Herc Holdings Reports Strong Full Year 2023 Results and Announces 2024 Full Year Guidance
Fourth Quarter 2023 Highlights
-
Record total revenues of
$831 million , an increase of 6% -
Net income decreased 7% to
$91 million , or$3.20 per diluted share -
Adjusted EBITDA of
$382 million increased 6%; adjusted EBITDA margin at 46.0% - Rental pricing increased 5.8% year-over-year
- Common stock repurchases of approximately 119,000 shares
- Added 15 new locations through M&A and greenfield openings
Full Year 2023 Highlights
-
Record total revenues of
$3,282 million , an increase of 20% -
Net income increased 5% to
$347 million , or$12.09 per diluted share -
Adjusted EBITDA of
$1,452 million increased 18%; adjusted EBITDA margin at 44.2% - Rental pricing increased 6.9% year-over-year
- Common stock repurchases of approximately 1.1 million shares
- Added 42 new locations through M&A and greenfield openings
2024 Outlook
-
Full year 2024 guidance, excluding the
Cinelease studio entertainment and lighting and grip equipment rental business, announced at 7% to 10% equipment rental revenue growth,$1.55 billion to$1.60 billion for adjusted EBITDA and net rental equipment capital expenditures of$500 million to$700 million after gross capex of$750 million to$1 billion -
Quarterly dividend increased to
$0.665 per share
“We closed out 2023 with positive operating momentum, contributing to another year of double-digit revenue and adjusted EBITDA growth. Inflationary pressures were successfully managed through revenue initiatives, and we maintained cost discipline while continuing to invest in our business,” said
“For 2024, we expect to deliver 7-10% organic rental-revenue growth and 6-9% higher adjusted EBITDA year over year, outpacing industry growth forecasts and driving incremental margin expansion as we enhance asset efficiency for greater operating leverage and roll out our new E3 Operating System. Our guidance excludes our
2023 Fourth Quarter Financial Results
-
Total revenues increased 6% to
$831 million compared to$786 million in the prior-year period. The year-over-year increase of$45 million primarily related to an increase in equipment rental revenue of$35 million , reflecting positive pricing of 5.8% and increased volume of 9.4%, partially offset by unfavorable mix driven by the studio entertainment business and inflation. Sales of rental equipment increased by$11 million during the period. - Dollar utilization was 40.9% compared to 43.5% in the prior-year period. A decrease in the studio entertainment business as a result of labor disruptions in the film and television industry contributed 170 basis points of the change as well as a tough year-over-year comparison as a result of the benefits of Hurricane Ian in 2022.
-
Direct operating expenses were
$287 million , or 38.4% of equipment rental revenue, compared to$277 million , or 38.8% in the prior-year period, reflecting better cost performance and fixed cost absorption on higher revenue despite increases related to additional headcount and facilities expenses associated with strong rental activity and an expanding branch network. -
Depreciation of rental equipment increased 11% to
$163 million due to higher year-over-year average fleet size. Non-rental depreciation and amortization increased 12% to$29 million primarily due to amortization of acquisition intangible assets. -
Selling, general and administrative expenses was
$116 million , or 15.5% of equipment rental revenue, compared to$113 million , or 15.8% in the prior-year period due to continued focus on improving operating leverage while expanding revenues. -
Interest expense increased to
$62 million compared with$41 million in the prior-year period due to higher interest rates on floating rate debt and increased borrowings on the ABL Credit Facility primarily to fund acquisition growth and invest in rental equipment. -
Net income was
$91 million compared to$98 million in the prior-year period. Adjusted net income decreased 11% to$92 million , or$3.24 per diluted share, compared to$103 million , or$3.44 per diluted share, in the prior-year period. The effective tax rate was 26% in both periods. -
Adjusted EBITDA increased 6% to
$382 million compared to$361 million in the prior-year period and adjusted EBITDA margin was 46.0% compared to 46.0% in the prior-year period. Margin performance was impacted by a decline in the Company's studio entertainment revenue year over year, as well as an increase in sales of used equipment in the fourth quarter.
