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Dear Colleagues and Friends of Herc Rentals:
This past Memorial Day, George Floyd was killed by a City of Minneapolis police officer after being placed under arrest and while handcuffed. As the horrific video of the incident shows, three other police officers stood by and watched George Floyd die. Sadly, over the history of the United States, too many African Americans and people of color have experienced similarly tragic outcomes in their interactions with law enforcement. The unrest we have witnessed over the past few days reflects a long-simmering frustration over lives lost or destroyed at the hands of individuals who are sworn to serve and protect our communities.
We support the demand for justice in the death of George Floyd. We also support those who are motivated to peacefully protest in pursuit of justice. Unfortunately, we know that events like this attract individuals whose behavior tarnishes the cause that a majority of Americans support. We should not allow those ill-intentioned actors to distract us from the need to seek justice in George Floyd’s death.
At the same time, we should remember that most law enforcement officers are well-meaning, duty-bound to serve their communities, with the humanity and courage to carry out their difficult work. But, as citizens who expect basic civil liberties to apply to all Americans at all times, we also believe that those who wear the uniform must be accountable for their actions and for the actions of their fellow officers.
As a company, we have small influence over the way our larger society moves forward with the structural changes necessary to prevent more tragedies such as George Floyd’s death. But we can make our Team Herc community a force for positive change. Foremost, Herc Rentals will never tolerate any act of discrimination or harassment.
I deeply hope that George Floyd’s legacy will be defined by the advance of equality, equity and fairness for all Americans. I encourage you to continue supporting that effort.
President and Chief Executive Officer
Dear Colleagues, Customers and Friends,
We have received a few inquiries regarding Hertz Global Holdings’ recent announcement about its financial outlook. We want to make clear that we are two separate and independent public companies.
Since the spin-off in 2016, Herc Holdings Inc., an equipment rental business operating through its Herc Rentals Inc. subsidiary, has been operationally and administratively independent of Hertz. Our companies are governed by different boards of directors and we each operate in different sectors and serve different customers.
Herc Holdings Inc. recently reported first quarter results ending March 31, 2020 and provided an update regarding the impact of the COVID-19 pandemic on operations. Our financial position and balance sheet are strong, and our debt is rated B1 by Moody’s and B+ by S&P. We have ample liquidity of $1.1 billion, and our net debt totaled $2.1 billion with a net leverage ratio of 2.7x.
We are well-financed, we have ample liquidity, and we have the fleet available. We are committed to serving the equipment needs of our customers and our communities safely, efficiently and effectively.
Should you have any questions about our services or equipment for rent, please contact your customer sales representative or call 800-654-6659.
President and Chief Executive Officer
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