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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended |
September 30, 2021 |
OR |
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
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Commission File Number |
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Exact Name of Registrant as Specified in its Charter,
Principal Executive Office Address and Telephone Number |
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State of Incorporation |
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I.R.S. Employer Identification No. |
001-37665 |
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HERTZ GLOBAL HOLDINGS, INC |
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Delaware |
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61-1770902 |
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8501 Williams Road, |
Estero, |
Florida |
33928 |
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(239) |
301-7000 |
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001-07541 |
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THE HERTZ CORPORATION
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Delaware |
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13-1938568 |
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8501 Williams Road, |
Estero, |
Florida |
33928 |
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(239) |
301-7000 |
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Securities registered pursuant to Section 12(b) of the
Act: |
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which Registered |
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Hertz Global Holdings, Inc. |
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Common Stock |
par value $0.01 per share |
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HTZZ |
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* |
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The Hertz Corporation |
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None |
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None |
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None |
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*Hertz Global Holdings, Inc.'s common stock trades on the
over-the-counter market under the symbol HTZZ.
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.
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Hertz Global Holdings, Inc. |
Large accelerated filer |
☐ |
Accelerated filer |
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Non-accelerated filer |
☐ |
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Smaller reporting company |
☐ |
Emerging growth company |
☐ |
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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. |
☐ |
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The Hertz Corporation |
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
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Smaller reporting company |
☐ |
Emerging growth company |
☐ |
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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. |
☐ |
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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 by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a
court.
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.
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Class |
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Shares Outstanding as of |
October 21, 2021 |
Hertz Global Holdings, Inc. |
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Common Stock, |
par value $0.01 per share |
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472,688,295 |
The Hertz Corporation(1)
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Common Stock, |
par value $0.01 per share |
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100 |
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(1)(100%
owned by
Rental Car Intermediate Holdings, LLC)
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS (UNAUDITED)
Index
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Page |
Hertz Global Holdings, Inc. and Subsidiaries |
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The Hertz Corporation and Subsidiaries |
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Notes to the Condensed Consolidated Financial
Statements |
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
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September 30, 2021 |
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December 31, 2020 |
ASSETS |
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Cash and cash equivalents |
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$ |
2,703 |
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$ |
1,096 |
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Restricted cash and cash equivalents: |
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Vehicle |
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320 |
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50 |
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Non-vehicle |
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443 |
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361 |
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Total restricted cash and cash equivalents |
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763 |
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411 |
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Total cash, cash equivalents, restricted cash and restricted cash
equivalents |
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3,466 |
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1,507 |
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Receivables: |
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Vehicle |
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139 |
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164 |
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Non-vehicle, net of allowance of $58 and $46,
respectively
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751 |
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613 |
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Total receivables, net |
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890 |
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777 |
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Prepaid expenses and other assets |
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642 |
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373 |
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Revenue earning vehicles: |
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Vehicles |
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10,122 |
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7,540 |
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Less: accumulated depreciation |
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(1,559) |
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(1,478) |
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Total revenue earning vehicles, net |
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8,563 |
