2015 Q1 Form 10-Q Financial Statement

#000136447915000014 Filed on July 16, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $2.454B $2.536B
YoY Change -3.23% 4.06%
Cost Of Revenue $230.2M
YoY Change
Gross Profit $171.1M
YoY Change
Gross Profit Margin 6.97%
Selling, General & Admin $266.0M $276.0M
YoY Change -3.62% 10.4%
% of Gross Profit 155.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $101.9M
YoY Change
% of Gross Profit 59.56%
Operating Expenses $266.0M $276.0M
YoY Change -3.62% 10.4%
Operating Profit -$94.90M
YoY Change
Interest Expense $154.0M $156.0M
YoY Change -1.28% -11.76%
% of Operating Profit
Other Income/Expense, Net -$5.000M $3.000M
YoY Change -266.67%
Pretax Income $6.700M -$62.00M
YoY Change -110.81% -205.08%
Income Tax -$16.00M $7.000M
% Of Pretax Income -238.81%
Net Earnings $1.700M -$69.00M
YoY Change -102.46% -1250.0%
Net Earnings / Revenue 0.07% -2.72%
Basic Earnings Per Share $0.06 -$0.15
Diluted Earnings Per Share $0.06 -$0.15
COMMON SHARES
Basic Shares Outstanding 459.0M shares 447.0M shares
Diluted Shares Outstanding 459.0M shares 447.0M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $585.0M $498.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $71.00M $94.00M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.314B $1.282B
YoY Change 2.5% 1.26%
Goodwill $1.356B $1.353B
YoY Change 0.22% 0.52%
Intangibles $3.978B $4.100B
YoY Change -2.98% -1.47%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $24.60B $24.47B
YoY Change 0.54% 2.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $22.25B $21.98B
YoY Change 1.25% -0.28%
SHAREHOLDERS EQUITY
Retained Earnings -$734.0M -$652.0M
YoY Change 12.58% -25.74%
Common Stock $3.331B $3.243B
YoY Change 2.71% 0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $87.00M $87.00M
YoY Change 0.0% -81.37%
Treasury Stock Shares 4.000M shares 4.000M shares
Shareholders Equity $2.349B $2.578B
YoY Change
Total Liabilities & Shareholders Equity $24.60B $24.47B
YoY Change 0.54% 2.44%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $1.700M -$69.00M
YoY Change -102.46% -1250.0%
Depreciation, Depletion And Amortization $101.9M
YoY Change
Cash From Operating Activities $137.2M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$140.2M
YoY Change
Acquisitions $96.00M $6.000M
YoY Change 1500.0% 200.0%
Other Investing Activities $78.60M $0.00
YoY Change
Cash From Investing Activities -$61.60M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.027B $92.00M
YoY Change 1016.3% -69.23%
Cash From Financing Activities -75.50M
YoY Change
NET CHANGE
Cash From Operating Activities 137.2M
Cash From Investing Activities -61.60M
Cash From Financing Activities -75.50M
Net Change In Cash 100.0K
YoY Change
FREE CASH FLOW
Cash From Operating Activities $137.2M
Capital Expenditures -$140.2M
Free Cash Flow $277.4M
YoY Change

