Category: Press Release

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

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

Continue Reading

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

In summary, Hertz:

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

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

ABOUT HERTZ

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

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

SOURCE Hertz Global Holdings, Inc.

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

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

ABOUT HERTZ

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Additionally, The Hertz Corporation operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.

SOURCE Hertz Global Holdings, Inc.

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

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

Image Slide 2

Image Slide 1

Image Slide 3

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

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

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

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

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

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

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

About Dollar Car Rental

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

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

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

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

SOURCE Hertz Global Holdings, Inc.

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

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

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

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

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

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

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

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

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

Key Sweepstakes Details:

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

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

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

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

SOURCE Hertz Global Holdings, Inc.

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

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

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

Q4 2024

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

FY 2024

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

OVERVIEW

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

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

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

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

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

SUMMARY RESULTS

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

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

EARNINGS WEBCAST INFORMATION

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

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

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

ABOUT HERTZ

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained or incorporated by reference in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements are identified by words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts," "guidance" or similar expressions, and include information concerning our liquidity, our results of operations, our business strategies, economic and industry conditions and other information. These forward-looking statements are based on certain assumptions that the Company has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors. The Company believes these judgments are reasonable, but you should understand that these forward-looking statements are not guarantees of future performance or results, and that the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished to the SEC.

Important factors that could affect the Company’s actual results and cause them to differ materially from those expressed in forward-looking statements include, among other things.

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

Additional information concerning these and other factors can be found in the Company’s filings with the SEC, including its Annual Reports on Form 10-K, Quartely Reports on Form 10-Q and Current Reports on Form 8-K

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date of this release, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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

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

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

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

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

Supplemental Schedule II
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED NET INCOME (LOSS), ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE AND ADJUSTED CORPORATE EBITDA
Unaudited
	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions, except per share data)	2024		2023		2024		2023
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share:
Net income (loss)(a)	$ (479)		$ (348)		$ (2,862)		$ 616
Adjustments:
Income tax provision (benefit)	(84)		(145)		(375)		(330)
Vehicle and non-vehicle debt-related charges(b)	26		17		86		62
Restructuring and restructuring related charges(c)	21		7		66		17
Acquisition accounting-related depreciation and amortization(d)	1		1		2		2
Unrealized (gains) losses on financial instruments(e)	15		10		7		117
(Gain) on sale of non-vehicle capital assets(f)	—		—		—		(162)
Bankruptcy-related litigation reserve(g)	4		—		292		—
Long-Lived Assets impairment(h)	—		—		1,048		—
Change in fair value of Public Warrants	(3)		(53)		(275)		(163)
Other items(i)(m)	16		19		62		43
Adjusted pre-tax income (loss)(j)	(483)		(492)		(1,949)		202
Income tax (provision) benefit on adjusted pre-tax income (loss)(k)	121		74		487		(30)
Adjusted Net Income (Loss)	$ (362)		$ (418)		$ (1,462)		$ 172
Weighted-average number of diluted shares outstanding	307		306		306		326
Adjusted Diluted Earnings (Loss) Per Share(l)	$ (1.18)		$ (1.36)		$ (4.77)		$ 0.53

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

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

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

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

(k)	Derived utilizing a combined statutory rate of 25% and 15% for the three and twelve months ended December 31, 2024 and 2023, respectively, applied to the respective Adjusted Pre-tax Income (Loss). The increase in rate is primarily resulting from reduced EV-related tax credits anticipated to be used to decrease the Company’s U.S. federal tax provision throughout 2024 based on the Company’s expected purchases of electric vehicles.
(l)	Adjustments used to reconcile diluted earnings (loss) per share on a GAAP basis to Adjusted Diluted Earnings (Loss) Per Share are comprised of the same adjustments, inclusive of the tax impact, used to reconcile net income (loss) to Adjusted Net Income (Loss) divided by the weighted-average diluted shares outstanding during the period.
(m)	Also includes letter of credit fees.
(n)	Represents former CEO awards forfeited in March 2024.
Supplemental Schedule II (continued)
(o)	The tables below reconcile expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Corporate EBITDA, both of which are deemed non-GAAP measures.

