Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - UNITED RENTALS NORTH AMERICA INC | c20239e8vkza.htm |
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 | ||||||||||||