HRI - Earnings call transcript Q4 2019

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Operator

Good day, and welcome to the Herc Holdings Incorporated Fourth Quarter 2019 Earnings Conference Call. Today’s conference is being recorded. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

I would now like to turn the conference over to Elizabeth Higashi. ma’am. ahead, go Please

Elizabeth Higashi

and full everyone. call. year Michelle, fourth to quarter and XXXX good you, Welcome morning, our Thank earnings conference

press the and and slides IR release, filed ir.hercrentals.com. Our today earlier website XX-K at are page events were on of our posted presentation

Birnbaum, and and Financial I’m Aaron quarter Mark an the year-end Vice and by Chief Irion, They well strategic Executive joined and will as fourth President morning, Q&A. open remarks outlook. Silber, President Senior Vice This Chief results as The Chief Officer. review by and will the Larry Officer; Senior Operating Officer; our followed be President prepared

Before items I to cover. to Larry, the over I’d there are like call a few turn

based therefore, environment today that on First, materially see the it risks on involve our we differ from today’s would statements call statements forward-looking the actual include conference as caution and will uncertainties. forward-looking and made I statements. could you call. results are this These

to the refer of X of as on annual Risk XXXX. Factors year December a as statement XX, Form presentation well report ended Slide complete our for section Harbor the the Please Safe XX-K for

the on basis, will we a discussing results addition we company’s that financial in believe non-GAAP GAAP information evaluating useful In be is the to performance. presented operating

closest these equivalent Reconciliations the measures can material. the for conference GAAP to non-GAAP be call found in

call morning. accessed Replay dial-in via be or this webcast release can included instructions were website. replay on in our of our Finally, our a through earnings this

call. of or any do approve not given sanction this other permission the call of have for and recording We any transcribing not

to I’ll now Larry. turn the over call

Larry Silber

rental Herc officially Operating Aaron Today, responsible all for than of and with was Entertainment our well a made all Aaron Officer has was company. Aaron as Most and Birnbaum, States years has of equipment I’d Central strategy also you of Herc. it our division thank like in the us joining many Cinelease and of responsible and he Chief the company Elizabeth, our this in he North operations Canada you, XX recently, call. Herc, for the industry, more West to the new as acquisitions morning. United for welcome to Thank operations. mergers, of as regions and acquisitions and the the for responsibility and

X.X framework when We’ve now for and completed strategy a provided and company. years mid-XXXX, flow public as in the improvement in spun The to execution our cash quality provide put continues in we future place our continued to operating increase earnings for initiatives year, activities. of company-wide on profitability. focus and and to map road through our margins efficiency a of we self-help the Last capital profitability

initiatives, adjusted Our EBITDA that industry-leading in drove and year. the positive fourth improvements cash full higher year-over-year to strategic contribute free price flow and volatilization margins, once quarter again

year. be another to interactions contractors excited solid are we XXXX, be positive We’re our in which and expect the metrics our about stable reinforce to key belief we participate markets in which that and areas with continued customers the our of and continue growing. Industry interest

free enhance serve Slide utilization margins, leverage. on reduce as X improve our to and flow cash initiatives dollar strategic roadmap EBITDA and Our net

progress peers. industry to with gap expect year-over-year closing to make continue to in committed the financial We are important and our annual metrics these

year financial turn billion. our please number a to $X.X revenue to of for grew Slide Now summary Equipment X full X.X% results. rental

consistently limited was XXXX pricing in linked amount with We fleet growth growth. on the industry revenue all year organic a focused focused on X% and were Our growth. growth led of with

our income mind of of to reported last and with onetime per billion, refinancing year. revenues of were diluted included million the Total compared up debt credit million in that the our related share. extinguishment X.X% facility. We for income $XX.X from $X.XX cost $X full year notes net $XX.X nearly net or Keep ABL

million SG&A year, basis $XXX SG&A. in direct for was our prior to reflecting expenses We X.X% EBITDA cut margin to XXXX, and success and and direct point year. full a our the the initiatives operating which operating full XX.X% expenses actually the flow was Adjusted year, improvement in EBITDA Adjusted expansion. expenses which control for increased exceptional over margin through created XXX

to Now grown time growth Slide to the rate please that number same X.X% X% turn rental revenues a for industry period. growth We’ve of compound of X. by equipment over annual outperforming XXXX XXXX,

utilization. Our revenue growth growth focused has fleet organic and been on improved

