Category: Press Release

ESTERO, Fla., Sept. 13, 2023 /PRNewswire/ — Hertz Global Holdings, Inc. (Nasdaq: HTZ) today announced that Paul Stone, Chief Operations Officer and President, will step down from his role effective September 30, 2023, to pursue opportunities in the retail sector, where he began his career. Paul will remain employed with the company in a transitional capacity through October 31, 2023.

The company will conclude a search for a Chief Operating Officer in short order. In the interim, key operations leadership will report directly to Stephen M. Scherr, Chair and Chief Executive Officer.

"I want to thank Paul for his leadership at Hertz, particularly through the company’s restructuring," said Scherr. "I look forward to completing the leadership team, focused on transforming the future of Hertz, with the selection of a new COO."

"Hertz’s progress under Stephen’s leadership has been impressive, and I am confident that the team he has built will deliver meaningful value for customers and shareholders in the years ahead," said Stone.

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.

"Results for the second quarter were strong, reflecting continued high demand for our services and elevated levels of fleet utilization," said Stephen Scherr, Chair and CEO of Hertz. "Our focus on asset returns continues to yield tangible results, enabling us to advance the growth of our rideshare business and the revitalization of the Dollar brand, in addition to facilitating ongoing investments in technology and electrification. Through the hard work and dedication of Hertz employees, we are positioned well to serve our customers through the busy summer season."

ESTERO, Fla., July 27, 2023 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz", "Hertz Global" or the "Company") today reported results for its second quarter 2023.

HIGHLIGHTS

• Total revenues of $2.4 billion
• GAAP net income of $139 million, a 6% margin, or $0.44 per diluted share
• Adjusted Net Income of $227 million, or $0.72 per adjusted diluted share
• Adjusted Corporate EBITDA of $347 million, a 14% margin
• Operating cash flow of $497 million, adjusted operating cash flow of $91 million
• Adjusted free cash outflow of $423 million
• Corporate liquidity of $1.4 billion at June 30, including $682 million in unrestricted cash
• Company utilized $100 million to repurchase 6.3 million common shares during the quarter

SECOND QUARTER RESULTS

Second quarter revenue of $2.4 billion was characterized by continued strength in demand. Volume increased 12% year over year while average fleet was up 9%. Monthly revenue per unit in the quarter of $1,516 benefited from utilization of 82%, an increase of 230 bps relative to Q2 2022. Fleet depreciation was $329 million, reflecting a year over year increase of $223 million attributable to a reduction in vehicle disposition gains which were at elevated levels in 2022.

Adjusted Corporate EBITDA was $347 million in the quarter, reflecting a healthy 14% margin.

Adjusted free cash outflow of $423 million in the quarter reflected an investment in fleet to meet spring and summer demand.

The Company’s liquidity position was $1.4 billion at June 30, 2023, of which $682 million was unrestricted cash.

SUMMARY RESULTS

	Three Months Ended June 30,				Percent Inc/(Dec) 2023 vs 2022
($ in millions, except earnings per share or where noted)	2023		2022
Hertz Global – Consolidated
Total revenues	$ 2,437		$ 2,344		4 %
Adjusted net income (loss)(a)	$ 227		$ 520		(56) %
Adjusted diluted earnings (loss) per share(a)	$ 0.72		$ 1.22		(41) %
Adjusted Corporate EBITDA(a)	$ 347		$ 764		(55) %
Adjusted Corporate EBITDA Margin(a)	14 %		33 %
Average Vehicles (in whole units)	561,277		513,307		9 %
Average Rentable Vehicles (in whole units)	533,813		490,236		9 %
Vehicle Utilization	82 %		79 %
Transaction Days (in thousands)	39,705		35,444		12 %
Total RPD (in dollars)(b)	$ 61.14		$ 65.79		(7) %
Total RPU Per Month (in whole dollars)(b)	$ 1,516		$ 1,586		(4) %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 195		$ 68		NM
Americas RAC Segment
Total revenues	$ 2,015		$ 1,973		2 %
Adjusted EBITDA	$ 331		$ 770		(57) %
Adjusted EBITDA Margin	16 %		39 %
Average Vehicles (in whole units)	457,405		422,113		8 %
Average Rentable Vehicles (in whole units)	431,921		399,588		8 %
Vehicle Utilization	83 %		80 %
Transaction Days (in thousands)	32,469		29,160		11 %
Total RPD (in dollars)(b)	$ 62.03		$ 67.52		(8) %
Total RPU Per Month (in whole dollars)(b)	$ 1,554		$ 1,643		(5) %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 198		$ 49		NM
International RAC Segment
Total revenues	$ 422		$ 371		14 %
Adjusted EBITDA	$ 96		$ 92		4 %
Adjusted EBITDA Margin	23 %		25 %
Average Vehicles (in whole units)	103,872		91,194		14 %
Average Rentable Vehicles (in whole units)	101,892		90,648		12 %
Vehicle Utilization	78 %		76 %
Transaction Days (in thousands)	7,237		6,284		15 %
Total RPD (in dollars)(b)	$ 57.16		$ 57.77		(1) %
Total RPU Per Month (in whole dollars)(b)	$ 1,353		$ 1,335		1 %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 180		$ 160		13 %

NM – Not meaningful

(a) Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II.

(b) Based on December 31, 2022 foreign exchange rates.

EARNINGS WEBCAST INFORMATION

Hertz Global’s live webcast and conference call to discuss its second quarter 2023 results will be held on July 27, 2023, at 8:30 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 https://register.vevent.com/register/BI2102718ea246452781a1fcfa0f708a95, 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

Following is selected financial data of Hertz Global. Also included are Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and its view of the usefulness of non-GAAP measures to investors and management.

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.

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 include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts," "guidance" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and 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 on Form 10-K, 10-Q and 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:

• the Company’s ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including as a result of disruptions in the global supply chain;
• the Company’s ability to attract and retain effective frontline employees, senior management and other key employees;
• levels of travel demand, particularly business and leisure travel in the U.S. and in global markets;
• significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing;
• occurrences that disrupt rental activity during the Company’s peak periods particularly in critical geographies;
• the Company’s ability to accurately estimate future levels of rental activity and adjust the number and mix of vehicles used in its rental operations accordingly;
• the Company’s ability to implement its business strategy or strategic transactions, including its ability to implement plans to support a large-scale electric vehicle fleet, execute its rideshare strategy and to play a central role in the modern mobility ecosystem;
• the Company’s ability to adequately respond to changes in technology impacting the mobility industry;
• the mix of vehicles in the Company’s fleet, including but not limited to program and non-program vehicles, which can lead to increased exposure to residual risk upon disposition;
• increases in vehicle holding periods, which may result in additional maintenance costs and lower customer satisfaction;
• financial instability of the manufacturers of the Company’s vehicles, which could impact their ability to fulfill obligations under repurchase or guaranteed depreciation programs;
• increases in the level of recall activity by the manufacturers of the Company’s vehicles, which may increase the Company’s costs and can disrupt its rental activity;
• the Company’s access to third-party distribution channels and related prices, commission structures and transaction volumes associated with those channels;
• the Company’s ability to offer an excellent customer experience, retain and increase customer loyalty and increase 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 effectively manage its union relations and labor agreement negotiations;
• the Company’s ability, and that of its key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber security breaches and other security threats, as well as to comply with privacy regulations across the globe;
• a major disruption in the Company’s communication or centralized information networks or a failure to maintain, upgrade and consolidate its information technology systems;
• 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 offset future tax on fleet dispositions, 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;
• changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to accounting principles, that affect the Company’s operations, its costs or applicable tax rates;
• the recoverability of the Company’s goodwill and indefinite-lived intangible assets when performing impairment analysis;
• costs and risks associated with potential litigation and investigations, compliance with and changes in laws and regulations and potential exposures under environmental laws and regulations;
• the Company’s ability to comply with ESG regulations, meet increasing ESG expectations of stakeholders, and otherwise achieve ESG goals;
• the availability of additional or continued sources of financing at acceptable rates for the Company’s revenue earning vehicles and to refinance its existing indebtedness;
• volatility in the Company’s stock price and certain provisions of its charter documents which could negatively affect the market price of the Company’s common stock;
• the Company’s ability to effectively maintain effective internal controls over financial reporting; and
• the Company’s ability to implement an effective business continuity plan to protect the business in exigent circumstances.

