2016 Q1 Form 10-Q Financial Statement

#000136447916000058 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $2.311B $2.413B $2.454B
YoY Change -5.83% -5.71% -3.23%
Cost Of Revenue $13.10M $230.3M $230.2M
YoY Change -94.31% -19.9%
Gross Profit $2.298B $192.1M $171.1M
YoY Change 1243.02% -1.03%
Gross Profit Margin 99.43% 7.96% 6.97%
Selling, General & Admin $62.50M $74.00M $266.0M
YoY Change -76.5% -69.8% -3.62%
% of Gross Profit 2.72% 38.52% 155.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $92.30M $105.2M $101.9M
YoY Change -9.42% -1.31%
% of Gross Profit 4.02% 54.76% 59.56%
Operating Expenses $62.50M $160.1M $266.0M
YoY Change -76.5% -34.65% -3.62%
Operating Profit $2.235B $32.00M -$94.90M
YoY Change -2455.53% -162.87%
Interest Expense $157.0M $7.300M $154.0M
YoY Change 1.95% -165.77% -1.28%
% of Operating Profit 7.02% 22.81%
Other Income/Expense, Net $900.0K $55.80M -$5.000M
YoY Change -118.0% -1030.0% -266.67%
Pretax Income -$1.500M $95.10M $6.700M
YoY Change -122.39% -133.49% -110.81%
Income Tax $0.00 $16.90M -$16.00M
% Of Pretax Income 17.77% -238.81%
Net Earnings -$1.500M $78.20M $1.700M
YoY Change -188.24% -133.42% -102.46%
Net Earnings / Revenue -0.06% 3.24% 0.07%
Basic Earnings Per Share -$0.05 $2.68 $0.06
Diluted Earnings Per Share -$0.05 $2.68 $0.06
COMMON SHARES
Basic Shares Outstanding 28.30M shares 444.4M shares 459.0M shares
Diluted Shares Outstanding 28.30M shares 459.0M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.30M $15.70M
YoY Change -16.93%
Cash & Equivalents $19.90M $24.70M $585.0M
Short-Term Investments
Other Short-Term Assets $32.00M $27.00M
YoY Change -54.31%
Inventory $53.00M $22.30M $71.00M
Prepaid Expenses
Receivables $267.2M $287.8M
Other Receivables $8.700M $8.700M
Total Short-Term Assets $340.2M $361.5M
YoY Change -24.91%
LONG-TERM ASSETS
Property, Plant & Equipment $1.214B $246.6M $1.314B
YoY Change -7.61% -81.35% 2.5%
Goodwill $1.353B $91.00M $1.356B
YoY Change -0.22% -4.31% 0.22%
Intangibles $3.804B $566.5M $3.978B
YoY Change -4.37% -85.87% -2.98%
Long-Term Investments
YoY Change
Other Assets $16.00M $14.90M
YoY Change 24.17%
Total Long-Term Assets $23.69B $3.036B
YoY Change -87.08%
TOTAL ASSETS
Total Short-Term Assets $340.2M $361.5M
Total Long-Term Assets $23.69B $3.036B
Total Assets $24.03B $3.397B $24.60B
YoY Change -2.33% -85.84% 0.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $148.9M $109.5M
YoY Change -36.81%
Accrued Expenses $51.80M $47.80M
YoY Change -23.27%
Deferred Revenue
YoY Change
Short-Term Debt $73.70M $73.20M
YoY Change -84.5%
Long-Term Debt Due $10.30M $10.20M
YoY Change -3.77%
Total Short-Term Liabilities $325.3M $282.3M
YoY Change -62.8%
LONG-TERM LIABILITIES
Long-Term Debt $50.70M $53.30M
YoY Change -86.89%
Other Long-Term Liabilities $31.90M $32.10M
YoY Change 17.15%
Total Long-Term Liabilities $82.60M $32.10M
YoY Change -92.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $325.3M $282.3M
Total Long-Term Liabilities $82.60M $32.10M
Total Liabilities $21.99B $1.095B $22.25B
YoY Change -1.18% -94.91% 1.25%
SHAREHOLDERS EQUITY
Retained Earnings -$442.0M -$605.5M -$734.0M
YoY Change -39.78% -8.81% 12.58%
Common Stock $3.363B $3.343B $3.331B
YoY Change 0.96% 0.4% 2.71%
Preferred Stock
YoY Change
Treasury Stock (at cost) $692.0M $692.0M $87.00M
YoY Change 695.4% 695.4% 0.0%
Treasury Stock Shares 41.00M shares 2.700M shares 4.000M shares
Shareholders Equity $2.038B $2.302B $2.349B
YoY Change
Total Liabilities & Shareholders Equity $24.03B $3.397B $24.60B
YoY Change -2.33% -85.84% 0.54%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income -$1.500M $78.20M $1.700M
YoY Change -188.24% -133.42% -102.46%
Depreciation, Depletion And Amortization $92.30M $105.2M $101.9M
YoY Change -9.42% -1.31%
Cash From Operating Activities $102.6M $121.1M $137.2M
YoY Change -25.22% 0.33%
INVESTING ACTIVITIES
Capital Expenditures $4.700M -$72.00M -$140.2M
YoY Change -103.35% -55.25%
Acquisitions $0.00 $96.00M
YoY Change -100.0% 1500.0%
Other Investing Activities $45.80M $146.2M $78.60M
YoY Change -41.73% 191.24%
Cash From Investing Activities $4.400M $74.20M -$61.60M
YoY Change -107.14% -167.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $1.027B
YoY Change -100.0% 1016.3%
Cash From Financing Activities -$112.4M -181.9M -75.50M
YoY Change 48.87% 945.4%
NET CHANGE
Cash From Operating Activities $102.6M 121.1M 137.2M
Cash From Investing Activities $4.400M 74.20M -61.60M
Cash From Financing Activities -$112.4M -181.9M -75.50M
Net Change In Cash -$5.400M 13.40M 100.0K
YoY Change -5500.0% -281.08%
FREE CASH FLOW
Cash From Operating Activities $102.6M $121.1M $137.2M
Capital Expenditures $4.700M -$72.00M -$140.2M
Free Cash Flow $97.90M $193.1M $277.4M
YoY Change -64.71% -31.43%

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0 USD
CY2015Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
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97000000 USD
CY2016Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
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53000000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
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CY2016Q1 us-gaap Preferred Stock Shares Authorized
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200000000 shares
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0 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
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0 shares
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0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
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0 USD
CY2016Q1 us-gaap Preferred Stock Value
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0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
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CY2016Q1 us-gaap Prepaid Expense And Other Assets
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651000000 USD
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0 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
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3326000000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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1000000000 USD
CY2016Q1 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
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CY2015Q1 us-gaap Proceeds From Sale Of Other Property Plant And Equipment
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CY2016Q1 us-gaap Proceeds From Sale Of Other Property Plant And Equipment
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22000000 USD
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175000000 USD
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CY2015Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
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CY2015Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
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CY2016Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
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CY2015Q4 us-gaap Property Subject To Or Available For Operating Lease Net
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CY2016Q1 us-gaap Property Subject To Or Available For Operating Lease Net
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CY2015Q1 us-gaap Provision For Doubtful Accounts
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CY2016Q1 us-gaap Provision For Doubtful Accounts
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CY2015Q1 us-gaap Repayments Of Long Term Debt
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CY2016Q1 us-gaap Repayments Of Long Term Debt
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CY2015Q1 us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
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CY2016Q1 us-gaap Restructuring And Related Cost Expected Cost1
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CY2015Q4 us-gaap Restructuring Reserve
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CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q1 us-gaap Revenues
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CY2015Q4 us-gaap Treasury Stock Shares
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CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
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CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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424000000 shares
CY2016Q1 us-gaap Nature Of Operations
NatureOfOperations
<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></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 two independent, publicly traded companies. One of the companies, Hertz Rental Car Holding Company, Inc. ("HRCHC") will continue to operate the Hertz, Dollar, Thrifty and Firefly car rental businesses as well as Donlen; and the other, HERC Holdings, Inc. ("HERC Holdings") will operate the Hertz Equipment Rental Corporation ("HERC"). The Company expects to separate the businesses in a tax-efficient manner. In respect of the separation, in December 2015 HRCHC filed a registration statement on Form 10 with the U.S. Securities and Exchange Commission ("SEC") which was amended in February and April 2016.</font></div></div>

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