Company Quick10K Filing
H&E Equipment Services
Price28.62 EPS3
Shares36 P/E11
MCap1,032 P/FCF5
Net Debt-11 EBIT166
TEV1,021 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-03-05
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-03-02
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-03-03
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-05
8-K 2020-11-30 Other Events, Exhibits
8-K 2020-11-30 Enter Agreement, Other Events, Exhibits
8-K 2020-11-10 Regulation FD, Exhibits
8-K 2020-10-28 Earnings, Other Events, Exhibits
8-K 2020-08-11 Regulation FD, Exhibits
8-K 2020-08-04 Earnings, Other Events, Exhibits
8-K 2020-05-19
8-K 2020-05-19
8-K 2020-05-08
8-K 2020-02-20
8-K 2020-02-14
8-K 2019-11-12
8-K 2019-10-24
8-K 2019-09-11
8-K 2019-08-29
8-K 2019-08-14
8-K 2019-07-25
8-K 2019-05-15
8-K 2019-05-10
8-K 2019-05-10
8-K 2019-04-25
8-K 2019-03-06
8-K 2019-02-21
8-K 2019-02-08
8-K 2019-02-01
8-K 2018-11-07
8-K 2018-11-06
8-K 2018-10-25
8-K 2018-08-15
8-K 2018-08-07
8-K 2018-07-26
8-K 2018-05-15
8-K 2018-05-15
8-K 2018-05-08
8-K 2018-04-26
8-K 2018-03-09
8-K 2018-02-22
8-K 2018-02-16

HEES 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 hees-ex311_6.htm
EX-31.2 hees-ex312_7.htm
EX-32.1 hees-ex321_8.htm

H&E Equipment Services Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.11.71.30.80.40.02012201420172020
Assets, Equity
0.40.30.20.20.10.02012201420172020
Rev, G Profit, Net Income
0.20.1-0.0-0.2-0.3-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to        

Commission file number: 000-51759

 

H&E Equipment Services, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

81-0553291

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

7500 Pecue Lane,

 

70809

Baton Rouge, Louisiana

 

(ZIP Code)

(Address of Principal Executive Offices)

 

 

 

Registrant’s Telephone Number, Including Area Code: (225) 298-5200

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.01 per share

HEES

Nasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

                         Accelerated Filer                  

Non-Accelerated Filer

 

 

 

 

 

Smaller Reporting Company  

                         Emerging Growth Company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 21, 2020, there were 36,094,654 shares of H&E Equipment Services, Inc. common stock, $0.01 par value, outstanding.

 

 

 


H&E EQUIPMENT SERVICES, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

September 30, 2020

 

 

 

Page

PART I.  FINANCIAL INFORMATION

 

5

 

 

 

Item 1. Financial Statements:

 

5

Condensed Consolidated Balance Sheets as of September 30, 2020 (Unaudited) and December 31, 2019

 

5

Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2020 and 2019

 

6

Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2020 and 2019

 

7

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

31

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

45

Item 4. Controls and Procedures

 

45

 

 

 

PART II.  OTHER INFORMATION

 

46

 

 

 

Item 1. Legal Proceedings

 

46

Item 1A. Risk Factors

 

46

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

47

Item 3. Defaults upon Senior Securities

 

47

Item 4. Mine Safety Disclosures

 

47

Item 5. Other Information

 

47

Item 6. Exhibits

 

48

 

 

 

Signatures

 

49

 

 

2


Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project”, “intend”, “foresee” and similar expressions. These statements include, among others, statements regarding our expected business outlook, anticipated financial and operating results, our business strategy and means to implement the strategy, our objectives, the amount and timing of capital expenditures, the likelihood of our success in expanding our business, financing plans, budgets, working capital needs and sources of liquidity. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.

Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on our management’s beliefs and assumptions, which in turn are based on currently available information. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding demand for our products, the expansion of product offerings geographically or through new marketing applications, the timing and cost of planned capital expenditures, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Forward-looking statements also involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. In addition, even if our actual results are consistent with the forward-looking statements contained in this Quarterly Report on Form 10-Q, those results may not be indicative of results or developments in subsequent periods. Many of these factors are beyond our ability to control or predict. Such factors include, but are not limited to, the following:

 

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, material delays and cancellations of construction or infrastructure projects, supply chain disruptions and other impacts to the business;

 

general economic conditions and construction and industrial activity in the markets where we operate in North America;

