Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

H&E Equipment Services, Inc. Reports Second Quarter 2022 Results

H&E Equipment Services, Inc. (NASDAQ: HEES) (“H&E”, the “Company”) today announced results for the second quarter ended June 30, 2022, including records for rental revenue and gross profit, consolidated gross profit and margin, and earnings before interest, taxes depreciation and amortization ("EBITDA") margin. On October 1, 2021, the Company sold its crane business, (the “Crane Sale”). All results and comparisons for the periods reported are presented on a continuing operations basis with the Crane Sale reported as discontinued operations in certain statements and schedules accompanying this report.

SECOND QUARTER 2022 SUMMARY

  • Revenues increased 10.9% to $294.7 million compared to $265.7 million in the second quarter of 2021.
  • Net income was $27.9 million compared to $12.3 million in the second quarter of 2021. The effective income tax rate was 26.8% compared to 28.2% in the second quarter of 2021.
  • Adjusted EBITDA totaled $121.9 million, an increase of 28.8% compared to $94.6 million in the second quarter of 2021, resulting in a margin of 41.4% of revenues compared to 35.6% in the second quarter of 2021.
  • Total equipment rental revenues were $227.6 million, an increase of $52.0 million, or 29.6%, compared to $175.6 million in the second quarter of 2021. Rental revenues were $201.2 million, an increase of $44.0 million, or 28.0%, compared to $157.2 million in the second quarter of 2021.
  • Used equipment sales decreased 47.4% to $18.8 million compared to $35.8 million in the second quarter of 2021. Margins improved to 47.6% compared to 36.7% in the second quarter of 2021.
  • New equipment sales totaled $21.5 million, a decrease of 22.2% when compared to $27.6 million in the second quarter of 2021.
  • Gross margin improved to 44.9% compared to 37.6% in the second quarter of 2021.
  • Total equipment rental gross margins were 48.6% compared to 41.7% in the second quarter of 2021. Rental gross margins were 53.7% compared to 46.6% over the same period of comparison.
  • Average time utilization (based on original equipment cost) was 73.2% compared to 68.7% in the second quarter of 2021. The Company’s rental fleet, based on original acquisition cost, closed the second quarter of 2022 at just over $2.0 billion, an increase of $228.2 million, or 12.8%, compared to the second quarter of 2021.
  • Average rental rates increased 9.4% when compared to the second quarter of 2021, and 3.5% when compared to the first quarter of 2022.
  • Dollar utilization improved to 40.9% compared to 35.9% in the second quarter of 2021.
  • Average rental fleet age on June 30, 2022, was 41.2 months compared to an industry average age of 53.6 months.
  • Paid regular quarterly cash dividend of $0.275 per share of common stock.

"Our excellent second quarter financial performance showed the continuation of robust fundamental activity across our industry and significant progress toward our 2022 growth initiatives," noted Brad Barber, Chief Executive Officer of H&E Equipment Services, Inc. Mr. Barber continued, "Rental revenues were 28.0% better than the same quarter in 2021 and improved 13.6% on a sequential quarterly basis. This strong growth led to further appreciation in our rental gross margin, to 53.7%, or 380 basis points ahead of the previous quarter in 2022. This improvement in financial metrics was driven by enhanced contribution from both rental rates and utilization. Rental rates closed the quarter at an impressive 9.4% better than the year-ago quarter and showed a 3.5% gain over the first quarter of 2022. In addition, with high demand for our rental fleet, average physical utilization closed the quarter at 73.2%, or 450 and 280 basis points better when compared to the second quarter of 2021 and the previous quarter in 2022, respectively. We also grew our fleet, closing the quarter with a fleet original equipment cost ("OEC") of just over $2.0 billion, representing a record level for H&E. These results included a gross investment of $215.6 million since the close of 2021. Finally, the combination of excellent industry conditions and strong operational and strategic execution contributed to record Adjusted EBITDA in the quarter of $121.9 million, while our Adjusted EBITDA margin improved to 41.4%, or 580 basis points better than the same quarter in 2021 and 340 basis points ahead on a sequential quarterly basis."

