ESTERO, Fla., Nov. 20, 2019 /PRNewswire/ — Two Hertz Corporation (NYSE: HTZ) executives were recently recognized for innovation and outstanding leadership by WINit by GBTA – a network for driving positive change for career mobility of women in travel-related industries – at the inaugural WINit Awards at WINit Gala 2019 in New York City.
Hertz executives Susan Jacobs and Laura Smith receive 2019 WINit Awards
Susan Jacobs, senior vice president, global Dollar and Thrifty brands, received the Most Innovative Trailblazer Award, which celebrates the business success and creativity of a woman who advances innovation by developing and creating new ideas. Jacobs was recognized in part for spearheading the successful launch and implementation of Dollar Car Rental’s industry-leading debit card policy change which has enabled more Dollar customers to rent vehicles.
Laura Smith, senior vice president, global Customer Experience, received the Rising Female Leader Award for her impressive career path at Hertz, which began 17 years ago managing a small team in Dublin, Ireland. Today, Smith oversees the company’s global Customer Care and Customer Experience organizations, comprised of thousands of employees. Her leadership is also attributed to the company achieving record high customer satisfaction scores in North America, which was further reinforced with Hertz’s No. 1 ranking in the 2019 J.D. Power Rental Car Rental Satisfaction Study.
"Susan and Laura are true role models for leadership and I’m continuously impressed by their ingenuity and passion for the success of our people and customers," said Jodi Allen, Hertz executive vice president and chief marketing officer. "They have made a tremendous impact and I’m thrilled they are being honored for the difference they’re making at our company and within the travel industry."
ABOUT HERTZ The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 10,200 company-owned, licensee and franchisee locations throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through its specialty collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit: www.hertz.com.
ESTERO, Fla., Nov. 14, 2019 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) (the "Company") today announced that its wholly-owned subsidiary, The Hertz Corporation ("Hertz"), has entered into an agreement to sell $900 million aggregate principal amount of 6.000% Senior Notes due 2028 (the "Notes") in a private offering (the "Offering") exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The aggregate principal amount of the Notes offered was increased from $750 million. The Offering is expected to close on or about November 25, 2019, subject to customary closing conditions.
The Notes will pay interest semi-annually in arrears. The Notes are expected to be guaranteed on a senior unsecured basis by the domestic subsidiaries of Hertz that guarantee its senior credit facilities from time to time.
Hertz intends to use the proceeds from the issuance of the Notes, together with available cash, to consummate the redemption of $900 million in aggregate principal amount of its outstanding 7.625% Senior Secured Second Priority Notes due 2022 (the "Senior Secured Second Priority Notes"), pay premiums and accrued and unpaid interest in connection with the redemption of the Senior Secured Second Priority Notes and pay fees and expenses in connection with the Offering and the redemption.
On November 14, 2019, Hertz issued a conditional notice of redemption to redeem $900 million in aggregate principal amount of its outstanding Senior Secured Second Priority Notes. The redemption of the Senior Secured Second Priority Notes is subject to the satisfaction of specified conditions precedent set forth in the Notice of Conditional Redemption, including the consummation of the Capital Markets Offerings (as defined in the Notice of Conditional Redemption) on terms and conditions satisfactory in all respects to Hertz in its sole and absolute discretion.
The anticipated redemption date is November 25, 2019 or, if the conditions precedent are not satisfied on or prior to November 25, 2019, such later date (but not later than January 13, 2020) as such conditions precedent are so satisfied.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes (and the guarantees of the Notes) or any other securities, nor will there be any sale of the Notes (or any guarantees of the Notes) or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The Notes (and the guarantees of the Notes) will be issued in reliance on the exemption from the registration requirements provided by Rule 144A under the Securities Act and, outside of the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. None of the Notes (or the guarantees of the Notes) have been registered under the Securities Act or any state or other jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state and other jurisdiction’s securities laws.
This press release does not constitute a notice of redemption under the indenture governing the Senior Secured Second Priority Notes, nor an offer to tender for, or purchase, any Senior Secured Second Priority Notes or any other security. There can be no assurances that the conditions precedent to the redemption will be satisfied or that the redemption will occur.
ABOUT HERTZ The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 10,200 company-owned, licensee and franchisee locations throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through its specialty collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this release include "forward-looking statements." Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "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 it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K filed or furnished to the Securities and Exchange Commission ("SEC").
Among other items, such factors could include: the levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; the effect of the Company’s separation of its vehicle and equipment rental businesses, any failure by Herc Holdings Inc. to comply with the agreements entered into in connection with the separation and the Company’s ability to obtain the expected benefits of the separation; significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing, including on the Company’s pricing policies or use of incentives; occurrences that disrupt rental activity during the Company’s peak periods; the Company’s ability to accurately estimate future levels of rental activity and adjust the number and mix of vehicles used in its rental operations accordingly; increased vehicle costs due to declines in the value of the Company’s non-program vehicles; the Company’s ability to maintain sufficient liquidity and the availability to it of additional or continued sources of financing for its revenue earning vehicles and to refinance its existing indebtedness; the Company’s ability to purchase adequate supplies of competitively priced vehicles and risks relating to increases in the cost of the vehicles it purchases; the Company’s ability to adequately respond to changes in technology and customer demands; the Company’s ability to retain customer loyalty and market share; the Company’s recognition of previously deferred tax gains on the disposition of revenue earning vehicles; an increase in the Company’s vehicle costs or disruption to its rental activity, particularly during its peak periods, due to safety recalls by the manufacturers of its vehicles; the Company’s access to third-party distribution channels and related prices, commission structures and transaction volumes; the Company’s ability to execute a business continuity plan; a major disruption in the Company’s communication or centralized information networks; a failure to maintain, upgrade and consolidate the Company’s information technology networks; financial instability of the manufacturers of the Company’s vehicles; any impact on the Company from the actions of its franchisees, dealers and independent contractors; the Company’s ability to sustain operations during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; the Company’s ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy; the Company’s ability to maintain an effective employee retention and talent management strategy and resulting changes in personnel and employee relations; costs and risks associated with litigation and investigations; risks related to the Company’s indebtedness, including its substantial amount of debt, its ability to incur substantially more debt, the fact that substantially all of its consolidated assets secure certain of its outstanding indebtedness and increases in interest rates or in its borrowing margins; the Company’s ability to meet the financial and other covenants contained in its senior credit facilities and letter of credit facility, its outstanding unsecured senior notes, its outstanding senior second priority secured notes and certain asset-backed and asset-based arrangements; changes in accounting principles, or their application or interpretation, and the Company’s ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on operating results; risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anticorruption or antibribery laws and the Company’s ability to repatriate cash from non-U.S. affiliates without adverse tax consequences; the Company’s ability to prevent the misuse or theft of information it possesses, including as a result of cyber security breaches and other security threats; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations, such as the adoption of new regulations under the Tax Cuts and Jobs Act, where such actions may affect the Company’s operations, the cost thereof or applicable tax rates; risks relating to the Company’s deferred tax assets, including the risk of an "ownership change" under the Internal Revenue Code of 1986, as amended; the Company’s exposure to uninsured claims in excess of historical levels; fluctuations in interest rates and commodity prices; the Company’s exposure to fluctuations in foreign currency exchange rates and other risks and uncertainties described from time to time in periodic and current reports that the Company files with the SEC.
Additional information concerning these and other factors can be found in the Company’s filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
ESTERO, Fla., Nov. 14, 2019 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) (the "Company") today announced that its wholly-owned subsidiary, The Hertz Corporation ("Hertz"), intends to offer $750 million aggregate principal amount of senior unsecured notes due 2028 (the "Notes"), subject to market and other conditions, in a private offering (the "Offering") exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").
The Notes will pay interest semi-annually in arrears. The Notes are expected to be guaranteed on a senior unsecured basis by the domestic subsidiaries of Hertz that guarantee its senior credit facilities from time to time.
Hertz intends to use the proceeds from the issuance of the Notes, together with available cash (if necessary), to redeem an amount (including premium and accrued but unpaid interest thereon) of Hertz’s 7.625% Senior Secured Second Priority Notes due 2022 (the "Senior Secured Second Priority Notes") approximately equal to the net proceeds from the issuance of the Notes and pay premiums and accrued and unpaid interest in connection therewith and related transaction fees and expenses.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes (and the guarantees of the Notes) or any other securities, nor will there be any sale of the Notes (or any guarantees of the Notes) or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The Notes (and the guarantees of the Notes) will be issued in reliance on the exemption from the registration requirements provided by Rule 144A under the Securities Act and, outside of the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. None of the Notes (or the guarantees of the Notes) have been registered under the Securities Act or any state or other jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state and other jurisdiction’s securities laws.
