联合租赁公司United Rentals（URI）2023年年度报告（英文版）（132页）.pdf

1、UNITED RENTALS,INC.2023 ANNUAL REPORTANNUAL REPORT2023Our theme for 2023 was“raising the bar”and we delivered on that goal with record revenue,earnings and returns.Our results were driven by a relentless commitment to serving our customers,as we stayed laser focused on safety and operational excelle

2、nce,all while integrating Ahern Rentals,our second largest acquisition ever,and continuing to invest in future growth.Demand for the year was broad-based across geographies,verticals and customer segments.Industrial markets saw healthy growth with particular strength across Power and Industrial Manu

3、facturing,while non-residential and infrastructure led the way within our construction markets.Furthermore,our specialty businesses all recorded double-digit growth.Strategically,we continued to expand our business organically with cold starts and growth capital expenditures,while also pursuing M&am

4、p;A.These initiatives,combined with ongoing investments in our technology platform,allow us to provide our customers with the best experience,leading to strong returns for our shareholders.To us,this defines success.Letter to our ShareholdersFor the full year 2023,we reported record total revenue of

5、$14.3 billion,GAAP diluted earnings per share of$35.28,and adjusted EPS1 of$40.74.Net income was$2.4 billion,at a margin of 16.9%.Adjusted EBITDA was also a record at$6.9 billion,translating to a margin of 47.8%1.We generated$4.7 billion of net cash from operating activities and$2.3 billion of free

6、cash flow1 after investing$3.5 billion of gross capital expenditures in rental fleet.Our year-end return on invested capital(ROIC)improved 90 basis points year-over-year to 13.6%,while our net leverage ratio ended the year at 1.6x and our liquidity was strong at$3.3 billion.Furthermore,after fully f