Category: Press Release

Partnership Expands Knighthead’s Motorsport Footprint, Linking NASCAR and WEC Programs

STATESVILLE, N.C. (July 8, 2025) – LEGACY MOTOR CLUB announced today that Hertz, one of the world’s largest mobility solutions providers, will serve as the primary sponsor of John Hunter Nemechek’s No. 42 Toyota Camry XSE for the NASCAR Cup Series race at Dover Motor Speedway on July 20. The announcement marks another chapter in the evolving partnership between LEGACY MOTOR CLUB and team co-owner Knighthead Capital Management, LLC, on behalf of its investors, which also co-owns Cadillac Hertz Team JOTA racing team in the FIA World Endurance Championship (“WEC”).

The iconic black-and-gold Hertz livery will make its NASCAR return on the high-banked concrete mile at Dover—known as the “Monster Mile”— bringing international motorsports synergy under the Knighthead umbrella. Hertz Car Sales – which offers thousands of well-maintained, high-quality used vehicles online and in person at more than 40 locations nationwide – also will be featured prominently on the racecar.

“We’re excited to see Hertz and Hertz Car Sales on the No. 42 this summer at Dover,” said John Hunter Nemechek, driver of the LEGACY MOTOR CLUB Toyota. “It’s awesome to represent such a recognizable global brand, and even more special knowing it ties into the broader Knighthead motorsport vision that spans NASCAR and endurance racing.”

Hertz’s entry into the NASCAR Cup Series complements its sponsorship of Cadillac Hertz Team JOTA’s No. 12 and No. 38 Cadillacs in the WEC. This cross-series sponsorship strategy, backed by Knighthead, exemplifies a global approach to brand visibility and performance alignment across premier racing platforms.

“Hertz has a proud legacy in motorsports and we’re excited to expand our presence by partnering with LEGACY MOTOR CLUB and John Hunter Nemechek for the NASCAR Cup Series race at Dover,” said Gil West, Hertz Chief Executive Officer. “This collaboration not only highlights our iconic brand on one of racing’s biggest stages, but also showcases Hertz Car Sales as a trusted source of high-quality used vehicles. It’s an exciting opportunity to connect with fans and customers through the thrill of racing.”

Fans will get their first look at the Hertz-branded No. 42 Toyota Camry XSE during practice and qualifying at Dover on July 19, with race coverage airing nationally on TNT Sports.

About Hertz
Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. For more information about Hertz, visit www.hertz.com.

About LEGACY MOTOR CLUB
LEGACY MOTOR CLUB (LEGACY MC) is a premier auto racing organization co-owned by 7-time NASCAR Cup Series champion and 2024 NASCAR Hall of Fame inductee, Jimmie Johnson along with Knighthead Capital Management, LLC. Drawing from a rich tradition of success, LEGACY MC is dedicated to pushing the boundaries of motorsport and setting new standards of excellence. The CLUB competes under the Toyota Gazoo Racing banner in the NASCAR Cup Series with the No. 43 Toyota Camry XSE piloted by Erik Jones and No. 42 Toyota Camry XSE driven by John Hunter Nemechek. Jimmie Johnson also races on a limited basis in the No. 84 Toyota Camry XSE. With NASCAR legend and Hall of Famer Richard Petty – “The King” – serving as CLUB Ambassador, LEGACY MC blends timeless racing traditions with a new forward-thinking vision. As an inclusive community for motorsport enthusiasts, LEGACY MC honors both its storied past and the promising future of its members, always striving for victory and championship glory at the pinnacle of NASCAR competition.​

About Knighthead Capital Management LLC
Knighthead Capital Management, LLC was co-founded in 2008 by Tom Wagner and Ara Cohen and has grown to become a diversified asset management platform with an experienced team of investment professionals, specializing in fundamental analysis, operational and financial turnarounds and risk management. Knighthead’s long-term objective is to generate attractive risk-adjusted returns for its clients while emphasizing the preservation of capital. Knighthead manages assets across a variety of investment vehicles including insurance asset management, real estate lending, and closed and open-ended vehicles.

ESTERO, Fla., May 23, 2025 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the "Company") announced today that it plans to report its second quarter 2025 financial results at 8:00 a.m. ET on Thursday, August 7, 2025, followed by an earnings call at 9:00 a.m. ET.

A live webcast of the call will be available on the Investor Relations page of the Company’s website at https://ir.hertz.com. To access the call by phone, please register through this link: Hertz Q2 2025 earnings teleco registration, and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A web replay will remain available on the website for approximately one year.

ABOUT HERTZ

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands 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. Additionally, The Hertz Corporation operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.

SOURCE Hertz Global Holdings, Inc.

From giving a friendly Jeep® wave to showing kindness with rubber ducks, Hertz has everything drivers need to join the Jeep community and explore the open road like a Jeep 4×4 owner this summer

ESTERO, Fla., May 14, 2025 /PRNewswire/ — Hertz, one of the world’s largest car rental companies, is teaming up with the iconic Jeep® brand to add a dedicated collection of Jeep Wrangler 4xe vehicles to its newest fleet yet. Just in time to open the roof top and enjoy open-air freedom, the Wrangler 4xe (America’s No. 1 selling plug-in hybrid) will be available for rent starting this month in major cities across the country. Plus, Hertz is giving customers a fun look under the hood at the unique Jeep driver culture (like what is up with the ducks?), surprise offers and more. Drivers can reserve their Jeep Wrangler 4xe this summer at Hertz.com.

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"We are thrilled to add the Jeep Wrangler 4xe to our expansive lineup of new cars, trucks and SUVs for rent at Hertz and give customers a taste of what’s it like to be a Wrangler owner," said Henry Kuykendall, Hertz Executive Vice President of North American Operations. "The Jeep Wrangler is iconic and always in high demand for the summer. With the perfect blend of ruggedness and the latest tech features, the 4xe models are sure to delight those who are seeking ultimate freedom and adventure in their travels."

It’s a (Hertz) Jeep_® Thing…
Hertz is also giving Wrangler 4xe drivers the opportunity to learn about and participate in the Jeep brand’s unique culture:

• The Jeep_® Wave: A friendly gesture for Jeep Wrangler drivers to acknowledge each other on the road.
• Jeep Ducking: A tradition where Jeep Wrangler owners place a rubber duck on another drivers’ Wrangler as a sign of appreciation for their ride and to spread joy.
• Duck Duck Jeep_® (Hertz Version): Hertz lucky duckies (a.k.a. Hertz renters) who find an exclusive Hertz-Jeep rubber duck in their Jeep Wrangler rental can unlock even more discounts and free upgrades for future Hertz rentals.

"The Jeep Wrangler is made for summer. The first hint of warm weather and sunshine means opening up or removing the top for owners to enjoy the open-air freedom the Wrangler offers," said Lucy McLellan, Head of North America Marketing Office, Stellantis. "Our partnership with Hertz gives drivers who haven’t yet experienced the perks that come with Wrangler-ownership the opportunity to see for themselves firsthand the joys of driving on the open road during their summer travels, receiving a ‘Jeep Wave," getting ‘ducked’ and taking part in a community-culture that brings smiles to owners and passers-by around every corner."

Added McLellan, "This partnership also gives drivers considering purchasing the Jeep Wrangler 4xe, the chance to experience America’s No. 1 selling plug-in hybrid for themselves."

Hertz Summer Travel Tips
To make your Jeep Wrangler experience and all your car rentals as smooth and enjoyable as possible this summer, Hertz recommends:

• Reserving your rental car as early as possible to get the best available rates on Hertz’s newest selection of vehicles, including the latest SUVs, which are the most in-demand car class this summer.
• Signing up for Hertz Gold Plus Rewards free for a fast, easy and rewarding rental experience. Enjoy new exclusive, member-only rates when you book on Hertz.com or the Hertz app, plus skip the counter at select locations, earn points redeemable towards free rental days and more.
• Need some destination inspiration? This summer, Hertz is seeing the highest demand for advance bookings in Boston, Chicago, Denver, Honolulu, Las Vegas, Los Angeles, Miami, Orlando, San Francisco and Seattle – where many Jeep rentals will be available and great starting points for any road trip.

Hertz
Hertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands with more than 11,000 rental locations in 160 countries around the globe, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in Europe. For more information about Hertz, visit www.hertz.com.

Jeep Brand
For more than 80 years, Jeep has been the global leader in SUVs, delivering legendary off-road capability, advanced technology and exceptional versatility for those who seek adventure. With a commitment to innovation, the Jeep brand offers a diverse lineup of vehicles powered by internal combustion engines, hybrid technology and all-electric drivetrains. Built on a heritage of freedom, adventure, authenticity and passion, Jeep continues to set the standard for rugged yet refined vehicles designed to conquer it all.

Follow Jeep and company news and video on:
Company blog: http://blog.stellantisnorthamerica.com
Media website: http://media.stellantisnorthamerica.com
Jeep brand: www.jeep.com
Facebook: www.facebook.com/jeep
Instagram: www.instagram.com/jeep
Twitter: www.twitter.com/jeep
LinkedIn: www.linkedin.com/company/jeep
YouTube: www.youtube.com/thejeepchannel or https://www.youtube.com/StellantisNA

SOURCE Hertz Global Holdings, Inc.

"Our ‘Back-to-Basics Roadmap’ is working," said Gil West, Chief Executive Officer of Hertz. "Disciplined fleet management, revenue optimization, and rigorous cost control are driving meaningful results. In a dynamic environment shaped by tariffs and economic uncertainty, capitalizing on our fleet as our most dominant economic lever keeps us agile today and positions us to deliver long-term, sustainable value.

"Just a year ago, we were managing through an aging fleet and pressure on residual values. Today, thanks to swift and disciplined action, we’ve rotated into a newer, more efficient fleet that’s resilient, cost-effective, and aligned with a rising residual environment. As an asset management business that buys, rents, and sells vehicles, disciplined execution across all three areas is key to unlocking stronger returns and strengthening our financial foundation."

ESTERO, Fla., May 12, 2025 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz", "Hertz Global" or the "Company") today reported results for its first quarter 2025.

Highlights

• The fleet rotation is delivering results, with vehicle depreciation down 45% year-over-year, due to the "Buy Right, Hold Right, Sell Right" strategy:
  
  • The Company is targeted to meet sub $300 depreciation per unit ("DPU") faster than expected. This is now forecasted to be achieved in the second quarter, with model year 2025 vehicles already achieving this target
  • More than 70% of the core U.S. rental fleet is 12 months old or newer
  • Record quarter for retail vehicle sales including Hertz Car Sales
• The Company achieved a $92 million year-over-year improvement in direct operating expenses which was a result of cost control initiatives, supported by the strategic fleet rotation.

• The Company remains on track to achieve positive Adjusted Corporate EBITDA by the third quarter of 2025.

• As of March 31, 2025, Hertz had $1.2 billion in corporate liquidity. In May 2025, Hertz extended the maturity of $1.7 billion of its First Lien revolving credit facility ("RCF") maturities to June 2028.

Overview

Hertz initiated a comprehensive strategic transformation one year ago under CEO Gil West.

Under Mr. West’s leadership and a newly appointed executive team, Hertz established its "Back-to-Basics Roadmap" anchored by three core financial pillars: fleet management, revenue optimization and cost efficiency. This strategic reset is significantly improving operational performance, establishing a stronger financial foundation, and positioning Hertz for long-term value creation.

The Company remains focused on its profitability initiatives; rotating its fleet, normalizing DPU, and improving its cost structure. Hertz’s objectives remain unchanged: to achieve DPU below $300, revenue per unit ("RPU") above $1,500 and direct operating expense ("DOE") per transaction day in the low $30s.

Fleet and Retail Sales Strategy

The Company recognized the fleet as the most dominant economic lever and began a refresh in 2024, replacing older, less customer-preferred models with newer vehicles offering lower operating costs and improved depreciation performance. Hertz’s approach is guided by its disciplined fleet strategy – "Buy Right, Hold Right, Sell Right". This approach prioritizes acquiring vehicles at favorable prices, aligning fleet composition with customer preferences, and maximizing residual values through retail channel sales, particularly the Company’s own Hertz Car Sales.

Under the "Buy Right" pillar, the Company proactively worked to secure model year 2025 buys ahead of the tariff implementation which proved to be a prudent move as this group of vehicles has a collective DPU of less than $300.

The impact of this proactive rotation is evident. In the first quarter of 2025, vehicle depreciation decreased 45% year-over-year and DPU for the quarter was $353, a meaningful improvement both sequentially and year-over-year. While the Company previously guided to sustainable DPU under $300 by the end of 2025, the favorable residual values and strong performance from model year 2025 vehicles have the Company on track to achieve this target in the second quarter of 2025.

Through "Hold Right", over 70% of the Company’s core U.S. rental fleet is 12 months old or less, enabling it to maintain a newer, desirable fleet for customers while retaining flexibility to manage through market volatility.

