HERTZ REPORTS THIRD QUARTER 2023 RESULTS: REVENUE OF $2.7 BILLION, NET INCOME OF $629 MILLION AND ADJUSTED CORPORATE EBITDA OF $359 MILLION

Oct 26, 2023

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"Hertz produced record revenue in the quarter, reflecting ongoing strength in demand and stability in pricing. Our premium Hertz brand performed well, and we saw further growth in our rideshare business and progress in reinvigorating our value brands," said Stephen Scherr, Chair and CEO of Hertz. "We nonetheless remain focused on the cost side to improve margins," Scherr continued. "Our ongoing investments will give rise to better operating fundamentals, and with the growth opportunities ahead of us, I am confident in the trajectory of our business and the forward for Hertz. Across these efforts, we remain committed to delivering excellent service to our customers while shaping the future of mobility."

ESTERO, Fla., Oct. 26, 2023 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz", "Hertz Global" or the "Company") today reported results for its third quarter 2023.

HIGHLIGHTS 

  • Total revenues of $2.7 billion
  • GAAP net income of $629 million, a 23% margin, or $0.92 per diluted share
  • Adjusted Net Income of $230 million, or $0.70 per adjusted diluted share
  • Adjusted Corporate EBITDA of $359 million, a 13% margin
  • Operating cash flow of $851 million, adjusted operating cash flow of $215 million
  • Adjusted free cash flow of $313 million
  • Corporate liquidity of $1.7 billion at September 30, including $594 million in unrestricted cash
  • Company utilized $50 million to repurchase 3.0 million common shares during the quarter

THIRD QUARTER RESULTS

Third quarter revenue of $2.7 billion was a quarterly record for the Company and was characterized by continued strength in demand, particularly in leisure and rideshare channels, coupled with pricing that was well above pre-pandemic levels.  Volume increased 16% year over year while average fleet was up 11%, reflecting continued fleet management optimization. Monthly revenue per unit in the quarter of $1,596 benefited from utilization of 83%, an increase of 320 basis points relative to the prior year quarter.

Monthly fleet depreciation per unit was $282, reflecting a year over year increase of 52%, attributable to a reduction in net vehicle disposition gains which were at elevated levels in 2022.

Direct operating expense (DOE) increased 17% compared to the third quarter of 2022, largely in line with the increase in volume. On a per transaction day basis, meaningful benefits from the company's productivity initiatives in areas such as personnel, maintenance, refueling and facilities, were offset in part by higher year-over-year gross collision and damage. SG&A expense was down 15% year over year, driven by a reduction in incentive compensation compared to the third quarter of 2022, as well as benefits from the company's ongoing productivity initiatives. 

Adjusted Corporate EBITDA was $359 million in the quarter, reflecting a margin of 13%.

Adjusted free cash flow of $313 million reflected strength in demand and a reduction in fleet levels from the summer peak.

SUMMARY RESULTS

Three Months Ended

September 30,

Percent Inc/

(Dec)

2023 vs 2022

($ in millions, except earnings per share or where noted)

2023

2022

Hertz Global - Consolidated




Total revenues

$          2,703

$          2,496

8 %

Net income (loss) 

$             629

$             577

9 %

Net income (loss) margin

23 %

23 %

Adjusted net income (loss)(a)

$             230

$             410

(44) %

Adjusted diluted earnings (loss) per share(a)

$            0.70

$            1.08

(35) %

Adjusted Corporate EBITDA(a)

$             359

$             618

(42) %

Adjusted Corporate EBITDA Margin(a)

13 %

25 %







Average Vehicles (in whole units)

590,489

532,740

11 %

Average Rentable Vehicles (in whole units)

562,267

503,508

12 %

Vehicle Utilization

83 %

80 %

Transaction Days (in thousands)

43,095

37,123

16 %

Total RPD (in dollars)(b)

$          62.46

$          67.48

(7) %

Total RPU Per Month (in whole dollars)(b)

$          1,596

$          1,658

(4) %

Depreciation Per Unit Per Month (in whole dollars)(b)

