$HRI
HERC HOLDINGS INC

2021 Q2 Form 10-Q Financial Statement

#000136447921000030 Filed on July 22, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $490.9M $368.0M
YoY Change 33.4% -22.54%
Cost Of Revenue $205.0M $162.0M
YoY Change 26.54% -28.51%
Gross Profit $285.9M $206.0M
YoY Change 38.79% -17.1%
Gross Profit Margin 58.24% 55.98%
Selling, General & Admin $74.00M $56.80M
YoY Change 30.28% -22.72%
% of Gross Profit 25.88% 27.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $117.1M $117.1M
YoY Change 0.0% 1.39%
% of Gross Profit 40.96% 56.84%
Operating Expenses $74.00M $56.80M
YoY Change 30.28% -22.72%
Operating Profit $211.9M $149.2M
YoY Change 42.02% -14.74%
Interest Expense -$21.00M -$23.30M
YoY Change -9.87% -26.27%
% of Operating Profit -9.91% -15.62%
Other Income/Expense, Net -$400.0K -$3.800M
YoY Change -89.47% 46.15%
Pretax Income $61.80M $100.0K
YoY Change 61700.0% -99.33%
Income Tax $14.70M -$1.900M
% Of Pretax Income 23.79% -1900.0%
Net Earnings $47.10M $2.000M
YoY Change 2255.0% -79.38%
Net Earnings / Revenue 9.59% 0.54%
Basic Earnings Per Share $1.59 $0.07
Diluted Earnings Per Share $1.55 $0.07
COMMON SHARES
Basic Shares Outstanding 29.60M shares 29.10M shares
Diluted Shares Outstanding 30.40M shares 29.20M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.60M $83.20M
YoY Change -58.41% 198.21%
Cash & Equivalents $34.60M $83.20M
Short-Term Investments
Other Short-Term Assets $32.30M $44.60M
YoY Change -27.58% 42.95%
Inventory
Prepaid Expenses
Receivables $312.8M $247.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $379.7M $374.8M
YoY Change 1.31% 1.99%
LONG-TERM ASSETS
Property, Plant & Equipment $2.875B $296.7M
YoY Change 869.09% 9.65%
Goodwill $108.2M $93.60M
YoY Change 15.6% 2.86%
Intangibles $303.2M $289.9M
YoY Change 4.59% -0.92%
Long-Term Investments
YoY Change
Other Assets $16.20M $19.00M
YoY Change -14.74% -25.49%
Total Long-Term Assets $3.303B $3.337B
YoY Change -1.02% -2.83%
TOTAL ASSETS
Total Short-Term Assets $379.7M $374.8M
Total Long-Term Assets $3.303B $3.337B
Total Assets $3.683B $3.712B
YoY Change -0.78% -2.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $190.6M $138.1M
YoY Change 38.02% -53.38%
Accrued Expenses $152.8M $121.7M
YoY Change 25.55% 16.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.20M $15.40M
YoY Change -33.77% -39.37%
Total Short-Term Liabilities $392.2M $310.5M
YoY Change 26.31% -32.22%
LONG-TERM LIABILITIES
Long-Term Debt $1.539B $1.931B
YoY Change -20.3% -3.66%
Other Long-Term Liabilities $44.70M $41.70M
YoY Change 7.19% -8.35%
Total Long-Term Liabilities $44.70M $41.70M
YoY Change 7.19% -8.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $392.2M $310.5M
Total Long-Term Liabilities $44.70M $41.70M
Total Liabilities $2.847B $3.078B
YoY Change -7.49% -4.35%
SHAREHOLDERS EQUITY
Retained Earnings -$197.5M -$352.9M
YoY Change -44.04% -10.82%
Common Stock $300.0K $300.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $692.0M $692.0M
YoY Change 0.0% 0.0%
Treasury Stock Shares 2.700M shares 2.700M shares
Shareholders Equity $835.4M $634.0M
YoY Change
Total Liabilities & Shareholders Equity $3.683B $3.712B
YoY Change -0.78% -2.36%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $47.10M $2.000M
YoY Change 2255.0% -79.38%
Depreciation, Depletion And Amortization $117.1M $117.1M
YoY Change 0.0% 1.39%
Cash From Operating Activities $193.2M $178.9M
YoY Change 7.99% 26.52%
INVESTING ACTIVITIES
Capital Expenditures -$155.9M -$88.50M
YoY Change 76.16% -51.8%
Acquisitions
YoY Change
Other Investing Activities $13.40M $49.20M
YoY Change -72.76% -16.89%
Cash From Investing Activities -$142.5M -$39.30M
YoY Change 262.6% -68.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -49.20M -112.9M
YoY Change -56.42% 718.12%
NET CHANGE
Cash From Operating Activities 193.2M 178.9M
Cash From Investing Activities -142.5M -39.30M
Cash From Financing Activities -49.20M -112.9M
Net Change In Cash 1.500M 26.70M
YoY Change -94.38% 734.37%
FREE CASH FLOW
Cash From Operating Activities $193.2M $178.9M
Capital Expenditures -$155.9M -$88.50M
Free Cash Flow $349.1M $267.4M
YoY Change 30.55% -17.72%

Facts In Submission

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hri Note Receivable On Disposals
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us-gaap Nature Of Operations
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Background <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Herc Holdings Inc. ("we," "us," "our," "Herc Holdings," or "the Company") is one of the leading equipment rental suppliers with 280 locations in North America at June 30, 2021. The Company conducts substantially all of its operations through subsidiaries, including Herc Rentals Inc. ("Herc"). With over 56 years of experience, the Company is a full-line equipment rental supplier offering a broad portfolio of equipment for rent. In addition to its principal business of equipment rental, the Company sells used equipment and contractor supplies such as construction consumables, tools, small equipment and safety supplies; provides repair, maintenance, equipment management services and safety training to certain of its customers; offers equipment re-rental services and provides on-site support to its customers; and provides ancillary services such as equipment transport, rental protection, cleaning, refueling and labor. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's classic fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction and lighting. The Company's equipment rental business is supported by ProSolutions®, its industry-specific solutions-based services, which includes power generation, climate control, remediation and restoration, and studio and production equipment, and its ProContractor professional grade tools.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 30, 2016, the Company, in its previous form as the holding company of both the existing equipment rental operations as well as the former vehicle rental operations (in its form prior to the Spin-Off, "Hertz Holdings"), completed a spin-off (the "Spin-Off") of its global vehicle rental business through a dividend to stockholders of all of the issued and outstanding common stock of Hertz Rental Car Holding Company, Inc., which was re-named Hertz Global Holdings, Inc. ("New Hertz") in connection with the Spin-Off. New Hertz is an independent public company and continues to operate its global vehicle rental business through its operating subsidiaries including The Hertz Corporation ("THC"). The Company began operating as an independent company and changed its name to Herc Holdings Inc. on June 30, 2016.</span></div>
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1663700000 USD
CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
10200000 USD
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12200000 USD
CY2021Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1539200000 USD
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1651500000 USD
CY2021Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
1580200000 USD
CY2021Q2 hri Lineof Credit Facility Remaining Borrowing Capacity Under Borrowing Base Limitation
LineofCreditFacilityRemainingBorrowingCapacityUnderBorrowingBaseLimitation
1480800000 USD
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22900000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1900000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-800000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
5500000 USD
CY2021Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
4300000 USD
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
47100000 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2000000.0 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
80000000.0 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1700000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29600000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29000000.0 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30400000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30300000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
100000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29000000.0 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.59
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.55
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06

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