Exhibit 99.1 HERTZ REPORTS FIRST QUARTER 2024 RESULTS ____________________________________________________________________________ "Fleet and direct operating costs weighed on this quarter's performance," said Gil West, Hertz chief executive officer. "We're tackling both issues - getting to the right supply of vehicles at an acceptable capital cost while at the same time driving productivity up and operating costs down. These, along with creating a superior customer experience, will be our focus as we posit ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the unaudited condensed consolidated financial statements and management's discussion and analysis [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)](index=4&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20%28UNAUDITED%29) This section presents the unaudited condensed consolidated financial statements for Hertz Global Holdings, Inc. and its subsidiaries, and separately for The Hertz Corporation and its subsidiaries, for the three months ended March 31, **2024** and **2023**, including balance sheets, statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows, along with detailed notes explaining accounting policies, significant transactions, and financial instrument disclosures [Hertz Global Holdings, Inc. and Subsidiaries - Condensed Consolidated Balance Sheets](index=5&type=section&id=Hertz%20Global%20Holdings%2C%20Inc.%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Balance%20Sheets) This section presents the consolidated financial position of the company and its subsidiaries at specific dates | Metric | March 31, **2024** (Millions USD) | December 31, **2023** (Millions USD) | Change (Millions USD) | | :--------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | | Total Assets | **24,310** | **24,605** | **(295)** | | Cash and cash equivalents | **465** | **764** | **(299)** | | Total Revenue Earning Vehicles, net | **14,617** | **14,651** | **(34)** | | Total Liabilities | **21,498** | **21,513** | **(15)** | | Vehicle Accounts Payable | **632** | **191** | **441** | | Total Debt | **15,744** | **15,691** | **53** | | Total Stockholders' Equity | **2,812** | **3,092** | **(280)** | [Hertz Global Holdings, Inc. and Subsidiaries - Condensed Consolidated Statements of Operations](index=6&type=section&id=Hertz%20Global%20Holdings%2C%20Inc.%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Statements%20of%20Operations) This section details the consolidated financial performance, including revenues, expenses, and net income (loss) over specific periods | Metric | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | Change (Millions USD) | % Change | | :------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | :--------- | | Revenues | **2,080** | **2,047** | **33** | **2%** | | Direct vehicle and operating expenses | **1,366** | **1,221** | **145** | **12%** | | Depreciation of revenue earning vehicles and lease charges, net | **969** | **381** | **588** | **154%** | | Interest expense, net | **216** | **162** | **54** | **33%** | | Income (loss) before income taxes | **(581)** | **62** | **(643)** | NM | | Net income (loss) | **(186)** | **196** | **(382)** | NM | | Basic EPS | **(0.61)** | **0.61** | **(1.22)** | NM | [Hertz Global Holdings, Inc. and Subsidiaries - Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Hertz%20Global%20Holdings%2C%20Inc.%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) This section presents the consolidated comprehensive income (loss), including net income (loss) and other comprehensive income (loss) items | Metric | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | | :--------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Net income (loss) | **(186)** | **196** | | Foreign currency translation adjustments | **(40)** | **14** | | Total comprehensive income (loss) | **(226)** | **210** | [Hertz Global Holdings, Inc. and Subsidiaries - Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Hertz%20Global%20Holdings%2C%20Inc.%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) This section outlines changes in consolidated stockholders' equity, reflecting net income (loss), other comprehensive income (loss), and equity transactions | Metric | December 31, **2023** (Millions USD) | March 31, **2024** (Millions USD) | Change (Millions USD) | | :--------------------------------- | :------------------------------- | :---------------------------- | :-------------------- | | Total Stockholders' Equity | **3,092** | **2,812** | **(280)** | | Net income (loss) | N/A | **(186)** | N/A | | Other comprehensive income (loss) | N/A | **(40)** | N/A | | Stock-based compensation forfeitures | N/A | **(68)** | N/A | [Hertz Global Holdings, Inc. and Subsidiaries - Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Hertz%20Global%20Holdings%2C%20Inc.%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section provides a consolidated overview of cash inflows and outflows from operating, investing, and financing activities | Cash Flow Activity | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | Change (Millions USD) | | :--------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | | Net cash provided by (used in) operating activities | **370** | **562** | **(192)** | | Net cash provided by (used in) investing activities | **(703)** | **(1,488)** | **785** | | Net cash provided by (used in) financing activities | **85** | **739** | **(654)** | | Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | **(261)** | **(176)** | **(85)** | | Cash and cash equivalents and restricted cash and cash equivalents at end of period | **945** | **1,242** | **(297)** | [The Hertz Corporation and Subsidiaries - Condensed Consolidated Balance Sheets](index=11&type=section&id=The%20Hertz%20Corporation%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Balance%20Sheets) This section presents the consolidated financial position of the company and its subsidiaries at specific dates | Metric | March 31, **2024** (Millions USD) | December 31, **2023** (Millions USD) | Change (Millions USD) | | :--------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | | Total