Commenting on current business conditions for the equipment rental industry, Mr. Barber stated, "Non-residential construction opportunities are plentiful across our regions of operation with no visible trends that suggest construction project delays or cancellations. Demand for our rental fleet remains strong, and current customer feedback suggests favorable conditions should persist as we address the seasonal strength of our business cycle. Also, it is encouraging to see key leading indicators of construction activity remaining at levels that support expansion. Under the prevailing business conditions, healthy utilization levels should continue for the balance of the year with additional improvement in rental rates expected."

Mr. Barber closed with an update on the Company's 2022 strategic growth initiatives, saying, "In a business environment characterized by exceptional equipment demand, supply chain disruptions remain an inconvenient but temporary reality of our industry and continue to hinder the timely delivery of a portion of our equipment orders. Due to the inability of certain manufacturing partners to meet their commitments to our fleet investment for the year, we will reduce our planned capital expenditures by continuing to slow our fleet sales over the balance of 2022. Following this action, which is expected to result in a revised gross fleet expenditure of approximately $465 million to $500 million, we anticipate no change in our year-end OEC when compared to our initial internal expectation for the year. With regards to our branch expansion initiative, we remain confident in achieving our goal of no fewer than 10 additions in 2022. Four new branches were added through the first six months of the year, including our latest operation in Lakeland, Florida, which represents our ninth location in the state."

FINANCIAL DISCUSSION FOR SECOND QUARTER 2022

Revenue

Total revenues improved to $294.7 million, or 10.9%, in the second quarter of 2022 from $265.7 million in the second quarter of 2021. Total equipment rental revenues of $227.6 million improved 29.6% compared to $175.6 million in the second quarter of 2021. Rental revenues of $201.2 million increased 28.0% compared to $157.2 million in the second quarter of 2021. Used equipment sales of $18.8 million decreased 47.4% compared to $35.8 million in the second quarter of 2021. New equipment sales of $21.5 million declined 22.2% compared to $27.6 million in the same quarter of 2021. Parts sales of $16.2 million declined 4.2% when compared to the second quarter of 2021, while service revenues of $8.9 million improved 10.3% over the same period of comparison.

Gross Profit

Gross profit of $132.3 million in the second quarter of 2022 increased 32.6% compared to $99.8 million in the second quarter of 2021. Gross margin improved to 44.9% for the second quarter of 2022 compared to 37.6% for the same quarter in 2021. On a segment basis, gross margin on total equipment rentals was 48.6% in the second quarter of 2022 compared to 41.7% in the second quarter of 2021. Rental margins were 53.7% compared to 46.6% over the same period of comparison. On average, rental rates in the second quarter of 2022 were 9.4% better than rates in the second quarter of 2021. Time utilization (based on original equipment cost) was 73.2% in the second quarter of 2022 compared to 68.7% in the second quarter of 2021. Gross margins on used equipment sales improved to 47.6% in the second quarter of 2022 compared to 36.7% in second quarter of 2021. Gross margins on new equipment sales were 15.0% in the second quarter of 2022 compared to 12.3% over the same period of comparison. Gross margins on parts sales were 26.8% in the second quarter of 2022, unchanged from the second quarter of 2021, while gross margins on service revenues were 64.6% compared to 68.0% over the same period of comparison.

Rental Fleet

The original acquisition cost of the Company’s rental fleet as of June 30, 2022, was just over $2.0 billion, representing an increase of $228.2 million, or 12.8%, from the end of the second quarter of 2021. Dollar utilization for the second quarter of 2022 improved to 40.9% compared to 35.9% in the second quarter of 2021.

