H&E Equipment Services (HEES) 10-Q 30 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 23, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	HEES
Entity Registrant Name	H&E Equipment Services, Inc.
Entity Central Index Key	0001339605
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		36,527,353
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity File Number	000-51759
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0553291
Entity Address, Address Line One	7500 Pecue Lane
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70809
City Area Code	225
Local Phone Number	298-5200
Document Transition Report	false
Document Quarterly Report	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 9,076	$ 8,500
Receivables, net of allowance for doubtful accounts of $7,335 and $7,126, respectively		243,935	247,430
Inventories, net of reserves for obsolescence of $144 and $207, respectively		100,566	109,931
Prepaid expenses and other assets		19,208	8,740
Rental equipment, net of accumulated depreciation of $996,630 and $990,971, respectively		1,781,505	1,756,578
Property and equipment, net of accumulated depreciation and amortization of $200,000 and $193,723, respectively		217,705	183,773
Operating lease right-of-use assets, net of accumulated amortization of $76,696 and $71,021, respectively		186,339	176,703
Finance lease right-of-use assets, net of accumulated amortization of $432 and $345, respectively		2,805	2,891
Deferred financing costs, net of accumulated amortization of $17,888 and $17,606, respectively		4,327	4,609
Intangible assets, net of accumulated depreciation and amortization of $28,311 and $25,824, respectively		66,689	32,576
Goodwill	[1]	125,591	108,155
Total assets		2,757,746	2,639,886
Liabilities:
Senior secured credit facility		254,637	181,642
Accounts payable		84,585	85,486
Manufacturer flooring plans payable		2,014	2,708
Accrued expenses payable and other liabilities		94,855	87,929
Dividends payable		231	360
Senior unsecured notes, net of unaccreted discount of $5,514 and $5,807 and deferred financing costs of $1,273 and $1,341, respectively		1,243,213	1,242,852
Operating lease liabilities		201,471	183,775
Finance lease liabilities		2,958	3,019
Deferred income taxes		323,104	317,826
Total liabilities		2,207,068	2,105,597
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued
Common stock, $0.01 par value, 175,000,000 shares authorized; 40,960,811 and 40,823,375 shares issued at March 31, 2024 and December 31, 2023, respectively, and 36,528,962 and 36,449,188 shares outstanding at March 31, 2024 and December 31, 2023, respectively		410	408
Additional paid-in capital		265,715	261,927
Treasury stock at cost, 4,431,849 and 4,374,187 shares of common stock held at March 31, 2024 and December 31, 2023, respectively		(79,407)	(76,017)
Retained earnings		363,960	347,971
Total stockholders’ equity		550,678	534,289
Total liabilities and stockholders’ equity		$ 2,757,746	$ 2,639,886
[1] The total carrying amount of goodwill as of December 31, 2022 in the table above is reflected net of $ 92.7 million of accumulated impairment charges. The total carrying amount of goodwill as of December 31, 2023 and March 31, 2024 in the table above is reflected net of $ 98.4 million of accumulated impairment charges.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivables	$ 7,335	$ 7,126
Reserves for obsolescence inventories	144	207
Accumulated depreciation, rental equipment	996,630	990,971
Accumulated depreciation and amortization, property and equipment	200,000	193,723
Accumulated amortization, operating lease right-of-use assets	76,696	71,021
Accumulated amortization, financing lease right-of-use assets	432	345
Accumulated amortization, deferred financing costs	17,888	17,606
Accumulated depreciation and amortization, intangible assets	28,311	25,824
Unaccreted discount, net	5,514	5,807
Deferred financing costs	$ 1,273	$ 1,341
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	175,000,000	175,000,000
Common stock, shares issued	40,960,811	40,823,375
Common stock, shares outstanding	36,528,962	36,449,188
Treasury stock, shares	4,431,849	4,374,187

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 371,357	$ 322,482
Cost of revenues:
Cost of revenues	206,492	181,104
Gross profit	164,865	141,378
Selling, general and administrative expenses	114,278	95,335
Gain on sales of property and equipment, net	1,433	667
Income from operations	52,020	46,710
Other income (expense):
Interest expense	(18,366)	(13,697)
Other, net	1,552	1,716
Total other expense, net	(16,814)	(11,981)
Income before provision for income taxes	35,206	34,729
Provision for income taxes	9,317	9,055
Net income	$ 25,889	$ 25,674
Net income per common share:
Basic	$ 0.72	$ 0.71
Diluted	$ 0.71	$ 0.71
Weighted average common shares outstanding:
Basic	36,196	36,025
Diluted	36,562	36,352
Equipment Rentals [Member]
Revenues:
Revenues	$ 295,325	$ 262,008
Cost of revenues:
Cost of revenues	167,428	147,714
Equipment Rentals [Member] | Rental Depreciation [Member]
Cost of revenues:
Cost of revenues	91,398	81,872
Equipment Rentals [Member] | Rental Expense [Member]
Cost of revenues:
Cost of revenues	43,407	37,867
Equipment Rentals [Member] | Rentals Other [Member]
Cost of revenues:
Cost of revenues	32,623	27,975
Sales of Rental Equipment [Member]
Revenues:
Revenues	48,115	32,115
Cost of revenues:
Cost of revenues	17,829	13,288
Sales of New Equipment [Member]
Revenues:
Revenues	10,412	7,818
Cost of revenues:
Cost of revenues	8,639	6,781
Parts, Service and Other [Member]
Revenues:
Revenues	17,505	20,541
Cost of revenues:
Cost of revenues	$ 12,596	$ 13,321

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 25,889	$ 25,674
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	10,413	8,033
Depreciation of rental equipment	91,398	81,872
Amortization of finance lease right-of-use assets	87	40
Amortization of intangible assets	2,487	1,683
Amortization of deferred financing costs	350	309
Accretion of note discount, net of premium amortization	293	293
Non-cash operating lease expense	5,675	4,560
Provision for losses on accounts receivable	1,349	1,107
Change in deferred income taxes	5,278	6,615
Stock-based compensation expense	3,788	2,990
Gain from sales of property and equipment, net	(1,433)	(667)
Gain from sales of rental equipment, net	(30,265)	(18,714)
Changes in operating assets and liabilities:
Receivables	6,266	7,474
Inventories	(33,965)	(138,147)
Prepaid expenses and other assets	(9,803)	(6,019)
Accounts payable	1,399	65,837
Manufacturer flooring plans payable	(694)	274
Accrued expenses payable and other liabilities	4,838	11
Net cash provided by operating activities	83,350	43,225
Cash flows from investing activities:
Acquisition of business	(121,571)	0
Purchases of property and equipment	(39,137)	(12,388)
Purchases of rental equipment	(31,059)	(76,578)
Proceeds from sales of property and equipment	1,669	849
Proceeds from sales of rental equipment	47,809	31,686
Net cash used in investing activities	(142,289)	(56,431)
Cash flows from financing activities:
Borrowings on senior secured credit facility	587,605	408,301
Payments on senior secured credit facility	(514,610)	(368,301)
Dividends paid	(10,029)	(9,989)
Purchases of treasury stock	(3,390)	(3,226)
Payments of deferred financing costs	0	(4,939)
Payments of finance lease obligations	(61)	(25)
Net cash provided by financing activities	59,515	21,821
Net increase in cash and cash equivalents	576	8,615
Cash and cash equivalents, beginning of period	8,500	81,330	$ 81,330
Cash and cash equivalents, end of period	9,076	89,945	$ 8,500
Non-cash asset purchases:
Assets transferred from inventory to rental fleet	43,330	51,110
Changes in purchases of property and equipment included in accrued expenses payable and other liabilities	(1,970)	39
Operating lease assets obtained in exchange for new operating lease liabilities	15,311	2,783
Cash paid during the period for:
Interest	4,355	767
Income taxes paid (net of refunds received)	$ (208)	$ 406

