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2017 Annual Report

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2017 ANNUAL REPORT Included in these numbers are the positive impact Letter to our of two major acquisitions — NES Rentals in April, and Neff Corporation in October — as well as Stockholders smaller transactions. Our company is very good at integrating acquired operations quickly, to realize strategic and financial value. In 2017, we United Rentals highlighted its 20th year in added scale and expertise to our core business at business with record growth that outpaced an ideal time in the cycle; this accelerated rental the market, and strategic investments in revenue growth to nearly 16% year-over-year core operations. from what would have been a solid showing of approximately 7%. North America was a strong market for equipment rentals in 2017, underpinned by macro economic From an organic standpoint, the growth of our growth. Our company performed extremely well in specialty segment was particularly dramatic. Our this environment. While demand was an important Trench, Power and Pump operations increased factor, it wasn’t the whole story — our results 2017 rental revenue by nearly 28% versus the were also built on years of discipline and focused prior year, primarily on a same-store basis, while execution. We’ve become adept at leveraging rental gross margin improved to 49.6%. Specialty opportunities in every part of the cycle, including rentals continue to be a key part of our strategy: the current demand environment. we plan to open at least 18 branches in 2018, following 16 specialty openings a year ago. Four 2017 tailwinds are worthy of note: robust commercial construction activity, infrastructure Purpose-Driven Interests spending, the recovery in oil prices and a more Given our positive stock performance in 2017, pervasive recovery in the industrial sector. it would be easy to speak solely to our financial Geographically, demand became increasingly results. In truth, our investors benefit from our broad-based as the year unfolded. By the fourth entire culture. United Rentals has a long history as quarter, all of our regions reported revenue and a purpose-driven company, where the attributes rates that were positive year-over-year. of good corporate citizenship are part of our core values. Our employees understand the For the full year 2017, our company delivered connection between financial performance and GAAP earnings per diluted share of $15.73, the well-being of society at large. compared with $6.45 the prior year. On an adjusted basis1, EPS was $18.64, compared Years ago, when we first made culture a with $8.65 the prior year. EPS and adjusted EPS priority we decided that the best way to create include an estimated $8.05 per-share benefit sustainable value was to bring together the associated with the 2017 tax reform. interests of our customers, employees and investors. Project XL is a good example of this. United Rentals generated a record $1.4 Our Project XL initiatives involve investments in billion of net income in 2017, and $3.2 billion the long-term earning power of our business. 1 of adjusted EBITDA at a 47.6% margin. Free At the same time, they enhance service to 1 cash flow was $907 million after capex. customers and create a workplace where our Return on invested capital was 8.8%, its employees can thrive. highest level since 2015. In 2017, this cohesive approach resulted in Outlook numerous accomplishments that serve all United In early 2017, we told the investment community Rentals stakeholders. With safety, for example, that we expected end-market demand would our total recordable incident rate was just .78, continue to trend up in the months ahead. Today, making 2017 the fourth year in a row that our rate we can make that same statement about 2018 was below 1.00. In other areas: with even greater confidence. Our field operators are bullish about business activity, and key third- For our customers — we continue to expand party indicators agree. Perhaps most important, digital capabilities such as e-commerce, Total the customers that rent our equipment are ® Control , telematics and data analytics to boost optimistic — we conducted a survey just prior jobsite productivity. Today, more than ever, to 2018 that showed sizable gains in customer customer service is a moving target in spaces that confidence. are constantly evolving. As a digital partner, we can help our customers compete more effectively For 2018, we’re guiding to a range of $7.3 billion and manage change, because we’re committed to $7.6 billion of total revenue, and $3.60 billion to evolving one step ahead of their needs. to $3.75 billion of adjusted EBITDA. We expect free cash flow to be between $1.3 billion and $1.4 For our employees — we devote considerable billion, after gross rental capex of $1.8 billion to resources to encouraging meaningful $1.95 billion. engagement. The United Compassion Fund is largely comprised of contributions from This year, as always, our outlook speaks most employees, with