This case was prepared by Senior Lecturer Christopher Noe, Lauren Pully, MBA 2015, and Cate Reavis, Associate Director,
\nCurriculum Development.
\nCopyright \u00a9 2015, Christopher Noe, Lauren Pully, and Cate Reavis. This work is licensed under the Creative Commons
\nAttribution-Noncommercial-No Derivative Works 3.0 Unported License. To view a copy of this license visit
\nhttp:\/\/creativecommons.org\/licenses\/by-nc-nd\/3.0\/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San
\nFrancisco, California 94105, USA.
\n15-164
\nRevised March 27, 2018
\nHertz Global Holdings, Inc.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nIn the June 7-8, 2014 weekend edition of The Wall Street Journal, an article entitled \u201cAccounting Errors
\nHit Hertz Hard\u201d caught auto industry analyst Abby Devins\u2019s attention. Devins recalled that Hertz had
\nhinted in March about the possibility of having to restate its 2011 financial statements, but by June the
\nsituation appeared worse than previously anticipated. \u201cHertz Global Holdings, Inc.,\u201d read the article,
\n\u201cwould have to restate and correct results from the past three years, according to a regulatory filing
\nFriday that indicated more widespread accounting problems at the auto-rental company than had been
\nthought.\u201d1 The article also mentioned that Hertz\u2019s stock had closed down about 9% in Friday\u2019s trading.
\nKeenly aware that car rental companies like Hertz provided a significant source of steady demand for
\nautomotive manufacturers, Devins was curious whether Hertz\u2019s accounting issues could be related in
\nsome way to its large rental fleet and what impact this might have on the company\u2019s future vehicle
\nacquisition plans.
\nCar Rental Industry
\nAs of 2013, the U.S. car rental industry totaled approximately $36 billion in revenue, which was divided
\nbetween leisure travelers, business travelers, and leasing, with rentals taking place both at airport and
\noff-airport locations (Exhibit 1). Since the majority of car rental demand came from leisure and
\nbusiness travel, the industry suffered during the 2008-09 recession, with revenue growth plummeting
\ninto negative territory (Exhibit 2). Revenue growth resumed, however, as the subsequent economic
\nrecovery began to take hold.
\n1 Michael Calia, \u201cAccounting Errors Hit Hertz Hard,\u201d The Wall Street Journal, June 7-8, 2014.
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 2
\nDue to a wave of consolidations, three companies dominated the market with a combined 71% market
\nshare \u2014 Enterprise Holdings (Enterprise, National, and Alamo brands); Avis Budget Group (Avis,
\nBudget, and Payless brands); and Hertz Global Holdings (Hertz, Dollar, and Thrifty brands).2
\nCompany Background
\nHistory
\nHertz\u2019s beginnings trace back to 1918 when 22-year old Walter L. Jacobs launched Rent-a-Car, Inc. in
\nChicago, Illinois, with a dozen Model T Fords that he repaired and painted himself. After having
\ngenerated $1 million in revenue over five years, Jacobs sold his company to John D. Hertz who renamed
\nthe company in his name and made it a subsidiary of his Yellow Truck and Coach Manufacturing
\nCompany.
\nOver the next century, Hertz changed hands several times and was owned on separate occasions by
\nboth General Motors and the Ford Motor Company. In 2005, Hertz was acquired by a trio of private
\nequity investment companies, which then took the company public in 2006. See Exhibit 3 for a
\ncorporate timeline.
\nAt of the end of 2013, with over 30,000 employees, Hertz had almost 12,000 worldwide car rental
\nlocations, spanning 145 countries, and a rental fleet topping 700,000 cars (524,000 in the U.S. and
\n179,500 internationally).3
\nOperations and Financial Performance
\nAfter going public in 2006, Hertz grew from a single brand with an on-airport focus on business
\ntravelers to a multi-brand operation.4 The company acquired the $1.5 billion annual revenue business
\nof Dollar Thrifty in November 2012. Hertz\u2019s addition of the rental brands Dollar Rent A Car and Thrifty
\nCar created an immediate leadership position in the budget-friendly leisure market. In 2013, Hertz
\nlaunched a deep value brand, Firefly, focused on price conscious leisure travelers. That same year,
\nHertz expanded into the Chinese car rental market by acquiring a 20% stake in China Auto Rental, the
\nlargest car rental company in China. U.S. and international car rental revenue in 2013 totaled $6.3
\nbillion and $2.4 billion, respectively (Exhibit 4).