This press release does not constitute a notice of redemption under the indenture governing the Senior Secured Second Priority Notes, nor an offer to tender for, or purchase, any Senior Secured Second Priority Notes or any other security. There can be no assurances that the conditions precedent to the redemption will be satisfied or that the redemption will occur.
ABOUT HERTZ
The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 10,200 company-owned, licensee and franchisee locations throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through its specialty collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.
Certain statements contained in this release include "forward-looking statements." Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "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 it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K filed or furnished to the Securities and Exchange Commission (the "SEC").
Among other items, such factors could include: the levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; the effect of the Company’s separation of its vehicle and equipment rental businesses, any failure by Herc Holdings Inc. to comply with the agreements entered into in connection with the separation and the Company’s ability to obtain the expected benefits of the separation; significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing, including on the Company’s pricing policies or use of incentives; occurrences that disrupt rental activity during the Company’s peak periods; the Company’s ability to accurately estimate future levels of rental activity and adjust the number and mix of vehicles used in its rental operations accordingly; increased vehicle costs due to declines in the value of the Company’s non-program vehicles; the Company’s ability to maintain sufficient liquidity and the availability to it of additional or continued sources of financing for its revenue earning vehicles and to refinance its existing indebtedness; the Company’s ability to purchase adequate supplies of competitively priced vehicles and risks relating to increases in the cost of the vehicles it purchases; the Company’s ability to adequately respond to changes in technology and customer demands; the Company’s ability to retain customer loyalty and market share; the Company’s recognition of previously deferred tax gains on the disposition of revenue earning vehicles; an increase in the Company’s vehicle costs or disruption to its rental activity, particularly during its peak periods, due to safety recalls by the manufacturers of its vehicles; the Company’s access to third-party distribution channels and related prices, commission structures and transaction volumes; the Company’s ability to execute a business continuity plan; a major disruption in the Company’s communication or centralized information networks; a failure to maintain, upgrade and consolidate the Company’s information technology networks; financial instability of the manufacturers of the Company’s vehicles; any impact on the Company from the actions of its franchisees, dealers and independent contractors; the Company’s ability to sustain operations during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; the Company’s ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy; the Company’s ability to maintain an effective employee retention and talent management strategy and resulting changes in personnel and employee relations; costs and risks associated with litigation and investigations; risks related to the Company’s indebtedness, including its substantial amount of debt, its ability to incur substantially more debt, the fact that substantially all of its consolidated assets secure certain of its outstanding indebtedness and increases in interest rates or in its borrowing margins; the Company’s ability to meet the financial and other covenants contained in its senior credit facilities and letter of credit facility, its outstanding unsecured senior notes, its outstanding senior second priority secured notes and certain asset-backed and asset-based arrangements; changes in accounting principles, or their application or interpretation, and the Company’s ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on operating results; risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anticorruption or antibribery laws and the Company’s ability to repatriate cash from non-U.S. affiliates without adverse tax consequences; the Company’s ability to prevent the misuse or theft of information it possesses, including as a result of cyber security breaches and other security threats; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations, such as the adoption of new regulations under the Tax Cuts and Jobs Act, where such actions may affect the Company’s operations, the cost thereof or applicable tax rates; risks relating to the Company’s deferred tax assets, including the risk of an "ownership change" under the Internal Revenue Code of 1986, as amended; the Company’s exposure to uninsured claims in excess of historical levels; fluctuations in interest rates and commodity prices; the Company’s exposure to fluctuations in foreign currency exchange rates and other risks and uncertainties described from time to time in periodic and current reports that the Company files with the SEC.
Additional information concerning these and other factors can be found in the Company’s filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
LONDON, Nov. 13, 2019 /PRNewswire/ — Hertz Europe Ltd, part of Hertz Global Holdings, Inc. (NYSE: HTZ), has expanded its monthly car subscription service My Hertz Weekend, which is now available in France, Germany, Italy, Spain and United Kingdom, becoming the car rental leader in this space. This flexible, cost effective alternative to vehicle ownership provides customers with access to a car from Thursday to Monday, helping to make their weekends better and longer.
Vincent Gillet, Vice President Marketing, International, said: "Following the launch of My Hertz Weekend in Italy in May, we’ve had very positive feedback, which encouraged us to expand the service to more locations across Europe.
"A convenient alternative to car sharing and leasing, My Hertz Weekend responds to the current shift in attitude regarding car ownership as well as to the growth in the renting and subscription economy. We are confident that it will tackle the needs of customers who, for instance, live in a city and don’t need a vehicle during the week, or families that own a car but need a second car during the weekend."
How My Hertz Weekend Works
After signing up for free, My Hertz Weekend subscribers benefit from the use of a small, medium, large or premium Hertz vehicle every weekend for a month or longer – with no long-term commitment required. Customers do not need to book their pick up each time; their car will be ready for collection every weekend of the month/s subscribed.
Subscribers pick-up and drop-off their cars at a "base" of their choice from a list of 50 participating locations in Barcelona, Bologna, London (St Pancras International), Madrid, Milan, Oxford, Rome, Turin, Cologne, Lyon, Edinburgh, Glasgow and Manchester, at flexible times. My Hertz Weekend vehicles can be collected as early as 2:00 pm on Thursday and be returned to the same location any time before 12 noon on Monday.
The service includes unlimited mileage and a free additional driver, with fixed rates starting from €195 per month in Italy and Germany, making My Hertz Weekend more cost effective than other forms of vehicle subscription, such as car sharing or leasing.
In order to subscribe to My Hertz Weekend, renters must be members of Hertz’s complementary loyalty program, Gold Plus Rewards. The program allows members to earn rewards, enjoy special discounts, and bypass counters at more than 50 of the world’s busiest airports.
Further information about the My Hertz Weekend monthly car subscription service and terms and conditions can be obtained at https://www.hertz.co.uk/p/myhertzweekend
Notes to editors
The basic rate for the Hertz My Weekend car subscription service includes: unlimited mileage, Theft Protection and Collision Damage Waiver (excess applies), taxes, and additional driver allowance at no extra cost. The "Basic Rate plus SuperCover" option includes all of the features in the basic rate, but with zero excess applied to the Theft Protection and Collision Damage Waiver products. The minimum contract period is one month.
The price of fuel is not included in the monthly rate so customers are requested to return the car with a full tank each time to avoid extra charges for the missing fuel and the payment of an administration fee. The service station used to refuel the car should be as close to the Hertz drop off location as possible (within 15km).
ABOUT HERTZ The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 10,200 company-owned, licensee and franchisee locations throughout North America, Europe, The Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide rental companies, and the Hertz brand is one of the most recognized in the world. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through its specialty collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets, and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit: www.hertz.com.
ESTERO, Fla., Nov. 4, 2019 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz Global" or the "Company") today reported results for its third quarter 2019.
Third Quarter 2019 Compared to Third Quarter 2018:
Global revenue grew 3%, up 4% on a constant currency basis
Record third quarter U.S. RAC revenues of $2.0 billion, up 6%
U.S. RAC Transaction Days up 5%, Total RPD up 1%
U.S. RAC Depreciation Per Unit Per Month decreased 5%
Net income attributable to Hertz Global improved 20%
Adjusted Corporate EBITDA improved 12%
"Our strong third quarter results continue to reflect the successful execution of our strategies, operational efficiencies, and early returns on foundational and growth investments," said Kathryn Marinello, Hertz’s Chief Executive Officer. "By leveraging core strengths and looking at our business with an entrepreneurial mindset, we’re not only improving the customer experience, we’re finding new ways to capture incremental growth in adjacent markets and create incremental value through innovation."
For the third quarter 2019, total revenues were $2.8 billion, a 3% increase versus the third quarter 2018. Net income attributable to Hertz Global was $169 million, or $1.26 earnings per diluted share on 134 million weighted-average shares outstanding, compared to $141 million, or $1.47 per diluted share on 96 million weighted-average shares outstanding in the third quarter 2018. Adjusted Net Income for the third quarter 2019 was $214 million, or $1.60 Adjusted Diluted Earnings Per Share, compared to $180 million, or $1.88 per share for the same period last year. Adjusted Corporate EBITDA was $392 million, compared to $351 million for the third quarter 2018.
