8-K - HRI - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2021

HERC HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware	001-33139	20-3530539
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S Employer Identification No.)

27500 Riverview Center Blvd.

Bonita Springs, Florida 34134

(239) 301-1000

(Registrant's telephone number,

including area code)

N/A

(Former name or former address, if

changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, par value $0.01 per share	HRI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 22, 2021, Herc Holdings Inc. (the “Company”) issued a press release regarding its financial results for its first quarter ended March 31, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

On April 22, 2021, the Company will conduct an earnings webcast relating to the Company’s financial results for the first quarter of 2021. The earnings webcast will be made available to the public via a link on the Investor Relations section of the Company's website, IR.HercRentals.com, as well as via telephone dial-in, and the slides that will accompany the presentation will be available to the public at the time of the earnings webcast through the Company’s website. Certain financial information relating to completed fiscal periods that will be part of the earnings webcast is included in the set of slides that will accompany the earnings webcast, a copy of which is furnished as Exhibit 99.2 to this Form 8-K.

The information in this Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit<br>Number	Description
99.1	Press Release of Herc Holdings Inc. dated April 22 , 2021 describing its results for its f irst quarter ended March 31, 2021.
99.2	Set of slides that will accompany the April 22 , 2021 earnings webcast.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HERC HOLDINGS INC.
(Registrant)
By:	/s/ MARK IRION
Name:	Mark Irion
Title:	Senior Vice President and Chief Financial Officer

Date: April 22, 2021

Document

Herc Holdings Reports First Quarter 2021 Results and

Raises Full Year Guidance for 2021

–Equipment rental revenue increased 3.6% to $400.4 million and total revenues increased 4.0% to $453.8 million

–Net income increased to $32.9 million, or $1.09 per diluted share

–Adjusted EBITDA expanded 25.0% to $184.6 million and adjusted EBITDA margin of 40.7% rose 680 basis points

–Free cash flow increased to $72.5 million

–The Company raised full year 2021 adjusted EBITDA guidance to $800 million to $840 million and maintained $400 million to $450 million for net rental equipment capital expenditures

Bonita Springs, Fla., April 22, 2021 -- Herc Holdings Inc. (NYSE: HRI) ("Herc Holdings" or the "Company") today reported financial results for the quarter ended March 31, 2021. Equipment rental revenue was $400.4 million and total revenues were $453.8 million in the first quarter of 2021, compared to $386.5 million and $436.2 million, respectively, for the same period last year. The Company reported net income of $32.9 million, or $1.09 per diluted share, in the first quarter of 2021, compared to a net loss of $3.7 million, or $0.13 per diluted share, in the same 2020 period. First quarter 2021 adjusted net income was $33.3 million, or $1.10 per diluted share, compared to net income of $1.1 million, or $0.04 per diluted share, in 2020. See page A-5 for the adjusted net income and adjusted earnings per share calculations.

"Our year is off to a great start with first quarter total revenues up 4% and adjusted EBITDA up 25% compared with last year," said Larry Silber, president and CEO. "Our adjusted EBITDA margin hit a record for the first quarter of 40.7% and reflects the strength of our operating model. Strong performance by our ProSolutions® and entertainment rental businesses drove rental revenue growth, and the efficient execution of our operating model propelled adjusted EBITDA margin expansion of 680 basis points. Our focus on customer service and the consistent implementation of a strategy to diversify our customer and industry base continues to demonstrate the strength of our business."

2021 First Quarter Highlights

•Equipment rental revenue increased 3.6% to $400.4 million compared to $386.5 million in the prior-year period.

•Total revenues increased 4.0% to $453.8 million compared to $436.2 million in the prior-year period. The year-over-year increase of $17.6 million was related primarily to higher equipment rental revenue of $13.9 million and an increase in sales of rental equipment of $4.2 million.

•Pricing declined 0.3% compared to the same period in 2020.

•Dollar utilization increased to 38.6% compared to 35.7% in the prior-year period.

•Direct operating expenses (DOE) of $183.0 million decreased 3.3% compared to the prior-year period. The $6.2 million decline was primarily related to lower personnel-related costs, re-rent expense and maintenance costs, offset by an increase in delivery and freight expenses.

•Selling, general and administrative expenses (SG&A) declined 6.2% to $65.5 million compared to $69.8 million in the prior-year period. The $4.3 million decline was primarily attributed to reductions in travel expenses and reduced bad debt expense due to continued improvement in collections.

•Interest expense decreased to $21.4 million compared to $24.4 million in the prior-year period. The decrease was primarily related to both lower interest rates and balances of the Company's ABL Credit Facility in 2021.

•The income tax provision was $8.2 million compared with $1.1 million for the prior-year period.

•The Company reported net income of $32.9 million compared to a loss of $3.7 million in the prior-year period. Adjusted net income was $33.3 million compared to $1.1 million in the prior-year period.

