HRI - Earnings call transcript Q1 2024

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Operator

Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Herc Holdings First Quarter 2024 Earnings Call and Webcast. [Operator Instructions]

I would now like to turn the conference over to Leslie Hunziker, Head of Investor Relations. ahead. go Please

Leslie Hunziker

and and page First operator, strategic Earlier everyone. to posted were Welcome our the filed Thank All SEC. XXXX good Earnings Rentals' are furnished financials, slides year with comments presentation our on Quarter of our reviewing release the The Webcast. XX-Q Conference we're Herc industry was results Today press outlook. view with our fourth the Events and will XXXX by you, our on and including morning, our remarks IR website. Call quarter our today, of and and be full open an prepared operations and followed Q&A.

include on Now involve are GAAP materially safe statements caution from the on as forward-looking based the results to on and statements our the will on uncertainties. differ see and harbor you therefore, statements. our call. and, let's that it today actual made environment These Slide move would reconciliation I we risks call X. forward-looking Today's could

to for the XX-K our report of annual Risk XXXX. section Factors Form refer December year on ended the should XX, You

Replay be is GAAP company's discussing included non-GAAP results addition equivalent we were in morning. be can through replay via accessed In can release a our instructions call we be the earnings found this closest non-GAAP to useful dial-in website. measures in webcast the A conference operating call the in believe of materials. this GAAP information financial on our evaluating our on performance. will Reconciliations that these basis, to presented the for

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

XX at conferences on Wells join May New Chicago be please in XX, on June our quarter. to May and York, America's of management calendars We'll Finally, Conference Conference KeyBanc's XX. Boston X on your in industrial team at Bank Fargo's this mark Conference

Officer; Officer. Chief Executive Humphrey, Vice and and by and Silber, President and joined This morning, Aaron Larry Chief Financial Birnbaum, Operating President Chief President I'm Mark Vice Officer; Senior Senior

to now the over call I'll turn Larry.

Lawrence Silber

everyone. Thank morning, good you, Leslie, and

Let's continued X% turn XXXX. a by growth These to EBITDA Revenue record strong and driven Slide #X. off company start in business. were solid results volume in first rental highs rate performance, a and our to total increase quarter reflect including year-over-year. Cinelease adjusted We're

core flexible business to enabled equipment local generate accounts. broad the customer line categories national and in diverse and growth both base us Our and model, and top first quarter portfolio specialty across

growth over outsized market in early excluding delivering to an core through entertainment EBITDA operating year. The year operating and in in a increased capturing stages EBITDA Reported performance, quarter adjusted recovery margin year's By minute. benefited take with full last share just from the offset guidance. market of generating rate business studio the first leverage after our fleet volume, will the efficiencies, where inflation XX% in you business Mark core of the prior is strikes. labor align the Cinelease we adjusted

improved performance. Slide the see driving our continued of is that to execution Moving strategies can our you successful X,

expanding locations greenfield network. our growth, in sustainable branch first and we in strategic In scale As are opened key business completed investing we for markets. we X quarter, the acquisitions X our

to We address and capture locations. also our ProSolutions high-margin in fleet support synergies specialty invested new growing cross-selling demand,

over the extending last is X investments years. offering in specialty with Our our shoring trench

acquired we offerings date, the first to quarter, our solutions trench our business in shoring largest expert our fact, customers. In for bolstering

at business. terms streamlining enhancing grow comes over we've framework. a X setting while innovative allocation the in years to our improving the multiyear and logistics, to growth. the and the last procurement, mega cycle customer and market of we digital of reshoring federally fleet funded where to capabilities a and time the continue it our from current and When of built opportunity reflects foundational for projects M&A the are transactions to capital Our where priorities to productivity. allocation, in also systems all in capabilities stage customer-facing capital be product experience strategy Investments expertise are manufacturing With end our are to

to view We strategic our lever for a on as allocation capital feel that value, about progress really us and we generate good front.

