United Rentals, Inc. (URI)

Investor Day 2018

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Dec 11, 2018

Hi. If everybody could take a seat, that would be great. Terrific. Let me start by welcoming everybody to the 2018 United Rentals Investor Day. We are really appreciative for everybody joining us, both in person and online. For those of you who do not know me, my name is Ted Grace. I run investor relations at the company. I think we have got a really exciting day for you. I think if anything, we hope you will walk out of the Princeton Club or the webcast with a great appreciation for things we do to run our company differently and really please our customers and our shareholders. Hopefully, the theme is really captured with this title on the screen, which is driving and extending our competitive advantages. Before we get into the day, I just want to bring people's attention to this slide, introductory information in our presentation. The slide states that today's presentations contain forward-looking statements and also lists risk factors that could cause actual results to differ from those projected. Additionally, the presentation contains certain non-GAAP financial measures. For a reconciliation to GAAP, please see our materials that are posted to our website. With that, before we get into the presentations, I also want to touch on safety, just something we always start with at United Rentals. In the unlikely event of an emergency, I just want to make sure people are aware there are exits in the middle of the room, on the right, and the back of the room that lead to stairwells in the unlikely event we need to evacuate. Before I hand it off to our Chairman, Dr. Jenne Britell, I just want to walk through the agenda. I apologize we are starting a few minutes late. Again, we have got a great agenda. We are going to start with three presentations that will go through various aspects of our competitive advantages. We are going to take a break at that point and then go through the final three presentations before we go to Q&A, and the goal is to have everybody out of here by 5:00 P.M., so very consistent with our normal timelines. With that, I would like to welcome our Chairman, Jenne Britell. Good afternoon, everyone. I am Jenne Britell, Chairman of the Board of United Rentals. To those of you here in person and to everyone on the webcast, welcome to our Investor Day. We are very glad to have you with us. With me today are Michael Kneeland, our CEO and a member of our board, Matt Flannery, our President, Jessica Graziano, our CFO, and other members of our senior management team and my fellow directors. I know I speak for all of us when I say we have been looking forward to this meeting for months. It gives you a unique opportunity to learn about many key initiatives that we have underway. We have included these developments to talk with you, and we welcome your feedback. In short, we are engaging you in our future. I want to spend a minute on the idea of engagement because this is something we feel strongly about in our company. We believe that all stakeholders in United Rentals deserve to know how we plan to operate the company for growth and profitability, and that is both strategically and tactically. That goes far beyond Investor Day. Our board members make a point of staying engaged with all of our stakeholders as much as possible, and we welcome dialogue with investors, customers, and employees. Next month, about 2,000 United Rentals employees will come together in Minneapolis for a record attendance at our annual management meeting, and I plan to be there along with several of my colleagues. Board representation at the annual meeting reinforces one of the great strengths of United Rentals, and that is that the entire organization is unified around the same goal of having superior financial results in a disciplined and responsible manner. In addition, our presence conveys an important message to employees about the practical benefits of diversity, particularly a diversity of perspectives. I am also pleased that over the past two years, the board's composition has moved even more strongly toward gender and ethnic diversity, as has the composition of the field leadership team. We see a direct correlation between diversity and the culture of openness and respect that is a hallmark of United Rentals. A healthy debate born of multiple perspectives is essential to achieving our strategy. It allows us to arrive at the best possible decisions for the company in the short term, and I believe the long term as well. The remarkable transformation of United Rentals over the past decade is directly attributable to the evolution of its culture, and we have made significant advances in every area of the business as a result of this culture. Not only in profitability, but also in efficiency, differentiation, and capacity for growth. At the same time, we are of one mind regarding the importance of ethical governance and corporate responsibility. We know that the future of this company is ultimately shaped by its values, its principles, and its practices. The qualitative aspects of our culture, such as safety, social accountability, and responsible leadership, are the most sustainable levers we have for growth and profitability. None of this would be possible without the partnership that our board enjoys with senior management. United Rentals is guided by a world-class executive team that welcomes collaboration and is open to different points of view. A lot of the credit for that goes to Michael, who has seen that the right leaders are in place throughout the organization. Michael and his team have put the company in a position to leverage its size while remaining remarkably agile. I also want to thank the talented team of United Rentals employees who embody our strategy in the real world of serving customers and managing assets. I have had the good fortune to meet many of these colleagues personally over the years, and they are the ideal ambassadors for United Rentals: driven, compassionate, and engaged in our vision. I know that Michael has his own thoughts to share on these topics, and so it is with great pleasure that I introduce our CEO, Michael Kneeland. Oh, my. Thank you both. Well, thank you, Jenne, and hello, everyone. It's quite the crowd. I'm glad you could join us today. Today, we're going to emphasize really two themes throughout the afternoon. One is the importance of competitive differentiation, and the other is the nature of the opportunities we face. Let's just dive into it. It's easy to think of the opportunity as something that happens from the outside in. Now, whether it's being driven by the economy or by some other situation beyond our control. While external factors are important, we've made sure that they don't define us at United Rentals. Instead, it's our strategy and it's our business model that defines us and makes us inherently capable of profitable growth. It's also important to us that we outperform the industry through the ups and downs of the cycle. This makes us a strong case for differentiation. Back in 1997, when Brad Jacobs founded United Rentals, his vision was to differentiate the company out of the gate through scale. In just 13 months, we had our first and most enduring competitive advantage. We were the largest equipment rental company in the world. Since then, current leadership has expanded the company's competitive advantage far beyond scale in the past decade. We've transformed the company to become considerably more profitable and efficient than we were 10 years ago or even five years ago. We are markedly more agile in managing our assets and our other resources, such as technology. We've diversified our exposure in our end markets and customers, both large and small. Our balance sheet is strong enough to support virtually any growth scenario while maintaining a manageable level of leverage. Importantly, our ability to grow revenue, margin, returns, free cash flow, has improved substantially. If you think back, it wasn't that long ago that we made the commitment to operate the company above our cost of capital. The industry track record on this metric was less than encouraging, but it didn't stop us from achieving our goal. We most recently reported a return on invested capital of 10.7% for the 12 months ending September 30th. While the tax reform admittedly has been a tailwind, we're proud of the underlying gains, including a 70 basis point improvement we reported in the past quarter. In long term, it remains our goal to exceed our cost of capital on average across the cycle. This afternoon, you'll see presentations from some of the driving forces behind this transformation. We'll pull back on the curtain. Our sales strategies for gen rent, specialty rentals, including our cross-selling initiatives, our programs for operational excellence, fleet management, digital engagement, and the strength of our culture. None of these things operate in a vacuum. They work together as kind of a self-reinforcing dynamic that is designed to drive incremental growth and profitability. Consequently, our ability to outperform the industry is a matter of record. For example, in 2017, the U.S. equipment rental industry grew by approximately 4%, while we grew our pro forma rental revenue by 7.6%. We are on a similar track record again this year when the industry growth is expected to be in line of 7%-8% range. Our rental revenue growth pro forma is considerably higher than that and is about 11% year-to-date. Let us talk a minute about the current growth environment. The positive outlook we expressed on our earnings call has not changed. We feel good about our end markets. As you know, we will release our fourth quarter results later in January. Today, I want to be very clear in saying that our world continues to be very healthy. While we are aware of the volatility that seems to be impacting investor sentiment about the construction economy, our customers and our field organization point to a more positive outlook, and our data supports that. Even so, we are not taking anything for granted. When things eventually change, as we know they will at some point, we have a tremendous confidence in our ability to navigate all parts of the cycle. A great deal of this credit is to the confidence that goes to our management teams in the field and at the corporate level. I hope you had some time today, this afternoon, to have some one-on-one in a room before lunch. If so, you have a sense of the caliber of the team. Things change fast in our industry, and we are fortunate to attract such a deep bench of talent to drive our strategy forward. That is why we like to meet with you from time to time in an event like this. We get to show you the continuity of our strategy, but also the evolution of our thinking. Finally, I want to touch on something Jenne said earlier when she spoke about the collaboration between our executives and the board. I could not agree more. I would also put the more than 18,000 employees right up there with leadership. Our employees are the most important collaborators, and it is true that we develop a strategy, but the strategy works because of them. We hope that the dialogue today leaves you with the same sense of excitement that we feel about our future at United Rentals. As we continue to differentiate our company to customers, we are also redefining how we deliver value to our shareholders. We intend to sustain these advantages for a long time to come. Next, we have a short video to show you, and then Matt Flannery, our President and Chief Operating Officer, and the rest of the team will come up and take it from there. Would you play the video, please? New York City. 61 million people visit every year. Most notice the same things on the drive into the city. Congested expressways, thousands of potholes, and concrete tunnel walls that open to the looming skyscrapers of Manhattan. While that path shows a city in need of building repair, at United Rentals, it's a path towards growth and diversification. So take a ride along with us, and we'll show you exactly what we mean. When building in places like New York City, it's all about location, location, even when that location is the size of a shoebox. As the largest supplier of trench safety solutions, we make sure people are working safely within narrow spaces so we can help decrease the 194,000 industry injuries occurring yearly. When it comes to weather, this city is no stranger to downpours, with 121 days of rain on average, slowing down work of all kinds. The same thing happens across North America at mining operations, chemical plants, and oil refineries. Our acquisition of BakerCorp allows us to not only handle the elements, but has also strengthened our capabilities to contain, treat, and transfer fluids with the addition of 24,000 fluid management units. When natural disasters strike, we're ready. Remember Hurricane Sandy? United Rentals provided $25 million worth of equipment during that time, and we've been doing the same thing ever since, helping after wildfires and floods alike. Our power and HVAC solutions are available and standing by, ready to restore power and aid people in need. We've also invested in the brightest minds to develop our digital platform, UR1 with Total Control, which allow managers to monitor sites from Brooklyn to Boise, preventing a 33% budget loss from unused equipment. Managers can also ensure their crew are well-trained, thanks to programs like United Academy, which educates students in safety regulations, while our innovation pipeline aims to show workers new skills in a more efficient way. As we've grown to become the world's largest rental company, there's one thing that hasn't changed about us, our people and their drive to look for ways to solve our customers' challenges in general rentals and specialty solutions. It's this hunt for opportunity across North America that has strengthened us for the future. Because no matter what the market is doing, work will need to get done. We know the way to do it is to serve locally in order to lead nationally. In the New York area alone, we've made some considerable strides, but boundless opportunities lie ahead. 55,000 bridges across North America are in need of repair. There are plans for 20 stadiums to be built by 2020, and over 200 large chemical plants across the country are in constant need of maintenance. This is the path we're on, one that leads us to unlimited opportunities. From the heartland to the coasts, everywhere we go is a chance to further unite a work site and create a future where work gets done in a seamless, more efficient way. That starts here with you. United Rentals. Good afternoon. For those of you who I haven't met yet, my name's Matt Flannery, and I have the pleasure of being the President and the Chief Operating Officer of the company. I joined the company, as many of us in the room have, as an acquired asset in 1998 through the acquisition of McClinch Equipment Services Inc. It was a local aerial company based out of Connecticut, and I started there back in 1991, so I'm on my 28th year in the rental industry. Throughout my time here at United Rentals, I've had the opportunity to serve in many different levels in the organization. Starting as a branch manager back in 1998 and getting promoted through the ranks of district manager, region vice president, and then in 2008, coming up to help Michael up to the corporate level. I actually have got to view, through those many different stages and lenses, quite a bit of change in the organization. Change for the good. We used to call those days back when I was in the field, the Wild West, and it was. I'm going to explain that a little bit in our timeline and to think about where we've come as a company that we are today is very exciting. Pardon me. Apologize for the Here we go. We brought a team of people with us today that have a story to tell, and we appreciate the time that you've taken out of your schedule to allow us to tell that story. But what I really want you to take away are three key themes that, hopefully, we unpack very well for you. Number one is that we've built a machine, and to help explain that, Paul McDonnell's going to talk to you about our go-to-market strategy and how we've been very focused on making the size of the pie in which we play much bigger by penetrating additional verticals and deeper penetration in some of the end markets that we're using. Secondly, Mike Durand will talk about our operational excellence platform that we've created back about five years ago, and how we take that volume that we bring in and turn it into profitable growth. Then third, Dale Asplund will talk about one of the most important, other than our people, our most important assets, our fleet. Our $14-plus billion worth of fleet, and the rigor we put around managing that and optimizing that for returns. When you think about that's really a huge lever that we have to pull. The second thing I want you to take away is that our growth has allowed us to invest, and the scale, I'm often asked, what does scale get you? Well, scale gets us productivity, it gets us returns, but it also gets us money to invest. We've invested a lot in technology to help advance ourselves internally, and that's how we drive some of the productivity we've driven, but also externally, and Chris Hummel will be covering a lot of that. We also need to invest in our most important assets, our people. Craig Pintoff will do a presentation, and I think you'll find that we clearly see our people and the investment in our people and our culture as a competitive differentiator. The last thing I want you to come away with is that we've built a sustainable, profitable engine of financial performance. Jessica Graziano will go into more detail, but when we think about the combination of the growth we're able to fund and the margins we're able to attain, and then the cash flow that that generates through all parts of the cycle, and then how that reinforces itself time and time again. But before I get that, I want to tell you a little bit about how we got here. As Mike mentioned earlier, in 1997, we were founded, and then very shortly after, took the company public. Then in 1998 to 2001, it was just uber-aggressive roll-up strategy. It was actually that way in the industry. It was a bit of a race for scale, and I'm glad to report that we won that race. It was a very interesting time, but quickly followed up by very aggressive growth stage from 2002 to 2008, where we had great tailwinds, the end markets, but also a real hunger for grabbing market share. It's a different extrapolation of that grow scale. It was a very exciting time and lots of fun, and that's what I referred to the Wild West days. Then the world changed on us in 2009. That was a very difficult time to go through. I had just personally just recently gone up to corporate and wonder what Mike talked me into. More importantly, it was a pivotal time for our company because the lessons that we learned during those hard times informed our strategies of the future that we're going to be talking about most today. I think that's important to note. We got the opportunity to see our deficiencies and to see our vulnerabilities that we unintentionally garnered while we were growing scale. We really pivoted our focus to profitable growth and returns. To accomplish that, we had to become one United. That was a big change in the culture. We were this amalgamation of 250-plus roll-ups. Many of you remember the article years ago written in RER, Branch Manager was King. We were really a combination of a bunch of entrepreneurships. We weren't really leveraging the scale that we had, and we learned that the hard way. Coming out of the recession, at the depths of the recession, actually, I give Mike a lot of credit for investing in changing that focus, changing that culture, and investing in training for our managers to understand the value of becoming the connected network that we are today. As I think about those days and from hindsight's perspective, one of the key things was our Operation United platform which we rolled out at the end of 2008 and going into the trough in 2009. Think about us being the largest footprint, as we are today, we were then, the largest footprint of rental locations in the U.S. and Canada, yet we didn't lead with national accounts. It actually belied logic. There's no reason we shouldn't have been the leader in national accounts. We went through a rigorous process of segmenting our business and our customers and really focusing on not just revenue, but where we're getting the revenue and who we're getting the revenue from so that it could sustain. That methodology grew in our organization's mind of how we faced every problem. We looked through the lens, is it sustainable and is it profitable? I wanted to spend a lot of time on that because that was a pivotal change in the history of this company. Then another huge change was the acquisition of RSC. The other thing that we learned during the downturn is we were too reliant upon non-res, and even more specifically, the commercial sector of non-res and the commercial retail. When that dropped, it cut deep. So we knew we needed to diversify our business. RSC was a great opportunity to do that, and not only to gain scale and diversification, but a lot of talent and a broader customer base in which to grow upon and sell other products and services. So after absorbing that throughout 2013, we turned to this last five-year phase of our organization, which was growing upon that big scale. Led by the opportunities that we saw in specialty, and we had already had a pretty thriving trench business and a small power business. But with this new network of customers and this broader network