Category: Press Release

ESTERO, Fla., Feb. 24, 2020 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz Global" or the "Company") today reported results for its fourth quarter and year ended December 31, 2019.

• Record U.S. RAC revenue, up 6% for the fourth quarter, 7% for the full year on pricing and volume
• Record global revenue, up 1% for the fourth quarter, 3% for the full year
• Global revenue, excluding Donlen adjustments and fx, increased 5% for the fourth quarter and full year
• Net loss attributable to Hertz Global was $118 million for the fourth quarter, $58 million for the full year
• Adjusted Corporate EBITDA up 11% for the fourth quarter, 50% for the full year

"We have made tremendous progress over the past three years in re-igniting topline growth, driving margin expansion and improving customer satisfaction. Our latest results reflect 10 straight quarters of year-over-year revenue growth and nine consecutive quarters of year-over-year adjusted corporate EBITDA growth," said Kathryn Marinello, Hertz’s Chief Executive Officer. "We are leveraging our existing capabilities to drive new revenue opportunities and continuing our focus on operational efficiencies to ensure sustainable earnings improvement over the long-term."

For the fourth quarter 2019, total revenues were $2.3 billion, a 1% increase versus the fourth quarter 2018. Net loss attributable to Hertz Global was $118 million, or $0.83 loss per diluted share, compared with net loss attributable to Hertz Global of $101 million for the fourth quarter 2018, or $1.05 loss per diluted share. The Company reported Adjusted Net Loss for the fourth quarter 2019 of $34 million, or $0.24 Adjusted Diluted Loss Per Share, compared with Adjusted Net Loss of $46 million for the fourth quarter 2018, or $0.48 Adjusted Diluted Loss Per Share. Adjusted Corporate EBITDA for the fourth quarter 2019 was $54 million versus $49 million for the same period last year.

For the full-year 2019, total revenues were $9.8 billion, a 3% increase versus 2018. Net loss attributable to Hertz Global was $58 million, or $0.49 loss per diluted share, compared with net loss attributable to Hertz Global of $225 million for 2018, or $2.35 loss per diluted share. The Company reported Adjusted Net Income for 2019 of $168 million, or $1.44 Adjusted Diluted Earnings Per Share, compared with Adjusted Net Loss of $14 million for 2018, or $0.15 Adjusted Diluted Loss Per Share. Adjusted Corporate EBITDA for 2019 was $649 million versus $433 million for 2018.

U.S. RENTAL CAR ("U.S. RAC") SUMMARY
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U.S. RAC	Three Months Ended December 31,								Percent Inc/ (Dec)
($ in millions, except where noted)	2019				2018
Total revenues	$	1,673			$	1,575			6	%
Adjusted EBITDA	$	48			$	48			—	%
Adjusted EBITDA Margin	3		%		3		%
Average Vehicles (in whole units)	516,726				498,100				4	%
Vehicle Utilization	79		%		81		%
Transaction Days (in thousands)	37,706				37,036				2	%
Total RPD (in whole dollars)	$	43.54			$	41.88			4	%
Total RPU Per Month (in whole dollars)	$	1,059			$	1,038			2	%
Depreciation Per Unit Per Month (in whole dollars)	$	283			$	256			11	%

Total U.S. RAC revenues of $1.7 billion were a fourth quarter record for the Company and up 6% on higher volume and pricing. Revenue per day was up 4% as pricing improved across all brands, in both business and leisure categories, and in on- and off-airport rentals. Transaction days grew 2% driven by solid demand from the Company’s growth initiatives in TNC and delivery rentals. Vehicle utilization was negatively impacted by a significant number of units on safety recall compared to a year ago and the continued ramp up of trucks and vans to meet future demand for delivery rentals.

Depreciation Per Unit Per Month increased 11%, reflecting lower residual values on certain vehicles sold by the Company during the quarter. The Company continues to benefit from dispositions through its higher returning retail car-sales channel.

Adjusted Corporate EBITDA of $48 million was flat versus the fourth quarter of 2018. These results were driven by strong revenue growth and a 270-basis point improvement in operating expenses and SG&A as a percentage of revenue were offset by higher per-unit depreciation in the quarter.

INTERNATIONAL RENTAL CAR ("INTERNATIONAL RAC") SUMMARY
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International RAC	Three Months Ended December 31,								Percent Inc/ (Dec)
($ in millions, except where noted)	2019				2018
Total revenues	$	474			$	487			(3)	%
Adjusted EBITDA	$	(10)			$	8			NM
Adjusted EBITDA Margin	(2)		%		2		%
Average Vehicles (in whole units)	169,971				170,600				—	%
Vehicle Utilization	72		%		72		%
Transaction Days (in thousands)	11,256				11,342				(1)	%
Total RPD (in whole dollars)	$	42.98			$	42.58			1	%
Total RPU Per Month (in whole dollars)	$	949			$	943			1	%
Depreciation Per Unit Per Month (in whole dollars)	$	221			$	204			8	%

NM – Not meaningful

Total International RAC revenues decreased 3% 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 1% due to continued softness in Europe.

Depreciation Per Unit Per Month increased 8% driven by residual value declines on certain vehicles that were disposed of during the quarter.

Adjusted EBITDA loss of $10 million reflected lower revenue and higher per-unit depreciation versus the fourth quarter of 2018.

