Good morning, ladies and gentlemen, and welcome to the United Rentals third quarter 2008 investor conference call. Please be advised that this call is being recorded and is copyrighted by United Rentals Inc. Before we begin, the company has asked me to remind you that many of the comments made on today's call and some of the responses to your questions, will contain forward-looking statements. United Rentals' businesses 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 by any such forward-looking statements. A summary of these uncertainties is included in the Safe Harbor statement contained in the company's third quarter 2008 earnings release. For a fuller description of these and other possible uncertainties, please refer to the company's Annual Report on Form 10-K for the year ended December 31, 2007, as well as to its subsequent filings with the SEC. You can access the company's press releases, as well as its SEC filings on the company's website at www.unitedrentals.com using the link captioned, Access Investor Relations. 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. During the conference call, references will be made to pro forma EPS, free cash flow, EBITDA, and pro forma EBITDA, each of which is a non-GAAP term. Speaking today for United Rentals is Michael Kneeland, Chief Executive Officer, and Marty Welch, Chief Financial Officer. I will now turn the call over to Mr. Kneeland. Mr. Kneeland, you may begin.

Good morning, everyone, and thank you for joining us today. With me is Marty Welch, our Chief Financial Officer and other members of our senior management team. In a minute, Marty will review our third quarter results. But first I think it's important to tell you what we're seeing out there in the marketplace and what we expect our operating environment to be as we move in through 2009. I also want to discuss some of the many operational and financial actions we are taking to navigate through these waters while positioning the company for continued growth in the future. I'm going to give you more detail than we typically provide on these calls, because we know the environment is of paramount concern, and we want to address it as directly as possible. I will also note that we want to provide as much visibility as we can today regarding our outlook for 2009. Further details and former guidance, we'll have to wait until we complete our planning process. As you all are aware, we are in the midst of an economy whose volatility has reached historic levels. Many of the contributing factors such as the credit crisis have a direct impact on our end markets. Unquestionably, as we expected at the start of the year, construction activity is slowing, but I wouldn't describe it as universal. Let me explain what we're seeing out there right now. Business clearly continues to clearly be challenging, particularly in Florida and California, where we have a big presence. These two states together account for more than 60% of the decline in our US. rental revenues for the quarter. By contrast, business remains steady in a number of markets, particularly the Rocky Mountains, Midwest and Texas, where we're supplying equipment to projects like to…

Thank you, Michael. And let me add my welcome to everyone joining us on the call this morning. Michael has discussed some of our highlights for the quarter, and the actions we're taking to execute our strategy. I plan on reviewing our third quarter performance in greater detail, including the progress we're making on cost-saving initiatives, as well as our outlook for the year. Before I review the quarter, though, I'd like to spend a few minutes on our capital structure and liquidity position. We have one of the strongest balance sheets in the industry. This means that in a softer market, we will focused not only on the cost cutting and fleet management initiatives that Michael discussed, but also on generating significant free cash flow, which will allow us to delever when appropriate. Turning to our capital structure, as many of you are aware in the second and third quarters of this year, we repurchased all of our outstanding series C and D preferred stock, as well as 27.2 million shares of common stock, in a series of transactions that were accretive for the quarter, and will continue to be accretive next year. These stock repurchases, which will reduce our 2009 share count by about 39%, were funded with existing cash balances, borrowings under our accounts receivable facility, the issuance of HoldCo notes, and borrowings under our new and recently up sized 1.285 billion ABL facility. At September 30th, following the completion of the share repurchases, our debt to EBITDA ratio was 3.2 times, an amount that is well within our comfort zone. Further we expect this amount, which is both below our historic average of 3.4 times, and significantly below our historic high of five times to be about 3.0 times by year end. The overall economic environment…

(Operator Instructions) Our first question or comment is from the line of Alex Blanton with Ingalls & Snyder. Your line is open. Alex Blanton - Ingalls & Snyder: Just a question on your rental CapEx for this year and next year, which is down 33%, by the way, for the nine months, according to the cash flow statement. This is the gross, not the net. You gave the net figures earlier, but we haven't talked, and I don't think about the gross rental CapEx for this year or next year. What's forecast?

I'm going to ask [Chris Brown] to answer that question. He's our Assistant Controller.

