ESTERO, Fla., Dec. 13, 2024 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz" or the "Company"), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation ("Hertz Corp."), received the requisite consents in its previously announced solicitation of consents ("Consents") to amend (the "Proposed Amendments") certain provisions of the indentures governing its existing 12.625% First Lien Senior Secured Notes due 2029 (the "Initial First ...

ESTERO, Fla., Dec. 5, 2024 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz" or the "Company"), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation ("Hertz Corp."), has priced $500 million in aggregate principal amount of additional 12.625% First Lien Senior Secured Notes due 2029 (the "Notes") in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The ...

ESTERO, Fla., Dec. 5, 2024 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz" or the "Company"), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation ("Hertz Corp."), intends to offer, subject to market and other conditions, $500 million in aggregate principal amount of additional 12.625% First Lien Senior Secured Notes due 2029 (the "Notes") in a private offering exempt from the registration requirements of the Securities Act ...

HERTZ GLOBAL HOLDINGS INC. Q3 2024 EARNINGS PRESENTATION November 12, 2024 Hertz dollo IMPORTANT DISCLOSURES FORWARD-LOOKING STATEMENTS Certain statements made within this presentation contain forward-looking statements. Forward-looking statements are not guarantees of future performance and by their nature are subject to inherent uncertainties. Actual results may differ materially. Any forward-looking information relayed in this presentation speaks only as of November 12, 2024, and Hertz Global Holdings, I ...

The car rental company's stock made a surprising recovery after a disappointing earnings report.Hertz Global Holdings (HTZ 9.94%) stock initially tumbled Tuesday by as much as 11.9% after the car rental giant posted a disappointing third-quarter earnings report before the opening bell. However, the stock then made a surprising recovery over the course of the session, and was up by 9.2% as of 3:20 p.m. ET.Here's why. Hertz misses the markInvestors clearly didn't like Hertz's report at first glance, and it's ...