of stores, we saw an opportunity to really double down on the specialty growth. This is important, not just because of the great financial returns that you've heard us talk about. It's about solving more problems for customers and building a competitive moat around these customers. The more value we can add to them, obviously, the more value we are to them. I think that was a real important part of our phase. Then we continued to consolidate because we do believe consolidation in the industry is necessary, and it is good. As you all know, we've bought five pretty good-sized acquisitions since we last spoke in Investor Day in 2016, and three of those were top 10 rental companies. So we continued to utilize that muscle that we built during the RSC integration of large-scale integration, but then also cross-selling products and services and now focusing on the digital experience with the customer. Chris will talk to this later, but we're the first rental company to actually be able to fully digitize without any human intervention, a rental experience with a customer. It may not seem like a big thing today, but we do believe this is a look into the future of how business will be done. So where has that brought us today? That journey was a very important one because it netted out to today to having 1,200 connected locations and a network of customer service that's unparalleled in the industry, as well as our 11 locations in Europe that you all know that we got through the BakerCorp acquisition. That network served by over 18,000 teammates that are relentlessly focused on driving safety and productivity, not just for ourselves, but for our customers. That's another big part of our value prop of solving customers' problems. It's also brought us to be a much more diversified company and diversified in many ways. Diversified in the customers that we serve and the products that we serve them with, as well as the end markets, whether by geography or industry vertical, we're much more resilient for this diversity, and it gives us the opportunity to take very fungible assets and move them from different end markets to end markets and different customers. We think that's a huge competitive advantage, and one of the reasons why we're able to drive higher returns because that network sharing doesn't require us to own as many assets as an amalgamation of people trying to serve those same markets. The other issue that this did for us was it really drove that continuation that Mike started in 2009 of the company feeling connected through the customer. Every strategic process we go through, we always start it with, look at your decisions through the eyes of the customer. We accomplish this by staying true to our values and our vision. I won't speak to each one of these topics, but there's a couple that I'd like to spend a few minutes on. First and foremost is safety. As Ted started earlier today, we start every meeting at United Rentals with safety topic. We probably started that 6, 7 years ago, and that was necessary to set that tone at the top. But now to see it permeated throughout the organization is really neat, and I think it's a reason why you'll see the improvement that we've made. This isn't just the right thing to do, it's also a smart thing to do. The industry's gotten safer, and as a leader in the industry, we don't want to just comply to that need. We want to actually help lead it. I think that's a very important part of that focus. It also ties hand in hand with being focused on people and being people-minded organization and specifically community-minded. Our folks, as you've heard me talk about already, and you'll hear throughout the thread of today's conversation, are a competitive differentiator, and they feel that way, and that's the important part of our culture. Whether we are doing a Fisher House program or we talk about our United Compassion Fund, connecting our team to a greater good really helps substantiate that teamwork that is necessary to get through the hard times and to get through the tough times when work is a grind. They are all pulling for each other and are not going to let each other down. It sounds a little hokey, but I can tell you, if you ever get the chance to visit one of our stores, this works, and this is real. I think it says a lot about our company, is that we feel that we can do well and do good at the same time. Although I am a proponent of Peter Drucker's comments that culture eats strategy for breakfast every day, we do both. Many of you are familiar with the strategic pillar framework that we have utilized throughout our history. It is really slightly evolved throughout the time because it is a really flexible framework. You will see on the far right there, the new pillar change is the focus on innovation. We do think, as I stated earlier, that is part of an opportunity that our scale and our generation of free cash flow allows us to do, is continue to invest and innovate. We also think it is a way that we will further separate ourselves from the pack in the eyes of the customer. Two things that have not changed is the foundation of our strategic framework, which is safety, our people, and our culture, all to serve the goal of driving service excellence for our customers. The other thing I would like to point out, and we remind ourselves constantly because the opportunity is so large, is that if you look at these pillars, three of the four, 75% of our strategy is focused on our core business. There is still a lot of headroom. We still have a lot of opportunity in our base business, whether it is going deeper on verticals that we are not penetrating as much as we think we can today, or deeper in a certain geography or adding additional products. That is all covered within our strengthen the core, expand the core, and then lately, a little more focus on transforming the core. One of the things that we did back in probably about 2011 is we rolled out our FAST optimization, which is our homegrown logistics program, to help give tools to our team to drive more productivity in the daily processes. That was the start of what we learned to be a very powerful lever that we can utilize. Continue to build tools, invest in tools and technology that help our teams drive productivity. Not just work harder, but work smarter. I think we will see more of that opportunity in transforming the core. More importantly, how can we use those same thoughts and mindset to change productivity for our customers and really transform the way work gets done for ourselves and for customers? We think that is an important lever, all towards the output of driving profitable growth and returns through the economic cycle for all stakeholders. I am fortunate to be able to put this slide up here that the team in the field, those 18,000-plus members, have delivered. On the left panel of this slide, you see the safety record that I pointed out to you. This is really important. If you truly believe that people are our most important assets, then you have to walk the walk. We do that. If I took this slide back to the timeline of 1998, that would have been a double-digit recordable rate number. It really took a lot of hard work and focus, and I give the team all the credit in the world for driving that. Also, the productivity of our people is unparalleled in our industry. You will hear Dale Asplund talk about how we also get more productivity out of our assets. Our assets by location. Think about that network and the uniqueness of those 1,200 stores we have. They can serve everyone from the largest civil contractor that rolls into town and has a need, whether it is a specialty need, an aerial need, or a backhoe, or Joe the plumber down the road or other customers in that community. That duplicity of being able to serve both is why we are able to put more volume through each location, and it really helps drive productivity as well as profitability. We believe that is a differentiator as well. This is important because this has turned into a very strong financial performance for the organization over the past 10 years. When you look at these CAGRs of revenue and adjusted EBITDA, I think it tells very clearly what our focus has been of growth and returns. When you translate that into EPS and you see that almost $17 improvement in EPS is very impressive. One of our other north stars is making sure we keep pace with the market. Within that, there are some stats that you see there. Those CAGRs have exceeded end market growth, whether measured by ARA or the individual verticals that we are focused on. That will maintain and continue to be our focus, keeping pace with the market and above while driving profitable growth. From here, where are we going to go next? We believe strongly that this very robust and complete offering to our customers and the value prop that we offer them has given us a right of way to solve more problems for these customers. Whether it is our Total Control platform, which you have heard about, which the mantra on the Total Control is rent less, do more, right? If we could solve productivity problems for our customers, they are going to be very loyal to us. Also how we utilize technology to solve other customers' problems, like our United Academy platform, which we think may even be outside of our customers. It may end up being something that we will utilize in other industries. Who knows where the opportunity is? We continue to invest in technology and platforms to help solve more customers' problems, including servicing customers' equipment, servicing a whole job site, or customer fleet management. These are just some of the things we are thinking about. When I think about this slide and our vision towards being more to the customer, I think about a marketing banner that I saw last year driving around in a market, and it said, "United Rentals, everything you need, end equipment." I think that is where we are headed. That's really one of the messages we want to get across today is we think that this machine, this engine that we've created, really gives us opportunity and leverage to do more for our customers and our shareholders. This slide is a way that I want to depict the first couple of takeaways that I talked about earlier is, first of all, we are focused on maintaining our industry leadership and adding to it. We want to maximize our revenue potential by going deeper into end markets and by growing the pie. Then we're going to leverage that growth through relentless focus on productivity and OpsEx and returns. Then that's going to generate free cash flows to allow us at all ends of the cycle, by the way. That's going to allow us to further invest in more growth, more products, more tools, more cash flow. So this reinforcing cycle is something that we feel is very powerful, and it's a main theme of what we want to get across today, and I'm looking forward to the teams unpacking this in a more thorough way. So I appreciate the time. Without further ado, I'm going to ask Paul McDonnell to come up to the stage to present our go-to-market. Oops. Good afternoon. I know many of you in this room, but for those of you that I have yet to meet, my name is Paul McDonnell, and I wear a couple of hats here at United Rentals. I lead our sales organization, and I also have responsibility for our specialty operations. Like Matt, I joined United Rentals through an acquisition back in 1999. It was a trench safety specialty rental company called D&E Steel Plate Rental based in California. I progressed through the farm system to my current role, where I was appointed to Executive of Sales and Operations in November of this year. You just heard Matt and Michael discuss that we've been focused on developing and extending our competitive advantages over the last 10, 20 years to differentiate ourselves from the rest of the industry. Customers and sales strategies are a huge part of this effort. Some of the strategies, I'm sure, are pretty obvious from the outside looking in, like number of locations, the depth and breadth of our products and services, as well as the number of employees. But there are some critical elements of our strategy that I believe, I think we collectively, as a management team, believe are not as obvious from the outside looking in. So I'm looking forward to providing more detail on how we approach our customers with products, services, and solutions to build value and maintain that sustainable competitive advantage that we've evolved to today. The common thread, and Matt touched on this, that I want to emphasize is that these strategies and the investments that we're making in product, services, solutions, and technology are focused on growth, margin improvement, and returns that should drive tangible value to our shareholders. Matt also touched on the fact that we start everything that we do in strategy with the customer. I want to start with the customer. A couple of years ago, we conducted in-depth customer interviews across a variety of industries, verticals. We interviewed customers large, medium, and small, at HQ, at the regional offices, all the way down to the job site level to understand what our customers' expectations were of United Rentals. The feedback that we received was clear. We listened. We designed our sales coverage, and we continued to build the investments in technology based on that voice of the customer feedback that we received through these interviews. The first thing that we uncovered was the opportunity to match each customer with the right suite of products and services. We're a large and varied organization, but we understand that it's not a one-size-fits-all approach. I'll talk more about that later in the presentation. The second opportunity that we uncovered was that customers overwhelmingly asked for a single point of contact. This single point of contact, as we refer to our trusted advocates, can allow us to deepen and strengthen relationships and solve customer problems in industries that they work in. Our customers also expressed a desire, a strong desire, for tools and technology. Tools and technology like Total Control, and as a consumption management tool, you had the opportunity during lunch to spend time with the team and get introduced to some of the technologies that we brought and we showcased through the kiosks, as well as our online reservation and digital platform, which Chris Hummel will talk about later this afternoon. In addition to listening to our customers, we're also focused on investing in our sales teams with latest technology and tools that provide the kind of service that our customers have grown to expect. We cover customers large, medium, and small across multiple industries and multiple verticals, but we also understand the importance of meeting the customer where they are with our sales coverage. For example, Matt touched on we have a strong national account revenue base. We have a strong strategic account base. Those strategic account managers and those national account managers are covered by our, sorry, those strategic accounts and those national accounts are covered by our strategic account managers and our national account managers. In addition, we have what we call regional product development managers, and this is a team of subject matter experts that have deep technical expertise across each of our specialty business units. They support our strategic accounts and our national accounts while partnering with our SAMs and our NAMs. We also have over 2,200 outside sales reps. These are our feet on the street. These are the territory reps that are out there driving new account revenue and territory optimization, as well as new account revenue generation. For those of you that have had the opportunity to visit some of our branches, our ISRs, we have over 2,000 inside sales reps, and these inside sales reps are the pulse of the business. They are supporting customers at all levels, as well as supporting our sales team. Designing a solution that is customizable to the customer's specific needs is really what we are focused on today at United Rentals. I have been with the company for 19 of the last 20 years, and it has been a real privilege to both participate and to experience the transformation of the company that Jenne Britell touched on earlier in her conversation with you. As you can see, we have expanded our portfolio of products and services to enhance safety and productivity for our customers. We now have an industry-leading capability to solve customer problems across multiple industries, multiple verticals. As I said previously, we recognize that it is not a one-size-fits-all, and that customers face different challenges depending on the industries that they work in. We are focused today on bundling products, services, and solutions to meet the customers where they are. Let me give you an example of this. This slide illustrates how different types of customers value different parts of our value offering. For example, our industrial customers value Total Control as a consumption management tool to track their rental spend on-site. In addition, industrial customers absolutely value a single source provider, and we see that in the depth and breadth of products and services that we rent to our industrial accounts. Matt Flannery touched on the importance of safety earlier, and clearly, safety is critical in all industries, all customer segments that we serve. It is specifically critical in industrial facilities, and we leverage tools like United Academy to train thousands of our customers so they can go home safely at the end of a workday. We are also building strength in our emergency response capabilities. In fact, given you saw in the video earlier, the recent events and the storms and the fires out West, this is something that is becoming a core competency as United Rentals continues to organize and deploy in times of need to our more critical customers. Antoine Houston, I am sure many of you know Antoine. Antoine presented at our last Investor Day. I cannot see you, Antoine. He is in the room somewhere. I think he is at the back of the room. Antoine leads our emergency response team and our strategy. These are just examples. One example. Another one would be the infrastructure vertical. Infrastructure customers value Oops. Let me go back. Not sure what just happened there, guys. Running away on me here. Showing all my secrets before I get a chance to get through the deck. Okay. Infrastructure is another great example. Infrastructure customers value the same services but have a larger need for our trench safety business, for fluid solutions, as well as for our dirt equipment. We also have strong engineering capabilities. We have a team of over 60 engineers that partner with our sales managers to sell upstream or early in the sales cycle. This gives us a unique competitive advantage to be first on the job and then gives us the opportunity to pull in other business units. We have seen strong organic growth in our trench safety business. That, combined with the strategic acquisition that we did with Neff Rentals last year, given us access to a larger fleet of dirt equipment, has strengthened our ability to win in the infrastructure vertical. Then local customers. We service our local customers supported by our outside sales reps, by tools, by safety training. Matt Flannery touched on our ability to maintain and serve and manage customer-owned equipment through CES. We're also servicing our local customers as more of our customers transition to the digital platform and the online reservation system. Clearly, designing a solution that's customizable to meet the customer's expectations is what we're focused on today. I want to bring you back to what I mentioned earlier and the importance of the single point of contact relationship. This is something that's very important to our sales strategy. Today, over 60% of our revenue is under a single point of contact. These trusted advocates are certified and trained to be knowledgeable across all of our specialty business units. They're also knowledgeable around the technology and tools that we advocate for to help our customers effectively account manage their jobs. This was an ask for our customers, and we responded. Clearly, this is a benefit to our customers, but it's also a benefit to United Rentals because those accounts that are under a single point of contact relationship are growing at a 35% premium to the company as a whole. In addition, cross-selling, and you'll hear me talk more about cross-selling here in a second. Cross-selling has evolved to become a core competency of United Rentals, and it's in large part because of our focus on assigning the single point of contact ownership to our larger regional and national accounts. We're also making investments in technology to maximize cross-selling and drive sales productivity. We have been a salesforce.com partner going back to 2009. Our over 2,000-plus sales reps have access to the tool via either a desktop or via a mobile device. The tool is incredibly valuable in terms of aligning the sales organization with our go-to-market strategy. It gives them access to historical interactions with customers and projects via a 360-degree view. It feeds the pipeline of projects so that they can sell upstream in the sales process. It also gives our team access to revenue by product, by customer. If you think about this specific example, the account is under a single point of contact. We have sales reps or product managers across the individual business units, and we can size the prize in terms of share of wallet across the different product verticals. This really and truly brings it all together. We have the talent and a strong sales team that are focused on advocacy, and then we're investing the technology to bring it