Author: dadams2025

  • Hertz Issues Correction to Q2:2013 Press Release

    Hertz Issues Correction to Q2:2013 Press Release

    PARK RIDGE, N.J., July 29, 2013 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) (with its subsidiaries, the "Company" or "we") today issued a correction to its previously released second quarter earnings announcement.

    (Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO)

    Worldwide revenue per day (RPD) for the six months ended June 30, 2013, was incorrectly reported as $48.55 in Table 4 accompanying the press release. The calculated RPD, using the correct number of transactions days of 84,510 for the first half of the year, was $49.30 up 1.9% compared with the first six months of 2012.

    U.S. revenue per day (RPD) for the six months ended June 30, 2013, was incorrectly reported as $47.03. The calculated RPD, using the correct number of transactions days of 64,242 for the first half of the year, was $47.99 up 3.9% compared with the first six months of 2012.

    We have included all tables, including a revised table 4 reflecting these corrections, with this press release.

    Using the corrected RPD does not change the previously reported GAAP EPS of $0.31 and Adjusted EPS of $0.65 for the six months ended June 30, 2013 both on a fully diluted basis.

    ABOUT THE COMPANY
    Hertz is the largest worldwide airport general use car rental brand, operating from approximately 10,900 corporate and licensee locations in approximately 150 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest airport general use car rental brand, operating from approximately 9,300 corporate and licensee locations in approximately 150 countries. Our Dollar and Thrifty brands have approximately 1,600 corporate and franchise locations in approximately 90 countries. Hertz is the number one airport car rental brand in the U.S. and at 120 major airports in Europe. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

    CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS
    Certain statements contained in this press release and in related comments by our management include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning the Company’s outlook, anticipated revenues and results of operations, as well as any other statement that does not directly relate to any historical or current fact. These forward-looking statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative.

    Table 1

    HERTZ GLOBAL HOLDINGS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In millions, except per share amounts)

    Unaudited

    Three Months Ended

    As a Percentage

    June 30,

    of Total Revenues

    2013

    2012

    2013

    2012

    Total revenues

    $ 2,714.6

    $ 2,225.1

    100.0

    %

    100.0

    %

    Expenses:

    Direct operating

    1,405.9

    1,188.9

    51.8

    %

    53.4

    %

    Depreciation of revenue earning

    equipment and lease charges

    641.1

    519.8

    23.6

    %

    23.4

    %

    Selling, general and administrative

    275.0

    206.6

    10.1

    %

    9.3

    %

    Interest expense

    183.8

    152.2

    6.8

    %

    6.8

    %

    Interest income

    (2.0)

    (0.5)

    (0.1)

    %

    0.0

    %

    Other income, net

    (1.1)

    (0.6)

    –

    %

    0.0

    %

    Total expenses

    2,502.7

    2,066.4

    92.2

    %

    92.9

    %

    Income before income taxes

    211.9

    158.7

    7.8

    %

    7.1

    %

    Provision for taxes on income

    (90.5)

    (65.8)

    (3.3)

    %

    (2.9)

    %

    Net income attributable to Hertz Global Holdings,

    Inc. and Subsidiaries’ common stockholders

    $ 121.4

    $ 92.9

    4.5

    %

    4.2

    %

    Weighted average number of

    shares outstanding:

    Basic

    400.8

    420.0

    Diluted

    465.1

    447.4

    Earnings per share attributable to Hertz Global

    Holdings, Inc. and Subsidiaries’ common stockholders:

    Basic

    $ 0.30

    $ 0.22

    Diluted (a)

    $ 0.27

    $ 0.21

    Six Months Ended

    As a Percentage

    June 30,

    of Total Revenues

    2013

    2012

    2013

    2012

    Total revenues

    $ 5,151.2

    $ 4,186.1

    100.0

    %

    100.0

    %

    Expenses:

    Direct operating

    2,757.1

    2,303.1

    53.5

    %

    55.0

    %

    Depreciation of revenue earning

    equipment and lease charges

    1,228.1

    1,034.9

    23.9

    %

    24.7

    %

    Selling, general and administrative

    526.7

    414.3

    10.2

    %

    9.9

    %

    Interest expense

    360.6

    314.5

    7.0

    %

    7.5

    %

    Interest income

    (3.8)

    (1.6)

    (0.1)

    %

    0.0

    %

    Other income, net

    (1.7)

    (1.0)

    0.0

    %

    0.0

    %

    Total expenses

    4,867.0

    4,064.2

    94.5

    %

    97.1

    %

    Income before income taxes

    284.2

    121.9

    5.5

    %

    2.9

    %

    Provision for taxes on income

    (144.8)

    (85.3)

    (2.8)

    %

    (2.0)

    %

    Net income attributable to Hertz Global Holdings,

    Inc. and Subsidiaries’ common stockholders

    $ 139.4

    $ 36.6

    2.7

    %

    0.9

    %

    Weighted average number of

    shares outstanding:

    Basic

    408.3

    419.1

    Diluted

    463.0

    447.9

    Earnings per share attributable to Hertz Global

    Holdings, Inc. and Subsidiaries’ common stockholders:

    Basic

    $ 0.34

    $ 0.09

    Diluted (a)

    $ 0.31

    $ 0.08

    (a) We had a change in policy in Q1 2013 with respect to settling the conversion of our 5.25% Convertible Senior Notes

    due June 2014. For 2013, this policy change results in an adjustment to the numerator (net income) of our earnings

    per share computation. The numerator is adjusted to add back the after-tax amount of interest recognized in the period

    associated with the Convertible Senior Notes on the same pro rata basis.

    Table 2

    HERTZ GLOBAL HOLDINGS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In millions)

    Unaudited

    Three Months Ended June 30, 2013

    Three Months Ended June 30, 2012

    As

    As

    As

    As

    Reported

    Adjustments

    Adjusted

    Reported

    Adjustments

    Adjusted

    Total revenues

    $ 2,714.6

    $ –

    $ 2,714.6

    $ 2,225.1

    $ –

    $ 2,225.1

    Expenses:

    Direct operating

    1,405.9

    (45.4)

    (a)

    1,360.5

    1,188.9

    (34.6)

    (a)

    1,154.3

    Depreciation of revenue earning

    equipment and lease charges

    641.1

    (1.8)

    (b)

    639.3

    519.8

    (2.7)

    (b)

    517.1

    Selling, general and administrative

    275.0

    (35.4)

    (c)

    239.6

    206.6

    (17.3)

    (c)

    189.3

    Interest expense

    183.8

    (18.5)

    (d)

    165.3

    152.2

    (20.6)

    (d)

    131.6

    Interest income

    (2.0)

    –

    (2.0)

    (0.5)

    –

    (0.5)

    Other income, net

    (1.1)

    (1.5)

    (2.6)

    (0.6)

    –

    (0.6)

    Total expenses

    2,502.7

    (102.6)

    2,400.1

    2,066.4

    (75.2)

    1,991.2

    Income before income taxes

    211.9

    102.6

    314.5

    158.7

    75.2

    233.9

    Provision for taxes on income

    (90.5)

    (19.6)

    (e)

    (110.1)

    (65.8)

    (13.7)

    (e)

    (79.5)

    Net income attributable to Hertz Global Holdings,

    Inc. and Subsidiaries’ common stockholders

    $ 121.4

    $ 83.0

    $ 204.4

    $ 92.9

    $ 61.5

    $ 154.4

    Six Months Ended June 30, 2013

    Six Months Ended June 30, 2012

    As

    As

    As

    As

    Reported

    Adjustments

    Adjusted

    Reported

    Adjustments

    Adjusted

    Total revenues

    $ 5,151.2

    $ –

    $ 5,151.2

    $ 4,186.1

    $ –

    $ 4,186.1

    Expenses:

    Direct operating

    2,757.1

    (86.9)

    (a)

    2,670.2

    2,303.1

    (63.4)

    (a)

    2,239.7

    Depreciation of revenue earning

    equipment and lease charges

    1,228.1

    (2.5)

    (b)

    1,225.6

    1,034.9

    (5.5)

    (b)

    1,029.4

    Selling, general and administrative

    526.7

    (48.1)

    (c)

    478.6

    414.3

    (26.7)

    (c)

    387.6

    Interest expense

    360.6

    (35.9)

    (d)

    324.7

    314.5

    (45.7)

    (d)

    268.8

    Interest income

    (3.8)

    –

    (3.8)

    (1.6)

    –

    (1.6)

    Other income, net

    (1.7)

    (1.4)

    (3.1)

    (1.0)

    –

    (1.0)

    Total expenses

    4,867.0

    (174.8)

    4,692.2

    4,064.2

    (141.3)

    3,922.9

    Income before income taxes

    284.2

    174.8

    459.0

    121.9

    141.3

    263.2

    Provision for taxes on income

    (144.8)

    (15.9)

    (e)

    (160.7)

    (85.3)

    (4.2)

    (e)

    (89.5)

    Net income attributable to Hertz Global Holdings,

    Inc. and Subsidiaries’ common stockholders

    $ 139.4

    $ 158.9

    $ 298.3

    $ 36.6

    $ 137.1

    $ 173.7

    (a) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of certain revalued liabilities relating to purchase

    accounting. For the three months ended June 30, 2013 and 2012, also includes restructuring and restructuring related charges of $8.5 million and $9.0 million,

    respectively. For the six months ended June 30, 2013 and 2012, also includes restructuring and restructuring related charges of $11.0 million and $17.0 million,

    respectively.

    (b) Represents the increase in depreciation of equipment rental revenue earning equipment based upon its revaluation relating to purchase accounting.