improvement to ensuring customers. operating is investments do and what we're from do of toward at system, of ways processes place business EXOS. goal in for operating and and way go the our the organization delivering those touches a customers of along the value aspect Through with the every of are business with, our ensuring the Rentals already for is our rollout experience efficient continuous One easier serving we mindset, through will EXOS standardized initiatives greater business incremental and create leverage in we EXOS our superior expert business. our across being put Herc progress

to to financial both and through you the market details detailed walk Aaron first some review, on over operating quarter With Mark color And trends. and Aaron? without then Cinelease. through provide that, it more a take I'll with will turn you

Aaron Birnbaum

Thanks, revenue the always I'm continues our well safety customer strategic everything executing growth we safety, customers' being delivering Next to team way while first a Larry, superior and initiatives. on one-stop up lot new shop of on delivering contributions the our really a approach, growth go-to-market success. the is to our and of support across technology are are Execution Everyone good quarter, In scale, with do. our offering year-over-year focus at core our for against course, morning, about Gen experience delivered leveraging is how teams our laser-focused proud equipment accounts ProControl to to are everyone. board. like starts customers. There of and is and the

X.X Equally standards high to program total we on strive our and and first notable, people As our major industry's than perfect. recordable on days all days you quarter measurement, reflecting incident our benchmark our operations better a organization. as our the commitment for can throughout In of and X, see on Slide internal safety remains of XXX% our days, the XX% perfect of branch-by-branch achieved least rate at of perfect focuses customers. safety the the

Slide to X, the that strategy network. in Northeast, progress metropolitan in you making expanding greenfield In XXX cash growth on of first the a by and quarter, acquisitions net total our great the On through top the in are see spent acquisitions million markets. adding we XX market urban in our locations can $XXX we locations and X West on

We greenfield comparable trailing also nearly is period. to X over in months first bringing the XX, XX XX% increase the XX-month the last which year, the months opened of over our total locations X a

manufacturing the we high-growth and industrial current that financial know, fit in opportunities announced focused Moreover, where you complement are on United filters. Arizona of Eastern and strategic, along As geographies our are Ohio, being the focused in reshoring have our many acquisitions of our the States. markets we Texas, projects cultural like and and branch mega seaboard additions the and network greenfield

successfully Our the now XX network core the locations competency, into XX with late having acquisition is businesses integrated process XXXX. initiating strategy a Herc in since

a to of been synergized multiples of generating As revenue we've X.Xx. approximately X.X result efficiencies,

most as are strategic focused MSAs. actively ever, acquisition New the those robust are make top that on opportunities the business and in sense we for our as

demand growing a keeping our key up X, increasing share Slide specialty strategy to is our through and acquisitions, investments addition core to the with opportunities. and in equipment expanding On fleet new

OEC composition right total. a is of the fleet page. record XX, fleet Our of side the fleet $X.X Total X% as at XXXX. is the on about Cinelease of billion now March represents

for sale, assets held So exclude $X.X when about been have our Cinelease the you fleet would base billion.

XX% approximately the specialty You'll total represents note that higher-margin today. of fleet

Excluding of with specialty to fleet, the the makes room about up continue Cinelease XX% to plenty grow. total of

we intake a first to more quarter last season. we seasonal XXXX level slowed of backordered can recovery year onboarding high deliveries were XXXX in a our year the fleet when fleet When to this out the level it you chain of comes supply the of and versus see investments, in meant

expect gross growth underway provide million have that or new billion full too. last should expansion, fleet the line $XXX incremental to in high either along purchases. greenfields that of with year's mega we to of range we general probability still the market for the a from projects For purchases amount, That and sight $X spend demand on are fleet year,

to of year this reflects level investment also fleet efficiency. fleet goal improve our Our

that as we Now goal more we into head that have confidence timing, disciplined peak in support will investment the season. delivery

fleet as third on cadence quarter levels as where are the This we get supply dispositions for to a quarter focus of and planning of disposals recovered. last highest are normal fleet on see aggressively lower worked quarter compared to Finally, new a sales and the bringing replacement we in chain equipment. fourth lower more should we of quarter year and second seasonal are first fleet deferred caught expect you year, up level to when