\nThrough its Donlen subsidiary, acquired in September 2011, Hertz provided a comprehensive array of
\ncommercial fleet leasing and management services. Donlen leased car and light- to medium-truck
\nfleets, generally with a minimum 12-month lease term. It also provided additional services during
\nleases, including fuel purchasing and management, preventative maintenance, repair consultation,
\naccident management, and telematics-based location and driver performance reporting. Hertz also
\n2 Zachary Harris, \u201cIBISWorld Industry Report \u2013 Car Rental in the US,\u201d February 2015.
\n3 Hertz Global Holdings, Inc., 2013 Annual Report.
\n4 Details of Hertz\u2019s operations from Hertz Global Holdings, Inc., 2013 Annual Report.
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 3
\noperated an industrial and construction equipment rental business. Exhibit 5 provides a breakdown of
\nHertz\u2019s 2013 revenue by business segment.
\nHertz stock more or less mirrored the S&P 500 Index from the end of 2006 until the summer of 2012
\nwhen it began to outperform the broader market (Exhibit 6). The pattern of Hertz\u2019s earnings closely
\ntracked its stock price (Exhibit 7). Company earnings rose between 2006 and 2007 but turned sharply
\nnegative with the 2008 financial crisis as both business and leisure travel slowed. During the ensuing
\neconomic recovery, Hertz\u2019s earnings rebounded, once again entering positive territory in 2011. The
\ncompany reported record revenue and EBITDA for 2013.5 Mark Frissora, Hertz Chairman and CEO,
\ncommented on the company\u2019s strong 2013 financial performance on an earnings call with analysts and
\ninvestors: \u201cWe continue to successfully drive both record revenue and earnings growth by leveraging
\nindustry leading rental car brands, capitalizing on strategic acquisitions, penetrating new markets in
\nequipment rental, and being relentless on efficiency programs and cost management.\u201d6
\nHertz\u2019s 2013 10-K indicated that the company had increased revenue by roughly 30% and more than
\ndoubled net income to common shareholders since 2011. Over this same three-year period, depreciation
\naveraged around 25% of total expenses. See Exhibit 8 for Hertz\u2019s 2013 income statement. The
\nrelatively high level of depreciation was consistent with the capital intensive nature of Hertz\u2019s
\noperations. The company\u2019s largest asset in 2012 and 2013 was revenue earning equipment (i.e., cars
\nand trucks), which comprised in excess of 50% of total assets in both years. See Exhibit 9 for Hertz\u2019s
\n2013 balance sheet.
\nCalculating Depreciation
\nOnce an asset like equipment is recorded on the balance sheet, its cost must be transferred over time
\nfrom the balance sheet to the income statement and reported as an expense. This process is referred to
\nas depreciation. Managers have a certain amount of discretion in recording depreciation expense
\nbecause of the assumptions that underlie the calculations.
\nTwo estimates are required to compute the amount of depreciation expense for each accounting period:
\n1. Useful life is the period of time over which an asset is expected to provide economic
\nbenefits to a company, which need not correspond to its physical life.
\n2. Residual or salvage value is the expected value of an asset at the end of its useful life.
\nThe depreciable base is computed by subtracting the residual value from an asset\u2019s acquisition cost.
\nThis amount is then depreciated over an asset\u2019s useful life. The most common way for allocating
\ndepreciation over an asset\u2019s useful life is the straight-line method. Exhibit 10 provides an example of
\n5 \u201cHertz Report Fourth Quarter and Full Year 2013 Results,\u201d Hertz Global Holdings, Inc. Press Release, March 18, 2014.
\n6 Q4 2013 Hertz Global Holdings, Inc. Earnings Conference Call, March 18, 2014.
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 4
\ndepreciation of an automobile with a $50,000 acquisition cost, a $10,000 residual value, and a 5-year
\nuseful life.
\nThe amount of annual depreciation expense for the automobile in this example is $8,000. As this
\nexample also shows, when depreciation is recognized as an expense on the income statement, which
\nhas the effect of reducing retained earnings on the balance sheet, the book value of the corresponding
\nasset is reduced by an equal amount with a balancing entry in accumulated depreciation, a contra asset
\naccount associated with PP&E.