•Adjusted EBITDA increased 25.0% to $184.6 million compared to $147.7 million in the prior-year period. The increase was primarily due to improved operating efficiencies and higher contributions from the sale of rental equipment.

•Adjusted EBITDA margin increased 680 basis points to 40.7% compared with 33.9% in the prior-year period.

Capital Expenditures

•The Company reported net rental equipment capital expenditures of $50.6 million for 2021. Gross rental equipment capital expenditures were $90.9 million compared with $83.0 million in the comparable prior-year period. Proceeds from disposals were $40.3 million compared to $34.6 million last year. See page A-5 for the calculation of net rental equipment capital expenditures.

•As of March 31, 2021, the Company's total fleet was approximately $3.63 billion at OEC.

•Average fleet at OEC decreased year-over-year by 5.1% compared to the prior-year period.

•Average fleet age of 48 months as of March 31, 2021 remained the same as the comparable prior-year period.

Disciplined Capital Management

•The Company generated $72.5 million in free cash flow in the first quarter of 2021, compared with $39.2 million in the same period in 2020.

•Cash and cash equivalents were $32.9 million and unused commitments under the ABL Credit Facility and AR Facility contributed to $1.4 billion of liquidity as of March 31, 2021. Net debt was $1.6 billion as of March 31, 2021, with net leverage of 2.2x compared to 2.7x in the same prior-year period.

•The Company's net leverage was at the low end of the targeted net leverage range of 2.0x to 3.0x.

Outlook for 2021

The Company updated 2021 guidance ranges:

	Previous	Current
Adjusted EBITDA:	$730 million to $760 million	$800 million to $840 million
Net rental equipment capital expenditures:	$400 million to $450 million	$400 million to $450 million

"Our strong first quarter performance along with the trends we are seeing in the market have prompted us to raise our adjusted EBITDA guidance for the year," said Silber. "Our guidance range for adjusted EBITDA now exceeds our pre-pandemic 2019 results by 8% to 13%. Overall, our end markets are showing positive momentum and demand for rental equipment is increasing. We intend to continue to take market share in our specialty businesses and to maximize our operating leverage as revenue growth accelerates in the seasonally strong part of the year."

Earnings Call and Webcast Information

Herc Holdings' first quarter 2021 earnings webcast will be held today at 8:30 a.m. U.S. Eastern Time. Interested U.S. parties may call +1-877-883-0383 and international participants should call 1-412-902-6506, using the access code: 5626586. Please dial in at least 10 minutes before the call start time to ensure that you are connected to the call and to register your name and company.

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 90 days after the call. A telephonic replay will be available for one week. To listen to the archived call by telephone, U.S. participants should dial +1-877-344-7529 and international participants 1-412-317-0088 and enter the conference ID number:10153206.

About Herc Holdings Inc.

Herc Holdings Inc., which operates through its Herc Rentals Inc. subsidiary, is one of the leading equipment rental suppliers with 282 locations in North America. With over 55 years of experience, we are a full-line equipment rental supplier offering a broad portfolio of equipment for rent. Our classic fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction and lighting. Our equipment rental business is supported by ProSolutionsR, our industry-specific solutions-based services, which includes power generation, climate control, remediation and restoration, and studio and production equipment, and our ProContractor professional grade tools. Our product offerings and services are aimed at helping customers work more efficiently, effectively and safely. The Company has approximately 4,800 employees who equip our customers and communities to build a brighter future. Herc Holdings’ 2020 total revenues were approximately $1.8 billion. All references to “Herc Holdings” or the “Company” in this press release refer to Herc Holdings Inc. and its subsidiaries, unless otherwise indicated. For more information on Herc Holdings and its products and services, visit: www.HercRentals.com.

Certain Additional Information

In this release we refer to the following operating measures:

•Dollar utilization: calculated by dividing rental 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, anticipated financing needs, business trends, the impact of and our response to COVID-19, liquidity and capital management and other information that is not historical information. Forward looking statements are generally identified by the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts," and future or conditional verbs, such as "will," "should," "could" or "may," as well as variations of such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and, there can be no assurance that our current expectations will be achieved. They are subject to future events, risks and uncertainties - many of which are beyond our control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on the risks that may affect our business is included in filings we make with the Securities and Exchange Commission from time to time, including our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and in our other SEC filings. We undertake no obligation to update or revise forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

Information Regarding Non-GAAP Financial Measures

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 that is not calculated according to GAAP (“non-GAAP”), such as EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per diluted common share and free cash flow. Management uses these non-GAAP measures to evaluate operating performance and period-over-period performance of our core business without regard to potential distortions, 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 supplemental schedules that accompany this release.

