Core Insights - Hertz Global Holdings, Inc. (NASDAQ:HTZ) has 95% of its shares owned by insiders, hedge funds, and institutions, and recently reported a positive EPS for the first time in nearly two years, indicating potential recovery and interest in the stock [1] - Jim Cramer expressed a cautious but open-minded approach towards Hertz, acknowledging its contrary nature and the positive recommendation from a caller [1] - The stock has experienced a significant run, but Cramer advised caution, suggesting investors consider taking profits or at least recouping their cost basis [2] Company Overview - Hertz provides vehicle rental services under the Hertz, Dollar, and Thrifty brands, along with vehicle sales and additional services [2] - The company has been highlighted in discussions regarding investment opportunities, particularly in relation to notable investors like Bill Ackman [2] Investment Perspective - While Hertz shows potential as an investment, there are opinions that certain AI stocks may offer greater upside potential with less downside risk [2]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $567 million, down $34 million year-over-year, primarily due to increased accounts receivable cleanup of approximately $20 million [11] - Adjusted EBITDA for the quarter was $243 million, reflecting a margin of 42.9%, which was up 60 basis points sequentially from Q2 [12] - Adjusted free cash flow in the quarter was $122 million, representing a 22% margin or $0.67 per share [15] Business Line Data and Key Metrics Changes - Leasing revenues were $434 million in Q3, a 5% year-over-year decline, but only down 1.3% when excluding write-offs related to accounts receivable cleanup [12][13] - Sales in new and rental units increased by 10% year-over-year [11] - VAPS revenues were flat year-over-year despite volume headwinds, while storage portfolio saw a 10% improvement in rate and mix, partially offsetting a 14% volume decline [13] Market Data and Key Metrics Changes - The Canadian market experienced a slowdown, contributing to approximately $130 million of total revenue, which has been impacted by trade posture changes [35] - The traditional storage business remains weak, while climate-controlled storage units on rent were up 44% year-over-year [50] Company Strategy and Development Direction - The company aims to shift revenue towards more differentiated, higher-value offerings to create consistent results and reduce variability from commoditized lines of business [6][8] - A multi-year network optimization plan is underway to enhance operational efficiency and reduce structural costs, with an estimated $250 million-$350 million in rental fleet units identified for disposal [19][18] - The focus is on reestablishing organic growth through local market initiatives and enterprise accounts, with expectations for enterprise accounts revenue to grow mid to high single digits into 2026 [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the need for a more conservative approach to guidance to minimize the risk of negative surprises, with revised full-year guidance reflecting current operating conditions [20][8] - The company expects Q4 2025 revenue of approximately $545 million and adjusted EBITDA of approximately $250 million, with a full-year 2025 revenue outlook of around $2.26 billion [20] Other Important Information - The company has amended and extended its ABL Credit Facility, reducing estimated annual cash borrowing costs by approximately $5 million and extending maturity through October 2030 [16] - The company has identified a pathway to improve adjusted EBITDA margins above 45% as units on rent trends begin to improve [6][8] Q&A Session Summary Question: Inquiry about revenue outlook and underperformance - Management noted that seasonal storage components and write-off activities contributed significantly to the lower revenue outlook, with the Canadian market also experiencing a slowdown [34][35] Question: Impact of federal government shutdowns - Management indicated negligible disruption from government shutdowns, with optimism about future penetration into government sectors [39] Question: Clarification on fleet review and potential disposals - Management confirmed that the identified fleet for disposal represents about 10% of total fleet, aimed at optimizing costs without compromising service capabilities [44][45] Question: Trends in order book and activations - The modular order book is down about 1% year-over-year, but activations have shown low single-digit growth recently, while traditional storage remains weak [50] Question: Changes in guidance philosophy - Management emphasized a shift towards conservative guidance to avoid negative surprises, focusing on controllable outcomes [86][87]

QUARTERLY INVESTOR PRESENTATION THIRD QUARTER 2025 November 6, 2025 2 SAFE HARBOR Forward Looking Statements This presentation contains forward-looking statements (including the guidance/outlook contained herein) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words "estimates," "expects," "anticipates," "believes," "forecasts," "plans," "intends," "may," "will," "should," "shall," "outlook," "guidance," ...

Second Quarter Fiscal 2026 U-Haul Investor Update Forward Looking Statement The following information and the statements made during this presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe futur ...