$             282

$             185

52 %






Americas RAC Segment




Total revenues

$          2,172

$          2,042

6 %

Adjusted EBITDA

$             302

$             564

(46) %

Adjusted EBITDA Margin

14 %

28 %







Average Vehicles (in whole units)

467,916

425,596

10 %

Average Rentable Vehicles (in whole units)

442,353

397,488

11 %

Vehicle Utilization

84 %

81 %

Transaction Days (in thousands)

34,278

29,653

16 %

Total RPD (in dollars)(b)

$          63.33

$          68.67

(8) %

Total RPU Per Month (in whole dollars)(b)

$          1,636

$          1,708

(4) %

Depreciation Per Unit Per Month (in whole dollars)(b)

$             295

$             198

49 %






International RAC Segment




Total revenues

$             531

$             454

17 %

Adjusted EBITDA

$             109

$             150

(27) %

Adjusted EBITDA Margin

21 %

33 %







Average Vehicles (in whole units)

122,572

107,144

14 %

Average Rentable Vehicles (in whole units)

119,914

106,020

13 %

Vehicle Utilization

80 %

77 %

Transaction Days (in thousands)

8,817

7,470

18 %

Total RPD (in dollars)(b)

$          59.09

$          62.73

(6) %

Total RPU Per Month (in whole dollars)(b)

$          1,448

$          1,473

(2) %

Depreciation Per Unit Per Month (in whole dollars)(b)

$             229

$             135

69 %


(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 third quarter 2023 results will be held on October 26, 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/BIeff7f2e4cb054eaa937d5ae0c379782c, 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 and inflationary pressures;
  • 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;
  • uncertainty with respect to the economics of electric vehicles, including those driven by customer demand, pricing, maintenance, incidence rate and cost of collision and damages, and residual value volatility;
  • 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

September 30,

Nine Months Ended

September 30,

(In millions, except per share data)

2023

2022

2023

2022

Revenues

$              2,703

$             2,496

$              7,187

$              6,650

Expenses:






Direct vehicle and operating

1,499

1,282

4,067

3,534

Depreciation of revenue earning vehicles and lease charges, net

501

294

1,211

341

Depreciation and amortization of non-vehicle assets

33

36

100

105

Selling, general and administrative

209

246

715

738

Interest expense, net:






Vehicle

162

27

405

77

Non-vehicle

63

43

170

123

Total interest expense, net

225

70

575

200

Other (income) expense, net

5

(6)

12

(6)

(Gain) on sale of non-vehicle capital assets

—

—

(162)

—

Change in fair value of Public Warrants

(328)

(73)

(110)

(584)

Total expenses

2,144

1,849

6,408

4,328

Income (loss) before income taxes

559

647

779

2,322

Income tax (provision) benefit

70

(70)

185

(379)

Net income (loss)

$                 629

$                577

$                964

$              1,943








Weighted average number of shares outstanding:






Basic

311

355

315

395

Diluted

327

379

332

421

Earnings (loss) per share:






Basic

$                2.02

$               1.62

$                3.06

$                4.92

Diluted

$                0.92

$               1.33

$                2.57

$                3.22

 

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In millions, except par value and share data)

September 30, 2023

December 31, 2022

ASSETS


Cash and cash equivalents

$                  594

$                  943

Restricted cash and cash equivalents:


Vehicle

168

180

Non-vehicle

294

295

Total restricted cash and cash equivalents

462

475

Total cash and cash equivalents and restricted cash and cash equivalents

1,056

1,418

Receivables:


Vehicle

267

111

Non-vehicle, net of allowance of $47 and $45, respectively

1,140

863

Total receivables, net

1,407

974

Prepaid expenses and other assets

835

1,155

Revenue earning vehicles:


Vehicles

17,576

14,281

Less: accumulated depreciation

(2,117)

(1,786)

