am Thanks, strategy Aaron as its in lead to today be happy everyone. to I morning CFO. company’s be the pleased here position to good financial and and a
almost to has years, As Larry us. earlier, supporting the Herc better the believe company capitalize spin on market just after been opportunities and for mentioned positioned X the since I I’ve been before never
the growing are new to invested you. of offers results. forward all first our take I strong role we that, fleet, developing get leading-edge, and plenty let’s of technologies look on we balance have in a customer-facing We quarter are am sheet and this that flexibility. With we into have footprint, financial a best-in-class meeting to national excited
Slide the XX metrics summarizes first key quarter. our for
first revenues came record acquisitions. continued XX% growth. the the was in XX% on reflect rental About the and pricing growth rental quarter. the that share organic see for quarter the Strong revenue volume rent from of can fueled You market growth
grow business to core that quarter. was rental market organically our the growth Xx almost our We the in of organic and continue established
in post-COVID double-digit under and While business studio rider were specialty production our pressure both core rental strike. entertainment from up and revenue slowdowns period out overproduction now coming the of period, of potential the was the
several entertainment hundred would business, have revenue studio of stronger. points the been basis equipment impact growth the Excluding rental
sales quarter incremental the For record EBITDA XXXX with EBITDA remained to at sales sales $XXX and market XX.X% And delivered total equipment compared EBITDA quarter first margin basis equipment in the more some the as margin first increased on growth. XX% revenues, the approximately growth still at dispositions to activity flat income to strong year-over-year wholesale shift year in margin Adjusted XXX adjusted Adjusted used Used prior retail proceeds. net benefits our used increased million. XXXX. doubled over had year-over-year equipment of of adjusted points channel XXXX. impact The on XX%. quarter OEC and XX% however first we increased QX higher than our a of
REBITDA up margin for the quarter basis to points XX.X%. was XX
the the point in XX studio quarter business, in year-over-year. both with margin the REBITDA basis been entertainment the point was the exclude flow-through also REBITDA of by impacted would basis first impact a last in have entertainment a studio would year’s been first REBITDA we the business. XX.X% business calculation quarter, flow-through the XX.X%, improvement in slowdown improvement If quarter. years, have from that XXX compared Excluding
We expansion our flow-through to in businesses. and are a margin improvement start with off great base
we XXXX. QX seasonally reminder, weakest full flow-through year a mid-XXs quarter low year the the watermark expect the the back this to be the and for for therefore moving As with to is REBITDA
believe EBITDA we for markets across demand experiencing manufacturing, Additionally, the will make strong entertainment our we on shortfall impact any original studio are industrial of the infrastructure of guidance. and the up
our and XX locations was people ROIC to increasing in quarter our us to our to creating to shareholders. Finally, record, invest our points continue value allows for addition in equipment, our model business effective first XX.X%. basis
consistently several inflation. quarter, years. success year-over-year due first XX, always growth. X% This graph continuing up rate in momentum important rate of our the to quarterly metric Slide when pressures the cost to On especially is upper with last on faced illustrates the left manage, the In driving was an the
the growth rate We increases last our began targeting and our still and proven professionalism mid and benefits the are from rollover effective of the rate we utilizing pricing tools, single-digit year. for contract team XXXX, securing discipline sales
continued year’s In we to the will half contracts rate as the a spot half market, a saw in spot year. while the stable to double-digit the rate comp in loaded This is favorably for expected be increases quarter, mid market significantly encounter first plan be of front increase low back single-digit renegotiated. more tougher the
In orders on at rent quarter as in we lower for As normal was for average as deliver can out are environment, first QX supply the deliveries OEC fleet spring taking mentioned, orders place time placing receipt season. in fleet our our a average the and than a the we growth in year in schedule of environment, equipment. current But the soon vendors the and almost our construction XX%.