2023 Full Year Financial Results
-
Total revenues increased 20% to
$3,282 million compared to$2,740 million in the prior-year period. The year-over-year increase of$542 million was related to an increase in equipment rental revenue of$318 million , reflecting positive pricing of 6.9% and increased volume of 14.8%, partially offset by unfavorable mix driven by the studio entertainment business and inflation. Sales of rental equipment increased$221 million compared to the prior-year period resulting from the return to more normal fleet rotation as fleet deliveries become more predictable in certain categories of equipment. - Dollar utilization was 40.8% compared to 43.3% in the prior-year period. The change is primarily due to the shutdown in the studio entertainment business as a result of labor disruptions in the film and television industry, as well as the continued challenges managing the supply chain in certain categories of equipment that disrupted the normal cadence of deliveries, primarily in the first half of the year.
-
Direct operating expenses were
$1,139 million , or 39.7% of equipment rental revenue compared to$1,029 million , or 40.3% the prior-year period, reflecting better cost performance and fixed cost absorption on higher revenue despite increases related to additional headcount, facilities expenses and maintenance costs associated with strong rental activity and an expanding branch network. -
Depreciation of rental equipment increased 20% to
$643 million , due to higher year-over-year average fleet size. Non-rental depreciation and amortization increased 18% to$112 million primarily due to amortization of acquisition intangible assets. -
Selling, general and administrative expenses was
$448 million , or 15.6% of equipment rental revenue, compared to$411 million , or 16.1% in the prior-year period due to continued focus on improving operating leverage while expanding revenues. -
Interest expense increased to
$224 million compared with$122 million in the prior-year period due to higher interest rates on floating rate debt and increased borrowings on the ABL Credit Facility primarily to fund acquisition growth and invest in rental equipment. -
Net income was
$347 million compared to$330 million in the prior-year period. Adjusted net income increased 4% to$353 million , or$12.30 per diluted share, compared to$340 million , or$11.26 per diluted share, in the prior-year period. The effective tax rate was 22% in 2023 compared to 24% in the prior-year period. -
Adjusted EBITDA increased 18% to
$1,452 million compared to$1,227 million in the prior-year period and adjusted EBITDA margin was 44.2% compared to 44.8% in the prior-year period. Margin performance was impacted by a decline in the Company's studio entertainment revenue year over year, as well as a significant increase in sales of used equipment during 2023.
Rental Fleet
Net rental equipment capital expenditures were as follows (in millions):
|
Year Ended |
||||||
|
2023 |
|
2022 |
||||
Rental equipment expenditures |
$ |
1,320 |
|
|
$ |
1,168 |
|
Proceeds from disposal of rental equipment |
|
(325 |
) |
|
|
(121 |
) |
Net rental equipment capital expenditures |
$ |
995 |
|
|
$ |
1,047 |
|
-
As of
December 31, 2023 , the Company's total fleet was approximately$6.3 billion at OEC. - Average fleet at OEC in the fourth quarter increased 14% compared to the prior-year period and increased 21% year-to-date.
-
Average fleet age was 45 months as of
December 31, 2023 , compared to 48 months in the comparable prior-year period.
- The Company completed 12 acquisitions with a total of 21 locations and opened 21 new greenfield locations in 2023.
-
Net debt was
$3.6 billion as ofDecember 31, 2023 , with net leverage of 2.5x compared to 2.4x in the same prior-year period. Cash and cash equivalents and unused commitments under the ABL Credit Facility contributed to$1.5 billion of liquidity as ofDecember 31, 2023 . -
The Company declared its quarterly dividend of
$0.665 , an increase of$0.0325 or 5%, payable to shareholders of record as ofFebruary 21, 2024 , with a payment date ofMarch 7, 2024 . -
The Company acquired approximately 1.1 million shares of its common stock for
$120 million year-to-date in 2023. As ofDecember 31, 2023 , approximately$161 million remains available under the share repurchase program.
