HEES - Earnings call transcript Q1 2024 | H&E Equipment Services, Inc.

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Operator

Good morning, and welcome to H&E Equipment Services First Quarter 2024 Earnings Conference Call. Please note today's call is being recorded.At this time, I would like to turn the call over to Mr. Jeff Chastain, Vice President of Investor Relations. Please go ahead.

Jeff Chastain

Good morning, and welcome to a review of First Quarter 2024 Financial Performance.

call in and H&E. today's for thank on interest your participation is we appreciated, you Your found supporting A the H&E earlier be quarter release website, was with press reviewing issued today our www.he-equipment.com. and on and schedules statements results for along the all can our Events A presentation and on Presentations. today's the Investor is also discussion slide under and Relations accompany posted will website tab, and

Officer; proceed and believe, expect, Barber, contains and on morning's Statements As the such Securities Magee, forward-looking to that will and I'm Chief Brad Executive could, please him, X, laws. you within statements as by: President as our Brad Officer; may, similar and the over Slide today's call Officer noted Chief review.But statements. remind beliefs Financial and today Operating Leslie Federal Chief Secretary. containing turn forward-looking and Engquist, about John joined Slide to words expectations before call Corporate the constitute I this expressions X I anticipate statements meaning begin of

the forward-looking in call.Also, The this the cautioned are are known differ to presentation company other statements. includes and after to to investors annual forward-looking which harbor potential today's listeners of cause uncertainties other during uncertainties, the consider could financial on on are unknown of any today's and Investors, risks included we and evaluating measures date conference revise the contained update to or undertake reliance slide not in call, statement.A such company's call. referencing risks place report results these is in involve carefully not periodic Factors the non-GAAP any described publicly XX-K these reports. contained urged statement statements in statements summary does and undue forward-looking from actual factors in forward-looking the those materially Risk company's statements in and safe and for Forward-looking the Form

the the Executive and including completes details, schedules call GAAP Chief and these Brad presentation required release disclosure That today's measure so as the to supplemental find most will of an now in directly associated appendix for to Barber, H&E. preliminary measures, over I'll press Officer turn the You supporting our our materials. reconciliation comparable to

Bradley W. Barber

morning. our proceed review of your Thank participation Good Results. XXXX today's Slide Please you, We Welcome Financial Jeff. X. Quarter to on First call. to appreciate

year-over-year double-digit from First our growth rates. in again and rental due financial year-over-year the across some slowed with key fleet of to in rental quarter branch of metrics results moderation financial improvement performance by part recent pace our construction included improvement a financial meaningful network, supported in projects. quarters, once degree The expansion a in

consecutive updated provide view and market the performance will utilization key conditions slower weather A the on and expansion fleet rental of will rental and XXth for growth.Sales in industry more equipment anticipated the our opportunities the impeded of first explanation year. equipment of demand and follow rentals quarter. quarter total completed winter branch harsh management the start, and double-digit objectives the year-over-year changing Despite remained equipment the our elevated, from adjusted face revenues of Additionally, physical we in of on the rental remainder our operations. observations Also, equipment. persistent financial prospects for detailed our of and the healthy metrics I

in year-over-year bring Finally, objectives.Slide XXXX our you of over financial our please. before our A in metrics performance, reveal review of growth to a call measures. financial and quarter achievement turn review on I key for the Leslie X, date to most the quick up will I

physical March used margins which Consequently, had better equipment. compared than on equipment led quarter, utilization increased ending in Revenues EBITDA example, XXXX, by up XX, us a the XX.X%. management and with rates. rental to rental which we ago was months the XX-month branch result grew a market of appreciation strength leverage the addressing we XX.X% million, to ongoing and months.Finally, For of age and basis. fleet sold, by improved growth modify EBITDA averaged year record in quarter a equipment trailing basis initiatives sale strong $XXX.X supported XX.X% near rental expansion trailing equipment. adjusted of equipment XX, achieved growth from of rental the XX.X%, On revenues the fleet in totaled an steady XX XX XX.X%, of margin both first Lower total equipment in the our strategy and total total XX.X% March $XXX.X rental on ending in quarter million the year-over-year for Sales further XX.X% prompted a adjusted rental XXXX. average

same Over improved respectively. XX.X% expansion points compared The efforts.Slide our indicative XX.X%, basis margins is improvement to to please. the period, of successful XXX X,

