Stocks & Financial News
Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts
Herc Holdings Reports Strong First Quarter 2024 Results and Affirms 2024 Full Year Guidance
"We are off to a strong start in 2024, achieving record first-quarter revenue and adjusted EBITDA margin as we continue to capitalize on key growth markets, like semiconductor, data centers, renewables and public infrastructure, while also investing in our network scale through greenfields and acquisitions, and elevating our higher-return specialty product lines," said Larry Silber, president and chief executive officer of Herc Rentals. "Once again, our teams are delivering for customers both in the local markets and at the national level, capitalizing on our broad geographic coverage and strong demand for our products and services.
"We are making progress against each of our key 2024 priorities -- enhancing our customer experience through our E3 business operating system, managing fleet efficiency and expenses with discipline, and scaling our network through greenfield locations and acquisitions in top 100 metropolitan markets," said Silber. "Based on this strong performance and current line-of-sight to market trends, we are affirming our annual performance targets, excluding Cinelease, of 7-10% year-over-year equipment rental revenue growth and adjusted EBITDA of $1.55 billion to $1.60 billion for 2024."
2024 First Quarter Financial Results
Total revenues increased 9% to $804 million compared to $740 million in the prior-year period. The year-over-year increase of $64 million primarily related to an increase in equipment rental revenue of $65 million, reflecting positive pricing of 5.1% and increased volume of 8.0%, partially offset by unfavorable mix driven primarily by inflation. Sales of rental equipment decreased by $2 million during the period. Dollar utilization was 39.7% in the first quarter, flat over the prior-year period. Direct operating expenses were $307 million, or 42.7% of equipment rental revenue, compared to $281 million, or 43.0% in the prior-year period, reflecting better cost performance and fixed cost absorption on higher revenue despite increases related to additional headcount, facilities and maintenance expenses associated with strong rental activity and an expanding branch network. Depreciation of rental equipment increased 5% to $160 million due to higher year-over-year average fleet size. Non-rental depreciation and amortization increased 12% to $29 million primarily due to amortization of acquisition intangible assets. Selling, general and administrative expenses was $115 million, or 16.0% of equipment rental revenue, compared to $106 million, or 16.2% in the prior-year period due to continued focus on improving operating leverage while expanding revenues. Interest expense increased to $61 million compared with $48 million in the prior-year period due to increased borrowings on the ABL Credit Facility primarily to fund acquisition growth and invest in rental equipment and higher interest rates on floating-rate debt. Net income was $65 million compared to $67 million in the prior-year period. Adjusted net income decreased 3% to $67 million, or $2.36 per diluted share, compared to $69 million, or $2.35 per diluted share, in the prior-year period. The effective tax rate was 20% compared to 11% in the prior-year period. Adjusted EBITDA increased 10% to $339 million compared to $308 million in the prior-year period and adjusted EBITDA margin was 42.2% compared to 41.6% in the prior-year period. Continued focus on improving operating leverage while expanding revenues resulted in the improvement in margin year-over-year.
Rental Fleet
Net rental equipment capital expenditures were as follows (in millions):
Three Months Ended March 31,
------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- ---- -------------------- -------------------- ---- --------------------
Rental equipment expenditures $ 181 $ 332
Proceeds from disposal of rental equipment (61 ) (49 )
-------------------- ---- -------------------- -------------------- ---- --------------------
As of March 31, 2024, the Company's total fleet was approximately $6.4 billion at OEC. Average fleet at OEC in the first quarter increased 10% compared to the prior-year period. Average fleet age was 47 months as of March 31, 2024 and 2023.
Disciplined Capital Management
The Company completed 4 acquisitions with a total of 11 locations and opened 4 new greenfield locations during the quarter. Net debt was $3.7 billion as of March 31, 2024, with net leverage of 2.5x which is unchanged from the same prior-year period. Cash and cash equivalents and unused commitments under the ABL Credit Facility contributed to $1.4 billion of liquidity as of March 31, 2024. The Company declared its quarterly dividend of $0.665, an increase of $0.0325 or 5%, paid to shareholders of record as of February 21, 2024 on March 7, 2024.
Outlook
The Company is affirming its full year 2024 equipment rental revenue growth, adjusted EBITDA, and gross and net rental capital expenditures guidance ranges presented below, excluding Cinelease studio entertainment and lighting and grip equipment rental business. The guidance range for the full year 2024 adjusted EBITDA reflects an increase of 6% to 9% compared to full year 2023 results, excluding Cinelease. The sale process for the Cinelease studio entertainment business is ongoing.