XXXX time XXXX. EBITDA in growth with efficiency. self-health to same level has organic XX.X% from of initiatives EBITDA period a XX.X% Adjusted all improve in grew risen over and Adjusted to the XX.X% our margin

X.Xx We targeted also the our range leverage December XXXX, X.Xx. to of as XX, of X.Xx our thus, net below of of X.Xx midpoint from reduced at end the XXXX,

going ask and Aaron here I’m to Now operating pick to for goals organization. discuss Aaron? from fourth quarter his the performance our to up priorities and

Aaron Birnbaum

thrilled of our I’m Larry. forward several organization next the analysts with the lead meeting to many you, months. and Thank investors help this look and opportunity over to great

Let’s XXXX center our one move this do. of operating Slide we internal of I’d of and on everything metrics safety, to our X. like to important as with results on discussion most is begin at the

of motor OSHA the locations, we strides continue no to target of our means simple X.X the to and total United than make for no States, and Day, incidents, continued accidents our on violations. in vehicle DOT concept XXXX, reportable incident recordable to Perfect improving record rate In X.XX no which at less outperforming also safety we our reduced a the year. focus in our Throughout fault

We to a locations month. celebrate those perfect report safety

many of through XXX% Perfect the branches of Days. quarter XXXX, Perfect reporting our All recorded XX% at locations least with of our Days fourth

entire for safety is our continuous organization. improvements throughout goal Our

years, the up and X full The of continuing the graph our fourth with quarter the two left the compared illustrates last the pricing last with XXXX. latest improvements up illustrates over X% XXXX made the Slide quarter we X.X% in on year over year. upper for year-over-year

shows XXXX last quarter year. also quarters. We average slide rates for fleet OEC in fourth X.X% increased This up at have over of now was consecutive the XX

from equipment. average in control approach focusing XXXX and fleet higher was flat to size spend by running beginning on resulted the disposing disciplined dollar This fleet of year-over-year. categories utilization our Our older

Our down the during year. compared fourth XXXX quarter average fleet was X.X% of rent with on last

growth, believe been management. positive preferred have fleet in our was volume, the fleet the and right have volume. happy focused this excellent We efficiencies improved we in driving would and and on limited with better rate with utilization growth With are mix, but strategy QX

will we We on remain market favorable. volume conditions growth focus as in continue XXXX expect to to

of made from quarter a of quarter an mix, performance XXXX. you on in basis strong dollar and can gains the As improvement dollar XX Fourth in a points result fourth steady the reached XX.X%, we increase year-over-year utilization. pricing see utilization

to about for turn and fleet ProContractor Slide of of and million fleet the Please or now XX. of as accounts end $XXX total XXXX. our OEC XX% of Specialty ProSolutions includes approximately

earthmoving out Our months XX, trailers of on fleet Average the all with year. was core for period fleet XXXX December broken last the trucks handling, slide. age XX of and are and XX same aerial, material as compared months

turn Slide to XX. Please

XX% XX% of customers and the year for government equipment increased was about Our by XX%. full of slide. down to slightly composition XXXX. total. XX% the by left customer the Contractors major for segment customers followed is revenue XX% rental represented the the represented revenue of with and represented XXXX Other and total shown to of compared the chart revenue, account side National on industrial in infrastructure

national X% year both XXXX revenue. the year solid in for the buster XX% local revenue at full rental to level. accounts throughout be and Local the of with increased Growth total represents new and compared now continued the rental

end continuing are opportunities focus our growing targeted to We a the growth on pipeline solid as for maintaining as equipment. portfolio of markets future well all of in

over Please as in Boston, New expectations growth turn market, new greenfield York, Dallas also Raleigh, Rental seven markets, Jersey such and We Hawaii. XX. of forecasts in years to total the shows Orlando, state on American added the growth Slide this based the urban this by on New next locations the The five year high slide Association. a by and metropolitan province map

years, the the and the in to West, estimates the state of five ARA regions Southwest and with lead Southeast growth Nevada the primarily equipment Over X%. to revenue nation in Arizona to X% next range in grow

drive metropolitan urban these centers. on opening our locations continue urban on focusing on improving markets focus Our of to plan We strategy by growth. the will to XXXX major in in greenfield to profitability top scale XX our six the market continue will improve to