You incentives In this the with that quarter, training with essentially channel quarter. technology, was capabilities trend channel. participate in sales dispositions XXXX we in were compared last on third but utilizing to continue at first last can to flat fleet OEC see year's year, traction gain our disposals higher retail unusual the peaking more and force return

equipment first retail and last points due in customers year-over-year the we increased quarter despite slightly of OEC of of shift from amount fleet wholesale basis XXX the OEC mix at to more year. sold were XX% successful The at that sold the channel last to lower year. Proceeds favorable being

year-over-year. comp overall, we we tougher a profitable So strategy. execute a of have opportunity as But more ahead shift bit channel a nice our

about $XXX million OEC in fleet still disposals million XXXX. We planning for are at to planned $XXX of

of accounts accounts, well quarter in and XX% fleet greenfield to Slide of needs operating repair. local as to represented utilities growth is address America. through Today, facility maintenance to our and first North are due strategy as penetration national our XX. rental and local acquisition the large in Herc's and education, which well Turning the contractors regional growing infrastructure, positioned Local revenue in

Long and between EV maintenance, national projects and split a new for centers. XX-XX national term, continue plants we'll renewables, accounts. Our on capitalizing semiconductor are revenue data battery target local and utility to accounts

end ramp XX. to and this provides our XXXX. of in the variety This year, geographies fleet solid are timing diversification the through expected onboarding, mega Overall, we projects disciplined and and weighted Slide towards in with continuing fourth customer Based will to aligned seasonal segments revenue is growth across October's starts on see for which third and a Turning the demand quarter of demand second quarters peak. resiliency. more to markets, growth our the building be

projects. execution for them national big up, account the mega excellence day. our already long thank customers a Team It's the Herc customers on for professionalism Their want local and to winning operational up in we're is services single and of our their new business reason every for of commitment shows to safety. I our gearing tenure to and the and

the pass on I'll Mark. Now call to

W. Humphrey

and Thanks, XX starting key Aaron, Slide good a first for everyone. summary with our quarter. of metrics on morning, I'm the

XX% XX.X% performance. adjusted ABL these REBITDA our For revolver the and to include roughly basis in basis increased SG&A flow-through of point the The year-over-year percent rate. results and REBITDA point Fed the adjusted interest higher clarification, income a XX% GAAP Rental borrowings basis Cinelease XX% year-over-year. expense in adjusted fund of was XX%. Net acquisitions rental year-over-year, as XX a our from increase a and REBITDA. revenue increased DOE improved a are reflected increase was points supporting in and funds XX margin on improvement quarter, XX revenue

stock-based a latest reduced XXX of tax quarter. the Additionally, a first specific increased benefit effective compensation the as points basis in our quarter, rate to result by related primarily to

Let's performance on drivers the Slide other XX. through some walk key of

year-over-year Here, quarter and up In the XXXX. of an EBITDA first adjusted can rate increase OEC in a XXXX to increase roughly made walks rent. revenue first increase the was in rental chart, XX% fleet quarter on revenue see you and X% the X.X% from

and X%, mix offset higher the favorable of rent. equipment inflation Mix was of on an reflecting net of more equipment about a

it higher to revenue $XX the EBITDA in points revenue. XXXX year's million Adjusted Cinelease clarification, lower rental of a revenue when is by higher and disposition or inflation comes fleet the offset at by volume was dollars last Adjusted higher as EBITDA basis quarter revenue, measured benefited For XX% in adjust a margin partially expenses operating included driven unit from year-over-year, increase OEC a metric. first mix proceeds. XX percent the to fleet in to

quarter fourth A Studio a quarter Slide a in of Our full growth you give fleet from our of first rotation fleet business both in core fleet ratio, quarter. in growth from financial X.XX in XX% in Studio performance can Slide excludes on excluding divided the by XXXX as returns order how XX of to results our base presentation. quarter Entertainment quarterly to on better Fleet metrics, in of the the efficiency performed the sense revenue first improved periods growth rental be on the appendix found reconciliation of the normal cadence. of XX sequentially average XXXX, X.XX to Entertainment