Hi. How are you? In terms of 2009, I think Michael mentioned directionally it would be down, but we wait until the first quarter to give additional guidance. In terms of 2008, our full-year outlook for rental CapEx is $630 million, which contemplates no growth capital, and that will be down from the $770 million of gross rental CapEx last year. Alex Blanton - Ingalls & Snyder: Okay. So that's only $40 million then in the quarter because you did 590 through the nine months?

That's correct. We do substantially all of our CapEx purchases by the second quarter to get them ready for the traditionally busy third quarter. Alex Blanton - Ingalls & Snyder: Well, now you forecast a decline in the net for next year, so you must have a forecast of the gross rental CapEx. You're just not sharing them with us? I mean, you said $100 million would be the net figure for 2009. So you don't want to share the gross figure with us?

I think as Michael mentioned right now we're going through the planning process. I think the message we were trying to deliver is that from a net perspective, our net rental CapEx will be down significantly from a level in 2007 of $550 million to an '08 level of about $350 million. Alex Blanton - Ingalls & Snyder: For next year, you said $100 million.

The net figure, that's correct. Alex Blanton - Ingalls & Snyder: So that's a decline of 250. Can we look for a similar 250 decline in the gross, or are the sales of rental equipment going to change?

This is Mike, Alex. Basically the message is we're going be defleeting next year, and we're going to be taking, one of the levers that we've always talked about is our capital spending, and we will be aging our fleet out, as we go into what we believe. And all industry resources are telling us that next year will be a much softer year. So are going to be defleeting. It's too early to tell. We do plan to give guidance in early 2009. Alex Blanton - Ingalls & Snyder: Okay. Any idea how much you're going to age the fleet?

It's too early until we go through. Our range has always been 35and 45 months, and we'll still been within that range. Alex Blanton - Ingalls & Snyder: Okay. In that range and then finally AWPs, versus in the dirt equipment, would you comment on that for '09, both going down the same amount, or one less than the other?

I think that one is market-driven. Our plan process is very much all the way down to the branch level. They build it up. It's too early to tell if you're asking for my professional opinion, we will probably continue to hold some of our dirt. We've defleeted a lot of dirt this year, and we'll probably defleet some of our aerial business as we go through '09.

Thank you. Our next question in queue is from the line of [Henry Kirn] with UBS. Your line is open.

If you look at prices in the used equipment today, you held off on some of the sales in the quarter. Looking at the fleet, what are you seeing in the market today? How are used equipment prices trend?

Let me break that down into several buckets. First and foremost, our utilization was high. It was 68%. That's one of the reasons why we kept it. On the top of that, the used prices specifically, we reported 32% margins. The vast majority of our sales are retail, but if you're talking specifically about the auction, some of the auction prices, we have seen some softness, particularly in the area of the dirt equipment.

Okay. And as you look at the runway on SG&A going forward, how much more do you think you can take that down overtime to offset some of the negative cyclicality right now?

Again, we're going through our planned process. We made a commitment to reduce our SG&A and our cost overall. That's something that we started out in 2008. Very happy to report that we continue the focus on that $17 million, as we still want to knock our range down, and we have a lot more to go.

Okay. One last one. Have you seen any changes in the pricing of new equipment from OEMs to you to get you to buy a little more than you otherwise would?

No. We don't buy based on the pricing they give us. We have a history of being very aggressive of negotiating, partnering up with our vendors. We are going through that process. It's too early to tell. We do work with them over the course of the year to find ways in which we can both take cost out of the business.

That makes sense. Thanks a lot.

Thank you.

Thank you. Our next question or comment is from the line of Scott Schneeberge with Oppenheimer. Your line is open.

Hi, Scott.

Could we focus a little bit on the pricing? Was it just a matter of the high exposure to California and Florida? Obviously you had a great quarter of moving fleet around, but could you just delve in a little bit deeper on what you think impacted you versus your expectation there?

That's a great analogy. When you take away California and California, they are depressed. As I mentioned 60% of our revenue in the third quarter, the decline we saw in rental revenue was attributable to those two states. When you look at the rental revenue, the rental rates specifically, they accounted for about 25% of the decline, as we went through. We are defleeting in both of those areas. As a matter of fact, we have done a very good job. We're down almost $80 million on a year-over-year basis of defleeting and repurposing that capital, but there is still good customers there that we need to wrap our arms around and focus.