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 June 30,				Six Months Ended June 30,
(In millions, except per share data)	2023		2022		2023		2022
Revenues	$ 2,437		$ 2,344		$ 4,484		$ 4,154
Expenses:
Direct vehicle and operating	1,347		1,199		2,568		2,252
Depreciation of revenue earning vehicles and lease charges, net	329		106		710		47
Depreciation and amortization of non-vehicle assets	32		36		67		69
Selling, general and administrative	285		257		506		492
Interest expense, net:
Vehicle	132		45		243		50
Non-vehicle	56		41		107		80
Total interest expense, net	188		86		350		130
Other (income) expense, net	(2)		2		7		—
(Gain) on sale of non-vehicle capital assets	—		—		(162)		—
Change in fair value of Public Warrants	100		(461)		218		(511)
Total expenses	2,279		1,225		4,264		2,479
Income (loss) before income taxes	158		1,119		220		1,675
Income tax (provision) benefit	(19)		(179)		115		(309)
Net income (loss)	$ 139		$ 940		335		1,366
Weighted average number of shares outstanding:
Basic	314		398		318		415
Diluted	315		424		319		443
Earnings (loss) per share:
Basic	$ 0.44		$ 2.36		$ 1.06		$ 3.29
Diluted	$ 0.44		$ 1.13		$ 1.05		$ 1.93

UNAUDITED CONSOLIDATED BALANCE SHEETS
(In millions, except par value and share data)	June 30, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$ 682		$ 943
Restricted cash and cash equivalents:
Vehicle	190		180
Non-vehicle	294		295
Total restricted cash and cash equivalents	484		475
Total cash and cash equivalents and restricted cash and cash equivalents	1,166		1,418
Receivables:
Vehicle	132		111
Non-vehicle, net of allowance of $39 and $45, respectively	1,160		863
Total receivables, net	1,292		974
Prepaid expenses and other assets	1,031		1,155
Revenue earning vehicles:
Vehicles	17,833		14,281
Less: accumulated depreciation	(1,988)		(1,786)
Total revenue earning vehicles, net	15,845		12,495
Property and equipment, net	665		637
Operating lease right-of-use assets	2,169		1,887
Intangible assets, net	2,883		2,887
Goodwill	1,044		1,044
Total assets	$ 26,095		$ 22,497
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable:
Vehicle	$ 358		$ 79
Non-vehicle	577		578
Total accounts payable	935		657
Accrued liabilities	971		911
Accrued taxes, net	229		170
Debt:
Vehicle	13,100		10,886
Non-vehicle	3,470		2,977
Total debt	16,570		13,863
Public Warrants	835		617
Operating lease liabilities	2,072		1,802
Self-insured liabilities	451		472
Deferred income taxes, net	1,193		1,360
Total liabilities	23,256		19,852
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, no shares issued and outstanding	—		—
Common stock, $0.01 par value, 479,126,125 and 478,914,062 shares issued, respectively, and 311,692,986 and 323,483,178 shares outstanding, respectively	5		5
Treasury stock, at cost, 167,433,139 and 155,430,884 common shares, respectively	(3,338)		(3,136)
Additional paid-in capital	6,369		6,326
Retained earnings (Accumulated deficit)	79		(256)
Accumulated other comprehensive income (loss)	(276)		(294)
Total stockholders’ equity	2,839		2,645
Total liabilities and stockholders’ equity	$ 26,095		$ 22,497

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Cash flows from operating activities:
Net income (loss)	$ 139		$ 940		$ 335		$ 1,366
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net	418		165		884		145
Depreciation and amortization, non-vehicle	32		36		67		69
Amortization of deferred financing costs and debt discount (premium)	15		14		29		25
Stock-based compensation charges	22		36		43		64
Provision for receivables allowance	20		10		40		23
Deferred income taxes, net	(28)		146		(163)		249
(Gain) loss on sale of non-vehicle capital assets	(3)		(1)		(165)		(3)
Change in fair value of Public Warrants	100		(461)		218		(511)
Changes in financial instruments	(2)		(21)		106		(65)
Other	5		(1)		5		—
Changes in assets and liabilities:
Non-vehicle receivables	(284)		(157)		(334)		(200)
Prepaid expenses and other assets	(50)		(47)		(98)		(87)
Operating lease right-of-use assets	87		7		165		79
Non-vehicle accounts payable	33		(83)		6		(32)
Accrued liabilities	39		109		68		233
Accrued taxes, net	55		22		56		52
Operating lease liabilities	(94)		(13)		(178)		(93)
Self-insured liabilities	(7)		7		(25)		15
Net cash provided by (used in) operating activities	497		708		1,059		1,329
Cash flows from investing activities:
Revenue earning vehicles expenditures	(3,719)		(3,104)		(6,543)		(6,089)
Proceeds from disposal of revenue earning vehicles	1,560		1,416		2,766		2,887
Non-vehicle capital asset expenditures	(78)		(29)		(123)		(59)
Proceeds from non-vehicle capital assets disposed of	1		5		176		6
Collateral returned in exchange for letters of credit	—		2		—		19
Return of (investment in) equity investments	(1)		—		(1)		(15)
Net cash provided by (used in) investing activities	(2,237)		(1,710)		(3,725)		(3,251)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	1,960		2,699		4,021		7,379
Repayments of vehicle debt	(682)		(1,332)		(1,872)		(4,824)
Proceeds from issuance of non-vehicle debt	825		—		1,250		—
Repayments of non-vehicle debt	(329)		(5)		(759)		(10)
Payment of financing costs	(9)		(14)		(17)		(38)
Proceeds from exercises of Public Warrants	—		—		—		3
Share repurchases	(104)		(881)		(222)		(1,647)
Other	1		—		—		(4)
Net cash provided by (used in) financing activities	1,662		467		2,401		859
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	2		(24)		13		(25)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	(76)		(559)		(252)		(1,088)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,242		2,122		1,418		2,651
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 1,166		$ 1,563		$ 1,166		$ 1,563

Supplemental Schedule I
HERTZ GLOBAL HOLDINGS, INC. CONDENSED STATEMENT OF OPERATIONS BY SEGMENT Unaudited
	Three Months Ended June 30, 2023								Three Months Ended June 30, 2022
(In millions)	Americas RAC		International RAC		Corporate		Hertz Global		Americas RAC		International RAC		Corporate		Hertz Global
Revenues	$ 2,015		$ 422		$ —		$ 2,437		$ 1,973		$ 371		$ —		$ 2,344
Expenses:
Direct vehicle and operating	1,139		211		(3)		1,347		1,002		197		—		1,199
Depreciation of revenue earning vehicles and lease charges, net	272		57		—		329		61		45		—		106
Depreciation and amortization of non-vehicle assets	27		3		2		32		30		4		2		36
Selling, general and administrative	148		45		92		285		99		47		111		257
Interest expense, net:
Vehicle	113		19		—		132		35		10		—		45
Non-vehicle	(4)		(5)		65		56		(13)		—		54		41
Total interest expense, net	109		14		65		188		22		10		54		86
Other (income) expense, net	—		(4)		2		(2)		(1)		(4)		7		2
Change in fair value of Public Warrants	—		—		100		100		—		—		(461)		(461)
Total expenses	1,695		326		258		2,279		1,213		299		(287)		1,225
Income (loss) before income taxes	$ 320		$ 96		$ (258)		158		$ 760		$ 72		$ 287		1,119
Income tax (provision) benefit							(19)								(179)
Net income (loss)							$ 139								$ 940

Supplemental Schedule I (continued)
HERTZ GLOBAL HOLDINGS, INC. CONDENSED STATEMENT OF OPERATIONS BY SEGMENT Unaudited
	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
(In millions)	Americas RAC		International RAC		Corporate		Hertz Global		Americas RAC		International RAC		Corporate		Hertz Global
Revenues	$ 3,745		$ 739		$ —		$ 4,484		$ 3,531		$ 623		$ —		$ 4,154
Expenses:
Direct vehicle and operating	2,178		393		(3)		2,568		1,905		348		(1)		2,252
Depreciation of revenue earning vehicles and lease charges, net	621		89		—		710		(32)		79		—		47
Depreciation and amortization of non-vehicle assets	55		5		7		67		56		7		6		69
Selling, general and administrative	253		82		171		506		185		89		218		492
Interest expense, net:
Vehicle	206		37		—		243		37		13		—		50
Non-vehicle	(22)		(7)		136		107		(21)		—		101		80
Total interest expense, net	184		30		136		350		16		13		101		130
Other (income) expense, net	(1)		2		6		7		(2)		(7)		9		—
(Gain) on sale of non-vehicle capital assets	(162)		—		—		(162)		—		—		—		—
Change in fair value of Public Warrants	—		—		218		218		—		—		(511)		(511)
Total expenses	3,128		601		535		4,264		2,128		529		(178)		2,479
Income (loss) before income taxes	$ 617		$ 138		$ (535)		220		$ 1,403		$ 94		$ 178		1,675
Income tax (provision) benefit							115								(309)
Net income (loss)							$ 335								$ 1,366