in rental which and quarter of revenue on point flow-through cost X% first in more of of into expenses. $X environment the with XXXX improvement on of to transition flow-through additional margin a compared Core favorable REBITDA QX needed only hyper have operating flow-through an greenfields in XX.X% adjusted growth would year-over-year easily basis leverage. at the quarter million macro in result Strong acquisitions Affecting preserve is new environment, generate pre-synergized these To post-COVID to REBITDA of we XXXX REBITDA higher the XX a XXXX. level, absorb basis the our as translated a demand XXXX. normalizing the the REBITDA first a to declined basis

These coverage more growth adjusts and locations put shows to months the amplified differential which our deliver scope to as in we to synergy annual XXXX on the flow the the higher be or XX%, Despite the through. targeted average for to with is expanding our revenue in scale for XX% can them and timing benefits, above historic still as initially strategic of up and we investments up year rental speed. That demand are normalizing approximately XX% on and full rate until is network realization, impact plan can pressure at get flow-through we efficiency but XX CAGR. expect

for that on an was ROIC all business in had impact at Absorbing core throughout XX.X% Trailing XX points a to out-of-season ROIC. XX-month delivered the end the of back declined basis negative quarter. XXXX, the order fleet the

expect first see improving with quarter in on onboarding improvement fleet of to coming the focus the the we quarters. in XXXX the prudent However, fleet and efficiency,

to Shifting capital management Slide on XX.

near-term fund growth goals capital into fleet no of have capital net allocate we cash maturities cycle. and million continue to $XX resulted as see ample flow business our liquidity and lower to in free quarter. in drive invest can You we expenditures our this flow growth the to cash in operating Higher significantly and first

confident ratio our leverage in well and X.Xx within X target range our current we invest line model growth. Our business in as We Xx is our with to remain at expectations in a XXXX In for first to and are the committed to increasing in $X.XX per increase shareholder our value. represents $X.XXX, for quarterly announced the quarter, which dividend we X% share year.

with BB to raising pleased to the upgraded will credit this poised S&P and that Herc view players unsecured that is rental also This as industry Finally, continued U.S. industry largest reflects we're benefit equipment for on report our minus. S&P's corporate to our outlook from BB rating stable the while and rating that senior one of notes the growth fleet. a position diverse sizable month, earlier our

primary upper revenue left, ARA markets. strength you end $XX can industry the In On in American for is XXXX the North estimate our rental billion. continued XX, Slide see the

according is February's XX.X% to left March signs up November fastest at in fastest These of future the since positive recorded a contracts Index grew significantly Inquiries last and projects increased design value their into release, for the summer. of XX.X. bottom pace the are Architecture growth their new the at that On from since pace Billings score API.

increase top $XXX at of projecting right, be year's XXXX a Industrial forecast $XXX on of second construction Info highest level charts the last right these estimated spend. line starts forecast Taking at as pre-pandemic reflects over to The industrial billion record billion XXXX quadrant $XXX peak the levels. both on to starts. dotted is look X% to lower spending on peak the are on Resources growth billion. Dodge's top nonresidential In the of

are that industry You can the ever years last and activity year see strongest to that X this periods the next of projected seen. has be

markets over of our end increase nonresidential That's Additionally, new construction. of other steam. project to Combined, as both are and markets there's to of projects likely the continues U.S. and for our reshoring another key Two manufacturing are end industrial infrastructure gather a XXXX. slated $XXX construction about end reflect billion X/X mega in customer consumer-driven markets capacity due outperform XX% these to base and XXXX.

you to in that guidance set flip was Slide that are you we February. affirming XX, If see XXXX can the

