HERC HOLDINGS INC
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income | $211 | $347 | $330 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation of rental equipment | 679 | 643 | 536 |
| Depreciation of property and equipment | 82 | 71 | 64 |
| Amortization of intangible assets | 45 | 41 | 31 |
| Amortization of deferred debt and financing obligations costs | 5 | 4 | 4 |
| Stock-based compensation charges | 17 | 18 | 27 |
| Provision for receivables allowance | 70 | 65 | 52 |
| Loss on assets held for sale | 194 | — | — |
| Deferred taxes | 59 | 89 | 83 |
| Gain on sale of rental equipment | (87) | (94) | (36) |
| Other | 12 | 1 | 5 |
| Changes in assets and liabilities: | |||
| Receivables | (62) | (98) | (172) |
| Other assets | (26) | (22) | (15) |
| Accounts payable | 2 | 7 | (23) |
| Accrued liabilities and other long-term liabilities | 24 | 14 | 31 |
| Net cash provided by operating activities | 1,225 | 1,086 | 917 |
| Cash flows from investing activities: | |||
| Rental equipment expenditures | (1,048) | (1,320) | (1,168) |
| Proceeds from disposal of rental equipment | 288 | 325 | 121 |
| Non-rental capital expenditures | (161) | (156) | (104) |
| Proceeds from disposal of property and equipment | 10 | 15 | 7 |
| Acquisitions, net of cash acquired | (600) | (430) | (515) |
| Other investing activities | — | (15) | (23) |
| Net cash used in investing activities | (1,511) | (1,581) | (1,682) |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt | 800 | — | — |
| Proceeds from revolving lines of credit and securitization | 2,008 | 2,127 | 2,618 |
| Repayments on revolving lines of credit and securitization | (2,399) | (1,387) | (1,616) |
| Principal payments under finance lease and financing obligations | (19) | (16) | (15) |
| Payment of debt financing costs | (9) | (1) | (8) |
| Dividends paid | (77) | (73) | (68) |
| Net settlement on vesting of equity awards | (12) | (25) | (15) |
| Proceeds from employee stock purchase plan | 5 | 4 | 4 |
| Proceeds from exercise of stock options | 2 | 3 | — |
| Repurchase of common stock | — | (120) | (115) |
| Net cash provided by financing activities | 299 | 512 | 785 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (1) | — | (1) |
| Net change in cash and cash equivalents during the period | 12 | 17 | 19 |
| Cash and cash equivalents at beginning of period | 71 | 54 | 35 |
| Cash and cash equivalents at end of period | $83 | $71 | $54 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | $258 | $221 | $114 |
| Cash paid for income taxes, net | $12 | $30 | $22 |
| Supplemental disclosures of non-cash investing activity: | |||
| Purchases of rental equipment in accounts payable | $30 | $— | $38 |
| Non-rental capital expenditures in accounts payable | $2 | $— | $17 |
| Disposals of rental equipment in accounts receivable | $6 | $— | $— |
| Supplemental disclosures of non-cash investing and financing activity: | |||
| Equipment acquired through finance lease | $17 | $24 | $24 |
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