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6,062 |
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Property and equipment, net |
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609 |
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666 |
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Operating lease right-of-use assets |
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1,453 |
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1,675 |
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Intangible assets, net |
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2,925 |
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2,992 |
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Goodwill |
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1,045 |
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1,045 |
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Assets held for sale |
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— |
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1,811 |
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Total assets(a)
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$ |
19,593 |
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$ |
16,908 |
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LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY |
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Accounts payable: |
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Vehicle |
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$ |
46 |
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$ |
29 |
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Non-vehicle |
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540 |
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389 |
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Total accounts payable |
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586 |
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418 |
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Accrued liabilities |
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904 |
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759 |
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Accrued taxes, net |
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228 |
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121 |
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Debt: |
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Vehicle |
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7,207 |
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6,024 |
|
Non-vehicle |
|
1,511 |
|
|
|
243 |
|
Total debt |
|
8,718 |
|
|
|
6,267 |
|
Public Warrants |
|
783 |
|
|
|
— |
|
Operating lease liabilities |
|
1,402 |
|
|
|
1,636 |
|
Self-insured liabilities |
|
470 |
|
|
|
488 |
|
Deferred income taxes, net |
|
851 |
|
|
|
730 |
|
Total liabilities not subject to compromise |
|
13,942 |
|
|
|
10,419 |
|
Liabilities subject to compromise |
|
— |
|
|
|
4,965 |
|
Liabilities held for sale |
|
— |
|
|
|
1,431 |
|
Total liabilities(a)
|
|
13,942 |
|
|
|
16,815 |
|
Commitments and contingencies |
|
|
|
|
|
Mezzanine Equity: |
|
|
|
|
|
Preferred stock, $0.01 par value, 1,500,000 shares issued and
outstanding at September 30, 2021
|
|
1,433 |
|
|
|
— |
|
Total mezzanine equity |
|
1,433 |
|
|
|
— |
|
Stockholders' equity: |
|
|
|
|
|
Preferred stock, $0.01 par value, no shares issued and outstanding
at December 31, 2020
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value, 471,528,459 shares issued and
outstanding at September 30, 2021, and 158,235,410 and
156,206,478 shares issued and outstanding at December 31,
2020
|
|
5 |
|
|
|
2 |
|
Treasury stock, at cost, 2,028,932 shares at December 31,
2020
|
|
— |
|
|
|
(100) |
|
Additional paid-in capital |
|
6,482 |
|
|
|
3,047 |
|
Retained earnings (Accumulated deficit) |
|
(2,055) |
|
|
|
(2,681) |
|
Accumulated other comprehensive income (loss) |
|
(226) |
|
|
|
(212) |
|
Stockholders' equity attributable to Hertz Global |
|
4,206 |
|
|
|
56 |
|
Noncontrolling interests |
|
12 |
|
|
|
37 |
|
Total stockholders' equity |
|
4,218 |
|
|
|
93 |
|
Total liabilities, mezzanine equity and stockholders'
equity |
|
$ |
19,593 |
|
|
|
$ |
16,908 |
|
(a)Hertz
Global Holdings, Inc.'s consolidated total assets as of
September 30, 2021 and December 31, 2020 include total
assets of variable interest entities (“VIEs”) of $745 million and
$511 million, respectively, which can only be used to settle
obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated
total liabilities as of September 30, 2021 and
December 31, 2020 include total liabilities of VIEs of $734
million and $475 million, respectively, for which the creditors of
the VIEs have no recourse to Hertz Global Holdings, Inc. See
"Pledges Related to Vehicle Financing " in Note 6, "Debt," and "767
Auto Leasing LLC" in Note 15, "Related Party Transactions," for
further information.
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, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
2,226 |
|
|
$ |
1,268 |
|
|
$ |
5,387 |
|
|
$ |
4,023 |
|
Expenses: |
|
|
|
|
|
|
|
Direct vehicle and operating |
1,131 |
|
|
779 |
|
|
2,855 |
|
|
2,624 |
|
Depreciation of revenue earning vehicles and lease
charges |
61 |
|
|
347 |
|
|
420 |
|
|
1,632 |
|
Non-vehicle depreciation and amortization |
49 |
|
|
58 |
|
|
153 |
|
|
168 |
|
Selling, general and administrative |
177 |
|
|
138 |
|
|
498 |
|
|
506 |
|
Interest expense, net: |
|
|
|
|
|
|
|
Vehicle |
41 |
|
|
110 |
|
|
243 |
|
|
360 |
|
Non-vehicle (excludes contractual interest of $53 million and
$75 million for the three and nine months ended
September 30, 2020, respectively)
|
22 |
|
|
17 |
|
|
157 |
|
|
118 |
|
Total interest expense, net |
63 |
|
|
127 |
|
|
400 |
|
|
478 |
|
Technology-related intangible and other asset
impairments |
— |
|
|
— |
|
|
— |
|
|
193 |
|
Other (income) expense, net |
(7) |
|
|
— |
|
|
(20) |
|
|
(15) |
|
Reorganization items, net |
— |
|
|
78 |
|
|
677 |
|
|
101 |
|
(Gain) from the sale of a business |
— |
|
|
— |
|
|
(400) |
|
|
— |
|
Change in fair value of Public Warrants |
(16) |
|
|
— |
|
|
(16) |
|
|
— |
|
Total expenses |
1,458 |
|
|
1,527 |
|
|
4,567 |
|
|
5,687 |
|
Income (loss) before income taxes
|
768 |
|
|
(259) |
|
|
820 |
|
|
(1,664) |
|
Income tax (provision) benefit
|
(160) |
|
|
36 |
|
|
(193) |
|
|
232 |
|
Net income (loss) |
608 |
|
|
(223) |
|
|
627 |
|
|
(1,432) |
|
Net (income) loss attributable to noncontrolling
interests
|
(3) |
|
|
1 |
|
|
(1) |
|
|
7 |
|
Net income (loss) attributable to Hertz Global
|
605 |
|
|
(222) |
|
|
626 |
|
|
(1,425) |
|
Dividends on Series A Preferred Stock |
(34) |
|
|
— |
|
|
(34) |
|
|
— |
|
Net income (loss) available to Hertz Global common
stockholders |
$ |
571 |
|
|
$ |
(222) |
|
|
$ |
592 |
|
|
$ |
(1,425) |
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
471 |
|
|
156 |
|
|
264 |
|
|
148 |
|
Diluted |
490 |
|
|
156 |
|
|
270 |
|
|
148 |
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
Basic |
$ |
1.21 |
|
|
$ |
(1.42) |
|
|
$ |
2.25 |
|
|
$ |
(9.65) |
|
Diluted |
$ |
1.13 |
|
|
$ |
(1.42) |
|
|
$ |
2.14 |
|
|
$ |
(9.65) |
|
The accompanying notes are an integral part of these financial
statements.
