Company Quick10K Filing
Hertz Global
Price13.67 EPS-0
Shares142 P/E-67
MCap1,941 P/FCF1
Net Debt-695 EBIT57
TEV1,246 TEV/EBIT22
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-06
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
8-K 2020-08-10 Officers
8-K 2020-08-10 Earnings, Exhibits
8-K 2020-07-24 Regulation FD, Other Events, Exhibits
8-K 2020-06-18
8-K 2020-06-17
8-K 2020-06-15
8-K 2020-06-15
8-K 2020-06-12
8-K 2020-05-27
8-K 2020-05-26
8-K 2020-05-19
8-K 2020-05-15
8-K 2020-05-11
8-K 2020-05-06
8-K 2020-05-04
8-K 2020-04-27
8-K 2020-04-14
8-K 2020-03-26
8-K 2020-03-17
8-K 2020-02-24
8-K 2019-11-25
8-K 2019-11-22
8-K 2019-11-14
8-K 2019-11-08
8-K 2019-11-04
8-K 2019-08-07
8-K 2019-08-02
8-K 2019-07-18
8-K 2019-07-18
8-K 2019-07-18
8-K 2019-07-15
8-K 2019-07-12
8-K 2019-06-26
8-K 2019-06-13
8-K 2019-05-24
8-K 2019-05-07
8-K 2019-03-25
8-K 2019-03-07
8-K 2019-02-26
8-K 2019-01-02
8-K 2018-12-06
8-K 2018-11-09
8-K 2018-11-01
8-K 2018-10-01
8-K 2018-08-31
8-K 2018-08-21
8-K 2018-08-20
8-K 2018-08-07
8-K 2018-05-23
8-K 2018-05-09
8-K 2018-05-08
8-K 2018-04-24
8-K 2018-03-09
8-K 2018-02-28
8-K 2018-02-28
8-K 2018-01-26
8-K 2018-01-17

HTZ 10Q Quarterly Report

Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Note 1 - Background
Note 2 - Basis of Presentation and Recently Issued Accounting Pronouncements
Note 3 - Divestitures
Note 4 - Goodwill and Intangible Assets, Net
Note 5 - Debt
Note 6 - Leases
Note 7 - Restructuring
Note 8 - Income Tax (Provision) Benefit
Note 9 - Earnings (Loss) per Share - Hertz Global
Note 10 - Employee Retirement Benefits
Note 11 - Fair Value Measurements
Note 12 - Contingencies and Off - Balance Sheet Commitments
Note 13 - Related Party Transactions
Note 14 - Segment Information
Note 15 - Liabilities Subject To Compromise
Note 16 - Reorganization Items, Net
Note 17 - Condensed Combined Debtor - in - Possession Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 5. Other Information
Item 6. Exhibits
EX-31.1 hghq22020exhibit311.htm
EX-31.2 hghq22020exhibit312.htm
EX-31.3 thcq22020exhibit313.htm
EX-31.4 thcq22020exhibit314.htm
EX-32.1 hghq22020exhibit321.htm
EX-32.2 hghq22020exhibit322.htm
EX-32.3 thcq22020exhibit323.htm
EX-32.4 thcq22020exhibit324.htm

Hertz Global Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
30241812602015201620182020
Assets, Equity
2.92.21.50.90.2-0.52015201620182020
Rev, G Profit, Net Income
2.11.10.1-1.0-2.0-3.02015201620182020
Ops, Inv, Fin

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

HERTZ GLOBAL HOLDINGS, INC.
THE HERTZ CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-3766561-1770902
Delaware001-0754113-1938568
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. Employer Identification No.)
8501 Williams Road
Estero,Florida33928
239301-7000
(Address, including Zip Code, and
telephone number, including area code,
of registrant's principal executive offices)
Not Applicable
(Former name, former address and
former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which Registered
Hertz Global Holdings, Inc.Common Stockpar value $0.01 per shareHTZNew York Stock Exchange
The Hertz CorporationNoneNoneNone

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Hertz Global Holdings, Inc. Yes  No 
The Hertz Corporation Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Hertz Global Holdings, Inc. Yes  No 
The Hertz Corporation Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Hertz Global Holdings, Inc.Large accelerated filerAccelerated filer Non-accelerated filer
Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
The Hertz CorporationLarge accelerated filer Accelerated filer Non-accelerated filer
Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Hertz Global Holdings, Inc. Yes  No 
The Hertz Corporation Yes  No 

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
ClassShares Outstanding as ofAugust 3, 2020
Hertz Global Holdings, Inc.Common Stock,par value $0.01 per share156,206,478
The Hertz Corporation(1)
Common Stock,par value $0.01 per share100
(1)(100% owned by
Rental Car Intermediate Holdings, LLC)


Table of Contents
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES
(DEBTORS-IN-POSSESSION)
TABLE OF CONTENTS
  Page
 
 


Table of Contents
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES
(DEBTORS-IN-POSSESSION)
PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Index
Page
Hertz Global Holdings, Inc. and Subsidiaries (Debtor-in-Possession)
The Hertz Corporation and Subsidiaries (Debtor-in-Possession)
Notes to the Condensed Consolidated Financial Statements