together. We're also making investments in other technologies like Anaplan. We're building quota-setting ability for our sales reps to make sure that the quotas that we set are aligned with our organizational goals. We've invested in UR University, which is a platform to help certify and train our advocates so that they're knowledgeable across all the different business units and the tools and technology that we're investing to support them. We'll continue to be a leading adopter of new technologies to enhance sales productivity and promote team selling. I mentioned in my opening that I wear more than one hat. I run sales, and I also have responsibility for our specialty business unit. Specialty continues to be a focused investment for the company for a couple of reasons that Matt touched on earlier. One is the returns on invested capital within the specialty businesses are very accretive. And two, we're building a capability that supports our customers around products and services and solutions that helps them solve problems in industries and different verticals that they work in. We've experienced strong organic growth in our specialty businesses. On a look back since 2012, we've invested in footprint expansion. We continue to invest in cross-selling. We're also investing in talent acquisition, and we've done some strategic acquisitions. For example, last year, we acquired the rental assets of Cummins Power. This was a significant benefit to our power and HVAC business. We acquired over 500 megawatts of large diesel power generation, which doubled our capacity and strengthened our capability to win in verticals like utilities, industrial, as well as it's been timely in terms of building our capability to supply supplemental power in response to our emergency response focus. We did the acquisition of Baker earlier this year. I think many of you are familiar with Baker. Strategically, Baker has had a significant benefit in terms of our ability to provide an integrated fluid solution to our customers. We were already the leader in fluid transfer. With Baker, combined with our legacy Pump Solutions business, we now are an absolute leader in contain, transfer, and treat. And we're really excited with the integration. It's progressing really well, and we see significant opportunity for continued growth in that part of our business going forward. Our trench safety business, as I mentioned earlier, has experienced strong organic growth. We're building the business, really, in trench safety. We're changing behavior within the industry. In fact, we're influencing change within the underground construction industry. And we're investing in product launches, new product solutions, heavy engineering structural support solutions that are revolutionizing the way contractors drive safety and productivity in underground excavations. And we're very excited about the continued investments. Obviously, the returns in the trench safety business are very attractive, so we're going to continue to build the business and invest in that part of our business as well. Tool solutions has experienced solid organic growth. We did a smaller acquisition in support of tool solutions earlier this year when we purchased a company called Service Radio and Industrial Blind Solutions. Service Radio is an intrinsically safe communication platform that has brought great value in support of our industrial accounts, specifically for turnarounds and large capital projects. And we added a sixth business unit earlier this year in on-site services. We're investing in portable sanitation and restroom trailers. If you just think about the opportunity, as I mentioned earlier, cross-selling is a core competency of United Rentals. We cross-sell effectively across multiple products that we rent. Clearly, there's a lot of upside in terms of cross-selling this part of our business. It's smaller today, but we're excited about the opportunity to grow that part of our business also. If you remember, if I can get this to work. During our last Investor Day in 2016, I spoke to an aspirational goal to grow our specialty businesses to $2 billion in revenue within five years or by 2021. Clearly, the team is doing a great job and we're tracking ahead of that goal. On an as-reported basis, the specialty segment will deliver $1.7 billion of revenue in 2018, or forecasted to deliver $1.8 billion in 2018. On a pro forma basis, that number's a little north of $1.9 billion. Clearly, we have line of sight to the $2 billion goal. The team has done a phenomenal job. I touched on some of the key work streams around talent acquisition and development, which Craig will touch on here shortly. Cold start expansion, we've opened 114 cold starts in our specialty businesses on a look back to 2014. We believe we'll open 25 or close to 25 cold starts in 2018. We plan to open an additional 20-plus locations going into 2019. Cross-selling. Cross-selling, again, a big focus, acquisitions, and product launches. We're excited about the growth that we're seeing in specialty, and we believe we're still just scratching the surface, that we have runway in front of us. If you look back at 2012, specialty accounted for just 7% of the company's combined revenue. Today, we're a little north of 21%. That's important because as we built scale in our specialty businesses, it strengthened our ability to cross-sell both ways. Specialty rode the coattails of its big brother in gen rents to cross-sell their products and services into those gen rent customer relationships and continues to do so. Now we're starting to see that cross-selling is working both ways, that we're now, given the size and scale of each of our specialty business units and given the sales design process that we've created with the single point of contact relationship, as well as the investments we're making in salesforce.com and technology, we are more integrated than ever before through the eyes of the customer. I could talk about cross-selling for another two hours. I'm a huge advocate for the value. I have been my whole career with United Rentals, and the benefit of being able to solve customer problems. Even more importantly, as I see cross-selling today, it's the evolution of not just cross-selling, but bundling products and services to meet the customer where they are. Let me give you some examples of how this all kind of comes together. Many of you are familiar with the Tappan Zee Bridge project. Personally, I get all warm and fuzzy every time I drive across the Tappan Zee Bridge project to know how much of an impact we had in building this iconic project. We consistently win on large infrastructure projects like this because we're uniquely positioned in the depth and breadth of our products and services. As you can see, we won this project at every phase of construction. No other company can compete with our ability to serve the equipment needs of the nation's largest infrastructure projects. This is just one example of thousands of infrastructure projects that we're active on through the single point of contact, sales coverage, as well as all of the different business units across our entire network. We're optimistic that the future for investments in infrastructure looks bright. I touched on BakerCorp and Pump Solutions coming together and what this means strategically in terms of our ability to now offer a fully integrated fluid solution to solve our customers' more complex problems. A recent example of this is one of our sales team members was approached by a national account where the customer was upgrading the freshwater intake infrastructure from the river. Our fluid solutions team designed and implemented a three-stage treatment system to remove all of the sediment and chemicals from the project so that the filtered clean water could then be pumped back into the stream at environmental standards. So here you have a great example of leading with an engineered solution. The project billed a little over $100,000 in revenue for our fluid solutions business, but drove incremental revenue for the company on this particular project across multiple business units. Again, building confidence with a national account, building trust. You can see the growth for this national account is very positive on a year-over-year basis. The account is up 26%. Again, bringing not only an integrated fluid solution to the customer, but an integrated value proposition to the customer where we are able to drive penetration across all of our different business units. Matt Flannery talked about customer fleet solutions or our ability to manage customer fleet earlier. We talked for years about how strong we perform with industrial accounts. I think you are familiar with this. What I want to emphasize today is how we are stepping out beyond rental and into more comprehensive fleet services for our key strategic and industrial accounts. We are very much in the early stages of this initiative, but we are certainly gaining traction. Over the years, we have proven to customers that we have the tools and the scale and the expertise to manage all their rental needs. These same customers are now starting to trust us to manage not just their rental fleet, but all of their fleet on-site, including their owned fleet. So fleet management, which Dale Asplund will talk to here shortly, is a core competency of United Rentals. When we apply this capability to industrial sites in a more comprehensive way, we are able to further entangle the customer and drive more share of wallet. These fleet management services generate asset-light revenue at very strong returns. Even more importantly, they lead to significant increases in rental revenue. Just as some examples of how bringing our value proposition together, giving you some insight in terms of how we think about solving customer problems with product services and solutions in industries and verticals that they work in. I am just going to close with repeating some of what Matt Flannery touched on in terms of our competitive advantage. We truly believe today that the scale and scope of United Rentals products, services, and solutions are unmatched within the industry. We believe that the technology and the tools that we provide to our customers and to our employees further differentiate us in the industry. We are also building customer loyalty through the single point of contact relationship, and we are solving customer problems in the industries and in the verticals that we work in. We also believe that we have runway for growth, that a diversified mix of customers, products, and services has created a platform for growth and reduced our exposure to volatility through the cycle. Most importantly, the solutions-orientated nature of our vertical strategies and our specialty operations means that we can compete on value and not just on rate. Thank you very much for your attention. I am now going to invite my partner, Mike Durand, to talk to you. Thanks, Paul. Hello, and thank you. Paul just discussed our go-to-market strategy and the impact that has had on the organization's growth, overall margins, and returns. I am going to discuss the company's focus on Operations Excellence and how it has done the same. But before I begin, I will go through a brief introduction. My name is Mike Durand. I am a Senior Vice President of Operations. I have been in this role since about 2015. In 2018, I added the functional responsibility of Operations Excellence. I started with the company in 2002 as a branch manager, and like Paul and like Matt, have come through the farm system holding various field-level roles across the organization. But it was really my access to Operations Excellence in my most recent role as a Regional Vice President, where I got to see firsthand how OpEx can play a significant role in creating consistency and efficiency across the organization, and how this work has made for a stronger organization. Both Mike and Matt made mention of the fact that there was this rush to scale across the industry, and Matt alluded to the fact that we won that race. Just for alliteration, I will just tell you that in 1997, United Rentals had 30 locations in the entire state of Texas, and today, we have over 30 locations in the metro of Houston alone. This deep network has changed how we had to operate in order to serve our customers consistently and efficiently. On the surface, it can appear really challenging. Similarly, if this complexity that was introduced because of this scale went unmanaged, you could see how this could create a lot of confusion for not only our customers, but also for our employees. As we scaled this business, how we operate and deliver consistently to our customers had to change. We needed to have the consistency in our operation to best meet our customers' expectations, and we needed to gain efficiency within and across our network. As the number of locations in a market increases, the challenge is really around creating an organization that can be large in size, yet nimble, like a smaller company in scale. We recognized that we needed to change our operating model and reframe our operations in order to compete in a new way. That we needed to centralize some of the work that was done in a distributed way and reduce the variation location to location. In 2013, after the acquisition and integration of RSC, we began to explore how we could build a better business. This exploration led us to launch Operations Excellence, or what we call internally OpEx. It began the pursuit of consistent operations that could produce a predictable customer experience and improve profitability. Driving margins and returns through OpEx is really about four main points: improving safety across the organization in the form of 5S, increasing the capacity for growth through better process, improving margins and returns that come from labor and asset productivity, and of course, improving the customer experience by focusing on consistency. Much of this work has come at the hand of the investment we've made directly in the OpEx team. Since 2013, we've added 29 corporate full-time resources and 11 field-based resources, along with 114 district champions to the team to help drive our productivity. Each of these members have roots in the field operation and have the skills needed to create lasting change across the organization. Along with our four main points of safety, capacity, productivity, and consistency, this group also focuses on developing the right technology to bring all these things together. Our approach to OpEx has allowed us to rapidly introduce and sustain change in an increasingly complex organization where our customers' demands change every day. When customers know that they can count on us to meet their needs consistently, we're their first logical choice when they have an equipment need. Since 2013, OpEx has transformed from an idea inside the company to a core value that reaches across the company. The four points of emphasis show up in all the work we do and has since 2013, and our first step was to introduce one standard across the company with the intention of a safe and efficient work area and safe and efficient locations. Once the foundation was established, we turned our focus on to identifying best practices, standardizing work, setting benchmarks for improvement, and establishing a communication and follow-up plan for each. Yard efficiency is where we've seen some of the significant benefit. This work was really done to reduce the amount of time a truck spent in the yard after returning from a load, reloading and leaving again. Since 2015, across the network of stores, we've been able to reduce this turn time by 15%. Next, we focused how quickly a piece of equipment made its way through the shop and back to the ready line and available for the next rental. By having the right parts inventory at the right place at the right time, and making sure that we have a clear and predetermined flow within each shop, we're able to service 34% more fleet today than we were in 2015. Finally, order accuracy. It was a natural focal point as we worked to streamline the order process with our customers. You can imagine the downstream impact of an inaccurate order, delivering to the wrong address, a field technician not exactly knowing where to go to perform routine maintenance. The list of efficiencies can go on and on from there. But because we've done work around the consistency and the order accuracy, our rework is reduced by 30% since 2015. These are all important because of the consistency and the related capacity gains we've made in each of these areas. In fact, the efficiencies created here have a direct impact on our cost to serve and our ability to better serve our customers. While this isn't an exhaustive list of everything that we've accomplished within our OpEx, these areas reiterate the themes of safety, productivity, capacity, and consistency. From 2015 to 2018, we've increased the number of pickups and deliveries able to be made by our drivers by 830,000. During this period, our fleet grew 66%, while our base tech headcount grew by 26%. This led to an additional $3.4 billion of equipment serviced by a marginally higher base in technicians. Finally, refinements and improvements in the order accuracy process allowed for 250,000 more inbound and outbound sales calls to be made by our inside sales representatives. These numbers represent some of the capacity gains that we've experienced as a result of standard process and standard work. Standard process is really good, but it's even better when paired with the right technology. In a large distributed organization like United Rentals, it's imperative that we enable our local teams with the right technology in the right places. We've deployed each tool based on field feedback. We've created, tested, and scaled new tools in very specific places throughout the supply chain and order process. These enhancements reduce keystrokes, reduce footprints, and support consistent and standard work. They also enable us to scale across the organization our true competitive advantage. Alongside our standard processes, the right technology allows us to rapidly improve the efficiency of our existing location, and also aids in integrating new acquisitions. The benefits are clear. Locally, our teams are able to operate more efficiently with standard processes enabled by technology. Across the enterprise, we're able to use data to identify the next opportunity for innovation. The standard processes for our investment and deployment of technology are center stage in our metro markets, where we see some of the biggest impacts of our scale. In fact, one-third of our branches are operating in a metro, which is an integrated network of three or more locations. In these areas, we drive productivity by centralizing dispatch of our trucks and our field service trucks. We also centralize the key functions of our inside sales representatives. In addition to the efficiency gains that come with role specialization and leveraging technology, this structure makes us even more difficult to compete against. In the past, we served the customers with the resources and the fleet of a single location. Today, our metro customers have access to the entire network of local stores. Since we've introduced the metro concept, our fleet transfers, a measure of capital efficiency, have increased substantially. In fact, they've increased by 30% since 2016. Free-flowing fleet between locations means an improved customer experience, better margins and returns, and ultimately, less capital expenditure. The standard processes we've developed and the technology we've introduced have given us a really good framework for integrating acquisitions. The metro structure is just another lever that we can use to integrate multiple or single locations after integration. We have the confidence in our ability to integrate new businesses into our operating system and have proven the ability with the most recent acquisitions and integrations. Part of our success can be attributed to the work we do in advance of committing to an acquisition. But a great deal of our success comes because we can rapidly and efficiently introduce proven operating processes and technology. As an example, here's a timeline of a most recent integration of NES in Boston. In each case, and this is every case, we've got this playbook well established and documented after the RSC integration. But in each case, we begin the process with 5S, making certain that we have a clean and operational and organized safe working area. Next, we integrate the field service and trucking dispatch, gaining access to all the resources in the network and reducing the need immediately for outside hauling. This gives us a panoramic view of all the resources we have available to us immediately. Then we transition to the parts process and making sure that we have the right parts inventory in the right place at the right time and at the same time, reducing obsolescence. 