As full of in and normalizing on current noted, year rental our the experience from which feedback trends guidance for rollout, with field. range is sale. X% the excludes good our more the in visibility, feel of We about performance Cinelease, team growth mega the the held XX% local project for the market, the course, pace growth revenue of the based to

comes sequential investment quarter's the second the X months growth rental comes revenue quarter quarterly in as it moderation top sequential the compared quarters the bulk year-over-year in year-over-year the the operating X%, the of such fleet will of profitable year from the our year with result billion and and leverage, revenue quarters, revenue expect fleet above will ranging the to second efficiency third a investment net to rate growth that rental be lower fleet year higher X%. cadence, we adjusted When growth line another in, of average and will our that growth representing for first between in XXXX. but of first exit $X.XX in With EBITDA drive $X.X billion, and fourth third estimate to X% we improved

markets, our versus to maintenance lower XXX the used strong consistent revenue our the our basis industry as the roughly demand metrics cycle strategy. we experiencing rate reflects sales the comparing and difference of When growth point up infrastructure rental and manufacturing, we're guidance intend financial that equipment with across is and on comes Overall, a to is deliver proven expectation industrial growth execute equipment project within XXXX. commercial the that. amount stability adjusted strong We an EBITDA continue rate, with growth and along industrial the for from

With that, operator, we'll take our first question.

Operator

line Instructions] Our [Operator from Rob question is of Research. Wertheimer the with first Melius

Robert Wertheimer

My the numbers a few on different trying industry that to question up in going supply/demand be pointing and basically square to is in are directions.

rental so metric in-theory is by kind for PPI broad and was March government X of And released basically February. a the specifically,

as environment. the strong what X%. does don't, being guys curious, really tend but see the and to PPI think rate the we had you track rate You And I'm of up numbers rental you

Sometimes it diverges. number. think curious signal if there's weak looks in any like you it, that sometimes it I'm

Aaron Birnbaum

don't. one we volatility in markets a the that. No, got what's representative not and on. the That's at metrics we is It's focus lot our experience on of pricing. rate on going of a actually it It's of it, and on local

Robert Wertheimer

so right, got then average And if -- it total doing fleet I up average was I'm XX. your fleet

business in was rate the guess, any business can. market, push is time market? would there to season, higher kind of X. Implied you [ weather. down, you the if you on Your you losing aside I up it I XQ, know Are on ] weakness rate it's time having Is to choosing there's any the how there's characterize any or -- having or

Lawrence Silber

a Yes. Look, like report time, being out really weather any of sort of at as there's that, a Rob, has don't impact. unless, we year of factor there's every kind significant a that something significant or always hurricane every course, in major weather and

do don't normalizing think rate of pre-COVID we of any that's of experiencing turn see. see business believe the to to I more pricing. of what what And it no, and the weather. wouldn't But business on any we seasonality we levels. the that's losing continue we'll back we're or So are basis to We even kind

Operator

from Research of is Thompson with line Ramsey Group. question next Your the Steve

Brian Biros

Brian for on This is actually Biros Steven.

of qualities And trend talk the valuation that shoring deal paid? acquisition, just to you maybe large usual business of about, there? maybe one, multiples the can your that On versus the .

W. Humphrey

overall from obviously, it's Yes. I in an multiples mean more specialty light. viewed perspective, a

at business, trade that we So your than it won't disclose multiple. gen would a multiple but higher publicly rents

few business, terms just years, area activities M&A and that had an has we're another over been last to a step. this and about mean the in we I been really we've trying excited of have is overall of opportunity, the In couple where Trench right? that develop

Brian Biros

on And a maybe then follow-up.

you couple Just months We growth of peer positive guess, ago, a, a heard do mid-single-digit still large from have I stating of a local outlook growth. customers. your kind

that. channel kind of with Our checks align

wanted how to growth a maybe XX% reconcile just connect kind kind outlook that is I the of to and So dots little below of X% just how to there? bit your

Aaron Birnbaum

really the the effect for stable. how And rates they're markets, the the projects on reshoring that's added Brian, mega we fundamentals think mid-single-digit extra business growth that large Inflation, have interest activity. it's Yes, local balance are continue see has local industry some a -- It's market. then the the market. good and We the had story. really the in to and but