U.S. RENTAL CAR ("U.S. RAC") SUMMARY
U.S. RAC
Three Months Ended September 30,
Percent Inc/(Dec)
($ in millions, except where noted)
2019
2018
Total revenues
$
1,962
$
1,852
6
%
Adjusted EBITDA
$
269
$
208
29
%
Adjusted EBITDA Margin
14
%
11
%
Average Vehicles (in whole units)
566,229
527,900
7
%
Vehicle Utilization
79
%
81
%
Transaction Days (in thousands)
41,399
39,478
5
%
Total RPD (in whole dollars)
$
46.67
$
46.23
1
%
Total RPU Per Month (in whole dollars)
$
1,137
$
1,152
(1)
%
Depreciation Per Unit Per Month (in whole dollars)
$
247
$
261
(5)
%
NM – Not meaningful
Total U.S. RAC revenues grew to a third quarter record of $2.0 billion in 2019, a 6% increase versus the third quarter 2018. Transaction days grew 5% driven by higher demand from summer leisure renters and ride-hailing drivers ("TNC"). Total RPD increased 1% in the quarter, largely driven by favorable airport and off-airport pricing.
Average vehicles were up 7%, and up 5% excluding TNC. Utilization was impacted by the in-fleeting of cargo vans and trucks in anticipation of the holiday delivery season demand.
Depreciation Per Unit Per Month decreased 5% driven by the Company’s vehicle acquisition strategy, a 9% increase in the number of vehicle dispositions through its highest-return retail car sales channel, and continued strength in residual values.
Adjusted EBITDA improved $61 million in the third quarter and Adjusted EBITDA Margin expanded 250 basis points, driven by higher revenue, significantly improved productivity and lower per unit depreciation.
INTERNATIONAL RENTAL CAR ("INTERNATIONAL RAC") SUMMARY
International RAC
Three Months Ended September 30,
Percent Inc/(Dec)
($ in millions, except where noted)
2019
2018
Total revenues
$
702
$
732
(4)
%
Adjusted EBITDA
$
115
$
140
(18)
%
Adjusted EBITDA Margin
16
%
19
%
Average Vehicles (in whole units)
213,294
214,900
(1)
%
Vehicle Utilization
80
%
80
%
Transaction Days (in thousands)
15,631
15,876
(2)
%
Total RPD (in whole dollars)
$
45.67
$
45.06
1
%
Total RPU Per Month (in whole dollars)
$
1,116
$
1,110
1
%
Depreciation Per Unit Per Month (in whole dollars)
$
200
$
194
3
%
Total International RAC revenues decreased 4% year-over-year and were flat on a constant currency basis. Total RPD was up 1% driven by improved pricing in Asia Pacific and Europe, offset by a volume decline of 2% due to softness in Europe.
Adjusted EBITDA was lower year-over-year driven by flat revenue and higher vehicle-related costs.
ALL OTHER OPERATIONS SUMMARY
All Other Operations
Three Months Ended September 30,
Percent Inc/(Dec)
($ in millions, except where noted)
2019
2018
Total revenues
$
172
$
174
(1)
%
Adjusted EBITDA
$
24
$
19
29
%
Adjusted EBITDA Margin
14
%
11
%
Average Vehicles (in whole units) – Donlen
216,925
185,300
17
%
All Other Operations primarily is comprised of the Company’s Donlen leasing operations. Strong revenue growth was more than offset by the impact of a 2019 change in presentation for certain leased vehicles resulting in lower revenue and vehicle depreciation during the quarter versus third quarter 2018. Revenue grew 11%, excluding the change in presentation. New accounts and growth in both the leasing and management portfolios drove a 17% increase in Average Vehicles.
RIGHTS OFFERING
In June 2019, the Company distributed transferable subscription rights to its shareholders to purchase up to an aggregate of 57,915,055 new shares (the "Rights Offering"). The Rights Offering, which was fully subscribed, was consummated in July 2019. As a result of the timing of the subscription period, the rights generated a dilutive impact to the Company’s 2019 basic and diluted earnings per share. The three and nine month periods ended September 30, 2018 have been adjusted to reflect the impact of the Rights Offering, and the Company will continue to adjust prior periods for the impact, where necessary.
RESULTS OF THE HERTZ CORPORATION
The GAAP and non-GAAP profitability metrics for Hertz Global’s operating subsidiary, The Hertz Corporation ("Hertz"), are materially the same as those for Hertz Global.
EARNINGS WEBCAST INFORMATION
Hertz Global’s live webcast and conference call to discuss its third quarter 2019 results will be held on November 5, 2019, at 8:30 a.m. Eastern Time, and can be accessed through a link on the Investor Relations section of the Hertz website, IR.Hertz.com, or by dialing (800) 230-1074 and providing passcode 472693. Investors are encouraged to dial-in approximately 10 minutes prior to the call. A web replay will remain available for approximately one year. A telephone replay will be available one hour following the conclusion of the call for one year at (800) 475-6701 with pass code 472693.
The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com.
SELECTED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS
Following are tables that present selected financial data of Hertz Global. Also included are Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout this earnings release and provides the usefulness of non-GAAP measures to investors and additional purposes for which management uses such measures.
ABOUT HERTZ
The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 10,200 company-owned, licensee and franchisee locations throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through its specialty collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit: www.hertz.com.
Certain statements contained in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "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 it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K filed or furnished to the Securities and Exchange Commission ("SEC"). Among other items, such factors could include: levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; the effect of the Company’s separation of its vehicle and equipment rental businesses, any failure by Herc Holdings Inc. to comply with the agreements entered into in connection with the separation and the Company’s ability to obtain the expected benefits of the separation; significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing, including on the Company’s pricing policies or use of incentives; occurrences that disrupt rental activity during the Company’s peak periods; the Company’s ability to accurately estimate future levels of rental activity and adjust the number and mix of vehicles used in its rental operations accordingly; increased vehicle costs due to declines in the value of the Company’s non-program vehicles; the Company’s ability to maintain sufficient liquidity and the availability to it of additional or continued sources of financing for its revenue earning vehicles and to refinance its existing indebtedness; the Company’s ability to purchase adequate supplies of competitively priced vehicles and risks relating to increases in the cost of the vehicles it purchases; the Company’s ability to adequately respond to changes in technology and customer demands; the Company’s ability to retain customer loyalty and market share; the Company’s recognition of previously deferred tax gains on the disposition of revenue earning vehicles; an increase in the Company’s vehicle costs or disruption to its rental activity, particularly during its peak periods, due to safety recalls by the manufacturers of its vehicles; the Company’s access to third-party distribution channels and related prices, commission structures and transaction volumes; the Company’s ability to execute a business continuity plan; a major disruption in the Company’s communication or centralized information networks; a failure to maintain, upgrade and consolidate the Company’s information technology networks; financial instability of the manufacturers of the Company’s vehicles; any impact on the Company from the actions of its franchisees, dealers and independent contractors; the Company’s ability to sustain operations during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; the Company’s ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy; the Company’s ability to maintain an effective employee retention and talent management strategy and resulting changes in personnel and employee relations; costs and risks associated with litigation and investigations; risks related to the Company’s indebtedness, including its substantial amount of debt, its ability to incur substantially more debt, the fact that substantially all of its consolidated assets secure certain of its outstanding indebtedness and increases in interest rates or in its borrowing margins; the Company’s ability to meet the financial and other covenants contained in its senior credit facilities and letter of credit facility, its outstanding unsecured senior notes, its outstanding senior second priority secured notes and certain asset-backed and asset-based arrangements; changes in accounting principles, or their application or interpretation, and the Company’s ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on operating results; risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anticorruption or antibribery laws and the Company’s ability to repatriate cash from non-U.S. affiliates without adverse tax consequences; the Company’s ability to prevent the misuse or theft of information it possesses, including as a result of cyber security breaches and other security threats; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect the Company’s operations, the cost thereof or applicable tax rates; risks relating to the Company’s deferred tax assets, including the risk of an "ownership change" under the Internal Revenue Code of 1986, as amended; the Company’s exposure to uninsured claims in excess of historical levels; fluctuations in interest rates and commodity prices; the Company’s exposure to fluctuations in foreign currency exchange rates and other risks and uncertainties described from time to time in periodic and current reports that the Company files with the SEC.
