may include the issuance of
debt securities and/or term loan borrowings. The table below presents information on payments coming due
under the most significant categories of our needs for cash (excluding operating cash flows pertaining to normal
business operations, such as human capital costs, which are not accurately estimable) as of December 31, 2024:
Debt and finance leases (1) $
1,178 $
77 $
3,571 $
1,707 $
1,513 $
5,426 $
13,472
Interest due on debt (2) . . .
659
632
546
364
354
482
3,037
Operating leases (1) . . . . .
351
318
266
212
152
300
1,599
Purchase obligations (3) . .
3,469
10
—
—
—
—
3,479
2025
2026
2027
2028
2029
Thereafter
Total
49

_________________
(1)
The payments due with respect to a period represent (i) in the case of debt and finance leases, the
scheduled principal payments due in such period, and (ii) in the case of operating leases, the payments
due in such period for non-cancelable operating leases with initial or remaining terms of one year or
more. See note 12 to the consolidated financial statements for further debt information, and note 13 for
further finance lease and operating lease information.
(2)
Estimated interest payments have been calculated based on the principal amount of debt and the
applicable interest rates as of December 31, 2024.
(3)
As of December 31, 2024, we had outstanding advance purchase orders, which were negotiated in the
ordinary course of business, with our equipment and inventory suppliers. These purchase orders can
generally be cancelled by us without cancellation penalties. The equipment and inventory receipts from
the suppliers pursuant to these purchase orders and the related payments to the suppliers are expected to
be completed primarily throughout 2025.
The amount of our future capital expenditures will depend on a number of factors, including general
economic conditions and growth prospects. We expect that we will fund such expenditures from cash generated
from operations, proceeds from the sale of rental and non-rental equipment and, if required, borrowings
available under the ABL and accounts receivable securitization facilities. Net payments for rental capital
expenditures (defined as payments for purchases of rental equipment less the proceeds from sales of rental
equipment) were $2.232 billion, $2.140 billion and $2.471 billion in 2024, 2023 and 2022, respectively.
To access the capital markets, we rely on credit rating agencies to assign ratings to our securities as an
indicator of credit quality. Lower credit ratings generally result in higher borrowing costs and reduced access to
debt capital markets. Credit ratings also affect the costs of derivative transactions, including interest rate and
foreign currency derivative transactions. As a result, negative changes in our credit ratings could adversely
impact our costs of funding. Our credit ratings as of January 27, 2025 were as follows:
Moody’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ba1
Stable
Standard & Poor’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
BB+
Stable
Corporate Rating
Outlook
A security rating is not a recommendation to buy, sell or hold securities. There is no assurance that any
rating will remain in effect for a given period of time or that any rating will not be revised or withdrawn by a
rating agency in the future.
Loan Covenants and Compliance. As of December 31, 2024, we were in compliance with the covenants
and other provisions of the ABL, accounts receivable securitization and term loan facilities and the senior notes.
Any failure to be in compliance with any material provision or covenant of these agreements could have a
material adverse effect on our liquidity and operations.
The only financial covenant that currently exists under the ABL facility is the fixed charge coverage ratio.
Subject to certain limited exceptions specified in the ABL facility, the fixed charge coverage ratio covenant
under the ABL facility will only apply in the future if specified availability under the ABL facility falls below
10 percent of the maximum revolver amount under the ABL facility. When certain conditions are met, cash and
cash equivalents and borrowing base collateral in excess of the ABL facility size may be included when
calculating specified availability under the ABL facility. As of December 31, 2024, specified availability under
the ABL facility exceeded the required threshold and, as a result, this financial covenant was inapplicable.
Under our accounts receivable securitization facility, we are required, among other things, to maintain certain
financial tests relating to: (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales
outstanding. The accounts receivable securitization facility also requires us to comply with the fixed charge
coverage ratio under the ABL facility, to the extent the ratio is applicable under the ABL facility.
Covenants in the agreements governing our ABL facility, term loan facility and certain other debt
instruments impose limitations on our ability to make share repurchases and dividend payments, subject to
50

important exceptions that would allow us to make such repurchases or payments under certain conditions.
Based on our current total indebtedness leverage ratio (as defined in the applicable debt agreements) and usage
of the ABL facility as of December 31, 2024, we met the criteria under the applicable debt agreements for these
exceptions, and as a result we were not restricted in our ability to make share repurchases and dividend
payments.
Sources and Uses of Cash. During 2024, we (i) generated cash from operating activities of $4.546
billion, (ii) generated cash from the sale of rental and non-rental equipment of $1.588 billion and (iii) received
cash from debt proceeds, net of payments, of $1.748 billion. We used cash during this period principally to (i)
make payments for purchases of rental and non-rental equipment and intangible assets of $4.127 billion, (ii)
purchase other companies for $1.655 billion, (iii) purchase shares of our common stock for $1.571 billion and
(iv) pay dividends of $434. During 2023, we (i) generated cash from operating activities of $4.704 billion and
(ii) generated cash from the sale of rental and non-rental equipment of $1.634 billion. We used cash during this
period principally to (i) make payments for purchases of rental and non-rental equipment and intangible assets
of $4.070 billion, (ii) purchase other companies for $574, (iii) purchase shares of our common stock for $1.070
billion and (iv) pay dividends of $406.
Free Cash Flow GAAP Reconciliation
We define “free cash flow” as net cash provided by operating activities less payments for purchases of,
and plus proceeds from, equipment and intangible assets. The equipment and intangible asset items are included
in cash flows from investing activities. 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.
2024
2023
2022
Net cash provided by operating activities . . . . . . . . . . . . . . . $
4,546
$
4,704
$
4,433
Payments for purchases of rental equipment . . . . . . . . . . . . . .
(3,753)
(3,714)
(3,436)
Payments for purchases of non-rental equipment and
intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(374)
(356)
(254)
Proceeds from sales of rental equipment . . . . . . . . . . . . . . . . .
1,521
1,574
965
Proceeds from sales of non-rental equipment . . . . . . . . . . . . . .
67
60
24
Insurance proceeds from damaged equipment . . . . . . . . . . . . .
51
38
32
Free cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2,058
$
2,306
$
1,764
Year Ended December 31,
Free cash flow for the year ended December 31, 2024 was $2.058 billion, a decrease of $248 as compared
to $2.306 billion for the year ended December 31, 2023. Free cash flow decreased primarily due to lower cash
provided by operating activities, which largely reflected the impact of higher cash tax payments and other
working capital activities, partially offset by increased net income.
Relationship between Holdings and URNA. Holdings is principally a holding company and primarily
conducts its operations through its wholly owned subsidiary, URNA, and subsidiaries of URNA. Holdings
licenses its tradename and other intangibles and provides certain services to URNA in connection with its
operations. These services principally include: (i) senior management services; (ii) finance and tax-related
services and support; (iii) information technology systems and support; (iv) acquisition-related services;
(v) legal services; and (vi) human resource support. In addition, Holdings leases certain equipment and real
property that are made available for use by URNA and its subsidiaries.
51

Information Regarding Guarantors of URNA Indebtedness
URNA is 100 percent owned by Holdings and has certain outstanding indebtedness that is guaranteed by
both Holdings and, with the exception of its U.S. special purpose vehicle which holds receivable assets relating
to the Company’s accounts receivable securitization facility (the “SPV”) and a foreign subsidiary holding
company acquired in connection with the General Finance acquisition, all of URNA’s U.S. subsidiaries (the
“guarantor subsidiaries”). Other than the guarantee by our Canadian subsidiary of URNA's indebtedness under
the ABL facility, none of URNA’s indebtedness is guaranteed by URNA's foreign subsidiaries, the SPV, or the
foreign subsidiary holding company acquired in connection with the General Finance acquisition (together, the
“non-guarantor subsidiaries”). The receivable assets owned by the SPV have been sold or contributed by URNA
to the SPV and are not available to satisfy the obligations of URNA or Holdings’ other subsidiaries. Holdings
consolidates each of URNA and the guarantor subsidiaries in its consolidated financial statements. URNA and
the guarantor subsidiaries are all 100 percent-owned and controlled by Holdings. Holdings’ guarantees of
URNA’s indebtedness are full and unconditional, except that the guarantees may be automatically released and
relieved upon satisfaction of the requirements for legal defeasance or covenant defeasance under the applicable
indenture being met. The Holdings guarantees are also subject to subordination provisions (to the same extent
that the obligations of the issuer under the relevant notes are subordinated to other debt of the issuer) and to a
standard limitation which provides that the maximum amount guaranteed by Holdings will not exceed the
maximum amount that can be guaranteed without making the guarantee void under fraudulent conveyance laws.
The guarantees of Holdings and the guarantor subsidiaries are made on a joint and several basis. The
guarantees of the guarantor subsidiaries are not full and unconditional because a guarantor subsidiary can be
automatically released and relieved of its obligations under certain circumstances, including sale of the
guarantor subsidiary, the sale of all or substantially all of the guarantor subsidiary's assets, the requirements for
legal defeasance or covenant defeasance under the applicable indenture being met, designating the guarantor
subsidiary as an unrestricted subsidiary for purposes of the applicable covenants or the notes being rated
investment grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in
certain circumstances, another rating agency selected by URNA. Like the Holdings guarantees, the guarantees
of the guarantor subsidiaries are subject to subordination provisions (to the same extent that the obligations of
the issuer under the relevant notes are subordinated to other debt of the issuer) and to a standard limitation
which provides that the maximum amount guaranteed by each guarantor will not exceed the maximum amount
that can be guaranteed without making the guarantee void under fraudulent conveyance laws.
All of the existing guarantees by Holdings and the guarantor subsidiaries rank equally in right of payment
with all of the guarantors' existing and future senior indebtedness. The secured indebtedness of Holdings and the
guarantor subsidiaries (including guarantees of URNA’s existing and future secured indebtedness) will rank
effectively senior to guarantees of any unsecured indebtedness to the extent of the value of the assets securing
such indebtedness. Future guarantees of subordinated indebtedness will rank junior to any existing and future
senior indebtedness of the guarantors. The guarantees of URNA’s indebtedness are effectively junior to any
indebtedness of our subsidiaries that are not guarantors, including our foreign subsidiaries. As of December 31,
2024, the indebtedness of our non-guarantors was comprised of (i) $1.085 billion of outstanding borrowings by
the SPV in connection with the Company’s accounts receivable securitization facility, (ii) $104 of outstanding
borrowings under the ABL facility by non-guarantor subsidiaries and (iii) $11 of finance leases of our non-
guarantor subsidiaries.
Covenants in the agreements governing our ABL facility, term loan facility and certain other debt
instruments impose limitations on our ability to make share repurchases and dividend payments, subject to
important exceptions that would allow us to make such repurchases or payments under certain conditions.
Based on our current total indebtedness leverage ratio (as defined in the applicable debt agreements) and usage
of the ABL facility as of December 31, 2024, we met the criteria under the applicable debt agreements for these
exceptions, and as a result we were not restricted in our ability to make share repurchases and dividend
payments.
52

Based on our understanding of Rule 3-10 of Regulation S-X (“Rule 3-10”), we believe that Holdings’
guarantees of URNA indebtedness comply with the conditions set forth in Rule 3-10, which enables us to
present summarized financial information for Holdings, URNA and the consolidated guarantor subsidiaries in
accordance with Rule 13-01 of Regulation S-X. The summarized financial information excludes the financial
information of the non-guarantor subsidiaries. In accordance with Rule 3-10, separate financial statements of
the guarantor subsidiaries have not been presented. Our presentation below excludes the investment in the non-
guarantor subsidiaries and the related income from the non-guarantor subsidiaries.
The summarized financial information of Holdings, URNA and the guarantor subsidiaries on a combined
basis is as follows:
December 31,
2024
Current receivable from non-guarantor subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$8
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
438
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
446
Long-term assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22,729
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23,175
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,018
Long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,813
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,831
Year Ended
December 31,
2024
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$13,989
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,659
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,304
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
Our exposure to market risk primarily consists of (i) interest rate risk associated with our variable and
fixed rate debt and (ii) foreign currency exchange rate risk associated with our foreign operations.
Interest Rate Risk. As of December 31, 2024, we had an aggregate of $4.3 billion of indebtedness that
bears interest at variable rates, comprised of borrowings under the ABL, accounts receivable securitization and
term loan facilities. See note 12 to our consolidated financial statements for the amounts outstanding, and the
interest rates thereon, as of December 31, 2024 under these facilities. As of December 31, 2024, based upon the
amount of our variable rate debt outstanding, our annual after-tax earnings would decrease by approximately
$32 for each one percentage point increase in the interest rates applicable to our variable rate debt.
The amount of variable rate indebtedness outstanding may fluctuate significantly. For additional
information concerning the terms of our variable rate debt, see note 12 to our consolidated financial statements.
At December 31, 2024, we had an aggregate of $9.1 billion of indebtedness that bears interest at fixed
rates. A one percentage point decrease in market interest rates as of December 31, 2024 would increase the fair
value of our fixed rate indebtedness by approximately four percent. For additional information concerning the
fair value and terms of our fixed rate debt, see note 11 (see “Fair Value of Financial Instruments”) and note 12
to our consolidated financial statements.
Currency Exchange Risk. We primarily operate in the U.S. and Canada, and have a smaller presence in
Europe, Australia and New Zealand. During the year ended December 31, 2024, our foreign subsidiaries
53

accounted for $1.354 billion, or 9 percent, of our total revenue of $15.345 billion, and $232, or 7 percent, of our
total pretax income of $3.388 billion. Based on the size of our foreign operations relative to the Company as a
whole, we do not believe that a 10 percent change in exchange rates would have a material impact on our
earnings. We do not engage in purchasing forward exchange contracts for speculative purposes.
54

Item 8.
Financial Statements and Supplementary Data
Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of United Rentals, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of United Rentals, Inc. (the Company) as of
December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income,
stockholders' equity and cash flows for each of the three years in the period ended December 31, 2024, and the
related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the
“consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its
operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity
with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024,
based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (2013 framework), and our report dated January 29, 2025
expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express
an opinion on the Company’s financial statements based on our audits. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.
55

Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial
statements that was communicated or required to be communicated to the audit committee and that: (1) relates
to accounts or disclosures that are material to the financial statements and (2) involved our especially
challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in
any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the
account or disclosure to which it relates.
Valuation of Goodwill
Description of
the Matter
At December 31, 2024, the Company’s goodwill was $6.9 billion. As discussed in Note 2
to the consolidated financial statements, goodwill is tested for impairment at least annually
at the reporting unit level.
Auditing management’s annual goodwill impairment test for the Mobile Storage reporting
unit was complex and judgmental due to the significant estimations required to determine
the fair value of the reporting unit. In particular, the determination of the fair value of the
Mobile Storage reporting unit required management to make significant assumptions,
including the discount rate and revenue growth rates, which are affected by expectations
about future operational, rental industry market or economic conditions.
How We
Addressed the
Matter in Our
Audit
We obtained an understanding, evaluated the design and tested the operating effectiveness
of controls over the Company’s goodwill impairment review process for the Mobile
Storage reporting unit, including controls over management’s development and review of
the significant assumptions described above and review of the reasonableness of the data
utilized in the Company’s valuation analysis.
To test the fair value of the Company’s Mobile Storage reporting unit, we performed audit
procedures that included, among others, assessing methodologies and testing the
significant assumptions discussed above and the underlying data used by the Company in
its analysis. We compared the significant assumptions used by management to current
industry and economic trends, including key performance indicators, and evaluated
whether changes in the company’s business would affect the significant assumptions. We
assessed the historical accuracy of management’s estimates and performed sensitivity
analyses of significant assumptions to evaluate the changes in the fair value of the Mobile
Storage reporting unit that would result from changes in the assumptions. In performing
our testing, we utilized internal valuation specialists to assist us in evaluating the
Company’s valuation model and related significant assumptions. In addition, we tested
management’s reconciliation of the fair value of the reporting unit to the market
capitalization of the Company.
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 1997.
Stamford, Connecticut
January 29, 2025
56

UNITED RENTALS, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
2024
2023
ASSETS
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
457
$
363
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,357
2,230
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
200
205
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
235
135
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,249
2,933
Rental equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14,931
14,001
Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,034
903
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,900
5,940
Other intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
663
670
Operating lease right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,337
1,099
Other long-term assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49
43
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
28,163
$
25,589
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt and current maturities of long-term debt . . . . . . . . . . . . . . . . . . . $
1,178
$
1,465
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
748
905
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,397
1,267
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,323
3,637
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,228
10,053
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,685
2,701
Operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,089
895
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
216
173
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19,541
17,459
Common stock—$0.01 par value, 500,000,000 shares authorized, 115,179,350
and 65,305,731 shares issued and outstanding, respectively, at December 31,
2024 and 115,010,396 and 67,269,577 shares issued and outstanding,
respectively, at December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
1
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,691
2,650
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,813
11,672
Treasury stock at cost—49,873,619 and 47,740,819 shares at December 31, 2024
and December 31, 2023, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,478)
(5,965)
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(405)
(228)
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,622
8,130
Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
28,163
$
25,589
December 31,
See accompanying notes.
57

UNITED RENTALS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
2024
2023
2022
Revenues:
Equipment rentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
13,029
$
12,064
$
10,116
Sales of rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,521
1,574
965
Sales of new equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
282
218
154
Contractor supplies sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
155
146
126
Service and other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
358
330
281
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,345
14,332
11,642
Cost of revenues:
Cost of equipment rentals, excluding depreciation . . . . . . . . . . .
5,365
4,900
4,018
Depreciation of rental equipment . . . . . . . . . . . . . . . . . . . . . . . .
2,466
2,350
1,853
Cost of rental equipment sales . . . . . . . . . . . . . . . . . . . . . . . . . . .
811
788
399
Cost of new equipment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . .
229
179
124
Cost of contractor supplies sales . . . . . . . . . . . . . . . . . . . . . . . . .
103
99
84
Cost of service and other revenues . . . . . . . . . . . . . . . . . . . . . . .
221
203
168
Total cost of revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,195
8,519
6,646
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,150
5,813
4,996
Selling, general and administrative expenses . . . . . . . . . . . . . . .
1,645
1,527
1,400
Restructuring charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
28
—
Non-rental depreciation and amortization . . . . . . . . . . . . . . . . . .
437
431
364
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,065
3,827
3,232
Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
691
635
445
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(14)
(19)
(15)
Income before provision for income taxes . . . . . . . . . . . . . . . . .
3,388
3,211
2,802
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
813
787
697
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2,575
$
2,424
$
2,105
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
38.82
$
35.40
$
29.77
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . $
38.69
$
35.28
$
29.65
Year Ended December 31,
See accompanying notes.
58

UNITED RENTALS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
2024
2023
2022
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2,575
$
2,424
$
2,105
Other comprehensive income (loss): . . . . . . . . . . . . . . . . . . . .
Foreign currency translation adjustments (1) . . . . . . . . . . . . . .
(177)
37
(93)
Fixed price diesel swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(1)
—
Other comprehensive income (loss) (1) . . . . . . . . . . . . . . . . . .
(177)
36
(93)
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2,398
$
2,460
$
2,012
Year Ended December 31,
(1)
There were no material reclassifications from accumulated other comprehensive loss reflected in other
comprehensive income (loss) during the years ended December 31, 2024, 2023 or 2022. There was no material
tax impact related to the foreign currency translation adjustments during the years ended December 31, 2024,
2023 or 2022. See note 14 to the consolidated financial statements for a discussion addressing our determination
pertaining to the permanent reinvestment of unremitted foreign earnings. There were no material taxes
associated with other comprehensive income (loss) during the years ended December 31, 2024, 2023 or 2022.
See accompanying notes.
59

UNITED RENTALS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions)
Number of
Shares (1)
Amount
Paid-in
Capital
Retained
Earnings
Number of
Shares
Amount
Comprehensive
(Loss) Income
(2)
Balance at January 1, 2022 .
72
$
1
$
2,567
$
7,551
42
$
(3,957)
$
(171)
Net income . . . . . . . . . . . . . . .
2,105
Foreign currency translation
adjustments . . . . . . . . . . . . . . .
(93)
Stock compensation expense,
net . . . . . . . . . . . . . . . . . . . . . .
—
127
Tax withholding for share
based compensation . . . . . . . .
(68)
Repurchase of common stock .
(3)
3
(1,000)
Balance at December 31,
2022 . . . . . . . . . . . . . . . . . . . . .
69
$
1
$
2,626
$
9,656
45
$
(4,957)
$
(264)
Net income . . . . . . . . . . . . . . .
2,424
Dividends declared (3) . . . . . .
(408)
Foreign currency translation
adjustments . . . . . . . . . . . . . . .
37
Fixed price diesel swaps . . . . .
(1)
Stock compensation expense,
net . . . . . . . . . . . . . . . . . . . . . .
—
94
Tax withholding for share
based compensation . . . . . . . .
(70)
Repurchase of common stock .
(3)
3
(1,008)
Balance at December 31,
2023 . . . . . . . . . . . . . . . . . . . . .
67
$
1
$
2,650
$
11,672
48
$
(5,965)
$
(228)
Net income . . . . . . . . . . . . . . .
2,575
Dividends declared (3) . . . . . .
(434)
Foreign currency translation
adjustments . . . . . . . . . . . . . . .
(177)
Stock compensation expense,
net . . . . . . . . . . . . . . . . . . . . . .
—
112
Tax withholding for share
based compensation . . . . . . . .
(71)
Repurchase of common stock .
(2)
2
(1,513)
Balance at December 31,
2024 . . . . . . . . . . . . . . . . . . . . .
65
$
1
$
2,691
$
13,813
50
$
(7,478)
$
(405)
Common Stock
Additional
Treasury Stock
Accumulated
Other
(1)
Amounts may not foot due to rounding.
(2)
As of December 31, 2024, 2023 and 2022, the Accumulated Other Comprehensive Loss balance primarily reflects
foreign currency translation adjustments.
(3)
In January 2023, our Board of Directors approved our first-ever quarterly dividend program (accordingly, there
were no dividends declared during 2022). We declared dividends of $6.52 and $5.92 per share during the years ended
December 31, 2024 and December 31, 2023, respectively.
See accompanying notes.
60