Outlook
The Company is announcing its full year 2024 equipment rental revenue growth, adjusted EBITDA, and gross and net rental capital expenditures guidance ranges presented below, excluding
Equipment rental revenue growth: |
|
7% to 10% |
Adjusted EBITDA: |
|
|
Net rental equipment capital expenditures after gross capex: |
|
|
As a leader in an industry where scale matters, the Company expects to continue to gain share by capturing an outsized position of the forecasted higher construction spending in 2024 by investing in its fleet, optimizing its existing fleet, capitalizing on strategic acquisitions and greenfield opportunities, and cross-selling a diversified product portfolio.
Earnings Call and Webcast Information
Those who wish to listen to the live conference call and view the accompanying presentation slides should visit the Events and Presentations tab of the Investor Relations section of the Company's website at IR.HercRentals.com. The press release and presentation slides for the call will be posted to this section of the website prior to the call.
A replay of the conference call will be available via webcast on the Company website at IR.HercRentals.com, where it will be archived for 12 months after the call.
About
Founded in 1965,
Certain Additional Information
In this release we refer to the following operating measures:
-
Dollar utilization: calculated by dividing rental revenue (excluding re-rent, delivery, pick-up and other ancillary revenue) by the average OEC of the equipment fleet for the relevant time period, based on the guidelines of the
American Rental Association (ARA). - OEC: original equipment cost based on the guidelines of the ARA, which is calculated as the cost of the asset at the time it was first purchased plus additional capitalized refurbishment costs (with the basis of refurbished assets reset at the refurbishment date).
Forward-Looking Statements
This press release includes forward-looking statements as that term is defined by the federal securities laws, including statements concerning our business plans and strategy, projected profitability, performance or cash flows, future capital expenditures, our growth strategy, including our ability to grow organically and through M&A, anticipated financing needs, business trends, our capital allocation strategy, liquidity and capital management, exploring strategic alternatives for
Information Regarding Non-GAAP Financial Measures
In addition to results calculated according to accounting principles generally accepted in
(See Accompanying Tables)
CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Equipment rental |
$ |
748 |
|
|
$ |
713 |
|
|
$ |
2,870 |
|
|
$ |
2,552 |
|
Sales of rental equipment |
|
68 |
|
|
|
57 |
|
|
|
346 |
|
|
|
125 |
|
Sales of new equipment, parts and supplies |
|
9 |
|
|
|
9 |
|
|
|
38 |
|
|
|
36 |
|
Service and other revenue |
|
6 |
|
|
|
7 |
|
|
|
28 |
|
|
|
27 |
|
Total revenues |
|
831 |
|
|
|
786 |
|
|
|
3,282 |
|
|
|
2,740 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Direct operating |
|
287 |
|
|
|
277 |
|
|
|
1,139 |
|
|
|
1,029 |
|
Depreciation of rental equipment |
|
163 |
|
|
|
147 |
|
|
|
643 |
|
|
|
536 |
|
Cost of sales of rental equipment |
|
51 |
|
|
|
40 |
|
|
|
252 |
|
|
|
89 |
|
Cost of sales of new equipment, parts and supplies |
|
6 |
|
|
|
5 |
|
|
|
25 |
|