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	(1) Organization and Nature of Operations Basis of Presentation Our condensed consolidated financial statements include the financial position and results of operations of H&E Equipment Services, Inc. and its wholly-owned subsidiaries H&E Finance Corp., GNE Investments, Inc., Great Northern Equipment, Inc., H&E California Holding, Inc., H&E Equipment Services (California), LLC, H&E Equipment Services (Midwest), Inc. and H&E Equipment Services (Mid-Atlantic), Inc., collectively referred to herein as “we”, “us”, “our” or the “Company.” The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such regulations. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, and therefore, the results and trends in these interim condensed consolidated financial statements may not be the same for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2023, from which the consolidated balance sheet amounts as of December 31, 2023 were derived. All significant intercompany accounts and transactions have been eliminated in these condensed consolidated financial statements. The nature of our business is such that short-term obligations are typically met by cash flows generated from long-term assets. Consequently, the accompanying condensed consolidated balance sheets are presented on an unclassified basis. Nature of Operations Founded in 1961, H&E Equipment Services, Inc. is one of the largest rental equipment companies in the nation, serving customers at our 140 branch locations across 30 states. The Company’s fleet is comprised of aerial work platforms, earthmoving, material handling, and other general and specialty lines. H&E serves a diverse set of end markets in many high-growth geographies including branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast, Southeast, Midwest and Mid-Atlantic regions.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	(2) Significant Accounting Policies We describe our significant accounting policies in Note 2 of the notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023. During the three months ended March 31, 2024, there were no significant changes to those accounting policies. Use of Estimates We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These assumptions and estimates could have a material effect on our condensed consolidated financial statements. Actual results may differ materially from those estimates. We review our estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause us to revise these estimates. Reclassifications Certain reclassifications have been made to prior period amounts in the Condensed Consolidated Statements of Income to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts. Revenue Recognition We recognize revenue in accordance with two different Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) standards: 1) Topic 606 and 2) Topic 842. Under Topic 606, Revenue from Contracts with Customers, revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenue is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. Under Topic 842, Leases, we account for equipment rental contracts as operating leases. We recognize revenue from equipment rentals in the period earned, regardless of the timing of billing to customers. A rental contract includes rates for daily, weekly or monthly use, and rental revenues are earned on a daily basis as rental contracts remain outstanding. Because the rental contracts can extend across multiple reporting periods, we record unbilled rental revenues and deferred rental revenues at the end of reporting periods so rental revenues earned is appropriately stated for the periods presented. In the table below, revenues as presented in our condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 are summarized by type and by the applicable accounting standard. Three Months Ended March 31, 2024 2023 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 253,298 $ 122 $ 253,420 $ 223,580 $ 137 $ 223,717 Re-rent revenue 8,321 — 8,321 8,359 — 8,359 Ancillary and other rental revenues: Delivery and pick-up — 18,607 18,607 — 15,491 15,491 Other 14,977 — 14,977 14,441 — 14,441 Total ancillary rental revenues 14,977 18,607 33,584 14,441 15,491 29,932 Total equipment rental revenues 276,596 18,729 295,325 246,380 15,628 262,008 Sales of rental equipment — 48,115 48,115 — 32,115 32,115 Sales of new equipment — 10,412 10,412 — 7,818 7,818 Parts, service and other — 17,505 17,505 — 20,541 20,541 Total revenues $ 276,596 $ 94,761 $ 371,357 $ 246,380 $ 76,102 $ 322,482 Revenues by reporting segment are presented in Note 11 of our Condensed Consolidated Financial Statements. We believe that the disaggregation of our revenues from contracts to customers as reflected above, coupled with further discussion below and the reporting segments in Note 11, depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. For further information related to our accounting for revenues pursuant to Topic 606 and Topic 842, see Significant Accounting Policies in Note 2 to our Annual Report on Form 10-K for the year ended December 31, 2023. Receivables and contract assets and liabilities We manage credit risk associated with our accounts receivables at the customer level. Because the same customers typically generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowance for doubtful accounts address our total revenues from Topic 606 and Topic 842. We believe concentration of credit risk with respect to our receivables is limited because our customer base is comprised of a large number of geographically diverse customers. No single customer accounted for more than 10% of our total revenues for any of the periods presented in this Quarterly Report on Form 10-Q. We manage credit risk through credit approvals, credit limits and other monitoring procedures. Pursuant to Topic 842 and Topic 326 for rental and non-rental receivables, respectively, we maintain an allowance for doubtful accounts that reflects our estimate of our expected credit losses. Our allowance is estimated using a loss rate model based on delinquency. The estimated loss rate is based on our historical experience with specific customers, our understanding of our current economic circumstances, reasonable and supportable forecasts, and our own judgment as to the likelihood of ultimate payment based upon available data. Our largest exposure to doubtful accounts is in our rental operations, which as discussed above is accounted for under Topic 842 and represents 75 % of our total revenues and an approximate corresponding percentage of our receivables, net and associated allowance for doubtful accounts as of March 31, 2024. We perform credit evaluations of customers and establish credit limits based on reviews of our customers’ current credit information and payment histories. We believe our credit risk is somewhat mitigated by our geographically diverse customer base and our credit evaluation procedures. The actual rate of future credit losses, however, may not be similar to past experience. Our estimate of doubtful accounts could change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance for doubtful accounts. Bad debt expense as a percentage of total revenues for the three months ended March 31, 2024 and 2023 was approximately 0.4 % and 0.3 %, respectively. We do not have material contract assets, impairment losses associated therewith, or material contract liabilities associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenues during the three months ended March 31, 2024 or 2023 that was included in the contract liability balance as of the beginning of such periods. Goodwill Goodwill is recorded as the excess of the consideration transferred plus the fair value of any non-controlling interest in the acquiree at the acquisition date over the fair values of the identifiable net assets acquired. The change to the carrying amount of goodwill for the period ended March 31, 2024 is as follows (amounts in thousands): Equipment Rentals Sales of Rental Eq. Parts Sales Total Balance at December 31, 2022 (1) $ 88,529 $ 8,447 $ 5,714 $ 102,690 Increase (2) 29 — — 29 Decrease (3) — — ( 5,714 ) ( 5,714 ) Decrease (4) ( 132 ) — — ( 132 ) Increase (5) 11,282 — — 11,282 Balance at December 31, 2023 (1) 99,708 8,447 — 108,155 Increase (6) 17,536 — — 17,536 Decrease (7) ( 100 ) — — ( 100 ) Balance at March 31, 2024 (1) $ 117,144 $ 8,447 $ — $ 125,591 (1) The total carrying amount of goodwill as of December 31, 2022 in the table above is reflected net of $ 92.7 million of accumulated impairment charges. The total carrying amount of goodwill as of December 31, 2023 and March 31, 2024 in the table above is reflected net of $ 98.4 million of accumulated impairment charges. (2) Increase is related to the closing adjustments of the OSR Acquisition during the first quarter of 2023. (3) Decrease is related to the Parts Sales goodwill impairment calculated during the third quarter of 2023. (4) Decrease is related to the final closing adjustment of the OSR Acquisition during the third quarter of 2023. (5) Increase due to the Giffin Equipment (“Giffin”) Acquisition during the fourth quarter of 2023. (6) Increase due to the Precision Rentals (“Precision”) Acquisition during the first quarter of 2024. (7) Decrease is related to the purchase accounting adjustment of the Giffin Acquisition during the first quarter of 2024. Recent Accounting Pronouncements Pronouncements Not Yet Adopted Segment Reporting In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves the disclosures about a public entity’s reportable segments and addresses requests for additional, more detailed information about a reportable segment’s expenses. The amendments in this ASU require disclosure of incremental segment information on an annual and interim basis for all public entities. The amendments are effective for our Annual Report on Form 10-K for fiscal years beginning after December 15, 2023, and for the interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective on January 1, 2024 and is no t expected to have an impact on our financial statements, but will result in expanded reportable segment disclosures. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which should improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU requires that public entities on an annual basis disclose specific categories in the rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold and the following information about income taxes paid: the amount of income taxes paid disaggregated by federal (national), state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions. Lastly, the amendments in this ASU require that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. ASU 2023-09 becomes effective January 1, 2025 and is not expected to have an impact on our financial statements, but will result in expanded tax disclosures.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2024
Acquisitions and Dispositions [Abstract]
Acquisitions and Dispositions	(3) Acquisitions and Dispositions 2024 Acquisition Precision Rentals Effective January 1, 2024 , we completed the acquisition of Precision Rentals (“Precision”), an equipment rental company with a branch located in each of Arizona and Colorado. The acquisition expands our presence in both geographic markets. The aggregate cumulative cash consideration paid was approximately $ 123.9 million, which includes $ 3.5 million of fair value allocated to a noncompete agreement which is accounted for as a separate transaction from the net assets acquired in the business combination. The acquisition and related fees and expenses were funded from available cash and borrowings. The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date. The opening balance sheet amounts presented below are preliminary and subject to change as we obtain additional information during the acquisition measurement period regarding each asset acquired and liability assumed and finalize customary closing adjustments with the seller. $’s in thousands Accounts receivable $ 4,120 Prepaid expenses and other assets 737 Rental equipment 63,215 Property and equipment 2,122 Operating lease right-of-use assets 68 Customer relationships intangible asset (1) 33,000 Total identifiable assets acquired 103,262 Accounts payable ( 57 ) Accrued expenses payable and other liabilities ( 313 ) Operating lease liabilities ( 68 ) Total liabilities assumed ( 438 ) Net identifiable assets acquired 102,824 Goodwill (2) 17,536 Net assets acquired 120,360 Noncompetition agreement intangible asset (1)(3) 3,500 Total cumulative consideration (4) $ 123,860 (1) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our preliminary purchase accounting assessments: Fair Value Life (years) Customer relationships $ 33,000 10 Noncompetition agreements 3,500 5 $ 36,500 (2) The acquired goodwill has been allocated to the equipment rentals reporting unit. (3) The fair value of the noncompetition agreements is considered to be a separate transaction under ASC 805 and as such, has been excluded from the purchase price. (4) As a result of customary closing proceedings, $ 2.3 million of the purchase price consideration is recorded within accounts payable as of March 31, 2024. The level of goodwill that resulted from the Precision acquisition is primarily reflective of Precision’s going-concern value, the value of assembled workforce, new customer relationships expected to arise from the acquisition and expected synergies from combining operations. We currently expect the goodwill recognized to be 100 % deductible for income tax purposes. Total acquisition costs were $ 0.5 million and included within selling, general and administrative (“SG&A”) expenses on the Consolidated Statement of Income during the quarter ended March 31, 2024 and December 31, 2023. Since our acquisition of Precision on January 1, 2024, significant amounts of equipment rental fleet have been moved between H&E locations and the acquired locations, and it is impractical to reasonably estimate the amount of Precision revenues and earnings since the acquisition date. The assets and liabilities were recorded as of January 1, 2024 and the results of operations are included in the Company's consolidated results as of that date. 2023 Acquisition Giffin Equipment Effective November 1, 2023 , we completed the acquisition of Mel Giffin, Inc. (d/b/a Giffin Equipment) (“Giffin”), an equipment rental company with three branches located in California. The acquisition expands our presence in the California market. The aggregate cash consideration paid was approximately $ 31.3 million. The acquisition and related fees and expenses were funded from available cash and borrowings. The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date. The opening balance sheet amounts presented below are preliminary and subject to change as we obtain additional information during the acquisition measurement period regarding each asset acquired and liability assumed and finalize customary closing adjustments with the seller. $’s in thousands Accounts receivable $ 870 Prepaid expenses and other assets 10 Rental equipment 12,291 Property and equipment 431 Operating lease right-of-use assets 121 Intangible assets (1) 6,500 Total identifiable assets acquired 20,223 Accrued expenses payable and other liabilities ( 19 ) Operating lease liabilities ( 121 ) Total liabilities assumed ( 140 ) Net identifiable assets acquired 20,083 Goodwill (2) 11,182 Net assets acquired $ 31,265 (1) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our preliminary purchase accounting assessments: Fair Value Life (years) Customer relationships $ 3,900 10 Noncompetition agreements 2,600 5 $ 6,500 (2) The acquired goodwill has been allocated to the equipment rentals reporting unit. The level of goodwill that resulted from the Giffin acquisition is primarily reflective of Giffin’s going-concern value, the value of assembled workforce, new customer relationships expected to arise from the acquisition and expected synergies from combining operations. We currently expect the goodwill recognized to be 100 % deductible for income tax purposes. Total acquisition costs were $ 0.1 million and $ 0.3 million and included within selling, general and administrative (“SG&A”) expenses on the Consolidated Statement of Income during the quarter ended March 31, 2024 and year ended December 31, 2023, respectively. Since our acquisition of Giffin on November 1, 2023, significant amounts of equipment rental fleet have been moved between H&E locations and the acquired locations, and it is impractical to reasonably estimate the amount of Giffin revenues and earnings since the acquisition date. The assets and liabilities were recorded as of November 1, 2023 and the results of operations are included in the Company's consolidated results as of that date. 2022 Acquisition One Source Equipment Rentals, Inc. Effective October 1, 2022 , we acquired 100 % of the equity of One Source Equipment Rentals, Inc. (“OSR”), an equipment rental company with ten branches located in the Midwest. The acquisition expands our presence in the surrounding market, including initial locations in Illinois, Indiana, and Kentucky. The aggregate cash consideration paid was approximately $ 136.7 million. The acquisition and related fees and expenses were funded from available cash. Customary closing adjustments were finalized during the first quarter of 2023 and the update of a tax estimate upon filing the final tax returns concluded during the third quarter of 2023. The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date. $'s in thousands Cash $ 337 Accounts receivable 10,406 Inventory 332 Prepaid expenses and other assets 374 Rental equipment 102,436 Property and equipment 4,216 Operating lease right-of-use assets 2,388 Intangible assets (1) 12,300 Total identifiable assets acquired 132,789 Accounts payable ( 4,723 ) Tax payable ( 786 ) Operating lease liabilities ( 2,388 ) Deferred income taxes ( 27,653 ) Total liabilities assumed ( 35,550 ) Net identifiable assets acquired 97,239 Goodwill (2) 39,451 Net assets acquired $ 136,690 (1) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair Value Life (years) Customer relationships $ 10,600 10 Noncompetition agreements 1,700 1 $ 12,300 (2) The acquired goodwill has been allocated to the equipment rentals reporting unit. Included in the total goodwill amount of $ 39.5 million is approximately $ 0.8 million of accrued purchase price consideration to be paid to the sellers pursuant to the terms of the purchase agreement among the parties named thereto. The level of goodwill that resulted from the OSR acquisition is primarily reflective of OSR’s going-concern value, the value of assembled workforce, new customer relationships expected to arise from the acquisition and expected synergies from combining operations. Total acquisition costs were $ 0.8 million and included within selling, general and administrative ( “SG&A”) expenses on the Consolidated Statement of Income during the year ended December 31, 2022. Since our acquisition of OSR on October 1, 2022, significant amounts of equipment rental fleet have been moved between H&E locations and the acquired locations, and it is impractical to reasonably estimate the amount of OSR revenues and earnings since the acquisition date. The assets and liabilities were recorded as of October 1, 2022 and the results of operations are included in the Company's consolidated results as of that date. Pro forma financial information (unaudited) We completed the Giffin acquisition effective November 1, 2023 and the Precision acquisition effective January 1, 2024; therefore, our reported Condensed Consolidated Statement of Income for the quarter ended March 31, 2023 does not include Giffin or Precision. The pro forma information for the quarter ended March 31, 2023 in the table below (amounts in thousands) is for informational purposes only and gives effect to the Giffin and Precision acquisitions as if both had been completed on January 1, 2023 (the “pro forma acquisition date”). The pro forma information is not necessarily indicative of our results of operations had the acquisition been completed on the pro forma acquisition date, nor is it necessarily indicative of our future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisition, nor does it reflect additional revenue opportunities following the acquisition. The unaudited pro forma financial information includes adjustments primarily related to the incremental depreciation and amortization expense of the rental equipment and intangible assets acquired, the elimination of interest expense related to historical debt as well as other expenses that are not part of the combined entity and transaction expenses. Three Months Ended March 31, 2023 Total revenues $ 332,863 Net income $ 25,690