Great, thanks. Shifting gears a little bit, contract supply sales, a nice year-over-year margin move there. You mentioned on the call, you're down to two distribution centers left. Are you going to go to a pure outsourcing model? Are you going keep the two DC's into '09, just strategic thoughts there.

I would say right now we are very comfortable where they stand today. We reserve the right to always focus on them and to the extent that they're not performing or we can find an alternative. We will look at that, but we will continue to focus on improving our margins. We've made progress, we're not done yet.

Scott this is Marty. The two DCs that we have are outsourced. So we can change our mind on those on very short notice.

Okay. Great thanks for the (inaudible). Marty, just real quick. The leverage at the end of the year, I believe you said on this call 3.0. I realize I'm being nit-picky; because it's a good level, but I think the company line before was 2.9. Is there anything that we should read into that? Just a little bit of less that reduction. Just if you could elaborate there, even if that is if I am even accurate on that?

You are accurate. It's just really rounding the EBITDAs down a little bit. And I don't think we've changed our mind at all about the cash generation that the company is going to have.

Okay. Thanks so much.

Thank you.

Thank you. Our next question or comment is from the line of Seth Weber from Banc Of America Securities. Your line is open.

Just going back to the rental pricing discussion for a minute. One of your competitors, I think, this week announced a pretty robust increase in floor pricing, which contradicts the number you have put up. Can you just talk about what you're seeing in the marketplace? Is it rational out there? Are you seeing anybody, off the reservation at this point?

That's a great question; I am going to address it this way. One of which is, we proactively manage our rates and we will continue to do so. 25% of our rate decline occurred in two areas of the country we were having a strong presence are down significantly. With regards to our competitor's one, I don't know how they calculate rates. We're seeing good discipline out there, obviously there are regional areas where we do bump into things, but if you want to quantify it for national level, we're not seeing anything that is dramatic, and I think that the industry overall is being very responsive.

Okay, thank you. A separate question . On just the math here, you kept your revenue guidance I think intact, and lowered your EBITDA forecast a little bit, which implicitly brings your EBITDA margin forecast down. Is there something we should be thinking about that's kind of just a temporary pressure on the EBITDA margin, or is there something that I'm missing here?

I'll try to answer it, and if I don't answer it we can probably take it offline. But our focus has been on improving our EBITDA margins. Our EBITDA margin is actually up, but one of the biggest impacts that we're having currently going into the fourth quarter is obviously closing our locations. But we think that is the prudent thing to do for the long-term value of our shareholders. We will continue to focus on EBITDA and even to our improvement.

Okay. Maybe we can take it offline. And just like last clarification, was the $0.03 charge in the quarter, was that in your previous guidance for the, I think it was what 3.25.

Chris is going to answer that question.

Yes. I think what you're referring to is the charge. It was a non-cash charge that we took at the end of September.

Right.

In anticipation of paying down an additional $125 million of the HoldCo. So when we gave our guidance at the end of the second quarter, the 3.15 to the 3.25, it did contemplate that charge.

It did, okay.

Yes.

Actually just lastly, is there a dollar utilization for the quarter?

It was 60%.

Sixty?

Yes.

Okay. Thanks very much, guys.

Thank you.

Thank you. Our next question or comment is from the line of Christina Woo with Soleil Securities. Ms. Woo your line is open.

Hi, Christina.

I was hoping that you could provide some color on your acquisition during the quarter, the Corpus Christi industrials acquisition, may be providing us with some information on the number of locations you acquired. The age of the equipment, value of the equipment, [multiple] paid?

Well, we don't give that level of detail other than the fact it was a small acquisition of $11 million. Had three branch locations, located in Corpus Christi. One of the advantages that we have is being able to bring that into our organization. These are independents that have a good line of business in the industrial. 60% of their business was industrial related, and we wanted to leverage our size with our fleet to grow that business. So we think it was a smart move, and gets us in the door towards the industrial side of the business.

That's great. I also noticed, in the quarter, that your new equipment sales continue to be quite robust, particularly in light of the weakening macro environment. Can you give us some information on what type of equipment you're selling, if it's more aerial or dirt and who is buying this equipment?

Well, it's a De minimis portion of our business, as far as the way we track it. But what I will tell you is that there is still a market out there where people want to own equipment. There is a market, and some of our customers, some of our largest rental customers will also buy equipment. But it's a little bit of everything, from aerial equipment to material handling devices, to some small dirt equipment. There is no one area that sticks out.

