← UNITED RENTALS, INC.

	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent	$566.0m	$1.3b	$1.1b	$1.2b	$890.0m	$1.4b	$2.1b	$2.4b	$2.6b	$2.5b
Depreciation, Depletion and Amortization	$1.2b	$259.0m	$308.0m	$407.0m	$387.0m	$372.0m	$364.0m	$431.0m	$437.0m	$438.0m
Amortization of Debt Issuance Costs and Discounts	$9.0m	$9.0m	$12.0m	$15.0m	$14.0m	$13.0m	$13.0m	$14.0m	$15.0m	$15.0m
Amortization of Intangible Assets	$174.0m	$173.0m	$213.0m	$290.0m	$250.0m	$233.0m	$219.0m	$271.0m	$258.0m	$238.0m
Deferred Income Tax Expense (Benefit)	$123.0m	($533.0m)	$257.0m	$204.0m	($121.0m)	$268.0m	$537.0m	$35.0m	($19.0m)	$405.0m
Share-based Payment Arrangement, Noncash Expense	$45.0m	$87.0m	$102.0m	$61.0m	$70.0m	$119.0m	$127.0m	$94.0m	$112.0m	$134.0m
Gain (Loss) on Disposition of Other Assets	$204.0m	—	—	—	—	—	—	—	—	—
Gain (Loss) on Disposition of Property Plant Equipment	$4.0m	$4.0m	$6.0m	$6.0m	$8.0m	$10.0m	$9.0m	$21.0m	$17.0m	$18.0m
Gain (Loss) on Extinguishment of Debt	($101.0m)	($54.0m)	$0	($61.0m)	($183.0m)	($30.0m)	($17.0m)	$0	($1.0m)	($15.0m)
Income Tax Expense (Benefit)	$343.0m	($298.0m)	$380.0m	$340.0m	$249.0m	$460.0m	$697.0m	$787.0m	$813.0m	$844.0m
Other Nonoperating Income (Expense)	$5.0m	$5.0m	$6.0m	$10.0m	$8.0m	($7.0m)	$15.0m	$19.0m	$14.0m	$81.0m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable	($15.0m)	$184.0m	$115.0m	($39.0m)	($218.0m)	$300.0m	$329.0m	$167.0m	$20.0m	$120.0m
Increase (Decrease) in Inventories	($1.0m)	($1.0m)	$20.0m	$8.0m	$5.0m	($9.0m)	$25.0m	($19.0m)	($15.0m)	$38.0m
Increase (Decrease) in Accounts Payable	($29.0m)	$141.0m	$49.0m	($86.0m)	$10.0m	$307.0m	$304.0m	($45.0m)	($203.0m)	($22.0m)
Gain (Loss) Related to Litigation Settlement	—	—	$22.0m	$24.0m	$40.0m	$25.0m	$32.0m	$38.0m	$51.0m	$50.0m
Goodwill	$3.3b	$4.1b	$5.1b	$5.2b	$5.2b	$5.5b	$6.0b	$5.9b	$6.9b	$7.1b
Payments of Financing Costs	$24.0m	$44.0m	$24.0m	$28.0m	$23.0m	$8.0m	$24.0m	$0	$17.0m	$38.0m
Proceeds from Stock Options Exercised	$1.0m	$3.0m	$2.0m	$11.0m	$1.0m	$0	$0	—	—	—
Net Cash Provided by (Used in) Operating Activities	$2.0b	$2.2b	$2.9b	$3.0b	$2.7b	$3.7b	$4.4b	$4.7b	$4.5b	$5.2b
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment	$93.0m	$120.0m	$185.0m	$218.0m	$197.0m	$200.0m	$254.0m	$356.0m	$374.0m	$379.0m
Payments to Acquire Businesses, Net of Cash Acquired	$28.0m	$2.4b	$3.0b	$249.0m	$2.0m	$1.4b	$2.3b	$574.0m	$1.7b	$357.0m
Payments to Acquire Investments	$2.0m	$5.0m	$3.0m	$3.0m	$3.0m	$0	$7.0m	$4.0m	$5.0m	$3.0m
Net Cash Provided by (Used in) Investing Activities	($859.0m)	($3.7b)	($4.6b)	($1.7b)	($223.0m)	($3.6b)	($5.0b)	($3.0b)	($4.1b)	($3.4b)
Cash flows from financing activities:
Payments for Repurchase of Common Stock	$528.0m	$56.0m	$817.0m	$870.0m	$286.0m	$34.0m	$1.1b	$1.1b	$1.6b	$2.0b
Dividends paid	—	—	—	—	—	$0	$0	$406.0m	$434.0m	$464.0m
Net Cash Provided by (Used in) Financing Activities	($964.0m)	$1.5b	$1.4b	($1.3b)	($2.3b)	($140.0m)	$552.0m	($1.5b)	($274.0m)	($1.8b)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	—	—	—	$0	$8.0m	$4.0m	($7.0m)	$3.0m	($30.0m)	$22.0m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$133.0m	$40.0m	($309.0m)	$9.0m	$150.0m	($58.0m)	($38.0m)	$257.0m	$94.0m	$2.0m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	—	—	—	$52.0m	$202.0m	$144.0m	$106.0m	$363.0m	$457.0m	$459.0m
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	$415.0m	$357.0m	$455.0m	$581.0m	$483.0m	$391.0m	$406.0m	$614.0m	$674.0m	$703.0m
Income Taxes Paid, Net	$99.0m	$205.0m	$71.0m	$238.0m	$318.0m	$202.0m	$326.0m	$493.0m	$994.0m	$602.0m

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.