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Six Months Ended
June 30, |
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Year Ended
December 31, |
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2021
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2020
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2020
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2019
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2018
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(in millions)
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Income statement data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues
|
| | | $ | 4,344 | | | | | $ | 4,064 | | | | | $ | 8,530 | | | | | $ | 9,351 | | | | | $ | 8,047 | | |
Total cost of revenues
|
| | | | 2,755 | | | | | | 2,636 | | | | | | 5,347 | | | | | | 5,681 | | | | | | 4,683 | | |
Gross profit
|
| | | | 1,589 | | | | | | 1,428 | | | | | | 3,183 | | | | | | 3,670 | | | | | | 3,364 | | |
Selling, general and administrative expenses
|
| | | | 551 | | | | | | 489 | | | | | | 979 | | | | | | 1,092 | | | | | | 1,038 | | |
Merger related costs
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 36 | | |
Restructuring charge
|
| | | | 1 | | | | | | 5 | | | | | | 17 | | | | | | 18 | | | | | | 31 | | |
Non-rental depreciation and amortization
|
| | | | 181 | | | | | | 195 | | | | | | 387 | | | | | | 407 | | | | | | 308 | | |
Operating income
|
| | | | 853 | | | | | | 739 | | | | | | 1,800 | | | | | | 2,152 | | | | | | 1,951 | | |
Interest expense, net
|
| | | | 199 | | | | | | 266 | | | | | | 669 | | | | | | 648 | | | | | | 481 | | |
Other expense (income), net
|
| | | | 2 | | | | | | (4) | | | | | | (8) | | | | | | (10) | | | | | | (6) | | |
Income before provision for income taxes
|
| | | | 652 | | | | | | 477 | | | | | | 1,139 | | | | | | 1,514 | | | | | | 1,476 | | |
Provision for income taxes
|
| | | | 156 | | | | | | 92 | | | | | | 249 | | | | | | 340 | | | | | | 380 | | |
Net income
|
| | | $ | 496 | | | | | $ | 385 | | | | | $ | 890 | | | | | $ | 1,174 | | | | | $ | 1,096 | | |
Balance sheet data (as of June 30 or December 31, as applicable):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 19,641 | | | | | $ | 17,900 | | | | | $ | 17,868 | | | | | $ | 18,970 | | | | | $ | 18,133 | | |
Total debt
|
| | | | 10,160 | | | | | | 10,405 | | | | | | 9,682 | | | | | | 11,428 | | | | | | 11,747 | | |
Total stockholders’ equity
|
| | | | 5,094 | | | | | | 3,907 | | | | | | 4,545 | | | | | | 3,830 | | | | | | 3,403 | | |
Other financial data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(1)
|
| | | $ | 1,872 | | | | | $ | 1,814 | | | | | $ | 3,932 | | | | | $ | 4,355 | | | | | $ | 3,863 | | |
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Six Months
Ended June 30, |
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Year Ended
December 31, |
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2021
|
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2020
|
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2020
|
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2019
|
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2018
|
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(in millions)
|
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Net income
|
| | | $ | 496 | | | | | $ | 385 | | | | | $ | 890 | | | | | $ | 1,174 | | | | | $ | 1,096 | | |
Provision for income taxes
|
| | | | 156 | | | | | | 92 | | | | | | 249 | | | | | | 340 | | | | | | 380 | | |
Interest expense, net
|
| | | | 199 | | | | | | 266 | | | | | | 669 | | | | | | 648 | | | | | | 481 | | |
Depreciation of rental equipment
|
| | | | 760 | | | | | | 821 | | | | | | 1,601 | | | | | | 1,631 | | | | | | 1,363 | | |
Non-rental depreciation and amortization
|
| | | | 181 | | | | | | 195 | | | | | | 387 | | | | | | 407 | | | | | | 308 | | |
EBITDA | | | | | 1,792 | | | | | | 1,759 | | | | | | 3,796 | | | | | | 4,200 | | | | | | 3,628 | | |
Merger related costs(1)
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 36 | | |
Restructuring charge(2)
|
| | | | 1 | | | | | | 5 | | | | | | 17 | | | | | | 18 | | | | | | 31 | | |
Stock compensation expense, net(3)
|
| | | | 56 | | | | | | 28 | | | | | | 70 | | | | | | 61 | | | | | | 102 | | |
Impact of the fair value mark-up of acquired fleet(4)
|
| | | | 20 | | | | | | 22 | | | | | | 49 | | | | | | 75 | | | | | | 66 | | |
Adjusted EBITDA
|
| | | $ | 1,872 | | | | | $ | 1,814 | | | | | $ | 3,932 | | | | | $ | 4,355 | | | | | $ | 3,863 | | |
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Six Months
Ended June 30, |
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Year Ended
December 31, |
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2021
|
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2020
|
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2020
|
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2019
|
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2018
|
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(in millions)
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Net cash provided by operating activities
|
| | | $ | 1,934 | | | | | $ | 1,461 | | | | | $ | 2,658 | | | | | $ | 3,024 | | | | | $ | 2,853 | | |
Adjustments for items included in net cash provided by
operating activities but excluded from the calculation of EBITDA: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of deferred financing costs and original issue discounts
|
| | | | (6) | | | | | | (7) | | | | | | (14) | | | | | | (15) | | | | | | (12) | | |
Gain on sales of rental equipment
|
| | | | 187 | | | | | | 154 | | | | | | 332 | | | | | | 313 | | | | | | 278 | | |
Gain on sales of non-rental equipment
|
| | | | 4 | | | | | | 3 | | | | | | 8 | | | | | | 6 | | | | | | 6 | | |
Gain on insurance proceeds from damaged equipment
|
| | | | 14 | | | | | | 13 | | | | | | 40 | | | | | | 24 | | | | | | 22 | | |
Merger related costs(1)
|
| | | | (3) | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (36) | | |
Restructuring charge(2)
|
| | | | (1) | | | | | | (5) | | | | | | (17) | | | | | | (18) | | | | | | (31) | | |
Stock compensation expense, net(3)
|
| | | | (56) | | | | | | (28) | | | | | | (70) | | | | | | (61) | | | | | | (102) | | |
Loss on extinguishment of debt securities and amendment of ABL Facility.
