Exhibit 99.1
UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Cash 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 | 220 | ||||||||||||
| Amortization of deferred financing costs and original issue discounts | 6 | 5 | 11 | 11 | ||||||||||||
| Gain 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 | 4 | ||||||||||||
| Restructuring charge | 2 | 6 | 3 | 12 | ||||||||||||
| Loss (gain) on repurchase/redemption of debt securities | — | (1 | ) | — | 3 | |||||||||||
| Loss 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 | ) | 55 | ||||||||||
| Increase in accounts payable | 57 | 51 | 147 | 61 | ||||||||||||
| Increase (decrease) in accrued expenses and other liabilities | 4 | (34 | ) | (15 | ) | (28 | ) | |||||||||
| Net cash provided by operating activities | 142 | 101 | 296 | 219 | ||||||||||||
Cash 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 | 72 | ||||||||||||
| Proceeds from sales of non-rental equipment | 4 | 2 | 8 | 3 | ||||||||||||
| Purchases 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 | 1,090 | ||||||||||||
| Payments of debt, including subordinated convertible debentures | (441 | ) | (435 | ) | (1,082 | ) | (1,332 | ) | ||||||||
| Proceeds from the exercise of common stock options | 26 | — | 30 | — | ||||||||||||
| Shares repurchased and retired | — | — | (7 | ) | (1 | ) | ||||||||||
| Cash paid in connection with the 4 percent Convertible Senior Notes and related hedge, net | (9 | ) | — | (9 | ) | — | ||||||||||
| 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 | 169 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 58 | $ | 30 | $ | 58 | $ | 30 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
| Cash paid (received) for taxes, net | $ | 5 | $ | 3 | $ | 16 | $ | (50 | ) | |||||||
| Cash paid for interest, including subordinated convertible debentures | 64 | 88 | 98 | 121 | ||||||||||||