As one of the world’s largest used car dealers, Hertz is prioritizing retail as its primary vehicle sales channel, with Hertz Car Sales playing a leading role. As a cornerstone of the Company’s "Sell Right" strategy, this is key to maximizing value and improving unit economics. By leaning into retail over wholesale, in March 2025 Hertz also began to benefit from tariff-driven pricing dynamics, with used car prices rising and DPU declining. As such, the Company delivered its strongest-ever quarter for retail vehicle sales in the first quarter of 2025. To build on this momentum, Hertz is expanding its retail footprint, deepening strategic partnerships, and increasing visibility of the Hertz Car Sales brand.

Revenue and Demand Environment

Revenue was down year-over-year driven primarily by reduced fleet capacity. The Company continues to manage its fleet prudently, which was down 8% year-over-year in the first quarter. Given macro demand uncertainties, it is intentionally running a tighter fleet year-over-year while capitalizing on the strong residual value environment to accelerate the rotation of its remaining older vehicles. The focus is to offset some of the fleet reduction through higher utilization and "sweating the assets" with more days. RPU declined 3% year-over-year due to the timing of the Easter holiday and Leap Year, as well as a margin-accretive shift in fleet mix to better align with customer booking behavior. Utilization was up 240 basis points year-over-year and would have been stronger if not for temporary headwinds from accelerated in-fleeting.

Looking forward, the Company sees both macroeconomic uncertainty and opportunity. The Company has recently seen demand moderate for corporate, government and U.S. inbound segments while forward bookings for Hertz leisure are up year-over-year. The Company intends to remain prudent in its fleet management, entering the summer with a relatively tight fleet, and thereby leveraging rising residual values. As always, the Company will remain nimble as it assesses the changing demand environment. Macroeconomic opportunity lies in the upside revenue potential which has historically followed periods of constrained vehicle supply. Prior supply constraints resulting from the 2008 Financial Crisis and, most recently, the COVID pandemic, have consistently driven significant revenue per day ("RPD") gains throughout the industry.

In the rest of 2025 and into 2026, the Company is focused on fundamentally improving the durability and margins of the business.

• First, the Company is making foundational changes to its revenue management system which are expected to be meaningfully margin-accretive.

• Second, the Company is continuing to build the foundations for improved demand generation within the off-airport and mobility business units. The Company expects to achieve improved resilience during lower demand seasons and economic cycles, while also improving RPU by leveraging greater options for demand selection. Further diversification of the Company’s revenue streams should lead to greater resilience and improved margins over time.

• Third, the Company is already driving a greater mix of durable demand segments such as direct sales through owned websites, thereby improving RPD mix, and expects to gain further traction.

• Fourth, the Company is enhancing its customer experience. By the end of the first quarter of 2025, Net Promoter Scores improved by 11 points year-over-year, demonstrating operational excellence across its global footprint. Equally encouraging, loyalty enrollments were up 11% year-over-year in the first quarter of 2025, and this is starting to translate into increased loyalty bookings.

Cost Management

The Company’s cost control efforts, which have been supported by its fleet refresh activities, have contributed to an improvement in DOE in the first quarter of 2025 of $92 million year-over-year. On a per day basis, DOE in the first quarter of 2025 was down 4% quarter-over-quarter, despite lower volume. Year-over-year, DOE per day was down 1% on a volume adjusted basis. The Company is partnering with a global leader in AI-driven vehicle inspection systems, which it expects will improve the efficiency and accuracy of vehicle maintenance and damage collections, while also providing a more transparent, digital-first experience for customers. In the first quarter of 2025, excluding the impact of stock-based compensation awards forfeited in the prior-year quarter, selling, general and administrative costs also decreased year-over-year.

Collectively, these efforts are expected to significantly improve the Company’s results and position it to return to positive Adjusted Corporate EBITDA by the third quarter.

Recent Transactions

In May 2025, the Company amended its First Lien Credit Agreement to extend the maturity date of $1.7 billion of commitments under its existing $2.0 billion First Lien RCF from June 2026 to March 2028, subject to a springing maturity date (as defined in the First Lien Credit Agreement), and to make certain other amendments to the First Lien Credit Agreement. Hertz will have access to up to $2.0 billion under the First Lien RCF until June 2026, and thereafter the aggregate amount of commitments under the First Lien RCF is $1.7 billion until March 2028, after giving effect to the amendment. The principal financial terms of the amended facilities are essentially unchanged.

Also in May 2025, the Company completed the following transactions with regard to its U.S., Europe and Canadian vehicle debt facilities:

• Extended $2.9 billion of maturities under the HVFIII Series 2021-A variable funding notes to May 2027, demonstrating strong market acceptance and competitive pricing buoyed by favorable U.S. RAC fleet values. As of March 2025, the fair market value (FMV) of the fleet in the ABS was $9.2 billion versus ABS net book value (NBV) of $8.8 billion and the three-month average FMV was ~105% of NBV

• Extended maturities for €1.2 billion of its European ABS to April 2027

• Extended the maturity of its Canadian Securitization to April 2027

Overall, these transactions improve the Company’s capital structure and maturity ladder, and de-risks the balance sheet, providing flexibility for the Company to continue its transformation.

SUMMARY RESULTS

	Three Months Ended March 31,				Percent Inc/ (Dec) 2025 vs 2024
($ in millions, except earnings per share or where noted)	2025		2024
Hertz Global – Consolidated
Total revenues	$ 1,813		$ 2,080		(13) %
Net income (loss)	$ (443)		$ (186)		NM
Net income (loss) margin	(24) %		(9) %
Adjusted net income (loss)(a)	$ (346)		$ (392)		(12) %
Adjusted diluted earnings (loss) per share(a)	$ (1.12)		$ (1.28)		(13) %
Adjusted Corporate EBITDA(a)	$ (325)		$ (567)		(43) %
Adjusted Corporate EBITDA Margin(a)	(18) %		(27) %
Average Vehicles (in whole units)	504,723		547,492		(8) %
Average Rentable Vehicles (in whole units)	477,273		529,232		(10) %
Vehicle Utilization	79 %		76 %
Transaction Days (in thousands)	33,902		36,854		(8) %
Total RPD (in dollars)(b)	$ 53.38		$ 55.94		(5) %
Total RPU Per Month (in whole dollars)(b)	$ 1,264		$ 1,299		(3) %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 353		$ 588		(40) %
Americas RAC Segment
Total revenues	$ 1,490		$ 1,739		(14) %
Adjusted EBITDA	$ (238)		$ (488)		(51) %
Adjusted EBITDA Margin	(16) %		(28) %
Average Vehicles (in whole units)	413,381		450,585		(8) %
Average Rentable Vehicles (in whole units)	386,757		433,823		(11) %
Vehicle Utilization	80 %		77 %
Transaction Days (in thousands)	27,758		30,560		(9) %
Total RPD (in dollars)(b)	$ 53.68		$ 56.78		(5) %
Total RPU Per Month (in whole dollars)(b)	$ 1,284		$ 1,333		(4) %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 372		$ 648		(43) %
International RAC Segment
Total revenues	$ 323		$ 341		(5) %
Adjusted EBITDA	$ (17)		$ (27)		(37) %
Adjusted EBITDA Margin	(5) %		(8) %
Average Vehicles (in whole units)	91,343		96,907		(6) %
Average Rentable Vehicles (in whole units)	90,516		95,409		(5) %
Vehicle Utilization	75 %		72 %
Transaction Days (in thousands)	6,144		6,294		(2) %
Total RPD (in dollars)(b)	$ 52.07		$ 51.89		— %
Total RPU Per Month (in whole dollars)(b)	$ 1,178		$ 1,141		3 %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 265		$ 308		(14) %

NM = Not meaningful
(a)	Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2025 and 2024.
(b)	Based on December 31, 2024 foreign exchange rates.

EARNINGS WEBCAST INFORMATION

Hertz Global’s live webcast and conference call to discuss its first quarter 2025 results will be held on May 13, 2025, at 9:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on the Company’s investor relations website at IR.Hertz.com. If you would like to access the call by phone and ask a question, please go to Hertz Q1 2025 earnings teleco registration, and you will be provided with dial in details. Investors are encouraged to dial-in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com.

UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS

In this earnings release, we include select unaudited financial data of Hertz Global, Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and its rationale on the importance and usefulness of non-GAAP measures for investors and management.

ABOUT HERTZ

Hertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands with more than 11,000 rental locations in 160 countries around the globe, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in Europe. For more information about Hertz, visit www.hertz.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained or incorporated by reference in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements are identified by words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts," "guidance" or similar expressions, and include information concerning our liquidity, our results of operations, our business strategies, economic and industry conditions and other information. These forward-looking 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. The Company believes these judgments are reasonable, but you should understand that these forward-looking statements are not guarantees of future performance or results, and that 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, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished to the SEC.

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 other things.

• mix of program and non-program vehicles in the Company’s fleet, which can lead to increased exposure to residual value risk upon disposition;
• the potential for residual values associated with non-program vehicles in the Company’s fleet to decline, including suddenly or unexpectedly, or fail to follow historical seasonal patterns;
• the Company’s ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including upon any disruptions in the global supply chain;
• the Company’s ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company’s returns;
• the age of the Company’s fleet, and its impact on vehicle carrying costs, customer service scores, as well as on the Company’s ability to sell vehicles at acceptable prices and times;
• disruptions in the supply chain, including in connection with any increases in tariffs or changes in tariff policies or trade agreements;
• whether a manufacturer of the Company’s program vehicle fulfills its repurchase obligations;
• the frequency or extent of manufacturer safety recalls;
• levels of travel demand, particularly business and leisure travel in the U.S. and in global markets;
• seasonality and other occurrences that disrupt rental activity during the Company’s peak periods, including in critical geographies;
• the Company’s ability to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in the Company’s rental operations accordingly;
• the Company’s ability to implement its business strategy or strategic transactions, including the Company’s ability to implement plans to support a modern mobility ecosystem;
• the Company’s ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from its profitability initiatives and other operational programs;
• the Company’s ability to adequately respond to changes in technology impacting the mobility industry;
• significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing;
• the Company’s reliance on third-party distribution channels and related prices, commission structures and transaction volumes;
• the Company’s ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share;
• the Company’s ability to maintain its network of leases and vehicle rental concessions at airports and other key locations 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 attract and retain effective front-line employees, senior management and other key employees;
• the Company’s ability to effectively manage its union relations and labor agreement negotiations;
• the Company’s ability to manage and respond to cybersecurity threats and cyber attacks on the Company’s information technology systems or those of the Company’s third-party providers;
• the Company’s ability, and that of the Company’s key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber attacks and other security threats;
• the Company’s ability to evaluate, maintain, upgrade and consolidate its information technology systems;
• the Company’s ability to comply with current and future laws and regulations in the U.S. and internationally regarding data protection, data security and privacy risks;
• risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anti-corruption or anti-bribery laws and the Company’s ability to repatriate cash from non-U.S. affiliates without adverse tax consequences;
• risks relating to tax laws, including those that affect the Company’s ability to recapture accelerated tax depreciation and expensing, as well as any adverse determinations or rulings by tax authorities;
• the Company’s ability to utilize its net operating loss carryforwards;
• the Company’s exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation;
• the potential for adverse changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to environmental matters, optional insurance products or policies, franchising and licensing matters, the ability to pass-through rental car related expenses or taxes, among others, that affect the Company’s operations, the Company’s costs or applicable tax rates;
• the risk of an impairment of the Company’s long-lived assets, which risk could be impacted by, among other things, the timing of our fleet rotation;
• the Company’s ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis;
• the potential for changes in management’s best estimates and assessments;
• the Company’s ability to maintain an effective compliance program;
• the availability of earnings and funds from the Company’s subsidiaries;
• the Company’s ability to comply, and the cost and burden of complying, with corporate and social responsibility regulations or expectations of stakeholders, and otherwise advance the Company’s corporate responsibility priorities;
• the availability of additional, or continued sources, of financing at acceptable rates for the Company’s revenue earning vehicles and to refinance the Company’s existing indebtedness, and the Company’s ability to comply with the covenants in the agreements governing its indebtedness;
• the extent to which the Company’s consolidated assets secure its outstanding indebtedness;
• volatility in the Company’s share price, the Company’s ownership structure and certain provisions of the Company’s charter documents, which could, among other things, negatively affect the market price of the Company’s common stock;
• the Company’s ability to implement an effective business continuity plan to protect the business in exigent circumstances;
• the Company’s ability to effectively maintain effective internal control over financial reporting; and
• the Company’s ability to execute strategic transactions.

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 of this release, 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.