Selling, General and Administrative Expenses

Selling, General, and Administrative ("SG&A") expenses for the second quarter of 2022 were $82.7 million, an increase of $12.0 million, or 16.9%, compared to $70.7 million in the second quarter of 2021. The higher expenses were primarily due to an increase in employee salaries, wages, and incentive compensation related to increased profitability, and headcount, payroll taxes and related employee costs. In addition, higher facilities expenses and professional fees contributed to the rise in costs. SG&A expenses in the second quarter of 2022 as a percentage of total revenues were 28.1% compared to 26.6% in the second quarter of 2021. Approximately $2.2 million of SG&A expenses in the second quarter of 2022 were attributable to new branches opened since the second quarter of 2021.

Income from Operations

Income from operations for the second quarter of 2022 was $50.7 million, or 17.2% of revenues, compared to $29.7 million, or 11.2% of revenues, in the second quarter of 2021.

Interest Expense

Interest expense was $13.5 million for the second quarter of 2022, essentially unchanged from the second quarter of 2021.

Net Income

Net income in the second quarter of 2022 was $27.9 million, or $0.76 per diluted share, compared to net income in the second quarter of 2021 of $12.3 million, or $0.34 per diluted share. The effective income tax rate for the second quarter of 2022 was 26.8% compared to an effective income tax rate of 28.2% in the same quarter of 2021.

Adjusted EBITDA

Adjusted EBITDA in the second quarter of 2022 increased to $121.9 million, representing 41.4% of revenues, compared to $94.6 million, or 35.6% of revenues, in the same quarter of 2021.

Non-GAAP Financial Measures

This press release contains certain non-GAAP measures (EBITDA, Adjusted EBITDA, and the disaggregation of equipment rental revenues and cost of sales numbers) detailed below. Please refer to our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 28, 2022, for a description of these measures and of our use of these measures. These measures as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not a measurement of financial performance or liquidity under GAAP and should not be considered as alternatives to the Company's other financial information determined under GAAP.

Conference Call

The Company’s management will hold a conference call to discuss second quarter 2022 results today, July 28, 2022, at 10:00 a.m. (Eastern Time). To listen to the call, participants should dial 844-887-9400 approximately 10 minutes prior to the start of the call. A telephonic replay will become available after 1:00 p.m. (Eastern Time) on July 28, 2022, and will continue through August 4, 2022, by dialing 877-344-7529 and entering the confirmation code 7606055.

The live broadcast of H&E Equipment Services' quarterly conference call will be available online at www.he-equipment.com on July 28, 2022, beginning at 10:00 a.m. (Eastern Time) and will remain available for 30 days. Related presentation materials will be posted to the “Investor Relations” section of the Company’s web site at www.he-equipment.com prior to the call. The presentation materials will be in Adobe Acrobat format.

About H&E Equipment Services, Inc.

Founded in 1961, H&E Equipment Services, Inc. is one of the largest rental equipment companies in the nation. The Company’s fleet is among the industry’s youngest and most versatile with a superior equipment mix comprised of aerial work platforms, earthmoving, material handling, and other general and specialty lines. H&E serves a diverse set of end markets in many high-growth geographies including branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast, Southeast, Midwest, and Mid-Atlantic regions.