5S overhaul in the shop engages the entire local team and really makes sure that the flow is adequate to support the assets through the system. And finally, we begin the process of improving yard flow to increase our utilization of our delivery vehicles and adding support for our drivers. And while I could do a decent job of going into the details more than this into the timeline and talking about all the things that have to happen, we thought it would be the most prudent to have you hear directly from one of the branch managers from NES that has gone through this in the last few months. As it was announced that we were being purchased by United Rentals, it was certainly to be accepted. There were some reservations on what was coming next. There was a significant culture shift, but we still maintained some of the core principles, with a focus on customers, a focus on safety, but it was magnified to a whole another level. In a former life, we oftentimes were hesitant to spend money for perhaps good causes. And so from a safety perspective alone, that's probably the largest area where I have noticed that United is going to make the investment. We were able to roam maybe a little bit more freely with NES, but we also lacked the support. I think when you wanted to go and try and do something better, you didn't necessarily have the support behind it. You were left to take that on as your own and run with it. Here, when you come up with a concept or idea, I feel like you oftentimes get the buy-in from other individuals. The first year for us, first calendar year, I would say it was a lot of focus on just getting up to speed on RentalMan. Year 2, I would say, 2018, the beginning of 2018, was where we were able to start focusing on the meat of things, on where can we take advantage of some of these efficiencies that we're trying to dial in. I would absolutely agree with UR being best in class. And I'm not sure I would have thought that having not gone through the transition. The forward thinking of the company, the putting the money where your mouth is mentality, I feel like could have, could not be more present. One significant change in our operational efficiencies is that we have been able to cut our outside hauling costs at this particular branch by 96% year over year, which is hugely impactful. It is very significant, and it is a testament to our metro dispatch team, being able to mostly eliminate that. What I am excited about is I feel like we are over the hump. The most challenging part I found early on was getting it going. Once we got it going, we got some great momentum. Now we have got our infrastructure in place. We have got our yard mostly the way we want it. We have got our shop mostly the way we want it. What I am most excited about is being able to take our infrastructure and now actually get to the meat of 5S, which is improve on efficiencies. We have had some success stories with efficiencies with regards to some of our metro designations with field service and driver dispatch. Now honing in on the branch itself, there are many metrics that we want to tackle, and we feel like we could not tackle those the way we wanted to until we got our infrastructure in place. My advice would be to any new stores that, do not wait, do not be scared, because the best thing you have going is when you actually start it and you get people involved in projects. That is where the buy-in begins because they start actually doing the work and they can start seeing the benefits of their efforts. This video really highlights the work that we go through after acquiring a new company and the work that occurs to quickly integrate new employees into the United Rentals platform. Each new integration brings with it new ideas to improve our operation, something we pay very close attention to. Paying close attention is important because process improvements have a big impact across our company, especially when you consider the level of activity necessary to support our business every day. Across the organization, our teams are working very hard to live up to the commitments we have made for our customers. In fact, while we are sitting in this room today, 23,000 inbound calls are going to be answered by our ISRs. 11,000 new pickups and deliveries are going to be made by our truck drivers, and 25,000 new invoices are going to be sent to our customers. Because of the scale, efficiency gains add up very quickly. Any one of these numbers represents an additional opportunity to innovate, find a new way to operate, and then scale across the organization. What is next? First, in 2018, we really doubled down on the customer experience. In fact, the 40 corporate and field team members that I mentioned earlier that are part of OpsEx, along with over 100 subject matter experts in the first quarter of this year, trained 14,000 employees in three months. They trained them on what it means to provide excellent and superior customer service. We will continue to leverage that work that we did in 2018 around the customer experience for a long period of time. We have created an infrastructure that will help us win in the near term and support the long-term objectives of the company. Next, we'll focus on adding more technology at the right places along the supply chain. Finally, we'll continue to operate and evaluate our operating model to find new opportunities that we can scale across the organization. All these things we'll do through the lenses of safety, productivity, capacity, and consistency. Thanks for your attention today. Next, I'd like to ask Dale Asplund to come up. Okay, we're getting close. One more, and then we're going to get a break, so we'll get you to stretch your legs. As you heard from Mike talked about the importance of creating consistency at our branches. Probably more important is the capacity that that helps us create. For those of you who I haven't met, my name's Dale Asplund. I am the company's Chief Information Officer as well as Executive Vice President of Business Services. I've been with the company since 1998. My current role today, I have many of the back office functions, including our procurement and fleet management functions, which we're going to focus on today. The other part of my job as the company's CIO, I want you to focus on how we use data as we go through this presentation to create an advantage based on 20 years of running this business. Real quickly, let's talk about our fleet. Today, our fleet sits at over 650,000 units with an original equipment cost of $14.3 billion. If we just rewind to 24 months ago, while we sat in this room at our last Investor Day, that same fleet number was $9.2 billion of fleet. That shows the growth that we've had. More importantly, we are a better owner of that fleet because of what I'm about to show you. What do we do when we look at that asset? We have to make sure there's three steps we follow. A, make sure we buy the right fleet in the right markets. B, manage that fleet for optimum returns. This is important, and we want to spend some time on this because I know it's easier to chase metrics, but it's about optimum return. We'll get into that in a minute. Then at the end of life, make sure we're selling it at the right time for the right price through the right channel. Let's start with this time of the year. I know it's something that's probably on a lot of people's mind. It occupies my time when we go through our vendor negotiations. Very important for us, as you can imagine. The first topic we always talk about takes about two seconds when they come into the room. They give me a price, and I tell them it's too high, and they say, "No, it's not." Price is important, okay? It's not everything. If they want to give up value to chase a headline price, shame on them. Our partnerships with these vendors give us great relationships. What else do we do? Lead times. The majority of our fleet comes in between April and the end of July. We have to make sure which partners we select, we can get the product we need during that time across those 1,200 branches. Freight. What do they charge us to ship the product to our branches? Or more importantly, do they let us manage the inbound freight from their facilities? Warranty. This is a huge value to us to make sure we not only get duration and hours, but we make sure when we get a claim, we're going to get a fair labor rate, paid for mileage, and even in some cases, paid for downtime. EDI. Our largest vendors today, as we've grown our company to this size with the parts we have to order to maintain this fleet, we do over 100,000 invoices with several of our vendors. Making sure we have electronic communication to invoice us is critical because if we get that paper invoices, we're going to have huge cost. Payment terms. That's a value that we look at. Technical support. Many of you know over the past several years, we've seen a transition with Tier 4 engines. These engines have become more complicated than ever. We have to make sure our over 5,000 technicians get trained and supported the way that they need be. Parts pricing and discounts. This is important. Our parts prices are important as we move into our ownership of those assets. You're going to see that on the next slide when I show you how we choose vendors. ePro is something we created with a vendor that makes our shops more efficient to order parts when need be. Retail, what is the regulations for us to be able to sell something new? Do we have a holding period or not? Training support, as I mentioned, over 5,000 mechanics, it's very important they get trained. Then at the end of life, do they take in fleet similar to a car that you trade in? Do they take fleet trade-ins at the end of the year? It takes all those items to become a partner to United Rentals, and we look across all those items to make sure we extract every bit of value we can. So now what? Our focus of buying each brand is based on not acquisition cost, but total cost of ownership. I want to walk you through an example of how we look at that. On this slide, this is an example of an asset we would own for seven years. So we have three brands here. Let's start with brand A. You'll see on the left. Brand A, we're going to buy that with our current negotiations at $93,000. Then we'll take our historic data to calculate what our estimates will be to service that asset over those seven years in both parts and labor. Then at the end of life, if we sell it through retail, which is our primary focus, what we can expect to receive from that asset. We then run that same calculation for all three of our options to buy that asset. As you can see in this example, the lowest cost of ownership for us by 4% or 5% is not the lowest cost asset to buy. In this case, it is actually the one that we would pay the most money up front for. I promise you that is not always the case. But it is important to not look at one factor. It is not always good to look at just basic, simple things, which one costs the least or which one can sell for the most at the end. It is about total cost of ownership. Now, let us talk about managing for returns. We have a chart here, and if we imagine this, on this chart, up the left side, we have our time utilization, and across the bottom, we have our returns. As you can guess, with over 1,200 locations and the amount of fleet we have of different cat classes, if we just took one simple cat class across every market we have, where we have different demands and we get different returns, and we put it on this chart, and we put little 1,200 dots, they would show up all over this graph. But let us imagine if we took a branch and we did the same thing for a branch and put the dots on this branch for each product they had. What they would do is they would fall into one of those four quadrants. The bottom left quadrant, what we see, what we work with our branches, how do we eliminate or reduce that fleet? Every month, from the first day of the month to the 31st of the month, over $2 billion of our fleet will start the month and end the month at a different branch. You heard Mike Durand talk about our logistics network that we have built. Those branches working together to share that fleet is critical. If we move up, we have a market, we have an area, we have categories and classes where we have lots of time utilization and huge demand for it. Unfortunately, the returns are on the lower end of what we want. This is where we need to focus on rate. If we go to the bottom right, we have areas where we get returns, but they could actually be a drag on our overall time utilization. This is still a very good investment for us to make. We cannot chase metrics. This will lower our time utilization but increase our returns. If we go to the top right, this is an area where when our branches want to invest money, this is where we want to put it into the fleet. High time utilization and high returns. Although we have to have fleet that are going to fall into all four of these buckets to give a broad portfolio. You heard Paul McDonnell talk about the importance of having all fleet to service our customers. In 2018, 70% of what we spent was in the higher return buckets. Now, I have asked myself if we should do this, but I am going to give you some data so that you can get a better picture on this. This is very dangerous, but let us walk through this. I am going to give you different categories of equipment. Now remember, we manage this at the cat class market level. Let's just look at some categories. I am going to give you what our time utilization is and what our year-to-date rate change is, as well as the growth in fleet and the dollar utilization only as a proxy. There is a lot more that go into our returns than just the dollar utilization, but we are going to use that as a proxy. As a point of reference, we will also give you the life of that expected asset. Let's talk about reach forklifts and what we have seen this year. This is a product we get 81% time utilization on, well above our average of 68% year to date. We have taken the opportunity to continue to focus on rate, so our rate on this product is up 3.1% year to date. This is above the slightly over 2% increase that we have reported. We have grown this fleet at roughly 7%, right in line with our overall fleet growth. You can see, even though we have increased our dollar U by 250 basis points, it is still on the lower end of what we try to gain. Now, let's look at other assets or asset categories. Skid steers. Here is a product that we get 60% time utilization. In fact, it is down 180 basis points year-over-year. Our rate is somewhat in line with what we have reported at up 2.4%. Look at what has happened with the fleet mix we have done through our customers. Our dollar utilization is 44%, a 380 basis point increase this year. One more, specialty products. You have heard us talk about why do we want to invest in specialty products. Here is a generator. Here again, slight drag on time utilization at 65%. Rates are well below or a little below our 2% plus increase that we have reported. Look at our dollar utilization and the returns we get on this asset. This is why we have grown this fleet over 11% this year. If we just manage the metrics, what would we do? Rate. Let's talk about rate. If I wanted to chase rate and only go after rate, I should buy only telehandlers and push that rate as hard as I can. It will lower my returns. It is the wrong decision. Rate is important, but it is only part of the story. What about time? Time utilization is critical. I agree. Putting stuff on rent is critical. But there again, do I go chase more telehandlers because I can put them out at 81% of the time and give up those higher return assets like skid steers that we know we can put on rent? It is a balance. Rate is important, time is important, but it is a balance that drives us to profitable growth and optimizing returns. These numbers are at the category level. If you imagine what this would look like when we aggregate all of our fleet together across all 1,200 markets to a single number, and what the danger in that one single number could be for both rate and time. Okay, so let's proceed. What happens when we sell an asset? It hits the end of the life. There was a time where we believed every asset is for sale. That is not logical. There is an optimum age to sell that asset. We know if you walk through these charts, top left corner, our rental revenue will decline as assets get older and we see more shop required, more time in the shop required. We know our costs will go up for repair and maintenance just because we are going to lose the warranty benefit we get in the early age, and over time, you will have more breakdowns. In the bottom left, you will see our residual value will go down over time. There is an age where we want to sell it. A few years ago, when we found a way to extend our boom life on the booms, we were able to increase our returns by over 33%. How do we sell it when we get to the end of life? First, we set that age. Has the asset passed that age? Then we turn around and look, because every asset is used differently across our branch network, depending on the market it is in. How many hours are on that asset? Then we look at a third-party source to determine what is today's fair market value of that asset. Not a depreciation schedule, not net book value. No accounting comes into this. What is the fair market value to sell the asset? Then we look, how busy are our branches? What is the utilization today? Because during certain times of the year, we want to sell it for a little more if we are going to take it out of our rental fleet. That is how we set the price, and that, along with selling it through the right channel, allows you to maximize your returns on your used equipment sales. In summary, buy the right fleet in the right markets, not based on cost, based on total cost of ownership. Go to the end, sell it. Sell it to the right channel for the right price in the right markets. Most importantly, manage that fleet for returns, not metrics. I know it is easy to stick in a model what our time is going to be and what our dollar is going to be at the high level, but that is not the right way to run the business. It is thousands of individual decisions made by our 1,200 branch managers to decide what they should do in their market to drive profitable growth. With that said, it is break time. We are going to take a break until 3:15 P.M. That gives us about 20 minutes. Anybody that has questions, we can see then. Thank you. Jingle bells, jingle bells, jingle all the way. Oh, what fun it is to ride in a one-horse open sleigh. Jingle bells, jingle bells, jingle all the way. Oh, what fun it is to ride in a one-horse open sleigh. Dashing through the snow in a one-horse open sleigh. O'er the fields we go, laughing all the way. Bells on bobtails ring, making spirits bright. What fun it is to ride and sing a sleighing song tonight. Oh, jingle bells, jingle bells, jingle all the way. Oh, what fun it is to ride in a one-horse open sleigh. Jingle bells, jingle bells, jingle all the way. Oh, what fun it is to ride in a one-horse open sleigh. Jingle bells, jingle bells, jingle all the way. Oh, what fun it is to ride in a one-horse open sleigh. Jingle bells, jingle bells, jingle all the way. Oh, what fun it is to ride. Oh, what fun it is to ride. Oh, what fun it is to ride in a one-horse open sleigh. Bring it back? Yep. See, I have nothing else to worry about. You're good. Thank you. Thank you. Yeah, they are. They left it alone, and it's so smart. How are we supposed to start? 