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	(4) Fair Value of Financial Instruments Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions The carrying value of financial instruments reported in the accompanying consolidated balance sheets for cash and cash equivalents, accounts receivable, Senior Secured Credit Facility (the “Credit Facility”), accounts payable and accrued expenses payable and other liabilities approximate fair value due to the immediate or short-term nature, maturity or market interest rate of these financial instruments. The Company’s outstanding obligations on its Credit Facility are deemed to be at fair value as the interest rates are variable and consistent with prevailing rates, which are considered Level 2 inputs. The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of March 31, 2024 and December 31, 2023 are presented in the table below (amounts in thousands). March 31, 2024 Carrying Fair Manufacturer flooring plans payable with interest computed at 8.75 % (Level 3) $ 2,014 $ 1,703 Senior Unsecured Notes due 2028 with interest computed at 3.875 % (Level 2) 1,243,213 1,147,338 December 31, 2023 Carrying Fair Manufacturer flooring plans payable with interest computed at 8.75 % (Level 3) $ 2,708 $ 2,490 Senior unsecured notes due 2028 with interest computed at 3.875 % (Level 2) 1,242,852 1,137,170 At March 31, 2024 and December 31, 2023 , the fair value of our senior unsecured notes due 2028 (the “Senior Unsecured Notes”) was based on quoted bond trading market prices for those notes. For our Level 3 unobservable inputs, we calculate a discount rate for our manufacturing floor plans payable based on the U.S. prime rate plus the applicable margin on our Credit Facility. The discount rate is disclosed in the above table. The assets collateralized against the manufacturer flooring plans payable approximate its carrying value. During the three months ended March 31, 2024 and 2023 , there were no transfers of financial assets or liabilities in or out of Level 3 of the fair value hierarchy.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	(5) Stockholders’ Equity The following table summarizes the activity in Stockholders’ Equity for the three months ended March 31, 2024 and 2023, respectively (amounts in thousands, except share and per share data): Common Stock Additional Total Shares Amount Paid-in Treasury Retained Earnings Stockholders’ Balances at December 31, 2023 40,823,375 $ 408 $ 261,927 $ ( 76,017 ) $ 347,971 $ 534,289 Stock-based compensation — — 3,788 — — 3,788 Cash dividends declared on common stock ($ 0.275 per share) — — — — ( 9,900 ) ( 9,900 ) Issuance of common stock, net of forfeitures 137,436 2 — — — 2 Repurchase of 57,662 shares of restricted common stock — — — ( 3,390 ) — ( 3,390 ) Net income — — — — 25,889 25,889 Balances at March 31, 2024 40,960,811 $ 410 $ 265,715 $ ( 79,407 ) $ 363,960 $ 550,678 Balances at December 31, 2022 40,567,876 $ 405 $ 251,901 $ ( 69,964 ) $ 218,700 $ 401,042 Stock-based compensation — — 2,990 — — 2,990 Cash dividends declared on common stock ($ 0.275 per share) — — — — ( 9,794 ) ( 9,794 ) Issuance of common stock, net of forfeitures 132,501 1 — — — 1 Repurchase of 58,211 shares of restricted common stock — — — ( 3,226 ) — ( 3,226 ) Net income — — — — 25,674 25,674 Balances at March 31, 2023 40,700,377 $ 406 $ 254,891 $ ( 73,190 ) $ 234,580 $ 416,687

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	(6) Stock-Based Compensation Stock-based compensation is measured at the grant date, based on the calculated fair value of the award, net of an estimated forfeiture rate, and is recognized as an expense over the requisite employee service period (generally the vesting period of the grant). The estimated forfeiture rate is based on historical experience and revised, if necessary, in subsequent periods for actual forfeitures. Our 2016 Stock-Based Incentive Compensation Plan (the “2016 Plan”) is administered by the Compensation Committee of our Board of Directors, which selects persons eligible to receive awards and determines the number of shares and/or options subject to each award, the terms, conditions, performance measures, if any, and other provisions of the award. Under the 2016 Plan, we may offer deferred shares or restricted shares of our common stock and grant options, including both incentive stock options and nonqualified stock options, to purchase shares of our common stock. Shares available for future stock-based payment awards under our 2016 Plan were 605,839 shares of common stock as of March 31, 2024. Non-vested Stock The following table summarizes our non-vested stock activity for the three months ended March 31, 2024: Number of Weighted Value Non-vested stock at December 31, 2023 497,396 $ 40.73 Granted 73,063 $ 38.33 Vested ( 139,584 ) $ 36.28 Forfeited ( 2,148 ) $ 44.44 Non-vested stock at March 31, 2024 428,727 $ 41.75 As of March 31, 2024 , we had unrecognized compensation expense of approximately $ 12.4 million related to non-vested stock that we expect to be recognized over a weighted-average period of approximately 1.7 years. Stock compensation expense, which is included in selling, general and administrative (“SG&A”) expenses in the accompanying condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 is $ 3.8 million and $ 3.0 million, respectively.

Income per Share

Income per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Income per Share	(7) Income per Share Income per common share for the three months ended March 31, 2024 and 2023 is based on the weighted average number of common shares outstanding during the period. The effects of potentially dilutive securities that are anti-dilutive are not included in the computation of dilutive income per share. We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic and diluted EPS calculations using the two-class method. All of our restricted common shares are currently participating securities. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted average shares outstanding during the period. The number of restricted common shares outstanding was less than 1 % of total outstanding shares for the three months ended March 31, 2024 and 2023 and, consequently, was immaterial to the basic and diluted EPS calculations. Therefore, use of the two-class method had no impact on our basic and diluted EPS calculations for the periods presented. The following table sets forth the computation of basic and diluted net income per common share for the three months ended March 31, 2024 and 2023 (amounts in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Net income $ 25,889 $ 25,674 Weighted average number of common shares outstanding: Basic 36,196 36,025 Effect of dilutive non-vested restricted stock 366 327 Diluted 36,562 36,352 Income per share: Basic net income per share $ 0.72 $ 0.71 Diluted net income per share $ 0.71 $ 0.71 Common shares excluded from the denominator as anti-dilutive: Non-vested restricted stock — — Dividends declared per common share outstanding $ 0.275 $ 0.275

Senior Secured Credit Facility

Senior Secured Credit Facility	3 Months Ended
	Mar. 31, 2024
Secured Debt [Member]
Senior Secured Credit Facility	(8) Senior Secured Credit Facility We and our subsidiaries are parties to a $ 750.0 million Credit Facility with Wells Fargo Bank, National Association, as administrative agent, and the lenders named therein. For further information related to significant terms of the Credit Facility, see Note 10 to the Company’s Consolidated Financial Statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. At March 31, 2024, we had $ 254.6 million outstanding under the Credit Facility and could borrow up to approximately $ 483.0 million , net of a $ 12.3 million outstanding letter of credit. As of March 31, 2024 , the weighted average interest rate under the Credit Facility was approximately 7.1 %. As of March 31, 2024, we were in compliance with our financial covenants under the Amended and Restated Credit Agreement. The aggregate amounts outstanding as of March 31, 2024 under both the Credit Facility and our Senior Secured Notes (Note 9) of $ 1,504.6 million mature during 2028.

Senior Unsecured Notes

Senior Unsecured Notes	3 Months Ended
	Mar. 31, 2024
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Credit Facility	(9) Senior Unsecured Note s On December 14, 2020, we completed the offering of our $ 1.25 billion, 3.875 % Senior Unsecured Notes due 2028 . For further information related to significant terms of the Senior Unsecured Notes, see Note 9 to the Company’s Consolidated Financial Statements included as Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. As of March 31, 2024, we were in compliance with the covenants governing our notes. The following table reconciles our Senior Unsecured Notes to our Condensed Consolidated Balance Sheets (amounts in thousands): Balance at December 31, 2022 $ 1,241,409 Accretion of discount through December 31, 2023 1,172 Amortization of deferred financing costs through December 31, 2023 271 Balance at December 31, 2023 $ 1,242,852 Accretion of discount through March 31, 2024 293 Amortization of deferred financing costs through March 31, 2024 68 Balance at March 31, 2024 $ 1,243,213