3
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, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income (loss) |
$ |
608 |
|
|
$ |
(223) |
|
|
$ |
627 |
|
|
$ |
(1,432) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
(24) |
|
|
(6) |
|
|
(14) |
|
|
(32) |
|
Net gain (loss) on pension and postretirement benefit
plans |
— |
|
|
15 |
|
|
— |
|
|
1 |
|
Reclassification from other comprehensive income (loss) to other
(income) expense for amortization of actuarial net
losses |
— |
|
|
1 |
|
|
— |
|
|
6 |
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) before income
taxes |
(24) |
|
|
10 |
|
|
(14) |
|
|
(25) |
|
Income tax (provision) benefit related to pension and
postretirement benefit plans |
— |
|
|
(4) |
|
|
— |
|
|
— |
|
Income tax (provision) benefit related to reclassified amounts of
net periodic costs on pension and postretirement benefit
plans |
— |
|
|
(1) |
|
|
— |
|
|
(2) |
|
Total other comprehensive income (loss) |
(24) |
|
|
5 |
|
|
(14) |
|
|
(27) |
|
Total comprehensive income (loss)
|
584 |
|
|
(218) |
|
|
613 |
|
|
(1,459) |
|
Comprehensive (income) loss attributable to noncontrolling
interests |
(3) |
|
|
1 |
|
|
(1) |
|
|
7 |
|
Comprehensive income (loss) attributable to Hertz
Global
|
$ |
581 |
|
|
$ |
(217) |
|
|
$ |
612 |
|
|
$ |
(1,452) |
|
The accompanying notes are an integral part of these financial
statements.
4
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY
AND STOCKHOLDERS' EQUITY
Unaudited
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock
Shares |
|
Preferred Stock
Amount |
|
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, 2019 |
— |
|
|
$ |
— |
|
|
142 |
|
|
$ |
1 |
|
|
$ |
3,024 |
|
|
$ |
(967) |
|
|
$ |
(189) |
|
|
2 |
|
|
$ |
(100) |
|
|
$ |
1,769 |
|
|
$ |
119 |
|
|
$ |
1,888 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(356) |
|
|
— |
|
|
— |
|
|
— |
|
|
(356) |
|
|
(1) |
|
|
(357) |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(39) |
|
|
— |
|
|
— |
|
|
(39) |
|
|
— |
|
|
(39) |
|
Net settlement on vesting of restricted stock |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2) |
|
|
— |
|
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
1 |
|
March 31, 2020 |
— |
|
|
— |
|
|
142 |
|
|
1 |
|
|
3,022 |
|
|
(1,323) |
|
|
(228) |
|
|
2 |
|
|
(100) |
|
|
1,372 |
|
|
119 |
|
|
1,491 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(847) |
|
|
— |
|
|
— |
|
|
— |
|
|
(847) |
|
|
(5) |
|
|
(852) |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
7 |
|
Stock-based compensation charges |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2) |
|
|
— |
|
|
(2) |
|
Stock issuance, net |
— |
|
|
— |
|
|
14 |
|
|
1 |
|
|
28 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29 |
|
|
— |
|
|
29 |
|
June 30, 2020 |
— |
|
|
— |
|
|
156 |
|
|
2 |
|
|
3,048 |
|
|
(2,170) |
|
|
(221) |
|
|
2 |
|
|
(100) |
|
|
559 |
|
|
114 |
|
|
673 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(222) |
|
|
— |
|
|
— |
|
|
— |
|
|
(222) |
|
|
(1) |
|
|
(223) |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
5 |
|
Net settlement on vesting of restricted stock |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(54) |
|
|
(54) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
— |
|
|
$ |
— |
|
|
156 |
|
|
$ |
2 |
|
|
$ |
3,047 |
|
|
$ |
(2,392) |
|
|
$ |
(216) |
|
|
2 |
|
|
$ |
(100) |
|
|
$ |
341 |
|
|
$ |
59 |
|
|
$ |
400 |
|
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY
AND STOCKHOLDERS' EQUITY
Unaudited
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock
Shares |
|
Preferred Stock
Amount |
|
|
|
Common Stock Shares |
|
Common Stock Amount |
|
|
|
Additional
Paid-In Capital |
|
Retained Earnings (Accumulated
Deficit)(1)
|
|
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, 2020 |
— |
|
|
$ |
— |
|
|
|
|
156 |
|
|
$ |
2 |
|
|
|
|
$ |
3,047 |
|
|
$ |
(2,681) |
|
|
$ |
(212) |
|
|
2 |
|
|
$ |
(100) |
|
|
$ |
56 |
|
|
$ |
37 |
|
|
$ |
93 |
|
Net income (loss) |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
190 |
|
|
— |
|
|
— |
|
|
— |
|
|
190 |
|
|
(1) |
|
|
189 |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
17 |
|
|
— |
|
|
— |
|
|
17 |
|
|
— |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation charges |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(11) |
|
|
(11) |
|
March 31, 2021 |
— |
|
|
— |
|
|
|
|
156 |
|
|
2 |
|
|
|
|
3,049 |
|
|
(2,491) |
|
|
(195) |
|
|
2 |
|
|
(100) |
|
|
265 |
|
|
25 |
|
|
290 |
|
Net income (loss) |
— |
|
|
— |
|
|
|
|
— |
|
— |
|
|
|
|
— |
|
|
(168) |
|
|
— |
|
|
— |
|
|
— |
|
|
(168) |
|
|
(1) |
|
|
(169) |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
(7) |
|
|
— |
|
|
— |
|
|
(7) |
|
|
— |
|
|
(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cancellation of common and treasury shares in exchange for new