Additional information concerning these and other factors can be found in the Company’s filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
______________________
FINANCIAL INFORMATION AND OPERATING DATA
SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA
Three Months Ended September 30,
As a Percentage of Total Revenues
Nine Months Ended September 30,
As a Percentage of Total Revenues
(In millions, except per share data)
2019
2018
2019
2018
2019
2018
2019
2018
Total revenues
$
2,836
$
2,758
100
%
100
%
$
7,454
$
7,209
100
%
100
%
Expenses:
Direct vehicle and operating
1,492
1,459
53
%
53
%
4,147
4,043
56
%
56
%
Depreciation of revenue earning vehicles and lease charges
667
672
24
%
24
%
1,892
2,020
25
%
28
%
Selling, general and administrative
232
265
8
%
10
%
723
765
10
%
11
%
Interest expense, net:
Vehicle
134
115
5
%
4
%
372
336
5
%
5
%
Non-vehicle
70
73
2
%
3
%
214
218
3
%
3
%
Total interest expense, net
204
188
7
%
7
%
586
554
8
%
8
%
Other (income) expense, net
(6)
(7)
—
%
—
%
(37)
(36)
—
%
—
%
Total expenses
2,589
2,577
91
%
93
%
7,311
7,346
98
%
102
%
Income (loss) before income taxes
247
181
9
%
7
%
143
(137)
2
%
(2)
%
Income tax (provision) benefit
(74)
(41)
(3)
%
(1)
%
(78)
12
(1)
%
—
%
Net income (loss)
173
140
6
%
5
%
65
(125)
1
%
(2)
%
Net (income) loss attributable to noncontrolling interests
(4)
1
—
%
—
%
(4)
1
—
%
—
%
Net income (loss) attributable to Hertz Global
$
169
$
141
6
%
5
%
$
61
$
(124)
1
%
(2)
%
Weighted-average number of shares outstanding(a):
Basic
133
96
109
95
Diluted
134
96
109
95
Earnings (loss) per share:
Basic
$
1.26
$
1.47
$
0.56
$
(1.30)
Diluted
$
1.26
$
1.47
$
0.56
$
(1.30)
Adjusted Net Income (Loss)(b)
$
214
$
180
$
202
$
33
Adjusted Diluted Earnings (Loss) Per Share(b)
$
1.60
$
1.88
$
1.85
$
0.34
Adjusted Corporate EBITDA(b)
$
392
$
351
$
595
$
384
(a)
Basic weighted-average shares and weighted-average shares used to calculate diluted earnings (loss) per share for the three and nine months ended September 30, 2018 have been adjusted to give effect to the Rights Offering.
(b)
Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule II.
SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA
(In millions)
As of September 30, 2019
As of December 31, 2018
Cash and cash equivalents
$
465
$
1,127
Total restricted cash and cash equivalents
230
283
Revenue earning vehicles, net:
U.S. Rental Car
10,686
8,793
International Rental Car
2,930
2,146
All Other Operations
1,670
1,480
Total revenue earning vehicles, net
15,286
12,419
Total assets(a)
25,541
21,382
Total debt
18,041
16,324
Net Vehicle Debt(b)
14,162
11,688
Net Non-vehicle Debt(b)
3,293
3,328
Total stockholders’ equity
1,989
1,120
(a)
On January 1, 2019, the Company adopted new lease guidance under U.S. GAAP and recorded a net cumulative-effect adjustment of $1.5 billion to recognize assets associated with the Company’s leases as of that date.
(b)
Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule V.
SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA
Nine Months Ended September 30,
(In millions)
2019
2018
Cash flows provided by (used in):
Operating activities
$
2,233
$
2,017
Investing activities
(5,492)
(4,799)
Financing activities
2,551
2,308
Effect of exchange rate changes
(7)
(4)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents
$
(715)
$
(478)
Fleet Growth(a)
$
(725)
$
(252)
Adjusted Free Cash Flow(a)
$
(645)
$
(237)
(a)
Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules III and IV.
Supplemental Schedule I
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED STATEMENT OF OPERATIONS BY SEGMENT
Unaudited
Three Months Ended September 30, 2019
Three Months Ended September 30, 2018
(In millions)
U.S. Rental Car
Int’l Rental Car
All Other Operations
Corporate
Hertz Global
U.S. Rental Car
Int’l Rental Car
All Other Operations
Corporate
Hertz Global
Total revenues:
$
1,962
$
702
$
172
$
—
$
2,836
$
1,852
$
732
$
174
$
—
$
2,758
Expenses:
Direct vehicle and operating
1,099
386
7
—
1,492
1,068
384
8
(1)
1,459
Depreciation of revenue earning vehicles and lease charges
420
126
121
—
667
414
128
130
—
672
Selling, general and administrative
125
60
8
39
232
128
65
10
62
265
Interest expense, net:
Vehicle
93
27
14
—
134
79
25
11
—
115
Non-vehicle
(49)
(1)
(6)
126
70
(40)
—
(4)
117
73
Total interest expense, net
44
26
8
126
204
39
25
7
117
188
Other (income) expense, net
(3)
1
—
(4)
(6)
—
(1)
—
(6)
(7)
Total expenses
1,685
599
144
161
2,589
1,649
601
155
172
2,577
Income (loss) before income taxes
$
277
$
103
$
28
$
(161)
$
247
$
203
$
131
$
19
$
(172)
$
181
Income tax (provision) benefit
(74)
(41)
Net income (loss)
$
173
$
140
Net (income) loss attributable to noncontrolling interests
(4)
1
Net income (loss) attributable to Hertz Global
$
169
$
141
Supplemental Schedule I (continued)
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED STATEMENT OF OPERATIONS BY SEGMENT
Unaudited
Nine Months Ended September 30, 2019
Nine Months Ended September 30, 2018
(In millions)
U.S. Rental Car
Int’l Rental Car
All Other Operations
Corporate
Hertz Global
U.S. Rental Car
Int’l Rental Car
All Other Operations
Corporate
Hertz Global
Total revenues:
$
5,266
$
1,695
$
493
$
—
$
7,454
$
4,905
$
1,789
$
515
$
—
$
7,209
Expenses:
Direct vehicle and operating
3,127
1,001
20
(1)
4,147
3,016
1,006
25
(4)
4,043
Depreciation of revenue earning vehicles and lease charges
1,217
329
346
—
1,892
1,295
342
383
—
2,020
Selling, general and administrative
365
169
23
166
723
345
186
28
206
765
Interest expense, net:
Vehicle
260
73
39
—
372
216
88
32
—
336
Non-vehicle
(141)
(3)
(15)
373
214
(105)
—
(12)
335
218
Total interest expense, net
119
70
24
373
586
111
88
20
335
554
Other (income) expense, net
(16)
1
—
(22)
(37)
(7)
(2)
—
(27)
(36)
Total expenses
4,812
1,570
413
516
7,311
4,760
1,620
456
510
7,346
Income (loss) before income taxes
$
454
$
125
$
80
$
(516)
$
143
$
145
$
169
$
59
$
(510)
$
(137)
Income tax (provision) benefit
(78)
12
Net income (loss)
$
65
$
(125)
Net (income) loss attributable to noncontrolling interests
(4)
1
Net income (loss) attributable to Hertz Global
$
61
$
(124)
Supplemental Schedule II
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED NET INCOME (LOSS), ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE AND ADJUSTED CORPORATE EBITDA
Unaudited
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions, except per share data)
2019
2018
2019
2018
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share:
Net income (loss) attributable to Hertz Global
$
169
$
141
$
61
$
(124)
Adjustments:
Income tax provision (benefit)
74
41
78
(12)
Vehicle and non-vehicle debt-related charges(a)
13
11
40
36
Loss on extinguishment of debt(b)
4
—
4
22
Restructuring and restructuring related charges(c)
1
12
11
26
Information technology and finance transformation costs(d)
17
24
77
75
Acquisition accounting-related depreciation and amortization(e)
14
15
41
46
Other items(f)
(7)
(4)
(43)
(25)
Adjusted pre-tax income (loss)(g)
285
240
269
44
Income tax (provision) benefit on adjusted pre-tax income (loss)(h)
(71)
(60)
(67)
(11)
Adjusted Net Income (Loss)
$
214
$
180
$
202
$
33
Weighted-average number of diluted shares outstanding
134
96
109
95
Adjusted Diluted Earnings (Loss) Per Share(i)
$
1.60
$
1.88
$
1.85
$
0.34
Adjusted Corporate EBITDA:
Net income (loss) attributable to Hertz Global
169
141
61
(124)
Adjustments:
Income tax provision (benefit)
74
41
78
(12)
Non-vehicle depreciation and amortization(j)
51
52
151
166
Non-vehicle debt interest, net of interest income
70
73
214
218
Vehicle debt-related charges(a),(k)
10
7
29
25
Loss on extinguishment of vehicle debt(b)
—
—
—
22
Restructuring and restructuring related charges(c)
1
12
11
26
Information technology and finance transformation costs(d)
17
24
77
75
Other items(f),(l)
—
1
(26)
(12)
Adjusted Corporate EBITDA
$
392
$
351
$
595
$
384
Supplemental Schedule II (continued)
(a)
Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.
