Good morning, and welcome to the United Rentals Fourth Quarter and Full Year 2013 Investor Conference Call. Please be advised that this call is being recorded. Before we begin, note that the company's press release, comments made on today's call and responses to your questions contain forward-looking statements. The company's business and operations are subject to a variety of risks and uncertainties, many of which are beyond its control, and consequently, actual results may differ materially from those projected. A summary of these uncertainties is included in the Safe Harbor statement contained in the release. For a more complete description of these and other possible risks, please refer to the company's annual report on Form 10-K for the year ended December 31, 2013, as well as to subsequent filings with the SEC. You can access these filings on the company's website at www.ur.com. Please note that United Rentals has no obligation and makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations. You should also note that the company's earnings release, investor presentation and today's call include references to free cash flow, adjusted EPS, EBITDA and adjusted EBITDA, each of which is a non-GAAP term. Speaking today for United Rentals is Michael Kneeland, Chief Executive Officer; William Plummer, Chief Financial Officer; and Matt Flannery, Executive Vice President and Chief Operating Officer. I will now turn the call over to Mr. Kneeland. Mr. Kneeland, you may begin.

Thanks, operator, and good morning, everyone, and welcome to today’s call. With me today, as the operator stated, is Bill Plummer, our Chief Financial Officer; Matt Flannery, our Chief Operating Officers; and other members of our senior management team. Last night you saw as reported a strong end to a record year of value creation. Our efforts in 2013 were defined by our discipline, our focus and our pursuit of profitable returns. All three of these qualities are apparent in our results. Our rental revenue and our EBITDA both showed substantial year-over-year improvements in the quarter and these are the key metrics of our core business and their trajectories look very good. We increased our rental revenue by a robust 9.4% in the quarter. The full year increase was 7%. So we outpaced our performance in earlier periods as expected. And our adjusted EBITDA for the quarter was $651 million at a margin of 48.7%. That’s 440 basis points higher than the prior year. These are strong tailwinds to take us into 2014. In addition, the three drivers that underpin our revenue and margin showed solid year-over-year growth in a season challenging quarter. Our rates improved 4%. Our time utilization increased 60 basis points to over 69% and our volume of equipment on rent increased by more than 8%. The bottom line as you saw was an adjusted EPS of $1.59 per diluted share. Now Bill will discuss these numbers in more detail in a few minutes and then we’ll go into the Q&A. So now I want to turn over to the current year. The operating environment is obviously a major factor in our outlook and we agree with the majority of forecasts, particularly more lively in rental market in 2014, with further upswings in 2015 and 2016. Now,…

Thanks, Mike, and good morning to everyone. As is usual I’ll spend some time going in a little bit more detail on the quarter before I move on to our outlook for 2014. I’ll start with just an update on rental revenue for the quarter. You heard Mike say that Rental Revenue was up 9.4% in the quarter. That was very robustly driven by the increase in our owned equipment rental revenue. OER was up 9.6% in the quarter. You heard about the 4% year-over-year rate improvement. That was a very significant driver, but we also had very robust volume growth in that OER number, up 8.2% in fleet on rent in OER for the quarter. Mix and other was a drag of about 2.6% and as we’ve talked in the past, about 2% of that drag was from the effect of inflation on our original equipment as we sold used equipment. So the remaining negative 0.6% or so was owed to mix in our period mix and other mix effects in the revenue. So, OER up 9.6% or about $86 million out of the $97 million or so year-over-year growth in rental revenue. We also had another very strong quarter in ancillary revenue, up $15 million or so over the prior year. That’s a 15% growth rate for ancillary, really driven by better sales of our rental protection program and higher collections on delivery revenue in the quarter. So a very robust quarter in ancillary and others. Re-rent was down in the quarter. That was the main difference between the two strong growth items in OER and ancillary. But put it all together, rent revenue was up to $97 million or so year-over-year and again that’s a 9.4% rental revenue improvement. If you move on to used equipment just…

(Operator Instructions). It looks like our first question in queue will come from the line of Seth Weber with RBC Capital Markets. Please go ahead, your line is open. Seth Weber – RBC Capital Markets: With the free cash guidance that you just underlined, Bill, the $400 million to $450 million for ’14 on top of the $4.25 million for ’13, can you talk about your relative comfort to reaching the $1.5 billon that you talked about collectively for 2013 to 2015 and what would be the source of that large uptick -- the implied uptick in 2015 which would have to be $600 million to $650 million?

