United Rentals, Inc. (URI) CEO Matt Flannery on Q2 2022 Results - Earnings Call Transcript

United Rentals, Inc. (NYSE:URI) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET

Company Participants

Matt Flannery - President & Chief Executive Officer

Jessica Graziano - Chief Financial Officer

Ted Grace - Vice President of Investor Relations

Conference Call Participants

David Raso - Evercore ISI

Tim Thein - Citigroup

Rob Wertheimer - Melius Research

Steven Fisher - UBS

Seth Weber - Wells Fargo

Clay Williams - Goldman Sachs

Ken Newman - KeyBanc

Scott Schneeberger - Oppenheimer

Mig Dobre - Baird

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 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 presentation 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 Jessica Graziano, 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. I'll start with the main takeaways from yesterday's release. In the second quarter, our team executed extremely well in a robust demand environment. And as a result, we delivered very strong performance by any measure. Our rental revenue increased by 26% year-over-year to a second quarter record of almost $2.5 billion, well above expectations and adjusted EBITDA grew faster than the top line, up 31% to a record $1.3 billion.