Equipment rental revenue growth: 7% to 10% Adjusted EBITDA: $1.55 billion to $1.60 billion
As a leader in an industry where scale matters, the Company expects to continue to gain share by capturing an outsized position of the forecasted higher construction spending in 2024 by investing in its fleet, optimizing its existing fleet, capitalizing on strategic acquisitions and greenfield opportunities, and cross-selling a diversified product portfolio.
Earnings Call and Webcast Information
Herc Holdings' first quarter 2024 earnings webcast will be held today at 8:30 a.m. U.S. Eastern Time. Interested U.S. parties may call +1-800-715-9871 and international participants should call the country specific dial in numbers listed at https://registrations.events/directory/international/itfs.html, using the access code: 9128891. Please dial in at least 10 minutes before the call start time to ensure that you are connected to the call and to register your name and company.
Those who wish to listen to the live conference call and view the accompanying presentation slides should visit the Events and Presentations tab of the Investor Relations section of the Company's website at IR.HercRentals.com. The press release and presentation slides for the call will be posted to this section of the website prior to the call.
A replay of the conference call will be available via webcast on the Company website at IR.HercRentals.com, where it will be archived for 12 months after the call.
About Herc Holdings Inc.
Founded in 1965, Herc Holdings Inc., which operates through its Herc Rentals Inc. subsidiary, is a full-line rental supplier with 412 locations across North America, and 2023 total revenues were approximately $3.3 billion. We offer products and services aimed at helping customers work more efficiently, effectively, and safely. Our classic fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment. Our ProSolutions(R) offering includes industry-specific, solutions-based services in tandem with power generation, climate control, remediation and restoration, pumps, and trench shorting equipment as well as our ProContractor professional grade tools. We employ approximately 7,600 employees, who equip our customers and communities to build a brighter future. Learn more at www.HercRentals.com and follow us on Instagram, Facebook and LinkedIn.
Certain Additional Information
In this release we refer to the following operating measures:
Dollar utilization: calculated by dividing rental revenue (excluding re-rent, delivery, pick-up and other ancillary revenue) by the average OEC of the equipment fleet for the relevant time period, based on the guidelines of the American Rental Association (ARA). OEC: original equipment cost based on the guidelines of the ARA, which is calculated as the cost of the asset at the time it was first purchased plus additional capitalized refurbishment costs (with the basis of refurbished assets reset at the refurbishment date).
Forward-Looking Statements
This press release includes forward-looking statements as that term is defined by the federal securities laws, including statements concerning our business plans and strategy, projected profitability, performance or cash flows, future capital expenditures, our growth strategy, including our ability to grow organically and through M&A, anticipated financing needs, business trends, our capital allocation strategy, liquidity and capital management, exploring strategic alternatives for Cinelease, including the timing of the review process, the outcome of the process and the costs and benefits of the process, and other information that is not historical information. Forward looking statements are generally identified by the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "looks," and future or conditional verbs, such as "will," "should," "could" or "may," as well as variations of such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and there can be no assurance that our current expectations will be achieved. They are subject to future events, risks and uncertainties - many of which are beyond our control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on the risks that may affect our business is included in filings we make with the Securities and Exchange Commission from time to time, including our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and in our other SEC filings. We undertake no obligation to update or revise forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
Information Regarding Non-GAAP Financial Measures
In addition to results calculated according to accounting principles generally accepted in the United States ("GAAP"), the Company has provided certain information in this release that is not calculated according to GAAP ("non-GAAP"), such as EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per diluted common share and free cash flow. Management uses these non-GAAP measures to evaluate operating performance and period-over-period performance of our core business without regard to potential distortions, and believes that investors will likewise find these non-GAAP measures useful in evaluating the Company's performance. These measures are frequently used by security analysts, institutional investors and other interested parties in the evaluation of companies in our industry. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to similarly titled measures of other companies. For the definitions of these terms, further information about management's use of these measures as well as a reconciliation of these non-GAAP measures to the most comparable GAAP financial measures, please see the supplemental schedules that accompany this release.