journey. rentals Industry point also industry. our earlier followed our get benefit conversion is initiatives of These secular traditional continued The as us to strategic that equipment beyond steady this growth to reviewed rental contribute road expand rental in expected to to map our we our to the from Larry markets was own end in will growth in categories. trends assets

and markets. and in our accelerate to to customers We My continue our Training of top our to to we serving many on on expanding revenue and customers to continue focus to intend our and and excellence. fine-tuning touch and that and every strategies priorities opportunity. to with growth areas review further enhance invest forward focus people have our to point volume focus need are are components important operational development our continue going

purpose a communities Our to guide future. and brighter statement will build equip we our as our behavior customers

over call turn me Mark let to Now Irion. the

Mark Irion

XXXX. from turn year Thanks, of details in If $XXX.X fourth Equipment rental good XXXX XX fourth full quarter Aaron, and to million to quarter results. we Slide X.X% could of and increased morning, the everyone. the our for million $XXX revenue

heard Aaron, growth all with Larry and quarter cars. was from of you limited and fourth As fleet organic, achieved was our

diluted or fourth our are quarter or diluted pleased with $XX.X or the XXXX. non-GAAP net reported in net with income share, compared regarding million $XX.X appendix. in last we $X.XX Adjusted on per share income year. year’s $XX.X achieved. bridge $X.XX income share and More income in $X.XX per net and reconciliations this diluted was $XX.X of per We XXXX fourth rate, details manage in $X.XX of of per diluted focus million compared We quarter our are results million CapEx or million share the our net included the with

it DOE. quarter XXXX year-over-year benefited excellent the which basis million in of fourth actual EBITDA improved Adjusted XX.X% the reductions progress SG&A in reflected of million quarter. XXX.X%, quarter in The fourth $XXX.X from to same the REBITDA Adjusted increased flow-through over lower points $XX period EBITDA XXXX. margin We to was X.X%, reported XXX fourth flow-through. and in in terms

full are flow-through These we proud eye-popping of and results are kind team. the the of

of CapEx a Our focus self-help of and helped control lot EBITDA amount to initiatives, into a of small growth a cost flow. and decent rental revenue amount growth growth, cash rate free which on

we result, grew quarter XXX points this year. a As REBITDA fourth to the of basis XX.X% during by margin

fourth results, our primarily speak quarter, I’ll solid grew results to in Slide XX the X.X% year mix offset focuses revenue were total $XXX but by on pricing QX quarter. all in the lower fourth have includes revenues rental partially year, and improvement volume. and consistent that million changes as full to been in Equipment

In equipment our QX, we focus currency. had good rental million, the XXXX quarter sales, CapEx volume a XXXX equipment an in on with of reduction $X.X have of selling for and been we used was sales less spend. in a overall QX excluding

adjusted increase delivery quarter for we million EBITDA operating closer compared actually of rent as of and million million $XXX.X efficiencies, starts $X.X the the or proud The X.X% in quarter we XXXX. XX, operating freight. see XXXX. kept revenue, prior over from from line Slide quarter in with fourth fourth rental particularly $XX fourth million, of now happens. year improved $XXX.X results the bridge growth $X.X On costs is higher million revenues, equipment up primarily down an Despite measure team was of The these to expenses direct the of with were

partially and reductions general expenses. quarter in related offset as the down facility reduction well costs personal year-over-year increased administrative due These debt increased fourth as and to fees. and costs the of also bad were Selling, professional personnel by were primarily

the core without As REBITDA supplies. of parts of equipment impact and sales of the we’ve our measures discussed, contribution rental business

and operating for and of provides the the We to EBITDA flow-through in in XX.X%. as believe expenses to better XXX REBITDA cash varying off improved comparison improvement basis rental policies. excludes our point margins over REBITA our it of reduction of revenues led chart depreciation industry peers, with XXX.X%, impact Combination

quarter self-help year around regions excellent cost excellent an growth Overall, and for healthy control. an revenue in

