Exhibit 99.1
 (UNITED RENTALS LOGO)
    
    United Rentals, Inc.
Five Greenwich Office Park
Greenwich, CT 06831
Telephone: 203 622 3131
203 622 6080
unitedrentals.com
 United Rentals Announces Second Quarter 2011 Results
 Updates Full Year Financial Targets
 GREENWICH,
Conn.  July 19, 2011
  Second Quarter 2011 Highlights
 
    
    Rental revenue increased 16.4%, reflecting year-over-year increases of 6.1% in rental
rates and 13.8% in the volume of equipment on rent. The company has reaffirmed its outlook
for an increase in rental rates of at least 5% for the full year.
    
    Time utilization was 69.0%, an increase of 3.6 percentage points from the same period
last year, and a new second quarter record for the company. The company has raised its
outlook for a full-year increase in time utilization to approximately 2.5 percentage points
year-over-year.
    
    The company generated $41 million of proceeds from used equipment sales at a gross
margin of 31.7%, compared with $37 million of proceeds at a gross margin of 24.3% for the
same period last year.
    
    Adjusted EBITDA was $221 million, an increase of $42 million compared with the same
period last year. Adjusted EBITDA margin was 35.1%, an increase of 3.0 percentage points
compared with the same period last year.
 CEO Comments




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##### 



Six Months 2011 Results
   Free Cash Flow and Fleet Size
    Return on Invested Capital (ROIC)
  Conference Call
 unitedrentals.com
 Non-GAAP Measures
   2




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##### 



About United Rentals
  Forward-Looking Statements
 This press release contains forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such statements can be
identified by the use of forward-looking terminology such as believe, expect, may, will,
should, seek, on-track, plan, project, forecast, intend or anticipate, or the
negative thereof or comparable terminology, or by discussions of vision, strategy or outlook. You
are cautioned that our business and operations are subject to a variety of risks and uncertainties,
many of which are beyond our control, and, consequently, our actual results may differ materially
from those projected. Factors that could cause actual results to differ materially from those
projected include, but are not limited to, the following: (1) a slowdown in the recovery of North
American construction and industrial activities, which decreased during the economic downturn and
significantly affected our revenues and profitability, may further reduce demand for equipment and
prices that we can charge; (2) a decrease in levels of infrastructure spending, including lower
than expected government funding for stimulus-related construction projects; (3) our highly
leveraged capital structure, which requires us to use a substantial portion of our cash flow for
debt service and can constrain our flexibility in responding to unanticipated or adverse business
conditions; (4) restrictive covenants in our debt agreements, which could limit our financial and
operation flexibility; (5) noncompliance with covenants in our debt agreements, which could result
in termination of our credit facilities and acceleration of outstanding borrowings; (6) inability
to access the capital that our business may require; (7) inability to collect on contracts with
customers; (8) incurrence of impairment charges; (9) the potential consequences of litigation and
other claims relating to our business, including certain claims that our insurance may not cover;
(10) an increase in our loss reserves to address business operations or other claims and any claims
that exceed our established levels of reserves; (11) incurrence of additional costs and expenses in
connection with litigation, regulatory or investigatory matters; (12) increases in our maintenance
and replacement costs as we age our fleet, and decreases in the residual value of our equipment;
(13) inability to sell our new or used fleet in the amounts, or at the prices, we expect; (14)
challenges associated with past or future acquisitions, such as undiscovered liabilities and
integration issues; (15) management turnover and inability to attract and retain key personnel;
(16) our rates and time utilization being less than anticipated; (17) our costs being more than
anticipated, the inability to realize expected savings and the inability to obtain key equipment
and supplies; (18) disruptions in our information technology systems; (19) competition from
existing and new competitors; and (20) labor difficulties and labor-based legislation affecting
labor relations and operations generally. For a more complete description of these and other
possible risks and uncertainties, please refer to our Annual Report on Form 10-K for the year ended
December 31, 2010, as well as to our subsequent filings with the SEC. Our forward-looking
statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in
order to reflect new information or subsequent events, circumstances or changes in expectations.
 # # #
 Contact:
 fbratman@ur.com
  3