UNAUDITED FINANCIAL INFORMATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended March 31,
(In millions, except per share data)	2025		2024
Revenues	$ 1,813		$ 2,080
Expenses:
Direct vehicle and operating	1,274		1,366
Depreciation of revenue earning vehicles and lease charges, net	535		969
Depreciation and amortization of non-vehicle assets	30		32
Selling, general and administrative	219		162
Interest expense, net:
Vehicle	140		141
Non-vehicle	127		75
Total interest expense, net	267		216
Other (income) expense, net	4		2
Change in fair value of Public Warrants	9		(86)
Total expenses	2,338		2,661
Income (loss) before income taxes	(525)		(581)
Income tax (provision) benefit	82		395
Net income (loss)	$ (443)		$ (186)
Weighted average number of shares outstanding:
Basic	307		305
Diluted	307		305
Earnings (loss) per share:
Basic	$ (1.44)		$ (0.61)
Diluted	$ (1.44)		$ (0.61)

UNAUDITED CONSOLIDATED BALANCE SHEETS
(In millions, except par value and share data)	March 31, 2025		December 31, 2024
ASSETS
Cash and cash equivalents	$ 626		$ 592
Restricted cash and cash equivalents:
Vehicle	112		258
Non-vehicle	283		283
Total restricted cash and cash equivalents	395		541
Total cash and cash equivalents and restricted cash and cash equivalents	1,021		1,133
Receivables:
Vehicle	477		389
Non-vehicle, net of allowance of $57 and $58, respectively	755		816
Total receivables, net	1,232		1,205
Prepaid expenses and other assets	1,010		894
Revenue earning vehicles:
Vehicles	13,139		12,714
Less: accumulated depreciation	(986)		(751)
Total revenue earning vehicles, net	12,153		11,963
Property and equipment, net	595		623
Operating lease right-of-use assets	2,140		2,088
Intangible assets, net	2,852		2,852
Goodwill	1,044		1,044
Total assets	$ 22,047		$ 21,802
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable:
Vehicle	$ 367		$ 161
Non-vehicle	494		481
Total accounts payable	861		642
Accrued liabilities	1,191		1,174
Accrued taxes, net	198		158
Debt:
Vehicle	11,026		11,231
Non-vehicle	5,746		5,104
Total debt	16,772		16,335
Public Warrants	187		178
Operating lease liabilities	2,125		2,073
Self-insured liabilities	627		617
Deferred income taxes, net	348		472
Total liabilities	22,309		21,649
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, no shares issued and outstanding	—		—
Common stock, $0.01 par value, 482,788,945 and 481,502,623 shares issued, respectively, and 307,976,901 and 306,690,579 shares outstanding, respectively	5		5
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively	(3,430)		(3,430)
Additional paid-in capital	6,409		6,396
Retained earnings (Accumulated deficit)	(2,945)		(2,502)
Accumulated other comprehensive income (loss)	(301)		(316)
Total stockholders’ equity (deficit)	(262)		153
Total liabilities and stockholders’ equity (deficit)	$ 22,047		$ 21,802

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities:
Net income (loss)	$ (443)		$ (186)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net	624		1,070
Depreciation and amortization, non-vehicle	30		32
Amortization of deferred financing costs and debt discount (premium)	20		18
PIK Interest on Exchangeable Notes	11		—
Stock-based compensation charges	16		16
Stock-based compensation forfeitures	—		(68)
Provision for receivables allowance	25		31
Deferred income taxes, net	(124)		(414)
(Gain) loss on sale of non-vehicle capital assets	(3)		1
Change in fair value of Public Warrants	9		(86)
Changes in financial instruments	—		6
Other	4		(10)
Changes in assets and liabilities:
Non-vehicle receivables	43		(36)
Prepaid expenses and other assets	(34)		(56)
Operating lease right-of-use assets	113		100
Non-vehicle accounts payable	7		(4)
Accrued liabilities	21		31
Accrued taxes, net	38		21
Operating lease liabilities	(113)		(100)
Self-insured liabilities	7		4
Net cash provided by (used in) operating activities	251		370
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,847)		(1,904)
Proceeds from disposal of revenue earning vehicles	2,124		1,233
Non-vehicle capital asset expenditures	(22)		(33)
Proceeds from non-vehicle capital assets disposed of	27		3
Return of (investment in) equity investments	—		(2)
Net cash provided by (used in) investing activities	(718)		(703)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	1,126		534
Repayments of vehicle debt	(1,384)		(892)
Proceeds from issuance of non-vehicle debt	900		935
Repayments of non-vehicle debt	(280)		(490)
Payment of financing costs	(13)		—
Other	(3)		(2)
Net cash provided by (used in) financing activities	346		85
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	9		(13)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	(112)		(261)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,133		1,206
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 1,021		$ 945

Supplemental Schedule I
HERTZ GLOBAL HOLDINGS, INC. CONDENSED STATEMENT OF OPERATIONS BY SEGMENT Unaudited
	Three Months Ended March 31, 2025								Three Months Ended March 31, 2024
(In millions)	Americas RAC		International RAC		Corporate		Hertz Global		Americas RAC		International RAC		Corporate		Hertz Global
Revenues	$ 1,490		$ 323		$ —		$ 1,813		$ 1,739		$ 341		$ —		$ 2,080
Expenses:
Direct vehicle and operating	1,066		207		1		1,274		1,152		216		(2)		1,366
Depreciation of revenue earning vehicles and lease charges, net	462		73		—		535		876		93		—		969
Depreciation and amortization of non-vehicle assets	26		3		1		30		25		4		3		32
Selling, general and administrative	114		47		58		219		124		57		(19)		162
Interest expense, net:
Vehicle	117		23		—		140		116		25		—		141
Non-vehicle	(1)		(4)		132		127		(2)		(4)		81		75
Total interest expense, net	116		19		132		267		114		21		81		216
Other (income) expense, net	—		(3)		7		4		(1)		1		2		2
Change in fair value of Public Warrants	—		—		9		9		—		—		(86)		(86)
Total expenses	1,784		346		208		2,338		2,290		392		(21)		2,661
Income (loss) before income taxes	$ (294)		$ (23)		$ (208)		$ (525)		$ (551)		$ (51)		$ 21		(581)
Income tax (provision) benefit							82								395
Net income (loss)							$ (443)								$ (186)

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 March 31,
(In millions, except per share data)	2025		2024
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share:
Net income (loss)(a)	$ (443)		$ (186)
Adjustments:
Income tax provision (benefit)	(82)		(395)
Vehicle and non-vehicle debt-related charges(b)	25		18
Restructuring and restructuring related charges(c)	3		32
Acquisition accounting-related depreciation and amortization(d)	—		—
Unrealized (gains) losses on financial instruments(e)	—		6
Change in fair value of Public Warrants	9		(86)
Other items(f)(j)	27		8
Adjusted pre-tax income (loss)(g)	(461)		(603)
Income tax (provision) benefit on adjusted pre-tax income (loss)(h)	115		211
Adjusted Net Income (Loss)	$ (346)		$ (392)
Weighted-average number of diluted shares outstanding	307		305
Adjusted Diluted Earnings (Loss) Per Share(i)	$ (1.12)		$ (1.28)

Supplemental Schedule II (continued)
	Three Months Ended March 31,
(In millions, except per share data)	2025		2024
Adjusted Corporate EBITDA:
Net income (loss)	$ (443)		$ (186)
Adjustments:
Income tax provision (benefit)	(82)		(395)
Non-vehicle depreciation and amortization	30		32
Non-vehicle debt interest, net of interest income(k)	121		75
Vehicle debt-related charges(b)	11		12
Restructuring and restructuring related charges(c)	3		32
Unrealized (gains) losses on financial instruments(e)	—		6
Non-cash stock-based compensation forfeitures(l)	—		(64)
Change in fair value of Public Warrants	9		(86)
Other items(f)	26		7
Adjusted Corporate EBITDA(m)	$ (325)		$ (567)
Adjusted Corporate EBITDA margin	(18) %		(27) %

(a)	Net income (loss) margin for the three months ended March 31, 2025 was (24)%. Net income (loss) margin for the three months ended March 31, 2024 was (9)%.
(b)	Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.
(c)	Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations.
(d)	Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.
(e)	Represents unrealized gains (losses) on derivative financial instruments, including the Exchange Feature.
(f)	Represents miscellaneous items. For the three months ended March 31, 2025, primarily includes certain litigation charges, certain IT-related charges and certain concession-related adjustments. For the three months ended March 31, 2024, primarily includes certain IT-related charges, partially offset by certain litigation settlements.
(g)	The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Pretax Income (Loss) and Adjusted Net Income (Loss), all of which are deemed non-GAAP measures.

(in millions)	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
Expenses:	As Reported		Adjustment		As Adjusted		As Reported		Adjustment		As Adjusted
Direct vehicle and operating	$ 1,274		$ (16)		$ 1,258		$ 1,366		$ (6)		$ 1,360
Depreciation of revenue earning vehicles and lease charges, net	535		—		535		969		5		974
Depreciation and amortization of non-vehicle assets	30		—		30		32		—		32
Selling, general and administrative	219		(2)		217		162		(39)		123
Interest expense, net:
Vehicle	140		(11)		129		141		(13)		128
Non-vehicle	127		(24)		103		75		(10)		65
Total interest expense, net	267		(35)		232		216		(23)		193
Other income (expense), net	4		(2)		2		2		(1)		1
Change in fair value of Public Warrants	9		(9)		—		(86)		86		—
Total	$ 2,338		$ (64)		$ 2,274		$ 2,661		$ 22		$ 2,683

(h)	Derived utilizing a combined statutory rate of 25% and 35% for the three months ended March 31, 2025 and 2024, respectively, 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)	Also includes letter of credit fees.
(k)	Excludes gains (losses) related to the fair value of the Exchange Feature.
(l)	Represents former CEO awards forfeited in March 2024.
(m)	The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Corporate EBITDA, both of which are deemed non-GAAP measures.

(in millions)	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
Expenses:	As Reported		Adjustment		As Adjusted		As Reported		Adjustment		As Adjusted
Direct vehicle and operating	$ 1,274		$ (16)		$ 1,258		$ 1,366		$ (6)		$ 1,360
Depreciation of revenue earning vehicles and lease charges, net	535		—		535		969		5		974
Depreciation and amortization of non-vehicle assets	30		(30)		—		32		(32)		—
Selling, general and administrative	219		(2)		217		162		25		187
Interest expense, net:
Vehicle	140		(11)		129		141		(13)		128
Non-vehicle	127		(127)		—		75		(75)		—
Total interest expense, net	267		(138)		129		216		(88)		128
Other income (expense), net	4		(5)		(1)		2		(4)		(2)
Change in fair value of Public Warrants	9		(9)		—		(86)		86		—
Total expenses	$ 2,338		$ (200)		$ 2,138		$ 2,661		$ (14)		$ 2,647

Supplemental Schedule III
HERTZ GLOBAL HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW
Unaudited
	Three Months Ended March 31,
(In millions)	2025		2024
ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:
Net cash provided by (used in) operating activities	$ 251		$ 370
Depreciation and reserves for revenue earning vehicles, net	(624)		(1,070)
Bankruptcy related payments (post emergence) and other payments	—		3
Adjusted operating cash flow	(373)		(697)
Non-vehicle capital asset proceeds (expenditures), net	5		(30)
Adjusted operating cash flow before vehicle investment	(368)		(727)
Net fleet growth after financing	(210)		(2)
Adjusted free cash flow	$ (578)		$ (729)
CALCULATION OF NET FLEET GROWTH AFTER FINANCING:
Revenue earning vehicles expenditures	$ (2,847)		$ (1,904)
Proceeds from disposal of revenue earning vehicles	2,124		1,233
Revenue earning vehicles capital expenditures, net	(723)		(671)
Depreciation and reserves for revenue earning vehicles, net	624		1,070
Financing activity related to vehicles:
Borrowings	1,126		534
Payments	(1,384)		(892)
Restricted cash changes, vehicle	147		(43)
Net financing activity related to vehicles	(111)		(401)
Net fleet growth after financing	$ (210)		$ (2)

Supplemental Schedule IV
HERTZ GLOBAL HOLDINGS, INC. NET DEBT CALCULATION
Unaudited
	As of March 31, 2025						As of December 31, 2024
(In millions)	Vehicle		Non-Vehicle		Total		Vehicle		Non-Vehicle		Total
First Lien RCF	$ —		$ 800		$ 800		$ —		$ 175		$ 175
Term loans	—		1,990		1,990		—		1,995		1,995
First lien senior notes	—		1,250		1,250		—		1,250		1,250
Exchangeable notes	—		261		261		—		250		250
Senior unsecured notes	—		1,500		1,500		—		1,500		1,500
U.S. vehicle financing (HVF III)	9,376		—		9,376		9,431		—		9,431
International vehicle financing (Various)	1,593		—		1,593		1,752		—		1,752
Other debt	109		—		109		97		—		97
Debt issue costs, discounts and premiums	(52)		(55)		(107)		(49)		(66)		(115)
Debt as reported in the balance sheet	11,026		5,746		16,772		11,231		5,104		16,335
Add:
Debt issue costs, discounts and premiums	52		55		107		49		66		115
Less:
Cash and cash equivalents	—		626		626		—		592		592
Restricted cash	112		—		112		258		—		258
Restricted cash and restricted cash equivalents associated with Term C Loan	—		245		245		—		245		245
Net Debt	$ 10,966		$ 4,930		$ 15,896		$ 11,022		$ 4,333		$ 15,355
LTM Adjusted Corporate EBITDA(a)			(1,299)						(1,541)
Net Corporate Leverage			(3.8)x						(2.8)x

