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]

Financial Data and Key Metrics Changes - Revenue for the second quarter was $2.4 billion, up 19% sequentially, with adjusted corporate EBITDA at $347 million, reflecting strong demand and lower fleet carrying costs [16][22] - Revenue per day (RPD) in Q2 was $61.14, up from Q1, although down year-over-year due to last year's tight fleet levels [17][40] - Adjusted corporate EBITDA margin was 14%, with depreciation per unit at $195, favorable compared to previous expectations [18][22] Business Line Data and Key Metrics Changes - Rideshare revenue grew by 84% year-over-year and 14% sequentially, with transaction days increasing by 69% year-over-year [6][40] - Fleet utilization reached 82%, 400 basis points higher than Q1 and 230 basis points better year-over-year, enabling better pricing and higher revenue per unit [4][41] - Direct operating expenses (DOE) per transaction day improved by $2 sequentially to $34, driven by better internal labor productivity [23] Market Data and Key Metrics Changes - International inbound volume was at 78% of 2019 levels, with strong demand from American travelers to Europe [40][66] - The company noted a continuing tailwind in US inbound travel and further recovery in business travel, with no current evidence of softening demand [5][40] Company Strategy and Development Direction - The company is focusing on a dynamic approach to fleet management, emphasizing high utilization to command better pricing and improve margins [4][10] - Strategic initiatives include revitalizing the Dollar brand and enhancing digital properties to capture a younger, value-driven consumer [12] - The company is investing in the largest EV rental fleet in North America, positioning itself for long-term value through electrification and fleet management [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued demand growth, with expectations for a sequential uptick in revenue and improved RPD in Q3 [25][40] - The company acknowledged risks of a weaker economy but maintained a positive outlook based on strong travel trends prevailing over economic concerns [5][40] - Management highlighted the importance of disciplined fleet management in a declining residual environment, focusing on profitable channels for vehicle disposition [51][67] Other Important Information - The company repurchased 6.3 million shares for $100 million, with approximately $950 million remaining under the board's authorization [42] - The transition to cloud-based operations is expected to yield significant cost savings by reducing reliance on third-party service providers [11][62] Q&A Session Summary Question: Outlook for 2024 and demand expectations - Management sees no abatement in baseline demand fundamentals, expecting continued growth in Rideshare, Europe, and Dollar [28] Question: Impact of depreciation and vehicle sales - The company noted $110 million gains on car sales in Q2, with expectations for a dynamic fleet impacting future depreciation rates [54][55] Question: Expense management during cloud transition - Management indicated that transitioning to the cloud will lead to significant savings by reducing reliance on third-party providers [62] Question: Update on Hertz and Uber partnership in Europe - The partnership is starting in London and Amsterdam, with expectations for better risk management and potential for improved economics compared to the US [64]

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Commission File | Exact Name of Registrant as Specified in its Charter, | | | | State of | I.R.S. Emp ...

Hertz Global Holdings, Inc. (NASDAQ:HTZ) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET Company Participants Johann Rawlinson - Head of IR Stephen Scherr - CEO Alexandra Brooks - CAO and Interim CFO Conference Call Participants Chris Woronka - Deutsche Bank Ian Zaffino - Oppenheimer John Healy - Northcoast Research Diego Ortega Laya - Morgan Stanley Christopher Stathoulopoulos - SIG Operator Welcome to the Hertz Global Holdings First Quarter 2023 Earnings Call. Currently, all lines are in a list ...

CAR RENTAL @ " "In Hertz dol Key Metrics Q1 2023 Q1 2022 日記載版社 中華大學生命 CAR RENTAL CAR RENTAL Stephen Scherr Chair and Chief Executive Officer Alexandra Brooks Interim Chief Financial Officer 3 Hertz Business Overview FINANCIAL HIGHLIGHTS Stock repurchase program C & V | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------|---------|---------| | Average Vehicles | 504,528 | 481,211 | | Average Rentable Vehicle ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Commission File | Exact Name of Registrant as Specified in its Charter, | | | | State of | I.R.S. Em ...

Hertz Global Holdings, Inc. (NASDAQ:HTZ) Q4 2022 Results Conference Call February 7, 2023 8:30 AM ET Company Participants Johann Rawlinson - Head of IR Stephen Scherr - CEO Kenny Cheung - CFO Conference Call Participants Chris Woronka - Deutsche Bank Ian Zaffino - Oppenheimer John Healy - Northcoast Research Adam Jonas - Morgan Stanley Ryan Brinkman - JPMorgan Christopher Stathoulopoulos - SIG Operator Welcome to Hertz Global Holdings Fourth Quarter 2022 Earnings Call. Currently, all lines are in a listen-o ...