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

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

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

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

NM – Not meaningful

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

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

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

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

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

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

NON-GAAP MEASURES AND KEY METRICS

The term "GAAP" refers to accounting principles generally accepted in the United States. Adjusted EBITDA is the Company’s segment measure of profitability and complies with GAAP when used in that context.

NON-GAAP MEASURES

Non-GAAP measures are not recognized measurements under GAAP. When evaluating the Company’s operating performance or liquidity, investors should not consider non-GAAP measures in isolation of, superior to, or as a substitute for measures of the Company’s financial performance as determined in accordance with GAAP.

Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share ("Adjusted EPS")

Adjusted Net Income (Loss) represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; vehicle and non-vehicle debt-related charges; restructuring and restructuring related charges; acquisition accounting-related depreciation and amortization; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring items on a pre-tax basis. Adjusted Net Income (Loss) includes a provision (benefit) for income taxes derived utilizing a combined statutory rate. The combined statutory rate is management’s estimate of the Company’s long-term tax rate. Its most comparable GAAP measure is net income (loss) attributable to the Company.

Adjusted EPS represents Adjusted Net Income (Loss) on a per diluted share basis using the weighted-average number of diluted shares outstanding for the period. Its most comparable GAAP measure is diluted earnings (loss) per share.

Adjusted Net Income (Loss) and Adjusted EPS are important operating metrics because they allow management and investors to assess operational performance of the Company’s business, exclusive of the items mentioned above that are not operational in nature or comparable to those of the Company’s competitors.

Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin

Adjusted Corporate EBITDA represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; non-vehicle depreciation and amortization; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring items.

Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to total revenues.

Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company’s annual operating budget and monthly operating reviews, and analysis of investment decisions, profitability and performance trends. These measures enable management and investors to isolate the effects on profitability of operating metrics most meaningful to the business of renting and leasing vehicles. They also allow management and investors to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of certain executive compensation. Its most comparable GAAP measure is net income (loss) attributable to the Company.

Adjusted operating cash flow and adjusted free cash flow

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

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

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

Net Fleet Growth After Financing

U.S. and International Rental Car segments Fleet Growth is defined as revenue earning vehicles expenditures, net of proceeds from disposals, plus vehicle depreciation and net vehicle financing, which includes borrowings, repayments and the change in restricted cash associated with vehicles. Fleet Growth is important as it allows the Company to assess the cash flow required to support its investment in revenue earning vehicles.

Net Non-vehicle Debt

Net Non-vehicle Debt is calculated as non-vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issuance costs associated with non-vehicle debt, less cash and cash equivalents. Non-vehicle debt consists of the Company’s Senior Term Loans, Senior RCF, First Lien Senior Notes, Second Lien Exchangeable Notes, Senior Unsecured Notes, Promissory Notes and certain other non-vehicle indebtedness of its domestic and foreign subsidiaries. Net Non-vehicle Debt is important to management and investors as it helps measure the Company’s corporate leverage. Net Non-vehicle Debt also assists in the evaluation of the Company’s ability to service its non-vehicle debt without reference to the expense associated with the vehicle debt, which is collateralized by assets not available to lenders under the non-vehicle debt facilities.

Net Vehicle Debt

Net Vehicle Debt is calculated as vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issue costs associated with vehicle debt, less restricted cash associated with vehicles. Restricted cash associated with vehicle debt is restricted for the purchase of revenue earning vehicles and other specified uses under the Company’s vehicle debt facilities. Net Vehicle Debt is important to management, investors and ratings agencies as it helps measure the Company’s leverage with respect to its vehicle assets.

Total Net Debt

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

Net Corporate Leverage

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

KEY METRICS

Available Rental Car Days

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

Average Vehicles ("Fleet Capacity" or "Capacity")

Average Vehicles is determined using a simple average of the number of vehicles in the fleet whether owned or leased by the Company at the beginning and end of a given period.