(a)	Reconciliation of LTM Adjusted Corporate EBITDA for the three months ended March 31, 2025 and twelve months ended December 31, 2024 are as follows:

(In millions)	Three Months Ended March 31, 2025		Twelve Months Ended December 31, 2024
Net income (loss) three months ended:
June 30, 2024	$ (865)		n/a
September 30, 2024	(1,332)		n/a
December 31, 2024	(479)		n/a
March 31, 2025	(443)		n/a
LTM net income (loss)	(3,119)		$ (2,862)
Adjustments:
Income tax provision (benefit)	(62)		(375)
Non-vehicle depreciation and amortization	137		139
Non-vehicle debt interest, net of interest income	421		375
Vehicle debt-related charges	44		45
Restructuring and restructuring related charge	37		66
Unrealized (gains) losses on financial instruments	1		7
Non-cash stock-based compensation forfeitures	—		(64)
Bankruptcy-related litigation reserve	292		292
Long-Lived Assets impairment	1,048		1,048
Change in fair value of Public Warrants	(180)		(275)
Other items	82		63
LTM Adjusted Corporate EBITDA	$ (1,299)		$ (1,541)

Supplemental Schedule V
HERTZ GLOBAL HOLDINGS, INC. KEY METRICS CALCULATIONS REVENUE, UTILIZATION AND DEPRECIATION
Unaudited
Global RAC
	Three Months Ended March 31,				Percent Inc/(Dec)
($ in millions, except where noted)	2025		2024
Total RPD
Revenues	$ 1,813		$ 2,080
Foreign currency adjustment(a)	(3)		(18)
Total Revenues – adjusted for foreign currency	$ 1,810		$ 2,062
Transaction Days (in thousands)	33,902		36,854
Total RPD (in dollars)	$ 53.38		$ 55.94		(5) %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 1,810		$ 2,062
Average Rentable Vehicles (in whole units)	477,273		529,232
Total revenue per unit (in whole dollars)	$ 3,792		$ 3,896
Number of months in period (in whole units)	3		3
Total RPU Per Month (in whole dollars)	$ 1,264		$ 1,299		(3) %
Vehicle Utilization
Transaction Days (in thousands)	33,902		36,854
Average Rentable Vehicles (in whole units)	477,273		529,232
Number of days in period (in whole units)	90		91
Available Car Days (in thousands)	42,959		48,181
Vehicle Utilization(b)	79 %		76 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 535		$ 969
Foreign currency adjustment(a)	(1)		(4)
Adjusted depreciation of revenue earning vehicles and lease charges	$ 534		$ 965
Average Vehicles (in whole units)	504,723		547,492
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 1,059		$ 1,763
Number of months in period (in whole units)	3		3
Depreciation Per Unit Per Month (in whole dollars)	$ 353		$ 588		(40) %

Note: Global RAC represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate
(a)	Based on December 31, 2024 foreign exchange rates.
(b)	Calculated as Transaction Days divided by Available Car Days.

Supplemental Schedule V (continued)
HERTZ GLOBAL HOLDINGS, INC. KEY METRICS CALCULATIONS REVENUE, UTILIZATION AND DEPRECIATION
Unaudited
Americas RAC
	Three Months Ended March 31,				Percent Inc/(Dec)
($ in millions, except where noted)	2025		2024
Total RPD
Revenues	$ 1,490		$ 1,739
Foreign currency adjustment(a)	—		(4)
Total Revenues – adjusted for foreign currency	$ 1,490		$ 1,735
Transaction Days (in thousands)	27,758		30,560
Total RPD (in dollars)	$ 53.68		$ 56.78		(5) %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 1,490		$ 1,735
Average Rentable Vehicles (in whole units)	386,757		433,823
Total revenue per unit (in whole dollars)	$ 3,852		$ 4,000
Number of months in period (in whole units)	3		3
Total RPU Per Month (in whole dollars)	$ 1,284		$ 1,333		(4) %
Vehicle Utilization
Transaction Days (in thousands)	27,758		30,560
Average Rentable Vehicles (in whole units)	386,757		433,823
Number of days in period (in whole units)	90		91
Available Car Days (in thousands)	34,808		39,496
Vehicle Utilization(b)	80 %		77 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 462		$ 876
Foreign currency adjustment(a)	—		—
Adjusted depreciation of revenue earning vehicles and lease charges	$ 462		$ 876
Average Vehicles (in whole units)	413,381		450,585
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 1,117		$ 1,944
Number of months in period (in whole units)	3		3
Depreciation Per Unit Per Month (in whole dollars)	$ 372		$ 648		(43) %

(a)	Based on December 31, 2024 foreign exchange rates.
(b)	Calculated as Transaction Days divided by Available Car Days.

Supplemental Schedule V (continued)
HERTZ GLOBAL HOLDINGS, INC. KEY METRICS CALCULATIONS REVENUE, UTILIZATION AND DEPRECIATION
Unaudited
International RAC
	Three Months Ended March 31,				Percent Inc/(Dec)
($ in millions, except where noted)	2025		2024
Total RPD
Revenues	$ 323		$ 341
Foreign currency adjustment(a)	(3)		(14)
Total Revenues – adjusted for foreign currency	$ 320		$ 327
Transaction Days (in thousands)	6,144		6,294
Total RPD (in dollars)	$ 52.07		$ 51.89		— %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 320		$ 327
Average Rentable Vehicles (in whole units)	90,516		95,409
Total revenue per unit (in whole dollars)	$ 3,534		$ 3,423
Number of months in period (in whole units)	3		3
Total RPU Per Month (in whole dollars)	$ 1,178		$ 1,141		3 %
Vehicle Utilization
Transaction Days (in thousands)	6,144		6,294
Average Rentable Vehicles (in whole units)	90,516		95,409
Number of days in period (in whole units)	90		91
Available Car Days (in thousands)	8,151		8,686
Vehicle Utilization (b)	75 %		72 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 73		$ 93
Foreign currency adjustment(a)	—		(4)
Adjusted depreciation of revenue earning vehicles and lease charges	$ 73		$ 89
Average Vehicles (in whole units)	91,343		96,907
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 794		$ 923
Number of months in period (in whole units)	3		3
Depreciation Per Unit Per Month (in whole dollars)	$ 265		$ 308		(14) %

(a)	Based on December 31, 2024 foreign exchange rates.
(b)	Calculated as Transaction Days divided by Available Car Days.

NON-GAAP MEASURES AND KEY METRICS

The term "GAAP" refers to accounting principles generally accepted in the United States. 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 EPS")

Adjusted Net Income (Loss) represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; vehicle and non-vehicle debt-related charges; restructuring and restructuring related charges; acquisition accounting-related depreciation and amortization; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring 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 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 EPS are important operating metrics because they allow management and investors 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; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring 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 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 and investors 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 operating cash flow and adjusted free cash flow

Adjusted operating cash flow represents net cash provided by operating activities net of the non-cash add back for vehicle depreciation and reserves, and exclusive of bankruptcy related payments made post emergence. Adjusted operating cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash generated from operations when fully burdened by fleet costs.

Adjusted free cash flow represents adjusted operating cash flow plus the impact of net non-vehicle capital expenditures and net fleet growth after financing. Adjusted free cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash available for, but not limited to, the reduction of non-vehicle debt, share repurchase and acquisition.

The most comparable GAAP measure for adjusted operating cash flow and adjusted free cash flow is net cash provided by (used in) operating activities.

Net Fleet Growth After Financing

U.S. and International Rental Car segments Fleet Growth is defined as 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 as it allows the Company to assess the cash flow required to support its investment in revenue earning vehicles.

Net Non-vehicle Debt

Net Non-vehicle Debt is calculated as non-vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issuance costs associated with non-vehicle debt, less cash and cash equivalents. Non-vehicle debt consists of the Company’s Senior Term Loans, Senior RCF, First Lien Senior Notes, Second Lien Exchangeable Notes, Senior Unsecured Notes, Promissory Notes and certain other non-vehicle indebtedness of its domestic and foreign subsidiaries. Net Non-vehicle Debt is important to management and investors as it helps measure the Company’s corporate leverage. Net Non-vehicle Debt 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

Net Vehicle Debt is calculated as vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issue costs 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. 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

Total Net Debt is calculated as total debt, excluding the impact of unamortized debt issuance costs, less total cash and cash equivalents and restricted cash associated with vehicle debt. Unamortized debt issuance costs are required to be reported as a deduction from the carrying amount of the related debt obligation under GAAP. Management believes that eliminating the effects that these costs have on debt will more accurately reflect the Company’s net debt position. Total Net Debt is important to management, investors and ratings agencies as it helps measure the Company’s gross leverage.

Net Corporate Leverage

Net Corporate Leverage is calculated as non-vehicle net debt divided by Adjusted Corporate EBITDA for the last twelve months. Net Corporate Leverage is important to management and investors as it measures the Company’s corporate leverage net of unrestricted cash. Net Corporate Leverage also assists in the evaluation of the Company’s ability to service its non-vehicle debt with reference to the generation of Adjusted Corporate EBITDA.

KEY METRICS

Available Rental Car Days

Available Rental Car Days represents Average Rentable Vehicles multiplied by the number of days in a given 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.

Average Rentable Vehicles

Average Rentable Vehicles reflects Average Vehicles excluding vehicles for sale on the Company’s retail lots or actively in the process of being sold through other disposition channels.

Depreciation Per Unit Per Month ("Depreciation Per Unit" or "DPU")

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 so as not to affect the comparability of underlying trends. This metric is important to management and investors as it reflects how effectively the Company is managing the costs of its vehicles and facilitates 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 revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the 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", "RPU" or "Total RPU Per Month")

Total RPU Per Month represents the amount of revenue generated per vehicle in the rental fleet each month, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it provides a measure of revenue productivity relative to the number of vehicles in our rental fleet whether owned or leased, or asset efficiency.

Transaction Days ("Days"; also referred to as "volume")

Transaction Days represents 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 Rental 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 rentable fleet capacity.

SOURCE Hertz Global Holdings, Inc.

Extends $1.665 Billion of Commitments Under Revolving Credit Facility, $2.860 Billion of Commitments Under HVF III U.S. Vehicle Variable Funding Notes, and €1.160 Billion Under European ABS

ESTERO, Fla., May 9, 2025 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the "Company") announced today the successful extension of its First Lien RCF, HVF III U.S. Vehicle Variable Funding Notes, and European ABS strengthening the Company’s financial foundation and enhancing strategic flexibility. With each of these extensions, the Company is well positioned to continue executing its strategic plan anchored on disciplined fleet management, revenue optimization, and rigorous cost control. These extensions ensure that the Company has access to sufficient capital to support its strategic needs and vehicle fleet, including retaining the ability to supplement its fleet funding needs in the future.

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"Each of these extensions mark another step forward in our transformation as they afford us additional financial strength and flexibility to execute our plan," said Gil West, Hertz CEO. "They are a testament to the progress we’re making and reflect the confidence our lenders have in our ability to transform the company and achieve our long- term goals."

In summary, Hertz:

• Amended its First Lien Credit Agreement governing the revolving credit facility to provide for the extension of the maturity date of approximately $1.665 billion of commitments under the existing $2.0 billion revolving credit facility from June 30, 2026, to March 31, 2028. The Company will have access to up to $2.0 billion under its revolving credit facility until June 30, 2026, and thereafter the aggregate amount of commitments under its revolving credit facility will be $1.665 billion until March 31, 2028.
• Amended its HVF III U.S. Vehicle Variable Funding Notes to extend the commitment termination date for such notes by one year to May 7, 2027. The Class A maximum principal amount available will be $3.640 billion until April 10, 2026, and thereafter will be $2.860 billion until May 7, 2027.
• Amended its European ABS securitization platform for financing activities relating to affiliates’ vehicle fleets in Europe to extend the maturity date of €1.160 billion of Class A notes in the facility to April 30, 2027. The aggregate amount of Class A note commitments under the European ABS facility remaining until March 31, 2026, is €1.289 billion.

For additional details, please refer to the Company’s Form 8-K filing with the U.S. Securities and Exchange Commission.