\nWhen an asset is disposed of, any difference between its sale price and net book value is recognized on
\nthe income statement as a gain\/loss on sale. In the above example, a loss on sale of $2,500 would result
\nif the automobile were sold at the end of Year 5 for $7,500, which reflects the fact that its sales price
\n($7,500) is lower than its net book value ($10,000) at that time.
\nDepreciation of Rental Fleet
\nHertz\u2019s 2013 financial statements included a footnote disclosure that described how the company
\naccounted for depreciation of revenue earning equipment:
\nGenerally, when revenue earning equipment is acquired, we estimate the period that we will
\nhold the asset, primarily based on historical measures of the amount of rental activity (e.g.,
\nautomobile mileage and equipment usage) and the targeted age of equipment at the time of
\ndisposal. We also estimate the residual value of the applicable revenue earning equipment at
\nthe expected time of disposal. The residual values for rental vehicles are affected by many
\nfactors, including make, model and options, age, physical condition, mileage, sale location,
\ntime of the year and channel of disposition (e.g., auction, retail, dealer direct). The residual
\nvalue for rental equipment is affected by factors which include equipment age and amount of
\nusage.
\nDepreciation is recorded on a straight-line basis over the estimated holding period.
\nDepreciation rates are reviewed on a quarterly basis based on management\u2019s ongoing
\nassessment of present and estimated future market conditions, their effect on residual values at
\nthe time of disposal and the estimated holding periods. Market conditions for used vehicle and
\nequipment sales can also be affected by external factors such as the economy, natural disasters,
\nfuel prices and incentives offered by manufacturers of new cars. These key factors are
\nconsidered when estimating future residual values and assessing depreciation rates. As a result
\nof this ongoing assessment, we make periodic adjustments to depreciation rates of revenue
\nearning equipment in response to changing market conditions.7
\n7 Hertz Global Holdings, Inc. 10-K, December 31, 2013.
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 5
\nU.S. GAAP also required Hertz to disclose useful life estimates for its major asset classes. Exhibit 11
\nprovides this information for each year between 2006-13.
\nHertz\u2019s car rental fleet comprised program and non-program cars. Program cars were purchased by
\nrental car companies under repurchase or guaranteed depreciation programs. Under these programs,
\nautomotive manufacturers agreed to repurchase cars at a specified price or guarantee the depreciation
\nrate on cars during a specified time period. Non-program cars, in contrast, were subject to residual price
\nrisk at the time of disposal. Exhibit 12 shows Hertz\u2019s program cars purchased as a percentage of total
\ncars purchased for each year between 2006-13 by the U.S. and international operations. Exhibit 13
\nprovides summary data on used car market pricing trends.
\nData Collection
\nTo begin her analysis, Devins pulled together Hertz\u2019s revenue earning equipment balances and
\nassociated depreciation expense amounts between 2006-13, doing the same for Avis Budget Group,
\nHertz\u2019s main publicly-traded competitor, for comparison purposes (Exhibit 14). As she was putting the
\nfinishing touches on her spreadsheet, Devins contemplated what significance, if any, depreciation
\nwould ultimately have in Hertz\u2019s larger than previously announced accounting issues.
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 6
\nExhibit 1 U.S. Car Rental Demand by Purpose and Location
\nSource: Andy Brennan, \u201cIBISWorld Industry Report \u2013 Car Rental in the US,\u201d February 2014.
\nExhibit 2 Revenue and Growth Trends in U.S. Car Rental Industry
\nSource: Andy Brennan, \u201cIBISWorld Industry Report \u2013 Car Rental in the US,\u201d February 2014.
\n-8
\n-6
\n-4
\n-2
\n0
\n2
\n4
\n6
\n8
\n25,000
\n27,500
\n30,000
\n32,500
\n35,000
\n37,500
\n40,000
\n2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
\nRevenue ($ Millions) % Growth
\nLeisure
\n43%
\nBusiness
\n35%
\nLeasing
\n20%
\nCar Sharing
\n2%
\nAirport –
\nLeisure
\n35%
\nAirport –
\nBusiness
\n30%
\nOff-Airport
\n35%
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 7
\nExhibit 3 Hertz Timeline8
\n1918 Rent-a-Car, Inc. founded by Walter L. Jacobs
\n1923 Jacobs sold company to John D. Hertz, President of Yellow Cab and Yellow Truck and
\nCoach Manufacturing Company, who renamed business Hertz Drive-Ur-Self System;
\nJacobs stayed on to run car rental operations
\n1926 Yellow Truck sold to General Motors
\n1953 Omnibus Corporation purchased Hertz from GM and took company public one year later;
\nJacobs became Hertz\u2019s first President and served in that position until his retirement in
\n1960
\n1975 O.J. Simpson helped bring Hertz name to American households through advertising
\ncampaign that had him running through airport and leaping over counters9
\n1994 Hertz became a wholly-owned subsidiary of Ford Motor Company
\n2005 Three private equity investment companies, Clayton, Dubilier & Rice, The Carlyle Group,
\nand Merrill Lynch Global Private Equity, purchased Hertz from Ford
\n2006 Hertz taken public for second time10
\nExhibit 4 Hertz Globing Holdings, Inc. Car Rental Revenue ($ Millions)
\n2011 2012 2013
\nU.S. Car Rental 4,468.9 4,893.2 6,324.4
\nInternational Car Rental 2,471.9 2,268.5 2,382.5
\nTotal Car Rental 6,940.8 7,161.7 8,706.9
\nSource: Hertz Global Holdings, Inc. 10-K, December 31, 2013.
\n8 https:\/\/www.hertz.com\/rentacar\/abouthertz\/index.jsp?targetPage=CorporateProfile.jsp&c=aboutHertzHistoryView (accessed May 2015).
\n9 \u201cQ&A with Stuart Elliott,\u201d The New York Times, August 25, 2008.
\n10 http:\/\/www.nasdaq.com\/markets\/ipos\/company\/hertz-global-holdings-inc-710494-50741 (accessed May 2015).
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 8
\nExhibit 5 Hertz Globing Holdings, Inc. Breakdown of 2013 Revenue by Business Segment
\nSource: Hertz Global Holdings, Inc. 10-K, December 31, 2013.
\nExhibit 6 Hertz Globing Holdings, Inc. Stock Performance
\nSource: Center for Research in Security Prices.
\n0
\n5
\n10
\n15
\n20
\n25
\n30
\n35
\n11\/16\/2006 04\/25\/2008 09\/29\/2009 03\/04\/2011 08\/07\/2012 01\/14\/2014
\n$ Price
\nHTZ S&P 500
\nU.S. Car
\nRental
\n59%
\nInt’l Car
\nRental
\n22%
\nEquip.
\nRental
\n14%
\nOther
\n5%
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 9
\nExhibit 7 Hertz Global Holdings, Inc. Earnings Performance
\nSource: Compustat.
\nExhibit 8 Hertz Global Holdings, Inc. 2013 Income Statement ($ Millions)
\nYear Ended December 31,
\n2011 2012 2013
\nRevenues:
\nWorldwide car rental 6,940.8 7,161.7 8,706.9
\nWorldwide equipment rental 1,209.5 1,385.4 1,538.0
\nAll other operations 149.0 477.8 527.0
\nTotal revenues 8,299.3 9,024.9 10,771.9
\nExpenses:
\nDirect operating 4,573.1 4,806.0 5,752.0
\nDepreciation of revenue earning equipment and lease charges 1,896.2 2,128.9 2,525.5
\nSelling, general and administrative 767.7 968.1 1,022.2
\nInterest expense 699.7 649.9 716.0
\nInterest income (5.5) (4.9) (11.6)
\nOther (income) expense, net 62.5 35.5 104.7
\nTotal expenses 7,993.7 8,583.5 10,108.8
\nIncome before income taxes 305.6 441.4 663.1
\n(Provision) benefit for taxes on income (loss) (121.8) (202.8) (316.9)
\nNet income (loss) 183.8 238.6 346.2
\nLess: Net income attributable to noncontrolling interest (19.6) 0.0 0.0
\nNet income attributable to Hertz Global Holdings, Inc. 164.2 238.6 346.2
\nSource: Hertz Global Holdings, Inc 10-K, December 31, 2013.