(b)
In 2019, represents a $4 million write-off of deferred financing costs associated with the full redemption of the 5.875% Senior Notes due October 2020 and 7.375% Senior Notes due January 2021. In 2018, primarily represents $20 million of early redemption premium and write-off of deferred financing costs associated with the full redemption of the 4.375% European Vehicle Senior Notes due January 2019 in April 2018.
(c)
Represents charges incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives. In 2018, also includes consulting costs, legal fees, and other expenses related to the previously disclosed accounting review and investigation.
(d)
Represents costs associated with the Company’s information technology and finance transformation programs, both of which are multi-year initiatives to upgrade and modernize the Company’s systems and processes. These costs relate primarily to the Company’s corporate operations ("Corporate").
(e)
Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.
(f)
Represents miscellaneous items. In 2019, includes a $26 million gain on marketable securities in Corporate, of which $6 million was recorded during the third quarter of 2019, and a $15 million gain on the sale of non-vehicle capital assets in U.S. RAC, of which $3 million was recorded in the third quarter of 2019. In 2018, includes a $21 million gain on marketable securities, of which $4 million was recorded in the third quarter of 2018, and a $6 million legal settlement received in the second quarter related to an oil spill in the Gulf of Mexico in 2010, all of which relate to Corporate.
(g)
Adjustments by caption on a pre-tax basis are as follows:
Increase (decrease) to expenses
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions)
2019
2018
2019
2018
Direct vehicle and operating
$
(13)
$
(15)
$
(40)
$
(48)
Selling, general and administrative
(17)
(36)
(83)
(99)
Interest expense, net:
Vehicle
(10)
(7)
(29)
(47)
Non-vehicle
(7)
(4)
(15)
(11)
Total interest expense, net
(17)
(11)
(44)
(58)
Other income (expense), net
5
4
37
25
Noncontrolling interests
4
(1)
4
(1)
Total adjustments
$
(38)
$
(59)
$
(126)
$
(181)
(h)
Derived utilizing a combined statutory rate of 25% for the periods ending September 30, 2019 and 2018 applied to the respective Adjusted Pre-tax Income (Loss).
(i)
Adjustments used to reconcile diluted earnings (loss) per share on a GAAP basis to Adjusted Diluted Earnings (Loss) Per Share are comprised of the same adjustments, inclusive of the tax impact, used to reconcile net income (loss) to Adjusted Net Income (Loss) divided by the weighted-average diluted shares outstanding during the period.
(j)
Non-vehicle depreciation and amortization expense for U.S. RAC, International RAC, All Other Operations and Corporate for the three months ended September 30, 2019 are $38 million, $6 million, $3 million and $4 million, respectively, and for the three months ended September 30, 2018 are $38 million, $8 million, $2 million and $4 million respectively. Non-vehicle depreciation and amortization expense for U.S. RAC, International RAC, All Other Operations and Corporate for the nine months ended September 30, 2019 are $116 million, $18 million, $8 million and $9 million, respectively, and for the nine months ended September 30, 2018 are $121 million, $25 million, $7 million and $13 million, respectively.
(k)
Vehicle debt related charges for U.S. RAC, International RAC and All Other Operations for the three months ended September 30, 2019 are $6 million, $3 million and $1 million, respectively, and for the three months ended September 30, 2018 are $5 million, $1 million, and $1 million, respectively. Vehicle debt related charges for U.S. RAC, International RAC and All Other Operations for the nine months ended September 30, 2019 are $16 million, $10 million and $3 million, respectively, and for the nine months ended September 30, 2018 are $17 million, $5 million and $3 million, respectively.
(l)
Also includes an adjustment for non-cash stock-based compensation charges in Corporate.
Supplemental Schedule III
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FLEET GROWTH
Unaudited
Nine Months Ended September 30, 2019
Nine Months Ended September 30, 2018
(In millions)
U.S. Rental Car
Int’l Rental Car
All Other Operations
Hertz Global
U.S. Rental Car
Int’l Rental Car
All Other Operations
Hertz Global
Revenue earning vehicles expenditures
$
(7,740)
$
(3,021)
$
(775)
$
(11,536)
$
(6,644)
$
(2,876)
$
(556)
$
(10,076)
Proceeds from disposal of revenue earning vehicles
4,267
1,730
196
6,193
3,568
1,675
135
5,378
Net revenue earning vehicles capital expenditures
(3,473)
(1,291)
(579)
(5,343)
(3,076)
(1,201)
(421)
(4,698)
Depreciation and reserves for revenue earning vehicles
1,418
292
346
2,056
1,295
275
382
1,952
Financing activity related to vehicles:
Borrowings
7,935
2,078
1,026
11,039
8,503
2,554
814
11,871
Payments
(6,411)
(1,313)
(814)
(8,538)
(6,993)
(1,794)
(738)
(9,525)
Restricted cash changes
85
(19)
(5)
61
138
24
(14)
148
Net financing activity related to vehicles
1,609
746
207
2,562
1,648
784
62
2,494
Fleet Growth
$
(446)
$
(253)
$
(26)
$
(725)
$
(133)
$
(142)
$
23
$
(252)
Supplemental Schedule IV
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED FREE CASH FLOW
Unaudited
Nine Months Ended September 30,
(In millions)
2019
2018
Net cash provided by operating activities
$
2,233
$
2,017
Net change in restricted cash and cash equivalents, vehicle(a)
61
148
Revenue earning vehicles expenditures
(11,536)
(10,076)
Proceeds from disposal of revenue earning vehicles
6,193
5,378
Capital asset expenditures, non-vehicle
(170)
(119)
Proceeds from property and other equipment disposed of or to be disposed of
21
47
Proceeds from issuance of vehicle debt
11,039
11,871
Repayments of vehicle debt
(8,538)
(9,525)
Noncontrolling interests
52
22
Adjusted Free Cash Flow(b)
$
(645)
$
(237)
(a)
Amount presented for the nine months ended September 30, 2018 excludes a $2 million non-cash impact of foreign currency exchange rates.
(b)
During the third quarter 2019, the Company changed its definition of Adjusted Free Cash Flow and revised its reconciliation for the nine months ended September 30, 2018 accordingly.
Supplemental Schedule V
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – NET DEBT
Unaudited
As of September 30, 2019
As of December 31, 2018
(In millions)
Vehicle
Non- Vehicle
Total
Vehicle
Non- Vehicle
Total
Debt as reported in the balance sheet
$
14,314
$
3,727
$
18,041
$
11,902
$
4,422
$
16,324
Add:
Debt issue costs, discounts and premiums
44
31
75
43
33
76
Less:
Cash and cash equivalents
—
465
465
—
1,127
1,127
Restricted cash
196
—
196
257
—
257
Net Debt
$
14,162
$
3,293
$
17,455
$
11,688
$
3,328
$
15,016
Supplemental Schedule VI
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATIONS OF KEY METRICS
REVENUE, UTILIZATION AND DEPRECIATION
Unaudited
U.S. Rental Car
Three Months Ended September 30,
Percent Inc/(Dec)
Nine Months Ended September 30,
Percent Inc/(Dec)
($ in millions, except where noted)
2019
2018
2019
2018
Total RPD
Revenues
$
1,962
$
1,852
$
5,266
$
4,905
Ancillary retail vehicle sales revenue
(30)
(27)
(92)
(78)
Total Rental Revenues
$
1,932
$
1,825
$
5,174
$
4,827
Transaction Days (in thousands)
41,399
39,478
118,153
112,427
Total RPD (in whole dollars)
$
46.67
$
46.23
1
%
$
43.79
$
42.93
2
%
Total Revenue Per Unit Per Month
Total Rental Revenues
$
1,932
$
1,825
$
5,174
$
4,827
Average Vehicles (in whole units)
566,229
527,900
540,930
509,800
Total revenue per unit (in whole dollars)
$
3,412
$
3,457
$
9,565
$
9,468
Number of months in period (in whole units)
3
3
9
9
Total RPU Per Month (in whole dollars)
$
1,137
$
1,152
(1)
%
$
1,063
$
1,052
1
%
Vehicle Utilization
Transaction Days (in thousands)
41,399
39,478
118,153
112,427
Average Vehicles (in whole units)
566,229
527,900
540,930
509,800
Number of days in period (in whole units)
92
92
273
273
Available Car Days (in thousands)
52,093
48,567
147,674
139,175
Vehicle Utilization(a)
79
%
81
%
80
%
81
%
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges
$
420
$
414
$
1,217
$
1,295
Average Vehicles (in whole units)
566,229
527,900
540,930
509,800
Depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)
$
742
$
784
$
2,250
$
2,540
Number of months in period (in whole units)
3
3
9
9
Depreciation Per Unit Per Month (in whole dollars)
$
247
$
261
(5)
%
$
250
$
282
(11)
%
(a)
Calculated as Transaction Days divided by Available Car Days.