ABOUT HERTZ

Hertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands with more than 11,000 rental locations in 160 countries around the globe, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in Europe. For more information about Hertz, visit www.hertz.com.

This press release contains "forward-looking statements" within the meaning of the federal securities laws. Words such as "expect," "will" and "intend" and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, and our sources of liquidity. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including market conditions and those in our risk factors that we identify in our most recent annual report on Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission on February 18, 2025, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information.

SOURCE Hertz Global Holdings, Inc.

ESTERO, Fla., April 15, 2025 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the "Company") announced today that it plans to report its first quarter 2025 financial results after the market closes on Monday, May 12, 2025 and will host its accompanying webcast and conference call to discuss those results on Tuesday, May 13, 2025 at 9:00 a.m. ET.

A live webcast of the call will be available on the Investor Relations page of the Company’s website at https://ir.hertz.com. To access the call by phone, please register through this link: Hertz Q1 2025 earnings call teleco registration, and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A web replay will remain available on the website for approximately one year.

ABOUT HERTZ

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands 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. Additionally, The Hertz Corporation operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.

SOURCE Hertz Global Holdings, Inc.

Day Offers Witty, No-Nonsense Tips to Simplify Travel & Car Rental

ESTERO, Fla., April 7, 2025 /PRNewswire/ — Dollar Car Rental, a leading rental car provider, is excited to announce the launch of its latest campaign featuring renowned comedian, improviser, writer, and host Mikey Day, in the role of The Common Sensei, a wise teacher who demonstrates Dollar’s common-sense approach to travel and renting a car.

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The Dollar Common Sensei campaign brings a fresh, engaging perspective to travel and car rentals by offering a practical approach to navigating the process with ease and confidence. In a series of new ads, Day plays off the notion of travel nonsense – complications like searching online for hours to score a deal or paying too much for bottled water at a hotel. He gently pokes fun at these relatable experiences through the persona of The Common Sensei, taking absurd situations and making them make sense through wit and charm.

“As someone who’s on the road quite a bit I’ve seen a lot of things that just don’t make much sense. As Dollar’s Common Sensei I get to share my wisdom to help people make better travel decisions, like booking directly on Dollar.com to score their lowest rates on your rental car,” said Mikey Day. “Best of all, I play different personas including my pre-enlightened self and my clueless cousin, who really needed to wise up and learn that renting a car from Dollar Makes Sense!”

The series will be featured across streaming video and audio, social media, and owned channels showcasing Mikey as the knowledgeable sensei and five additional eccentric personas who require the sensei’s wisdom to understand that renting with Dollar makes sense. “Through a blend of humor and helpful tips, the campaign highlights how Dollar takes the guesswork out of car rentals, making it easier for travelers to focus on enjoying their trip,” said Sandeep Dube, Chief Commercial Officer. “With Mikey as our Common Sensei, we’re adding a fun, relatable twist that encourages travelers to simplify their journey by choosing Dollar because we’re committed to making every aspect of our customers’ travel experience easier.”

Dollar Car Rental combines affordability, convenience, flexibility, and customer-focused service, making it a great option for travelers looking for a hassle-free rental experience. While known for affordable rates, Dollar offers a wide network of vehicles and locations, including airports and popular tourist destinations, making it easy for travelers to pick up and drop off their vehicles. When renters book direct on Dollar.com they know they’ll get our lowest rates and great services such as online check-in, fast pickup, and drop-off options, as well as a user-friendly website that makes booking a car easy and quick. Plus, no hidden fees and flexible rental terms.

The Dollar Common Sensei campaign will also feature a sweepstakes, launching later this year, with a grand prize of a trip to New York City to meet Mikey, $25,000 and tickets to a late-night comedy show.

The Dollar Common Sensei campaign was created and produced by FKQ Advertising and Shadow Lion.

For more information, please visit www.dollar.com.

About Dollar Car Rental

Dollar Car Rental is the common sense brand that makes renting a car simple. It’s the perfect choice for travelers who want affordability without sacrificing quality. With well-priced car rentals, backed by a variety of vehicle options and a service that’s all about convenience, Dollar makes car rentals simple, easy and affordable. That’s why Dollar Makes Sense. For additional information, visit www.dollar.com.

About Mikey Day
Since joining the SNL cast in 2016 following a successful stint as a writer, Mikey Day has become a fan favorite, recently starring in the wildly popular Beavis & Butt-Head sketch alongside Ryan Gosling. He is currently developing a live-action adaptation of RUGRATS and will next be seen hosting Season 4 of his hit Netflix show IS IT CAKE?, a quirky competition gameshow where participants guess whether seemingly normal objects are actually made of cake. On the feature side, Mikey most recently appeared in Jerry Seinfeld’s UNFROSTED and Kenan Thompson’s GOOD BURGER 2.

Born in Orange, California, Mikey graduated from UCLA with a degree in theater. He began his career with the Groundlings where he wrote and co-starred in DAVID BLAINE STREET MAGIC, a parody of magician David Blaine. Mikey was an original cast member of MTV’s WILD N’ OUT and hosted a recurring segment on THE JAY LENO SHOW and THE TONIGHT SHOW WITH JAY LENO. He additionally wrote for Cartoon Network’s INCREDIBLE CREW and NBC’s MAYA & MARTY, among numerous other shows.

With over 600 sketches on SNL and recurring stints on ROBOT CHICKEN and MAD TV, Mikey Day has solidified his status as a comedic icon.

SOURCE Hertz Global Holdings, Inc.

Brady Plays Used Car Salesman in New Hertz Ad Offering Chance to Win Cadillac XT5

ESTERO, Fla., March 4, 2025 /PRNewswire/ — Hertz, one of the world’s leading car rental companies, is teaming up with Tom Brady once again to share that Hertz is also one of the largest used car dealers. The seven-time World Champion, sports broadcaster, and entrepreneur, is now adding used car salesman to his growing resume in a new ad for Hertz Car Sales.

In the ad, Brady explains the benefits of buying a vehicle from Hertz Car Sales and gives a lucky winner the chance to own a piece of sports history by taking home an autographed 2023 Cadillac XT5.

“Tom Brady might be collecting jobs like he collected championship rings, but he’s proving to be a genuine MVP in the used car game,” said Jeff Adams, Executive Vice President of Hertz Car Sales. “He’s showcasing our Hertz Car Sales vehicles with the same precision he showed on the field – and why premium vehicles like the Cadillac XT5 offer that perfect blend of luxury and reliability. When it comes to delivering value to customers, Brady’s definitely a pro.”

Hertz Car Sales has transformed the car-buying experience by bringing Hertz’s century-long automotive expertise directly to consumers. Customers can shop for premium pre-owned vehicles online or at more than 40 retail locations nationwide, select their Hertz Certified vehicle at clear, upfront pricing, and have it delivered right to their doorstep.

Each Hertz Certified vehicle undergoes a rigorous 115-point certification process and comes backed by comprehensive 12-month/12,000-mile limited powertrain warranty and Hertz Car Sales’ buy with confidence guarantee, delivering the quality, convenience, and value customers expect from the Hertz name.

“Hertz Car Sales has come up with the perfect game plan – with their seamless certification process, wide selection of premium vehicles, and clear upfront pricing. Hertz is committed to delivering exceptional service to their customers. I’m excited to work alongside their team and help people find the right car for them,” said Tom Brady.

The 2023 Cadillac XT5 is equipped with several entertainment and safety features including, but not limited to: navigation system, power moonroof, wireless phone connectivity, emergency communications system, lane departure, leather upholstery and more. The luxury SUV now also includes Brady’s handwritten signature on the driver’s side visor.

How to Enter: Entering the sweepstakes is easy and free! To enter, participants simply need to visit Hertz.com/TomBradyUsedCar.com and complete the online entry form. All eligible entries will be automatically entered into the grand prize drawing.

Key Sweepstakes Details:

• Prize: Cadillac XT5, signed by Tom Brady, valued at $31K+, plus $5,000 cash
• Entry Period: March 4, 2025 – April 14, 2025
• How to Enter: Visit Hertz.com/TomBradyUsedCar and complete the online entry form.

NO PURCHASE NECESSARY. Open to all legal U.S. residents who are licensed drivers residing in the 48 contiguous U.S. states and District of Columbia who are 20 years and older. Void where prohibited by law. See official rules for details.

For more information or to see Hertz’s latest used car sales inventory, visit hertzcarsales.com.

About Hertz
Hertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands with more than 11,000 rental locations in 160 countries around the globe, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in Europe. For more information about Hertz, visit www.hertz.com.

SOURCE Hertz Global Holdings, Inc.

"Our focus in 2024 was stabilizing the business and implementing fundamental changes to transform our company," said Gil West, Hertz CEO. "With our new leadership team and organizational structure in place, we are well positioned to execute our strategy with rigor and at pace. We are turning our fleet into a business advantage with a comprehensive strategy that will enable us to operate more efficiently while improving vehicle choice for our customers. Throughout this transformation, we remain focused on building customer trust and confidence by delivering a best-in-class experience.

"As an asset-heavy business with extensive global reach, we have the scale and expertise to lead the industry again. The foundation we built in 2024 positions us to execute our transformation in 2025, and I am confident in our ability to deliver sustainable value for our customers, employees, and shareholders."

ESTERO, Fla., Feb. 13, 2025 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz", "Hertz Global" or the "Company") today reported results for its fourth quarter and full year 2024.

Q4 2024

• Revenue of $2.0 billion
• GAAP net loss of $479 million, or $1.56 loss per diluted share

FY 2024

• Revenue of $9.0 billion
• GAAP net loss of $2.9 billion, or $9.34 loss per diluted share
• 30,000 EV fleet reduction announced in 2023 has been completed
• Strong corporate liquidity of $1.8 billion at December 31, 2024

OVERVIEW

The Company has been executing a commercial strategy aimed at maximizing RPU, primarily by driving a greater mix of high RPD business coupled with keeping fleet capacity inside demand. As a result, year over year RPU declines narrowed from down 7% in the first quarter of 2024 to down only 1% in the fourth quarter.

Vehicle depreciation improved 19% year over year in the fourth quarter. Fourth quarter 2023 included $245 million of loss on sale for EV’s stemming from the Company’s EV fleet reduction plan that did not recur in the fourth quarter of 2024. This benefit was partially offset by loss on sales experienced in the fourth quarter of 2024 largely driven by the impacts of higher-than-normal defleeting. The Company is in the midst of a fleet rotation aimed at normalizing DPU that is expected to be substantially complete by the end of 2025, at which time it expects DPU to settle below $300.

In the fourth quarter, direct vehicle and operating expenses rose by 2% compared to the previous year. The increase was primarily due to insurance cost headwinds and the recognition of additional non-cash rent expense, which primarily resulted from leases expense recognition post the long-lived asset impairment in the third quarter of 2024. This, combined with lower volume, drove a 6% year over year increase in DOE per transaction day. Selling, general and administrative expenses improved 9% year over year in the fourth quarter, due mostly to lower personnel and advertising expenses. The Company is laser-focused on its continued execution of structural operational efficiencies, including initiatives to lower insurance costs, that it expects will drive ongoing improvements in per day unit costs.

Adjusted Corporate EBITDA loss narrowed year over year in the fourth quarter to negative $357 million.

The Company is in the midst of an operational transformation grounded in its back to basics strategy aimed at strengthening the core business. The Company is laser-focused on excellence in execution of this strategy. The operational transformation is ongoing and is expected to be substantially completed by the end of 2025.

SUMMARY RESULTS

	Three Months Ended December 31,				Percent Inc/(Dec) 2024 vs 2023
($ in millions, except earnings per share or where noted)	2024		2023
Hertz Global – Consolidated
Total revenues	$ 2,040		$ 2,184		(7) %
Net income (loss)	$ (479)		$ (348)		38 %
Net income (loss) margin	(23) %		(16) %
Adjusted net income (loss)(a)	$ (362)		$ (418)		(13) %
Adjusted diluted earnings (loss) per share(a)	$ (1.18)		$ (1.36)		(13) %
Adjusted Corporate EBITDA(a)	$ (357)		$ (382)		(7) %
Adjusted Corporate EBITDA Margin(a)	(18) %		(17) %
Average Vehicles (in whole units)	532,884		553,545		(4) %
Average Rentable Vehicles (in whole units)	497,875		527,267		(6) %
Vehicle Utilization	79 %		78 %
Transaction Days (in thousands)	35,998		37,602		(4) %
Total RPD (in dollars)(b)	$ 57.10		$ 58.50		(2) %
Total RPU Per Month (in whole dollars)(b)	$ 1,376		$ 1,391		(1) %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 422		$ 501		(16) %
Americas RAC Segment
Total revenues	$ 1,669		$ 1,805		(8) %
Adjusted EBITDA	$ (297)		$ (309)		(4) %
Adjusted EBITDA Margin	(18) %		(17) %
Average Vehicles (in whole units)	432,909		446,573		(3) %
Average Rentable Vehicles (in whole units)	399,927		422,155		(5) %
Vehicle Utilization	80 %		79 %
Transaction Days (in thousands)	29,298		30,589		(4) %
Total RPD (in dollars)(b)	$ 57.06		$ 59.07		(3) %
Total RPU Per Month (in whole dollars)(b)	$ 1,393		$ 1,427		(2) %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 460		$ 553		(17) %
International RAC Segment
Total revenues	$ 371		$ 379		(2) %
Adjusted EBITDA	$ 1		$ 44		(98) %
Adjusted EBITDA Margin	— %		12 %
Average Vehicles (in whole units)	99,975		106,972		(7) %
Average Rentable Vehicles (in whole units)	97,948		105,112		(7) %
Vehicle Utilization	74 %		73 %
Transaction Days (in thousands)	6,700		7,013		(4) %
Total RPD (in dollars)(b)	$ 57.26		$ 56.03		2 %
Total RPU Per Month (in whole dollars)(b)	$ 1,305		$ 1,246		5 %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 258		$ 283		(9) %

NM – Not meaningful
(a)	Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2024 and 2023.
(b)	Based on December 31, 2023 foreign exchange rates.

