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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 ended
September 30, 2019
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)
Delaware
 
001-37665
 
61-1770902
Delaware
 
001-07541
 
13-1938568
(State or other jurisdiction of
incorporation or organization)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
 
8501 Williams Road
 
 
 
 
Estero,
Florida
33928
 
 
 
 
239
301-7000
 
 
 
 
(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 Class
 
Trading Symbol(s)
 
Name of Each Exchange on which Registered
Hertz Global Holdings, Inc.
 
Common Stock
par value $0.01 per share
 
HTZ
 
New York Stock Exchange
The Hertz Corporation
 
None
 
None
 
None

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 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.
 
 
The Hertz Corporation
Large 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 issuer's classes of common stock, as of the latest practicable date.
 
 
Class
 
Shares Outstanding at
October 28, 2019
Hertz Global Holdings, Inc.
 
Common Stock,
par value $0.01 per share
 
142,121,665
The Hertz Corporation
 
Common Stock,
par value $0.01 per share
 
100
 
 
 
 
 
(100% owned by
Rental Car Intermediate Holdings, LLC)
 
 
 
 
 
 
 


Table of Contents
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

 
 
 
 
 
Page
 
 


Table of Contents
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES

PART I. FINANCIAL INFORMATION
ITEM 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Index

 
 
Page
Hertz Global Holdings, Inc. and Subsidiaries
 
The Hertz Corporation and Subsidiaries
 
Notes to the Condensed Consolidated Financial Statements
 


1


Table of Contents



HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value)
 
September 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Cash and cash equivalents
$
465

 
$
1,127

Restricted cash and cash equivalents:
 
 
 
Vehicle
196

 
257

Non-vehicle
34

 
26

Total restricted cash and cash equivalents
230

 
283

Total cash, cash equivalents, restricted cash and restricted cash equivalents
695

 
1,410

Receivables:
 
 
 
Vehicle
875

 
625

Non-vehicle, net of allowance of $31 and $27, respectively
1,091

 
962

Total receivables, net
1,966

 
1,587

Prepaid expenses and other assets
830

 
902

Revenue earning vehicles:
 
 
 
Vehicles
18,584

 
15,703

Less: accumulated depreciation
(3,298
)
 
(3,284
)
Total revenue earning vehicles, net
15,286

 
12,419

Property and equipment, net
758

 
778

Operating lease right-of-use assets
1,679

 

Intangible assets, net
3,245

 
3,203

Goodwill
1,082

 
1,083

Total assets(a)
$
25,541

 
$
21,382

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Accounts payable:
 
 
 
Vehicle
$
206

 
$
284

Non-vehicle
664

 
704

Total accounts payable
870

 
988

Accrued liabilities
1,246

 
1,304

Accrued taxes, net
159

 
136

Debt:
 
 
 
Vehicle
14,314

 
11,902

Non-vehicle
3,727

 
4,422

Total debt
18,041

 
16,324

Operating lease liabilities
1,664

 

Public liability and property damage
418

 
418

Deferred income taxes, net
1,154

 
1,092

Total liabilities(a)
23,552

 
20,262

Commitments and contingencies


 


Stockholders' equity:
 
 
 
Preferred stock, $0.01 par value, no shares issued and outstanding

 

Common stock, $0.01 par value, 144 and 86 shares issued, respectively and 142 and 84 shares outstanding, respectively
1

 
1

Additional paid-in capital
3,019

 
2,261

Accumulated deficit
(848
)
 
(909
)
Accumulated other comprehensive income (loss)
(198
)
 
(192
)
Treasury stock, at cost, 2 shares and 2 shares, respectively
(100
)
 
(100
)
Stockholders' equity attributable to Hertz Global
1,874

 
1,061

Noncontrolling interests
115

 
59

Total stockholders' equity
1,989

 
1,120

Total liabilities and stockholders' equity
$
25,541

 
$
21,382

(a)
Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $1.5 billion and $1.0 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of September 30, 2019 and December 31, 2018 include total liabilities of VIEs of $1.4 billion and $947 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Special Purpose Entities" in Note 3, "Debt," and "767 Auto Leasing LLC" in Note 9, "Related Party Transactions," for further information.

The accompanying notes are an integral part of these financial statements.

2


Table of Contents


HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions, except per share data)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Worldwide vehicle rental
$
2,664

 
$
2,584

 
$
6,961

 
$
6,694

All other operations
172

 
174

 
493

 
515

Total revenues
2,836

 
2,758

 
7,454

 
7,209

Expenses:
 
 
 
 
 
 
 
Direct vehicle and operating
1,492

 
1,459

 
4,147

 
4,043

Depreciation of revenue earning vehicles and lease charges
667

 
672

 
1,892

 
2,020

Selling, general and administrative
232

 
265

 
723

 
765

Interest expense, net:
 
 
 
 
 
 
 
Vehicle
134

 
115

 
372

 
336

Non-vehicle
70

 
73

 
214

 
218

Total interest expense, net
204

 
188

 
586

 
554

Other (income) expense, net
(6
)
 
(7
)
 
(37
)
 
(36
)
Total expenses
2,589

 
2,577

 
7,311

 
7,346

Income (loss) before income taxes
247

 
181

 
143

 
(137
)
Income tax (provision) benefit
(74
)
 
(41
)
 
(78
)
 
12

Net income (loss)
173

 
140

 
65

 
(125
)
Net (income) loss attributable to noncontrolling interests
(4
)
 
1

 
(4
)
 
1

Net income (loss) attributable to Hertz Global
$
169

 
$
141

 
$
61

 
$
(124
)
Weighted-average shares outstanding:
 
 
 
 
 
 
 
Basic
133

 
96

 
109

 
95

Diluted
134

 
96

 
109

 
95

Earnings (loss) per share:
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
1.26

 
$
1.47

 
$
0.56

 
$
(1.30
)
Diluted earnings (loss) per share
$
1.26

 
$
1.47

 
$
0.56

 
$
(1.30
)



The accompanying notes are an integral part of these financial statements.