Total revenue earning vehicles, net

15,459

12,495

Property and equipment, net

672

637

Operating lease right-of-use assets

2,200

1,887

Intangible assets, net

2,881

2,887

Goodwill

1,044

1,044

Total assets

$             25,554

$             22,497

LIABILITIES AND STOCKHOLDERS' EQUITY


Accounts payable:


Vehicle

$                  216

$                    79

Non-vehicle

574

578

Total accounts payable

790

657

Accrued liabilities

896

911

Accrued taxes, net

215

170

Debt:


Vehicle

12,894

10,886

Non-vehicle

3,119

2,977

Total debt

16,013

13,863

Public Warrants

506

617

Operating lease liabilities

2,094

1,802

Self-insured liabilities

472

472

Deferred income taxes, net

1,178

1,360

Total liabilities

22,164

19,852

Commitments and contingencies


Stockholders' equity:


Preferred stock, $0.01 par value, no shares issued and outstanding

—

—

Common stock, $0.01 par value, 479,253,617 and 478,914,062 shares issued, respectively, and

308,798,093 and 323,483,178 shares outstanding, respectively

5

5

Treasury stock, at cost, 170,455,524 and 155,430,884 common shares, respectively

(3,389)

(3,136)

Additional paid-in capital

6,389

6,326

Retained earnings (Accumulated deficit)

708

(256)

Accumulated other comprehensive income (loss)

(323)

(294)

Total stockholders' equity

3,390

2,645

Total liabilities and stockholders' equity

$             25,554

$             22,497

 

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS


Three Months Ended

September 30,

Nine Months Ended

September 30,

(In millions)

2023

2022

2023

2022

Cash flows from operating activities:






Net income (loss)

$              629

$              577

$              964

$           1,943

Adjustments to reconcile net income (loss) to net cash provided by (used in)

operating activities:






Depreciation and reserves for revenue earning vehicles, net

606

366

1,490

511

Depreciation and amortization, non-vehicle

33

36

100

105

Amortization of deferred financing costs and debt discount (premium)

15

13

44

38

Stock-based compensation charges

22

32

65

96

Provision for receivables allowance

27

19

67

42

Deferred income taxes, net

(73)

52

(236)

301

(Gain) loss on sale of non-vehicle capital assets

—

(2)

(165)

(5)

Change in fair value of Public Warrants

(328)

(73)

(110)

(584)

Changes in financial instruments

1

(55)

107

(120)

Other

4

3

9

3

Changes in assets and liabilities:






Non-vehicle receivables

(49)

(34)

(383)

(234)

Prepaid expenses and other assets

3

7

(95)

(80)

Operating lease right-of-use assets

88

123

253

202

Non-vehicle accounts payable

21

25

27

(7)

Accrued liabilities

(65)

(50)

3

183

Accrued taxes, net

(11)

—

45

52

Operating lease liabilities

(97)

(130)

(275)

(223)

Self-insured liabilities

25

23

—

38

Net cash provided by (used in) operating activities

851

932

1,910

2,261

Cash flows from investing activities:






Revenue earning vehicles expenditures

(1,769)

(1,764)

(8,312)

(7,853)

Proceeds from disposal of revenue earning vehicles

1,412

1,583

4,178

4,470

Non-vehicle capital asset expenditures

(28)

(45)

(151)

(104)

Proceeds from non-vehicle capital assets disposed of

2

4

178

10

Collateral returned in exchange for letters of credit

—

—

—

19

Return of (investment in) equity investments

—

—

(1)

(15)

Net cash provided by (used in) investing activities

(383)

(222)

(4,108)

(3,473)

Cash flows from financing activities:






Proceeds from issuance of vehicle debt

1,720

903

5,741

8,282

Repayments of vehicle debt

(1,867)

(1,130)

(3,739)

(5,954)

Proceeds from issuance of non-vehicle debt

400

—

1,650

—

Repayments of non-vehicle debt

(754)

(4)

(1,513)

(14)

Payment of financing costs

(14)

(4)

(31)

(42)

Proceeds from exercises of Public Warrants

—

—

—

3

Share repurchases

(50)

(505)

(272)

(2,152)

Other

(3)

—

(3)

(4)