Average Rentable Vehicles

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

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

Depreciation Per Unit Per Month represents the amount of average depreciation expense and lease charges per vehicle per month, exclusive of the impacts of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it reflects how effectively the Company is managing the costs of its vehicles and facilitates comparisons with other participants in the vehicle rental industry.

Total Revenue Per Transaction Day ("Total RPD"or "RPD"; also referred to as "pricing")

Total RPD represents revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the underlying pricing in the vehicle rental business and encompasses the elements in vehicle rental pricing that management has the ability to control.

Total Revenue Per Unit Per Month ("Total RPU", "RPU" or "Total RPU Per Month")

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

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

Transaction Days represents the total number of 24-hour periods, with any partial period counted as one Transaction Day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one Transaction Day in a 24-hour period. This metric is important to management and investors as it represents the number of revenue-generating days.

Vehicle Utilization ("Utilization")

Vehicle Utilization represents the ratio of Transaction Days to Available Rental Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to rentable fleet capacity.

SOURCE Hertz Global Holdings, Inc.

ESTERO, Fla., Jan. 2, 2025 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the "Company") announced today that it plans to report its fourth quarter and full year 2024 financial results at 8:00 a.m. ET on Thursday, February 13, 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 Q4 and FY 2024 earnings teleco registration, and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A web replay will remain available on the website for approximately one year.

ABOUT HERTZ

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Additionally, The Hertz Corporation operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.

SOURCE Hertz Global Holdings, Inc.

ESTERO, Fla., Dec. 30, 2024 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) – one of the leading global car rental companies – today announced two appointments to its leadership team, with Chris Berg joining the company as Executive Vice President and Chief Administrative Officer and Doria Holbrook as Executive Vice President Mobility, effective Jan. 1. Both Berg and Holbrook will report to CEO Gil West.

Continue Reading

In their new roles, Berg will oversee the company’s administrative operations including procurement, business services, real estate and facilities management, further strengthening its organizational capabilities and infrastructure. Holbrook will lead the company’s rideshare rental programs and partnerships, with a focus on innovation and developing new mobility solutions to generate further growth.

"Both Chris and Doria bring a unique blend of skills and experience that will complement the capabilities of our strengthened leadership team. Chris will play a key role in ensuring our business is set up for success with strategic alignment across the organization. As we look to future growth opportunities, Doria’s expertise in bringing innovative ideas to market will be invaluable," said Gil West, Hertz’s CEO. "With our world-class leadership team, we are focused on operational excellence across every aspect of our business as we work to transform Hertz for our customers, employees and shareholders and realize the company’s full potential."

Berg joins Hertz from Home Depot, where he spent over 20 years running large-scale transformation projects and enhancing customer experience. He most recently served as the company’s President, Western Division with responsibility for sales and operations across 500 stores and 100,000 employees. Berg began his career at Home Depot in store management and holds an MBA from Babson F.W. Olin Graduate School of Business and a BS in Business Administration from Babson College.

"I’m excited to join Hertz at this transformative time as we work to build seamless, efficient operations that empower our teams and enhance our ability to serve our customers. By strengthening our core infrastructure and processes, together, we’ll build world-class operational capabilities that support our continued growth," said Chris Berg.

Holbrook brings nearly two decades of experience transforming operations and bringing innovation to market across complex business landscapes. She previously served as Vice President, Global Supply Chain Partnerships at Flexport, the global logistics technology platform, and Vice President, Delivery Business Unit at Cruise. She has also held operations leadership roles at TikTok and Amazon, where she was instrumental in establishing Amazon’s last mile delivery service. Holbrook started her career at McKinsey & Company. She holds an MBA from Harvard Business School and a B.S. in Mechanical Engineering from Massachusetts Institute of Technology.

"When people are as passionate about a brand as they are about Hertz, it creates exciting possibilities for innovation. I am looking forward to working with our talented teams to build on Hertz’s exceptional foundation as a leader in mobility and help deliver an exceptional experience for our customers as we develop new ways to serve them," said Doria Holbrook.

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 owns and operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales. For more information about The Hertz Corporation, visit www.hertz.com.

SOURCE Hertz Global Holdings, Inc.