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 June 30,				Six Months Ended June 30,
(In millions, except per share data)	2023		2022		2023		2022
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share:
Net income (loss)	$ 139		$ 940		$ 335		$ 1,366
Adjustments:
Income tax provision (benefit)	19		179		(115)		309
Vehicle and non-vehicle debt-related charges(a)(k)	15		14		29		26
Restructuring and restructuring related charges(b)	5		15		8		21
Acquisition accounting-related depreciation and amortization(c)	1		—		1		1
Unrealized (gains) losses on financial instruments(d)	(2)		(21)		106		(65)
(Gain) on sale of non-vehicle capital assets(e)	—		—		(162)		—
Change in fair value of Public Warrants	100		(461)		218		(511)
Other items(f)(l)	(10)		27		4		83
Adjusted pre-tax income (loss)(g)	267		693		424		1,230
Income tax (provision) benefit on adjusted pre-tax income (loss)(h)	(40)		(173)		(64)		(307)
Adjusted Net Income (Loss)	$ 227		$ 520		$ 360		$ 923
Weighted-average number of diluted shares outstanding	315		424		319		443
Adjusted Diluted Earnings (Loss) Per Share(i)	$ 0.72		$ 1.22		$ 1.13		$ 2.08
Adjusted Corporate EBITDA:
Net income (loss)	$ 139		$ 940		$ 335		$ 1,366
Adjustments:
Income tax provision (benefit)	19		179		(115)		309
Non-vehicle depreciation and amortization(j)	32		36		67		69
Non-vehicle debt interest, net of interest income	56		41		107		80
Vehicle debt-related charges(a)(k)	10		9		20		16
Restructuring and restructuring related charges(b)	5		15		8		21
Unrealized (gains) losses on financial instruments(d)	(2)		(21)		106		(65)
(Gain) on sale of non-vehicle capital assets(e)	—		—		(162)		—
Change in fair value of Public Warrants	100		(461)		218		(511)
Other items(f)(m)	(12)		26		—		93
Adjusted Corporate EBITDA	$ 347		$ 764		$ 584		$ 1,378

(a)	Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.
(b)	Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives. For 2023, charges incurred related primarily to International RAC and Corporate. For 2022, charges incurred related primarily to International RAC.
(c)	Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.
	Supplemental Schedule II (continued)
(d)	Represents unrealized gains (losses) on derivative financial instruments, primarily associated with Americas RAC. In the six months ended June 30, 2023, also includes the realization of $88 million of previously unrealized gains resulting from the unwind of certain interest rate caps in Americas RAC.
(e)	Represents gain on the sale of certain non-vehicle capital assets sold in March 2023 in Americas RAC.
(f)	Represents miscellaneous items. For 2023, primarily includes a loss recovery settlement in Americas RAC, partially offset by certain IT related charges primarily in Corporate. For 2022, primarily includes bankruptcy claims, certain professional fees and charges related to the settlement of bankruptcy claims.
(g)	Adjustments by caption on a pre-tax basis were as follows:

Increase (decrease) to expenses	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
Direct vehicle and operating	$ 17		$ (19)		$ 17		$ (21)
Depreciation of revenue earning vehicles and lease charges, net	—		—		2		—
Selling, general and administrative	(13)		(6)		(27)		(11)
Interest expense, net:
Vehicle	(3)		(9)		(122)		(16)
Non-vehicle	(9)		(8)		(17)		(14)
Total interest expense, net	(12)		(17)		(139)		(30)
Other income (expense), net	(1)		7		(1)		(4)
Gain on sale non-vehicle capital assets	—		—		162		—
Change in fair value of Public Warrants	(100)		461		(218)		511
Total adjustments	$ (109)		$ 426		$ (204)		$ 445

(h)	Derived utilizing a combined statutory rate of 15% for the three and six months ended June 30, 2023 and 25% for the three and six months ended June 30, 2022 applied to the respective Adjusted Pre-tax Income (Loss). The decrease in rate is primarily resulting from EV-related tax credits anticipated to be used to decrease the Company’s U.S. federal tax provision throughout 2023 based on the Company’s expected purchases of electric vehicles.
(i)	Adjustments used to reconcile diluted earnings (loss) per share on a GAAP basis to Adjusted Diluted Earnings (Loss) Per Share are comprised of the same adjustments, inclusive of the tax impact, used to reconcile net income (loss) to Adjusted Net Income (Loss) divided by the weighted-average diluted shares outstanding during the period.
(j)	Non-vehicle depreciation and amortization expense for Americas RAC, International RAC and Corporate for the three months ended June 30, 2023 was $27 million, $3 million and $2 million, respectively. For the three months ended June 30, 2022 was $30 million, $4 million, and $2 million for Americas RAC, International RAC and Corporate, respectively. Non-vehicle depreciation and amortization expense for Americas RAC, International RAC and Corporate for the six months ended June 30, 2023 was $55 million, $5 million and $7 million, respectively. For the six months ended June 30, 2022 was $56 million, $7 million and $6 million for Americas RAC, International RAC and Corporate, respectively
(k)	Vehicle debt-related charges for Americas RAC and International RAC for the three months ended June 30, 2023 were $9 million and $1 million, respectively, and were $3 million and $6 million, respectively, for the three months ended June 30, 2022. Vehicle debt-related charges for Americas RAC and International RAC for the six months ended June 30, 2023 were $17 million and $3 million, respectively, and were $9 million and $7 million, respectively, for the six months ended June 30, 2022.
(l)	Also includes letter of credit fees recorded primarily in Corporate.
(m)	In 2022, also includes an adjustment for certain non-cash stock-based compensation charges recorded in Corporate.

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 June 30,				Six Months Ended June 30,
(In millions)	2023		2022		2023		2022
ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:
Net cash provided by (used in) operating activities	$ 497		$ 708		$ 1,059		$ 1,329
Depreciation and reserves for revenue earning vehicles, net	(418)		(165)		(884)		(145)
Bankruptcy related payments (post emergence) and other payments	12		42		20		78
Adjusted operating cash flow	91		585		195		1,262
Non-vehicle capital asset proceeds (expenditures), net	(77)		(24)		53		(53)
Adjusted operating cash flow before vehicle investment	14		561		248		1,209
Net fleet growth after financing	(437)		(77)		(754)		(646)
Adjusted free cash flow	$ (423)		$ 484		$ (506)		$ 563
CALCULATION OF NET FLEET GROWTH AFTER FINANCING:
Revenue earning vehicles expenditures	$ (3,719)		$ (3,104)		$ (6,543)		$ (6,089)
Proceeds from disposal of revenue earning vehicles	1,560		1,416		2,766		2,887
Revenue earning vehicles capital expenditures, net	(2,159)		(1,688)		(3,777)		(3,202)
Depreciation and reserves for revenue earning vehicles, net	418		165		884		145
Financing activity related to vehicles:
Borrowings	1,960		2,699		4,021		7,379
Payments	(682)		(1,332)		(1,872)		(4,824)
Restricted cash changes, vehicle	26		79		(10)		(144)
Net financing activity related to vehicles	1,304		1,446		2,139		2,411
Net fleet growth after financing	$ (437)		$ (77)		$ (754)		$ (646)

Supplemental Schedule IV
HERTZ GLOBAL HOLDINGS, INC. NET DEBT CALCULATION Unaudited
	As of June 30, 2023						As of December 31, 2022
(In millions)	Vehicle		Non-Vehicle		Total		Vehicle		Non-Vehicle		Total
Term loans	$ —		$ 1,519		$ 1,519		$ —		$ 1,526		$ 1,526
First Lien RCF	—		500		500		—		—		—
Senior notes	—		1,500		1,500		—		1,500		1,500
U.S. vehicle financing (HVF III)	11,095		—		11,095		9,406		—		9,406
International vehicle financing (Various)	1,982		—		1,982		1,466		—		1,466
Other debt	80		4		84		76		9		85
Debt issue costs, discounts and premiums	(57)		(53)		(110)		(62)		(58)		(120)
Debt as reported in the balance sheet	13,100		3,470		16,570		10,886		2,977		13,863
Add:
Debt issue costs, discounts and premiums	57		53		110		62		58		120
Less:
Cash and cash equivalents	—		682		682		—		943		943
Restricted cash	190		—		190		180		—		180
Restricted cash and restricted cash equivalents associated with Term C Loan	—		245		245		—		245		245
Net Debt	$ 12,967		$ 2,596		$ 15,563		$ 10,768		$ 1,847		$ 12,615
Corporate leverage ratio(a)			1.7x						0.8x

(a) Corporate leverage ratio is calculated as non-vehicle net debt divided by LTM Adjusted Corporate EBITDA.