Net cash provided by (used in) financing activities

(568)

(740)

1,833

119

Effect of foreign currency exchange rate changes on cash and cash

   equivalents and restricted cash and cash equivalents

(10)

(25)

3

(50)

Net increase (decrease) in cash and cash equivalents and restricted cash and

   cash equivalents during the period

(110)

(55)

(362)

(1,143)

Cash and cash equivalents and restricted cash and cash equivalents at

   beginning of period

1,166

1,563

1,418

2,651

Cash and cash equivalents and restricted cash and cash equivalents at end

   of period

$           1,056

$           1,508

$           1,056

$           1,508

 

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited


Three Months Ended September 30, 2023

Three Months Ended September 30, 2022

(In millions)

Americas

RAC

International
RAC

Corporate

Hertz

Global

Americas

RAC

International
RAC

Corporate

Hertz

Global

Revenues

$       2,172

$             531

$            —

$       2,703

$       2,042

$             454

$            —

$       2,496

Expenses:














Direct vehicle and operating

1,241

258

—

1,499

1,077

206

(1)

1,282

Depreciation of revenue earning vehicles and lease charges, net

414

87

—

501

252

42

—

294

Depreciation and amortization of non-vehicle assets

27

3

3

33

29

3

4

36

Selling, general and administrative

114

40

55

209

85

53

108

246

Interest expense, net:














Vehicle

132

30

—

162

31

(4)

—

27

Non-vehicle

(4)

—

67

63

(23)

1

65

43

Total interest expense, net

128

30

67

225

8

(3)

65

70

Other (income) expense, net

1

—

4

5

(1)

4

(9)

(6)

Change in fair value of Public Warrants

—

—

(328)

(328)

—

—

(73)

(73)

Total expenses

1,925

418

(199)

2,144

1,450

305

94

1,849

Income (loss) before income taxes

$          247

$             113

$          199

559

$         592

$             149

$          (94)

647

Income tax (provision) benefit





70






(70)

Net income (loss)





$          629






$          577

 

Supplemental Schedule I (continued)

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited


Nine Months Ended September 30, 2023

Nine Months Ended September 30, 2022

(In millions)

Americas

RAC

International
RAC

Corporate

Hertz

Global

Americas

RAC

International
RAC

Corporate

Hertz

Global

Revenues

$       5,917

$          1,270

$            —

$       7,187

$       5,573

$          1,077

$            —

$       6,650

Expenses:














Direct vehicle and operating

3,419

651

(3)

4,067

2,982

554

(2)

3,534

Depreciation of revenue earning vehicles and lease charges, net

1,035

176

—

1,211

220

121

—

341

Depreciation and amortization of non-vehicle assets

82

8

10

100

85

10

10

105

Selling, general and administrative

367

122

226

715

270

142

326

738

Interest expense, net:














Vehicle

338

67

—

405

68

9

—

77

Non-vehicle

(26)

(7)

203

170

(44)

1

166

123

Total interest expense, net

312

60

203

575

24

10

166

200

Other (income) expense, net

—

2

10

12

(3)

(3)

—

(6)

(Gain) on sale of non-vehicle capital assets

(162)

—

—

(162)

—

—

—

—

Change in fair value of Public Warrants

—

—

(110)

(110)

—

—

(584)

(584)

Total expenses

5,053

1,019

336

6,408

3,578

834

(84)

4,328

Income (loss) before income taxes

$          864

$             251

$        (336)

779

$       1,995

$             243

$            84

2,322

Income tax (provision) benefit





185






(379)

Net income (loss)





$          964






$       1,943

 

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

September 30,

Nine Months Ended

September 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)(a)

$                629

$                577

$                964

$             1,943

Adjustments:






Income tax provision (benefit)

(70)

70

(185)

379

Vehicle and non-vehicle debt-related charges(b)(l)

16

13

45

39

Restructuring and restructuring related charges(c)

2

8

10

29

Acquisition accounting-related depreciation and amortization(d)

—

1

1

2

Unrealized (gains) losses on financial instruments(e)

