Operator: Good morning, and welcome to the United Rentals First Quarter 2013 Investor Conference Call. Please be advised that this call is being recorded.
Before we begin, note that the Company's press release, comments made on today’s call, and responses to your questions contain forward-looking statements. The Company’s business and operations are subject to a variety of risks and uncertainties, many of which are beyond its control, and consequently actual results may differ materially from those projected. A summary of these uncertainties is included in the Safe Harbor statement contained in the release. For a more complete description of these and other possible risks, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as well as to subsequent filings with the SEC. You can access these filings on the Company’s website at www.ur.com. Please note that United Rentals has no obligation and makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances, or changes in expectations.
You should also note that the Company's earnings release, investor presentation and today's call include references to free cash flow, adjusted EPS, EBITDA and adjusted EBITDA, each of which is a non-GAAP term. Speaking today for United Rentals is Michael Kneeland, Chief Executive Officer; William Plummer, Chief Financial Officer; and Matt Flannery, Executive Vice President and Chief Operating Officer.
I will now turn the call over to Mr. Michael Kneeland. Mr. Kneeland, you may begin.
Michael J. Kneeland - President and CEO: Thanks operator, and good morning, everyone and welcome. As the operator said, with me today is Bill Plummer, our Chief Financial Officer; Matt Flannery, our Chief Operating Officer; and other members of our senior management team.
I will start out with some of the numbers you saw last night and then I will talk about our operating environment, including the status of the recovery. And then after that Bill will discuss the quarter in more detail and then we will go over to Q&A.
Our first quarter results made a strong statement about commitment to profitable growth. In our slowest seasonal quarter, we generated $451 million of adjusted EBITDA at 41% margin. That’s 420 basis points higher than last year and it's also a first quarter record for us. And we intend to deliver over $2.2 billion of adjusted EBITDA on approximately $5 billion of revenue this year. And we hit our mark with total revenue in the quarter despite a harsh winter in the northeast and central U.S.
Three key metrics met or exceeded our expectations in the quarter; our rates, time utilization, and used equipment margin were all up year-over-year. Now the combination of these metrics tells us that our customers are truly in a recovery, and our core business overall is very strong. Now important part of our strategy is to cement our relationships with key accounts, and we did exactly that in the quarter with our key account rental revenue up more than 11% year-over-year.