$HEES
H&E Equipment Services, Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018025114 Filed on October 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $346.0M $322.1M $259.2M
YoY Change 17.41% 24.3% 5.92%
Cost Of Revenue $222.9M $207.4M $165.1M
YoY Change 15.02% 25.6% 5.48%
Gross Profit $123.1M $114.7M $94.03M
YoY Change 22.0% 22.02% 6.7%
Gross Profit Margin 35.58% 35.61% 36.28%
Selling, General & Admin $73.00M $70.35M $55.20M
YoY Change 20.66% 27.43% -1.36%
% of Gross Profit 59.3% 61.31% 58.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.80M $62.30M $49.20M
YoY Change 27.9% 26.63% 1.65%
% of Gross Profit 51.02% 54.3% 52.33%
Operating Expenses $73.00M $70.35M $55.20M
YoY Change 20.66% 27.43% -1.36%
Operating Profit $50.90M $45.32M $47.65M
YoY Change 26.4% -4.9% 44.01%
Interest Expense -$16.60M $16.72M $15.06M
YoY Change 24.81% 10.99% 11.81%
% of Operating Profit -32.61% 36.88% 31.6%
Other Income/Expense, Net $500.0K -$16.35M -$40.08M
YoY Change -16.67% -59.21% 206.33%
Pretax Income $34.76M $28.97M $7.577M
YoY Change 26.07% 282.35% -62.13%
Income Tax $9.700M $7.657M -$5.900M
% Of Pretax Income 27.91% 26.43% -77.87%
Net Earnings $25.06M $21.31M $8.462M
YoY Change -70.84% 151.88% -27.46%
Net Earnings / Revenue 7.24% 6.62% 3.27%
Basic Earnings Per Share $0.70 $0.60 $0.24
Diluted Earnings Per Share $0.70 $0.59 $0.24
COMMON SHARES
Basic Shares Outstanding 35.73M 35.72M 35.54M
Diluted Shares Outstanding 35.93M 35.72M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.70M $5.100M $6.200M
YoY Change -89.93% -17.74% -11.43%
Cash & Equivalents $16.68M $5.088M $6.184M
Short-Term Investments
Other Short-Term Assets $10.50M $9.400M $9.100M
YoY Change 14.13% 3.3% 2.25%
Inventory $104.6M $113.3M $83.10M
Prepaid Expenses
Receivables $201.6M $191.3M $152.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $333.4M $319.1M $251.2M
YoY Change -21.77% 27.03% 9.84%
LONG-TERM ASSETS
Property, Plant & Equipment $115.1M $113.4M $1.018B
YoY Change 13.1% -88.86% -1.12%
Goodwill $105.8M $105.8M
YoY Change 239.27%
Intangibles $28.38M $29.29M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000M $3.200M $1.600M
YoY Change -21.05% 100.0% -27.27%
Total Long-Term Assets $1.394B $1.405B $1.051B
YoY Change 33.82% 33.67% -1.14%
TOTAL ASSETS
Total Short-Term Assets $333.4M $319.1M $251.2M
Total Long-Term Assets $1.394B $1.405B $1.051B
Total Assets $1.727B $1.724B $1.302B
YoY Change 17.68% 32.39% 0.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $101.8M $84.80M $81.60M
YoY Change 13.36% 3.92% 69.29%
Accrued Expenses $73.40M $61.60M $53.90M
YoY Change 12.75% 14.29% 4.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $77.20M
YoY Change -100.0% -63.2%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $201.0M $174.9M $238.0M
YoY Change 12.29% -26.51% -31.92%
LONG-TERM LIABILITIES
Long-Term Debt $1.116B $1.164B $739.8M
YoY Change 18.05% 57.39% 17.54%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.116B $1.164B $739.8M
YoY Change 18.05% 57.39% 17.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $201.0M $174.9M $238.0M
Total Long-Term Liabilities $1.116B $1.164B $739.8M
Total Liabilities $1.470B $1.484B $1.162B
YoY Change 17.54% 27.63% 0.87%
SHAREHOLDERS EQUITY
Retained Earnings $88.33M $73.13M
YoY Change 72.94%
Common Stock $231.6M $230.4M
YoY Change 1.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $63.10M $63.07M
YoY Change 2.19%
Treasury Stock Shares $4.015M $3.976M
Shareholders Equity $256.8M $240.4M $139.8M
YoY Change
Total Liabilities & Shareholders Equity $1.727B $1.724B $1.302B
YoY Change 17.68% 32.39% 0.81%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $25.06M $21.31M $8.462M
YoY Change -70.84% 151.88% -27.46%
Depreciation, Depletion And Amortization $62.80M $62.30M $49.20M
YoY Change 27.9% 26.63% 1.65%
Cash From Operating Activities $109.2M $32.60M $63.70M
YoY Change 56.45% -48.82% 52.39%
INVESTING ACTIVITIES
Capital Expenditures -$73.90M -$140.3M -$74.70M
YoY Change 29.88% 87.82% -15.88%
Acquisitions
YoY Change
Other Investing Activities $34.40M $28.10M $23.90M
YoY Change 12.79% 17.57% 27.81%
Cash From Investing Activities -$39.40M -$112.2M -$50.80M
YoY Change 49.24% 120.87% -27.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -58.20M 75.20M -13.70M
