Attached files
| file | filename |
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| EX-99.1 - EXHIBIT 99.1 - HERC HOLDINGS INC | pressreleaseq22016.htm |
| 8-K - 8-K - HERC HOLDINGS INC | a8-kearningssecondquarter.htm |
Herc Holdings Inc.
Q2 and First Half Results
August 9, 2016
Agenda
2
Welcome and Introductions Elizabeth Higashi
Vice President, Investor Relations
Overview of Q2 and YTD Results Larry Silber
President and Chief Executive Officer
Financial Review Barbara Brasier
Senior Vice President and Chief Financial Officer
Industry Outlook Larry Silber
Q&A
Larry Silber
Barbara Brasier
Bruce Dressel
Senior Vice President and Chief Operating Officer
NYSE: HRI
Safe Harbor Statements
Basis of Presentation
The financial information included in this presentation is based upon the condensed consolidated and combined financial statements of the
Company which are presented on a basis of accounting that reflects a change in reporting entity and have been adjusted for the effects of the
spin-off from The Hertz Corporation. These financial statements and financial information represent only those operations, assets, liabilities
and equity that form Herc Holdings on a stand-alone basis. Since the spin-off occurred on June 30, 2016, the financial statements represent
the carve-out financial results for the Company for the first six months of 2016 and include all spin-off impacts through June 30, 2016. All
prior period amounts represent carve-out financial results.
Forward-Looking Statements
This presentation contains statements that are not statements of historical fact, but instead are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on these statements, which
speak only as of the date hereof. There are a number of risks, uncertainties and other important factors that could cause our actual results to
differ materially from those suggested by our forward-looking statements, including those set forth in the Information Statement which was
filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2016 (the
“Information Statement”), including:
• Risks related to the spin-off and our separation from Hertz Car Rental Holdings Company, Inc. (“New Hertz”), such as: we have no
operating history as a stand-alone public company, and our historical and pro forma financial information is not necessarily
representative of the results that we would have achieved as a separate, publicly traded company and may not be a reliable indicator of
our future results, given the incremental costs are incurring; the loss of the Hertz brand and reputation; the decrease in purchasing
power we may experience and the liabilities we have assumed in connection with the spin-off; we may not achieve some or all of the
expected benefits of the spin-off and our assets and resources may not be sufficient for us to operate as a stand-alone company; if
there is a determination that any portion of the spin-off transaction is taxable for U.S. federal income tax purposes then we and our
stockholders could incur significant tax liabilities, and we could also incur indemnification liability if we are determined to have caused
the spin-off to become taxable; our ability to engage in financings, acquisitions and other strategic transactions using equity securities is
limited due to the tax treatment of the spin-off; the spin-off may be challenged by creditors as a fraudulent transfer or conveyance; and if
the spin-off is not a legal dividend, it could be held invalid by a court and have a material adverse effect on our business, financial
condition and results;
• Risks related to the restatement of financial statements previously issued by Hertz Global Holdings, Inc. (in its form prior to the spin-off,
“Hertz Holdings”), including that the restatement could expose us to additional risks that could materially adversely affect our financial
position, results of operations and cash flows; we have identified material weaknesses in our internal control over financial reporting that
may adversely affect our ability to report our financial condition and results of operations in a timely and accurate manner, which may
adversely affect investor confidence in us and, as a result, the value of our common stock; and the restatement of Hertz Holdings’
previously issued financial results has resulted in government investigations, books and records demands, and private litigation and
could result in government enforcement actions and private litigation that could have a material adverse impact on our results of
operations, financial condition, liquidity and cash flows;
3NYSE: HRI
Safe Harbor Statements - Continued
• Risks related to the securities market and ownership of our stock, including that an active trading market for our common stock may not be
sustained and the market price of our common stock may fluctuate significantly; our accounting and other management systems and
resources may not be adequately prepared to meet the ongoing financial reporting and other requirements; and the market price of our
common stock could decline as a result of the sale or distribution of a large number of shares of our common stock or the perception that a
sale or distribution could occur;
• Business risks could have a material adverse effect on our business, results of operations, financial condition and/or liquidity, including the
cyclicality of our business, a slowdown in economic conditions or adverse changes in the economic factors specific to the industries in