Assets | **24,309** | **24,604** | **(295)** | | Total Liabilities | **21,132** | **21,061** | **71** | | Total Stockholder's Equity | **3,177** | **3,543** | **(366)** | [The Hertz Corporation and Subsidiaries - Condensed Consolidated Statements of Operations](index=12&type=section&id=The%20Hertz%20Corporation%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Statements%20of%20Operations) This section details the consolidated financial performance, including revenues, expenses, and net income (loss) over specific periods | Metric | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | Change (Millions USD) | % Change | | :------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | :--------- | | Revenues | **2,080** | **2,047** | **33** | **2%** | | Depreciation of revenue earning vehicles and lease charges, net | **969** | **381** | **588** | **154%** | | Income (loss) before income taxes | **(667)** | **180** | **(847)** | NM | | Net income (loss) | **(272)** | **314** | **(586)** | NM | [The Hertz Corporation and Subsidiaries - Condensed Consolidated Statements of Comprehensive Income (Loss)](index=13&type=section&id=The%20Hertz%20Corporation%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) This section presents the consolidated comprehensive income (loss), including net income (loss) and other comprehensive income (loss) items | Metric | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | | :--------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Net income (loss) | **(272)** | **314** | | Foreign currency translation adjustments | **(40)** | **14** | | Total comprehensive income (loss) | **(312)** | **328** | [The Hertz Corporation and Subsidiaries - Condensed Consolidated Statements of Changes in Stockholder's Equity](index=14&type=section&id=The%20Hertz%20Corporation%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholder%27s%20Equity) This section outlines changes in consolidated stockholders' equity, reflecting net income (loss), other comprehensive income (loss), and equity transactions | Metric | December 31, **2023** (Millions USD) | March 31, **2024** (Millions USD) | Change (Millions USD) | | :--------------------------------- | :------------------------------- | :---------------------------- | :-------------------- | | Total Stockholder's Equity | **3,543** | **3,177** | **(366)** | | Net income (loss) | N/A | **(272)** | N/A | | Other comprehensive income (loss) | N/A | **(40)** | N/A | | Stock-based compensation forfeitures | N/A | **(68)** | N/A | [The Hertz Corporation and Subsidiaries - Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=The%20Hertz%20Corporation%20and%20Subsidiaries%20-%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section provides a consolidated overview of cash inflows and outflows from operating, investing, and financing activities | Cash Flow Activity | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | Change (Millions USD) | | :--------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | | Net cash provided by (used in) operating activities | **370** | **561** | **(191)** | | Net cash provided by (used in) investing activities | **(703)** | **(1,488)** | **785** | | Net cash provided by (used in) financing activities | **85** | **740** | **(655)** | | Cash and cash equivalents and restricted cash and cash equivalents at end of period | **945** | **1,242** | **(297)** | [Notes to the Condensed Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the condensed consolidated financial statements [Note 1—Background](index=17&type=section&id=Note%201%E2%80%94Background) This note provides an overview of the company and its primary business operations and brands - **Hertz Global Holdings, Inc.** is the parent company of **The Hertz Corporation**, which operates vehicle rental and leasing businesses globally under **Hertz, Dollar, and Thrifty brands**, and also sells vehicles via **Hertz Car Sales**[44](index=44&type=chunk)[45](index=45&type=chunk) [Note 2—Basis of Presentation and Recently Issued Accounting Pronouncements](index=17&type=section&id=Note%202%E2%80%94Basis%20of%20Presentation%20and%20Recently%20Issued%20Accounting%20Pronouncements) This note describes the financial statement preparation basis and the impact of new accounting standards - The report combines **Hertz Global** and **Hertz Corporation** financials, prepared under **U.S. GAAP**, noting the **seasonal nature of the vehicle rental business**[46](index=46&type=chunk)[47](index=47&type=chunk) - New **FASB guidance** on **reportable segment disclosures** (effective for annual periods after Dec **15**, **2023**) and **income tax disclosures** (effective for annual periods after Dec **15**, **2024**) is being assessed for impact[52](index=52&type=chunk)[53](index=53&type=chunk) [Note 3—Divestitures](index=18&type=section&id=Note%203%E2%80%94Divestitures) This note details significant divestiture activities and their financial impact during the reporting period - In **Q1 2023**, the Company recognized a **$29 million** pre-tax gain from an **eminent domain proceeding** and a **$133 million** pre-tax gain from a **sale-leaseback** of its **Los Angeles airport location**[54](index=54&type=chunk)[55](index=55&type=chunk) [Note 4—Revenue Earning Vehicles](index=19&type=section&id=Note%204%E2%80%94Revenue%20Earning%20Vehicles) This note provides details on the company's revenue-earning vehicle fleet, including depreciation and disposal activities | Metric | March 31, **2024** (Millions USD) | December 31, **2023** (Millions USD) | Change (Millions USD) | | :--------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | | Revenue earning vehicles, net | **14,617** | **14,651** | **(34)** | | Metric | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | Change (Millions USD) | % Change | | :------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | :--------- | | Depreciation of revenue earning vehicles and lease charges, net | **969** | **381** | **588** | **154%** | | Depreciation of revenue earning vehicles | **684** | **422** | **262** | **62%** | | (Gain) loss