Sure, Seth. Thanks for pointing that out. I probably should have said it in my prepared comments, but we’re very comfortable with the $1.5 billion number that we talked about covering the ’13 to ‘15 time period. Yes. It does imply a significant uptick in free cash flow for 2015, but again we feel good about being able to deliver that. Where is it going to come from? We think robust improvement in our operating cash flow from profitability. As we continue to grow the fleet and as we see the impacts of some of the investments that we’ve made in prior years, we fully expect that we’ll have a nice improvement in profitability that will contribute to significant improvement in free cash flow overall. So that’s the biggest driver to get to that roughly $650 million number. There’s a little bit of a headwind against that as we talk about NOLs run out in 2015. And so our cash tax bill will go higher. It will be a drag of something north of $100 million, $120 million thereabouts. But we feel like with the improved profitability and some of the other items that I’ll touch on in a second, we can overcome that. One of the other important drivers is that we don’t anticipate to continue to grow our capital spend as we go forward dramatically. In fact as we sit here and think about 2015, we think broadly speaking we think about 2015 CapEx as being comfortable with the 2014 number that we’ve seen. So we don’t expect to see a significant drag from increased CapEx in the year 2015 as well. So that helps. And then we’ve got some things focused that in the areas that I’ll broadly call working capital that we think can really help…

Seth, this is Matt. Good question. As far as the specialty CapEx, think of our CapEx as two thirds replacement and one third growth within that 50 number roughly. And if you think about the growth capital, the number that you’re referring to, we’re going to spend about 45% of that growth capital on specialty. It’s a major strategic advantage for us with our key customers and as well as to fund all cold starts that Bill and Mike had referenced. Within the other two thirds of the capital, we will continue to mix even with major cap classes. So we have a focus on making sure there’s three levers that we focus on, customer demand, first and foremost we have to meet their demand. But within those major cap classes of aerial, reach forks, and earthmoving, there’s different mix we can get to meet the demand and at the same time improve our returns and that’s what our team is focused on as far as CapEx spend for ’14 and beyond. Seth Weber – RBC Capital Markets: Should the cadence through the year be pretty traditional or do you think it will be more front end loaded or back end loaded this year relative to historical?

We expect it to be similar to what we did in ’13.

It looks like our next question in the phone queue will come from David Raso with ISI Group. Please go ahead, your line is open. David Raso – ISI Group Inc.: I know it’s a little bit of you can’t please everybody, but trying to balance growth and hitting the cash flow and return on capital targets, when you speak to CapEx, best case flattish in ’15, utilization this year you’re looking at 68.5. How are we thinking about growth though in ’15 with a flat CapEx? I’m just trying to make sure yes clearly the re-rating stock giving away a little bit of growth is worthwhile for an improving return on capital and cash flow, but at the same time if I don’t have CapEx growth in ’15, structurally how are we thinking about where rates can go in that somewhat restrained CapEx environment. Where can utilization go? I’m just trying to make sure we don’t lean too far to the cash flow return on capital story and forget about leveraging the cycle bit.

Thanks, David. I guess I’d point out that if we spend let’s say $1.650 billion again in ’15, we’re still growing the fleet, right? That’s still mid to upper single digits growth on the fleet overall and if you layer on top of that a little bit of improvement in utilization, that’s a nice level of growth -- basis for growth even before you get any rental rate increases on top of it. So I guess I wouldn’t despair of growth in 2015 with that level of capital spend and what we want to do is to make sure that we’re leveraging the capital we already have plus any new capital that we spend as much as we can. And so we balanced it maybe a little more toward profitability improvement and return improvement than some would like, but I think it’s going to really bear fruit as we go down the road in improving the returns and profitability of our business.