common shares |
— |
|
|
— |
|
|
|
|
(142) |
|
|
(2) |
|
|
|
|
(98) |
|
|
— |
|
|
— |
|
|
(2) |
|
|
100 |
|
|
— |
|
|
— |
|
|
— |
|
Cancellation of stock-based awards |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
(10) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(10) |
|
|
— |
|
|
(10) |
|
Distributions to common stockholders |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
(239) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(239) |
|
|
— |
|
|
(239) |
|
Contribution from Plan Sponsors |
— |
|
|
— |
|
|
|
|
277 |
|
|
3 |
|
|
|
|
2,778 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,781 |
|
|
— |
|
|
2,781 |
|
Rights Offering, net |
— |
|
|
— |
|
|
|
|
180 |
|
|
2 |
|
|
|
|
1,796 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,798 |
|
|
— |
|
|
1,798 |
|
Public Warrants issuance |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
(800) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(800) |
|
|
— |
|
|
(800) |
|
Preferred stock issuance, net |
2 |
|
|
1,433 |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Distributions to non-controlling interests, net |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5) |
|
|
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 |
2 |
|
|
1,433 |
|
|
|
|
471 |
|
|
5 |
|
|
|
|
6,476 |
|
|
(2,659) |
|
|
(202) |
|
|
— |
|
|
— |
|
|
3,620 |
|
|
19 |
|
|
3,639 |
|
Net income (loss) |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
604 |
|
|
— |
|
|
— |
|
|
— |
|
|
604 |
|
|
3 |
|
|
607 |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
(24) |
|
|
— |
|
|
— |
|
|
(24) |
|
|
— |
|
|
(24) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rights Offering, net |
— |
|
|
— |
|
|
|
|
1 |
|
|
— |
|
|
|
|
4 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4 |
|
|
— |
|
|
4 |
|
Exercise of Public Warrants |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(10) |
|
|
(10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
2 |
|
|
$ |
1,433 |
|
|
|
|
472 |
|
|
$ |
5 |
|
|
|
|
$ |
6,482 |
|
|
$ |
(2,055) |
|
|
$ |
(226) |
|
|
— |
|
|
$ |
— |
|
|
$ |
4,206 |
|
|
$ |
12 |
|
|
$ |
4,218 |
|
(1) Net income (loss) is computed independently each quarter. As a
result, the quarter amounts presented herein may be rounded to
agree to accumulated deficit in the accompanying unaudited
condensed consolidated balance sheet.
The accompanying notes are an integral part of these financial
statements.
5
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
2021 |
|
2020 |
Cash flows from operating activities: |
|
|
|
Net income (loss) |
$ |
627 |
|
|
$ |
(1,432) |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
|
|
|
|
Depreciation and reserves for revenue earning vehicles |
506 |
|
|
1,809 |
|
Depreciation and amortization, non-vehicle |
153 |
|
|
168 |
|
Amortization of deferred financing costs and debt discount
(premium) |
109 |
|
|
37 |
|
Loss on extinguishment of debt |
8 |
|
|
5 |
|
|
|
|
|
Provision for receivables allowance |
95 |
|
|
66 |
|
Deferred income taxes, net |
125 |
|
|
(243) |
|
Technology-related intangible and other asset
impairments |
— |
|
|
193 |
|
|
|
|
|
Reorganization items, net |
314 |
|
|
1 |
|
(Gain) loss from the sale of a business |
(400) |
|
|
— |
|
(Gain) loss on sale of non-vehicle capital assets |
(8) |
|
|
(24) |
|
Change in fair value of Public Warrants |
(16) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
(6) |
|
|
(4) |
|
Changes in assets and liabilities: |
|
|
|
Non-vehicle receivables |
(223) |
|
|
231 |
|
Prepaid expenses and other assets |
(53) |
|
|
33 |
|
Operating lease right-of-use assets |
203 |
|
|
277 |
|
Non-vehicle accounts payable |
(45) |
|
|
224 |
|
Accrued liabilities |
(43) |
|
|
(47) |
|
Accrued taxes, net |
89 |
|
|
(4) |
|
Operating lease liabilities |
(214) |
|
|
(287) |
|
Self-insured liabilities |
(13) |
|
|
(75) |
|
Net cash provided by (used in) operating activities |
1,208 |
|
|
928 |
|
Cash flows from investing activities: |
|
|
|
Revenue earning vehicles expenditures |
(5,196) |
|
|
(5,188) |
|
Proceeds from disposal of revenue earning vehicles |
1,945 |
|
|
8,770 |
|
Non-vehicle capital asset expenditures |
(41) |
|
|
(89) |
|
Proceeds from non-vehicle capital assets disposed of or to be
disposed of |
17 |
|
|
56 |
|
Sales of marketable securities |
— |
|
|
74 |
|
Collateral payments |
(303) |
|
|
— |
|
Collateral returned in exchange for letters of credit |
268 |
|
|
— |
|
Proceeds from the sale of a business, net of cash sold |
871 |
|
|
— |
|
Other |
(1) |
|
|
(1) |
|
Net cash provided by (used in) investing activities |
(2,440) |
|
|
3,622 |
|
Cash flows from financing activities: |
|
|
|
Proceeds from issuance of vehicle debt |
10,462 |
|
|
4,226 |
|
The accompanying notes are an integral part of these financial
statements.
