United Rentals, Inc. is the world's largest equipment rental company, operating across the United States and Canada, with a limited presence in Europe, Australia, and New Zealand. The company's core business model revolves around renting a diverse range of equipment to various sectors, including construction and industrial companies, manufacturers, utilities, municipalities, and homeowners. United Rentals leverages its extensive network and large fleet to offer a wide selection of equipment and services, positioning itself as a comprehensive provider of jobsite solutions.

The company's competitive advantages include its large and diverse rental fleet, significant purchasing power, a national account program, and operating efficiencies. United Rentals also utilizes proprietary software, such as Total Control®, to enhance customer service and streamline operations.

• Employees: 26,300 (as of December 31, 2023)
• Geographic Footprint: Operates in the United States, Canada, Europe, Australia, and New Zealand
• Headquarters: Stamford, Connecticut
• Founded: 1997
• Number of locations/facilities: 1,584
• Revenue: $14.332 billion (FY2023)
• Key Subsidiaries/Brands: United Rentals (North America), Inc.

• CEO: Matthew J. Flannery
• CFO: William E. Grace

Key executives include the CEO and CFO. The 10-K does not provide specific tenure or background information for the executives.

• Annual Revenue: $14.332 billion (FY2023)
• Net Income: $2.424 billion (FY2023)
• Total Assets: $25.589 billion (as of December 31, 2023)
• Employees: 26,300 (as of December 31, 2023)
• Key Financial Highlights: Equipment rentals revenue represented 84% of total revenues in FY2023. The company's average original equipment cost (OEC) increased by 21.9% year-over-year.

United Rentals offers a wide range of equipment and services. The main product categories and service lines include:

• Equipment Rental: Offers approximately 4,800 classes of rental equipment, including general construction and industrial equipment, aerial work platforms, trench safety equipment, power and HVAC equipment, fluid solutions equipment, mobile storage equipment and modular office space, and general tools and light equipment.
• Sales of Rental Equipment: Sells used rental equipment.
• Sales of New Equipment: Sells new equipment from leading manufacturers.
• Contractor Supplies Sales: Sells a variety of contractor supplies.
• Service and Other Revenues: Offers repair and maintenance services and sells parts for customer-owned equipment.

United Rentals operates through two reportable segments:

• General Rentals: Includes the rental of construction, aerial and industrial equipment, general tools and light equipment, and related services and activities. Customers include construction and industrial companies, manufacturers, utilities, municipalities and homeowners.
• Specialty: Rents products including trench safety equipment, power and HVAC equipment, fluid solutions equipment, and mobile storage equipment and modular office space. Customers include construction companies involved in infrastructure projects, municipalities and industrial companies.

In 2023, industrial and other non-construction rentals represented approximately 49% of rental revenue, commercial construction rentals represented approximately 46% of rental revenue, and residential rentals represented approximately 5% of rental revenue.

United Rentals' strategy focuses on improving profitability through revenue growth, margin expansion, and operational efficiencies. Key strategic initiatives include:

• Providing superior customer service through a single point of contact and digital capabilities.
• Optimizing customer and fleet mix for profitable growth.
• Implementing Lean management techniques for continuous improvement.
• Expanding specialty business and cross-selling adjacent services.
• Pursuing strategic acquisitions to expand core equipment rental business.

United Rentals operates in the highly fragmented and competitive equipment rental industry. The company estimates it holds approximately 15% market share in North America. Key competitors include small independent businesses, regional competitors, and national and global companies. The company's competitive advantages include its large fleet, purchasing power, and strong brand recognition. The North American equipment rental industry revenue grew an estimated 12% year-over-year in 2023.

• Industry and Economic Risks: The company is exposed to economic downturns, declines in construction or industrial activity, fluctuations in oil and natural gas prices, and competition within the equipment rental industry.
• Indebtedness and Liquidity Risks: The company's significant indebtedness exposes it to various risks, including difficulties in refinancing debt, constraints on financial flexibility, and potential noncompliance with debt covenants.
• Operational Risks: The company faces risks related to supply chain disruptions, inability to manage credit risk, turnover of management, and the inability to attract and retain key personnel.
• Strategic Transaction Risks: The company faces risks related to acquisitions, including unrecorded liabilities, integration challenges, and the failure to achieve expected synergies.
• Cybersecurity Risks: The company faces risks related to security breaches, cybersecurity attacks, and failure to protect personal information.