YoY Change -150.04% -648.91% -155.02%
NET CHANGE
Cash From Operating Activities 109.2M 32.60M 63.70M
Cash From Investing Activities -39.40M -112.2M -50.80M
Cash From Financing Activities -58.20M 75.20M -13.70M
Net Change In Cash 11.60M -4.400M -800.0K
YoY Change -92.74% 450.0% -75.76%
FREE CASH FLOW
Cash From Operating Activities $109.2M $32.60M $63.70M
Capital Expenditures -$73.90M -$140.3M -$74.70M
Free Cash Flow $183.1M $172.9M $138.4M
YoY Change 44.51% 24.93% 5.97%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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-160790000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1499000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
165878000
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7683000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5088000
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6184000
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
3432000
hees Assets Transferred From New And Used Inventory To Rental Fleet
AssetsTransferredFromNewAndUsedInventoryToRentalFleet
23860000
hees Assets Transferred From New And Used Inventory To Rental Fleet
AssetsTransferredFromNewAndUsedInventoryToRentalFleet
9621000
hees Purchase Of Property Plant And Equipment Included In Accrued Expenses Payable And Other Liabilities
PurchaseOfPropertyPlantAndEquipmentIncludedInAccruedExpensesPayableAndOtherLiabilities
-226000
hees Purchase Of Property Plant And Equipment Included In Accrued Expenses Payable And Other Liabilities
PurchaseOfPropertyPlantAndEquipmentIncludedInAccruedExpensesPayableAndOtherLiabilities
-127000
us-gaap Interest Paid Net
InterestPaidNet
59475000
us-gaap Interest Paid Net
InterestPaidNet
50931000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1949000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
453000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
178212
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
27345
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
383528
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:2.27%;">We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, which requires management to use its judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These assumptions and estimates could have a material effect on our condensed consolidated financial statements. Actual results may differ materially from those estimates. We review our estimates on an ongoing basis based on information currently available, and changes in facts and circumstances may cause us to revise these estimates. </p></div>
CY2018Q3 hees Number Of Branch Locations
NumberOfBranchLocations
12
CY2018Q3 hees Operating Leases Include Real Estate Number Of Branch Location Located
OperatingLeasesIncludeRealEstateNumberOfBranchLocationLocated
89
CY2018Q3 hees Number Of Major Customers
NumberOfMajorCustomers
0
hees Number Of Major Customers
NumberOfMajorCustomers
0
CY2017Q3 hees Number Of Major Customers
NumberOfMajorCustomers
0
hees Number Of Major Customers
NumberOfMajorCustomers
0
hees Bad Debts As A Percentage Of Revenue
BadDebtsAsAPercentageOfRevenue
0.003
hees Bad Debts As A Percentage Of Revenue
BadDebtsAsAPercentageOfRevenue
0.004
CY2017Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
277595000
CY2017Q3 hees Business Acquisitions Pretax Income
BusinessAcquisitionsPretaxIncome
11863000
CY2017Q3 hees Business Acquisitions Impact Of Fair Value Mark Ups Useful Life Changes On Depreciation
BusinessAcquisitionsImpactOfFairValueMarkUpsUsefulLifeChangesOnDepreciation
1536000
CY2017Q3 hees Business Acquisitions Intangible Asset Amortization
BusinessAcquisitionsIntangibleAssetAmortization
905000
CY2017Q3 hees Business Acquisitions Interest Expense
BusinessAcquisitionsInterestExpense
451000
CY2017Q3 hees Business Acquisitions Elimination Of Historic Interest Expense
BusinessAcquisitionsEliminationOfHistoricInterestExpense
515000
CY2017Q3 hees Business Acquisitions Pro Forma Pretax Income Loss
BusinessAcquisitionsProFormaPretaxIncomeLoss
9486000
CY2017Q3 hees Business Acquisitions Income Tax Expense Benefit
BusinessAcquisitionsIncomeTaxExpenseBenefit
-1099000
CY2017Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