Okay, last question. I was hoping you could give us some rule of thumb that maybe you use with regard to pricing. We have talked about pricing quite a bit, but an increase in pricing by 1% would lead to what sort of EBITDA impact?

It's $23 million, EBITDA impact.

Perfect. Thanks so much.

Thank you.

Thank you. Our next question or comment is from the line of [Phillip Paselli] with Goldman Sachs. Your line is open.

I just wanted to get some more clarification on the OEC. Can you give us some more decimal points than 4.3 billion.

Phil this is Chris. At the end of the second quarter it was 4340, at the end of the third quarter it was 4348.

Okay. And do you expect that to come down?. Obviously as you guys defleet do you have a target for the end of the year?

Yeah. I mentioned we're going to come back down about 4.1 billion.

Okay, flat 4.100.

Yeah. Somewhere in that range. We have to go to the back half of the fourth quarter, and we'll give that number out. But that's our target.

Great. And when I look at the cost savings, I think Marty you mentioned $39 million in the quarter. If I look back at my notes, about $23 million was supposed to be strategic sourcing initiative. So the rest is headcount, but it sounds like you have cut more heads than originally thought. So can you give us the 200 million number, sounds like it might be a little low, considering you've done more action. Are we going to come above that. Is that something you're holding back for 2009 to give us some more guidance on how much cost savings you can come out?

Right. One of the things that happens with strategic sourcing obviously is if the business is a little smaller, than we buy less things, and so we have less savings from SSI. The headcount is a little bit ahead of where we thought we would be as well. So it's a mix. We said before, we have a five-year goal of $500 million of incremental annual EBITDA. I still think that's a good goal. We said $200 million of that comes out of the cost cutting. We're sticking with that. And then the rest of it will come as we grow top-line and hold our cost in [bailout]. So, all of that is still part of our master plan. The individual mix of items does move around a little bit, but all of these initiatives are moving forward.

Okay. That's great. Then you repurchased 125 million of the 14% notes in the third quarter. You're going to generate $240 million of cash in the fourth quarter. Will you give us any guidance as to how much of the 14% notes you plan the buyback in the fourth quarter? What the restricted payments basket is before and after any such transaction.

Sure. We look at all of the options for the use of our cash opportunistically. In the last year, we bought back HoldCo notes, we bought back stock, we bought in the preferred, we've done an acquisition. So as we look at all of our alternatives and consult with our board, we'll continue to hopefully make smart choices. We've set a goal that will never let the restricted payments basket go much below $100 million dollars. And I think that's a good goal. So, whatever actions we take that impact the basket, we would try the keep it in. I think to bailout in restricted payments basket right now is around 200.

Okay. So you are not willing yet to tell us if you're going to or not going to buyback 14% in the fourth quarter.

Most people talk about that after they do the actions, so I think we'll leave it at that.

Okay. In terms of the acquisition outlook, clearly this was a nice acquisition for you. Are there many more in the [hopper] or was this a kind of one-off for you?

This is Mike. We're going to be opportunistic; we are going to take a look at what's out there. I think that given the current business environment may provide us some opportunities, and we want to make sure that we review those and analyze them and see how they would fit in. This one we did in Corpus Christi fit everything that we were looking for and directionally goes after the business that we want to focus on. So, we will continue to look at the horizon with our eyes wide open. We don't have anything we're going to announce.

Okay. And then just last question. In the past you've given us your 2008 outlook for time utilization and rates. I believe you mentioned that rates are going to be down; I think it's 1.2% if I'm not mistaken. And then what's your estimate for time utilization for the 2008?

Go ahead, Chris. You want to answer that?

Just to confirm in terms of the rate, I think what Michael had mentioned, we forecasted to be down about 4% in the fourth quarter, which will be 2.5% for the full year. I think in terms of time utilization, full year they will be down slightly year-over-year.

Great, thanks guys. Good luck.

Thank you.

Thank you. Our next question or comment is from the line of [Emily Shanks] with Barclays Capital. Your line is open.

Hi good morning. This is actually [Jason Tuhio] in for Emily.

Hi, Jason

Hey. You don't sound much like Emily.

My first question relates to your revised full-year guidance. Specifically which end markets are the biggest drivers for the guidance cut? Was it Florida and California?