David, I just want to add two other things to that that Bill highlighted on and I agree with what Bill said. These other avenues that -- we’re taking off a lean process. We changed our processes to figure out how we can make sure that we can grow our revenues by expanding our time utilization and also getting our OEC not available down. So that to us is also another way in which we can get that trap cash and have it start working for us. David Raso – ISI Group Inc.: And related to this, on page 52 the bridge to the higher returns speak to 6% growth in rental CapEx per year. So it is safe to assume trying to model out a few years there’s going to be some growth in CapEx even if you flatten out in ’15 to hit this 10.8% hurdle for return assume there’s some pickup in CapEx if you look further out. And what are the EBIDTDA margins that are baked into this return analysis on page 52? Just so I can get a feel structurally where you think the incremental margins are from here to there, call it 2017.

So I’ll leave the exact margin numbers to your imagination, but I think it’s fair to say that they continue to improve throughout the timeframe that we’re talking about here. Yes, as you look further out we probably would add a little bit more growth CapEx beyond ’15. I’m talking a little bit more in CapEx assuming the market continues to move positively just to sustain a decent level of growth for the business overall. Incremental margins as we go forward, again as the modeling exercise right now I’d say just keep using 60%, the number right around 60%. That’s probably a fair way to think about incremental margins going out.

It looks like our next question in the phone queue will come from Ross Gilardi with Bank of America. Please go ahead, your line is open. Ross Gilardi – Bank of America Merrill Lynch: Just I wanted to if you could elaborate, given your focus on returns in your comments on continued deleveraging and returning cash, should we assume that large acquisitions have moved lower on the priority list?

This is Mike. I’ve always said this, that there’s a lot of opportunities and growth opportunities out there. We’re in a position where we don’t have to do anything to execute our strategy of going profitable. We always have a hurdle; I’ll just say simple hurdles. We call it the three legged stool around here, the strategic fit. Financially does it make sense from the benefits we yield and a cultural fit. I would say that the bar has been raised and will remain high on those three hurdles and we’ll have a very disciplined approach. We’ve had opportunities and we passed on. So could it be something in the strategic or in the specialty side? I mentioned that we’re looking at both organic and inorganic ways of growing that business. Could it? I don’t know, but rest assured the bar is high and it has to hit those three hurdles. Ross Gilardi – Bank of America Merrill Lynch: And then just wondering if you could comment what you’re seeing out of the major OEM dealerships with respect to rental. Clearly the rental channel is growing very fast. Your average OEM dealership amongst the majors is not seeing that level of growth right now. So are you seeing the OEMs respond aggressively by adding more to the rental fleet? Any color there would be helpful.

Sure, Ross. This is Matt. We haven’t seen a major expansion there maybe. Any growth at all would be significant because most of the OEMs don’t have large rental fleets. I think their participation selling into the rental channel will continue and I think -- as I think about our top vendors, it’s already a large part of their business and maybe some of the next tier vendors for us might get more into the rental channel. I don’t anticipate dramatic changes in any of those results.

I would also add that most of the OEMs he’s talking about from a dealership standpoint would be earth moving and that is an area of our sector that we have grown. We’ll continue to invest in, but the heavy side of it is something that we’re not --- we have a big footprint on. So they may expand their rental portfolio, but it’s probably going to be within their core competency.

It looks like our next question in queue will come from the line of Ted Grace with Susquehanna. Please go ahead, your line is open. Ted Grace – Susquehanna Financial Group: Congrats on a great quarter. Mike, could you just talk about your views on macro? I know you touched on it initially, but what is the most important metrics you guys are looking at internally, whether it’s rate or time utilization to feel as good as you do? The customer survey is in the flavor they might provide on either growth by vertical so retail, lodging, office. Where do you see the best opportunity for you from an end market perspective and then regionally how are you feeling about it?