which we operate, such as recent declines in oil prices further negatively impacting the upstream oil and gas industry and extending to
other markets we service; intense competition in the industry, including from our own suppliers; any decline in our relations with our key
national account or industrial account customers or the amount of equipment they rent from us; any occurrence that disrupts rental activity
during our peak periods (given the seasonality of the business, especially in the construction industry); any inability to accurately estimate
future levels of rental activity and adjust the size and mix of our fleet accordingly; any inability to purchase adequate supplies of
competitively priced equipment or to collect on contracts with customers; our equipment rental fleet is subject to residual value risk upon
disposition and may not sell at the prices we expect; we may not be successful implementing our strategy of further reducing operating
costs and our cost reduction initiatives may have adverse consequences; an impairment of our goodwill or our indefinite lived intangible
assets could have a material non-cash adverse impact; doing business in foreign countries exposes us to additional risks; we may be
unable to protect our trade secrets and other intellectual property rights; we may fail to respond adequately to changes in technology and
customer demands; our business is heavily reliant upon communications networks and centralized information technology systems and the
concentration of our systems creates risks for us; failure to maintain, upgrade and consolidate our information technology networks could
adversely affect us; the misuse or theft of information we possess, including as a result of cyber security breaches, could harm our brand,
reputation or competitive position; our success as an independent company will depend on our new senior management team, the ability of
other new employees to learn their new roles, our ability to retain key members of our senior management team and other key personnel
and to attract key personnel; we may face issues with our union employees; strategic transactions could be difficult to identify and
implement; some or all of our deferred tax assets could expire if we experience an “ownership change” as defined in the Internal Revenue
Code; we may experience fluctuations in our tax obligations and effective tax rate; changes to accounting rules or regulations may
adversely affect our financial position and results of operations; we are exposed to a variety of claims and losses arising from our
operations, and our insurance may not cover all or any portion of such claims; environmental, health and safety laws and regulations could
materially adversely affect us; and decreases in government spending may have an adverse effect on us;
• Risks related to our substantial indebtedness, such as: our substantial level of indebtedness could materially adversely affect our financial
condition and ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry or
materially adversely affect our results, liquidity and ability to compete; and the secured nature of our indebtedness, which is secured by
substantially all of our consolidated assets, could materially adversely affect our business and holders of our debt and equity; and
• Other risks and uncertainties set forth in the Information Statement under “Risk Factors.”
• All forward-looking statements are expressly qualified in their entirely by such cautionary statements. We do not undertake any obligation
to release publicly any update or revision to any of the forward-looking statements.
4NYSE: HRI
Reconciliation to GAAP
In addition to results calculated according to accounting principles generally accepted in the United States (“GAAP”), the Company has
provided certain information in this release which is not calculated according to GAAP (“non-GAAP”), such as Adjusted EBITDA and certain
revenue results excluding certain items. Management uses these non-GAAP measures to evaluate the operational performance of the
Company, and believes that investors will likewise find these non-GAAP measures useful in evaluating the Company’s performance. These
measures are frequently used by security analysts, institutional investors and other interested parties in the evaluation of companies in our
industry.
Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and,
as calculated, may not be comparable to similarly titled measures of other companies. For the definitions of these terms, further information
about management’s use of these measures as well as a reconciliation of these non-GAAP measures to the most comparable GAAP
financial measures, please see the Appendix to this presentation.
Herc Holdings does not provide forward-looking guidance for certain financial measures on a GAAP basis or a reconciliation of forward-
looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures on a forward-looking basis
because it is unable to predict certain items contained in the GAAP measures without unreasonable efforts. Certain items that impact net
income (loss) cannot be predicted with reasonable certainty, such as restructuring and restructuring related charges, special tax items,
borrowing levels (which affect interest expense), gains and losses from asset sales, the ultimate outcome of pending litigation and spin-
related costs.
5NYSE: HRI
We aspire to be the
supplier, employer and
investment of choice in
our industry.
