StanleyElliott: Hey guys. Thank you guys for fitting me in. Matt, in the past you guys have talked about the big €“ getting bigger and in the K you mentioned 4% North American rental growth and you’re talking about 12% sort of growth right now. I mean, do you guys have consistently outgrown the broader industry? But are we seeing a step up now, an inflection point with the scale that you have, the specialty that now it’s reasonable to think that you guys might be able to put up 3x what the industry’s growing at?
Matt Flannery: Well, certainly yes, because that’s what our guidance implies. I think you’d have to think that that 4% number would be locked in as well. So, I don’t know what the coming out number for ARA was last year, but I know they raised it throughout the year. But we don’t focus on that as a barometer limiting ourself. We focus on what we see in front of us, what we do during our planning process and what we hear from our customers as well as our people in the field. But implied in this guide is 3x. And we do think we could do that. I think, I’ve talked about this before, how the top end of the business, the biggest getting bigger is a trend that we think is going to continue. And we think scale gives you some opportunities and options as well as adding additional product lines and cross selling that are €“ gives better service to the customers and gives you an opportunity to grow faster than the industry. And I think we’ll see that continue.
StanleyElliott: Great guys. That’s it for me. Thanks.
Matt Flannery: Thanks.
Operator: Thank you. Our next question comes from Scott Schneeberger with Oppenheimer.
Scott Schneeberger: Thanks, guys. Good morning. My first question, in gen rent specifically, I guess, probably, Ted you may be the best to speak to this, but how is rental duration performed over the last few years? Have you seen an expansion of your equipment staying out on rent and with mega projects coming and infrastructure bill feels like 2023 is going to be a lot of that should, is it likely that we may see that expand? I know we’re talking a matter of days here. But might the length of period that assets are out on rent expand and could that have a positive margin benefit for the company? Thanks.
Ted Grace: Yes, so I’ll touch the first part of the question. I’ll start there. In terms of the mix between daily, weekly, monthly, which is really the way we would look at this. We don’t kind of measure contract duration and maybe the way you’re asking Scott, but those numbers have not moved meaningfully. You’ve seen a very modest shift between daily and monthly to the point of €“ to the tune of about a point. So, we’d be kind of mid-single digits on a daily and we’d be about 80% on monthly. And those numbers have been remarkably consistent for a long time and it really hasn’t been an appreciable change in terms of 2022 versus 2021 or prior years. In terms of the margin impact, certainly what we’re always trying to do is be mindful of getting more of your volume and serve you more efficiently.
And so certainly, I don’t know that there’s a huge change there, but we do have that benefit as we do get larger projects that last longer and we get more fleet on this projects, we’re able to serve that customer more efficiently. And that certainly benefits margins to some degree and importantly returns.
Scott Schneeberger: Great. Thanks. Appreciate that. And then, Ted still for you, kind of your thoughts and kind of how the Board is looking at with the new dividend program, should we anticipate United Rentals to be a dividend growth story? I think you referenced about an 18% payout. If you want to quantify this, but is there a comfort going higher on payout ratio? Is that kind of a direction we’d expect to take vis-a-vis share repurchase, just high level thoughts there? Thanks.
Ted Grace: Yes, absolutely. Don’t want to get ahead of the Board, but absolutely, we have the intention of growing the dividend over time. In terms of what that relative growth looks like relative to net income because you’re asking about a payout ratio. I don’t know that we’d get locked in there just yet, but absolutely the intent is to continue to grow the dividend over time. It’s fully our expectation. We’ll continue to grow the company over time. We’ll continue to expand margins. We’ll continue to generate more cash. And so one of the things that dividend allows us to do is have another tool to return that excess cash to investors as we keep growing. So yes, I think it’s very fair to assume that we will grow the dividend over time and in terms of what that rate looks like, stay tuned.