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##### 



UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010Revenues:Equipment rentals
    
    $
    524
    
    
    $
    450
    
    
    $
    958
    
    
    $
    830Sales of rental equipment
    
    
    41
    
    
    
    37
    
    
    
    73
    
    
    
    72Sales of new equipment
    
    
    21
    
    
    
    21
    
    
    
    36
    
    
    
    40Contractor supplies sales
    
    
    22
    
    
    
    26
    
    
    
    43
    
    
    
    49Service and other revenues
    
    
    21
    
    
    
    23
    
    
    
    42
    
    
    
    44Total revenues
    
    
    629
    
    
    
    557
    
    
    
    1,152
    
    
    
    1,035Cost of revenues:Cost of equipment rentals, excluding depreciation
    
    
    246
    
    
    
    217
    
    
    
    479
    
    
    
    431Depreciation of rental equipment
    
    
    103
    
    
    
    95
    
    
    
    202
    
    
    
    191Cost of rental equipment sales
    
    
    28
    
    
    
    28
    
    
    
    46
    
    
    
    52Cost of new equipment sales
    
    
    17
    
    
    
    18
    
    
    
    29
    
    
    
    34Cost of contractor supplies sales
    
    
    16
    
    
    
    19
    
    
    
    30
    
    
    
    35Cost of service and other revenues
    
    
    8
    
    
    
    9
    
    
    
    17
    
    
    
    18Total cost of revenues
    
    
    418
    
    
    
    386
    
    
    
    803
    
    
    
    761Gross profit
    
    
    211
    
    
    
    171
    
    
    
    349
    
    
    
    274Selling, general and administrative expenses
    
    
    100
    
    
    
    90
    
    
    
    195
    
    
    
    176Restructuring charge
    
    
    2
    
    
    
    6
    
    
    
    3
    
    
    
    12Non-rental depreciation and amortization
    
    
    14
    
    
    
    16
    
    
    
    26
    
    
    
    29Operating income
    
    
    95
    
    
    
    59
    
    
    
    125
    
    
    
    57Interest expense, net
    
    
    57
    
    
    
    54
    
    
    
    113
    
    
    
    115Interest expense  subordinated convertible
debentures
    
    
    2
    
    
    
    2
    
    
    
    4
    
    
    
    4Other income, net
    
    
    (3
    )
    
    
    
    
    
    
    (4
    )
    
    
    (1
    )Income (loss) from continuing operations before
provision (benefit) for income taxes
    
    
    39
    
    
    
    3
    
    
    
    12
    
    
    
    (61
    )Provision (benefit) for income taxes
    
    
    11
    
    
    
    (9
    )
    
    
    4
    
    
    
    (33
    )Income (loss) from continuing operations
    
    
    28
    
    
    
    12
    
    
    
    8
    
    
    
    (28
    )Loss from discontinued operation, net of taxes
    
    
    (1
    )
    
    
    
    
    
    
    (1
    )
    
    
    Net income (loss)
    
    $
    27
    
    
    $
    12
    
    
    $
    7
    
    
    $
    (28
    )Diluted earnings (loss) per share:Income (loss) from continuing operations
    
    $
    0.38
    
    
    $
    0.18
    
    
    $
    0.10
    
    
    $
    (0.46
    )Loss from discontinued operation
    
    
    (0.01
    )
    
    
    
    
    
    
    (0.01
    )
    
    
    Net income (loss)
    
    $
    0.37
    
    
    $
    0.18
    
    
    $
    0.09
    
    
    $
    (0.46
    )
  4




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##### 



UNITED RENTALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
 June 30,
    
    
    December 31,2011
    
    
    2010ASSETSCash and cash equivalents
    
    $
    58
    
    
    $
    203Accounts receivable, net
    
    
    407
    
    
    
    377Inventory
    
    
    70
    
    
    
    39Prepaid expenses and other assets
    
    
    67
    
    
    
    37Deferred taxes
    
    
    71
    
    
    
    69Total current assets
    
    
    673
    
    
    
    725Rental equipment, net
    
    
    2,520
    
    
    
    2,280Property and equipment, net
    
    
    380
    
    
    
