(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||
(Address, including Zip Code, and telephone number, including area code, of registrant's principal executive offices) | ||||||||||||||||||||
Not Applicable | ||||||||||||||||||||
Not Applicable | ||||||||||||||||||||
(Former name, former address and former fiscal year, if changed since last report.) |
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||||||||||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered | |||||||||||||||||||||
Hertz Global Holdings, Inc. | Par value $0.01 per share | Nasdaq Global Select | |||||||||||||||||||||
Hertz Global Holdings, Inc. | Nasdaq Global Select | ||||||||||||||||||||||
The Hertz Corporation | None | None | None |
HERTZ GLOBAL HOLDINGS, INC. THE HERTZ CORPORATION | ||||||||
(each, a Registrant) | ||||||||
By: | /s/ KENNY CHEUNG | |||||||
Name: | Kenny Cheung | |||||||
Title: | Executive Vice President and Chief Financial Officer |
Three Months Ended September 30, | Percent Inc/(Dec) 2022 vs 2021 | ||||||||||||||||
($ in millions, except earnings per share or where noted) | 2022 | 2021 | |||||||||||||||
Hertz Global - Consolidated | |||||||||||||||||
Total revenues | $ | 2,496 | $ | 2,226 | 12% | ||||||||||||
Adjusted net income (loss)(a) | $ | 410 | $ | 587 | (30)% | ||||||||||||
Adjusted diluted earnings (loss) per share(a) | $ | 1.08 | $ | 1.20 | (10)% | ||||||||||||
Adjusted Corporate EBITDA(a) | $ | 618 | $ | 860 | (28)% | ||||||||||||
Adjusted Corporate EBITDA Margin(a) | 25 | % | 39 | % | |||||||||||||
Average Vehicles (in whole units) | 532,740 | 473,492 | 13% | ||||||||||||||
Average Rentable Vehicles (in whole units) | 503,508 | 456,566 | 10% | ||||||||||||||
Vehicle Utilization | 80 | % | 80 | % | |||||||||||||
Transaction Days (in thousands) | 37,123 | 33,489 | 11% | ||||||||||||||
Total RPD (in dollars)(b) | $ | 68.57 | $ | 66.15 | 4% | ||||||||||||
Total RPU Per Month (in whole dollars)(b) | $ | 1,685 | $ | 1,617 | 4% | ||||||||||||
Depreciation Per Unit Per Month (in whole dollars)(b) | $ | 187 | $ | 42 | NM | ||||||||||||
Americas RAC Segment | |||||||||||||||||
Total revenues | $ | 2,042 | $ | 1,914 | 7% | ||||||||||||
Adjusted EBITDA | $ | 564 | $ | 830 | (32)% | ||||||||||||
Adjusted EBITDA Margin | 28 | % | 43 | % | |||||||||||||
Average Vehicles (in whole units) | 425,596 | 387,368 | 10% | ||||||||||||||
Average Rentable Vehicles (in whole units) | 397,488 | 372,326 | 7% | ||||||||||||||
Vehicle Utilization | 81 | % | 81 | % | |||||||||||||
Transaction Days (in thousands) | 29,653 | 27,627 | 7% | ||||||||||||||
Total RPD (in dollars)(b) | $ | 68.90 | $ | 69.25 | (1)% | ||||||||||||
Total RPU Per Month (in whole dollars)(b) | $ | 1,713 | $ | 1,713 | —% | ||||||||||||
Depreciation Per Unit Per Month (in whole dollars)(b) | $ | 198 | $ | 21 | NM | ||||||||||||
International RAC Segment | |||||||||||||||||
Total revenues | $ | 454 | $ | 312 | 46% | ||||||||||||
Adjusted EBITDA | $ | 150 | $ | 78 | 93% | ||||||||||||
Adjusted EBITDA Margin | 33 | % | 25 | % | |||||||||||||
Average Vehicles (in whole units) | 107,144 | 86,124 | 24% | ||||||||||||||
Average Rentable Vehicles (in whole units) | 106,020 | 84,241 | 26% | ||||||||||||||
Vehicle Utilization | 77 | % | 76 | % | |||||||||||||
Transaction Days (in thousands) | 7,470 | 5,862 | 27% | ||||||||||||||
Total RPD (in dollars)(b) | $ | 67.28 | $ | 51.52 | 31% | ||||||||||||
Total RPU Per Month (in whole dollars)(b) | $ | 1,580 | $ | 1,195 | 32% | ||||||||||||
Depreciation Per Unit Per Month (in whole dollars)(b) | $ | 146 | $ | 137 | 6% | ||||||||||||
CONTACTS: | |||||
Hertz Investor Relations: | Hertz Media Relations: | ||||