Supplemental Schedule V
HERTZ GLOBAL HOLDINGS, INC. KEY METRICS CALCULATIONS REVENUE, UTILIZATION AND DEPRECIATION Unaudited Global RAC
	Three Months Ended June 30,				Percent Inc/(Dec)		Six Months Ended June 30,				Percent Inc/(Dec)
($ in millions, except where noted)	2023		2022				2023		2022
Total RPD
Revenues	$ 2,437		$ 2,344				$ 4,484		$ 4,154
Foreign currency adjustment(a)	(9)		(12)				(13)		(29)
Total Revenues – adjusted for foreign currency	$ 2,428		$ 2,332				$ 4,471		$ 4,125
Transaction Days (in thousands)	39,705		35,444				73,493		66,065
Total RPD (in dollars)	$ 61.14		$ 65.79		(7) %		$ 60.84		$ 62.43		(3) %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 2,428		$ 2,332				$ 4,471		$ 4,125
Average Rentable Vehicles (in whole units)	533,813		490,236				508,550		472,871
Total revenue per unit (in whole dollars)	$ 4,548		$ 4,757				$ 8,792		$ 8,722
Number of months in period (in whole units)	3		3				6		6
Total RPU Per Month (in whole dollars)	$ 1,516		$ 1,586		(4) %		$ 1,465		$ 1,454		1 %
Vehicle Utilization
Transaction Days (in thousands)	39,705		35,444				73,493		66,065
Average Rentable Vehicles (in whole units)	533,813		490,236				508,550		472,871
Number of days in period (in whole units)	91		91				181		181
Available Car Days (in thousands)	48,576		44,615				92,079		85,616
Vehicle Utilization(b)	82 %		79 %				80 %		77 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 329		$ 106				$ 710		$ 47
Foreign currency adjustment(a)	(1)		(1)				(1)		(3)
Adjusted depreciation of revenue earning vehicles and lease charges	$ 328		$ 105				$ 709		$ 44
Average Vehicles (in whole units)	561,277		513,307				532,903		497,259
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 584		$ 205				$ 1,331		$ 89
Number of months in period (in whole units)	3		3				6		6
Depreciation Per Unit Per Month (in whole dollars)	$ 195		$ 68		NM		$ 222		$ 15		NM

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, 2022 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 June 30,				Percent Inc/(Dec)		Six Months Ended June 30,				Percent Inc/(Dec)
($ in millions, except where noted)	2023		2022				2023		2022
Total RPD
Revenues	$ 2,015		$ 1,973				$ 3,745		$ 3,531
Foreign currency adjustment(a)	(1)		(4)				(2)		(7)
Total Revenues – adjusted for foreign currency	$ 2,014		$ 1,969				$ 3,743		$ 3,524
Transaction Days (in thousands)	32,469		29,160				60,348		54,739
Total RPD (in dollars)	$ 62.03		$ 67.52		(8) %		$ 62.03		$ 64.39		(4) %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 2,014		$ 1,969				$ 3,743		$ 3,524
Average Rentable Vehicles (in whole units)	431,921		399,588				412,717		386,363
Total revenue per unit (in whole dollars)	$ 4,663		$ 4,928				$ 9,070		$ 9,122
Number of months in period (in whole units)	3		3				6		6
Total RPU Per Month (in whole dollars)	$ 1,554		$ 1,643		(5) %		$ 1,512		$ 1,520		(1) %
Vehicle Utilization
Transaction Days (in thousands)	32,469		29,160				60,348		54,739
Average Rentable Vehicles (in whole units)	431,921		399,588				412,717		386,363
Number of days in period (in whole units)	91		91				181		181
Available Car Days (in thousands)	39,304		36,366				74,725		69,952
Vehicle Utilization(b)	83 %		80 %				81 %		78 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 272		$ 61				$ 621		$ (32)
Foreign currency adjustment(a)	—		1				1		—
Adjusted depreciation of revenue earning vehicles and lease charges	$ 272		$ 62				$ 622		$ (32)
Average Vehicles (in whole units)	457,405		422,113				435,194		409,867
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 595		$ 146				$ 1,429		$ (77)
Number of months in period (in whole units)	3		3				6		6
Depreciation Per Unit Per Month (in whole dollars)	$ 198		$ 49		NM		$ 238		$ (13)		NM

NM – Not meaningful

(a) Based on December 31, 2022 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 June 30,				Percent Inc/(Dec)		Six Months Ended June 30,				Percent Inc/(Dec)
($ in millions, except where noted)	2023		2022				2023		2022
Total RPD
Revenues	$ 422		$ 371				$ 739		$ 623
Foreign currency adjustment(a)	(8)		(8)				(11)		(23)
Total Revenues – adjusted for foreign currency	$ 414		$ 363				$ 728		$ 600
Transaction Days (in thousands)	7,237		6,284				13,145		11,326
Total RPD (in dollars)	$ 57.16		$ 57.77		(1) %		$ 55.37		$ 52.98		5 %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 414		$ 363				$ 728		$ 600
Average Rentable Vehicles (in whole units)	101,892		90,648				95,834		86,508
Total revenue per unit (in whole dollars)	$ 4,060		$ 4,005				$ 7,595		$ 6,936
Number of months in period (in whole units)	3		3				6		6
Total RPU Per Month (in whole dollars)	$ 1,353		$ 1,335		1 %		$ 1,266		$ 1,156		10 %
Vehicle Utilization
Transaction Days (in thousands)	7,237		6,284				13,145		11,326
Average Rentable Vehicles (in whole units)	101,892		90,648				95,834		86,508
Number of days in period (in whole units)	91		91				181		181
Available Car Days (in thousands)	9,271		8,248				17,354		15,664
Vehicle Utilization (b)	78 %		76 %				76 %		72 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 57		$ 45				$ 89		$ 79
Foreign currency adjustment(a)	(1)		(1)				(2)		(3)
Adjusted depreciation of revenue earning vehicles and lease charges	$ 56		$ 44				$ 87		$ 76
Average Vehicles (in whole units)	103,872		91,194				97,709		87,392
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 539		$ 479				$ 895		$ 869
Number of months in period (in whole units)	3		3				6		6
Depreciation Per Unit Per Month (in whole dollars)	$ 180		$ 160		13 %		$ 149		$ 145		3 %

(a) Based on December 31, 2022 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; change in fair value of Public Warrants; unrealized (gains) losses on financial instruments, gain on sale of non-vehicle capital assets and certain other miscellaneous items on a pre-tax basis. Adjusted Net Income (Loss) includes a provision (benefit) for income taxes derived utilizing a combined statutory rate. The combined statutory rate is management’s estimate of the Company’s long-term tax rate. Its most comparable GAAP measure is net income (loss) attributable to the Company.

Adjusted 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; change in fair value of Public Warrants; unrealized (gains) losses on financial instruments; gain on sale of non-vehicle capital assets and certain other miscellaneous items.

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

Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company’s annual operating budget and monthly operating reviews, and 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 important 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 important 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.

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.

Kelly Galloway appointed to Chief Accounting Officer

ESTERO, Fla., July 26, 2023 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) today announced that Alexandra Brooks, the company’s interim Chief Financial Officer since April 2023 and Chief Accounting Officer since 2020, has been named Executive Vice President and Chief Financial Officer, effective immediately. In addition, Kelly Galloway, Senior Vice President and Controller, is appointed Chief Accounting Officer.

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"In her role as Chief Accounting Officer and, more recently, Interim Chief Financial Officer, Alex has demonstrated the financial acumen, leadership skills and deep grounding in the Hertz business necessary to help lead an era of transformation at Hertz," said Stephen Scherr, Chair and Chief Executive Officer of Hertz.

"Hertz is an iconic brand with a proud history and an exciting future. I am keen to work closely with Stephen and the talented Hertz team to deliver on our strategic initiatives and drive profitable growth," said Brooks.

"These promotions demonstrate the depth of talent at Hertz and I look forward to working with Alex and Kelly in their new roles," said Scherr.

Alexandra Brooks, a Certified Public Accountant (CPA), previously served as Interim Chief Financial Officer, Chief Accounting Officer and Senior Vice President, Internal Audit at Hertz. Prior to joining Hertz, Ms. Brooks was Vice President, Internal Audit at Aptiv PLC, the Chief Financial Officer for Champion Windows and Home Exteriors, and held a variety of leadership roles at the General Electric Company and the General Motors Company and began her career with PricewaterhouseCoopers.

Kelly Galloway, also a CPA, has held roles of increasing responsibility in finance and accounting with Hertz for nine years, including most recently as Senior Vice President and Controller since August 2020. She began her career with PricewaterhouseCoopers.

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., July 19, 2023 /PRNewswire/ — Hertz is giving Americans the opportunity to experience an electric vehicle by hosting one of the largest-ever EV test drives in the country. Today, Hertz customers and rideshare drivers will have the chance to test drive an EV at the Hertz location at Los Angeles International Airport (LAX), and to see the newest EV models showcased by Tesla, Chevrolet, Polestar and Kia.

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For those who can’t make it to the event at LAX, Hertz is offering a nationwide Hertz Let’s Go Electric promotion that provides customers with one rental day free when they rent an electric vehicle for two or more days now through Labor Day*. Additional in-person test drives are being planned at Hertz locations across the U.S. later this year.

"We are thrilled to offer our customers a range of rental vehicles at a variety of price points, including this exciting next generation of automotive technology," said Laura Smith, Hertz Executive Vice President of Global Sales and Customer Experience. "For customers who are curious about electric vehicles, there’s no better way to experience one than with a test drive at Hertz, which has the largest rental fleet of EVs in the U.S."

Hertz has tens of thousands of EVs available for rent at more than 2,000 locations across 44 states. In addition to leisure and business travelers, Hertz also rents EVs to rideshare drivers through a partnership with Uber. Nearly 50,000 drivers on the Uber platform have rented electric vehicles from Hertz so far.