Supplemental Schedule VI (continued)
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATIONS OF KEY METRICS
REVENUE, UTILIZATION AND DEPRECIATION
Unaudited
International Rental Car
Three Months Ended September 30,
Percent Inc/(Dec)
Nine Months Ended September 30,
Percent Inc/(Dec)
($ in millions, except where noted)
2019
2018
2019
2018
Total RPD
Revenues
$
702
$
732
$
1,695
$
1,789
Foreign currency adjustment(a)
12
(17)
14
(79)
Total Rental Revenues
$
714
$
715
$
1,709
$
1,710
Transaction Days (in thousands)
15,631
15,876
38,884
39,075
Total RPD (in whole dollars)
$
45.67
$
45.06
1
%
$
43.95
$
43.76
—
%
Total Revenue Per Unit Per Month
Total Rental Revenues
$
714
$
715
$
1,709
$
1,710
Average Vehicles (in whole units)
213,294
214,900
184,307
183,600
Total revenue per unit (in whole dollars)
$
3,347
$
3,327
$
9,273
$
9,314
Number of months in period (in whole units)
3
3
9
9
Total RPU Per Month (in whole dollars)
$
1,116
$
1,110
1
%
$
1,030
$
1,035
—
%
Vehicle Utilization
Transaction Days (in thousands)
15,631
15,876
38,884
39,075
Average Vehicles (in whole units)
213,294
214,900
184,307
183,600
Number of days in period (in whole units)
92
92
273
273
Available Car Days (in thousands)
19,623
19,771
50,316
50,123
Vehicle Utilization(b)
80
%
80
%
77
%
78
%
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges
$
126
$
128
$
329
$
342
Foreign currency adjustment(a)
2
(3)
3
(16)
Adjusted depreciation of revenue earning vehicles and lease charges
$
128
$
125
$
332
$
326
Average Vehicles (in whole units)
213,294
214,900
184,307
183,600
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)
$
600
$
582
$
1,801
$
1,776
Number of months in period (in whole units)
3
3
9
9
Depreciation Per Unit Per Month (in whole dollars)
$
200
$
194
3
%
$
200
$
197
2
%
(a)
Based on December 31, 2018 foreign exchange rates.
(b)
Calculated as Transaction Days divided by Available Car Days.
Supplemental Schedule VI (continued)
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATIONS OF KEY METRICS
REVENUE, UTILIZATION AND DEPRECIATION
Unaudited
Worldwide Rental Car
Three Months Ended September 30,
Percent Inc/(Dec)
Nine Months Ended September 30,
Percent Inc/(Dec)
($ in millions, except where noted)
2019
2018
2019
2018
Total RPD
Revenues
$
2,664
$
2,584
$
6,961
$
6,694
Ancillary retail vehicle sales revenue
(30)
(27)
(92)
(78)
Foreign currency adjustment(a)
12
(17)
14
(79)
Total Rental Revenues
$
2,646
$
2,540
$
6,883
$
6,537
Transaction Days (in thousands)
57,030
55,354
157,037
151,502
Total RPD (in whole dollars)
$
46.40
$
45.88
1
%
$
43.83
$
43.15
2
%
Total Revenue Per Unit Per Month
Total Rental Revenues
$
2,646
$
2,540
$
6,883
$
6,537
Average Vehicles (in whole units)
779,523
742,800
725,237
693,400
Total revenue per unit (in whole dollars)
$
3,394
$
3,419
$
9,491
$
9,427
Number of months in period (in whole units)
3
3
9
9
Total RPU Per Month (in whole dollars)
$
1,132
$
1,140
(1)
%
$
1,055
$
1,047
1
%
Vehicle Utilization
Transaction Days (in thousands)
57,030
55,354
157,037
151,502
Average Vehicles (in whole units)
779,523
742,800
725,237
693,400
Number of days in period (in whole units)
92
92
273
273
Available Car Days (in thousands)
71,716
68,338
197,990
189,298
Vehicle Utilization(b)
80
%
81
%
79
%
80
%
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges
$
546
$
542
$
1,546
$
1,637
Foreign currency adjustment(a)
2
(3)
3
(16)
Adjusted depreciation of revenue earning vehicles and lease charges
$
548
$
539
$
1,549
$
1,621
Average Vehicles (in whole units)
779,523
742,800
725,237
693,400
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)
$
703
$
726
$
2,136
$
2,338
Number of months in period (in whole units)
3
3
9
9
Depreciation Per Unit Per Month (in whole dollars)
$
234
$
242
(3)
%
$
237
$
260
(9)
%
Note: Worldwide Rental Car represents U.S. Rental Car and International Rental Car segment information on a combined basis and excludes the All Other Operations segment, which is primarily comprised of the Company’s Donlen leasing operations, and Corporate.
(a) Based on December 31, 2018 foreign exchange rates.
(b) Calculated as Transaction Days divided by Available Car Days.
NON-GAAP MEASURES AND KEY METRICS
Hertz Global is the top-level holding company that indirectly wholly owns The Hertz Corporation (together, the "Company"). The term "GAAP" refers to accounting principles generally accepted in the United States of America. Adjusted EBITDA is the Company’s segment measure of profitability and complies with GAAP when used in that context.
NON-GAAP MEASURES
Non-GAAP measures are not recognized measurements under GAAP. When evaluating the Company’s operating performance or liquidity, investors should not consider non-GAAP measures in isolation of, superior to, or as a substitute for measures of the Company’s financial performance as determined in accordance with GAAP.
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share ("Adjusted Diluted EPS")
Adjusted Net Income (Loss) represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax, debt-related charges and losses, restructuring and restructuring related charges, intangible and tangible asset impairments and write-downs, information technology and finance transformation costs, non-cash acquisition accounting charges and certain other miscellaneous items on a pre-tax basis. Adjusted Net Income (Loss) includes a provision (benefit) for income taxes derived utilizing a combined statutory rate. The combined statutory rate is management’s estimate of the Company’s long-term tax rate. Its most comparable GAAP measure is net income (loss) attributable to the Company.
Adjusted Diluted EPS represents Adjusted Net Income (Loss) on a per diluted share basis using the weighted-average number of diluted shares outstanding for the period. Its most comparable GAAP measure is diluted earnings (loss) per share.
Adjusted Net Income (Loss) and Adjusted Diluted EPS are important to management because they allow management to assess operational performance of the Company’s business, exclusive of the items mentioned above that are not operational in nature or comparable to those of the Company’s competitors.
Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin
Adjusted Corporate EBITDA represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax, non-vehicle depreciation and amortization, net non-vehicle debt interest, vehicle debt-related charges and losses, restructuring and restructuring related charges, goodwill, intangible and tangible asset impairments and write-downs, information technology and finance transformation costs and certain other miscellaneous items. Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to total revenues.
Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company’s annual operating budget and monthly operating reviews, and to facilitate analysis of investment decisions, profitability and performance trends. These measures enable management and investors to isolate the effects on profitability of operating metrics most meaningful to the business of renting and leasing vehicles. They also allow management to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of certain executive compensation. Its most comparable GAAP measure is net income (loss) attributable to the Company.
Adjusted Free Cash Flow
Adjusted Free Cash Flow represents net cash provided by operating activities, including the change in restricted cash and cash equivalents related to vehicles, net revenue earning vehicle and capital asset expenditures and the net impact of vehicle financing activities. During the third quarter 2019, the Company changed its definition of Adjusted Free Cash Flow to exclude the impact of noncontrolling interests which primarily eliminates proceeds from vehicle sales upon consolidation of the Company, but not the associated repayment of vehicle debt.
