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HercRentals Paul Dickard Vice President , Communications pdickard@hercrentals.com 239-301-1214 Elizabeth Higashi , CFA Vice President , Investor Relations & Sustainability ehigashi@hercrentals.com 239-301-1024 Herc Holdings Reports Third Quarter and Nine Months 2021 Results Third Quarter 2021 Highlights Press Release For Immediate Release NR 21-1021 Equipment rental revenue increased 29.2 % to $ 519.6 million Total revenues increased 20.5 % to $ 550.4 million Net income increased to $ 72.3 million or $ 2.37 per diluted share Adjusted EBITDA expanded 25.0 % to $ 245.9 million Adjusted EBITDA margin rose 160 basis points to 44.7 % Pricing improved 2.8 % Year - to - date free cash flow was $ 114.6 million The Company affirmed its full year 2021 guidance range for adjusted EBITDA of $ 870 million to $ 890 million and net capital fleet expenditures of $ 500 million to $ 550 million The Company declared its first quarterly dividend of $ 0.50 per share , to holders of record as of October 20 , 2021 and payable on November 4 , 2021 Bonita Springs , Fla . , October 21 , 2021 -- Herc Holdings Inc. ( NYSE : HRI ) ( " Herc Holdings " or the " Company " ) today reported financial results for the quarter ended September 30 , 2021. Equipment rental revenue was $ 519.6 million and total revenues were $ 550.4 million in the third quarter of 2021 , compared to $ 402.3 million and $ 456.7 million , respectively , for the same period last year . The Company reported net income of $ 72.3 million , or $ 2.37 per diluted share , in the third quarter of 2021 , compared to $ 39.9 million , or $ 1.35 per diluted share , in the same 2020 period . Third quarter 2021 adjusted net income was $ 72.7 million , or $ 2.38 per diluted share , compared to $ 39.8 million , or $ 1.35 per diluted share , in 2020. See page A - 5 for the adjusted net income and adjusted earnings per share calculations . " Our third quarter performance illustrates how Herc Rentals is shifting into high gear to capitalize on the benefits of operating leverage and scale that we discussed at our Investor Day , " said Larry Silber , president and chief executive officer . " We achieved another record for total revenues and adjusted EBITDA in the third quarter of 2021. Total revenues increased 21 % and adjusted EBITDA grew 25 % compared to the same period last year . Dollar utilization was also a record 46.0 % , enhanced by steady demand in our markets and a positive operating environment . Our long term strategy is driving results and we are positioned for a record year in 2021. " 2021 Third Quarter Financial Results Equipment rental revenue increased 29.2 % to $ 519.6 million compared to $ 402.3 million in the prior - year period . Total revenues increased 20.5 % to $ 550.4 million compared to $ 456.7 million in the prior - year period . The year - over - year increase of $ 93.7 million was related primarily to an increase in equipment rental revenue of $ 117.3 million , partially offset by a decrease of $ 28.7 million in sales of rental equipment . 1