The ExchangeableSenior Notes will be Issued by The Hertz Corporation
ESTERO, Fla., September 24, 2025 — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”), intends to offer, subject to market and other conditions, $250 million in aggregate principal amount of Exchangeable Senior Notes due 2030 (the “Notes”), in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Hertz Corp. also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $37.5 million in aggregate principal amount of the Notes.
Hertz Corp. intends to use a portion of the net proceeds from the issuance of the Notes to fund the cost of entering into the capped call transactions described below. Hertz Corp. intends to use the remainder of the net proceeds from the issuance of the Notes to fund the partial redemption or repurchase of its outstanding Senior Notes due 2026 on or before December 31, 2025. If the initial purchasers exercise their option to purchase additional Notes, then Hertz Corp. intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions and apply the remainder towards the partial redemption or repurchase of the Senior Notes due 2026.
The Notes will bear interest payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The interest rate, the exchange rate and certain other terms of the Notes will be determined by negotiations between Hertz Corp. and the initial purchasers. The Notes will mature on October 1, 2030, unless repurchased, redeemed or exchanged in accordance with their terms prior to maturity. Prior to July 1, 2030, the Notes will be exchangeable only upon satisfaction of certain conditions and during certain periods, and thereafter, the Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.The Notes will be exchangeable on the terms set forth in the indenture governing the Notes into cash, shares of common stock of the Company (“Common Stock”), or a combination thereof, at Hertz Corp.’s election.
Holders of the Notes will have the right to require Hertz Corp. to repurchase all or a portion of their Notes at 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid interest to, but excluding, the date of such repurchase, upon the occurrence of certain corporate events constituting a “fundamental change” as defined in the indenture governing the Notes. Hertz Corp. may not redeem the Notes prior to October 6, 2028. On or after October 6, 2028 and on or prior to the 26th scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Common Stock has been at least 130% of the exchange price for the Notes for certain specified periods, and certain other conditions are satisfied, Hertz Corp. may redeem all or a portion (subject to certain limitations) of the Notes at a cash redemption price equal to the principal amount of the Notes to be redeemed plus accrued and unpaid interest on such Notes to, but excluding, the redemption date.
The Notes are expected to be guaranteed by the Company, Rental Car Intermediate Holdings, LLC, Hertz Corp.’s direct parent company, and each of Hertz Corp.’s existing domestic subsidiaries and future subsidiaries that guarantee indebtedness under Hertz Corp.’s first lien credit facilities or certain other indebtedness for borrowed money.
Hertz Corp. has been advised by one of the initial purchasers that, in connection with the pricing of the Notes, an affiliate of Pershing Square Capital Management, L.P. intends to enter into privately negotiated cash-settled total return swap transactions (the “Swap Transactions”) with a swap counterparty that is an affiliate of one of the initial purchasers (the “Swap Counterparty”), pursuant to which such Pershing Square entity will obtain long economic exposure to approximately $100 million notional amount of the Common Stock. The Swap Transactions have a fixed term of 36 months, subject to the right of the Swap Counterparty to terminate the Swap Transactions at its option at any time upon certain prior notice, and the requirement that the Swap Transactions be terminated in certain circumstances. Neither Hertz Corp. nor the Company is party to the Swap Transactions.
The Swap Transactions are generally intended to facilitate privately negotiated derivative transactions, including cash-settled swaps, directly or indirectly between the Swap Counterparty or its affiliates and certain investors in the Notes relating to the Common Stock, by which such investors in the Notes will hedge their investments in the Notes.
Pershing Square’s entry into the Swap Transactions with the Swap Counterparty and the entry by the Swap Counterparty directly or indirectly into derivative transactions in respect of the Common Stock with the investors of the Notes, particularly if investors purchase shares of the Common Stock on or shortly after the day Hertz Corp. prices the Notes, could have the effect of increasing (or reducing the size of any decrease in) the market price of the Common Stock concurrently with, or shortly after, the pricing of the Notes and effectively raising the initial exchange price of the Notes.