XXXX. compared improved to March quarter the of trailing On margins XX-month trailing XXXX, Moving XX.X% XX, discussion the rental contribution year which demonstrates months March XX.X% a again to positive compared the our Revenues to grew ago a of quarter from the compared in our ending gross rental XX.X% XX.X% efforts. in first of XXXX, quarter the XX, revenues ending with stable basis performance. XX to expansion

XX as added including acquisitions. new pursuit time over locations value X Our this XX, $X.X were start by meaningful growth our the fleet frame, on March XX.X% of $XXX billion in rental equipment and a measured We grew original cost branches year-over-year contributor just XXXX. to we initiatives warm a million, resulting locations fleet through or XX Also, of added improvement. over

appreciation rates sequential basis, quarter experienced basis, in in to Our XXXX. improved in quarter the focus adding first consistent decline I a slight X.X%. On on seen continue in rates of X.X% a year-over-year will rate since a will the on growth a the explain XXXX, moment.Rental as

through of in Physical XX.X% Although decline first first the points. rates to the months XXXX. utilization in a in a benefit achieved or quarter expected XXX slowing over is have continue better the averaged XX in year-over-year basis rental produced a rates than of rate XX% we the increase now XXXX, from of quarter past gains and change fleet

delays previously interruptions mentioned, construction conditions months. basis local Western As acquired from decrease as was included The across quarter quarter the the compared most unfavorable to in headwind in to due dollar XXXX. first pronounced well work was the start resulting from which warm project point lower in branches reoccurring as to attributed the modest weather the operations.Finally, primarily XX% our last was lower-than-anticipated XXX with XX.X% quarter, utilization XX a reduction of and physical locations the utilization additional the over XX X activity --

and of the of on we expected that discuss these trends X, to observed first the through developments are weigh how expectations evolving for year.Slide the want year I the have the our to industry X Next, months please. remainder

and experienced X energy supplemented the federal over but in in supply nonresidential are Our a to the easing growth phenomenal or note rate factors project new transition and and several spending be industry improving XXXX. a possibly has equipment. though by of business the continued slowed expansion led steady exceptional backlogs healthy, believe over leading is possessing has and the in result that is normal and nonresidential This dynamics the efforts, industry instrumental or rate in supply spending lending projects moderate of in Even generally interim defined of green the We compared one to chain has greater that environment has projects. growth to The rental initiatives construction activity in our levels remain years, factors infrastructure rate of early expected rapid industry reshoring in appears to higher This part construction by XX to moderating increasingly These period last fundamentals. an numerous as a construction interest upon include at highlighted maintaining recovery present, robust enjoyed in prospects industrial been of include large repairs footing higher increase together of we've highway of industrial road in growth of require attractive the complete and facilities, we numerous quantities terminals in of escalation to extended business construction last to construction assuming projects rate ongoing our multiple data fabrication growth strong for consume including LNG months.We number transportation semiconductor of previously, periods energy facilities. not to and mega programs progression typically prolonged and of environment the projects, centers, environment, projects standards. Also, longer and and an of period noted the support years time. of increase the fundamentals. tightening projects.As the of a is export with environment for ending, have improvements, construction highly and industry interest construction observed in equipment and be green infrastructure mega

expect into We the projects future. experience to in growth infrastructure

reinforce factors and the steady support long-term in rental project trends Finally, of in These we industrial penetration growth. note in construction construction growth serve the critical employment. and industry activity and as foundation elevated favorable nonresidential

to an XXXX further fleet expansion.On $XXX our year. steadying to we for on investment Leslie, our capital of in balanced to $XXX want guidance million, Before fleet close $XXX from fleet growth more from reduced the in investment our to initial I and approach hand I is million. expected to with XXXX spending over capital call for the million to guidance now X, the range updated fundamentals with to rental $XXX industry, thoughts update Slide including of Considering Growth branch initiatives, the million our industry investment justifying down a my please. have on our over gross

the XX, Our months revised ending fleet a increase over XX in XX% spending our follows XXXX. rental OEC last more than March

on acquisition continue acquisition spending has mix resulted branch in in branch with average demand quickly the X XXXX Rentals, of demonstrated the could customers.Also, remains the of the revised new of range XX and in growth week recently spending In industry through we age addition to our industry's which will our at to of adequately network, additional one first XX address Also, as for of Montana. of of an fleets strategy. needs maintaining to expansion to in increase XXXX be by attractive our which acquisition months, a accelerated closed locations returning superior growth focus normal, range youngest we in the strong base fleet manufacturers demonstrate could execution achieved with planned XX.X The as to of growth locations should rental address branch State XXXX a equipment accelerate. availability our from across growing of the the fleet announced Precision operations the pending of the

