HERC HOLDINGS INC
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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FY2023 · Filed Feb 13, 2024
HRI$164.59-1.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $347 | $330 | $224 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation of rental equipment | 643 | 536 | 420 |
| Depreciation of property and equipment | 71 | 64 | 56 |
| Amortization of intangible assets | 41 | 31 | 12 |
| Amortization of deferred debt and financing obligations costs | 4 | 4 | 4 |
| Stock-based compensation charges | 18 | 27 | 23 |
| Provision for receivables allowance | 65 | 52 | 28 |
| Deferred taxes | 89 | 83 | 53 |
| Gain on sale of rental equipment | (94) | (36) | (19) |
| Other | 1 | 5 | 5 |
| Changes in assets and liabilities: | |||
| Receivables | (98) | (172) | (92) |
| Other assets | (22) | (15) | (10) |
| Accounts payable | 7 | (23) | 23 |
| Accrued liabilities and other long-term liabilities | 14 | 31 | 16 |
| Net cash provided by operating activities | 1,086 | 917 | 743 |
| Cash flows from investing activities: | |||
| Rental equipment expenditures | (1,320) | (1,168) | (594) |
| Proceeds from disposal of rental equipment | 325 | 121 | 107 |
| Non-rental capital expenditures | (156) | (104) | (47) |
| Proceeds from disposal of property and equipment | 15 | 7 | 5 |
| Acquisitions, net of cash acquired | (430) | (515) | (431) |
| Other investing activities | (15) | (23) | — |
| Net cash used in investing activities | (1,581) | (1,682) | (960) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from financing activities: | |||
| Proceeds from revolving lines of credit and securitization | 2,127 | 2,618 | 1,132 |
| Repayments on revolving lines of credit and securitization | (1,387) | (1,616) | (880) |
| Principal payments under finance lease and financing obligations | (16) | (15) | (13) |
| Payment of debt financing costs | (1) | (8) | — |
| Dividends paid | (73) | (68) | (15) |
| Net settlement on vesting of equity awards | (25) | (15) | (9) |
| Proceeds from employee stock purchase plan | 4 | 4 | 3 |
| Proceeds from exercise of stock options | 3 | — | 2 |
| Repurchase of common stock | (120) | (115) | — |
| Net cash provided by financing activities | 512 | 785 | 220 |
| Effect of foreign exchange rate changes on cash and cash equivalents | — | (1) | (1) |
| Net change in cash and cash equivalents during the period | 17 | 19 | 2 |
| Cash and cash equivalents at beginning of period | 54 | 35 | 33 |
| Cash and cash equivalents at end of period | $71 | $54 | $35 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | $221 | $114 | $83 |
| Cash paid for income taxes, net | $30 | $22 | $23 |
| Supplemental disclosures of non-cash investing activity: | |||
| Purchases of rental equipment in accounts payable | $— | $38 | $129 |
| Non-rental capital expenditures in accounts payable | $— | $17 | $— |
| Supplemental disclosures of non-cash investing and financing activity: | |||
| Equipment acquired through finance lease | $24 | $24 | $23 |
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