    (c) Represents an increase in depreciation of property and equipment relating to purchase accounting. For the three months ended June 30, 2013 and 2012, also includes

    restructuring and restructuring related charges of $10.8 million and $12.2 million, respectively. For the six months ended June 30, 2013 and 2012, also includes

    restructuring and restructuring related charges of $14.7 million and $14.1 million, respectively. For all periods presented, also includes other adjustments which are

    detailed in Table 5.

    (d) Represents non-cash debt charges relating to the amortization of deferred debt financing costs and debt discounts.

    (e) Represents a provision for income taxes derived utilizing a normalized income tax rate (35% for 2013 and 34% for 2012).

    Table 3

    HERTZ GLOBAL HOLDINGS, INC.

    SEGMENT AND OTHER INFORMATION

    (In millions, except per share amounts)

    Unaudited

    Three Months Ended

    Six Months Ended

    June 30,

    June 30,

    2013

    2012

    2013

    2012

    Revenues:

    Car Rental

    $ 2,329.5

    $ 1,889.6

    $ 4,414.3

    $ 3,547.9

    Equipment Rental

    384.3

    335.0

    735.4

    637.1

    Other reconciling items

    0.8

    0.5

    1.5

    1.1

    $ 2,714.6

    $ 2,225.1

    $ 5,151.2

    $ 4,186.1

    Depreciation of property and equipment:

    Car Rental

    $ 39.5

    $ 29.9

    $ 79.8

    $ 60.8

    Equipment Rental

    8.5

    8.3

    17.0

    16.6

    Other reconciling items

    2.5

    3.3

    5.0

    6.4

    $ 50.5

    $ 41.5

    $ 101.8

    $ 83.8

    Amortization of other intangible assets:

    Car Rental

    $ 19.3

    $ 9.2

    $ 38.9

    $ 18.4

    Equipment Rental

    10.3

    10.3

    20.8

    19.8

    Other reconciling items

    0.5

    0.4

    1.0

    0.8

    $ 30.1

    $ 19.9

    $ 60.7

    $ 39.0

    Income (loss) before income taxes:

    Car Rental

    $ 307.0

    $ 234.8

    $ 476.6

    $ 296.4

    Equipment Rental

    62.8

    28.1

    95.0

    38.2

    Other reconciling items

    (157.9)

    (104.2)

    (287.4)

    (212.7)

    $ 211.9

    $ 158.7

    $ 284.2

    $ 121.9

    Corporate EBITDA (a):

    Car Rental

    $ 394.3

    $ 302.7

    $ 641.9

    $ 425.1

    Equipment Rental

    165.7

    126.4

    304.7

    233.7

    Other reconciling items

    (19.6)

    (21.4)

    (41.8)

    (43.1)

    $ 540.4

    $ 407.7

    $ 904.8

    $ 615.7

    Adjusted pre-tax income (loss) (a):

    Car Rental

    $ 363.0

    $ 277.4

    $ 571.4

    $ 369.0

    Equipment Rental

    74.1

    42.5

    119.9

    68.4

    Other reconciling items

    (122.6)

    (86.0)

    (232.3)

    (174.2)

    $ 314.5

    $ 233.9

    $ 459.0

    $ 263.2

    Adjusted net income (loss) (a):

    Car Rental

    $ 235.9

    $ 183.1

    $ 371.4

    $ 243.6

    Equipment Rental

    48.2

    28.1

    77.9

    45.1

    Other reconciling items

    (79.7)

    (56.8)

    (151.0)

    (115.0)

    $ 204.4

    $ 154.4

    $ 298.3

    $ 173.7

    Adjusted diluted number of shares outstanding (a)

    465.1

    447.4

    463.0

    447.9

    Adjusted diluted earnings per share (a)(b)

    $ 0.45

    $ 0.35

    $ 0.65

    $ 0.39

    (a) Represents a non-GAAP measure, see the accompanying reconciliations and definitions.

    (b) See footnote explanation in Table 1.

    Note: "Other Reconciling Items" includes general corporate expenses, certain interest expense (including net interest on corporate debt),

    as well as other business activities such as our third-party claim management services. See Tables 5 and 6.

    Table 4

    HERTZ GLOBAL HOLDINGS, INC.

    SELECTED OPERATING AND FINANCIAL DATA

    Unaudited

    Three

    Percent

    Six

    Percent

    Months

    change

    Months

    change

    Ended, or as

    from

    Ended, or as

    from

    of Jun. 30,

    prior year

    of Jun. 30,

    prior year

    2013

    period

    2013

    period

    Selected Car Rental Operating Data

    Worldwide number of transactions (in thousands)

    9,208

    22.5

    %

    16,902

    21.6

    %

    Domestic (Hertz, Dollar and Thrifty)

    7,208

    28.3

    %

    13,308

    27.3

    %

    International (Hertz, Dollar and Thrifty)

    2,000

    5.4

    %

    3,594

    4.2

    %

    Worldwide transaction days (in thousands)

    45,439

    22.0

    %

    84,510

    22.6

    %

    Domestic (Hertz, Dollar and Thrifty)

    34,178

    29.9

    %

    64,242

    30.7

    %

    International (Hertz, Dollar and Thrifty)

    11,261

    2.9

    %

    20,268

    2.4

    %

    Worldwide Total RPD (a)

    $ 48.58

    1.2

    %

    $ 49.30

    1.9

    %

    Domestic (Hertz, Dollar and Thrifty)

    $ 46.78

    3.1

    %

    $ 47.99

    3.9

    %

    International (Hertz, Dollar and Thrifty) (b)

    $ 54.05

    (0.5)

    %

    $ 53.48

    (0.8)

    %

    Worldwide average number of cars during period

    830,300

    26.5

    %

    816,100

    30.5

    %

    Domestic (Hertz company-operated)

    470,400

    33.2

    %

    472,200

    40.2

    %

    Domestic (Leased)

    28,400

    N/A

    26,600

    N/A

    International (Hertz company-operated)

    163,500

    4.1

    %

    150,500

    3.9

    %

    Donlen (under lease and maintenance)

    168,000

    15.0

    %

    166,800

    16.0

    %

    Worldwide revenue earning equipment, net (in millions)

    $ 13,320.7

    28.0

    %

    $ 13,320.7

    28.0

    %

    Selected Worldwide Equipment Rental Operating Data

    Rental and rental related revenue (in millions) (a) (b)

    $ 351.0

    15.8

    %

    $ 673.1

    16.6

    %

    Same store revenue growth , including initiatives (a) (b)

    11.4

    %

    56.2

    %

    12.4

    %

    53.1

    %

    Average acquisition cost of revenue earning equipment operated

    during period (in millions)

    $ 3,373.1

    12.3

    %

    $ 3,324.7

    12.6

    %

    Worldwide revenue earning equipment, net (in millions)

    $ 2,385.3

    17.5

    %

    $ 2,385.3

    17.5

    %

    Other Financial Data (in millions)

    Cash flows provided by operating activities

    $ 715.1

    5.4

    %

    $ 1,458.6

    24.6

    %

    Free cash flow (a)

    (327.0)

    144.8

    %

    (404.8)

    (2.2)

    %

    EBITDA (a)

    1,115.8

    25.1

    %

    2,032.2

    27.7

    %

    Corporate EBITDA (a)

    540.4

    32.5

    %

    904.8

    47.0

    %

    Selected Balance Sheet Data (in millions)

    June 30,

    December 31,

    2013

    2012

    Cash and cash equivalents

    $ 483.1

    $ 533.3

    Total revenue earning equipment, net

    15,706.0

    12,908.3

    Total assets

    25,932.3

    23,286.0

    Total debt

    17,842.0

    15,448.6

    Net corporate debt (a)

    7,054.1

    5,934.4

    Net fleet debt (a)

    9,911.6

    8,409.3

    Total net debt (a)

    16,965.7

    14,343.7

    Total equity

    2,164.2

    2,507.3

    (a) Represents a non-GAAP measure, see the accompanying reconciliations and definitions.

    (b) Based on 12/31/12 foreign exchange rates.

    N/M Percentage change not meaningful.

    Table 5

    HERTZ GLOBAL HOLDINGS, INC.

    RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES

    (In millions, except per share amounts)

    Unaudited

    ADJUSTED PRE-TAX INCOME (LOSS), ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS PER SHARE

    Three Months Ended June 30, 2013

    Three Months Ended June 30, 2012

    Other

    Other

    Car

    Equipment

    Reconciling

    Car

    Equipment

    Reconciling

    Rental

    Rental

    Items

    Total

    Rental

    Rental

    Items

    Total

    Total revenues:

    $ 2,329.5

    $ 384.3

    $ 0.8

    $ 2,714.6

    $ 1,889.6

    $ 335.0

    $ 0.5

    $ 2,225.1

    Expenses:

    Direct operating and selling, general and administrative

    1,380.3

    239.1

    61.5

    1,680.9

    1,123.8

    230.4

    41.3

    1,395.5

    Depreciation of revenue earning equipment and lease charges

    568.4

    72.7

    0.0

    641.1

    454.1

    65.7

    0.0

    519.8

    Interest expense

    76.7

    11.7

    95.4

    183.8

    77.2

    11.5

    63.5

    152.2

    Interest income

    (1.9)

    (0.1)

    0.0

    (2.0)

    (0.3)

    (0.1)

    (0.1)

    (0.5)

    Other income, net

    (1.0)

    (1.9)

    1.8

    (1.1)

    0.0

    (0.6)

    0.0

    (0.6)

    Total expenses

    2,022.5

    321.5

    158.7

    2,502.7

    1,654.8

    306.9

    104.7

    2,066.4

    Income (loss) before income taxes

    307.0

    62.8

    (157.9)

    211.9

    234.8

    28.1

    (104.2)

    158.7

    Adjustments:

    Purchase accounting (a):