ALL OTHER OPERATIONS SUMMARY
___________________________________

All Other Operations	Three Months Ended December 31,								Percent Inc/ (Dec)
($ in millions, except where noted)	2019				2018
Total revenues	$	179			$	232			(23)	%
Adjusted EBITDA	$	30			$	22			36	%
Adjusted EBITDA Margin	17		%		9		%
Average Vehicles (in whole units) – Donlen	222,400				188,100				18	%

All Other Operations primarily is comprised of the Company’s Donlen leasing operations. Revenue was unfavorably impacted by a change in presentation for certain leased vehicles in 2019, which lowered revenue by $18 million during the quarter. In addition, in the prior year quarter, Donlen experienced higher than normal capital lease volume, resulting in a $53 million increase in revenue and depreciation. Excluding these items, Donlen revenues grew 10% in the quarter which drove a 36% increase in Adjusted EBITDA for the segment behind strong growth in leasing and fleet management.

RIGHTS OFFERING
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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 twelve months ended December 31, 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
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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
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Hertz Global’s live webcast and conference call to discuss its fourth quarter 2019 results will be held on February 25, 2020, 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 (877) 692-8955 and providing access code 2258216. 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 (866) 207-1041 with access code 5425195. 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
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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.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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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.

Important factors that could affect the Company’s actual results and cause them to differ materially from those expressed in forward-looking statements include, among others, those that may be disclosed, revised or supplemented from time to time in subsequent reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the Securities and Exchange Commission ("SEC"). Among other items, such factors could include: levels of travel demand, particularly with respect to business and leisure travel in the United States and in global markets; 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 the Company’s rental operations accordingly; increased vehicle costs due to declining value of the Company’s non-program vehicles; the Company’s ability to maintain sufficient liquidity and the availability of additional or continued sources of financing for the Company’s revenue earning vehicles and to refinance the Company’s existing indebtedness; the Company’s ability to adequately respond to changes in technology, customer demands and market competition; 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 recognition of previously deferred tax gains on the disposition of revenue earning vehicles; financial instability of the manufacturers of the Company’s vehicles, which could impact their ability to fulfill obligations under repurchase or guaranteed depreciation programs; an increase in the Company’s vehicle costs or disruption to the Company’s rental activity, particularly during the Company’s peak periods, due to safety recalls by the manufacturers of the Company’s vehicles; the Company’s ability to execute a business continuity plan; the Company’s access to third-party distribution channels and related prices, commission structures and transaction volumes; the Company’s ability to retain customer loyalty and market share; risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anticorruption or antibribery laws, the Company’s ability to repatriate cash from non-U.S. affiliates without adverse tax consequences, the Company’s exposure to fluctuations in foreign currency exchange rates and the Company’s ability to effectively manage the Company’s international operations after the United Kingdom’s withdrawal from the European Union; a major disruption in the Company’s communication or centralized information networks; a failure to maintain, upgrade and consolidate the Company’s information technology systems; 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; costs and risks associated with litigation and investigations or any failure or inability to comply with laws and regulations or any changes in the legal and regulatory environment, including laws and regulations relating to environmental matters and consumer privacy and data security; the Company’s ability to maintain its network of leases and vehicle rental concessions at airports in the U.S. and internationally; 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; 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; the Company’s exposure to uninsured claims in excess of historical levels; risks relating to the Company’s participation in multiemployer pension plans; risks related to the Company’s indebtedness, including the Company’s substantial amount of debt, the Company’s ability to incur substantially more debt, the fact that substantially all of the Company’s consolidated assets secure certain of the Company’s outstanding indebtedness and increases in interest rates or in the Company’s borrowing margins; the Company’s ability to meet the financial and other covenants contained in the Company’s senior credit facilities and letter of credit facility, the Company’s outstanding unsecured senior notes, the Company’s outstanding senior second priority secured notes and certain asset-backed and asset-based arrangements; the Company’s ability to access financial markets, including the financing of the Company’s vehicle fleet through the issuance of asset-backed securities; fluctuations in interest rates and commodity prices; 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; 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; 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 hereof, and except as required by law, 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.

