United Rentals (URI) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the United Rentals Investor Conference Call. Please be advised that, this call is being recorded.

Before we begin, please note that, the Company's press release, comments made on today's call and responses to your questions contain forward-looking statements. The Company's business and operations are subject to a variety of risks and uncertainties, many of which are beyond its control, and consequently, actual differ materially from those projected.

A summary of these uncertainties is included in the Safe Harbor statement contained in the company's press release. For a more complete description of these and other possible risks, please refer to the company's annual report on Form 10-K for the year ended December 31, 2022, as well as to subsequent filings with the SEC.

You can access these filings on the Company's website at www.unitedrentals.com. Please note that, United Rentals has no obligation and makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.

You should also note that, the Company's press release and today's call include references to non-GAAP terms, such as free cash flow, adjusted EPS, EBITDA and adjusted EBITDA. Please refer to the back of the Company's recent investor presentations to see the reconciliation from each non-GAAP financial measure to the most comparable GAAP financial measure.

Speaking today for United Rentals is Matt Flannery, President and Chief Executive Officer; and Ted Grace, Chief Financial Officer.

I will now turn the call over to Mr. Flannery. Mr. Flannery, you may begin.

Matthew Flannery

Thank you, operator, and good morning, everyone. Thanks for joining our call. As you have heard us say since the beginning of the year, 2023 is about raising the bar off of last year's record results, and our second quarter performance across growth, profitability and returns provides evidence of that. I'm pleased with how the year is playing out including the Ahern integration, which remains on-track.

Of course, key to all of this is our employees, who do an exceptional job supporting our customers every day. Without them, we wouldn't be able to generate the results we consistently deliver. And I'm pleased to report that, once again, they have done this with safety at the forefront as our company-wide recordable rate remained well below one in the second quarter.