(See Accompanying Tables)
HERC HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions, except per share data)
Three Months Ended March 31,
----------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- ------ -------------------- -------------------- ------ --------------------
Revenues:
$ 719 $ 654
Equipment rental
69 71
Sales of rental equipment
9 8
Sales of new equipment, parts and supplies
7 7
Service and other revenue
-------------------- ------ -------------------- -------------------- ------ --------------------
804 740
Total revenues
-------------------- ------ -------------------- -------------------- ------ --------------------
Expenses:
307 281
Direct operating
160 152
Depreciation of rental equipment
46 46
Cost of sales of rental equipment
6 5
Cost of sales of new equipment, parts and supplies
115 106
Selling, general and administrative
29 26
Non-rental depreciation and amortization
61 48
Interest expense, net
(1 ) 1
Other expense (income), net
-------------------- ------ -------------------- -------------------- ------ --------------------
723 665
Total expenses
-------------------- ------ -------------------- -------------------- ------ --------------------
Income before income taxes 81 75
Income tax provision (16 ) (8 )
-------------------- ------ -------------------- -------------------- ------ --------------------
Net income $ 65 $ 67
==================== ====== ==================== ==================== ====== ====================
Weighted average shares outstanding:
28.3 29.0
Basic
28.4 29.4
Diluted
Earnings per share:
$ 2.30 $ 2.31
Basic
$ 2.29 $ 2.28
Diluted
HERC HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
March 31, 2024 December 31, 2023
------------------------------ ------------------------------
ASSETS (unaudited)
Cash and cash equivalents $ 63 $ 71
Receivables, net of allowances 560 563
Other current assets 67 77
Current assets held for sale 27 21
-------------------- ---------- -------------------- ----------
717 732
Total current assets
-------------------- ---------- -------------------- ----------
Rental equipment, net 3,831 3,831
Property and equipment, net 486 465
Right-of-use lease assets 721 665
Goodwill and intangible assets, net 1,033 950
Other long-term assets 10 10
Long-term assets held for sale 409 408
-------------------- ---------- -------------------- ----------
$ 7,207 $ 7,061
Total assets
==================== ========== ==================== ==========
LIABILITIES AND EQUITY
Current maturities of long-term debt and financing obligations $ 19 $ 19
Current maturities of operating lease liabilities 37 37
Accounts payable 201 212
Accrued liabilities 194 221
Current liabilities held for sale 23 19
-------------------- ---------- -------------------- ----------
474 508
Total current liabilities
-------------------- ---------- -------------------- ----------
Long-term debt, net 3,753 3,673
Financing obligations, net 103 104
Operating lease liabilities 705 646
Deferred tax liabilities 750 743
Other long term liabilities 48 46
Long-term liabilities held for sale 66 68
-------------------- ---------- -------------------- ----------
5,899 5,788
Total liabilities
-------------------- ---------- -------------------- ----------
1,308 1,273
Total equity
-------------------- ---------- -------------------- ----------
$ 7,207 $ 7,061
Total liabilities and equity
==================== ========== ==================== ==========
HERC HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
Three Months Ended March 31,
--------------------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from operating activities:
$ 65 $ 67
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
160 152
Depreciation of rental equipment
19 17
Depreciation of property and equipment
10 9
Amortization of intangible assets
1 1
Amortization of deferred debt and financing obligations costs
5 4
Stock-based compensation charges
12 13
Provision for receivables allowances
9 3
Deferred taxes
(23 ) (25 )
Gain on sale of rental equipment
3 2
Other
Changes in assets and liabilities:
(7 ) 13
Receivables
(6 ) (2 )
Other assets
(2 ) 8
Accounts payable
(6 ) (27 )
Accrued liabilities and other long-term liabilities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
240 235
Net cash provided by operating activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from investing activities:
(181 ) (332 )
Rental equipment expenditures
61 49
Proceeds from disposal of rental equipment
(30 ) (33 )
Non-rental capital expenditures
2 3
Proceeds from disposal of property and equipment
(148 ) (138 )
Acquisitions, net of cash acquired
-------------------- -------------- -------------------- -------------------- -------------- --------------------
(296 ) (451 )
Net cash used in investing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from financing activities:
385 640
Proceeds from revolving lines of credit and securitization
(302 ) (347 )
Repayments on revolving lines of credit and securitization
(5 ) (4 )
Principal payments under finance lease and financing obligations
(20 ) (20 )
Dividends paid
-- (44 )
Repurchase of common stock
(10 ) (23 )
Other financing activities, net
-------------------- -------------- -------------------- -------------------- -------------- --------------------
48 202
Net cash provided by financing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Effect of foreign exchange rate changes on cash and cash equivalents -- --
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Net change in cash and cash equivalents during the period (8 ) (14 )
Cash and cash equivalents at beginning of period 71 54
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash and cash equivalents at end of period $ 63 $ 40
==================== ============== ==================== ==================== ============== ====================
HERC HOLDINGS INC. AND SUBSIDIARIES SUPPLEMENTAL SCHEDULES EBITDA AND ADJUSTED EBITDA RECONCILIATIONS Unaudited (In millions)
EBITDA and adjusted EBITDA - EBITDA represents the sum of net income (loss), provision (benefit) for income taxes, interest expense, net, depreciation of rental equipment and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of transaction related costs, restructuring and restructuring related charges, spin-off costs, non-cash stock-based compensation charges, loss on extinguishment of debt (which is included in interest expense, net), impairment charges, gain (loss) on the disposal of a business and certain other items. EBITDA and adjusted EBITDA do not purport to be alternatives to net income as an indicator of operating performance. Additionally, neither measure purports to be an alternative to cash flows from operating activities as a measure of liquidity, as they do not consider certain cash requirements such as interest payments and tax payments.