UNITED RENTALS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2024
2023
2022
(In millions)
Cash Flows From Operating Activities: . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2,575
$
2,424
$
2,105
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,903
2,781
2,217
Amortization of deferred financing costs and original issue discounts . . .
15
14
13
Gain on sales of rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(710)
(786)
(566)
Gain on sales of non-rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(17)
(21)
(9)
Insurance proceeds from damaged equipment . . . . . . . . . . . . . . . . . . . . . .
(51)
(38)
(32)
Stock compensation expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112
94
127
Restructuring charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
28
—
Loss on repurchase/redemption/amendment of debt . . . . . . . . . . . . . . . . .
1
—
17
(Decrease) increase in deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(19)
35
537
Changes in operating assets and liabilities, net of amounts acquired: . . . .
Increase in accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(20)
(167)
(329)
Decrease (increase) in inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
19
(25)
(Increase) decrease in prepaid expenses and other assets . . . . . . . . . . . . . .
(27)
281
(164)
(Decrease) increase in accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . .
(203)
(45)
304
(Decrease) increase in accrued expenses and other liabilities . . . . . . . . . .
(31)
85
238
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . .
4,546
4,704
4,433
Cash Flows From Investing Activities:
Payments for purchases of rental equipment . . . . . . . . . . . . . . . . . . . . . . .
(3,753)
(3,714)
(3,436)
Payments for purchases of non-rental equipment and intangible assets . . .
(374)
(356)
(254)
Proceeds from sales of rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . .
1,521
1,574
965
Proceeds from sales of non-rental equipment . . . . . . . . . . . . . . . . . . . . . . .
67
60
24
Insurance proceeds from damaged equipment . . . . . . . . . . . . . . . . . . . . . .
51
38
32
Purchases of other companies, net of cash acquired . . . . . . . . . . . . . . . . . .
(1,655)
(574)
(2,340)
Purchases of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)
(4)
(7)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,148)
(2,976)
(5,016)
Cash Flows From Financing Activities:
Proceeds from debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,609
8,576
9,885
Payments of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9,861)
(8,574)
(8,241)
Payments of financing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(17)
—
(24)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(434)
(406)
—
Common stock repurchased, including tax withholdings for share based
compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,571)
(1,070)
(1,068)
Net cash (used in) provided by financing activities . . . . . . . . . . . . . . . .
(274)
(1,474)
552
Effect of foreign exchange rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(30)
3
(7)
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . .
94
257
(38)
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . .
363
106
144
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . $
457
$
363
$
106
Supplemental disclosure of cash flow information:
Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
674
$
614
$
406
Cash paid for income taxes, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
994
493
326
Year Ended December 31,
See accompanying notes.
61

UNITED RENTALS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share data and unless otherwise indicated)
1.
Organization, Description of Business and Consolidation
United Rentals, Inc. (“Holdings”) is principally a holding company and conducts its operations primarily
through its wholly owned subsidiary, United Rentals (North America), Inc. (“URNA”), and subsidiaries of
URNA. Holdings’ primary asset is its sole ownership of all issued and outstanding shares of common stock of
URNA. URNA’s various credit agreements and debt instruments place restrictions on its ability to transfer
funds to its stockholder. As used in this report, the terms the “Company,” “United Rentals,” “we,” “us,” and
“our” refer to United Rentals, Inc. and its subsidiaries, unless otherwise indicated.
We rent equipment to a diverse customer base that includes construction and industrial companies,
manufacturers, utilities, municipalities, homeowners and government entities. We primarily operate in the
United States and Canada, and have a smaller presence in Europe, Australia and New Zealand. In addition to
renting equipment, we sell new and used rental equipment, as well as related contractor supplies, parts and
service.
The accompanying consolidated financial statements include our accounts and those of our controlled
subsidiary companies. All significant intercompany accounts and transactions have been eliminated. We
consolidate variable interest entities if we are deemed the primary beneficiary of the entity.
2.
Summary of Significant Accounting Policies
Cash Equivalents
We consider all highly liquid instruments with maturities of three months or less when purchased to be
cash equivalents.
Allowance for Credit Losses
We maintain allowances for credit losses. These allowances reflect our estimate of the amount of our
receivables that we will be unable to collect based on historical write-off experience and, as applicable, current
conditions and reasonable and supportable forecasts that affect collectibility. Our estimate could require change
based on changing circumstances, including changes in the economy or in the particular circumstances of
individual customers. Accordingly, we may be required to increase or decrease our allowances. Trade
receivables that have contractual maturities of one year or less are written-off when they are determined to be
uncollectible based on the criteria necessary to qualify as a deduction for federal tax purposes. Write-offs of
such receivables require management approval based on specified dollar thresholds. See note 3 to our
consolidated financial statements for further detail.
Inventory
Inventory consists of new equipment, contractor supplies, tools, parts, fuel and related supply items.
Inventory is stated at the lower of cost or market. Cost is determined, depending on the type of inventory, using
either a specific identification or weighted-average method.
Rental Equipment
Rental equipment, which includes service and delivery vehicles, is recorded at cost and depreciated over
the estimated useful life of the equipment using the straight-line method. The range of estimated useful lives for
rental equipment is two to 20 years. Rental equipment is depreciated to a salvage value of zero to 50 percent of
cost. The weighted average salvage value of our rental equipment is 12 percent of cost. Rental equipment is
depreciated whether or not it is out on rent.
62

Property and Equipment
Property and equipment are recorded at cost and depreciated over their estimated useful lives using the
straight-line method. The range of estimated useful lives for property and equipment is three to 40 years.
Ordinary repair and maintenance costs are charged to expense as incurred. Leasehold improvements are
amortized using the straight-line method over their estimated useful lives or the remaining life of the lease,
whichever is shorter.
Acquisition Accounting
We have made a number of acquisitions in the past and may continue to make acquisitions in the future.
The assets acquired and liabilities assumed are recorded based on their respective fair values at the date of
acquisition. Long-lived assets (principally rental equipment), goodwill and other intangible assets generally
represent the largest components of our acquisitions. Rental equipment is valued utilizing either a cost, market
or income approach, or a combination of certain of these methods, depending on the asset being valued and the
availability of market or income data. Goodwill is calculated as the excess of the cost of the acquired business
over the net of the fair value of the assets acquired and the liabilities assumed. The intangible assets that we
have acquired are non-compete agreements, customer relationships and trade names and associated trademarks.
The estimated fair values of these intangible assets reflect various assumptions about discount rates, revenue
growth rates, operating margins, terminal values, useful lives and other prospective financial information. Non-
compete agreements, customer relationships and trade names and associated trademarks are valued based on an
excess earnings or income approach based on projected cash flows.
Determining the fair value of the assets and liabilities acquired can be judgmental in nature and can
involve the use of significant estimates and assumptions. The judgments made in determining the estimated fair
value assigned to the assets acquired, as well as the estimated life of the assets, can materially impact net
income in periods subsequent to the acquisition through depreciation and amortization, and in certain instances
through impairment charges, if the asset becomes impaired in the future. As discussed below, we regularly
review for impairments.
When we make an acquisition, we also acquire other assets and assume liabilities. These other assets and
liabilities typically include, but are not limited to, parts inventory, accounts receivable, accounts payable and
other working capital items. Because of their short-term nature, the fair values of these other assets and
liabilities generally approximate the book values on the acquired entities' balance sheets.
Evaluation of Goodwill Impairment
Goodwill is tested for impairment annually or more frequently if an event or circumstance indicates that
an impairment loss may have been incurred. Application of the goodwill impairment test requires judgment,
including: the identification of reporting units; assignment of assets and liabilities to reporting units; assignment
of goodwill to reporting units; determination of the fair value of each reporting unit; and an assumption as to the
form of the transaction in which the reporting unit would be acquired by a market participant (either a taxable or
nontaxable transaction).
When conducting the goodwill impairment test, we are required to compare the fair value of our reporting
units (which are our regions) with the carrying amount. As discussed in note 5 to our consolidated financial
statements, our divisions are our operating segments. We conduct the goodwill impairment test at the reporting
unit level, which is one level below the operating segment level.
Financial Accounting Standards Board (“FASB”) guidance permits entities to first assess qualitative
factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its
carrying amount. We estimate the fair value of our reporting units using a combination of an income approach
based on the present value of estimated future cash flows and a market approach based on market price data of
shares of our Company and other corporations engaged in similar businesses as well as acquisition multiples
63

paid in recent transactions. We believe this approach, which utilizes multiple valuation techniques, yields the
most appropriate evidence of fair value.
In connection with our goodwill impairment test that was conducted as of October 1, 2024, we bypassed
the optional qualitative assessment for each reporting unit and quantitatively compared the fair values of our
reporting units with their carrying amounts. Our goodwill impairment testing as of this date indicated that all of
our reporting units, including our Matting Solutions reporting unit, which was created following the March
2024 acquisition of Yak that is discussed in note 4 to the consolidated financial statements and which includes
the assets acquired in the Yak acquisition, and our Mobile Storage reporting unit, which is discussed below
associated with the goodwill impairment test that was conducted as of October 1, 2023, had estimated fair
values which exceeded their respective carrying amounts by at least 60 percent.
In connection with our goodwill impairment test that was conducted as of October 1, 2023, we bypassed
the optional qualitative assessment for each reporting unit and quantitatively compared the fair values of our
reporting units with their carrying amounts. Our goodwill impairment testing as of this date indicated that all of
our reporting units, excluding our Mobile Storage reporting unit, had estimated fair values which exceeded their
respective carrying amounts by at least 54 percent. We completed the acquisition of General Finance in May
2021, and all of the assets in the Mobile Storage reporting unit were acquired in the General Finance
acquisition. The estimated fair value of our Mobile Storage reporting unit exceeded its carrying amount by eight
percent. As all of the assets in the Mobile Storage reporting unit were recorded at fair value as of the May 2021
acquisition date, we expected the percentage by which the fair value for this reporting unit exceeded the
carrying value to be significantly less than the equivalent percentages determined for our other reporting units.
Other Intangible Assets
Other intangible assets consist of non-compete agreements, customer relationships and trade names and
associated trademarks. The non-compete agreements are being amortized on a straight-line basis over initial
periods of approximately five years. The customer relationships are being amortized either using the sum of the
years' digits method or on a straight-line basis over initial periods generally ranging from six to 15 years. The
trade names and associated trademarks are being amortized using the sum of the years' digits method over initial
periods of approximately three years. We believe that the amortization methods used reflect the estimated
pattern in which the economic benefits will be consumed.
Long-Lived Assets
Long-lived assets are recorded at the lower of amortized cost or fair value. As part of an ongoing review
of the valuation of long-lived assets, we assess the carrying value of such assets if facts and circumstances
suggest they may be impaired. If this review indicates the carrying value of such an asset may not be
recoverable, as determined by an undiscounted cash flow analysis over the remaining useful life, the carrying
value would be reduced to its estimated fair value.
Translation of Foreign Currency
Assets and liabilities of our foreign subsidiaries that have a functional currency other than U.S. dollars are
translated into U.S. dollars using exchange rates at the balance sheet date. Revenues and expenses are translated
at average exchange rates effective during the year. Foreign currency translation gains and losses are included
as a component of accumulated other comprehensive (loss) income within stockholders’ equity.
Revenue Recognition
As discussed in note 3 to our consolidated financial statements, we recognize revenue in accordance with
two different accounting standards: 1) Topic 606 (which addresses revenue from contracts with customers) and
2) Topic 842 (which addresses lease revenue). As discussed in note 3, most of our revenue is accounted for
64

under Topic 842. The discussion below addresses our primary revenue types based on the accounting standard
used to determine the accounting.
Lease revenues (Topic 842)
The accounting for the significant types of revenue that are accounted for under Topic 842 is discussed
below.
Owned equipment rentals: Owned equipment rentals represent revenues from renting equipment that we
own. We account for such rentals as operating leases.
Re-rent revenue: 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.
Revenues from contracts with customers (Topic 606)
The accounting for the significant types of revenue that are accounted for under Topic 606 is discussed
below.
Delivery and pick-up: Delivery and pick-up revenue associated with renting equipment is recognized
when the service is performed.
Sales of rental equipment, new equipment and contractor supplies are recognized at the time of delivery
to, or pick-up by, the customer and when collectibility is probable.
Service and other revenues primarily represent revenues earned from providing repair and maintenance
services on our customers’ fleet (including parts sales). Service revenue is recognized as the services are
performed.
See note 3 to our consolidated financial statements for further discussion of our revenue accounting.
Delivery Expense
Equipment rentals include our revenues from fees we charge for equipment delivery. Delivery costs are
charged to operations as incurred, and are included in cost of revenues on our consolidated statements of
income.
Advertising Expense
We promote our business through local and national advertising in various media, including television,
trade publications, branded sponsorships, yellow pages, the internet, radio and direct mail. Advertising costs are
generally expensed as incurred. These costs may include the development costs for branded content and
advertising campaigns. Advertising expense, net of the qualified advertising reimbursements discussed below,
was not material for the years ended December 31, 2024, 2023 and 2022.
We receive reimbursements for advertising that promotes a vendor’s products or services. Such
reimbursements that meet the applicable criteria under U.S. generally accepted accounting principles (“GAAP”)
are offset against advertising costs in the period in which we recognize the incremental advertising cost. The
amounts of qualified advertising reimbursements that reduced advertising expense were $64, $44 and $53 for
the years ended December 31, 2024, 2023 and 2022, respectively.
Insurance
We are insured for general liability, workers’ compensation and automobile liability, subject to
deductibles or self-insured retentions per occurrence. Losses within the deductible amounts are accrued based
65

upon the aggregate liability for reported claims incurred, as well as an estimated liability for claims incurred but
not yet reported. These liabilities are not discounted. We are also self-insured for group medical claims but
purchase “stop loss” insurance as protection against any one significant loss.
Income Taxes
We use the liability method of accounting for income taxes. Under this method, deferred tax assets and
liabilities are determined based on the differences between the financial statement and tax bases of assets and
liabilities and are measured using the tax rates and laws that are expected to be in effect when the differences
are expected to reverse. Recognition of deferred tax assets is limited to amounts considered by management to
be more likely than not to be realized in future periods. The most significant positive evidence that we consider
in the recognition of deferred tax assets is the expected reversal of cumulative deferred tax liabilities resulting
from book versus tax depreciation of our rental equipment fleet that is well in excess of the deferred tax assets.
We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a
tax return regarding uncertainties in income tax positions. The first step is recognition: we determine whether it
is more likely than not that a tax position will be sustained upon examination, including resolution of any
related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax
position has met the more-likely-than-not recognition threshold, we presume that the position will be examined
by the appropriate taxing authority with full knowledge of all relevant information. The second step is
measurement: a tax position that meets the more-likely-than-not recognition threshold is measured to determine
the amount of benefit to recognize in the financial statements. The tax position is measured at the largest
amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Differences
between tax positions taken in a tax return and amounts recognized in the financial statements will generally
result in one or more of the following: an increase in a liability for income taxes payable, a reduction of an
income tax refund receivable, a reduction in a deferred tax asset or an increase in a deferred tax liability.
We have historically considered the undistributed earnings of our foreign subsidiaries to be indefinitely
reinvested, and, accordingly, no taxes were provided on such earnings prior to the fourth quarter of 2020. In
2021, we remitted the cumulative amount of identified cash in our foreign operations in excess of near-term
working capital needs. The taxes recorded associated with the remitted cash were immaterial. We continue to
expect that the remaining balance of our undistributed foreign earnings will be indefinitely reinvested. If we
determine that all or a portion of such foreign earnings are no longer indefinitely reinvested, we may be subject
to additional foreign withholding taxes and U.S. state income taxes.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.
Significant estimates impact the calculation of the allowance for credit losses, depreciation and amortization,
income taxes and reserves for claims. Actual results could materially differ from those estimates.
Concentrations of Credit Risk
Financial instruments that potentially subject us to significant concentrations of credit risk include cash
and cash equivalents and accounts receivable. We maintain cash and cash equivalents with high quality
financial institutions. Concentration of credit risk with respect to receivables is limited because a large number
of geographically diverse customers makes up our customer base (see note 3 to our consolidated financial
statements for further detail). We manage credit risk through credit approvals, credit limits and other monitoring
procedures.
Stock-Based Compensation
We measure stock-based compensation at the grant date based on the fair value of the award and
recognize stock-based compensation expense over the requisite service period. Determining the fair value of
stock option awards requires judgment, including estimating stock price volatility and expected option life.
66

Restricted stock awards are valued based on the fair value of the stock on the grant date and the related
compensation expense is recognized over the service period. Similarly, for time-based restricted stock awards
subject to graded vesting, we recognize compensation cost on a straight-line basis over the requisite service
period. For performance-based restricted stock units (“RSUs”), compensation expense is recognized if
satisfaction of the performance condition is considered probable. We recognize forfeitures of stock-based
compensation as they occur.
New Accounting Pronouncements
Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, which
requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the
effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for
fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for
early adoption. These requirements are not expected to have an impact on our financial statements, but will
impact our income tax disclosures.
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03,
which requires more detailed disclosures about specified categories of expenses (including employee
compensation, depreciation, and amortization) included in certain expense captions presented on the face of the
income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim
periods within fiscal years beginning after December 15, 2027, may be applied prospectively or retrospectively,
and allows for early adoption. We are currently assessing the impact this standard will have on our financial
statements.
Accounting Guidance Adopted in 2024
Improvements to Reportable Segment Disclosures. In November 2023, the FASB issued ASU 2023-07,
which expands reportable segment disclosure requirements, primarily through enhanced disclosures about
significant segment expenses. The amendments in the ASU require, among other things, disclosure of
significant segment expenses that are regularly provided to an entity's chief operating decision maker
(“CODM”) and a description of other segment items (the difference between segment revenue less the segment
expenses disclosed under the significant expense principle and each reported measure of segment profit or loss)
by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how
the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and
deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December
15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024.
We have adopted this guidance, which did not have an impact on our financial statements, although it did result
in expanded reportable segment disclosures, which are included in note 5 to our consolidated financial
statements.
3.
Revenue Recognition
Revenue Recognition Accounting Standards
We recognize revenue in accordance with two different accounting standards: 1) Topic 606 (which
addresses revenue from contracts with customers) and 2) Topic 842 (which addresses lease revenue). Under
Topic 606, revenue from contracts with customers is measured based on the consideration specified in the
contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties.
A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is
the unit of account under Topic 606. As reflected below, most of our revenue is accounted for under Topic 842.
Our contracts with customers generally do not include multiple performance obligations. We recognize revenue
when we satisfy a performance obligation by transferring control over a product or service to a customer. The
67

amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such
products or services.
Nature of goods and services
In the following table, revenue is summarized by type and by the applicable accounting standard.
2024
2023
2022
Topic
842
Topic
606
Total
Topic
842
Topic
606
Total
Topic 842
Topic
606
Total
Revenues:
Owned equipment
rentals . . . . . . . . . . $ 10,559
$
—
$ 10,559
$ 9,948
$
—
$ 9,948
$
8,310
$
—
$ 8,310
Re-rent revenue . . .
258
—
258
233
—
233
235
—
235
Ancillary and other
rental revenues:
Delivery and pick-
up . . . . . . . . . . . . . .
—
1,069
1,069
—
941
941
—
799
799
Other . . . . . . . . . . .
940
203
1,143
756
186
942
596
176
772
Total ancillary and
other rental
revenues . . . . . . . . .
940
1,272
2,212
756
1,127
1,883
596
975
1,571
Total equipment
rentals . . . . . . . . . .
11,757
1,272
13,029
10,937
1,127
12,064
9,141
975
10,116
Sales of rental
equipment . . . . . . .
—
1,521
1,521
—
1,574
1,574
—
965
965
Sales of new
equipment . . . . . . .
—
282
282
—
218
218
—
154
154
Contractor supplies
sales . . . . . . . . . . . .
—
155
155
—
146
146
—
126
126
Service and other
revenues . . . . . . . . .
—
358
358
—
330
330
—
281
281
Total revenues . . . $ 11,757
$ 3,588
$ 15,345
$ 10,937
$ 3,395
$ 14,332
$
9,141
$ 2,501
$ 11,642
Year Ended December 31,
Revenues by reportable segment and geographical market are presented in note 5 of the consolidated
financial statements using the revenue captions reflected in our consolidated statements of operations. The
majority of our revenue is recognized in our general rentals segment and in the U.S. (for the year ended
December 31, 2024, 71 percent and 91 percent, respectively). We believe that the disaggregation of our revenue
from contracts to customers as reflected above, coupled with the further discussion below and the reportable
segment and geographical market disclosures in note 5, depicts how the nature, amount, timing and uncertainty
of our revenue and cash flows are affected by economic factors.
Lease revenues (Topic 842)
The accounting for the types of revenue that are accounted for under Topic 842 is discussed below.
Owned equipment rentals represent our most significant revenue type (they accounted for 69 percent of
total revenues for the year ended December 31, 2024) 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.
68

