are aligned with these objectives to identify trends in equipment categories and define action plans that can generate improved returns;

•Redeemed $500 principal amount of our 5 1/2 percent Senior Notes due 2027;

•Entered into an uncommitted repurchase facility pursuant to which we may obtain short-term financing in an amount up to $100. See note 6 to the condensed consolidated financial statements for further detail.

As of June 30, 2022, we had available liquidity of $2.830 billion, comprised of cash and cash equivalents, and availability under the ABL and accounts receivable securitization facilities.

Net income. Net income and diluted earnings per share are presented below.

Net income and diluted earnings per share include the after-tax impacts of the items below. The tax rates applied to the items below reflect the statutory rates in the applicable entities.

The table below provides a reconciliation between net cash provided by operating activities and EBITDA and adjusted EBITDA:

(1)This reflects transaction costs associated with the General Finance acquisition discussed above. Merger related costs only include costs associated with major acquisitions. For additional information, see "Results of Operations-Other costs/(income)-merger related costs" below.

(3)Represents non-cash, share-based payments associated with the granting of equity instruments.

For the six months ended June 30, 2022, net income increased $364, or 73.4 percent, and net income margin increased 480 basis points to 16.2 percent. For the six months ended June 30, 2022, adjusted EBITDA increased $578, or 30.9 percent, and adjusted EBITDA margin increased 320 basis points to 46.3 percent.

The table below includes the components of the year-over-year change in rental revenue using the fleet productivity methodology.

(1)Reflects the estimated impact of inflation on the revenue productivity of fleet based on OEC, which is recorded at cost.

(3)Reflects the combined impact of changes in the other types of equipment rentals revenue (see note 2 for further detail), excluding owned equipment rental revenue.

Revenues by segment were as follows:

Contractor supplies sales. Contractor supplies sales represent our revenues associated with selling a variety of supplies, including construction consumables, tools, small equipment and safety supplies. For the six months ended June 30, 2022, contractor supplies sales represented approximately 1 percent of our total revenues. For the three and six months ended June 30, 2022, contractor supplies sales increased slightly year-over-year.

Segment Equipment Rentals Gross Profit

Segment equipment rentals gross profit and gross margin were as follows:

Gross Margin. Gross margins by revenue classification were as follows:

The table below includes the other costs/(income) in our condensed consolidated statements of income, as well as key associated metrics:

Average month-end principal amount of debt outstanding (1) 1,036

Weighted-average interest rate on average debt outstanding 2.1 %

Maximum month-end principal amount of debt outstanding (1) 1,621

URNA's payment capacity is restricted under the covenants in the ABL and term loan facilities and the indentures governing its outstanding indebtedness. Although this restricted capacity limits our ability to move operating cash flows to Holdings, because of certain intercompany arrangements, we do not expect any material adverse impact on Holdings' ability to meet its cash obligations.

Purchases of non-rental equipment and intangible assets (123)

support; (iv) acquisition-related services; (v) legal services; and (vi) human resource support. In addition, Holdings leases certain equipment and real property that are made available for use by URNA and its subsidiaries.

Information Regarding Guarantors of URNA Indebtedness

The summarized financial information of Holdings, URNA and the guarantor subsidiaries on a combined basis is as follows:

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