    Direct operating and selling, general and administrative

    20.4

    10.3

    0.5

    31.2

    14.5

    10.8

    1.0

    26.3

    Depreciation of revenue earning equipment

    1.9

    –

    –

    1.9

    2.7

    –

    –

    2.7

    Non-cash debt charges (b)

    5.4

    1.1

    13.0

    19.5

    10.6

    1.1

    8.9

    20.6

    Restructuring charges (c)

    15.7

    0.9

    1.0

    17.6

    11.8

    2.5

    1.8

    16.1

    Restructuring related charges (c)

    6.7

    –

    1.9

    8.6

    3.1

    –

    1.9

    5.0

    Derivative (gains) losses (c)

    0.1

    –

    –

    0.1

    (0.1)

    –

    0.1

    –

    Acquisition related costs (d)

    –

    –

    9.1

    9.1

    –

    –

    –

    –

    Integration expenses (d)

    (0.6)

    –

    9.8

    9.2

    –

    –

    4.5

    4.5

    Management transition costs (d)

    –

    –

    –

    –

    –

    –

    –

    –

    Other unusual/non-recurring (c)

    6.4

    (1.0)

    –

    5.4

    –

    –

    –

    –

    Adjusted pre-tax income (loss)

    363.0

    74.1

    (122.6)

    314.5

    277.4

    42.5

    (86.0)

    233.9

    Assumed (provision) benefit for income taxes (e)

    (127.1)

    (25.9)

    42.9

    (110.1)

    (94.3)

    (14.4)

    29.2

    (79.5)

    Adjusted net income (loss)

    $ 235.9

    $ 48.2

    $ (79.7)

    $ 204.4

    $ 183.1

    $ 28.1

    $ (56.8)

    $ 154.4

    Adjusted diluted number of shares outstanding

    465.1

    447.4

    Adjusted diluted earnings per share (f)

    $ 0.45

    $ 0.35

    Six Months Ended June 30, 2013

    Six Months Ended June 30, 2012

    Other

    Other

    Car

    Equipment

    Reconciling

    Car

    Equipment

    Reconciling

    Rental

    Rental

    Items

    Total

    Rental

    Rental

    Items

    Total

    Total revenues:

    $ 4,414.3

    $ 735.4

    $ 1.5

    $ 5,151.2

    $ 3,547.9

    $ 637.1

    $ 1.1

    $ 4,186.1

    Expenses:

    Direct operating and selling, general and administrative

    2,708.5

    471.1

    104.2

    3,283.8

    2,189.2

    446.7

    81.5

    2,717.4

    Depreciation of revenue earning equipment and lease charges

    1,081.4

    146.7

    0.0

    1,228.1

    905.8

    129.1

    0.0

    1,034.9

    Interest expense

    152.5

    25.1

    183.0

    360.6

    157.8

    24.3

    132.4

    314.5

    Interest income

    (3.6)

    (0.1)

    (0.1)

    (3.8)

    (1.3)

    (0.2)

    (0.1)

    (1.6)

    Other income, net

    (1.1)

    (2.4)

    1.8

    (1.7)

    0.0

    (1.0)

    0.0

    (1.0)

    Total expenses

    3,937.7

    640.4

    288.9

    4,867.0

    3,251.5

    598.9

    213.8

    4,064.2

    Income (loss) before income taxes

    476.6

    95.0

    (287.4)

    284.2

    296.4

    38.2

    (212.7)

    121.9

    Adjustments:

    Purchase accounting (a):

    Direct operating and selling, general and administrative

    40.9

    20.8

    1.1

    62.8

    24.7

    20.8

    2.0

    47.5

    Depreciation of revenue earning equipment

    4.0

    –

    –

    4.0

    5.5

    –

    –

    5.5

    Non-cash debt charges (b)

    11.1

    2.3

    23.4

    36.8

    21.7

    2.7

    21.4

    45.8

    Restructuring charges (c)

    18.9

    1.3

    1.1

    21.3

    17.0

    6.7

    1.8

    25.5

    Restructuring related charges (c)

    9.3

    1.5

    2.0

    12.8

    3.7

    –

    1.9

    5.6

    Derivative (gains) losses (c)

    0.1

    –

    (0.1)

    –

    –

    –

    –

    –

    Acquisition related costs (d)

    –

    –

    11.7

    11.7

    –

    –

    11.4

    11.4

    Integration expenses (d)

    4.1

    –

    15.9

    20.0

    –

    –

    –

    –

    Management transition costs (d)

    –

    –

    –

    –

    –

    –

    –

    –

    Other unusual/non-recurring (c)

    6.4

    (1.0)

    –

    5.4

    –

    –

    –

    –

    Adjusted pre-tax income (loss)

    571.4

    119.9

    (232.3)

    459.0

    369.0

    68.4

    (174.2)

    263.2

    Assumed (provision) benefit for income taxes (e)

    (200.0)

    (42.0)

    81.3

    (160.7)

    (125.4)

    (23.3)

    59.2

    (89.5)

    Adjusted net income (loss)

    $ 371.4

    $ 77.9

    $ (151.0)

    $ 298.3

    $ 243.6

    $ 45.1

    $ (115.0)

    $ 173.7

    Adjusted diluted number of shares outstanding

    463.0

    447.9

    Adjusted diluted earnings per share (f)

    $ 0.65

    $ 0.39

    (a) Represents the purchase accounting effects of the acquisition of all of Hertz’s common stock on December 21, 2005 on our results of operations relating to increased depreciation

    and amortization of tangible and intangible assets and accretion of workers’ compensation and public liability and property damage liabilities. Also represents the purchase accounting

    effects of certain subsequent acquisitions on our results of operations relating to increased depreciation and amortization of intangible assets.

    (b) Represents non-cash debt charges relating to the amortization of deferred debt financing costs and debt discounts.

    (c) Amounts are included within direct operating and selling, general and administrative expense in our statement of operations.

    (d) Amounts are included within selling, general and administrative expense in our statement of operations.

    (e) Represents a provision for income taxes derived utilizing a normalized income tax rate (35% for 2013 and 34% for 2012).

    (f) See footnote explanation in Table 1.

    Table 6

    HERTZ GLOBAL HOLDINGS, INC.

    RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES

    (In millions)

    Unaudited

    FREE CASH FLOW, EBITDA, AND CORPORATE EBITDA

    FREE CASH FLOW

    Three Months Ended

    Six Months Ended

    June 30,

    June 30,

    2013

    2012

    2013

    2012

    Income before income taxes

    $ 211.9

    $ 158.7

    $ 284.2

    $ 121.9

    Depreciation of property and equipment

    50.5

    41.5

    101.8

    85.5

    Amortization of intangibles and debt costs

    49.7

    40.5

    97.5

    84.5

    Cash paid for income taxes

    (37.3)

    (15.3)

    (43.0)

    (37.7)

    Changes in assets and liabilities, net of effects of acquisitions, and other

    (182.9)

    (45.2)

    (176.7)

    (74.1)

    Net cash provided by operating activities excluding depreciation of revenue

    earning equipment

    91.9

    180.2

    263.8

    180.1

    Car rental fleet growth (a)

    (255.0)

    (136.9)

    (407.1)

    (191.2)

    Equipment rental fleet growth (a)

    (94.9)

    (90.5)

    (135.9)

    (93.8)

    Property and equipment expenditures, net of disposals

    (69.0)

    (54.1)

    (125.6)

    (80.7)

    Net investment activity

    (418.9)

    (281.5)

    (668.6)

    (365.7)

    Free cash flow

    $ (327.0)

    $ (101.3)

    $ (404.8)

    $ (185.6)

    (a) Car rental fleet growth is defined as car rental fleet capital expenditures, net of proceeds from disposals, plus car rental fleet depreciation and net car rental

    fleet financing. Equipment rental fleet growth is defined as equipment rental fleet expenditures, net of proceeds from disposals, plus depreciation. The

    calculation reflects the following:

    FLEET GROWTH

    Three Months Ended June 30, 2013

    Three Months Ended June 30, 2012

    Car

    Equipment

    Car

    Equipment

    Rental

    Rental

    Total

    Rental

    Rental

    Total

    Revenue earning equipment expenditures

    $ (3,361.5)

    $ (211.2)

    $ (3,572.7)

    $ (2,806.3)

    $ (206.9)

    $ (3,013.2)

    Proceeds from disposal of revenue earning equipment

    1,461.4

    43.5

    1,504.9

    1,126.4

    49.7

    1,176.1

    Net revenue earning equipment capital expenditures

    (1,900.1)

    (167.7)

    (2,067.8)

    (1,679.9)

    (157.2)

    (1,837.1)

    Depreciation of revenue earning equipment

    550.2

    72.8

    623.0

    431.5

    66.7

    498.2

    Net financing activity related to car rental fleet

    1,094.9

    –

    1,094.9

    1,111.5

    –

    1,111.5

    Fleet growth

    $ (255.0)

    $ (94.9)

    $ (349.9)

    $ (136.9)

    $ (90.5)

    $ (227.4)

    Six Months Ended June 30, 2013

    Six Months Ended June 30, 2012

    Car

    Equipment

    Car

    Equipment

    Rental

    Rental

    Total

    Rental

    Rental

    Total

    Revenue earning equipment expenditures

    $ (6,460.3)

    $ (365.2)

    $ (6,825.5)

    $ (5,331.3)

    $ (330.9)

    $ (5,662.2)

    Proceeds from disposal of revenue earning equipment

    3,660.3

    82.5

    3,742.8

    3,077.4

    108.0

    3,185.4

    Net revenue earning equipment capital expenditures

    (2,800.0)

    (282.7)

    (3,082.7)

    (2,253.9)

    (222.9)

    (2,476.8)

