Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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United Rentals Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Income
- The net income exhibits a generally upward trend over the periods analyzed, with notable growth from 2018 through 2022. There are fluctuations within certain quarters, particularly during 2020 where income decreased, likely impacted by external factors, but resumed an increasing trajectory thereafter, reaching peak levels towards the end of 2022.
- Depreciation and Amortization
- Depreciation and amortization expenses show a gradual increase throughout the timeline. This consistent rise suggests ongoing investment in fixed assets and intangibles, potentially reflecting an aging asset base and capital expenditures.
- Gains on Sales of Equipment
- Gains on sales of rental and non-rental equipment are mostly negative values, indicating losses rather than gains from equipment sales across all quarters. This trend intensifies notably towards the later quarters of 2021 and throughout 2022, which may signify increased depreciation or market conditions affecting asset disposal values.
- Insurance Proceeds from Damaged Equipment
- Some fluctuations are observable in insurance proceeds, with occasional increased amounts suggesting incidents involving equipment damage. Peaks in these proceeds appear in late 2020 and sporadically in subsequent years.
- Stock Compensation Expense
- Stock compensation expenses fluctuate without a clear trend but generally remain within a moderate range, indicating relatively stable executive or employee incentive programs over the quarters.
- Merger Related and Restructuring Costs
- Merger related costs spike in late 2018 and are minimal or absent in subsequent periods, indicating specific merger activities during that timeframe. Restructuring charges show periodic occurrence with peaks in 2018 and small charges continuing intermittently, implying ongoing organizational adjustments.
- Loss on Repurchase or Redemption of Debt Securities
- Losses related to debt repurchase or redemption are irregular but show significant spikes in mid-2020, suggesting specific financial restructuring events or debt management efforts during that period.
- Changes in Deferred Taxes
- The increase or decrease in deferred taxes display variability with both rises and declines across quarters. A pronounced increase in deferred taxes is seen in the final quarter of 2022, possibly linked to adjustments in tax positions or regulations.
- Working Capital Components
- Components like accounts receivable, inventory, prepaid expenses, accounts payable, and accrued expenses show considerable volatility. Periods of both increases and decreases suggest active management of working capital. For instance, accounts receivable decreased sharply in some quarters indicating improved collections, while accounts payable and accrued expenses display large swings reflecting supplier payment cycles and accrued liabilities management.
- Net Cash Provided by Operating Activities
- There is a general positive trend in net cash from operating activities, with some volatility particularly during economic downturns such as 2020. The data indicates strong cash generation capabilities over time, peaking in several quarters during 2021 and 2022.
- Capital Expenditures
- Purchases of rental equipment show significant variability with very high outflows in certain quarters notably in late 2018, mid-2021, and late 2022, indicating intensive investment periods. Purchases of non-rental equipment and intangible assets remain relatively stable but show slight increases toward later periods.
- Proceeds from Sales of Equipment
- Proceeds from sales of rental equipment fluctuate but generally peak in quarters with heavy asset purchases, suggesting cyclical equipment renewal. Proceeds from non-rental equipment sales are steady without significant changes across periods.
- Investing Activities
- Net cash used in investing activities shows large outflows, especially in periods with heavy asset purchases and acquisitions, notably late 2018 and mid-2021. Some quarters exhibit reduced outflows or positive returns, reflecting variations in investment strategy and asset disposals.
- Financing Activities
- Financing cash flows reflect substantial debt issuance and repayments, characterized by high inflows and outflows of debt throughout the timeframe. There are periods of extensive debt proceeds followed by large repayments, indicating active debt management. Common stock repurchases occur inconsistently but see spikes in some quarters, particularly in 2018 and 2022, reflecting share buyback programs. Financing costs fluctuate with no clear trend.
- Effect of Foreign Exchange Rates
- Foreign exchange impacts are relatively minor and do not show significant influence on cash flows, remaining close to zero with occasional small positive or negative effects.
- Net Change in Cash and Cash Equivalents
- Cash levels show moderate fluctuations with some quarters of notable increase or decrease. The data reveals periods of cash accumulation as well as drawdowns, consistent with the company’s operational, investing, and financing activities' cyclical nature.