6
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
2021 |
|
2020 |
Repayments of vehicle debt |
(9,463) |
|
|
(8,931) |
|
Proceeds from issuance of non-vehicle debt |
3,139 |
|
|
1,553 |
|
Repayments of non-vehicle debt |
(6,346) |
|
|
(854) |
|
Payment of financing costs |
(154) |
|
|
(11) |
|
Proceeds from Plan Sponsors |
2,781 |
|
|
— |
|
Proceeds from Rights Offering, net |
1,639 |
|
|
— |
|
Proceeds from the issuance of preferred stock, net |
1,433 |
|
|
— |
|
Distributions to common stockholders |
(239) |
|
|
— |
|
Proceeds from the issuance of stock, net |
— |
|
|
28 |
|
Early redemption payments |
(85) |
|
|
— |
|
Contributions from (distributions to) noncontrolling
interests |
(25) |
|
|
(55) |
|
Other |
— |
|
|
(2) |
|
Net cash provided by (used in) financing activities |
3,142 |
|
|
(4,046) |
|
Effect of foreign currency exchange rate changes on cash, cash
equivalents, restricted cash and restricted cash
equivalents
|
(22) |
|
|
18 |
|
Net increase (decrease) in cash, cash equivalents, restricted cash
and restricted cash equivalents during the period
|
1,888 |
|
|
522 |
|
Cash, cash equivalents, restricted cash and restricted cash
equivalents at beginning of period(1)
|
1,578 |
|
|
1,360 |
|
Cash, cash equivalents, restricted cash and restricted cash
equivalents at end of period |
$ |
3,466 |
|
|
$ |
1,882 |
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
Cash paid during the period for: |
|
|
|
Interest, net of amounts capitalized: |
|
|
|
Vehicle |
$ |
227 |
|
|
$ |
275 |
|
Non-vehicle |
181 |
|
|
78 |
|
Income taxes, net of refunds |
20 |
|
|
(13) |
|
|
|
|
|
Supplemental disclosures of non-cash information: |
|
|
|
Purchases of revenue earning vehicles included in accounts payable,
net of incentives
|
$ |
7 |
|
|
$ |
30 |
|
Sales of revenue earning vehicles included in vehicle
receivables |
100 |
|
|
575 |
|
|
|
|
|
Purchases of non-vehicle capital assets included in accounts
payable |
21 |
|
|
7 |
|
Purchases of non-vehicle capital assets included in liabilities
subject to compromise
|
— |
|
|
20 |
|
Revenue earning vehicles and non-vehicle capital assets acquired
through capital lease |
73 |
|
|
21 |
|
Public Warrants issuance |
800 |
|
|
— |
|
Cashless exercise of Public Warrants |
1 |
|
|
— |
|
Backstop equity issuance |
164 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts include cash and cash
equivalents and restricted cash and cash equivalents which were
held for sale at December 31, 2020, prior to the completion of
the sale in the first quarter of 2021.
The accompanying notes are an integral part of these financial
statements.
7
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
|
December 31, 2020 |
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,703 |
|
|
|
$ |
1,096 |
|
Restricted cash and cash equivalents: |
|
|
|
|
|
Vehicle |
|
320 |
|
|
|
50 |
|
Non-vehicle |
|
443 |
|
|
|
333 |
|
Total restricted cash and cash equivalents |
|
763 |
|
|
|
383 |
|
Total cash, cash equivalents, restricted cash and restricted cash
equivalents |
|
3,466 |
|
|
|
1,479 |
|
Receivables: |
|
|
|
|
|
Vehicle |
|
139 |
|
|
|
164 |
|
Non-vehicle, net of allowance of $58 and $46,
respectively
|
|
751 |
|
|
|
613 |
|
Total receivables, net |
|
890 |
|
|
|
777 |
|
Due from Hertz Holdings |
|
— |
|
|
|
1 |
|
Prepaid expenses and other assets |
|
642 |
|
|
|
372 |
|
Revenue earning vehicles: |
|
|
|
|
|
Vehicles |
|
10,122 |
|
|
|
7,540 |
|
Less: accumulated depreciation |
|
(1,559) |
|
|
|
(1,478) |
|
Total revenue earning vehicles, net |
|
8,563 |
|
|
|
6,062 |
|
Property and equipment, net |
|
609 |
|
|
|
666 |
|
Operating lease right-of-use assets |
|
1,453 |
|
|
|
1,675 |
|
Intangible assets, net |
|
2,925 |
|
|
|
2,992 |
|
Goodwill |
|
1,045 |
|
|
|
1,045 |
|
Assets held for sale |
|
— |
|
|
|
1,811 |
|
Total assets(a)
|
|
$ |
19,593 |
|
|
|
$ |
16,880 |
|
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT) |
|
|
|
|
|