10585000
CY2017Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.30
CY2017Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.30
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
787540000
hees Business Acquisitions Pretax Income
BusinessAcquisitionsPretaxIncome
43108000
hees Business Acquisitions Impact Of Fair Value Mark Ups Useful Life Changes On Depreciation
BusinessAcquisitionsImpactOfFairValueMarkUpsUsefulLifeChangesOnDepreciation
4629000
hees Business Acquisitions Intangible Asset Amortization
BusinessAcquisitionsIntangibleAssetAmortization
2415000
hees Business Acquisitions Interest Expense
BusinessAcquisitionsInterestExpense
1226000
hees Business Acquisitions Elimination Of Historic Interest Expense
BusinessAcquisitionsEliminationOfHistoricInterestExpense
1517000
hees Business Acquisitions Pro Forma Pretax Income Loss
BusinessAcquisitionsProFormaPretaxIncomeLoss
36355000
hees Business Acquisitions Income Tax Expense Benefit
BusinessAcquisitionsIncomeTaxExpenseBenefit
9213000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
27142000
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.76
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.76
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
900395000
hees Business Acquisitions Pretax Income
BusinessAcquisitionsPretaxIncome
70928000
hees Business Acquisitions Impact Of Fair Value Mark Ups Useful Life Changes On Depreciation
BusinessAcquisitionsImpactOfFairValueMarkUpsUsefulLifeChangesOnDepreciation
749000
hees Business Acquisitions Intangible Asset Amortization
BusinessAcquisitionsIntangibleAssetAmortization
250000
hees Business Acquisitions Interest Expense
BusinessAcquisitionsInterestExpense
480000
hees Business Acquisitions Elimination Of Historic Interest Expense
BusinessAcquisitionsEliminationOfHistoricInterestExpense
82000
hees Business Acquisitions Pro Forma Pretax Income Loss
BusinessAcquisitionsProFormaPretaxIncomeLoss
69531000
hees Business Acquisitions Income Tax Expense Benefit
BusinessAcquisitionsIncomeTaxExpenseBenefit
18245000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
51286000
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.44
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.43
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2998000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
29514000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-109000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1323000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
36929
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
445964
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
917000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
720000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2998000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2614000
CY2018Q3 hees Percentage Of Restricted Shares In Outstanding Common Stock
PercentageOfRestrictedSharesInOutstandingCommonStock
0.007
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
19.70
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
37.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
20.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
19.39
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
25.83
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
6600000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y2M12D
CY2017Q3 hees Percentage Of Restricted Shares In Outstanding Common Stock
PercentageOfRestrictedSharesInOutstandingCommonStock
0.007
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5
hees Percentage Of Revenue From International Market On Aggregate Revenue
PercentageOfRevenueFromInternationalMarketOnAggregateRevenue
0.002
hees Percentage Of Revenue From International Market On Aggregate Revenue
PercentageOfRevenueFromInternationalMarketOnAggregateRevenue
0.003
CY2018Q3 hees Percentage Of Revenue From International Market On Aggregate Revenue
PercentageOfRevenueFromInternationalMarketOnAggregateRevenue
0.001
CY2017Q3 hees Percentage Of Revenue From International Market On Aggregate Revenue
PercentageOfRevenueFromInternationalMarketOnAggregateRevenue
0.001

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