H&E close close the XXXX, in across in Following latest X including the the branch environment business branches prospects. of quarter second XXXX.To remain since of transaction the conclude, we of encouraging will operate a additions XXX with expected states, XX

starts at to Association. months. X% are projected demonstrate have last American we as than growth expected pace slower accustomed nearly equipment According to Our revenue construction industry reported XX Construction is to X% U.S. become Dodge by rental while further the a improve is XXXX, XXXX, to the Rental in grow expected Network, in but over to

network equipment the will transition goes previously a the in period expanded ongoing operations XXXX, growth of a mentioned in over undoubtedly more to opportunities. industry the regions we've our our in XX-month presence fleet, building rental U.S., months significant larger key our addition prove branch than growth basis, on possess beneficial.In same of XX continued through expansion last the the a As period XX% which over

first a remaining ever, improving is the and review H&E to XX, performance.Now call focused financial capture financial over our to Leslie, while Slide developing opportunities provide turn more than and to on of growth better future performance. on I'll Leslie? who business Now quarter will positioned

Leslie Magee

$XXX.X with Good revenues XX in million the a revenues, Brad. $XX.X and you, quarter review a and to profit from largely profit rental first $XXX.X this first revenues improvement quarter of to from XXXX. million the rentals million, were responsible morning XXXX. and Higher million compared everyone. Slide welcome, quarter for XX.X% the increase. Thank I'll margins. XX.X% same begin first of to increased and morning, $XXX.X quarter of Total equipment in the were rentals sales compared of gross Revenues

in the equipment significant or a rental compared the first at quarter, million average the of to while ahead million in Also, OEC up equipment again a fleet XX.X% first our of basis, first in on we rates expanding revenue billion declined of once grew close over rates On further fleet XXXX, $XXX basis. quarter the XXXX. growth.With $X.X on of rental original our the sequential were expansion rental March our network cost of in XX, Our proved stimulating of $XX.X X.X%.Sales branches XX% quarter period. X.X% over quarter, XX.X% the totaled the same first rates year-over-year initiatives

used to of gross modestly primarily XX.X% we increase of to up quarter, aerial of quarter expectations, increase the improved meet a favorable the margins earlier, XX.X% rental comparison. XX.X% XX.X% essentially same in compared a or compared rental ahead year XX.X% in $XXX.X new the margins $XX.X sales margins the explained XX.X% higher over totaled million revenue the Gross on year quarter, million with utilization in period equipment XX.X% elevated. at first was equipment the the Brad the of Sales healthy of Total sale As year into our to and were while market or result The XXXX, the were where $XX.X mix. quarter. with ago unchanged up ago the finished opportunistically ago platforms.Gross results. margins in equipment compared quarter compared failing to at first the XX.X% to rental and million due equipment remained of to higher largely equipment in sold to of profit of the work handling material quarter quarter, margins

and sales sales revenue quarter XX.X% mix.Proceed compared Finally, of XX, quarter partially XX.X% income margin with at rental rental higher equipment compared of margin Slide lower due of on the quarter, a at million quarter year compared margins mostly equipment year-ago in increased by in the quarter, please. are quarter million to to $X.XX, compared SG&A XX.X% Net XX, $XX.X of record while unchanged from favorable first million resulted on operations of XXXX. to increase levels to to the please. in period margins new near on same expense, the sales improved first first to gross the the offset totaled was remained net the in in the ago XXXX. totaled comparison.Slide Diluted from $XX year quarter compared $XX.X per income XX% over in equipment to quarter XX.X% steady $XX.X XX.X% in XX% quarter. million the first The of margins share to in ago Income the in the first