on disposal of revenue earning vehicles | **276** | **(46)** | **322** | NM | - The Company classified two groups of EVs (**First EV Disposal Group** and **Second EV Disposal Group**) as **held for sale** due to **excess supply**, **elevated damage costs**, and **declining residual values**. This resulted in charges of **$81 million** (**First EV**) and **$114 million** (**Second EV**) in **Q1 2024**[59](index=59&type=chunk)[60](index=60&type=chunk) [Note 5—Debt](index=20&type=section&id=Note%205%E2%80%94Debt) This note outlines the company's debt structure, including non-vehicle and vehicle debt, and related covenants | Debt Type | March 31, **2024** (Millions USD) | December 31, **2023** (Millions USD) | Change (Millions USD) | | :---------------- | :----------------------------- | :------------------------------- | :-------------------- | | Non-Vehicle Debt | **3,898** | **3,449** | **449** | | Vehicle Debt | **11,846** | **12,242** | **(396)** | | Total Debt | **15,744** | **15,691** | **53** | - In April **2024**, the **First Lien RCF** was amended to adjust the **First Lien Ratio covenant** and introduce a **minimum liquidity covenant**, which will sunset in **Q2 2025**[65](index=65&type=chunk) - **Vehicle debt facilities** were amended in April **2024**: **HVF III Series 2021-A Notes** maturity extended to April **2026**; **European ABS** maximum borrowings increased to **€1.3 billion** (seasonal **€1.5 billion**); **Hertz Canadian Securitization** maximum borrowings increased to **CAD$625 million** (seasonal) until November **2024**, with maturity extended to April **2026**[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) | Facility | Remaining Capacity (Millions USD) | Availability Under Borrowing Base Limitation (Millions USD) | | :-------------------------- | :-------------------------------- | :------------------------------------------ | | First Lien RCF | **866** | **866** | | HVF III Series **2021**-A | **2,343** | — | | European ABS | **319** | — | | Hertz Canadian Securitization | **6** | — | | Australian Securitization | **15** | — | | New Zealand RCF | **5** | — | | U.K. Financing Facility | **8** | — | | Other Vehicle Debt | **47** | — | | Total | **3,609** | **866** | - As of March **31**, **2024**, **outstanding standby letters of credit** totaled **$944 million**, primarily under the **First Lien RCF** (**$684 million**) and **Term C Loan** (**$245 million**), with no remaining capacity under the **Term C Loan**[72](index=72&type=chunk) [Note 6—Leases](index=23&type=section&id=Note%206%E2%80%94Leases) This note details the company's lease arrangements and their impact on revenues and financial position | Revenue Type | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | | :--------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Operating lease income from vehicle rentals | **1,883** | **1,859** | | Variable operating lease income | **141** | **132** | | Revenue accounted for under Topic **842** | **2,024** | **1,991** | | Revenue accounted for under Topic **606** | **56** | **56** | | Total revenues | **2,080** | **2,047** | [Note 7—Income Tax (Provision) Benefit](index=24&type=section&id=Note%207%E2%80%94Income%20Tax%20%28Provision%29%20Benefit) This note explains the company's income tax provision or benefit and the effective tax rate | Entity | Period | Tax Benefit (Millions USD) | Effective Tax Rate | | :---------------- | :----------------------- | :------------------------- | :----------------- | | Hertz Global | **Q1 2024** | **395** | **68%** | | Hertz Global | **Q1 2023** | **134** | **(214%)** | | Hertz | **Q1 2024** | **395** | **59%** | | Hertz | **Q1 2023** | **134** | **(74%)** | - The change in **tax benefit** was primarily due to **lower pretax income**, **lower estimated EV credits** in **2024**, and the **recognition of uncertain tax benefits** from **European operations restructuring** in **2023**[81](index=81&type=chunk)[83](index=83&type=chunk) [Note 8—Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global](index=24&type=section&id=Note%208%E2%80%94Public%20Warrants%2C%20Equity%20and%20Earnings%20%28Loss%29%20Per%20Common%20Share%20%E2%80%93%20Hertz%20Global) This note discusses public warrants, equity, and earnings (loss) per common share for Hertz Global - **Public Warrants** are recorded at **fair value**, resulting in an **$86 million** **gain in Q1 2024** (vs. **$118 million** loss in **Q1 2023**)[84](index=84&type=chunk)[115](index=115&type=chunk) - The **2022 Share Repurchase Program**, which authorized up to **$2.0 billion** in repurchases, is **temporarily suspended** from April **16**, **2024**, through April **1**, **2025**, due to **Amendment No. 8 of the First Lien Credit Agreement**[85](index=85&type=chunk)[207](index=207&type=chunk) | Metric | Three Months Ended March 31, **2024** | Three Months Ended March 31, **2023** | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Basic EPS | **(0.61)** | **0.61** | | Diluted EPS | **(0.61)** | **0.61** | | Basic weighted-average common shares outstanding (millions) | **305** | **321** | [Note 9—Stock-Based Compensation](index=25&type=section&id=Note%209%E2%80%94Stock-Based%20Compensation) This note details the company's stock-based compensation plans and related expenses | Metric | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | | :--------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Employee compensation expense | **(52)** | **21** | | Income tax benefit | **(2)** | **(5)** | | Employee compensation expense, net | **(54)** | **16** | - **Employee compensation expense** for **Q1 2024** includes a **$68 million** **gain from former CEO awards forfeited** in March **2024**[92](index=92&type=chunk) - As of March **31**, **2024**, **$99 million** of **total unrecognized employee compensation expense** remains, to be recognized over a weighted-average period of **1.7 years**[93](index=93&type=chunk) [Note 10—Financial Instruments](index=27&type=section&id=Note%2010%E2%80%94Financial%20Instruments) This note describes the company's use of financial instruments to manage market risks - The