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FINANCIAL INFORMATION AND OPERATING DATA
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SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended December 31,								As a Percentage of Total Revenues						Twelve Months Ended December 31,								As a Percentage of Total Revenues
(In millions, except per share data)	2019				2018				2019			2018			2019				2018				2019			2018
Total revenues	$	2,326			$	2,294			100	%		100	%		$	9,779			$	9,504			100	%		100	%
Expenses:
Direct vehicle and operating	1,339				1,312				58	%		57	%		5,486				5,355				56	%		56	%
Depreciation of revenue earning vehicles and lease charges	672				670				29	%		29	%		2,565				2,690				26	%		28	%
Selling, general and administrative	248				251				11	%		11	%		969				1,017				10	%		11	%
Interest expense, net:
Vehicle	121				113				5	%		5	%		494				448				5	%		5	%
Non-vehicle	98				72				4	%		3	%		311				291				3	%		3	%
Total interest expense, net	219				185				9	%		8	%		805				739				8	%		8	%
Other (income) expense, net	(22)				(4)				(1)	%		—	%		(59)				(40)				(1)	%		—	%
Total expenses	2,456				2,414				106	%		105	%		9,766				9,761				100	%		103	%
Income (loss) before income taxes	(130)				(120)				(6)	%		(5)	%		13				(257)				—	%		(3)	%
Income tax (provision) benefit	15				18				1	%		1	%		(63)				30				(1)	%		—	%
Net income (loss)	(115)				(102)				(5)	%		(4)	%		(50)				(227)				(1)	%		(2)	%
Net (income) loss attributable to noncontrolling interests	(3)				1				—	%		—	%		(8)				2				—	%		—	%
Net income (loss) attributable to Hertz Global	$	(118)			$	(101)			(5)	%		(4)	%		$	(58)			$	(225)			(1)	%		(2)	%
Weighted average number of shares outstanding(a):
Basic	142				96										117				96
Diluted	142				96										117				96
Earnings (loss) per share:
Basic	$	(0.83)			$	(1.05)									$	(0.49)			$	(2.35)
Diluted	$	(0.83)			$	(1.05)									$	(0.49)			$	(2.35)
Adjusted Net Income (Loss)(b)	$	(34)			$	(46)									$	168			$	(14)
Adjusted Diluted Earnings (Loss) Per Share(b)	$	(0.24)			$	(0.48)									$	1.44			$	(0.15)
Adjusted Corporate EBITDA(b)	$	54			$	49									$	649			$	433

(a)	Basic weighted-average shares and weighted-average shares used to calculate diluted earnings (loss) per share for the three and twelve months ended December 31, 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 December 31, 2019				As of December 31, 2018
Cash and cash equivalents	$	865			$	1,127
Total restricted cash and cash equivalents	495				283
Revenue earning vehicles, net:
U.S. Rental Car	9,820				8,793
International Rental Car	2,319				2,146
All Other Operations	1,650				1,480
Total revenue earning vehicles, net	13,789				12,419
Total assets(a)	24,627				21,382
Total debt	17,089				16,324
Net Vehicle Debt(b)	12,949				11,688
Net Non-vehicle Debt(b)	2,890				3,328
Total stockholders’ equity	1,888				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

	Twelve Months Ended December 31,
(In millions)	2019				2018
Cash flows provided by (used in):
Operating activities	$	2,900			$	2,556
Investing activities	(4,425)				(4,197)
Financing activities	1,474				1,561
Effect of exchange rate changes	1				(14)
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents	$	(50)			$	(94)
Fleet Growth(a)	$	(161)			$	215
Adjusted Free Cash Flow(a)	$	(202)			$	153

(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 December 31, 2019																				Three Months Ended December 31, 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:	$	1,673			$	474			$	179			$	—			$	2,326			$	1,575			$	487			$	232			$	—			$	2,294
Expenses:
Direct vehicle and operating	1,019				312				8				—				1,339				998				300				11				3				1,312
Depreciation of revenue earning vehicles and lease charges	439				111				122				—				672				383				106				181				—				670
Selling, general and administrative	126				51				11				60				248				122				61				9				59				251
Interest expense, net:
Vehicle	85				23				13				—				121				75				26				12				—				113
Non-vehicle	(47)				—				(5)				150				98				(42)				(1)				(5)				120				72
Total interest expense, net	38				23				8				150				219				33				25				7				120				185
Other (income) expense, net	(22)				(1)				—				1				(22)				(1)				(3)				—				—				(4)
Total expenses	1,600				496				149				211				2,456				1,535				489				208				182				2,414
Income (loss) before income taxes	$	73			$	(22)			$	30			$	(211)			$	(130)			$	40			$	(2)			$	24			$	(182)			$	(120)
Income tax (provision) benefit																	15																				18
Net income (loss)																	$	(115)																			$	(102)
Net (income) loss attributable to noncontrolling interests																	(3)																				1
Net income (loss) attributable to Hertz Global																	$	(118)																			$	(101)

Supplemental Schedule I (continued)
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED STATEMENT OF OPERATIONS BY SEGMENT
Unaudited
	Twelve Months Ended December 31, 2019																				Twelve Months Ended December 31, 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:	$	6,938			$	2,169			$	672			$	—			$	9,779			$	6,480			$	2,276			$	748			$	—			$	9,504
Expenses:
Direct vehicle and operating	4,146				1,312				28				—				5,486				4,014				1,306				37				(2)				5,355
Depreciation of revenue earning vehicles and lease charges	1,656				440				469				—				2,565				1,678				448				564				—				2,690
Selling, general and administrative	490				221				35				223				969				466				248				37				266				1,017
Interest expense, net:
Vehicle	345				97				52				—				494				291				114				43				—				448
Non-vehicle	(188)				(4)				(21)				524				311				(147)				(1)				(16)				455				291
Total interest expense, net	157				93				31				524				805				144				113				27				455				739
Other (income) expense, net	(38)				—				—				(21)				(59)				(7)				(5)				—				(28)				(40)
Total expenses	6,411				2,066				563				726				9,766				6,295				2,110				665				691				9,761
Income (loss) before income taxes	$	527			$	103			$	109			$	(726)			$	13			$	185			$	166			$	83			$	(691)			$	(257)
Income tax (provision) benefit																	(63)																				30
Net income (loss)																	$	(50)																			$	(227)
Net (income) loss attributable to noncontrolling interests																	(8)																				2
Net income (loss) attributable to Hertz Global																	$	(58)																			$	(225)