\n0.48
\n0.82
\n-3.74
\n-0.34 -0.12
\n0.42 0.58 0.82
\n-5.00
\n-4.00
\n-3.00
\n-2.00
\n-1.00
\n0.00
\n1.00
\n2.00
\n2006 2007 2011 2012 2013
\nEPS $
\n2008 2009 2010
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 10
\nExhibit 9 Hertz Global Holdings, Inc. 2013 Balance Sheet ($ Millions)
\nDecember 31,
\n2012
\nDecember 31,
\n2013
\nASSETS
\nCash and cash equivalents 545.5 423.2
\nRestricted cash and cash equivalents 551.6 859.9
\nReceivables, less allowance for doubtful accounts of $30.8 and $29.3 1,879.6 1,512.6
\nInventories, at lower of cost or market 105.7 92.3
\nPrepaid expenses and other assets 489.3 717.2
\nRevenue earning equipment, at cost:
\nCars 12,548.8 14,456.6
\nLess accumulated depreciation (1,850.4) (2,679.6)
\nOther equipment 3,240.1 3,512.2
\nLess accumulated depreciation (1,041.9) (1,095.8)
\nTotal revenue earning equipment 12,896.6 14,193.4
\nProperty and equipment, at cost:
\nLand, buildings and leasehold improvements 1,288.8 1,362.1
\nService equipment and other 1,261.1 1,257.0
\nLess accumulated depreciation (1,113.5) (1,104.8)
\nTotal property and equipment 1,436.4 1,514.3
\nOther intangible assets, net 4,030.2 3,928.0
\nGoodwill 1,329.3 1,347.5
\nTotal assets 23,264.3 24,588.2
\nLIABILITIES AND EQUITY
\nAccounts payable 1,003.2 967.9
\nAccrued liabilities 1,163.1 1,104.7
\nAccrued taxes 144.6 140.4
\nDebt 15,448.6 16,309.4
\nPublic liability and property damage 332.2 347.7
\nDeferred taxes on income 2,686.4 2,947.1
\nTotal liabilities 20,778.1 21,817.2
\nEquity:
\nCommon stock 4.2 4.5
\nAdditional paid in capital 3,233.9 3,225.9
\nAccumulated deficit (725.0) (378.8)
\nAccumulated other comprehensive loss (26.9) 7.1
\nTreasury stock 0.0 (87.5)
\nTotal equity 2,486.2 2,771.2
\nTotal liabilities and equity 23,264.3 24,588.2
\nSource: Hertz Global Holdings, Inc. 10-K, December 31, 2013.
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 11
\nExhibit 10 Depreciation Example
\nPP&E,
\nGross
\nAccumulated
\nDepreciation
\nPP&E,
\nNet
\nDepreciation
\nExpense
\nYear 1 50,000 8,000 42,000 8,000 = (50,000 – 10,000) \/ 5 years
\nYear 2 50,000 16,000 34,000 8,000
\nYear 3 50,000 24,000 26,000 8,000
\nYear 4 50,000 32,000 18,000 8,000
\nYear 5 50,000 40,000 10,000 8,000
\nExhibit 11 Hertz Global Holdings, Inc. Useful Life Estimates
\nCars
\nOther
\nEquipment
\n2006
\n5 to 16
\nmonths
\n24 to 108
\nmonths
\n2007
\n5 to 16
\nmonths
\n24 to 108
\nmonths
\n2008
\n5 to 16
\nmonths
\n24 to 108
\nmonths
\n2009
\n4 to 24
\nmonths
\n24 to 108
\nmonths
\n2010
\n4 to 26
\nmonths
\n24 to 108
\nmonths
\n2011
\n4 to 26
\nmonths
\n24 to 108
\nmonths
\n2012
\n4 to 28
\nmonths
\n24 to 108
\nmonths
\n2013
\n4 to 36
\nmonths
\n24 to 108
\nmonths
\nSource: Hertz Global Holdings, Inc. 2007-13 10-Ks.
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 12
\nExhibit 12 Hertz Globing Holdings, Inc. Program Cars Purchased as Percentage of Total Cars
\nPurchased
\n2006 2007 2008 2009 2010 2011 2012 2013
\nU.S. 61% 42% 55% 48% 54% 45% 19% 18%
\nInternational 71% 65% 59% 57% 56% 55% 53% 57%
\nSource: Hertz Global Holdings, Inc. 2007-13 10-Ks.