Company uses **interest rate caps/swaps** and **foreign currency forward contracts** to manage interest rate and currency exchange rate risks, but these are **not designated as hedging instruments**[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) | Metric | March 31, **2024** (Millions USD) | December 31, **2023** (Millions USD) | | :-------------------------- | :----------------------------- | :------------------------------- | | Asset Derivatives | **7** | **15** | | Liability Derivatives | **3** | **2** | | Instrument | Gain (Loss) Recognized in Income (Millions USD) | | :-------------------------- | :-------------------------------------------- | | **Q1 2024** Interest rate instruments | **0** | | **Q1 2023** Interest rate instruments | **4** | | **Q1 2024** Foreign currency forward contracts | **(11)** | | **Q1 2023** Foreign currency forward contracts | **(5)** | [Note 11—Fair Value Measurements](index=28&type=section&id=Note%2011%E2%80%94Fair%20Value%20Measurements) This note provides information on fair value measurements of financial and non-financial assets and liabilities | Debt Type | March 31, **2024** Nominal Unpaid Principal (Millions USD) | March 31, **2024** Aggregate Fair Value (Millions USD) | December 31, **2023** Nominal Unpaid Principal (Millions USD) | December 31, **2023** Aggregate Fair Value (Millions USD) | | :---------------- | :------------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Non-Vehicle Debt | **3,960** | **3,619** | **3,515** | **3,285** | | Vehicle Debt | **11,907** | **11,583** | **12,314** | **11,878** | | Total | **15,867** | **15,202** | **15,829** | **15,163** | - **Public Warrants** are **classified as liabilities** and **measured at fair value** using **Level 1 inputs**, resulting in an **$86 million** **gain in Q1 2024**[115](index=115&type=chunk) - **Revenue earning vehicles classified as held for sale** (**First** and **Second EV Disposal Groups**) are **measured at fair value** less costs to sell using **Level 2 inputs**[117](index=117&type=chunk) [Note 12—Contingencies and Off-Balance Sheet Commitments](index=30&type=section&id=Note%2012%E2%80%94Contingencies%20and%20Off-Balance%20Sheet%20Commitments) This note outlines potential liabilities and commitments not fully reflected on the balance sheet | Liability Type | March 31, **2024** (Millions USD) | December 31, **2023** (Millions USD) | | :----------------------- | :----------------------------- | :------------------------------- | | Self-insured liabilities | **473** | **471** | - The Company is **awaiting a Third Circuit decision** on **make-whole and post-petition interest claims**, which could total approximately **$272 million** or **$125 million** plus pre-judgment interest. An **adverse ruling could materially affect financial condition**[120](index=120&type=chunk)[121](index=121&type=chunk) - After a **$168 million** settlement in December **2022** for **false arrest claims**, the Company continues to defend remaining claims and is **pursuing insurance coverage**[122](index=122&type=chunk) - **Litigation regarding the Company's share repurchase programs is ongoing**, with **parties finalizing a resolution**[123](index=123&type=chunk) [Note 13—Segment Information](index=33&type=section&id=Note%2013%E2%80%94Segment%20Information) This note presents financial data for the company's reportable operating segments - The Company has **two reportable segments**: **Americas RAC** (U.S., Canada, Latin America, Caribbean) and **International RAC** (other global locations)[127](index=127&type=chunk) | Metric | Segment | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | % Change | | :------------------------------------------------- | :---------------- | :--------------------------------------------- | :--------------------------------------------- | :--------- | | Revenues | Americas RAC | **1,739** | **1,730** | **1%** | | | International RAC | **341** | **317** | **8%** | | | Total | **2,080** | **2,047** | **2%** | | Depreciation of revenue earning vehicles and lease charges, net | Americas RAC | **876** | **349** | NM | | | International RAC | **93** | **32** | NM | | | Total | **969** | **381** | NM | | Adjusted EBITDA | Americas RAC | **(488)** | **261** | NM | | | International RAC | **(27)** | **53** | NM | | | Total | **(567)** | **237** | NM | - The **significant increase in depreciation of revenue earning vehicles and lease charges, net**, in both segments was primarily due to **write-downs on EVs classified as held for sale**[129](index=129&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=37&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on Hertz's financial condition and results of operations for the three months ended March 31, **2024**, highlighting key performance drivers, segment results, and liquidity. It emphasizes the impact of vehicle depreciation, particularly from EV sales, on profitability and discusses the company's strategic focus and market risks [Our Company](index=38&type=section&id=Our%20Company) This section provides an overview of the company's structure and core business activities - **Hertz Global Holdings, Inc.** is the top-level holding company for **The Hertz Corporation**, which operates vehicle rental and leasing businesses globally under **Hertz, Dollar, and Thrifty brands**, and also sells vehicles via **Hertz Car Sales**[144](index=144&type=chunk)[145](index=145&type=chunk) [Overview of Our Business and Operating Environment](index=38&type=section&id=Overview%20of%20Our%20Business%20and%20Operating%20Environment) This section describes the company's business model, operating environment, and key factors influencing profitability - **Profitability is a function of rental volume, mix, pricing, vehicle utilization, vehicle ownership costs, and other operating costs**. **Significant changes in vehicle purchase price, residual values, or interest rates can impact profitability**[146](index=146&type=chunk) - The Company's strategy focuses on **operational excellence, distinct product offerings through its brands, leadership in ride-share, and direct-to-consumer