|
|
21 |
|
Selling, general and administrative |
|
116 |
|
|
|
113 |
|
|
|
448 |
|
|
|
411 |
|
Non-rental depreciation and amortization |
|
29 |
|
|
|
26 |
|
|
|
112 |
|
|
|
95 |
|
Interest expense, net |
|
62 |
|
|
|
41 |
|
|
|
224 |
|
|
|
122 |
|
Other expense (income), net |
|
(6 |
) |
|
|
4 |
|
|
|
(8 |
) |
|
|
3 |
|
Total expenses |
|
708 |
|
|
|
653 |
|
|
|
2,835 |
|
|
|
2,306 |
|
Income before income taxes |
|
123 |
|
|
|
133 |
|
|
|
447 |
|
|
|
434 |
|
Income tax provision |
|
(32 |
) |
|
|
(35 |
) |
|
|
(100 |
) |
|
|
(104 |
) |
Net income |
$ |
91 |
|
|
$ |
98 |
|
|
$ |
347 |
|
|
$ |
330 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
28.2 |
|
|
|
29.4 |
|
|
|
28.5 |
|
|
|
29.6 |
|
Diluted |
|
28.4 |
|
|
|
29.9 |
|
|
|
28.7 |
|
|
|
30.2 |
|
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
3.23 |
|
|
$ |
3.33 |
|
|
$ |
12.18 |
|
|
$ |
11.15 |
|
Diluted |
$ |
3.20 |
|
|
$ |
3.27 |
|
|
$ |
12.09 |
|
|
$ |
10.92 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) |
|||||
|
|
|
|
||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
71 |
|
$ |
54 |
Receivables, net of allowances |
|
563 |
|
|
523 |
Other current assets |
|
77 |
|
|
67 |
Current assets held for sale |
|
21 |
|
|
— |
Total current assets |
|
732 |
|
|
644 |
Rental equipment, net |
|
3,831 |
|
|
3,485 |
Property and equipment, net |
|
465 |
|
|
392 |
Right-of-use lease assets |
|
665 |
|
|
552 |
|
|
950 |
|
|
850 |
Other long-term assets |
|
10 |
|
|
34 |
Long-term assets held for sale |
|
408 |
|
|
— |
Total assets |
$ |
7,061 |
|
$ |
5,957 |
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
||
Current maturities of long-term debt and financing obligations |
$ |
19 |
|
$ |
16 |
Current maturities of operating lease liabilities |
|
37 |
|
|
42 |
Accounts payable |
|
212 |
|
|
318 |
Accrued liabilities |
|
221 |
|
|
228 |
Current liabilities held for sale |
|
19 |
|
|
— |
Total current liabilities |
|
508 |
|
|
604 |
Long-term debt, net |
|
3,673 |
|
|
2,922 |
Financing obligations, net |
|
104 |
|
|
108 |
Operating lease liabilities |
|
646 |
|
|
528 |
Deferred tax liabilities |
|
743 |
|
|
647 |
Other long term liabilities |
|
46 |
|
|
40 |
Long-term liabilities held for sale |
|
68 |
|
|
— |
Total liabilities |
|
5,788 |
|
|
4,849 |
Total equity |
|
1,273 |
|
|
1,108 |
Total liabilities and equity |
$ |
7,061 |
|
$ |
5,957 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) |
|||||||
|
Year Ended |
||||||
|
2023 |
|
2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
347 |
|
|
$ |
330 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation of rental equipment |
|
643 |
|
|
|
536 |
|
Depreciation of property and equipment |
|
71 |
|
|
|
64 |
|
Amortization of intangible assets |
|
41 |
|
|
|
31 |
|
Amortization of deferred debt and financing obligations costs |
|
4 |
|
|
|
4 |
|
Stock-based compensation charges |
|
18 |
|
|
|
27 |
|
Provision for receivables allowances |
|
65 |
|
|
|
52 |
|
Deferred taxes |
|
89 |
|
|
|
83 |
|
Gain on sale of rental equipment |
|
(94 |
) |
|
|
(36 |
) |
Other |
|
1 |
|
|
|
5 |
|
Changes in assets and liabilities: |
|
|
|
||||
Receivables |
|
(98 |
) |
|
|
(172 |
) |
Other assets |
|
(22 |
) |
|
|
(15 |
) |
Accounts payable |
|
7 |
|
|
|
(23 |
) |
Accrued liabilities and other long-term liabilities |
|
14 |
|
|
|
31 |
|
Net cash provided by operating activities |