 

our ability to forecast trends in our business accurately, and the impact of economic downturns and economic uncertainty on the markets we serve (including as a result of current uncertainty due to COVID-19);

 

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;

 

trends in oil and natural gas could adversely affect the demand for our services and products;

 

relationships with equipment suppliers;

 

increased maintenance and repair costs as we age our fleet and decreases in our equipment’s residual value;

 

our indebtedness;

 

risks associated with the expansion of our business and any potential acquisitions we may make, including any related capital expenditures, or our ability to consummate such acquisitions;

 

our possible inability to integrate any businesses we acquire;

 

competitive pressures;

 

security breaches and other disruptions in our information technology systems;

 

adverse weather events or natural disasters;

 

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

 

other factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and in Item 1A — “Risk Factors” in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020.

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 (“SEC”), we are under no obligation to publicly update or revise any forward-looking statements after we file this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise. Investors, potential investors 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results or performance.

3


For a more detailed discussion of some of the foregoing risks and uncertainties, see Item 1A — “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and Item 1A — “Risk Factors” in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, as well as other reports and registration statements filed by us with the SEC. These factors should not be construed as exhaustive and should be read with other cautionary statements in this Quarterly Report on Form 10-Q and our other public filings. All of our annual, quarterly and current reports, and any amendments thereto, filed with or furnished to the SEC are available on our Internet website under the Investor Relations link. For more information about us and the announcements we make from time to time, visit our Internet website at www.he-equipment.com.

 

4


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

H&E EQUIPMENT SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share amounts)

 

 

 

 

Balances at

 

 

 

September 30,

2020

 

 

December 31,

2019

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash

 

$

11,997

 

 

$

14,247

 

Receivables, net of allowance for doubtful accounts of $4,963 and $5,236, respectively

 

 

167,595

 

 

 

192,204

 

Inventories, net of reserves for obsolescence of $318 and $331, respectively

 

 

72,871

 

 

 

85,478

 

Prepaid expenses and other assets

 

 

11,597

 

 

 

10,262

 

Rental equipment, net of accumulated depreciation of $705,944 and $676,376, respectively

 

 

1,078,403

 

 

 

1,217,673

 

Property and equipment, net of accumulated depreciation and amortization of $160,637 and $156,782, respectively

 

 

122,173

 

 

 

130,564

 

Operating lease right-of-use assets, net of accumulated amortization of $20,497 and $11,197, respectively

 

 

165,479

 

 

 

156,570

 

Finance lease right-of-use assets, net of accumulated amortization of $2,173 and $2,051, respectively

 

 

244

 

 

 

365

 

Deferred financing costs, net of accumulated amortization of $14,944 and $14,419, respectively

 

 

2,332

 

 

 

2,857

 

Intangible assets, net of accumulated amortization of $9,747 and $6,952, respectively

 

 

29,953

 

 

 

32,948

 

Goodwill

 

 

68,851

 

 

 

131,442

 

Total assets

 

$

1,731,495

 

 

$

1,974,610

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Amounts due on senior secured credit facility

 

$

17,986

 

 

$

216,879

 

Accounts payable

 

 

69,805

 

 

 

58,853

 

Manufacturer flooring plans payable

 

 

11,646

 

 

 

25,201

 

Accrued expenses payable and other liabilities

 

 

73,764

 

 

 

78,382

 

Dividends payable

 

 

135

 

 

 

171

 

Senior unsecured notes, net of unaccreted discount of $2,334 and $2,691 and deferred financing costs of $1,511 and $1,743, respectively

 

 

946,155

 

 

 

945,566

 

Operating lease right-of-use liabilities

 

 

168,952

 

 

 

159,265

 

Finance lease right-of-use liabilities

 

 

368

 

 

 

550

 

Deferred income taxes

 

 

178,752

 

 

 

180,126

 

Deferred compensation payable

 

 

2,173

 

 

 

2,098

 

Total liabilities

 

 

1,469,736

 

 

 

1,667,091

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued

 

 

 

 

 

 

Common stock, $0.01 par value, 175,000,000 shares authorized; 40,245,706 and 39,921,838 shares issued at September 30, 2020 and December 31, 2019, respectively, and 36,096,814 and 35,848,089 shares outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

401

 

 

 

398

 

Additional paid-in capital

 

 

239,139

 

 

 

235,844

 

Treasury stock at cost, 4,148,892 and 4,073,749 shares of common stock held at September 30, 2020 and December 31, 2019, respectively

