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.

United Rentals Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net income	639)	606)	493)	367)	481)	409)	293)	203)	297)	208)	212)	173)	338)	391)	270)	175)	310)	333)	270)	183)
Depreciation and amortization	577)	560)	548)	532)	532)	510)	475)	466)	480)	492)	490)	526)	516)	519)	504)	499)	470)	418)	390)	393)
Amortization of deferred financing costs and original issue discounts	4)	3)	3)	3)	4)	3)	3)	3)	3)	4)	3)	4)	4)	3)	4)	4)	3)	3)	3)	3)
Gain on sales of rental equipment	(241)	(112)	(97)	(116)	(160)	(84)	(84)	(103)	(102)	(76)	(71)	(83)	(89)	(76)	(81)	(67)	(82)	(57)	(65)	(74)
Gain on sales of non-rental equipment	(3)	(2)	(2)	(2)	(4)	(2)	(3)	(1)	(3)	(2)	(2)	(1)	(3)	—)	(1)	(2)	(2)	(1)	(2)	(1)
Insurance proceeds from damaged equipment	(7)	(8)	(10)	(7)	(6)	(5)	(7)	(7)	(6)	(21)	(7)	(6)	(6)	(6)	(5)	(7)	(4)	(4)	(12)	(2)
Stock compensation expense, net	32)	35)	36)	24)	30)	33)	35)	21)	24)	18)	15)	13)	16)	14)	16)	15)	29)	30)	24)	19)
Merger related costs	—)	—)	—)	—)	—)	—)	3)	—)	—)	—)	—)	—)	—)	—)	—)	1)	22)	11)	2)	1)
Restructuring charge	—)	(1)	1)	—)	1)	—)	—)	1)	6)	6)	3)	2)	2)	2)	6)	8)	16)	9)	4)	2)
Loss on repurchase/redemption of debt securities	—)	—)	17)	—)	—)	30)	—)	—)	24)	159)	—)	—)	29)	—)	32)	—)	—)	—)	—)	—)
Increase (decrease) in deferred taxes	407)	66)	27)	37)	111)	84)	70)	3)	(55)	(4)	(63)	1)	87)	68)	28)	21)	67)	97)	56)	37)
(Increase) decrease in accounts receivable	(68)	(202)	(135)	76)	(76)	(206)	(81)	63)	16)	(95)	192)	105)	69)	(69)	(34)	73)	16)	(160)	(51)	80)
(Increase) decrease in inventory	8)	3)	(23)	(13)	1)	6)	(9)	11)	(17)	—)	7)	5)	9)	8)	(16)	(9)	3)	(4)	(10)	(9)
(Increase) decrease in prepaid expenses and other assets	(234)	31)	(22)	61)	(58)	96)	187)	23)	(258)	32)	28)	(30)	(38)	2)	(35)	12)	44)	6)	(17)	42)
Increase (decrease) in accounts payable	(28)	81)	241)	10)	(241)	163)	289)	96)	(78)	223)	(168)	33)	(387)	90)	193)	18)	(189)	(213)	348)	103)
Increase (decrease) in accrued expenses and other liabilities	165)	82)	77)	(86)	53)	50)	5)	(21)	39)	(117)	178)	(98)	(105)	46)	42)	(74)	27)	6)	67)	(135)
Changes in operating assets and liabilities, net of amounts acquired	(157)	(5)	138)	48)	(321)	109)	391)	172)	(298)	43)	237)	15)	(452)	77)	150)	20)	(99)	(365)	337)	81)
Adjustments to reconcile net income to net cash provided by operating activities	612)	536)	661)	519)	187)	678)	883)	555)	73)	619)	605)	471)	104)	601)	653)	492)	420)	141)	737)	459)
Net cash provided by operating activities	1,251)	1,142)	1,154)	886)	668)	1,087)	1,176)	758)	370)	827)	817)	644)	442)	992)	923)	667)	730)	474)	1,007)	642)
Purchases of rental equipment	(980)	(1,102)	(872)	(482)	(690)	(1,100)	(913)	(295)	(176)	(432)	(145)	(208)	(158)	(845)	(872)	(257)	(144)	(736)	(946)	(280)
Purchases of non-rental equipment and intangible assets	(72)	(59)	(68)	(55)	(58)	(89)	(34)	(19)	(52)	(43)	(49)	(53)	(61)	(60)	(55)	(42)	(51)	(54)	(47)	(33)
Proceeds from sales of rental equipment	409)	181)	164)	211)	324)	183)	194)	267)	275)	199)	176)	208)	244)	198)	197)	192)	186)	140)	157)	181)
Proceeds from sales of non-rental equipment	9)	6)	4)	5)	10)	6)	7)	7)	11)	11)	11)	9)	11)	11)	7)	8)	10)	5)	4)	4)
Insurance proceeds from damaged equipment	7)	8)	10)	7)	6)	5)	7)	7)	6)	21)	7)	6)	6)	6)	5)	7)	4)	4)	12)	2)
Purchases of other companies, net of cash acquired	(2,017)	(11)	(235)	(77)	—)	—)	(1,434)	(1)	—)	—)	(2)	—)	(2)	(52)	(22)	(173)	(2,161)	(747)	(6)	(52)
Purchases of investments	(2)	(1)	(1)	(3)	—)	—)	(1)	—)	(1)	(1)	—)	(1)	(1)	(1)	(1)	—)	(2)	—)	(1)	—)
Net cash used in investing activities	(2,646)	(978)	(998)	(394)	(408)	(995)	(2,174)	(34)	63)	(245)	(2)	(39)	39)	(743)	(741)	(265)	(2,158)	(1,388)	(827)	(178)
Proceeds from debt	4,666)	1,980)	2,084)	1,155)	1,334)	3,262)	2,677)	1,091)	2,009)	3,631)	1,103)	2,517)	3,135)	1,535)	3,163)	1,427)	5,116)	2,732)	2,074)	2,256)
Payments of debt	(3,215)	(1,893)	(1,761)	(1,372)	(1,768)	(3,356)	(1,628)	(1,710)	(2,416)	(4,149)	(2,305)	(2,375)	(3,409)	(1,590)	(3,107)	(1,572)	(3,478)	(1,658)	(2,243)	(2,563)
Proceeds from the exercise of common stock options	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1)	1)	—)	6)	4)	—)	—)	1)	1)
Common stock repurchased, including tax withholdings for share based compensation	(10)	(239)	(501)	(318)	(1)	(1)	(2)	(30)	(5)	(5)	—)	(276)	(206)	(210)	(211)	(243)	(211)	(211)	(169)	(226)
Payments of financing costs	(15)	—)	(9)	—)	—)	(8)	—)	—)	—)	(13)	(1)	(9)	(10)	1)	(10)	(9)	(23)	—)	(1)	—)
Net cash provided by (used in) financing activities	1,426)	(152)	(187)	(535)	(435)	(103)	1,047)	(649)	(412)	(536)	(1,203)	(142)	(489)	(264)	(159)	(393)	1,404)	863)	(338)	(532)
Effect of foreign exchange rates	(1)	(4)	(2)	—)	(1)	(5)	9)	1)	7)	1)	2)	(2)	—)	—)	—)	—)	2)	(1)	(3)	(6)
Net increase (decrease) in cash and cash equivalents	30)	8)	(33)	(43)	(176)	(16)	58)	76)	28)	47)	(386)	461)	(8)	(15)	23)	9)	(22)	(52)	(161)	(74)

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.

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United Rentals Inc. (NYSE:URI)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data