Forward-Looking Statements

Statements contained in this press release that are not historical facts, including statements about H&E’s beliefs and expectations, are “forward-looking statements” within the meaning of the federal securities laws. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project”, “intend”, “foresee” and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following: (1) risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response to the pandemic, material delays and cancellations of construction or infrastructure projects, labor shortages, supply chain disruptions and other impacts to the business; (2) general economic conditions and construction and industrial activity in the markets where we operate in North America; (3) our ability to forecast trends in our business accurately, and the impact of economic downturns and economic uncertainty in the markets we serve (including as a result of current uncertainty due to COVID-19 and inflation); (4) the impact of conditions in the global credit and commodity markets (including as a result of current volatility and uncertainty in credit and commodity markets due to COVID-19) and their effect on construction spending and the economy in general; (5) trends in oil and natural gas could adversely affect the demand for our services and products; (6) relationships with equipment suppliers; (7) increased maintenance and repair costs as we age our fleet and decreases in our equipment’s residual value; (8) our indebtedness; (9) risks associated with the expansion of our business and any potential acquisitions we may make, including any related capital expenditures, or our inability to consummate such acquisitions; (10) our possible inability to integrate any businesses we acquire; (11) competitive pressures; (12) security breaches and other disruptions in our information technology systems; (13) adverse weather events or natural disasters; (14) compliance with laws and regulations, including those relating to environmental matters, corporate governance matters and tax matters, as well as any future changes to such laws and regulations; and (15) other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, we are under no obligation to publicly update or revise any forward-looking statements after the date of this release, whether as a result of any new information, future events or otherwise. These statements are based on the current beliefs and assumptions of H&E’s management, which in turn are based on currently available information and important, underlying assumptions. Investors, potential investors, security holders and other readers are urged to consider the above-mentioned factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

H&E EQUIPMENT SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(Amounts in thousands, except per share amounts)

    

 

 

Three Months Ended

 

 

Six Months Ended

 

June 30,

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Equipment rentals

 

$

227,577

 

 

$

175,611

 

 

$

426,802

 

 

$

328,830

 

Used equipment sales

 

 

18,833

 

 

 

35,821

 

 

 

40,359

 

 

 

74,675

 

New equipment sales

 

 

21,486

 

 

 

27,633

 

 

 

47,522

 

 

 

50,806

 

Parts sales

 

 

16,172

 

 

 

16,880

 

 

 

32,231

 

 

 

32,436

 

Services revenues

 

 

8,889

 

 

 

8,059

 

 

 

17,023

 

 

 

16,070

 

Other

 

 

1,714

 

 

 

1,673

 

 

 

3,184

 

 

 

3,292

 

Total revenues

 

 

294,671

 

 

 

265,677

 

 

 

567,121

 

 

 

506,109

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental depreciation

 

 

62,288

 

 

 

56,513

 

 

 

122,309

 

 

 

109,966

 

Rental expense

 

 

30,815

 

 

 

27,509

 

 

 

59,574

 

 

 

52,574

 

Rental other

 

 

23,873

 

 

 

18,390

 

 

 

44,786

 

 

 

34,884

 

  

 

 

116,976

 

 

 

102,412

 

 

 

226,669

 

 

 

197,424

 

Used equipment sales

 

 

9,871

 

 

 

22,683

 

 

 

22,419

 

 

 

49,043

 

New equipment sales

 

 

18,271

 

 

 

24,231

 

 

 

40,600

 

 

 

44,630

 

Parts sales

 

 

11,832

 

 

 

12,353

 

 

 

23,536

 

 

 

23,506

 

Services revenues

 

 

3,143

 

 

 

2,578

 

 

 

5,957

 

 

 

5,193

 

Other

 

 

2,244

 

 

 

1,600

 

 

 

4,026

 

 

 

3,081

 

Total cost of revenues

 

 

162,337

 

 

 

165,857

 

 

 

323,207

 

 

 

322,877

 

Gross profit

 

 

132,334

 

 

 

99,820

 

 

 

243,914

 

 

 

183,232

 

Selling, general and administrative expenses

 

 

82,664

 

 

 

70,711

 

 

 

160,942

 

 

 

138,856

 

Merger and other

 

 

 

 

 

6

 

 

 

 

 

 

106

 

Gain on sales of property and equipment, net

 

 

996

 

 

 

631

 

 

 

2,382

 

 

 

785

 

Income from operations

 

 

50,666

 

 

 

29,734

 

 

 

85,354

 

 

 

45,055

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(13,500

)

 

 

(13,425

)

 

 

(26,947

)

 

 

(26,868

)

Other, net

 

 

893

 

 

 

750

 

 

 

1,773

 

 

 

1,411

 

Total other expense, net

 

 

(12,607

)

 

 