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 December 31,								Twelve Months Ended December 31,
(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	$	(118)			$	(101)			$	(58)			$	(225)
Adjustments:
Income tax provision (benefit)	(15)				(18)				63				(30)
Vehicle and non-vehicle debt-related charges(a)	13				14				52				50
Loss on extinguishment of debt(b)	39				—				43				22
Restructuring and restructuring related charges(c)	3				6				14				32
Information technology and finance transformation costs(d)	37				24				114				98
Acquisition accounting-related depreciation and amortization(e)	14				14				55				62
Other items(f)	(18)				(1)				(59)				(28)
Adjusted pre-tax income (loss)(g)	(45)				(62)				224				(19)
Income tax (provision) benefit on adjusted pre-tax income (loss)(h)	11				16				(56)				5
Adjusted Net Income (Loss)	$	(34)			$	(46)			$	168			$	(14)
Weighted-average number of diluted shares outstanding	142				96				117				96
Adjusted Diluted Earnings (Loss) Per Share(i)	$	(0.24)			$	(0.48)			$	1.44			$	(0.15)
Adjusted Corporate EBITDA:
Net income (loss) attributable to Hertz Global	$	(118)			$	(101)			$	(58)			$	(225)
Adjustments:
Income tax provision (benefit)	(15)				(18)				63				(30)
Non-vehicle depreciation and amortization(j)	52				52				203				218
Non-vehicle debt interest, net	98				72				311				291
Vehicle debt-related charges(a),(k)	9				10				38				36
Loss on extinguishment of vehicle debt(b)	—				—				—				22
Restructuring and restructuring related charges(c)	3				6				14				32
Information technology and finance transformation costs(d)	37				24				114				98
Other items(f),(l)	(12)				4				(36)				(9)
Adjusted Corporate EBITDA	$	54			$	49			$	649			$	433

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 $39 million of early redemption premium and write-off of deferred financing costs associated with the partial redemption in the fourth quarter of the Senior Second Priority Secured Notes and a $4 million write-off of deferred financing costs associated with the full redemption in the third quarter 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.
(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 $30 million gain on marketable securities in Corporate, of which $5 million was recorded during the fourth quarter of 2019, and a $39 million gain on the sale of non-vehicle capital assets in U.S. RAC, of which $24 million was recorded in the fourth quarter of 2019. In 2018, includes a $20 million gain on marketable securities, and a $6 million legal settlement received 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 December 31,								Twelve Months Ended December 31,
(In millions)	2019				2018				2019				2018
Direct vehicle and operating	$	(14)			$	(15)			$	(54)			$	(63)
Selling, general and administrative	(42)				(28)				(127)				(127)
Interest expense, net:
Vehicle	(9)				(10)				(38)				(58)
Non-vehicle	(43)				(4)				(57)				(14)
Total interest expense, net	(52)				(14)				(95)				(72)
Other income (expense), net	20				—				57				26
Noncontrolling interests	3				(1)				8				(2)
Total adjustments	$	(85)			$	(58)			$	(211)			$	(238)

(h)	Derived utilizing a combined statutory rate of 25% for the periods ending December 31, 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 December 31, 2019 are $40 million, $5 million, $2 million and $5 million, respectively, and for the three months ended December 31, 2018 are $38 million, $7 million, $3 million and $4 million respectively. Non-vehicle depreciation and amortization expense for U.S. RAC, International RAC, All Other Operations and Corporate for the twelve months ended December 31, 2019 are $156 million, $23 million, $10 million and $14 million, respectively, and for the twelve months ended December 31, 2018 are $159 million, $32 million, $10 million and $17 million, respectively.
(k)	Vehicle debt related charges for U.S. RAC, International RAC and All Other Operations for the three months ended December 31, 2019 are $6 million, $2 million and $1 million, respectively, and for the three months ended December 31, 2018 are $5 million, $4 million, and $1 million, respectively. Vehicle debt related charges for U.S. RAC, International RAC and All Other Operations for the twelve months ended December 31, 2019 are $22 million, $12 million and $4 million, respectively, and for the twelve months ended December 31, 2018 are $22 million, $10 million and $4 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
	Twelve Months Ended December 31, 2019																Twelve Months Ended December 31, 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	$	(9,296)			$	(3,379)			$	(1,039)			$	(13,714)			$	(8,519)			$	(3,171)			$	(803)			$	(12,493)
Proceeds from disposal of revenue earning vehicles	6,283				2,851				352				9,486				5,527				2,749				176				8,452
Net revenue earning vehicles capital expenditures	(3,013)				(528)				(687)				(4,228)				(2,992)				(422)				(627)				(4,041)
Depreciation and reserves for revenue earning vehicles	1,923				399				469				2,791				1,678				358				510				2,546
Financing activity related to vehicles:
Borrowings	9,536				2,338				1,139				13,013				9,457				3,588				964				14,009
Payments	(8,473)				(2,131)				(926)				(11,530)				(8,179)				(3,411)				(836)				(12,426)
Restricted cash changes	(58)				(105)				(44)				(207)				120				26				(19)				127
Net financing activity related to vehicles	1,005				102				169				1,276				1,398				203				109				1,710
Fleet Growth	$	(85)			$	(27)			$	(49)			$	(161)			$	84			$	139			$	(8)			$	215