vehicle sales**[147](index=147&type=chunk) - **Revenues are primarily derived from rental and related charges**, including airport concession fees, vehicle license fees, fueling/charging, value-added services, vehicle damages, retail vehicle sales, and franchisee royalty fees[148](index=148&type=chunk)[150](index=150&type=chunk) - **Key expenses include direct vehicle and operating expenses (wages, commissions, facility, self-insurance, maintenance, fuel), depreciation of revenue earning vehicles, non-vehicle depreciation/amortization, SG&A, and interest expense**[151](index=151&type=chunk) - The **vehicle rental business is seasonal**, with decreased activity in winter and heightened activity in spring/summer, requiring **flexible fleet and staffing adjustments**[151](index=151&type=chunk) [Three Months Ended March 31, **2024** Operating Overview](index=39&type=section&id=Three%20Months%20Ended%20March%2031%2C%202024%20Operating%20Overview) This section provides a high-level summary of the company's operational performance for the first quarter of **2024** - Approximately **50%** of the **First EV Disposal Group was sold**, resulting in an **$81 million** charge (inclusive of sales losses and write-downs on remaining vehicles) in **Americas RAC**[153](index=153&type=chunk) - The **Second EV Disposal Group** (approx. **10,000** EVs) was **classified as held for sale** due to **excess supply, high damage costs, and declining residual values**, leading to write-downs of **$107 million** (**Americas RAC**) and **$7 million** (**International RAC**)[153](index=153&type=chunk) [Consolidated Results of Operations – Hertz](index=41&type=section&id=Consolidated%20Results%20of%20Operations%20%E2%80%93%20Hertz) This section analyzes the consolidated financial performance of **The Hertz Corporation** for the reporting period | Metric | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | % Change | | :------------------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :--------- | | Total revenues | **2,080** | **2,047** | **2%** | | Direct vehicle and operating expenses | **1,366** | **1,221** | **12%** | | Depreciation of revenue earning vehicles and lease charges, net | **969** | **381** | **154%** | | Selling, general and administrative expenses | **162** | **221** | **(27%)** | | Interest expense, net | **216** | **162** | **33%** | | Net income (loss) | **(272)** | **314** | NM | | Adjusted Corporate EBITDA | **(567)** | **237** | NM | - The **significant increase in depreciation of revenue earning vehicles and lease charges, net**, was due to **deteriorating residual values**, **per unit losses on vehicle dispositions** (vs. gains in **2023**), **EV write-downs**, and an **increase in Average Vehicles**[162](index=162&type=chunk) - **SG&A** decreased primarily due to a **non-cash stock-based compensation gain** from **former CEO award forfeitures** and **intercompany royalty assessment fees**, partially offset by **increased restructuring costs**[163](index=163&type=chunk) [Consolidated Results of Operations – Hertz Global](index=42&type=section&id=Consolidated%20Results%20of%20Operations%20%E2%80%93%20Hertz%20Global) This section analyzes the consolidated financial performance of **Hertz Global Holdings, Inc.** for the reporting period - **Hertz Global's results are consistent with Hertz**, with the additional impact of an **$86 million** **income from the change in fair value of Public Warrants** in **Q1 2024**, compared to a **$118 million** loss in **Q1 2023**[168](index=168&type=chunk) [Results of Operations and Selected Operating Data by Segment](index=43&type=section&id=Results%20of%20Operations%20and%20Selected%20Operating%20Data%20by%20Segment) This section presents detailed financial results and key operating metrics for each business segment [Americas RAC](index=43&type=section&id=Americas%20RAC) This section details the financial performance and operating data for the **Americas Rental and Car segment** | Metric | Three Months Ended March 31, **2024** | Three Months Ended March 31, **2023** | % Change | | :--------------------------------- | :-------------------------------- | :-------------------------------- | :--------- | | Total revenues | **1,739** | **1,730** | **1%** | | Depreciation of revenue earning vehicles and lease charges, net | **876** | **349** | NM | | Direct vehicle and operating expenses | **1,152** | **1,039** | **11%** | | Selling, general and administrative expenses | **124** | **105** | **18%** | | Vehicle interest expense | **116** | **93** | **25%** | | Adjusted EBITDA | **(488)** | **261** | NM | | Transaction Days (thousands) | **30,560** | **27,879** | **10%** | | Average Rentable Vehicles (units) | **433,823** | **393,512** | **10%** | | Vehicle Utilization | **77%** | **79%** | **(2) pp** | | Total RPD ($) | **56.92** | **62.08** | **(8%)** | | Total RPU Per Month ($) | **1,337** | **1,466** | **(9%)** | | Depreciation Per Unit Per Month ($) | **649** | **282** | **130%** | - The **increase in Transaction Days** was driven by **volume increases across most leisure categories and ride sharing**, while **Total RPD declined due to lower rates**[172](index=172&type=chunk) - **Depreciation of revenue earning vehicles and lease charges, net**, increased significantly due to **deteriorating residual values**, **per unit losses on vehicle dispositions**, **EV write-downs**, and an **increase in Average Vehicles**[173](index=173&type=chunk) [International RAC](index=44&type=section&id=International%20RAC) This section details the financial performance and operating data for the **International Rental and Car segment** | Metric | Three Months Ended March 31, **2024** | Three Months Ended March 31, **2023** | % Change | | :--------------------------------- | :-------------------------------- | :-------------------------------- | :--------- | | Total revenues | **341** | **317** | **8%** | | Depreciation of revenue earning vehicles and lease charges, net | **93** | **32** | NM | | Direct vehicle and operating expenses | **216** | **182** | **19%** | | Selling, general and administrative