 

 

(66,159

)

 

 

(64,783

)

Retained earnings

 

 

88,378

 

 

 

136,060

 

Total stockholders’ equity

 

 

261,759

 

 

 

307,519

 

Total liabilities and stockholders’ equity

 

$

1,731,495

 

 

$

1,974,610

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


H&E EQUIPMENT SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Amounts in thousands, except per share amounts)

 

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment rentals

 

$

165,849

 

 

$

204,132

 

 

$

496,162

 

 

$

572,563

 

New equipment sales

 

 

37,248

 

 

 

65,010

 

 

 

112,068

 

 

 

177,709

 

Used equipment sales

 

 

40,000

 

 

 

31,180

 

 

 

105,231

 

 

 

96,942

 

Parts sales

 

 

27,853

 

 

 

31,499

 

 

 

83,842

 

 

 

93,798

 

Services revenues

 

 

15,637

 

 

 

18,105

 

 

 

48,116

 

 

 

50,398

 

Other

 

 

2,673

 

 

 

3,071

 

 

 

8,099

 

 

 

8,822

 

Total revenues

 

 

289,260

 

 

 

352,997

 

 

 

853,518

 

 

 

1,000,232

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental depreciation

 

 

58,083

 

 

 

63,065

 

 

 

177,225

 

 

 

181,647

 

Rental expense

 

 

25,628

 

 

 

27,889

 

 

 

74,461

 

 

 

79,676

 

Rental other

 

 

16,816

 

 

 

18,620

 

 

 

47,847

 

 

 

52,742

 

 

 

 

100,527

 

 

 

109,574

 

 

 

299,533

 

 

 

314,065

 

New equipment sales

 

 

33,124

 

 

 

57,475

 

 

 

99,809

 

 

 

156,638

 

Used equipment sales

 

 

27,872

 

 

 

21,409

 

 

 

71,592

 

 

 

63,742

 

Parts sales

 

 

20,925

 

 

 

23,171

 

 

 

62,180

 

 

 

68,750

 

Services revenues

 

 

5,198

 

 

 

5,898

 

 

 

15,911

 

 

 

16,261

 

Other

 

 

2,547

 

 

 

3,342

 

 

 

7,873

 

 

 

10,167

 

Total cost of revenues

 

 

190,193

 

 

 

220,869

 

 

 

556,898

 

 

 

629,623

 

Gross profit

 

 

99,067

 

 

 

132,128

 

 

 

296,620

 

 

 

370,609

 

Selling, general and administrative expenses

 

 

70,040

 

 

 

77,296

 

 

 

217,525

 

 

 

233,783

 

Impairment of goodwill

 

 

 

 

 

 

 

 

61,994

 

 

 

 

Merger costs

 

 

150

 

 

 

47

 

 

 

308

 

 

 

314

 

Gain on sales of property and equipment, net

 

 

2,102

 

 

 

718

 

 

 

9,260

 

 

 

2,339

 

Income from operations

 

 

30,979

 

 

 

55,503

 

 

 

26,053

 

 

 

138,851

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(14,887

)

 

 

(17,331

)

 

 

(46,489

)

 

 

(51,453

)

Other, net

 

 

990

 

 

 

588

 

 

 

2,262

 

 

 

1,609

 

Total other expense, net

 

 

(13,897

)

 

 

(16,743

)

 

 

(44,227

)

 

 

(49,844

)

Income (loss) before provision (benefit) for income taxes

 

 

17,082

 

 

 

38,760

 

 

 

(18,174

)

 

 

89,007

 

Provision (benefit) for income taxes

 

 

6,979

 

 

 

10,329

 

 

 

(124

)

 

 

23,719

 

Net income (loss)

 

$

10,103

 

 

$

28,431

 

 

$

(18,050

)

 

$

65,288

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.28

 

 

$

0.79

 

 

$

(0.50

)

 

$

1.82

 

Diluted

 

$

0.28

 

 

$

0.79

 

 

$

(0.50

)

 

$

1.81

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,110

 

 

 

35,893

 

 

 

36,035

 

 

 

35,835

 

Diluted

 

 

36,249

 

 

 

36,046

 

 

 

36,035

 

 

 

36,012

 

Dividends declared per common share outstanding

 

$

0.275

 

 

$

0.275

 

 

$

0.825

 

 

$

0.825

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

6


H&E EQUIPMENT SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS