$HRI
HERC HOLDINGS INC

2016 Q2 Form 10-Q Financial Statement

#000136447916000099 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $380.4M $2.692B
YoY Change -85.87% -4.88%
Cost Of Revenue $14.00M $18.50M
YoY Change -24.32%
Gross Profit $366.4M $2.674B
YoY Change -86.3%
Gross Profit Margin 96.32% 99.31%
Selling, General & Admin $74.20M $71.10M
YoY Change 4.36% -73.07%
% of Gross Profit 20.25% 2.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $94.80M $105.7M
YoY Change -10.31%
% of Gross Profit 25.87% 3.95%
Operating Expenses $74.20M $71.10M
YoY Change 4.36% -73.07%
Operating Profit $292.2M $2.602B
YoY Change -88.77%
Interest Expense -$13.50M $156.0M
YoY Change -108.65% -4.88%
% of Operating Profit -4.62% 5.99%
Other Income/Expense, Net $500.0K $1.600M
YoY Change -68.75% -92.38%
Pretax Income -$2.700M $19.60M
YoY Change -113.78% -83.8%
Income Tax $5.300M $9.000M
% Of Pretax Income 45.92%
Net Earnings -$8.000M $10.60M
YoY Change -175.47% -85.28%
Net Earnings / Revenue -2.1% 0.39%
Basic Earnings Per Share -$0.28 $0.35
Diluted Earnings Per Share -$0.28 $0.35
COMMON SHARES
Basic Shares Outstanding 28.30M shares 30.60M shares
Diluted Shares Outstanding 28.30M shares 30.60M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.60M
YoY Change
Cash & Equivalents $55.10M $9.300M
Short-Term Investments
Other Short-Term Assets $22.80M
YoY Change
Inventory $24.30M $75.00M
Prepaid Expenses
Receivables $269.4M
Other Receivables $18.50M
Total Short-Term Assets $377.6M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $266.8M $1.307B
YoY Change -79.59% 2.35%
Goodwill $91.00M $1.360B
YoY Change -93.31% 0.52%
Intangibles $302.8M $3.945B
YoY Change -92.32% -3.0%
Long-Term Investments
YoY Change
Other Assets $35.20M
YoY Change
Total Long-Term Assets $3.156B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $377.6M
Total Long-Term Assets $3.156B
Total Assets $3.534B $25.97B
YoY Change -86.39% -0.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $268.4M
YoY Change
Accrued Expenses $65.40M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $15.80M
YoY Change
Total Short-Term Liabilities $363.9M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $2.115B
YoY Change
Other Long-Term Liabilities $42.10M
YoY Change
Total Long-Term Liabilities $42.10M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $363.9M
Total Long-Term Liabilities $42.10M
Total Liabilities $3.187B $23.58B
YoY Change -86.49% 0.34%
SHAREHOLDERS EQUITY
Retained Earnings -$615.0M -$711.0M
YoY Change -13.5% 22.59%
Common Stock $300.0K $3.335B
YoY Change -99.99% 0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $692.0M $87.00M
YoY Change 695.4% 0.0%
Treasury Stock Shares 2.700M shares 4.000M shares
Shareholders Equity $347.4M $1.521B
YoY Change
Total Liabilities & Shareholders Equity $3.534B $25.97B
YoY Change -86.39% -0.76%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$8.000M $10.60M
YoY Change -175.47% -85.28%
Depreciation, Depletion And Amortization $94.80M $105.7M
YoY Change -10.31%
Cash From Operating Activities $105.5M $111.0M
YoY Change -4.95%
INVESTING ACTIVITIES
Capital Expenditures -$114.5M -$253.8M
YoY Change -54.89%
Acquisitions
YoY Change
Other Investing Activities $36.80M $35.10M
YoY Change 4.84%
Cash From Investing Activities -$77.70M -$218.7M
YoY Change -64.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.500M 100.2M
YoY Change -92.51%
NET CHANGE
Cash From Operating Activities 105.5M 111.0M
Cash From Investing Activities -77.70M -218.7M
Cash From Financing Activities 7.500M 100.2M
Net Change In Cash 35.30M -7.500M
YoY Change -570.67%
FREE CASH FLOW
Cash From Operating Activities $105.5M $111.0M
Capital Expenditures -$114.5M -$253.8M
Free Cash Flow $220.0M $364.8M
YoY Change -39.69%

Facts In Submission

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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:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Background</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Herc Holdings Inc. ("we", "us", "our", "Herc Holdings" or "the Company," or as the context requires, "its") is among the largest equipment rental companies in North America. It conducts substantially all of its operations through subsidiaries, including Herc Rentals Inc. ("Herc"). Operations are conducted under the Herc Rentals brand in the United States, China, the United Kingdom and through joint ventures in Saudi Arabia and Qatar, as well as under the Hertz Equipment Rental brand in Canada. At </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company had approximately </font><font style="font-family:inherit;font-size:10pt;">280</font><font style="font-family:inherit;font-size:10pt;"> company-operated locations, as well as approximately </font><font style="font-family:inherit;font-size:10pt;">15</font><font style="font-family:inherit;font-size:10pt;"> franchisee owned locations. The Company has been in the equipment rental business since </font><font style="font-family:inherit;font-size:10pt;">1965</font><font style="font-family:inherit;font-size:10pt;"> and is a full-line equipment rental supplier in key markets, including commercial and residential construction, industrial and manufacturing, refineries and petrochemicals, civil infrastructure, automotive, government and municipalities, energy, remediation, emergency response, facilities, entertainment and agriculture.&#160; The equipment rental business is supported by ProSolutions</font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">TM</sup></font><font style="font-family:inherit;font-size:10pt;">, the Company's industry specific solutions-based services, and its professional grade tools, commercial vehicles, and pump, power and climate control product offerings. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In </font><font style="font-family:inherit;font-size:10pt;">March 2014</font><font style="font-family:inherit;font-size:10pt;">, Hertz Global Holdings, Inc. ("Hertz Holdings") announced its intent to separate its car rental and equipment rental businesses into </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> independent, publicly traded companies through a spin-off (the "Spin-Off"). On </font><font style="font-family:inherit;font-size:10pt;">June&#160;6, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Registration Statement on Form 10, as amended, filed by Hertz Rental Car Holding Company, Inc. ("New Hertz"), a wholly owned subsidiary of Hertz Holdings, was declared effective by the U.S. Securities and Exchange Commission ("SEC"). On </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, Hertz Holdings completed the separation of the car rental business and the equipment rental business into </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> independent, publicly traded companies. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To effect the separation, Hertz Holdings undertook an internal reorganization pursuant to which all of the shares of The Hertz Corporation ("THC"), the primary operating company of Hertz Holdings&#8217; car rental business, became indirectly held by New Hertz, and all of the shares of Herc, the primary operating company of Hertz Holdings&#8217; equipment rental business, became indirectly held by Hertz Investors, Inc., a wholly owned subsidiary of Hertz Holdings. Following the internal reorganization, Hertz Holdings distributed all of the shares of common stock of New Hertz to the stockholders of Hertz Holdings on a pro rata basis. Following the distribution, New Hertz operates the car rental business through THC and its subsidiaries and Hertz Holdings, which was renamed Herc Holdings Inc., continues to operate the equipment rental business. In connection with the separation, Herc Holdings changed the symbol for its common stock to "HRI," New Hertz was renamed Hertz Global Holdings, Inc. and New Hertz common stock, under the ticker symbol "HTZ", began trading "regular way" on the New York Stock Exchange on </font><font style="font-family:inherit;font-size:10pt;">July&#160;1, 2016</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For accounting purposes, due to the relative significance of New Hertz to Hertz Holdings, New Hertz was considered the spinnor or divesting entity and Herc Holdings was considered the spinnee or divested entity. As a result, despite the legal form of the transaction, New Hertz was the &#8220;accounting successor&#8221; to Hertz Holdings. Under the accounting rules, the historical financial information of New Hertz is required to reflect the financial information of Hertz Holdings, as if New Hertz spun off Herc Holdings in the Spin-Off. In contrast, the historical financial information of Herc Holdings, including such information presented in these condensed consolidated and combined financial statements, reflects the financial information of the equipment rental business and certain parent legal entities of Herc as historically operated as part of Hertz Holdings, as if Herc Holdings was a stand-alone company for all periods presented. The historical financial information of Herc Holdings presented in these condensed consolidated and combined financial statements is not necessarily indicative of what Herc Holdings&#8217; financial position or results of operations actually would have been had Herc Holdings operated as a separate, independent company for the periods presented.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassification of Prior Period Presentation</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported condensed consolidated and combined balance sheets, results of operations, equity or cash flows for any period presented.</font></div></div>

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