Hertz 2015 Annual Report Download - page 152

Table of Contents
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
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






 
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Revenues: $ 2,454
$ 2,692
$ 2,976
$ 2,413
Income (loss) before income taxes (86)
71
307
49
Net income (loss) (70)
36
237
70
Earnings (loss) per share:
Basic (0.15)
0.08
0.52
0.16
Diluted (0.15)
0.08
0.52
0.16
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






 


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Revenues: $ 2,536
$ 2,830
$ 3,121
$ 2,559
Income (loss) before income taxes (62)
121
203
(284)
Net income (loss) (69)
72
149
(234)
Earnings (loss) per share:
Basic (0.15)
0.16
0.32
(0.51)
Diluted (0.15)
0.15
0.32
(0.50)


In February 2016, HVF II issued the Series 2016-1 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the
“HVF II Series 2016-1 Notes”) and Series 2016-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (collectively, the “HVF
II Series 2016-2 Notes”) in an aggregate principal amount of approximately $1.06 billion. The expected maturities of the HVF II Series 2016-1
Notes and the HVF II Series 2016-2 Notes are March 2019 and March 2021, respectively. The HVF II Series 2016-1 Notes are comprised of
approximately $333 million aggregate principal amount of 2.32% Rental Car Asset Backed Notes, Class A, $81 million aggregate principal amount
of 3.72% Rental Car Asset Backed Notes, Class B, $25 million aggregate principal amount of 4.75% Rental Car Asset Backed Notes, Class C,
and $27 million aggregate principal amount of 5.73% Rental Car Asset Backed Notes, Class D. The HVF II Series 2016-2 Notes are comprised of
approximately $425 million aggregate principal amount of 2.95% Rental Car Asset Backed Notes, Class A, $104 million aggregate principal amount
of 3.94% Rental Car Asset Backed Notes, Class B, $32 million aggregate principal amount of 4.99% Rental Car Asset Backed Notes, Class C,
and $34 million aggregate principal amount of 5.97% Rental Car Asset Backed Notes, Class D. The Class B Notes of each series are subordinated
to the Class A Notes of such series. The Class C Notes of each series are subordinated to the Class A Notes and the Class B Notes of such
series. The Class D Notes of each series are subordinated to the Class A Notes, the Class B Notes and the Class C Notes of such series. An
affiliate of HVF II purchased the Class D Notes of each such series, therefore, approximately $61 million of the obligation is eliminated in
consolidation.
Approximately $741 million of the proceeds were used to pay down HVF II Fleet Variable Funding Notes Series 2014-A and approximately $264
million was used to pay down HVF II Fleet Variable Funding Notes Series 2013-A.
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The fair value of the Company's CAR, Inc. equity method investment has been negatively impacted by recent volatility in the markets in China and
other factors. The fair value of the investment at February 22, 2016 using quoted market prices (Level 1) was $292 million.
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