    Depreciation of revenue earning equipment

    1,048.0

    146.8

    1,194.8

    861.2

    129.1

    990.3

    Net financing activity related to car rental fleet

    1,344.9

    –

    1,344.9

    1,201.5

    –

    1,201.5

    Fleet growth

    $ (407.1)

    $ (135.9)

    $ (543.0)

    $ (191.2)

    $ (93.8)

    $ (285.0)

    EBITDA AND CORPORATE EBITDA

    Three Months Ended June 30, 2013

    Three Months Ended June 30, 2012

    Other

    Other

    Car

    Equipment

    Reconciling

    Car

    Equipment

    Reconciling

    Rental

    Rental

    Items

    Total

    Rental

    Rental

    Items

    Total

    Income (loss) before income taxes

    $ 307.0

    $ 62.8

    $ (157.9)

    $ 211.9

    $ 234.8

    $ 28.1

    $ (104.2)

    $ 158.7

    Depreciation and amortization

    627.5

    91.6

    3.0

    722.1

    493.3

    84.4

    3.7

    581.4

    Interest, net of interest income

    74.8

    11.6

    95.4

    181.8

    76.9

    11.4

    63.4

    151.7

    EBITDA

    1,009.3

    166.0

    (59.5)

    1,115.8

    805.0

    123.9

    (37.1)

    891.8

    Adjustments:

    Car rental fleet interest

    (72.5)

    –

    –

    (72.5)

    (73.5)

    –

    –

    (73.5)

    Car rental fleet depreciation

    (568.4)

    –

    –

    (568.4)

    (454.1)

    –

    –

    (454.1)

    Non-cash expenses and charges (b)

    5.3

    0.0

    11.7

    17.0

    10.4

    0.0

    7.5

    17.9

    Extraordinary, unusual or non-recurring gains and losses (c)

    20.6

    (0.3)

    28.2

    48.5

    14.9

    2.5

    8.2

    25.6

    Corporate EBITDA

    $ 394.3

    $ 165.7

    $ (19.6)

    $ 540.4

    $ 302.7

    $ 126.4

    $ (21.4)

    $ 407.7

    Six Months Ended June 30, 2013

    Six Months Ended June 30, 2012

    Other

    Other

    Car

    Equipment

    Reconciling

    Car

    Equipment

    Reconciling

    Rental

    Rental

    Items

    Total

    Rental

    Rental

    Items

    Total

    Income (loss) before income taxes

    $ 476.6

    $ 95.0

    $ (287.4)

    $ 284.2

    $ 296.4

    $ 38.2

    $ (212.7)

    $ 121.9

    Depreciation and amortization

    1,200.6

    184.6

    6.0

    1,391.2

    985.3

    164.7

    7.2

    1,157.2

    Interest, net of interest income

    148.9

    25.0

    182.9

    356.8

    156.5

    24.1

    132.3

    312.9

    EBITDA

    1,826.1

    304.6

    (98.5)

    2,032.2

    1,438.2

    227.0

    (73.2)

    1,592.0

    Adjustments:

    Car rental fleet interest

    (143.2)

    –

    –

    (143.2)

    (149.4)

    –

    –

    (149.4)

    Car rental fleet depreciation

    (1,081.4)

    –

    –

    (1,081.4)

    (905.8)

    –

    –

    (905.8)

    Non-cash expenses and charges (b)

    10.6

    0.0

    19.7

    30.3

    21.4

    0.0

    15.0

    36.4

    Extraordinary, unusual or non-recurring gains and losses (c)

    29.8

    0.1

    37.0

    66.9

    20.7

    6.7

    15.1

    42.5

    Corporate EBITDA

    $ 641.9

    $ 304.7

    $ (41.8)

    $ 904.8

    $ 425.1

    $ 233.7

    $ (43.1)

    $ 615.7

    (b) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of certain non-cash expenses and charges. The adjustments reflect the following:

    NON-CASH EXPENSES AND CHARGES

    Three Months Ended June 30, 2013

    Three Months Ended June 30, 2012

    Other

    Other

    Car

    Equipment

    Reconciling

    Car

    Equipment

    Reconciling

    Rental

    Rental

    Items

    Total

    Rental

    Rental

    Items

    Total

    Non-cash amortization of debt costs included

    in car rental fleet interest

    $ 5.3

    $ –

    $ –

    $ 5.3

    $ 10.4

    $ –

    $ –

    $ 10.4

    Non-cash stock-based employee

    compensation charges

    –

    –

    11.7

    11.7

    –

    –

    7.5

    7.5

    Total non-cash expenses and charges

    $ 5.3

    $ –

    $ 11.7

    $ 17.0

    $ 10.4

    $ –

    $ 7.5

    $ 17.9

    Six Months Ended June 30, 2013

    Six Months Ended June 30, 2012

    Other

    Other

    Car

    Equipment

    Reconciling

    Car

    Equipment

    Reconciling

    Rental

    Rental

    Items

    Total

    Rental

    Rental

    Items

    Total

    Non-cash amortization of debt costs included

    in car rental fleet interest

    $ 10.6

    $ –

    $ –

    $ 10.6

    $ 21.4

    $ –

    $ –

    $ 21.4

    Non-cash stock-based employee

    compensation charges

    –

    –

    19.7

    19.7

    –

    –

    15.0

    15.0

    Total non-cash expenses and charges

    $ 10.6

    $ –

    $ 19.7

    $ 30.3

    $ 21.4

    $ –

    $ 15.0

    $ 36.4

    (c) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the impact of extraordinary, unusual or non-recurring gains or losses or charges or credits.

    The adjustments reflect the following:

    EXTRAORDINARY, UNUSUAL OR

    NON-RECURRING ITEMS

    Three Months Ended June 30, 2013

    Three Months Ended June 30, 2012

    Other

    Other

    Car

    Equipment

    Reconciling

    Car

    Equipment

    Reconciling

    Rental

    Rental

    Items

    Total

    Rental

    Rental

    Items

    Total

    Restructuring charges

    $ 13.9

    $ (0.3)

    $ 1.0

    $ 14.6

    $ 11.8

    $ 2.5

    $ 1.8

    $ 16.1

    Restructuring related charges

    6.7

    –

    1.9

    8.6

    3.1

    –

    1.9

    5.0

    Acquisition related costs

    –

    –

    17.6

    17.6

    –

    –

    4.5

    4.5

    Integration expenses

    –

    –

    7.7

    7.7

    –

    –

    –

    –

    Total extraordinary, unusual or non-recurring items

    $ 20.6

    $ (0.3)

    $ 28.2

    $ 48.5

    $ 14.9

    $ 2.5

    $ 8.2

    $ 25.6

    Six Months Ended June 30, 2013

    Six Months Ended June 30, 2012

    Other

    Other

    Car

    Equipment

    Reconciling

    Car

    Equipment

    Reconciling

    Rental

    Rental

    Items

    Total

    Rental

    Rental

    Items

    Total

    Restructuring charges

    $ 18.9

    $ 0.1

    $ 1.1

    $ 20.1

    $ 17.0

    $ 6.7

    $ 1.8

    $ 25.5

    Restructuring related charges

    9.3

    –

    1.9

    11.2

    3.7

    –

    1.9

    5.6

    Acquisition related costs

    –

    –

    26.3

    26.3

    –

    –

    11.4

    11.4

    Integration expenses

    1.6

    –

    7.7

    9.3

    –

    –

    –

    –

    Total extraordinary, unusual or non-recurring items

    $ 29.8

    $ 0.1

    $ 37.0

    $ 66.9

    $ 20.7

    $ 6.7

    $ 15.1

    $ 42.5

    Table 7

    HERTZ GLOBAL HOLDINGS, INC.

    RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES

    (In millions, except as noted)

    Unaudited

    Three Months Ended

    Six Months Ended

    RECONCILIATION FROM OPERATING

    June 30,

    June 30,

    CASH FLOWS TO EBITDA:

    2013

    2012

    2013

    2012

    Net cash provided by operating activities

    $ 715.1

    $ 678.5

    $ 1,458.6

    $ 1,170.5

    Amortization of debt costs

    (19.4)

    (20.6)

    (36.8)

    (45.4)

    Provision for losses on doubtful accounts

    (8.8)

    (6.7)

    (21.4)

    (13.6)

    Derivative gains (losses)

    2.1

    (2.1)

    3.6

    0.9

    Gain on sale of property and equipment

    0.5

    0.5

    1.5

    0.7

    Loss on revaluation of foreign denominated debt

    (1.5)

    0.0

    (1.5)

    (2.5)

    Stock-based compensation charges

    (11.7)

    (7.5)

    (19.7)

    (15.0)

    Lease charges

    18.0

    21.5

    33.3

    44.6

    Deferred income taxes

    (57.5)

    (28.9)

    (93.5)

    (31.3)

    Provision for taxes on income

    90.5

    65.8

    144.8

    85.3

    Interest expense, net of interest income

    181.8

    151.7

    356.8

    312.9

    Changes in assets and liabilities

    206.8

    39.6

    206.5

    84.9

    EBITDA

    $ 1,115.9

    $ 891.8

    $ 2,032.2

    $ 1,592.0

    NET CORPORATE DEBT, NET FLEET DEBT

    June 30,

    March 31,

    December 31,

    June 30,

    March 31,

    December 31,

    June 30,

    AND TOTAL NET DEBT

    2013

    2013

    2012

    2012

    2012

    2011

    2011

    Total Corporate Debt

    $ 7,578.8

    $ 7,237.0

    $ 6,545.3

    $ 4,767.9

    $ 4,645.2

    $ 4,704.8

    $ 4,846.8

    Total Fleet Debt

    10,263.2

    9,080.0

    8,903.3

    7,700.0

    6,780.5

    6,612.3

    6,846.8

    Total Debt

    $ 17,842.0

    $ 16,317.0

    $ 15,448.6

    $ 12,467.9

    $ 11,425.7

    $ 11,317.1

    $ 11,693.6

    Corporate Restricted Cash

    Restricted Cash, less:

    $ 393.2

    $ 425.2

    $ 571.6

    $ 175.4

    $ 211.9

    $ 308.0

    $ 274.3

    Restricted Cash Associated with Fleet Debt

    (351.6)

    (370.5)

    (494.0)

    (104.0)

    (126.5)

    (213.6)

    (183.2)

    Corporate Restricted Cash

    $ 41.6

    $ 54.7

    $ 77.6

    $ 71.4

    $ 85.4

    $ 94.4

    $ 91.1

    Net Corporate Debt

    Corporate Debt, less:

    $ 7,578.8

    $ 7,237.0

    $ 6,545.3

    $ 4,767.9

    $ 4,645.2

    $ 4,704.8

    $ 4,846.8

    Cash and Cash Equivalents

    (483.1)

    (653.8)

    (533.3)

    (586.2)

    (594.7)

    (931.8)

    (747.6)

    Corporate Restricted Cash

    (41.6)

    (54.7)

    (77.6)

    (71.4)

    (85.4)

    (94.4)

    (91.1)

    Net Corporate Debt

    $ 7,054.1

    $ 6,528.5

    $ 5,934.4

    $ 4,110.3

    $ 3,965.1

    $ 3,678.6

    $ 4,008.1

    Net Fleet Debt

    Fleet Debt, less:

    $ 10,263.2

    $ 9,080.0

    $ 8,903.3

    $ 7,700.0

    $ 6,780.5

    $ 6,612.3

    $ 6,846.8

    Restricted Cash Associated with Fleet Debt

    (351.6)

    (370.5)

    (494.0)

    (104.0)

    (126.5)

    (213.6)

    (183.2)

    Net Fleet Debt

    $ 9,911.6

    $ 8,709.5

    $ 8,409.3

    $ 7,596.0

    $ 6,654.0

    $ 6,398.7

    $ 6,663.6

    Total Net Debt

    $ 16,965.7

    $ 15,238.0

    $ 14,343.7

    $ 11,706.3

    $ 10,619.1

    $ 10,077.3

    $ 10,671.7

    Three Months Ended

    Six Months Ended

    June 30,

    June 30,

    CAR RENTAL RPD (a)

    2013

    2012

    2013

    2012

    Car rental segment revenues (b)

    $ 2,329.5

    $ 1,889.6

    $ 4,414.3

    $ 3,547.9

    Non-rental revenue

    (134.3)

    (115.5)

    (262.1)

    (225.9)

    Foreign currency adjustment

    12.4

    14.2

    14.3

    13.4

    Total rental revenue

    $ 2,207.6

    $ 1,788.3

    $ 4,166.5

    $ 3,335.4

    Transactions days (in thousands)

    45,439

    37,256

    85,817

    68,925

    Worldwide Total RPD (in whole dollars)

    $ 48.58

    $ 48.00

    $ 48.55

    $ 48.39

    Three Months Ended

    Six Months Ended

    EQUIPMENT RENTAL AND RENTAL

    June 30,

    June 30,

    RELATED REVENUE(a)

    2013

    2012

    2013

    2012

    Equipment rental segment revenues

    $ 384.3

    $ 335.0

    $ 735.4

    $ 637.1

    Equipment sales and other revenue

    (35.5)

    (31.3)

    (65.4)

    (57.6)

    Foreign currency adjustment

    2.2

    (0.7)

    3.1

    (2.2)

    Rental and rental related revenue

    $ 351.0

    $ 303.0

    $ 673.1

    $ 577.3

    (a) Based on 12/31/12 foreign exchange rates.

    (b) Includes U.S. off-airport revenues of $362.9 million and $325.3 million for the three months ended June 30, 2013 and 2012, respectively, and $683.8 and $608.0 million for the

    six months ended June 30, 2013 and 2012, respectively.

    Exhibit 1

    Non-GAAP Measures: Definitions and Use/Importance

    Hertz Global Holdings, Inc. ("Hertz Holdings") is our top-level holding company. The Hertz Corporation ("Hertz") is our primary operating company. The term "GAAP" refers to accounting principles generally accepted in the United States of America.

    Definitions of non-GAAP measures utilized in Hertz Holdings’ July 29, 2013 Press Release are set forth below. Also set forth below is a summary of the reasons why management of Hertz Holdings and Hertz believes that the presentation of the non-GAAP financial measures included in the Press Release provide useful information regarding Hertz Holdings’ and Hertz’s financial condition and results of operations and additional purposes, if any, for which management of Hertz Holdings and Hertz utilize the non-GAAP measures.

    1. Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and Corporate EBITDA

    EBITDA is defined as net income before net interest expense, income taxes and depreciation (which includes revenue earning equipment lease charges) and amortization. Corporate EBITDA, as presented herein, represents EBITDA as adjusted for car rental fleet interest, car rental fleet depreciation and certain other items, as described in more detail in the accompanying tables.

    Management uses EBITDA and Corporate EBITDA as operating performance and liquidity metrics for internal monitoring and planning purposes, including the preparation of our annual operating budget and monthly operating reviews, as well as to facilitate analysis of investment decisions, profitability and performance trends. Further, EBITDA enables management and investors to isolate the effects on profitability of operating metrics such as revenue, operating expenses and selling, general and administrative expenses, which enables management and investors to evaluate our two business segments that are financed differently and have different depreciation characteristics and compare our performance against companies with different capital structures and depreciation policies. We also present Corporate EBITDA as a supplemental measure because such information is utilized in the calculation of financial covenants under Hertz’s senior credit facilities.

    EBITDA and Corporate EBITDA are not recognized measurements under GAAP. When evaluating our operating performance or liquidity, investors should not consider EBITDA and Corporate EBITDA in isolation of, or as a substitute for, measures of our financial performance and liquidity as determined in accordance with GAAP, such as net income, operating income or net cash provided by operating activities.

    2. Adjusted Pre-Tax Income

    Adjusted pre-tax income is calculated as income before income taxes plus non-cash purchase accounting charges, non-cash debt charges relating to the amortization of debt financing costs and debt discounts and certain one-time charges and non-operational items. Adjusted pre-tax income is important to management because it allows management to assess operational performance of our business, exclusive of the items mentioned above. It also allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows them to assess the operational performance of the Company on the same basis that management uses internally.

    3. Adjusted Net Income

    Adjusted net income is calculated as adjusted pre-tax income less a provision for income taxes derived utilizing a normalized income tax rate (35% in 2013 and 34% in 2012) and noncontrolling interest. The normalized income tax rate is management’s estimate of our long-term tax rate. Adjusted net income is important to management and investors because it represents our operational performance exclusive of the effects of purchase accounting, non-cash debt charges, one-time charges and items that are not operational in nature or comparable to those of our competitors.

    4. Adjusted Diluted Earnings Per Share

    Adjusted diluted earnings per share is calculated as adjusted net income divided by, for the three months ended June 30, 2013, 465.1 million which represents the weighted average diluted shares outstanding for the period, for the six months ended June 30, 2013, 463.0 million which represents the weighted average diluted shares outstanding for the period and for the three months ended June 30, 2012, 447.4 million which represents the approximate number of shares outstanding at June 30, 2012, for the six months ended June 30, 2012, 447.9 million which represents the average for the period. Adjusted diluted earnings per share is important to management and investors because it represents a measure of our operational performance exclusive of the effects of purchase accounting adjustments, non-cash debt charges, one-time charges and items that are not operational in nature or comparable to those of our competitors.

    5. Transaction Days

    Transaction days represent the total number of days that vehicles were on rent in a given period.

    6. Car Rental Revenue, Total RPD and Total Rental Revenue Per Transaction

    Car rental revenue consists of all revenue, net of discounts, associated with the rental of cars including charges for optional insurance products, but excluding non-rental revenues derived from Donlen. Total revenue per transaction day, "Total RPD," is calculated as total rental revenue, divided by the total number of transaction days, with all periods adjusted to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends. This statistic is important to our management and investors as it represents the best measurement of the changes in underlying pricing in the car rental business and encompasses the elements in car rental pricing that management has the ability to control.

    7. Equipment Rental and Rental Related Revenue

    Equipment rental and rental related revenue consists of all revenue, net of discounts, associated with the rental of equipment including charges for delivery, loss damage waivers and fueling, but excluding revenue arising from the sale of equipment, parts and supplies and certain other ancillary revenue. Rental and rental related revenue is adjusted in all periods to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends. This statistic is important to our management and to investors as it is utilized in the measurement of rental revenue generated per dollar invested in fleet on an annualized basis and is comparable with the reporting of other industry participants.

    8. Same Store Revenue Growth

    Same store revenue growth is calculated as the year over year change in revenue for locations that are open at the end of the period reported and have been operating under our direction for more than twelve months. The same store revenue amounts are adjusted in all periods to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends.

    9. Free Cash Flow

    Free cash flow is calculated as Net cash provided by operating activities less revenue earning equipment expenditures, net of disposal proceeds and car rental fleet financing, less non-fleet capital expenditures, net of non-fleet disposals. Free cash flow is important to management and investors as it represents the cash available for acquisitions and the reduction of corporate debt.

    10. Net Corporate Debt

    Net corporate debt is calculated as total debt excluding fleet debt less cash and equivalents and corporate restricted cash. Corporate debt consists of our Senior Term Facility; Senior ABL Facility; Senior Notes; Senior Subordinated Notes, Convertible Senior Notes; and certain other indebtedness of our domestic and foreign subsidiaries. Net Corporate Debt is important to management, investors and ratings agencies as it helps measure our leverage. Net Corporate Debt also assists in the evaluation of our ability to service our non-fleet-related debt without reference to the expense associated with the fleet debt, which is fully collateralized by assets not available to lenders under the non-fleet debt facilities.

    11. Corporate Restricted Cash (used in the calculation of Net Corporate Debt)

    Total restricted cash includes cash and cash equivalents that are not readily available for our normal disbursements. Total restricted cash and equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under our Fleet Debt facilities, our like-kind exchange programs and to satisfy certain of our self-insurance regulatory reserve requirements. Corporate restricted cash is calculated as total restricted cash less restricted cash associated with fleet debt.

    12. Net Fleet Debt

    Net fleet debt is calculated as total fleet debt less restricted cash associated with fleet debt. As of June 30, 2013, fleet debt consists of HVF U.S. Fleet Variable Funding Notes, HVF U.S. Fleet Medium Term Notes, RCFC U.S. Fleet Variable Funding Notes, RCFC U.S. Fleet Medium Term Notes, Donlen GN II Variable Funding Notes, U.S. Fleet Financing Facility, European Revolving Credit Facility, European Fleet Notes, European Securitization, Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian Securitization, Australian Securitization, Brazilian Fleet Financing and Capitalized Leases relating to revenue earning equipment. This measure is important to management, investors and ratings agencies as it helps measure our leverage.

    13. Restricted Cash Associated with Fleet Debt (used in the calculation of Net Fleet Debt and Corporate Restricted Cash)

    Restricted cash associated with fleet debt is restricted for the purchase of revenue earning vehicles and other specified uses under our Fleet Debt facilities and our car rental like-kind exchange program.

    14. Total Net Debt

    Total net debt is calculated as net corporate debt plus net fleet debt. This measure is important to management, investors and ratings agencies as it helps measure our leverage.

    SOURCE Hertz Global Holdings, Inc.

  • Hertz Now Smoke-Free Company’s Fleet is Now Non-Smoking

    Hertz Now Smoke-Free Company’s Fleet is Now Non-Smoking

    PARK RIDGE, N.J., July 23, 2013 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ) announces that it has transitioned its car rental fleet to non-smoking as part of the Company’s commitment to provide the cleanest fleet in the car rental industry.

    (Logo: http://photos.prnewswire.com/prnh/20130620/NY35609LOGO )

    "Hertz is committed to providing customers with the best cars and best fleet in the industry," commented Mark P. Frissora. "While most of our cars were already non-smoking, the vast majority of customers, as well as Hertz employees who transport cars, now indicate that they prefer to drive a smoke-free vehicle every rental. For that reason, the time is right to transition our fleet to non-smoking. Incorporating customer and employee feedback is a critical step to ensure we provide the most valued car rental experiences. By moving to a non-smoking fleet, car rental customers, car sales buyers and employees will be even more assured that Hertz vehicles are clean and safe."

    Previously, the vast majority of Hertz’s fleet was classified as non-smoking. With the entire fleet converting to the new policy, implemented based on strong customer preferences for non-smoking vehicles, all cars have been classified non-smoking. The company has adopted a $100 cleaning fee assessed for vehicles returned with evidence of smoking. To make customers aware of the new policy, Hertz locations display non-smoking signs and non-smoking stickers have been installed on each car in Hertz’s fleet. Should a customer inquire at the time of reservation, they will be advised of the new policy.

    To provide the cleanest cars in the industry, Hertz vehicles undergo a 36 point cleaning and service process. In addition, Hertz employees responsible for cleaning vehicles are professionally trained in car cleaning, general operations and safety. Hertz also uses commercial grade car washes at its airport locations, that recycle 80% of the water used, and the Company uses biodegradable and environmentally friendly cleaning products and Fresh Wave IAQ, a non-toxic, natural odor eliminator. Additionally, cleaning processes have been standardized to ensure that no task is overlooked and cars not meeting standards are set aside for additional cleaning or servicing if needed. The addition of the non-smoking policy ensures Hertz continues to offer the finest fleet available for rent.

    About Hertz
    Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2013/14 U.S. Car Rental Survey, earning top honors in 10 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and services such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

    SOURCE The Hertz Corporation

  • Hertz Global Holdings To Hold Second Quarter 2013 Financial Results Conference Call

    Hertz Global Holdings To Hold Second Quarter 2013 Financial Results Conference Call

    PARK RIDGE, N.J., July 22, 2013 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ), the parent company of The Hertz Corporation, the world’s largest general use airport car rental company and a leading equipment rental company in the United States and Canada, today announced plans to hold a conference call to discuss its 2013 second quarter earnings results.

    (Logo: http://photos.prnewswire.com/prnh/20130620/NY35609LOGO)

    The call will be held on Monday, July 29 at 9:30 a.m. ET and will remain available for audio replay one hour following the conclusion of the call until August 12th.

    A press release detailing the company’s financial results will be issued before market open on Monday, July 29, 2013.

    Conference Call Dial-In Information:

    Time/Date:

    9:30 a.m. ET, Monday, July 29, 2013

    Phone:

    (800) 230-1093 (U.S.)

    (612) 288-0329 (International)

    Conference Title:

    Hertz Second Quarter 2013 Earnings Call

    Passcode:

    297956

    The call can be accessed by providing the title or passcode to the operator.

    Replay Dial-In Information:

    Phone:

    (800) 475-6701 (U.S.)

    (320) 365-3844 (International)

    Passcode:

    297956

    This call will also be available through a live audio webcast. This webcast can be accessed through a link on the Investor Relations section of the Hertz website, www.hertz.com/investorrelations, and will remain available for replay.

    About Hertz
    Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2013/14 U.S. Car Rental Survey, earning top honors in 10 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and services such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

    SOURCE The Hertz Corporation

  • Penske’s No.22 Hertz Ford Mustang Revs Up For Chicago’s Rally, Rock & Race Weekend Race Car Driver Joey Logano Takes the Hertz No. 22 Ford Mustang to Chicagoland Speedway

    Penske’s No.22 Hertz Ford Mustang Revs Up For Chicago’s Rally, Rock & Race Weekend Race Car Driver Joey Logano Takes the Hertz No. 22 Ford Mustang to Chicagoland Speedway

    PARK RIDGE, N.J., July 19, 2013 /PRNewswire/ — Hertz (NYSE:HTZ) and Penske Racing prepare for their third sponsored race together of the NASCAR Nationwide Series season during the Rally, Rock & Race Weekend on July 21st. During the STP 300 race at Chicagoland Speedway, driver Joey Logano will once again be representing the No.22 Hertz Ford Mustang on the 1.5-mile speedway. To celebrate the No. 22 Hertz Ford Mustang’s arrival in Chicago, Hertz is offering Logano, Penske Racing and NASCAR fans discounted rates of up to 22% off their Hertz rental.

    (Logo: http://photos.prnewswire.com/prnh/20130620/NY35609LOGO )

    "This weekend’s race will certainly impress spectators as Joey races at one of his favorite tracks. As he tackles this course, we’re optimistic that he can compete well against a full field of talented Nationwide Series regulars," commented Mark P. Frissora, Hertz Chairman and Chief Executive Officer. "This will be an exciting race for both Hertz and fans."

    "Chicagoland is a great track and I’ve been lucky to have success there in the past," commented Penske driver Joey Logano. "The hard work and dedication that the team has shown throughout the season will hopefully pay off this weekend and we can get this Hertz Ford Mustang its second win of the year."

    To receive the Joey Logano/Penske Racing discount on Hertz rentals, customers must mention corporate discount number (CDP#): 2222222 at the time of their reservation. The Joey Logano/Penske Racing discount is subject to all applicable terms and conditions and blackout dates may apply.

    In January, Hertz and Penske Racing entered a multi-year agreement with Hertz serving as a 2013 primary sponsor for select races on the No. 22 Penske Racing car competing in both the NASCAR Sprint Cup Series and Nationwide Series. Hertz will have branding presence on the team’s uniforms and equipment as well as on the Nationwide Series car. The No. 22 Hertz Ford Mustang raced at Dover International Speedway in the Monster Mile, with Penske Racing’s driver, Joey Logano coming in first place and, last week, at the New Hampshire Motor Speedway. In addition, Hertz is co-primary sponsor on the No. 22 Ford Fusion in the Sprint Cup Series at the fall race hosted at Charlotte Motor Speedway.

    Hertz is committed to offering its customers the most technologically innovative products and services available to keep customers "Traveling at the Speed of Hertz." This includes Hertz ‘Carfirmations’; ‘Gold Choice’, which gives Gold members the power to keep the car they reserved or simply choose a different car from the Gold Choice area; and e-Return, with the fastest car rental drop-off that includes an email receipt within hours. These are all complimentary services for Hertz Gold Plus Rewards members, which is currently free to join. In addition, Hertz continues to expand the presence of its ExpressRent Interactive Kiosks that let customers rent a car, with or without a reservation, through a live, face-to-face video kiosk.

    About Penske Racing
    Penske Racing is one of the most successful teams in the history of professional sports. Competing in a variety of disciplines, cars owned and prepared by Penske Racing have produced 364 major race wins, 423 pole positions and 24 National Championships, including the 2012 NASCAR Sprint Cup Series title. The team has also earned a record 15 Indianapolis 500 victories in its storied history. For more information about Penske Racing, please visit www.penskeracing.com.

