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He Equipment Services, Inc. (HEES) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

He Equipment Services, Inc.

CIK: 1339605 Ticker: HEES

Exhibit 99.1

News Release

 

 

 

 

 

Contacts:

 

Leslie S. Magee

Chief Financial Officer

225-298-5261

lmagee@he-equipment.com

 

Kevin S. Inda

Vice President of Investor Relations

225-298-5318

kinda@he-equipment.com

 

H&E Equipment Services Reports Fourth Quarter 2020

and Full Year 2020 Results

 

BATON ROUGE, Louisiana -- (February 17, 2021)

-- H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the fourth quarter and year ended December 31, 2020.  In the fourth quarter of 2020, the Company completed its successful offering of new 8-year 3.875% senior notes (the “New Notes”) and the repurchase and redemption of its previously outstanding 5.6250% senior notes (the “Old Notes”).  The Company’s operating results for this quarter include a $44.6 million non-recurring item associated with the premiums paid to repurchase and redeem the Old Notes and the write-off of unaccreted note discount, unamortized note premium and deferred transaction costs associated therewith.

 

FOURTH QUARTER 2020 SUMMARY

 

 

Revenues decreased 9.3% to $315.6 million versus $348.1 million a year ago.

 

Included in fourth quarter 2020 net income was a $44.6 million pre-tax loss on early extinguishment of debt.  Included in fourth quarter 2019 net income was a $12.2 million pre-tax non-cash goodwill impairment charge.  Net loss was $(14.6) million in the fourth quarter of 2020 compared to net income of $21.9 million a year ago.  Excluding the impact of the aforementioned items from each of the respective years, adjusted net income was $16.6 million in the fourth quarter of 2020 compared to adjusted net income of $31.9 million a year ago.  The effective income tax rate was 37.0% in the fourth quarter of 2020 and 18.4% in the fourth quarter of 2019.  

 

Adjusted EBITDA decreased 19.8% to $101.6 million in the fourth quarter of 2020 compared to $126.8 million a year ago, yielding a margin of 32.2% of revenues compared to 36.4% a year ago.  

 

Total equipment rental revenues for the fourth quarter of 2020 were $166.8 million, a decrease of $27.0 million, or 13.9%, compared to $193.8 million a year ago. Rental revenues for the fourth quarter of 2020 were $149.6 million, a decrease of approximately $26.6 million, or 15.1%, compared to $176.3 million in the fourth quarter of 2019.

 

New equipment sales decreased 10.3% to $55.1 million in the fourth quarter of 2020 compared to $61.4 million a year ago.

 

Used equipment sales increased 13.0% to $47.9 million in the fourth quarter of 2020 compared to $42.4 million a year ago.

- MORE -


The following information was filed by He Equipment Services, Inc. (HEES) on Wednesday, February 17, 2021 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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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
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Detail)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Parenthetical) (Detail)
Acquisitions - 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)
Nature Of Operations
Nature Of Operations - Additional Information (Detail)
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 Condensed Consolidated Balance Sheets (Detail)
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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Detail)
Summary Of Significant Accounting Policies - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Parenthetical) (Detail)
Summary Of Significant Accounting Policies - Estimated Useful Lives Of Property Plant And Equipment (Detail)
Summary Of Significant Accounting Policies - Schedule Of Changes In Carrying Amount Of Goodwill (Detail)
Summary Of Significant Accounting Policies - Schedule Of Expected Amortization Expense Of Intangible Assets With Remaining Carrying Value (Detail)
Summary Of Significant Accounting Policies - Schedule Of Gross Carrying Values, Accumulated Amortization And Net Carrying Amounts Of Major Classes Of Intangible Assets (Detail)
Summary Of Significant Accounting Policies - Schedule Of Non-Vested Stock Activity (Detail)
Summary Of Significant Accounting Policies - Summary Of Computation Of Basic And Diluted Net Income Per Common Share (Detail)
Summary Of Significant Accounting Policies - Summary Of Revenue By Type And By Applicable Accounting Standard (Detail)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Detail)
Ticker: HEES
CIK: 1339605
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-006374
Submitted to the SEC: Wed Feb 17 2021 4:11:25 PM EST
Accepted by the SEC: Wed Feb 17 2021
Period: Thursday, December 31, 2020
Industry: Miscellaneous Equipment Rental And Leasing

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