In addition, the Swap Counterparty or its affiliates may modify their hedge positions with respect to the swap by entering into or unwinding one or more derivative transactions with respect to the Common Stock (including the privately negotiated derivative transactions with certain investors in the Notes or derivative transactions with other market participants) and/or purchasing or selling shares of the Common Stock or other securities of the Company in secondary market transactions at any time following the pricing of the Notes and prior to the maturity of the Notes, including in connection with any increase or decrease in the short positions that investors desire to maintain with the Swap Counterparty to hedge their investments in the Notes, and during any observation period related to an exchange of Notes. These activities could also increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of the Common Stock or the Notes, which could affect holders’ ability to exchange the Notes and, to the extent the activity occurs following exchange or during any observation period related to an exchange of Notes, it could affect the amount and value of the consideration that holders will receive upon exchange of the Notes.
Certain limited partners of CK Amarillo LP (collectively, “CK Amarillo”) have expressed an indication of interest to purchase up to $25.0 million aggregate principal amount of the Notes. Any such purchase will be on the same terms as purchases of the Notes by other investors. An indication of interest is not binding and there can be no assurance that CK Amarillo will purchase any Notes or will be allocated any Notes by the initial purchasers.
In connection with the pricing of the Notes, Hertz Corp. and the Company expect to enter into privately negotiated cash-settled capped call transactions with one or more of the initial purchasers or their affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions will initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the number of shares of the Common Stock underlying the Notes. If the initial purchasers exercise their option to purchase additional Notes, Hertz Corp. and the Company expect to enter into additional capped call transactions with the option counterparties.
The capped call transactions are expected generally to compensate (through the payment of cash to Hertz Corp.) for potential dilution to the Common Stock upon any exchange of the Notes and/or offset any potential cash payments Hertz Corp. is required to make in excess of the principal amount of exchanged Notes, as the case may be, with such compensation and/or offset subject to a cap.
In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to the Common Stock and/or purchase shares of the Common Stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Common Stock or the Notes at that time.
In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Common Stock and/or purchasing or selling shares of the Common Stock or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so (x) during any observation period related to an exchange of Notes, following any redemption of Notes by Hertz Corp. or following any repurchase of Notes by Hertz Corp. in connection with any fundamental change and (y) following any repurchase of Notes by Hertz Corp. other than in connection with any such redemption or any fundamental change if Hertz Corp. elects to unwind a corresponding portion of the capped call transactions in connection with such repurchase). This activity could also cause or avoid an increase or a decrease in the market price of the Common Stock or the Notes, which could affect holders’ ability to exchange the Notes and, to the extent the activity occurs following exchange or during any observation period related to an exchange of Notes, it could affect the amount and value of the consideration that holders will receive upon exchange of the Notes.
Unlike most exchangeable debt issuances that are coupled with a capped call where each instrument generally will be settled with the same proportion of cash and shares as the other instrument, the capped call transactions can only be cash-settled, and the Notes can be settled for all cash, shares of the Common Stock or a combination of cash and shares of the Common Stock. Thus, at and/or immediately preceding the expiration date for the capped call transactions or at approximately the time of any early termination, the option counterparties and/or their respective affiliates are likely to sell the Common Stock or other securities or instruments of the Company, or enter into or unwind other hedge positions, all in a manner that can be expected to decrease or avoid an increase in the market price of the Common Stock. By contrast, Hertz Corp. may elect to deliver shares of the Common Stock to holders upon exchange of the Notes, and if Hertz Corp. does so, holders who have hedged their equity price risk may use those shares to reduce their hedge positions rather than purchasing shares of the Common Stock (or engaging in hedging activities or hedge unwind activities that have a similar effect) in the market. As a result, the option counterparties’ hedge unwind activities at and/or immediately preceding the expiration date for the capped call transactions or at approximately the time of any early termination likely will not be offset by buying activity of holders who have hedged their equity price risk to the same extent as if Hertz Corp. had elected to deliver a greater amount of cash in settlement of the Notes. This could have the effect of further reducing or avoiding an increase in the market price of the Common Stock, which could affect holders’ ability to exchange the Notes and the amount and value of the consideration that holders will receive upon exchange of such Notes.