investorrelations@hertz.com | mediarelations@hertz.com |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Revenues | $ | 2,496 | $ | 2,226 | $ | 6,650 | $ | 5,387 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Direct vehicle and operating | 1,282 | 1,131 | 3,534 | 2,855 | |||||||||||||||||||
Depreciation of revenue earning vehicles and lease charges, net | 294 | 61 | 341 | 420 | |||||||||||||||||||
Depreciation and amortization of non-vehicle assets | 36 | 49 | 105 | 153 | |||||||||||||||||||
Selling, general and administrative | 246 | 177 | 738 | 498 | |||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||
Vehicle | 27 | 41 | 77 | 243 | |||||||||||||||||||
Non-vehicle | 43 | 22 | 123 | 157 | |||||||||||||||||||
Total interest expense, net | 70 | 63 | 200 | 400 | |||||||||||||||||||
Other (income) expense, net | (6) | (7) | (6) | (20) | |||||||||||||||||||
Reorganization items, net | — | — | — | 677 | |||||||||||||||||||
(Gain) from the sale of a business | — | — | — | (400) | |||||||||||||||||||
Change in fair value of Public Warrants | (73) | (16) | (584) | (16) | |||||||||||||||||||
Total expenses | 1,849 | 1,458 | 4,328 | 4,567 | |||||||||||||||||||
Income (loss) before income taxes | 647 | 768 | 2,322 | 820 | |||||||||||||||||||
Income tax (provision) benefit | (70) | (160) | (379) | (193) | |||||||||||||||||||
Net income (loss) | 577 | 608 | 1,943 | 627 | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | — | (3) | — | (1) | |||||||||||||||||||
Net income (loss) attributable to Hertz Global | 577 | 605 | 1,943 | 626 | |||||||||||||||||||
Dividends on Series A Preferred Stock | — | (34) | — | (34) | |||||||||||||||||||
Net income (loss) available to Hertz Global common stockholders | $ | 577 | $ | 571 | $ | 1,943 | $ | 592 | |||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||
Basic | 355 | 471 | 395 | 264 | |||||||||||||||||||
Diluted | 379 | 490 | 421 | 270 | |||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic | $ | 1.62 | $ | 1.21 | $ | 4.92 | $ | 2.25 | |||||||||||||||
Diluted | $ | 1.33 | $ | 1.13 | $ | 3.22 | $ | 2.14 | |||||||||||||||
(In millions, except par value and share data) | September 30, 2022 | December 31, 2021 | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 1,006 | $ | 2,258 | |||||||
Restricted cash and cash equivalents: | |||||||||||
Vehicle | 203 | 77 | |||||||||
Non-vehicle | 299 | 316 | |||||||||
Total restricted cash and cash equivalents | 502 | 393 | |||||||||
Total cash and cash equivalents and restricted cash and cash equivalents | 1,508 | 2,651 | |||||||||
Receivables: | |||||||||||
Vehicle | 222 | 62 | |||||||||
Non-vehicle, net of allowance of $46 and $48, respectively | 831 | 696 | |||||||||
Total receivables, net | 1,053 | 758 | |||||||||
Prepaid expenses and other assets | 934 | 1,017 | |||||||||
Revenue earning vehicles: | |||||||||||
Vehicles | 13,757 | 10,836 | |||||||||
Less: accumulated depreciation | (1,734) | (1,610) | |||||||||
Total revenue earning vehicles, net | 12,023 | 9,226 | |||||||||
Property and equipment, net | 618 | 608 | |||||||||
Operating lease right-of-use assets | 1,632 | 1,566 | |||||||||
Intangible assets, net | 2,883 | 2,912 | |||||||||
Goodwill | 1,043 | 1,045 | |||||||||
Total assets | $ | 21,694 | $ | 19,783 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable: | |||||||||||
Vehicle | $ | 112 | $ | 56 | |||||||
Non-vehicle | 502 | 516 | |||||||||
Total accounts payable | 614 | 572 | |||||||||
Accrued liabilities | 955 | 863 | |||||||||
Accrued taxes, net | 205 | 157 | |||||||||
Debt: | |||||||||||
Vehicle | 10,097 | 7,921 | |||||||||
Non-vehicle | 2,979 | 2,986 | |||||||||
Total debt | 13,076 | 10,907 | |||||||||
Public Warrants | 737 | 1,324 | |||||||||
Operating lease liabilities | 1,556 | 1,510 | |||||||||
Self-insured liabilities | 484 | 463 | |||||||||
Deferred income taxes, net | 1,306 | 1,010 | |||||||||