Spin Accomplished
• Herc Rentals separated from Hertz’s rental car
business on June 30, 2016 in a tax-free
transaction and began trading on the NYSE on
July 1, 2016
• As part of the transaction, Herc Rentals issued
$1.235 billion in Senior Secured Seco d Priority
Notes
• Herc Rentals entered into a $1.75 billion ABL
Revolving Credit Facility
6
NYSE:
HRI
NYSE: HRI
Transformation in Process
Implementing initiatives
to improve operating efficiencies
and drive revenue growth
Built an organization
to support stand alone public
company requirements
Positioned organization for
transformation
7NYSE: HRI
Q2 2016 Results
8
Equipment Rental
Revenue
• Reported $327.9 million in the quarter
• Excluding operations in France & Spain and
impact of foreign currency translation:
o + 0.1% overall
o + 8.1% in key markets1, which represented
84% of total
Pricing • +0.5% YoY
$ Utilization • 33.5%, a decrease of 50 bps YoY
Revenue Earning
Equipment – First
Half
• Acquisitions: $305.5 million
• Disposals (at estimated OEC): $170 million
NYSE: HRI
1 Key markets refer to those outside of the upstream oil and gas markets.
Q2 2016 and YTD Highlights
Continued to right size fleet in upstream oil
and gas markets and reduced non-premium
brands
Made strategic changes to deemphasize low
margin new equipment sales, including
eliminating certain equipment
distributorships
Opened four North America locations to
support our urban market strategy
Implemented new rental equipment training
programs to support our ProSolutions™ and
ProContractor™ gear
Continued to make headway to reduce FUR:
12.6% average in Q2 2016
9NYSE: HRI
18.6% 18.1%
14.7%
13.3% 12.6%
10.0%
2013 2014 2015 Q1'16 Q2'16 Target
Average Fleet Unavailable for Rent (FUR)
Continuing to Integrate New Technologies
Optimus
- Pricing tool gaining acceptance and traction
Mobile App launched July 1
−More than 8,000 registered users (to date)
Salesforce.com
− Fully deployed throughout the North America
organization
−Qualified leads are pushed to sales teams
− Provides platform for increasing collaboration
across the sales organization
Herc Rentals Telematics (ProControl™)
−Enhancement of telematics program
underway
10NYSE: HRI
Financial Overview
11
Q2 and YTD 2016 GAAP Summary
12NYSE: HRI
$ in millions, except EPS Three months ended June 30, Six months ended June 30,
2016 2015 2016 2015
Rental revenue $ 327.9 $ 347.7 $ 635.7 $ 679.3
Total revenue 380.4 422.7 746.0 824.0
Adjusted EBITDA 130.6 147.3 238.4 276.7
Net income (loss) (8.0) 10.6 (9.5) 12.3
Earnings (loss) per share
(diluted) $ (0.28) $ 0.35 $ (0.34) $ 0.40
1 For a reconciliation to the closest GAAP equivalent, see Appendix beginning on slide 25.
Q2 and YTD 2016 Equipment Rental Revenues
(excluding France and Spain and Foreign Currency Translation)1
13
Q2 Equipment Rental Revenue
$ in millions
$643.8
$641.6
0
100
200
300
400
500
600
700
800
900
2015 2016
YTD Equipment Rental Revenue
Key markets represented
84% of total rental revenue
Rental revenue in key
markets increased 8.1%
Better-than-market revenue
growth in key markets offset
weakness in upstream oil
and gas markets
Pricing increased 0.5%
YoY
Key markets represented
82% of total rental revenue
Rental revenue in key
markets increased 9.9%
YTD
Continued weakness in
upstream oil and gas
markets eroded growth in
key markets
Q2 Equipment Rental Revenue Bridge
YTD Equipment Rental Revenue Bridge
NYSE: HRI
328
328
328
329
329
329
329
329
330
330
330
2015 2016
$329.8
$329.4
$20.8
$47.4
0.1%
YoY
(0.3%)
YoY
329.8
$20.4
$329.4
2015 Key Markets Oil and Gas 2016
$ 641.6
$49.6
$643.8
0
100
200
300
400
500
600
700
2015 Key Markets Oil and Gas 2016
Q2 Highlights
YTD Highlights
Q2 and YTD 2016 Total Revenues
(excluding France and Spain and Foreign Currency Translation)1
14NYSE: HRI
YTD rental revenues were
about flat
Used equipment sales
declined YoY because the
amount of fleet ready for
disposal was lower
New equipment sales were
also lower due to focus on
higher margin rental
activities rather than sales
$406.7
$382.8
0
100
200
300
400
500
600
700
800
900
2015 2016
Q2 Total Revenues
$406.7
Q2 Total Revenue Bridge
$783.5
$753.3
0
100
200
300
400
500
600
700
800
900
2015 2016
YTD Total Revenues
$783.5
YTD Total Revenue Bridge
$ in millions
(5.9%)
YoY
(3.9%)
