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Hertz cash flow, quarter by quarter

Latest: Q3 2016 · from the cash-flow statements filed with the SEC

Free cash flow$1.0B in Q3 2016

Operating cash flow$1.0B
Capital spending−$27.0M
Free cash flow+$1.0B

Analysis

In Q3 2016, Hertz generated $1.0B of operating cash flow and spent $27.0M on capital projects, leaving free cash flow of $1.0B.

Free cash flow

Hertz: free cash flow by quarterHertz: free cash flow by quarter$923MQ4 2015$527MQ1 2016$415MQ2 2016$1.0BQ3 2016
Operating cash flow less capital spending.
Hertz: operating cash flow against capital spendingHertz: operating cash flow against capital spendingOperating cash flowCapital spending$1.1B$144MQ4 2015$580M$53.0MQ1 2016$434M$19.0MQ2 2016$1.0B$27.0MQ3 2016
Latest (Q3 2016): Operating cash flow $1.0B, Capital spending $27.0M.

Capital allocation, year by year

Hertz: where the cash came from (up) and went (down), by fiscal yearHertz: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2011: Operating cash flow $2.2BFY2011: Net borrowing −$1.4BFY2011: Shares issued $3.6MFY2011: Asset sales $53.8MFY2011: Capital spending −$282MFY2011: Acquisitions −$227MFY2011: Dividends −$22.9M$2.3BFY2011FY2012: Operating cash flow $2.7BFY2012: Net borrowing $1.7BFY2012: Shares issued $4.3MFY2012: Asset sales $209MFY2012: Capital spending −$298MFY2012: Acquisitions −$1.9BFY2012: Dividends −$25.0M$4.7BFY2012FY2013: Operating cash flow $3.6BFY2013: Net borrowing $716MFY2013: Shares issued $5.1MFY2013: Asset sales $81.0MFY2013: Capital spending −$327MFY2013: Acquisitions −$41.0MFY2013: Dividends −$482M$4.4BFY2013FY2014: Operating cash flow $3.5BFY2014: Net borrowing −$100MFY2014: Asset sales $93.0MFY2014: Capital spending −$374MFY2014: Acquisitions −$75.0M$3.5BFY2014FY2015: Operating cash flow $3.3BFY2015: Net borrowing $93.0MFY2015: Asset sales $241MFY2015: Capital spending −$327MFY2015: Acquisitions −$95.0M$3.7BFY2015
Over these 5 years operating cash flow totalled $15.4B; the largest uses were acquisitions ($2.3B) and capital spending ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$474M
Debtnone
Net cash$474M
Due within a year$3.1B

Hertz funds itself: free cash flow was — over the last twelve months, with $474M of cash and investments and no debt on the balance sheet ($3.1B due within a year, 0.2× covered by cash).

Hertz: debt maturities by year (FY2015)Hertz: debt maturities by year (FY2015)$3.1BYear 1$3.7BYear 2$4.3BYear 3$1.8BYear 4$1.8BYear 5$1.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $474M of cash and investments now.

Where the cash came from and went

Hertz: sources (+) and uses (−) of cash, Q3 2016Hertz: sources (+) and uses (−) of cash, Q3 2016Operating cash flow$1.0BNet borrowing (+) / repaid (−)−$742MOther investing−$197MCash drawn (+) / kept (−)−$145MOther financing$58.0MCapital spending−$27.0MAsset & business sales$14.0MNot reconciled$2.0M

From profit to cash

Hertz: net income to operating cash flow, Q3 2016Hertz: net income to operating cash flow, Q3 2016Net income$42.0MStock-based pay$4.0MImpairments$28.0MReceivables$43.0MPayables−$18.0MAccrued liabilities$31.0MIncome taxes payable$9.0MOperating cash flow$1.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2016$1.0B−$27.0M−$742M−$145M$1.0B
Q2 2016$434M−$19.0M$2.4B−$434M$415M
Q1 2016$580M−$53.0M$2.5B−$377M$527M
Q4 2015$1.1B−$144M$824M$30.0M$923M

Hertz: income statement and cash flow

Hertz, Q2 2026: revenue $2.4B (+10% year over year), operating margin 3.0%. The chart follows the revenue to costs, profit and cash.

Hertz: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.