support from our Board directly to the caliber of our people. It has the members; its employee board granted over full commitment of senior management and $500,000 to colleagues in need following the our Board of Directors, but it is our broader hurricanes of 2017. Another source of pride is organization that deserves our thanks each time our decade-long advocacy for military veterans, we deliver results. both as an employer and in communities. United Rentals is currently ranked #7 in the U.S. as a In 2018, we plan to deliver another record military-friendly employer across all industries. performance for United Rentals, and ensure that all stakeholders are well served again by our For our investors — we remain constantly true success. to our strategy, which is to balance growth March 27, 2018 and returns to maximize long-term value. One of the points we emphasize to stockholders Michael J. Kneeland Jenne K. Britell is that investments in our culture can be Chief Executive Officer Chairman of the Board counted on to return value over time. In 2017, we expanded our outreach to the investment community, communicating directly with our 25 largest stockholders, representing 51% of our outstanding shares. 1 Adjusted EPS, adjusted EBITDA and free cash flow are non-GAAP measures. Please see the reconciliation of these measures 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, 2017, and in our fiscal 2017 earnings press release furnished on Form 8-K with the Securities and Exchange Commission on January 24, 2018. Shiv Gracia Bobby J. Michael J. José B. Jenne K. Filippo Jason D. Singleton B. Donald C. Singh Martore Griffin Kneeland Alvarez Britell Passerini Papastavrou McAllister Roof Directors and Officers Board of Directors Executive Officers Paul I. McDonnell Brent R. Kuchynka Joshuah P. Flores Senior Vice President Vice President Vice President Jenne K . Britell, Ph.D. Michael J. Kneeland Sales and Speciality Corporate Fleet Tools and Industrial Chairman Chief Executive Officer Operations Management Solutions José B. Alvarez (3, 4) Matthew J. Flannery Kenneth B. Mettel Ty J. “TJ” Mahoney Todd M. Hayes Senior Lecturer President and Senior Vice President Vice President Vice President Harvard Business School Chief Operating Officer Performance Analytics Supply Chain Trench Safety Region Bobby J. Griffin (1, 3, 4) William B. Plummer Irene Moshouris Gordon McDonald John J. Humphrey Director Executive Vice President Senior Vice President Vice President Vice President and Chief Financial Officer Treasurer Managed Services Mid-Atlantic Region Michael J. Kneeland (4) Chief Executive Officer Dale A. Asplund Kevin C. Parr Joseph W. Pledger Thomas P. Jones United Rentals, Inc. Executive Vice President Senior Vice President Vice President Vice President Business Services and Operations Finance Operations Onsite Services Gracia Martore (2, 3) Chief Information Officer Director Corporate Vice Presidents Timothy S. Rule William A. Kiker Craig A. Pintoff Vice President Vice President (2, 4) Singleton B. McAllister Executive Vice President Tomer Barkan Market Development Pump Solutions Of Counsel – Chief Administrative and Vice President Husch Blackwell Legal Officer Planning and Analysis Daniel C. Sparks John “Eddie” King Vice President Vice President (1) Jason D. Papastavrou, Ph.D. Jeffrey J. Fenton Gregg L. Christensen Sales Operations and Gulf South Region Founder and Senior Vice President Vice President Support Chief Executive Officer Business Development National Accounts Donald “Chad” Matter ARIS Capital Management Michael L. Zea Vice President Jessica T. Graziano James A. Dorris Vice President Industrial Region (1, 2) Filippo Passerini Senior Vice President- Vice President Strategy Operating Executive – Controller and Principal Environmental, Health Jeffrey S. McGinnis U.S. Buyouts, Accounting Officer and Safety Regional Vice Presidents Vice President The Carlyle Group South Region Senior Vice Presidents John J. Fahey Robert C. Bower Donald C. Roof (1, 2, 3) Vice President Vice President Kevin M. O’Brien Director Michael D. Durand Internal Audit Pacific West Region Vice President Senior Vice President Mid-Central Region Shiv Singh (1, 4) Operations William “Ted” Grace Chris A. Burlog Senior Vice President - Vice President Vice President Westley G. Parks Innovation and Strategic Joli L. Gross Investor Relations Midwest Region Vice President Partnerships Senior Vice President Carolinas Region Visa Inc. General Counsel Homer “Ned” Graham Michael G. Cloer and Corporate Secretary Vice President Vice President Craig A. Schmidt Operations Excellence Southeast Region Vice President David A. Hobbs Northeast Region Senior Vice President Daniel T. Higgins John “Scott” Fisher Operations Vice President Vice President David C. Scott Technology and Operations Western Canada Region Vice President Christopher K. Hummel Power & HVAC Region Senior Vice President Helge Jacobsen Chief Marketing Officer Vice President Operations Excellence Committees of the Board (1) Audit Committee, Jason D.
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