The Notes and the guarantees of the Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Notes, the guarantees of the Notes and any shares of Common Stock issuable upon exchange of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements under the Securities Act and the securities laws of any other jurisdiction.
This press release is not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Notes, the guarantees of the Notes or the shares of Common Stock issuable upon exchange of the Notes and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful.
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.
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, our sources of liquidity, the consummation of the offering, Hertz Corp.’s expected use of proceeds from the proposed offering. 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 risks and uncertainties related to completion of the offering, market conditions (including market interest rates) and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the offering memorandum for the offering and 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.
Exclusive ‘Gold Kart’ experience with Tom Brady and Cadillac Hertz Team JOTA offers fans prizes, VIP tour and more
ESTERO, FLA.– Sept. 4, 2025 – As the World Endurance Championship (WEC) makes its only U.S. stop at Austin’s Circuit of the Americas (COTA) on Sunday, Sept. 7, Hertz, together with Cadillac Hertz Team JOTA, is bringing fans an action packed weekend of racing, interactive competition, and exclusive experiences that showcase the excitement of endurance racing like never before.
Hertz Gold Kart Series To get passionate motorsports fans revved up for the big race at COTA, Hertz is hosting the first ever Hertz Gold Kart Series – a 3-hour endurance style kart race on Saturday, Sept. 6 at COTA’s Speed City karting track, giving fans the chance to compete on teams captained by Cadillac Hertz Team JOTA driver and F1 World Champion Jenson Button and his teammates Alex Lynn and Norman Nato, with NFL legend and Hertz ambassador Tom Brady as a virtual coach.
A total of 72 participants who previously entered the Hertz Gold Karting sweepstakes will compete in endurance-style sprints on the COTA karting track, supported by the team captains. The winning team will receive a team trophy, a signed Team JOTA helmet, and a VIP tour of the Cadillac Hertz Team JOTA pit lane garage during the WEC race day.
“For more than a century, Hertz has been about creating opportunities for people to move with freedom and confidence,” said Gil West, CEO of Hertz. “With WEC making its only U.S. stop in Austin, we’re giving racing fans and our customers alike the chance to go beyond spectating — to experience endurance racing alongside world-class drivers from Cadillac Hertz Team JOTA and Tom Brady.”
“I’ve always loved competition, and racing brings that same drive, teamwork and adrenaline rush that I thrived on in football,” said Tom Brady. “I can’t wait to rally Team Brady and give fans an unforgettable experience as we head into an incredible weekend of racing at COTA.”
“With the Gold Kart Series, Hertz has come up with a brilliant initiative to bring motorsport fans even closer to the action,” said Jenson Button. “Karting is where it begins for most professional racing drivers and even for amateurs, there’s nowhere to hide. I have high hopes for Team Button – after a 1-2 finish at the last race, I’m hoping for a double podium at our home race this weekend!”
The Fan Experience Following the Hertz Gold Kart Series race, there will be three hours of open-track driving. To gain access, fans must have a WEC ticket and show proof of Hertz Gold Plus Rewards membership. Gold Plus Rewards is free to join and makes renting a car faster, easier and more rewarding. Members can enjoy exclusive rates when booking on Hertz.com or the Hertz app, skip the counter at select locations, and earn points redeemable for free rental days and more.
Up to 200 members will have the opportunity to participate in 10-minute races from 3 to 6 p.m. CT on Saturday, Sept. 6, and enjoy concessions, team merchandise and interactive photo zones. Hertz Gold Plus Rewards members will also enjoy exclusive perks, including discounts on Lone Star Le Mans tickets and access to race-day activations.
