HERC Holdings Inc. Files Q3 2024 10-Q Report

TL;DR

HERC Holdings Q3 2024 10-Q filed. Check financials.

AI Summary

HERC Holdings Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the quarter and the nine months ended September 30, 2024, is detailed in this 10-Q filing. Specific revenue figures and operational details are provided within the document.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for HERC Holdings Inc., crucial for understanding the company's current operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial data, not indicating immediate significant risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
• 2024-10-22 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• HERC Holdings Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241022 (date) — Date of filing

FAQ

Key Financial Figures

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

Filing Documents

• hri-20240930.htm (10-Q) — 1232KB
• herc2024q3exhibit311.htm (EX-31.1) — 11KB
• herc2024q3exhibit312.htm (EX-31.2) — 11KB
• herc2024q3exhibit321.htm (EX-32.1) — 7KB
• 0001364479-24-000058.txt ( ) — 6755KB
• hri-20240930.xsd (EX-101.SCH) — 45KB
• hri-20240930_cal.xml (EX-101.CAL) — 99KB
• hri-20240930_def.xml (EX-101.DEF) — 193KB
• hri-20240930_lab.xml (EX-101.LAB) — 497KB
• hri-20240930_pre.xml (EX-101.PRE) — 362KB
• hri-20240930_htm.xml (XML) — 1103KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 2 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 9 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 24 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 ITEM 4.

Controls and Procedures

Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 32 ITEM 1A.

Risk Factors

Risk Factors 32 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 ITEM 5. Other Information 32 ITEM 6. Exhibits 33 SIGNATURE 34 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 September 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, 20

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION ITEM l. FINANCIAL STATEMENTS HERC HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value) September 30, 2024 December 31, 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 142 $ 71 Receivables, net of allowances of $ 21 and $ 20 , respectively 623 563 Other current assets 66 77 Assets held for sale 20 21 Total current assets 851 732 Rental equipment, net 4,283 3,831 Property and equipment, net 541 465 Right-of-use lease assets 842 665 Intangible assets, net 572 467 Goodwill 659 483 Other long-term assets 9 10 Assets held for sale 415 408 Total assets $ 8,172 $ 7,061 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt and financing obligations $ 20 $ 19 Current maturities of operating lease liabilities 38 37 Accounts payable 360 212 Accrued liabilities 258 221 Liabilities held for sale 21 19 Total current liabilities 697 508 Long-term debt, net 4,163 3,673 Financing obligations, net 101 104 Operating lease liabilities 830 646 Deferred tax liabilities 799 743 Other long term liabilities 44 46 Liabilities held for sale 61 68 Total liabilities 6,695 5,788 Commitments and contingencies (Note 13) 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 1,829 1,820 Retained earnings 698 498 Accumulated other comprehensive loss ( 123 ) ( 118 ) Treasury stock, at cost, 4.9 shares and 4.9 shares ( 927 ) ( 927 ) Total equity 1,477 1,273 Total liabilities and equity $ 8,172 $ 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 da

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