Supplemental Schedule IV
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED FREE CASH FLOW
Unaudited
	Twelve Months Ended December 31,
(In millions)	2019				2018
Net cash provided by operating activities	$	2,900			$	2,556
Net change in restricted cash and cash equivalents, vehicle(a)	(207)				127
Revenue earning vehicles expenditures	(13,714)				(12,493)
Proceeds from disposal of revenue earning vehicles	9,486				8,452
Non-vehicle capital asset expenditures	(224)				(177)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	27				51
Proceeds from issuance of vehicle debt	13,013				14,009
Repayments of vehicle debt	(11,530)				(12,426)
Noncontrolling interests	47				54
Adjusted Free Cash Flow(b)	$	(202)			$	153

(a)	Amounts presented for the twelve months ended December 31, 2019 and 2018 exclude a $2 million non-cash impact of foreign currency exchange rates, respectively.
(b)	During the third quarter 2019, the Company changed its definition of Adjusted Free Cash Flow and revised its reconciliation for the twelve months ended December 31, 2018 accordingly.

Supplemental Schedule V
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – NET DEBT
Unaudited
	As of December 31, 2019												As of December 31, 2018
(In millions)	Vehicle				Non-Vehicle				Total				Vehicle				Non-Vehicle				Total
Debt as reported in the balance sheet	$	13,368			$	3,721			$	17,089			$	11,902			$	4,422			$	16,324
Add:
Debt issue costs, discounts and premiums	47				34				81				43				33				76
Less:
Cash and cash equivalents	—				865				865				—				1,127				1,127
Restricted cash	466				—				466				257				—				257
Net Debt	$	12,949			$	2,890			$	15,839			$	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 December 31,								Percent Inc/ (Dec)			Twelve Months Ended December 31,								Percent Inc/ (Dec)
($ in millions, except where noted)	2019				2018							2019				2018
Total RPD
Total Revenues	$	1,673			$	1,575						$	6,938			$	6,480
Ancillary retail vehicle sales revenue	(31)				(24)							(122)				(102)
Total Rental Revenues	$	1,642			$	1,551						$	6,816			$	6,378
Transaction Days (in thousands)	37,706				37,036							155,859				149,463
Total RPD (in whole dollars)	$	43.54			$	41.88			4	%		$	43.73			$	42.67			2	%
Total Revenue Per Unit Per Month
Total Rental Revenues	$	1,642			$	1,551						$	6,816			$	6,378
Average Vehicles (in whole units)	516,726				498,100							534,879				506,900
Total revenue per unit (in whole dollars)	$	3,178			$	3,114						$	12,743			$	12,582
Number of months in period (in whole units)	3				3							12				12
Total RPU Per Month (in whole dollars)	$	1,059			$	1,038			2	%		$	1,062			$	1,049			1	%
Vehicle Utilization
Transaction Days (in thousands)	37,706				37,036							155,859				149,463
Average Vehicles (in whole units)	516,726				498,100							534,879				506,900
Number of days in period (in whole units)	92				92							365				365
Available Car Days (in thousands)	47,539				45,825							195,231				185,019
Vehicle Utilization(a)	79		%		81		%					80		%		81		%
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges	$	439			$	383						$	1,656			$	1,678
Average Vehicles (in whole units)	516,726				498,100							534,879				506,900
Depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$	850			$	769						$	3,096			$	3,310
Number of months in period (in whole units)	3				3							12				12
Depreciation Per Unit Per Month (in whole dollars)	$	283			$	256			11	%		$	258			$	276			(7)	%

(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 December 31,								Percent Inc/ (Dec)			Twelve Months Ended December 31,								Percent Inc/ (Dec)
($ in millions, except where noted)	2019				2018							2019				2018
Total RPD
Total Revenues	$	474			$	487						$	2,169			$	2,276
Ancillary retail vehicle sales revenue	—				—							—				(1)
Foreign currency adjustment(a)	10				(4)							24				(82)
Total Rental Revenues	$	484			$	483						$	2,193			$	2,193
Transaction Days (in thousands)	11,256				11,342							50,139				50,417
Total RPD (in whole dollars)	$	42.98			$	42.58			1	%		$	43.73			$	43.49			1	%
Total Revenue Per Unit Per Month
Total Rental Revenues	$	484			$	483						$	2,193			$	2,193
Average Vehicles (in whole units)	169,971				170,600							180,723				180,400
Total revenue per unit (in whole dollars)	$	2,848			$	2,831						$	12,135			$	12,156
Number of months in period (in whole units)	3				3							12				12
Total RPU Per Month (in whole dollars)	$	949			$	943			1	%		$	1,011			$	1,013			—	%
Vehicle Utilization
Transaction Days (in thousands)	11,256				11,342							50,139				50,417
Average Vehicles (in whole units)	169,971				170,600							180,723				180,400
Number of days in period (in whole units)	92				92							365				365
Available Car Days (in thousands)	15,637				15,695							65,964				65,846
Vehicle Utilization(b)	72		%		72		%					76		%		77		%
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges	$	111			$	106						$	440			$	448
Foreign currency adjustment(a)	2				(1)							5				(17)
Adjusted depreciation of revenue earning vehicles and lease charges	$	113			$	105						$	445			$	431
Average Vehicles (in whole units)	169,971				170,600							180,723				180,400
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$	665			$	615						$	2,462			$	2,389
Number of months in period (in whole units)	3				3							12				12
Depreciation Per Unit Per Month (in whole dollars)	$	221			$	204			8	%		$	205			$	199			3	%

