Early Access

10-KPeriod: FY2021

UNITED RENTALS, INC. Annual Report, Year Ended Dec 31, 2021

Filed January 26, 2022For Securities:URI

Summary

United Rentals, Inc. (URI) reported strong financial performance in its 2021 10-K filing, demonstrating significant recovery and growth following the challenges of 2020. Total revenues increased by 13.9% to $9.7 billion, primarily driven by a 14.9% surge in equipment rentals, which benefited from a 10.4% improvement in fleet productivity and the strategic acquisition of General Finance Corporation. This acquisition expanded URI's service offerings into mobile storage and modular office space, and also provided entry into Australia and New Zealand markets. The company maintained a robust balance sheet with available liquidity of $2.851 billion as of December 31, 2021. URI also focused on optimizing its capital structure by issuing new senior notes and redeeming existing ones. Looking ahead, United Rentals projects a positive outlook, anticipating a 10% growth in the North American equipment rental industry for 2022, indicating continued market recovery and demand for its services.

Financial Highlights

50 data points
Beta

Revenue

$9.72B

0.4% Gross Margin

Net Income

$1.39B

0.1% Net Margin

EPS (Diluted)

$19.04

Total Assets

$20.29B

Cash & Equivalents

$144.00M

Free Cash Flow

$3.69B

Financial Statements
Beta
Revenue$9.72B
Cost of Revenue$5.86B
Gross Profit$3.85B
SG&A Expenses$1.20B
Operating Income$2.28B
Net Income$1.39B
EPS (Basic)$19.14
EPS (Diluted)$19.04
Shares Outstanding (Basic)72.43M
Shares Outstanding (Diluted)72.82M

Key Highlights

  • 1Total revenues grew by 13.9% to $9.7 billion in 2021, up from $8.5 billion in 2020.
  • 2Equipment rental revenue increased by 14.9%, driven by a 10.4% improvement in fleet productivity.
  • 3The company completed the acquisition of General Finance Corporation in May 2021, expanding its service offerings and geographic reach.
  • 4Net income rose significantly by 55.7% to $1.4 billion in 2021, compared to $890 million in 2020.
  • 5United Rentals expects the North American equipment rental industry to grow by approximately 10% in 2022.
  • 6The company maintained strong liquidity with $2.851 billion in available liquidity as of December 31, 2021.
  • 7A new $1 billion share repurchase program was authorized in January 2022.

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