Owned equipment rentals: 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.
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.
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).
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 $185 and $138 as of
December 31, 2024 and 2023, respectively.
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 (significantly less than a
year). Lessees do not provide residual value guarantees on rented equipment.
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.
Re-rent revenue: 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.
“Other” 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.
Revenues from contracts with customers (Topic 606)
The accounting for the types of revenue that are accounted for under Topic 606 is discussed below.
Substantially all of our revenues under Topic 606 are recognized at a point-in-time rather than over time.
Delivery and pick-up: Delivery and pick-up revenue associated with renting equipment is recognized
when the service is performed.
69

“Other” equipment rental revenue is primarily comprised of revenues associated with the consumption of
fuel by our customers which are recognized when the equipment is returned by the customer (and consumption,
if any, can be measured).
Sales of rental equipment, new equipment and contractor supplies are recognized at the time of delivery
to, or pick-up by, the customer and when collectibility is probable.
Service and other revenues primarily represent revenues earned from providing repair and maintenance
services on our customers’ fleet (including parts sales). Service revenue is recognized as the services are
performed.
Receivables and contract assets and liabilities
As reflected above, most of our equipment rental revenue is accounted for under Topic 842 (such revenue
represented 77 percent of our total revenues for the year ended December 31, 2024). The customers that are
responsible for the remaining revenue that is accounted for under Topic 606 are generally the same customers
that rent our equipment. We manage credit risk associated with our accounts receivables at the customer level.
Because the same customers generate the revenues that are accounted for under both Topic 606 and Topic 842,
the discussions below on credit risk and our allowance for credit losses address receivables arising from
revenues from both Topic 606 and Topic 842.
Concentration of credit risk with respect to our receivables is limited because a large number of
geographically diverse customers makes up our customer base. Our largest customer accounted for less than one
percent of total revenues in each of 2024, 2023, and 2022. Our customer with the largest receivable balance
represented approximately two percent and one percent of total receivables at December 31, 2024 and 2023,
respectively. We manage credit risk through credit approvals, credit limits and other monitoring procedures.
Our allowance for credit losses reflects our estimate of the amount of our receivables that we will be
unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable
and supportable forecasts that affect collectibility. Our estimate could require change based on changing
circumstances, including changes in the economy or in the particular circumstances of individual customers.
Accordingly, we may be required to increase or decrease our allowance. Trade receivables that have contractual
maturities of one year or less are written-off when they are determined to be uncollectible based on the criteria
necessary to qualify as a deduction for federal tax purposes. Write-offs of such receivables require management
approval based on specified dollar thresholds. See the table below for a rollforward of our allowance for credit
losses.
The measurement of expected credit losses is based on relevant information from past events, including
historical experiences, current conditions and reasonable and supportable forecasts that affect collectibility.
Trade receivables are the only material financial asset we have that is subject to the requirement to measure
expected credit losses as noted above, as this requirement does not apply to receivables arising from operating
lease revenues. Substantially all of our non-lease trade receivables are due in one year or less. As discussed
above, most of our equipment rental revenue is accounted for as lease revenue (such revenue represented 77
percent of our total revenues for the year ended December 31, 2024), and these revenues account for
corresponding portions of the $2.357 billion of net accounts receivable and the associated allowance for credit
losses of $186 as of December 31, 2024.
As discussed above, most of our equipment rental revenue is accounted for under Topic 842. The
customers that are responsible for the remaining revenue that is accounted for under Topic 606 are generally the
same customers that rent our equipment. We manage credit risk associated with our accounts receivables at the
customer level. The rollforward of our allowance for credit losses (in total, and associated with revenues arising
70

from both Topic 606 and Topic 842) is shown below.
Year ended December 31,
2024
2023
2022
Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
169
$
134
$
112
Charged to costs and expenses (1) . . . . . . . . . . . . . . . . . . . . . . .
20
14
11
Charged to revenue (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
60
49
Deductions and other (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(53)
(39)
(38)
Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
186
$
169
$
134
_________________
(1)
Reflects bad debt expenses recognized within selling, general and administrative expenses (associated
with Topic 606 revenues).
(2)
Primarily reflects credit losses associated with lease revenues that were recognized as a reduction to
equipment rentals revenue (primarily associated with Topic 842 revenues).
(3)
Primarily represents write-offs of accounts, net of immaterial recoveries and other activity.
We do not have material contract assets, or impairment losses associated therewith, or material contract
liabilities, associated with contracts with customers. Our contracts with customers do not generally result in
material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenue
during the years ended December 31, 2024 and December 31, 2023 that was included in the contract liability
balance as of the beginning of such periods.
Performance obligations
Most of our Topic 606 revenue is recognized at a point-in-time, rather than over time. Accordingly, in any
particular period, we do not generally recognize a significant amount of revenue from performance obligations
satisfied (or partially satisfied) in previous periods, and the amounts of such revenue recognized during the
years ended December 31, 2024 and December 31, 2023 were not material. We also do not expect to recognize
material revenue in the future related to performance obligations that were unsatisfied (or partially unsatisfied)
as of December 31, 2024.
Payment terms
Our Topic 606 revenues do not include material amounts of variable consideration. Our payment terms
vary by the type and location of our customer and the products or services offered. The time between invoicing
and when payment is due is not significant. Our contracts do not generally include a significant financing
component. For certain products or services and customer types, we require payment before the products or
services are delivered to the customer. Our contracts with customers do not generally result in significant
obligations associated with returns, refunds or warranties. See above for a discussion of how we manage credit
risk.
Revenue is recognized net of taxes collected from customers, which are subsequently remitted to
governmental authorities.
Contract costs
We do not recognize any assets associated with the incremental costs of obtaining a contract with a
customer (for example, a sales commission) that we expect to recover. Most of our revenue is recognized at a
point-in-time or over a period of one year or less, and we use the practical expedient that allows us to recognize
the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset
that we otherwise would have recognized is one year or less.
71

Contract estimates and judgments
Our revenues accounted for under Topic 606 generally do not require significant estimates or judgments,
primarily for the following reasons:
•
The transaction price is generally fixed and stated in our contracts;
•
As noted above, our contracts generally do not include multiple performance obligations, and
accordingly do not generally require estimates of the standalone selling price for each performance
obligation;
•
Our revenues do not include material amounts of variable consideration, or result in significant
obligations associated with returns, refunds or warranties; and
•
Most of our revenue is recognized as of a point-in-time and the timing of the satisfaction of the
applicable performance obligations is readily determinable. As noted above, our Topic 606 revenue is
generally recognized at the time of delivery to, or pick-up by, the customer.
Our revenues accounted for under Topic 842 also generally do not require significant estimates or
judgments. We monitor and review our estimated standalone selling prices on a regular basis.
4.
Acquisitions
On March 15, 2024, we completed the acquisition of Yak Access, LLC, Yak Mat, LLC and New South
Access & Environmental Solutions, LLC (collectively, “Yak”). Yak was a leader in the North American matting
industry with a fleet of approximately 600,000 hardwood, softwood, and composite mats that provide surface
protection across both construction and maintenance, repair and operations (“MRO”) applications, and served
customers primarily in the industrial sector across over 40 states. The acquisition:
• Provided entry into the matting market via an industry leader with established scale across fleet,
operations, and talent;
• Augmented exposure to the energy and power verticals, where significant investment is expected over
the next several decades; and
• Enhanced our one-stop-shop value proposition with immediate cross-selling opportunities to existing
and new construction and MRO customers.
The acquisition date fair value of the purchase price to acquire Yak was $1.158 billion, comprised of cash
and $41 of estimated contingent consideration ($50 is the maximum amount of contingent consideration) that
could become payable to the seller based on revenue attainment in the first two years after closing. The
acquisition and related fees and expenses were funded through the issuance of $1.100 billion principal amount
of 6 1/8 Senior Notes (see note 12 to the consolidated financial statements for further information) and drawings
on our senior secured asset-based revolving credit facility (“ABL facility”).
The table below summarizes the fair values of the assets acquired and liabilities assumed. The purchase
price allocations for these assets and liabilities are based on preliminary valuations and are subject to change as
we obtain additional information during the acquisition measurement period, although we do not expect
material future changes.
72

Accounts receivable (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
99
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
127
Property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Intangible assets (customer relationships) (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
150
Operating lease right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Total identifiable assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
434
Accounts payable, accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(100)
Operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)
Total liabilities assumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(104)
Net identifiable assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
330
Goodwill (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
828
Net assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
1,158
___________________
(1)
The estimated fair value of accounts receivables acquired was $99, and the gross contractual
amount was $102. We estimated that $3 would be uncollectible.
(2)
The customer relationships are being amortized over a 6 year life.
(3)
All of the goodwill was assigned to our specialty segment. As noted above, we have not yet
obtained all the information required to finalize the valuations of the assets acquired and liabilities assumed. As
such, goodwill could change from the amount noted above, although we do not expect material future changes.
Once finalized, we expect that the goodwill that results from the acquisition will be primarily reflective of Yak's
going-concern value, the value of Yak's assembled workforce and new customer relationships expected to arise
from the acquisition. All of the goodwill is expected to be deductible for income tax purposes (because the
acquired Yak entities were sold as disregarded entities, the acquisition was treated as an asset purchase for
income tax purposes, which resulted in the goodwill that is deductible for income tax purposes equaling the
total acquired goodwill).
The debt issuance costs associated with the issuance of debt to partially fund the acquisition are reflected,
net of amortization subsequent to the acquisition date, in long-term debt in our consolidated balance sheets. The
total post-acquisition revenue attributable to the acquired Yak locations was $322 for the year ended
December 31, 2024. It is not practicable to reasonably estimate the amount of earnings of Yak since the
acquisition date, primarily due to our corporate structure and the allocation of corporate costs.
Pro forma financial information
The pro forma information below gives effect to the Yak acquisition as if it had been completed on
January 1, 2023. The pro forma information is not necessarily indicative of our results had the acquisition been
completed on the above date, nor is it necessarily indicative of our future results. The pro forma information
does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisition
and also does not reflect additional revenue opportunities following the acquisition. The pro forma information
includes adjustments to record the acquired assets and liabilities of Yak at their respective fair values and to
give effect to the financing for the acquisition. The pro forma adjustments reflected in the table below are
subject to change as additional analysis is performed. The purchase price allocations for the assets acquired and
liabilities assumed are based on preliminary valuations and are subject to change as we obtain additional
information during the acquisition measurement period, although we do not expect material future changes.
Increases or decreases in the estimated fair values of the net assets acquired may impact our statements of
income in future periods. The table below presents unaudited pro forma consolidated income statement
73

information as if Yak had been included in our consolidated results for the entire periods reflected:
Year Ended
December 31,
2024
2023
United Rentals historic revenues (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
15,345
$
14,332
Yak historic revenues (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97
353
Pro forma revenues (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,442
14,685
United Rentals historic pretax income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,388
3,211
Yak historic pretax income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
54
Combined pretax income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,398
3,265
Pro forma adjustments to combined pretax income:
Impact of fair value mark-ups/useful life changes on depreciation (3) . . . . .
1
6
Intangible asset amortization (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
(19)
Interest expense (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(14)
(69)
Elimination of historic interest (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
66
Elimination of refinancing transactions (7) . . . . . . . . . . . . . . . . . . . . . . . . . .
(40)
(101)
Transaction bonuses and other (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
3
Pro forma pretax income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
3,379
$
3,151
________________
(1)
United Rentals historic revenue for the year ended December 31, 2024 includes the post-
acquisition revenue attributable to the acquired Yak locations of $322 that is discussed above. Pro forma
revenue for the year ended December 31, 2024 includes $419 of pre/post-acquisition revenue from the acquired
Yak locations, comprised of $97 of historic Yak revenue and $322 of post-acquisition revenue attributable to
the acquired Yak locations.
(2)
Yak revenue reflects only the historical results of the entities being acquired, and includes an
estimate of revenue from mat rentals to a commonly controlled entity that were eliminated in consolidation by
Yak.
(3)
Depreciation of rental equipment and non-rental depreciation were adjusted for the fair value
mark-ups of the equipment acquired in the Yak acquisition. There were no material changes to the useful lives
and salvage values of the acquired equipment.
(4)
Intangible asset amortization was adjusted to include amortization of the acquired intangible
assets.
(5)
As discussed above, the acquisition and related fees and expenses were funded through the
issuance of senior notes and drawings on our ABL facility. Interest expense was adjusted to reflect interest on
the debt used to finance the acquisition.
(6)
Historic interest on debt that is not part of the combined entity was eliminated.
(7)
Reflects gains on the extinguishment of debt, net of refinancing transaction expenses.
(8)
Primarily reflects bonuses paid in connection with the acquisition.
In addition to the Yak acquisition, during 2024 and 2023, we completed a series of acquisitions which
were not significant individually or in the aggregate. In 2022, we completed the acquisition of assets of Ahern
Rentals, Inc. (“Ahern Rentals”), which was accounted for as a business combination. Disclosures addressing the
Ahern Rentals acquisition were included in our Annual Report on Form 10-K for the year ended December 31,
74

2023. See the consolidated statements of cash flows for the total cash outflow for purchases of other companies,
net of cash acquired, which includes Yak, Ahern Rentals and the other completed acquisitions, and see note 9 to
our consolidated financial statements for rollforwards showing the goodwill acquired associated with these
acquisitions.
5.
Segment Information
Our reportable segments are (i) general rentals and (ii) specialty. Our determination of the operating
segments is primarily based on geography, but also includes consideration of the offered products and services.
As noted below, we evaluate segment performance primarily based on segment equipment rentals gross profit.
As discussed further in note 2 to our consolidated financial statements (“Evaluation of Goodwill Impairment”),
we test for goodwill impairment at the reporting unit (the region, which is one level below the operating
segment (division)) level.
For general rentals, the divisions discussed below, which are our operating segments, are aggregated into
the reportable segment. The specialty segment is a single division that is both an operating segment and a
reportable segment. We believe that the divisions that are aggregated into our reportable segments have similar
economic characteristics, as each division is capital intensive, offers similar products to similar customers, uses
similar methods to distribute its products, and is subject to similar competitive risks. The aggregation of our
divisions also reflects the management structure that we use for making operating decisions and assessing
performance. We evaluate segment performance primarily based on segment equipment rentals gross profit.
The general rentals segment includes the rental of (i) general construction and industrial equipment, such
as backhoes, skid-steer loaders, forklifts, earthmoving equipment and material handling equipment, (ii) aerial
work platforms, such as boom lifts and scissor lifts and (iii) general tools and light equipment, such as pressure
washers, water pumps and power tools. The general rentals segment reflects the aggregation of four geographic
divisions—Central, Northeast, Southeast and West—and operates throughout the United States and Canada.
The specialty segment, which, as noted above, is a single division that is both an operating segment and a
reportable segment, rents products (and provides setup and other services on such rented equipment) including
(i) trench safety equipment, such as trench shields, aluminum hydraulic shoring systems, slide rails, crossing
plates, construction lasers and line testing equipment for underground work, (ii) power and HVAC equipment,
such as portable diesel generators, electrical distribution equipment, and temperature control equipment, (iii)
fluid solutions equipment primarily used for fluid containment, transfer and treatment, (iv) mobile storage
equipment and modular office space and (v) surface protection mats. The specialty segment’s customers include
construction companies involved in infrastructure projects, municipalities and industrial companies. This
segment primarily operates in the United States and Canada, and has a smaller presence in Europe, Australia
and New Zealand.
The following table presents the percentage of equipment rental revenue by equipment type for the years
ended December 31, 2024, 2023 and 2022:
75

2024
2023
2022
Primarily rented by our general rentals segment:
General construction and industrial equipment . . . . . . . . . .
40 %
42 %
42 %
Aerial work platforms . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 %
25 %
24 %
General tools and light equipment . . . . . . . . . . . . . . . . . . . .
9 %
8 %
8 %
Primarily rented by our specialty segment:
Power and HVAC equipment . . . . . . . . . . . . . . . . . . . . . . .
11 %
10 %
10 %
Trench safety equipment . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 %
5 %
6 %
Fluid solutions equipment . . . . . . . . . . . . . . . . . . . . . . . . . .
7 %
7 %
7 %
Mobile storage equipment and modular office space . . . . .
3 %
3 %
3 %
Surface protection mats (1) . . . . . . . . . . . . . . . . . . . . . . . . .
2 %
— %
— %
Year Ended December 31,
___________________
(1)
As discussed in note 4 to the consolidated financial statements, in March 2024, we completed the
acquisition of Yak, which was a leading provider of surface protection mats. Prior to the Yak acquisition,
we did not rent material amounts of such equipment.
The accounting policies for our segments are the same as those described in the summary of significant
accounting policies in note 2. Certain corporate costs, including those related to selling, finance, legal, risk
management, human resources, corporate management and information technology systems, are deemed to be
of an operating nature and are allocated to our segments based primarily on rental fleet size.
Our Chief Operating Officer is our CODM. Equipment rentals gross profit is the primary measure the
CODM utilizes in assessing segment performance and determining the allocation of resources. The CODM is
the primary individual in control of resource allocation, and the allocation determinations are made in
consultation with our senior executive committee, of which the CODM is a member. The most significant
allocation determinations made by the CODM pertain to purchases of rental equipment (see the table below for
total capital expenditures, including rental and non-rental equipment, by segment), and these determinations are
generally made as part of the annual budgeting process, with regular reviews occurring throughout the year that
can result in allocation changes (for example, if a specific division outperforms its plan, that could result in a
reallocation of resources between divisions or an increase in the total allocated resources). On a monthly basis,
the CODM considers budget-to-actual variances for equipment rentals gross profit when making decisions
about allocating capital to the segments. Equipment rentals gross profit is also used to assess the performance
for each segment by comparing the results and return on assets of each segment with one another, which also
informs the determinations made pertaining to the allocation of resources.
76

The following table sets forth financial information by segment, and includes a reconciliation of the
primary measure of segment profit (equipment rentals gross profit) to income before provision for income taxes.
Year Ended December 31,
2024
2023
2022
General
rentals
Specialty
Total
General
rentals
Specialty
Total
General
rentals
Specialty
Total
Equipment
rentals . . . . . .
$8,945
$4,084
$13,029
$8,803
$3,261
$12,064
$7,345
$2,771
$10,116
Sales of rental
equipment . . .
1,328
193
1,521
1,411
163
1,574
835
130
965
Sales of new
equipment . . .
159
123
282
95
123
218
73
81
154
Contractor
supplies sales .
87
68
155
89
57
146
81
45
126
Service and
other revenues
326
32
358
299
31
330
250
31
281
Total revenue
(1) . . . . . . . . .
10,845
4,500
15,345
10,697
3,635
14,332
8,584
3,058
11,642
Equipment
rentals gross
profit (see
calculation
below) . . . . . .
3,232
1,966
5,198
3,219
1,595
4,814
2,905
1,340
4,245
Equipment
rentals gross
margin . . . . .
36.1%
48.1%
39.9%
36.6%
48.9%
39.9%
39.6%
48.4%
42.0%
Capital
expenditures
(2) . . . . . . . . .
3,102
1,028
4,130
3,051
813
3,864
2,868
822
3,690
Calculation of equipment rentals gross profit:
Equipment
rentals
8,945
4,084
13,029
8,803
3,261
12,064
7,345
2,771
10,116
Less:
Depreciation
of rental
equipment . . .
(1,968)
(498)
(2,466)
(1,989)
(361)
(2,350)
(1,521)
(332)
(1,853)
Significant/all other rental expenses (3):
Labor and
benefits (4) . . .
(1,576)
(442)
(2,018)
(1,519)
(377)
(1,896)
(1,237)
(316)
(1,553)
Repairs and
maintenance . .
(830)
(211)
(1,041)
(827)
(176)
(1,003)
(645)
(147)
(792)
Delivery . . . . .
(472)
(350)
(822)
(448)
(269)
(717)
(375)
(236)
(611)
All other
rental
expenses (3) . .
(867)
(617)
(1,484)
(801)
(483)
(1,284)
(662)
(400)
(1,062)
Equipment
rentals gross
profit . . . . . . .
3,232
1,966
5,198
3,219
1,595
4,814
2,905
1,340
4,245
Reconciliation of equipment rentals gross profit to income before provision for income taxes:
Gross profit
from other
lines of
business . . . . .
952
999
751
Selling,
general and
administrative
expenses . . . .
(1,645)
(1,527)
(1,400)
Restructuring
charge (5) . . . .
(3)
(28)
—
77