(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 December 31,								Percent Inc/(Dec)			Twelve Months Ended December 31,								Percent Inc/(Dec)
($ in millions, except where noted)	2019				2018							2019				2018
Total RPD
Total Revenues	$	2,147			$	2,062						$	9,107			$	8,756
Ancillary retail vehicle sales revenue	(31)				(24)							(122)				(103)
Foreign currency adjustment(a)	10				(4)							24				(82)
Total Rental Revenues	$	2,126			$	2,034						$	9,009			$	8,571
Transaction Days (in thousands)	48,962				48,378							205,998				199,880
Total RPD (in whole dollars)	$	43.41			$	42.03			3	%		$	43.73			$	42.88			2	%
Total Revenue Per Unit Per Month
Total Rental Revenues	$	2,126			$	2,034						$	9,009			$	8,571
Average Vehicles (in whole units)	686,697				668,700							715,602				687,300
Total revenue per unit (in whole dollars)	$	3,096			$	3,042						$	12,589			$	12,471
Number of months in period (in whole units)	3				3							12				12
Total RPU Per Month (in whole dollars)	$	1,032			$	1,014			2	%		$	1,049			$	1,039			1	%
Vehicle Utilization
Transaction Days (in thousands)	48,962				48,378							205,998				199,880
Average Vehicles (in whole units)	686,697				668,700							715,602				687,300
Number of days in period (in whole units)	92				92							365				365
Available Car Days (in thousands)	63,176				61,520							261,195				250,865
Vehicle Utilization(b)	78		%		79		%					79		%		80		%
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges	$	550			$	489						$	2,096			$	2,126
Foreign currency adjustment(a)	2				(1)							5				(17)
Adjusted depreciation of revenue earning vehicles and lease charges	$	552			$	488						$	2,101			$	2,109
Average Vehicles (in whole units)	686,697				668,700							715,602				687,300
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$	804			$	730						$	2,936			$	3,069
Number of months in period (in whole units)	3				3							12				12
Depreciation Per Unit Per Month (in whole dollars)	$	268			$	243			10	%		$	245			$	256			(4)	%

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 represents 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.

SOURCE Hertz Global Holdings, Inc.

NEW YORK and ESTERO, Fla., Jan. 23, 2020 /PRNewswire/ — Today Hertz announced a new campaign that recognizes the people who helped make Hertz #1 in customer satisfaction by J.D. Power. To kick off the effort, Hertz partnered with American football running back, Jerome "The Bus" Bettis to celebrate customers with special experiences at the Big Game. One lucky Hertz Gold Plus Rewards member will win a grand prize* of a Hertz helicopter tour of the host city and chauffeured car service to the stadium. Plus, 100 customers (50 winners plus guest) will ride in style to and from the Big Game* in a decked-out Hertz bus. To broaden the celebration, Hertz is offering $300 Hertz certificates to winners who engage with the brand on Instagram.

Continue Reading

Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/8584353-hertz-jerome-the-bus-bettis-big-game-extra-mile-campaign/

"Our customers inspire us every day and we love the opportunity to go the extra mile for them," said Jayesh Patel, Senior Vice President of Hertz Brand. "We’re excited to work with first-class football great Jerome "The Bus" Bettis to offer a unique and special experience in Miami for the Big Game. We know that the journey to get there is as important as the destination itself. This is just the beginning of celebrating with our customers as a thank you for all they do to inspire us."

The Hertz "Extra Mile" campaign first starts with the Big Game experience, followed by TV, digital and social advertising beginning in February. The advertising will celebrate the inspirational people who go the extra mile for their families, friends and communities like the dedicated soccer moms and dads who shuttle teams to the game, to those who give their time to help friends move. The campaign aims to spotlight the selfless acts that in turn inspire the Hertz team to go the extra mile to make their customers’ journeys special.

"I worked hard to be at the top of my game, and I want to work with others who are #1 like Hertz," said Jerome Bettis, Senior. "My family and I have been loyal Hertz customers for years because of the great service we always receive from the Hertz team. I’m honored to partner with Hertz to kick off their "Extra Mile" campaign in football territory.

About the Hertz Big Game Sweepstakes
To enter the Hertz Big Game Sweepstakes, participants must be a Hertz Gold Plus Rewards member. For free enrollment and to enter the Big Game Sweepstakes, visit hertz.com/biggamesweeps.

Others wanting to participate in the festivities can win $300 towards their future Hertz rental by sharing the Hertz Big Game Instagram post to their story and tagging @hertz and liking @hertz Instagram page. One winner will be chosen each day between January 23^rd and February 1^st.

*Prize package includes transportation (bus ride or helicopter) to and from the game. Prize does not include tickets to the game.

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.

SOURCE Hertz Global Holdings, Inc.