3:15. Yeah, that can happen. Everybody's trying to drag a little. Yeah, we're going to drag a little. Let them Yeah. Give them a hanging riff. How long is your timed yours? Yesterday, I did it right at 20 minutes. Today, I did it at 25. Ted asked me to go 25 and a little extra if I could. I just added in a few more words for it. Hey. That should be my 25. I'm already wired. Question for you. Yes. After Q&A, do the close? Yeah. After Q&A, we're going to put up that slide we started with. It says, "I'm already wired. Yeah. Then you- It's just straight from there? Yeah. You have the speaker button. I will bring it with me. Yeah, bring it with you. I am going to stand up here and moderate the Q&A. Yeah. Are you. I will just kind of the people. Sure If I need to chime in, I will. Yep. Okay. Hey, Barry, how are you? Good to see you. Good to see you. Yeah. It's great job so far. Oh, good. Hopefully, we got three more to go. Yeah Then the Q&A. Can I ask you one quick question? I am sure you keep somewhat tabs on the infrastructure bill possibilities in Washington. Have you heard any path? I mean, it seems like both sides of the aisle want it. The problem is to pay for it, right? Yeah Have you heard any theory as to what the path could be or to paying for it? Well, I think that- Because otherwise it's going to die. Yeah. No. It's too big. I think there's some sort of transportation tax Right that is not going to be universal, that will be dedicated towards infrastructure. Yeah. Also, with partnership Yeah setting up a kind of a bank, almost like a bonds, like we did for different things. But there's a lot of things that are passing through the House. Yeah and trying to articulate. Right now, it is kind of in limbo because of the incoming House. Right. Right now, they will focus more on killing the other guy than- Yeah, right. than running the government. Right. Which is sad, but it is what it is. The Democrats think that they're really going to focus on killing the top five, too. Yeah. Okay. But I don't think they're going to do that because they know that that would punish them. Yeah. You know? Yeah. Because they will be labeled as the tax party. I was thinking about this, knowing that the Republicans want to do gas and. They should put in a tax at the refinery level to try and do it. Yeah. It would be less obvious. Now, will this be live right away, or? No. Yeah. Sure. Okay, awesome. Thanks, Evan. I don't know where they're going to put it. Per gallon, per barrel, per whatever. I don't know where they're. That's what they're talking about. Okay. Yep. Great. If we could just ask people to take their seats again. Hey, great job. Thank you for doing this, Matt. Thank you. I'd like to introduce Chris Hummel, who's our Chief Marketing Officer. I'll let Chris introduce his chapter. Great. Thank you very much, Ted. As you settle back in your seats, hopefully you are all hydrated, maybe even a little caffeinated, had a little nutrition, maybe have a little sugar spike. My job is pretty easy after lunch to keep you up. The problem I have is about 3 minutes in, you'll start to crash back with the sugar high. What we're talking about here today is obviously how we serve our customers and trying to drive a competitive advantage out of the way that we serve our customers. You've heard and you will continue to hear today about our people, our fleet, our operational excellence, all the things we do in our scale to create competitive advantage. I will bring you back to one of the slides that Matt put up earlier, the four pillars of our strategy. What we're going to talk about now is really our digital and technology innovation, and in particular, our customer-facing digital. If you remember that four slides, this is really about kind of the last two pillars in that structure where we see digital and innovation really as a way of amplifying and transforming the business that we have today, but also in starting to build options and future businesses and sort of innovate in our own technology and models. That's really what we're going to try to talk about today. Two years ago, I had a chance to meet many of you when I was relatively new, a young pup in the United Rentals business in the sense of I'd only been here about 6 months, and now I'm just about to hit my 3-year anniversary. Unlike actually, many of the other members of the management team here, I did not come from the rental business. I was not acquired through an M&A transaction. I actually made a choice to migrate from a history where I've spent a lot of my time in technology companies, software, communications, industrial technology, cloud computing, Internet of Things, and all that, to come over here and serve as the Chief Marketing Officer and also to lead with my colleagues, the customer-facing kind of digital initiatives in front of us. I think it's important, the reason I kind of share a little bit more of my background is I think it is important to understand we bring a number of different perspectives to our management team and to our conversations and as we build out our strategy and execution. That includes, like myself, having a bit more of a technology background. Also I spent more than half of my career living overseas, living in Europe, living in Asia, and so bring a bit more of a different perspective of not just operating in the North American theater, but in other markets as well. That kind of perspective is really critical as we start to look at any kind of strategy or build our business. Paul McDonnell earlier talked about some voice of the customer research that we did, and he was both underselling and kind of talking at point about some work we had done a couple of years ago. The reality is we do work all the time. We continue to look at formal research projects. We have a system now. We've implemented Medallia to actually gain feedback from our customers. We're constantly listening to the market and talking to our customers. We try to take their perspective into account and the challenges that they're facing as we build things like how do we invest in digital? What do we do with our digital business? That research has kind of now led us to really focus on trying to serve our customers as the way to get opportunities for ourselves. We think if we can solve more challenges for our customers, we can provide them more value, that offers more opportunities for us. To understand that, we have to understand kind of the key things, the key challenges facing our customers, and there really are three that we kind of at a high level think about, and the first is the productivity. How do we help them drive productivity? In particular, in some of the sectors we serve, like construction and related industries, that productivity gap, as it is called, has really grown to a point where there are lots of different numbers, but it is over $500 billion in North America in terms of the stagnation of labor productivity and construction versus a lot of other sectors. If we could start to tap into that productivity, that could be a real opportunity for our customers and obviously provide some value potentially for us. The second is the increasing and expanding complexity of the work they are trying to do, whether that is a project, a job site, a plant. There are more regulations. There are more customer demands. There are more cost pressures. There are more technologies out there to potentially take advantage of. The kind of modern work site is growing more complex as you try and integrate different pieces. Then the third challenge as our customers look for solutions to those things. What they see, unfortunately, is a really fragmented landscape. For a lot of the things our customers are trying to do to drive productivity, safety, performance on the work site, they are confronted with a situation where there are lots and lots of solutions, but they are all very fragmented, very narrow, very niche, and can't really help them get to the strategic level questions that they have. So we look at that situation and we say, "Well, it is both our mission and our obligation to help our customers. What could we do?" We look at these challenges and the overall situation and say there is a real opportunity for us to take our scale, use it to invest in technology and innovation, and create a competitive advantage to amplify the competitive advantages that we have now and to create new competitive advantages that really give us that growth platform, so to speak. Second, we think we can help improve productivity, both for our customers and ourselves, by removing friction at every possible touch point. At the point of transaction, yes, but also all the ancillary pieces of delivery and servicing and finding information, and even all the pre-rental transactions, so to speak, moments of discovery and research and all the things, and finding the right equipment for them. That ultimately leads us to an opportunity here with our digital, in particular, of being able to strengthen our growth by opening new channels. To meet, again, as Paul McDonnell said earlier, to meet our customers where they live, to serve them through the channels that they want to be served through. We can open up new channels. We can actually extend our offerings and improve the offerings we have, as well as open up new markets and offerings in, let's call it the space of the Internet of heavy things, since most of what we do is not necessarily small. Before I go too deep into the customer-facing digital side, I think it is useful for everyone to set some context in terms of what are our overall digital strategies. Obviously, Dale Asplund plays a big part in that. You heard from Mike Durand earlier and what he's trying to do and his peers in the field and everybody in the organization. The real headline here is that digital and innovation drive opportunities for United Rentals, internal opportunities and external opportunities. We've been working on those internal opportunities, those productivity gains, for quite a long time. Mike gave a very articulate overview of the things we're doing on the yard, in the shop flow, in the order accuracy. You even heard Dale start to talk about the data that we're using to drive, and he sort of hinted at it, to better utilize all our assets and be a better steward of the fleet that we have during the period that we own it. Those kind of productivity gains provide a base for us that actually allow for margin expansion. That's the first thing that we see in our digital strategy is really opportunities for productivity and margin expansion. Taken as an example of how this applies to the customers even, is the simple process of taking an order. Most of our business, as you probably know, is taken over the telephone. But whether you do it over the telephone or you do it online, the time it takes to place an order, as we've sort of calculated it, is roughly about 7-9 minutes as a kind of an average. You have to do some setup. You have to give some project information, like location or billing information. So it takes a little bit of time to set up. That doesn't matter whether you do it on the phone or online. Online, it maybe takes at the higher end of that range the first time. But the second time you do a repeat order, and let's face it, with most of our customers, we do repeat transactions all the time. On the phone, it still takes probably the lower end of that 7 minutes, maybe a little bit shorter because you still have to repeat if you are the person on the other end of the phone. You have to repeat, make sure you confirm all the information. But when you go online, we've seen that that transaction time drops to about 2-3 minutes. So it's more than cut in half. If you start looking at that, there is a way that's driving productivity for us as our people can now go serve the customers more and be more customer advocates, but also gives an opportunity for productivity for the customer. So it's sort of a win-win in the margin expansion for us. I think that's also indicative of what we're trying to do, where we use all those operational improvements as a base that we've been working on, that now we feel more comfortable going out and using digital technologies and innovation as a platform for growth. Now the second piece, and I think the most important part of our digital strategy in particular, is really about revenue growth. Revenue growth by opening new channels, finding new customers, nurturing customers in a way that we weren't able to do before, that can really enhance the relationships that our own sales and field teams have with customers, we can now do through digital technology. You'll also see, as I talk a little bit later, about how we're enhancing the fleet that we have with telematics. Over 300,000 pieces of equipment we have that are now telematics enabled, where we can actually turn them from tools for a task to actually instruments of value where we can take data from them. You'll see where that's happening, not just across our sort of general rental fleet, but even in our specialty. In fact, I would even say in particular in our specialty fleet where that's happening. The margin expansion and the productivity gains give us a platform to go after revenue growth and now serve the customers in a better way because we know we can get the operational piece right in the background. Those are really built on three core kind of infrastructure elements. The first is RentalMan. RentalMan is our system of record, our single instance consolidated system that we have taken and we have extended for some of our own core, what we think are competitively differentiated processes. Well, that was a mouthful. We've extended it. What we've also done is we've built it in such a way so that we can plug in best-of-breed systems as well. Paul McDonnell talked about our use of Salesforce and salesforce.com and the connection between what we're doing with Salesforce and what we're doing with RentalMan as well as some other systems, actually allow us to tie the, so to speak, front office with the back office and really start to do these things better. The telematics I talked about, getting that data from the edge, from the field, from the fleet is critical in making a lot of decisions about our own fleet. As you'll see later, more importantly about our customers' use of our fleet and how they extract value from it. The third piece, the third kind of pillar of our infrastructure here is something called UR1. Not as many of you probably know what UR1 is because we just released it a year ago. I'm going to transition and focus a little more specifically on the customer-facing digital initiatives and technology initiatives that we're going through. United Rentals has a long history of investing in digital tools. Over the last several years, we've essentially built kind of a digital tool belt for our customers where, okay, there are more than 30 million hits to our website of people who want to go in and find information about us. Just before we had this meeting 2 years ago, we introduced the industry's first, and we believe still only 100% automated online reservation system for equipment rentals, where 24 hours a day you can actually get a confirmed reservation, not just a request, but actually a confirmed reservation in most cases. We have our used equipment sale. Dale talked about how we optimize that point of sale. When it is time to sell, there is over $500 million worth of proceeds that we try and sell, and we are using digital technologies to give people access to that catalog to see the pictures of the equipment, to identify the location, all those kind of things. Then United Academy, where we supplement our classroom training, and more and more it is becoming more online or even mixed kind of hybrid training for over 100,000 students in a given year, roughly. Then the last piece, which many of you have heard about, is Total Control, is really our diamond here of the fleet management system that actually drives real value for our customers. We looked at this, we said, "Wow, this is really good. It is an industry-leading capability. We have these tools in the tool belt." That customer feedback kept coming back and kept saying, "There is more you can do. There is more you can do to help us." Because one of the key concerns that our customers are going through, I talked about, is fragmentation. What they actually wanted was they said, "The tool belt is great, but we need it all in one platform. We need one consistent digital experience that mirrors the physical service that you give us, that mirrors, that amplifies, that connects to, integrates with the same customer experience, if not better, that we get when we walk into your branch, when we call your call center, when we call our sales rep or however we interact with you." We created and invested in UR1. UR1 is our consistent, modern, intuitive, consolidated digital experience. It is an always-on, easy-to-use portal to access everything that United Rentals offers to get information. Whatever the services, product information you need about us is in there, and it is really designed, first and foremost, to help drive productivity for our customers and help them better use the fleet and services that we give them. We launched UR1 about one year ago. The first objective of that, as I have hammered home already, I think, was really around customer experience. How do we drive and deliver a consistent, friendly user, natural kind of environment for customers who not all are used to actually using it in this industry in particular, but are used to using it in their own lives? How do we give them the same kind of access? How do we give them one portal for all services? How do we make a consistent look and feel so that as they move between, I am looking for information about a piece of equipment, I want to then rent it. I want to also take the training on safety around it. Oh, then after I have done that, I come back and I want to find my equipment on a map and look at what my utilization records are. They do not want to know which tool they necessarily have to go to. They just want to do what they need to do. We have kind of designed this customer experience for three types of profiles, if you want to get into the sort of profile here. This first is, let us call them the buyers, the people who know exactly what they want. They want to go find the piece of equipment or equipment that they need, or find the information that they need, get in, get out, and move on. For them, we've created as seamless a transaction or an experience as possible. I will say, this is a never-ending journey. We will continue to turn and tweak and improve this all along as we do every day. You could think about it almost like an Amazon environment. People want to buy, they go in, they find what they want, they move on. We also understood that there were some customers who needed to go through more of a shopping experience. They needed to actually do a little more discovery, a little learning. What exactly is the type of equipment that I need? What kind of extensions? Do I need a specific rugged tire? Or what size will fit on my site or through my door in my manufacturing site? Or what do I need and what kind of radius and operator and all those kind of things. We needed to give them the shopping tools that allowed them to do that as well. The third, of course, is we needed to support people who were using the equipment. As I said, let them get access to all the information, all the tools that they needed to better do their job and better use the equipment and services and solutions that we offer. While it's certainly too early for us to do any kind of, not that we ever would, bragging or really talk about any kind of job completed, because this is something we will continue to do. The early returns are good. The early returns that we get and feedback from customers have given us a lot of new direction on where we need to go and improve, but they've also sort of consistently reinforced that more and more customers are heading down this direction. As Matt Flannery said, this is a direction that we see as both tactically very important and strategically very important for the company. Recently, we were very humbled and proud to win an award from Acquia. It was called the Acquia Engage Awards as the leader of the pack in digital commerce. Acquia, for those of you who aren't familiar with Acquia is one of the leading open-source software systems for digital commerce, for web systems, for all that. What was most interesting, and I think most gratifying about this was we didn't win an award for the equipment rental industry or for the construction industry or for the industrial space. We won the award across all industries. The comparisons with all projects out there, what we're really striving for is not best in class, but world-class. We're making small steps, but we're very encouraged by the progress that we have so far. The second objective after customer experience, and I would even say co-number 1, if I can put it that way, is really about using digital channels to drive strong growth, and in particular, in attracting new customers. What we needed to do and what we have done is we've built a system and a digital platform, UR1, that actually brings all the tools together along the customer journey. Customers often, we have a lot of equipment. There are a lot of different types of equipment. They need to search and narrow what they need very quickly. We give them those very powerful search and find tools. They then need to be able to scan quickly or sort, just like the way you would expect in a world-class e-commerce system that we're striving towards being. Then they need to double-check, of course, have all the necessary detailed information so that they can confirm that, yes, this is exactly what I need as they go through. As we take every little chunk of that journey, both pre the rental actual transaction and post the rental transaction, we've seen a very significant growth in our digital revenue. Last year, we attracted more than 10,000 new customers to United Rentals in 2017 with the online reservation system, and we're seeing a significant growth well beyond 50% in the new customers we're attracting this year as well. We still have a month to go or a few weeks, so I can't tell you exactly what it's going to be, but we're quite pleased with that continued bringing on new customers. It's not just digital natives, but it's actually other customers who see a real value in doing this. While that revenue is still relatively small in the face of a company of several billion dollars, we see this again as growing and becoming more and more important a part of our mix and becoming more and more important to our business. Driving that growth is really together with serving the customers are the two biggest objectives we have with UR1. But there's also this inherent assumption that we almost always make and sometimes we forget about because it's so part of our DNA, is how do we better add value for our customers to serve them better? How do we give them more value so that they can take advantage of it? Total Control has been a continuing very positive tool for us in working with our customers, particularly our largest customers, and especially in the industrial sector and in the construction sector, where the more complex customers really have a lot of equipment that they need to manage. But even the mid-size customers that are trying to do it. What we're seeing, interestingly enough, is Total Control has been around for a while, and it's been very successful, and it's growing at a healthy pace. But with the injection of the other digital tools, and particularly now with the introduction of UR1 as the overall framework Total Control has actually started to grow even faster. The acceleration of both people using Total Control, the overall volume of people using Total Control, and the coverage of our customer base, as well as the depth in which they use it. Just to give you an example, I'll pick one statistic off the page here. I can't remember if it was Michael, I think it was Michael Kneeland earlier who talked about year to date, we're growing at about 11% pro forma. Well, with Total Control, actually, that customer base, if you do kind of same store analysis, meaning we take the same customers, not new customers who've just sort of come on or started using them, but same customers. We're actually growing 18% in that customer base. It continues to reinforce our belief that if we can help them actually spend less on an individual project or an individual job that they need to do, or an individual turnaround, or whatever their work is, that they actually end up investing more in us. They actually spend more money with us. We generate more