Total liabilities | 18,933 | 16,806 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $0.01 par value, no shares issued and outstanding | — | — | |||||||||
Common stock, $0.01 par value, 477,792,170 and 477,233,278 shares issued, respectively, and 341,223,449 and 449,782,424 shares outstanding, respectively | 5 | 5 | |||||||||
Treasury stock, at cost, 136,568,721 and 27,450,854 common shares, respectively | (2,821) | (708) | |||||||||
Additional paid-in capital | 6,308 | 6,209 | |||||||||
Retained earnings (Accumulated deficit) | (372) | (2,315) | |||||||||
Accumulated other comprehensive income (loss) | (359) | (214) | |||||||||
Total stockholders' equity | 2,761 | 2,977 | |||||||||
Total liabilities and stockholders' equity | $ | 21,694 | $ | 19,783 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income (loss) | $ | 577 | $ | 608 | $ | 1,943 | $ | 627 | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and reserves for revenue earning vehicles | 366 | 86 | 511 | 506 | |||||||||||||||||||
Depreciation and amortization, non-vehicle | 36 | 49 | 105 | 153 | |||||||||||||||||||
Amortization of deferred financing costs and debt discount (premium) | 13 | 11 | 38 | 109 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 8 | |||||||||||||||||||
Stock-based compensation charges | 32 | — | 96 | 2 | |||||||||||||||||||
Provision for receivables allowance | 19 | 31 | 42 | 95 | |||||||||||||||||||
Deferred income taxes, net | 52 | 141 | 301 | 125 | |||||||||||||||||||
Reorganization items, net | — | — | — | 314 | |||||||||||||||||||
(Gain) loss from the sale of a business | — | — | — | (400) | |||||||||||||||||||
Change in fair value of Public Warrants | (73) | (16) | (584) | (16) | |||||||||||||||||||
(Gain) loss on financial instruments | (55) | (3) | (120) | (1) | |||||||||||||||||||
Other | 1 | (5) | (2) | (15) | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Non-vehicle receivables | (34) | (9) | (234) | (223) | |||||||||||||||||||
Prepaid expenses and other assets | 7 | 14 | (80) | (53) | |||||||||||||||||||
Operating lease right-of-use assets | 123 | 49 | 202 | 203 | |||||||||||||||||||
Non-vehicle accounts payable | 25 | (139) | (7) | (45) | |||||||||||||||||||
Accrued liabilities | (50) | (32) | 183 | (43) | |||||||||||||||||||
Accrued taxes, net | — | (2) | 52 | 89 | |||||||||||||||||||
Operating lease liabilities | (130) | (54) | (223) | (214) | |||||||||||||||||||
Self-insured liabilities | 23 | 14 | 38 | (13) | |||||||||||||||||||
Net cash provided by (used in) operating activities | 932 | 743 | 2,261 | 1,208 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Revenue earning vehicles expenditures | (1,764) | (1,060) | (7,853) | (5,196) | |||||||||||||||||||
Proceeds from disposal of revenue earning vehicles | 1,583 | 746 | 4,470 | 1,945 | |||||||||||||||||||
Non-vehicle capital asset expenditures | (45) | (24) | (104) | (41) | |||||||||||||||||||
Proceeds from non-vehicle capital assets disposed of or to be disposed of | 4 | 7 | 10 | 17 | |||||||||||||||||||
Collateral payments | — | — | — | (303) | |||||||||||||||||||
Collateral returned in exchange for letters of credit | — | 154 | 19 | 268 | |||||||||||||||||||
Return of (investment in) equity investments | — | — | (15) | — | |||||||||||||||||||
Proceeds from the sale of a business, net of cash sold | — | 53 | — | 871 | |||||||||||||||||||
Other | — | — | — | (1) | |||||||||||||||||||
Net cash provided by (used in) investing activities | (222) | (124) | (3,473) | (2,440) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Proceeds from issuance of vehicle debt | 903 | 1,523 | 8,282 | 10,462 | |||||||||||||||||||
Repayments of vehicle debt | (1,130) | (1,343) | (5,954) | (9,463) | |||||||||||||||||||
Proceeds from issuance of non-vehicle debt | — | — | — | 3,139 | |||||||||||||||||||
