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He Equipment Services, Inc. (HEES) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

He Equipment Services, Inc.

CIK: 1339605 Ticker: HEES

img112145946_0.jpg 

 

Exhibit 99.1

News Release

 

 

Contacts:

 

Leslie S. Magee

Chief Financial Officer

225-298-5261

lmagee@he-equipment.com

 

Jeffrey L. Chastain

Vice President of Investor Relations

225-952-2308

Jchastain@he-equipment.com

 

H&E Equipment Services, Inc. Reports

Fourth Quarter and Full Year 2021 Results

 

BATON ROUGE, Louisiana -- (February 24, 2022)

-- H&E Equipment Services, Inc. (NASDAQ: HEES) (“H&E”, the “Company”) today announced results for the fourth quarter and full year ended December 31, 2021, highlighting the excellent quarter and year-over-year performance as strong business activity and strategic initiatives advanced results. 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.

 

FOURTH QUARTER 2021 SUMMARY

 

Revenues increased 5.1% in the fourth quarter of 2021 to $281.3 million compared to $267.7 million in the fourth quarter of 2020.
Net income was $21.7 million in the fourth quarter of 2021 compared to a net loss of $21.3 million in the fourth quarter of 2020, which included a non-recurring pre-tax charge totaling $44.6 million associated with the early extinguishment of debt. Adjusting for the non-recurring item, the Company would have reported net income of $12.3 million in the fourth quarter of 2020. The effective income tax rate was 25.8% in the fourth quarter of 2021 compared to a tax benefit of 26.3% in the fourth quarter of 2020, or an effective tax rate of 21.7% following adjustment for the non-recurring item.
Adjusted EBITDA increased 18.4% in the fourth quarter of 2021 to $110.4 million compared to $93.3 million in the fourth quarter of 2020, yielding a margin of 39.3% of revenues compared to 34.8% over the same period of comparison.

-MORE-


The following information was filed by He Equipment Services, Inc. (HEES) on Thursday, February 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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He Equipment Services, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside He Equipment Services, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accrued Expenses Payable And Other Liabilities
Accrued Expenses Payable And Other Liabilities (Tables)
Accrued Expenses Payable And Other Liabilities - Accrued Expenses Payable And Other Liabilities (Detail)
Acquisitions And Dispositions
Acquisitions And Dispositions (Tables)
Acquisitions And Dispositions - Additional Information (Detail)
Acquisitions And Dispositions - Schedule Of Cash Flows From Discontinued Operations (Detail)
Acquisitions And Dispositions - Schedule Of Income From Discontinued Operations And Carrying Value Of Assets And Liabilities (Detail)
Acquisitions And Dispositions - Schedule Of Income From Discontinued Operations And Carrying Value Of Assets And Liabilities (Parenthetical) (Detail)
Acquisitions And Dispositions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Detail)
Acquisitions And Dispositions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Parenthetical) (Detail)
Acquisitions And Dispositions - Unaudited Pro Forma Consolidated Statements Of Income Information (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Deferred Compensation Plans
Deferred Compensation Plans - Additional Information (Detail)
Employee Retirement Benefit Plans
Employee Retirement Benefit Plans - Additional Information (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Actual Income Tax Expense (Benefit) (Detail)
Income Taxes - Additional Information (Detail)
Income Taxes - Deferred Income Tax Assets And Liabilities (Detail)
Income Taxes - Income Tax Provision (Benefit) (Detail)
Inventories
Inventories (Tables)
Inventories - Additional Information (Detail)
Inventories - Summary Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Lease Costs, Under Topic 842, For Operating And Finance Leases (Detail)
Leases - Summary Of Supplemental Cash Flow Information Related To Leases (Detail)
Leases - Summary Of Undiscounted Cash Flows And Operating Lease Liabilities Recorded On Consolidated Balance Sheet (Detail)
Manufacturer Flooring Plans Payable
Manufacturer Flooring Plans Payable (Tables)
Manufacturer Flooring Plans Payable - Additional Information (Detail)
Manufacturer Flooring Plans Payable - Maturities Of Manufacturer Flooring Plans Payable (Detail)
Organization And Nature Of Operations
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Property And Equipment - Summary Of Net Property And Equipment (Detail)
Receivables
Receivables (Tables)
Receivables - Summary Of Receivables (Detail)
Related Party Transactions
Related Party Transactions - Additional Information (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Schedule Of Information About Reportable Segments (Detail)
Senior Secured Credit Facility
Senior Secured Credit Facility - Additional Information (Detail)
Senior Unsecured Notes
Senior Unsecured Notes (Tables)
Senior Unsecured Notes - Additional Information (Detail)
Senior Unsecured Notes - Reconciliation Of Senior Unsecured Notes To Consolidated Balance Sheets (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Significant Accounting Policies - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Detail)
Significant Accounting Policies - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Parenthetical) (Detail)
Significant Accounting Policies - Estimated Useful Lives Of Property Plant And Equipment (Detail)
Significant Accounting Policies - Schedule Of Changes In Carrying Amount Of Goodwill (Detail)
Significant Accounting Policies - Schedule Of Expected Amortization Expense Of Intangible Assets With Remaining Carrying Value (Detail)
Significant Accounting Policies - Schedule Of Gross Carrying Values, Accumulated Amortization And Net Carrying Amounts Of Major Classes Of Intangible Assets (Detail)
Significant Accounting Policies - Schedule Of Non-Vested Stock Activity (Detail)
Significant Accounting Policies - Summary Of Computation Of Basic And Diluted Net Income (Loss) Per Common Share (Detail)
Significant Accounting Policies - Summary Of Revenue By Type And By Applicable Accounting Standard (Detail)
Subsequent Events
Subsequent Events - Additional Information (Details)
Summarized Quarterly Financial Data (Unaudited)
Summarized Quarterly Financial Data (Unaudited) (Tables)
Summarized Quarterly Financial Data (Unaudited) - Summary Of Unaudited Quarterly Financial Results Of Operations (Detail)
Summarized Quarterly Financial Data (Unaudited) - Summary Of Unaudited Quarterly Financial Results Of Operations (Parenthetical) (Detail)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Detail)
Valuation And Qualifying Accounts (Parenthetical) (Details)
Ticker: HEES
CIK: 1339605
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-001961
Submitted to the SEC: Thu Feb 24 2022 4:07:02 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Miscellaneous Equipment Rental And Leasing

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