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	(10) Leases At March 31, 2024 , the weighted average remaining lease term for operating leases was approximately 7.5 years and for finance leases was approximately 8.3 years. The weighted average discount rate for operating leases and finance leases was approximately 6.4 % and 5.9 %, respectively, at March 31, 2024. The future minimum lease payments of operating leases executed but not commenced as of March 31, 2024 are estimated to be $ 1.4 million, $ 3.5 million, $ 4.1 million, $ 4.2 million and $ 4.3 million for the years ending December 31, 2024, 2025 , 2026, 2027 and 2028, respectively, and $ 30.1 million thereafter. It is expected that the majority of these leases will commence during 2024 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	(11) Segment Information We have identified five reportable segments: equipment rentals, sales of rental equipment, sales of new equipment, parts sales and service revenues. These segments are based upon revenue streams and how management of the Company allocates resources and assesses performance. Our non-segmented other revenues and costs relate primarily to ancillary charges associated with equipment repair services and are not generally allocated to the segments. There were no sales between segments for any of the periods presented. Selling, general, and administrative expenses as well as all other income and expense items below gross profit are not generally allocated to our reportable segments. We do not compile discrete financial information by segments other than the information presented below. The following table presents information about our reportable segments (amounts in thousands): Three Months Ended 2024 2023 Segment Revenues: Equipment rentals $ 295,325 $ 262,008 Sales of rental equipment 48,115 32,115 Sales of new equipment 10,412 7,818 Parts sales 11,029 12,157 Services revenues 5,744 7,186 Total segmented revenues 370,625 321,284 Non-Segmented other revenues 732 1,198 Total revenues $ 371,357 $ 322,482 Segment Gross Profit (Loss): Equipment rentals $ 127,897 $ 114,294 Sales of rental equipment 30,286 18,827 Sales of new equipment 1,773 1,037 Parts sales 2,927 3,505 Services revenues 3,381 4,596 Total gross profit from segmented revenues 166,264 142,259 Non-segmented other gross loss ( 1,399 ) ( 881 ) Total gross profit $ 164,865 $ 141,378 Balances at March 31, December 31, 2024 2023 Segment identified assets: Equipment rentals $ 1,781,505 $ 1,756,578 Equipment sales 87,959 98,045 Parts and services 12,607 11,886 Total segment identified assets 1,882,071 1,866,509 Non-segment identified assets 875,675 773,377 Total assets $ 2,757,746 $ 2,639,886 The Company operates primarily in the United States and our sales to international customers for both the three months ended March 31, 2024 and 2023 were less than 1.0 % of total revenues for the periods presented. No one customer accounted for more than 10% of our total revenues for any of the periods presented.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	(12) Subsequent Events Effective April 10, 2024, after the period covered by this report, we executed a definitive agreement to acquire Lewistown Rentals (“Lewistown”) and its three affiliated rental operations for a purchase price of $ 33.5 million. Lewistown is a provider of non-residential construction and industrial equipment and expands our presence with four branch locations operating in Montana. The acquisition is scheduled to close during the second quarter of 2024, pending customary closing conditions and is expected to be funded using available cash and borrowings.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our condensed consolidated financial statements include the financial position and results of operations of H&E Equipment Services, Inc. and its wholly-owned subsidiaries H&E Finance Corp., GNE Investments, Inc., Great Northern Equipment, Inc., H&E California Holding, Inc., H&E Equipment Services (California), LLC, H&E Equipment Services (Midwest), Inc. and H&E Equipment Services (Mid-Atlantic), Inc., collectively referred to herein as “we”, “us”, “our” or the “Company.” The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such regulations. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, and therefore, the results and trends in these interim condensed consolidated financial statements may not be the same for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2023, from which the consolidated balance sheet amounts as of December 31, 2023 were derived. All significant intercompany accounts and transactions have been eliminated in these condensed consolidated financial statements. The nature of our business is such that short-term obligations are typically met by cash flows generated from long-term assets. Consequently, the accompanying condensed consolidated balance sheets are presented on an unclassified basis.
Use of Estimates	Use of Estimates We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These assumptions and estimates could have a material effect on our condensed consolidated financial statements. Actual results may differ materially from those estimates. We review our estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause us to revise these estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to prior period amounts in the Condensed Consolidated Statements of Income to conform to the current period presentation. These reclassifications did not have a material impact on previously reported amounts.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with two different Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) standards: 1) Topic 606 and 2) Topic 842. Under Topic 606, Revenue from Contracts with Customers, revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenue is measured based on the consideration specified in the contract with the customer, and excludes any sales incentives and amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. Our contracts with customers generally do not include multiple performance obligations. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for such products or services. Under Topic 842, Leases, we account for equipment rental contracts as operating leases. We recognize revenue from equipment rentals in the period earned, regardless of the timing of billing to customers. A rental contract includes rates for daily, weekly or monthly use, and rental revenues are earned on a daily basis as rental contracts remain outstanding. Because the rental contracts can extend across multiple reporting periods, we record unbilled rental revenues and deferred rental revenues at the end of reporting periods so rental revenues earned is appropriately stated for the periods presented. In the table below, revenues as presented in our condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 are summarized by type and by the applicable accounting standard. Three Months Ended March 31, 2024 2023 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 253,298 $ 122 $ 253,420 $ 223,580 $ 137 $ 223,717 Re-rent revenue 8,321 — 8,321 8,359 — 8,359 Ancillary and other rental revenues: Delivery and pick-up — 18,607 18,607 — 15,491 15,491 Other 14,977 — 14,977 14,441 — 14,441 Total ancillary rental revenues 14,977 18,607 33,584 14,441 15,491 29,932 Total equipment rental revenues 276,596 18,729 295,325 246,380 15,628 262,008 Sales of rental equipment — 48,115 48,115 — 32,115 32,115 Sales of new equipment — 10,412 10,412 — 7,818 7,818 Parts, service and other — 17,505 17,505 — 20,541 20,541 Total revenues $ 276,596 $ 94,761 $ 371,357 $ 246,380 $ 76,102 $ 322,482 Revenues by reporting segment are presented in Note 11 of our Condensed Consolidated Financial Statements. We believe that the disaggregation of our revenues from contracts to customers as reflected above, coupled with further discussion below and the reporting segments in Note 11, depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. For further information related to our accounting for revenues pursuant to Topic 606 and Topic 842, see Significant Accounting Policies in Note 2 to our Annual Report on Form 10-K for the year ended December 31, 2023. Receivables and contract assets and liabilities We manage credit risk associated with our accounts receivables at the customer level. Because the same customers typically generate the revenues that are accounted for under both Topic 606 and Topic 842, the discussions below on credit risk and our allowance for doubtful accounts address our total revenues from Topic 606 and Topic 842. We believe concentration of credit risk with respect to our receivables is limited because our customer base is comprised of a large number of geographically diverse customers. No single customer accounted for more than 10% of our total revenues for any of the periods presented in this Quarterly Report on Form 10-Q. We manage credit risk through credit approvals, credit limits and other monitoring procedures. Pursuant to Topic 842 and Topic 326 for rental and non-rental receivables, respectively, we maintain an allowance for doubtful accounts that reflects our estimate of our expected credit losses. Our allowance is estimated using a loss rate model based on delinquency. The estimated loss rate is based on our historical experience with specific customers, our understanding of our current economic circumstances, reasonable and supportable forecasts, and our own judgment as to the likelihood of ultimate payment based upon available data. Our largest exposure to doubtful accounts is in our rental operations, which as discussed above is accounted for under Topic 842 and represents 75 % of our total revenues and an approximate corresponding percentage of our receivables, net and associated allowance for doubtful accounts as of March 31, 2024. We perform credit evaluations of customers and establish credit limits based on reviews of our customers’ current credit information and payment histories. We believe our credit risk is somewhat mitigated by our geographically diverse customer base and our credit evaluation procedures. The actual rate of future credit losses, however, may not be similar to past experience. Our estimate of doubtful accounts could change based on changing circumstances, including changes in the economy or in the particular circumstances of individual customers. Accordingly, we may be required to increase or decrease our allowance for doubtful accounts. Bad debt expense as a percentage of total revenues for the three months ended March 31, 2024 and 2023 was approximately 0.4 % and 0.3 %, respectively. We do not have material contract assets, impairment losses associated therewith, or material contract liabilities associated with contracts with customers. Our contracts with customers do not generally result in material amounts billed to customers in excess of recognizable revenue. We did not recognize material revenues during the three months ended March 31, 2024 or 2023 that was included in the contract liability balance as of the beginning of such periods.
Goodwill	Goodwill Goodwill is recorded as the excess of the consideration transferred plus the fair value of any non-controlling interest in the acquiree at the acquisition date over the fair values of the identifiable net assets acquired. The change to the carrying amount of goodwill for the period ended March 31, 2024 is as follows (amounts in thousands): Equipment Rentals Sales of Rental Eq. Parts Sales Total Balance at December 31, 2022 (1) $ 88,529 $ 8,447 $ 5,714 $ 102,690 Increase (2) 29 — — 29 Decrease (3) — — ( 5,714 ) ( 5,714 ) Decrease (4) ( 132 ) — — ( 132 ) Increase (5) 11,282 — — 11,282 Balance at December 31, 2023 (1) 99,708 8,447 — 108,155 Increase (6) 17,536 — — 17,536 Decrease (7) ( 100 ) — — ( 100 ) Balance at March 31, 2024 (1) $ 117,144 $ 8,447 $ — $ 125,591 (1) The total carrying amount of goodwill as of December 31, 2022 in the table above is reflected net of $ 92.7 million of accumulated impairment charges. The total carrying amount of goodwill as of December 31, 2023 and March 31, 2024 in the table above is reflected net of $ 98.4 million of accumulated impairment charges. (2) Increase is related to the closing adjustments of the OSR Acquisition during the first quarter of 2023. (3) Decrease is related to the Parts Sales goodwill impairment calculated during the third quarter of 2023. (4) Decrease is related to the final closing adjustment of the OSR Acquisition during the third quarter of 2023. (5) Increase due to the Giffin Equipment (“Giffin”) Acquisition during the fourth quarter of 2023. (6) Increase due to the Precision Rentals (“Precision”) Acquisition during the first quarter of 2024. (7) Decrease is related to the purchase accounting adjustment of the Giffin Acquisition during the first quarter of 2024.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements Not Yet Adopted Segment Reporting In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves the disclosures about a public entity’s reportable segments and addresses requests for additional, more detailed information about a reportable segment’s expenses. The amendments in this ASU require disclosure of incremental segment information on an annual and interim basis for all public entities. The amendments are effective for our Annual Report on Form 10-K for fiscal years beginning after December 15, 2023, and for the interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 became effective on January 1, 2024 and is no t expected to have an impact on our financial statements, but will result in expanded reportable segment disclosures. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which should improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU requires that public entities on an annual basis disclose specific categories in the rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold and the following information about income taxes paid: the amount of income taxes paid disaggregated by federal (national), state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions. Lastly, the amendments in this ASU require that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. ASU 2023-09 becomes effective January 1, 2025 and is not expected to have an impact on our financial statements, but will result in expanded tax disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Revenues by Type and by Applicable Accounting Standard	In the table below, revenues as presented in our condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 are summarized by type and by the applicable accounting standard. Three Months Ended March 31, 2024 2023 Topic 842 Topic 606 Total Topic 842 Topic 606 Total Revenues: Rental revenues Owned equipment rentals $ 253,298 $ 122 $ 253,420 $ 223,580 $ 137 $ 223,717 Re-rent revenue 8,321 — 8,321 8,359 — 8,359 Ancillary and other rental revenues: Delivery and pick-up — 18,607 18,607 — 15,491 15,491 Other 14,977 — 14,977 14,441 — 14,441 Total ancillary rental revenues 14,977 18,607 33,584 14,441 15,491 29,932 Total equipment rental revenues 276,596 18,729 295,325 246,380 15,628 262,008 Sales of rental equipment — 48,115 48,115 — 32,115 32,115 Sales of new equipment — 10,412 10,412 — 7,818 7,818 Parts, service and other — 17,505 17,505 — 20,541 20,541 Total revenues $ 276,596 $ 94,761 $ 371,357 $ 246,380 $ 76,102 $ 322,482
Schedule of Carrying Amount of Goodwill	The change to the carrying amount of goodwill for the period ended March 31, 2024 is as follows (amounts in thousands): Equipment Rentals Sales of Rental Eq. Parts Sales Total Balance at December 31, 2022 (1) $ 88,529 $ 8,447 $ 5,714 $ 102,690 Increase (2) 29 — — 29 Decrease (3) — — ( 5,714 ) ( 5,714 ) Decrease (4) ( 132 ) — — ( 132 ) Increase (5) 11,282 — — 11,282 Balance at December 31, 2023 (1) 99,708 8,447 — 108,155 Increase (6) 17,536 — — 17,536 Decrease (7) ( 100 ) — — ( 100 ) Balance at March 31, 2024 (1) $ 117,144 $ 8,447 $ — $ 125,591 (1) The total carrying amount of goodwill as of December 31, 2022 in the table above is reflected net of $ 92.7 million of accumulated impairment charges. The total carrying amount of goodwill as of December 31, 2023 and March 31, 2024 in the table above is reflected net of $ 98.4 million of accumulated impairment charges. (2) Increase is related to the closing adjustments of the OSR Acquisition during the first quarter of 2023. (3) Decrease is related to the Parts Sales goodwill impairment calculated during the third quarter of 2023. (4) Decrease is related to the final closing adjustment of the OSR Acquisition during the third quarter of 2023. (5) Increase due to the Giffin Equipment (“Giffin”) Acquisition during the fourth quarter of 2023. (6) Increase due to the Precision Rentals (“Precision”) Acquisition during the first quarter of 2024. (7) Decrease is related to the purchase accounting adjustment of the Giffin Acquisition during the first quarter of 2024.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2024
Precision Rentals [Member]
Business Acquisition [Line Items]
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date. The opening balance sheet amounts presented below are preliminary and subject to change as we obtain additional information during the acquisition measurement period regarding each asset acquired and liability assumed and finalize customary closing adjustments with the seller. $’s in thousands Accounts receivable $ 4,120 Prepaid expenses and other assets 737 Rental equipment 63,215 Property and equipment 2,122 Operating lease right-of-use assets 68 Customer relationships intangible asset (1) 33,000 Total identifiable assets acquired 103,262 Accounts payable ( 57 ) Accrued expenses payable and other liabilities ( 313 ) Operating lease liabilities ( 68 ) Total liabilities assumed ( 438 ) Net identifiable assets acquired 102,824 Goodwill (2) 17,536 Net assets acquired 120,360 Noncompetition agreement intangible asset (1)(3) 3,500 Total cumulative consideration (4) $ 123,860 (1) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our preliminary purchase accounting assessments: Fair Value Life (years) Customer relationships $ 33,000 10 Noncompetition agreements 3,500 5 $ 36,500 (2) The acquired goodwill has been allocated to the equipment rentals reporting unit. (3) The fair value of the noncompetition agreements is considered to be a separate transaction under ASC 805 and as such, has been excluded from the purchase price. (4) As a result of customary closing proceedings, $ 2.3 million of the purchase price consideration is recorded within accounts payable as of March 31, 2024.
Giffin Equipment [Member]
Business Acquisition [Line Items]
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date. The opening balance sheet amounts presented below are preliminary and subject to change as we obtain additional information during the acquisition measurement period regarding each asset acquired and liability assumed and finalize customary closing adjustments with the seller. $’s in thousands Accounts receivable $ 870 Prepaid expenses and other assets 10 Rental equipment 12,291 Property and equipment 431 Operating lease right-of-use assets 121 Intangible assets (1) 6,500 Total identifiable assets acquired 20,223 Accrued expenses payable and other liabilities ( 19 ) Operating lease liabilities ( 121 ) Total liabilities assumed ( 140 ) Net identifiable assets acquired 20,083 Goodwill (2) 11,182 Net assets acquired $ 31,265 (1) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our preliminary purchase accounting assessments: Fair Value Life (years) Customer relationships $ 3,900 10 Noncompetition agreements 2,600 5 $ 6,500 (2) The acquired goodwill has been allocated to the equipment rentals reporting unit.
One Source Equipment Rentals, Inc [Member]
Business Acquisition [Line Items]
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date. $'s in thousands Cash $ 337 Accounts receivable 10,406 Inventory 332 Prepaid expenses and other assets 374 Rental equipment 102,436 Property and equipment 4,216 Operating lease right-of-use assets 2,388 Intangible assets (1) 12,300 Total identifiable assets acquired 132,789 Accounts payable ( 4,723 ) Tax payable ( 786 ) Operating lease liabilities ( 2,388 ) Deferred income taxes ( 27,653 ) Total liabilities assumed ( 35,550 ) Net identifiable assets acquired 97,239 Goodwill (2) 39,451 Net assets acquired $ 136,690 (1) The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair Value Life (years) Customer relationships $ 10,600 10 Noncompetition agreements 1,700 1 $ 12,300 (2) The acquired goodwill has been allocated to the equipment rentals reporting unit.
Giffin Equipment and Precision Rentals [Member]
Business Acquisition [Line Items]
Unaudited Pro Forma Financial Information	The pro forma information for the quarter ended March 31, 2023 in the table below (amounts in thousands) is for informational purposes only and gives effect to the Giffin and Precision acquisitions as if both had been completed on January 1, 2023 (the “pro forma acquisition date”). The pro forma information is not necessarily indicative of our results of operations had the acquisition been completed on the pro forma acquisition date, nor is it necessarily indicative of our future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisition, nor does it reflect additional revenue opportunities following the acquisition. The unaudited pro forma financial information includes adjustments primarily related to the incremental depreciation and amortization expense of the rental equipment and intangible assets acquired, the elimination of interest expense related to historical debt as well as other expenses that are not part of the combined entity and transaction expenses. Three Months Ended March 31, 2023 Total revenues $ 332,863 Net income $ 25,690

