Item 5. Market for Registrant’s Common Equity
Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Holdings’ common stock trades on the New York Stock Exchange under the symbol “URI.” As of January 1, 2021, there were 66 holders of record of our common stock. The number of beneficial owners is substantially greater than the number of record holders because a large portion of our common stock is held of record in broker “street names.”
Purchases of Equity Securities by the Issuer
The following table provides information about acquisitions of Holdings’ common stock by Holdings during the fourth quarter of 2020:
Period Total Number of
Shares Purchased Average Price
Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Dollar Amount of Shares That May Yet Be Purchased Under the Program (2)
October 1, 2020 to October 31, 2020 23,435 (1) $ 179.41 —
November 1, 2020 to November 30, 2020 770 (1) $ 178.33 —
December 1, 2020 to December 31, 2020 5,638 (1) $ 242.47 —
Total 29,843 $ 191.29 $ — $ 243,081,785
(1) All shares purchased were withheld by Holdings to satisfy tax withholding obligations upon the vesting of restricted stock unit awards. These shares were not acquired pursuant to any repurchase plan or program.
(2) On January 28, 2020, our Board authorized a $500 million share repurchase program, which commenced in the first quarter of 2020 and was intended to run for 12 months. The program was paused on March 18, 2020 due to the COVID-19 pandemic. We are currently unable to estimate when, or if, the program will be restarted, and we expect to provide an update at a future date.
Equity Compensation Plans
For information regarding equity compensation plans, see Item 12 of this annual report on Form 10-K.
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Item 6. Selected Financial Data
The following selected financial data reflects the results of operations and balance sheet data as of and for the years ended December 31, 2016 to 2020. The following acquired companies are reflected in our results of operations for all periods subsequent to the noted acquisition dates:
• In April 2017, we completed the acquisition of NES Rentals Holdings II, Inc. (“NES”). NES had annual revenues of approximately $369;
• In October 2017, we completed the acquisition of Neff Corporation ("Neff"). Neff had annual revenues of approximately $413;
• In July 2018, we completed the acquisition of BakerCorp International Holdings, Inc. (“BakerCorp”). BakerCorp had annual revenues of approximately $295; and
• In October 2018, we completed the acquisition of Vander Holding Corporation and its subsidiaries (“BlueLine”). BlueLine had annual revenues of approximately $786.
The data below should be read in conjunction with, and is qualified by reference to, our Management’s Discussion and Analysis and our consolidated financial statements and notes thereto contained elsewhere in this report.
Year Ended December 31,
2020 2019 2018 2017 2016
(in millions, except per share data)
Income statement data:
Total revenues (1) $ 8,530 $ 9,351 $ 8,047 $ 6,641 $ 5,762
Total cost of revenues 5,347 5,681 4,683 3,872 3,359
Gross profit 3,183 3,670 3,364 2,769 2,403
Selling, general and administrative expenses 979 1,092 1,038 903 719
Merger related costs — 1 36 50 —
Restructuring charge 17 18 31 50 14
Non-rental depreciation and amortization 387 407 308 259 255
Operating income 1,800 2,152 1,951 1,507 1,415
Interest expense, net 669 648 481 464 511
Other income, net (8) (10) (6) (5) (5)
Income before provision (benefit) for income taxes 1,139 1,514 1,476 1,048 909
Provision (benefit) for income taxes (2) 249 340 380 (298) 343
Net income (2) 890 1,174 1,096 1,346 566
Basic earnings per share (2) $ 12.24 $ 15.18 $ 13.26 $ 15.91 $ 6.49
Diluted earnings per share (2) $ 12.20 $ 15.11 $ 13.12 $ 15.73 $ 6.45
(1) As discussed in more detail throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, the 2020 decline in revenue includes the impact of the novel coronavirus (“COVID-19”), which resulted in volume declines in response to shelter-in-place orders and other market restrictions.
(2) 2017 includes the significant impact of the enactment of the Tax Cuts and Jobs Act (the "Tax Act"). The enactment of the Tax Act resulted in an estimated net income increase for the year ended December 31, 2017 of $689, or $8.05 per diluted share, primarily due to a one-time revaluation of our net deferred tax liability based on a U.S. federal tax rate of 21 percent, which was partially offset by the impact of a one-time transition tax on our unremitted foreign earnings and profits, which we elected to pay over an eight-year period. The Tax Act reduced the U.S. federal statutory tax rate from 35 percent to 21 percent, and years subsequent to 2017 reflect the lower tax rate.
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December 31,
2020 2019 2018 2017 2016
(in millions)
Balance sheet data:
Total assets $ 17,868 $ 18,970 $ 18,133 $ 15,030 $ 11,988
Total debt 9,682 11,428 11,747 9,440 7,790
Stockholders’ equity 4,545 3,830 3,403 3,106 1,648
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