XX, quarter reported XX.X%, the equipment expense $XX.X quarter. SG&A attributable first and Our the professional tax in the $XXX in please. $XXX.X increased were SG&A quarter first payroll to margins to million contributed and rental effective Adjusted in modestly or parts, led in XX.X% rate XXXX.Proceed increase Slide compared the ago adjusted in depreciation of initiatives, service steady year in quarter million on gross in margin compared considering The quarter XX.X% improved to million in employee $XXX.X amortization quarter. expenses same expense benefits; higher first to and salaries, year in increased the year Higher below to Slide quarter.Next, others to total our lower and XX.X% to the expenses income quarter million ago XX.X% wages, on growth EBITDA to taxes was first facilities, $XX.X to higher million quarter. ago XX, please. EBITDA for compared our other also fees the the and relating to and the

compared were expansion XX.X% Net first quarter with over capital when ago $XX.X associated expense million expenditures And first SG&A new the expenses in our the capital noncash XX, million. please. previous and the rental the activities quarter in compared to of XX.X% totaled quarter. $XX XX inventory, added quarter acquisition from revenues XXXX, with Gross year expenditures period.Slide $XX.X XXXX XXXX branch transfers in First fleet of costs rental quarter, to were locations including fleet million. included

PP&E to operating of $XX.X in cash million of million year cash the quarter $XX.X or the totaled sales in ago activities first the quarter million PP&E. Net the quarter million In the in used CapEx in compared provided used addition, $XX.X flow gross quarter was cash by $XX.X flow compared in net quarter. ago was year million. million $XX.X of free Free to $XX.X

XXXX, on in the please. XX.X% March months equipment age XX.X% $X.X XXXX XX, million size Excluding Slide the the quarter $XXX We decline fleet fleet over quarter.Slide quarter XXXX. fundamentals, XX, or closed XX, including representing just was was the $XX.X industry of industry to acquisition, compared adjusted growth on million.Moving XX, free time year XX% flow on OEC cost, average cash March in average to XX.X in of our an with the billion, normalized Based first in of ago quarter as contributed utilization to quarter compared Average was age the XX.X average to utilization an to fleet lower first dollar months. of please. the compared original the

of XXXX. in a billion unsecured XX, within with no maturities XXXX our from of measure Xx, range strong year remained before metrics March the have sheet please. quarter December remains XXXX, on ago senior on unchanged measure of at well and our target The Xx XX, balance Our leverage we to December XXXX, measure notes.Slide X.Xx, the XX, and net $X.XX

XX, indicates ABL of first review availability $X.X $X.X quarter our availability a and $XXX.X of March a million billion facility The we liquidity no billion to XXXX, on -- XXXX. on the XX, billion, have excess the liquidity on the $X.X profile our $XX as December to Finally, of minimum compared while by March remains billion availability excess under at approximately XXXX; with agreement continue concerns. ABL covenant million defined $X.X closed XX,

dividend quarterly XXXX. of we in of first per our stock the $X.XXX paid Finally, quarter of regular common share

margin XX, at remained it double-digit are to and Also, which H&E profit margins This quarter in cycle leverage dividends explained approval, EBITDA pure the focus. prospects generation margins Brad several was rental has encouraging gross our transition years better capture gross accomplished improvement financial were to adjusted activity, in I'll revenue revenues, for our presence to to industry rental consolidated the that year-over-year stable We to for healthy as performance more our the continue laid our performance.As the financial level emerging quarter EBITDA. rental pure levels prospects in to positioned effectively achieve and XXXX, financial reiterate, and a more better of we difficult higher progression and summary, consolidated adjusted is Board model growth on foundation business and revealed we earlier, the subject remain in U.S. profit ago, less the and before improved evident first While important please. and our enhanced subdued in is Despite opportunities rental dividend.Slide robust performance intent to business were metrics. than with X In pay through a in the

XX more than our last Over we XX%, grown over and branch months, XX% ambitions further growth including months in have XXXX network the tact. the XX past remain for

expect while to states, to third industrial project We close locations acquisition our imminently increasing network nonresidential intensifying to X planned XXX in our our exposure months, activity. ongoing XX and across and branch

the to to curtail cash not further Our objectives, instructions. prospects our but is across for to meaningful the XXXX provide investment our utilization expansion to decision we while expected in now enhance improving begin Please our will period. fleet, hinder Q&A year.Operator, gross the during are ability fine-tune fleet flow generation free ready

Operator

question from our from [Operator of first Instructions] El-Sabbahy And Bank comes America. Sherif

