Hertz Global Holdings Inc (NASDAQ: HTZ) plans on selling 20,000 electric vehicles it currently has in its U.S. fleet. Shares of the car rental company opened in the red on Thursday.Hertz will reinvest in gas-powered vehiclesCopy link to sectionThe Nasdaq-listed firm also confirmed in its regulatory filing today that part of the proceeds from this sale will be used to reinvest in gas-powered vehicles. Hertz cited higher repair costs and weak demand for electric vehicles for the switch that it expects will re ...

Tesla cars in a Hertz rental car parking garage in San Francisco. Photo: Dylan Stewart/Image of Sports/Newscom/ZUMA PressHertz is selling about a third of its global electric vehicle fleet, citing weaker demand for its electrified rentals.The car-rental company said in a regulatory filing on Thursday that it would use part of the proceeds from selling about 20,000 EVs in the U.S. to purchase internal-combustion-engine vehicles. ...

Rental car giant Hertz is selling 20,000 all-electric vehicles. The sale will generate a loss of about $245 millionExternal link. Investors aren’t happy. ...

Hertz Global Holdings Inc. said Thursday it is selling about 20,000 electric vehicles from its fleet, or about one-third of the total, and expects to book charges of about $245 million in the fourth quarter.The move is aimed at better balancing supply and expected demand for EVs, allowing the car-rental company to scrap a disproportionate number of lower-margin rentals and reduce damage expense associated with EVs. Collision and damages costs for EVs remained high in the fourth quarter, Hertz said in a regu ...

ESTERO, Fla., Jan. 11, 2024 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ)  (the "Company") announced today that it plans to report its fourth quarter 2023 financial results at approximately 7:30 a.m. ET on Tuesday February 6, 2024 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 Q4 2023 earnings call teleco ...

Additional information concerning these statements is contained in our earnings press release and in the Risk Factors and Forward-Looking Statements section of our 2022 Form 10-K and our third quarter 2023 Form 10-Q filed with the SEC. These documents are available on the Investor Relations section of the Hertz website. Today, we'll use certain non-GAAP financial measures, which are reconciled with GAAP numbers in our earnings press release and earnings presentation available on our website. We believe that ...

>500k Note: Data For Full Year 2022 Q3 2022 Q3 2023 DRIVERS We continue to experience a strong overall demand environment AVERAGE FLEET 533k 590k +11% Demand-driven growth in leisure, rideshare and corporate in Q3 2023 DPU $185 $282 +52% DOE/TRANSACTION DAY $34.53 $34.78 +1% Excluding net collision and damage costs in both periods, DOE per transaction day was down 10% ADJ. FREE CASH FLOW $505M $313M Impacted by reduced net gain on disposition of vehicles and (38%) materially lower EBITDA GLOBAL RESULTS – SE ...

Financial Performance and Expenses - International RAC's SG&A decreased by $13 million in Q3 2023 compared to 2022, primarily due to reduced litigation reserves and decreased incentive compensation[226] - Vehicle interest expense for International RAC increased by $34 million in Q3 2023 compared to 2022, driven by higher market interest rates and higher debt levels[227] - Depreciation of revenue earning vehicles and lease charges for International RAC increased by $55 million in the nine months ended September 30, 2023, driven by higher Average Vehicles and vehicle acquisition costs[229] - DOE for International RAC increased by $96 million in the nine months ended September 30, 2023, primarily due to increased volume[230] - Vehicle interest expense for International RAC increased by $58 million in the nine months ended September 30, 2023, due to higher market interest rates and debt levels[231] - Net income for the nine months ended September 30, 2023, was $853 million, compared to $1,359 million in 2022[45] - Revenue earning vehicles expenditures were $8,312 million in the nine months ended September 30, 2023, compared to $7,853 million in 2022[45] - Proceeds from issuance of vehicle debt were $5,741 million in the nine months ended September 30, 2023, compared to $8,282 million in 2022[45] - Cash and cash equivalents and restricted cash decreased by $362 million in the nine months ended September 30, 2023, compared to a decrease of $1,142 million in 2022[47] Revenue and Demand - Total revenues for International RAC increased by $193 million in the nine months ended September 30, 2023, with Transaction Days up 17% due to increased travel demand[228] Tax and Financial Adjustments - Hertz recorded a tax benefit of $68 million for Q3 2023, resulting in an effective tax rate of -30%[96] - Hertz recorded a tax benefit of $184 million for the nine months ended September 30, 2023, resulting in an effective tax rate of -27%[98] - Hertz recognized an additional $163 million ordinary loss related to the tax restructuring of European operations in the nine months ended September 30, 2023[94] - Hertz's tax changes in Q3 2023 were driven by benefits from electric vehicle credits and lower pre-tax income[97] - Hertz's tax changes in the nine months of 2023 were driven by lower pre-tax income, electric vehicle credits, and uncertain tax benefits related to European operations[93] Asset Sales and Gains - Hertz recognized a pre-tax gain of $133 million from the sale-leaseback of its Los Angeles airport location in March 2023[58] - Hertz received an additional $29 million pre-tax gain from the sale of non-vehicle capital assets in February 2023[57] Operational and Market Insights - Hertz's vehicle rental operations are seasonal, with decreased activity in winter and heightened activity in spring and summer[53] - Hertz operates globally through the Hertz, Dollar, and Thrifty brands, with locations in the U.S., Africa, Asia, Australia, Canada, the Caribbean, Europe, Latin America, the Middle East, and New Zealand[51] - Hertz Global does not anticipate a material impact from the Inflation Reduction Act's 15% corporate alternative minimum tax and 1% excise tax on stock buybacks[95]

Company Participants Johann Rawlinson I'll now turn the call over to Stephen. Volume across our business in the quarter was up 18% sequentially and 12% versus Q2 of last year. Demand was strong in the US, Canada, and Europe, as each of leisure, corporate and Rideshare, continue to demonstrate momentum, with international travel benefiting both our US and European businesses. Our sequential growth in transaction days in the US outpaced TSA airport traffic and other indicators of broader growth in travel, and ...

| --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------| | | | | FORWARD LOOKING STATEMENTS | NON-GAAP MEASURES AND KEY METRICS | | Certain statements made within this presentation contain forward-looking statements. Forward-looking statements a ...