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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
June 30,
2020
December 31,
2019
ASSETS
Cash and cash equivalents$1,366  $865  
Restricted cash and cash equivalents:
Vehicle649  466  
Non-vehicle296  29  
Total restricted cash and cash equivalents945  495  
Total cash, cash equivalents, restricted cash and restricted cash equivalents2,311  1,360  
Receivables:
Vehicle819  791  
Non-vehicle, net of allowance of $44 and $35, respectively
747  1,049  
Total receivables, net1,566  1,840  
Prepaid expenses and other assets563  689  
Revenue earning vehicles:
Vehicles15,340  17,085  
Less: accumulated depreciation(3,275) (3,296) 
Total revenue earning vehicles, net12,065  13,789  
Property and equipment, net724  757  
Operating lease right-of-use assets1,719  1,871  
Intangible assets, net3,088  3,238  
Goodwill1,080  1,083  
Total assets(a)
$23,116  $24,627  
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:
Vehicle$103  $289  
Non-vehicle413  654  
Total accounts payable516  943  
Accrued liabilities836  1,032  
Accrued taxes, net97  150  
Debt:
Vehicle 12,924  13,368  
Non-vehicle58  3,721  
Total debt12,982  17,089  
Operating lease liabilities1,690  1,848  
Self-insured liabilities495  553  
Deferred income taxes, net915  1,124  
Total liabilities not subject to compromise17,531  22,739  
Liabilities subject to compromise4,912    
Total liabilities(a)
22,443  22,739  
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding
    
Common stock, $0.01 par value, 158,235,410 and 144,153,444 shares issued, respectively and 156,206,478 and 142,124,512 shares outstanding, respectively
2  1  
Additional paid-in capital3,048  3,024  
Accumulated deficit(2,170) (967) 
Accumulated other comprehensive income (loss)(221) (189) 
Treasury stock, at cost, 2,028,932 and 2,028,932 shares, respectively
(100) (100) 
Stockholders' equity attributable to Hertz Global559  1,769  
Noncontrolling interests114  119  
Total stockholders' equity673  1,888  
Total liabilities and stockholders' equity$23,116  $24,627  
(a)Hertz Global Holdings, Inc.'s consolidated total assets as of June 30, 2020 and December 31, 2019 include total assets of variable interest entities (“VIEs”) of $986 million and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of June 30, 2020 and December 31, 2019 include total liabilities of VIEs of $873 million and $1.1 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 5, "Debt," and "767 Auto Leasing LLC" in Note 13, "Related Party Transactions," for further information.
The accompanying notes are an integral part of these financial statements.
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Revenues:
Worldwide vehicle rental$668  $2,344  $2,417  $4,297  
All other operations164  167  338  321  
Total revenues832  2,511  2,755  4,618  
Expenses:
Direct vehicle and operating704  1,388  1,945  2,655  
Depreciation of revenue earning vehicles and lease charges
610  634  1,286  1,226  
Selling, general and administrative168  258  377  490  
Interest expense, net:
Vehicle132  127  250  238  
Non-vehicle (excludes $22 million contractual interest)
44  72  101  144  
Total interest expense, net176  199  351  382  
Technology-related intangible and other asset impairments
193    193    
Other (income) expense, net2  (12) (15) (31) 
Reorganization items, net23    23    
Total expenses1,876  2,467  4,160  4,722  
Income (loss) before income taxes
(1,044) 44  (1,405) (104) 
Income tax (provision) benefit
192  (4) 196  (3) 
Net income (loss) (852) 40  (1,209) (107) 
Net (income) loss attributable to noncontrolling interests
5  (2) 6  (1) 
Net income (loss) attributable to Hertz Global
$(847) $38  $(1,203) $(108) 
Weighted-average shares outstanding:
Basic144  96  143  96  
Diluted144  97  143  96  
Earnings (loss) per share:
Basic earnings (loss) per share
$(5.86) $0.40  $(8.39) $(1.13) 
Diluted earnings (loss) per share
$(5.86) $0.40  $(8.39) $(1.13) 


The accompanying notes are an integral part of these financial statements.
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
(In millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net income (loss)$(852) $40  $(1,209) $(107) 
Other comprehensive income (loss):
Foreign currency translation adjustments
15  (5) (26) 3  
Net gain (loss) on defined benefit pension plans
(15) 1  (14)   
Reclassification to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans
4  2  5  3  
Total other comprehensive income (loss) before income taxes
4  (2) (35) 6  
Income tax (provision) benefit related to net gains and losses on defined benefit pension plans
4    4    
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans
(1)   (1) (1) 
Total other comprehensive income (loss)7  (2) (32) 5  
Total comprehensive income (loss)
(845) 38  (1,241) (102) 
Comprehensive (income) loss attributable to noncontrolling interests
5  (2) 6  (1) 
Comprehensive income (loss) attributable to Hertz Global
$(840) $36  $(1,235) $(103) 
The accompanying notes are an integral part of these financial statements.
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Unaudited
(In millions)
Preferred Stock
Shares
Common Stock SharesCommon Stock AmountAdditional
Paid-In Capital
Accumulated
Deficit(1)
Accumulated
Other
Comprehensive
Income (Loss)
Treasury Stock SharesTreasury Stock AmountStockholders'
Equity
Attributable to
Hertz Global
Non-
controlling Interests
Total Stockholders' Equity
Balance as of:
December 31, 2018
  84  $1  $2,261  $(909) $(192) 2  $(100) $1,061  $59  $1,120  
Net income (loss) —  —  —  —  (147) —  —  —  (147) (1) (148) 
Other comprehensive income (loss)—  —  —  —  —  7  —  —  7  —  7  
Net settlement on vesting of restricted stock —  —  —  (2) —  —  —  —  (2) —  (2) 
Stock-based compensation charges—  —  —