Adjusted EBITDA Margin - Adjusted EBITDA Margin, calculated by dividing Adjusted EBITDA by Total Revenues, is a commonly used profitability ratio.
Three Months Ended March 31,
------------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- -------------- -------------------- -------------------- ------ --------------------
Net income $ 65 $ 67
Income tax provision 16 8
Interest expense, net 61 48
Depreciation of rental equipment 160 152
Non-rental depreciation and amortization 29 26
-------------------- -------------- -------------------- -------------------- ------ --------------------
EBITDA 331 301
Non-cash stock-based compensation charges 5 4
Transaction related costs 3 2
Other -- 1
-------------------- -------------- -------------------- -------------------- ------ --------------------
Adjusted EBITDA $ 339 $ 308
==================== ============== ==================== ==================== ====== ====================
Total revenues $ 804 $ 740
Adjusted EBITDA $ 339 $ 308
Adjusted EBITDA margin 42.2 % 41.6 %
HERC HOLDINGS INC. AND SUBSIDIARIES SUPPLEMENTAL SCHEDULES EBITDA, ADJUSTED EBITDA AND ADJUSTED REBITDA EXCLUDING STUDIO ENTERTAINMENT RECONCILIATIONS Unaudited (In millions)
EBITDA, Adjusted EBITDA, REBITDA, Adjusted EBITDA Margin, REBITDA Margin and REBITDA Flow-Through Excluding Studio Entertainment - Each metric below has been adjusted to exclude the studio entertainment business due to the intent to sell that business and provides the operating performance of the remaining business.
Three Months Ended Three Months Ended
March 31, 2024 March 31, 2023
------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------
Herc Studio Ex-Studio Herc Studio Ex-Studio
---------------------------------- ---------------------------------- ---------------------------------- ------------------------------ ---------------------------------- ----------------------------------
Equipment rental revenue $719 $29 $690 $654 $19 $635
Total revenues 804 30 774 740 20 720
Total expenses 723 21 702 665 28 637
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Income (loss) before income taxes 81 9 72 75 (8 ) 83
Income tax (provision) benefit (16 ) (2 ) (14 ) (8 ) 2 (10 )
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Net income $65 $7 $58 $67 ($6 ) $73
Income tax provision 16 2 14 8 (2 ) 10
Interest expense, net 61 -- 61 48 -- 48
Depreciation of rental equipment 160 -- 160 152 8 144
Non-rental depreciation and amortization 29 -- 29 26 1 25
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
EBITDA 331 9 322 301 1 300
Non-cash stock-based compensation charges 5 -- 5 4 -- 4
Transaction related costs 3 1 2 2 -- 2
Other -- -- -- 1 1 --
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Adjusted EBITDA 339 10 329 308 2 306
Less: Gain (loss) on sales of rental equipment 23 -- 23 25 -- 25
Less: Gain (loss) on sales of new equipment, parts and supplies 3 1 2 3 -- 3
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Rental Adjusted EBITDA (REBITDA) $313 $9 $304 $280 $2 $278
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Total revenues $804 $30 $774 $740 $20 $720
Adjusted EBITDA $339 $10 $329 $308 $2 $306
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Adjusted EBITDA margin 42.2 % 33.3 % 42.5 % 41.6 % 10.0 % 42.5 %
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Total revenues $804 $30 $774 $740 $20 $720
Less: Sales of rental equipment 69 -- 69 71 -- 71
Less: Sales of new equipment, parts and supplies 9 1 8 8 -- 8
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Equipment rental, service and other revenues $726 $29 $697 $661 $20 $641
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Equipment rental, service and other revenues $726 $29 $697 $661 $20 $641
Adjusted REBITDA $313 $9 $304 $280 $2 $278
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
Adjusted REBITDA Margin 43.1 % 31.0 % 43.6 % 42.4 % 10.0 % 43.4 %
-------------- -------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
HERC HOLDINGS INC. AND SUBSIDIARIES SUPPLEMENTAL SCHEDULES ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER DILUTED SHARE Unaudited (In millions)