To help customers feel comfortable and confident on the road, Hertz provides a variety of digital resources and in-person guidance on how to rent, charge and operate an EV. To learn more about driving an EV and where to rent one at Hertz, visit Hertz.com/EV. For more details about the Hertz Let’s Go Electric promotion, visit: Hertz.com/LetsGoEV.

*Rent for 2 days, pay for 1 less. Discount applies to base rate only. Taxes, fees and options are excluded. Terms and exclusions apply.

About Hertz
Hertz, one of the most recognized brands in the world, has a long-standing legacy of providing a fast and easy experience designed to make every journey special. It starts with top-rated vehicles to fit every traveler’s needs, delivered with a caring touch and personalized services including its award-winning Hertz Gold Plus Rewards loyalty program, Ultimate Choice, Hertz app, and more. To learn more or to reserve a vehicle at an airport or a convenient neighborhood Hertz location, visit Hertz.com.

Hertz pioneered the car rental industry more than 100 years ago and today is owned by Hertz Global Holdings, Inc. which includes Dollar and Thrifty vehicle rental brands.

SOURCE The Hertz Corporation

ESTERO, Fla., July 5, 2023 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) (the "Company") announced today that it plans to report its second quarter 2023 financial results at approximately 7:30 a.m. ET on Thursday, July 27, 2023 followed by an earnings call at 8:30 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 2023 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.

Hertz extends its partnership with the seven-time Super Bowl champion through 2024

ESTERO, Fla., May 22, 2023 /PRNewswire/ — Tom Brady is holding nothing back from the cameras while appearing on the "Hertz. Let’s Go Show," which is hosted by actress and comedian Yvonne Orji and is the fictional daytime talk show premise for the latest series of new digital ads debuting today as part of the Hertz. Let’s Go! campaign. During an "exclusive" interview with Orji, Brady hilariously reveals his deep affinity for Hertz.

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In the campaign’s hero spot, the five-time Super Bowl MVP finds himself baring his soul to Orji on the show, ultimately winning a ‘Let’s Go moment’ in a Hertz electric vehicle (EV) rental. Brady and Orji recreate multiple iconic daytime talk show moments in the new series while highlighting Hertz’s diverse vehicle options – including its growing EV fleet – Hertz Gold Plus Rewards loyalty program, partnerships, global footprint and more.

"The Hertz. Let’s Go! campaign has effectively shined a spotlight on our fast and seamless service, and innovative vehicle offerings, including our EV rentals," said Wayne Davis, Hertz’s chief marketing officer. "Tom Brady has been such an authentic and enthusiastic partner for Hertz and this campaign, that we mutually decided to extend our partnership through 2024. We can’t wait for people to engage with the next phase of the campaign as Tom and Yvonne bring their talent and humor to showcase the many elements that make renting from Hertz a great way to travel and create memories."

Brady and Hertz first teamed up in October 2021 as the company announced its industry-leading investment in EVs, and have released several ads over the past three years using topical humor to highlight Hertz’s diverse and unique vehicle offerings and customer service. Brady is once again along for the ride with Hertz as it expands its electric vehicle offerings through large-scale purchases with Tesla, Polestar and General Motors that enable the brand to offer a variety of EVs at a range of price points.

"I appreciate my close collaboration with Hertz because it truly is so natural and authentic to me," said Brady. "There is such a true connection to ‘Let’s Go’ as it relates to travel and the desire to have a seamless experience which Hertz always provides. Being an EV driver, I also love that more people across the country will have the opportunity to experience Hertz’s EV rental fleet. I’ve been driving one for a long time and seeing Hertz continue to invest in them is amazing."

According to Orji, joining the campaign was a no-brainer as she’s a longtime Hertz customer and true believer in the ‘Let’s Go’ mantra as well.

"I love a good ‘Let’s Go moment’ because I never like to feel restricted or live with the restraints of when and how you can take a break," said Orji. "I let my body decide when it’s time to tap out and then I hit the open road."

The ads will be featured on premium streaming networks – Hulu, Disney, HBO Max, Peacock, Warner Bros. and Discovery – YouTube and across Facebook, Instagram, and TikTok with accompanying audio ads on Pandora. The hero spot can be viewed here on YouTube.

ABOUT HERTZ
Hertz, one of the most recognized brands in the world, has a long-standing legacy of providing a fast and easy experience designed to make every journey special. It starts with top-rated vehicles to fit every traveler’s needs, delivered with a caring touch and personalized services including its award-winning Hertz Gold Plus Rewards loyalty program, Ultimate Choice, Hertz app, and more. To learn more or to reserve a vehicle at an airport or a convenient neighborhood Hertz location, visit Hertz.com.

Hertz pioneered the car rental industry more than 100 years ago and today is owned by Hertz Global Holdings, Inc. which includes Dollar and Thrifty vehicle rental brands.

SOURCE The Hertz Corporation

Hertz and City of Orlando Launch Partnership to Expand Electric Vehicle Rentals, EV Charging Infrastructure and Education and Training Opportunities

ORLANDO, Fla., May 11, 2023 /PRNewswire/ — Hertz (NASDAQ: HTZ) chair and CEO Stephen Scherr and Orlando Mayor Buddy Dyer launched Hertz Electrifies Orlando, a public private partnership aimed at accelerating the adoption of electric vehicles (EVs) and expanding the environmental and economic benefits of electrification across Orlando.

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As part of the partnership, Hertz aims to add up to 6,000 rental EVs to its existing fleet in Orlando, for availability to leisure and business customers as well as rideshare drivers. To help expand charging, Hertz will support the installation of up to 50 public fast chargers across the Greater Orlando area, in partnership with bp. In addition, Hertz is working with Orange Technical College (OTC) to help bring EV tools and training to its auto servicing students. Hertz is also making summer jobs available through the city’s Summer Youth Employment Program.

"We are thrilled to partner with Mayor Dyer to launch Hertz Electrifies in Orlando, the largest rental car market in the world," said Stephen Scherr, Hertz chair and CEO. "It seems fitting that we are launching this public private partnership during National Travel & Tourism Week, given the city’s enormous importance as a destination for travelers around the globe. Hertz is excited to expand our EV offerings to our diverse customer set in Orlando, and to partner with Orlando Technical College to help bring EV education and training opportunities to students."

Hertz Electrifies Orlando aligns with Mayor Dyer’s 2030 Electric Mobility Roadmap goals to accelerate EV adoption in multiple transportation sectors and develop a robust charging ecosystem to reduce emissions that harm public health, bolster climate change resilience, and increase access and affordability for all communities.

"We have the opportunity to transform our transportation landscape as we work to be the most sustainable city in the southeast," said Orlando Mayor Buddy Dyer. "Our partnership with Hertz Electrifies will help us meet our goal of accelerating electric vehicles and expanding charging infrastructure. We are making Orlando ready for the future and working to ensure that everyone experiences the benefits that electric mobility options can bring, including our future workforce."

To help support the next generation of EV technicians, Hertz is donating an electric vehicle to Orange Technical College and providing EV education and training materials that will enable the school to incorporate EV technology into its auto servicing programs.

"Having access to electric vehicles provides critical hands-on experience with new technology for students in Orange County," said Dr. Maria Vazquez, Superintendent of Orange County Public Schools. "We are truly grateful for Hertz for donating this vehicle and we look forward to a future partnership to increase education and training opportunities."

Orlando is the fourth City to partner with Hertz through Hertz Electrifies, as part of a multi-city rollout of this national public-private initiative.

About Hertz Electrifies
Hertz Electrifies is a new public-private partnership aimed at furthering the mainstream adoption of electric vehicles and extending the benefits of electrification to communities throughout the United States. The initiative works to: (1) expand electric vehicle fleets (2) accelerate EV charging infrastructure; (3) build education and training opportunities for jobs of the future; and (4) help broaden economic opportunity through electrification. For more information visit www.hertz.com/electrifies.

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. For more information about The Hertz Corporation, visit www.hertz.com. Hertz has tens of thousands of EVs available at more than 500 Hertz locations across 38 states.

About The City of Orlando
Orlando, a city with more than 300,000 residents located in the heart of Central Florida, has gained international notoriety from its theme parks and attractions that annually draw more than 70 million people from around the globe. With a goal of being the most sustainable city in the southeast, the City of Orlando is actively moving towards its goal to convert 100% of its municipal fleet to electric or alternative fuel vehicles by 2030. As part of this effort, the city is expanding charging infrastructure across the entire community to be one of the most equitable and future-ready cities in the nation.

About Orange Technical College
Orange Technical College, a part of Orange County Public Schools, focuses on improving students’ lives and positively impacting workforce needs throughout Central Florida. Throughout five technical college campuses, students learn the industry skills needed to start an in-demand CAREER, attain their high school diploma, become an apprentice, learn English, and expand their current skills to make them more marketable to employers.

About Orange County Public Schools
Orange County Public Schools is the eighth-largest school district in the United States and the fourth largest in Florida. The district serves about 209,000 students at 210 schools and is one of the largest employers in Central Florida with roughly 25,000 team members.

Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws. Words such as "aim," "create," "accelerate," "transition," "will," "build," "future," "transform," "invest," "shift," "launch," "increase," "initiative," "expand," add," and "develop," and similar expressions identify forward-looking statements, which include but are not limited to statements related to the expansion of Hertz’s EV fleet and its partnership with Uber, installation of charging infrastructure including in partnership with bp, and any other statements regarding future expectations, beliefs, plans, objectives, future events or performance. 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 Hertz’s ability to expand its EV fleet, develop and install sufficient EV charging infrastructure, and otherwise execute on its strategic plans, as well as other factors identified in the risk factors of Hertz’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the "SEC") on February 23, 2022 and any updates thereto in subsequent filings with the SEC including in Hertz’s Quarterly Reports on Form 10-Q. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and Hertz undertakes no obligation to update this information.

SOURCE The Hertz Corporation

"Hertz posted strong results in the first quarter, reflecting continued growth in demand across all customer segments and sustained pricing both in the U.S. and abroad," said Stephen Scherr, Hertz chair and chief executive officer. "Our continued investments in the business, particularly in the areas of technology and electrification, are improving our operational cadence, extending our reach in rideshare, and enabling the revitalization of our value brands, all with a view toward delivering sustainable returns for our shareholders. We look forward to serving our customers with excellence during the upcoming summer season."

ESTERO, Fla., April 27, 2023 /PRNewswire/ — Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz", "Hertz Global" or the "Company") today reported results for its first quarter 2023.

HIGHLIGHTS

• Total revenues of $2.0 billion
• GAAP net income of $196 million, or $0.61 per diluted share
• Adjusted Net Income of $126 million, or $0.39 per adjusted diluted share
• Adjusted Corporate EBITDA of $237 million, a 12% margin
• Operating cash flow of $562 million, adjusted operating cash flow of $104 million
• Adjusted free cash outflow of $83 million
• Corporate liquidity of $2.2 billion at March 31, including $728 million in unrestricted cash
• Company utilized $100 million to repurchase 5.7 million common shares during the quarter

FIRST QUARTER RESULTS

First quarter revenue was $2.0 billion, up 13% year over year, characterized by continued strength in leisure and corporate demand. Transaction days increased 10% year over year while average fleet was up 5%. Monthly revenue per unit in the quarter of $1,409, was up 7% year over year and benefited from a 280-basis point improvement in utilization and pricing strength.

Adjusted Corporate EBITDA was $237 million in the quarter. Fleet depreciation was $381 million, or $252 per unit per month. Fleet depreciation in the first quarter of 2022 reflected outsized gains on sale of vehicles. Adjusted Corporate EBITDA in the quarter included $88 million of gains from the monetization of interest rate caps associated with the Company’s HVFIII U.S. ABS facility.

Adjusted free cash outflow of $83 million in the quarter reflected an investment to grow the fleet to meet spring and summer demand.

During the first quarter of 2023, the Company repurchased 5.7 million shares of its common stock for $100 million. As of April 20, 2023, the Company had approximately $1.0 billion remaining under its share repurchase authorization.

The Company’s liquidity position was $2.2 billion at March 31, 2023, of which $728 million was unrestricted cash.

SUMMARY RESULTS

	Three Months Ended March 31,				Percent Inc/ (Dec) 2023 vs 2022
($ in millions, except earnings per share or where noted)	2023		2022
Hertz Global – Consolidated
Total revenues	$ 2,047		$ 1,810		13 %
Adjusted net income (loss)(a)	$ 126		$ 403		(69) %
Adjusted diluted earnings (loss) per share(a)	$ 0.39		$ 0.87		(55) %
Adjusted Corporate EBITDA(a)	$ 237		$ 614		(61) %
Adjusted Corporate EBITDA Margin(a)	12 %		34 %
Average Vehicles (in whole units)	504,528		481,211		5 %
Average Rentable Vehicles (in whole units)	483,288		455,517		6 %
Vehicle Utilization	77 %		75 %
Transaction Days (in thousands)	33,787		30,621		10 %
Total RPD (in dollars)(b)	$ 60.48		$ 58.54		3 %
Total RPU Per Month (in whole dollars)(b)	$ 1,409		$ 1,312		7 %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 252		$ (42)		NM
Americas RAC Segment
Total revenues	$ 1,730		$ 1,558		11 %
Adjusted EBITDA	$ 261		$ 641		(59) %
Adjusted EBITDA Margin	15 %		41 %
Average Vehicles (in whole units)	412,983		397,620		4 %
Average Rentable Vehicles (in whole units)	393,512		373,153		5 %
Vehicle Utilization	79 %		76 %
Transaction Days (in thousands)	27,879		25,579		9 %
Total RPD (in dollars)(b)	$ 62.03		$ 60.81		2 %
Total RPU Per Month (in whole dollars)(b)	$ 1,465		$ 1,390		5 %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 282		$ (78)		NM
International RAC Segment
Total revenues	$ 317		$ 252		25 %
Adjusted EBITDA	$ 53		$ 27		97 %
Adjusted EBITDA Margin	17 %		11 %
Average Vehicles (in whole units)	91,545		83,591		10 %
Average Rentable Vehicles (in whole units)	89,776		82,364		9 %
Vehicle Utilization	72 %		68 %
Transaction Days (in thousands)	5,908		5,042		17 %
Total RPD (in dollars)(b)	$ 53.18		$ 47.00		13 %
Total RPU Per Month (in whole dollars)(b)	$ 1,167		$ 959		22 %
Depreciation Per Unit Per Month (in whole dollars)(b)	$ 115		$ 129		(11) %

NM – Not meaningful

(a) Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II.

(b) Based on December 31, 2022 foreign exchange rates.

EARNINGS WEBCAST INFORMATION

Hertz Global’s live webcast and conference call to discuss its first quarter 2023 results will be held on April 27, 2023, at 8:30 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 https://register.vevent.com/register/BI62d702e50f4c42c0b23858ca0440e2e4, 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

Following is selected financial data of Hertz Global. Also included are Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and its view of the usefulness of non-GAAP measures to investors and management.

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.

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 include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts," "guidance" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and 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 on Form 10-K, 10-Q and 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:

• the Company’s ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including as a result of disruptions in the global supply chain;

• the Company’s ability to attract and retain effective frontline employees and senior management and other key employees;

• levels of travel demand, particularly business and leisure travel in the U.S. and in global markets;

• significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing;

• occurrences that disrupt rental activity during the Company’s peak periods particularly in critical geographies;

• the Company’s ability to accurately estimate future levels of rental activity and adjust the number and mix of vehicles used in its rental operations accordingly;

• the Company’s ability to implement its business strategy or strategic transactions, including its ability to implement plans to support a large-scale electric vehicle fleet, execute its rideshare strategy and to play a central role in the modern mobility ecosystem;

• the Company’s ability to adequately respond to changes in technology impacting the mobility industry;

• the mix of vehicles in the Company’s fleet, including but not limited to program and non-program vehicles, which can lead to increased exposure to residual risk upon disposition;

• increases in vehicle holding periods, which may result in additional maintenance costs and lower customer satisfaction;

• financial instability of the manufacturers of the Company’s vehicles, which could impact their ability to fulfill obligations under repurchase or guaranteed depreciation programs;

• increases in the level of recall activity by the manufacturers of the Company’s vehicles, which may increase the Company’s costs and can disrupt its rental activity due to safety recalls by the manufacturers of its vehicles;

• the Company’s access to third-party distribution channels and related prices, commission structures and transaction volumes associated with those channels;

• the Company’s ability to offer an excellent customer experience, retain and increase customer loyalty and increase 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 effectively manage its union relations and labor agreement negotiations;

• the Company’s ability, and that of its key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber security breaches and other security threats, as well as to comply with privacy regulations across the globe;

• a major disruption in the Company’s communication or centralized information networks or a failure to maintain, upgrade and consolidate its information technology systems;

• 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 offset future tax on fleet dispositions, 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;

• changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to accounting principles, that affect the Company’s operations, its costs or applicable tax rates;

• the recoverability of the Company’s goodwill and indefinite-lived intangible assets when performing impairment analysis;

• costs and risks associated with potential litigation and investigations, compliance with and changes in laws and regulations and potential exposures under environmental laws and regulations;

• the Company’s ability to comply with ESG regulations, meet increasing ESG expectations of stakeholders, and otherwise achieve ESG goals;

• the availability of additional or continued sources of financing at acceptable rates for the Company’s revenue earning vehicles and to refinance its existing indebtedness;

• volatility in the Company’s stock price and certain provisions of its charter documents which could negatively affect the market price of the Company’s common stock;

• the Company’s ability to effectively maintain effective internal controls over financial reporting; and

• the Company’s ability to implement an effective business continuity plan to protect the business in exigent circumstances.