1

(55)

107

(120)

(Gain) on sale of non-vehicle capital assets(f)

—

—

(162)

—

Change in fair value of Public Warrants

(328)

(73)

(110)

(584)

Other items(g)(m)

20

6

24

89

Adjusted pre-tax income (loss)(h)

270

547

694

1,777

Income tax (provision) benefit on adjusted pre-tax income (loss)(i)

(40)

(137)

(104)

(444)

Adjusted Net Income (Loss)

$                230

$                410

$                590

$             1,333

Weighted-average number of diluted shares outstanding

327

379

332

421

Adjusted Diluted Earnings (Loss) Per Share(j)

$               0.70

$               1.08

$               1.78

$               3.16

Adjusted Corporate EBITDA:






Net income (loss)

$                629

$                577

$                964

$             1,943

Adjustments:






Income tax provision (benefit)

(70)

70

(185)

379

Non-vehicle depreciation and amortization(k)

33

36

100

105

Non-vehicle debt interest, net of interest income 

63

43

170

123

Vehicle debt-related charges(b)(l)

11

9

31

25

Restructuring and restructuring related charges(c)

2

8

10

29

Unrealized (gains) losses on financial instruments(e)

1

(55)

107

(120)

(Gain) on sale of non-vehicle capital assets(f)

—

—

(162)

—

Change in fair value of Public Warrants

(328)

(73)

(110)

(584)

Other items(g)(n)

18

3

18

96

Adjusted Corporate EBITDA

$                359

$                618

$                943

$             1,996

Adjusted Corporate EBITDA margin

13 %

25 %

13 %

30 %


(a)

Net income (loss) margin for the three months ended September 30, 2023 and 2022 was 23% and for the nine months ended September 30, 2023 and 2022 was 13% and 29%, respectively.

(b)

Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.

(c)

Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred directly supporting business transformation initiatives. Charges incurred in International RAC, Corporate and Americas RAC for the nine months ended September 30, 2023 were $5 million, $3 million and $2 million. For 2022, charges incurred related primarily to International RAC.

(d)

Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.

(e)

Represents unrealized gains (losses) on derivative financial instruments, primarily associated with Americas RAC. In the nine months ended September 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 during the first quarter of 2023.

(f)

Represents gain on the sale of certain non-vehicle capital assets sold in March 2023 in Americas RAC.

(g)

Represents miscellaneous items. For 2023, primarily includes certain IT related costs primarily in Corporate, charges for certain storm-related vehicle damages in Americas RAC and certain professional fees and charges related to the settlement of bankruptcy claims, partially offset by a loss recovery settlement in Americas RAC. For 2022, primarily includes bankruptcy claims, certain professional fees and charges related to the settlement of bankruptcy claims.

(h)

Adjustments by caption on a pre-tax basis were as follows:

 

Increase (decrease) to expenses

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In millions)

2023

2022

2023

2022

Direct vehicle and operating

$                   (17)

$                      1

$                     —

$                   (49)

Depreciation of revenue earning vehicles and

   lease charges, net

3

—

5

—

Selling, general and administrative

2

(13)

(25)

(63)

Interest expense, net:






Vehicle

(19)

42

(141)

93

Non-vehicle

(8)

(5)

(25)

(21)

Total interest expense, net

(27)

37

(166)

72

Other income (expense), net

—

2

(1)

1

Gain on sale non-vehicle capital assets

—

—

162

—

Change in fair value of Public Warrants

328

73

110

584

Total adjustments

$                  289

$                  100

$                    85

$                  545


(i)

Derived utilizing a combined statutory rate of 15% for the three and nine months ended September 30, 2023 and 25% for the three and nine months ended September 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.

(j)

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.