EBITDA contributions and team Our these fiscal margins flow-through our year XXXX XXX%, our your all XXX of improved you basis points. Herc margin Thank is by results. to members and to over

prior year. fleet Turning year $XXX.X to million expenditures $XX.X XXXX. to net was were for also million basis, CapEx cash in Slide $XXX.X for million down On the capital by XX. from year full compared $XX.X the in million a Non-fleet the

about million, proceeds with $XXX expenditures million, to was $XX fourth XX% XX% For the that of generating fleet of quarter of proceeds, I disposals XXXX, from XXXX. of received fleet down

approximately trucks down weakness the results market. QX more probably and XX% break in bit months. option fleet the We year. fleet XXXX to with of fleet balance were of of due our months QX rather out age our this prior approximately fleet average condition reduced in XX year, in disposals comparable XX was appendix. end period of the the months in our a the of from than the at real to Accordingly, in we’ll average sold fourth age rolling We quarter the last our product from the along information a is of The the also XX

and improvement was generation our control free strategic times our flow X.Xx XX, XX, our free of December initiatives Slide compared for consolidates decreased $XXX This period, X.X% – million Net X.X a in expenditures. compared solidly XXXX. disciplined comparable substantial leverage On to cash cash $X.X around and XXXX, cash expense in flow free in in million X.X negative of the flow with with and within times. capital year targeted rate, X.X ended range XXXX to represents was the focused

same as billion $X.X and of of ample facilities. about the as ABL result a XXXX. with XXXX, near-term maturities ABL refinancing no prior was billion year, of of facility credit debt the as XX, refinancing had from XX, $X.X as Total of December notes We December liquidity of expected the the

regarding industry the certain the growth months to indicator architecture On metrics and XX has billings full fifth Slide signs more close is at economic outlook, The report X.X% over XX, XXXX. the positive look which to estimate out, nine we we of U.S. January economy. in begun positive have industry month. activity, of and XX.X index, spending industrial to construction for in straight forecast XXXX see

in spending medium-term get our Our contractors in for and continued in we confidence short customers the and conversations with industrial growth and horizon. market

favorable growth decline sustain the X.X% remains demand. nonresidential XXXX. the a slowdown billion of to $XXX rental absolute spending of with value U.S. estimates rental a ARA compound term, for students solid, bit above the projected substantially construction forecast a growth and equipment, as is of spending for at with XXXX dollar suggest X.X%, Longer in North through industry revenue American annual XXXX

the what benefits satisfy believe that and We our the as at capital similar as slower, to and been of experiencing end last years. being in five overhang look hesitate markets phase, we’ve XXXX rental six growth equipment to an a steady their uncertainty our industry to We to for growth needs. own economic slow customers commit their rent

our CapEx. tightly we growth for XXXX continued to markets to in operating on our success on revenues XX, Slide XXXX, On for solid rental for XXXX. are organic have Based a key our guidance build expenses focus looking demand steady in and manage our we our and our expectation with

We’re initiating our XXXX. EBITDA guidance range for for adjusted

to million XXXX. X% or to with million of range Our EBITDA of $XXX guidance X% $XXX an compared increase of

capital along fleet free and the $XXX fleet the EBITDA for year-over-year million should with to growth. cash spending, assumes moderate for is This net contribute $XXX of range improved guidance capital flow expenditure strong to expectation Our million year.

continue is ample shareholders. strategy to and financial strategic operating value improve liquidity customers create overall margins, fund provide the to to Our flexibility our suit for to our and our expected our growth, to

to Larry. Now I’ll back call pass the

Larry Silber

Thank you, Mark.

like Before are to we I’d where we today. Q&A, move summarize to

negative revenues flow basis utilization. XX.X%. XX.X%. basis rental and improved XXX million in in to to increased improved cash in growth EBITDA $X.X We million margin positive from We XX adjusted by drive to continued XXXX We XXXX. year-to-date have utilization to initiatives points strategic $XXX Our improved free dollar a dollar points

continue the full strong for to will REBITDA flow-through initiatives contribute operating XXXX. to year Our

to to for entire I thanks for want the year, this express team contribution congratulations Herc my new and the start their record we year in As us.

stated to laid committed four to and shareholders, our and We’re goal out improve the plan ago execution for value through strategy years we our to solid achieve customers employees.

your to now questions. And

So operator, please open the lines.