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 Cadillac Hertz Team JOTA
Cadillac Hertz Team JOTA is a collaboration between JOTA Sport and Cadillac Racing, combining the rich legacy of Cadillac’s motorsport pedigree with JOTA’s renowned expertise in endurance racing. Together, they compete in the FIA World Endurance Championship, pushing the limits of performance and innovation on the world’s most prestigious racing stages.
ESTERO, Fla., August 28, 2025 – Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the “Company”) announced today that it plans to report its third quarter 2025 financial results at 8:00 a.m. ET on Tuesday, November 4, 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 Q3 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
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.
Golden Retrievers to greet weary travelers at select U.S. airports; Travelers help to pick next ‘Gold Squad’ destination
Estero, Fla., Aug. 25, 2025 – As the busy Labor Day weekend approaches, Hertz, one of the world’s largest car rental companies, is seeking to comfort stressed travelers. With a mission to make travelers feel golden, Hertz is bringing its ‘Gold Squad’ – a team of highly trained Golden Retrievers – to select airports across the country. These friendly, furry ambassadors aim to bring comfort, calm and cuddles during peak travel times, ensuring all Hertz customers hit the road with a smile.
“With the Hertz ‘Gold Squad’ making surprise appearances across the country, we’re aiming to delight customers with something unexpected,” said Kari Birdsall, Vice President, Operations Excellence at Hertz. “Whether it’s a warm welcome from a Golden Retriever or the ease of skipping the counter with Hertz Gold Plus Rewards membership, we’re focused on making every step of the rental experience feel convenient, seamless and a little more golden.”
Why it Matters:
A recent study from YouGov indicates 70% of Americans find booking a vacation stressful, with specific pain points including booking airport transfers and flights.
The rental car lot at an airport is often the last leg of a trip; and by the time travelers reach the counter, they’re often exhausted from a long day of traveling.
With over 17 million travelers braving the holiday weekend in 2024, this year is sure to bring even more of a frenzy to flying.
The Hertz ‘Gold Squad,’ including Cooper the Golden Retriever, made their debut at Dallas Fort Worth International Airport (DFW) last week, providing comfort to thousands of travelers. Now, they want to surprise travelers in additional cities like Chicago, San Diego and Atlanta, but before they head out, they’re inviting travelers to share their opinion on social to decide future stops. To make that final trek feel golden, the Hertz ‘Gold Squad’ are ready to greet travelers with wagging tails and warm smiles as they await their next destination.
Select airports will host ‘Gold Squad’ visits, featuring exclusive giveaways and on-site support to help travelers enroll in Hertz’s free Hertz Gold Plus Rewards loyalty program, which makes future car rentals faster, easier and more rewarding. Members can enjoy exclusive rates when booking on Hertz.com or the Hertz app, skip the counter at select locations, and earn points redeemable for free rental days and more.
To bark your opinion for the ‘Gold Squad’s’ next location, travelers can comment on Hertz’s recent post. To travel along with the Hertz ‘Gold Squad’, follow Hertz on Instagram, X, Facebook and TikTok and learn more at hertz.com/goldsquad.
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.
Newly added 2025 models now available for 3-day test drives, with no pressure to buy
Hertz Car Sales Expands Rent2Buy Program to 100+ Cities
ESTERO, Fla., August 14, 2025 – Hertz Car Sales today announced the nationwide expansion of its popular Hertz Rent2Buy® program to more than 100 cities. As consumers increasingly embrace the “try before you buy” approach—from furniture to fashion—Hertz Car Sales is meeting the moment by redefining the traditional test drive. The Rent2Buy program offers thousands of well-maintained, competitively priced used vehicles—including newly added 2025 models—for an extended test drive.
Rent2Buy eliminates the pressure and guesswork of traditional car shopping by allowing customers to test drive vehicles at a low daily rate for up to three days before purchasing. In fact, 80% of those who rent through the program choose to buy the vehicle. Customers can browse online, reserve a vehicle, and take it home for a 3-day test rental. The low daily rental fee is completely waived if they decide to buy.
