Hertz Files 8-K on Operations & Financial Condition

TL;DR

**Hertz just dropped an 8-K on its financials, get ready for the details.**

AI Summary

Hertz Global Holdings, Inc. filed an 8-K on January 11, 2024, to report on its 'Results of Operations and Financial Condition.' This filing indicates that Hertz Global Holdings, Inc. and its subsidiary, The Hertz Corporation, are providing an update on their financial status. For investors, this matters because it signals that the company is disclosing important financial information that could impact its stock price and future outlook, requiring a closer look at the specific details of the 'Results of Operations and Financial Condition' which are not fully detailed in this initial filing.

Why It Matters

This filing signals that Hertz is providing an update on its financial health, which is crucial for investors to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing itself is administrative, but the 'Results of Operations and Financial Condition' it refers to could contain significant positive or negative news, making the underlying information medium risk.

Analyst Insight

Investors should monitor for subsequent filings or press releases from Hertz that will provide the actual 'Results of Operations and Financial Condition' to understand the financial implications.

Key Numbers

• 001-37665 — Commission File Number (Identifies Hertz Global Holdings, Inc. with the SEC.)
• 001-07541 — Commission File Number (Identifies The Hertz Corporation with the SEC.)
• 61-1770902 — I.R.S. Employer Identification No. (Identifies Hertz Global Holdings, Inc. for tax purposes.)
• 13-1938568 — I.R.S. Employer Identification No. (Identifies The Hertz Corporation for tax purposes.)

Key Players & Entities

• Hertz Global Holdings, Inc. (company) — registrant filing the 8-K
• The Hertz Corporation (company) — subsidiary of Hertz Global Holdings, Inc.
• January 11, 2024 (date) — date of earliest event reported and filing date
• Delaware (company) — state of incorporation for both registrants
• 001-37665 (dollar_amount) — Commission File Number for Hertz Global Holdings, Inc.
• 001-07541 (dollar_amount) — Commission File Number for The Hertz Corporation

Forward-Looking Statements

• Hertz will release detailed financial results related to 'Results of Operations and Financial Condition' soon. (Hertz Global Holdings, Inc.) — high confidence, target: 2024-02-15

FAQ

Key Financial Figures

• $0.01 — l Holdings, Inc. Common Stock Par value $0.01 per share HTZ The Nasdaq Stock Market L
• $13.80 — c. common stock at an exercise price of $13.80 per share, subject to adjustment HTZWW
• $245 million — ourth quarter of 2023, of approximately $245 million of incremental net depreciation expense
• $250 million — related to this action will approximate $250 million to $300 million in the aggregate over 2
• $300 million — action will approximate $250 million to $300 million in the aggregate over 2024 and 2025.
• $2.1 billion — fourth quarter of 2023 in the range of $2.1 billion to $2.2 billion, in line with historica
• $2.2 b — of 2023 in the range of $2.1 billion to $2.2 billion, in line with historical seasonal
• $120 million — for the fourth quarter in the range of ($120 million) to ($130 million). The Company's est
• $130 million — rter in the range of ($120 million) to ($130 million). The Company's estimated results for

Filing Documents

• htz-20240111.htm (8-K) — 49KB
• 0001657853-24-000010.txt ( ) — 232KB
• htz-20240111.xsd (EX-101.SCH) — 3KB
• htz-20240111_def.xml (EX-101.DEF) — 17KB
• htz-20240111_lab.xml (EX-101.LAB) — 33KB
• htz-20240111_pre.xml (EX-101.PRE) — 18KB
• htz-20240111_htm.xml (XML) — 5KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition Hertz Global Holdings, Inc. (the "Company" or "Hertz") has made the strategic decision to sell approximately 20,000 electric vehicles ("EVs") from its U.S. fleet, or about one-third of the global EV fleet. These vehicle dispositions, which were initiated in December 2023 and are expected to take place in an orderly fashion over the course of 2024, will cover multiple makes and models.EVs held for sale will remain eligible for rental within the Company's fleet during the sales process. The Company expects to reinvest a portion of the proceeds from the sale of EVs into the purchase of internal combustion engine ("ICE") vehicles to meet customer demand. The Company's decision to reduce its EV fleet will result in the recognition, during the fourth quarter of 2023, of approximately $245 million of incremental net depreciation expense related to the sale. This non-cash charge represents the write down of the EVs' carrying values as of December 31, 2023 to their fair values, less related expenses associated with the disposition of the vehicles. This charge is in addition to the depreciation expense that the Company will report for the fourth quarter in the ordinary course with respect to the remainder of its fleet. Future depreciation expense on the specific vehicles held for sale is expected to be limited to impacts from changes in the vehicles' condition and general market factors. Any gain or loss associated with the ultimate disposition of any specific EV will be recognized in the period of sale. The Company does not expect this EV fleet reduction and the corresponding addition of ICE vehicles to have a material impact on its asset-backed securitization facilities, nor does it anticipate the need to make additional cash contributions to such facilities as a result of this strategic action. The Company expects this action to better balance supply against expected demand of EVs. This will position the Company

Forward-Looking Statements

Forward-Looking Statements Certain statements contained in this Current Report on Form 8-K include "forward-looking statements." Forward-looking statements include information concerning the Company's liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts," "guidance" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but readers should understand that these statements are not guarantees of performance or results, and that the Company's actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Form 10-K, Form 10-Q and Form 8-K filed or furnished to the SEC. Important factors that could affect the Company's actual results and cause them to differ materially from those expressed in forward-looking statements include, among other things: the Company's ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including as a result of disruptions in the global supply chain and inflationary pressures; levels of travel demand, particularly business and leisure travel in the U.S. and in global markets; significant changes in the competitive environment and the effect of competition in the Company's markets on rental volume and pricing; occurrences that disrupt ren

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HERTZ GLOBAL HOLDINGS, INC. THE HERTZ CORPORATION (Registrants) By: /s/ ALEXANDRA BROOKS Name: Alexandra Brooks Title: Executive Vice President and Chief Financial Officer Date: January 11, 2024

View Full Filing

View this 8-K filing on SEC EDGAR