Financial Data and Key Metrics - Revenue for Q3 2024 was $2.6 billion, with an adjusted corporate EBITDA loss of $157 million [17] - Transaction days decreased by 4% year-over-year, while RPD (Revenue Per Day) remained relatively flat [17] - The company recorded a noncash asset impairment charge of just over $1 billion, primarily affecting the U.S. and European fleets [17][18] - DPU (Depreciation Per Unit) for Q3 was $537 per unit per month, with expectations for Q4 DPU to be in the $350 to $375 range [19] - The company aims to achieve a run rate DPU below $300 by the end of 2025 [19] Business Line Data and Key Metrics - The fleet strategy focuses on optimizing utilization, reducing out-of-service vehicles, and improving asset returns [10][11] - The commercial team is focused on improving customer experience, demand generation, and fleet utilization [13][14] - The company is implementing a rapid test-and-learn approach to drive continuous improvement in revenue-driving initiatives [13] Market Data and Key Metrics - The global travel macros remain strong, with positive growth reflected in TSA and airline ticketing data [28] - Supply in the industry is slightly higher at airports, leading to a slight decrease in rates in Q4, but overall, demand and supply remain balanced [38] Company Strategy and Industry Competition - The company's back-to-basics strategy is built on three pillars: fleet, revenue, and cost management, with a focus on people, technology, and process [8] - The company is transforming its fleet management to be more agile and data-driven, aiming to reduce DPU and improve asset utilization [10][19] - The company is focused on driving premium RPD (Revenue Per Day) and improving operational execution to maximize revenue per unit [13][14] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the progress made in improving key metrics such as EBITDA, RPD, and DOE (Direct Operating Expense) spread [26] - The company is targeting long-term sustainable efficiencies, with a focus on reducing structural costs and improving fleet utilization [21][26] - The company expects to achieve its run rate metrics, including DPU below $300, by the end of 2025 [26] Other Important Information - The company ended Q3 with liquidity of over $1.6 billion, including $500 million in unrestricted cash and $1.1 billion in available credit capacity [22] - The company plans to be active in the capital markets in the coming months to maintain liquidity cushion [22] - The company has made progress in fleet rotation, with over 40% of the fleet now in the model year 2024-2025 range [49][50] Q&A Session Summary Question: Can you expand on the expectation of DPU below $300 and the level of confidence? [30] - The company sees a path to sustainable sub-$300 DPU due to normalized market conditions, advanced fleet purchases, and improved fleet management strategies [31][32] - The company is confident in achieving this target by optimizing fleet mix, shortening hold periods, and leveraging retail sales channels [31][32] Question: How do you balance cost-cutting with scalability? [34] - The company is focused on operating the fleet within the demand curve while driving demand generation to enable scaling [35][36] Question: What are the rate trends in October and November, and how do you see them going into next year? [38] - Demand remains strong, with slightly higher supply at airports leading to a slight decrease in rates, but overall, the industry remains balanced [38] Question: Can you explain the key considerations related to the impairment charge? [39] - The impairment was driven by the decline in fleet residual values and the accelerated fleet rotation initiative, with the charge not fully aligning book value to market value [40] Question: What is the outlook for pricing and RPD levels in the next 2-3 years? [42] - The company is focused on improving RPU (Revenue Per Unit) by fleeting under the demand curve and driving premium RPD, with opportunities to sweat assets more [43] Question: How far along are you in the fleet refresh, and what are your plans for capital markets? [47] - The company is over 40% through the fleet refresh and plans to be active in the capital markets to maintain liquidity [49][52] Question: Will the impairment impact adjusted EBITDA going forward? [55] - The impairment is a noncash charge and will not affect future EBITDA, but it will reduce excess depreciation in future quarters [55] Question: What is the impact of hurricanes on the quarter? [68] - The hurricanes had a net benign impact on the quarter, with demand fluctuations around the storms but no significant overall effect [68] Question: How is the fleet refresh being approached in terms of liquidity and OEM deals? [69] - The company has taken a long-term view on fleet rotation, with liquidity not being a restrictor in optimizing the fleet [70][71] Question: What is the plan to achieve low $30s DOE per transaction day? [72] - The company is focused on process improvements, data optimization, and leveraging technology to achieve sustainable cost efficiencies [73][74] Question: What are the efforts around utilization and where will the benefits materialize? [77] - The company is working on reducing waste, improving fleet-commercial coordination, and optimizing off-peak demand to drive utilization and improve ARPU [78][79] Question: What is the total cost target in the back-to-basics plan? [80] - The company has not provided a formal dollar amount but is targeting a run rate of low $30s for DOE per day, with gradual progress expected [81]

Key TakeawaysHertz Global Holdings reported a wider-than-expected third-quarter loss Tuesday.The company reported a non-cash asset impairment charge of $1 billion, which the company pinned on a "decline in fleet residual values over the last year or so."The company also incurred major charges earlier this year in connection with the sale of 30,000 electric vehicles from its fleet. Hertz Global Holdings (HTZ) reported a wider-than-expected third-quarter loss Tuesday, dinged by a non-cash asset impairment cha ...

Hertz Global Holdings, Inc. (HTZ) reported $2.58 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 4.7%. EPS of -$0.68 for the same period compares to $0.70 a year ago.The reported revenue represents a surprise of -5.14% over the Zacks Consensus Estimate of $2.72 billion. With the consensus EPS estimate being -$0.50, the EPS surprise was -36.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expecta ...

Hertz Global Holdings, Inc. (HTZ) came out with a quarterly loss of $0.68 per share versus the Zacks Consensus Estimate of a loss of $0.50. This compares to earnings of $0.70 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -36%. A quarter ago, it was expected that this company would post a loss of $1.21 per share when it actually produced a loss of $1.44, delivering a surprise of -19.01%.Over the last four quarters, the compan ...

Exhibit 99.1 1 HERTZ REPORTS THIRD QUARTER 2024 RESULTS ____________________________________________________________________________ "In the third quarter, we continued executing on our efforts to implement our transformation, focusing on our back-to-basics strategy to deliver sustainable, long-term returns for shareholders," said Gil West, Hertz CEO. "Our team's commitment to both our customers and our strategic objectives were evident throughout the summer. This dedication is reflective of our ongoing end ...