(k)

Non-vehicle depreciation and amortization expense for Americas RAC, International RAC and Corporate for the three months ended September 30, 2023 was $27 million, $3 million and $3 million, respectively. For the three months ended September 30, 2022 was $29 million, $3 million, and $4 million for Americas RAC, International RAC and Corporate, respectively. Non-vehicle depreciation and amortization expense for Americas RAC, International RAC and Corporate for the nine months ended September 30, 2023 was $82 million, $8 million and $10 million, respectively. For the nine months ended September 30, 2022 was $85 million, $10 million and $10 million for Americas RAC, International RAC and Corporate, respectively

(l)

Vehicle debt-related charges for Americas RAC and International RAC for the three months ended September 30, 2023 were $9 million and $2 million, respectively, and were $8 million and $1 million, respectively, for the three months ended September 30, 2022. Vehicle debt-related charges for Americas RAC and International RAC for the nine months ended September 30, 2023 were $26 million and $5 million, respectively, and were $17 million and $8 million, respectively, for the nine months ended September 30, 2022.

(m)

Also includes letter of credit fees recorded primarily in Corporate.

(n)

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

September 30,

Nine Months Ended

September 30,

(In millions)

2023

2022

2023

2022

ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:

Net cash provided by (used in) operating activities

$             851

$             932

$         1,910

$          2,261

Depreciation and reserves for revenue earning vehicles, net

(606)

(366)

(1,490)

(511)

Bankruptcy related payments (post emergence) and other payments

(30)

6

(10)

84

Adjusted operating cash flow

215

572

410

1,834

Non-vehicle capital asset proceeds (expenditures), net

(26)

(41)

27

(94)

Adjusted operating cash flow before vehicle investment

189

531

437

1,740

Net fleet growth after financing

124

(26)

(630)

(672)

Adjusted free cash flow

$             313

$             505

$           (193)

$          1,068








CALCULATION OF NET FLEET GROWTH AFTER FINANCING:

Revenue earning vehicles expenditures

$         (1,769)

$         (1,764)

$        (8,312)

$         (7,853)

Proceeds from disposal of revenue earning vehicles

1,412

1,583

4,178

4,470

Revenue earning vehicles capital expenditures, net

(357)

(181)

(4,134)

(3,383)

Depreciation and reserves for revenue earning vehicles, net

606

366

1,490

511

Financing activity related to vehicles:






Borrowings

1,720

903

5,741

8,282

Payments

(1,867)

(1,130)

(3,739)

(5,954)

Restricted cash changes, vehicle

22

16

12

(128)

Net financing activity related to vehicles

(125)

(211)

2,014

2,200

Net fleet growth after financing

$             124

$             (26)

$           (630)

$           (672)

 

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

NET DEBT CALCULATION

Unaudited


As of September 30, 2023

As of December 31, 2022

(In millions)

Vehicle

Non-Vehicle

Total

Vehicle

Non-Vehicle

Total

Term loans

$                    —

$               1,516

$               1,516

$                    —

$               1,526

$               1,526

First Lien RCF

—

150

150

—

—

—

Senior notes

—

1,500

1,500

—

1,500

1,500

U.S. vehicle financing (HVF III)

10,785

—

10,785

9,406

—

9,406

International vehicle financing (Various)

2,105

—

2,105

1,466

—

1,466

Other debt

83

4

87

76

9

85

Debt issue costs, discounts and premiums

(79)

(51)

(130)

(62)

(58)

(120)

Debt as reported in the balance sheet

12,894

3,119

16,013

10,886

2,977

13,863

Add:










Debt issue costs, discounts and premiums

79

51

130

62

58

120

Less:










Cash and cash equivalents

—

594

594

—

943

943

Restricted cash

168

—

168

180

—

180

Restricted cash and restricted cash equivalents associated with Term C Loan

—

245

245

—

245

245

Net Debt

$             12,805

$               2,331

$             15,136

$             10,768

$               1,847

$             12,615












LTM Adjusted Corporate EBITDA(a)

1,252




2,305













Net Corporate Leverage 

1.9x




0.8x



(a)

Reconciliation of LTM Adjusted Corporate EBITDA for the nine months ended September 30, 2023 is as follows:


 

LTM Adjusted Corporate EBITDA:

Net income (loss) three months ended:

December 31, 2022

$          116

March 31, 2023

196

June 30, 2023

139

September 30, 2023

629

LTM net income (loss)

1,080

Adjustments:

Income tax provision (benefit)

(174)

Non-vehicle depreciation and amortization

137

Non-vehicle debt interest, net of interest income

216

Vehicle debt-related charges

41

Restructuring and restructuring related charge

26

Unrealized (gains) losses on financial instruments

116

(Gain) on sale of non-vehicle capital assets

(162)

Change in fair value of Public Warrants

(230)

Litigation settlements

168

Other items

34

LTM Adjusted Corporate EBITDA

$       1,252

 

 

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS CALCULATIONS

REVENUE, UTILIZATION AND DEPRECIATION

Unaudited

Global RAC


Three Months Ended

September 30,

Percent

Inc/(Dec)

Nine Months Ended

September 30,

Percent

Inc/(Dec)

($ in millions, except where noted)

2023

2022

2023

2022

Total RPD










Revenues

$      2,703

$      2,496


$      7,187

$      6,650

Foreign currency adjustment(a)

(11)

9


(24)

(21)

Total Revenues - adjusted for foreign currency

$      2,692

$      2,505


$      7,163

$      6,629

Transaction Days (in thousands)

43,095

37,123


116,588

103,188

Total RPD (in dollars)

$      62.46

$      67.48

-7 %

$      61.44

$      64.25

(4) %












Total Revenue Per Unit Per Month










Total Revenues - adjusted for foreign currency

$      2,692

$      2,505


$      7,163

$      6,629

Average Rentable Vehicles (in whole units)

562,267

503,508


526,456

483,083

Total revenue per unit (in whole dollars)

$      4,788

$      4,975


$    13,606

$    13,723

Number of months in period (in whole units)

3

3


9

9

Total RPU Per Month (in whole dollars)

$      1,596

$      1,658

(4) %

$      1,512

$      1,525

(1) %












Vehicle Utilization










Transaction Days (in thousands)

43,095

37,123


116,588

103,188

Average Rentable Vehicles (in whole units)

562,267

503,508


526,456

483,083

Number of days in period (in whole units)

92

92


273

273

Available Car Days (in thousands)

51,744

46,339


143,823

131,955

Vehicle Utilization(b)

83 %

80 %


81 %

78 %













Depreciation Per Unit Per Month










Depreciation of revenue earning vehicles and lease charges,

   net

$         501

$         294


$      1,211

$         341

Foreign currency adjustment(a) 

(2)

2


(3)

(1)

Adjusted depreciation of revenue earning vehicles and lease

   charges

$         499

$         296


$      1,208

$         340

Average Vehicles (in whole units)

590,489

532,740


552,098

509,086

Adjusted depreciation of revenue earning vehicles and lease

   charges divided by Average Vehicles (in whole dollars)

$         845

$         556


$      2,188

$         669

Number of months in period (in whole units)

3

3


9

9

Depreciation Per Unit Per Month (in whole dollars)

$         282

$         185

52 %

$         243

$           74

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

September 30,

Percent

Inc/(Dec)

Nine Months Ended

September 30,

Percent

Inc/(Dec)

($ in millions, except where noted)

2023

2022

2023

2022

Total RPD










Revenues

$      2,172

$      2,042


$      5,917

$      5,573

Foreign currency adjustment(a)

(1)

(6)


(3)

(12)

Total Revenues - adjusted for foreign currency

$      2,171

$      2,036


$      5,914

$      5,561

Transaction Days (in thousands)

34,278

29,653


94,626

84,392

Total RPD (in dollars)

$      63.33

$      68.67

(8) %

$      62.50

$      65.89

(5) %












Total Revenue Per Unit Per Month










Total Revenues - adjusted for foreign currency

$      2,171

$      2,036


$      5,914

$      5,561

Average Rentable Vehicles (in whole units)

442,353

397,488


422,595

390,071

Total revenue per unit (in whole dollars)

$      4,908

$      5,123


$    13,995

$    14,256

Number of months in period (in whole units)