Sherif El-Sabbahy

what thinking I seeing maybe or weeks April the more. maybe last few you're a guess, in about just bit changed, that's

the you last more of in few CapEx on what's in of the changed at weakened. of could maybe that size pullback weeks? starts looking a kind But the has on the a size top bit mentioned pullback versus You've and come color starts, the data have more give starts bit the down just of

Bradley W. Barber

Absolutely. Sure. things. A of couple

north week started utilization the we here of today, XX%. sit As just our

positive. and So a we're quarter come basis, certainly going has our utilization forward. with and of that to come, was basically improve to average weekly on It running started but to well level to it slower expect is on, little current that a our we ahead pleased been -- incremental. It's continue first

capital effect of as year X year, CapEx. last to our XX%. last grown, of On spoke of capital than just compared think compare peer spent that's CapEx, north as I was point, we our QX volume I effect year, our we last and I net deployed about Reviewing context. starting last of update.As And deployed the pull-forward last kind it's I have think, to a when So year. group, the far north quarterly percent The call, OEC gross important really the more our group. XX% we late against that something, comparative we of on have

your million, year disappointed we're compared $XXX what question that so we flip to down very seeing the here. $XXX industry; this to today, have And to is to we're the growth going similar.So CapEx then ask that what to to how going a think we're outstanding in that bit? it's pace the to moderating, we're in million little spend I over an and if does but we were of you me, taking improvement disappointed I'm year compare am

CapEx the think I that reduction is prudent.

before, crank what spoken run doing we're we've and positive. us our for flow have and ability of today higher really As is through that leverage up to meaningfully utilization

And average. our so QX that my comments, improved since quite utilizations prevailing bit a

it expect continue flattish, to We saw. to Rates do as are so. you

be see rental We you mind flattish, we're in no fleet XX% maybe last improved would years to with And competitors. the we've a line is with most to that probably as of for with in that bias them a upside. than somewhere Bearing us. CapEx brand right spend more percent improvement. expect rates our continue what our X carrying But in

Sherif El-Sabbahy

see. I

the post you feel feel in line, what it? kind have here would peers and other of is largely you so to about And cut that how spoken

Bradley W. Barber

I do.

that think to pencil are would math Yes, -- in I be would those say ratios that sir. out line.

Operator

Riley FBR. comes question B. next Rygiel from from our Alex And

Alexander Rygiel

on record contradict bit. sold. had margins you First, equipment It utilization seems to of your a kind

selling a suspect strategically can but high-value bit little So that more? I maybe equipment, rental on you comment maybe you were

Bradley W. Barber

Sure.

we as moved we're we drive fleet months the which that rental, many a clearly to what off greater distribution, spoken pure-play of Alex, that age away based control transition of think differently our -- have the from we for of age about staple fleet, at I rental and pricing. stated XX old, selling over our the that us. been We've kind that, I has speaks thing what's think is most to times of

opportunistically remain to say we're So I and outstanding sales, at so say forward continue did fleet older portions equipment of the pulling we would wouldn't the markets I our sell used high. margins.

they're about than nothing the saw we other selecting to a probably the that a quarter -- opportunity little of retirement in for business. normal there's ready we items ago. So or the sell pull nearing anticipated were more course than And were bit items

Alexander Rygiel

And then talk you repurchase secondly, CapEx can allocation about on bit a capital share dividends? or maybe and thoughts growth between

Bradley W. Barber

time, Yes. Obviously, to we'll Well, consider very always to optimistic. that's in we've we're I'll And X to the we're outlook year to to of at continue acquisitions: do remain our cusp businesses we're on to dividend. point projected repurchases.At and the we're as to X, perfected; goes to going committed remain for We've times, our many level continue a we as cash that And we're small of including amount got share perfecting. we've tell our so, going focused. performance to you only criteria, meet X, dedicated produce improve CapEx going our continue of and going this flow. opportunities forward, nice free additional our acquire

So to the we're that for want but doing. have table it's share to with we wouldn't been indicate to going always I on what we're entertain repurchases, discussion. stick going

Operator

comes question Stifel. next from our Brian from Brophy And

Brian Brophy

Yes.

new Just in to or it markets to as remarks? particular your call you geographic softer about if guys this talked wondering end any activity relates there's regions project out

John Engquist

Yes, Brian, this is John.

