Summary
United Rentals, Inc. (URI) filed an 8-K on February 4, 2009, to disclose information that would be presented at upcoming investor meetings and presentations. This filing primarily points investors to a "Presentation" available on the company's website, which contains details about the business, financial results, and outlook for 2008. The company also highlights the use of non-GAAP financial measures such as free cash flow, EBITDA, and pro-forma EBITDA, emphasizing their management's belief that these provide useful insights into operating performance and cash flow availability, while cautioning investors to consider them alongside GAAP measures. The report also includes a comprehensive "Forward Looking Statements" section, outlining numerous risks and uncertainties that could materially impact future results. Key among these are the "depth and duration of the current economic downturn," the potential impact on demand and pricing for rental equipment, and the company's significant leverage, which requires substantial cash flow for debt service and can limit financial flexibility. Investors should pay close attention to these risk factors given the challenging economic environment at the time.
Key Highlights
- 1United Rentals is providing information for investor meetings/presentations starting February 4, 2009, accessible via their website.
- 2The "Presentation" contains information on business, financial results, and 2008 outlook.
- 3The company utilizes non-GAAP financial measures: free cash flow, EBITDA, and pro-forma EBITDA.
- 4Management believes these non-GAAP measures offer useful insights into operating performance and cash availability.
- 5Reconciliations between non-GAAP and GAAP measures are included in the referenced Presentation.
- 6A detailed "Forward Looking Statements" section highlights significant risks, including the impact of the economic downturn and high leverage.
- 7The company expects to announce full-year 2008 actual financial results near the end of February.