Herc Holdings Inc.

Hello, everyone. Thank you for joining us and welcome to Herc Holdings' third quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Leslie Hunziker, Investor Relations. Leslie, please go ahead.

Thank you, Operator, and good morning, everyone. Today, we're reviewing our third quarter 2026 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 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 our most recent annual report on Form 10-K, as well as other filings with the SEC. In addition, we'll be discussing non-GAAP information that we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures to the closest GAAP equivalent can be found in the conference call materials. Finally, please mark your calendars to join our management meetings at BNP Paribas' virtual global group call on November 3rd, the Baird Global Industrials Conference in Chicago on November 10th, Rothschild & Company Redburn's virtual CEO conference on December 1st, and the Mellius Research Conference in New York on December 9th. This morning, I'm joined by Larry Silber, Chief Executive Officer, Aaron Birnbaum, President, 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. Before we turn to the quarter, I want to take a moment to address the announcement we made yesterday. Leading this company has been an honor and a highlight of my career, and after more than a decade as CEO, I've decided the time is right to transition to executive chairman at the start of next year. I'm thrilled that Aaron Birnbaum will step in as Herc Reynolds' next chief executive officer on January 1st. This transition reflects the strength of our succession planning and my complete confidence in Aaron and the entire leadership team. Aaron has been with Herc for more than 35 years. Over that time, he has served in key roles across branch operations, Sales, Regional Field Management, and Executive Leadership. And he understands this business as well as anyone in the industry. As our Chief Operating Officer, and most recently as President, Aaron's been instrumental in shaping our strategy and driving our operational excellence. There is no one better prepared to lead HERC into its next chapter. In my role as Executive Chairman, I will remain actively engaged, working closely with Aaron and the board on strategy, Capital Allocation, and continuing to build on the strong foundation we've established together. I could not be prouder of what this team has accomplished or more excited about where it's headed. And this quarter is a great example of why. The third quarter was an outstanding period for Herc Rentals, and it reflects the strategic positioning we've built over the past year. As a reminder, in 2025, we closed the largest acquisition in our industry's history. and just nine months later, we completed the integration of H&E Equipment Services, which Aaron quarterbacked from start to finish. That work is now firmly behind us and it has positioned us with a stronger and larger sales force, expanded scale and increased fleet availability to capture a greater share of wallet across the robust mega project pipeline. The third quarter is our first full quarter of comparable year over year combined results and the underlying performance is clear. Equipment rental revenue increased nearly 12% on an average OEC fleet growth of less than 2%. That relationship, strong revenue growth on modest fleet growth is the direct result of being good stewards of capital. We've managed our fleet assets tightly, aligned the right equipment to the right markets and driven meaningful improvement in fleet efficiency with our utilization up 360 basis points in the quarter. This is exactly the kind of disciplined execution that defines Team Earth. Now turning to slide five, we continue to follow our proven playbook, executing against our long-term growth strategies. First, we are growing the core. Our top line growth continues to be led by national accounts, fueled by robust mega project activity across data centers, infrastructure, manufacturing and energy. Our increased scale and broader fleet capacity allow us to take on more of these large complex projects and elevate our role with major contractors. Second, we are expanding specialty. Specialty revenues grew double digits year over year in the quarter and specialty once again represents 20% of our total fleet at OEC up from 17% a year ago. Specialty is a higher margin, higher return category, and we continue to disproportionately invest here to support mega projects, our new specialty branches, and the cross-selling opportunities our larger customer base provides. Third, we are elevating technology. As an industry leader, our proprietary pro-control platform remains a true differentiator, giving customers the insights and controls they need to track Measure, and manage your fleet for a safer, more efficient job site. And finally, we continue to invest responsibly in our fleet to support highly visible customer demand while maintaining capital discipline and managing our balance sheet for the long term. Now, moving on to slide six, our performance also reflects a culture built on accountability, collaboration, and shared commitment to our customers. As our organization has grown, that culture has kept our teams aligned and focused on consistent execution. Above all, safety remains our first priority. Our responsibility is to ensure our people have the training, tools, and well maintained equipment to work safely and help our customers do the same. That commitment underpins everything we accomplish. With that, let me turn it over to Aaron to walk you through our fleet performance and our operating initiatives. Aaron?