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements	The carrying amounts and fair values of our other financial instruments subject to fair value disclosures as of March 31, 2024 and December 31, 2023 are presented in the table below (amounts in thousands). March 31, 2024 Carrying Fair Manufacturer flooring plans payable with interest computed at 8.75 % (Level 3) $ 2,014 $ 1,703 Senior Unsecured Notes due 2028 with interest computed at 3.875 % (Level 2) 1,243,213 1,147,338 December 31, 2023 Carrying Fair Manufacturer flooring plans payable with interest computed at 8.75 % (Level 3) $ 2,708 $ 2,490 Senior unsecured notes due 2028 with interest computed at 3.875 % (Level 2) 1,242,852 1,137,170

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Summary of Activity in Stockholders' Equity	The following table summarizes the activity in Stockholders’ Equity for the three months ended March 31, 2024 and 2023, respectively (amounts in thousands, except share and per share data): Common Stock Additional Total Shares Amount Paid-in Treasury Retained Earnings Stockholders’ Balances at December 31, 2023 40,823,375 $ 408 $ 261,927 $ ( 76,017 ) $ 347,971 $ 534,289 Stock-based compensation — — 3,788 — — 3,788 Cash dividends declared on common stock ($ 0.275 per share) — — — — ( 9,900 ) ( 9,900 ) Issuance of common stock, net of forfeitures 137,436 2 — — — 2 Repurchase of 57,662 shares of restricted common stock — — — ( 3,390 ) — ( 3,390 ) Net income — — — — 25,889 25,889 Balances at March 31, 2024 40,960,811 $ 410 $ 265,715 $ ( 79,407 ) $ 363,960 $ 550,678 Balances at December 31, 2022 40,567,876 $ 405 $ 251,901 $ ( 69,964 ) $ 218,700 $ 401,042 Stock-based compensation — — 2,990 — — 2,990 Cash dividends declared on common stock ($ 0.275 per share) — — — — ( 9,794 ) ( 9,794 ) Issuance of common stock, net of forfeitures 132,501 1 — — — 1 Repurchase of 58,211 shares of restricted common stock — — — ( 3,226 ) — ( 3,226 ) Net income — — — — 25,674 25,674 Balances at March 31, 2023 40,700,377 $ 406 $ 254,891 $ ( 73,190 ) $ 234,580 $ 416,687

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Non-Vested Stock Activity	The following table summarizes our non-vested stock activity for the three months ended March 31, 2024: Number of Weighted Value Non-vested stock at December 31, 2023 497,396 $ 40.73 Granted 73,063 $ 38.33 Vested ( 139,584 ) $ 36.28 Forfeited ( 2,148 ) $ 44.44 Non-vested stock at March 31, 2024 428,727 $ 41.75

Income per Share (Tables)

Income per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Income Per Common Share	The following table sets forth the computation of basic and diluted net income per common share for the three months ended March 31, 2024 and 2023 (amounts in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Net income $ 25,889 $ 25,674 Weighted average number of common shares outstanding: Basic 36,196 36,025 Effect of dilutive non-vested restricted stock 366 327 Diluted 36,562 36,352 Income per share: Basic net income per share $ 0.72 $ 0.71 Diluted net income per share $ 0.71 $ 0.71 Common shares excluded from the denominator as anti-dilutive: Non-vested restricted stock — — Dividends declared per common share outstanding $ 0.275 $ 0.275

Senior Unsecured Notes (Tables)

Senior Unsecured Notes (Tables)	3 Months Ended
	Mar. 31, 2024
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance Sheets	The following table reconciles our Senior Unsecured Notes to our Condensed Consolidated Balance Sheets (amounts in thousands): Balance at December 31, 2022 $ 1,241,409 Accretion of discount through December 31, 2023 1,172 Amortization of deferred financing costs through December 31, 2023 271 Balance at December 31, 2023 $ 1,242,852 Accretion of discount through March 31, 2024 293 Amortization of deferred financing costs through March 31, 2024 68 Balance at March 31, 2024 $ 1,243,213

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Information about Reportable Segments	The following table presents information about our reportable segments (amounts in thousands): Three Months Ended 2024 2023 Segment Revenues: Equipment rentals $ 295,325 $ 262,008 Sales of rental equipment 48,115 32,115 Sales of new equipment 10,412 7,818 Parts sales 11,029 12,157 Services revenues 5,744 7,186 Total segmented revenues 370,625 321,284 Non-Segmented other revenues 732 1,198 Total revenues $ 371,357 $ 322,482 Segment Gross Profit (Loss): Equipment rentals $ 127,897 $ 114,294 Sales of rental equipment 30,286 18,827 Sales of new equipment 1,773 1,037 Parts sales 2,927 3,505 Services revenues 3,381 4,596 Total gross profit from segmented revenues 166,264 142,259 Non-segmented other gross loss ( 1,399 ) ( 881 ) Total gross profit $ 164,865 $ 141,378 Balances at March 31, December 31, 2024 2023 Segment identified assets: Equipment rentals $ 1,781,505 $ 1,756,578 Equipment sales 87,959 98,045 Parts and services 12,607 11,886 Total segment identified assets 1,882,071 1,866,509 Non-segment identified assets 875,675 773,377 Total assets $ 2,757,746 $ 2,639,886

Organization and Nature of Op_2

Organization and Nature of Operations - Additional Information (Detail)	Mar. 31, 2024 Branch
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of branch locations	140

Significant Accounting Polici_4

Significant Accounting Policies - Summary of Revenues by Type and by Applicable Accounting Standard (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 371,357	$ 322,482
Topic 842 [Member]
Revenues:
Revenues	276,596	246,380
Topic 606 [Member]
Revenues:
Revenues	94,761	76,102
Rental Revenues [Member] | Owned Equipment Rentals [Member]
Revenues:
Revenues	253,420	223,717
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 842 [Member]
Revenues:
Revenues	253,298	223,580
Rental Revenues [Member] | Owned Equipment Rentals [Member] | Topic 606 [Member]
Revenues:
Revenues	122	137
Rental Revenues [Member] | Re Rent Revenues [Member]
Revenues:
Revenues	8,321	8,359
Rental Revenues [Member] | Re Rent Revenues [Member] | Topic 842 [Member]
Revenues:
Revenues	8,321	8,359
Ancillary And Other Rental Revenues [Member]
Revenues:
Revenues	33,584	29,932
Ancillary And Other Rental Revenues [Member] | Topic 842 [Member]
Revenues:
Revenues	14,977	14,441
Ancillary And Other Rental Revenues [Member] | Topic 606 [Member]
Revenues:
Revenues	18,607	15,491
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member]
Revenues:
Revenues	18,607	15,491
Ancillary And Other Rental Revenues [Member] | Delivery and Pick-up [Member] | Topic 606 [Member]
Revenues:
Revenues	18,607	15,491
Ancillary And Other Rental Revenues [Member] | Other [Member]
Revenues:
Revenues	14,977	14,441
Ancillary And Other Rental Revenues [Member] | Other [Member] | Topic 842 [Member]
Revenues:
Revenues	14,977	14,441
Total Equipment Rental Revenues [Member]
Revenues:
Revenues	295,325	262,008
Total Equipment Rental Revenues [Member] | Topic 842 [Member]
Revenues:
Revenues	276,596	246,380
Total Equipment Rental Revenues [Member] | Topic 606 [Member]
Revenues:
Revenues	18,729	15,628
Sales of Rental Equipment [Member]
Revenues:
Revenues	48,115	32,115
Sales of Rental Equipment [Member] | Topic 606 [Member]
Revenues:
Revenues	48,115	32,115
Sales of New Equipment [Member]
Revenues:
Revenues	10,412	7,818
Sales of New Equipment [Member] | Topic 606 [Member]
Revenues:
Revenues	10,412	7,818
Parts, Service and Other [Member]
Revenues:
Revenues	17,505	20,541
Parts, Service and Other [Member] | Topic 606 [Member]
Revenues:
Revenues	$ 17,505	$ 20,541

