United Rentals, Inc. (URI) Q4 2022 Earnings Call Transcript

United Rentals, Inc. (NYSE:URI) Q4 2022 Earnings Conference Call January 26, 2023 11:00 AM ET

Company Participants

Matt Flannery - President and Chief Executive Officer

Ted Grace - Chief Financial Officer

Conference Call Participants

David Raso - Evercore ISI

Steven Fisher - UBS

Rob Wertheimer - Melius Research

Seth Weber - Wells Fargo

Timothy Thein - Citigroup

Jerry Revich - Goldman Sachs

Michael Feniger - Bank of America

Ken Newman - KeyBanc Capital Markets

Stanley Elliott - Stifel

Scott Schneeberger - Oppenheimer

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 results may 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 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, and 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. Yesterday we reported record fourth quarter results to cap the best full-year financial performance in our history. And we definitely raised the bar in 2022 and we intend to raise it again in 2023. We’re moving forward with a larger sales and service team, a more expansive footprint and a fleet that’s significantly larger than a year ago, and that’s a lot of tailwind at our back in another year of high demand.