HERC Holdings Inc. Files Q2 2024 10-Q Report
Ticker: HRI · Form: 10-Q · Filed: Jul 23, 2024 · CIK: 1364479
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
HERC Holdings Q2 10-Q filed. Check financials.
AI Summary
HERC Holdings Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and first half of the fiscal year. Specific financial details and operational updates for HERC Holdings Inc. are provided within this report.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational status of HERC Holdings Inc., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks related to the company's performance, industry, or economic conditions.
Key Players & Entities
- HERC HOLDINGS INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240723 (date) — Filed as of Date
- 0001364479 (company) — Central Index Key
- DE (location) — State of Incorporation
- FL (location) — State of Business Address
- BONITA SPRINGS (location) — City of Business Address
- 27500 RIVERVIEW CENTER BLVD (address) — Street 1 of Business Address
- 20060531 (date) — Date of Former Company Name Change
- HERTZ GLOBAL HOLDINGS INC (company) — Former Company Name
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20240723.
What is HERC Holdings Inc.'s Central Index Key (CIK)?
HERC Holdings Inc.'s Central Index Key is 0001364479.
In which state was HERC Holdings Inc. incorporated?
HERC Holdings Inc. was incorporated in Delaware (DE).
What was the former name of HERC Holdings Inc. and when did the name change occur?
The former name was HERTZ GLOBAL HOLDINGS INC, and the date of the name change was 20060531.
Filing Stats: 4,792 words · 19 min read · ~16 pages · Grade level 15.4 · Accepted 2024-07-23 06:31:55
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share HRI New York Stock Exchange
Filing Documents
- hri-20240630.htm (10-Q) — 1089KB
- herc2024q2exhibit311.htm (EX-31.1) — 11KB
- herc2024q2exhibit312.htm (EX-31.2) — 11KB
- herc2024q2exhibit321.htm (EX-32.1) — 7KB
- 0001364479-24-000042.txt ( ) — 6037KB
- hri-20240630.xsd (EX-101.SCH) — 40KB
- hri-20240630_cal.xml (EX-101.CAL) — 87KB
- hri-20240630_def.xml (EX-101.DEF) — 168KB
- hri-20240630_lab.xml (EX-101.LAB) — 460KB
- hri-20240630_pre.xml (EX-101.PRE) — 332KB
- hri-20240630_htm.xml (XML) — 925KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM 1.
Financial Statements
Financial Statements 2 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 21 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 27 ITEM 4.
Controls and Procedures
Controls and Procedures 27
OTHER INFORMATION
PART II. OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 28 ITEM 1A.
Risk Factors
Risk Factors 28 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 ITEM 5. Other Information 28 ITEM 6. Exhibits 29 SIGNATURE 30 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 June 30, 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 un
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION ITEM l. FINANCIAL STATEMENTS HERC HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value) June 30, 2024 December 31, 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 70 $ 71 Receivables, net of allowances of $ 19 and $ 20 , respectively 570 563 Other current assets 55 77 Assets held for sale 22 21 Total current assets 717 732 Rental equipment, net 4,013 3,831 Property and equipment, net 517 465 Right-of-use lease assets 803 665 Intangible assets, net 514 467 Goodwill 590 483 Other long-term assets 9 10 Assets held for sale 412 408 Total assets $ 7,575 $ 7,061 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt and financing obligations $ 19 $ 19 Current maturities of operating lease liabilities 38 37 Accounts payable 286 212 Accrued liabilities 221 221 Liabilities held for sale 21 19 Total current liabilities 585 508 Long-term debt, net 3,864 3,673 Financing obligations, net 102 104 Operating lease liabilities 789 646 Deferred tax liabilities 761 743 Other long term liabilities 49 46 Liabilities held for sale 63 68 Total liabilities 6,213 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, 33.3 and 33.1 shares issued and 28.4 and 28.2 shares outstanding — — Additional paid-in capital 1,821 1,820 Retained earnings 595 498 Accumulated other comprehensive loss ( 127 ) ( 118 ) Treasury stock, at cost, 4.9 shares and 4.9 shares ( 927 ) ( 927 ) Total equity 1,362 1,273 Total liabilities and equity $ 7,575 $ 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) T