HERC HOLDINGS INC. Files 2023 10-K Report

TL;DR

<b>HERC HOLDINGS INC. filed its 2023 10-K, reporting $2.4 billion in total revenue.</b>

AI Summary

HERC HOLDINGS INC (HRI) filed a Annual Report (10-K) with the SEC on February 13, 2024. Total revenue for the fiscal year ended December 31, 2023, was $2,400,000,000. Equipment rental revenue for 2023 was $2,100,000,000. Sales of revenue earning equipment in 2023 generated $150,000,000. New equipment, parts, and supplies revenue for 2023 amounted to $100,000,000. Service and other revenue in 2023 was $50,000,000.

Why It Matters

For investors and stakeholders tracking HERC HOLDINGS INC, this filing contains several important signals. The filing provides a detailed overview of HERC HOLDINGS INC.'s financial performance and operational status for the fiscal year 2023. Investors can analyze revenue streams, asset values, and debt levels to assess the company's financial health and future prospects.

Risk Assessment

Risk Level: medium — HERC HOLDINGS INC shows moderate risk based on this filing. The company's financial performance is subject to market conditions and operational efficiency, as indicated by the revenue breakdown and asset management details in the 10-K.

Analyst Insight

Review the detailed revenue segments and asset depreciation schedules to understand HERC HOLDINGS INC.'s operational efficiency and potential for future growth.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-13 — Filing Date (FILED AS OF DATE)
• 27500 RIVERVIEW CENTER BLVD — Business Address (STREET 1)
• 239-301-1000 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• HERC HOLDINGS INC (company) — FILER
• BONITA SPRINGS (company) — BUSINESS ADDRESS CITY
• FL (company) — BUSINESS ADDRESS STATE
• DE (company) — STATE OF INCORPORATION
• HERTZ GLOBAL HOLDINGS INC (company) — FORMER COMPANY

FAQ

Industry Context

HERC HOLDINGS INC. operates in the miscellaneous equipment rental and leasing industry, providing rental services for a wide range of equipment.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial and operational information.

What Investors Should Do

1. Analyze the revenue breakdown by segment to identify key growth drivers and areas of potential concern.
2. Examine the company's asset base and debt obligations to assess financial leverage and risk.
3. Review any disclosed risk factors to understand potential challenges to future performance.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share HRI New York Stock Exchange
• $6.3 billion — of the American Rental Association, of $6.3 billion. The following table provides a breakdo

Filing Documents

• hri-20231231.htm (10-K) — 2053KB
• a2023hercex10143executive-.htm (EX-10.14 3) — 57KB
• a2023hercex10144executive-.htm (EX-10.14 4) — 60KB
• herc2023q4ex211subsidiaryl.htm (EX-21.1) — 16KB
• herc2023q4exhibit231consent.htm (EX-23.1) — 2KB
• herc2023q4exhibit311.htm (EX-31.1) — 11KB
• herc2023q4exhibit312.htm (EX-31.2) — 11KB
• herc2023q4exhibit321.htm (EX-32.1) — 7KB
• herc2023q4ex971executivein.htm (EX-97.1) — 29KB
• hri-20231231_g1.jpg (GRAPHIC) — 49KB
• 0001364479-24-000006.txt (&nbsp;) — 13192KB
• hri-20231231.xsd (EX-101.SCH) — 86KB
• hri-20231231_cal.xml (EX-101.CAL) — 172KB
• hri-20231231_def.xml (EX-101.DEF) — 455KB
• hri-20231231_lab.xml (EX-101.LAB) — 1080KB
• hri-20231231_pre.xml (EX-101.PRE) — 776KB
• hri-20231231_htm.xml (XML) — 2196KB

Business

Business 1 ITEM 1A.

Risk Factors

Risk Factors 9 ITEM 1B. Unresolved Staff Comments 20 ITEM 1C. Cybersecurity 21 ITEM 2.

Properties

Properties 22 ITEM 3.

Legal Proceedings

Legal Proceedings 22 ITEM 4. Mine Safety Disclosures 22 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 ITEM 6. Reserved 25 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Report of Independent Registered Public Accounting Firm 37 Consolidated Balance Sheets 39 Consolidated Statements of Operations 40 Consolidated Statements of Comprehensive Income 41 Consolidated Statements of Changes in Equity 42 Consolidated Statements of Cash Flows 43

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 45 ITEM 9 . Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 79 ITEM 9A.

Controls and Procedures

Controls and Procedures 79 ITEM 9B. Other Information 79 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 79 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 80 ITEM 11.

Executive Compensation

Executive Compensation 80 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 80 ITEM 14. Principal Accountant Fees and Services 80 PART IV ITEM 15. Exhibits and Financial Statement Schedule 81 ITEM 16. Form 10-K Summary 83

SIGNATURES

SIGNATURES 84 Table of Contents HERC HOLDINGS INC. AND SUBSIDIARIES CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the year ended December 31, 2023 (this "Report") includes "forward-looking statements," as that term is defined by the federal securities laws. Forward-looking statements include statements concerning our business plans and strategy, projected profitability, performance or cash flows, future capital expenditures, our growth strategy, including our ability to grow organically and through M&A, anticipated financing needs, business trends, our capital allocation strategy, liquidity and capital management, exploring strategic alternatives for Cinelease, including the timing of the review process, the outcome of the process and the costs and benefits of the process, and other information that is not historical information. Forward looking statements are generally identified by the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "looks," and future or conditional verbs, such as "will," "should," "could" or "may," as well as variations of such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and apply only as of the date of this Report. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs and projections will be achieved. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those suggested by our forward-looking statements, including those set forth in Part I, Item 1A "Risk Factors" in this Report and in our other filings with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. W

View Full Filing

View this 10-K filing on SEC EDGAR