This is Mike. That's part of it. There was also a delay. We are seeing some delays in some of our smaller-end projects that we're looking at, but we go through a process of looking at all of our branches and our districts to put forward a quarterly review that we go through. It was a collection of things. It was also looking at the branch reductions and taking down our fleet. Although our fleet is relatively flat. It's important to note that our unit count is down by 6%. So, all those things go into our numbers, our calculation.

All right, great. That's very helpful. And then secondly, what percent of the fleet at quarter end was earthmoving, and what percent was aerial, if you can provide that?

Just aerial specifically is about 51%, and dirt is about 13, and then forklifts is 18%. Those are the big buckets.

All right, Great. And then, just lastly, is the plan around the 14% Hold Co notes, still to pay those down within four years?

Yes. We will work those off as we think it's economic to do that.

All right. Great. Thank you very much.

Thank you. Our next question or comment is from the line of Chris Daugherty with on Oppenheimer. Your line is open.

Just talking about the rates a little bit and your dollar utilization, I mean it looks like your dollar utilization was down roughly over 4%, but your time utilization was flat and your build rate was down only 3.4%. Can you just describe the way you calculate the change in rental rates? Is that a mix-adjusted number? Is it a build number? Is it just a new contract rate? How is that calculated?

It's a weighted average between day, week and month, and everything is calculated accordingly, and that's how we put it forward.

And then can you just talk about your philosophy on time utilization versus rental rates? I mean, is your priority to hold a target utilization rate, and then sort of how the rental rates move around or is it to hold rates.

It's a combination of things depending upon the market that you're serving and the type of equipment. We try to maximize and get the highest rate we possibly can in any given market, and we have a robust system that we put in place and to go after that. The biggest areas that we saw weakness and that was challenging was in Florida and California. And then we have some other markets that were also like that, but then we had some offsetting. It's market-by-market and it's product-by-product. And we go through an evaluation. We look at the returns that we're getting collectively across the company; and to the extent you can get something at a higher rate or higher return in one market and they have demand for it, and we've got another market that may have high demand, but not getting the return. Then we're more prone to move that asset over to where we can get a better return. And now that we've changed our compensation system to more of an EBITDA driven, our branches are the result of our fleet movement is moving in that direction.

Michael, I know you said that there are differences in rates geographically. Can you tell us what the rates were down in Florida and California, or just relatively how much more they were done?

We don't have that, but we can do that offline and give you that data.

Let me just add that, when rates are down severely, then we respond by significant defleeting. So, I mean, one of the real advantage of a national network is the ability to move fleet around.

All right. Thank you, gentlemen.

Thank you.

Thank you. Our next question or comment is from the line of [Joseph Baumeister with Blackstone]. Your line is open.

Hi, guys.

Hi, Joseph.

The game plan for next year, is being driven by an outlook for the operating environment. Can you give us a sense of what you're seeing and what you're most worried about?

At the beginning of the year, I stated that we were anticipating a downturn in the back half. I don't think anyone could have forecast, the current course of events that's happened over the last 90 days and also the credit crisis. Having said that, the industry resources that are put out there kind of give you two goal posts. They go from 4% down to all the way down to 9% down. Global insight, which works closely with ARA, is projecting roughly around 5.5%-5.6% down on a year-over-year. So we look at that level, that's at a macro level, and then we go through our planning process and we build everything up from the branches. As Marty mentioned, there are different markets. There are markets where we have, even in California, that are very strong. But, you know, we have a strong presence there. So everything's from a grassroots. We build it up, and that's how we'll analyze the market going into next year. What worries me the most is, the question on everyone's mind is what happens to the credit. The credit crisis, how long and how deep will it be?

I think we definitely have a bias to our conservatism when it comes to the fleet for '09.

What cost reductions are currently in place, and what do you expect to accomplish for the rest of this year and next year?

I think the branch closing program is one of our bigger cost initiatives, because it takes overhead out, allows us the ability to move fleet around more aggressively. We've talked about headcount. We've talked about strategic sourcing. We really are looking there as we talked about on previous calls literally over a hundred line items that we track. We have a meeting every couple of weeks. There's a name next to every initiative, and we're trying to execute on all of them as we go forward.

To expand on that a little bit, there is a laundry list that we go through. We started out with a 122 items. Some fall off as we successfully complete those and some we add back on. The list is still in a 100 range, and we still focus on that. And the point is that there's nothing that we're not looking at. We're looking at everything inside the organization from the executives all the way down to the field.