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0.01
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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-46000000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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2000000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Tax
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1000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Tax
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0 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
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3000000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
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CY2014Q1 us-gaap Other Operating Activities Cash Flow Statement
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2000000 USD
CY2015Q1 us-gaap Other Operating Activities Cash Flow Statement
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CY2014Q1 us-gaap Other Sales Revenue Net
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139000000 USD
CY2015Q1 us-gaap Other Sales Revenue Net
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CY2015Q1 us-gaap Payments For Restructuring
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10000000 USD
CY2014Q1 us-gaap Payments Of Financing Costs
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CY2015Q1 us-gaap Payments Of Financing Costs
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CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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6000000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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96000000 USD
CY2014Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
75000000 USD
CY2015Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
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97000000 USD
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
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200000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
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200000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
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0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
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0 USD
CY2015Q1 us-gaap Preferred Stock Value
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0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
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917000000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets
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990000000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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400000000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
CY2014Q1 us-gaap Proceeds From Lines Of Credit
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1081000000 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
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3326000000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Other Property Plant And Equipment
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25000000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Other Property Plant And Equipment
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22000000 USD
CY2014Q1 us-gaap Proceeds From Short Term Debt Maturing In More Than Three Months
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169000000 USD
CY2015Q1 us-gaap Proceeds From Short Term Debt Maturing In More Than Three Months
ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths
175000000 USD
CY2014Q1 us-gaap Profit Loss
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-69000000 USD
CY2015Q1 us-gaap Profit Loss
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CY2014Q4 us-gaap Property Plant And Equipment Net
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1322000000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
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CY2014Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
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CY2015Q1 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
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CY2015Q1 us-gaap Share Based Compensation
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4000000 USD
CY2014Q4 us-gaap Stockholders Equity
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2464000000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q1 us-gaap Revenues
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2536000000 USD
CY2015Q1 us-gaap Revenues
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2454000000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
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276000000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
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266000000 USD
CY2014Q1 us-gaap Share Based Compensation
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CY2014Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
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CY2015Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
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CY2014Q4 us-gaap Property Subject To Or Available For Operating Lease Net
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CY2015Q1 us-gaap Property Subject To Or Available For Operating Lease Net
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CY2014Q1 us-gaap Provision For Doubtful Accounts
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CY2015Q1 us-gaap Provision For Doubtful Accounts
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CY2014Q4 us-gaap Real Estate Gross At Carrying Value
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CY2015Q1 us-gaap Real Estate Gross At Carrying Value
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CY2014Q1 us-gaap Repayments Of Long Term Debt
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CY2015Q1 us-gaap Repayments Of Long Term Debt
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CY2014Q1 us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
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CY2015Q1 us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
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142000000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
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571000000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2015Q1 us-gaap Restructuring And Related Cost Incurred Cost
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CY2014Q1 us-gaap Restructuring Charges
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CY2015Q1 us-gaap Restructuring Charges
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CY2014Q4 us-gaap Restructuring Reserve
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CY2015Q1 us-gaap Restructuring Reserve
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CY2015Q1 us-gaap Restructuring Reserve Accrual Adjustment
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CY2015Q1 us-gaap Stockholders Equity
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CY2015Q1 us-gaap Stockholders Equity Before Treasury Stock
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CY2014Q4 us-gaap Taxes Payable Current And Noncurrent
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CY2015Q1 us-gaap Taxes Payable Current And Noncurrent
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CY2014Q4 us-gaap Treasury Stock Shares
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CY2015Q1 us-gaap Treasury Stock Shares
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CY2015Q1 us-gaap Treasury Stock Value
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CY2014Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
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CY2015Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
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352000000 USD
CY2014Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
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CY2015Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
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352000000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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459000000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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447000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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459000000 shares
CY2015Q1 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;"></font><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Background</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Hertz Global Holdings, Inc. ("Hertz Holdings," and together with its subsidiaries, the "Company") was incorporated in Delaware in 2005 to serve as the top-level holding company for Hertz Investors, Inc. which wholly owns The Hertz Corporation ("Hertz"), Hertz Holdings' primary operating company. The Company's common stock trades on the New York Stock Exchange under the symbol "HTZ".</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In March 2014, the Company announced that its Board of Directors approved plans to separate Hertz Holdings into </font><font style="font-family:Arial;font-size:10pt;">two</font><font style="font-family:Arial;font-size:10pt;"> independent, publicly traded companies. One of the companies will continue to operate the Hertz, Dollar, Thrifty and Firefly rental car businesses as well as Donlen; and the other will operate the Hertz Equipment Rental Corporation ("HERC"). The separation is planned to be in the form of a tax-free spin-off to Hertz Holdings' shareholders (the "HERC spin-off") and the Company expects to separate the businesses in a tax-efficient manner.</font></div></div>

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