|
| | | | — | | | | | | — | | | | | | (183) | | | | | | (61) | | | | | | — | | |
Changes in assets and liabilities
|
| | | | (584) | | | | | | (112) | | | | | | 241 | | | | | | 170 | | | | | | 124 | | |
Cash paid for interest
|
| | | | 195 | | | | | | 259 | | | | | | 483 | | | | | | 581 | | | | | | 455 | | |
Cash paid for income taxes, net
|
| | | | 108 | | | | | | 21 | | | | | | 318 | | | | | | 238 | | | | | | 71 | | |
EBITDA | | | | | 1,792 | | | | | | 1,759 | | | | | | 3,796 | | | | | | 4,200 | | | | | | 3,628 | | |
Add back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger related costs(1)
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 36 | | |
Restructuring charge(2)
|
| | | | 1 | | | | | | 5 | | | | | | 17 | | | | | | 18 | | | | | | 31 | | |
Stock compensation expense, net(3)
|
| | | | 56 | | | | | | 28 | | | | | | 70 | | | | | | 61 | | | | | | 102 | | |
Impact of the fair value mark-up of acquired fleet(4)
|
| | | | 20 | | | | | | 22 | | | | | | 49 | | | | | | 75 | | | | | | 66 | | |
Adjusted EBITDA
|
| | | $ | 1,872 | | | | | $ | 1,814 | | | | | $ | 3,932 | | | | | $ | 4,355 | | | | | $ | 3,863 | | |
| | |
As of June 30, 2021
|
| |||||||||
|
Actual
|
| |
As Adjusted(1)
|
| ||||||||
|
(in millions)
|
| |||||||||||
Cash and cash equivalents
|
| | | $ | 336 | | | | | $ | 336 | | |
Debt: | | | | | | | | | | | | | |
Accounts Receivable Securitization Facility expiring 2022(2)
|
| | | $ | 794 | | | | | $ | 794 | | |
$3.75 billion ABL Facility expiring 2024(3)
|
| | | | 1,294 | | | | | | 1,580 | | |
Term Loan Facility maturing 2025(4)
|
| | | | 966 | | | | | | 966 | | |
57∕8% Senior Notes due 2026(5)
|
| | | | 999 | | | | | | — | | |
51∕2% Senior Notes due 2027(6)
|
| | | | 994 | | | | | | 994 | | |
37∕8% Senior Secured Notes due 2027(7)
|
| | | | 742 | | | | | | 742 | | |
47∕8% Senior Notes due 2028(8)
|
| | | | 1,655 | | | | | | 1,655 | | |
47∕8% Senior Notes due 2028(8)
|
| | | | 4 | | | | | | 4 | | |
51∕4% Senior Notes due 2030(9)
|
| | | | 743 | | | | | | 743 | | |
4% Senior Notes due 2030(10)
|
| | | | 742 | | | | | | 742 | | |
37∕8% Senior Notes due 2031(11)
|
| | | | 1,088 | | | | | | 1,088 | | |
Notes offered hereby(12)
|
| | | | — | | | | | | 743 | | |
Other acquired debt
|
| | | | 2 | | | | | | 2 | | |
Finance leases
|
| | | | 137 | | | | | | 137 | | |
Total debt
|
| | | | 10,160 | | | | | | 10,190 | | |
Total stockholders’ equity(13)
|
| | | | 5,094 | | | | | | 5,070 | | |
Total capitalization
|
| | | $ | 15,254 | | | | | $ | 15,260 | | |
Year
|
| |
Redemption Price
|
| |||
2026
|
| | | | % | | |
2027
|
| | | | % | | |
2028
|
| | | | % | | |
2029 and thereafter
|
| | | | 100.000% | | |
Underwriter
|
| |
Principal Amount
of Notes |
| |||
Morgan Stanley & Co. LLC
|
| | | $ | | | |
BofA Securities, Inc.
|
| | | | | | |
Wells Fargo Securities, LLC
|
| | | | | | |
Citigroup Global Markets Inc.
|
| | | | | | |
Scotia Capital (USA) Inc.
|
| | | | | | |
MUFG Securities Americas Inc.
|
| | | | | | |
Barclays Capital Inc.
|
| | | | | | |
Deutsche Bank Securities Inc.
|
| | | | | | |
J.P. Morgan Securities LLC
|
| | | | | | |
Truist Securities, Inc.
|
| | | | | | |
TD Securities (USA) LLC
|
| | | | | | |
PNC Capital Markets LLC
|
| | | | | | |
Total
|
| | | $ | 750,000,000 | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 19 | | | |
| | | | | 21 | | | |
| | | | | 23 | | | |
| | | | | 26 | | | |
| | | | | 28 | | | |
| | | | | 28 | | |
| Morgan Stanley | | |
BofA Securities
|
| |
Wells Fargo Securities
|
|
| Citigroup | | |
Scotiabank
|
| |
MUFG
|
|
| Barclays | | |
Deutsche Bank Securities
|
| |
J.P. Morgan
|
|
| Truist Securities | | |
TD Securities
|
| |
PNC Capital Markets LLC
|
|
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