Accounts payable: |
|
|
|
|
|
Vehicle |
|
$ |
46 |
|
|
|
$ |
29 |
|
Non-vehicle |
|
540 |
|
|
|
389 |
|
Total accounts payable |
|
586 |
|
|
|
418 |
|
Accrued liabilities |
|
905 |
|
|
|
759 |
|
Accrued taxes, net |
|
228 |
|
|
|
121 |
|
Debt: |
|
|
|
|
|
Vehicle |
|
7,207 |
|
|
|
6,024 |
|
Non-vehicle |
|
1,511 |
|
|
|
243 |
|
Total debt |
|
8,718 |
|
|
|
6,267 |
|
Operating lease liabilities |
|
1,402 |
|
|
|
1,636 |
|
Self-insured liabilities |
|
470 |
|
|
|
488 |
|
Deferred income taxes, net |
|
851 |
|
|
|
735 |
|
Total liabilities not subject to compromise |
|
13,160 |
|
|
|
10,424 |
|
Liabilities subject to compromise |
|
— |
|
|
|
5,030 |
|
Liabilities held for sale |
|
— |
|
|
|
1,431 |
|
Total liabilities(a)
|
|
13,160 |
|
|
|
16,885 |
|
Commitments and contingencies |
|
|
|
|
|
Stockholder's equity (deficit): |
|
|
|
|
|
Common stock, $0.01 par value, 100 and 100 shares issued and
outstanding, respectively
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
9,587 |
|
|
|
3,953 |
|
Due to Hertz Holdings |
|
65 |
|
|
|
— |
|
Retained earnings (Accumulated deficit) |
|
(3,005) |
|
|
|
(3,783) |
|
Accumulated other comprehensive income (loss) |
|
(226) |
|
|
|
(212) |
|
Stockholder's equity (deficit) attributable to Hertz |
|
6,421 |
|
|
|
(42) |
|
Noncontrolling interests |
|
12 |
|
|
|
37 |
|
Total stockholder's equity (deficit) |
|
6,433 |
|
|
|
(5) |
|
Total liabilities and stockholder's equity (deficit) |
|
$ |
19,593 |
|
|
|
$ |
16,880 |
|
(a)The
Hertz Corporation's consolidated total assets as of
September 30, 2021 and December 31, 2020 include total
assets of VIEs of $745 million and $511 million, respectively,
which can only be used to settle obligations of the VIEs. The Hertz
Corporation's consolidated total liabilities as of
September 30, 2021 and December 31, 2020 include total
liabilities of VIEs of $734 million and $475 million, respectively,
for which the creditors of the VIEs have no recourse to The Hertz
Corporation. See "Pledges Related to Vehicle Financing " in Note 6,
"Debt," and "767 Auto Leasing LLC" in Note 15, "Related Party
Transactions," for further information.
The accompanying notes are an integral part of these financial
statements.
8
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
2,226 |
|
|
$ |
1,268 |
|
|
$ |
5,387 |
|
|
$ |
4,023 |
|
Expenses: |
|
|
|
|
|
|
|
Direct vehicle and operating |
1,131 |
|
|
779 |
|
|
2,855 |
|
|
2,624 |
|
Depreciation of revenue earning vehicles and lease
charges |
61 |
|
|
347 |
|
|
420 |
|
|
1,632 |
|
Non-vehicle depreciation and amortization |
49 |
|
|
58 |
|
|
153 |
|
|
168 |
|
Selling, general and administrative |
177 |
|
|
138 |
|
|
498 |
|
|
506 |
|
Interest expense, net: |
|
|
|
|
|
|
|
Vehicle |
41 |
|
|
110 |
|
|
243 |
|
|
360 |
|
Non-vehicle (excludes contractual interest of $53 million and
$75 million for the three and nine months ended
September 30, 2020, respectively)
|
22 |
|
|
17 |
|
|
157 |
|
|
116 |
|
Total interest expense, net |
63 |
|
|
127 |
|
|
400 |
|
|
476 |
|
Technology-related intangible and other asset
impairments |
— |
|
|
— |
|
|
— |
|
|
193 |
|
Write-off of intercompany loan |
— |
|
|
— |
|
|
— |
|
|
133 |
|
Other (income) expense, net |
(7) |
|
|
— |
|
|
(20) |
|
|
(15) |
|
Reorganization items, net |
— |
|
|
78 |
|
|
513 |
|
|
101 |
|
(Gain) from the sale of a business |
— |
|
|
— |
|
|
(400) |
|
|
— |
|
Total expenses |
1,474 |
|
|
1,527 |
|
|
4,419 |
|
|
5,818 |
|
Income (loss) before income taxes
|
752 |
|
|
(259) |
|
|
968 |
|
|
(1,795) |
|
Income tax (provision) benefit
|
(156) |
|
|
36 |
|
|
(189) |
|
|
259 |
|
Net income (loss)
|
596 |
|
|
(223) |
|
|
779 |
|
|
(1,536) |
|
Net (income) loss attributable to noncontrolling
interests
|
(3) |
|
|
1 |
|
|
(1) |
|
|
7 |
|
Net income (loss) attributable to Hertz
|
$ |
593 |
|
|
$ |
(222) |
|
|
$ |
778 |
|
|
$ |
(1,529) |
|
The accompanying notes are an integral part of these financial
statements.