Adjusted Free Cash Flow is important to management and investors as it provides useful information about the amount of cash available for acquisitions and the reduction of non-vehicle debt.
Fleet Growth
Fleet Growth represents revenue earning vehicles expenditures, net of proceeds from disposals, plus vehicle depreciation and net vehicle financing which includes borrowings, repayments and the change in restricted cash associated with vehicles. Fleet Growth is important to management as it allows the Company to assess the cash flow required to support its investment in revenue earning vehicles.
Net Non-vehicle Debt, Net Vehicle Debt and Total Net Debt
Net Non-vehicle Debt represents non-vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issue costs, discounts and premiums associated with non-vehicle debt, less cash and cash equivalents. This measure is important to management and investors as it helps measure the Company’s net corporate leverage. It also assists in the evaluation of the Company’s ability to service its non-vehicle debt without reference to the expense associated with the vehicle debt, which is collateralized by assets not available to lenders under the non-vehicle debt facilities.
Net Vehicle Debt represents vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issue costs, discounts and premiums associated with vehicle debt, less restricted cash associated with vehicles. Restricted cash associated with vehicle debt is restricted for the purchase of revenue earning vehicles and other specified uses under the Company’s vehicle debt facilities and its vehicle rental like-kind exchange program. Net Vehicle Debt is important to management, investors and ratings agencies as it helps measure the Company’s leverage with respect to its vehicle assets.
Total Net Debt is the sum of Net Non-vehicle Debt and Net Vehicle debt and is important to management, investors and ratings agencies as it helps measure the Company’s gross leverage.
KEY METRICS
Available Car Days
Available Car Days represent Average Vehicles multiplied by the number of days in a period.
Average Vehicles ("Fleet Capacity" or "Capacity")
Average Vehicles is determined using a simple average of the number of vehicles in the fleet whether owned or leased by the Company at the beginning and end of a given period.
Depreciation Per Unit Per Month
Depreciation Per Unit Per Month represents the amount of average depreciation expense and lease charges per vehicle per month, exclusive of the impacts of foreign currency exchange rates. Management believes eliminating the effect of fluctuations in foreign currency exchange rates is appropriate so as not to affect the comparability of underlying trends. This metric is important to management and investors as it is reflective of how the Company is managing the costs of its vehicles and facilitates in comparison with other participants in the vehicle rental industry.
Time and Mileage Revenue Per Transaction Day ("Time and Mileage pricing" or "T&M Rate")
Time and Mileage ("T&M") pricing represents the ratio of Total Rental Revenues, less ancillary revenue from value-added services, such as charges to the customer for the fueling of vehicles, loss damage waivers, insurance products, supplemental equipment and other consumables, to Transaction Days. This metric is important to management and investors as it represents a measurement of the changes in base rental fees, which comprise the majority of the Company’s Total RPD.
Total Rental Revenues
Total Rental Revenues represents total revenues less ancillary retail vehicle sales revenues, with all periods adjusted to eliminate the effect of fluctuations in foreign currency exchange rates. Management believes eliminating the effect of fluctuations in foreign currency exchange rates is appropriate so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measurement that excludes the impact of revenues generated from non-vehicle rental activity, such as ancillary revenues resulting from vehicle sales and facilitates in comparisons with other participants in the vehicle rental industry.
Total Revenue Per Transaction Day ("Total RPD"or "RPD"; also referred to as "pricing")
Total RPD represents the ratio of Total Rental Revenues to Transaction Days. This metric is important to management and investors as it represents a measurement of the changes in underlying pricing in the vehicle rental business and encompasses the elements in vehicle rental pricing that management has the ability to control.
Total Revenue Per Unit Per Month ("Total RPU" or "Total RPU Per Month")
Total RPU Per Month represents the amount of average Total Rental Revenues per vehicle per month. This metric is important to management and investors as it provides a measure of revenue productivity relative to fleet capacity, or asset efficiency.
Transaction Days ("Days"; also referred to as "volume")
Transaction Days, also known as volume, represent the total number of 24-hour periods, with any partial period counted as one Transaction Day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one Transaction Day in a 24-hour period. This metric is important to management and investors as it represents the number of revenue generating days.
Vehicle Utilization ("Utilization")
Vehicle Utilization represents the ratio of Transaction Days to Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to fleet capacity.
ESTERO, Fla., Oct. 16, 2019 /PRNewswire/ — Hertz (NYSE: HTZ) today announced that it has earned the No. 1 overall ranking in the J.D. Power 2019 North America Rental Car Satisfaction Study. In addition to earning the highest score for overall Customer Satisfaction, Hertz also took the top spot in several key categories: reservation process, pick-up process, return process and cost and fees.
Hertz J.D. Power 2019 Customer Satisfaction Trophy
Hertz Gold Board
Hertz Location Exterior
Hertz Fast Lane powered by CLEAR
Hertz Counter
"By putting our customers first, they made us number one," said Hertz President and CEO Kathryn Marinello. "Hertz employees are relentlessly focused on what matters most to our customers. We’re constantly listening to them and acting on their feedback to improve their overall experience so we continue building on the legacy of superior service that Hertz is known for in North America and around the world."
In the past six years, Hertz has increased its overall customer satisfaction score more than any other car rental brand in the annual study by J.D. Power, which surveys leisure and business customers in North America. Earning this year’s No. 1 overall ranking is a result of Hertz’s commitment to delivering caring, personalized service, offering top-rated vehicles, and investing in customer-centric technologies that enhance the travel experience.
Hertz has made renting a vehicle faster and easier than ever before with its redesigned mobile app and introduction of industry-leading innovations such as Hertz Fast Lane powered by CLEAR, which marks the first use of biometrics by a car rental company. Customers also enjoy unique benefits and expedited service including skipping the counter with Hertz Gold Plus Rewards complimentary membership and choosing the vehicle they want to drive from Hertz’s best fleet ever with Ultimate Choice.
"Our commitment to deliver an exceptional experience would not be possible without our people who are at the heart of everything we do," said Marinello. "I can’t thank our employees enough and it’s an honor to celebrate this recognition with them and our customers."
Hertz will host celebrations for its employees throughout its North America locations and is launching a contest on social media to thank customers for helping them earn the J.D. Power honor. Starting today, Hertz will award a $200 certificate for a future rental each day throughout the remainder of 2019 to a customer who shares their positive Hertz experience on social media with a written story, photo or video using #1Hertz. For more details and official rules, visit: Hertz.com/JDPower.
About Hertz
Hertz, one of the most recognized brands in the world and currently ranked #1 in Customer Satisfaction by J.D. Power, has a long-standing legacy of providing a fast and easy experience designed to make every journey special. It starts with top-rated vehicles to fit every traveler’s needs, delivered with a caring touch and personalized services including its award-winning Hertz Gold Plus Rewards loyalty program, Ultimate Choice, Hertz Fast Lane powered by CLEAR, Mobile Wi-Fi, and more. Beyond car rental, Hertz is one of the top 10 sellers of pre-owned vehicles in the U.S. with more than 80 Hertz Car Sales retail locations nationwide. Wherever and whenever you need to go, at Hertz, we’re here to get you there. To learn more or reserve a vehicle, visit Hertz.com.
Hertz pioneered the car rental industry more than 100 years ago and today is owned by Hertz Global Holdings, Inc. which includes Dollar and Thrifty vehicle rental brands and fleet management leader Donlen Corporation.
LONDON, Oct. 2, 2019 /PRNewswire/ — Hertz Europe Ltd., part of Hertz Global Holdings, Inc. (NYSE: HTZ), and Lufthansa, Europe’s largest airline, have announced a partnership extension and new brand campaign celebration. The continuation of this successful relationship will offer customers a seamless ‘premium’ travel experience, both in the air and on the road.
Hertz and Lufthansa renew their partnership and launch "Travel Seamless" campaign
Hertz and Lufthansa renew their partnership and launch "Travel Seamless" campaign
To mark the ongoing partnership, which began in 2013, a new co-branded, two-year campaign from Hertz and Lufthansa will launch on October 1st. The campaign underscores both brands’ premium offerings – Hertz’s range of luxury vehicles and Lufthansa’s top modern aircraft – and is encapsulated by the message: "Premium in the Air and Premium on the Road – Travel Seamless."