YoY
1 For a reconciliation to the closest GAAP equivalent, see Appendix beginning on slide 25.
$753.3
$2.2
$22.2 $4.9 $0.9
$783.5
2015 Equipment
rental
revenue
Sales of
revenue
earning
equipment
Sales of
new
equipment
Other 2016
$382.8
$0.4
$19.4 $4.3 $0.6
$406.7
2015 Equipment
rental
revenue
Sales of
revenue
earning
equipment
Sales of
new
equipment
Other 2016
Q2 and YTD Highlights
Q2 and YTD 2016 Adjusted EBITDA
(excluding France and Spain and Foreign Currency Translation) 1
15NYSE: HRI
Q2 Adjusted EBITDA
YTD Adjusted EBITDA
$267.3
$239.7
$9.4
0
50
100
150
200
250
300
350
400
2015 2016
$147.3
Higher proportion of sales
through auction channels
Oversupply of certain
categories of used
equipment
$ in millions
$131.1
2015 2016
$142.2
$267.3
Q2 Adjusted EBITDA Bridge
YTD Adjusted EBITDA Bridge
$131.1
$11.6
$11.8
$10.0 $1.3
$142.2
0
20
40
60
80
100
120
140
160
2015 Gain (loss)
on sales of
revenue
earning
equipment
Key
Markets
Oil and Gas Other 2016
(7.8%)
YoY
(10.3%)
YoY
1 For a reconciliation to the closest GAAP equivalent, see Appendix beginning on slide 25.
$239.7
$25.0
$24.8
$28.0
$0.6
$267.3
100
120
140
160
180
200
220
240
260
280
300
2015 Gain (loss)
on sales of
revenue
earning
equipment
Key
Markets
Oil and Gas Other 2016
Q2 and YTD Highlights
Revenue Earning Equipment
16
Average fleet original equipment cost (OEC).
NYSE: HRI
Herc Rentals acquired $305.5 million of OEC in the first half of 2016 compared to $437.3
million in 2015
Additions were managed prudently as we improved FUR and absorbed oil and gas fleet
while continuing to add fleet for ProSolutions™ and ProContractor™ equipment to improve
our fleet and customer mix and $ utilization going forward
Proceeds from disposals of equipment amounted to $62.8 million (approximately $170
million OEC) in the first half of 2016 as we continued to right size our upstream oil and gas
fleet and dispose of non-premium brands of gear that increased our FUR
2016 2015 $ Variance
Acquisition of revenue earning equipment $ 305.5 $ 437.3 $ 131.8
Proceeds from disposal of revenue earning
equipment $ (62.8) $ (100.7) $ (37.9)
Net Fleet Expenditures $ 242.7 $ 336.6 $ 93.9
First half 2016 OEC is approximately $3.5 billion, up about 3% versus the first
half of 2015
Six months ended June, 30$ in millions
Debt
Ample liquidity and long-dated maturities provide financial flexibility
1 Total ABL facility size of $1,750 million.
$ in millions As of
June 30,
2016
Borrowing Against New Senior ABL 1 $ 839
7.50% Senior Secured Second
Priority Notes due 2022 610
7.75% Senior Secured Priority Notes
due 2024 625
Capital Leases 79
Total Debt $ 2,153
Cash and cash equivalents $43
Net Debt $ 2,110
17
Borrowing
Availability Under
ABL:
$838 million
Updated Full Year 2016 Guidance*
Adjusted EBITDA:
$520 million to $560 million
Net Fleet Capital Expenditures
(Revenue earning equipment expenditures
less proceeds from disposals of such equipment):
$375 million to $400 million
18NYSE: HRI
Herc Holdings does not provide forward-looking guidance for certain financial measures on a GAAP basis or a
reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial
measures on a forward-looking basis because it is unable to predict certain items contained in the GAAP measures without
unreasonable efforts. Certain items that impact net income (loss) cannot be predicted with reasonable certainty, such as
restructuring and restructuring related charges, special tax items, borrowing levels (which affect interest expense), gains
and losses from asset sales, the ultimate outcome of pending litigation and spin-related costs.
