HERTZ GLOBAL HOLDINGS INC
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
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Condensed Financial Information of Registrant Hertz Global Holdings, Inc
SCHEDULE I
PARENT COMPANY BALANCE SHEETS
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Cash and cash equivalents | $1 | $— |
| Restricted cash and cash equivalents | — | — |
| Total cash and cash equivalents and restricted cash and cash equivalents | 1 | — |
| Prepaid expenses and other assets | — | 1 |
| Investments in subsidiaries, net | 326 | 3,543 |
| Deferred income taxes, net | 4 | 3 |
| Total assets | $331 | $3,547 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Accrued taxes, net | — | 2 |
| Public Warrants | 178 | 453 |
| Total liabilities | 178 | 455 |
| Stockholders' equity: | ||
| Preferred stock, $0.01 par value, no shares issued and outstanding | — | — |
| Common stock, $0.01 par value, 481,502,623 and 479,990,286 shares issued, respectively, and 306,690,579 and 305,178,242 shares outstanding, respectively | 5 | 5 |
| Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively | (3,430) | (3,430) |
| Additional paid-in capital | 6,396 | 6,405 |
| Retained earnings (Accumulated deficit) | (2,502) | 360 |
| Accumulated other comprehensive income (loss) | (316) | (248) |
| Total stockholders' equity | 153 | 3,092 |
| Total liabilities and stockholders' equity | $331 | $3,547 |
PARENT COMPANY STATEMENTS OF OPERATIONS
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenues | $— | $— | $— |
| Expenses: | |||
| Change in fair value of Public Warrants | (275) | (163) | (704) |
| Total expenses | (275) | (163) | (704) |
| Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | 275 | 163 | 704 |
| Income tax (provision) benefit | — | 1 | — |
| Equity in earnings (losses) of subsidiaries, net of tax | (3,137) | 452 | 1,355 |
| Net income (loss) | $(2,862) | $616 | $2,059 |
PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Net income (loss) | $(2,862) | $616 | $2,059 |
| Total other comprehensive income (loss) | (68) | 46 | (80) |
| Total comprehensive income (loss) | $(2,930) | $662 | $1,979 |
PARENT COMPANY STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Net cash provided by (used in) operating activities | $(2) | $3 | $— |
| Cash flows from financing activities: | |||
| Proceeds from exercises of Public Warrants | — | — | 3 |
| Share repurchases | — | (315) | (2,461) |
| Dividends from Hertz | 7 | 321 | 2,477 |
| Other | (4) | (9) | (20) |
| Net cash provided by (used in) financing activities | 3 | (3) | (1) |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period | 1 | — | (1) |
| Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | — | — | 1 |
| Cash and cash equivalents and restricted cash and cash equivalents at end of period | $1 | $— | $— |
NOTES TO PARENT COMPANY FINANCIAL STATEMENTS
Note 1—Background and Basis of Presentation
Hertz Global Holdings, Inc. was incorporated in Delaware in 2015 and wholly owns Rental Car Intermediate Holdings, LLC which wholly owns Hertz, Hertz Global's primary operating company.
These condensed parent company financial statements reflect the activity of Hertz Holdings as the parent company to Hertz and have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X, as the restricted net assets of Hertz exceed 25% of the consolidated net assets of Hertz Holdings. This information should be read in conjunction with the consolidated financial statements of Hertz Global included in this 2024 Annual Report under the caption Item 8, "Financial Statements and Supplementary Data."
Note 2—Dividends
In 2024, $7 million of cash dividends were paid by Hertz to Hertz Holdings. In 2023 and 2022, $321 million and $2.5 billion in cash dividends were paid by Hertz to Hertz Holdings to fund common stock repurchases, respectively. There wereno non-cash dividends paid by Hertz in 2024, 2023 or 2022.
Note 3—Share Repurchases
For a discussion of the share repurchase programs of Hertz Holdings, see Note 17, "Equity and Earnings (Loss) Per Common Share – Hertz Global" in Part II, Item 8 of this 2024 Annual Report. There wereno share repurchases during the year ended December 31, 2024. In 2023, Hertz Holdings repurchased 19,381,160 shares, for $291 million, excluding applicable excise tax, which is included in treasury stock in the accompanying parent-only balance sheets of Hertz Holdings as of December 31, 2024 and 2023.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.