EARNINGS WEBCAST INFORMATION

Hertz Global’s live webcast and conference call to discuss its fourth quarter 2024 results will be held on February 13, 2025, at 9:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on the Company’s investor relations website at IR.Hertz.com. If you would like to access the call by phone and ask a question, please go to Hertz Q4 and FY 2024 earnings teleco registration, and you will be provided with dial in details. Investors are encouraged to dial-in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com.

UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS

In this earnings release, we include select unaudited financial data of Hertz Global, Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and its rationale on the importance and usefulness of non-GAAP measures for investors and management.

ABOUT HERTZ

Hertz Global Holdings Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands with more than 11,000 rental locations in 160 countries around the globe, as well as the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the US, and the Hertz 24/7 car sharing business in Europe. For more information about Hertz, visit www.hertz.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained or incorporated by reference in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements are identified by words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts," "guidance" or similar expressions, and include information concerning our liquidity, our results of operations, our business strategies, economic and industry conditions and other information. These forward-looking 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. The Company believes these judgments are reasonable, but you should understand that these forward-looking statements are not guarantees of future performance or results, and that 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, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished to the SEC.

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 other things.

• mix of program and non-program vehicles in the Company’s fleet, which can lead to increased exposure to residual value risk upon disposition;
• the potential for residual values associated with non-program vehicles in the Company’s fleet to decline, including suddenly or unexpectedly, or fail to follow historical seasonal patterns;
• the Company’s ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including upon any disruptions in the global supply chain;
• the Company’s ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company’s returns;
• the age of the Company’s fleet, and its impact on vehicle carrying costs, customer service scores, as well as on the Company’s ability to sell vehicles at acceptable prices and times;
• disruptions in the supply chain, including in connection with any increase in tariffs;
• whether a manufacturer of the Company’s program vehicle fulfills its repurchase obligations;
• the frequency or extent of manufacturer safety recalls;
• levels of travel demand, particularly business and leisure travel in the U.S. and in global markets;
• seasonality and other occurrences that disrupt rental activity during the Company’s peak periods, including in critical geographies;
• the Company’s ability to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in the Company’s rental operations accordingly;
• the Company’s ability to implement its business strategy or strategic transactions, including the Company’s ability to implement plans to support a modern mobility ecosystem;
• the Company’s ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from its profitability initiatives and other operational programs;
• the Company’s ability to adequately respond to changes in technology impacting the mobility industry;
• significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing;
• the Company’s reliance on third-party distribution channels and related prices, commission structures and transaction volumes;
• the Company’s ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share;
• the Company’s ability to maintain its network of leases and vehicle rental concessions at airports and other key locations 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 attract and retain effective front-line employees, senior management and other key employees;
• the Company’s ability to effectively manage its union relations and labor agreement negotiations;
• the Company’s ability to manage and respond to cybersecurity threats and cyber attacks on the Company’s information technology systems or those of the Company’s third-party providers;
• the Company’s ability, and that of the Company’s key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber attacks and other security threats;
• the Company’s ability to evaluate, maintain, upgrade and consolidate its information technology systems;
• the Company’s ability to comply with current and future laws and regulations in the U.S. and internationally regarding data protection, data security and privacy risks;
• risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anti-corruption or anti-bribery laws and the Company’s ability to repatriate cash from non-U.S. affiliates without adverse tax consequences;
• risks relating to tax laws, including those that affect the Company’s ability to recapture accelerated tax depreciation and expensing, as well as any adverse determinations or rulings by tax authorities;
• the Company’s ability to utilize its net operating loss carryforwards;
• the Company’s exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation;
• the potential for adverse changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to environmental matters, optional insurance products or policies, franchising and licensing matters, the ability to pass-through rental car related expenses or taxes, among others, that affect the Company’s operations, the Company’s costs or applicable tax rates;
• the risk of an impairment of the Company’s long-lived assets, which risk could be impacted by, among other things, the timing of our fleet rotation;
• the Company’s ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis;
• the potential for changes in management’s best estimates and assessments;
• the Company’s ability to maintain an effective compliance program;
• the availability of earnings and funds from the Company’s subsidiaries;
• the Company’s ability to comply, and the cost and burden of complying, with corporate and social responsibility regulations or expectations of stakeholders, and otherwise advance the Company’s corporate responsibility priorities;
• the availability of additional, or continued sources, of financing at acceptable rates for the Company’s revenue earning vehicles and to refinance the Company’s existing indebtedness, and the Company’s ability to comply with the covenants in the agreements governing its indebtedness;
• the extent to which the Company’s consolidated assets secure its outstanding indebtedness;
• volatility in the Company’s share price, the Company’s ownership structure and certain provisions of the Company’s charter documents, which could, among other things, negatively affect the market price of the Company’s common stock;
• the Company’s ability to implement an effective business continuity plan to protect the business in exigent circumstances;
• the Company’s ability to effectively maintain effective internal control over financial reporting; and
• the Company’s ability to execute strategic transactions.

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, Quartely 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 of this release, 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.

UNAUDITED FINANCIAL INFORMATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions, except per share data)	2024		2023		2024		2023
Revenues	$ 2,040		$ 2,184		$ 9,049		$ 9,371
Expenses:
Direct vehicle and operating	1,413		1,388		5,689		5,455
Depreciation of revenue earning vehicles and lease charges, net	670		828		3,611		2,039
Depreciation and amortization of non-vehicle assets	32		49		139		149
Selling, general and administrative	225		247		819		962
Interest expense, net:
Vehicle	143		150		590		555
Non-vehicle	117		68		369		238
Total interest expense, net	260		218		959		793
Other (income) expense, net	2		—		4		12
(Gain) on sale of non-vehicle capital assets	—		—		—		(162)
Bankruptcy-related litigation reserve	4		—		292		—
Long-Lived Assets impairment	—		—		1,048		—
Change in fair value of Public Warrants	(3)		(53)		(275)		(163)
Total expenses	2,603		2,677		12,286		9,085
Income (loss) before income taxes	(563)		(493)		(3,237)		286
Income tax (provision) benefit	84		145		375		330
Net income (loss)	$ (479)		$ (348)		$ (2,862)		$ 616
Weighted average number of shares outstanding:
Basic	307		306		306		313
Diluted	307		306		306		326
Earnings (loss) per share:
Basic	$ (1.56)		$ (1.14)		$ (9.34)		$ 1.97
Diluted	$ (1.56)		$ (1.14)		$ (9.34)		$ 1.39

UNAUDITED CONSOLIDATED BALANCE SHEETS
(In millions, except par value and share data)	December 31, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$ 592		$ 764
Restricted cash and cash equivalents:
Vehicle	258		152
Non-vehicle	283		290
Total restricted cash and cash equivalents	541		442
Total cash and cash equivalents and restricted cash and cash equivalents	1,133		1,206
Receivables:
Vehicle	389		211
Non-vehicle, net of allowance of $58 and $47, respectively	816		980
Total receivables, net	1,205		1,191
Prepaid expenses and other assets	894		726
Revenue earning vehicles:
Vehicles	12,714		16,806
Less: accumulated depreciation	(751)		(2,155)
Total revenue earning vehicles, net	11,963		14,651
Property and equipment, net	623		671
Operating lease right-of-use assets	2,088		2,253
Intangible assets, net	2,852		2,863
Goodwill	1,044		1,044
Total assets	$ 21,802		$ 24,605
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable:
Vehicle	$ 161		$ 191
Non-vehicle	481		510
Total accounts payable	642		701
Accrued liabilities	1,174		860
Accrued taxes, net	158		157
Debt:
Vehicle	11,231		12,242
Non-vehicle	5,104		3,449
Total debt	16,335		15,691
Public Warrants	178		453
Operating lease liabilities	2,073		2,142
Self-insured liabilities	617		471
Deferred income taxes, net	472		1,038
Total liabilities	21,649		21,513
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, no shares issued and outstanding	—		—
Common stock, $0.01 par value, 481,502,623 and 479,990,286 shares issued, respectively, and 306,690,579 and 305,178,242 shares outstanding, respectively	5		5
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively	(3,430)		(3,430)
Additional paid-in capital	6,396		6,405
Retained earnings (Accumulated deficit)	(2,502)		360
Accumulated other comprehensive income (loss)	(316)		(248)
Total stockholders’ equity	153		3,092
Total liabilities and stockholders’ equity	$ 21,802		$ 24,605

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)	2024		2023		2024		2023
Cash flows from operating activities:
Net income (loss)	$ (479)		$ (348)		$ (2,862)		$ 616
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net	764		932		3,983		2,422
Depreciation and amortization, non-vehicle	32		49		139		149
Amortization of deferred financing costs and debt discount (premium)	20		17		74		61
Stock-based compensation charges	15		22		63		87
Stock-based compensation forfeitures	—		—		(68)		—
Provision for receivables allowance	26		26		120		93
Deferred income taxes, net	(80)		(144)		(459)		(380)
Long-Lived Assets impairment	—		—		1,048		—
(Gain) loss on sale of non-vehicle capital assets	(1)		3		3		(162)
Change in fair value of Public Warrants	(3)		(53)		(275)		(163)
Changes in financial instruments	15		10		7		117
Other	(24)		(4)		(29)		5
Changes in assets and liabilities:
Non-vehicle receivables	68		167		23		(216)
Prepaid expenses and other assets	28		56		8		(39)
Operating lease right-of-use assets	105		112		386		365
Non-vehicle accounts payable	4		(75)		(14)		(48)
Accrued liabilities	14		(42)		324		(39)
Accrued taxes, net	(46)		(42)		18		3
Operating lease liabilities	(109)		(116)		(417)		(391)
Self-insured liabilities	65		(6)		152		(6)
Net cash provided by (used in) operating activities	414		564		2,224		2,474
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,666)		(1,202)		(10,524)		(9,514)
Proceeds from disposal of revenue earning vehicles	3,022		1,320		7,678		5,498
Non-vehicle capital asset expenditures	(24)		(37)		(105)		(188)
Proceeds from non-vehicle capital assets disposed of	4		3		23		181
Return of (investment in) equity investments	2		—		(1)		(1)
Net cash provided by (used in) investing activities	338		84		(2,929)		(4,024)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	614		302		3,873		6,043
Repayments of vehicle debt	(1,547)		(1,098)		(4,827)		(4,837)
Proceeds from issuance of non-vehicle debt	1,176		840		4,646		2,490
Repayments of non-vehicle debt	(732)		(505)		(2,966)		(2,018)
Payment of financing costs	(9)		(10)		(64)		(41)
Share repurchases	—		(43)		—		(315)
Other	—		(6)		(4)		(9)
Net cash provided by (used in) financing activities	(498)		(520)		658		1,313
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(26)		22		(26)		25
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	228		150		(73)		(212)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	905		1,056		1,206		1,418
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 1,133		$ 1,206		$ 1,133		$ 1,206

Supplemental Schedule I
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED STATEMENT OF OPERATIONS BY SEGMENT
Unaudited
	Three Months Ended December 31, 2024								Three Months Ended December 31, 2023
(In millions)	Americas RAC		International RAC		Corporate		Hertz Global		Americas RAC		International RAC		Corporate		Hertz Global
Revenues	$ 1,669		$ 371		$ —		$ 2,040		$ 1,805		$ 379		$ —		$ 2,184
Expenses:
Direct vehicle and operating	1,173		240		—		1,413		1,163		229		(4)		1,388
Depreciation of revenue earning vehicles and lease charges, net	595		75		—		670		740		88		—		828
Depreciation and amortization of non-vehicle assets	28		3		1		32		43		3		3		49
Selling, general and administrative	108		84		33		225		134		105		8		247
Interest expense, net:
Vehicle	116		27		—		143		118		32		—		150
Non-vehicle	(1)		(4)		122		117		4		(3)		67		68
Total interest expense, net	115		23		122		260		122		29		67		218
Other (income) expense, net	(2)		—		4		2		2		1		(3)		—
Bankruptcy-related litigation reserve	—		—		4		4		—		—		—		—
Change in fair value of Public Warrants	—		—		(3)		(3)		—		—		(53)		(53)
Total expenses	2,017		425		161		2,603		2,204		455		18		2,677
Income (loss) before income taxes	$ (348)		$ (54)		$ (161)		$ (563)		$ (399)		$ (76)		$ (18)		(493)
Income tax (provision) benefit							84								145
Net income (loss)							$ (479)								$ (348)