*
Equipment Rental Industry Update
Equipment Rental Industry Update
Strong market growth and further penetration of rental solutions expected to continue
1 IHS Global Insight as of July 2016, excludes Party & Event data.
2 Source: As reported by RER 100 in May 2016: Top Rental Equipment Companies of 2015 ranked by revenue.
$36 $38 $38
$31 $32
$35
$38 $41
$44 $47
$49 $52
$54 $57
06 07 08 09 10 11 12 13 14 15 16E 17E 18E 19E
($ in billions)
• IHS outlook for 2016 equipment rental
market declines to $49 billion from $50
billion projection1
• The projected CAGR through 2019
dropped to 4.9% from 5.3%1
• 2016 Non-Residential Starts slowing – but
still positive
• The ABI Index remains above 50 at 52.6 as
of June 2016
• Rental penetration versus purchase trends
continue to grow
North American Equipment Rental Market 1
$4,949
$2,790
$1,411
$639 $559 $550 $450 $443 $442 $440
U
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Economic and Industry Outlook
($ in millions)
20NYSE: HRI
2
as of July 2016
as of May 2016
Construction and Industrial Outlook
Construction and industrial markets expected to grow
Non-Residential Starts 1 Construction Put in Place 2 Architecture Billings Index 3
Construction Employment 4 Industrial Spending 5
$302.6 $308.0
2015 2016E
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Reading above 50 implies
expansion
$214 $218
$237
$262
2015 2016E 2017E 2018E
6.2%
7.9% 7.6%
1.5%
Total
Construction
Private Non-
Residential
Residential Public
Construction
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June 2016 YTD
1 Dodge Analytics.
2 U.S consensus, not seasonally adjusted.
3 The American Institute of Architects (AIA).
($ in billions)
4 Bureau of Labor Statistics, all construction employment.
5 Industrial information resources.
21NYSE: HRI
June
52.6
5,999
6,652
as of July 2016
as of July 2016
as of August 2016
($ in thousands)
as of August 2016
($ in millions)
Unique Opportunity to Build Value
Attractive long term industry fundamentals
Significant opportunity for operational and financial improvement
Commitment to disciplined capital management
Strong asset base including $3.5 billion of OEC
Strategically positioned to generate above market growth
Strong brand recognition and reputation – 50+ years
Industry savvy and experienced leadership team
22NYSE: HRI
Q&A
23NYSE: HRI
Appendix
24NYSE: HRI
Glossary of Terms Commonly Used in the Industry
25NYSE: HRI
OEC: Original Equipment Cost; the cost of the asset at the time it was first purchased.1
Fleet Age: The OEC weighted age of the entire fleet.
2
Net Fleet Capex: Capital expenditures of revenue earning equipment minus the proceeds from disposal of revenue
earning equipment.
3
Dollar Utilization ($ Ute): Dollar utilization means revenue derived from the rental of equipment divided by the
original cost of the equipment (OEC) including additional capitalized refurbishment costs (with the basis of refurbished
assets reset at the refurbishment date).
4
Pricing: Change in pure pricing achieved in one period vs another period. This is applied both to year-over-year and
sequentially. Rental rates are calculated based on the category class rate variance achieved either year-over-year or
sequentially for any fleet that qualifies for the fleet base and weighted by the prior year revenue mix.
5
FUR: Fleet unavailable for rent.6
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
26NYSE: HRI
EBITDA and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be
alternatives to the most comparable GAAP amounts. Further, since all companies do not use
identical calculations, our definition and presentation of these measures may not be comparable to
similarly titled measures reported by other companies.
EBITDA and Adjusted EBITDA - EBITDA represents the sum of net income, provision for income
taxes, interest expense, net, depreciation of revenue earning equipment and non-rental
depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of merger and
acquisition related costs, restructuring and restructuring related charges, spin-off costs, non-cash
stock based compensation charges, loss on extinguishment of debt, and impairment charges.
Management uses EBITDA and adjusted EBITDA to evaluate operating performance and period-
over-period performance of our core business without regard to potential distortions. Additionally,
management believes that EBITDA and adjusted EBITDA help investors gain an understanding of
the factors and trends affecting our ongoing cash earnings, from which capital investments are
made and debt is serviced. However, EBITDA and adjusted EBITDA do not purport to be
alternatives to net earnings as an indicator of operating performance, nor to cash flows from
operating activities as a measure of liquidity.