(See Accompanying Tables)

HERC HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In millions, except per share data)

	Three Months Ended March 31,
	2021		2020
Revenues:
Equipment rental	$	400.4	$	386.5
Sales of rental equipment	44.2		40.0
Sales of new equipment, parts and supplies	6.1		7.0
Service and other revenue	3.1		2.7
Total revenues	453.8		436.2
Expenses:
Direct operating	183.0		189.2
Depreciation of rental equipment	100.4		100.4
Cost of sales of rental equipment	38.4		42.4
Cost of sales of new equipment, parts and supplies	4.2		5.1
Selling, general and administrative	65.5		69.8
Impairment	—		6.3
Interest expense, net	21.4		24.4
Other expense (income), net	(0.2)		1.2
Total expenses	412.7		438.8
Income (loss) before income taxes	41.1		(2.6)
Income tax provision	(8.2)		(1.1)
Net income (loss)	$	32.9	$	(3.7)
Weighted average shares outstanding:
Basic	29.5		28.9
Diluted	30.2		28.9
Earnings (loss) per share:
Basic	$	1.12	$	(0.13)
Diluted	$	1.09	$	(0.13)

A - 1

HERC HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In millions)

	March 31, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	32.9	$	33.0
Receivables, net of allowance	299.6		301.2
Other current assets	31.5		32.9
Total current assets	364.0		367.1
Rental equipment, net	2,240.3		2,260.4
Property and equipment, net	283.6		290.4
Right-of-use lease assets	274.3		255.9
Goodwill and intangible assets, net	395.2		396.4
Other long-term assets	18.6		18.2
Total assets	$	3,576.0	$	3,588.4
LIABILITIES AND EQUITY
Current maturities of long-term debt and financing obligations	$	15.3	$	15.8
Current maturities of operating lease liabilities	34.0		32.1
Accounts payable	146.0		125.8
Accrued liabilities	127.5		154.3
Total current liabilities	322.8		328.0
Long-term debt, net	1,585.2		1,651.5
Financing obligations, net	113.5		114.5
Operating lease liabilities	251.2		234.1
Deferred tax liabilities	480.6		474.0
Other long-term liabilities	44.7		44.3
Total liabilities	2,798.0		2,846.4
Total equity	778.0		742.0
Total liabilities and equity	$	3,576.0	$	3,588.4

A - 2

HERC HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

(In millions)

	Three Months Ended March 31,
	2021		2020
Cash flows from operating activities:
Net income (loss)	$	32.9	$	(3.7)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of rental equipment	100.4		100.4
Depreciation of property and equipment	13.4		14.0
Amortization of intangible assets	2.4		1.8
Amortization of deferred debt and financing obligations costs	0.8		0.9
Stock-based compensation charges	5.3		3.2
Impairment	—		6.3
Provision for receivables allowances	7.9		12.3
Deferred taxes	6.2		0.8
(Gain) loss on sale of rental equipment	(5.8)		2.4
Other	—		3.1
Changes in assets and liabilities:
Receivables	(6.5)		6.0
Other assets	(0.6)		(3.4)
Accounts payable	3.1		(11.4)
Accrued liabilities and other long-term liabilities	(24.8)		(31.2)
Net cash provided by operating activities	134.7		101.5
Cash flows from investing activities:
Rental equipment expenditures	(90.9)		(83.0)
Proceeds from disposal of rental equipment	40.3		34.6
Non-rental capital expenditures	(13.4)		(15.5)
Proceeds from disposal of property and equipment	1.8		1.6
Net cash used in investing activities	(62.2)		(62.3)
Cash flows from financing activities:
Proceeds from revolving lines of credit and securitization	70.0		261.0
Repayments on revolving lines of credit and securitization	(135.0)		(271.7)
Principal payments under capital lease and financing obligations	(2.8)		(3.2)
Other financing activities, net	(5.0)		(1.9)
Net cash used in financing activities	(72.8)		(15.8)
Effect of foreign exchange rate changes on cash and cash equivalents	0.2		(0.6)
Net increase (decrease) in cash and cash equivalents during the period	(0.1)		22.8
Cash and cash equivalents cash at beginning of period	33.0		33.0
Cash and cash equivalents at end of period	$	32.9	$	55.8

A - 3

HERC HOLDINGS INC. AND SUBSIDIARIES

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 merger and acquisition 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 March 31,
	2021			2020
Net income (loss)	$	32.9		$	(3.7)
Income tax provision	8.2			1.1
Interest expense, net	21.4			24.4
Depreciation of rental equipment	100.4			100.4
Non-rental depreciation and amortization	15.8			15.8
EBITDA	178.7			138.0
Non-cash stock-based compensation charges	5.3			3.2
Impairment	—			6.3
Other(1)	0.6			0.2
Adjusted EBITDA	$	184.6		$	147.7
Total revenues	$	453.8		$	436.2
Adjusted EBITDA	$	184.6		$	147.7
Adjusted EBITDA margin	40.7		%	33.9		%

(1) Merger and acquisition related and spin-off costs are included in Other.

A - 4

HERC HOLDINGS INC. AND SUBSIDIARIES

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, 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 March 31,
	2021		2020
Net income	$	32.9	$	(3.7)
Impairment	—		6.3
Other(1)	0.6		0.2
Tax impact of adjustments(2)	(0.2)		(1.7)
Adjusted net income	$	33.3	$	1.1
Diluted shares outstanding	30.2		29.3
Adjusted earnings per diluted share	$	1.10	$	0.04

(1) Merger and acquisition related and spin-off costs are included in Other.

(2) The tax rate applied for adjustments is 25.7% and reflects the statutory rates in the applicable entities.

NET RENTAL EQUIPMENT CAPITAL EXPENDITURES

Unaudited

(In millions)

	Three Months Ended March 31,
	2021		2020
Rental equipment expenditures	$	90.9	$	83.0
Proceeds from disposal of rental equipment	(40.3)		(34.6)
Net rental equipment capital expenditures	$	50.6	$	48.4

A - 5

HERC HOLDINGS INC. AND SUBSIDIARIES

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 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.

	Three Months Ended March 31,
	2021		2020
Net cash provided by operating activities	$	134.7	$	101.5
Rental equipment expenditures	(90.9)		(83.0)
Proceeds from disposal of rental equipment	40.3		34.6
Net rental equipment expenditures	(50.6)		(48.4)
Non-rental capital expenditures	(13.4)		(15.5)
Proceeds from disposal of property and equipment	1.8		1.6
Free cash flow	$	72.5	$	39.2

A - 6

a2021q1earningscallprese

2NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Herc Rentals Team Aaron Birnbaum Senior Vice President & Chief Operating Officer Larry Silber President & Chief Executive Officer Elizabeth Higashi Vice President, Investor Relations & Sustainability Mark Irion Senior Vice President & Chief Financial Officer

3NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Safe Harbor Statements and Non-GAAP Financial Measures Information Regarding Non-GAAP Financial Measures In addition to results calculated according to accounting principles generally accepted in the United States (“GAAP”), the Company has provided certain information in this presentation that is not calculated according to GAAP (“non-GAAP”), such as adjusted net income, adjusted earnings per diluted share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, REBITDA, REBITDA margin, REBITDA flow- through and free cash flow. Management uses these non-GAAP measures to evaluate operating performance and period-over-period performance of our core business without regard to potential distortions, 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 that accompanies this presentation. Forward-Looking Statements This presentation 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; anticipated financing needs, business trends, the impact of and our response to COVID-19, liquidity and capital management, and other information that is not historical information. Forward looking statements are generally identified by the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts," and future or conditional verbs, such as "will," "should," "could" or "may," as well as variations of such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and, there can be no assurance that our current expectations will be achieved. They are subject to future events, risks and uncertainties - many of which are beyond our control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward- looking statements. Further information on the risks that may affect our business is included in filings we make with the Securities and Exchange Commission from time to time, including our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and in our other SEC filings. We undertake no obligation to update or revise forward- looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

4NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. A Leader in the Equipment Rental Industry 56 Years in the equipment rental industry HRI Listed on the New York Stock Exchange on July 1, 2016 Locations in 39 states and five Canadian provinces Employees serving North America 282 4,800 (1) Location count as of April 22, 2021 (1)

5NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Sequential improvement in fleet on rent throughout Q1 2021 Rental revenue growth of 3.6% driven by ProSolutions® and entertainment businesses Focus on operating leverage drove adjusted EBITDA increase of 25.0% and a 680 bps improvement in margin to 40.7% Strong Q1 performance is driving our increase in guidance for the year 2021 Takeaways - On Our Way to a Record Year

6NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. First Quarter 2021 Financial Highlights 1. For a reconciliation to the most comparable GAAP financial measure, see the Appendix beginning on Slide 20 Equipment Rental Revenue $400.4M Q1 3.6% YoY Total Revenues $453.8M Q1 4.0% YoY Adjusted EBITDA1 $184.6M Q1 25.0% YoY Net Income $32.9M Earnings Per Diluted Share $1.09 Adjusted EBITDA Margin1 40.7% Q1 +680 bps YoY Q1 989.2% YoY Q1 938.5% YoY

Operations Review

8NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Solid Operational Performance Rental revenue continued to improve with strong sequential growth in Q1 Diversified mix of customers, segments and geography contributed to rental revenue growth Growth was driven by strength in specialty business including ProSolutions® and entertainment-related Business activity returning to normal and all of our end markets are showing positive momentum Operational capabilities to execute strategy and take advantage of opportunities

9NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Focused on Health and Safety Continued focus on health and safety of our employees, customers and communities Enhancing the well-being of our team by investing in training Adhering to CDC guidelines in all of our operations and travel Refining and launching a new Health & Safety Management System this year Achieved 96% Perfect Days at our branches in Q1 2021

10NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Managing Fleet to Enhance Utilization Fleet Composition at OEC1 $3.63B at OEC 1. Original equipment cost based on ARA guidelines. As of March 31, 2021 Fleet Expenditures at OEC1 Fleet Disposals at OEC1 Fleet disposals at OEC in Q1 2021 were $111 million, generating ~40% proceeds as a percent of OEC Average age of disposals was 84 months in Q1 2021 Average fleet age of 48 months in Q1 2021 $ in millions $ in millions Specialty 23.2% Aerial 23.4% Earthmoving 13.5% Material Handling 17.0% Other 22.9% $103 $289 $172 $63 $109 $88 $90 $62 $117 2019 2020 2021 Q1 Q2 Q3 Q4 $193 $123 $89 $188 $110 $83 $124 $234 $111 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 2021 $ Utilization increased to 38.6% from 35.7% last year

11NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Contractors 33% Industrial 29% Infrastructure and Government 17% Other 21% Successful, Diversified Business Model 1. Refer to our 10-K for description of industries related to each customer classification. Other includes commercial and retail service, hospitality, healthcare, recreation, and entertainment and special events Q1 Revenue by Customer1 Q1 Local vs National Mix National: 46% Local: 54% Our diverse customer mix, base of national customers and expanded specialty business continues to provide growth opportunities Providing excellent customer service and premium equipment to our customers Entertainment activities are exceeding pre-pandemic highs Expanding in fast-growing urban markets to drive top- line growth Continued investment in ProSolutions® business Delivering a lean cost structure and improving margins

Financial Review

13NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. First Quarter 2021 Results Three Months Ended March 31, $ in millions, except per share data 2021 2020 % Chg. Equipment Rental Revenue $400.4 $386.5 3.6% Total Revenues $453.8 $436.2 4.0% Net Income (Loss) $32.9 $(3.7) NM Earnings (Loss) Per Diluted Share $1.09 $(0.13) NM Adjusted Net Income (Loss)1 $33.3 $1.1 NM Adjusted Earnings Per Diluted Share1 $1.10 $0.04 NM Adjusted EBITDA1 $184.6 $147.7 25.0% Adjusted EBITDA Margin1 40.7 % 33.9 % 680 bps REBITDA Margin1,2 43.8 % 38.1 % 570 bps REBITDA YoY Flow-Through1,2 200.7% Average Fleet3 (5.1)% YoY Pricing3 (0.3)% YoY 1. For a reconciliation to the most comparable GAAP financial measure, see the Appendix beginning on Slide 20 2. REBITDA measures contribution from our core rental business without impact of sales of equipment, parts and supplies 3. Based on ARA guidelines NM - Not meaningful

14NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. (0.3)% (1.6)% (1.3)%(2.0)% (16.1)% (8.8)% (6.0)% (1.7)% 2019 2020 2021 Q1 Q2 Q3 Q4 2.0% (1.3)% 0.4% 0.7% 1.7% (0.5)% (4.5)% (6.0)% (5.1)% 2019 2020 2021 Q1 Q2 Q3 Q4 Pricing1 35.6% 38.0% 40.8% 40.5% 35.7% 30.8% 37.6% 40.6% 38.6% 2019 2020 2021 Q1 Q2 Q3 Q4 Pricing and Utilization Performance 1. YoY Change. Based on ARA guidelines. 2. Based on ARA guidelines 3.8% 4.6% 4.5% 3.3% 2.4% (0.3)% (0.8)% (0.8)% (0.3)% 2019 2020 2021 Q1 Q2 Q3 Q4 0.0% Average Fleet at OEC1 Average Fleet on Rent at OEC1 $ Utilization2

15NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Adjusted EBITDA increased 25.0% or $36.9 million to $184.6 million in Q1 2021 DOE fell $6.2 million primarily due to lower personnel, re-rent and maintenance expenses in Q1 2021 SG&A declined $4.3 million in Q1 2021 primarily due to reductions in selling and travel expense REBITDA margin1,3 increased 570 bps YoY to 43.8% in Q1 2021 REBITDA margin flow-through was 200.7% in Q1 2021 Strong Margin Trends for Q1 Adjusted EBITDA1 1. For a reconciliation to the most comparable GAAP financial measure, see the Appendix beginning on Slide 20 2. Gain / loss on sales of rental equipment, new equipment, parts and supplies. 3. REBITDA measures contribution from our core rental business without impact of sales of equipment, parts and supplies 29.5% 25.1% 30.8% 29.9% 33.9% 40.7% Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021 First Quarter Adjusted EBITDA Margins (2016 through 2021)

16NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. $73M Free cash flow3 of approximately $73 million for Q1 2021 2.2x Net leverage3 of 2.2x compared with 2.7x in March 2020 New net leverage target of 2.0x to 3.0x Credit Ratings Upgraded: Moody’s CFR to Ba3 from B1/ S&P (BB-/Stable) $1,200.0 $190.0$175.0 2020 2021 2022 2023 2024 2025 2026 2027 Disciplined Capital Management 1. The AR Facility is excluded from current maturities of long-term debt as the Company has the intent and ability to consummate refinancing and extend the term of the agreement 2. Total liquidity includes cash and cash equivalents and the unused commitments under the ABL Credit Facility and AR Facility. 3. For a definition and reconciliation to the most comparable GAAP financial measure, see the Appendix beginning on Slide 20 $ in millions, as of March 31, 2021 ABL Credit Facility Senior Unsecured Notes Total debt of $1.6 billion as of March 31, 2021, down by approximately $67 million from December 31, 2020 No near-term maturities and ample liquidity of $1.4 billion provides financial flexibility2 AR Facility1 Maturities $38.7 Finance Leases 2021-2027 ABL Credit Facility

17NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Ja n- 05 Ja n- 06 Ja n- 07 Ja n- 08 Ja n- 09 Ja n- 10 Ja n- 11 Ja n- 12 Ja n- 13 Ja n- 14 Ja n- 15 Ja n- 16 Ja n- 17 Ja n- 18 Ja n- 19 Ja n- 20 Ja n- 21 A New Cycle in the Making 50 1. Source: ARA / IHS Global Insights as of February 2021 3. Source: The American Institute of Architects (AIA) as of April 2021 2. Source: Dodge Analytics U.S. as of March 2021 Architecture Billings Index3 Equipment rental market forecast to grow from about $52 billion in 2020 to $62 billion in 2024 Secular trends favor rental versus ownership Healthcare, warehouse and infrastructure sectors reflect strong growth Select Market Forecasts2 U.S. Nonresidental Building Starts History Forecast 2018 2019 2020 2021 2022 2023 2024 YOY Growth +4% +5% (22)% +3% +8% +7% +3% Sectors with Tailwinds History Forecast 2018 2019 2020 2021 2022 2023 2024 Healthcare (3)% +3% (7)% +9% +8% +7% +5% Warehouse +2% +26% +6% +8% +7% +1% (1)% Infrastructure (1)% +10% (12)% +5% +6% +3% +2% March 55.6 $38 $31 $32 $35 $38 $41 $44 $47 $49 $51 $55 $58 $52 $53 $58 $61 $62 08 09 10 11 12 13 14 15 16 17 18 19 20E 21E 22E 23E 24E N.A. Equipment Rental Market1 ’20-'2 4E CA GR: ~ 4%

18NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Previous Current Adjusted EBITDA $730 to $760 million $800 to $840 million Net Rental Equipment Capital Expenditures $400 to $450 million $400 to $450 million Updating 2021 Full Year Guidance

19NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Improving Metrics Position Future Growth 4.1x 3.6x 3.1x 2.8x 2.4x 2.2x 2016 2017 2018 2019 2020 Q1 2021 34.5% 33.4% 34.6% 37.1% 38.7% 40.4% 2016 2017 2018 2019 2020 TTM Q1 2021 Net Leverage2 Adjusted EBITDA Margin1 1. For a definition and reconciliation to the most comparable GAAP financial measure, see slides 25 and 26 and previously filed presentations 2. For a definition and calculation, see slide 28 Focus on top line growth and operating leverage to continue to improve margins over time Strong free cash flow provides liquidity for growth initiatives Will continue opening greenfield locations and seeking accretive M&A in select geographies We are focused on disciplined fleet investment to fuel our strategic growth

Appendix

21NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Develop Our People and Culture Attract and retain diverse talent Align performance to shared purpose Support a safe and healthy work place culture Expand continuous learning to all employees Our Strategic Initiatives are Delivering Results Improve Operating Effectiveness Improve sales force effectiveness Improve safety and labor productivity Increase density in large urban markets Improve vendor management and fleet availability Enhance Customer Experience Provide premium products and solutions-based services Introduce innovative technology solutions Maintain COVID-19 protocols to protect customers and employees Disciplined Capital Management Drive EBITDA margin growth Maximize fleet management and utilization Operate within new net leverage target range of 2.0x to 3.0x Expand and Diversify Revenues Broaden customer base Expand products and services Grow pricing and ancillary revenues Seek accretive M&A in selective geographies, verticals and selected products

22NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. $536.2 $585.4 $684.8 $741.0 $689.4 $726.3 2016 2017 2018 2019 2020 TTM Q1 2021 Margin and Net Leverage Show Positive Trends Equipment Rental Revenue 4.1x 3.6x 3.1x 2.8x 2.4x 2.2x 2016 2017 2018 2019 2020 Q1 2021 34.5% 33.4% 34.6% 37.1% 38.7% 40.4% 2016 2017 2018 2019 2020 TTM Q1 2021 Net Leverage2Adjusted EBITDA Margin1 Adjusted EBITDA1 1. For a definition and reconciliation to the most comparable GAAP financial measure, see slides 25 and 26 and previously filed presentations 2. For a definition and calculation, see slide 28 $ in millions $ in millions $1,352.7 $1,499.0 $1,658.3 $1,701.8 $1,543.7 $1,557.6 2016 2017 2018 2019 2020 TTM Q1 2021 ’16-‘20 CAGR: 3.4% ’16-‘2 0 CA GR: 6 .5%

23NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. OEC: Original Equipment Cost which is an operating measure based on the guidelines of the American Rental Association (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). Fleet Age: The OEC weighted age of the entire fleet, based on ARA guidelines. Glossary of Terms Commonly Used in the Industry Net Fleet Capital Expenditures: Capital expenditures of rental equipment minus the proceeds from disposal of rental equipment. Dollar Utilization ($ UT): Dollar utilization is an operating measure calculated by dividing rental revenue by the average OEC of the equipment fleet for the relevant time period, based on ARA guidelines. Pricing: Change in pure pricing achieved in one period versus another period. This is applied both to year-over-year and sequential comparisons. Rental rates are based on ARA guidelines and 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.

24NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Three Months Ended March 31, 2021 2020 Net income $32.9 $(3.7) Impairment — 6.3 Other(1) 0.6 0.2 Tax impact of adjustments(2) (0.2) (1.7) Adjusted net income $33.3 $1.1 Diluted common shares 30.2 29.3 Adjusted earnings per diluted share $1.10 $0.04 Reconciliation of Adjusted Net Income and Adjusted Earnings Per Diluted Share 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, 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. (1) Merger and acquisition related and spin-off costs are included in Other. (2) The tax rate applied for adjustments is 25.7% and reflects the statutory rates in the applicable entities.

25NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Reconciliation of Net Income to Adj. EBITDA, Adj. EBITDA Margin, Rental Adj. EBITDA (REBITDA), REBITDA Margin and Flow-Through EBITDA, Adjusted EBITDA, and REBITDA - 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 merger and acquisition 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 disposal of a business and certain other items. REBITDA represents Adjusted EBITDA excluding the gain (loss) on sales of rental equipment and new equipment, parts and supplies. EBITDA, Adjusted EBITDA and REBITDA do not purport to be alternatives to net income as an indicator of operating performance. Additionally, none of these measures 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, REBITDA Margin and REBITDA Flow-Through - Adjusted EBITDA Margin (Adjusted EBITDA / Total Revenues) is a commonly used profitability ratio. REBITDA Margin (REBITDA / Equipment rental, service and other revenues) and REBITDA Flow-Through (the year-over-year change in REBITDA/the year-over-year change in Equipment rental, service, and other revenues) are useful operating profitability ratios to management and investors.

26NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. $ in millions Three Months Ended March 31, 2021 2020 Net income $32.9 ($3.7) Income tax provision 8.2 1.1 Interest expense, net 21.4 24.4 Depreciation of rental equipment 100.4 100.4 Non-rental depreciation and amortization 15.8 15.8 EBITDA 178.7 138.0 Non-cash stock-based compensation charges 5.3 3.2 Impairment — 6.3 Other(1) 0.6 0.2 Adjusted EBITDA 184.6 147.7 Less: Gain (loss) on sales of rental equipment 5.8 (2.4) Less: Gain (loss) on sales of new equipment, parts and supplies 1.9 1.9 Rental Adjusted EBITDA (REBITDA) $176.9 $148.2 Total Revenues $453.8 $436.2 Less: Sales of rental equipment 44.2 40.0 Less: Sales of new equipment, parts and supplies 6.1 7.0 Equipment rental, service and other revenues $403.5 $389.2 Total Revenues $453.8 $436.2 Adjusted EBITDA $184.6 $147.7 Adjusted EBITDA Margin 40.7 % 33.9 % Equipment rental, service and other revenues $403.5 $389.2 REBITDA $176.9 $148.2 REBITDA Margin 43.8 % 38.1 % YOY Change in REBITDA $28.7 YOY Change in Equipment rental, service and other revenues $14.3 YOY REBITDA Flow-Through 200.7 % Reconciliation of Net Income to Adj. EBITDA, Adj. EBITDA Margin, Rental Adj. EBITDA (REBITDA), REBITDA Margin and Flow-Through (1) Merger and acquisition related and spin-off costs are included in Other.

27NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. $ in millions Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Total Revenues $436.2 $368.0 $456.7 $520.4 $1,781.3 $453.8 Less: Sales of rental equipment 40.0 31.4 45.3 81.8 198.5 44.2 Less: Sales of new equipment, parts and supplies 7.0 7.0 6.2 8.0 28.2 6.1 Equipment rental, service and other revenues $389.2 $329.6 $405.2 $430.6 $1,554.6 $403.5 Net income (loss) ($3.7) $2.0 $39.9 $35.5 $73.7 $32.9 Income tax provision (benefit) 1.1 (1.9) 11.7 9.5 20.4 8.2 Interest expense, net 24.4 23.3 22.4 22.5 92.6 21.4 Depreciation of rental equipment 100.4 101.4 101.9 100.2 403.9 100.4 Non-rental depreciation and amortization 15.8 15.7 15.5 15.5 62.5 15.8 EBITDA $138.0 $140.5 $191.4 $183.2 $653.1 $178.7 Restructuring — 0.7 — — 0.7 — Non-cash stock-based compensation charges 3.2 1.7 5.4 6.1 16.4 5.3 Loss on disposal of business — 2.8 — — 2.8 — Impairment 6.3 3.2 — 5.9 15.4 — Other(1) 0.2 0.5 (0.1) 0.4 1.0 0.6 Adjusted EBITDA $147.7 $149.4 $196.7 $195.6 $689.4 $184.6 Less: Gain (loss) on sales of rental equipment (2.4) 1.8 (1.0) (3.5) (5.1) 5.8 Less: Gain on sales of new equipment, parts and supplies 1.9 1.9 1.8 2.1 7.7 1.9 Rental Adjusted EBITDA (REBITDA) $148.2 $145.7 $195.9 $197.0 $686.8 $176.9 REBITDA Margin 38.1 % 44.2 % 48.3 % 45.8 % 44.2 % 43.8 % YOY REBITDA Flow-Through 107.4 % 31.0 % 20.9 % 59.4 % 27.9 % 200.7 % REBITDA Margin Trend (1) Merger and acquisition related and spin-off costs are included in Other.

28NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Calculation of Net Leverage Ratio $ in millions Q1 2021 Q4 2020 Q1 2020 Long-Term Debt, Net $1,585.2 $1,651.5 $2,041.6 (Plus) Current maturities of long-term debt 11.7 12.2 22.2 (Plus) Unamortized debt issuance costs 6.8 7.1 7.7 (Less) Cash and Cash Equivalents (32.9) (33.0) (55.8) Net Debt $1,570.8 $1,637.8 $2,015.7 Trailing Twelve-Month Adjusted EBITDA $726.3 $689.4 $746.4 Net Leverage 2.2 x 2.4 x 2.7 x Net Leverage Ratio –The Company has defined its net leverage ratio as net debt, as calculated below, divided by adjusted EBITDA for the trailing twelve- month period. This measure should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The Company’s definition of this measure may differ from similarly titled measures used by other companies.

29NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Reconciliation of Free Cash Flow Free cash flow is not a recognized term under GAAP and should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP. Further, since all companies do not use identical calculations, our definition and presentation of this measure may not be comparable to similarly titled measures reported by other companies. 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 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. $ in millions Three Months Ended March 31, Years Ended December 31, 2021 2020 2020 2019 2018 Net cash provided by operating activities $134.7 $101.5 $610.9 $635.6 $559.1 Rental equipment expenditures (90.9) (83.0) (344.1) (638.4) (771.4) Proceeds from disposal of rental equipment 40.3 34.6 192.5 224.2 272.3 Net Fleet Capital Expenditures (50.6) (48.4) (151.6) (414.2) (499.1) Non-rental capital expenditures (13.4) (15.5) (41.4) (56.9) (77.6) Proceeds from disposal of property and equipment 1.8 1.6 6.6 7.7 9.7 Other — — — 4.0 — Free Cash Flow $72.5 $39.2 $424.5 $176.2 ($7.9)

30NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Historical Fleet at OEC1 $ in millions FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q1 2020 Q1 2021 Beginning Balance $3,384 $3,556 $3,651 $3,777 $3,822 $3,822 $3,589 Expenditures $495 $524 $774 $627 $349 $109 $117 Disposals ($328) ($442) ($607) ($593) ($551) ($110) ($111) Foreign Currency / Other $5 $13 ($41) $11 ($31) ($21) $31 Ending Balance $3,556 $3,651 $3,777 $3,822 $3,589 $3,800 $3,626 Proceeds as a percent of OEC 41.7 % 39.8 % 37.8 % 40.9 % 37.0 % 37.1 % 40.1 % 1. Original equipment cost based on ARA guidelines

31NYSE: HRI ©2021 Herc Rentals Inc. All Rights Reserved. Fleet Mix 1. Original equipment cost based on ARA guidelines March 31, 2021 March 31, 2020 Aerial - Booms 16.2 % 17.0 % Aerial - Scissors & Other 7.2 % 7.3 % Earthmoving - Compact 7.9 % 8.1 % Earthmoving - Heavy 5.6 % 5.7 % Material Handling - Telehandlers 13.1 % 13.6 % Material Handling - Industrial 3.9 % 4.0 % Trucks and Trailers 14.9 % 14.2 % ProSolutions® 17.3 % 16.0 % ProContractor 5.9 % 6.0 % Air Compressors 2.4 % 2.4 % Other 2.3 % 2.5 % Lighting 2.0 % 1.8 % Compaction 1.3 % 1.4 % Total 100.0 % 100.0 % OEC1 $3.63B $3.80B