HERC HOLDINGS INC

Listed Company

HRICIK 0001364479NYSELarge AcceleratedServices-Miscellaneous Equipment Rental & LeasingDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.38B

Net Income

$1.00M

Total Assets

$13.78B

Equity

$1.95B

Shares Out

33.39M

Op. Cash Flow

$1.08B

Business

HERC HOLDINGS INC is an equipment rental supplier operating a network of locations that rents a broad portfolio of construction, industrial and specialty equipment. It offers equipment rental on daily, weekly or monthly terms, sales of used and new equipment, parts and contractor supplies, repair and maintenance, equipment management, safety training, re-rental and ancillary services such as transport, cleaning and refueling. The company organizes its offerings through core fleet categories and specialty businesses including ProSolutions® and ProContractor. It serves diverse customers across North America through branch locations, national accounts, digital platforms and direct sales teams.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	4,376	3,568	3,282	2,740	2,073
Direct operating	1,602	1,291	1,139	1,029	782
Depreciation of rental equipment	856	679	643	536	420
Cost of sales of rental equipment	418	224	252	89	94
Cost of sales of new equipment, parts and supplies	42	24	25	21	21
Selling, general and administrative	564	469	440	411	310
Transaction expenses	199	11	8	—	—
Non-rental depreciation and amortization	224	127	112	95	68
Interest expense, net	416	260	224	122	—
Loss on assets held for sale	48	194	0	—	—
Other expense (income), net	6	−2	−8	3	1
Total expenses	4,375	3,277	2,835	2,306	1,782
Income before income taxes	1	291	447	434	291
Income tax provision	0	−80	−100	−104	−67
Net income	1	211	347	330	224
Basic (in shares)	31	28	29	30	30
Diluted (in shares)	31	29	29	30	30
Basic (in USD per share)	0.03	7.43	12.18	11.15	7.57
Diluted (in USD per share)	0.03	7.4	12.09	10.92	7.37

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	52	83	71	54	35
Receivables, net of allowances of $31 and $22, respectively	769	589	563	523	388
Prepaid expenses	72	47	30	—	—
Other current assets	63	40	47	—	—
Assets held for sale	0	17	21	0	—
Total current assets	956	776	732	644	470
Rental equipment, net	5,880	4,225	3,831	3,485	2,665
Property and equipment, net	868	554	465	392	308
Right-of-use lease assets	1,489	852	665	552	414
Intangible assets, net	1,665	572	467	431	389
Goodwill	2,873	670	483	419	232
Other long-term assets	45	8	10	34	13
Assets held for sale	0	220	408	0	—
Total assets	13,776	7,877	7,061	5,957	4,490
Current maturities of long-term debt and financing obligations	32	21	19	16	15
Current maturities of operating lease liabilities	56	39	37	42	39
Accounts payable	337	248	212	318	281
Accrued liabilities	305	239	221	228	195
Liabilities held for sale	0	15	19	0	—
Total current liabilities	730	562	508	604	530
Long-term debt, net	8,021	4,069	3,673	2,922	1,916
Financing obligations, net	95	101	104	108	111
Operating lease liabilities	1,479	842	646	528	387
Deferred tax liabilities	1,446	800	743	647	537
Other long-term liabilities	57	47	46	40	32
Liabilities held for sale	0	60	68	0	—
Total liabilities	11,828	6,481	5,788	4,849	3,514
Commitments and contingencies (Note 17)	—	—	—	—	—
Preferred stock, $0.01 par value, 13.3 shares authorized, no shares issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value, 133.3 shares authorized, 38.2 and 33.3 shares issued and 33.3 and 28.4 shares outstanding	0	0	0	0	300,000
Additional paid-in capital	2,448	1,832	1,820	1,820	1,822
Retained earnings	547	633	498	224	−53
Accumulated other comprehensive loss	−120	−142	−118	−129	−100
Treasury stock, at cost, 4.9 shares and 4.9 shares	−927	−927	−927	−807	−692
Total equity	1,948	1,396	1,273	1,108	977
Total liabilities and equity	13,776	7,877	7,061	5,957	4,490

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of property and equipment	109	82	71	64	56
Amortization of intangible assets	115	45	41	31	12
Amortization of deferred debt and financing obligations costs	8	5	4	4	4
Loss on extinguishment of debt	2	0	0	—	0
Stock-based compensation charges	34	17	18	27	23
Impairment	6	0	0	—	—
Provision for receivables allowance	88	70	65	52	28
Deferred taxes	−9	59	89	83	53
Gain on sale of rental equipment	−91	−87	−94	−36	−19
Other	15	12	1	5	5
Receivables	−46	−62	−98	−172	−92
Other assets	−1	−26	−22	−15	−10
Accounts payable	36	2	7	−23	23
Accrued liabilities and other long-term liabilities	−86	24	14	31	16
Net cash provided by operating activities	1,085	1,225	1,086	917	743
Rental equipment expenditures	−1,097	−1,048	−1,320	−1,168	−594
Proceeds from disposal of rental equipment	448	288	325	121	107
Non-rental capital expenditures	−157	−161	−156	−104	−47
Proceeds from disposal of property and equipment	20	10	15	7	5
Acquisitions, net of cash acquired	−4,257	−600	−430	−515	−431
Proceeds from disposal of business, net	99	0	0	0	0
Other investing activities	0	0	−15	−23	0
Net cash used in investing activities	−4,944	−1,511	−1,581	−1,682	−960
Proceeds from issuance of long-term debt	4,661	800	0	0	0
Repayments of long-term debt	−1,200	0	0	—	0
Proceeds from revolving lines of credit and securitization	4,585	2,008	2,127	2,618	1,132
Repayments on revolving lines of credit and securitization	−4,092	−2,399	−1,387	−1,616	−880
Principal payments under finance lease and financing obligations	−22	−19	−16	−15	−13
Payment of debt financing costs	−16	−9	−1	−8	0
Dividends paid	−87	−77	−73	−68	−15
Net settlement on vesting of equity awards	−8	−12	−25	−15	−9
Proceeds from employee stock purchase plan	6	5	4	4	3
Proceeds from exercise of stock options	0	2	3	0	2
Repurchase of common stock	0	0	−120	−115	0
Net cash provided by financing activities	3,827	299	512	785	220
Effect of foreign exchange rate changes on cash and cash equivalents	1	−1	0	−1	−1
Net change in cash and cash equivalents during the period	−31	12	17	19	2
Cash paid for interest	419	258	221	114	83
Cash paid for income taxes, net	24	12	30	22	23
Purchases of rental equipment in accounts payable	19	30	0	38	129
Non-rental capital expenditures in accounts payable	5	2	0	17	0
Disposals of rental equipment in accounts receivable	24	6	0	0	0
Issuance of common stock for H&E acquisition	584	0	0	—	—
Equipment acquired through finance lease	21	17	24	24	23

Filings

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