    393Goodwill and other intangible assets, net
    
    
    319
    
    
    
    227Other long-term assets
    
    
    60
    
    
    
    68Total assets
    
    $
    3,952
    
    
    $
    3,693LIABILITIES AND STOCKHOLDERS DEFICITShort-term debt and current maturities of long-term debt
    
    $
    347
    
    
    $
    229Accounts payable
    
    
    282
    
    
    
    132Accrued expenses and other liabilities
    
    
    211
    
    
    
    208Total current liabilities
    
    
    840
    
    
    
    569Long-term debt
    
    
    2,542
    
    
    
    2,576Subordinated convertible debentures
    
    
    87
    
    
    
    124Deferred taxes
    
    
    399
    
    
    
    385Other long-term liabilities
    
    
    60
    
    
    
    59Total liabilities
    
    
    3,928
    
    
    
    3,713Incremental convertible debt obligation (temporary equity)
    
    
    44
    
    
    
    Common stock
    
    
    1
    
    
    
    1Additional paid-in capital
    
    
    472
    
    
    
    492Accumulated deficit
    
    
    (593
    )
    
    
    (600
    )Accumulated other comprehensive income
    
    
    100
    
    
    
    87Total stockholders deficit
    
    
    (20
    )
    
    
    (20
    )Total liabilities and stockholders deficit
    
    $
    3,952
    
    
    $
    3,693
   5




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##### 



UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010Cash Flows From Operating Activities:Net income (loss)
    
    $
    27
    
    
    $
    12
    
    
    $
    7
    
    
    $
    (28
    )Adjustments to reconcile net income (loss) to net
cash provided by
operating activities:Depreciation and amortization
    
    
    117
    
    
    
    111
    
    
    
    228
    
    
    
    220Amortization of deferred financing costs and original
issue discounts
    
    
    6
    
    
    
    5
    
    
    
    11
    
    
    
    11Gain on sales of rental equipment
    
    
    (13
    )
    
    
    (9
    )
    
    
    (27
    )
    
    
    (20
    )Gain on sales of non-rental equipment
    
    
    (1
    )
    
    
    
    
    
    
    (1
    )
    
    
    (1
    )Stock compensation expense, net
    
    
    4
    
    
    
    3
    
    
    
    6
    
    
    
    4Restructuring charge
    
    
    2
    
    
    
    6
    
    
    
    3
    
    
    
    12Loss (gain) on repurchase/redemption of debt
securities
    
    
    
    
    
    
    (1
    )
    
    
    
    
    
    
    3Loss on retirement of subordinated
convertible debentures
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    Increase (decrease) in deferred taxes
    
    
    5
    
    
    
    (23
    )
    
    
    (4
    )
    
    
    (47
    )Changes in operating assets and liabilities:Increase in accounts receivable
    
    
    (51
    )
    
    
    (24
    )
    
    
    (15
    )
    
    
    (7
    )Increase in inventory
    
    
    (6
    )
    
    
    (14
    )
    
    
    (30
    )
    
    
    (16
    )(Increase) decrease in prepaid expenses and other
assets
    
    
    (9
    )
    
    
    18
    
    
    
    (15
    )
    
    
    55Increase in accounts payable
    
    
    57
    
    
    
    51
    
    
    
    147
    
    
    
    61Increase (decrease) in accrued expenses and other
liabilities
    
    
    4
    
    
    
    (34
    )
    
    
    (15
    )
    
    
    (28
    )Net cash provided by operating activities
    
    
    142
    
    
    
    101
    
    
    
    296
    
    
    
    219Cash Flows From Investing Activities:Purchases of rental equipment
    
    
    (297
    )
    
    
    (125
    )
    
    
    (412
    )
    
    
    (174
    )Purchases of non-rental equipment
    
    
    (8
    )
    
    
    (7
    )
    
    
    (13
    )
    
    
    (12
    )Proceeds from sales of rental equipment
    
    
    41
    
    
    
    37
    
    
    
    73
    
    
    
    72Proceeds from sales of non-rental equipment
    
    
    4
    
    
    
    2
    
    
    
    8
    
    
    
    3Purchases of other companies
    
    
    (143
    )
    
    
    
