United Rentals (URI) FY2013 results: revenue $5.0 billion, up 20.4% on the year
United Rentals, Inc. (URI) reported revenue of $5.0 billion for fiscal 2013, the year ended 31 December 2013, up 20.4% on the year before. Net income was $387 million, up 416.0%, and diluted earnings per share $3.64. The figures are the company's own, from the 10-K it filed with the SEC on 22 January 2014.
Revenue
$5.0 billion
+20.4% on the year
FY2009FY2013
Operating margin
21.8%
14.4% a year earlier
FY2009FY2013
Net income
$387 million
+416.0% on the year
FY2009FY2013
Diluted EPS
$3.64
+360.8% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
4,955
4,117
2,611
+20.4%
Cost of revenue
2,968
2,530
1,713
+17.3%
Gross profit
1,987
1,587
898
+25.2%
Gross margin
40.1%
38.5%
34.4%
Selling, general and administrative
642
588
407
+9.2%
Operating income
1,078
591
396
+82.4%
Operating margin
21.8%
14.4%
15.2%
Pre-tax income
605
88.0
164
+587.5%
Income tax
218
13.0
63.0
+1,576.9%
Effective tax rate
36.0%
14.8%
38.4%
Net income
387
75.0
101
+416.0%
Net margin
7.8%
1.8%
3.9%
Diluted EPS
$3.64
$0.79
$1.38
+360.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,551
721
612
+115.1%
Capital expenditure
104
97.0
36.0
+7.2%
Free cash flow
1,447
624
576
+131.9%
Free cash flow margin
29.2%
15.2%
22.1%
Cash from investing
-1,177
-2,104
-865
Cash from financing
-295
1,453
80.0
Depreciation and amortisation
1,098
897
480
+22.4%
Share-based compensation
46.0
32.0
12.0
+43.8%
Buybacks
115
131
7.0
-12.2%
Diluted shares, weighted
106m
95m
73m
+12.1%
Shares outstanding at period end
93m
93m
63m
+0.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,828
1,543
64.0
+18.5%
Redeemable equity
20.0
31.0
39.0
-35.5%
Debt
7,173
7,364
3,044
-2.6%
Other liabilities
1,855
2,088
996
-11.2%
Total liabilities and equity
10,876
11,026
4,143
-1.4%
Fixed assets
421
428
366
-1.6%
Goodwill
2,953
2,970
289
-0.6%
Intangible assets
1,018
1,200
n/a
-15.2%
Cash and equivalents
175
106
36.0
+65.1%
Receivables
804
793
464
+1.4%
Inventory
70.0
68.0
44.0
+2.9%
Other assets
5,435
5,461
2,944
-0.5%
Total assets
10,876
11,026
4,143
-1.4%
10-K for the year ended 31 December 2013, filed 22 January 2014: the filing.