Hertz(US:HTZ)2025-05-13 12:33Q1 2025 Financial Performance - Revenue decreased by 13% year-over-year, from $2.1 billion in Q1 2024 to $1.8 billion in Q1 2025, driven by lower volume and rate[9] - Transaction Days decreased by 8% year-over-year, from 36.9 million in Q1 2024 to 33.9 million in Q1 2025, due to a smaller fleet[9] - Total Revenue Per Day (RPD) decreased by 5% year-over-year, from $55.94 in Q1 2024 to $53.38 in Q1 2025, impacted by fleet mix and the shift of Easter into Q2[9] - Adjusted Corporate EBITDA improved by 43% year-over-year, from $(567) million in Q1 2024 to $(325) million in Q1 2025, driven by lower vehicle depreciation and DOE expense[9] - Adjusted Free Cash Flow improved by 21% year-over-year, from $(729) million in Q1 2024 to $(578) million in Q1 2025, reflecting the Adjusted Corporate EBITDA result and cash utilized for fleet rotation[9] Key Metrics and Fleet Management - Depreciation Per Unit (DPU) decreased by 40% year-over-year, from $588 in Q1 2024 to $353 in Q1 2025, benefiting from fleet rotation and improving residual values[9] - Vehicle Utilization increased by 240 basis points year-over-year, from 76% in Q1 2024 to 79% in Q1 2025, due to commercial strategy and capacity management[9] - Average Fleet decreased by 8% year-over-year, from 547,000 in Q1 2024 to 505,000 in Q1 2025, partially offset by early in-fleeting of model year 25 vehicles[9] Strategy and Liquidity - The company aims for Depreciation per unit per month to be under $300, Revenue per unit per month to be over $1,500, and Direct Operating Expense (DOE) per Transaction Day to be in the low $30s[11] - The company expects DPU, RPU and DOE/day to contribute approximately $1.5 billion, $200 million and $100 million, respectively, to Adjusted Corporate EBITDA in 2025[11] - The company had liquidity of $1.2 billion as of March 31, 2025, including $626 million of unrestricted cash and $549 million available under the First Lien RCF[16]