3

3


9

9

Total RPU Per Month (in whole dollars)

$      1,636

$      1,708

(4) %

$      1,555

$      1,584

(2) %












Vehicle Utilization










Transaction Days (in thousands)

34,278

29,653


94,626

84,392

Average Rentable Vehicles (in whole units)

442,353

397,488


422,595

390,071

Number of days in period (in whole units)

92

92


273

273

Available Car Days (in thousands)

40,709

36,585


115,433

106,538

Vehicle Utilization(b)

84 %

81 %


82 %

79 %













Depreciation Per Unit Per Month










Depreciation of revenue earning vehicles and lease charges,

   net

$         414

$         252


$      1,035

$         220

Foreign currency adjustment(a) 

1

1


1

1

Adjusted depreciation of revenue earning vehicles and

lease charges

$         415

$         253


$      1,036

$         221

Average Vehicles (in whole units)

467,916

425,596


446,101

415,110

Adjusted depreciation of revenue earning vehicles and

lease charges divided by Average Vehicles (in whole

dollars)

$         886

$         593


$      2,323

$         532

Number of months in period (in whole units)

3

3


9

9

Depreciation Per Unit Per Month (in whole dollars)

$         295

$         198

49 %

$         258

$           59

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

September 30,

Percent

Inc/(Dec)

Nine Months Ended

September 30,

Percent

Inc/(Dec)

($ in millions, except where noted)

2023

2022

2023

2022

Total RPD










Revenues

$         531

$         454


$      1,270

$      1,077

Foreign currency adjustment(a)

(10)

15


(21)

(8)

Total Revenues - adjusted for foreign currency

$         521

$         469


$      1,249

$      1,069

Transaction Days (in thousands)

8,817

7,470


21,962

18,796

Total RPD (in dollars)

$      59.09

$      62.73

(6) %

$      56.86

$      56.85

— %












Total Revenue Per Unit Per Month










Total Revenues - adjusted for foreign currency

$         521

$         469


$      1,249

$      1,069

Average Rentable Vehicles (in whole units)

119,914

106,020


103,861

93,012

Total revenue per unit (in whole dollars)

$      4,345

$      4,420


$    12,024

$    11,489

Number of months in period (in whole units)

3

3


9

9

Total RPU Per Month (in whole dollars)

$      1,448

$      1,473

(2) %

$      1,336

$      1,277

5 %












Vehicle Utilization










Transaction Days (in thousands)

8,817

7,470


21,962

18,796

Average Rentable Vehicles (in whole units)

119,914

106,020


103,861

93,012

Number of days in period (in whole units)

92

92


273

273

Available Car Days (in thousands)

11,035

9,754


28,389

25,417

Vehicle Utilization (b)

80 %

77 %


77 %

74 %













Depreciation Per Unit Per Month










Depreciation of revenue earning vehicles and lease charges,

   net

$           87

$           42


$         176

$         121

Foreign currency adjustment(a) 

(3)

2


(4)

(2)

Adjusted depreciation of revenue earning vehicles and lease

   charges

$           84

$           44


$         172

$         119

Average Vehicles (in whole units)

122,572

107,144


105,997

93,976

Adjusted depreciation of revenue earning vehicles and lease

   charges divided by Average Vehicles (in whole dollars)

$         688

$         406


$      1,621

$      1,271

Number of months in period (in whole units)

3

3


9

9

Depreciation Per Unit Per Month (in whole dollars)

$         229

$         135

69 %

$         180

$         141

28 %


(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.

Net Fleet Growth After Financing

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

Net Non-vehicle Debt

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

Net Vehicle Debt

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

Total Net Debt

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

Net Corporate Leverage 

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

KEY METRICS

Available Rental Car Days

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

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

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

Average Rentable Vehicles

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

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

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

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

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

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

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

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

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

Vehicle Utilization ("Utilization")

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

 

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SOURCE Hertz Global Holdings Inc.

Hertz Investor Relations: investorrelations@hertz.com, Hertz Media Relations: mediarelations@hertz.com