Significant Accounting Polici_5

Significant Accounting Policies - Additional Information (Detail) - Customer	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Summary Of Significant Accounting Policy [Line Items]
Customer accounted for more than 10% of revenue	0	0
Bad debt expense as a percentage of total revenues	0.40%	0.30%
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2024
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update Two Thousand Twenty Three Zero Seven [Member]
Topic 842 [Member] | Customer Concentration Risk [Member] | Revenues [Member]
Summary Of Significant Accounting Policy [Line Items]
Percentage of revenue/purchase	75%

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2024		Dec. 31, 2023
Goodwill [Line Items]
Balance	[1]	$ 108,155		$ 102,690
Increase		17,536	[2]	29	[3]
Decrease	[4]	(100)
Balance	[1]	125,591		108,155
Giffin Equipment [Member]
Goodwill [Line Items]
Increase	[5]			11,282
Equipment Rentals [Member]
Goodwill [Line Items]
Balance	[1]	99,708		88,529
Increase		17,536	[2]	29	[3]
Decrease		(100)	[4]	(132)	[6]
Balance	[1]	117,144		99,708
Equipment Rentals [Member] | Giffin Equipment [Member]
Goodwill [Line Items]
Increase	[5]			11,282
Sales of Rental Equipment [Member]
Goodwill [Line Items]
Balance	[1]	8,447		8,447
Balance	[1]	$ 8,447		8,447
Parts Sales [Member]
Goodwill [Line Items]
Balance	[1]			5,714
Decrease	[7]			$ (5,714)
[1] The total carrying amount of goodwill as of December 31, 2022 in the table above is reflected net of $ 92.7 million of accumulated impairment charges. The total carrying amount of goodwill as of December 31, 2023 and March 31, 2024 in the table above is reflected net of $ 98.4 million of accumulated impairment charges. Increase due to the Precision Rentals (“Precision”) Acquisition during the first quarter of 2024. Increase is related to the closing adjustments of the OSR Acquisition during the first quarter of 2023. Decrease is related to the purchase accounting adjustment of the Giffin Acquisition during the first quarter of 2024. Increase due to the Giffin Equipment (“Giffin”) Acquisition during the fourth quarter of 2023. Decrease is related to the final closing adjustment of the OSR Acquisition during the third quarter of 2023. Decrease is related to the Parts Sales goodwill impairment calculated during the third quarter of 2023.

Significant Accounting Polici_7

Significant Accounting Policies - Schedule of Carrying Amount of Goodwill (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Goodwill, net of accumulated impairment charges	$ 98.4	$ 98.4	$ 92.7

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands					3 Months Ended		12 Months Ended
		Jan. 01, 2024 USD ($)	Nov. 01, 2023 USD ($)	Oct. 01, 2022 USD ($)	Mar. 31, 2024 USD ($) Branch	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill	[1]				$ 125,591		$ 108,155	$ 102,690
Number of branch locations | Branch					140
Gain on sales of property and equipment, net					$ 1,433	$ 667
Giffin Equipment [Member]
Business Acquisition [Line Items]
Business acquisition, completion date			Nov. 01, 2023
Goodwill	[2]		$ 11,182
Aggregate consideration paid			31,300
Fair value allocated to intangible assets acquired			6,500
Percentage of goodwill recognized deductible for income tax purposes					100%
Acquisition costs					$ 100		300
Giffin Equipment [Member] | Noncompetition Agreements [Member]
Business Acquisition [Line Items]
Fair value allocated to intangible assets acquired			$ 2,600
One Source Equipment Rentals, Inc [Member]
Business Acquisition [Line Items]
Business acquisition, completion date				Oct. 01, 2022
Goodwill	[3]			$ 39,451
Accrued purchase price consideration				$ 800
Business acquisition percentage of equity acquired				100%
Aggregate consideration paid				$ 136,700
Fair value allocated to intangible assets acquired				12,300
Acquisition costs				800
One Source Equipment Rentals, Inc [Member] | Noncompetition Agreements [Member]
Business Acquisition [Line Items]
Fair value allocated to intangible assets acquired				$ 1,700
Precision Rentals [Member]
Business Acquisition [Line Items]
Business acquisition, completion date		Jan. 01, 2024
Goodwill	[4]	$ 17,536
Aggregate consideration paid		123,900
Fair value allocated to intangible assets acquired		36,500
Percentage of goodwill recognized deductible for income tax purposes					100%
Acquisition costs					$ 500		$ 500
Precision Rentals [Member] | Noncompetition Agreements [Member]
Business Acquisition [Line Items]
Fair value allocated to intangible assets acquired		$ 3,500
[1] The total carrying amount of goodwill as of December 31, 2022 in the table above is reflected net of $ 92.7 million of accumulated impairment charges. The total carrying amount of goodwill as of December 31, 2023 and March 31, 2024 in the table above is reflected net of $ 98.4 million of accumulated impairment charges. The acquired goodwill has been allocated to the equipment rentals reporting unit. The acquired goodwill has been allocated to the equipment rentals reporting unit. The acquired goodwill has been allocated to the equipment rentals reporting unit.

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Jan. 01, 2024	Dec. 31, 2023	Nov. 01, 2023	Dec. 31, 2022	Oct. 01, 2022
Business Acquisition [Line Items]
Goodwill	[1]	$ 125,591		$ 108,155		$ 102,690
Giffin Equipment [Member]
Business Acquisition [Line Items]
Accounts receivable					$ 870
Prepaid expenses and other assets					10
Rental equipment					12,291
Property and equipment					431
Operating lease right-of-use assets					121
Intangible assets	[2]				6,500
Total identifiable assets acquired					20,223
Accrued expenses payable and other liabilities					(19)
Operating lease liabilities					(121)
Total liabilities assumed					(140)
Net identifiable assets acquired					20,083
Goodwill	[3]				11,182
Net assets acquired					$ 31,265
One Source Equipment Rentals, Inc [Member]
Business Acquisition [Line Items]
Cash							$ 337
Accounts receivable							10,406
Inventory							332
Prepaid expenses and other assets							374
Rental equipment							102,436
Property and equipment							4,216
Operating lease right-of-use assets							2,388
Intangible assets	[4]						12,300
Total identifiable assets acquired							132,789
Accounts payable							(4,723)
Tax payable							(786)
Operating lease liabilities							(2,388)
Deferred income taxes							(27,653)
Total liabilities assumed							(35,550)
Net identifiable assets acquired							97,239
Goodwill	[5]						39,451
Net assets acquired							$ 136,690
Precision Rentals [Member]
Business Acquisition [Line Items]
Accounts receivable			$ 4,120
Prepaid expenses and other assets			737
Rental equipment			63,215
Property and equipment			2,122
Operating lease right-of-use assets			68
Intangible assets	[6]		33,000
Total identifiable assets acquired			103,262
Accounts payable			(57)
Accrued expenses payable and other liabilities			(313)
Operating lease liabilities			(68)
Total liabilities assumed			(438)
Net identifiable assets acquired			102,824
Goodwill	[7]		17,536
Net assets acquired			120,360
Noncompetition agreement intangible asset	[6],[8]		3,500
Total cumulative consideration	[9]		$ 123,860
[1] The total carrying amount of goodwill as of December 31, 2022 in the table above is reflected net of $ 92.7 million of accumulated impairment charges. The total carrying amount of goodwill as of December 31, 2023 and March 31, 2024 in the table above is reflected net of $ 98.4 million of accumulated impairment charges. The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our preliminary purchase accounting assessments: Fair Value Life (years) Customer relationships $ 3,900 10 Noncompetition agreements 2,600 5 $ 6,500 The acquired goodwill has been allocated to the equipment rentals reporting unit. The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our purchase accounting assessments: Fair Value Life (years) Customer relationships $ 10,600 10 Noncompetition agreements 1,700 1 $ 12,300 The acquired goodwill has been allocated to the equipment rentals reporting unit. The following table reflects the estimated fair values and useful lives of the acquired intangible assets identified based on our preliminary purchase accounting assessments: Fair Value Life (years) Customer relationships $ 33,000 10 Noncompetition agreements 3,500 5 $ 36,500 The acquired goodwill has been allocated to the equipment rentals reporting unit. The fair value of the noncompetition agreements is considered to be a separate transaction under ASC 805 and as such, has been excluded from the purchase price. As a result of customary closing proceedings, $ 2.3 million of the purchase price consideration is recorded within accounts payable as of March 31, 2024.