Core Insights - U-Haul Holding Company reported net earnings available to common shareholders of $105.6 million for the second quarter ended September 30, 2025, a decrease from $186.8 million in the same period last year [1] - Earnings per share for Non-Voting Shares (UHAL.B) were $0.54 for the second quarter of fiscal [1]

Core Insights - Hertz (HTZ) stock surged nearly 40% on November 4 after reporting its first profitable quarter in over two years, indicating the success of its "Back-to-Basics" strategy [1][3] - Despite the recent rally, Hertz stock is still down over 35% compared to its year-to-date high in April [2] Financial Performance - In fiscal Q3, Hertz achieved a vehicle utilization rate of 84%, the highest in seven years, attributed to improved operational processes and inventory management [3] - The average depreciation per unit was $273 per month, significantly below the target of $300 and representing a 50% improvement year-over-year [4] - Hertz reported positive free cash flow of $248 million, enhancing the investment case for its stock [4] Market Sentiment and Projections - Options traders are anticipating continued momentum for Hertz shares, with potential for the stock to reach $7.58 by January, and an implied move of 12.14% through the end of the following week [5] - Prior to the earnings release, Wall Street had a consensus "Moderate Sell" rating on Hertz stock, with a mean target of about $4, but analysts may revise their estimates upward following the quarterly update [6]

Core Viewpoint - Hertz Global Holdings, Inc. experienced a significant stock price increase of 40% following the release of its Q3 earnings, driven by strong earnings momentum and a potential short squeeze [1][2]. Financial Performance - Hertz reported earnings per share (EPS) of 12 cents, surpassing analyst expectations, with revenues reaching $2.48 billion, marking its first quarterly profit in nearly two years [2]. - The company's turnaround was attributed to strategic cost discipline, a refreshed rental fleet, and the early results of CEO Gil West's restructuring plan [2]. Market Dynamics - The stock's surge attracted a large number of retail buyers, as traders sought the next high-risk, high-reward meme stock [3]. - Hertz's short interest was reported at 43.22%, indicating a high susceptibility to a short squeeze, similar to past events with GameStop and AMC [4]. - The significant short float above 40%, combined with the company's recent transition from loss to profit and high institutional ownership, increases the risk for short sellers [5]. Investor Sentiment - The spike in Hertz's stock price reflects both a potential short squeeze and renewed confidence in the company's strategic direction [6]. - The narrative of Hertz becoming the next meme stock is gaining traction on trader forums and social media, positioning it as a battleground between short sellers and retail investors [6].

Core Insights - Hertz reported a profit in the third quarter, attributed to a significant reduction in depreciation costs as the company continues its strategy of replacing older vehicles with a newer fleet [1] Financial Performance - The company experienced a turnaround in profitability during the third quarter, indicating effective cost management and operational efficiency [1] Strategic Initiatives - Hertz's ongoing strategy involves swapping out older cars for a newer fleet, which is contributing to improved financial results and overall company performance [1]

Financial Performance - Total company revenues increased by 1% to $3,519 million in 3Q 2025 compared to $3,480 million in 3Q 2024[8] - Rental days for the total company increased by 1% to 49,400 thousand in 3Q 2025 compared to 48,786 thousand in 3Q 2024[8] - Adjusted EBITDA for the total company increased by 11% to $559 million in 3Q 2025 compared to $503 million in 3Q 2024[8] - Americas revenues decreased by 1% to $2,621 million in 3Q 2025 compared to $2,640 million in 3Q 2024, but U S rental car revenue increased by 1%[9] - International revenues increased by 2% to $859 million in 3Q 2025 compared to $840 million in 3Q 2024, excluding exchange rate effects[10] Key Metrics - Revenue per day excluding exchange rate effects for the total company decreased by 1% to $7049 in 3Q 2025 compared to $7132 in 3Q 2024[8] - Per-unit fleet costs per month excluding exchange rate effects for the total company decreased by 18% to $299 in 3Q 2025 compared to $365 in 3Q 2024[8] - Vehicle utilization for the total company decreased slightly by 01 percentage points to 720% in 3Q 2025 compared to 721% in 3Q 2024[8] Liquidity and Outlook - Adjusted Free Cash Flow year-to-date was negative $517 million, impacted by over $1 billion in voluntary fleet contributions[11] - The company anticipates Adjusted EBITDA for FY 2025 to be at the low end of the previously stated $900 million - $1,000 million range[17] - Per-unit fleet costs per month for FY 2025 are expected to be approximately $310-$320, and around $300 in 4Q 2025[17, 18]

Financial Performance - For the quarter ended September 2025, Avis Budget Group reported revenue of $3.52 billion, reflecting a 1.1% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $10.11, compared to $6.65 in the same quarter last year, indicating significant growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $3.48 billion by 1.1%, while the EPS surprise was +24.66% against the consensus estimate of $8.11 [1] Key Metrics - In the Americas, per-unit fleet costs were $309 per month, lower than the estimated $343.5 [4] - Internationally, per-unit fleet costs were $285 per month, slightly below the estimated $290.8 [4] - Total rental days reached 49,400, surpassing the average estimate of 48,708.20 [4] - Geographic revenue for the International segment was $898 million, exceeding the average estimate of $843.11 million, with a year-over-year increase of 6.9% [4] - Revenue from the Americas was $2.62 billion, slightly below the average estimate of $2.64 billion, representing a year-over-year decline of 0.7% [4] Stock Performance - Shares of Avis Budget have returned -2.6% over the past month, contrasting with the Zacks S&P 500 composite's +2.5% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), suggesting potential underperformance relative to the broader market in the near term [3]