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)	2023		2022
Revenues	$ 2,047		$ 1,810
Expenses:
Direct vehicle and operating	1,221		1,053
Depreciation of revenue earning vehicles and lease charges, net	381		(59)
Depreciation and amortization of non-vehicle assets	35		33
Selling, general and administrative	221		235
Interest expense, net:
Vehicle	111		5
Non-vehicle	51		39
Total interest expense, net	162		44
Other (income) expense, net	9		(2)
(Gain) on sale of non-vehicle capital assets	(162)		—
Change in fair value of Public Warrants	118		(50)
Total expenses	1,985		1,254
Income (loss) before income taxes	62		556
Income tax (provision) benefit	134		(130)
Net income (loss)	$ 196		$ 426
Weighted average number of shares outstanding:
Basic	321		432
Diluted	323		461
Earnings (loss) per share:
Basic	$ 0.61		$ 0.99
Diluted	$ 0.61		$ 0.82

UNAUDITED CONSOLIDATED BALANCE SHEETS
(In millions, except par value and share data)	March 31, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$ 728		$ 943
Restricted cash and cash equivalents:
Vehicle	216		180
Non-vehicle	298		295
Total restricted cash and cash equivalents	514		475
Total cash and cash equivalents and restricted cash and cash equivalents	1,242		1,418
Receivables:
Vehicle	136		111
Non-vehicle, net of allowance of $42 and $45, respectively	898		863
Total receivables, net	1,034		974
Prepaid expenses and other assets	980		1,155
Revenue earning vehicles:
Vehicles	15,746		14,281
Less: accumulated depreciation	(1,888)		(1,786)
Total revenue earning vehicles, net	13,858		12,495
Property and equipment, net	642		637
Operating lease right-of-use assets	2,067		1,887
Intangible assets, net	2,882		2,887
Goodwill	1,044		1,044
Total assets	$ 23,749		$ 22,497
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable:
Vehicle	$ 167		$ 79
Non-vehicle	553		578
Total accounts payable	720		657
Accrued liabilities	926		911
Accrued taxes, net	173		170
Debt:
Vehicle	11,789		10,886
Non-vehicle	2,975		2,977
Total debt	14,764		13,863
Public Warrants	735		617
Operating lease liabilities	1,977		1,802
Self-insured liabilities	457		472
Deferred income taxes, net	1,223		1,360
Total liabilities	20,975		19,852
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, no shares issued and outstanding	—		—
Common stock, $0.01 par value, 479,114,852 and 478,914,062 shares issued, respectively, and 317,948,320 and 323,483,178 shares outstanding, respectively	5		5
Treasury stock, at cost, 161,166,532 and 155,430,884 common shares, respectively	(3,237)		(3,136)
Additional paid-in capital	6,346		6,326
Retained earnings (Accumulated deficit)	(60)		(256)
Accumulated other comprehensive income (loss)	(280)		(294)
Total stockholders’ equity	2,774		2,645
Total liabilities and stockholders’ equity	$ 23,749		$ 22,497

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended March 31,
(In millions)	2023		2022
Cash flows from operating activities:
Net income (loss)	$ 196		$ 426
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles	466		(20)
Depreciation and amortization, non-vehicle	35		33
Amortization of deferred financing costs and debt discount (premium)	14		11
Stock-based compensation charges	21		28
Provision for receivables allowance	20		13
Deferred income taxes, net	(135)		103
(Gain) loss on sale of non-vehicle capital assets	(162)		(2)
Change in fair value of Public Warrants	118		(50)
Changes in financial instruments	108		(44)
Other	—		1
Changes in assets and liabilities:
Non-vehicle receivables	(50)		(43)
Prepaid expenses and other assets	(48)		(40)
Operating lease right-of-use assets	78		72
Non-vehicle accounts payable	(27)		51
Accrued liabilities	29		124
Accrued taxes, net	1		30
Operating lease liabilities	(84)		(80)
Self-insured liabilities	(18)		8
Net cash provided by (used in) operating activities	562		621
Cash flows from investing activities:
Revenue earning vehicles expenditures	(2,824)		(2,985)
Proceeds from disposal of revenue earning vehicles	1,206		1,471
Non-vehicle capital asset expenditures	(45)		(30)
Proceeds from non-vehicle capital assets disposed of or to be disposed of	175		1
Collateral returned in exchange for letters of credit	—		17
Return of (investment in) equity investments	—		(15)
Net cash provided by (used in) investing activities	(1,488)		(1,541)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt	2,061		4,680
Repayments of vehicle debt	(1,190)		(3,492)
Proceeds from issuance of non-vehicle debt	425		—
Repayments of non-vehicle debt	(430)		(5)
Payment of financing costs	(8)		(24)
Proceeds from exercises of Public Warrants	—		3
Share repurchases	(118)		(766)
Other	(1)		(4)
Net cash provided by (used in) financing activities	739		392
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	11		(1)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period	(176)		(529)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,418		2,651
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 1,242		$ 2,122

Supplemental Schedule I
HERTZ GLOBAL HOLDINGS, INC. CONDENSED STATEMENT OF OPERATIONS BY SEGMENT Unaudited
	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
(In millions)	Americas RAC		International RAC		Corporate		Hertz Global		Americas RAC		International RAC		Corporate		Hertz Global
Revenues	$ 1,730		$ 317		$ —		$ 2,047		$ 1,558		$ 252		$ —		$ 1,810
Expenses:
Direct vehicle and operating	1,039		182		—		1,221		903		151		(1)		1,053
Depreciation of revenue earning vehicles and lease charges, net	349		32		—		381		(93)		34		—		(59)
Depreciation and amortization of non-vehicle assets	28		2		5		35		26		3		4		33
Selling, general and administrative	105		37		79		221		86		42		107		235
Interest expense, net:
Vehicle	93		18		—		111		2		3		—		5
Non-vehicle	(18)		(2)		71		51		(8)		—		47		39
Total interest expense, net	75		16		71		162		(6)		3		47		44
Other (income) expense, net	(1)		6		4		9		(1)		(3)		2		(2)
(Gain) on sale of non-vehicle capital assets	(162)		—		—		(162)		—		—		—		—
Change in fair value of Public Warrants	—		—		118		118		—		—		(50)		(50)
Total expenses	1,433		275		277		1,985		915		230		109		1,254
Income (loss) before income taxes	$ 297		$ 42		$ (277)		62		$ 643		$ 22		$ (109)		556
Income tax (provision) benefit							134								(130)
Net income (loss)							$ 196								$ 426

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)	2023		2022
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share:
Net income (loss)	$ 196		$ 426
Adjustments:
Income tax provision (benefit)	(134)		130
Vehicle and non-vehicle debt-related charges(a)(k)	14		12
Restructuring and restructuring related charges(b)	3		6
Acquisition accounting-related depreciation and amortization(c)	—		1
Unrealized (gains) losses on financial instruments(d)	108		(44)
(Gain) on sale of non-vehicle capital assets(e)	(162)		—
Change in fair value of Public Warrants	118		(50)
Other items(f)(l)	14		56
Adjusted pre-tax income (loss)(g)	157		537
Income tax (provision) benefit on adjusted pre-tax income (loss)(h)	(31)		(134)
Adjusted Net Income (Loss)	$ 126		$ 403
Weighted-average number of diluted shares outstanding	323		461
Adjusted Diluted Earnings (Loss) Per Share(i)	$ 0.39		$ 0.87
Adjusted Corporate EBITDA:
Net income (loss)	$ 196		$ 426
Adjustments:
Income tax provision (benefit)	(134)		130
Non-vehicle depreciation and amortization(j)	35		33
Non-vehicle debt interest, net of interest income	51		39
Vehicle debt-related charges(a)(k)	10		7
Restructuring and restructuring related charges(b)	3		6
Unrealized (gains) losses on financial instruments(d)	108		(44)
(Gain) on sale of non-vehicle capital assets(e)	(162)		—
Change in fair value of Public Warrants	118		(50)
Other items(f)(m)	12		67
Adjusted Corporate EBITDA	$ 237		$ 614

Supplemental Schedule II (continued)
(a)	Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.
(b)	Represents charges incurred under restructuring actions as defined in U.S. GAAP, excluding impairments and asset write-downs. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives. For the three months ended March 31, 2023 and 2022, respectively, charges incurred related primarily to International RAC.
(c)	Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.
(d)	Represents unrealized gains (losses) on derivative financial instruments, primarily associated with Americas RAC. In 2023, also includes the realization of $88 million of previously unrealized gains resulting from the unwind of certain interest rate caps in Americas RAC.
(e)	Represents gain on the sale of certain non-vehicle capital assets sold in March 2023 in Americas RAC.
(f)	Represents miscellaneous items. For 2023, primarily includes certain IT related charges primarily in Corporate. For 2022, primarily includes bankruptcy claims, certain professional fees and charges related to the settlement of bankruptcy claims.
(g)	Adjustments by caption on a pre-tax basis were as follows:

Increase (decrease) to expenses	Three Months Ended March 31,
(In millions)	2023		2022
Direct vehicle and operating	$ —		$ (2)
Depreciation of revenue earning vehicles and lease charges, net	2		—
Selling, general and administrative	(14)		(5)
Interest expense, net:
Vehicle	(119)		36
Non-vehicle	(8)		(5)
Total interest expense, net	(127)		31
Other income (expense), net	—		(55)
Gain on sale non-vehicle capital assets	162		—
Change in fair value of Public Warrants	(118)		50
Total adjustments	$ (95)		$ 19