(12,675

)

 

 

(25,174

)

 

 

(25,457

)

Income before provision for income taxes

 

 

38,059

 

 

 

17,059

 

 

 

60,180

 

 

 

19,598

 

Provision for income taxes

 

 

10,189

 

 

 

4,808

 

 

 

16,014

 

 

 

5,492

 

Net income from continuing operations

 

$

27,870

 

 

$

12,251

 

 

$

44,166

 

 

$

14,106

 

   

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations before provision (benefit) for income taxes

 

$

(2,049

)

 

$

4,683

 

 

$

(2,049

)

 

$

7,835

 

Provision (benefit) for income taxes

 

 

(525

)

 

 

1,168

 

 

 

(525

)

 

 

2,024

 

Net income (loss) from discontinued operations

 

$

(1,524

)

 

$

3,515

 

 

$

(1,524

)

 

$

5,811

 

  

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

26,346

 

 

$

15,766

 

 

$

42,642

 

 

$

19,917

 

H&E EQUIPMENT SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(Amounts in thousands, except per share amounts)

     

 

 

Three Months Ended

 

Six Months Ended

June 30,

June 30,

 

 

2022

 

 

2021

 

2022

 

 

2021

Net income from continuing operations per common share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.77

 

 

$

0.34

 

$

1.21

 

 

$

0.39

Diluted

 

$

0.76

 

 

$

0.34

 

$

1.21

 

 

$

0.39

Net income (loss) from discontinued operations per common share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.04

)

 

$

0.10

 

$

(0.04

)

 

$

0.16

Diluted

 

$

(0.04

)

 

$

0.10

 

$

(0.04

)

 

$

0.16

Net income per common share:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.72

 

 

$

0.44

 

$

1.17

 

 

$

0.55

Diluted

 

$

0.72

 

 

$

0.43

 

$

1.17

 

 

$

0.55

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,382

 

 

 

36,216

 

 

36,373

 

 

 

36,200

Diluted

 

 

36,541

 

 

 

36,437

 

 

36,540

 

 

 

36,412

Dividends declared per common share outstanding

 

$

0.275

 

 

$

0.275

 

$

0.550

 

 

$

0.550

H&E EQUIPMENT SERVICES, INC.

SELECTED BALANCE SHEET DATA (unaudited)

(Amounts in thousands)

     

 

June 30, 2022

 

December 31, 2021

Cash

 

$

278,831

 

$

357,296

Rental equipment, net

 

 

1,190,778

 

 

1,116,456

Total assets

 

 

2,172,422

 

 

2,080,447

Total debt (1)

 

 

1,251,626

 

 

1,250,000

Total liabilities

 

 

1,843,567

 

 

1,777,065

Stockholders' equity

 

 

328,855

 

 

303,382

Total liabilities and stockholders' equity

 

$

2,172,422

 

$

2,080,447

(1)

Total debt consists of the aggregate amounts on the senior unsecured notes and finance lease obligations.

H&E EQUIPMENT SERVICES, INC.

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands)

     

 

 

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

 

 

2022

 

 

2021

 

2022

 

 

2021

       

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

26,346

 

 

$

15,766

 

$

42,642

 

 

$

19,917

Net income (loss) from discontinued operations

 

 

(1,524

)

 

 

3,515

 

 

(1,524

)

 

 

5,811

Net Income from continuing operations

 

 

27,870

 

 

 

12,251

 

 

44,166

 

 

 

14,106

Interest Expense

 

 

13,500

 

 

 

13,425

 

 

26,947

 

 

 

26,868

Provision for income taxes

 

 

10,189

 

 

 

4,808

 

 

16,014

 

 

 

5,492

Depreciation

 

 

69,336

 

 

 

63,115

 

 

136,214

 

 

 

122,965

Amortization of intangibles

 

 

992

 

 

 

992

 

 

1,985

 

 

 

1,985

    

 

 

 

 

 

 

 

 

 

 