9
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
Unaudited
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income (loss) |
$ |
596 |
|
|
$ |
(223) |
|
|
$ |
779 |
|
|
$ |
(1,536) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
(24) |
|
|
(6) |
|
|
(14) |
|
|
(32) |
|
Net gain (loss) on pension and postretirement benefit
plans |
— |
|
|
15 |
|
|
— |
|
|
1 |
|
Reclassification from other comprehensive income (loss) to other
(income) expense for amortization of actuarial net
losses |
— |
|
|
1 |
|
|
— |
|
|
6 |
|
|
|
|
|
|
|
|
|
Total other comprehensive income (loss) before income
taxes |
(24) |
|
|
10 |
|
|
(14) |
|
|
(25) |
|
Income tax (provision) benefit related to pension and
postretirement benefit plans |
— |
|
|
(4) |
|
|
— |
|
|
— |
|
Income tax (provision) benefit related to reclassified amounts of
net periodic costs on pension and postretirement benefit
plans |
— |
|
|
(1) |
|
|
— |
|
|
(2) |
|
Total other comprehensive income (loss) |
(24) |
|
|
5 |
|
|
(14) |
|
|
(27) |
|
Total comprehensive income (loss)
|
572 |
|
|
(218) |
|
|
765 |
|
|
(1,563) |
|
Comprehensive (income) loss attributable to noncontrolling
interests |
(3) |
|
|
1 |
|
|
(1) |
|
|
7 |
|
Comprehensive income (loss) attributable to Hertz |
$ |
569 |
|
|
$ |
(217) |
|
|
$ |
764 |
|
|
$ |
(1,556) |
|
The accompanying notes are an integral part of these financial
statements.
10
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S
EQUITY (DEFICIT)
Unaudited
(In millions, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Shares |
|
Common Stock Amount |
|
Additional
Paid-In Capital |
|
Due From Affiliate |
|
Accumulated
Deficit(1)
|
|
Accumulated
Other
Comprehensive
Income (Loss) |
|
Stockholder's Equity Attributable to Hertz |
|
Noncontrolling Interests |
|
Total Stockholder's Equity |
Balance as of: |
|
|
|
|
|
|
|
December 31, 2019 |
100 |
|
|
$ |
— |
|
|
$ |
3,955 |
|
|
$ |
(64) |
|
|
$ |
(1,937) |
|
|
$ |
(189) |
|
|
$ |
1,765 |
|
|
$ |
119 |
|
|
$ |
1,884 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(355) |
|
|
— |
|
|
(355) |
|
|
(1) |
|
|
(356) |
|
Due from Hertz Holdings |
— |
|
|
— |
|
|
— |
|
|
(3) |
|
|
— |
|
|
— |
|
|
(3) |
|
|
— |
|
|
(3) |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(39) |
|
|
(39) |
|
|
— |
|
|
(39) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
1 |
|
March 31, 2020 |
100 |
|
|
— |
|
|
3,955 |
|
|
(67) |
|
|
(2,292) |
|
|
(228) |
|
|
1,368 |
|
|
119 |
|
|
1,487 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(951) |
|
|
— |
|
|
(951) |
|
|
(5) |
|
|
(956) |
|
Due from Hertz Holdings |
— |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
(1) |
|
Liabilities subject to compromise(2)
|
— |
|
|
— |
|
|
— |
|
|
(65) |
|
|
— |
|
|
— |
|
|
(65) |
|
|
— |
|
|
(65) |
|
Write-off of intercompany loan(3)
|
— |
|
|
— |
|
|
— |
|
|
133 |
|
|
— |
|
|
— |
|
|
133 |
|
|
— |
|
|
133 |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
|
|
7 |
|
|
— |
|
|
7 |
|
Stock-based compensation charges |
— |
|
|
— |
|
|
(2) |
|
|
— |
|
|
— |
|
|
— |
|
|
(2) |
|
|
— |
|
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
100 |
|
|
— |
|
|
3,953 |
|
|
— |
|
|
(3,243) |
|
|
(221) |
|
|
489 |
|
|
114 |
|
|
603 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(223) |
|
|
— |
|
|
(223) |
|
|
(1) |
|
|
(224) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
|
5 |
|
|
— |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(54) |
|
|
(54) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
100 |
|
|
$ |
— |
|
|
$ |
3,953 |
|
|
$ |
— |
|
|
$ |
(3,466) |
|
|
$ |
(216) |
|
|
$ |
271 |
|
|
$ |
59 |
|
|
$ |
330 |
|
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S
EQUITY (DEFICIT)
Unaudited
(In millions, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Shares |
|
Common Stock Amount |
|
Additional
Paid-In Capital |
|
Due To Affiliate |
|
Accumulated
Deficit(1)
|
|
Accumulated
Other Comprehensive
Income (Loss) |
|
Stockholder's Equity Attributable to Hertz |
|
Noncontrolling Interests |
|
Total Stockholder's Equity (Deficit) |
Balance as of: |
|
|
|
|
|
|
|