Non-rental
depreciation
and
amortization . .
(437)
(431)
(364)
Interest
expense, net . .
(691)
(635)
(445)
Other income,
net . . . . . . . . .
14
19
15
Income
before
provision for
income taxes .
$3,388
$3,211
$2,802
December 31,
2024
December 31,
2023
December 31,
2022
General
rentals
Specialty
Total
General
rentals
Specialty
Total
General
rentals
Specialty
Total
Total assets
(6) . . . . . . . . .
$21,044
$7,119
$28,163
$20,411
$5,178
$25,589
$19,604
$4,579
$24,183
___________________
(1)
Includes immaterial intersegment revenues.
(2)
The consolidated statements of cash flows include the payments for capital expenditures, while the table
above reflects the gross capital expenditures. Accounts payable as of December 31, 2024 and December
31, 2023 included $77 and $74, respectively, of amounts due but unpaid for purchases of rental
equipment. The net impact of accrued purchases of rental equipment was not material for the year ended
December 31, 2022.
(3)
The significant expense categories align with the segment-level information that is regularly provided to
the CODM. The “all other rental expenses” category reflects the difference between equipment rentals
revenue less the significant expense categories above and the primary measure of segment profit
(equipment rentals gross profit), and is primarily comprised of property costs, costs associated with re-rent
revenue and certain ancillary revenues (see note 3 to the consolidated financial statements for a discussion
of the different types of equipment rentals revenue), and insurance costs. Intersegment expenses are
included within the amounts shown.
(4)
Labor and benefits includes all internal labor and benefits costs associated with equipment rentals,
including labor and benefits costs associated with repairs and maintenance and delivery.
(5)
Primarily reflects severance and branch closure charges associated with our restructuring programs. The
restructuring charges generally involve the closure of a large number of branches over a short period of
time, often in periods following a major acquisition. The amounts above primarily reflect charges
associated with the restructuring program initiated following the December 2022 acquisition of Ahern
Rentals. As of December 31, 2024, there were no open restructuring programs.
(6)
The increase in the specialty segment assets from December 31, 2023 to December 31, 2024 includes the
impact of the Yak acquisition discussed in note 4 to the consolidated financial statements.
We primarily operate in the United States and Canada, and have a smaller presence in Europe, Australia
and New Zealand. The foreign information in the table below primarily reflects Canada. The following table
presents geographic area information for the years ended December 31, 2024, 2023 and 2022, except for
balance sheet information, which is presented as of December 31, 2024 and 2023:
78

2024
Equipment rentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
11,919
$
1,110
$
13,029
Sales of rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,379
142
1,521
Sales of new equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
242
40
282
Contractor supplies sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
131
24
155
Service and other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . .
320
38
358
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,991
1,354
15,345
Rental equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,634
1,297
14,931
Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . .
942
92
1,034
Goodwill and other intangible assets, net . . . . . . . . . . . . . . . . . $
6,910
$
653
$
7,563
2023
Equipment rentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
11,045
$
1,019
$
12,064
Sales of rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,427
147
1,574
Sales of new equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
168
50
218
Contractor supplies sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
130
16
146
Service and other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . .
293
37
330
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,063
1,269
14,332
Rental equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12,679
1,322
14,001
Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . .
842
61
903
Goodwill and other intangible assets, net . . . . . . . . . . . . . . . . . $
6,031
$
579
$
6,610
2022
Equipment rentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
9,139
$
977
$
10,116
Sales of rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
870
95
965
Sales of new equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
122
32
154
Contractor supplies sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
17
126
Service and other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . .
248
33
281
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
10,488
$
1,154
$
11,642
Domestic
Foreign
Total
6.
Prepaid Expenses and Other Assets
Prepaid expenses and other assets consist of the following:
2024
2023
Equipment (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
7
$
17
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
29
Advertising reimbursements (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
22
Income taxes (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
5
Other (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90
62
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
235
$
135
December 31,
_________________
79

(1)
Reflects refundable deposits on expected purchases, primarily of rental equipment, pursuant to advance
purchase agreements. Such deposits are presented as a component of cash flows from operations when
paid.
(2)
Reflects reimbursements due for advertising that promotes a vendor’s products or services. See note 2
(“Advertising Expense”) for further detail.
(3)
The increase above from December 31, 2023 to December 31, 2024 was primarily due to an increase in
income taxes receivable which reflected required tax payments exceeding the estimated tax accruals.
(4)
Includes multiple items, none of which are individually significant.
7.
Rental Equipment
Rental equipment consists of the following:
2024
2023
Rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
22,990
$
21,689
Less accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8,059)
(7,688)
Rental equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
14,931
$
14,001
December 31,
8.
Property and Equipment
Property and equipment consist of the following:
2024
2023
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
170
$
157
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
310
296
Non-rental vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
318
268
Machinery and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
329
265
Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
463
435
Leasehold improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
610
567
2,200
1,988
Less accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,166)
(1,085)
Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
1,034
$
903
December 31,
9.
Goodwill and Other Intangible Assets
The following table presents the changes in the carrying amount of goodwill for each of the three years in
the period ended December 31, 2024:
80

Balance at January 1, 2022 (1) . . . . . . . . . . . . . . . . . . . . . . . . $
4,445
$
1,083
$
5,528
Goodwill related to acquisitions (2) (3) . . . . . . . . . . . . . . . . .
549
(20)
529
Foreign currency translation and other adjustments . . . . . . .
(14)
(17)
(31)
Balance at December 31, 2022 (1) . . . . . . . . . . . . . . . . . . . . .
4,980
1,046
6,026
Goodwill related to acquisitions (2) (3) . . . . . . . . . . . . . . . . .
(209)
111
(98)
Foreign currency translation and other adjustments . . . . . . .
4
8
12
Balance at December 31, 2023 (1) . . . . . . . . . . . . . . . . . . . . .
4,775
1,165
5,940
Goodwill related to acquisitions (2) (3) . . . . . . . . . . . . . . . . .
124
881
1,005
Foreign currency translation and other adjustments . . . . . . .
(16)
(29)
(45)
Balance at December 31, 2024 (1) . . . . . . . . . . . . . . . . . . . . . $
4,883
$
2,017
$
6,900
General rentals
Specialty
Total
_________________
(1)
The total carrying amount of goodwill for all periods in the table above is reflected net of $1.557 billion
of accumulated impairment charges, which were primarily recorded in our general rentals segment.
(2)
Includes goodwill adjustments for the effect on goodwill of changes to net assets acquired during the
measurement period, which were not significant to our previously reported operating results or financial
condition. Decreases in goodwill related to acquisitions above primarily reflect such measurement period
adjustments.
(3)
The December 2022 acquisition of Ahern Rentals was assigned to our general rentals segment and
accounted for most of the goodwill related to acquisitions in 2022. The decrease in goodwill related to
acquisitions for the general rentals segment in 2023 primarily reflected measurement period adjustments
associated with the Ahern Rentals acquisition, partially offset by other acquisition activity. For additional
detail on the March 2024 acquisition of Yak, which was assigned to our specialty segment and accounted
for most of the goodwill related to acquisitions in 2024, see note 4 to our consolidated financial
statements.
Other intangible assets were comprised of the following at December 31, 2024 and 2023:
Weighted-
Average Remaining
Amortization Period
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Non-compete agreements . . . . . . . . . . . . . . .
3 years
$
170
$
85
$
85
Customer relationships . . . . . . . . . . . . . . . . .
6 years
$
2,674
$
2,100
$
574
Trade names and associated trademarks . . .
2 years
$
12
$
8
$
4
December 31, 2024
Weighted-
Average Remaining
Amortization Period
Gross
Carrying
Amount
Accumulated
Amortization
Net
Amount
Non-compete agreements . . . . . . . . . . . . .
4 years
$
176
$
58
$
118
Customer relationships . . . . . . . . . . . . . . .
6 years
$
2,468
$
1,919
$
549
Trade names and associated trademarks . .
2 years
$
9
$
6
$
3
December 31, 2023
Our other intangibles assets, net at December 31, 2024 include the assets set forth in the table below
associated with the acquisition of Yak that is discussed in note 4 to our consolidated financial statements. No
residual value has been assigned to these assets. The non-compete agreements are being amortized on a straight-
81

line basis and the customer relationships are being amortized using the sum of the years' digits method, and we
believe that such methods best reflect the estimated pattern in which the economic benefits will be consumed.
December 31, 2024
Weighted-
Average Remaining
Amortization Period
Net Carrying
Amount
Customer relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 years
118
Amortization expense for other intangible assets was $258, $271 and $219 for the years ended
December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024, estimated amortization expense for other intangible assets for each of the next
five years and thereafter was as follows:
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
227
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
173
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
119
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
663
10.
Accrued Expenses and Other Liabilities and Other Long-Term Liabilities
Accrued expenses and other liabilities consist of the following:
2024
2023
Self-insurance accruals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
100
$
78
Accrued compensation and benefit costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
147
149
Property and income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
139
Restructuring reserves (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
21
Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
165
152
Deferred revenue (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
185
138
National accounts accrual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
202
173
Operating lease liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
294
249
Other (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
223
168
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
1,397
$
1,267
December 31,
_________________
(1)
Primarily relates to branch closure charges and severance costs associated with our closed restructuring
programs. As of December 31, 2024, there were no open restructuring programs.
(2)
Reflects amounts billed to customers in excess of recognizable revenue. See note 3 for additional detail.
(3)
Other includes multiple items, none of which are individually significant.
82

Other long-term liabilities consist of the following:
2024
2023
Self-insurance accruals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
147
$
121
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
11
Accrued compensation and benefit costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
41
Contingent consideration (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
—
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
216
$
173
December 31,
_________________
(1)
Primarily reflects the long-term portion of the contingent consideration for the Yak acquisition that is
discussed in note 4 to the consolidated financial statements.
11.
Fair Value Measurements
As of December 31, 2024 and 2023, the amounts of our assets and liabilities that were accounted for at
fair value were immaterial.
Fair value measurements are categorized in one of the following three levels based on the lowest level
input that is significant to the fair value measurement in its entirety:
Level 1—Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical
assets or liabilities.
Level 2—Observable inputs other than quoted prices in active markets for identical assets or liabilities
include:
a) quoted prices for similar assets or liabilities in active markets;
b) quoted prices for identical or similar assets or liabilities in inactive markets;
c) inputs other than quoted prices that are observable for the asset or liability;
d) inputs that are derived principally from or corroborated by observable market data by correlation or
other means.
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for
substantially the full term of the asset or liability.
Level 3—Inputs to the valuation methodology are unobservable (i.e., supported by little or no market
activity) and significant to the fair value measure.
Fair Value of Financial Instruments
The carrying amounts reported in our consolidated balance sheets for accounts receivable, accounts
payable and accrued expenses and other liabilities approximate fair value due to the immediate to short-term
maturity of these financial instruments. The fair values of our variable rate debt facilities and finance leases
approximated their book values as of December 31, 2024 and 2023. The estimated fair values of our other
financial instruments, all of which are categorized in Level 1 of the fair value hierarchy, as of December 31,
2024 and 2023 have been calculated based upon available market information, and were as follows:
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . . . $
8,821
$
8,518
$
7,720
$
7,442
December 31, 2024
December 31, 2023
83

12.
Debt
Debt, net of unamortized original issue premiums and unamortized debt issuance costs, consists of the
following:
2024
2023
Repurchase facility (terminated in 2024) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . $
—
$
100
Accounts receivable securitization facility expiring 2025 (1) . . . . . . . . . . . . . .
1,085
1,300
$4.25 billion ABL facility expiring 2027 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,253
1,261
Term loan facility expiring 2031 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
984
945
5 1/2 percent Senior Notes due 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
499
498
3 7/8 percent Senior Secured Notes due 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . .
747
745
4 7/8 percent Senior Notes due 2028 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,667
1,665
6 percent Senior Secured Notes due 2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,490
1,488
5 1/4 percent Senior Notes due 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
746
745
4 percent Senior Notes due 2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
745
744
3 7/8 percent Senior Notes due 2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,092
1,091
3 3/4 percent Senior Notes due 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
745
744
6 1/8 percent Senior Notes due 2034 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,090
—
Finance leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
263
192
Total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13,406
11,518
Less short-term portion (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,178)
(1,465)
Total long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
12,228
$
10,053
December 31,
(1)
The table below presents financial information associated with our variable rate indebtedness as of and
for the year ended December 31, 2024. The repurchase facility is not included below because (i) there
were no borrowings under it during the year ended December 31, 2024 and (ii) it was terminated in May
2024. We have borrowed the full available amount under the term loan facility. The principal obligation
under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal
to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt
outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a
portion of the principal obligation.
ABL facility
Accounts
receivable
securitization
facility
Term loan
facility
Borrowing capacity, net of letters of credit . . . . . . . $
1,973
$
415
$
—
Letters of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
Interest rate at December 31, 2024 . . . . . . . . . . . . . .
5.6 %
5.4 %
6.1 %
Average month-end debt outstanding . . . . . . . . . . . .
1,634
1,219
993
Weighted-average interest rate on average debt
outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.2 %
6.1 %
6.8 %
Maximum month-end debt outstanding . . . . . . . . . .
2,259
1,424
1,000
84

