Hertz Global Holdings Files 8-K

TL;DR

Hertz filed a routine 8-K on 6/20/24, no major news here.

AI Summary

Hertz Global Holdings, Inc. filed an 8-K on June 20, 2024, to report on a Regulation FD Disclosure and Financial Statements and Exhibits. The filing does not contain specific financial figures or transactional details within the provided text, but indicates standard reporting procedures.

Why It Matters

This filing indicates Hertz is adhering to its reporting obligations with the SEC, which is standard practice for publicly traded companies.

Risk Assessment

Risk Level: low — The filing appears to be a standard procedural disclosure without any immediate negative or positive financial implications mentioned.

Key Players & Entities

• HERTZ GLOBAL HOLDINGS, INC (company) — Filer
• HERTZ CORP (company) — Filer
• 0000950103-24-008521 (filing_id) — Accession Number
• 20240620 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — Holdings, Inc. Common Stock Par value $0.01 per share HTZ The Nasdaq Stock Mark
• $13.80 — c. common stock at an exercise price of $13.80 per share, subject to adjustment HTZW
• $500 million — subject to market and other conditions, $500 million in aggregate principal amount of First
• $250 million — s due 2029 (the "First Lien Notes") and $250 million in aggregate principal amount of Exchan
• $300 — initiatives to result in DPU in the low $300s, Direct Operating Expense per transact
• $30 — per transaction day ("DOE") in the low $30s and an increase in Revenue Per Day ("R
• $15.2 b — tion ("ABS") programs was approximately $15.2 billion, and we had ABS indebtedness of a
• $12.3 b — e had ABS indebtedness of approximately $12.3 billion, implying unrealized equity in ou
• $2.9 billion — ed equity in our fleet of approximately $2.9 billion (including approximately $2.0 billion i
• $2.0 billion — y $2.9 billion (including approximately $2.0 billion in the U.S. ABS program). The lease pay
• $575 — ted to fall into the estimated range of $575 to $600 for the second quarter (compare
• $600 — all into the estimated range of $575 to $600 for the second quarter (compared to $59
• $592 — 600 for the second quarter (compared to $592 for the first quarter of 2024), which w
• $990 million — of 2024), which we expect to result in $990 million to $1,035 million in depreciation of re
• $1,035 million — we expect to result in $990 million to $1,035 million in depreciation of revenue-earning vehi

Filing Documents

• dp213066_8k.htm (8-K) — 61KB
• dp213066_ex9901.htm (EX-99.1) — 13KB
• 0000950103-24-008521.txt ( ) — 313KB
• htz-20240620.xsd (EX-101.SCH) — 3KB
• htz-20240620_def.xml (EX-101.DEF) — 27KB
• htz-20240620_lab.xml (EX-101.LAB) — 37KB
• htz-20240620_pre.xml (EX-101.PRE) — 26KB
• dp213066_8k_htm.xml (XML) — 7KB

01

Item 7.01 Regulation FD Disclosure. On June 20, 2024, Hertz Global Holdings, Inc. (the "Company," "Hertz Holdings," "we," "us" or "our") announced that its wholly-owned indirect subsidiary, The Hertz Corporation ("Hertz Corp."), intends to offer, subject to market and other conditions, $500 million in aggregate principal amount of First Lien Senior Secured Notes due 2029 (the "First Lien Notes") and $250 million in aggregate principal amount of Exchangeable Senior Second-Lien Secured PIK Notes due 2029 (the "Exchangeable Notes" and, together with the First Lien Notes, the "Notes"), in private offerings exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). A copy of the press release issued by the Company on June 20, 2024 announcing the offerings of the Notes is furnished as Exhibit 99.1 hereto and incorporated by reference herein. In connection with the offerings of the Notes described above, the Company anticipates disclosing the following information to prospective investors. Profitability Initiatives We are focused on driving profitability initiatives centered around refreshing our fleet and reducing our depreciation per unit per month ("DPU") to normalized levels, along with improving our cost structure to achieve parity with our competition and enhancing our revenue performance. We expect these initiatives to result in DPU in the low $300s, Direct Operating Expense per transaction day ("DOE") in the low $30s and an increase in Revenue Per Day ("RPD"). Completing our fleet refresh and rotation is one of the Company's highest priorities, and, when possible, we may elect to accelerate our fleet refresh activities. As we speed up this process, we expect more non-cash depreciation will shift into closer fiscal periods and could create additional variance in our depreciation for individual fiscal periods. However, any acceleration alone is not expected to change the total amount of accelerated depreciat

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Description 99.1 Press Release of Hertz Global Holdings, Inc. dated June 20, 2024 relating to the Offerings of the Notes 104.1 Cover page Interactive Data File (embedded within the Inline XBRL document)

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 (each, a Registrant) By: /s/ Wayne Gilbert West Name: Wayne Gilbert West Title: Chief Executive Officer Date: June 20, 2024

View Full Filing

View this 8-K filing on SEC EDGAR