Related Links

https://www.hertz.com

ESTERO, Fla., Jan. 22, 2020 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) announced today that it plans to report its fourth quarter 2019 financial results after market close on Monday, February 24 and will host its accompanying webcast and conference call to discuss such results on Tuesday, February 25 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 (877) 692-8955 and providing access code 2258216. 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 (866) 207-1041 with access code 5425195.

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.

SOURCE The Hertz Corporation

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http://www.hertz.com

ESTERO, Fla., Dec. 17, 2019 /PRNewswire/ — Hertz (NYSE: HTZ), one of the most iconic car rental brands, has earned several accolades from top influencers in the travel industry throughout 2019.

"We’re thrilled that the biggest names in the travel industry are continuing to recognize Hertz year after year," said Hertz President and CEO Kathryn Marinello. "Our goal is to provide our customers with the best possible experience, and these awards are a reflection of the hard work our employees put into making that happen every day."

Exceptional Service
Hertz remains relentlessly focused on what matters most to its customers, listening to their feedback and acting on it to improve their experience. Earlier this year Hertz earned the No. 1 overall ranking in the J.D. Power 2019 North America Rental Car Satisfaction Study – a direct result of the company’s commitment to providing caring, personalized service, offering top-rated vehicles and investing in customer-centric technologies that enhance the travel experience. In addition to earning the highest score in overall Customer Satisfaction, the company took the top spot in multiple categories for its fast and easy-to-use service including the reservation process, pick-up process, return process and cost and fees.

This year thousands of Global Traveler magazine readers voted in the GT Tested Reader Survey Awards to honor Hertz with the title of Best Car Rental Company for the sixth consecutive year, and Millennial readers of Global Traveler‘s sister web publication, trazeetravel.com, voted in the 2019 Trazees Awards to name Hertz as their Favorite Car Rental Company.

For the seventh consecutive year, Hertz received the Women’s Choice Award® for America’s Most Recommended™ Car Rental Brand. The Women’s Choice Awards are based on a national survey distributed to tens of thousands of women across the country who were asked to select brands they would highly recommend to family and friends, and Hertz won in multiple categories, including Business Travel, Loyalty Programs, Overall Customer Service and Best Value.

Additionally, more than 100,000 readers of the online publication The Points Guy (TPG) voted Hertz as the Best Car Rental Company in the 2019 TPG Awards, and Hertz earned the title of Leading Car Rental Company in more than 40 regions and countries from the World Travel Awards.

Hertz was also named Best in Car Rentals for the Domestic and International categories in the 17^th annual Travel Weekly Readers Choice Awards, an honor that Hertz has received several years in a row.

Leaders in the Industry
Hertz leaders were recognized in 2019 for the innovation and outstanding leadership they have contributed to the travel industry. Hertz President and CEO Kathryn Marinello was recently named to Business Travel News’ 2019 list of the Most Influential People in Business Travel, and two other Hertz executives – Susan Jacobs, senior vice president, global Dollar and Thrifty brands, and Laura Smith, senior vice president, global Customer Experience – received accolades from WINit by GBTA, a network for driving positive change for the career mobility of women in travel-related industries. Jacobs 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, while Smith was honored with the Rising Female Leader Award for her impressive career path at Hertz, which began 17 years ago managing a small team in Dublin, Ireland.

The Hertz marketing team was honored as well with Gold Magellan Awards from Travel Weekly magazine for the Hertz Corvette Sweepstakes and Hertz Fast Lane powered by CLEAR advertising campaigns.

Best in Customer Loyalty
Hertz’s best-in-class loyalty program was awarded when FlyerTalk, the popular online community of frequent travelers, voted the Hertz Gold Plus Rewards® program the Best Rewards Program in the Drive category across every geographic region in the world – the Americas, Europe/Africa and Middle East/Asia/Oceana – for the eighth consecutive year. The program earned FlyerTalk Awards for Outstanding Benefit globally as well for the following member benefits: Hertz Ultimate Choice (Americas), Five Star and President’s Circle (Europe/Africa) and Platinum Elite service (Middle East/Asia/Oceana).

The Hertz Gold Plus Rewards program was further honored with several Frequent Traveler (FT) Awards. The program won in nearly every category for the Americas –– Best Overall Promotion, Best Elite Program, Best Loyalty Customer Service and Program of the Year. In recognition of Hertz’s innovation in the loyalty industry, the Loyalty Titan Panel of the FT Awards –– comprised of notable leaders in the loyalty industry –– honored the program with the coveted Titan Award, which is awarded to one hotel, airline and car rental company each year.

For more information about Hertz, visit Hertz.com.

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.

SOURCE The Hertz Corporation

Related Links

http://www.hertz.com

LONDON and ROISSY, France, Nov. 27, 2019 /PRNewswire/ — Longstanding partners Hertz International, part of Hertz Global Holdings, Inc. (NYSE: HTZ), and Air France are now offering passengers of the French flag carrier the new transfer service with private driver Hertz DriveU at more than 300 airports globally. Air France customers opting for the service will enjoy the peace of mind of having high-quality, hassle-free transportation to and from the airport, arranged ahead of their flight.

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Hertz DriveU is the latest addition to Hertz’s broad selection of innovative travel solutions, designed to meet all customer transportation needs. Seamlessly integrated into Air France’s customer journey, the service offers a fully reliable and convenient alternative to taxis and other transportation means.