(h)	Derived utilizing a combined statutory rate of 20% and 25% for the three months ended March 31, 2023 and 2022, respectively, applied to the respective Adjusted Pre-tax Income (Loss). The decrease in rate is primarily resulting from EV-related tax credits anticipated to be used to decrease the Company’s U.S. federal tax provision throughout 2023 based on the Company’s expected purchases of electric vehicles.
(i)	Adjustments used to reconcile diluted earnings (loss) per share on a GAAP basis to Adjusted Diluted Earnings (Loss) Per Share are comprised of the same adjustments, inclusive of the tax impact, used to reconcile net income (loss) to Adjusted Net Income (Loss) divided by the weighted-average diluted shares outstanding during the period.
(j)	Non-vehicle depreciation and amortization expense for Americas RAC, International RAC and Corporate for the three months ended March 31, 2023 was $28 million, $2 million and $5 million, respectively. For the three months ended March 31, 2022 was $26 million, $3 million, and $4 million for Americas RAC, International RAC and Corporate, respectively.
(k)	Vehicle debt-related charges for Americas RAC and International RAC for the three months ended March 31, 2023 were $8 million and $1 million, respectively, and were $6 million and $1 million, respectively, for the three months ended March 31, 2022.
(l)	Also includes letter of credit fees recorded primarily in Corporate.
(m)	In 2022, also includes an adjustment for certain non-cash stock-based compensation charges recorded in Corporate.

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)	2023		2022
ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:
Net cash provided by (used in) operating activities	$ 562		$ 621
Depreciation and reserves for revenue earning vehicles	(466)		20
Bankruptcy related payments (post emergence) and other payments	8		36
Adjusted operating cash flow	104		677
Non-vehicle capital asset proceeds (expenditures), net	130		(29)
Adjusted operating cash flow before vehicle investment	234		648
Net fleet growth after financing	(317)		(569)
Adjusted free cash flow	$ (83)		$ 79
CALCULATION OF NET FLEET GROWTH AFTER FINANCING:
Revenue earning vehicles expenditures	$ (2,824)		$ (2,985)
Proceeds from disposal of revenue earning vehicles	1,206		1,471
Revenue earning vehicles capital expenditures, net	(1,618)		(1,514)
Depreciation and reserves for revenue earning vehicles	466		(20)
Financing activity related to vehicles:
Borrowings	2,061		$ 4,680
Payments	(1,190)		$ (3,492)
Restricted cash changes, vehicle	(36)		$ (223)
Net financing activity related to vehicles	835		965
Net fleet growth after financing	$ (317)		$ (569)

Supplemental Schedule IV
HERTZ GLOBAL HOLDINGS, INC. NET DEBT CALCULATION Unaudited
	As of March 31, 2023						As of December 31, 2022
(In millions)	Vehicle		Non-Vehicle		Total		Vehicle		Non-Vehicle		Total
Term loans	$ —		$ 1,522		$ 1,522		$ —		$ 1,526		$ 1,526
Senior notes	—		1,500		1,500		—		1,500		1,500
U.S. vehicle financing (HVF III)	10,283		—		10,283		9,406		—		9,406
International vehicle financing (Various)	1,490		—		1,490		1,466		—		1,466
Other debt	78		8		86		76		9		85
Debt issue costs, discounts and premiums	(62)		(55)		(117)		(62)		(58)		(120)
Debt as reported in the balance sheet	11,789		2,975		14,764		10,886		2,977		13,863
Add:
Debt issue costs, discounts and premiums	62		55		117		62		58		120
Less:
Cash and cash equivalents	—		728		728		—		943		943
Restricted cash	216		—		216		180		—		180
Restricted cash and restricted cash equivalents associated with Term C Loan	—		245		245		—		245		245
Net Debt	$ 11,635		$ 2,057		$ 13,692		$ 10,768		$ 1,847		$ 12,615
Corporate leverage ratio(a)			1.1x						0.8x

(a) Corporate leverage ratio is calculated as non-vehicle net debt divided by LTM Adjusted Corporate EBITDA.

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)	2023		2022
Total RPD
Revenues	$ 2,047		$ 1,810
Foreign currency adjustment(a)	(3)		(18)
Total Revenues – adjusted for foreign currency	$ 2,044		$ 1,792
Transaction Days (in thousands)	33,787		30,621
Total RPD (in dollars)	$ 60.48		$ 58.54		3 %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 2,044		$ 1,792
Average Rentable Vehicles (in whole units)	483,288		455,517
Total revenue per unit (in whole dollars)	$ 4,228		$ 3,935
Number of months in period (in whole units)	3		3
Total RPU Per Month (in whole dollars)	$ 1,409		$ 1,312		7 %
Vehicle Utilization
Transaction Days (in thousands)	33,787		30,621
Average Rentable Vehicles (in whole units)	483,288		455,517
Number of days in period (in whole units)	90		90
Available Car Days (in thousands)	43,609		40,999
Vehicle Utilization(b)	77 %		75 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 381		$ (59)
Foreign currency adjustment(a)	—		(2)
Adjusted depreciation of revenue earning vehicles and lease charges	$ 381		$ (61)
Average Vehicles (in whole units)	504,528		481,211
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 756		$ (127)
Number of months in period (in whole units)	3		3
Depreciation Per Unit Per Month (in whole dollars)	$ 252		$ (42)		NM

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, 2022 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)	2023		2022
Total RPD
Revenues	$ 1,730		$ 1,558
Foreign currency adjustment(a)	(1)		(2)
Total Revenues – adjusted for foreign currency	$ 1,729		$ 1,556
Transaction Days (in thousands)	27,879		25,579
Total RPD (in dollars)	$ 62.03		$ 60.81		2 %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 1,729		$ 1,556
Average Rentable Vehicles (in whole units)	393,512		373,153
Total revenue per unit (in whole dollars)	$ 4,395		$ 4,169
Number of months in period (in whole units)	3		3
Total RPU Per Month (in whole dollars)	$ 1,465		$ 1,390		5 %
Vehicle Utilization
Transaction Days (in thousands)	27,879		25,579
Average Rentable Vehicles (in whole units)	393,512		373,153
Number of days in period (in whole units)	90		90
Available Car Days (in thousands)	35,420		33,584
Vehicle Utilization(b)	79 %		76 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 349		$ (93)
Foreign currency adjustment(a)	1		—
Adjusted depreciation of revenue earning vehicles and lease charges	$ 350		$ (93)
Average Vehicles (in whole units)	412,983		397,620
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 847		$ (235)
Number of months in period (in whole units)	3		3
Depreciation Per Unit Per Month (in whole dollars)	$ 282		$ (78)		NM

NM – Not meaningful

(a) Based on December 31, 2022 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)	2023		2022
Total RPD
Revenues	$ 317		$ 252
Foreign currency adjustment(a)	(3)		(15)
Total Revenues – adjusted for foreign currency	$ 314		$ 237
Transaction Days (in thousands)	5,908		5,042
Total RPD (in dollars)	$ 53.18		$ 47.00		13 %
Total Revenue Per Unit Per Month
Total Revenues – adjusted for foreign currency	$ 314		$ 237
Average Rentable Vehicles (in whole units)	89,776		82,364
Total revenue per unit (in whole dollars)	$ 3,500		$ 2,877
Number of months in period (in whole units)	3		3
Total RPU Per Month (in whole dollars)	$ 1,167		$ 959		22 %
Vehicle Utilization
Transaction Days (in thousands)	5,908		5,042
Average Rentable Vehicles (in whole units)	89,776		82,364
Number of days in period (in whole units)	90		90
Available Car Days (in thousands)	8,191		7,415
Vehicle Utilization (b)	72 %		68 %
Depreciation Per Unit Per Month
Depreciation of revenue earning vehicles and lease charges, net	$ 32		$ 34
Foreign currency adjustment(a)	(1)		(2)
Adjusted depreciation of revenue earning vehicles and lease charges	$ 31		$ 32
Average Vehicles (in whole units)	91,545		83,591
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)	$ 344		$ 386
Number of months in period (in whole units)	3		3
Depreciation Per Unit Per Month (in whole dollars)	$ 115		$ 129		(11) %

(a) Based on December 31, 2022 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; change in fair value of Public Warrants; unrealized (gains) losses on financial instruments, gain on sale of non-vehicle capital assets and certain other miscellaneous items on a pre-tax basis. Adjusted Net Income (Loss) includes a provision (benefit) for income taxes derived utilizing a combined statutory rate. The combined statutory rate is management’s estimate of the Company’s long-term tax rate. Its most comparable GAAP measure is net income (loss) attributable to the Company.

Adjusted 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; change in fair value of Public Warrants; unrealized (gains) losses on financial instruments; gain on sale of non-vehicle capital assets and certain other miscellaneous items.

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

Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company’s annual operating budget and monthly operating reviews, and 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 important 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 important 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.

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" 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.