December 31, 2020 |
100 |
|
|
$ |
— |
|
|
$ |
3,953 |
|
|
$ |
— |
|
|
$ |
(3,783) |
|
|
$ |
(212) |
|
|
$ |
(42) |
|
|
$ |
37 |
|
|
$ |
(5) |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
190 |
|
|
— |
|
|
190 |
|
|
(1) |
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
|
17 |
|
|
— |
|
|
17 |
|
Stock-based compensation charges |
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(11) |
|
|
(11) |
|
March 31, 2021 |
100 |
|
|
— |
|
|
3,955 |
|
|
— |
|
|
(3,593) |
|
|
(195) |
|
|
167 |
|
|
25 |
|
|
192 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4) |
|
|
— |
|
|
(4) |
|
|
(1) |
|
|
(5) |
|
Due to Hertz Holdings |
— |
|
|
— |
|
|
— |
|
|
65 |
|
|
— |
|
|
— |
|
|
65 |
|
|
— |
|
|
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7) |
|
|
(7) |
|
|
— |
|
|
(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cancellation of stock-based awards |
— |
|
|
— |
|
|
(10) |
|
|
— |
|
|
— |
|
|
— |
|
|
(10) |
|
|
— |
|
|
(10) |
|
Contributions from Hertz Holdings |
— |
|
|
— |
|
|
5,638 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,638 |
|
|
— |
|
|
5,638 |
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5) |
|
|
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 |
100 |
|
|
— |
|
|
9,583 |
|
|
65 |
|
|
(3,597) |
|
|
(202) |
|
|
5,849 |
|
|
19 |
|
|
5,868 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
592 |
|
|
— |
|
|
592 |
|
|
3 |
|
|
595 |
|
Contributions from Hertz Holdings |
— |
|
|
— |
|
|
4 |
|
|
— |
|
|
— |
|
|
— |
|
|
4 |
|
|
— |
|
|
4 |
|
Other comprehensive income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(24) |
|
|
(24) |
|
|
— |
|
|
(24) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(10) |
|
|
(10) |
|
September 30, 2021 |
100 |
|
|
$ |
— |
|
|
$ |
9,587 |
|
|
$ |
65 |
|
|
$ |
(3,005) |
|
|
$ |
(226) |
|
|
$ |
6,421 |
|
|
$ |
12 |
|
|
$ |
6,433 |
|
(1) Net income (loss) is computed independently each quarter. As a
result, the quarter amounts presented herein may be rounded to
agree to accumulated deficit in the accompanying unaudited
condensed consolidated balance sheet.
(2) As a result of filing the Chapter 11 Cases, a pre-petition loan
due to an affiliate was classified as liabilities subject to
compromise in the accompanying unaudited condensed consolidated
balance sheet as of December 31, 2020. See Note
17,
"Liabilities
Subject to Compromise."
(3) As a result of filing the Chapter 11 Cases, the full amount
outstanding under a loan due from affiliate was deemed
uncollectible and written off. See Note 15,
"Related
Party Transactions."
The accompanying notes are an integral part of these financial
statements.
11
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
2021 |
|
2020 |
Cash flows from operating activities: |
|
|
|
Net income (loss) |
$ |
779 |
|
|
$ |
(1,536) |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
|
|
|
|
Depreciation and reserves for revenue earning vehicles |
506 |
|
|
1,809 |
|
Depreciation and amortization, non-vehicle |
153 |
|
|
168 |
|
Amortization of deferred financing costs and debt discount
(premium) |
109 |
|
|
37 |
|
Loss on extinguishment of debt |
8 |
|
|
5 |
|
|
|
|
|
Provision for receivables allowance |
95 |
|
|
66 |
|
Deferred income taxes, net |
121 |
|
|
(271) |
|
Technology-related intangible and other asset
impairments |
— |
|
|
193 |
|
Write-off of intercompany loan |
— |
|
|
133 |
|
Reorganization items, net |
150 |
|
|
1 |
|
(Gain) loss from the sale of a business |
(400) |
|
|
— |
|
(Gain) loss on sale of non-vehicle capital assets |
(8) |
|
|
(24) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
(6) |
|
|
(2) |
|
Changes in assets and liabilities: |
|
|
|
Non-vehicle receivables |
(223) |
|
|
231 |
|
Prepaid expenses and other assets |
(53) |
|
|
33 |
|
Operating lease right-of-use assets |
203 |
|
|
277 |
|
Non-vehicle accounts payable |
(45) |
|
|
224 |
|
Accrued liabilities |
(43) |
|
|
(47) |
|
Accrued taxes, net |
89 |
|
|
(4) |
|
Operating lease liabilities |
(214) |
|
|
(287) |
|
Self-insured liabilities |
(13) |
|
|
(75) |
|
Net cash provided by (used in) opera |