with these centers, infrastructure-related particular we're today had We're out; what the nonbuilding how ago, days visibility than far we the flow projects, of some happy rolling are we seeing, with have XX we're seeing bridges, strength as So the as what projects, data airports. better road, and dollars there. large

been continue to us general Solar course, will to strong. as uptick.As right? other see goes, of Also renewables, some be. and So the energy as we're really sectors, LNG to starting and it of for it big far a petrochem it's just beneficiary the has and an wind relates industrial

Bradley W. Barber

Yes.

the our If types, all that's in we that, to mean fairly to escalate. broad-based, petrochem the you project we from about But aside in fairly obviously, They're maybe John and Southeast, other just is enjoying are ask geography, we're continue do speaking than I have going across of regions. more about footprint. broad-based.

Brian Brophy

rental then, a That's guess, to bit rates, on continuing little Okay. And there. things I slow helpful. obviously,

how curious of year. about Just remainder for you're thinking the the expectations

John Engquist

Yes. Coming a to expectation always slightly get bit softer Brian, stated, a of what those utilization rate lower utilization environment. challenging up gate out we being to really in flattish QX is. year-over-year, with it's is in Brad increases as what more year. with our the large pricing. spoken And calls projects little forward the at more what on the aggressive beginning projects, But half the moving and back of with more see see about expect depth of we've we're in that past today large to that's

how is up. for performance into us, slightly be to that it's rate that to to So translate going going flattish think we

Operator

And from question from Steven our next comes Ramsey Thompson Research Group.

Jonathan Pierce

for Pierce Jon It's Steven.

maybe kind you any side, pricing the As behavior just competitors maybe areas any of we on think any foresee reducing of in about kind guys are Or now, you slower price? business? do kind gain of rate right of seeing to growth irrational

Bradley W. Barber

away think previous to again, seeing that's for folks' -- unfold walk some peer isolated mega projects our on we to we But projects. is have been no, situations, aggressive year, watch guidance group. seen from. we've being discipline. see reflected discipline there pricing calls, I and seen the somewhat always said, and Discipline are That on for what Broadly, going completely throughout and interesting industry, Not have Look, -- be to without we will most we're discipline expect. is we're not. CapEx spoke how but in surprised.There and broadly, about that the we continues what we're it continues

X every deal you and would XX% years improvement You land price land. just like can't in achieve to

headwind discipline and that it, an megaprojects, products regarding hope pricing. related talked time. to that to. a broadly, have But a period consume It's for of large we So seeing about about large as continue really we've amount of more we're we projects we're these extended concerned

Jonathan Pierce

a on Or reduction Great. it less the fleet these are And does branches the you of equally this lower amongst just populating CapEx side, in kind -- new are branch everywhere? is mean guys kind with you with growth, fleet? off of selling that

Bradley W. Barber

less Yes. couple absolutely going on. locations. not We new are No, fleet bringing things of to a

good stated the we of the tell bias -- markets, of well out opportunity year bringing there. stamp And certainly us we've locations for not the lot We're where great for for a upside you, Our -- we've that come. and throughout activity and serve we're got decades that XX XX selecting going year, locations We've to are not got got to to a going less I'll nice momentum. we're range. to inventory we're

existing them to out going grow last we sell we less rental year can.We're going we're 'XX. as fleet of their and to needs did than bring So in this our

So I that's moderating same-store that replacement our XXX of on as to north of And require something utilization back year. capital. points probably basis We're the half we of I'd we're to here growth focused hopefully and sit today, some about. have but look was in basis spoke year-over-year. around as level the in in again, we returning our think delta XXX QX points. showing going And very less leverage we're

show some we the going year. So to we're half in we and We're to, -- the And the and continue back hope closing gap. leverage to that close plan to gap. to exceed utilization and expect we of

Operator

to Chastain remarks. that turn Seeing are Instructions] this Jeff back conference some questions over no time, at like would closing I further [Operator to there the for

Jeff Chastain

the go again. thank for time H&E. appreciate in everyone. questions, today's call. Operator, interest speaking join to there we'll taking and day, look ahead to if your us everyone And Thank conclude and continued We good today forward you and more Okay. We you are you. with no

Operator

attending And today's concludes Thank presentation. the this for conference. you

great You may day. now a Have disconnect.

H&E Equipment Services (HEES) 30 Apr 242024 Q1 Earnings call transcript