“Buying a car is one of life’s biggest decisions, and we believe customers deserve more than a spin around the block to make it,” said Jeff Adams, Executive Vice President of Hertz Car Sales. “Rent2Buy reflects how we’re rethinking every part of the customer experience at Hertz: giving people the time, tools, and transparency to feel confident in their choices. Whether it’s testing how a car fits into your daily life or simply making sure it feels right, Rent2Buy puts the power back in the customer’s hands, with no pressure and no surprises.”
How Rent2Buy Works:
Choose your car – Browse a wide selection of vehicles online, including newly added 2025 models.
Test it for 3 days – Take a complimentary 2-hour test drive or rent the car for up to 3 days at a special low rate.
Make it yours – Love the car? Buy it and Hertz will waive the rental charges. In many states, you can even complete the purchase from home.
Peace of Mind Comes Standard Every Rent2Buy vehicle is backed by a 12-month/12,000-mile limited powertrain warranty (whichever comes first), 24-hour roadside assistance, travel breakdown protection, and a 7-day/250-mile buy-back guarantee (whichever comes first)*.
Because Rent2Buy vehicles are still part of Hertz’s active rental fleet, buyers get early access to newer, lower-mileage cars, often priced below Kelley Blue Book Suggested Retail Value.
Whether you’re looking for a reliable commuter car, a family SUV, or a luxury ride, Hertz Car Sales makes it easy to find the right fit without the pressure.
*Terms apply. Visit HertzCarSales.com to learn more.
About Hertz Car Sales Hertz Car Sales offers an extensive range of quality pre-owned cars, SUVs, and trucks at competitive prices. With 45 locations nationwide and a convenient online platform, Hertz Car Sales’ commitment to quality, transparency, and customer satisfaction means no hidden fees, detailed vehicle histories and straightforward pricing. Vehicles undergo comprehensive inspections and maintenance, ensuring customers purchase reliable vehicles they can trust. Learn more at hertzcarsales.com.
“Our transformation is taking hold,” said Gil West, CEO of Hertz. “Through smarter fleet management, improved utilization, enhanced customer experience, disciplined cost control, and the hard work of our people, it’s clear our strategy is working. We’re building a stronger, more resilient Hertz – one that’s operationally sound, financially disciplined, and positioned to lead in the future of mobility.”
ESTERO, Fla, August 7, 2025 – Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz,” “Hertz Global,” or the “Company”) today reported results for its second quarter 2025.
HIGHLIGHTS
Net income and Adjusted Corporate EBITDA both improved ~$0.5 billion year-over-year, marking the Company’s first quarter of positive Adjusted Corporate EBITDA in nearly two years, a result of its disciplined fleet management, operational efficiency, and rigorous cost management
The Company’s “Buy Right, Hold Right, Sell Right” strategy continued to deliver results:
Hertz achieved depreciation per unit per month (DPU) of $251, exceeding its North Star target of sub $300 by 16% and building on the momentum from the first quarter of 2025. The Company has secured all of its Model Year 2025 fleet at pre-tariff pricing
Vehicle Utilization reached 83%, a year-over-year increase of 300 basis points, as the Company executed on fleet optimization with greater precision and agility. Nearly 80% of the core U.S. rental fleet is less than a year old
Hertz achieved its highest second-quarter retail vehicle sales volume in five years, including through its direct-to-consumer Hertz Car sales, highlighting strong demand
Direct operating expenses (DOE) declined 3% year-over-year. DOE per transaction day improved both sequentially and year-over-year, reflecting disciplined cost control and operational agility
The Company’s global Net Promoter Score improved by 11 points year-over-year, underscoring its commitment to service excellence and digital innovation
The Company ended the quarter with over $1.45 billion in liquidity
EARNINGS WEBCAST INFORMATION
Hertz Global’s live webcast and conference call to discuss its second quarter 2025 results will be held on August 7, 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 Q2 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.
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.
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.
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.
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
"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.
"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.
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.
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