United Rentals (URI) FY2014 results: revenue $5.7 billion, up 14.7% on the year
United Rentals, Inc. (URI) reported revenue of $5.7 billion for fiscal 2014, the year ended 31 December 2014, up 14.7% on the year before. Net income was $540 million, up 39.5%, and diluted earnings per share $5.15. The figures are the company's own, from the 10-K it filed with the SEC on 21 January 2015.
Revenue
$5.7 billion
+14.7% on the year
FY2009FY2014
Operating margin
24.5%
21.8% a year earlier
FY2009FY2014
Net income
$540 million
+39.5% on the year
FY2009FY2014
Diluted EPS
$5.15
+41.5% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
5,685
4,955
4,117
+14.7%
Cost of revenue
3,253
2,968
2,530
+9.6%
Gross profit
2,432
1,987
1,587
+22.4%
Gross margin
42.8%
40.1%
38.5%
Selling, general and administrative
758
642
588
+18.1%
Operating income
1,391
1,078
591
+29.0%
Operating margin
24.5%
21.8%
14.4%
Pre-tax income
850
605
88.0
+40.5%
Income tax
310
218
13.0
+42.2%
Effective tax rate
36.5%
36.0%
14.8%
Net income
540
387
75.0
+39.5%
Net margin
9.5%
7.8%
1.8%
Diluted EPS
$5.15
$3.64
$0.79
+41.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,801
1,551
721
+16.1%
Capital expenditure
120
104
97.0
+15.4%
Free cash flow
1,681
1,447
624
+16.2%
Free cash flow margin
29.6%
29.2%
15.2%
Cash from investing
-2,000
-1,177
-2,104
Cash from financing
196
-295
1,453
Depreciation and amortisation
1,194
1,098
897
+8.7%
Share-based compensation
74.0
46.0
32.0
+60.9%
Buybacks
613
115
131
+433.0%
Diluted shares, weighted
105m
106m
95m
-1.3%
Shares outstanding at period end
98m
93m
93m
+4.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,796
1,828
1,543
-1.8%
Redeemable equity
2.0
20.0
31.0
-90.0%
Debt
7,992
7,173
7,364
+11.4%
Other liabilities
2,339
1,855
2,088
+26.1%
Total liabilities and equity
12,129
10,876
11,026
+11.5%
Fixed assets
n/a
421
428
Goodwill
3,272
2,953
2,970
+10.8%
Intangible assets
1,106
1,018
1,200
+8.6%
Cash and equivalents
158
175
106
-9.7%
Receivables
940
804
793
+16.9%
Inventory
78.0
70.0
68.0
+11.4%
Other assets
6,575
5,435
5,461
+21.0%
Total assets
12,129
10,876
11,026
+11.5%
10-K for the year ended 31 December 2014, filed 21 January 2015: the filing.