United Rentals Inc. (URI) Q1 2023 Earnings Call Transcript

United Rentals Inc. (NYSE:URI) Q1 2023 Results Conference Call April 27, 2023 11:00 AM ET

Company Participants

Matt Flannery - CEO

Ted Grace - CFO

Conference Call Participants

Rob Wertheimer - Melius Research

David Raso - Evercore ISI

Steven Fisher - UBS

Jamie Cook - Credit Suisse

Jerry Revich - Goldman Sachs

Seth Weber - Wells Fargo

Ken Newman - KeyBanc Capital Markets

Neil Tyler - Redburn

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.

Matt Flannery

Thank you, operator, and good morning, everyone. Thanks for joining our call. 3 months ago, after our record full year financial performance in 2022, we told you that we'd continue raising the bar in 2023. And I'm pleased to say that the year is off to a strong start, which you can see in the results that we shared last night. The integration of Ahern is on track, and our team is doing a great job executing our plan and delivering for our customers. And as always, we're very pleased that we did this safely with another recordable rate below one.