loyalty. But also very important to us is we want those customers to start to use Total Control to its full extent. Seeing them continue to drive deeper adoption of more and more features, split account codes, the ability to use Total Control for even equipment that wasn't rented from us, from equipment that they own themselves. But even simple things like what we call off-rents or the call for pickups. We do as a company about 3 million, roughly, call for pickups every year. While the digital part of that is only about 15% right now, we're seeing it grow, and we're seeing it grow substantially. Total Control is one of those tools we're using to get customers not just for transactions, but to learn how to make all their interactions, or more and more of them digital. The adoption of Total Control is growing both in volume in terms of the depth of the users, what they're doing with it. I think it's not overkill to reinforce why that is. The reality is that Total Control works because it delivers tangible value to our customers. You can see here a list of quotes and next to them, because we're so focused on results and how we manage our business and what we do for our customers, tangible returns that those customers have had, whether it's cost savings of more than half a million dollars, or it might be improvements in utilization or procurement savings in specific class of equipment that's now being managed by Total Control. Across the board, we continue to see improvements from customers who really use Total Control. On average, let me give you one specific example. One customer I was just talking to recently, an ethylene plant. They had a two-phase kind of project, and in the first phase, they were not using Total Control, and in the second phase they did. It actually became a bit of an AB test for us. In the second phase of that project, what they saw was a 39% improvement of the equipment that they had rented from us. That utilization rate went up dramatically. As you would expect, the cost came down as well, and their cost came down actually by 28%. For the customers looking at this, they go, "I have this tool, I use it, I get better utilization, I lower my cost, means I need less equipment. I can actually go and really drive productivity myself." That's a consistent theme. In general, we see about a 20% savings we think we can drive of the rental costs for our customers by using Total Control. We continue to sort of push and show what they can do. The way we do that, or the way we have done it in this year, in particular, is by extending the data insight that we can give to them, by giving them actionable information. Those of you who've followed us for a few years, you probably have heard this conversation about you can use Total Control to find on a map where your piece of equipment is, so long as it's connected with GPS. That's, amazingly enough, a very important actual tool that customers need is where is that piece of equipment? On what job is it? Where is it? Then we've also, for some time, given them utilization statistics so they could say, "Hmm, how much am I using this? 42%. Okay, I know that's 42%." But what they didn't necessarily know, and again, through listening to our customers and working with them, what we realized is they wanted to know whether that 42% or 62% or 13%, was that good? Was that bad? How did it compare with their peers? So we extended the insight we were giving them by taking not only the utilization data, but started to layer in comparisons to benchmark against other organizations, their peer set. We can now actually tell them, okay, we have decades of data. We're extending our big data infrastructure. We are continuing to push our analytics capability because our scale allows us to do it in a way that nobody else can. We can now actually start to show them, of course, in an anonymized way, but how they stack up. Are they in the lower quartile, the higher quartile? Where do they sit against where they go? What they get into is now they can look and say, "Okay, we have this kind of utilization. Here's where we sit." We then connected it to their contracts to say, "Okay, now how much money could you actually save?" Meaning you go through that utilization, you benchmark, and then you get to actually we monetized it and then started to work with them to provide actions that drove cost savings. That started to get us, there are lots of cases where customers, we even had merged customers, where one was our customer, the other one wasn't. But when they saw the benchmark data, actually both organizations, after they merged, became part of our own customer base. Then the last one, which is, again, I emphasize we're trying to drive growth here, but is also not a small benefit here, is driving productivity. As we streamline all these capabilities and we streamline these processes, we start to see customers are gaining benefits from this because they have 24 by 7 availability, immediate access to details, and they can get to our catalog. Instant confirmations. All the kind of things that they need to deliver their jobs, and we continue to provide better service for them. For us, for example, I go back to one of the data points I used early on in my conversation with you where I talked about the amount of calls, in terms of our 3,000 calls for pickup, and that 15% of them are actually right now done digitally. If you take a conservative estimate and say each of those calls costs us about $5-$7, and you start to calculate what would happen if we started to really extend that digital call for pickup, there is a lot of opportunity for us to make direct monetary gains ourselves in improving our efficiency and driving margin. But even then, to reallocate our resources, our sales resources, our branch staff, our call center staff to actually serve the customers and do other things, help them take more equipment on, solve other problems. There is a real productivity opportunity here as well. As we go forward, really, this is all about continuing to be of service by automating more and more processes and delivering more and more insights. It is about driving more fleet uptime. Paul McDonnell was talking about a whole number of services here, customer equipment repair. We have talked about United Academy, customer fleet services. All those kind of new services that we are getting into are all enabled by Total Control, UR1, and a lot of these other innovations. As we continue to move on, we think we can actually drive more worksite performance and go beyond just the fleet. You saw some of the examples out in the kiosks of some new innovations we are doing, where we are starting to do things like pull the information from the other data points, like a drone or whatever, and actually serve it up through the UR1 platform. Those are all the kind of things that we can start to do and start to open up new options for us and new ways to solve our customers' problems. Just in conclusion, really what we see here is digital technology innovation, it allows us to accelerate our growth, to be better by attracting new customers and by serving the customers we have much better. It allows us to build a much bigger and a much deeper competitive advantage as we use our scale and our investments and the data that we have collected to really inject more value into the existing and emerging businesses. In particular, more capital-efficient opportunities for revenue growth and margin expansion. Because the digital strategy at United Rentals supports both growth and margin expansion. Thank you very much. If you ask any member of the United Rentals management team, what is our core advantage? What you are going to hear is our next topic. You are going to hear about people. It is my pleasure to introduce Craig Pintoff to the stage. All right, so good afternoon. Thanks, Chris. I am Craig Pintoff. I am the Chief Administrative and Legal Officer for United Rentals. Chris just spent a little while talking about our investments in digital and how that has created a competitive advantage for us. I am going to pivot to a very different topic and one that you do not quite often hear at meetings like this, but as you heard today, I think you feel it in the room, how convicted and focused we are on the value of our people and our culture, and how that has created a real advantage. I am going to show that to you hopefully today. Just a little bit on me. I have had the absolute privilege to lead the company's HR function for over 13 years. Three years ago, I took over the legal function as well. It has been a great journey, and just proud to talk to you today about our team. Matt, earlier today, put out that quote about culture eating strategy for breakfast. Quite often you hear that, but you cannot actually see the tangible benefits of culture. I actually think today we are going to show you some concrete and meaningful ways as to how our culture at United has created real competitive advantages that have dropped to the bottom line. We are going to show that to you through a few areas, how our engagement and our low turnover at our company has driven strong customer growth and retention. We are going to show you how our culture has enabled us to really bring on integrations and new talent, and hence customers and revenue through those integrations. We have developed a real core competency at that. Then you have heard about all the growth. Well, you have got to fuel the growth with people, and we will talk about talent acquisition for a little bit. 10 years ago, we sat down and said, "300 different cultures. How do we create one united voice?" We talked about the timeline and our Operation United effort, and we really put an effort around that. Started with our values, and you have heard that today, and believe me, they are real. We walk the walk around our passion for people, and it has delivered some pretty remarkable results. You do not more than double the size of your workforce and at the same time, more than double your productivity without a real engaged workforce, properly trained, and with the right tools. Here are some insights that we found. We measure employee engagement at our company on a regular basis. We use a firm called Towers Watson, one of the premier firms for measuring engagement. They have got an extensive database of companies and people, and when you benchmark our results against their benchmark tool, against the category of high-performing companies, so these are the best of the best United Rentals results are at or above their high-performing company benchmark in every category that we measure. So outstanding results. What does that get us? With 97% of our employees telling us that they are willing to work beyond what is required with a 93% engagement score, it gets a team that is ready to run through walls for the customer, for their fellow teammates. We know, we measure this, that engagement is a direct link to productivity and profitability. Our results include responses from over 95% of our workforce. So it is real. It is not just a small sample. This is our workforce telling us this. This year, we are going to have nearly 50 hours of training per employee, which will be an all-time record for our company. It just shows our investment. It shows how we are getting to some of the results you have heard today. I am going to pause on turnover for a second. At 10% voluntary turnover, I have not seen anyone close to us in the industry, and I have seen a lot of companies through M&A. That 10% year-to-date or trailing 12 months is actually flat year-over-year in I think what we would all call one of the toughest and tightest labor markets around. That is an outstanding accomplishment. What it tells you is that our people want to stay with our company. What that gets us, it gets us tremendous customer retention, right? Because our customers connect to our people. You heard Paul McDonnell talk about our single points of contact. Keeping them in place, keeping incredibly hard-to-find techs and drivers on the team is a huge lever for us. Then finally, maybe one of the more impressive stats on this page is our employee referral program. With 40% of our external hires coming through that channel, once again, these are astronomical numbers. You do not get to 40% without people who love it here. When you think about recruiting and talent acquisition, speed and quality is the name of the game. This channel is by far the best for getting fast hires, and they tend to be high-quality hires. In the M&A context, you are spending a lot of money on acquisitions. You are welcoming thousands of new employees. Those employees have relationships, and we value those relationships with customers and with the attendant revenue. We have to stabilize the business post-close. Our data tells us that we have done just that and then some by reducing voluntary turnover by nearly 50% for the one-year period post-close compared to the same period pre-close. It is actually a great validation of what we are offering them, that they see this as a great place to work. I have been talking to you a lot, but maybe just a short video about what our employees are telling us who joined us through acquisition. In 2013, United Rentals approached our owner about selling. I got an email early one morning. United Rentals is stepping in and is acquiring Neff Rental. In 2011, there is an email, United Rentals has agreed to buy RSC. We had a lot of customers calling us up. They were concerned, rightfully so. We were nervous that we were just going to be kind of sucked into this big machine. You wonder, are you going to be a number, another location out of 10,000 locations? The first reaction was what was going to happen to our jobs. Those concerns were pretty much squashed right away. Everyone at my location moved over to United Rentals. The length that United Rentals went to keep every employee was remarkable. For somebody that is getting acquired by United Rentals, I would say take a step back, relax. Everything is going to be fine. One of the things I found out was how much United Rentals valued the talent in the branches. They are buying a company for the people. They need you as individuals. The people are what makes United Rentals. Without the people, it is just a bunch of equipment sitting on a yard or sitting on a job site. It's a very warm feeling, a very homey feeling, and I just feel like I'm a part of just a really big family. I love what I do. Why I do it is the people and the relationships. It's not just a job. It's somewhere you want to come to work. I have a lot of good people that I work with. I love working with these people. I love my job. I think that kind of sums it up. Kacie Brewer, who you saw, is a member of the HR team. She joined us in 2014 through the National Pump acquisition, and it shows you a great example of talent thriving in our company. She has been promoted four times since then, has been one of the key leads on the BakerCorp acquisition, so it kind of came full circle for her. How did this happen? How do we take this goal and spin it into something really special at United Rentals? When we look back, we focus on four things that have led to our success. A real focus on communication and transparency, a recognition that with our network, leadership is a differentiator for us, the ability to create this kind of unique culture and family environment despite our size, and then finally, a focus on diversity and commitment to being the best-in-class employer around veterans. I will dive into this just a little bit. On the communication front, I will just hit on a few of these points, but like everything we do at United Rentals, we try to see it through the lens of our employees. With 1,200 stores, it is hard to communicate. We launched town hall meetings with Michael 10 years ago, and we have literally done thousands of town halls. We go out to the stores. We spend evenings with the hourly employees, the frontline team, trying to find ways to improve the business. We challenge them to help us solve problems. I can tell you on so many occasions, we have stayed late into the night because of the passion of the team. We do a quarterly call. After we talk to you and to our investors every quarter, the next day or even the same day, we have a call with all of our employees. A good majority of them join, thousands. We give them a quick summary of what happened in the quarter. Then we open it up for Q&A, and we will talk to them for as long as it takes. It is a free-for-all of questions, and it is the hallmark of our culture, one of transparency. Hopefully, we have that transparency with you. We share that same transparency with our teams. On the share side, we launched something a year ago called Workplace. I do not know if you have heard of it. It is owned by Facebook, and it is really a Facebook instance for our company. Talk about putting rocket fuel on our culture. It has immediately connected our employees through a mobile platform, and the engagement on it is tremendous. It makes the company feel very small. We have forums for text to share best practices. We talk about leadership topics, and it is just a great way to connect, and I cannot emphasize how important that has been. I mentioned leadership before. We have created a platform to identify, develop, and build leaders at our company, and we have put a big investment into it. I am just going to talk about maybe one of the more unique pieces, which is called Leap. If you imagine a store, a branch with 15, 20 employees, millions of dollars of fleet, getting the right leader for that store is critical. We are entrusting our people to that leader. Leap is an assessment center in our corporate headquarters where we put prospective branch managers through a simulation, a really intense one, for a week about what it means to be a manager at our company. They go through the paces of running a sales meeting, an operational review, and they are assessed by experienced business leaders in our company. It is exponentially better than an interview process. We put the right leaders into stores because of that. It is all underpinned by our focus on talent. We have a common language at our company around talent. We have talent review meetings all the time, and it is a key focus for us. In 2018, over 80% of our branch managers were promoted from within. We know that when we build from within, our talent tends to be stronger and stickier. That is up from 60% in 2013. My final slide in unpacking kind of how we did is our focus on the family environment that we have created. Our United Compassion Fund is something that is pretty special within our company. It is a charity that we launched, and it has grown to be a real charity. With millions raised and hundreds of families helped. The board of the charity is made up of branch employees. They make the decisions. So they are the stewards of their fellow employees' money. It is out there. After Hurricane Harvey, hundreds of families were helped. Over $250,000 was distributed. 