### At a Glance This quarter's results beat expectations, primarily driven by record North American rental demand and accelerated growth in the General Tool and Specialty businesses, leading to both revenue and profit increases.

### Key Data Total revenue reached $3.1 billion, up 11.2% year-over-year; rental revenue was $2.9 billion, up 12.5%; adjusted earnings per share stood at $1.18, up 20.4%.

### Business Progress Specialty rental revenue grew 25.3%, benefiting from the Aries acquisition and contributions from the FIFA World Cup project. General Tool grew 7.4%, driven by improvements in fleet utilization and rates. Post-Aries integration generated 669 cross-selling leads valued at $24 million. The company opened 13 new locations and completed a $1.2 billion bond issuance to optimize its capital structure.

### Guidance & Outlook Full-year guidance was raised: total revenue growth expected at 6%-9%, rental revenue growth at 7%-10%, and adjusted EBITDA raised to $4.92–5.12 billion. Capital expenditure plans increased to $2.4–2.8 billion to support above-expectation demand in Specialty and energy sectors.

### Risk/Highlight Signals Management’s tone was positive, emphasizing "supply and demand balance" and "improving rate momentum," but attention should be paid to the impact of rising fuel costs on EBITDA margins (approximately 50 basis points).