Operator

Jerry from today question our you. Instructions] will And Sachs. Goldman Thank first with [Operator come Revich

Jerry Revich

Hi, good Yes. everyone. morning,

Larry Silber

morning. Good

Jerry Revich

I’m you stronger would be year, have to of had Can to fleet CapEx of mentioned cadence the the seen XXXX? rent exiting wondering have to you if course back move over on You planned CapEx you flexibility it lay as and the you have Is liked on the that comment how – below so end of low decide? the outlook, do loaded? half range the how much out you

Mark Irion

I the early any Yes. Jerry, year. doesn’t mean wasn’t typically in fleet have volume our CapEx QX to – the that real in connection in comes

it last to volume and QX so of growth we got and simply rate with our that think, we timing volume-wise, I utilization looking have of that of rate. typical, very it’s the and which will we’re that’s that’s to this the sort opportunities, out QX, delivery begin And loaded have CapEx sort So for is the certainly around where year. were in year, We just QX we comment time expected. conservative provides

Jerry Revich

levers much but rolled piece, Or lighter two market? normal do time a first be is to obviously, of CapEx And versus the how we XQ, the into given seasonality? the of softer in demand is capacity just of And pace folks out? the choose time, in one deliver you think going should the you the is other about CapEx quarter think how

Mark Irion

But concerned, I be probably As bit little CapEx looking XXXX. far solid for real mean, growth out shock there. as that our in addressing. no a been conservative the fleet more We’ll There’s demand with in we’ve XXXX. we’re is very we’re

will seen so we’d So demand is in the – what expect. we’ve of that we far and typical QX

same and that much raised XXXX. we’re of we’ve into XXXX cadence pretty with up sort in So going the expectations same the

Jerry Revich

outlook. XXXX range, at midpoint can in looks. lastly, the And a right? – that’s looks modest It in price just at of you’re the That comment you about the helpful. mix you’re you be talk if and least a on improvement dollar if from your utilization. improvement math baking what how – with in expecting level you utilization of would And Okay. dollar bigger contribution you Can that’s expect versus like

Mark Irion

been our mean consistent has I in pretty terms dollars. guidance of

year-over-year goal XXX basis next So couple certainly, do and ourselves. to same And that getting XXXX we’re improvement that way of a of we’re long for set years. the expect XXX points sort of to sort the the looking of for goal XXXX. to That’s in for in we

XXXX. to did going We’re not XXXX as as lean high be to able in on probably in rate we

market the going not beat consistently consistently look We’re market. we beat and go to to will but four by times,

success and look do that continue to on to and sort to got want push that. of continue will we improvement time to here, We’ve also lever, contribute to we utilization for

So that’s hard XXXX real in but XXXX. we going be the best and in focus we’re that go deep may to missed

Jerry Revich

Thank you.

Mark Irion

Thank you. next See week. you,

Elizabeth Higashi

can the we Operator, question. next go to on

Operator

Ramsey from with Thompson We’ll Yes. Group. hear Steven Research

Brian Biros

feel a ago on worse, how Good end you versus of evolved for Thank if feedback have slow make to maybe taking Could morning. on good This better. to Biros little your I Steven. years. and the my from actually is you guess you’re the gave questions. sense same, of about Hi. compare things are kind one of steady, really remarks months the for and you how few similar And for getting last you that. now prepared get trying in field to the the outlook? commentary to markets. want XX the I I’m some end ask Brian just a markets kind

Larry Silber

a bit of were and government of going Larry and construction We Silber. think was as another more the beginning we the Yes, type into we’re that activity year today of optimistic pretty believe sort on all and There project solid in are all year. the XXXX, and that markets flowing what positive here. ago. we company, of a we This a about lot anxiety presidential up flow season to with reporting Brian. is We we’re as election traditional than The of are the a a trued morning, year. we’re been around that stability happenings personally, probably is up some some coming expectations have or Good excellent participate unknown, look, Yes. that markets. the

our urban there’ll expect fair markets. sweet is to be We we’ll infrastructure opportunity spot in of we a and of federal sort that good amount large expect improve On which work, that volumes. where spending have our a

positive as more were positive So in if going XXXX we’re not we XXXX. than into

Brian Biros

markets just or our of you in people to are then good That’s in markets challenging guys certain goes to anywhere? seeing oversupply to second either status industry it’s In markets some trying was trying hear. seeing fleet. And some generally reconcile positive follow how they that any oversupplied you’ve to kind I any wondering, of maintain if channel if just to if certain mention And are that up. are getting rates. more of is in that that oversupply. checks, heard I’m

Mark Irion

we Yes. in I that wouldn’t market. say see oversupply any

end by maybe the started has of up to supply XXXX, the supply think demand to headspace catch catch, I growth will growth.

sort to adjust and cadence see we’re There strong is from dramatic to signs there there’s starting that, in be changing to happy fleet way we environment, growth think demand. But in going the able of out as to of we’re plenty still but adjustments of don’t to the competitive I a decent to a CapEx, real oversupply. any the conditions. the see industry see the other and we industry, suspect is players that some