(2)
URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the
issuances, URNA consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior
Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent
Senior Notes issued in August 2017. As of December 31, 2024, the total above is comprised of two
separate 4 7/8 percent Senior Notes, one with a book value of $1.663 billion and one with a book value of
$4.
(3)
In March 2024, URNA issued $1.100 billion aggregate principal amount of 6 1/8 percent Senior Notes.
See below for additional detail on the issued debt.
(4)
As of December 31, 2024, short-term debt primarily reflected borrowings under the accounts receivable
securitization facility and the short-term portion of our finance leases. As of December 31, 2023, short-
term debt primarily reflected borrowings under the accounts receivable securitization and repurchase
facilities and the short-term portion of our finance leases. The accounts receivable securitization facility,
which expires on June 24, 2025, may be extended on a 364-day basis by mutual agreement with the
purchasers under the facility. The weighted average interest rates on our short-term debt, excluding
finance leases, were 5.4 percent and 6.4 percent as of December 31, 2024 and 2023, respectively. See
note 13 to the consolidated financial statements for further discussion on our finance leases.
Short-term debt
Accounts receivable securitization facility. The accounts receivable securitization facility expires on June
24, 2025 and may be extended on a 364-day basis by mutual agreement with the purchasers under the facility.
Borrowings under the accounts receivable securitization facility bear interest based on (i) the cost of
commercial paper issued by a conduit purchaser to fund its investment, plus related dealer commissions and
note issuance costs or, (ii) if funded by a bank, the Secured Overnight Financing Rate (“SOFR”). In 2024, the
accounts receivable securitization facility was amended, primarily to increase the facility size to $1.5 billion and
to extend the maturity date. Key provisions of the facility include the following:
•
borrowings are permitted only to the extent that the face amount of the receivables in the collateral
pool, net of applicable reserves, exceeds the outstanding loans by a specified amount. As of
December 31, 2024, there were $1.537 billion of receivables, net of applicable reserves, in the
collateral pool;
•
the receivables in the collateral pool are the lenders’ only source of repayment;
•
upon early termination of the facility, no new amounts will be advanced under the facility and
collections on the receivables securing the facility will be used to repay the outstanding borrowings;
and
•
standard termination events including, without limitation, a change of control of Holdings, URNA or
certain of its subsidiaries, a failure to make payments, a failure to comply with standard default,
delinquency, dilution and days sales outstanding covenants, or breach of the fixed charge coverage
ratio covenant under the ABL facility (if applicable).
See the table above for financial information associated with the accounts receivable securitization
facility.
Long-term debt
ABL facility. In June 2008, Holdings, URNA, and certain of our subsidiaries entered into a credit
agreement providing for a five-year $1.25 billion ABL facility, a portion of which is available for borrowing in
Canadian dollars. The ABL facility was subsequently upsized and extended, and a portion of the facility is also
now available for borrowing in British pounds, Euros, Australian dollars and New Zealand dollars by certain
subsidiaries of URNA in Europe, Australia and New Zealand. The size of the ABL facility was $4.25 billion as
of December 31, 2024. See the table above for financial information associated with the ABL facility.
The ABL facility is subject to, among other things, the terms of a borrowing base derived from the value
of eligible rental equipment and eligible inventory. The borrowing base is subject to certain reserves and caps
customary for financings of this type. All amounts borrowed under the credit agreement must be repaid on or
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before June 2027. Loans under the credit agreement bear interest, at URNA’s option: (i) in the case of loans in
U.S. dollars, at a rate equal to the term SOFR or daily SOFR (in each case plus a 0.10 percent credit margin
adjustment) or an alternate base rate, in each case plus a spread, (ii) in the case of loans in Canadian dollars, at a
rate equal to the Term Canadian Overnight Repo Rate Average (“Term CORRA”) or an alternate rate (the
Canadian prime rate), in each case plus a spread, (iii) in the case of loans in Euros, at a rate equal to the Euro
interbank offered rate or an alternate base rate, in each case plus a spread, (iv) in the case of loans in British
pounds, at a rate equal to the daily simple Sterling Overnight Interbank Average or an alternate base rate, in
each case plus a spread or (v) in the case of loans in Australian Dollars or New Zealand Dollars, at a rate equal
to the applicable bank bill rate or an alternate base rate, in each case plus a spread. The interest rates under the
credit agreement are subject to change based on the availability in the facility. A commitment fee accrues on
any unused portion of the commitments under the credit agreement at a fixed rate per annum. Ongoing
extensions of credit under the credit agreement are subject to customary conditions, including sufficient
availability under the borrowing base. As discussed below (see “Loan Covenants and Compliance”), the only
financial covenant that currently exists in the ABL facility is the fixed charge coverage ratio. As of
December 31, 2024, availability under the ABL facility has exceeded the required threshold and, as a result, this
financial covenant was inapplicable. In addition, the credit agreement contains customary negative covenants
applicable to Holdings, URNA and our subsidiaries, including negative covenants that restrict the ability of such
entities to, among other things, (i) incur additional indebtedness or engage in certain other types of financing
transactions, (ii) allow certain liens to attach to assets, (iii) repurchase, or pay dividends or make certain other
restricted payments on, capital stock and certain other securities, (iv) prepay certain indebtedness and (v) make
acquisitions and investments. The borrowings under the credit agreement by URNA are secured by substantially
all of our assets and substantially all of the assets of certain of our U.S. subsidiaries (other than real property
and certain accounts receivable). The borrowings under the credit agreement by URNA are guaranteed by
Holdings and, subject to certain exceptions, our domestic subsidiaries. Borrowings under the credit agreement
by URNA’s Canadian subsidiaries are also secured by substantially all the assets of URNA’s Canadian
subsidiaries and supported by guarantees from the Canadian subsidiaries and from Holdings and URNA, and,
subject to certain exceptions, our domestic subsidiaries. Borrowings under the credit agreement by URNA’s
subsidiaries in Europe, Puerto Rico, Australia and New Zealand are guaranteed by Holdings, URNA, URNA’s
Canadian subsidiaries and, subject to certain exceptions, our domestic subsidiaries and secured by substantially
all the assets of our U.S. subsidiaries (other than real property and certain accounts receivable) and substantially
all the assets of URNA’s Canadian subsidiaries. Under the ABL facility, a change of control (as defined in the
credit agreement) constitutes an event of default, entitling our lenders, among other things, to terminate our
ABL facility and to require us to repay outstanding borrowings.
Term loan facility. In October 2018, Holdings, URNA, and certain of our subsidiaries entered into a
senior secured term loan facility. In 2024, the term loan facility was amended, primarily to extend the maturity
date and to increase the facility size to $1.000 billion (at the time of the amendment, the facility size was $948).
See the table above for financial information associated with the term loan facility.
The term loan facility is guaranteed by Holdings and the same domestic subsidiaries that guarantee the
borrowings of URNA under the ABL facility. In addition, the obligations under the term loan facility are
secured by first priority security interests in the same collateral that secures the borrowings of URNA under the
ABL facility, on a pari passu basis with the ABL facility. The principal obligations under the term loan facility
are to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the
balance due at the maturity of the term loan facility. The term loan facility matures on February 14, 2031.
Borrowings under the term loan facility bear interest based on SOFR.
The term loan facility contains customary negative covenants applicable to URNA and its subsidiaries,
including negative covenants that restrict the ability of such entities to, among other things, (i) incur additional
indebtedness; (ii) incur additional liens; (iii) make dividends and other restricted payments; and (iv) engage in
mergers, acquisitions and dispositions. The term loan facility does not include any financial covenants. Under
the term loan facility, a change of control (as defined in the credit agreement) constitutes an event of default,
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entitling our lenders to, among other things, terminate the term loan facility and require us to repay outstanding
loans.
5 1/2 percent Senior Notes due 2027. In November 2016, URNA issued $750 aggregate principal amount
of 5 1/2 percent Senior Notes which are due May 15, 2027 (the “5 1/2 percent Notes”). In February 2017, URNA
issued $250 aggregate principal amount of 5 1/2 percent Notes as an add-on to the existing 5 1/2 percent Notes. In
May 2022, URNA redeemed $500 principal amount of the 5 1/2 percent Notes, and the aggregate principal
amount of outstanding 5 1/2 percent Notes was $500 as of December 31, 2024. The notes issued in February
2017 have identical terms, and are fungible, with the existing 5 1/2 percent Notes. The 5 1/2 percent Notes are
unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 5 1/2 percent Notes
may be redeemed on or after May 15, 2022, at specified redemption prices that range from 102.75 percent in
2022, to 100 percent in 2025 and thereafter, plus accrued and unpaid interest, if any. The indenture governing
the 5 1/2 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens;
(ii) additional indebtedness; (iii) mergers, consolidations and acquisitions; (iv) sales, transfers and other
dispositions of assets; (v) loans and other investments; (vi) dividends and other distributions, stock repurchases
and redemptions and other restricted payments; (vii) restrictions affecting subsidiaries; (viii) transactions with
affiliates; and (ix) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic
reports with the SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that
would allow URNA and its subsidiaries to engage in these activities under certain conditions. The indenture
also requires that, in the event of a change of control (as defined in the indenture), URNA must make an offer to
purchase all of the then-outstanding 5 1/2 percent Notes tendered at a purchase price in cash equal to 101 percent
of the principal amount thereof, plus accrued and unpaid interest, if any, thereon.
3 7/8 percent Senior Secured Notes due 2027. In November 2019, URNA issued $750 aggregate principal
amount of 3 7/8 percent Senior Secured Notes (the “3 7/8 percent Notes”) which are due November 15, 2027. The
3 7/8 percent Notes are guaranteed by Holdings and certain domestic subsidiaries of URNA and are secured on a
second-priority basis by liens on substantially all of URNA’s and the guarantors’ assets that secure the ABL
facility and the term loan facility, subject to certain exceptions. The 3 7/8 percent Notes may be redeemed on or
after November 15, 2022, at specified redemption prices that range from 101.938 percent in 2022, to 100
percent in 2025 and thereafter, in each case, plus accrued and unpaid interest, if any. In addition, at any time on
or prior to November 15, 2022, up to 40 percent of the aggregate principal amount of the 3 7/8 percent Notes
may be redeemed with the net cash proceeds of certain equity offerings at a redemption price equal to 103.875
percent of the aggregate principal amount of the notes plus accrued and unpaid interest, if any. The indenture
governing the 3 7/8 percent Notes contains certain restrictive covenants, including, among others, limitations on
(i) liens and (ii) mergers and consolidations, as well as a requirement to timely file periodic reports with the
SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow
URNA and its subsidiaries to engage in these activities under certain conditions. In addition, the requirements to
provide subsidiary guarantees, to give further assurances and to make an offer to repurchase the notes upon the
occurrence of a change of control will not apply to URNA and its restricted subsidiaries during any period when
the 3 7/8 percent Notes are rated investment grade by both Standard & Poor’s Ratings Services and Moody’s
Investors Service, Inc., or, in certain circumstances, another rating agency selected by URNA, provided at such
time no default under the indenture has occurred and is continuing. The indenture also requires that, in the event
of a change of control (as defined in the indenture), URNA must make an offer to purchase all of the then-
outstanding 3 7/8 percent Notes tendered at a purchase price in cash equal to 101 percent of the principal amount
thereof, plus accrued and unpaid interest, if any, thereon.
4 7/8 percent Senior Notes due 2028. In August 2017, URNA issued $925 principal amount of
4 7/8 percent Senior Notes (the “Initial 4 7/8 percent Notes”) which are due January 15, 2028. The Initial
4 7/8 percent Notes are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA.
The Initial 4 7/8 percent Notes may be redeemed on or after January 15, 2023, at specified redemption prices that
range from 102.438 percent in 2023, to 100 percent in 2026 and thereafter, in each case, plus accrued and
unpaid interest, if any. The indenture governing the Initial 4 7/8 percent Notes contains certain restrictive
covenants, including, among others, limitations on (i) liens; (ii) mergers and consolidations; (iii) sales, transfers
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and other dispositions of assets; (iv) dividends and other distributions, stock repurchases and redemptions and
other restricted payments; and (v) designations of unrestricted subsidiaries, as well as a requirement to timely
file periodic reports with the SEC. Each of the restrictive covenants is subject to important exceptions and
qualifications that would allow URNA and its subsidiaries to engage in these activities under certain conditions.
In addition, the covenant relating to dividends and other distributions, stock repurchases and redemptions and
other restricted payments and the requirements relating to additional subsidiary guarantors will not apply to
URNA and its restricted subsidiaries during any period when the Initial 4 7/8 percent Notes are rated investment
grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in certain
circumstances, another rating agency selected by URNA, provided at such time no default under the indenture
has occurred and is continuing. The indenture also requires that, in the event of a change of control (as defined
in the indenture), URNA must make an offer to purchase all of the then-outstanding Initial 4 7/8 percent Notes
tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and
unpaid interest, if any, thereon.
In September 2017, URNA issued $750 principal amount of 4 7/8 percent Senior Notes (the “Subsequent
4 7/8 percent Notes”) which are due January 15, 2028. The Subsequent 4 7/8 percent Notes represent a separate a
distinct series of notes from the Initial 4 7/8 percent Notes. The Subsequent 4 7/8 percent Notes are unsecured and
are guaranteed by Holdings and certain domestic subsidiaries of URNA. The Subsequent 4 7/8 percent Notes
may be redeemed on or after January 15, 2023, at specified redemption prices that range from 102.438 percent
in 2023, to 100 percent in 2026 and thereafter, in each case, plus accrued and unpaid interest, if any. The
indenture governing the Subsequent 4 7/8 percent Notes contains certain restrictive covenants, including, among
others, limitations on (i) liens; (ii) mergers and consolidations; (iii) sales, transfers and other dispositions of
assets; (iv) dividends and other distributions, stock repurchases and redemptions and other restricted payments;
and (v) designations of unrestricted subsidiaries, as well as a requirement to timely file periodic reports with the
SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that would allow
URNA and its subsidiaries to engage in these activities under certain conditions. In addition, the covenant
relating to dividends and other distributions, stock repurchases and redemptions and other restricted payments
and the requirements relating to additional subsidiary guarantors will not apply to URNA and its restricted
subsidiaries during any period when the Subsequent 4 7/8 percent Notes are rated investment grade by both
Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in certain circumstances, another
rating agency selected by URNA, provided at such time no default under the indenture has occurred and is
continuing. The indenture also requires that, in the event of a change of control (as defined in the indenture),
URNA must make an offer to purchase all of the then-outstanding Subsequent 4 7/8 percent Notes tendered at a
purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest, if
any, thereon. The effective interest rate on the Subsequent 4 7/8 percent Notes, which includes the impact of the
original issue premium, is 4.84 percent.
In December 2017, we consummated an exchange offer pursuant to which approximately $744 principal
amount of Subsequent 4 7/8 percent Notes were exchanged for additional Initial 4 7/8 percent Notes issued under
the indenture governing the Initial 4 7/8 percent Notes and fungible with the Initial 4 7/8 percent Notes. As of
December 31, 2024, the principal amounts outstanding were $1.669 billion for the Initial 4 7/8 percent Notes and
$4 for the Subsequent 4 7/8 percent Notes. The carrying value of the Initial 4 7/8 percent Notes includes $1 of the
unamortized original issue premium, which is being amortized through the maturity date in 2028. The effective
interest rate on the Initial 4 7/8 percent Notes, which includes the impact of the original issue premium, is 4.86
percent.
6 percent Senior Secured Notes due 2029. In November 2022, URNA issued $1.500 billion aggregate
principal amount of 6 percent Senior Secured Notes (the “6 percent Notes”) which are due December 15, 2029.
The 6 percent Notes are guaranteed by Holdings and certain domestic subsidiaries of URNA and are secured on
a first-priority basis by liens on substantially all of URNA’s and the guarantors’ assets that secure the ABL
facility and the term loan facility, subject to certain exceptions. The 6 percent Notes may be redeemed on or
after December 15, 2025, at specified redemption prices that range from 103.000 percent in 2025, to 100
percent in 2027 and thereafter, in each case, plus accrued and unpaid interest, if any. Up to 10 percent of the
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aggregate principal amount of the 6 percent Notes may also be redeemed during each period from (i) the issue
date to, but excluding, December 15, 2023, (ii) December 15, 2023 to, but excluding, December 15, 2024 and
(iii) December 15, 2024 to, but excluding, December 15, 2025, at a redemption price equal to 103.000 percent
plus accrued and unpaid interest, if any. In addition, at any time on or prior to December 15, 2025, up to 40
percent of the aggregate principal amount of the 6 percent Notes may be redeemed with the net cash proceeds of
certain equity offerings at a redemption price equal to 106.000 percent of the aggregate principal amount of the
notes plus accrued and unpaid interest, if any. The indenture governing the 6 percent Notes contains certain
restrictive covenants, including, among others, limitations on (i) liens and (ii) mergers and consolidations, as
well as a requirement to timely file periodic reports with the SEC. Each of the restrictive covenants is subject to
important exceptions and qualifications that would allow URNA and its subsidiaries to engage in these activities
under certain conditions. In addition, the requirements to provide subsidiary guarantees, to give further
assurances and to make an offer to repurchase the notes upon the occurrence of a change of control will not
apply to URNA and its restricted subsidiaries during any period when the 6 percent Notes are rated investment
grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in certain
circumstances, another rating agency selected by URNA, provided at such time no default under the indenture
has occurred and is continuing. The indenture also requires that, in the event of a change of control (as defined
in the indenture), URNA must make an offer to purchase all of the then-outstanding 6 percent Notes tendered at
a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest,
if any, thereon.
5 1/4 percent Senior Notes due 2030. In May 2019, URNA issued $750 aggregate principal amount of
5 1/4 percent Senior Notes (the “5 1/4 percent Notes”) which are due January 15, 2030. The 5 1/4 percent Notes
are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 5 1/4 percent
Notes may be redeemed on or after January 15, 2025, at specified redemption prices that range from 102.625
percent in 2025, to 100 percent in 2028 and thereafter, in each case, plus accrued and unpaid interest, if any. In
addition, at any time on or prior to January 15, 2023, up to 40 percent of the aggregate principal amount of the
5 1/4 percent Notes may be redeemed with the net cash proceeds of certain equity offerings at a redemption price
equal to 105.250 percent of the aggregate principal amount of the notes plus accrued and unpaid interest, if any.
The indenture governing the 5 1/4 percent Notes contains certain restrictive covenants, including, among others,
limitations on (i) liens; (ii) mergers and consolidations; and (iii) dividends and other distributions, stock
repurchases and redemptions and other restricted payments, as well as a requirement to timely file periodic
reports with the SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that
would allow URNA and its subsidiaries to engage in these activities under certain conditions. In addition, the
covenant relating to dividends and other distributions, stock repurchases and redemptions and other restricted
payments and the requirements relating to additional subsidiary guarantors will not apply to URNA and its
restricted subsidiaries during any period when the 5 1/4 percent Notes are rated investment grade by both
Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in certain circumstances, another
rating agency selected by URNA, provided at such time no default under the indenture has occurred and is
continuing. The indenture also requires that, in the event of a change of control (as defined in the indenture),
URNA must make an offer to purchase all of the then-outstanding 5 1/4 percent Notes tendered at a purchase
price in cash equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest, if any,
thereon.
4 percent Senior Notes due 2030. In February 2020, URNA issued $750 aggregate principal amount of 4
percent Senior Notes (the “4 percent Notes”) which are due July 15, 2030. The 4 percent Notes are unsecured
and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 4 percent Notes may be
redeemed on or after July 15, 2025, at specified redemption prices that range from 102.000 percent in 2025, to
100 percent in 2028 and thereafter, in each case, plus accrued and unpaid interest, if any. In addition, at any
time on or prior to July 15, 2023, up to 40 percent of the aggregate principal amount of the 4 percent Notes may
be redeemed with the net cash proceeds of certain equity offerings at a redemption price equal to 104.000
percent of the aggregate principal amount of the notes plus accrued and unpaid interest, if any. The indenture
governing the 4 percent Notes contains certain restrictive covenants, including, among others, limitations on (i)
liens and (ii) mergers and consolidations, as well as a requirement to timely file periodic reports with the SEC.
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Each of the restrictive covenants is subject to important exceptions and qualifications that would allow URNA
and its subsidiaries to engage in these activities under certain conditions. In addition, the requirements to
provide subsidiary guarantees and to make an offer to repurchase the notes upon the occurrence of a change of
control will not apply to URNA and its restricted subsidiaries during any period when the 4 percent Notes are
rated investment grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in
certain circumstances, another rating agency selected by URNA, provided at such time no default under the
indenture has occurred and is continuing. The indenture also requires that, in the event of a change of control (as
defined in the indenture), URNA must make an offer to purchase all of the then-outstanding 4 percent Notes
tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and
unpaid interest, if any, thereon.
3 7/8 percent Senior Notes due 2031. In August 2020, URNA issued $1.100 billion aggregate principal
amount of 3 7/8 percent Senior Notes (the “3 7/8 percent Notes”) which are due February 15, 2031. The 3 7/8
percent Notes are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 3
7/8 percent Notes may be redeemed on or after August 15, 2025, at specified redemption prices that range from
101.938 percent in 2025, to 100 percent in 2028 and thereafter, in each case, plus accrued and unpaid interest, if
any. In addition, at any time on or prior to August 15, 2023, up to 40 percent of the aggregate principal amount
of the 3 7/8 percent Notes may be redeemed with the net cash proceeds of certain equity offerings at a
redemption price equal to 103.875 percent of the aggregate principal amount of the notes plus accrued and
unpaid interest, if any. The indenture governing the 3 7/8 percent Notes contains certain restrictive covenants,
including, among others, limitations on (i) liens and (ii) mergers and consolidations, as well as a requirement to
timely file periodic reports with the SEC. Each of the restrictive covenants is subject to important exceptions
and qualifications that would allow URNA and its subsidiaries to engage in these activities under certain
conditions. In addition, the requirements to provide subsidiary guarantees and to make an offer to repurchase
the notes upon the occurrence of a change of control will not apply to URNA and its restricted subsidiaries
during any period when the 3 7/8 percent Notes are rated investment grade by both Standard & Poor’s Ratings
Services and Moody’s Investors Service, Inc., or, in certain circumstances, another rating agency selected by
URNA, provided at such time no default under the indenture has occurred and is continuing. The indenture also
requires that, in the event of a change of control (as defined in the indenture), URNA must make an offer to
purchase all of the then-outstanding 3 7/8 percent Notes tendered at a purchase price in cash equal to 101 percent
of the principal amount thereof, plus accrued and unpaid interest, if any, thereon.
3 3/4 percent Senior Notes due 2032. In August 2021, URNA issued $750 aggregate principal amount of 3
3/4 percent Senior Notes (the “3 3/4 percent Notes”) which are due January 15, 2032. The 3 3/4 percent Notes are
unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 3 3/4 percent Notes
may be redeemed on or after July 15, 2026, at specified redemption prices that range from 101.875 percent in
2026, to 100 percent in 2029 and thereafter, in each case, plus accrued and unpaid interest, if any. In addition, at
any time on or prior to July 30, 2024, up to 40 percent of the aggregate principal amount of the 3 3/4 percent
Notes may be redeemed with the net cash proceeds of certain equity offerings at a redemption price equal to
103.750 percent of the aggregate principal amount of the notes plus accrued and unpaid interest, if any. The
indenture governing the 3 3/4 percent Notes contains certain restrictive covenants, including, among others,
limitations on (i) liens and (ii) mergers and consolidations, as well as a requirement to timely file periodic
reports with the SEC. Each of the restrictive covenants is subject to important exceptions and qualifications that
would allow URNA and its subsidiaries to engage in these activities under certain conditions. In addition, the
requirements to provide subsidiary guarantees and to make an offer to repurchase the notes upon the occurrence
of a change of control will not apply to URNA and its restricted subsidiaries during any period when the 3 3/4
percent Notes are rated investment grade by both Standard & Poor’s Ratings Services and Moody’s Investors
Service, Inc., or, in certain circumstances, another rating agency selected by URNA, provided at such time no
default under the indenture has occurred and is continuing. The indenture also requires that, in the event of a
change of control (as defined in the indenture), URNA must make an offer to purchase all of the then-
outstanding 3 3/4 percent Notes tendered at a purchase price in cash equal to 101 percent of the principal amount
thereof, plus accrued and unpaid interest, if any, thereon.
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6 1/8 percent Senior Notes due 2034. In March 2024, URNA issued $1.100 billion aggregate principal
amount of 6 1/8 percent Senior Notes (the “6 1/8 percent Notes”) which are due March 15, 2034. The 6 1/8 percent
are unsecured and are guaranteed by Holdings and certain domestic subsidiaries of URNA. The 6 1/8 percent
may be redeemed on or after March 15, 2029, at specified redemption prices that range from 103.063 percent in
2029, to 100 percent in 2032 and thereafter, in each case, plus accrued and unpaid interest, if any. At any time
prior to March 15, 2029, URNA may, at its option, redeem some or all of the 6 1/8 percent Notes at a redemption
price equal to 100 percent of the aggregate principal amount of the notes to be redeemed, plus a “make-whole”
premium and accrued and unpaid interest, if any, to the redemption date. In addition, at any time on or prior to
March 15, 2027, up to 40 percent of the aggregate principal amount of the 6 1/8 percent Notes may be redeemed
with the net cash proceeds of certain equity offerings at a redemption price equal to 106.125 percent of the
aggregate principal amount of the notes plus accrued and unpaid interest, if any. The indenture governing the
6 1/8 percent Notes contains certain restrictive covenants, including, among others, limitations on (i) liens and
(ii) mergers and consolidations, as well as a requirement to timely file periodic reports with the SEC. Each of
the restrictive covenants is subject to important exceptions and qualifications that would allow URNA and its
subsidiaries to engage in these activities under certain conditions. In addition, the requirements to provide
subsidiary guarantees and to make an offer to repurchase the notes upon the occurrence of a change of control
will not apply to URNA and its restricted subsidiaries during any period when the 6 1/8 percent Notes are rated
investment grade by both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc., or, in
certain circumstances, another rating agency selected by URNA, provided at such time no default under the
indenture has occurred and is continuing. The indenture also requires that, in the event of a change of control (as
defined in the indenture), URNA must make an offer to purchase all of the then-outstanding 6 1/8 percent Notes
tendered at a purchase price in cash equal to 101 percent of the principal amount thereof, plus accrued and
unpaid interest, if any, thereon.
Loan Covenants and Compliance
As of December 31, 2024, we were in compliance with the covenants and other provisions of the ABL,
accounts receivable securitization and term loan facilities and the senior notes. Any failure to be in compliance
with any material provision or covenant of these agreements could have a material adverse effect on our
liquidity and operations.
The only financial covenant that currently exists under the ABL facility is the fixed charge coverage ratio.
Subject to certain limited exceptions specified in the ABL facility, the fixed charge coverage ratio covenant
under the ABL facility will only apply in the future if specified availability under the ABL facility falls below
10 percent of the maximum revolver amount under the ABL facility. When certain conditions are met, cash and
cash equivalents and borrowing base collateral in excess of the ABL facility size may be included when
calculating specified availability under the ABL facility. As of December 31, 2024, specified availability under
the ABL facility exceeded the required threshold and, as a result, this financial covenant was inapplicable.
Under our accounts receivable securitization facility, we are required, among other things, to maintain certain
financial tests relating to: (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales
outstanding. The accounts receivable securitization facility also requires us to comply with the fixed charge
coverage ratio under the ABL facility, to the extent the ratio is applicable under the ABL facility.
Covenants in the agreements governing our ABL facility, term loan facility and certain other debt
instruments impose limitations on our ability to make share repurchases and dividend payments, subject to
important exceptions that would allow us to make such repurchases or payments under certain conditions.
Based on our current total indebtedness leverage ratio (as defined in the applicable debt agreements) and usage
of the ABL facility as of December 31, 2024, we met the criteria under the applicable debt agreements for these
exceptions, and as a result we were not restricted in our ability to make share repurchases and dividend
payments.
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Maturities
Debt maturities (exclusive of any unamortized original issue premiums and unamortized debt issuance
costs) for each of the next five years and thereafter at December 31, 2024 are as follows:
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
1,178
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,571
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,707
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,513
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,426
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
13,472
13. Leases
As discussed in note 3 to the consolidated financial statements, most of our equipment rental revenue is
accounted for as lease revenue under Topic 842 (such revenue represented 77 percent of our total revenues for
the year ended December 31, 2024). See note 3 for a discussion of our revenue accounting (such discussion
includes lessor disclosures required under Topic 842).
We determine if an arrangement is a lease at inception. Our material lease contracts are generally for real
estate or vehicles, and the determination of whether such contracts contain leases generally does not require
significant estimates or judgments. We lease real estate and equipment under operating leases. We lease a
significant portion of our branch locations, and also lease other premises used for purposes such as district and
regional offices and service centers. Our finance lease obligations consist primarily of rental equipment
(primarily vehicles) and building leases.
Operating leases result in the recognition of right-of-use (“ROU”) assets and lease liabilities on the
balance sheet. ROU assets represent our right to use the leased asset for the lease term and lease liabilities
represent our obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at
commencement date based on the present value of lease payments over the lease term. As most of our leases do
not provide an implicit rate, we use our estimated incremental borrowing rate at the commencement date to
determine the present value of lease payments. The operating lease ROU assets also include any lease payments
made and exclude lease incentives. Our lease terms may include options, at our sole discretion, to extend or
terminate the lease that we are reasonably certain to exercise. The amount of payments associated with such
options reflected in the “Maturity of lease liabilities” table below is not material. Most real estate leases include
one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more.
Lease expense is recognized on a straight-line basis over the lease term.
Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense on
such leases is recognized on a straight-line basis over the lease term. The primary leases we enter into with
initial terms of 12 months or less are for equipment that we rent from vendors and then rent to our customers.
We generate sublease revenue from such leases that we refer to as “re-rent revenue” as discussed in note 3 to the
consolidated financial statements. Apart from the re-rent revenue discussed in note 3, we do not generate
material sublease income.
We have lease agreements with lease and non-lease components, and, for our real estate operating leases,
we account for the lease and non-lease components as a single lease component. Our lease agreements do not
contain any material residual value guarantees or material restrictive covenants.
The tables below present financial information associated with our leases as of December 31, 2024 and
2023, and for the years ended December 31, 2024, 2023 and 2022.
92