I’ll take the high level and the detail on retail I’ll give over to Matt. So let me just say that within our investor presentation, I think it’s page 12 we have our customer survey. This survey that we just performed in December comes at the strongest results that we’ve ever seen. We only have 2% of the more than 228 customers we surveyed. Let’s see, 2014 going down. 98% see 2014 going up or equal to 2013. So that’s probably one of the strongest results that we’ve seen since we started this survey process. From an external data, we do listen and we talk to and follow the global insight. We follow obviously the GDP. The ABI index I know there’s some -- I guess some questions about the ABI. The one thing I would just ask anyone to take a look at, if you go back to 2010, we had nine months that were negative and 2011 we had five months that were negative. In 2012 we had four months and then last year 2013 we only had three months. So you can see that trend continues to improve which goes back to our comments, you don’t see this as being a hockey stick, but a gradual improvement and I think that’s playing out. All indications are for all external resources that private non-res is starting to come back. Again we don’t see it being a very -- a big uptick or a hockey stick, very gradual. So I’ll shift over to Matt and let him talk from a regional perspective.

Thanks Mike. Yes, Ted. So when you look at it from a region perspective, we had very broad based growth. 13 of our 14 geographic regions had year-over-year growth and half of those had double digit growth. If we wanted to round up a couple of cents of a point, we’d actually add a couple of more regions into the double digit category. Eastern Canada remains -- we talked about it a little bit and the team up here is working hard, but they’re not getting any macro tailwinds up there. So they’re not in a growth mode, although their real results, their actual results are still very good results for the organization. We’re seeing the hot spots where you would imagine. Oil and gas is a hot sector. Anywhere where there’s power is hot and we’re seeing our double digit growth in those segments. But when you look broadly overall and you look at the way we closed the fourth quarter on our key metrics of time utilization, rate improvement and used sales improvement in both margin and volume, specifically the retail portion of our volume which we really put an emphasis on and the demand is there. It really has us feeling very bullish on 2014 demand. Ted Grace – Susquehanna Financial Group: That’s great. And then the follow up if I may to tag along on David’s question, if the market were to be up 8% hypothetically and URI outgrows it and that CapEx is up let’s say 5.5% just looking at the simple numbers, would it be fair to infer that the time utilization improving 30 basis points may be conservative or is there something I’m missing just in the high level math?

Ted, I always hesitate to say things are conservative, but that improvement that we’ve talked about is not huge and particularly should be gauged on what the market is doing, but also on what we’re doing inside the company. Lean initiatives that we’re implementing could give us the opportunity to do better than that. I certainly wouldn’t go lower than $0.03 improvement in 2014. If you’re having a problem reconciling something, then -- and if increasing the year-over-year improvement in utilization helps you reconcile, then if I were in your shoes I’d probably advice to bump it up. Ted Grace – Susquehanna Financial Group: And so if you roll that forward to David’s question and you’re in a flat CapEx environment in ’15, can you talk about where you think you ultimately can get some utilization too over the next -- I guess whatever is embedded in page 52 in the return profile.

Sure. We can -- Ted Grace – Susquehanna Financial Group: Can we get to the low 70s? Is that -- could we be calibrated there or --?

Ted, this is Mike. And I’ve said this before both on the road and what not. In my 35, 36 years in the industry I would have told you that where we stood being around 70 would be probably a threshold. Having said that and gone through the kaizen event which I actually spent a week out on the road in Atlanta, it opened my eyes as it did the management that there is opportunities to exceed that. We are putting in investment to roll out 200 branches this year in our largest key areas to touch them to roll out our lean process. It’s hard to quantify right here and now. We’ll update as we go forward, but I would tell you that I can see areas where we can do over 70%. How far up between 70? I don’t know right here and now, but I can tell you that it can go up. The headwind we would only have, as we grow the specialty side of the business, that’s a business that time utilization is not really a big component to get those returns. But I can tell you that intentionally we’ve got it baked in there’s going to be higher time utilization opportunities.

Ted, just to add a little bit more; the improvement in utilization that we assume on the RIC Bridge Slide 52 obviously doesn’t get you there. It doesn’t get you to 70% if you just had 20 basis points a year over even five years. So we are putting in a number there for discussion purposes. To Mike’s point, the opportunities will play out as they play out. We’re optimistic on our ability to drive utilization. And so we certainly feel like there’s an opportunity -- relative to Slide 52 there’s an opportunity for us there.

