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He Equipment Services, Inc. (HEES) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

He Equipment Services, Inc.

CIK: 1339605 Ticker: HEES

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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.

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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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
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 (Detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Detail)
Fair Value Of Financial Instruments - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Detail)
Fair Value Of Financial Instruments - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Parenthetical) (Detail)
Income Per Share
Income Per Share (Tables)
Income Per Share - Additional Information (Detail)
Income Per Share - Summary Of Computation Of Basic And Diluted Net Income Per Common Share (Detail)
Leases
Leases - Additional Information (Detail)
Organization And Nature Of Operations
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 Condensed Consolidated Balance Sheets (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Significant Accounting Policies - Summary Of Revenue By Type And By Applicable Accounting Standard (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Schedule Of Non-Vested Stock Activity (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Summary Of Activity In Stockholders' Equity (Detail)
Stockholders' Equity - Summary Of Activity In Stockholders' Equity (Parenthetical) (Detail)

Material Contracts, Statements, Certifications & more

He Equipment Services, Inc. provided additional information to their SEC Filing as exhibits

Ticker: HEES
CIK: 1339605
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-006236
Submitted to the SEC: Tue Apr 26 2022 5:07:31 PM EST
Accepted by the SEC: Tue Apr 26 2022
Period: Thursday, March 31, 2022
Industry: Miscellaneous Equipment Rental And Leasing

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