    
    
    
    (143
    )
    
    
    Net cash used in investing activities
    
    
    (403
    )
    
    
    (93
    )
    
    
    (487
    )
    
    
    (111
    )Cash Flows From Financing Activities:Proceeds from debt
    
    
    536
    
    
    
    445
    
    
    
    1,107
    
    
    
    1,090Payments of debt, including subordinated convertible
debentures
    
    
    (441
    )
    
    
    (435
    )
    
    
    (1,086
    )
    
    
    (1,332
    )Proceeds from the exercise of common stock options
    
    
    26
    
    
    
    
    
    
    
    30
    
    
    
    Shares repurchased and retired
    
    
    
    
    
    
    
    
    
    
    (7
    )
    
    
    (1
    )Cash paid in connection with convertible note hedge
transactions, net
    
    
    (9
    )
    
    
    
    
    
    
    (5
    )
    
    
    Excess tax benefits from share-based payment
arrangements, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1
    )Net cash provided by (used in) financing activities
    
    
    112
    
    
    
    10
    
    
    
    39
    
    
    
    (244
    )Effect of foreign exchange rates
    
    
    2
    
    
    
    (8
    )
    
    
    7
    
    
    
    (3
    )Net (decrease) increase in cash and cash equivalents
    
    
    (147
    )
    
    
    10
    
    
    
    (145
    )
    
    
    (139
    )Cash and cash equivalents at beginning of period
    
    
    205
    
    
    
    20
    
    
    
    203
    
    
    
    169Cash and cash equivalents at end of period
    
    $
    58
    
    
    $
    30
    
    
    $
    58
    
    
    $
    30Supplemental disclosure of cash flow information:Cash (paid) received for taxes, net
    
    $
    (5
    )
    
    $
    (3
    )
    
    $
    (16
    )
    
    $
    50Cash paid for interest, including
subordinated convertible debentures
    
    
    64
    
    
    
    88
    
    
    
    98
    
    
     
    121
 6




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##### 



UNITED RENTALS, INC.
SEGMENT PERFORMANCE
($ in millions)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    Change
    
    
    2011
    
    
    2010
    
    
    ChangeGeneral RentalsReportable segment revenue
    
    $
    577
    
    
    $
    515
    
    
    
    12.0
    %
    
    $
    1,061
    
    
    $
    958
    
    
    
    10.8
    %Reportable segment
operating income
    
    
    84
    
    
    
    56
    
    
    
    50.0
    %
    
    
    110
    
    
    
    57
    
    
    
    93.0
    %Reportable segment
operating margin
    
    
    14.6
    %
    
    
    10.9
    %
    
    3.7
    pp

    
    
    10.4
    %
    
    
    5.9
    %
    
    4.5
    ppTrench Safety, Power &
HVACReportable segment revenue
    
    $
    52
    
    
    $
    42
    
    
    
    23.8
    %
    
    $
    91
    
    
    $
    77
    
    
    
    18.2
    %Reportable segment
operating income
    
    
    13
    
    
    
    9
    
    
    
    44.4
    %
    
    
    18
    
    
    
    12
    
    
    
    50.0
    %Reportable segment
operating margin
    
    
    25.0
    %
    
    
    21.4
    %
    
    3.6
    pp
    
    
    19.8
    %
    
    
    15.6
    %
    
    4.2
    ppTotal United RentalsTotal revenue
    
    $
    629
    
    
    $
    557
    
    
    
    12.9
    %
    
    $
    1,152
    
    
    $
    1,035
    
    
    
    11.3
    %Total segment operating
income (1)
    
    
    97
    
    
    
    65
    
    
    
    49.2
    %
    
    
    128
    
    
    
    69
    
    
    
    85.5
    %Total segment operating
margin (1)
    
    
    15.4
    %
    
    
    11.7
    %
    
    3.7
      pp
  
    
    11.1
    %
    
    
    6.7
    %
    
    4.4
    pp
 (1)
    
    Excludes unallocated restructuring charge.
 DILUTED EARNINGS (LOSS) PER SHARE CALCULATION
(In millions, except per share data)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010Income (loss) from continuing operations
    
    $
    28
    
    
    $
    12
    
    
    $
    8
    
    
    $
    (28
    )Convertible
debt interest-1 7/8% notes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Income (loss) from continuing operations
available to common stockholders
    
    
    28
    
    
    
    12
    
    
    
    8
    
    
    
    (28
    )Loss from discontinued operation
    
    
    (1
    )
    
    
    
    
    
    
    (1
    )
    
    
    Net income (loss) available to common
stockholders
    
    $
    27
    
    
    $
    12
    
    
    $
    7
    
    
    $
    (28
    )Weighted-average common shares
    
    
    62.5
    
    
    
    60.5
    
    
    
    61.7
    
    
    
    60.4Employee stock options and warrants
    
    
    0.9
    
    
    
    0.3
    
    
    
    1.5
    
    
    
    Convertible subordinated notes  1 7/8%
    
    
    1.0
    
    
    
    5.3
    
    
    
    
    
    
    
    Convertible subordinated notes  4%
    
    
    9.1
    
    
    
    1.0
    
    
    
    9.4
    
    
    
    Restricted stock units
    
    
    0.6
    
    
    
    0.6
    
    
    
    0.7
    
    
    
    Weighted average diluted shares
    
    
    74.1
    
    
    
    67.7
    
    
    
    73.3
    
    
    
    60.4Diluted earnings (loss) per share:Income (loss) from continuing operations
    
    $
    0.38
    
    
    $
    0.18
    
    
    $
    0.10
    
    
    $
    (0.46
    )Loss from discontinued operation
    
    
    (0.01
    )
    
    
    
    
    
    
    (0.01
    )
    
    
    Net income (loss)
    
    $
    0.37
    
    
    $
    0.18
    
    
    $
    0.09
    
    
    $
    (0.46
    )
  7




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##### 



UNITED RENTALS, INC.
ADJUSTED EARNINGS (LOSS) PER SHARE GAAP RECONCILIATION
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010Earnings (loss) per share from continuing
operations  GAAP,
as reported
    
    $
    0.38
    
    
    $
    0.18
    
    
    $
    0.10
    
    
    $
    (0.46
    )After-tax impact of:Restructuring charge (1)
    
    
    0.01
    
    
    
    0.06
    
    
    
    0.02
    
    
    
    0.13(Gain) loss on repurchase/retirement of
debt securities and subordinated convertible debentures
    
    
    
    
    
    
    (0.01
    )
    
    
    0.01
    
    
    
    0.03Asset impairment charge (2)
    
    
    0.01
    
    
    
    0.02
    
    
    
    0.01
    
    
    
    0.02Earnings (loss) per share from continuing
operations adjusted
    
    $
    0.40
    
    
    $
    0.25
    
    
    $
    0.14
    
    
    $
    (0.28
    )
 (1)
    
    Relates to branch closure charges and severance costs.(2)
    
    Primarily write-offs of leasehold improvements and other fixed assets.
  8




---



##### 



UNITED RENTALS, INC.
EBITDA AND ADJUSTED EBITDA GAAP RECONCILIATION
(In millions)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010Net income (loss)
    
    $
    27
    
    
    $
    12
    
    
    $
    7
    
    
    $
    (28
    )Loss from discontinued operation, net of taxes
    
    
    1
    
    
    
    
    
    
    
    1
    
    
    
    Provision (benefit) for income taxes
    
    
    11
    
    
    
    (9
    )
    
    
    4
    
    
    
    (33
    )Interest expense, net
    
    
    57
    
    
    
    54
    
    
    
    113
    
    
    
    115Interest expense  subordinated convertible debentures
    
    
    2
    
    
    
    2
    
    
    
    4
    
    
    
    4Depreciation of rental equipment
    
    
    103
    
    
    
    95
    
    
    
    202
    
    
    
    191Non-rental depreciation and amortization
    
    
    14
    
    
    
    16
    
    
    
    26
    
    
    
    29EBITDA (A)
    
    
    215
    
    
    
    170
    
    
    
    357
    
    
    
    278Restructuring charge (1)
    
    
    2
    
    
    
    6
    
    
    
    3
    
    
    
    12Stock compensation expense, net (2)
    