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
27
$ in millions Three months ended June 30, Six months ended June 30,
2016 2015 2016 2015
Net income (loss) $ (8.0) $ 10.6 $ (9.5) $ 12.3
Provision for income taxes 5.3 9.0 5.3 14.0
Interest expense, net 13.3 9.0 19.8 18.5
Depreciation of revenue earning
equipment 84.2 86.6 166.0 169.7
Non-rental depreciation and
amortization 10.6 19.1 21.1 37.9
EBITDA 105.4 134.3 202.7 252.4
Restructuring charges 3.1 0.3 3.4 1.0
Restructuring related charges 1 2.7 5.6 2.7 6.7
Spin-off costs 17.7 6.4 26.9 15.7
Non-cash stock-based compensation
charges 1.7 0.7 2.7 0.9
Adjusted EBITDA $ 130.6 $ 147.3 $ 238.4 $ 276.7
NYSE: HRI
1 Represents incremental costs incurred directly supporting restructuring initiatives.
28
Six months ended
June 30, 2016
Actual
Sale of France and
Spain
Foreign Currency
Translation
Six months ended
June 30, 2016
Adjusted
Total revenues $ 746.0 $ 0 $ 7.3 $ 753.3
Equipment rental revenue 635.7 0 5.9 641.6
Adjusted EBITDA 238.4 0 1.3 239.7
Reconciliation to Adjust for Divestitures and Foreign Currency
Translation
NYSE: HRI
Six months ended
June 30, 2015
Actual
Sale of France and
Spain
Foreign Currency
Translation
Six months ended
June 30, 2015
Adjusted
Total revenues $ 824.0 $ (40.5) $ 0 $ 783.5
Equipment rental revenue 679.3 (35.5) 0 643.8
Adjusted EBITDA 276.7 (9.4) 0 267.3
$ in millions
Three months ended
June 30, 2016
Actual
Sale of France and
Spain
Foreign Currency
Translation
Three months ended
June 30, 2016
Adjusted
Total revenues $ 380.4 $ 0 $ 2.4 $ 382.8
Equipment rental revenue 327.9 0 1.9 329.8
Adjusted EBITDA 130.6 0 0.5 131.1
Three months ended
June 30, 2015
Actual
Sale of France and
Spain
Foreign Currency
Translation
Three months ended
June 30, 2015
Adjusted
Total revenues $ 422.7 $ (16.0) $ 0 $ 406.7
Equipment rental revenue 347.7 (18.3) 0 329.4
Adjusted EBITDA 147.3 (5.1) 0 142.2
$ in millions
$ in millions
$ in millions
$ in millions
29
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Full Year
Equipment Rentals $ 331.6 $ 347.7 $ 373.1 $ 359.2 $1,411.6
France & Spain (17.2) (18.3) (17.6) (6.5) (59.6)
Equipment Rentals excluding
France & Spain operations $ 314.4 $ 329.4 $ 355.5 $ 352.7 $ 1,352.0
2015 Quarterly Reconciliation excluding France & Spain
$ in millions
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Full Year
Income (loss) before income taxes $ 6.7 $ 19.6 $ 35.5 $ 95.1 $156.9
France & Spain 3.3 2.0 2.1 (49.8) (42.4)
Income (loss) before income taxes
excluding France & Spain
operations
$ 10.0 $ 21.6 $ 37.6 $ 45.3 $ 114.5
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Full Year
Adjusted EBITDA $ 129.4 $ 147.3 $ 160.2 $ 163.7 $600.6
France & Spain (4.3) (5.1) (5.2) (2.1) (16.7)
Adjusted EBITDA excluding France
& Spain operations $ 125.1 $ 142.2 $ 155.0 $ 161.6 $ 583.9
NYSE: HRI
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Full Year
Total Revenues $ 401.3 $ 422.7 $ 431.8 $ 422.4 $1,678.2
France & Spain (24.5) (16.0) (19.4) (9.9) (69.8)
Total Revenues excluding France &
Spain operations $ 376.8 $ 406.7 $ 412.4 $ 412.5 $ 1,608.4
1 Historical quarterly results reflect divested operations in France and Spain sold in October 2015.
30NYSE: HRI