Supplemental Schedule I (continued)
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED STATEMENT OF OPERATIONS BY SEGMENT
Unaudited
	Twelve Months Ended December 31, 2024								Twelve Months Ended December 31, 2023
(In millions)	Americas RAC		International RAC		Corporate		Hertz Global		Americas RAC		International RAC		Corporate		Hertz Global
Revenues	$ 7,398		$ 1,651		$ —		$ 9,049		$ 7,722		$ 1,649		$ —		$ 9,371
Expenses:
Direct vehicle and operating	4,726		971		(8)		5,689		4,582		880		(7)		5,455
Depreciation of revenue earning vehicles and lease charges, net	3,198		413		—		3,611		1,775		264		—		2,039
Depreciation and amortization of non-vehicle assets	109		13		17		139		125		11		13		149
Selling, general and administrative	482		244		93		819		501		227		234		962
Interest expense, net:
Vehicle	479		111		—		590		456		99		—		555
Non-vehicle	(4)		(18)		391		369		(22)		(10)		270		238
Total interest expense, net	475		93		391		959		434		89		270		793
Other (income) expense, net	—		2		2		4		2		3		7		12
(Gain) on sale of non-vehicle capital assets	—		—		—		—		(162)		—		—		(162)
Bankruptcy-related litigation reserve	—		—		292		292		—		—		—		—
Long-Lived Assets impairment	865		183		—		1,048		—		—		—		—
Change in fair value of Public Warrants	—		—		(275)		(275)		—		—		(163)		(163)
Total expenses	9,855		1,919		512		12,286		7,257		1,474		354		9,085
Income (loss) before income taxes	$ (2,457)		$ (268)		$ (512)		(3,237)		$ 465		$ 175		$ (354)		286
Income tax (provision) benefit							375								330
Net income (loss)							$ (2,862)								$ 616

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)	2024		2023		2024		2023
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share:
Net income (loss)(a)	$ (479)		$ (348)		$ (2,862)		$ 616
Adjustments:
Income tax provision (benefit)	(84)		(145)		(375)		(330)
Vehicle and non-vehicle debt-related charges(b)	26		17		86		62
Restructuring and restructuring related charges(c)	21		7		66		17
Acquisition accounting-related depreciation and amortization(d)	1		1		2		2
Unrealized (gains) losses on financial instruments(e)	15		10		7		117
(Gain) on sale of non-vehicle capital assets(f)	—		—		—		(162)
Bankruptcy-related litigation reserve(g)	4		—		292		—
Long-Lived Assets impairment(h)	—		—		1,048		—
Change in fair value of Public Warrants	(3)		(53)		(275)		(163)
Other items(i)(m)	16		19		62		43
Adjusted pre-tax income (loss)(j)	(483)		(492)		(1,949)		202
Income tax (provision) benefit on adjusted pre-tax income (loss)(k)	121		74		487		(30)
Adjusted Net Income (Loss)	$ (362)		$ (418)		$ (1,462)		$ 172
Weighted-average number of diluted shares outstanding	307		306		306		326
Adjusted Diluted Earnings (Loss) Per Share(l)	$ (1.18)		$ (1.36)		$ (4.77)		$ 0.53

Supplemental Schedule II (continued)
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions, except per share data)	2024		2023		2024		2023
Adjusted Corporate EBITDA:
Net income (loss)	$ (479)		$ (348)		$ (2,862)		$ 616
Adjustments:
Income tax provision (benefit)	(84)		(145)		(375)		(330)
Non-vehicle depreciation and amortization	32		49		139		149
Non-vehicle debt interest, net of interest income	109		68		375		238
Vehicle debt-related charges(b)	12		11		45		42
Restructuring and restructuring related charges(c)	21		7		66		17
Unrealized (gains) losses on financial instruments(e)	15		10		7		117
(Gain) on sale of non-vehicle capital assets(f)	—		—		—		(162)
Non-cash stock-based compensation forfeitures(n)	—		—		(64)		—
Bankruptcy-related litigation reserve(g)	4		—		292		—
Long-Lived Assets impairment(h)	—		—		1,048		—
Change in fair value of Public Warrants	(3)		(53)		(275)		(163)
Other items(i)	16		19		63		37
Adjusted Corporate EBITDA(o)	$ (357)		$ (382)		$ (1,541)		$ 561
Adjusted Corporate EBITDA margin	(18) %		(17) %		(17) %		6 %

(a)	Net income (loss) margin for the three and twelve months ended December 31, 2024 was (23)% and (32)%, respectively. Net income (loss) margin for the three and twelve months ended December 31, 2023 was (16)% and 7%, respectively.
(b)	Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums, including interest associated with the Exchangeable Notes issued in June 2024.
(c)	Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions and closure of underperforming locations.
(d)	Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.
(e)	Represents unrealized gains (losses) on derivative financial instruments. In 2023, also includes the realization of $88 million of previously unrealized gains resulting from the unwind of certain interest rate caps in the first quarter of 2023.
(f)	Represents gain on the sale of certain non-vehicle capital assets sold in March 2023.
(g)	Represents an increase to an existing bankruptcy-related litigation reserve recorded in September 2024, including interest that continues to accrue during each subsequent reporting period.
(h)	Represents impairment charges recorded against the Fleet Long-Lived Assets in the third quarter of 2024.
(i)	Represents miscellaneous items. For 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related vehicle damages, partially offset by certain litigation settlements and a loss recovery settlement. For 2023, primarily includes certain IT related charges, certain storm-related vehicle damages and certain professional fees and charges related to the settlement of bankruptcy claims, partially offset by a loss recovery settlement.
(j)	The tables below reconcile expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Pretax Income (Loss) and Adjusted Net Income (Loss), all of which are deemed non-GAAP measures.

(in millions)	Three Months Ended December 31, 2024						Three Months Ended December 31, 2023
Expenses:	As Reported		Adjustment		As Adjusted		As Reported		Adjustment		As Adjusted
Direct vehicle and operating	$ 1,413		$ (6)		$ 1,407		$ 1,388		$ (6)		$ 1,382
Depreciation of revenue earning vehicles and lease charges, net	670		3		673		828		—		828
Depreciation and amortization of non-vehicle assets	32		—		32		49		—		49
Selling, general and administrative	225		(35)		190		247		(13)		234
Interest expense, net:
Vehicle	143		(11)		132		150		(24)		126
Non-vehicle	117		(26)		91		68		(9)		59
Total interest expense, net	260		(37)		223		218		(33)		185
Other income (expense), net	2		(5)		(3)		—		(2)		(2)
Bankruptcy-related litigation reserve	4		(4)		—		—		—		—
Change in fair value of Public Warrants	(3)		3		—		(53)		53		—
Total	$ 2,603		$ (81)		$ 2,522		$ 2,677		$ (1)		$ 2,676

(in millions)	Twelve Months Ended December 31, 2024						Twelve Months Ended December 31, 2023
Expenses:	As Reported		Adjustment		As Adjusted		As Reported		Adjustment		As Adjusted
Direct vehicle and operating	$ 5,689		$ (31)		$ 5,658		$ 5,455		$ (6)		$ 5,449
Depreciation of revenue earning vehicles and lease charges, net	3,611		8		3,619		2,039		5		2,044
Depreciation and amortization of non-vehicle assets	139		—		139		149		—		149
Selling, general and administrative	819		(96)		723		962		(38)		924
Interest expense, net:
Vehicle	590		(50)		540		555		(163)		392
Non-vehicle	369		(51)		318		238		(34)		204
Total interest expense, net	959		(101)		858		793		(197)		596
Other income (expense), net	4		(2)		2		12		(5)		7
Gain on sale non-vehicle capital assets	—		—		—		(162)		162		—
Bankruptcy-related litigation reserve	292		(292)		—		—		—		—
Long-Lived Assets impairment	1,048		(1,048)		—		—		—		—
Change in fair value of Public Warrants	(275)		275		—		(163)		163		—
Total	$ 12,286		$ (1,287)		$ 10,999		$ 9,085		$ 84		$ 9,169

(k)	Derived utilizing a combined statutory rate of 25% and 15% for the three and twelve months ended December 31, 2024 and 2023, respectively, applied to the respective Adjusted Pre-tax Income (Loss). The increase in rate is primarily resulting from reduced EV-related tax credits anticipated to be used to decrease the Company’s U.S. federal tax provision throughout 2024 based on the Company’s expected purchases of electric vehicles.
(l)	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.
(m)	Also includes letter of credit fees.
(n)	Represents former CEO awards forfeited in March 2024.
Supplemental Schedule II (continued)
(o)	The tables below reconcile expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Corporate EBITDA, both of which are deemed non-GAAP measures.

(in millions)	Three Months Ended December 31, 2024						Three Months Ended December 31, 2023
Expenses:	As Reported		Adjustment		As Adjusted		As Reported		Adjustment		As Adjusted
Direct vehicle and operating	$ 1,413		$ (6)		$ 1,407		$ 1,388		$ (6)		$ 1,382
Depreciation of revenue earning vehicles and lease charges, net	670		3		673		828		—		828
Depreciation and amortization of non-vehicle assets	32		(32)		—		49		(49)		—
Selling, general and administrative	225		(35)		190		247		(13)		234
Interest expense, net:
Vehicle	143		(11)		132		150		(24)		126
Non-vehicle	117		(117)		—		68		(68)		—
Total interest expense, net	260		(128)		132		218		(92)		126
Other income (expense), net	2		(8)		(6)		—		(4)		(4)
Bankruptcy-related litigation reserve	4		(4)		—		—		—		—
Change in fair value of Public Warrants	(3)		3		—		(53)		53		—
Total expenses	$ 2,603		$ (207)		$ 2,396		$ 2,677		$ (111)		$ 2,566

(in millions)	Twelve Months Ended December 31, 2024						Twelve Months Ended December 31, 2023
Expenses:	As Reported		Adjustment		As Adjusted		As Reported		Adjustment		As Adjusted
Direct vehicle and operating	$ 5,689		$ (31)		$ 5,658		$ 5,455		$ (6)		$ 5,449
Depreciation of revenue earning vehicles and lease charges, net	3,611		8		3,619		2,039		5		2,044
Depreciation and amortization of non-vehicle assets	139		(139)		—		149		(149)		—
Selling, general and administrative	819		(33)		786		962		(38)		924
Interest expense, net:
Vehicle	590		(50)		540		555		(165)		390
Non-vehicle	369		(369)		—		238		(238)		—
Total interest expense, net	959		(419)		540		793		(403)		390
Other income (expense), net	4		(17)		(13)		12		(9)		3
Gain on sale non-vehicle capital assets	—		—		—		(162)		162		—
Bankruptcy-related litigation reserve	292		(292)		—		—		—		—
Long-Lived Assets impairment	1,048		(1,048)		—		—		—		—
Change in fair value of Public Warrants	(275)		275		—		(163)		163		—
Total expenses	$ 12,286		$ (1,696)		$ 10,590		$ 9,085		$ (275)		$ 8,810

Supplemental Schedule III
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW
Unaudited
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)	2024		2023		2024		2023
ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:
Net cash provided by (used in) operating activities	$ 414		$ 564		$ 2,224		$ 2,474
Depreciation and reserves for revenue earning vehicles, net	(764)		(932)		(3,983)		(2,422)
Bankruptcy related payments (post emergence) and other payments	—		2		4		(8)
Adjusted operating cash flow	(350)		(366)		(1,755)		44
Non-vehicle capital asset proceeds (expenditures), net	(21)		(34)		(83)		(7)
Adjusted operating cash flow before vehicle investment	(371)		(400)		(1,838)		37
Net fleet growth after financing	39		272		70		(358)
Adjusted free cash flow	$ (332)		$ (128)		$ (1,768)		$ (321)
CALCULATION OF NET FLEET GROWTH AFTER FINANCING:
Revenue earning vehicles expenditures	$ (2,666)		$ (1,202)		$ (10,524)		$ (9,514)
Proceeds from disposal of revenue earning vehicles	3,022		1,320		7,678		5,498
Revenue earning vehicles capital expenditures, net	356		118		(2,846)		(4,016)
Depreciation and reserves for revenue earning vehicles, net	764		932		3,983		2,422
Financing activity related to vehicles:
Borrowings	614		302		3,873		6,043
Payments	(1,547)		(1,098)		(4,827)		(4,837)
Restricted cash changes, vehicle	(148)		18		(113)		30
Net financing activity related to vehicles	(1,081)		(778)		(1,067)		1,236
Net fleet growth after financing	$ 39		$ 272		$ 70		$ (358)

