United Rentals, Inc. (URI) Q3 2022 Earnings Call Transcript

United Rentals, Inc. (NYSE:URI) Q3 2022 Earnings Conference Call October 27, 2022 11:00 AM ET

Company Participants

Matthew Flannery - President, CEO & Director

William Grace - VP, IR & Interim CFO

Conference Call Participants

Timothy Thein - Citigroup

Steven Fisher - UBS

Jerry Revich - Goldman Sachs Group

Stephen Volkmann - Jefferies

Seth Weber - Wells Fargo Securities

Robert Wertheimer - Melius Research

David Raso - Evercore ISI

Kenneth Newman - KeyBanc Capital Markets

Operator

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

Before we begin, 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 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, 2021 as well as to subsequent filings with the SEC. You can access the 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 and 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 back to the company's recent investor presentation to see the reconciliation for 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, Interim Chief Financial Officer. I will now turn the call over to Mr. Flannery. Mr. Flannery , you may begin.

Matthew Flannery

Thanks, operator, and good morning, everyone. Thanks for joining our call.

Well, the team has made my job pretty easy today. We reported another strong quarter in a positive operating environment in a record year. That's a great trifecta. And I know it sounds familiar because that's how the year has been going. This quarter was especially gratifying. We delivered year-over-year increase in rental revenue of 20% with fleet productivity of almost 9%. Our people were definitely on top of that opportunity.