But SG&A is still high as a percentage of sales relative to some industry benchmarks?

That's correct. And we are focused on that. We are continuing to take costs out of the business and as I stated we're not done yet. We're going to continue to focus on that as we go forward.

Do you have a goal?

Joe on previous calls, I've said that I think something in the 13 range, SG&A as percent of revenue is achievable here. I think that's going to require some recovery on the top line, but certainly I think we can look to that over a multi-year period.

RSC is currently below 10. Is there a reason why you don't think you can't get there?

I think we're they're moving in our direction. As they experience being a public company and what that means and other costs, I think we're both working hard on our costs and they are certainly a well run company.

Do you expect to be able to offset the impact of the economic decline on your business with cost cuts more or less?

Not entirely. I think it's unrealistic to think that you can take cuts in the top line that are severe, particularly on rates. The flow through on rates to the bottom line is virtually 100%. The only thing we don't pay on a rate decline is the commission. I think we're going continue to work hard on this; but it's not entirely within our control to offset big declines.

I also want to point out that we don't have a high concentration of our business in industrial and we do know that's profitable. So we will focus on that, until we go through the planning process, it's too early to determine what '09 will actually look like.

Thank you.

We have a follow-up question or comment from the line of [Cynthia Marinos] with Lloyds TSB Bank. Your line is open

Hi, good morning.

Good morning.

I actually have two questions. My first question is, can we expect liquidity to tighten in the form of increased utilization under the revolver given this softness?

No. It's actually the opposite. As long as we're continuing to be in a defleeting mode, liquidity will continue to increase significantly. The stress point in this industry comes at the point in time when the economy turns, and we want to [pour] back a lot of the fleet into the field.

I see. Okay. My second question is, the 60 branches that you're going to look to have closed by the end of the year, what will be the impact on EBITDA?

30 branches were closed in the first quarter, Cynthia, and the other 30 we plan to close in the fourth quarter here. We've said it's a charge of about 0.13 per share. A lot of that is reserved for future rent payments. Chris, do you have anything to add to that?

That's correct. As Marty mentioned, 30 branch closers hit in the first half of the year. So that's already been absorbed into the first half EBITDA. The additional charge associated with the fourth quarter closings is about $0.13 on a pro forma share count.

Okay. Thank you.

Thank you.

Thank you. Our next question or comment is from the line of Yvonne Varano with Jefferies. Your line is open.

Thanks. I just want to clarify what you said earlier in regard to the gross capital spending. The 630 that you gave for '08, is that purely rental, or does that include other property equipment as well?

If you'll recall it is total rental. Our CapEx guidance that we reaffirmed was $715 million that includes $630 million of rental CapEx, all of which is maintenance, and then $85 million of non-rental CapEx.

Okay. And then, when you gave the net, that includes the other outside of rental as well.

No. That was a pure net rental CapEx.

That's net rental CapEx because if you do the math, then you're implying a pretty significant jump in sales of used equipment in 4Q?

That's correct. I mean, we'll have to see what the pricing we actually realize in the fourth quarter, but that does imply $280 million used equipment sales for the full year?

This is, Mike. It's important to note that it's not unlike any other year; it's typically in the fourth quarter when we have most of our used sales. With 68% time utilization, which is all-time high for us in comparison to last year, the best use of our fleet is on rent. That's where we get the highest profitability and typically as we go through the fourth quarter and into the first quarter is when we do most of our sales.

Okay. It's just $90 million 4Q number, and it just sounded a bit high. I see that includes some of the sales of the equipment out at the branches as well?

As I said, we're closing locations, and a portion of those assets will be sold off.

Okay. Great. Thanks.

Operator, I think this is a good time to wrap up the Q&A. I want to thank everyone for joining us today. We've covered a lot of important ground. I'm glad we had the opportunity to see while our confidence in United Rentals is [rooted] in a company that is rock solid, both financially and operationally. I can point to a lot of reasons for that. The determination of our people, particularly in the field, our proven ability to generate free cash flow, the groundwork that we've laid in advance of the cycle, willingness to pull all of the levers at our disposal, and the all important loyalty of our customers. When our end markets recover, we expect that more equipment will be rented more than ever before, and United Rentals will continue to be on the leading edge of that opportunity. This concludes our remarks for today, and operator you can now end the call. Thank you.

Ladies and gentlemen, again this does conclude today's conference. We do thank you for your participation.