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - USD ($) $ in Thousands	Jan. 01, 2024	Nov. 01, 2023	Oct. 01, 2022	Mar. 31, 2024
Giffin Equipment [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)		$ 6,500
Giffin Equipment [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)		$ 3,900
Life (years)		10 years
Giffin Equipment [Member] | Noncompetition Agreements [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)		$ 2,600
Life (years)		5 years
One Source Equipment Rentals, Inc [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)			$ 12,300
One Source Equipment Rentals, Inc [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)			$ 10,600
Life (years)			10 years
One Source Equipment Rentals, Inc [Member] | Noncompetition Agreements [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)			$ 1,700
Life (years)			1 year
Precision Rentals [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 36,500
Purchase price consideration				$ 2,300
Precision Rentals [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 33,000
Life (years)	10 years
Precision Rentals [Member] | Noncompetition Agreements [Member]
Business Acquisition [Line Items]
Fair Value (amounts in thousands)	$ 3,500
Life (years)	5 years

Acquisitions and Dispositions_4

Acquisitions and Dispositions - Unaudited Pro Forma Financial Information (Detail) - Giffin Equipment and Precision Rentals [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Total revenues	$ 332,863
Net income	$ 25,690

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable fair value	$ 2,014	$ 2,708
Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable fair value	1,703	2,490
Level 2 [Member] | Carrying Amount [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)	1,243,213	1,242,852
Level 2 [Member] | Fair Value [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes due 2028 with interest computed at 3.875% (Level 2)	$ 1,147,338	$ 1,137,170

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Estimated Incremental Borrowing Rates for Similar Types of Borrowing Arrangements (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	8.75%	8.75%
Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Manufacturer flooring plans payable, interest rate	8.75%	8.75%
Level 2 [Member] | Carrying Amount [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, due year	2028	2028
Senior unsecured notes, interest rate	3.875%	3.875%
Level 2 [Member] | Fair Value [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior unsecured notes, due year	2028	2028
Senior unsecured notes, interest rate	3.875%	3.875%

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfer of financial assets	$ 0	$ 0
Transfer of financial liabilities	$ 0	$ 0
Fair Value [Member] | Level 1 [Member] | Senior Unsecured Notes Due 2028 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Senior unsecured notes, due year	2028		2028

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 534,289	$ 401,042
Beginning Balances, shares	40,823,375
Stock-based compensation	$ 3,788	2,990
Cash dividends declared on common stock ($0.275 per share)	(9,900)	(9,794)
Issuance of common stock, net of forfeitures	2	1
Repurchase of shares of restricted common stock	(3,390)	(3,226)
Net income	25,889	25,674
Ending Balances	$ 550,678	416,687
Ending Balances, shares	40,960,811
Common Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 408	$ 405
Beginning Balances, shares	40,823,375	40,567,876
Issuance of common stock, net of forfeitures	$ 2	$ 1
Issuance of common stock, net of forfeitures, shares	137,436	132,501
Ending Balances	$ 410	$ 406
Ending Balances, shares	40,960,811	40,700,377
Additional Paid-in Capital [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	$ 261,927	$ 251,901
Stock-based compensation	3,788	2,990
Ending Balances	265,715	254,891
Treasury Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	(76,017)	(69,964)
Repurchase of shares of restricted common stock	(3,390)	(3,226)
Ending Balances	(79,407)	(73,190)
Retained Earnings [Member]
Schedule of Capitalization, Equity [Line Items]
Beginning Balances	347,971	218,700
Cash dividends declared on common stock ($0.275 per share)	(9,900)	(9,794)
Net income	25,889	25,674
Ending Balances	$ 363,960	$ 234,580

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Activity in Stockholders' Equity (Parenthetical) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Capitalization, Equity [Line Items]
Cash dividends declared on common stock, per share	$ 0.275	$ 0.275
Repurchase of restricted common stock, shares	57,662	58,211
Retained Earnings [Member]
Schedule of Capitalization, Equity [Line Items]
Cash dividends declared on common stock, per share	$ 0.275	$ 0.275

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested stock	$ 12.4
Expected non-vested stock recognized over a weighted-average period	1 year 8 months 12 days
Selling, General and Administrative Expenses [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense	$ 3.8	$ 3
2016 Stock-Based Incentive Compensation Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-Based incentive compensation plan	605,839

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Non-Vested Stock Activity (Detail)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Non-vested stock, beginning balance, Number of Shares | shares	497,396
Granted, Number of Shares | shares	73,063
Vested, Number of Shares | shares	(139,584)
Forfeited, Number of Shares | shares	(2,148)
Non-vested stock, ending balance, Number of Shares | shares	428,727
Non-vested stock, beginning balance, Weighted Average Grant Date Fair Value | $ / shares	$ 40.73
Granted, Weighted Average Grant Date Fair Value | $ / shares	38.33
Vested, Weighted Average Grant Date Fair Value | $ / shares	36.28
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	44.44
Non-vested stock, ending balance, Weighted Average Grant Date Fair Value | $ / shares	$ 41.75

Income per Share - Additional I

Income per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Restricted common shares, percentage	1%	1%

Income per Share - Summary of C

Income per Share - Summary of Computation of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Line Items]
Net income	$ 25,889	$ 25,674
Weighted average number of common shares outstanding:
Basic	36,196	36,025
Diluted	36,562	36,352
Income per share:
Basic net income per share	$ 0.72	$ 0.71
Diluted net income per share	0.71	0.71
Common shares excluded from the denominator as anti-dilutive:
Dividends declared per common share outstanding	$ 0.275	$ 0.275
Non-vested restricted stock [Member]
Weighted average number of common shares outstanding:
Effect of dilutive non-vested restricted stock	366	327

Senior Secured Credit Facility

Senior Secured Credit Facility - Additional Information (Detail) $ in Millions	Mar. 31, 2024 USD ($)
3.875% Senior Notes [Member]
Debt Instrument [Line Items]
Asset based facility with its lenders	$ 1,504.6
Wells Fargo Capital Finance, LLC [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Asset based facility with its lenders	750
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit	254.6
Available borrowings under our senior secured credit facility	483
Outstanding standby letters of credit	$ 12.3
Weighted average interest rate	7.10%

Senior Unsecured Notes - Additi

Senior Unsecured Notes - Additional Information (Detail) - 3.875% Senior Notes [Member] $ in Millions	Dec. 14, 2020 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,250
Senior unsecured notes, interest rate	3.875%
Senior unsecured notes, maturity year	2028

Senior Unsecured Notes - Reconc

Senior Unsecured Notes - Reconciliation of Senior Unsecured Notes to Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance	$ 1,242,852
Amortization of deferred financing costs	350	$ 309
Senior unsecured notes, ending balance	1,243,213		$ 1,242,852
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes, beginning balance	1,242,852	$ 1,241,409	1,241,409
Senior unsecured notes, ending balance	1,243,213		1,242,852
Senior Unsecured Notes [Member] | 3.875% Senior Notes [Member]
Debt Instrument [Line Items]
Accretion of discount	293		1,172
Amortization of deferred financing costs	$ 68		$ 271

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Leases [Abstract]
Weighted average discount rate for finance leases	5.90%
Weighted average remaining lease term for finance leases	8 years 3 months 18 days
Weighted average remaining lease term for operating leases	7 years 6 months
Weighted average discount rate for operating leases	6.40%
Future minimum operating lease payments 2024	$ 1.4
Future minimum operating lease payments 2025	3.5
Future minimum operating lease payments 2026	4.1
Future minimum operating lease payments 2027	4.2
Future minimum operating lease payments 2028	4.3
Future minimum operating lease payments thereafter	$ 30.1

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Segment Customer	Mar. 31, 2023 Customer
Segment Reporting Information [Line Items]
Number of reportable segment | Segment	5
Customer accounted for more than 10% of revenue | Customer	0	0
Maximum [Member]
Segment Reporting Information [Line Items]
Sales to international customers	1%	1%

Segment Information - Schedule

Segment Information - Schedule of Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Revenues:
Revenues	$ 371,357	$ 322,482
Segment Gross Profit (Loss):
Total gross profit	164,865	141,378
Segment identified assets:
Total assets	2,757,746		$ 2,639,886
Equipment Rentals [Member]
Segment Revenues:
Revenues	295,325	262,008
Sales of Rental Equipment [Member]
Segment Revenues:
Revenues	48,115	32,115
Sales of New Equipment [Member]
Segment Revenues:
Revenues	10,412	7,818
Operating Segments [Member]
Segment Revenues:
Revenues	370,625	321,284
Segment Gross Profit (Loss):
Total gross profit	166,264	142,259
Segment identified assets:
Total assets	1,882,071		1,866,509
Operating Segments [Member] | Equipment Rentals [Member]
Segment Revenues:
Revenues	295,325	262,008
Segment Gross Profit (Loss):
Total gross profit	127,897	114,294
Segment identified assets:
Total assets	1,781,505		1,756,578
Operating Segments [Member] | Sales of Rental Equipment [Member]
Segment Revenues:
Revenues	48,115	32,115
Segment Gross Profit (Loss):
Total gross profit	30,286	18,827
Operating Segments [Member] | Sales of New Equipment [Member]
Segment Revenues:
Revenues	10,412	7,818
Segment Gross Profit (Loss):
Total gross profit	1,773	1,037
Operating Segments [Member] | Equipment Sales [Member]
Segment identified assets:
Total assets	87,959		98,045
Operating Segments [Member] | Parts Sales [Member]
Segment Revenues:
Revenues	11,029	12,157
Segment Gross Profit (Loss):
Total gross profit	2,927	3,505
Operating Segments [Member] | Services Revenues [Member]
Segment Revenues:
Revenues	5,744	7,186
Segment Gross Profit (Loss):
Total gross profit	3,381	4,596
Operating Segments [Member] | Parts and Services [Member]
Segment identified assets:
Total assets	12,607		11,886
Non-Segment [Member]
Segment Revenues:
Revenues	732	1,198
Segment Gross Profit (Loss):
Total gross profit	(1,399)	$ (881)
Segment identified assets:
Total assets	$ 875,675		$ 773,377

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	Apr. 10, 2024 USD ($)
Subsequent Event | Lewistown
Subsequent Event [Line Items]
Purchase price of rental operations	$ 33.5