HERC HOLDINGS INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>HERC HOLDINGS INC reported $574.5 million in revenue for Q1 2024, with equipment rental being the largest segment.</b>

AI Summary

HERC HOLDINGS INC (HRI) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Total revenue for the three months ended March 31, 2024, was $574.5 million. Equipment rental revenue for the three months ended March 31, 2024, was $518.1 million. Sales of revenue earning equipment for the three months ended March 31, 2024, was $27.9 million. New equipment, parts, and supplies revenue for the three months ended March 31, 2024, was $17.9 million. Service and other revenue for the three months ended March 31, 2024, was $10.6 million.

Why It Matters

For investors and stakeholders tracking HERC HOLDINGS INC, this filing contains several important signals. The filing provides a detailed breakdown of revenue streams, highlighting the significant contribution of equipment rental to the company's overall financial performance. This report offers insights into the company's financial health and operational segments for the first quarter of 2024, crucial for investors assessing performance trends.

Risk Assessment

Risk Level: medium — HERC HOLDINGS INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, significant positive or negative developments beyond normal business operations.

Analyst Insight

Monitor future filings for trends in equipment rental revenue and operational costs to assess HERC HOLDINGS INC's ongoing performance and market position.

Revenue Breakdown

Key Numbers

• 574.5 — Total Revenue (Three months ended March 31, 2024)
• 518.1 — Equipment Rental Revenue (Three months ended March 31, 2024)
• 27.9 — Sales of Revenue Earning Equipment (Three months ended March 31, 2024)
• 17.9 — New Equipment, Parts, and Supplies Revenue (Three months ended March 31, 2024)
• 10.6 — Service and Other Revenue (Three months ended March 31, 2024)

Key Players & Entities

• HERC HOLDINGS INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-23 (date) — FILED AS OF DATE
• 27500 RIVERVIEW CENTER BLVD (address) — BUSINESS ADDRESS
• BONITA SPRINGS (city) — BUSINESS ADDRESS
• FL (state) — BUSINESS ADDRESS
• 34134 (zip) — BUSINESS ADDRESS
• HERTZ GLOBAL HOLDINGS INC (company) — FORMER COMPANY

FAQ

Key Dates

• 2024-03-31: Quarter End — Period covered by the 10-Q filing.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share HRI New York Stock Exchange

Filing Documents

• hri-20240331.htm (10-Q) — 842KB
• herc2024q1ex101amendmentno.htm (EX-10.1) — 2193KB
• herc2024q1exhibit311.htm (EX-31.1) — 11KB
• herc2024q1exhibit312.htm (EX-31.2) — 11KB
• herc2024q1exhibit321.htm (EX-32.1) — 7KB
• 0001364479-24-000026.txt (&nbsp;) — 7596KB
• hri-20240331.xsd (EX-101.SCH) — 38KB
• hri-20240331_cal.xml (EX-101.CAL) — 85KB
• hri-20240331_def.xml (EX-101.DEF) — 148KB
• hri-20240331_lab.xml (EX-101.LAB) — 425KB
• hri-20240331_pre.xml (EX-101.PRE) — 308KB
• hri-20240331_htm.xml (XML) — 693KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 2 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 8 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 ITEM 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 27 ITEM 1A.

Risk Factors

Risk Factors 27 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 ITEM 5. Other Information 27 ITEM 6. Exhibits 28 SIGNATURE 29 Table of Contents HERC HOLDINGS INC. AND SUBSIDIARIES CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for the period ended March 31, 2024 (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 our Annual Report on Form 10-K for the year ended December 31, 2023 u

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION ITEM l. FINANCIAL STATEMENTS HERC HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value) March 31, 2024 December 31, 2023 ASSETS (Unaudited) Cash and cash equivalents $ 63 $ 71 Receivables, net of allowances of $ 17 and $ 20 , respectively 560 563 Other current assets 67 77 Assets held for sale 27 21 Total current assets 717 732 Rental equipment, net 3,831 3,831 Property and equipment, net 486 465 Right-of-use lease assets 721 665 Intangible assets, net 496 467 Goodwill 537 483 Other long-term assets 10 10 Assets held for sale 409 408 Total assets $ 7,207 $ 7,061 LIABILITIES AND EQUITY Current maturities of long-term debt and financing obligations $ 19 $ 19 Current maturities of operating lease liabilities 37 37 Accounts payable 201 212 Accrued liabilities 194 221 Liabilities held for sale 23 19 Total current liabilities 474 508 Long-term debt, net 3,753 3,673 Financing obligations, net 103 104 Operating lease liabilities 705 646 Deferred tax liabilities 750 743 Other long term liabilities 48 46 Liabilities held for sale 66 68 Total liabilities 5,899 5,788 Commitments and contingencies (Note 12) Equity: Preferred stock, $ 0.01 par value, 13.3 shares authorized, no shares issued and outstanding — — Common stock, $ 0.01 par value, 133.3 shares authorized, 33.2 and 33.1 shares issued and 28.3 and 28.2 shares outstanding — — Additional paid-in capital 1,815 1,820 Retained earnings 544 498 Accumulated other comprehensive loss ( 124 ) ( 118 ) Treasury stock, at cost, 4.9 shares and 4.9 shares ( 927 ) ( 927 ) Total equity 1,308 1,273 Total liabilities and equity $ 7,207 $ 7,061 The accompanying notes are an integral part of these financial statements. 2 Table of Contents HERC HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In millions, except per share data) Three Months Ended March 31, 2024 202

View Full Filing

View this 10-Q filing on SEC EDGAR