Operator: Good morning, and welcome to the United Rentals Second 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 would now turn the call over to Mr. Kneeland. Mr. Kneeland, you may begin.
Michael J. Kneeland - President and CEO: Thanks operator. Good morning, everyone, and welcome. As the operator said; Bill Plummer, our Chief Financial Officer is here with me; Matt Flannery, our Chief Operating Officer; and other members of our senior management team.
Last night we reported results that reflect a disciplined company focused on value creation and it was a strong quarter, and it set the stage for what we expect to be a robust back half of the year.
The past three months have provided some good insights into the pace of the recovery. And I want to share some thoughts on that, and then we'll discuss some of the actions that we're taking to grow the business in the current environment. After that, Bill will discuss the quarter in more detail and then we'll go into Q&A.
So let' start with our strategy in the second quarter. We increased our revenue, we improved our margins, and we brought down our leverage. This has been our strategy all along as a way to achieve long-term profitable growth. And we've shown that we can execute this strategy in any economic climate. Right now, the construction markets are still very soft compared to the pre-recession levels but our margins are extremely strong and that's a powerful tailwind taken to the recovery.
Now reviewing our results, I'm going to give you the year-over-year comparisons on a pro forma basis, and that is – they assume the combination of RSC and United Rentals for the second quarter of last year.