United Rentals Presents Strategic Vision and 2019 Financial Guidance at Investor Day; Reaffirms 2018 Guidance; Resumes Share Repurchase Program

United Rentals, Inc. (NYSE: URI), the world’s largest equipment rental company, held its biennial Investor Day in New York City on December 11, 2018, to provide an in-depth look at a range of key initiatives. The event, hosted by senior leadership for members of the investment community, focused on the company’s strategic vision, sustainable competitive advantages and emphasis on long-term value maximization.

The company reaffirmed its 2018 financial guidance and announced full year financial guidance for 2019:

		2018 Outlook		2019 Outlook
Total revenue		$7.89 billion to $7.99 billion		$9.15 billion to $9.55 billion
Adjusted EBITDA1		$3.815 billion to $3.865 billion		$4.35 billion to $4.55 billion
Net rental capital expenditures after gross purchases		$1.35 billion to $1.45 billion, after gross purchases of $2.0 billion to $2.1 billion		$1.40 billion to $1.55 billion, after gross purchases of $2.15 billion to $2.3 billion
Net cash provided by operating activities		$2.725 billion to $2.875 billion		$2.85 billion to $3.20 billion
Free cash flow (excluding the impact of merger and restructuring related costs)2		$1.25 billion to $1.35 billion		$1.3 billion to $1.5 billion

1.				Adjusted EBITDA is a non-GAAP measure. Information reconciling forward-looking adjusted EBITDA to the comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed below.
2.				Free cash flow is a non-GAAP measure, as discussed below. The table below provides a reconciliation between 2018 and 2019 forecasted net cash provided by operating activities and free cash flow (in millions).