|
1,086 |
|
|
|
917 |
|
Cash flows from investing activities: |
|
|
|
||||
Rental equipment expenditures |
|
(1,320 |
) |
|
|
(1,168 |
) |
Proceeds from disposal of rental equipment |
|
325 |
|
|
|
121 |
|
Non-rental capital expenditures |
|
(156 |
) |
|
|
(104 |
) |
Proceeds from disposal of property and equipment |
|
15 |
|
|
|
7 |
|
Acquisitions, net of cash acquired |
|
(430 |
) |
|
|
(515 |
) |
Other investing activities |
|
(15 |
) |
|
|
(23 |
) |
Net cash used in investing activities |
|
(1,581 |
) |
|
|
(1,682 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from revolving lines of credit and securitization |
|
2,127 |
|
|
|
2,618 |
|
Repayments on revolving lines of credit and securitization |
|
(1,387 |
) |
|
|
(1,616 |
) |
Principal payments under finance lease and financing obligations |
|
(16 |
) |
|
|
(15 |
) |
Dividends paid |
|
(73 |
) |
|
|
(68 |
) |
Repurchase of common stock |
|
(120 |
) |
|
|
(115 |
) |
Other financing activities, net |
|
(19 |
) |
|
|
(19 |
) |
Net cash provided by financing activities |
|
512 |
|
|
|
785 |
|
Effect of foreign exchange rate changes on cash and cash equivalents |
|
— |
|
|
|
(1 |
) |
Net change in cash and cash equivalents during the period |
|
17 |
|
|
|
19 |
|
Cash and cash equivalents at beginning of period |
|
54 |
|
|
|
35 |
|
Cash and cash equivalents at end of period |
$ |
71 |
|
|
$ |
54 |
|
SUPPLEMENTAL SCHEDULES EBITDA AND ADJUSTED EBITDA RECONCILIATIONS Unaudited (In millions) |
|||||||||||||||
EBITDA and adjusted EBITDA - EBITDA represents the sum of net income (loss), provision (benefit) for income taxes, interest expense, net, depreciation of rental equipment and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of transaction related costs, restructuring and restructuring related charges, spin-off costs, non-cash stock-based compensation charges, loss on extinguishment of debt (which is included in interest expense, net), impairment charges, gain (loss) on the disposal of a business and certain other items. EBITDA and adjusted EBITDA do not purport to be alternatives to net income as an indicator of operating performance. Additionally, neither measure purports to be an alternative to cash flows from operating activities as a measure of liquidity, as they do not consider certain cash requirements such as interest payments and tax payments. |
|||||||||||||||
Adjusted EBITDA Margin - Adjusted EBITDA Margin, calculated by dividing Adjusted EBITDA by Total Revenues, is a commonly used profitability ratio. |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net income |
$ |
91 |
|
|
$ |
98 |
|
|
$ |
347 |
|
|
$ |
330 |
|
Income tax provision |
|
32 |
|
|
|
35 |
|
|
|
100 |
|
|
|
104 |
|
Interest expense, net |
|
62 |
|
|
|
41 |
|
|
|
224 |
|
|
|
122 |
|
Depreciation of rental equipment |
|
163 |
|
|
|
147 |
|
|
|
643 |
|
|
|
536 |
|
Non-rental depreciation and amortization |
|
29 |
|
|
|
26 |
|
|
|
112 |
|
|
|
95 |
|
EBITDA |
|
377 |
|
|
|
347 |
|
|
|
1,426 |
|
|
|
1,187 |
|
Non-cash stock-based compensation charges |
|
3 |
|
|
|
7 |
|
|
|
18 |
|
|
|
27 |
|
Transaction related costs |
|
3 |
|
|
|
2 |
|
|
|
8 |
|
|
|
7 |
|
Other(1) |
|
(1 |
) |
|
|
5 |
|
|
|
— |
|
|
|
6 |
|
Adjusted EBITDA |
$ |
382 |
|
|
$ |
361 |
|
|
$ |
1,452 |
|
|
$ |
1,227 |
|
|
|
|
|
|
|
|
|
||||||||
Total revenues |
$ |
831 |
|
|
$ |
786 |
|
|