expenses | **57** | **37** | **53%** | | Vehicle interest expense | **25** | **18** | **38%** | | Adjusted EBITDA | **(27)** | **53** | NM | | Transaction Days (thousands) | **6,294** | **5,908** | **7%** | | Average Rentable Vehicles (units) | **95,409** | **89,776** | **6%** | | Vehicle Utilization | **72%** | **72%** | **0 pp** | | Total RPD ($) | **55.52** | **55.06** | **1%** | | Total RPU Per Month ($) | **1,221** | **1,208** | **1%** | | Depreciation Per Unit Per Month ($) | **326** | **120** | **172%** | - **Transaction Days** increased due to **higher volume in leisure categories, primarily in Europe**[179](index=179&type=chunk) - **Depreciation of revenue earning vehicles and lease charges, net**, increased due to **per unit losses on vehicle dispositions**, **deteriorating residual values**, **increased Average Vehicles**, and **EV write-downs**[180](index=180&type=chunk) [Footnotes to the Results of Operations and Selected Operating Data by Segment Tables](index=45&type=section&id=Footnotes%20to%20the%20Results%20of%20Operations%20and%20Selected%20Operating%20Data%20by%20Segment%20Tables) This section provides additional context and definitions for the segment results and operating data tables - **Adjusted Corporate EBITDA is a non-GAAP measure** **used by management and investors to assess operational performance**, excluding certain items[140](index=140&type=chunk)[184](index=184&type=chunk) - **Key metrics defined include**: **Total Revenue Per Transaction Day (Total RPD)**, **Total Revenue Per Unit Per Month (Total RPU)**, **Transaction Days**, **Vehicle Utilization**, and **Depreciation Per Unit Per Month**[148](index=148&type=chunk)[192](index=192&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's ability to meet its short-term and long-term financial obligations and funding sources [Cash and Cash Equivalents](index=48&type=section&id=Cash%20and%20Cash%20Equivalents) This section provides details on the company's cash and cash equivalents, including restricted amounts | Metric | March 31, **2024** (Millions USD) | | :--------------------------------- | :----------------------------- | | Cash and cash equivalents | **465** | | Restricted cash and cash equivalents | **480** | - **Management believes current liquidity, operating cash flows, vehicle disposal proceeds, and available financing will be sufficient to fund operations for the next twelve months and foreseeable future**[200](index=200&type=chunk) [Cash Flows - Hertz](index=48&type=section&id=Cash%20Flows%20-%20Hertz) This section analyzes the cash flow activities for **The Hertz Corporation** | Cash Flow Activity | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | Change (Millions USD) | | :--------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | | Operating activities | **370** | **561** | **(191)** | | Investing activities | **(703)** | **(1,488)** | **785** | | Financing activities | **85** | **740** | **(655)** | - **Decrease in operating cash flows** was due to a **$270 million** **change in net income (adjusted for non-cash items)**, partially offset by a **$79 million** **working capital change**[201](index=201&type=chunk) - **Decrease in cash used in investing activities** was primarily due to a **$947 million** **decrease in net revenue earning vehicle expenditures**[202](index=202&type=chunk) - **Decrease in financing cash inflows** was due to a **$1.2 billion** **decrease in net proceeds from vehicle debt issuances**, partially offset by a **$450 million** **increase in non-vehicle debt proceeds** and a **$116 million** **reduction in dividends paid to Hertz Holdings**[203](index=203&type=chunk)[205](index=205&type=chunk) [Cash Flows - Hertz Global](index=49&type=section&id=Cash%20Flows%20-%20Hertz%20Global) This section analyzes the cash flow activities for **Hertz Global Holdings, Inc.** - **Hertz Global's cash flow fluctuations are consistent with Hertz**, except for **cash flows related to common stock issuance/repurchase and Public Warrant exercises**[206](index=206&type=chunk) [Share Repurchase Programs for Common Stock](index=49&type=section&id=Share%20Repurchase%20Programs%20for%20Common%20Stock) This section outlines the company's share repurchase activities and program status - **The 2022 Share Repurchase Program is suspended** from April **16**, **2024**, to April **1**, **2025**, due to **Amendment No. 8 of the First Lien Credit Agreement**[207](index=207&type=chunk) - Since inception, **$1.1 billion** has been used to repurchase **66,684,169 shares**; **no repurchases occurred in Q1 2024**[207](index=207&type=chunk) [Debt Financing](index=50&type=section&id=Debt%20Financing) This section details the company's debt financing arrangements, including interest expenses and liquidity | Interest Type | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | Change (Millions USD) | | :-------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | | Vehicle interest, net | **121** | **96** | **25** | | Non-vehicle interest, net | **58** | **36** | **22** | | Metric | March 31, **2024** (Millions USD) | December 31, **2023** (Millions USD) | Change (Millions USD) | | :--------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | | Corporate liquidity | **1,331** | **2,030** | **(699)** | | Cash and cash equivalents | **465** | **764** | **(299)** | | Availability under the First Lien RCF | **866** | **1,266** | **(400)** | - **Amendment No. 8 to the First Lien Credit Agreement**, effective April **2024**, **adjusts the First Lien Ratio and introduces a minimum liquidity covenant** (**$400M** for **Q2/Q3 2024**, **$500M** for **Q4 2024/Q1 2025**), which will sunset in **Q2 2025**[214](index=214&type=chunk) - **Vehicle debt facilities were amended in April 2024 to extend maturities and increase borrowing capacities** for **HVF III Series 2021-A Notes**, **Hertz Canadian Securitization**, and **European ABS**[216](index=216&type=chunk)[218](index=218&type=chunk) [Capital Expenditures](index=51&type=section&id=Capital%20Expenditures) This section provides an overview of the company's investments in revenue-earning vehicles and