Herc Holdings Inc. (NYSE:HRI) Q1 2019 Earnings Conference Call Transcript

May 09, 2019 • 08:30 am ET


Herc Holdings Inc. (NYSE:HRI) Q1 2019 Earnings Conference Call Transcript


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Good day, and welcome to the Herc Holdings Inc. First Quarter 2019 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

I would now like to turn the conference over to Elizabeth Higashi. Please go ahead.

Elizabeth M. Higashi

Thank you, Savannah, and good morning, everyone. I'd like to welcome you all to our first quarter earnings conference call. Our press release and presentation slides went out this morning, and both are posted on the Events page of our IR website at ir.hercrentals.com., along with our first quarter 10-Q filing.

Please turn to Slide 2. This morning, I'm joined by Larry Silber, our President and Chief Executive Officer; and Mark Irion, Senior Vice President and Chief Financial Officer. They will review the first quarter as well as the industry outlook for 2019. The prepared remarks will be followed by an open Q&A, which will also include Bruce Dressel, Senior Vice President and Chief Operating Officer.

Before I turn the call over to Larry, there are a few items I'd like to cover. First, today's conference call will include forward-looking statements. These statements are based on the environment as we see it today and therefore involve risks and uncertainties. I would caution you that our actual results could differ materially from the forward-looking statements made on this call. Please refer to Slides 3 through 4 of the presentation for our complete safe harbor statement.

The company's Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2018, which was filed with the Securities and Exchange Commission, contains additional information about risks and uncertainties that could impact our business. You can access a copy of our 2018 Form 10-K by visiting the Investors section of our website at ir.hercrentals.com, or through the SEC's website at sec.gov.

In addition to the financial results presented on a GAAP basis, we will be discussing non-GAAP information that we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures to the closest GAAP equivalent can be found in the conference call materials, which were furnished to the SEC with our Form 8-K this morning and are also posted on the Investors section of our website at ir.hercrentals.com.

Finally, a replay of this call can be accessed via dial-in or through a webcast on our website. Replay instructions were included in our earnings release this morning. We have not given permission for any other recording of this call and do not approve or sanction any transcribing of the call.

I'll now turn the call over to Larry.

Lawrence H. Silber

Thank you, Elizabeth. If you turn to Slide 5 -- and thank you all for joining us this morning. We're very pleased with the continued year-over-year improvement in operating results we reported for the first quarter. Combined with the generally positive industry and economic metrics being forecast, we're confident that 2019 will be another strong year. Our strategic initiatives continued to improve pricing and contributed to the increase in dollar utilization and rental