Vincent Gillet, VP Marketing, Hertz International, said: "Hertz, which pioneered ‘Fly/Drive’ in 1932, and Air France have been offering passengers a seamless union of top air and ground transportation for more than 30 years. Hertz DriveU is yet another innovative addition to the unique selection of Hertz products and services that Air France passengers can easily access from the airline’s website before, during or after the reservation of their flight."

Soline de Montrémy, SVP Global Sales and Commercial Partnerships at Air France, added: "Our aim is to provide our customers with a trip that is as stress-free as possible. By offering the new transfer service with private driver our customers can relax for the rest of their trip, as they know someone is waiting for them. I am delighted with Hertz DriveU, which allows us to offer a high-quality customer experience, both on the ground and on board."

A tailor-made service, easy to book

Air France customers and Flying Blue members travelling onboard partner airlines’ flights can easily pre-book Hertz DriveU from airfrance.hertzdriveu.com up to 3 hours before the transfer, with the peace of mind that the price they see is the final price they pay (with no unexpected costs). They will then receive an email confirming the booking, and a text message just before pick-up with the driver’s full details, including contact numbers, pick-up location and vehicle information.

Hertz DriveU quality vehicles are grouped under Standard, Premium, Luxury, Green and Van categories for customers to choose the option that best suits their needs in more than 300 airports across 70 countries.

For airport pickups, a Hertz DriveU professional driver, equipped with a digital board displaying the passenger’s name, will be waiting at arrivals up to 90 minutes, depending on the vehicle’s category at no extra cost. As part of the service, the customer’s flight is tracked at all times to ensure that the driver is at the airport when the customer arrives, even if there has been a last minute change.

As changes are part of daily life, customers can also cancel the service for free up to one hour before the booked pickup time.

In addition, members of the Flying Blue loyalty programme using Hertz DriveU will earn 3 Miles per dollar, euro or pound spent.

Part of Air France La Première service

As part of the exclusive, tailor-made services available to them, Air France customers travelling in La Première – the company’s most exclusive cabin – can currently enjoy complimentary Hertz DriveU transfers at Paris-Charles de Gaulle – more airports to come.

Each Air France La Première guests receives a personalised welcome throughout his/her journey, starting with a Hertz DriveU transfer with a private driver. La Première customers travelling with Hertz DriveU to Paris-Charles de Gaulle will be greeted by a porter who will accompany them to La Première Lounge, where they can relax or enjoy fine dining by Alain Ducasse. Then, customers will be ready for their stress-free boarding at their convenience, before their tailor-made flight in their La Première cabin.

The service can be booked via a dedicated telephone number for La Première customers, up to 24 hours before the transfer.

About Air France

Air France, airline of French inspiration, with high standards and a caring attitude, turns the flight into a moment of real pleasure on all its daily operations in France, Europe and worldwide.

Air France-KLM is the leading Group in terms of international traffic on departure from Europe. It offers its customers access to a network covering 312 destinations in 116 countries thanks to Air France, KLM Royal Dutch Airlines and Transavia. With a fleet of 550 aircraft and 101.4 million passengers carried in 2018, Air France-KLM operates up to 2,300 daily flights, mainly from its hubs at Paris-Charles de Gaulle and Amsterdam-Schiphol.

Its Flying Blue loyalty program is one of the leaders in Europe with over 15 million members.

Together with its partners Delta Air Lines and Alitalia, Air France and KLM operates the largest transatlantic joint venture with more than 275 daily flights.

The group also offers cargo transport and aeronautical maintenance solutions.

Air France and KLM are also members of the SkyTeam alliance which has 19 member airlines, offering customers access to a global network of over 14,500 daily flights to more than 1,150 destinations in more than 175 countries.

corporate.airfrance.com
@AFNewsroom

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.

SOURCE Hertz Global Holdings, Inc.

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http://www.hertz.com

LONDON, Nov. 25, 2019 /PRNewswire/ — Hertz Global Holdings, Inc., (NYSE: HTZ) announced that Angela Brav has joined the company as President of Hertz’s International division.

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Brav, a respected spokesperson for the travel industry, brings 25 years of executive experience with InterContinental Hotels Group (IHG) in multiple operational and strategic roles in the U.S. and Europe. Most recently as CEO of IHG’s European Region, she led the successful turnaround of that business by elevating and leveraging brand, distribution, franchise and technology opportunities. She is based at the car rental company’s international headquarters near London, UK., and will report to Hertz President & CEO, Kathryn Marinello.

"Angela brings a proven track record of shaping growth strategy, demonstrating multi-brand capabilities, developing franchise portfolios and exhibiting innovative thought leadership all of which are central to our continued success," said Marinello. "She shares our passion for elevating the customer experience and investing in and developing her teams. She is a strong addition to our leadership team with a focus on strategic, long-term planning for the international business."

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.

SOURCE Hertz Global Holdings, Inc.

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.

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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.

SOURCE The Hertz Corporation

Related Links

http://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.

SOURCE Hertz Global Holdings, Inc.

Related Links

http://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"), 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.

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 (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.

SOURCE Hertz Global Holdings, Inc.

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.

SOURCE Hertz Global Holdings, Inc.

Related Links

http://www.hertz.com