to quarter studio impact, utilization quarter, be increasing equipment decline seasonal to able respond with this XXXX, also this utilization impacted This entertainment first will fleet we now in combined of customers’ the the ensures summer. the As taking needs cautioned fourth quarter. the in impacted revenue, but dollar in the first new in we time our
annual to improvement For incremental XXXX, our Entertainment, stronger move continuing to rate. we’re seasonal excluding utilization dollar periods we target base and business, Studio capture continuing on into as in
X.X per of the our into XX, in and shares the capital ample fleet this XXXX Slide confident an increase into no at quarter, we business In our fund we and value. shareholder invest the growth share have near-term a quarterly to model to our can future and common cycle. XXXX goals our year increasing for share. or for On drive allocate XX% maturities and We we liquidity million you in per growth for to business we stock see remain in as repurchased of our average to $X.XX $XXX announced dividend price committed nearly first $X.XXXX are and
lot the capital is a and primary expenditures driver months, took We XXXX the in in in quarter before of fleet first operations which flow exceeded the $XX fourth fleet quarter XXXX outflows acquisitions. cash in cash from growth winter million of of typically we a Net would first of year-over-year. XX% with than the our quarter, more
we’ve well expectations to the line would move new economic cash. with ratio weaker the adjust of typically environments, ramp sales demand fleet X.Xx where is within align we up to leverage executed in before. Xx end equipment supply older growth. orders playbook to in purchase target is as and a protect This current We Our range Xx our invest and of we our lower on range and of in and
used any buyers us suppliers, with need equipment gives to to flexibility the of Our we moves. fleet resilience levers the our in fungibility of the market adjust
However, of areas today. indication no of our is key there any mentioned, in as a Aaron slowdown growth
on end XX. North the billion. industry Moving In left, in estimate XXXX Slide continued That’s for our to primary $XX see X% rental the The strength ARA growth XXXX. markets. can over upper you was American approximately revenue
discussed, we’ve broader rental industry growth our substantially the revenue eclipsing rate. is growth As
both and XXXX. our this this environment, are will to end our projects, end nonresidential magnified Combined, get about markets big solid scale the diversified faster. two-thirds have outperform ability continue. year. outperformance strength in expect We the are reflect In advantages other projected consumer-driven Two for these surface and this of of the construction. Both to are mega to markets markets bigger companies that continue end markets on through outlooks likely customer focused in the rental are industrial have base, to and of
in amount at chip, steam. onshoring construction the of capacity projecting unprecedented $XXX on new an LNG plants Taking incremental is manufacturing in starts XXXX, mega to driven U.S. level and battery the construction record. Info continues of gather EV, billion the by for Dodge’s Industrial industrial of nonresidential as is forecast forecast being spending Resources in highest the a spending chart. look top right project
in $XXX of billion. construction The Starts ‘XX. new and dotted estimated line these continue record to year’s projects both growth levels. of are are multiyear billion that are these starts just XXXX We on and should charts top builds pre-pandemic ‘XX on be of into $XXX over by that emphasize driven last being will reflect the
see and of that projected last can the next industry seen. to the years that ever this strongest X You periods be year are has activity
approved supported $XXX Additionally, projects Chips slated Reduction billion infrastructure over non-residential another Inflation XXXX. the for and Act federal by there funds non-building Sciences a That’s are infrastructure XX% XXXX. the projects the is package, Act. increase and or These in in
infrastructure in particularly of company, more diverse to short-term scale Slide are one And American The fleets. rental current outsized strength as tailwind. projects this large has our interest This of with larger, the North another mega more benefit rental from projects and again is reiterating structural a not XXXX. is favorably bigger activity to power, companies and sensitive of rates rental These XX. pricing in leading along stands clearly year Therefore, on more we plan with Herc growth trend. benefit for
With some billion $X.XX forecast the in operating XX%. expectations the of be over for continue $X.XX of challenges, inflationary roll to which XXXX to leverage range EBITDA will to adjusted of represents growth we we stronger XX% as billion,
normal as fleet our net replacement, of also $X.X used in Aaron CapEx previously sales We should to billion fleet as a to Our XXXX growth mentioned. double-digit in increase level allows us for an billion on in see fleet return of more we maintain equipment plan to rent. $X
will to Interest the XXXX, increases in continue expense, our roughly the quarter increase continued up was accumulation funding. which reflecting Fed first rate year-over-year, of and in M&A XXX%
range. to remain leverage our course, expect our ratio target we X to Of Xx in
we growth cycle an all industry intend to customers with We execute on in our needs the to address trends our of strategy. an are experiencing continue the as consistent up and
back the Larry. turn With I’ll call that, to