\nExhibit 13 Manheim Consulting Used Vehicle Value Index
\nSource: http:\/\/www.manheim.com\/services\/consulting?WT.svl=m_hdr_mnav_services_consulting#monthlyIndex (accessed
\nMay 2015).
\n90
\n95
\n100
\n105
\n110
\n115
\n120
\n125
\n130
\nJan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13
\nJanuary 1995 = 100
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 13
\nExhibit 14 Hertz Global Holdings, Inc. and Avis Budget Group, Inc. Revenue Earning Equipment Data ($ Millions)
\n2006 2007 2008 2009 2010 2011 2012 2013
\nHertz Global Holdings, Inc.
\nRevenue Earning Equipment, Gross 10,876 11,681 10,344 10,788 11,191 12,509 15,789 17,969
\nDepreciation Expense for Revenue Earning Equipment 1,762 1,906 2,020 1,780 1,747 1,912 2,146 2,408
\nGain\/Loss on Sale of Revenue Earning Equipment 36 -21 -83 -72 -43 112 97 -37
\nIncome before Taxes 241 389 -1,383 -150 32 306 441 663
\nAvis Budget Group, Inc.
\nRevenue Earning Equipment, Gross 8,042 8,496 8,383 6,912 7,557 9,614 10,619 10,993
\nDepreciation Expense for Revenue Earning Equipment 1,362 1,565 1,639 1,391 1,277 1,395 1,438 1,678
\nGain\/Loss on Sale of Revenue Earning Equipment 0 40 -7 30 24 234 97 6
\nIncome before Taxes -677 -992 -1,343 -77 72 36 300 97
\nSource: Hertz Global Holdings, Inc. 2007-13 10-Ks; Avis Budget Group, Inc. 2007-13 10Ks.
\nHERTZ GLOBAL HOLDINGS, INC.
\nChristopher Noe, Lauren Pully, and Cate Reavis
\nRev. March 27, 2018 14<\/p>\n","protected":false},"excerpt":{"rendered":"
This case was prepared by Senior Lecturer Christopher Noe, Lauren Pully, MBA 2015, and Cate Reavis, Associate Director, Curriculum Development. Copyright \u00a9 2015, Christopher Noe,\u2026<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7316,7318,7317,7315,7319,7321],"tags":[642,618,8825,576,116,631,19,643,473,633,630,628,450,597,594,626,635,574,622,624,620,621,619,623,617,625,627,634,629,632,644,645,42,66],"class_list":["post-113192","post","type-post","status-publish","format-standard","hentry","category-best-dissertation-writers-uk","category-british-dissertation-writers","category-dissertation-help-online","category-dissertation-writing-services-uk","category-help-with-dissertation-writing","category-uk-dissertation-help","tag-apps-that-write-essays-for-you-free","tag-assignment-writing-services-in-usa","tag-bes","tag-best-dissertation-writing-services","tag-best-essay-writing-service","tag-best-paper-writing-services","tag-best-research-paper-writing-services-in-usa","tag-best-website-to-write-my-essay","tag-cheap-essay-writing-service","tag-cheap-research-paper-writing-service","tag-college-paper-writing-service","tag-dissertation-help-online","tag-dissertation-writing-services","tag-dissertation-writing-services-illegal","tag-dissertation-writing-services-near-me","tag-dissertation-writing-services-usa","tag-essay-writing-service","tag-free-dissertation-writing-services","tag-homework-essay-writer","tag-homework-essay-writer-free","tag-homework-help-global","tag-homework-help-services","tag-homework-help-usa","tag-homework-writing-help","tag-homework-writing-service","tag-legit-research-paper-writing-services","tag-legitimate-dissertation-writing-services","tag-research-paper-writer-online-free","tag-research-paper-writing-services-online","tag-research-paper-writing-websites","tag-write-my-essay-for-me-cheap","tag-write-my-essay-for-me-tik-tok","tag-write-my-essay-free","tag-write-my-paper"],"_links":{"self":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/113192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/comments?post=113192"}],"version-history":[{"count":0,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/113192\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/media?parent=113192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/categories?post=113192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/tags?post=113192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}