    
    4
    
    
    
    3
    
    
    
    6
    
    
    
    4Adjusted EBITDA (B)
    
    $
    221
    
    
    $
    179
    
    
    $
    366
    
    
    $
    294
 
 (A)
    
    Our EBITDA margin was 34.2% and 30.5% for the three months ended June 30, 2011 and 2010, respectively, and
31.0% and 26.9% for the six months ended June 30, 2011 and 2010, respectively.(B)
    
    Our adjusted EBITDA margin was 35.1% and 32.1% for the three months ended June 30, 2011 and 2010,
respectively, and 31.8% and 28.4% for the six months ended June 30, 2011 and 2010, respectively.(1)
    
    Relates to branch closure charges and severance costs.(2)
    
    Represents non-cash, share-based payments associated with the granting of equity instruments.  9




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##### 



UNITED RENTALS, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO EBITDA AND AJUSTED EBITDA
(In millions)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010Net cash provided by operating activities
    
    $
    142
    
    
    $
    101
    
    
    $
    296
    
    
    $
    219Adjustments for items included in net cash provided by
operating
activities but excluded from the calculation of EBITDA:Loss from discontinued operation, net of taxes
    
    
    1
    
    
    
    
    
    
    
    1
    
    
    
    Amortization of deferred financing costs and original
issue discounts
    
    
    (6
    )
    
    
    (5
    )
    
    
    (11
    )
    
    
    (11
    )Gain on sales of rental equipment
    
    
    13
    
    
    
    9
    
    
    
    27
    
    
    
    20Gain on sales of non-rental equipment
    
    
    1
    
    
    
    
    
    
    
    1
    
    
    
    1Restructuring charge (1)
    
    
    (2
    )
    
    
    (6
    )
    
    
    (3
    )
    
    
    (12
    )Stock compensation expense, net (2)
    
    
    (4
    )
    
    
    (3
    )
    
    
    (6
    )
    
    
    (4
    )(Loss) gain on repurchase/redemption of debt securities
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    (3
    )Loss on retirement of subordinated convertible debentures
    
    
    
    
    
    
    
    
    
    
    (1
    )
    
    
    Changes in assets and liabilities
    
    
    1
    
    
    
    (18
    )
    
    
    (61
    )
    
    
    (3
    )Cash paid for interest, including subordinated
convertible debentures
    
    
    64
    
    
    
    88
    
    
    
    98
    
    
    
    121Cash paid (received) for taxes, net
    
    
    5
    
    
    
    3
    
    
    
    16
    
    
    
    (50
    )EBITDA
    
    
    215
    
    
    
    170
    
    
    
    357
    
    
    
    278Add back:Restructuring charge (1)
    
    
    2
    
    
    
    6
    
    
    
    3
    
    
    
    12Stock compensation expense, net (2)
    
    
    4
    
    
    
    3
    
    
    
    6
    
    
    
    4Adjusted EBITDA
    
    $
    221
    
    
    $
    179
    
    
    $
    366
    
    
    $
    294
 
 (1)
    
    Relates to branch closure charges and severance costs.(2)
    
    Represents non-cash, share-based payments associated with the granting of
equity instruments.  10




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##### 



UNITED RENTALS, INC.
FREE CASH FLOW GAAP RECONCILIATION
(In millions)
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010Net cash provided by operating activities
    
    $
    142
    
    
    $
    101
    
    
    $
    296
    
    
    $
    219Purchases of rental equipment
    
    
    (297
    )
    
    
    (125
    )
    
    
    (412
    )
    
    
    (174
    )Purchases of non-rental equipment
    
    
    (8
    )
    
    
    (7
    )
    
    
    (13
    )
    
    
    (12
    )Proceeds from sales of rental equipment
    
    
    41
    
    
    
    37
    
    
    
    73
    
    
    
    72Proceeds from sales of non-rental equipment
    
    
    4
    
    
    
    2
    
    
    
    8
    
    
    
    3Excess tax benefits from share-based payment
arrangements, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1
    )Free cash flow
    
    $
    (118
    )
    
    $
    8
    
    
    $
    (48
    )
    
    $
    107
  11