Repayments of non-vehicle debt | (4) | (5) | (14) | (6,346) | |||||||||||||||||||
Payment of financing costs | (4) | (3) | (42) | (154) | |||||||||||||||||||
Proceeds from Plan Sponsors | — | — | — | 2,781 | |||||||||||||||||||
Proceeds from Rights Offering, net | — | 4 | — | 1,639 | |||||||||||||||||||
Proceeds from the issuance of preferred stock, net | — | — | — | 1,433 | |||||||||||||||||||
Distributions to common stockholders | — | — | — | (239) | |||||||||||||||||||
Proceeds from exercises of Public Warrants | — | — | 3 | — | |||||||||||||||||||
Share repurchases | (505) | — | (2,152) | — | |||||||||||||||||||
Early redemption payments | — | — | — | (85) | |||||||||||||||||||
Contributions from (distributions to) noncontrolling interests | — | (10) | — | (25) | |||||||||||||||||||
Other | — | — | (4) | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | (740) | 166 | 119 | 3,142 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (25) | (14) | (50) | (22) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period | (55) | 771 | (1,143) | 1,888 | |||||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(a) | 1,563 | 2,695 | 2,651 | 1,578 | |||||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents at end of period | $ | 1,508 | $ | 3,466 | $ | 1,508 | $ | 3,466 | |||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Americas RAC | International RAC | Corporate | Hertz Global | Americas RAC | International RAC | All other operations | Corporate | Hertz Global | ||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,042 | $ | 454 | $ | — | $ | 2,496 | $ | 1,914 | $ | 312 | $ | — | $ | — | $ | 2,226 | |||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct vehicle and operating | 1,077 | 206 | (1) | 1,282 | 960 | 173 | — | (2) | 1,131 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation of revenue earning vehicles and lease charges, net | 252 | 42 | — | 294 | 24 | 37 | — | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization of non-vehicle assets | 29 | 3 | 4 | 36 | 42 | 3 | — | 4 | 49 | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 85 | 53 | 108 | 246 | 72 | 27 | — | 78 | 177 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle | 31 | (4) | — | 27 | 33 | 8 | — | — | 41 | ||||||||||||||||||||||||||||||||||||||||||||
Non-vehicle | (23) | 1 | 65 | 43 | (4) | 2 | — | 24 | 22 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest expense, net | 8 | (3) | 65 | 70 | 29 | 10 | — | 24 | 63 | ||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | (1) | 4 | (9) | (6) | (2) | (1) | — | (4) | (7) | ||||||||||||||||||||||||||||||||||||||||||||
Reorganization items, net | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
(Gain) from the sale of a business | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of Public Warrants | — | — | (73) | (73) | — | — | — | (16) | (16) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 1,450 | 305 | 94 | 1,849 | 1,125 | 249 | — | 84 | 1,458 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 592 | $ | 149 | $ | (94) | 647 | $ | 789 | $ | 63 | $ | — | $ | (84) | 768 | |||||||||||||||||||||||||||||||||||||
Income tax (provision) benefit | (70) | (160) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 577 | 608 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | — | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Hertz Global | 577 | 605 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock deemed dividends | — | (34) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Hertz Global common stockholders | $ | 577 | $ | 571 |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Americas RAC | International RAC | Corporate | Hertz Global | Americas RAC | International RAC | All other operations | Corporate | Hertz Global | ||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 5,573 | $ | 1,077 | $ | — | $ | 6,650 | $ | 4,524 | $ | 727 | $ | 136 | $ | — | $ | 5,387 | |||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct vehicle and operating | 2,982 | 554 | (2) | 3,534 | 2,394 | 452 | 5 | 4 | 2,855 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation of revenue earning vehicles and lease charges | 220 | 121 | — | 341 | 314 | 106 | — | — | 420 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization of non-vehicle assets | 85 | 10 | 10 | 105 | 130 | 12 | 2 | 9 | 153 | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | 270 | 142 | 326 | 738 | 191 | 97 | 10 | 200 | 498 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle | 68 | 9 | — | 77 | 182 | 49 | 12 | — | 243 | ||||||||||||||||||||||||||||||||||||||||||||
Non-vehicle | (44) | 1 | 166 | 123 | (9) | 3 | 1 | 162 | 157 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest expense, net | 24 | 10 | 166 | 200 | 173 | 52 | 13 | 162 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | (3) | (3) | — | (6) | (8) | (2) | — | (10) | (20) | ||||||||||||||||||||||||||||||||||||||||||||
Reorganization items, net | — | — | — | — | 80 | 12 | (1) | 586 | 677 | ||||||||||||||||||||||||||||||||||||||||||||
(Gain) from the sale of a business | — | — | — | — | — | — | — | (400) | (400) | ||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of Public Warrants | — | — | (584) | (584) | — | — | — | (16) | (16) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 3,578 | 834 | (84) | 4,328 | 3,274 | 729 | 29 | 535 | 4,567 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 1,995 | $ | 243 | $ | 84 | 2,322 | $ | 1,250 | $ | (2) | $ | 107 | $ | (535) | 820 | |||||||||||||||||||||||||||||||||||||
Income tax (provision) benefit | (379) | (193) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 1,943 | 627 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | — | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Hertz Global | 1,943 | 626 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock deemed dividends | — | (34) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Hertz Global common stockholders | $ | 1,943 | $ | 592 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share: | |||||||||||||||||||||||
Net income (loss) attributable to Hertz Global | $ | 577 | $ | 605 | $ | 1,943 | $ | 626 | |||||||||||||||
Dividends on Series A Preferred Stock | — | (34) | — | (34) | |||||||||||||||||||
Net income (loss) attributable and available to Hertz Global common stockholders, basic | 577 | 571 | 1,943 | 592 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Income tax provision (benefit) | 70 | 160 | 379 | 193 | |||||||||||||||||||
Vehicle and non-vehicle debt-related charges(a)(m) | 13 | 12 | 39 | 116 | |||||||||||||||||||
Restructuring and restructuring related charges(b) | 8 | 22 | 29 | 72 | |||||||||||||||||||
Acquisition accounting-related depreciation and amortization(c) | 1 | 12 | 2 | 37 | |||||||||||||||||||
Reorganization items, net(d) | — | — | — | 677 | |||||||||||||||||||
Pre-reorganization and non-debtor financing charges(e) | — | 1 | — | 41 | |||||||||||||||||||
Gain from the Donlen Sale(f) | — | — | — | (400) | |||||||||||||||||||
Unrealized (gains) losses on financial instruments(g) | (55) | (1) | (120) | (1) | |||||||||||||||||||
Change in fair value of Public Warrants | (73) | (16) | (584) | (16) | |||||||||||||||||||
Other items(h)(n) | 6 | 11 | 89 | (67) | |||||||||||||||||||
Adjusted pre-tax income (loss)(i) | 547 | 772 | 1,777 | 1,244 | |||||||||||||||||||
Income tax (provision) benefit on adjusted pre-tax income (loss)(j) | (137) | (185) | (444) | (299) | |||||||||||||||||||
Adjusted Net Income (Loss) | $ | 410 | $ | 587 | $ | 1,333 | $ | 945 | |||||||||||||||
Weighted-average number of diluted shares outstanding | 379 | 490 | 421 | 270 | |||||||||||||||||||
Adjusted Diluted Earnings (Loss) Per Share(k) | $ | 1.08 | $ | 1.20 | $ | 3.16 | $ | 3.50 | |||||||||||||||
Adjusted Corporate EBITDA: | |||||||||||||||||||||||
Net income (loss) attributable to Hertz Global | $ | 577 | $ | 605 | $ | 1,943 | $ | 626 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Income tax provision (benefit) | 70 | 160 | 379 | 193 | |||||||||||||||||||
Non-vehicle depreciation and amortization(l) | 36 | 49 | 105 | 153 | |||||||||||||||||||
Non-vehicle debt interest, net | 43 | 22 | 123 | 157 | |||||||||||||||||||
Vehicle debt-related charges(a)(m) | 9 | 8 | 25 | 62 | |||||||||||||||||||
Restructuring and restructuring related charges(b) | 8 | 22 | 29 | 72 | |||||||||||||||||||
Reorganization items, net(d) | — | — | — | 677 | |||||||||||||||||||
Pre-reorganization and non-debtor financing charges(e) | — | 1 | — | 41 | |||||||||||||||||||
Gain from the Donlen Sale(f) | — | — | — | (400) | |||||||||||||||||||
Unrealized (gains) losses on financial instruments(g) | (55) | (1) | (120) | (1) | |||||||||||||||||||
Change in fair value of Public Warrants | (73) | (16) | (584) | (16) | |||||||||||||||||||
Other items(h)(o) | 3 | 10 | 96 | (62) | |||||||||||||||||||
Adjusted Corporate EBITDA | $ | 618 | $ | 860 | $ | 1,996 | $ | 1,502 |
(in millions) | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||
Professional fees and other bankruptcy related costs | $ | — | $ | 257 | |||||||
Loss on extinguishment of debt | — | 191 | |||||||||
Backstop fee | — | 164 | |||||||||
Breakup fee | — | 77 | |||||||||
Contract settlements | — | 25 | |||||||||
Cancellation of share-based compensation grants | — | (10) | |||||||||
Net gain on settlement of liabilities subject to compromise | — | (22) | |||||||||
Other, net | — | (5) | |||||||||
Reorganization items, net | $ | — | $ | 677 |
Increase (decrease) to expenses | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Direct vehicle and operating | $ | 1 | $ | (14) | $ | (49) | $ | 45 | |||||||||||||||
Selling, general and administrative | (13) | (22) | (63) | (91) | |||||||||||||||||||
Interest expense, net: | |||||||||||||||||||||||
Vehicle | 42 | (8) | 93 | (81) | |||||||||||||||||||
Non-vehicle | (5) | (4) | (21) | (54) | |||||||||||||||||||
Total interest expense, net | 37 | (12) | 72 | (135) | |||||||||||||||||||
Other income (expense), net | 2 | (9) | 1 | (17) | |||||||||||||||||||
Reorganization items, net | — | — | — | (677) | |||||||||||||||||||
Gain from the Donlen Sale | — | — | — | 400 | |||||||||||||||||||
Change in fair value of Public Warrants | 73 | 16 | 584 | 16 | |||||||||||||||||||
Total adjustments | $ | 100 | $ | (41) | $ | 545 | $ | (459) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 932 | $ | 743 | $ | 2,261 | $ | 1,208 | |||||||||||||||
Depreciation and reserves for revenue earning vehicles | (366) | (86) | (511) | (506) | |||||||||||||||||||
Bankruptcy related payments - post emergence | 6 | — | 84 | — | |||||||||||||||||||
Adjusted operating cash flow | 572 | 657 | 1,834 | 702 | |||||||||||||||||||
Non-vehicle capital asset expenditures, net | (41) | (17) | (94) | (24) | |||||||||||||||||||
Adjusted operating cash flow before vehicle investment | 531 | 640 | 1,740 | 678 | |||||||||||||||||||
Net fleet growth after financing | (26) | (121) | (672) | (1,948) | |||||||||||||||||||
Noncontrolling interests | — | (18) | — | (25) | |||||||||||||||||||
Adjusted free cash flow | $ | 505 | $ | 501 | $ | 1,068 | $ | (1,295) | |||||||||||||||
CALCULATION OF NET FLEET GROWTH AFTER FINANCING: | |||||||||||||||||||||||
Revenue earning vehicles expenditures | $ | (1,764) | $ | (1,060) | $ | (7,853) | $ | (5,196) | |||||||||||||||
Proceeds from disposal of revenue earning vehicles | 1,583 | 746 | 4,470 | 1,945 | |||||||||||||||||||
Revenue earning vehicles capital expenditures, net | (181) | (314) | (3,383) | (3,251) | |||||||||||||||||||
Depreciation and reserves for revenue earning vehicles | 366 | 86 | 511 | 506 | |||||||||||||||||||
Financing activity related to vehicles: | |||||||||||||||||||||||
Borrowings | 903 | 1,523 | 8,282 | $ | 10,462 | ||||||||||||||||||
Payments | (1,130) | (1,343) | (5,954) | $ | (9,463) | ||||||||||||||||||
Restricted cash changes, vehicle(a) | 16 | (73) | (128) | $ | (202) | ||||||||||||||||||
Net financing activity related to vehicles | (211) | 107 | 2,200 | 797 | |||||||||||||||||||
Net fleet growth after financing | $ | (26) | $ | (121) | $ | (672) | $ | (1,948) |
As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
(In millions) | Vehicle | Non-Vehicle | Total | Vehicle | Non-Vehicle | Total | |||||||||||||||||||||||||||||
Term loans | $ | — | $ | 1,529 | $ | 1,529 | $ | — | $ | 1,539 | $ | 1,539 | |||||||||||||||||||||||
Senior notes | — | 1,500 | 1,500 | — | 1,500 | 1,500 | |||||||||||||||||||||||||||||
U.S. vehicle financing (HVF III) | 8,865 | — | 8,865 | 7,001 | — | 7,001 | |||||||||||||||||||||||||||||
International vehicle financing (Various) | 1,228 | — | 1,228 | 860 | — | 860 | |||||||||||||||||||||||||||||
Other debt | 72 | 12 | 84 | 93 | 16 | 109 | |||||||||||||||||||||||||||||
Debt issue costs, discounts and premiums | (68) | (62) | (130) | (33) | (69) | (102) | |||||||||||||||||||||||||||||
Debt as reported in the balance sheet | 10,097 | 2,979 | 13,076 | 7,921 | 2,986 | 10,907 | |||||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||
Debt issue costs, discounts and premiums | 68 | 62 | 130 | 33 | 69 | 102 | |||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | 1,006 | 1,006 | — | 2,258 | 2,258 | |||||||||||||||||||||||||||||
Restricted cash | 203 | — | 203 | 77 | — | 77 | |||||||||||||||||||||||||||||
Restricted cash and restricted cash equivalents associated with Term C Loan | — | 245 | 245 | — | 245 | 245 | |||||||||||||||||||||||||||||
Net Debt | $ | 9,962 | $ | 1,790 | $ | 11,752 | $ | 7,877 | $ | 552 | $ | 8,429 | |||||||||||||||||||||||
Corporate leverage ratio(a) | 0.7x | 0.3x |
Three Months Ended September 30, | Percent Inc/(Dec) | Nine Months Ended September 30, | Percent Inc/(Dec) | ||||||||||||||||||||||||||||||||
($ in millions, except where noted) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Total RPD | |||||||||||||||||||||||||||||||||||
Revenues | $ | 2,496 | $ | 2,226 | $ | 6,650 | $ | 5,251 | |||||||||||||||||||||||||||
Foreign currency adjustment(a) | 50 | (11) | 70 | (34) | |||||||||||||||||||||||||||||||
Total Revenues - adjusted for foreign currency | $ | 2,546 | $ | 2,215 | $ | 6,720 | $ | 5,217 | |||||||||||||||||||||||||||
Transaction Days (in thousands) | 37,123 | 33,489 | 103,188 | 88,023 | |||||||||||||||||||||||||||||||
Total RPD (in dollars)(b) | $ | 68.57 | $ | 66.15 | 4 | % | $ | 65.12 | $ | 59.27 | 10 | % | |||||||||||||||||||||||
Total Revenue Per Unit Per Month | |||||||||||||||||||||||||||||||||||
Total Revenues - adjusted for foreign currency | $ | 2,546 | $ | 2,215 | $ | 6,720 | $ | 5,217 | |||||||||||||||||||||||||||
Average Rentable Vehicles (in whole units)(c) | 503,508 | 456,566 | 483,083 | 410,662 | |||||||||||||||||||||||||||||||
Total revenue per unit (in whole dollars) | $ | 5,056 | $ | 4,852 | $ | 13,911 | $ | 12,704 | |||||||||||||||||||||||||||
Number of months in period (in whole units) | 3 | 3 | 9 | 9 | |||||||||||||||||||||||||||||||
Total RPU Per Month (in whole dollars)(b)(c) | $ | 1,685 | $ | 1,617 | 4 | % | $ | 1,546 | $ | 1,412 | 9 | % | |||||||||||||||||||||||
Vehicle Utilization | |||||||||||||||||||||||||||||||||||