    About Hertz
    Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2013/14 U.S. Car Rental Survey, earning top honors in 10 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and services such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

    SOURCE The Hertz Corporation

  • The Federal Trade Commission Issues Final Consent Order On The Hertz/Dollar Thrifty Merger

    The Federal Trade Commission Issues Final Consent Order On The Hertz/Dollar Thrifty Merger

    PARK RIDGE, N.J., July 11, 2013 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" together with its subsidiaries, the "Company" or "we") today announced that the Federal Trade Commission has issued a final consent order regarding Hertz’s acquisition of Dollar Thrifty Automotive Group. Hertz acquired Dollar Thrifty in November 2012 pursuant to an interim agreement and proposed consent order entered into between the company and the FTC at that time. Under the terms of that agreement, which now have been embodied in the final order with no substantive changes regarding Hertz’s obligations, Hertz divested its former Advantage car rental business, select airport concessions and certain other assets to Franchise Services of North America, Inc.

    (Logo: http://photos.prnewswire.com/prnh/20130620/NY35609LOGO )

    "We are pleased that the FTC has officially concluded its review of the Dollar Thrifty transaction," said Mark P. Frissora, Hertz Chairman and Chief Executive Officer. "Throughout this process we have worked closely with the agency, and the result has been a transaction that we believe will benefit our customers and shareholders for years to come."

    ABOUT HERTZ
    Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and services such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

    SOURCE The Hertz Corporation

  • Hertz Expands UK Network To Support Vehicle Insurance Replacement Market

    Hertz Expands UK Network To Support Vehicle Insurance Replacement Market

    LONDON, July 11, 2013 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ), the world’s largest general use car rental brand, announced that Hertz UK Limited continues to expand its UK network following the recent acquisition of CCL Vehicle Rentals Ltd (CCL), a leading national accident management provider, headquartered in Dorset, UK.

    (Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO)

    Michel Taride, Group President of Hertz International, said: "We are fully committed to developing new and expanded partnerships in the car and van Insurance Replacement Market in the UK, offering customers pickup and delivery services, as well as growing leisure and business rentals. The expansion of our network in the country reinforces our commitment to the Insurance Replacement Market and local customers now and in the future."

    Neil Cunningham, General Manager, UK & Europe Off Airport at Hertz UK Limited, added: "Hertz and CCL are a powerful combination to meet the needs of insurers and the wider market. By bringing our locations closer to the customer we hope to support greater choice and bring our comprehensive range of products and exceptional service to the industry and consumer alike."

    Hertz has opened 17 locations in the UK since January 2013, including Ashford, Barnstaple, Basildon, Bedford, Bolton, Bow, Bracknell, Catterick, Chatham, Colwyn Bay, Gravesend, Hastings, Islington, Newbury, Thetford, Walkden (Manchester), and Wembley. Hertz has plans to continue this rapid expansion throughout the country, with ten more locations to open in the next two months, mainly across Northern areas and the Midlands.

    The new branches provide both Hertz and CCL customers with a full range of rental vehicles including compact through to full-size cars and SUVs and commercial vehicles, as well as offering special weekend rates for local leisure business. In addition, Hertz is opening major hub locations for its CCL business, as well as co-locating with body shops, hotels and repair facilities to serve the needs of local customers.

    CCL Accident Support is a leading national provider in the UK, with extensive experience in accident management services to the authorized hire and credit hire market. The company posted a turnover in excess of £21 million in 2012. Having built a reputation for exceptional customer service the company now employs approximately 200 people across six UK locations. CCL continues to utilize its bespoke and innovative technological solutions, supported by the growing network of Hertz locations and wide range of quality vans and cars.

    About Hertz

    The Hertz Corporation (www.hertz.com) operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in 80 countries.

    Hertz is in its 95th year of delivering quality car rental solutions to leisure and corporate customers. Product and service innovations such as Hertz #1 Club Gold, Worldwide Online Check-in, specially designed NeverLost® satellite navigation systems, and unique cars offered through the company’s Prestige, Family, Fun/Adrenaline and Green Collections, set Hertz apart from the competition.

    SOURCE The Hertz Corporation

  • Hertz And Penske Racing Team Up To Introduce The Special Edition “Hertz Penske GT” Penske-Inspired Ford Mustang GT Will Join the Hertz Adrenaline Collection®

    Hertz And Penske Racing Team Up To Introduce The Special Edition “Hertz Penske GT” Penske-Inspired Ford Mustang GT Will Join the Hertz Adrenaline Collection®

    PARK RIDGE, N.J., July 5, 2013 /PRNewswire/ — The Hertz Corporation (NYSE:HTZ), the world’s largest general use airport car rental brand, and Penske Racing, today introduced the special edition "Hertz Penske GT." The Penske-inspired Ford Mustang GT, with a 5.0 liter V8 engine, joins other American muscle cars in the Hertz Adrenaline Collection and features performance upgrades to give consumers an exhilarating driving experience. The exclusive, limited edition vehicle is available at select U.S. airport locations and was introduced on Friday, July 5, at Subway Firecracker 250 Powered by Coca-Cola NASCAR Nationwide Series race at Daytona International Speedway.

    (Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO)

    "Working with Penske Racing, we’re excited to introduce the Penske-inspired vehicle as the newest in a long line of American muscle cars in our rental fleet," commented Mark. P. Frissora, Hertz Chairman and CEO. "There’s nothing more thrilling than hitting the open road in a high-performance, American-built sports car. With this addition to our Adrenaline Collection, we are introducing a vehicle with race car performance enhancements to give customers a unique travel experience."

    The Hertz Penske GT joins other performance cars in the Adrenaline Collection, including: Ford Mustang GT Premium, Chevrolet Camaro SS (hardtop and convertible), Corvette Convertible and Dodge Challenger R/T. Enhancements to the Hertz Penske GT include:

    • Performance Upgrades, including: Quad-Tip Exhaust System, Air Intake and ECU Tuning Upgrade, 3.55 Gears, and Brembo® Brakes
    • Interior Upgrades, including: Black Recaro Racing Seats, Laguna Seca Gauge Pod, Limited Edition Interior Dash and Engine Bay Plaques, Custom Floor Mats and Door Sills, and Ford’s Touchscreen Entertainment System with GPS and Back-up Camera
    • Exterior Upgrades, including: Black exterior with unique Hertz yellow racing stripes, Boss 302 Front Splitter, GT500 Rear Valence, Upgraded Suspension and Handling, Custom Graphics Package, and Custom Hertz Faux Gas Cap

    "It is terrific that a classic American car is being transformed into a one-of-a-kind vehicle inspired by Penske Racing," said Roger Penske. "The Hertz Penske GT makes us even more excited for what is in store for our multi-year partnership with Hertz, and we are thrilled that our fans and Hertz travelers will have the opportunity to rent this special car."

    In January, Hertz and Penske Racing entered into a multi-year agreement with Hertz serving as a 2013 primary sponsor for select races on the No. 22 Penske Racing car competing in both the NASCAR Sprint Cup Series and Nationwide Series. The No. 22 Hertz Ford Mustang will race in a special livery mirroring the Hertz Penske GT in the New England 200 at New Hampshire Motor Speedway in Loudon, NH on July 13.

    In its first race, the No. 22 Hertz Ford Mustang competed at Dover International Speedway on June 1 with Penske Racing’s Joey Logano winning the event for his third-consecutive victory at the Monster Mile in the NASCAR Nationwide Series and his first Nationwide Series win driving for Penske Racing. At Dover, Logano took the lead for the final time following a two-tire pit stop with just 36 laps to go. Logano led 66 of the 200 laps and, over the final run, he was able to pull away from the field, earning his first Nationwide Series win of the season. It was Logano’s 19th-career Nationwide Series victory and the 199th series victory for Ford Racing.

    Hertz is also an associate sponsor for the Penske Racing No. 22 Sprint Cup Series and Nationwide Series teams and has a branding presence on the team’s uniforms and equipment as well as on the Nationwide Series car.

    The Hertz Penske GT joins a list of custom performance Hertz vehicles that started with Carroll Shelby in 1966 with the Shelby GT350H in the Hertz Rent-A-Racer program. From there, Hertz developed a 40th anniversary Shelby GT-H in 2006 and a custom Chevrolet Corvette ZHZ in 2009.

    Hertz is committed to offering the most technologically innovative products and services available to keep customers "Traveling at the Speed of Hertz." This includes Hertz ‘Carfirmations’; ‘Gold Choice’, which gives Gold members the power to keep the car they reserved or simply choose a different car from the Gold Choice area; and e-Return, the fastest car rental drop-off that includes an email receipt. These are all complimentary services for Hertz Gold Plus Rewards members, which is currently free to join. In addition, Hertz continues to expand the presence of its ExpressRent Interactive Kiosks that let customers rent a car, with or without a reservation, through a live, face-to-face video kiosk.

    Visit www.Hertz.com and/or follow Hertz at www.Facebook.com/Hertz and www.Twitter.com/Hertz for more information. Click here to visit the Hertz YouTube page and view the Hertz ExpressRent Kiosk.

    Images available upon request.

    About Penske Racing
    Penske Racing is one of the most successful teams in the history of professional sports. Competing in a variety of disciplines, cars owned and prepared by Penske Racing have produced 370 major race wins, 428 pole positions and 24 National Championships, including the 2012 NASCAR Sprint Cup Series title. The team has also earned a record 15 Indianapolis 500 victories in its storied history. For more information about Penske Racing, please visit www.penskeracing.com.

    About The Hertz Corporation
    Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2013/14 U.S. Car Rental Survey, earning top honors in 10 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and services such as Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Collections, set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen and owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

    SOURCE The Hertz Corporation

  • Hertz Partners With Kuwait Airways To Give Frequent Flyers Global Car Rental Benefits New agreement rewards Oasis Club members with up to 1,000 Oasis Club miles, special promotions and best available rates

    Hertz Partners With Kuwait Airways To Give Frequent Flyers Global Car Rental Benefits New agreement rewards Oasis Club members with up to 1,000 Oasis Club miles, special promotions and best available rates

    DUBAI, United Arab Emirates, July 2, 2013 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ), the world’s leading general use car rental brand, has entered into a new partnership with Kuwait Airways to provide special rewards to members of the airline’s frequent flyer program, Oasis Club.

    As a result of the agreement, Oasis Club members can immediately take advantage of best available rates on car rentals at Hertz locations across the airline’s international network of 34 destinations, and beyond at any of the 8,800 Hertz locations worldwide, while earning 500 Oasis Club Miles for each rental.

    This doubles up to 1,000 Oasis Club Miles for those booking cars from the Hertz Prestige Collection which includes luxury brands such as Mercedes, BMW and Porsche.

    Oasis Club members can also take advantage of exclusive year-round promotions and offers, gain access to pre-paid and pay on arrival rates, and receive instant confirmation and guarantee of booking through a new co-branded booking platform which can be accessed through the airline’s loyalty program website: www.oasisclub-ku.com.

    Michel Taride, Group President of Hertz International commented: "We are very happy to establish a partnership with Kuwait Airways, and extend a warm welcome to all Oasis Club members."

    "As with all the Gulf States on the Arabian peninsula, Kuwait is a rapidly growing source market for outbound travel, particularly to European and US destinations, where Hertz is a market leader in car rental, and where Kuwait Airways regularly fly. We look forward to providing Oasis Club members with many attractive car rental promotions, Oasis Club miles, and great travel service around the world."

    Kuwait Airways Oasis Club Manager Khalid Al Harbi added: "Hertz is a worldwide leader in car rental, and we are pleased to be entering into a partnership that will ensure our most loyal customers receive the best ground-travel service once arriving at their destinations.

    "We are always looking to provide a more rewarding experience for our Oasis Club members by delivering greater benefits and providing preferential treatment throughout their travels. Our frequent flyers now have wider options and benefits when renting a car with Hertz, and can enjoy faster, smoother service on the ground and in the air."

    Notes to editors:

    About The Hertz Corporation

    Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

    About Hertz Middle East and Africa

    Hertz has a strong presence in the Middle East and Africa region, with 11 Hertz franchisees in the Middle East and 23 in Africa, and a total of 66 locations in the Middle East and 161 outlets in Africa, offering a wide range of car rental and leasing services. Hertz locations across the region offer customers the most modern fleet of vehicles in the market, with a focus on quality, safety and reliability.

    SOURCE The Hertz Corporation

  • Conversion Right Triggered On Hertz’s Convertible Senior Notes

    Conversion Right Triggered On Hertz’s Convertible Senior Notes

    PARK RIDGE, N.J., June 28, 2013 /PRNewswire/ — Hertz Global Holdings, Inc. (the "Company") (NYSE: HTZ) today announced that the Company’s 5.25% Convertible Senior Notes Due 2014 (the "Notes") will continue to be convertible by holders of the Notes. This conversion right has been triggered because the Company’s closing common stock price per share exceeded $10.77 for at least 20 trading days during the 30 consecutive trading day period ending on June 30, 2013. Based on this triggering event, the Notes will be convertible until September 30, 2013.

    (Logo: http://photos.prnewswire.com/prnh/20130620/NY35609LOGO)

    If conversion requests are received, the settlement of the Notes will be paid pursuant to the terms of the Indenture. The Company has elected to settle conversions of the Notes solely in shares of the Company’s common stock, par value $0.01 per share.

    Wells Fargo Bank, National Association, is the Trustee for the holders of the Notes and Conversion Agent under the Indenture. All questions relating to the mechanics of the conversion for the Notes should be directed to Martin Reed at Wells Fargo Bank, National Association, telephone number 212.515.5244 and address 45 Broadway, 14th Floor, New York, NY 10006.

    This press release is only a summary of certain provisions of the Notes and the Indenture, dated as of May 27, 2009 (the "Indenture"), by and between the Company and Wells Fargo Bank, National Association. A complete explanation of the conversion rights of holders of the Notes, as well as the procedures required to convert Notes, is set forth in the Indenture. All holders are urged to review the conversion provisions contained in the Notes and the Indenture in their entirety.

    SOURCE The Hertz Corporation

  • Hertz Reinvents the Car Rental Experience Hertz 24/7 brings together car sharing technology and global car rental capabilities to create “anytime, anywhere, any car” rental service

    Hertz Reinvents the Car Rental Experience Hertz 24/7 brings together car sharing technology and global car rental capabilities to create “anytime, anywhere, any car” rental service

    PARK RIDGE, N.J., June 27, 2013 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ) is announcing the global launch of Hertz 24/7, (www.hertz247.com or www.hertz.com) a revolutionary new rental service available any time, day or night. The expansion is a game changer for the industry because for the first time customers will be able to rent a wide variety of vehicles near their home or work when needed and for any length of time — hourly, daily, weekly or monthly. The company estimates that by 2016, it will have "self-serve" vehicles within minutes of the majority of the United States population.

    (Logo: http://photos.prnewswire.com/prnh/20130620/NY35609LOGO )

    The company is also announcing that it will host a 24/7 product and service demonstration event in the metropolitan New York City area during the second week of September, 2013. This technology event will focus on the future of in-car telematics and mobile applications to enhance the rental experience. Additional details will be provided later this summer.

    "Driven by the company’s award-winning technology, Hertz is reinventing the car rental industry by putting the rental process in the hands of consumers. Technology-enhanced vehicles will be available close to where customers live or work, making it easier than ever to reserve and quickly pick-up a rental vehicle at the customer’s convenience. Urban and suburban customers will be able to rent a much wider variety of vehicles at any hour – not just weekdays 9 to 5 when a neighborhood rental location is open. 24/7 service is a key part of our commitment to create the fastest, easiest and most valued rental experiences in the business," commented Hertz Chairman and Chief Executive Officer, Mark P. Frissora.

    Once a member, the Hertz 24/7 customer experience is powered by the fast and easy "Click. Swipe. Go!" process. Click on hertz247.com or hertz.com from your mobile device or laptop and complete the simple 24/7 reservation process in a few minutes. The car will only be minutes away and Swipe the 24/7 key fob against the reader on the windshield to unlock the doors. Then Go!, after retrieving the keys tethered to the dashboard.

    Hertz 24/7 service is available today at 1,800 neighborhood and airport locations in the U.S., France, Germany, U.K., Spain and Australia with plans to be in more than 2,000 locations by year end. The company now has 35,000 vehicles (cars, mini-vans, vans and SUVs) equipped for 24/7 rentals. The company will be prepared to have approximately 500,000 Hertz 24/7-enabled vehicles in service globally by 2016. At that point, Hertz 24/7’s fleet would be more than ten times the size of the current car sharing industry combined.

    "Hertz 24/7 is revolutionary because it combines the technology and on-demand service associated with car sharing with the operational and logistical capabilities of a global car rental company to create a new universal car rental service. In fact, the goal is to bring this user-friendly, round-the-clock service to all consumers. Additionally, Hertz 24/7 demonstrates our commitment to sustainable mobility solutions by making situational vehicle rental a viable option for all consumers," Frissora concluded.

    With Hertz 24/7, the company is creating a new "self-serve" mobility solution with no membership fees which also allows customers to talk directly to and get help from a Hertz service representative from the car, as needed. Additionally, customers can pick up a vehicle at one location and drop-off at another; Hertz was the first company to introduce the "one-way rental" concept in car sharing in 2009.

    Hertz 24/7 allows customers to reserve vehicles for immediate rental through a variety of convenient touch points including www.Hertz247.com and www.hertz.com, interactive kiosks, or mobile devices, for pick up 24 hours a day, 7 days a week.*

    For more information, visit www.hertz247.com, hertz.com or follow Hertz on Facebook or Twitter.

    * Customers are able to provide personal information, reserve a 24/7 vehicle, and be on their way the same day, provided that they first stop into a Hertz location for Driver’s license validation.

    About Hertz Technology
    Hertz is committed to providing its customers speed, ease and value with technological innovations and personalized service. "Traveling at the Speed of Hertz" offers a variety of unique customer enhancements, which include:

    Mobile Apps: As consumers are looking to mobile technologies as a way to take back control of their travel experience, from on-the-go bookings to instant upgrades.

    Hertz Mobile App: Book, modify and search car rental reservations, find locations, and browse special deals and offers all from the palm of your hand.

    Hertz NeverLost My Explore App: Users can plan their itinerary and navigate popular cities in the US and Canada all on their smart phone and import it into a calendar or to the award-winning Hertz NeverLost® GPS.

    Hertz 24/7 Mobile App: Customers have 24/7 access to a variety of vehicles when and where they need them with the ability to reserve a car or modify an existing reservation and view upcoming and previous reservations.

    Carfirmation: Hertz’s mobile email/SMS text service – Mobile Gold Alerts — that confirm a Gold customer’s reservation and advises them of their car location.

    Carfirmation Upgrade: Hertz Carfirmations also show other available cars and upgrades and lets members select the one they want – all on their mobile device in three simple steps.

    Choose Control: Hertz Gold Choice gives the customer the power to keep the car they reserved or simply choose another, something no other car rental brand offers.

    Zap Technology: Hertz’s Gold enrollment and e-Return in the US is the fastest way to get customers in their cars and when they return, back on their way home. Hertz will email the customer’s receipt in a flash.

    Acceler-Rental: Hertz is the first car rental company to now offer both airport and neighborhood location customers the ability to rent cars through a live face-to-face video kiosk with Hertz ExpressRent™ kiosks.

    About Hertz
    Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2013/14 U.S. Car Rental Survey, earning top honors in 10 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and services such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections, set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

    SOURCE The Hertz Corporation