The 10-K filing highlights the pending acquisition of H&E Equipment Services for $4.8 billion, expected to close in Q1 2025, as a strategic move to expand the core equipment rental business. This acquisition is expected to add approximately $2.9 billion of rental fleet at original cost and $1.518 billion in revenues.

The acquisition of Yak Access in March 2024, a leader in the North American matting industry, is noted as a key expansion of the specialty business, offering cross-selling opportunities and augmenting exposure to the energy and power verticals. Post-acquisition revenue attributable to Yak locations was $322 million for the year.

The company emphasizes its dedication to Lean management techniques, including kaizen processes, aimed at continuous improvement in operational processes. This includes condensing cycle times, optimizing resources, and improving repair and maintenance effectiveness.

The 10-K filing reports a 4.1% increase in fleet productivity, which is a comprehensive metric reflecting changes in rental rates, time utilization, and mix. This suggests effective management of the rental fleet to meet customer demand and optimize utilization levels.

The filing states that 68% of equipment rental revenue was derived from key accounts, which are managed by a single point of contact. This highlights the company's focus on customer service management and building strong relationships with its largest customers.

The company acknowledges that expanding its specialty segment and tools/onsite services offerings increases legal, reputational, and operational risks. These risks include spills, unauthorized equipment use, system failure, ineffective solutions, hazardous material issues, and interference.

The 10-K filing emphasizes that the company's significant indebtedness, totaling $13.4 billion as of December 31, 2024 (expected to increase with the H&E acquisition), requires substantial cash flow for debt service and can constrain flexibility in responding to adverse business conditions. This includes inability to refinance debt, incurrence of additional debt, and noncompliance with debt covenants.

The filing highlights the dependence on secure IT systems and the risks of cyberattacks, data breaches, and privacy law violations. These risks could disrupt operations, jeopardize sensitive information, and lead to legal liability or regulatory enforcement actions.

The filing notes that the company's centralization of equipment and non-equipment purchases results in dependence on a group of key suppliers. Insolvency, financial difficulties, or consolidation among suppliers could disrupt the supply chain and affect the company's ability to obtain equipment on acceptable terms.

The 10-K filing indicates that the company's estimated North American market share is approximately 15%, which includes the standalone, pre-acquisition revenue of Yak. This suggests that despite acquisitions and organic growth, the company's market share has not changed materially.

The filing acknowledges that the equipment rental industry is highly fragmented and competitive, which may adversely impact the company's ability to mitigate rental rate pressure. This highlights the ongoing need to maintain competitive pricing and differentiate services.

The company states that its large and diverse fleet allows it to serve large customers that require substantial quantities and/or wide varieties of equipment. This ability to serve such customers should allow it to improve its performance and enhance its market leadership position.

The filing highlights that each branch within a region can access equipment located elsewhere in the region, increasing utilization because equipment idle at one branch can be rented through others. This also allows for more disciplined capital spending.

The Customer Care Center (CCC) handles telephone calls to the customer service line without routing them to individual branches, providing a more uniform quality experience and freeing up branch employee time.

The company reduces costs through the consolidation of functions common to its branches, such as accounts payable, payroll, benefits and risk management, information technology and credit and collection.

The filing states that Total Control® provides key customers with a single in-house software application that enables them to monitor and manage all their equipment needs. This software can be integrated into the customers' enterprise resource planning system, enabling us to develop strong, long-term relationships with our larger customers.

The filing indicates that customers can check equipment availability and pricing, and reserve equipment online, 24 hours a day, seven days a week, by accessing our equipment catalog and used equipment listing, which can be found at www.unitedrentals.com.

The filing states that our information technology infrastructure facilitates our ability to make rapid and informed decisions, respond quickly to changing market conditions and share rental equipment among branches.

The 10-K filing states that the company has paused repurchases under the $1.5 billion share repurchase program due to the pending acquisition of H&E. This indicates a shift in capital allocation strategy towards acquisitions and debt management.

The filing notes that the Board of Directors approved a quarterly dividend program in January 2023, and a quarterly dividend of $1.79 per share was declared in January 2025. This demonstrates a continued commitment to returning capital to shareholders.

The company is investing heavily in its rental fleet, with net payments for rental capital expenditures of $2.232 billion in 2024. This indicates a focus on maintaining and expanding its core equipment rental business.

The filing acknowledges that the company has announced aspirational sustainability and safety goals, including a greenhouse gas intensity reduction goal, but these goals are subject to numerous risks and uncertainties outside of the company's control.

The company has a safety program that focuses on implementing management systems, policies and training programs and performing assessments designed to promote proper training of workers and prevention of injuries and incidents.

The Company's Live Well, Safe & Healthy program is a comprehensive approach to wellness that encourages healthy behaviors and is intended to raise morale, productivity and overall employee engagement.

The filing notes that the company's operations are impacted by global economic conditions, including inflation, tariffs, interest rate fluctuations, and supply chain constraints, as well as geopolitical risks and public health crises. These factors can affect the company's customers, suppliers, and overall business.

The cyclical nature of the equipment rental industry and the industries of the company's customers, such as construction, can lead to fluctuations in demand and adversely affect revenues and profitability.

The filing indicates that the company has operations throughout the United States, which exposes it to multiple state and local regulations, in addition to federal law and requirements as a government contractor. Changes in applicable law, regulations or requirements, or our material failure to comply with any of them, can increase our costs and have other negative impacts on our business.