Supplemental Schedule IV
HERTZ GLOBAL HOLDINGS, INC.
NET DEBT CALCULATION
Unaudited
	As of December 31, 2024						As of December 31, 2023
(In millions)	Vehicle		Non-Vehicle		Total		Vehicle		Non-Vehicle		Total
First Lien RCF	$ —		$ 175		$ 175		$ —		$ —		$ —
Term loans	—		1,995		1,995		—		2,013		2,013
First lien senior notes	—		1,250		1,250		—		—		—
Exchangeable notes	—		250		250		—		—		—
Senior unsecured notes	—		1,500		1,500		—		1,500		1,500
U.S. vehicle financing (HVF III)	9,431		—		9,431		10,203		—		10,203
International vehicle financing (Various)	1,752		—		1,752		2,001		—		2,001
Other debt	97		—		97		110		2		112
Debt issue costs, discounts and premiums	(49)		(66)		(115)		(72)		(66)		(138)
Debt as reported in the balance sheet	11,231		5,104		16,335		12,242		3,449		15,691
Add:
Debt issue costs, discounts and premiums	49		66		115		72		66		138
Less:
Cash and cash equivalents	—		592		592		—		764		764
Restricted cash	258		—		258		152		—		152
Restricted cash and restricted cash equivalents associated with Term C Loan	—		245		245		—		245		245
Net Debt	$ 11,022		$ 4,333		$ 15,355		$ 12,162		$ 2,506		$ 14,668
LTM Adjusted Corporate EBITDA			(1,541)						561
Net Corporate Leverage			(2.8)x						4.5x

NM – Not meaningful

Supplemental Schedule V
HERTZ GLOBAL HOLDINGS, INC.
KEY METRICS CALCULATIONS
REVENUE, UTILIZATION AND DEPRECIATION
Unaudited
Global RAC
	Three Months Ended December 31,				Percent Inc/(Dec)		Twelve Months Ended December 31,				Percent Inc/(Dec)
($ in millions, except where noted)	2024		2023				2024		2023
Total RPD
Revenues	$ 2,040		$ 2,184				$ 9,049		$ 9,371
Foreign currency adjustment(a)	15		16				51		47
Total Revenues – adjusted for foreign currency	$ 2,055		$ 2,200				$ 9,100		$ 9,418
Transaction Days (in thousands)	35,998		37,602				153,871		154,189
Total RPD (in dollars)	$ 57.10		$ 58.50		(2) %		$ 59.14		$ 61.09		(3) %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 2,055		$ 2,200				$ 9,100		$ 9,418
Average Rentable Vehicles (in whole units)	497,875		527,267				530,679		526,659
Total revenue per unit (in whole dollars)	$ 4,128		$ 4,172				$ 17,148		$ 17,883
Number of months in period (in whole units)	3		3				12		12
Total RPU Per Month (in whole dollars)	$ 1,376		$ 1,391		(1) %		$ 1,429		$ 1,490		(4) %
Vehicle Utilization
Transaction Days (in thousands)	35,998		37,602				153,871		154,189
Average Rentable Vehicles (in whole units)	497,875		527,267				530,679		526,659
Number of days in period (in whole units)	92		92				366		365
Available Car Days (in thousands)	45,805		48,511				194,257		192,334
Vehicle Utilization(b)	79 %		78 %				79 %		80 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 670		$ 828				$ 3,611		$ 2,039
Foreign currency adjustment(a)	4		3				15		9
Adjusted depreciation of revenue earning vehicles and lease charges	$ 674		$ 831				$ 3,626		$ 2,048
Average Vehicles (in whole units)	532,884		553,545				560,279		552,460
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 1,265		$ 1,502				$ 6,471		$ 3,707
Number of months in period (in whole units)	3		3				12		12
Depreciation Per Unit Per Month (in whole dollars)	$ 422		$ 501		(16) %		$ 539		$ 309		75 %

Note: Global RAC represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate
NM – Not meaningful
(a)	Based on December 31, 2023 foreign exchange rates.
(b)	Calculated as Transaction Days divided by Available Car Days.

Supplemental Schedule V (continued)
HERTZ GLOBAL HOLDINGS, INC.
KEY METRICS CALCULATIONS
REVENUE, UTILIZATION AND DEPRECIATION
Unaudited
Americas RAC
	Three Months Ended December 31,				Percent Inc/(Dec)		Twelve Months Ended December 31,				Percent Inc/(Dec)
($ in millions, except where noted)	2024		2023				2024		2023
Total RPD
Revenues	$ 1,669		$ 1,805				$ 7,398		$ 7,722
Foreign currency adjustment(a)	3		2				11		6
Total Revenues – adjusted for foreign currency	$ 1,672		$ 1,807				$ 7,409		$ 7,728
Transaction Days (in thousands)	29,298		30,589				124,767		125,215
Total RPD (in dollars)	$ 57.06		$ 59.07		(3) %		$ 59.38		$ 61.73		(4) %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 1,672		$ 1,807				$ 7,409		$ 7,728
Average Rentable Vehicles (in whole units)	399,927		422,155				426,017		422,485
Total revenue per unit (in whole dollars)	$ 4,180		$ 4,280				$ 17,390		$ 18,292
Number of months in period (in whole units)	3		3				12		12
Total RPU Per Month (in whole dollars)	$ 1,393		$ 1,427		(2) %		$ 1,449		$ 1,524		(5) %
Vehicle Utilization
Transaction Days (in thousands)	29,298		30,589				124,767		125,215
Average Rentable Vehicles (in whole units)	399,927		422,155				426,017		422,485
Number of days in period (in whole units)	92		92				366		365
Available Car Days (in thousands)	36,792		38,839				155,935		154,272
Vehicle Utilization(b)	80 %		79 %				80 %		81 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 595		$ 740				$ 3,198		$ 1,775
Foreign currency adjustment(a)	2		—				5		2
Adjusted depreciation of revenue earning vehicles and lease charges	$ 597		$ 740				$ 3,203		$ 1,777
Average Vehicles (in whole units)	432,909		446,573				453,706		446,219
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 1,379		$ 1,658				$ 7,060		$ 3,983
Number of months in period (in whole units)	3		3				12		12
Depreciation Per Unit Per Month (in whole dollars)	$ 460		$ 553		(17) %		$ 588		$ 332		77 %

NM – Not meaningful
(a)	Based on December 31, 2023 foreign exchange rates.
(b)	Calculated as Transaction Days divided by Available Car Days.

Supplemental Schedule V (continued)
HERTZ GLOBAL HOLDINGS, INC.
KEY METRICS CALCULATIONS
REVENUE, UTILIZATION AND DEPRECIATION
Unaudited
International RAC
	Three Months Ended December 31,				Percent Inc/(Dec)		Twelve Months Ended December 31,				Percent Inc/(Dec)
($ in millions, except where noted)	2024		2023				2024		2023
Total RPD
Revenues	$ 371		$ 379				$ 1,651		$ 1,649
Foreign currency adjustment(a)	13		14				40		41
Total Revenues – adjusted for foreign currency	$ 384		$ 393				$ 1,691		$ 1,690
Transaction Days (in thousands)	6,700		7,013				29,104		28,974
Total RPD (in dollars)	$ 57.26		$ 56.03		2 %		$ 58.11		$ 58.33		— %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 384		$ 393				$ 1,691		$ 1,690
Average Rentable Vehicles (in whole units)	97,948		105,112				104,661		104,173
Total revenue per unit (in whole dollars)	$ 3,916		$ 3,738				$ 16,160		$ 16,224
Number of months in period (in whole units)	3		3				12		12
Total RPU Per Month (in whole dollars)	$ 1,305		$ 1,246		5 %		$ 1,347		$ 1,352		— %
Vehicle Utilization
Transaction Days (in thousands)	6,700		7,013				29,104		28,974
Average Rentable Vehicles (in whole units)	97,948		105,112				104,661		104,173
Number of days in period (in whole units)	92		92				366		365
Available Car Days (in thousands)	9,013		9,672				38,321		38,061
Vehicle Utilization (b)	74 %		73 %				76 %		76 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 75		$ 88				$ 413		$ 264
Foreign currency adjustment(a)	2		3				10		7
Adjusted depreciation of revenue earning vehicles and lease charges	$ 77		$ 91				$ 423		$ 271
Average Vehicles (in whole units)	99,975		106,972				106,573		106,240
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 773		$ 850				$ 3,968		$ 2,548
Number of months in period (in whole units)	3		3				12		12
Depreciation Per Unit Per Month (in whole dollars)	$ 258		$ 283		(9) %		$ 331		$ 212		56 %

NM – Not meaningful
(a)	Based on December 31, 2023 foreign exchange rates.
(b)	Calculated as Transaction Days divided by Available Car Days.

NON-GAAP MEASURES AND KEY METRICS

The term "GAAP" refers to accounting principles generally accepted in the United States. 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 EPS")

Adjusted Net Income (Loss) represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; vehicle and non-vehicle debt-related charges; restructuring and restructuring related charges; acquisition accounting-related depreciation and amortization; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring 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 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 EPS are important operating metrics because they allow management and investors 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; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring 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 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 and investors 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 operating cash flow and adjusted free cash flow

Adjusted operating cash flow represents net cash provided by operating activities net of the non-cash add back for vehicle depreciation and reserves, and exclusive of bankruptcy related payments made post emergence. Adjusted operating cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash generated from operations when fully burdened by fleet costs.

Adjusted free cash flow represents adjusted operating cash flow plus the impact of net non-vehicle capital expenditures and net fleet growth after financing. Adjusted free cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash available for, but not limited to, the reduction of non-vehicle debt, share repurchase and acquisition.

The most comparable GAAP measure for adjusted operating cash flow and adjusted free cash flow is net cash provided by (used in) operating activities.

Net Fleet Growth After Financing

U.S. and International Rental Car segments Fleet Growth is defined as 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 as it allows the Company to assess the cash flow required to support its investment in revenue earning vehicles.

Net Non-vehicle Debt

Net Non-vehicle Debt is calculated as non-vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issuance costs associated with non-vehicle debt, less cash and cash equivalents. Non-vehicle debt consists of the Company’s Senior Term Loans, Senior RCF, First Lien Senior Notes, Second Lien Exchangeable Notes, Senior Unsecured Notes, Promissory Notes and certain other non-vehicle indebtedness of its domestic and foreign subsidiaries. Net Non-vehicle Debt is important to management and investors as it helps measure the Company’s corporate leverage. Net Non-vehicle Debt 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

Net Vehicle Debt is calculated as vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issue costs 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. 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

Total Net Debt is calculated as total debt, excluding the impact of unamortized debt issuance costs, less total cash and cash equivalents and restricted cash associated with vehicle debt. Unamortized debt issuance costs are required to be reported as a deduction from the carrying amount of the related debt obligation under GAAP. Management believes that eliminating the effects that these costs have on debt will more accurately reflect the Company’s net debt position. Total Net Debt is important to management, investors and ratings agencies as it helps measure the Company’s gross leverage.

Net Corporate Leverage

Net Corporate Leverage is calculated as non-vehicle net debt divided by Adjusted Corporate EBITDA for the last twelve months. Net Corporate Leverage is important to management and investors as it measures the Company’s corporate leverage net of unrestricted cash. Net Corporate Leverage also assists in the evaluation of the Company’s ability to service its non-vehicle debt with reference to the generation of Adjusted Corporate EBITDA.

KEY METRICS

Available Rental Car Days

Available Rental Car Days represents Average Rentable Vehicles multiplied by the number of days in a given 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.

Average Rentable Vehicles

Average Rentable Vehicles reflects Average Vehicles excluding vehicles for sale on the Company’s retail lots or actively in the process of being sold through other disposition channels.

Depreciation Per Unit Per Month ("Depreciation Per Unit" or "DPU")

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 so as not to affect the comparability of underlying trends. This metric is important to management and investors as it reflects how effectively the Company is managing the costs of its vehicles and facilitates 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 revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the 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", "RPU" or "Total RPU Per Month")

Total RPU Per Month represents the amount of revenue generated per vehicle in the rental fleet each month, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it provides a measure of revenue productivity relative to the number of vehicles in our rental fleet whether owned or leased, or asset efficiency.

Transaction Days ("Days"; also referred to as "volume")

Transaction Days represents 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 Rental 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 rentable fleet capacity.

SOURCE Hertz Global Holdings, Inc.