$ |
3,282 |
|
|
$ |
2,740 |
|
Adjusted EBITDA |
$ |
382 |
|
|
$ |
361 |
|
|
$ |
1,452 |
|
|
$ |
1,227 |
|
Adjusted EBITDA margin |
|
46.0 |
% |
|
|
46.0 |
% |
|
|
44.2 |
% |
|
|
44.8 |
% |
(1) |
Pension settlement, impairment and spin-off costs are included in Other. |
SUPPLEMENTAL SCHEDULES ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER DILUTED SHARE Unaudited (In millions) |
|||||||||||||||
Adjusted Net Income and Adjusted Earnings Per Diluted Share - Adjusted Net Income represents the sum of net income (loss), restructuring and restructuring related charges, spin-off costs, loss on extinguishment of debt, impairment charges, transaction related costs, gain (loss) on the disposal of a business and certain other items. Adjusted Earnings per Diluted Share represents Adjusted Net Income divided by diluted shares outstanding. Adjusted Net Income and Adjusted Earnings Per Diluted Share are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business. |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net income |
$ |
91 |
|
|
$ |
98 |
|
|
$ |
347 |
|
|
$ |
330 |
|
Transaction related costs |
|
3 |
|
|
|
2 |
|
|
|
8 |
|
|
|
7 |
|
Other |
|
(1 |
) |
|
|
5 |
|
|
|
— |
|
|
|
6 |
|
Tax impact of adjustments(1) |
|
(1 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
Adjusted net income |
$ |
92 |
|
|
$ |
103 |
|
|
$ |
353 |
|
|
$ |
340 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted shares outstanding |
|
28.4 |
|
|
|
29.9 |
|
|
|
28.7 |
|
|
|
30.2 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted earnings per diluted share |
$ |
3.24 |
|
|
$ |
3.44 |
|
|
$ |
12.30 |
|
|
$ |
11.26 |
|
(1) |
The tax rate applied for adjustments is 25.5% in the three months and year ended |
SUPPLEMENTAL SCHEDULES FREE CASH FLOW Unaudited (In millions) |
|||||||
Free cash flow represents net cash provided by (used in) operating activities less rental equipment expenditures and non-rental capital expenditures, plus proceeds from disposal of rental equipment, proceeds from disposal of property and equipment, and other investing activities. Free cash flow is used by management in analyzing the Company’s ability to service and repay its debt, fund potential acquisitions and to forecast future periods. However, this measure does not represent funds available for investment or other discretionary uses since it does not deduct cash used to service debt or for other non-discretionary expenditures. |
|||||||
|
Year Ended |
||||||
|
2023 |
|
2022 |
||||
Net cash provided by operating activities |
$ |
1,086 |
|
|
$ |
917 |
|
|
|
|
|
||||
Rental equipment expenditures |
|
(1,320 |
) |
|
|
(1,168 |
) |
Proceeds from disposal of rental equipment |
|
325 |
|
|
|
121 |
|
Net rental equipment expenditures |
|
(995 |
) |
|
|
(1,047 |
) |
|
|
|
|
||||
Non-rental capital expenditures |
|
(156 |
) |
|
|
(104 |
) |
Proceeds from disposal of property and equipment |
|
15 |
|
|
|
7 |
|
Other |
|
(15 |
) |
|
|
(23 |
) |
Free cash flow |
$ |
(65 |
) |
|
$ |
(250 |
) |
|
|
|
|
||||
Acquisitions, net of cash acquired |
|
(430 |
) |
|
|
(515 |
) |
Increase in net debt, excluding financing activities |
$ |
(495 |
) |
|
$ |
(765 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213286658/en/
Senior Vice President, Investor Relations, Communications & Sustainability
Leslie.hunziker@hercrentals.com
239-301-1675
Source: