Herc Holdings Inc.

After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, see the press star followed by the number one on your telephone keypad. And to withdraw your question, press star one again. And we kindly ask you to please limit to one question and one follow-up. Now, I would like to turn the call over to Leslie Hunsaker, Senior Vice President, Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. Today, we're reviewing our third quarter 2025 results with comments on operations and our financials, including our view of the industry and our strategic outlook. The prepared remarks will be followed by an open Q&A. Let me remind you that today's call will include forward-looking statements. These statements are based on the environment as we see it today and are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in the press release, our Form 10-Q, and in our most recent annual report, Form 10-K, as well as other filings with the SEC. Today, we're reporting our financial results on a gap basis, which include H&E results for June through September in the nine-month period for 2025. In addition, we will be discussing non-gap information that we believe is useful in evaluating the company's operating performance. Reconciliations for these non-gap measures to the closest gap equivalent can be found in the conference call materials. Finally, please mark your calendars to join our management meetings at the Baird Industrial Conference in Chicago on November 11th, Redburn Atlantic Virtual CEO Conference on December 2nd, and the Mellius Research Conference in New York on December 10th. This morning, I'm joined by Larry Silbert, President and Chief Executive Officer, Aaron Birnbaum, Senior Vice President and Chief Operating Officer, and Mark Humphrey, Senior Vice President and Chief Financial Officer. I'll now turn the call over to Larry.

Thank you, Leslie, and good morning, everyone. I want to start by thanking all of Team HERC for their incredible energy, focus, and commitment throughout the third quarter. Integrating the largest acquisition in our industry is no small feat, but our team has truly risen to the challenge, driving alignment, accelerating progress, supporting one another, and accomplishing a large systems migration, all while remaining focused on scaling operations in a mixed-demand environment. We continue to see robust activity across megaprojects and specialty solutions, underscoring the strength of our strategic positioning. In the local markets, growth is limited as new projects in the commercial sector remain on hold due to the high interest rate environment. In this bifurcated landscape, our scale, advanced technology platform, and diversification across geographies and markets and product lines continue to be competitive advantages is enabling us to operate with agility and resilience. At the same time, we're executing against our integration roadmap with discipline, speed, and a clear focus on unlocking both cost and revenue synergies within our three-year timeframe. Let's now turn to slide number five for an update on our progress. Since closing the transaction, we expanded our field operating structure from nine to 10 U.S. regions reorganized districts, and added key leadership roles to ensure operational continuity and scalability. Our regional vice presidents and field support staff continue to relentlessly manage change and support our teams for growth. Early on, we completed a comprehensive sales territory optimization exercise to restructure coverage and deepen customer relationships given our much larger scale. and we equipped our new sales team members with a broader product offering and expert product support. They are now undergoing training on enhanced market and customer analytics and customer engagement tools. Together, these initiatives will further improve retention and strengthen the capabilities and execution of our sales force. Equally important in the quarter, we completed the full systems integration. We got this done in just 90 days compared to the typical timeline of six to 18 months for companies of a similar size and complexity. This accelerated execution reflects the strength of our internal capabilities, discipline planning, and deep experience with enterprise technology deployments. This integration included an enterprise platform consolidation where we transitioned the H&E branch operations from SAP to our customized rental man front end system and Oracle ERP framework. Our proprietary pricing engine also is now fully integrated with centralized controls in place to ensure consistency, protect margins, and align pricing decisions with our broader business goals. Our logistics system is also now operational across the expanded network to improve delivery accuracy, and optimize route planning at the lowest possible cost. As we deployed our business intelligence suite across the acquired locations, giving us real-time visibility beginning this month into combined performance metrics, customer behavior, and operational KPIs. Finally, our industry-leading, customer-facing technology, ProControl by Herc Rentals, is now available to our entire customer portfolio enabling equipment running, tracking, and asset management and control from any device anywhere. We view these systems integrations not just as a technical milestone, but as strategic enablers. They're going to allow us to scale faster, operate smarter, and deliver more value to our customers and shareholders. The systems alignment marks a turning point. For the first time beginning in the fourth quarter, We have full visibility into our combined business and are now positioned to analyze the operations at a more granular district and branch level. Specifically this quarter, we're drilling down into three key areas. First, productivity. We're using the data to benchmark performance, flagging underperforming locations for deeper review, and identifying top-tier branches where we can replicate best practices to drive operational improvement across the organization. Second, expense management. We want to pinpoint additional variable cost saving opportunities, discontinue activities that do not align with our strategic priorities, and eliminate inefficiencies at the local level. And third, fleet management. After having conducted a full order of our combined equipment assets in the third quarter, we made good progress of disposing underutilized, off-brand, and aged acquisition fleet. Aaron will share some of those details. But our focus on fleet management is ongoing as we rebalance our portfolio to match demand patterns, optimize mix, and support scalable growth. Another way we're scaling the business for 2026 and beyond is by optimizing our network footprint. We've undertaken a market by market analysis of our combined branch locations with a goal of reducing redundancies and enabling better product allocation to further strengthen our market presence. Over the next six months, we expect to consolidate some general rental branches for cost and operational efficiencies. We'll repurpose certain of those branches into standalone specialty equipment locations. In other instances, we'll further expand access to our specialty solutions by co-locating specialty equipment within existing general rental facilities. These initiatives are expected to result in about 50 additional specialty locations, increasing our specialty network by 25% next year and supporting accelerated growth in these high margin product categories. Overall, we're making excellent progress on the integration. Our teams are getting acclimated. Our systems are unified. Our customers are already seeing early benefits. we remain confident in our ability to deliver the full value of the acquisition, both in terms of cost efficiencies and accelerated growth, while continuing to deliver on our long-term growth strategies, which are outlined on slide number six. As was said, integrating this acquisition is our primary focus, and therefore, we have paused other M&A initiatives for the time being and are completing the remaining in-flight greenfields. Year-to-date, we added 17 greenfield facilities, of which six were opened in the third quarter, and we have roughly 10 more new location openings planned for the fourth quarter. Capitalizing on the secular shift from ownership to rental, particularly in the specialty market, and yielding greater value from megaprojects through specialty solutions is a key focus for us. Further cross-selling specialty gear is an important component of the revenue synergies with H&E. In line with this strategy, we continue to over index our gross capex plans towards specialty with the goal of increasing this category as a percent of our overall fleet composition long term. And of course, repurposing general rental branches into Pro Solutions facilities, as I just mentioned, will support specialty equipment capacity for the 160 plus acquired locations. Finally, we continue to elevate our industry-leading, pro-control by Herc Reynolds technology offering with new efficiency features and controls, seamless navigation, and tailored experiences all in a single app, addressing our customers' more complex and expanding needs. While we work through the integration of H&E, we'll continue to follow our playbook, leveraging branch network scale, our broad fleet mix, technology leadership, and capital and operating discipline to position us to manage across the cycle and generate substantial growth over the long term. We are committed to our goal of becoming the supplier, employer, and investment of choice for the equipment rental industry. Now I'll turn the call over to Aaron, who will talk a little bit more about operating trends, and then Mark will take you through the third quarter financial performance and outlook. Aaron?