01—Abstract
Summary
Summary of the 8-K filed January 23, 2019. Cited figures are marked; the original filing is the authoritative source.
United Rentals, Inc. (URI) filed an 8-K on January 23, 2019, to report its financial and operational results for the quarter and year ended December 31, 2018.
The filing includes a press release detailing these results and also references supplemental information available on the company's website. This supplemental material, to be used in investor presentations, provides further insights into the company's performance and outlook, including 2019 guidance. Of particular interest to investors, the company is providing non-GAAP financial measures such as free cash flow, EBITDA, adjusted EBITDA, and adjusted EPS.
These metrics are presented to offer a clearer view of operating performance, cash generation capabilities, and underlying profitability, especially in light of recent business activities like mergers and acquisitions. The company emphasizes that while these non-GAAP measures are useful for analysis, they should be considered alongside traditional GAAP metrics.
02—Key points
Key Highlights
- Company reported financial results for the quarter and year ended December 31, 2018, via press release (Exhibit 99.1).
- Supplemental investor presentation materials are available on the company's website, detailing business, financial results, and 2019 outlook.
- Presentation includes non-GAAP financial measures: free cash flow, EBITDA, adjusted EBITDA, and adjusted EPS.
- Company asserts these non-GAAP measures provide useful insights into operating performance and cash generation.
- Reconciliations of non-GAAP measures to their nearest GAAP equivalents are provided in the supplemental materials.
- Information furnished in the 8-K is intended for investor meetings and presentations.
- The filing indicates that the provided information will be maintained on the website until superseded by more current information.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
The primary purpose of this 8-K filing is to report United Rentals' financial results for the quarter and full year ended December 31, 2018, through an accompanying press release. It also serves to disclose that additional presentation materials for investors, including a 2019 outlook and non-GAAP financial measures, are available on the company's website.
What non-GAAP financial measures does United Rentals highlight in this filing?
United Rentals highlights several non-GAAP financial measures, including free cash flow, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, and adjusted earnings per share (adjusted EPS). The company uses these to provide additional insights into its operational performance and cash-earning capabilities.
Why does the company provide non-GAAP financial measures like adjusted EBITDA?
The company believes that non-GAAP measures such as free cash flow, EBITDA, adjusted EBITDA, and adjusted EPS provide useful additional information to investors. They are intended to offer a clearer view of operating performance, trends affecting ongoing cash earnings, and underlying profitability by excluding certain items like merger-related costs, restructuring charges, and impacts from fair value adjustments on acquired fleets.
Where can investors find more detailed financial information beyond the press release?
Investors can find more detailed information, including the company's 2019 outlook and the reconciliations of non-GAAP financial measures to GAAP, by visiting the Investor Relations section of United Rentals' website at www.unitedrentals.com. This information is presented in materials used for investor meetings and presentations.
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