Next question in queue comes from the line of Steven Fisher with UBS. Please go ahead, your line is open. Steven Fisher – UBS Investment Bank: Just on the rental rate growth going forward, how much do you think is tied to the extent of underlying non-residential construction market growth? Obliviously you grew just over 4% on flattish markets in 2013. I’m curious how much is company specific rate initiatives versus underlying market growth.

I would broadly characterize it as a mixture of both. We had carryover that was somewhere between 2% and 2.5% just coming in and certainly the market helped carry us up to the 4.2% that we realized for the full year. But we’re very focused on making sure that we manage rental rate actively. So it’s hard to separate it out and say half of it is from this and half of it is from that or 30%, 70%. That’s a very difficult split to make, but I do think that both are contributing and both will continue to contribute as we go forward. And in fact if the market accelerates as many forecasts has it doing in ’14 and ’15, then you would think the share from market dynamics gets greater and we can continue to drive the specific rate management initiatives that we have and we hopefully can realize even better than the 4.2% that we got in ’13. Steven Fisher – UBS Investment Bank: Okay, that’s helpful. And then on sales of used equipment, is that more a pool where clients are coming in specifically looking to buy used equipment or a push where you’re diverting people to used equipment? I’m just curious wondering what your interpretation of increasing used equipment sales does to that market conditions.

Sure Steven. This is Matt. It’s definitely a focus for us pushing our reps to participate more in retail sales. But I don’t think that’s converting people from rental to own. As a matter of fact every other metric that we measure in our business and with our existing customers tells you otherwise. I think folks were buying through other channels and we just needed to brand ourselves and position our self as a leader in used equipment opportunities for our customer base. So it’s really just selling into our existing customer base who are also growing their rentals at the same time. As their demand picks up, it will continue to grow both the rental and the used equipment side. Steven Fisher – UBS Investment Bank: Okay. It can coexist. That's great.

Yes.

Next question in queue will come from the line of Nicole DeBlase with Morgan Stanley. Please go ahead, your line is open. Nicole DeBlase – Morgan Stanley: Just another question on rate, how should we think about 1Q rates given that I think you’re facing a little bit of tougher comps. So should we expect lower rates in the first half of the year and acceleration into the back half of the year?

Sure Nicole. It’s Matt. Actually when you look from a year-over-year perspective, you’re not going to get -- we don’t anticipate getting major swings within that 4% guidance. If we’ve got upside then you’ll see more swings in Qs 2 and 3 as our peak demand period let’s say May through October is where our opportunity to get sequential improvement always lie. But from a year-over-year perspective, although there’s a choppiness in comps, we’re not forecasting or planning for anything more than 10 or 20 bps of variance quarter-to-quarter. Nicole DeBlase – Morgan Stanley: And then now that you’ve moved past the period of negotiation on price with various suppliers, what are your expectations for fleet inflation next year, this year I guess?

This year? It’s somewhere between 1% and 2%. Call it 1.5% just for discussion’s sake.

It looks like the next question in queue will come from the line of Scott Schneeberger with Oppenheimer. Please go ahead, your line is open. Scott Schneeberger - Oppenheimer & Co. Inc.: Congratulations guys on your year. Bill, you mentioned no longer discussing cost synergies from RSC. Could you address revenue synergies? That is something we haven't touched base on in a while.

Sure. Actually, Matt you want to try that?

Sure. We have -- once we’ve got to our fourth quarter run rate, we feel very comfortable that we’ve achieved our $50 million EBITDA goal. Remember that that’s an EBITDA goal, not a rent revenue goal of our revenue synergies and that is net. The (inaudible) synergy that we had of almost $40 million early on during the integration from the store closures, it’s mostly been driven by cross selling of our specialty products, in Trench, Power/HVAC as well as cross selling the total control solution service that we got with the RSC acquisition. So we feel comfortable that we’ve achieved our revenue synergy. We’ll build it into our plans. As a matter of fact it’s built into our guidance going forward and we’re excited that we reconnected with the local customer base. When you look inside, just to give a little color, when you look inside the customer base numbers, our unassigned accounts which was the area that we lost the local customers when we closed those stores, we put over 100 more sales reps on the streets to reconnect with those customers and when you look at our fourth quarter results, those customers grew at 12.6%. So we’re encouraged that we recaptured those lost synergies. That was -- the leak in the bucket was really our largest concern and we’re feeling good with that. Scott Schneeberger - Oppenheimer & Co. Inc.: And then following up on the prior question with regard to used sales, Bill or Mike, I think you mentioned expanding international distribution for used sales. Could you please elaborate on that? Thanks.