Classification
December 31, 2024
December 31, 2023
Assets
Operating lease assets . . Operating lease right-of-use assets (1)
$
1,337
$
1,099
Finance lease assets . . . Rental equipment
493
395
Less accumulated depreciation
(141)
(126)
Rental equipment, net
352
269
Property and equipment, net:
Non-rental vehicles
11
8
Buildings
71
66
Less accumulated depreciation and
amortization
(33)
(27)
Property and equipment, net
49
47
Total leased assets . . . . . .
1,738
1,415
Liabilities
Current
Operating . . . . . . . . . . . Accrued expenses and other liabilities
294
249
Finance . . . . . . . . . . . . .
Short-term debt and current maturities of
long-term debt
83
55
Long-term
Operating . . . . . . . . . . . Operating lease liabilities (1)
1,089
895
Finance . . . . . . . . . . . . . Long-term debt
180
137
Total lease liabilities . . . .
$
1,646
$
1,336
_________________
(1)
The increases in 2024 reflect increased amounts of real estate and equipment leased under operating
leases.
Lease cost
Classification
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Operating lease cost (1) .
Cost of equipment rentals,
excluding depreciation (1)
$
647
$
582
$
494
Selling, general and
administrative expenses
14
12
11
Restructuring charge (2)
3
27
—
Finance lease cost
Amortization of leased
assets . . . . . . . . . . . . . .
Depreciation of rental
equipment
46
36
31
Non-rental depreciation and
amortization
1
2
2
Interest on lease
liabilities . . . . . . . . . . . Interest expense, net
12
8
5
Sublease income (3) . . . . .
(258)
(233)
(235)
Net lease cost . . . . . . . . . .
$
465
$
434
$
308
_________________
93

(1)
Includes variable lease costs, which are immaterial. Cost of equipment rentals, excluding depreciation
for the years ended December 31, 2024, 2023 and 2022 includes $222, $209 and $195, respectively, of short-
term lease costs associated with equipment that we rent from vendors and then rent to our customers, as
discussed further above. Apart from these costs, short-term lease costs are immaterial.
(2)
The amounts above primarily reflect charges associated with a restructuring program initiated
following the closing of the Ahern Rentals acquisition.
(3)
Primarily reflects re-rent revenue as discussed further above.
Maturity of lease liabilities (as of December 31, 2024)
Operating
leases (1)
Finance leases
(2)
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
351
$
91
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
318
77
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
266
61
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
212
29
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
152
5
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
300
45
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,599
308
Less amount representing interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(216)
(45)
Present value of lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
1,383
$
263
_________________
(1)
Reflects payments for non-cancelable operating leases with initial or remaining terms of one year or
more as of December 31, 2024. The table above does not include any legally binding minimum lease payments
for leases signed but not yet commenced, and such leases are not material in the aggregate.
(2)
The table above does not include any legally binding minimum lease payments for leases signed but
not yet commenced, and such leases are not material in the aggregate.
Lease term and discount rate
December 31, 2024
December 31, 2023
Weighted-average remaining lease term (years)
Operating leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.8
6.2
Finance leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.8
6.5
Weighted-average discount rate
Operating leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.6 %
4.5 %
Finance leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.8 %
4.8 %
Other information
Year Ended
December 31,
2024
Year Ended
December 31,
2023
Year Ended
December 31,
2022
Cash paid for amounts included in the measurement of
lease liabilities
Operating cash flows from operating leases . . . . . . . . . . . $
328
$
304
$
244
Operating cash flows from finance leases . . . . . . . . . . . . .
12
8
5
Financing cash flows from finance leases . . . . . . . . . . . . .
79
64
57
Leased assets obtained in exchange for new operating lease
liabilities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
535
538
237
Leased assets obtained in exchange for new finance lease
liabilities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
153
$
132
$
47
_________________
(1)
The increases in 2023 include the impact of the Ahern Rentals acquisition.
94

14.
Income Taxes
The components of the provision (benefit) for income taxes for each of the three years in the period ended
December 31, 2024 are as follows:
2024
2023
2022
Current
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
628
$
561
$
(34)
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
66
100
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
140
125
94
832
752
160
Deferred
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8)
5
525
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1)
13
(16)
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10)
17
28
(19)
35
537
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
813
$
787
$
697
Year ended December 31,
A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the
statutory federal income tax rate of 21 percent to the income before provision (benefit) for income taxes for
each of the three years in the period ended December 31, 2024 is as follows:
2024
2023
2022
Computed tax at statutory tax rate . . . . . . . . . . . . . . . . . . . . . . $
712
$
674
$
588
State income taxes, net of federal tax benefit . . . . . . . . . . . . . .
100
116
102
Other permanent items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(11)
(3)
18
Change in federal valuation allowance . . . . . . . . . . . . . . . . . . .
—
(15)
15
Foreign restructuring (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
(37)
Foreign tax rate differential . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
15
11
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
813
$
787
$
697
Year ended December 31,
_________________
(1)
Reflects the impact of aligning the legal entity structure in Australia and New Zealand with our
other foreign operations, which resulted in a tax depreciation benefit.
95

The components of deferred income tax assets (liabilities) are as follows:
Reserves and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
209
$
193
Debt cancellation and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
17
Net operating loss and credit carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71
97
Operating lease assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
343
287
Total deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
639
594
Less: valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)
(4)
Total net deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
634
590
Property and equipment, including rental equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2,893)
(2,921)
Operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(343)
(285)
Intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(81)
(85)
Interest carryforward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)
—
Total deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,319)
(3,291)
Total net deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2,685) $ (2,701)
December
31, 2024
December
31, 2023
The following table summarizes the activity related to unrecognized tax benefits, some of which would
impact our effective tax rate if recognized:
Balance at January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
26
$
16
$
13
Additions for tax positions related to the current year . . . . . . . . . . . . . . . . . .
2
3
1
Additions for tax positions of prior years . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
8
7
Lapse of statute of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1)
—
—
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1)
(1)
(5)
Balance at December 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
35
$
26
$
16
2024
2023
2022
We include interest accrued on the underpayment of income taxes in interest expense, net, and penalties,
if any, related to unrecognized tax benefits in selling, general and administrative expense. The amounts of such
interest or penalties were not material ($5 or less) in each of the years ended December 31, 2024, 2023 and
2022. We believe that it is reasonably possible that a decrease of up to $12 in federal and state unrecognized tax
benefits may be necessary within the next year, as a result of settlements.
We file income tax returns in the U.S., Canada and Europe. Without exception, we have completed our
domestic and international income tax examinations, or the statute of limitations has expired in the respective
jurisdictions, for years prior to 2012.
For financial reporting purposes, income before provision for income taxes for our foreign subsidiaries
was $232, $285 and $233 for the years ended December 31, 2024, 2023 and 2022, respectively.
We have historically considered the undistributed earnings of our foreign subsidiaries to be indefinitely
reinvested, and, accordingly, no taxes were provided on such earnings prior to the fourth quarter of 2020. In
2021, we remitted the cumulative amount of identified cash in our foreign operations in excess of near-term
working capital needs. The taxes recorded associated with the remitted cash were immaterial. We continue to
expect that the remaining balance of our undistributed foreign earnings will be indefinitely reinvested. If we
determine that all or a portion of such foreign earnings are no longer indefinitely reinvested, we may be subject
to additional foreign withholding taxes and U.S. state income taxes. At December 31, 2024, unremitted earnings
96

of foreign subsidiaries were $1.460 billion. Determination of the amount of unrecognized deferred tax liability
on these unremitted earnings is not practicable.
We have no remaining net operating loss carryforwards (“NOLs”) for federal income tax purposes, $12 of
NOLs for foreign income tax purposes (the majority of which has an indefinite life) and $278 of NOLs for state
income tax purposes that expire from 2025 through 2034.
The European Union (“EU”) member states formally adopted the EU’s Pillar Two Directive, which was
established by the Organization for Economic Co-operation and Development, and which generally provides for
a 15 percent minimum effective tax rate for multinational enterprises, in every jurisdiction in which they
operate. While we do not anticipate that this will have a material impact on our tax provision or effective tax
rate, we continue to monitor evolving tax legislation in the jurisdictions in which we operate.
15.
Commitments and Contingencies
We are subject to a number of claims and proceedings that generally arise in the ordinary conduct of our
business. These matters include, but are not limited to, general liability claims (including personal injury,
product liability, and property and automobile claims), indemnification and guarantee obligations, employee
injuries and employment-related claims, self-insurance obligations and contract and real estate matters. Based
on advice of counsel and available information, including current status or stage of proceeding, and taking into
account accruals included in our consolidated balance sheets for matters where we have established them, we
currently believe that any liabilities ultimately resulting from these ordinary course claims and proceedings will
not, individually or in the aggregate, have a material adverse effect on our consolidated financial position,
results of operations or cash flows.
Indemnification
The Company indemnifies its officers and directors pursuant to indemnification agreements and may in
addition indemnify these individuals as permitted by Delaware law.
Employee Benefit Plans
We currently sponsor two defined contribution 401(k) retirement plans, which are subject to the
provisions of the Employee Retirement Income Security Act of 1974. We also sponsor a deferred profit sharing
plan and a registered retirement savings plan for the benefit of the full-time employees of our Canadian
subsidiaries, and also make contributions for employees in Australia and New Zealand. Under these plans, we
match a percentage of the participants’ contributions up to a specified amount. Company contributions to the
plans were $59, $56 and $45 in the years ended December 31, 2024, 2023 and 2022, respectively.
Environmental Matters
The Company and its operations are subject to various laws and related regulations governing
environmental matters. Under such laws, an owner or lessee of real estate may be liable for the costs of removal
or remediation of certain hazardous or toxic substances located on or in, or emanating from, such property, as
well as investigation of property damage. We incur ongoing expenses associated with the performance of
appropriate remediation at certain locations.
16.
Common Stock
We have 500 million authorized shares of common stock, $0.01 par value. At December 31, 2024 and
2023, there were 0.0 million shares of common stock reserved for issuance pursuant to options granted under
our stock option plans.
97

As of December 31, 2024, there were an aggregate of 0.3 million outstanding time and performance-
based RSUs and 0.9 million shares available for grants of stock and options under our 2019 Long Term
Incentive Plan.
A summary of the transactions within the Company’s stock option plans follows (shares in thousands):
Outstanding at December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
80.17
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1)
80.25
Canceled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
Outstanding at December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
80.14
Exercisable at December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
$
80.14
Shares
Weighted-
Average
Exercise Price
The following table presents information associated with stock options as of December 31, 2024 and
2023, and for the years ended December 31, 2024, 2023 and 2022. No stock options were granted during any of
the years presented below.
2024
2023
2022
Intrinsic value of options outstanding as of December 31 . . . . $
1
$
2
Intrinsic value of options exercisable as of December 31 . . . . .
1
2
Intrinsic value of options exercised . . . . . . . . . . . . . . . . . . . . . .
1
1
—
In addition to stock options, the Company issues time-based and performance-based RSUs to certain
officers and key executives under various equity incentive plans. The RSUs automatically convert to shares of
common stock on a one-for-one basis as the awards vest. The time-based RSUs typically vest over a three year
vesting period beginning 12 months from the grant date and thereafter annually on the anniversary of the grant
date. The performance-based RSUs vest based on the achievement of the performance conditions during the
applicable performance periods (currently the calendar year). There were 165 thousand shares of common stock
issued upon vesting of RSUs during 2024, net of 100 thousand shares surrendered to satisfy tax obligations. The
Company measures the value of RSUs at fair value based on the closing price of the underlying common stock
on the grant date. The Company amortizes the fair value of outstanding RSUs as stock-based compensation
expense over the requisite service period on a straight-line basis, or sooner if the employee effectively vests
upon termination of employment under certain circumstances. For performance-based RSUs, compensation
expense is recognized to the extent that the satisfaction of the performance condition is considered probable.
A summary of RSUs granted follows (RSUs in thousands):
2024
2023
2022
RSUs granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
238
179
553
Weighted-average grant date price per unit . . . . . . . . . . . . . . . $
746.86
$
461.37
$
309.39
Year Ended December 31,
As of December 31, 2024, the total pretax compensation cost not yet recognized by the Company with
regard to unvested RSUs was $127. The weighted-average period over which this compensation cost is
expected to be recognized is 1.8 years.
98

A summary of RSU activity for the year ended December 31, 2024 follows (RSUs in thousands):
Nonvested as of December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
288
$
360.41
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
238
746.86
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(255)
425.06
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(14)
381.12
Nonvested as of December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
257
$
649.43
Stock Units
Weighted-
Average
Grant Date Fair
Value
The total fair value of RSUs vested during the fiscal years ended December 31, 2024, 2023 and 2022 was
$108, $95, and $120, respectively.
Dividend Policy. Our Board of Directors approved a quarterly dividend program in January 2023, and the
first such dividend under the program was paid in February 2023. The payment of any future dividends or the
authorization of stock repurchases or other recapitalizations will be determined by our Board of Directors in
light of conditions then existing, including earnings, financial condition and capital requirements, financing
agreements, business conditions, stock price and other factors. The terms of certain agreements governing our
outstanding indebtedness contain certain limitations on our ability to move operating cash flows to Holdings
and/or to pay dividends on, or effect repurchases of, our common stock. In addition, under Delaware law,
dividends may only be paid out of surplus or current or prior year’s net profits.
Stockholders’ Rights Plan. Our stockholders' rights plan expired in accordance with its terms in 2011. Our
Board of Directors elected not to renew or extend the plan.
17.
Quarterly Financial Information (Unaudited)
For the year ended December 31, 2024 (1):
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . $
3,485
$
3,773
$
3,992
$
4,095
$
15,345
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,346
1,518
1,648
1,638
6,150
Operating income . . . . . . . . . . . . . . . . . . . . . . . .
852
1,004
1,122
1,087
4,065
Net income (1) . . . . . . . . . . . . . . . . . . . . . . . . . .
542
636
708
689
2,575
Earnings per share—basic . . . . . . . . . . . . . . .
8.06
9.56
10.73
10.50
38.82
Earnings per share—diluted (2) . . . . . . . . . . .
8.04
9.54
10.70
10.47
38.69
For the year ended December 31, 2023 (1):
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . $
3,285
$
3,554
$
3,765
$
3,728
$
14,332
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,241
1,425
1,585
1,562
5,813
Operating income . . . . . . . . . . . . . . . . . . . . . . . .
740
925
1,099
1,063
3,827
Net income (1) . . . . . . . . . . . . . . . . . . . . . . . . . .
451
591
703
679
2,424
Earnings per share—basic . . . . . . . . . . . . . . .
6.50
8.60
10.30
10.04
35.40
Earnings per share—diluted (2) . . . . . . . . . . .
6.47
8.58
10.29
10.01
35.28
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
(1)
There were no unusual or infrequently occurring items recognized in the fourth quarter of 2024 or 2023
that had a material impact on our financial statements.
(2)
Diluted earnings per share includes the after-tax impacts of the following:
99

For the year ended December 31, 2024:
Merger related intangible asset amortization (3)
$
(0.49) $
(0.58) $
(0.53) $
(0.55) $
(2.14)
Impact on depreciation related to acquired fleet
and property and equipment (4) . . . . . . . . . . . . .
(0.40)
(0.39)
(0.38)
(0.36)
(1.53)
Impact of the fair value mark-up of acquired
fleet (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.19)
(0.18)
(0.15)
(0.19)
(0.71)
Restructuring charge (6) . . . . . . . . . . . . . . . . . . .
(0.01)
(0.01)
(0.01)
(0.01)
(0.04)
Asset impairment charge (7) . . . . . . . . . . . . . . .
(0.01)
—
(0.03)
(0.01)
(0.05)
Loss on repurchase/redemption/amendment of
debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.01)
—
—
—
(0.01)
For the year ended December 31, 2023:
Merger related intangible asset amortization (3)
$
(0.70) $
(0.55) $
(0.57) $
(0.52) $
(2.33)
Impact on depreciation related to acquired fleet
and property and equipment (4) . . . . . . . . . . . . .
(0.32)
(0.30)
(0.59)
(0.44)
(1.65)
Impact of the fair value mark-up of acquired
fleet (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.44)
(0.25)
(0.23)
(0.25)
(1.17)
Restructuring charge (6) . . . . . . . . . . . . . . . . . . .
(0.02)
(0.20)
(0.05)
(0.04)
(0.31)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Full
Year
(3)
This reflects the amortization of the intangible assets acquired in the major acquisitions that significantly
impact our operations (the “major acquisitions,” each of which had annual revenues of over $200 prior to
acquisition).
(4)
This reflects the impact of extending the useful lives of equipment acquired in certain major acquisitions,
net of the impact of additional depreciation associated with the fair value mark-up of such equipment.
(5)
This reflects additional costs recorded in cost of rental equipment sales associated with the fair value
mark-up of rental equipment acquired in certain major acquisitions that was subsequently sold. The
decrease in 2024 primarily reflects the impact of the Ahern Rentals acquisition.
(6)
This primarily reflects severance costs and branch closure charges associated with our restructuring
programs. The amounts above primarily reflect charges associated with a restructuring program initiated
following the closing of the Ahern Rentals acquisition. As of December 31, 2024, there were no open
restructuring programs.
(7)
This reflects write-offs of leasehold improvements and other fixed assets.
18.
Earnings Per Share
Basic earnings per share is computed by dividing net income available to common stockholders by the
weighted-average number of common shares outstanding. Diluted earnings per share is computed by dividing
net income available to common stockholders by the weighted-average number of common shares plus the
effect of dilutive potential common shares outstanding during the period. The following table sets forth the
computation of basic and diluted earnings per share (shares in thousands):
100

2024
2023
2022
Numerator:
Net income available to common stockholders . . . . . . . . . . . . $
2,575
$
2,424
$
2,105
Denominator:
Denominator for basic earnings per share—weighted-average
common shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66,345
68,470
70,703
Effect of dilutive securities: . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Employee stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
4
4
Restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
220
236
266
Denominator for diluted earnings per share—adjusted
weighted-average common shares . . . . . . . . . . . . . . . . . . . . . .
66,567
68,710
70,973
Basic earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
38.82
$
35.40
$
29.77
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . $
38.69
$
35.28
$
29.65
Year Ended December 31,
19.
Subsequent Events
On January 13, 2025, we entered into an Agreement and Plan of Merger (the “H&E Merger Agreement”)
that provides for our acquisition of H&E Equipment Services, Inc. d/b/a H&E Rentals (“H&E”). Pursuant to the
H&E Merger Agreement, we expect to acquire H&E for $92 per share in cash, reflecting a total enterprise value
of approximately $4.8 billion, including approximately $1.4 billion of net debt. H&E provides its customers
with a comprehensive mix of high-quality general rental fleet including aerial work platforms, earthmoving
equipment, material handling equipment, and other general and specialty lines of equipment.
The transaction is subject to customary closing conditions, including a minimum tender of at least one
share more than 50 percent of then-outstanding H&E common shares and the expiration of the waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. We commenced a tender offer on January 28,
2025 to acquire all of the outstanding shares of H&E common stock for $92 per share in cash. Following
completion of the tender offer, we intend to acquire all remaining shares not tendered in the offer through a
second-step merger at the same price as in the tender offer. The transaction is expected to close in the first
quarter of 2025.
101

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
UNITED RENTALS, INC.
(In millions)
Year Ended December 31, 2024:
Allowance for credit losses . . . . . . . . . . .
$
169
$
20 (a) $
50 (a) $
53 (b) $
186
Reserve for obsolescence and shrinkage .
17
56
—
54
(c)
19
Self-insurance reserve . . . . . . . . . . . . . . .
199
318
—
270
(d)
247
Year Ended December 31, 2023:
Allowance for credit losses . . . . . . . . . . .
$
134
$
14 (a) $
60 (a) $
39 (b) $
169
Reserve for obsolescence and shrinkage .
18
50
—
51
(c)
17
Self-insurance reserve . . . . . . . . . . . . . . .
177
274
—
252
(d)
199
Year Ended December 31, 2022:
Allowance for credit losses . . . . . . . . . . .
$
112
$
11 (a) $
49 (a) $
38 (b) $
134
Reserve for obsolescence and shrinkage .
11
42
—
35
(c)
18
Self-insurance reserve . . . . . . . . . . . . . . .
151
236
—
210
(d)
177
Description
Balance at
Beginning
of Period
Charged to
Costs and
Expenses
Charged to
Revenue
Deductions
and Other
Balance
at End
of Period
The above information reflects the continuing operations of the Company for the periods presented.
Additionally, because the Company has retained certain self-insurance liabilities associated with the
discontinued traffic control business, those amounts have been included as well.
(a)
Amounts charged to cost and expenses reflect bad debt expenses recognized within selling, general and
administrative expenses. The amounts charged to revenue primarily reflect credit losses associated with
lease revenues that were recognized as a reduction to equipment rentals revenue.
(b)
Primarily represents write-offs of accounts, net of recoveries and other activity.
(c)
Primarily represents write-offs.
(d)
Primarily represents payments.
102

Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A.
Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information
required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief
Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
The Company’s management carried out an evaluation, under the supervision and with the participation
of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and
procedures, as defined in Rules 13a–15(e) and 15d–15(e) of the Exchange Act, as of December 31, 2024. Based
on the evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the Company’s
disclosure controls and procedures were effective as of December 31, 2024.
Management’s Annual Report on Internal Control over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal control
over financial reporting as defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act. The Company’s
internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with
GAAP. The Company’s internal control over financial reporting includes those policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and
expenditures of the Company are being made only in accordance with authorizations of management and
directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Under the supervision of our Chief Executive Officer and Chief Financial Officer, our management
assessed the effectiveness of the Company’s internal control over financial reporting as of December 31,
2024. In making this assessment, management used the criteria set forth in Internal Control—Integrated
Framework (2013 framework) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (“COSO”). Based on this assessment, our management has concluded that the Company’s internal
control over financial reporting was effective as of December 31, 2024.
The Company’s financial statements included in this annual report on Form 10-K have been audited by
Ernst & Young LLP, independent registered public accounting firm, as indicated in the following report.
Ernst & Young LLP has also provided an attestation report on the Company’s internal control over financial
reporting.
103

Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of United Rentals, Inc.
Opinion on Internal Control Over Financial Reporting
We have audited United Rentals, Inc.’s internal control over financial reporting as of December 31, 2024, based
on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, United
Rentals, Inc. (the Company) maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2024, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023,
the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for
each of the three years in the period ended December 31, 2024, and the related notes and financial statement
schedule listed in the Index at Item 15(a) and our report dated January 29, 2025 expressed an unqualified
opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting
and for its assessment of the effectiveness of internal control over financial reporting included in the
accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is
to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a
public accounting firm registered with the PCAOB and are required to be independent with respect to the
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether effective internal control over financial
reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that
a material weakness exists, testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk, and performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company’s assets that could have a material effect on the financial
statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
104

controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Stamford, Connecticut
January 29, 2025
105

Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended
December 31, 2024 that materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
Item 9B.
Other Information
Insider Trading Arrangements
Certain of our officers or directors have made, and may from time to time make, elections to have shares
withheld or sold back to Holdings to cover withholding taxes, which may constitute non-Rule 10b5-1 trading
arrangements (as defined in Item 408(c) of Regulation S-K).
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
106

PART III
Item 10.
Directors, Executive Officers and Corporate Governance
The information required by this Item is incorporated by reference to the applicable information in our
Proxy Statement related to the 2025 Annual Meeting of Stockholders, which is expected to be filed with the
SEC on or before March 26, 2025 (the “2025 Proxy Statement”).
Item 11.
Executive Compensation
The information required by this Item is incorporated by reference to the applicable information in the
2025 Proxy Statement.
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
The information required by this Item is incorporated by reference to the applicable information in the
2025 Proxy Statement.
Item 13.
Certain Relationships and Related Transactions, and Director Independence
The information required by this Item is incorporated by reference to the applicable information in the
2025 Proxy Statement.
Item 14.
Principal Accountant Fees and Services
Our independent registered public accounting firm is Ernst & Young LLP, Stamford, Connecticut,
Auditor Firm ID: 42.
The information required by this Item is incorporated by reference to the applicable information in the
2025 Proxy Statement.
107

PART IV
Item 15.
Exhibits and Financial Statement Schedules
(a) Documents filed as a part of this report
(1) Consolidated financial statements:
Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements
United Rentals, Inc. Consolidated Balance Sheets at December 31, 2024 and 2023
United Rentals, Inc. Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022
United Rentals, Inc. Consolidated Statements of Comprehensive Income for the years ended December 31,
2024, 2023 and 2022
United Rentals, Inc. Consolidated Statements of Stockholders' Equity for the years ended December 2024, 2023
and 2022
United Rentals, Inc. Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and
2022
Notes to consolidated financial statements
Report of Independent Registered Public Accounting Firm on Internal Controls over Financial Reporting
(2) Schedules to the financial statements:
Schedule II Valuation and Qualifying Accounts
Schedules other than those listed are omitted as they are not applicable or the required or equivalent information
has been included in the financial statements or notes thereto.
(3) Exhibits: The exhibits to this report are listed in the exhibit index below.
(b) Description of exhibits
2
(a)
Agreement and Plan of Merger, dated April 15, 2021, by and among General Finance
Corporation, United Rentals (North America), Inc., and UR Merger Sub VI Corporation
(incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by United
Rentals, Inc. on April 15, 2021)
2
(b)
Asset Purchase Agreement, dated as of November 11, 2022, by and among United Rentals
(North America), Inc., Ahern Rentals, Inc., and Xtreme Re-Rental, LLC (incorporated by
reference to Exhibit 2.1 of the United Rentals, Inc. and United Rentals (North America), Inc.
Current Report on Form 8-K filed on November 14, 2022)
2
(c)
Agreement and Plan of Merger, dated January 13, 2025, by and among H&E Equipment
Services, Inc., United Rentals, Inc., and UR Merger Sub VII Corporation (incorporated by
reference to Exhibit 2.1 of the United Rentals, Inc. and United Rentals (North America), Inc.
Current Report on Form 8-K filed on January 14, 2025)
3
(a)
Seventh Amended and Restated Certificate of Incorporation of United Rentals, effective May
9, 2024 (incorporated by reference to Exhibit 3.1 of the United Rentals, Inc. and United
Rentals (North America), Inc. Current Report on Form 8-K filed on May 9, 2024)
3
(b)
Third Amended and Restated By-Laws of United Rentals, Inc., amended as of December 19,
2022 (incorporated by reference to Exhibit 3.1 of the United Rentals, Inc. Current Report on
Form 8-K filed on December 20, 2022)
Exhibit
Number
Description of Exhibit
108

3
(c)
Restated Certificate of Incorporation of United Rentals (North America), Inc., dated April 30,
2012 (incorporated by reference to Exhibit 3(c) of the United Rentals, Inc. Report on Form 10-
Q for the quarter ended June 30, 2013)
3
(d)
By-laws of United Rentals (North America), Inc., dated May 8, 2013 (incorporated by
reference to Exhibit 3(d) of the United Rentals, Inc. Report on Form 10-Q for the quarter
ended June 30, 2013)
4
(a)
Form of Certificate representing United Rentals, Inc. Common Stock (incorporated by
reference to Exhibit 4 of Amendment No. 2 to the United Rentals, Inc. Registration Statement
on Form S-l, Registration No. 333-39117, filed on December 3, 1997)
4
(b)
Indenture for the 5 1/2 percent Notes due 2027, dated as of November 7, 2016, among United
Rentals (North America), Inc. (the “Company”), United Rentals, Inc., the Company’s
subsidiaries named therein and Wells Fargo Bank, National Association, as Trustee (including
form of note) (incorporated by reference to Exhibit 4.1 of the United Rentals, Inc. Report on
Form 8-K filed on November 7, 2016)
4
(c)
Indenture for the 4 7/8 percent Notes due 2028, dated as of August 11, 2017, among United
Rentals (North America), Inc. (the “Company”), United Rentals, Inc., the Company’s
subsidiaries named therein and Wells Fargo Bank, National Association, as Trustee (including
form of note) (incorporated by reference to Exhibit 4.1 of the United Rentals, Inc. Report
on Form 8-K filed on August 11, 2017)
4
(d)
Indenture for the 4 7/8 percent Notes due 2028, dated as of September 22, 2017, among United
Rentals (North America), Inc. (the “Company”), United Rentals, Inc., the Company’s
subsidiaries named therein and Wells Fargo Bank, National Association, as Trustee (including
form of note) (incorporated by reference to Exhibit 4.2 of the United Rentals, Inc. Report
on Form 8-K filed on September 22, 2017)
4
(e)
Indenture for the 5.25% Senior Notes due 2030, dated as of May 10, 2019, among United
Rentals (North America), Inc., United Rentals, Inc., each of United Rental (North America),
Inc.’s subsidiaries named therein and Wells Fargo Bank, National Association, as Trustee
(including the form of note) (incorporated by reference to Exhibit 4.1 of the United Rentals,
Inc. and United Rentals (North America), Inc. Current Report on Form 8-K filed on May 10,
2019)
4
(f)
Indenture for the 3.875% Senior Secured Notes due 2027, dated as of November 4, 2019,
among United Rentals (North America), Inc., United Rentals, Inc., each of United Rentals
(North America), Inc.’s subsidiaries named therein and Wells Fargo Bank, National
Association, as Trustee and Notes Collateral Agent (including the form of note) (incorporated
by reference to Exhibit 4.1 of the United Rentals, Inc. and United Rentals (North America),
Inc. Current Report on Form 8-K filed on November 4, 2019)
4
(g)
Indenture for the 4.000% Senior Notes due 2030, dated as of February 25, 2020, among United
Rentals (North America), Inc., United Rentals, Inc., each of United Rentals (North America),
Inc.’s subsidiaries named therein and Wells Fargo Bank, National Association, as Trustee
(including the form of note) (incorporated by reference to Exhibit 4.1 of the United Rentals,
Inc. and United Rentals (North America), Inc. Current Report on Form 8-K filed on February
25, 2020)
4
(h)
Indenture for the 3.875% Senior Secured Notes due 2031, dated as of August 10, 2020, among
United Rentals (North America), Inc., United Rentals, Inc., each of United Rentals (North
America), Inc.’s subsidiaries named therein and Wells Fargo Bank, National Association, as
Trustee (including the form of note) (incorporated by reference to Exhibit 4.1 of the United
Rentals, Inc. and United Rentals (North America), Inc. Current Report on Form 8-K filed on
August 10, 2020)
Exhibit
Number
Description of Exhibit
109

4
(i)
Indenture for the 3.750% Senior Notes due 2032, dated as of August 13, 2021, among United
Rentals (North America), Inc., United Rentals, Inc., each of United Rentals (North America),
Inc.’s subsidiaries named therein and Wells Fargo Bank, National Association, as Trustee
(including the form of note) (incorporated by reference to Exhibit 4.1 of the United Rentals,
Inc. and United Rentals (North America), Inc. Current Report on Form 8-K filed on August
13, 2021)
4
(j)
Indenture for the 6.000% Senior Secured Notes due 2029, dated as of November 30, 2022,
among United Rentals (North America), Inc., United Rentals, Inc., each of United Rentals
(North America), Inc.’s subsidiaries named therein and Truist Bank, as Trustee and Notes
Collateral Agent (including the form of note) (incorporated by reference to Exhibit 4.1 of the
United Rentals, Inc. and United Rentals (North America), Inc. Current Report on Form 8-K
filed on November 30, 2022)
4
(k)
Indenture for the 6.125% Senior Notes due 2034, dated as of March 11, 2024, among United
Rentals (North America), Inc., United Rentals, Inc., each of United Rentals (North America),
Inc.’s subsidiaries named therein and Truist Bank, as Trustee (incorporated by reference to
Exhibit 4.1 of the United Rentals, Inc. and United Rentals (North America), Inc. Current
Report on Form 8-K filed on March 11, 2024 )
4
(l)*
Description of United Rentals’ Securities Registered Pursuant to Section 12 of the Exchange
Act
10
(a)
2001 Comprehensive Stock Plan of United Rentals, Inc. (formerly the 2001 Senior Stock Plan)
(incorporated by reference to Exhibit 10(f) of the United Rentals, Inc. Report on Form 10-Q
for the quarter ended June 30, 2006, Commission File No. 001-14387)‡
10
(b)
United Rentals, Inc. Deferred Compensation Plan, as amended and restated, effective
December 16, 2008 (incorporated by reference to Exhibit 10.1 of the United Rentals, Inc.
Report on Form 8-K, Commission File No. 001-14387, filed on December 19, 2008)‡
10
(c)
United Rentals, Inc. Executive Nonqualified Excess Plan (also referred to as Deferred
Compensation Plan), as amended and restated, effective January 1, 2013 (incorporated by
reference to Exhibit 10(f) of the United Rentals, Inc. Report on Form 10-K for year ended
December 31, 2012)‡
10
(d)
United Rentals, Inc. Deferred Compensation Plan for Directors, as amended and restated,
effective December 16, 2008 (incorporated by reference to Exhibit 10.2 of the United Rentals,
Inc. Report on Form 8-K, Commission File No. 001-14387, filed on December 19, 2008)‡
10
(e)
Amendment Number One to the United Rentals, Inc. Deferred Compensation Plan for
Directors, as amended and restated, effective December 16, 2008 (incorporated by reference to
Exhibit 10(h) of the United Rentals, Inc. Annual Report on Form 10-K for the year ended
December 31, 2010)‡
10
(f)
United Rentals, Inc. 2019 Annual Incentive Compensation Plan as amended October 18, 2023
(incorporated by reference to Exhibit 10(f) of the United Rentals, Inc. and United Rentals
(North America), Inc. Annual Report on Form 10-K for the year ended December 31, 2023)‡
10
(g)
United Rentals, Inc. 2019 Long Term Incentive Plan (incorporated by reference to Appendix A
of the United Rentals, Inc. Proxy Statement on Schedule 14A filed on March 26, 2019)‡
10
(h)
United Rentals, Inc. Second Amended and Restated 2010 Long Term Incentive Plan
(incorporated by reference to Appendix C of the United Rentals, Inc. Proxy Statement on
Schedule 14A filed on March 26, 2014)‡
10
(i)
Form of United Rentals, Inc. 2010 Long-Term Incentive Plan Director Restricted Stock Unit
Agreement (incorporated by reference to Exhibit 10(b) of the United Rentals, Inc. Report on
Form 10-Q for the quarter ended June 30, 2010)‡
Exhibit
Number
Description of Exhibit
110

10
(j)
United Rentals, Inc. Restricted Stock Unit Deferral Plan, as amended and restated, effective
December 16, 2008 (incorporated by reference to Exhibit 10.3 of the United Rentals, Inc.
Report on Form 8-K, Commission File No. 001-14387, filed on December 19, 2008)‡
10
(k)
Amendment Number One to the United Rentals, Inc. Restricted Stock Unit Deferral Plan, as
amended and restated, effective December 16, 2008 (incorporated by reference to Exhibit
10(p) of the United Rentals, Inc. Annual Report on Form 10-K for the year ended December
31, 2010)‡
10
(l)
Form of United Rentals, Inc. Restricted Stock Unit Agreement for Non-Employee Directors,
effective for grants beginning in May 2017, as amended (incorporated by reference to Exhibit
10(l) of the United Rentals, Inc. Annual Report on Form 10-K for the year ended December
31, 2022)‡
10
(m)
Form of United Rentals, Inc. Restricted Stock Unit Agreement for Non-Employee Directors,
effective for grants of awards beginning in May 2019, as amended (incorporated by reference
to Exhibit 10(m) of the United Rentals, Inc. Annual Report on Form 10-K for the year ended
December 31, 2022)‡
10
(n)
Board of Directors compensatory plans, as described under the caption “Director
Compensation” in the United Rentals, Inc. definitive proxy statement to be filed with the
Securities and Exchange Commission (in connection with the Annual Meeting of
Stockholders) on or before March 26, 2025
10
(o)
Form of Restricted Stock Unit Agreement (Performance Based) for Senior Management;
effective for grants beginning in 2021, as amended‡ (incorporated by reference to Exhibit
10(u) of the United Rentals, Inc. Annual Report on Form 10-K for the year ended December
31, 2022)‡
10
(p)
Form of Restricted Stock Unit Agreement for Senior Management; effective for grants
beginning in 2021, as amended‡ (incorporated by reference to Exhibit 10(v) of the United
Rentals, Inc. Annual Report on Form 10-K for the year ended December 31, 2022)‡
10
(q)
Form of Restricted Stock Unit Agreement (Performance Based) for Senior Management;
effective for grants beginning in 2023 (incorporated by reference to Exhibit 10(w) of the
United Rentals, Inc. Annual Report on Form 10-K for the year ended December 31, 2022)‡
10
(r)
Form of Restricted Stock Unit Agreement for Senior Management; effective for grants
beginning in 2023 (incorporated by reference to Exhibit 10(x) of the United Rentals, Inc.
Annual Report on Form 10-K for the year ended December 31, 2022)‡
10
(s)
Form of Restricted Stock Unit Agreement for Senior Management; effective for grants
beginning in 2024 (incorporated by reference to Exhibit 10(y) of the United Rentals, Inc. and
United Rentals (North America), Inc. Annual Report on Form 10-K for the year ended
December 31, 2023)‡
10
(t)
Form of Restricted Stock Unit Agreement (Performance Based) for Senior Management;
effective for grants beginning in 2024 (incorporated by reference to Exhibit 10(z) of the United
Rentals, Inc. and United Rentals (North America), Inc. Annual Report on Form 10-K for the
year ended December 31, 2023)‡
10
(u)
Employment Agreement, dated as of May 8, 2019, between United Rentals, Inc. and Matthew
Flannery (incorporated by reference to Exhibit 10(c) of the United Rentals, Inc. Report on
Form 10-Q for the quarter ended June 30, 2019)‡
10
(v)
First Amendment to the Employment Agreement between United Rentals, Inc. and Matthew
Flannery effective November 9, 2023 (incorporated by reference to Exhibit 10(gg) of the
United Rentals, Inc. and United Rentals (North America), Inc. Annual Report on Form 10-K
for the year ended December 31, 2023)‡
Exhibit
Number
Description of Exhibit
111

10
(w)
Employment Agreement, effective as of January 20, 2016 between United Rentals, Inc. and
Craig Pintoff (incorporated by reference to Exhibit 10(tt) of the United Rentals, Inc. Annual
Report on Form 10-K for the year ended December 31, 2015)‡
10
(x)
First Amendment, effective as of April 23, 2021, to the Employment Agreement between
United Rentals, Inc. and Craig Pintoff (incorporated by reference to Exhibit 10 of the United
Rentals, Inc. Report on Form 10-Q for the quarter ended March 31, 2021)‡
10
(y)
Employment Agreement, dated October 12, 2018, between United Rentals, Inc. and Andrew
Limoges (incorporated by reference to Exhibit 10(b) of the United Rentals, Inc. Report on
Form 10-Q for the quarter ended September 30, 2018)
10
(z)
Employment Agreement, effective as of July 29, 2022, between United Rentals, Inc. and
William Edward Grace (incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K filed by United Rentals, Inc. on July 22, 2022)
10
(aa)
Employment Agreement, effective as of May 12, 2023, between United Rentals, Inc. and Joli
Gross (incorporated by reference to Exhibit 10(b) of the United Rentals, Inc. Report on Form
10-Q for the quarter ended June 30, 2023)‡
10
(bb)
Employment Agreement, effective as of May 12, 2023, between United Rentals, Inc. and Tony
Leopold (incorporated by reference to Exhibit 10(c) of the United Rentals, Inc. Report on
Form 10-Q for the quarter ended June 30, 2023)‡
10
(cc)
Employment Agreement, effective as of September 29, 2023, between United Rentals, Inc. and
Michael Durand (incorporated by reference to Exhibit 10.1 of the United Rentals, Inc. and
United Rentals (North America). Inc. Current Report on Form 8-K filed on August 28, 2023)‡
10
(dd)
Form of Indemnification Agreement for Executive Officers and Directors (incorporated by
reference to Exhibit 10(a) of the United Rentals, Inc. Report on Form 10-Q for the quarter
ended September 30, 2014)‡
10
(ee)
Fourth Amended and Restated Credit Agreement, dated as of June 30, 2022, among United
Rentals, Inc., United Rentals (North America), Inc., certain subsidiaries of United Rentals, Inc.
and United Rentals (North America), Inc., United Rentals of Canada, Inc., United Rentals
International B.V., United Rentals S.A.S., United Rentals Australia Pty Ltd, United Rentals
New Zealand, Bank of America N.A., and the other financial institutions named therein
(incorporated by reference to Exhibit 10.1 of the United Rentals, Inc. and United Rentals
(North America), Inc. Current Report on Form 8-K filed on June 30, 2022)
10
(ff)
Amendment No. 1 to Fourth Amended and Restated Credit Agreement, dated as of May 7,
2024, by and among United Rentals, Inc., United Rentals (North America), Inc., certain
subsidiaries of United Rentals, Inc. and United Rentals (North America), Inc., United Rentals
of Canada, Inc., United Rentals International B.V., United Rentals S.A.S., United Rentals
Australia Pty Ltd, United Rentals New Zealand, Bank of America N.A., and the other financial
institutions named therein (incorporated by reference to Exhibit 10(b) of the United Rentals,
Inc. and United Rentals (North America), Inc. Report on Form 10-Q for the quarter ended June
30, 2024)
10
(gg)
Fourth Amended and Restated U.S. Security Agreement, dated as of June 30, 2022, among
United Rentals, Inc., United Rentals (North America), Inc., certain subsidiaries of United
Rentals, Inc. and United Rentals (North America), Inc. and Bank of America, N.A., as agent
(incorporated by reference to Exhibit 10.2 of the United Rentals, Inc. and United Rentals
(North America), Inc. Current Report on Form 8-K filed on June 30, 2022)
10
(hh)
Third Amended and Restated U.S. Guarantee Agreement, dated as of February 15, 2019,
among United Rentals, Inc., United Rentals (North America), Inc., certain subsidiaries of
United Rentals, Inc. and United Rentals (North America), Inc. named or referred to therein in
favor of Bank of America, N.A., as agent (incorporated by reference to Exhibit 10.3 of
the United Rentals, Inc. and United Rentals (North America), Inc. Current Report on Form 8-K
filed on February 15, 2019)
Exhibit
Number
Description of Exhibit
112