60 homes, trailers were sent down to Houston. We had 60 families who lost their homes, and we gave them homes. This is a company that takes care of their team, and they get it. Our employees get it, and they value it. We had the opportunity, before we closed on the Neff deal, to actually open up the United Compassion Fund to their employees in Houston. What a great way to welcome employees to our culture. On the veteran side, with 1,800 veterans, we are walking the walk here, and this is another rallying point of pride for our company. There really is not a publication that rates military-friendly employers that does not have us in the top, top. So very cool. But maybe where the rubber hits the road is the external data. So Glassdoor, I think you all know, that is the rating system. This is our company compared to three other equipment rental companies that I am not going to name. I think the data speaks for itself. The results are there. I think this data tells you why our employee referral rate is 40%, when 85% of our employees want to recommend a friend to our company. This data tells you why our engagement scores and our turnover is so low, when 95% have faith and approve of our CEO and by proxy, our leaders. It is a great data point. I think if you were to look at these data points for us and compare it to any household name of great company out there, it is going to compare quite favorably. So I will just leave you with this slide. I do not know how many of you came in today thinking about our company as a great employer and having invested so much in creating this internal brand. But hopefully, you have learned a little bit today. Let alone to be one of the best employers across the globe. One of the best ways to see this for yourselves is to go out to a store, to reach out to Ted Grace and schedule some time. I think it will feel real for you. On that note, Jess. Thanks, Craig. I am going to bring us home now. I want to thank everybody for staying with us through the afternoon. For those of you I have not yet had the pleasure to meet, I am Jessica Graziano, the company's new Chief Financial Officer, having just been promoted in October. Before United Rentals, I spent five years at Revlon, the cosmetics company based here in Manhattan. While I was there, I served as the Corporate Controller, Treasurer, and Head of their Investor Relations team. I joined United Rentals in 2014 as our Principal Accounting Officer. I have also had the pleasure to oversee our financial planning and analysis team and also our risk management group. Now, in the last four years, I have worked very closely with our management team and with our board to focus on a strategy that has supported the development of the competitive advantages that my colleagues have walked you through today. I am going to add one to the list. I am going to add the competitive advantage that is our financial strength. The competitive advantages we have talked through today are the result of a disciplined, value-focused approach to the decisions we make, to the processes that we have developed across our business, and to the technologies that we employ. When you put that approach together, you see that we have generated significant financial results over the last 10 years. Add to that our commitment to a strategy focused on maximizing growth, margins, returns, and free cash flow, and you get that financial strength that differentiates us from our competition. Now I am going to talk about the evolution of our financial strength from the perspective of where we have been, where we are, and where we are going. I will do that from the perspective of our top-line growth, our margins, our returns, and our cash flow. Let us start with revenue growth over the last 10 years. Earlier this afternoon, Paul McDonnell talked to us about how our business mix has changed, notably with the growth that we have seen in our specialty operations. He also talked about our focusing on optimizing our customer mix, making sure to service larger national accounts, and developing what has been a customer-centric go-to-market strategy. Dale Asplund spoke to you about our approach to fleet mix and how we are managing fleet not just for metrics like rate and time, but to optimize our returns with the fleet while still filling our customers' needs. When you put that together over the last 10 years, we have generated a very healthy 14% CAGR in revenue. It only gets better when you look at that from an EBITDA perspective. The impact of that top-line growth, coupled with the cost discipline that we have developed across our business, when you add the focus we have on leveraging our scale through OpsEx, which Mike walked us through earlier, that results in the robust EBITDA CAGR that you see of 22% over that same period. Let's look at margin. If you compare 2009 to 2018, that is a robust, almost 2,200 basis point improvement. There is more to that story. If you look at our margins over the last five years, you will see that we have generated margins in the high 40s, and that is during a period of disruption and change. Disruption, in the last five years, we have had the oil and gas dislocation of 2015 and 2016. Change, in the last six years, we have actually had M&A activity from RSC all the way through BlueLine that we have absorbed and that we have generated the type of margins that you see across that period. So what is the point? The point is that we have changed the baseline for margins for this business through structural, sustained improvement across our business model. As we move to returns, we wanted to show returns both as reported and adjusted for tax reform so that we take out any noise in the numbers. You will see that there is actually a consistent upward trend in both cases. You will also see we have an inflection point at 2009, 2010. That is not just because of recession. That is actually because around that time, Jenne and Michael, with our board and our management team, changed the strategy of our business to focusing on growth and returns. That strategy is working. Our goal is for returns to exceed our cost of capital on average over a cycle, and we are making great progress on that. When we reported our third quarter, excluding tax reform, we reported record increase in our ROIC of 70 basis points. Focusing on ROIC is only part of the story. What we also do is focus on decreasing our cost of capital, and we do that by diversifying and optimizing our mix, reducing volatility where we can in our business, managing our debt structure, and buying back shares. Paul talked to you earlier about how he gets a warm and fuzzy feeling when he is driving over the Tappan Zee Bridge. I have to tell you, I get a warm and fuzzy feeling when I think about our cash flow. In the past, free cash flow was generated in the down years, and that is largely because we were not investing as heavily in the fleet. Over the last five years, we have generated $5.1 billion of free cash flow if I include 2018 at the midpoint. Over that same time, we have invested $8.2 billion of CapEx. Today, like that change in the baseline I mentioned in EBITDA, we have also changed our free cash flow profile. That means we generate meaningful free cash flow full cycle. That is a change from where we were in 2009. You will see that change when you look at our EBITDA to free cash flow conversion before 2009 through where we are now. That 700 basis point increase comes from structural change in our business that generates durable free cash flow each year. I get warm and fuzzy just looking at it. All right. Where we are now is positioned for growth and focused on bigger and better results. What is as important is today, we've developed the financial strength that provides us flexibility and optionality that gives us choices should things change. We did not have the kind of flexibility and choice that we have today in the past. I'll walk you through the what, the how, and the why of today's United Rentals. The what is a sustainable business model. The how is decision-making that we make through a capital allocation strategy. The why is actually where I'd like to start, which is driving value for our stakeholders. Now, driving value for our stakeholders means more to us than driving value for our shareholders, which is imminently important. It also includes driving value for our employees and for our customers. All of our stakeholders are top of mind as we're making strategic decisions for the company every day. If I think about the what of today's United Rentals, it comes back to a sustainable business model that Matt Flannery introduced at the beginning of today's program. I thought it made sense to repeat that slide here. Now, Matt talked about it from an operating perspective, but I'm going to talk about it from a financial perspective. If I think about it from the financial statements, right? Let's start with the P&L. We start with our focus on top line growth. Add to that a continued focus and dedication to driving efficiency and productivity through our cost structure, and you get an EBITDA that provides the basis of significant cash flow and a strengthening of our balance sheet. That allows us to ensure that we have supported an adequate level of leverage for our company and provides opportunity to reinvest in our business. That cycle, as we've talked about earlier, continues. This is how it all comes together into a sustainable business model that provides a compounding effect in the financial results we generate. How do we make decisions? How do we continue to drive the kind of compounding effect I've mentioned? We do that by using a disciplined capital allocation strategy. Now, I know I've talked to some of you about this in the past. We take very seriously our responsibility to be good stewards of your capital. To that end, we have an ongoing dialogue with our board to make sure that our strategy stays appropriate. At the center of this strategy is free cash flow. That provides the flexibility and the choice that I talked about earlier, that we bring into each step of the capital allocation strategy. Let's go through the steps. Step 1 of our capital allocation strategy is to ensure that we are managing our leverage and that we continue to strengthen our balance sheet. Now, today, our balance sheet is significantly stronger. We have no concerns as far as liquidity, debt service, or any refinancing needs we have. We have significant suppressed capacity against the value of the fleet. Our leverage at year-end, as we shared with you in our third quarter call, we expect will be 3x at the end of the year. If we think about that pro forma for BlueLine, it will be something closer to 2.8 times. We believe a range of 2.5 to 3.5 times is appropriate for our business, considering the options we have to grow organically and through smart returns-focused M&A. Talking about leverage, I would like to stop a moment on our maturity table. When you think about our debt profile, it is not only important how much you owe, but when you owe it. We focused on extending our maturities out as far as possible. That is a change from 2009 when we had a maturity due in each of the following five years. As you can see in our maturity table now, our next maturity on the long-term debt is out to 2023. One other note, it may not be obvious to some. Our fixed-to-floating mix of debt is 70/30. In this way, we have structured our debt to remove risk of interest rate volatility across the bulk of our debt. Let us move to step 2 of our capital allocation strategy, that is investing in our growth. Once we know that our leverage is well managed, step 2 uses our excess cash to invest in growth. That organic growth is investment in our fleet, that includes both replacement fleet and growth fleet that we will deploy into the business each year. From an M&A perspective, you have heard us talking about committing to a disciplined approach for M&A, where deals have to make sense for us from a strategic, a financial, and a cultural perspective. I would add to that our analysis on M&A is returns based, and notably, we look at IRR as one of the key metrics for the financial viability of a deal that we do. The strength of our balance sheet and the durability of our cash flows has given us the flexibility to invest in our business in both organic growth and in M&A. The amount of M&A that we have done since RSC, so I will take you back to 2012, is $10 billion. In that same period of time, we have also invested organically in our CapEx $11.2 billion. So when you think about the investment over that time period, it is really been balanced as far as the organic growth that we have committed to, as well as the deals that we have done. Step 3 of the strategy. Once we know the leverage is good, and we have prudently invested in our business, we look to return excess cash to our shareholders. That is step 3 of our capital allocation strategy. Now we have determined that share repurchases are the best way for us to return cash to our investors. We have repurchased 27 million shares this cycle, and that totals $2.4 billion. We have decreased our diluted share count by 20%, and that brings us to about 81 million shares at September 30. You know that we have communicated that we are on a pause for the $1.25 billion share repurchase program. We wanted to take the time to assess the BlueLine integration, which is going very well. As a result, we have decided to restart the share repurchase program this month. We will be buying on our normal cadence. As we've shared with you, our approach to share repurchase is on a slow and steady state. We will go back to our normal cadence. We expect to finish the program by the end of 2019. That means we will repurchase $1.04 billion worth of stock from the end of September through to the end of next year. So where are we going? I've walked you through where we've been and where we are today, highlighting the development of our financial strength as a competitive advantage that's built up over time. So where are we going? Well, today we are positioned for the future. We have a sustainable business model that is focused on growth and returns. We generate full cycle, meaningful free cash flow, and we have the ability to invest in our business or to flex as necessary, depending on how the market requires. Now admittedly, as we think about where we are going, we can only look out so far. We wanted to provide some key takeaways regarding 2019. Now we shared with you in our Q3 call that we expect 2019 to be a good year, and that still holds. We see another year of growth. We believe the cycle will continue and that the macro will remain intact and support opportunity for growth across our construction and industrial verticals. We will invest CapEx in our business to support our demand and make sure that we can meet our customers' needs. We remain committed to productivity through OpEx. We will focus on continuing to drive success in the integrations of BakerCorp and BlueLine, and we will generate meaningful free cash flow in the year. Now, we wanted to be a little more helpful than just providing that list of key takeaways that I ran you through. We're actually prepared today to share our 2019 guidance with you. I'm going to go slow through the ranges, and let me start with reaffirming our guidance for 2018 as a starting point. We expect total revenue in the range of $9.15 billion-$9.55 billion. While I'll caution you to use midpoints, I will mention that the as-reported growth, if you use midpoints '18 to '19, will result in a growth rate of about 18%. Again, we want it to be helpful. So if you exclude the impact of the BlueLine and BakerCorp acquisitions from that as-reported number, the growth on the rest of the business should be something in the sort of mid-single digits. Our adjusted EBITDA, we expect will be between $4.35 billion and $4.55 billion. I'd like to stop and make a comment on flow-through. And again, caution on midpoints, at the risk of sounding like a broken record. But if we use those midpoints, the flow-through from '18 to '19 is about 43%, okay? And I want to make really clear that our expectations on the core business will be that we will generate a flow-through that's similar to what you would expect from the business. So that's something in the neighborhood of about 60%. We do not expect any cost challenges across the business that would move us much off of that number. But as I mentioned in the Q3 call, the acquisitions, both BlueLine and BakerCorp, are going to be dilutive to our flow-through in 2019. They come with their own fixed costs, and those are going to be a drag on that number in the year. Gross CapEx. We expect gross CapEx to be in the range of $2.15 billion-$2.3 billion. That will support the growth that we are expecting across the business and also include the replacement of what's now a larger fleet. I see a lot of people scribbling furiously. We are going to release a press release right after this, so you'll have those numbers available as well. Let me keep going. Net CapEx. After proceeds from used sales, our net CapEx will be in the range of $1.4 billion-$1.55 billion. I'm going to get warm and fuzzy again. Here we go. Free cash flow for 2019, very strong, at between $1.3 billion and $1.5 billion. You will see, we expect another solid year of growth in 2019. Before we move into Q&A, today my colleagues have discussed competitive advantages that we have built over the last 10 years that have generated significant financial results through a sustainable business model. We've talked about how those competitive advantages support us today and to generate value in the future. I've shared with you how our financial strength positions us for growth in margins and returns. That same strength supports durable free cash flow generation and a strong balance sheet, both of which provide us flexibility and choice for the future. On a personal note, as our new CFO, Jessica Graziano, I couldn't be more excited at the opportunity we have to continue to drive value for all of our stakeholders in the short and long term. With that, I think we'll move to Q&A. Thank you, everyone. We're going to have microphones dispersed around the room. We've got about 30 minutes. We've got a hard stop at 5:00 P.M. I'm going to ask that everybody ask one question so that multiple people can get the opportunity to ask questions. I'd ask that you introduce your name, your firm, and then the question. Let me start with Jerry Revich next to you, Bonnie. Exactly. Thank you. Good afternoon, everyone. I'm wondering if you could talk about the next generation of the technology opportunity that you folks see in front of you. Nice to see the Oculus out here. Can you just talk about what are the next products that you have under development, whether it's advanced machine controls, and what the opportunity set could be, as we're sitting here in 2 years, considering how quick the technology adoption curve has been from telematics and plugging all of that into Total Control. Can you step through that in terms of what's the leading edge that you folks are focused on? Jerry, it's Mike, and that's a great question. For those of you who know me, I know I like to, I'm somewhat of a chief daydreamer. I would tell you that we've been collecting data and data mining as Chris talked about in our digital forefront, I think is going to be one of strength. All the GPS data on all those assets we've been collecting, we've got unbelievable amount of data on our fleet. We've got data with regards to the types of construction jobs, how our customers are using it through Total Control that you saw up there. I think our job is really to think about how we can assist our customers longer term. How can we use that data and turn that around? From a technology standpoint, we're going to be open-minded. We're not going to just frame ourselves to what is here today. We're always going to say what is possible and what could come our way in the future. We're always open, and I think I can speak for Matt and everybody, and we do, we challenge ourselves, and we try to keep an open mind. I think data is going to lead better decisions. I think it's going to help us with our customers. We're going to do more on the digital forefront, and technology will come how we can incorporate rolling out the Oculus, the training, but listening to our customers and finding out ways in which we can help them drive that productivity. Our industry is really two fundamentals. Safety and productivity. That's what we provide to our customers, whether it's construction, whether it's industrial, whatever it may be. Those are the things that is the challenge that we meet. Anything that we can adopt, that we can push forward, is something that United Rentals is willing to invest in. Russ? Thanks, Ted. Ross Gilardi from BofA. Hi. Thanks, buddy. How are you doing? Good, Michael. Matt, I want to ask you about specialty rental business. Clearly, you've done everything that you've laid out up until now. It's going to be close to 20% of the business. In addition to all the other improvements you've made over the last decade, at least for now, you're not getting credit for it in the stock, fairly or unfairly. But how do you think about that? Does that cause you to change tack at all? I wouldn't expect it to, for you to cause you to change your strategy, but do you think about growing that business more organically versus inorganically going forward? Because it doesn't seem like, situations where you've got to pay a higher multiple for these businesses, like it's getting reflected in the share price at all. Can you talk about that? Thanks. Sure, Ross. I think it's a fair point. We don't think we're getting a lot of credit for everything. But I think more importantly, our customers give us credit for it, and that's longer, more sustainable. Whatever the fluctuation is in the market and whatever drives that is going to be the fluctuation in the market, and it won't really play into how we're making M&A decisions or organic investment decisions, right? I feel very strongly that specialty not only is a higher return, to your point, but it's a stickiness with the customer. It's solving more of their problems, which, not to be redundant, but builds that competitive moat. In any business, that's what you want to do. How am I going to create more value for my customer than anybody else can? When you solve that, you're going to have retention, growth, and eventually, with the right products, margins. That's really how we think more about it than necessarily whether we're getting the right multiple on our stock because we're 21% specialty. Yeah. The other thing I would add to that, Ross, is strategically, every acquisition we did, it was never about size. There was a strategic rationale of why we went after that business. Hopefully, that came across today. NES, we thought that we can improve it in a time where we had significant demand, and they had underutilized assets. So it was more of a plug-and-play, and give us in critical mass, those people, that talent that we needed, to drive some of those efficiencies. That would be number one. Neff got us into the infrastructure business that we needed and we see as an opportunity. Forget what you hear about the political forefront of whether we're going to have a bill or not. The states are doing things, and we're focusing on that, and we can participate in that, and it's a vertical that we have very little penetration in, and we see we can leverage our size. Then, I could go through every one of those acquisitions, and say, strategically, there was a rationale behind it. But you're right. Look, we look at it, and the market's telling us one thing, and what our strategy is something else. We just need to continue to execute. That's our job. That's what we're going to do. We'll post the results, and eventually, we'll get rewarded for it. There's just one thing I would add, Ross, to that, and that is, Paul walked through how cross-selling is becoming a real core competency for our business, and being able to cross-sell not only specialty into gen rents, but gen rents into specialty and kind of having it go both ways. At the cornerstone of that is our customers and making sure that we're meeting our customers' demands with as broad a portfolio of services as possible. That's where we're going to be focused, right? And driving the kind of results that we know we can from putting them first. Rob. Or Don. Hey, thanks. Rob Wertheimer, Melius. How are you? Hi, Rob. Thanks for the event. I think it