Sure. Right now that whole channel market is really a collection of various brokers and then it goes through the auction channel. We’re establishing specific areas where we think that there’s growth opportunity in foreign environments that would benefit. We’ve made sales. We continue to make sales. We’ve had used sales that go overseas and we’re expanding on that by building new relationships in a much broader base. We want to make sure that it’s an avenue or a channel. As we grow, we’re going to be -- we are the largest producers of used equipment, quality used equipment and we think it’s prudent for us to think through that growth down the pike and we are putting a capital investment and they’re yielding benefits from the records already.

Just to add to that, we’re hiring dedicated sales reps and focusing them on different regions around the globe. We know that there has been the demand for our equipment offshore. We’ve just been reaching it through brokers and we think there’s an opportunity for us to do a direct sale. We’ve got a focused effort as Mike said and we expect that to continue to support our focus on driving used sales through our direct channels and realizing the benefit thereof.

Our next phone question will come from the line of Neil Frohnapplen with Longbow Research. Please go ahead, your line is open. Neil Frohnapplen – Longbow Research: Thanks. Congratulations on a great quarter. Did you guys re-price a lot of your national accounts that you only negotiate annually during the fourth quarter? And if so, were you able to increase rate more than in recent years that gives you guys confidence in the 4% price realization for the full-year?

Neil, this is Matt. We don’t want to speak specifically about any customer segment. I would say that broadly all of our customer sets are routinely under review. We did go through a major contract harmonization as you all know during the integration. That’s 100% complete and now will just be part of our regular negotiation cycle with our contractual accounts specifically and they’ll mostly be in the first quarter. It varies by customer and some of them are actually quite rigorous and long negotiations and contractually obligated or done through an RFQ system. but overall we don’t see a lot of variability within customer sets and I think you’ll see a similar result within all our customer sets that we had guided to that I answered when Nicole asked the question about seasonality. Neil Frohnapplen – Longbow Research: And then, Mike, just going back to your commentary on the ABI, it's declined the last two months and just wondering if you're seeing any slowdown in quoting or anything that gives you concern that the non-res recovery will be slower than expected this year?

No. again as I outlined, the pattern from 2010 to 2013, we’ve had less and less negativity. It goes back to I don’t see this being a hockey stick. I see this as a gradual improvement. I think that we’ll have to see how 2014 plays out. My sense is that we’ll still have a positive outcome. Nothing’s changed in my mind. I expect some volatility or some changes between month to month. If you go back, you had four months in 2012, consecutive months. But yet 2013 was a pretty good year for everybody. So again it continued to trend. Overall trend continues to improve and we had a diversified portfolio, about 50-50 industrial and then construction. So I think we’re well positioned.

That does appear to be our time for questions so this will conclude our time for questions. I'd like to turn the program back to Mr. Michael Kneeland for any additional comments.

Thank you, Operator. I just want to tell everybody that first and foremost, thank you for joining us today. I urge you to get the latest presentation on our investor website. It’s been completely refreshed and a lot of new content. I think you’ll find it most intriguing and helpful. We also launched our first national advertising campaign this week and customers will see a powerful message about our commitment to their success and you can watch the commercials on our website as well. If you have any additional questions or have any opportunities to visit any of our branches, please reach out to Fred Bratman. And as always, we look forward to the next quarter call. Thank you.

Thank you, presenters and thank you, ladies and gentlemen. Again, this does conclude today’s call. Thank you for your participation and have a wonderful day. Attendees, you may now disconnect at this time.