United Rentals (URI) FY2020 results: revenue $8.5 billion, down 8.8% on the year
United Rentals, Inc. (URI) reported revenue of $8.5 billion for fiscal 2020, the year ended 31 December 2020, down 8.8% on the year before. Net income was $890 million, down 24.2%, and diluted earnings per share $12.20. The figures are the company's own, from the 10-K it filed with the SEC on 27 January 2021.
Revenue
$8.5 billion
-8.8% on the year
FY2013FY2020
Operating margin
21.1%
23.0% a year earlier
FY2013FY2020
Net income
$890 million
-24.2% on the year
FY2013FY2020
Diluted EPS
$12.20
-19.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
8,530
9,351
8,047
-8.8%
Cost of revenue
5,347
5,681
4,683
-5.9%
Gross profit
3,183
3,670
3,364
-13.3%
Gross margin
37.3%
39.2%
41.8%
Selling, general and administrative
979
1,092
1,038
-10.3%
Operating income
1,800
2,152
1,951
-16.4%
Operating margin
21.1%
23.0%
24.2%
Pre-tax income
1,139
1,514
1,476
-24.8%
Income tax
249
340
380
-26.8%
Effective tax rate
21.9%
22.5%
25.7%
Net income
890
1,174
1,096
-24.2%
Net margin
10.4%
12.6%
13.6%
Diluted EPS
$12.20
$15.11
$13.12
-19.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,658
3,024
2,853
-12.1%
Capital expenditure
197
218
185
-9.6%
Free cash flow
2,461
2,806
2,668
-12.3%
Free cash flow margin
28.9%
30.0%
33.2%
Cash from investing
-223
-1,710
-4,551
Cash from financing
-2,293
-1,305
1,397
Depreciation and amortisation
387
407
308
-4.9%
Share-based compensation
70.0
61.0
102
+14.8%
Buybacks
286
870
817
-67.1%
Diluted shares, weighted
73m
78m
84m
-6.2%
Shares outstanding at period end
72m
74m
80m
-2.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,545
3,830
3,403
+18.7%
Debt
9,755
11,516
11,834
-15.3%
Operating lease liabilities
549
533
0.0
+3.0%
Finance lease liabilities
75.0
69.0
n/a
+8.7%
Other liabilities
2,944
3,022
2,896
-2.6%
Total liabilities and equity
17,868
18,970
18,133
-5.8%
Fixed assets
n/a
604
614
Goodwill
5,168
5,154
5,058
+0.3%
Intangible assets
648
895
1,084
-27.6%
Cash and equivalents
202
52.0
43.0
+288.5%
Receivables
1,315
1,530
1,545
-14.1%
Inventory
125
120
109
+4.2%
Other assets
10,410
10,615
9,680
-1.9%
Total assets
17,868
18,970
18,133
-5.8%
10-K for the year ended 31 December 2020, filed 27 January 2021: the filing.