10
(ii)
Fourth Amended and Restated Canadian Security Agreement, dated as of June 30, 2022,
among United Rentals of Canada, Inc. and Bank of America, N.A., as agent (incorporated by
reference to Exhibit 10.3 of the United Rentals, Inc. and United Rentals (North America), Inc.
Current Report on Form 8-K filed on June 30, 2022)
10
(jj)
Third Amended and Restated Canadian Guarantee Agreement, dated as of February 15, 2019,
by United Rentals of Canada, Inc. in favor of Bank of America, N.A., as agent (incorporated
by reference to Exhibit 10.5 of the United Rentals, Inc. and United Rentals (North America),
Inc. Current Report on Form 8-K filed on February 15, 2019)
10
(kk)
Second Amended and Restated Security Agreement, dated as of November 4, 2019 and
effective as of November 20, 2019, by and among United Rentals, Inc., United Rentals (North
America), Inc., certain subsidiaries of United Rentals, Inc. and United Rentals (North
America), Inc. and Wells Fargo Bank, N.A., as Note Trustee and Collateral Agent
(incorporated by reference to Exhibit 10.1 of the United Rentals, Inc. Report on Form 8-K
filed on November 4, 2019)
10
(ll)
Notes Security Agreement, dated as of November 30, 2022, by and among United Rentals,
Inc., United Rentals (North America), Inc. and certain of their Subsidiaries, as the Grantors,
and Truist Bank, as Trustee and Notes Collateral Agent (incorporated by reference to Exhibit
10.1 of the United Rentals, Inc. Report on Form 8-K filed on November 30, 2022)
10
(mm)
Third Amended and Restated Receivables Purchase Agreement, dated as of September 24,
2012, by and among The Bank of Nova Scotia, PNC Bank, National Association, The Bank of
Tokyo-Mitsubishi UFJ, Ltd., New York Branch, Liberty Street Funding LLC, Market Street
Funding LLC, Gotham Funding Corporation, United Rentals Receivables LLC II and United
Rentals, Inc. (without annexes) (incorporated by reference to Exhibit 10.2 of the United
Rentals, Inc. Report on Form 8-K filed on September 25, 2012)
10
(nn)
Assignment and Acceptance Agreement and Amendment No. 1 to Third Amended and
Restated Receivables Purchase Agreement, dated as of February 1, 2013, among United
Rentals Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Market Street
Funding LLC, Gotham Funding Corporation, The Bank of Nova Scotia, PNC Bank National
Association, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Bank of
America, N.A. (incorporated by reference to Exhibit 10.1 of the United Rentals, Inc. Report on
Form 8-K filed on February 4, 2013)
10
(oo)
Amendment No. 2 to the Third Amended and Restated Receivables Purchase Agreement and
Amendment No. 1 to the Third Amended and Restated Purchase and Contribution Agreement,
dated as of September 17, 2013, by and among United Rentals (North America), Inc., United
Rentals Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham
Funding Corporation, Market Street Funding, LLC, The Bank of Nova Scotia, PNC Bank,
National Association, Bank of America, National Association, and The Bank of Tokyo-
Mitsubishi UFJ. Ltd., New York Branch (incorporated by reference to Exhibit 10.1 of the
United Rentals, Inc. Report on Form 8-K filed on September 23, 2013)
10
(pp)
Amendment No. 3 to the Third Amended and Restated Receivables Purchase Agreement,
dated as of September 18, 2014, by and among United Rentals (North America), Inc., United
Rentals Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham
Funding Corporation, The Bank of Nova Scotia, PNC Bank, National Association, SunTrust
Bank and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch (incorporated by
reference to Exhibit 10.1 of the United Rentals, Inc. Report on Form 8-K filed on September
19, 2014)
Exhibit
Number
Description of Exhibit
113

10
(qq)
Assignment and Acceptance Agreement and Amendment No. 4 to the Third Amended and
Restated Receivables Purchase Agreement and Amendment No. 2 to the Third Amended and
Restated Purchase and Contribution Agreement, dated as of September 1, 2015, by and among
United Rentals (North America), Inc., United Rentals Receivables LLC II, United Rentals,
Inc., Liberty Street Funding LLC, Gotham Funding Corporation, The Bank of Nova Scotia,
PNC Bank, National Association, SunTrust Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
New York Branch, and Bank of Montreal (incorporated by reference to Exhibit 10.1 of the
United Rentals, Inc. Form 8-K filed on September 2, 2015)
10
(rr)
Assignment and Acceptance Agreement and Amendment No. 5 to the Third Amended and
Restated Receivables Purchase Agreement and Amendment No. 3 to Third Amended and
Restated Purchase and Contribution Agreement, dated as of August 30, 2016, by and among
United Rentals (North America), Inc., United Rentals Receivables LLC II, United Rentals,
Inc., Liberty Street Funding LLC, Gotham Funding Corporation, Fairway Finance Company,
LLC, The Bank of Nova Scotia, PNC Bank, National Association, SunTrust Bank, The Bank
of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, and Bank of Montreal (incorporated by
reference to Exhibit 10.1 of the United Rentals, Inc. Form 8-K filed on August 30, 2016)
10
(ss)
Assignment and Acceptance Agreement and Amendment No. 6 to Third Amended and
Restated Receivables Purchase Agreement and Amendment No. 4 to Third Amended and
Restated Purchase and Contribution Agreement, dated as of August 29, 2017, by and among
United Rentals (North America), Inc., United Rentals Receivables LLC II, United Rentals,
Inc., Liberty Street Funding LLC, Gotham Funding Corporation, Fairway Finance Company,
LLC, The Bank of Nova Scotia, PNC Bank, National Association, SunTrust Bank, The Bank
of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, Bank of Montreal and The Toronto-
Dominion Bank (incorporated by reference to Exhibit 10.1 of the United Rentals, Inc. Report
on Form 8-K filed on August 29, 2017)
10
(tt)
Amendment No. 7 to Third Amended and Restated Receivables Purchase Agreement dated as
of December 1, 2017, by and among United Rentals (North America), Inc., United Rentals
Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham Funding
Corporation, Fairway Finance Company, LLC, The Bank of Nova Scotia, PNC Bank, National
Association, SunTrust Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Bank of Montreal and
The Toronto-Dominion Bank (incorporated by reference to Exhibit 10.1 of the United Rentals,
Inc. Report on Form 8-K filed on December 1, 2017)
10
(uu)
Amendment No. 8 to Third Amended and Restated Receivables Purchase Agreement and
Amendment No. 5 to Third Amended and Restated Purchase and Contribution Agreement,
dated as of June 29, 2018, by and among United Rentals (North America), Inc., United Rentals
Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham Funding
Corporation, Fairway Finance Company, LLC, The Bank of Nova Scotia, PNC Bank, National
Association, SunTrust Bank, MUFG Bank, Ltd. (formerly known as the Bank of Tokyo-
Mitsubishi UFJ, Ltd.), Bank of Montreal and The Toronto-Dominion Bank (incorporated by
reference to Exhibit 10.1 of the United Rentals, Inc. and United Rentals (North America), Inc.
Current Report on Form 8-K filed on June 29, 2018)
10
(vv)
Amendment No. 9 to Third Amended and Restated Receivables Purchase Agreement, dated as
of December 31, 2018, by and among United Rentals (North America), Inc., United Rentals
Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham Funding
Corporation, Fairway Finance Company, LLC, The Bank of Nova Scotia, PNC Bank, National
Association, SunTrust Bank, MUFG Bank, Ltd., Bank of Montreal and The Toronto-Dominion
Bank. (incorporated by reference to Exhibit 10.1 of the United Rentals, Inc. and United
Rentals (North America), Inc. Current Report on Form 8-K filed on December 31, 2018)
Exhibit
Number
Description of Exhibit
114

10
(ww)
Assignment and Acceptance Agreement and Amendment No. 10 to Third Amended and
Restated Receivables Purchase Agreement and Amendment No. 6 to Third Amended and
Restated Purchase and Contribution Agreement, dated as of June 28, 2019, by and among
United Rentals (North America), Inc., United Rentals Receivables LLC II, United
Rentals, Inc., Liberty Street Funding LLC, Gotham Funding Corporation, Fairway Finance
Company, LLC, The Bank of Nova Scotia, PNC Bank, National Association, SunTrust Bank,
MUFG Bank, Ltd. (formerly known as the Bank of Tokyo-Mitsubishi UFJ, Ltd.), Bank of
Montreal and The Toronto-Dominion Bank (incorporated by reference to Exhibit 10.1 of
the United Rentals, Inc. and United Rentals (North America), Inc. Current Report on Form 8-K
filed on June 28, 2019)
10
(xx)
Amendment No. 11 to Third Amended and Restated Receivables Purchase Agreement, dated
as of April 27, 2020, by and among United Rentals (North America), Inc., United Rentals
Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham Funding
Corporation, The Bank of Nova Scotia, PNC Bank, National Association, Truist Bank
(successor by merger to SunTrust Bank), MUFG Bank, Ltd. (formerly known as the Bank of
Tokyo-Mitsubishi UFJ, Ltd.) and The Toronto-Dominion Bank (incorporated by reference to
Exhibit 10 of the United Rentals, Inc. Report on Form 10-Q for the quarter ended March 31,
2020)
10
(yy)
Amendment No. 12 to Third Amended and Restated Receivables Purchase Agreement and
Amendment No. 7 to Third Amended and Restated Purchase and Contribution Agreement,
dated as of June 26, 2020, by and among United Rentals (North America), Inc., United Rentals
Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham Funding
Corporation, The Bank of Nova Scotia, PNC Bank, National Association, Truist Bank,
National Association, MUFG Bank, Ltd., and The Toronto-Dominion Bank (incorporated by
reference to Exhibit 10.1 of the United Rentals, Inc. and United Rentals (North America), Inc.
Current Report on Form 8-K filed on June 26, 2020)
10
(zz)
Amendment No. 13 to Third Amended and Restated Receivables Purchase Agreement, dated
as of June 25, 2021, by and among United Rentals (North America), Inc., United Rentals
Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham Funding
Corporation, The Bank of Nova Scotia, PNC Bank, National Association, Truist Bank,
National Association, MUFG Bank, Ltd., and The Toronto-Dominion Bank (incorporated by
reference to Exhibit 10.1 to the Current Report on Form 8-K filed by United Rentals, Inc. on
June 25, 2021)
10
(aaa)
Amendment No. 14 to Third Amended and Restated Receivables Purchase Agreement and
Amendment No. 8 to Third Amended and Restated Purchase and Contribution Agreement,
dated as of June 24, 2022, by and among United Rentals (North America), Inc., United Rentals
Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham Funding
Corporation, GTA Funding LLC, The Bank of Nova Scotia, PNC Bank, National Association,
Truist Bank, National Association, MUFG Bank, Ltd., and The Toronto-Dominion Bank
(incorporated by reference to Exhibit 10.1 of the United Rentals, Inc. and United Rentals
(North America), Inc. Current Report on Form 8-K filed on June 24, 2022)
10
(bbb)
Amendment No. 15 to Third Amended and Restated Receivables Purchase Agreement, dated
as of June 16, 2023, by and among United Rentals (North America), Inc., United Rentals
Receivables LLC II, United Rentals, Inc., Liberty Street Funding LLC, Gotham Funding
Corporation, GTA Funding LLC, The Bank of Nova Scotia, PNC Bank, National Association,
Truist Bank, National Association, MUFG Bank, Ltd., and The Toronto-Dominion Bank
(incorporated by reference to Exhibit 10.1 of the United Rentals, Inc. and United Rentals
(North America), Inc. Current Report on Form 8-K filed on June 16, 2023)
Exhibit
Number
Description of Exhibit
115

10
(ccc)
Assignment and Acceptance Agreement and Amendment No. 16 to Third Amended and
Restated Receivables Purchase Agreement and Amendment No. 9 to Third Amended and
Restated Purchase and Contribution Agreement, dated as of May 24, 2024, by and among
United Rentals (North America), Inc., United Rentals Receivables LLC II, United Rentals,
Inc., Liberty Street Funding LLC, Gotham Funding Corporation, GTA Funding LLC, The
Bank of Nova Scotia, PNC Bank, National Association, MUFG Bank, Ltd., Truist Bank, The
Toronto-Dominion Bank and Regions Bank (incorporated by reference to Exhibit 10.1 of the
United Rentals, Inc. and United Rentals (North America), Inc. Current Report on Form 8-K
filed on May 24, 2024)
10
(ddd)
Third Amended and Restated Purchase and Contribution Agreement, dated as of September
24, 2012, by and among United Rentals Receivables LLC II, United Rentals, Inc. and United
Rentals (North America), Inc. (without annexes) (incorporated by reference to Exhibit 10.1 of
the United Rentals, Inc. Report on Form 8-K filed on September 25, 2012)
10
(eee)
Amended and Restated Performance Undertaking, dated as of September 24, 2012, executed
by United Rentals, Inc. in favor of United Rentals Receivables LLC II (incorporated by
reference to Exhibit 10.3 of the United Rentals, Inc. Report on Form 8-K filed on September
25, 2012)
10
(fff)
Amendment and Restatement Agreement, dated as of February 14, 2024, related to (i) the
Credit and Guaranty Agreement, dated as of October 31, 2018 (as amended and restated),
among United Rentals, Inc., United Rentals (North America), Inc., certain subsidiaries of
United Rentals, Inc.,Bank of America, N.A., and the other financial institutions named therein
and (ii) the Term Loan Security Agreement, dated as of October 31, 2018, among United
Rentals, Inc., United Rentals (North America), Inc., certain subsidiaries of United Rentals, Inc.
referred to therein, and Bank of America, N.A. as agent (incorporated by reference to Exhibit
10.1 of the Current Report on Form 8-K filed by United Rentals, Inc. and United Rentals
(North America), Inc. on February 14, 2024)
19
*
United Rentals, Inc. Insider Trading Policy dated April 18, 2024
21
*
Subsidiaries of United Rentals, Inc.
22
*
Subsidiary Guarantors
23
*
Consent of Ernst & Young LLP
31
(a)*
Rule 13a-14(a) Certification by Chief Executive Officer
31
(b)*
Rule 13a-14(a) Certification by Chief Financial Officer
32
(a)**
Section 1350 Certification by Chief Executive Officer
32
(b)**
Section 1350 Certification by Chief Financial Officer
97
United Rentals, Inc. Financial Restatement Clawback Policy adopted October 18, 2023
(incorporated by reference to Exhibit 97 of the United Rentals, Inc. Annual Report on Form
10-K for the year ended December 31, 2023)
101.INS
XBRL Instance Document - the instance document does not appear in the Interactive Data File
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XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
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XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
Exhibit
Number
Description of Exhibit
116

101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
Exhibit
Number
Description of Exhibit
*
Filed herewith.
**
Furnished (and not filed) herewith pursuant to Item 601(b)(32)(ii) of Regulation S-K under the Exchange
Act.
‡
This document is a management contract or compensatory plan or arrangement required to be filed as an
exhibit to this form pursuant to Item 15(a) of this report.
117

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
UNITED RENTALS, INC.
Date:
January 29, 2025
By: /S/ MATTHEW J. FLANNERY
Matthew J. Flannery, Chief Executive Officer
Pursuant to the requirements of the Exchange Act, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated:
Signatures
Title
Date
/S/
MICHAEL J. KNEELAND
Chairman
January 29, 2025
Michael J. Kneeland
/S/
JULIE M. HEUER BRANDT
Director
January 29, 2025
Julie M. Heuer Brandt
/S/
MARC A. BRUNO
Director
January 29, 2025
Marc A. Bruno
/S/
LARRY D. DE SHON
Director
January 29, 2025
Larry D. De Shon
/S/
BOBBY J. GRIFFIN
Lead Independent
Director
January 29, 2025
Bobby J. Griffin
/S/ KIM HARRIS JONES
Director
January 29, 2025
Kim Harris Jones
/S/ TERRI L. KELLY
Director
January 29, 2025
Terri L. Kelly
/S/ FRANCISCO J. LOPEZ-BALBOA
Director
January 29, 2025
Francisco J. Lopez-Balboa
/S/ GRACIA MARTORE
Director
January 29, 2025
Gracia Martore
/S/ SHIV SINGH
Director
January 29, 2025
Shiv Singh
/S/ MATTHEW J. FLANNERY
Director and Chief
Executive Officer
(Principal Executive
Officer)
January 29, 2025
Matthew J. Flannery
/S/ WILLIAM E. GRACE
Chief Financial Officer
(Principal Financial
Officer)
January 29, 2025
William E. Grace
/S/
ANDREW B. LIMOGES
Vice President,
Controller (Principal
Accounting Officer)
January 29, 2025
Andrew B. Limoges
118

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© 2025 United Rentals, Inc. The United Rentals name and logo are registered trademarks of United Rentals, Inc. and its affiliates. All rights
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CORPORATE INFORMATION
Investor Information
For investor information, including our 2024 Form 10-K, our
quarterly earnings releases and our other Securities Exchange Act
reports, please visit our website:
unitedrentals.com
Investment professionals
may contact:
Elizabeth Grenfell
(203) 618-7125
Investors may email:
investors@unitedrentals.com
2025 Annual Meeting
Thursday, May 8, 2025 at 9:00 am Eastern Time
Our Annual Meeting will be a “virtual meeting” of Stockholders, which
will be conducted exclusively online via live webcast, similar to last
year.
The following is the link to our 2025 Annual Meeting:
www.virtualshareholdermeeting.com/URI2025
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For stockholder services
24 hours a day:
Call toll-free
(800) 937-5449
in the United States
and Canada, or
(718) 921-8124
To speak with a service representative about one of the items listed
below, please call between 8:00 am and 6:00 pm Eastern Time,
Monday through Friday.
- Account information
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United Rentals Stock Listing
United Rentals common stock is listed on the New York Stock
Exchange under the symbol “URI.” The common stock is
included in the Standard & Poor’s 500 Index and the Russell
3000 Index®.
The following table sets forth, for the periods indicated, the
intra-day high and low sale prices and close prices for our
common stock, as reported by the New York Stock Exchange.
United Rentals Common Stock Prices
2024

1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
High

$732.37
$722.37
$826.24 $896.98
Low

533.70
596.48
626.00 696.17
Close

721.11
646.73
809.73 704.44
2023
High

$481.99
$448.45
$492.33 $585.50
Low

352.19
325.15
413.60 387.01
Close

395.76
445.37
444.57 573.42
2022
High

$368.61
$361.55
$343.67 $373.91
Low

286.86
230.54
235.39 260.97
Close

355.21
242.91
270.12 355.42
As of January 1, 2025, there were 62 holders of record of
our common stock. We believe that the number of beneficial
owners is substantially greater than the number of record
holders because a large portion of our common stock is held
of record in “street name.”
Corporate Headquarters
United Rentals, Inc.
100 First Stamford Place, Suite 700
Stamford, CT 06902
Phone: (203) 622-3131
Fax: (203) 622-6080
unitedrentals.com
Independent Auditors
Ernst & Young LLP
300 First Stamford Place
Stamford, CT 06902
(203) 674-3000

INNOVATION
- Improved jobsite productivity and safety for our customers
with our leading digital tools, including Total Control® and the
United Rentals Mobile App™, which provide visibility, control
and insights into planning and utilizing rented and owned
equipment
- Earned strong customer adoption of the company’s
technologies; 76% of revenue engaged with our digital
offerings in 2024, compared to 70% in 2023
- Realized 22.8% year-over-year growth in e-commerce
revenue in 2024 with UnitedRentals.com, the industry’s
largest one-stop digital equipment rental platform
- Over 8.4 million customer notifications sent (+20% YoY)
SUSTAINABILITY
- Offered greenhouse gas emissions tracking, remote
environmental monitoring, and battery energy storage
systems to support customers in meeting their sustainability
initiatives and complying with jobsite requirements
- Published white paper in 2024 highlighting learnings and
best practices for jobsites with a lower climate impact
- Added battery energy systems for tower cranes to North
American rental fleet
- LEAN practices/continuous improvement remain part of our
standard operating processes
COMMUNITY ENGAGEMENT
- Approximately $2.2 million distributed through the United
Compassion Fund in 2024, an employee funded 501(c)(3)
charity that provides financial assistance to employees-in-
need, the largest annual distribution to date
Our purpose is to build a better future together. We partner with our customers, communities and employees to find solutions
with a shared commitment to safety and service. We are committed to the highest standards of ethics, business integrity,
governance, innovation and good corporate citizenship. Our legacy of putting our people and our planet at the heart of
our operations and decision-making shapes who we are and how we operate. This way of working is a simple, but powerful
approach we call Work United®.
PURPOSE-DRIVEN
BOARD
- As of March 2025, the company’s 11-member Board of
Directors included 9 independent directors
- Our directors bring a mix of viewpoints, perspectives and
areas of expertise and exhibit a variety of key skills and
relevant professional experiences which enable the Board
to provide effective oversight of the company’s business,
performance and strategic direction
- Our Board is led by our non-executive Chair, Lead
Independent Director and Chief Executive Officer
HUMAN CAPITAL
- Delivered another strong safety record, with a total 2024
recordable incident rate (TRIR) of 0.81, which represented
a slight increase from very strong performance in 2023
- Maintained robust retention levels; voluntary turnover
decreased 4% year-over-year from 12.4% in 2023 to
11.9% in 2024
- Earned strong satisfaction scores in our 2024 employee
experience survey, with average responses ranging from
8.3 to 9.1 out of 10 in each of our four survey categories
- Earned national recognition for our culture, including being
named to the following lists:

Total 2024 revenues: $15.345 billion
Market coverage: 1,686 branches comprised of 1,433 in
the United States, 158 in Canada, 37 in Australia, 19 in New
Zealand and 39 in Europe
Customers: Primarily industrial and construction
companies and utilities
Employees: Approximately 27, 900
Rental fleet: $21.43 billion of fleet at original cost,
comprised of 1,120,000 units
United Rentals, Inc.
100 First Stamford Place, Suite 700
Stamford, CT 06902
UnitedRentals.com
© 2025 United Rentals, Inc.
UnitedRentals.com | 800.UR.RENTS