Operator

Revich of Goldman line Your is Sachs. next question Jerry from the with

Clay Williams

equipment Jerry. This know changed? you us last year? market year? is equipment allocation the booms previously. any Curious there Can on how has constraint Clay for from particularly, in supply plan capital specifically, on the I availability in some for know update was changes I the

Aaron Birnbaum

Yes.

are constrained several better it's most There's on So over commented access time, categories categories are that high aerial very specific what in here. few still that updates say demand. the I'd better. a over part, the the to have we itself for gotten get situations, But deliver type fleet. we've and like this And want most corrected year really that and plan we we if fleet of feel can get we can we lead it. have schedule usually XX-day that when incremental things last time, we on

Clay Williams

Cinelease and can line the any us around follow-up, those a there anticipated as time of business, is potential use And on on update a decision you the proceeds? -- that

Lawrence Silber

best of on with diligence capital reduce And parties, that be as going to a we go-forward business, disposed in as Cinelease basis. on the that to allocation obtain financial our what's comment really far appropriate sponsors any assets of during will said into We strategic the determining from Yes. go we're our and several back the in ABL use Look, strategy within it proceeds the the the business. call year. and roll and business negotiations and the much middle we're because the of both not due should

Operator

[Operator Instructions] Your from next with question Capital Ken KeyBanc the line Markets. is of Newman

Kenneth Newman

wanted the into to back just utilization. I So core fleet

low I step One, two, then down XX% XQ. think think, sequentially for I mentioned to that's I rental think right the about range. way somewhere And if that probably to expectations wanted you XQ just to to in it? confirm revenue accidentally,

should curious core half range -- think color Just this how to back XX% stays other improve we the fleet for used dollar still just the year or any there? and throughout in the

W. Humphrey

question, Ken. Yes. Good

take dollar our Yes, you Just QX. it And of cadence foremost. use think and the of first other should was follow right view annual about to that I dollar any XX% utilization is in take. sort want anticipation

I come will think slightly of will and for QX X. on just in you'll increase top see a QX based then that It seasonality. run. into off It

Second part what of Ken? that was

Kenneth Newman

much you it, dollar think of about the how above use range? guess year XX% I I mean, the was this answered stay for pretty we which rest think Yes. to if we

W. Humphrey

of your was on so. think year-over-year, mean, revenue of I sort the our through second goal you just fleet growth the right, efficiency is you the in-fleet work planned question of cadence sort I actions, QX as growth, fleet then remarks, prepared In the sort into way here. slowing at based your growth as And just of we move if on Yes, year. fleet of the look

and second third and and talked slowing QX you'll X growth as see you'll Aaron buy fleet quarter fleet take gear so in X growth fleet in And the we compared revenue QX. to actions place see then those as our as that. should follow about, and And

Kenneth Newman

a just follow-up then And here.

projects. of a breaking very back back the half prior how you projects you about ground. or sounds going you're timing in is the I to confidence those Where new about projects new like confident -- expecting coming strong. mega Just of It obviously, question of a know of as have so who these 'XX stronger some how out timing levels we visibility mentioned actually some but the there are the with terms for do these a inquiry a larger these think happen, guidance push versus And these peer a in. in much rather not is risk some had of pull potential Because through? into than pushouts issues you out more larger 'XX. necessarily that about don't projects just mentioned are

Aaron Birnbaum

Yes, out basis. right, of a lot daily come a there's on announcements Ken, projects that of

through have can weed You -- the projects. track when you start are and going those to actually to

You things had service and have to those like current the really modern delayed. you are projects you just that that well have There's And get not on a -- on really have in over they cause projects delay. have starting. when all things this beat think as time, have beat they a time, would always

funding. it's Sometimes

permitting. sometimes it's Sometimes it's labor,

big So there, to for ebb feel when you pretty But on and on on. flow many what's out line have sight we us, this projects particularly going a there's be going lot our going of like is of clear.