other capital assets [Revenue Earning Vehicles Expenditures and Disposals](index=51&type=section&id=Revenue%20Earning%20Vehicles%20Expenditures%20and%20Disposals) This section details capital expenditures and proceeds from disposals related to revenue-earning vehicles | Metric | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | Change (Millions USD) | % Change | | :--------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | :--------- | | Revenue Earning Vehicles Capital Expenditures | **(1,904)** | **(2,824)** | **920** | **(33%)** | | Revenue Earning Vehicles Disposal Proceeds | **1,233** | **1,206** | **27** | **2%** | | Net Capital Expenditures | **(671)** | **(1,618)** | **947** | **(59%)** | | Segment | Three Months Ended March 31, **2024** Net Capital Expenditures (Millions USD) | Three Months Ended March 31, **2023** Net Capital Expenditures (Millions USD) | Change (Millions USD) | % Change | | :---------------- | :---------------------------------------------------------------- | :---------------------------------------------------------------- | :-------------------- | :--------- | | Americas RAC | **(822)** | **(1,585)** | **763** | **(48%)** | | International RAC | **151** | **(33)** | **184** | NM | | Total | **(671)** | **(1,618)** | **947** | **(59%)** | [Non-Vehicle Capital Asset Expenditures and Disposals](index=52&type=section&id=Non-Vehicle%20Capital%20Asset%20Expenditures%20and%20Disposals) This section details capital expenditures and proceeds from disposals related to non-vehicle assets | Metric | Three Months Ended March 31, **2024** (Millions USD) | Three Months Ended March 31, **2023** (Millions USD) | Change (Millions USD) | | :--------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :-------------------- | | Non-Vehicle Capital Expenditures | **(33)** | **(45)** | **12** | | Non-Vehicle Disposal Proceeds | **3** | **175** | **(172)** | | Net Capital Expenditures | **(30)** | **130** | **(160)** | - **The decrease in disposal proceeds was primarily due to the sale of certain non-vehicle capital assets in March 2023, with no comparable transaction in Q1 2024**[226](index=226&type=chunk) [Contractual and Other Obligations](index=52&type=section&id=Contractual%20and%20Other%20Obligations) This section describes the company's significant contractual commitments and other financial obligations - **No material changes to contractual and other obligations outside the ordinary course of business since the 2023 Form 10-K**[227](index=227&type=chunk) [Off-Balance Sheet Commitments and Arrangements](index=53&type=section&id=Off-Balance%20Sheet%20Commitments%20and%20Arrangements) This section outlines the company's off-balance sheet arrangements and potential liabilities - **No significant changes to indemnification obligations compared to the 2023 Form 10-K**[229](index=229&type=chunk) [Recently Issued Accounting Pronouncements](index=53&type=section&id=Recently%20Issued%20Accounting%20Pronouncements) This section discusses the impact of new accounting standards on the company's financial reporting - **No significant changes due to recently issued accounting pronouncements compared to the 2023 Form 10-K**[231](index=231&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=54&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section advises readers on the inherent uncertainties and risks associated with forward-looking statements - **Forward-looking statements are not guarantees of future performance and actual results may differ materially due to various important factors**[234](index=234&type=chunk) - **Key risk factors include: mix of program and non-program vehicles and residual value risk, ability to purchase and dispose of vehicles efficiently, levels of travel demand, ability to implement business strategy (including EV fleet), competitive environment, reliance on third-party distribution, cybersecurity threats, regulatory compliance, and availability of financing**[236](index=236&type=chunk)[239](index=239&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=57&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section describes the company's exposure to market risks and its strategies for managing them - **The Company is exposed to market risks from interest rates, foreign currency exchange rates, and fuel prices, managed through operating activities and non-speculative derivative financial instruments**[244](index=244&type=chunk) - **No material changes to market risk disclosures compared to the 2023 Form 10-K**[245](index=245&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=57&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Both Hertz Global Holdings, Inc. and The Hertz Corporation's management concluded that their disclosure controls and procedures were effective as of March 31, **2024**. There were no material changes in internal control over financial reporting during the quarter [Hertz Global](index=57&type=section&id=Hertz%20Global) This section confirms the effectiveness of **Hertz Global's** disclosure controls and internal financial reporting controls - **Hertz Global's disclosure controls and procedures were effective as of March 31, 2024**[246](index=246&type=chunk) - **No material changes in internal control over financial reporting occurred during Q1 2024**[247](index=247&type=chunk) [Hertz](index=57&type=section&id=Hertz) This section confirms the effectiveness of **The Hertz Corporation's** disclosure controls and internal financial reporting controls - **The Hertz Corporation's disclosure controls and procedures were effective as of March 31, 2024**[248](index=248&type=chunk) - **No material changes in internal control over financial reporting occurred during Q1 2024**[249](index=249&type=chunk) [PART II. OTHER INFORMATION](index=58&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part includes disclosures on legal proceedings, risk factors, and other miscellaneous information [ITEM 1. LEGAL PROCEEDINGS](index=58&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This item refers to Note **12**, "Contingencies and Off-Balance Sheet Commitments," in Part