Brian Biros

you. Thank

Operator

I’ll Gabelli Funds. And with to next, Brian Sponheimer move

Brian Sponheimer

everyone. morning, good Hi,

Larry Silber

Brian, morning. Hi, good

Brian Sponheimer

guys expansion driving margin You here. keep a doing job just great

SG&A further? is on as the an that picks area improve kind Given you anything that or where DOE environment, of side there revenue even out the can

Mark Irion

the Yes. mean dramatic, got we momentum results they’re that maintain in forever. obviously, going we’re be of I something to with sort sort not happy able XXXX, of we’re pretty really the to Brian, and

focus area an in given XXXX, And and continually QX of back, big of some be we we’ve suspect flattish efficiency benefit in we logistics. XXXX and results just cost Delivering a So slow savings freight will improving on continue will our SGA. the to some where to got I for there. growth is DOE in

you but efficiency, to see it’s as dramatic in not opportunities So as continued there what are going for QX. be

Brian Sponheimer

market, about sort first thinking any in in caught if of your the through walk road the preparing where map you’re of sure exposed? Larry, get you can steps material make we’re company you And maybe area that to correction it. don’t for Got an

Larry Silber

Yes. Look, up. comes it off first well, all, – on unfortunately, happen except would – we And we’re expect cut but look, – CapEx. initially, the issue that if that don’t did, if of to we

not a of XX-day with beyond purchase would committed of out coming off new are we materials pipeline sort terms all period vendors, in We our so agreements the our shut on of in.

we accordingly it and look then And an us. appropriate. our expeditious raise that DOE Where we brand was we��ll obviously will would adjustments manner reduced deeply those to the cash And to saw where in and would have actions fleet happening appropriately in to relative SG&A be match for that that. we’ll look then

So formula pretty this in easy is industry. look, the

In cash environment, a environment. in if generate of there lot negative were we’ll fact, a a negative

Brian Sponheimer

of The XXXX. luck a execution for aggressive, is best certainly great

Larry Silber

Thanks, Brian.

Operator

we’ll Seth [Operator Weber from Instructions] Capital Next, hear with Markets. RBC

Brendan Shea

Hi, good for morning. Seth. on This is Brendan

that weaknesses you’re type at strength or look notable calling there composition, by fleet feel is seeing is equipment we any As you out? your worth

Larry Silber

shedding strong think when I across an and of our we’re done We’ve mid-XXXX. fleet spend back X.X all into Look, of that job in over no, good the last years fairly came excellent existed equipment we the company the categories.

our any of pretty remaining We’re fleet. much beyond

type fleet sort procured in of prior leadership in coming In fact, current the XX-month-old great had exit have XXXX. of fourth that deal the place. And that been was a that we for of quarter team

in where grow to where fleet we strong and right do hot hands, see look to the pretty is based we to board the are markets the have upon across now feel the in continue opportunities. our the we which the need fleet right at markets, So

our makeup the of today. is as So we’re and the composition pretty comfortable it with fleet

Brendan Shea

introduction of his at experience the then mentioned some of all, M&A. And going growth with earlier you in inorganic Okay, the at change forward? the thanks. involved strategy call, that Does Aaron, Herc potential

Larry Silber

our is the number as reasons. that was here, from day be and focus a for said to business, organic growth of Well, I’ve going on primary one in

And us remains our as growth are have opportunity growth additional with through centers put add our We that footprint. these existing existing footprint the more future footprint that into outstanding particularly opportunities. volume grow in ample same, and and urban providing we to

actively where we in I not We are now that going us from prevented environment be the, call looking acquisition on we’ve integration today, tremendous are opportunity of certainly, would And comes an we for opportunities. arises. we be Aaron’s considering handcuffs a opportunistic, to all those said, both that and help an along will what something That deals that’s of might might opportunity, – but completed experience if consider it. any have the

Brendan Shea

Thank you. great. Okay,

Operator

closing time, will the that And conclude any for would to to over like session. turn question-and-answer Elizabeth back additional call At Higashi today’s this I or remarks.

Elizabeth Higashi

soon. joining for as please call all look you to to all Thank the we hesitate comment, questions, us you seeing have don’t you on any today. And always, Thank forward you. if and

Operator

I call. And will today’s your conclude Thank you for participation.

Herc (HRI) 27 Feb 202019 Q4 Earnings call transcript