highlights a lot of your strengths. One of the slides you showed obviously show how far you've come from the 2009 trough. Maybe you could talk a little about how far you've come from before that, the 2007, 2008 period. The industry is more consolidated, obviously, partly due to you. Financial situation's maybe better. Maybe your downside scenario planning is different. I wonder if you could share with us some of the things that you think is different now from then and what scenario planning might show if we did have a downturn, how you do. Thanks. As I told you, the first go-around, before I became Chief Executive Officer, was really about growing scale, right? When we took over, late 2008, jumping into 2009, right, probably the worst time that anyone would want to start, we really focused on structurally changing the organization. Remember we did contractors. A lot of you may or may not remember. We had a contractor supply business. We had a highway tech business that we had that we just got rid of. There were other things that we were doing. We were trying to be all things to all people, from Harry Homeowner all the way to a large contractor. We weren't leveraging our footprint. We went through and actually, we closed somewhere in the order of magnitude of 100 to 125, maybe even a few more than that, stores because they weren't part of our long-term plan. Structurally, we changed the organization. We changed our compensation. We changed our sales strategy, and then we started focusing on leveraging our footprint, and that's where we started going after the large national accounts, which we think is a great stable area for us. We went through the downturn, and what we also realized through that downturn was, yeah, we worked really hard and really fast, and we got through it, but we still needed to diversify our customer portfolio. Everything that we've done since then has been strategically to get off that reliance on commercial construction. Now we're very broad as far as our depth. It's really changed dramatically on top of wanting to be cash flow, wanting to focus on returns. But, from the branch manager to my compensation, we're aligned all the way through, which should show up in the results that we're posting up there for everyone as shareholders. Just to add, when you think about Bill's slide, about how all those quartiles of where you put the fleet in the four box, and you think about a branch manager gets paid to optimize that for profitability, not for anything else, right? That's to Mike's point about we're all comp on profitable growth. I think that alignment is really driving some of the performance that you've seen, and that's a big, probably the single largest difference, other than creating one consolidated heartbeat from pretty owner. I might just add a couple things to that, if you don't mind. Sure. Getting to the end markets, I think we'd say that something like 36% of our mix now is industrial MRO, so the running and operation of industrial facilities. Our best guesstimate, apples to apples, is probably 10%-15% before the crisis, so before RSC and before the strategy. Paul talked about specialty being 21% of the mix, 7%, even five years ago. Infrastructure is now a low double-digit part of our business. All those exhibit something between less cyclical, non-cyclical, and counter-cyclical, so that the top-line profile should be meaningfully different now than it has been in the past. Just went through kind of the margin improvement as well as the capital efficiency. We'd expect all those things to be manifest in any environment. Joe? Thanks. Joe at Vertical Research. Joe. Hi. Just wanted to see what your thoughts are on free cash flow in kind of the downturn scenario. When you talk about this year still spending a lot, or in 2019, still planning on spending a lot on the CapEx front, but the free cash flow capability or ability that you have through kind of a downturn. How you think about those uses. You reiterated the comfort level with 2.5 times to 3.5 times levered. Presumably, you're in a position where you're going to generate a lot of free cash flow when you're not buying fleet. What are your general thoughts around that, and whether or not you do want to go below 2.5 times, or you see that as an opportunity to step up even more on the buyback front? Bill, you want to take part of it and I'll take part of it? Sure. It comes back, honestly, Joe, to the strategy that we employ for capital allocation and feeling comfortable that the strategy has steps that are very disciplined and that ultimately will result in best decisions for the way that we would be deploying that cash back into the business. When you talk about downside specifically or a down case specifically, I mentioned in the past, we generated meaningful free cash flow in a down year, at the expense of not investing in the fleet. Now, we'll invest in the fleet depending on how the market requires it and the opportunity that we see. That may mean a little bit more growth, a little bit less growth. It really just depends on what the market looks like at that point. But when we think about the excess cash beyond the investment, then we work very closely with our board, making sure that we're comfortable with the repurchase programs that we authorize and that we kind of run over a period of time. I know we've talked before about the fact that we're not opportunistic in our share repurchase programs, and there's a lot of reasons for that. But as we think about a more, again, disciplined approach around the share repurchases, what that would leave us with is absent opportunity in M&A that makes sense. That leaves us with what would be a kind of a natural de-levering of the business over that time. Yeah. The only thing I would add to that, Joe, is every year the board makes a conscious effort to review the capital allocation strategy of the organization. It's not just the, this is it, and it's set in stone for perpetuity. It is reviewed every single year. I see this year, 2019, being no exception, that we will go through that and take a look, and determine what is the best usage of that cash. We've acquired the vast majority or a large portion of the larger companies, so any other company that's really out there would be smaller, just in nature. So you're right, we're going to generate a lot of free cash flow. We are a cash generator. We're very proud of that. And Bill used to say it's a high-class problem. Yeah. We will always go through it, but it's the board working through the capital allocation. Whether we would change our leverage ratios, we might, I don't know. That's something that the board will certainly take a review, and it's an in-depth review. It's not just something they take lightly. We spend quite a bit of time on it. Barry? Hi, I had a question around your share of wallet of existing customers, and do you have any metrics around that? Any goals for that? Just in terms of thinking about growth from existing customers versus new customers, how do you think about that trade-off and where the great opportunity is? Thanks. I'll let Matt Flannery answer that question. I would just only say one thing, more. I want more. Matt. We've been measuring share of wallet for years, as many of you know. Some industries maybe have more data for it to be a little more scientific. It's a bit self-reported. But I think where we focus on is with Paul McDonnell's presentation on that customer segmentation or on those single point of contact customers is where we. That in itself is a commitment to share of wallet, right? We put that extra resource in, and we want to drive more share in there. So that's where we specifically focus on share of wallet. As far as new customers versus existing, I actually say new versus retention. We want to grow the share of wallet. We want to make sure that there's no revenue running out the back door, and that's why you got to continue to drive customer service. And then third is customer acquisition. Customer acquisition is the lifeblood of any organization. We focus on it, but we don't really want to differentiate that from getting new business from an existing relationship, whether it's through cross-selling, selling a non-capital related service, or any other way we can further engage with that customer for all the reasons that we'd want to. Cliff? Cliff. Cliff Ransom. Yep. Cliff Ransom Research. You made an interesting line. You said culture is not accidental, but culture has to go through the entire organization from top to bottom. Can you share with us how you've had to change your own management, leadership, mentoring, coaching, planning, strategy styles in the last five years as your company has changed? I'm going to answer that. Mike, I'm going to put him on the spot. He didn't have to. He was always the humble leader. I've been working for Mike for 20 years. He was always the humble leader that leaned very naturally into that. As soon as he got the mantle, that's when we started to really drive that throughout the organization. I don't think he had to change a bit. We had to go out, and the rest of us had to pitch in communicating through the town halls, and I think it permeated throughout the company, and now it's an expectation. You're not going to be a branch manager that's going to sit at your desk and just peck on the computer and look at metrics on the screen and keep that job for very long. This is just part of our culture. It's who we are, and we think it's paid great dividends. I'll say again, I don't think that was foreign to the man to my left. Yeah. Thank you, Matt. I will tell you, Cliff, there were some aha moments as a leader. From time to time, you get external consultants to come in here and tell you what you should have done, would have done. In my humble experiences with Town Hall, I put the question to some hourly employees, and lo and behold, they came up with the same answers that those consultants came up with, right? What I realized very early on was the answers are before you. You just have to go out and ask them. If you engage them in a way that they feel that they're not threatened, boy, they will talk your ears off and give you all kinds of ideas. We started that very early on in our process and our evolution, especially when you're driving change. Why are we changing? Why do we have to close locations? Then you kind of rally around, here's our vision, here's where we're going, and what has to be true in order to be able to execute those results. Quite honestly, it was very humbling for me to really. There's a lot of intelligent people out there, and the gray mass that they have collectively is far more than they can stuff in one head. So I've always been in the mindset to do active listening and get closer to the people who are closer to my customers. David? Just a quick question on the cash flow guidance for 2019. The EBITDA growth for the year is about $610 million. Yes But your net CapEx is only up 75. So you would think your free cash flow would be up north of $500 million. Why only $100 million increase in free cash flow? Let me try and help with. Let me reconcile. Yes. The way we're thinking about it, and again, I'll use midpoint to midpoint just to kind of make the math easy. So about $600 million of EBITDA increase. Change in CapEx, call that a use of about 75 million. That's right. There's about $50 million of non-rental CapEx, more that we'll spend in 2019 because as you can imagine, all that digital investment isn't cheap, right? We want to make sure that we're investing in the long term. Then if we look at cash interest and cash taxes, those are going to both be up about $150 million each. And that leaves about $75 million for working cap. That's helpful. Can you clarify, I apologize, I missed it, the share repo exactly. You're restarting. Yes. How much is left at the moment of restart? Through the end of September, we did 210 on the $1.25 billion. It is 1,040 starting the clock now. How much do you expect to get done in December? How much should we think about left in 2019? Given the seasonality, your cash flow, heavy first quarter, heavy fourth quarter, can you help us with the cadence? Sure of the repo, especially given where the stock is? Sure. As far as how much we're expecting to get done now, I'll give you that update in January, because I know Irene needs to put the orders in, so I don't want to give a number that's obviously going to change. But if we think about it as far as kind of the normal cadence of what we've done at, call it $210 million per quarter, again, our approach has been to be pretty consistent throughout the year, sort of call it straight line throughout the year. At that rate, we'll finish in Q4. The decision of being consistent throughout the year, given where the stock is and the seasonality of cash flow, why the need to do, call it, 210 a quarter kind of idea? So- Why not a little more aggressive in the first quarter? Sure. It comes back to the methodology that we feel very comfortable not being speculative about the market, not trying to peg a particular stock price as the price that we want to sort of lean in on, and making sure that we get the benefit of really a weighted cost average of buybacks over that period of time. Thank you. Thanks, David. Thanks, David. Amanda. Yilma. All the way down. Thank you. Yilma Abebe, JPMorgan. I had a follow-up question on capital allocation. The market seems to be penalizing the leverage today. If you look at your year-to-date performance, URI versus Ashtead, you are significantly underperforming. You are also seeing that in incremental credit spreads between your bonds and Ashtead. Given this backdrop, why not more aggressively pay down debts? The short answer is that we feel that the range that we have at 2.5x-3.5x is appropriate, not only for the size of our business, but for the cash flow that we generate, and also for the opportunity that we want to make sure we have in investing in the business in a way that will generate the best possible return. I try to stay away from direct comparisons to our competition. Ashtead trades on a different exchange with different investors that may require a leverage profile that looks a little different than what we have. All that aside, we feel very comfortable with where we are today, and that the range that we have will allow for us to have, again, that flexibility that we believe is right for our business. Steve. Steve. Thanks. Stephen Fisher, UBS. Hi, Steve. As you grow your specialty business over the next several years and do achieve a higher return on invested capital, to what extent does that change the way you're thinking about the types of acquisitions that you might make, or at that point, how you might think about what your targeted leverage should be, or any other factor that might affect once you have a higher return on invested capital? It's hard to predict until you get there. It's also hard to predict what other specialty businesses you would add. We have typically tipped our toes in small and try to organically build it out. That's what we've done in almost any one of our acquisitions, including National Pump, which was one of the largest ones that we did very early on when we kind of built that out over time. We don't know till we get there, to be honest with you. I don't know on the ratios until we get there. The question is, how much of it can we do organically? Can we get the subject matter experts? How do I get that talent pulled in there? Because they really are specialists in what they do. They just don't rent equipment. They really do provide a complete solution. BakerCorp even has scientists on their staff for the filtration aspect of it. As we go through it, we're going to have to be able to communicate that, what the strategic objective is longer term. But we don't know what we don't know right here and now. All I know is we think that we've changed dramatically. We've got a much more robust specialty side of our business, and we generate a lot of free cash flow. So I would suspect that we will continue on that path. Thank you. Steve, maybe one way to think about that also, we're coming at it from both ends, right? Yilma, it gets to your question of optimal capital structure, and where do you want to be on kind of that spectrum, right? We're coming in from that perspective. So when we think about kind of the relative effect of spreads on leverage, it's thinking about optimization. Steve, from your standpoint, we're trying to maximize the returns, right? It's trying to drive that EVA spread. That's been a core principle of our strategy for years now. John. Hi. Now that you have BlueLine into the fold, maybe it's only a month or two or so, I'd just be curious to get a little more color on how the integration's going and to what extent you're seeing any additional opportunities for further cost savings. Sure. Well, the integration's going very well. I think that our team, and to be fair, their team, the new team members, have really done a great job of leaning in to becoming one very quickly. I'll give you a data set to support that. We closed on the 31st. We converted on the 9th. What was that following Monday, I think was the 11th. We had that first day of full implementation of everybody on the same system. We had almost $60 million of BlueLine fleet in United stores, and almost $15 million of United fleet in BlueLine stores. So, that's how quick this integration happens. The fleet sharing is one of the first great opportunities. We're on target for all the synergies. We usually are ahead of target on synergies because we'll move some of the corporate ones faster. As throughout, you saw the video from the branch manager in Boston from NES. We'll get all the low-hanging fruit quickly, and then the real win is over time, making that business look more like our business. That's the real value of the acquisition. One other very pleasant surprise, and I've asked every single RVP as I personally get on these region integration calls, where they talk about what decisions they're making about a month after the integration. To a person, every single one of them answered this question with affirmative yes. "Was this deal good for you in your region, or did it create more work than value?" Every one of them was a resounding yes. We're very encouraged about the level of talent that they have at the branch network. So it's been early signs, really good. Thank you. We've got time for about one more. There is, in the front. Hey, how's it going? Akshay Ramachandran from Long Leg Capital. I have a question on the specialty side of the business. I understand on the national customers, the cross-sell strategy. But when it comes to the non-national customers, obviously, the return on capital on the specialty side is very good. Why doesn't that get competed down on the non-national side? It'd be a very similar question as to why do you do M&A? Right. It's because it requires different skill sets, different talent, different knowledge than is readily available to just go cold start in the market. That barrier to entry of specialty protects it a little more from broader competition. I also think the access to those customers that need it is a little bit easier if you've already got a right of way to those customers through other products and services. But I think those are the two main reasons. And some of them aren't as large as some other product lines you may go after. But when you put them all together in a bigger organization, they're more powerful than they may be standalone. Great. I think that's going to conclude the Q&A section. I know Michael had some closing remarks he wanted to make before we let everybody go. Yeah. Let me first start by thanking all of you for being patient and staying with us all afternoon. I hope you found it to be very insightful on the presentations of United Rentals. There are a handful of key points that I want to reinforce as we close. First, where we sit, we continue to be optimistic about the outlook next year, and that should be evident in our 2019 guidance. Second, we've transformed the company to become considerably more profitable and efficient. You can see that in the margins, the returns, and the cash flow that we've generated, particularly as we went through the last four or five years. We're very proud of that. Third, we've diversified our exposure to end markets and customers, and we think this will serve our shareholders in any environment. Fourth is the operations, technology, and culture that were outlined today are major differentiators, and we really believe in that. That keeps us agile at navigating the changes in our end market. Fifth, we have a strong balance sheet and a disciplined approach to capital allocation. Most important, our entire organization is focused on balancing our growth, margin, returns, and free cash flow to maximize long-term value. This afternoon, you saw how these things work together to drive and extend our competitive advantages. In the process, they benefit our customers and investors. Now, we look to continue on this dialogue, not just today, but as we think about in January when we report the fourth quarter, which results will be in on reporting on January 23rd. Until then, you may have other additional questions or thoughts. Please reach out to Ted Grace for any additional comments, questions, ideas, thoughts. Always interested in hearing from you. From now on, I just want to say I hope you all have a happy holiday. I would be remiss if I didn't say, please be safe. It's always challenging out there, especially with all the drivers that are out there. Thank you, and have a great day. Thank you. I look forward to seeing you again. Thank you.

Data Source: Quartr Last updated: Dec 11, 2018

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