Rental Operations - As of December 31, 2022, Hertz operated approximately 11,600 rental locations across 160 countries, with 65% of franchised locations in the International RAC segment[41][48]. - Hertz had approximately 1,900 airport rental locations in the Americas RAC segment and approximately 1,400 in the International RAC segment as of December 31, 2022[57]. - The company had approximately 3,600 off airport locations in the Americas RAC segment and approximately 4,700 in the International RAC segment as of December 31, 2022[60]. - Off airport revenues accounted for 32% of worldwide vehicle rental revenues in both 2022 and 2021[56]. - For the year ended December 31, 2022, rentals by Hertz Gold Plus Rewards members accounted for 32% of worldwide rental transactions[82]. Business Strategy - Hertz's strategy includes electrification of the fleet, shared mobility, and a digital-first customer experience to enhance service and operational efficiency[44]. - The company aims to diversify and profitably grow in new areas of the mobility sector through technology investments and fleet management capabilities[44]. - Hertz aims for 25% of its fleet to be electric by the end of 2024, with initial orders of Teslas made in 2021[141]. - The company plans to expand its EV rental fleet in North America and has continued to add EVs to its fleet in 2022[105]. - Hertz is the exclusive rental car member of the Corporate Electric Vehicle Alliance, focusing on accelerating the transition to EVs[141]. Financial Performance - The U.S. vehicle rental industry generated approximately $36.1 billion in estimated annual revenues for 2022, with an average of about 2 million vehicles[122]. - The average Revenue Per Unit Per Month in the U.S. vehicle rental industry for 2022 was approximately $1,424[122]. - Europe and Asia Pacific each represented approximately $17 billion in estimated annual industry revenues for 2022[123][124]. - The Middle East and Africa represented approximately $3 billion in estimated annual industry revenues for 2022[125]. - Latin America represented approximately $4 billion in estimated annual industry revenues for 2022[126]. Workforce and Employment - As of December 31, 2022, the company employed approximately 25,000 persons, with about 19,000 in the U.S. and 6,000 internationally[127]. - Hertz offers competitive salaries, comprehensive health insurance, and a 401(k) plan with employer match to attract and retain talent[135]. - The company has a diverse workforce and is committed to equal opportunity and anti-discrimination practices[135]. - Hertz's employee programs include training, professional development, and an employee relief fund for those facing hardships[135]. Environmental and Sustainability Initiatives - Hertz's world headquarters in Estero, Florida is LEED Gold certified, reflecting its commitment to sustainable building practices[146]. - The company maintains ISO 14001 and ISO 45001 certifications at its European Service Center in Dublin, Ireland, ensuring environmental management and employee safety[146]. - The company is focused on reducing greenhouse gas emissions as part of its climate performance strategy[140]. - Hertz engages in recycling efforts, including used oils, tires, and batteries, as part of its waste reduction initiatives[143]. - The company is investing in EV infrastructure by installing charging stations throughout its network in collaboration with bp pulse[141]. Market Challenges - The vehicle rental business is highly sensitive to reductions in business and leisure travel, which can materially affect demand for rentals[189]. - The COVID-19 pandemic significantly impacted travel, with business travel not yet returning to pre-pandemic levels, affecting rental vehicle demand[190]. - Competition in the vehicle rental market is intense, leading to potential downward pricing pressures and challenges in maintaining appropriate pricing levels[193]. - The company faces challenges in attracting and retaining qualified personnel, which is critical for meeting demand and executing business plans[186]. - Seasonal demand peaks occur in the second and third quarters, and any disruptions during these periods could disproportionately impact revenue[198]. Regulatory and Compliance Issues - Regulatory changes related to customer privacy and data protection are increasing, requiring compliance and potentially impacting operational practices[174]. - The company is subject to extensive environmental regulations, which may lead to future compliance costs that could exceed current estimates[180]. - Compliance with global data protection laws, such as the GDPR and CCPA, is critical, with potential penalties for noncompliance that could materially affect the company's operations[236]. - The company actively monitors compliance with evolving data protection laws, which may create inconsistent requirements and increase administrative burdens[237]. Cybersecurity Risks - The company faces increasing cyber security threats, with attacks becoming more frequent and sophisticated, potentially disrupting business operations and incurring costs[226]. - The company has invested in data protection and business continuity measures, but there is no assurance that these efforts will fully prevent future cyber security incidents[228]. - The reliance on third-party information technology systems poses a risk, as significant failures could adversely impact business operations, including reservations and transaction processing[229]. - The company maintains insurance coverage for cyber security events, but there is no guarantee that it will cover all potential costs related to future incidents[228]. Supply Chain and Vehicle Procurement - The ability to purchase new vehicles at competitive prices is uncertain due to supply chain disruptions and increased costs for raw materials[185]. - The company may struggle to purchase competitively priced vehicles, which could lead to increased maintenance costs and pressure on financial results[211]. - The majority of vehicles in the fleet are non-program vehicles, which increases residual value risk due to market fluctuations[206]. Partnerships and Collaborations - The company has partnered with Uber to make available up to 25,000 EVs for their drivers to rent across Europe by 2025[85]. - A partnership with Uber aims to make Tesla EVs available for their drivers in North America and Europe, with success dependent on various market factors[202].

Hertz Global Holdings, Inc. (NASDAQ:HTZ) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET Company Participants Johann Rawlinson - VP, IR Stephen Scherr - CEO Kenny Cheung - CFO Conference Call Participants Chris Woronka - Deutsche Bank Ian Zaffino - Oppenheimer Ryan Brinkman - JPM John Healy - Northcoast Research Adam Jonas - Morgan Stanley Operator Welcome to Hertz Global Holdings Third Quarter 2022 Earnings Call. [Operator Instructions] I would like to remind you that this morning's call is be ...