Adjusted Net Income and Adjusted Earnings Per Diluted Share - Adjusted Net Income represents the sum of net income (loss), restructuring and restructuring related charges, spin-off costs, loss on extinguishment of debt, impairment charges, transaction related costs, gain (loss) on the disposal of a business and certain other items. Adjusted Earnings per Diluted Share represents Adjusted Net Income divided by diluted shares outstanding. Adjusted Net Income and Adjusted Earnings Per Diluted Share are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business.
Three Months Ended March 31,
----------------------------------------------------------------------------------------------------------------------------------------------------------------
2024 2023
------------------------- ------------------------- ------------------------- ------------------------- ---- -------------------------------
Net income $ 65 $ 67
Transaction related costs 3 2
Other -- 1
Tax impact of adjustments(1) (1 ) (1 )
------------------------- ------------------------- ------------------------- ------------------------- ---- -------------------------------
Adjusted net income $ 67 $ 69
========================= ========================= ========================= ========================= ==== ===============================
Diluted shares outstanding 28.4 29.4
Adjusted earnings per diluted share $ 2.36 $ 2.35
(1) The tax rate applied for adjustments is 25.5% in the three months ended March 31, 2024 and 25.7% in the three months ended March 31, 2023 and reflects the statutory rates in the applicable entities.
HERC HOLDINGS INC. AND SUBSIDIARIES SUPPLEMENTAL SCHEDULES FREE CASH FLOW Unaudited (In millions)
Free cash flow represents net cash provided by (used in) operating activities less rental equipment expenditures and non-rental capital expenditures, plus proceeds from disposal of rental equipment, proceeds from disposal of property and equipment, and other investing activities. Free cash flow is used by management in analyzing the Company's ability to service and repay its debt, fund potential acquisitions and to forecast future periods. However, this measure does not represent funds available for investment or other discretionary uses since it does not deduct cash used to service debt or for other non-discretionary expenditures.
Three Months Ended March 31,
----------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- ------ -------------------- -------------------- ------ --------------------
$ 240 $ 235
Net cash provided by operating activities
(181 ) (332 )
Rental equipment expenditures
61 49
Proceeds from disposal of rental equipment
-------------------- ------ -------------------- -------------------- ------ --------------------
(120 ) (283 )
Net rental equipment expenditures
-------------------- ------ -------------------- -------------------- ------ --------------------
(30 ) (33 )
Non-rental capital expenditures
2 3
Proceeds from disposal of property and equipment
-------------------- ------ -------------------- -------------------- ------ --------------------
$ 92 $ (78 )
Free cash flow
-------------------- ------ -------------------- -------------------- ------ --------------------
(148 ) (138 )
Acquisitions, net of cash acquired
-------------------- ------ -------------------- -------------------- ------ --------------------
$ (56 ) $ (216 )
Increase in net debt, excluding financing activities
-------------------- ------ -------------------- -------------------- ------ --------------------
View source version on businesswire.com: https://www.businesswire.com/news/home/20240423584287/en/
SOURCE: Herc Holdings Inc.
<img alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&sty=20240423584287r1&sid=cmtx6&distro=nx&lang=en" style="width:0;height:0" />
Leslie Hunziker Senior Vice President Investor Relations, Communications & Sustainability leslie.hunziker@hercrentals.com (239) 301-1675
COMTEX_451275393/1006/2024-04-23T06:30:01