Item 2.02. Results of Operations and Financial Condition. On October 27, 2021, United Rentals, Inc. (the "Company") issued a press release reporting its results of operations for the quarter ended September 30, 2021. A copy of the press release is being furnished with this report as Exhibit 99.1.




Item 7.01.  Regulation FD Disclosure.
Certain information concerning our business, financial results and 2021 outlook
that the Company expects to use at certain investor meetings and presentations
can be accessed currently on the Company's website, www.unitedrentals.com. Such
information will be maintained on the Company's website for at least the period
of its use at such meetings and presentations or until superseded by more
current information.
The presentation includes certain financial measures - free cash flow, earnings
before interest, taxes, depreciation and amortization ("EBITDA"), adjusted
EBITDA and adjusted earnings per share ("adjusted EPS") - that are "non-GAAP
financial measures" as defined under the rules of the Securities and Exchange
Commission. Free cash flow represents net cash provided by operating activities
less purchases of, and plus proceeds from, equipment and intangible assets, and
plus excess tax benefits from share-based payment arrangements. The equipment
and intangible asset purchases and proceeds represent cash flows from investing
activities. EBITDA represents the sum of net income (loss), loss on discontinued
operations, net of tax, provision (benefit) for income taxes, interest expense,
net, interest expense-subordinated convertible debentures, net, depreciation of
rental equipment and non-rental depreciation and amortization. Adjusted EBITDA
represents EBITDA plus stock compensation expense, net, and the impact of the
defined special items. Adjusted EPS represents diluted EPS from continuing
operations plus the impact of the defined special items.
The presentation includes reconciliations of these non-GAAP financial measures
to their nearest generally accepted accounting principles financial measures.
The Company believes that: (i) free cash flow provides useful additional
information concerning cash flow available to meet future debt service
obligations and working capital requirements; (ii) EBITDA and adjusted EBITDA
provide useful information about operating performance and period-over-period
growth, and help investors gain an understanding of the factors and trends
affecting our ongoing cash earnings, from which capital investments are made and
debt is serviced; and (iii) adjusted EPS provides useful information concerning
future profitability. However, none of these measures should be considered as
alternatives to net income, cash flows from operating activities or earnings per
share under GAAP as indicators of operating performance or liquidity.

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