EBITDA from continuing operations

 

$

121,887

 

 

$

94,591

 

$

225,326

 

 

$

171,416

Merger and other

 

 

 

 

 

6

 

 

 

 

 

106

Adjusted EBITDA from continuing operations

 

$

121,887

 

 

$

94,597

 

$

225,326

 

 

$

171,522

   

 

 

 

 

 

 

 

 

 

 

Net income (loss) from discontinued operations

 

$

(1,524

)

 

$

3,515

 

$

(1,524

)

 

$

5,811

Provision (benefit) for income taxes

 

 

(525

)

 

 

1,168

 

 

(525

)

 

 

2,024

Loss on sale of discontinued operations

 

 

1,917

 

 

 

 

 

1,917

 

 

 

Depreciation

 

 

 

 

 

2,359

 

 

 

 

 

4,803

       

 

 

 

 

 

 

 

 

 

 

EBITDA from discontinued operations

 

$

(132

)

 

$

7,042

 

$

(132

)

 

$

12,638

Merger and other

 

 

132

 

 

 

674

 

 

132

 

 

 

1,311

Adjusted EBITDA from discontinued operations

 

$

 

 

$

7,716

 

$

 

 

$

13,949

    

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

121,887

 

 

$

102,313

 

$

225,326

 

 

$

185,471

H&E EQUIPMENT SERVICES, INC.

UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Amounts in thousands)

         

 

 

Three Months Ended

 

 

Six Months Ended

 

June 30,

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

RENTAL

 

 

 

 

 

 

 

 

 

 

 

 

Equipment rentals (1)

 

$

201,243

 

 

$

157,211

 

 

$

378,425

 

 

$

294,357

 

Rental other

 

 

26,334

 

 

 

18,400

 

 

 

48,377

 

 

 

34,473

 

Total equipment rentals

 

 

227,577

 

 

 

175,611

 

 

 

426,802

 

 

 

328,830

 

       

 

 

 

 

 

 

 

 

 

 

 

 

RENTAL COST OF SALES

 

 

 

 

 

 

 

 

 

 

 

 

Rental depreciation

 

 

62,288

 

 

 

56,513

 

 

 

122,309

 

 

 

109,966

 

Rental expense

 

 

30,815

 

 

 

27,509

 

 

 

59,574

 

 

 

52,574

 

Rental other

 

 

23,873

 

 

 

18,390

 

 

 

44,786

 

 

 

34,884

 

Total rental cost of sales

 

 

116,976

 

 

 

102,412

 

 

 

226,669

 

 

 

197,424

 

       

 

 

 

 

 

 

 

 

 

 

 

 

RENTAL REVENUES GROSS PROFIT (LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

Equipment rentals

 

 

108,140

 

 

 

73,189

 

 

 

196,542

 

 

 

131,817

 

Rentals other

 

 

2,461

 

 

 

10

 

 

 

3,591

 

 

 

(411

)

Total rental revenues gross profit

 

$

110,601

 

 

$

73,199

 

 

$

200,133

 

 

$

131,406

 

       

 

 

 

 

 

 

 

 

 

 

 

 

RENTAL REVENUES GROSS MARGIN

 

 

 

 

 

 

 

 

 

 

 

 

Equipment rentals

 

 

53.7

%

 

 

46.6

%

 

 

51.9

%

 

 

44.8

%

Rentals other

 

 

9.3

%

 

 

0.1

%

 

 

7.4

%

 

 

-1.2

%

Total rental revenues gross margin

 

 

48.6

%

 

 

41.7

%

 

 

46.9

%

 

 

40.0

%

(1)

Pursuant to SEC Regulation S-X, our equipment rental revenues are aggregated and presented in our unaudited consolidated statements of operations in this press release as a single line item, “Equipment Rentals.” The above table disaggregates our equipment rental revenues for discussion and analysis purposes only.

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MenloPark.com & California Media Partners, LLC. All rights reserved.