fleet it's we this that's go really these environment. We track we where and coming going in how sales plan the and in -- that's all demand projects. We communicate team, with our to

is say, we business. relates we're believe level the in flow our line giving we good as on coming project sight of have where it for our a see we what a strong I'd really confidence as So and guidance to

Lawrence Silber

Ken, call, would year. And and projects a that's Moore trying Yes. out of to be of segment the that there. and a, I cover only We're we're on not the earth XX% those total Benjamin mega to remember, XX% focused

and is said, we've good any about. we're our we pretty Aaron talked really sight on what at this don't line as risk point confident of that that see So

Operator

Gabelli. question is next with the from Sponheimer Brian of line Your

Brian Sponheimer

Obviously, concentrated a stack years for one balance a sheet. pretty the Just out. few debt on question

about As want do you cetera, about and capital talk allocation, you et to regarding what environment, maybe the some think Mark, balance optionality, the rate current sheet?

W. Humphrey

Brian. question, Great

reality floating XX%-XX% be today, floating. sort of we're that rather inverse. I'd of And rather XX% As it we right, sit here about to fixed. XX% fixed, be the I'd the is,

XXXX. we've so And with big got that, stack in a

overly into and and us day. treasury but play, along to market, that floating opportunistic to fixed eye at from begin like Obviously, on necessarily the sort every right? play absolutely, make opportunistic it we pressing level that be But move we or the to markets are today, for to to fixed. nothing So some an would keeping XX-year our floating of it's needs to

Brian Sponheimer

I about appreciate value of X, that. And reasonable talk be that. proceeds assuming would Cinelease. simply you all for get can Use

Lawrence Silber

paid and back just and then into We general follow down our go Yes. the we funds, to allocation this capital ABL strategy at it path. that point, go and our would

Operator

Your line the Mig from Baird. of next Dobre with question is

Mircea Dobre

projects And internally associated of is mega your of what you percentage of couple you revenue growing what us Just the component the sort with project? define maybe for of frame the back next percentage to you as what see years? how of this fleet the discussion, business can mega over or a 'XX

Aaron Birnbaum

display or a reshoring, And manufacturing the These But continue looks centers. now. The X-year here, more the These revenue, are visibility in projects them. Dodge data biggest to of some disclose progress there's the the mega, I you on our is, America, of piece plans. Mig. think, Those and things don't going happening track We clearly, data, investment right? mega, can run, the are it's get the in on chip that released. the piece Yes. of like North

that's real on going that's activity a So in marketplace. the

Mircea Dobre

the or national local this do reporting? report, your have part as you part way component the business of In as of of the you

Aaron Birnbaum

These that from the contractors These that in are streams work almost contract specialty Yes. geography. come are -- always megas relationships. revenue that any larger performing national XX% side revenue the the are or

Mircea Dobre

sort to relative what think we as year about give of if bit talked you've rates, us an but a I'm Understood. you little full to Final put the about can QX. you to rental up in wondering question how able is, been update

W. Humphrey

goal an of And impacts XXXX, balanced of anything with reminder, contract negate question, the the this inflationary mean Yes. a in changed quarter. sort the I entered Mig. I strong year sequential range. sort I I of X% the to QX the think began think and right, there. posted fairly noncontract Obviously, mean good overarching which year we has inside sort as of really improvement don't between we a good with

goal we will throughout and that to continue as and be so And year. strategy our the forward move focus

Operator

turn for call over to At to remarks. this time, the would I Leslie back closing like Hunziker

Leslie Hunziker

on you look the on our the progress We in Thank forward call updating come. you today. quarters for us to to joining

great out questions, Of to course, hesitate if you please to us. a reach have don't day. Have any

Operator

Quarter XXXX Herc This for concludes you Thank your the Holdings Earnings and Webcast. First participation.

disconnect. You now may

Herc (HRI) 23 Apr 242024 Q1 Earnings call transcript