Vincent Gillet,Hertz VP of International Marketing, said: "Hertz and Lufthansa offer customers a seamless, premium travel experience. This partnership extension bolsters our relationship with one of the world’s best airlines, and is significant in highlighting both brands’ premium offerings. As a result of this ongoing partnership, customers will be able to continue to enjoy a wide range of mutual benefits."
Erik Mosch, Vice President Product Management Ancillary Services Lufthansa Group, said: "At Lufthansa we consider travelling not just a flight, but an end-to-end journey. The ‘Travel Seamless’ marketing campaign in collaboration with Hertz perfectly supports Lufthansa’s ambition to provide its customers with a smooth transition from air to road on a premium level."
Customer benefits As part of the companies’ latest campaign, from October 1 to December 15, 2019, members of Lufthansa’s frequent flyer and awards programme ‘Miles & More’ can earn six times the amount of frequent flyer miles – the equivalent of 3,000 miles per rental – when renting with Hertz at the more than 190 international destinations where Lufthansa flies to. Bookings have to be made by November 15, 2019. Hertz has been successfully partnering with Miles & More for over 20 years, providing its more than 36 million members with special discounts and award miles on car rentals.
In addition, Hertz 24/7 powers the Lufthansa CarPool, a fleet of car sharing technology enabled vehicles for Lufthansa’s employees in seven important German cities. Hertz also operates as Lufthansa’s exclusive partner for the provision of corporate car rental services to the airline’s employees globally and, when occasional flight disruptions take place, it provides car rental vehicles on demand for customers and crew.
Seamless Travel The ‘Seamless Travel’ campaign launches on October 1st with brand design and marketing elements illustrating the partnership across a host of customer touchpoints, including airline on-board cups and flyers, inflight entertainment, lounge screens, newsletter, Hertz website, Hertz location screens, Hertz Gold Plus Rewards emails, Lufthansa website (lh.com) and social media.
The video of the campaign was shot on location at Frankfurt airport (Lufthansa’s base) and on the west coast of Ireland. It cleverly exemplifies the brand proposition by showing a traveller enjoying a seamless transition between his journey in the air and on the road.
The visuals on board the flight and in the car show freedom and stress-free travel, highlighting the premium service that both companies provide.
ABOUT HERTZ The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar, Thrifty and Firefly vehicle rental brands in approximately 10,200 company-owned, licensee and franchisee locations throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through its specialty collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit: www.hertz.com.
ESTERO, Fla., Sept. 26, 2019 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ), one of the world’s largest car rental companies, and Team Rubicon, a veteran-led global disaster response organization, are pleased to announce their new partnership. The two organizations are joining forces to bring their resources and expertise together to help natural disaster survivors—like those from recent Hurricane Dorian and Tropical Storm Imelda—get back on their feet.
The Team Rubicon partnership is the centerpiece of Hertz’s disaster relief pillar, which is intended to foster resilient communities following natural disasters and assist employees during unexpected emergencies. Hertz is investing in Team Rubicon to ensure the organization is equipped with the necessary resources to quickly respond whenever and wherever needed. This year alone, Team Rubicon has launched dozens of disaster response operations globally.
"Hertz has a long-standing commitment to the communities where our customers and employees live and work through our company’s global giving and volunteerism pillars – educational support, environmental stewardship and disaster relief," said Leslie Hunziker, Senior Vice President, Investor Relations, Corporate Communications and Sustainability. "We’ve found that partnering with Team Rubicon on disaster relief, with its more than 90,000 veteran volunteers, is one of the most effective ways we can give aid to those affected by natural disasters and help them take steps toward recovery and rebuilding."
"We’d like to thank Hertz for their commitment and support of our mission to help people prepare for, respond to, and recover from disasters and humanitarian crises," said President and Chief Operations Officer, Art delaCruz. "In 2019, Team Rubicon has already launched 87 disaster response operations in the U.S. and around the world – including a large-scale response to Hurricane Dorian in the Bahamas and to Tropical Storm Imelda in Southeast Texas where greyshirts, or TR volunteers, are clearing debris and repairing homes. Hertz’s partnership will help fuel our mission by allowing us to move people, equipment, and resources into and around disaster zones as we support disaster survivors and help storm-damaged communities stabilize and recover."
"Hertz and Team Rubicon share similar values. Both organizations are committed to supporting military veterans—Hertz through its recruiting and hiring efforts, Team Rubicon through its mission that pairs the skills and experiences of military veterans and first responders with communities impacted by disaster," added Hunziker. "I’m incredibly proud of the impact this partnership will have on those who need it most—people devastated by natural disasters. Together, Hertz and Team Rubicon will be there for them."
ABOUT HERTZ The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 10,200 company-owned, licensee and franchisee locations throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through its specialty collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit: www.hertz.com.
About Team Rubicon Team Rubicon is a nonprofit organization that serves communities by mobilizing veterans to continue their service, leveraging their skills and experiences to help people prepare, respond, and recover from disasters and humanitarian crises. Programs and services are made possible by the support of individual donors, corporate partners, and the dedication of volunteers across the country. To join or support Team Rubicon’s mission, visit www.teamrubiconusa.org
ESTERO, Fla., Sept. 25, 2019 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) announced today that it plans to report its third quarter 2019 financial results after market close on Monday, November 4 and will host its accompanying webcast and conference call to discuss such results on Tuesday, November 5 at 8:30 a.m. ET.
This webcast and conference call can be accessed through a link on the Investor Relations section of the Hertz website, ir.hertz.com, or by dialing (800) 230-1074 and providing passcode 472693. Investors are encouraged to dial-in approximately 10 minutes prior to the call. A web replay will remain available for approximately one year. A telephone replay will be available one hour following the conclusion of the call for one year at (800) 475-6701 with pass code 472693.
ABOUT HERTZ
The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 10,200 corporate and franchisee locations throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through its specialty collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit: www.hertz.com.
LONDON, Sept. 24, 2019 /PRNewswire/ — Hertz Europe Ltd, part of Hertz Global Holdings, Inc. (NYSE: HTZ), has unveiled "Voyage à la Française" self-driving sensorial tours in France, beginning with the Provence-Alpes-Côte d’Azur itinerary dedicated to the joy of the country’s famous scents and fragrances.
Hertz France launches "Voyage à la Française” sensorial tours
Hertz France launches "Voyage à la Française” sensorial tours
The Voyage à la Française series will offer customers five regional itineraries – one for each of the five senses – to discover the best of France. Each sensorial tour comes with the rental of a carefully selected premium vehicle, with a variety to choose from, including the country’s iconic Alpine A110 sports car, DS7 Crossback and DS3 Crossback premium SUVs. As part of the exclusive package, customers will have the option to have an additional driver added free of charge.
The first itinerary, Provence-Alpes-Côte d’Azur, follows the delicate scents of local perfumeries and the fields throughout the well-known region. To introduce customers to the unique fragrances of the region, Hertz France is providing them with a specially designed gift box from the prestigious, local perfumer Fragonard, containing lavender soap and perfume. Additionally Voyage à la Française renters will receive a bespoke travel guide highlighting where to discover the region’s best scents.
"Our Voyage à la Française allows customers to uncover the wonderfully diverse world of French culture through unique sensorial journeys, a selection of carefully chosen vehicles, fantastic extras and expert partners," said Alexandre de Navailles, General Manager, Hertz France. "We constantly look for new ways of offering an exclusive, fully encompassing car rental experience that goes beyond renting a vehicle, and our Voyage à la Française is yet another example of this."
Hertz’s Voyage à la Française is currently available from the company’s branch at Nice Airport, with an expansion to more locations across the French Riviera taking place in October.
The service will be launched in four other regions in France between the end of this year and summer 2020, featuring exclusive sensorial experiences and new, bespoke vehicle selections for customers to discover the surroundings in style.
Main terms and conditions:
Customers booking the Alpine A110 must be 28 years or more, have a driving licence for at least 5 years and be in possession of two credit cards
Customers booking the DS7 Crossback must be 25 years or more, have a driving licence for at least 3 years and be in possession of one credit card
Customers renting the DS3 Crossback must be 23 years or more, have a driving licence for at least 3 years and be in possession of one credit card
ABOUT HERTZ
The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar, Thrifty and Firefly vehicle rental brands in approximately 10,200 company-owned, licensee and franchisee locations throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Product and service initiatives such as Hertz Gold Plus Rewards, Ultimate Choice, Carfirmations, Mobile Wi-Fi and unique vehicles offered through its specialty collections set Hertz apart from the competition. Additionally, The Hertz Corporation owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit: www.hertz.com.