I, Item **1** for a description of pending legal proceedings - **For a description of certain pending legal proceedings, refer to Note 12, "Contingencies and Off-Balance Sheet Commitments," in Part I, Item 1**[251](index=251&type=chunk) [ITEM 1A. RISK FACTORS](index=58&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the Company's **2023** Form **10**-K - **No material changes to the risk factors disclosed in the 2023 Form 10-K**[252](index=252&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=58&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities or use of proceeds were reported for the period - **None**[253](index=253&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=58&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) No defaults upon senior securities were reported for the period - **None**[254](index=254&type=chunk) [ITEM 5. OTHER INFORMATION](index=58&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No director or officer entered into Rule **10b5**-**1** trading plans or non-Rule **10b5**-**1** trading arrangements during **Q1 2024** - **No director or officer entered into Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements during Q1 2024**[255](index=255&type=chunk) [ITEM 6. EXHIBITS](index=58&type=section&id=ITEM%206.%20EXHIBITS) This item refers to the Exhibit Index for a list of exhibits filed as part of this Quarterly Report - **The attached Exhibit Index lists all exhibits filed as part of this Quarterly Report**[256](index=256&type=chunk) [EXHIBIT INDEX](index=59&type=section&id=EXHIBIT%20INDEX) This section provides a detailed list of exhibits filed with the Form **10**-Q, including various agreements, certifications, and XBRL documents - **The Exhibit Index includes forms of Restricted Stock Unit Agreement (2024) and Performance Stock Unit Agreement (2024) under the 2021 Omnibus Incentive Plan, and an Employment Agreement for Gil West**[259](index=259&type=chunk) - **Certifications from the Chief Executive Officer and Chief Financial Officer (pursuant to Rule 13a-14(a)/15d-14(a) and 18 U.S.C. Section 1350) are filed/furnished**[259](index=259&type=chunk) [SIGNATURE](index=60&type=section&id=SIGNATURE) The report was signed on April **25**, **2024**, by Alexandra Brooks, Executive Vice President and Chief Financial Officer, on behalf of **Hertz Global Holdings, Inc.** and **The Hertz Corporation** - **The report was signed on April 25, 2024, by Alexandra Brooks, Executive Vice President and Chief Financial Officer**[263](index=263&type=chunk)

Wall Street expects a year-over-year decline in earnings on lower revenues when Hertz Global Holdings, Inc. (HTZ) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on ...

ToplineBefore his arrest and high-profile murder trial, O.J. Simpson—who died Wednesday—was the celebrity spokesperson for Hertz rental cars and other huge brands, boosting his income during his NFL career and for over a decade after retiring.By the time he divorced Nicole Brown Simpson in 1992, Hertz was paying Simpson over $500,000 per ... [+] year to serve as the company’s celebrity spokesperson.Soqui Ted Key FactsSimpson signed his first endorsement deal with General Motors in 1970, before the Heisman w ...

ESTERO, Fla., April 8, 2024 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ)  (the "Company") announced today that it plans to report its first quarter 2024 financial results at approximately 7:30 a.m. ET on Thursday, April 25, 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 Q1 2024 earnings teleco regis ...

While Wall Street churns amid a late-day pivot into the red, two reasonably priced big-name stocks, Zeta Global Holdings Corp (NYSE:ZETA) and Hertz Global Holdings Inc (NASDAQ:HTZ) are making outsized moves today following analyst notes. Software stock ZETA is up 16.2% to trade at $12.24, on track for its largest single-session percentage gain since February 2023 and earlier hitting a two-year high of $12.44. This pop comes after an upgrade from Morgan Stanley to "overweight" from "equal weight," with a pri ...

Rental car operator Hertz (NASDAQ:HTZ) suffered another ignominious incident, this time largely of its own doing. Former CEO Stephen Scherr decided to step down from the helm after the company’s disastrous bet on Tesla (NASDAQ:TSLA) and other electric vehicle (EV) companies. Unfortunately, the EV sector fallout has been toxic, relentlessly taking down HTZ stock and other electric-mobility-related investments.According to a Fortune report, Hertz will replace Scherr with automotive industry veteran Gil West. ...

Hertz Global Holdings (HTZ) has announced the appointment of Gil West, former chief operating officer (COO) of Delta Air Lines (DAL) and General Motor’s (GM) Cruise unit, as its new chief executive officer (CEO) effective Apr 1. West will succeed Stephen Scherr, who will step down on Mar 31.West joined DAL in 2008 and was associated with the airline for 12 years. He was elevated to the COO’s post in 2014. At DAL, he was responsible for the company’s worldwide operations. He was associated with General Motor ...

Hertz, one of the four largest car rental companies in the world, is replacing its CEO after the company reversed its bet on electric vehicle rentals over increasing costs.Stephen Scherr will step down as Hertz Global Holdings Inc.’s chief executive officer and member of the company’s Board of Directors effective March 31, the company announced Friday. Scherr led Hertz for just over two years after spending nearly three decades at Goldman Sachs.Scherr’s resignation comes as the car rental company struggles ...

Hertz’s CEO is stepping down following the company’s major shift on the electric vehicle front.Stephen Scherr, who joined the rental car giant in 2022, has announced his resignation, Hertz said Friday (March 15). Taking his place is Gil West, former chief operating officer of Delta Airlines and General Motors’ Cruise unit.“Gil’s success in leading over 70,000 people at Delta and orchestrating highly effective operational turnarounds will position him well to lead Hertz,” Colin Farmer, lead director of the H ...