3


Table of Contents


HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
(In millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
173

 
$
140

 
$
65

 
$
(125
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments
(13
)
 
1

 
(11
)
 
(18
)
Reclassification of foreign currency items to other (income) expense, net

 
(1
)
 

 
(1
)
Net gain (loss) on defined benefit pension plans
1


(1
)

1


1

Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial (gains) losses on defined benefit pension plans
2

 
2

 
5

 
2

Total other comprehensive income (loss) before income taxes
(10
)
 
1

 
(5
)
 
(16
)
Income tax (provision) benefit related to reclassified amounts of net periodic costs on defined benefit pension plans
(1
)
 
(1
)
 
(1
)
 
(1
)
Total other comprehensive income (loss)
(11
)
 

 
(6
)
 
(17
)
Total comprehensive income (loss)
162

 
140

 
59

 
(142
)
Comprehensive (income) loss attributable to noncontrolling interests
(4
)
 
1

 
(4
)
 
1

Comprehensive income (loss) attributable to Hertz Global
$
158

 
$
141

 
$
55

 
$
(141
)


The accompanying notes are an integral part of these financial statements.

4


Table of Contents


HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Unaudited
(In millions)
 
Preferred Stock
Shares
 
Common Stock Shares
 
Common Stock Amount
 
Additional
Paid-In Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock Shares
 
Treasury Stock Amount
 
Stockholders'
Equity
Attributable to
Hertz Global
 
Non-
controlling Interests
 
Total Stockholders' Equity
Balance as of:
 
 
 
 
 
December 31, 2017

 
84

 
$
1

 
$
2,243

 
$
(506
)
 
$
(118
)
 
2

 
$
(100
)
 
$
1,520

 
$

 
$
1,520

Change in accounting principle

 

 

 

 
(189
)
 

 

 

 
(189
)
 

 
(189
)
January 1, 2018 (as adjusted)

 
84

 
1

 
2,243

 
(695
)
 
(118
)
 
2

 
(100
)
 
1,331

 

 
1,331

Net income (loss)

 

 

 

 
(202
)
 

 

 

 
(202
)
 

 
(202
)
Other comprehensive income (loss)

 

 

 

 

 
(3
)
 

 

 
(3
)
 

 
(3
)
Net settlement on vesting of restricted stock

 

 

 
(3
)
 

 

 

 

 
(3
)
 

 
(3
)
Stock-based compensation charges

 

 

 
10

 

 

 

 

 
10

 

 
10

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 
5

 
5

March 31, 2018

 
84

 
1

 
2,250

 
(897
)
 
(121
)
 
2

 
(100
)
 
1,133

 
5

 
1,138

Net income (loss)

 

 

 

 
(63
)
 

 

 

 
(63
)
 

 
(63
)
Other comprehensive income (loss)

 

 

 

 

 
(14
)
 

 

 
(14
)
 

 
(14
)
Stock-based compensation charges

 

 

 
3

 

 

 

 

 
3

 

 
3

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 
5

 
5

June 30, 2018

 
84

 
1

 
2,253

 
(960
)
 
(135
)
 
2

 
(100
)
 
1,059

 
10

 
1,069

Net income (loss)

 

 

 

 
141

 

 

 

 
141

 
(1
)
 
140

Stock-based compensation charges

 

 

 
3

 

 

 

 

 
3

 

 
3

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 
15

 
15

September 30, 2018

 
84

 
$
1

 
$
2,256

 
$
(819
)
 
$
(135
)
 
2

 
$
(100
)
 
$
1,203

 
$
24

 
$
1,227







HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Unaudited
(In millions)
 
Preferred Stock
Shares
 
Common Stock Shares
 
Common Stock Amount
 
Additional
Paid-In Capital
 
Accumulated
Deficit
(a)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock Shares
 
Treasury Stock Amount
 
Stockholders'
Equity
Attributable to
Hertz Global
 
Non-
controlling Interests
(a)
 
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

 

 

 
3

 

 

 

 

 
3

 

 
3

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 
25

 
25

March 31, 2019

 
84

 
1

 
2,262

 
(1,056
)
 
(185
)
 
2

 
(100
)
 
922

 
83

 
1,005

Net income (loss)

 

 

 

 
39

 

 

 

 
39

 
2

 
41

Other comprehensive income (loss)

 

 

 

 

 
(2
)
 

 

 
(2
)
 

 
(2
)
Stock-based compensation charges

 

 

 
5

 

 

 

 

 
5

 

 
5

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 
21

 
21

June 30, 2019

 
84

 
1

 
2,267

 
(1,017
)
 
(187
)
 
2

 
(100
)
 
964

 
106

 
1,070

Net income (loss)

 

 

 

 
169