Transaction Days (in thousands) | 37,123 | 33,489 | 103,188 | 88,023 | |||||||||||||||||||||||||||||||
Average Rentable Vehicles (in whole units)(c) | 503,508 | 456,566 | 483,083 | 410,662 | |||||||||||||||||||||||||||||||
Number of days in period (in whole units) | 92 | 92 | 273 | 273 | |||||||||||||||||||||||||||||||
Available Car Days (in thousands) | 46,339 | 42,010 | 131,955 | 112,226 | |||||||||||||||||||||||||||||||
Vehicle Utilization(c)(d) | 80% | 80% | 78% | 78% | |||||||||||||||||||||||||||||||
Depreciation Per Unit Per Month | |||||||||||||||||||||||||||||||||||
Depreciation of revenue earning vehicles and lease charges, net | $ | 294 | $ | 61 | $ | 341 | $ | 420 | |||||||||||||||||||||||||||
Foreign currency adjustment(a) | 5 | (1) | 7 | (4) | |||||||||||||||||||||||||||||||
Adjusted depreciation of revenue earning vehicles and lease charges | $ | 299 | $ | 60 | $ | 348 | $ | 416 | |||||||||||||||||||||||||||
Average Vehicles (in whole units) | 532,740 | 473,492 | 509,086 | 420,753 | |||||||||||||||||||||||||||||||
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) | $ | 561 | $ | 126 | $ | 683 | $ | 989 | |||||||||||||||||||||||||||
Number of months in period (in whole units) | 3 | 3 | 9 | 9 | |||||||||||||||||||||||||||||||
Depreciation Per Unit Per Month (in whole dollars) | $ | 187 | $ | 42 | NM | $ | 76 | $ | 110 | (30) | % |
Three Months Ended September 30, | Percent Inc/(Dec) | Nine Months Ended September 30, | Percent Inc/(Dec) | ||||||||||||||||||||||||||||||||
($ in millions, except where noted) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Total RPD | |||||||||||||||||||||||||||||||||||
Revenues | $ | 2,042 | $ | 1,914 | $ | 5,573 | $ | 4,524 | |||||||||||||||||||||||||||
Foreign currency adjustment(a) | 1 | (1) | 1 | (2) | |||||||||||||||||||||||||||||||
Total Revenues - adjusted for foreign currency | $ | 2,043 | $ | 1,913 | $ | 5,574 | $ | 4,522 | |||||||||||||||||||||||||||
Transaction Days (in thousands) | 29,653 | 27,627 | 84,392 | 72,870 | |||||||||||||||||||||||||||||||
Total RPD (in dollars)(b) | $ | 68.90 | $ | 69.25 | (1) | % | $ | 66.05 | $ | 62.06 | 6 | % | |||||||||||||||||||||||
Total Revenue Per Unit Per Month | |||||||||||||||||||||||||||||||||||
Total Revenues - adjusted for foreign currency | $ | 2,043 | $ | 1,913 | $ | 5,574 | $ | 4,522 | |||||||||||||||||||||||||||
Average Rentable Vehicles (in whole units)(c) | 397,488 | 372,326 | 390,071 | 337,597 | |||||||||||||||||||||||||||||||
Total revenue per unit (in whole dollars) | $ | 5,140 | $ | 5,138 | $ | 14,289 | $ | 13,395 | |||||||||||||||||||||||||||
Number of months in period (in whole units) | 3 | 3 | 9 | 9 | |||||||||||||||||||||||||||||||
Total RPU Per Month (in whole dollars)(b)(c) | $ | 1,713 | $ | 1,713 | — | % | $ | 1,588 | $ | 1,488 | 7 | % | |||||||||||||||||||||||
Vehicle Utilization | |||||||||||||||||||||||||||||||||||
Transaction Days (in thousands) | 29,653 | 27,627 | 84,392 | 72,870 | |||||||||||||||||||||||||||||||
Average Rentable Vehicles (in whole units)(c) | 397,488 | 372,326 | 390,071 | 337,597 | |||||||||||||||||||||||||||||||
Number of days in period (in whole units) | 92 | 92 | 273 | 273 | |||||||||||||||||||||||||||||||
Available Car Days (in thousands) | 36,585 | 34,261 | 106,538 | 92,261 | |||||||||||||||||||||||||||||||
Vehicle Utilization(c)(d) | 81% | 81 | % | 79 | % | 79 | % | ||||||||||||||||||||||||||||
Depreciation Per Unit Per Month | |||||||||||||||||||||||||||||||||||
Depreciation of revenue earning vehicles and lease charges, net | $ | 252 | $ | 24 | $ | 220 | $ | 314 | |||||||||||||||||||||||||||
Foreign currency adjustment(a) | — | — | — | 1 | |||||||||||||||||||||||||||||||
Adjusted depreciation of revenue earning vehicles and lease charges | $ | 252 | $ | 24 | $ | 220 | $ | 315 | |||||||||||||||||||||||||||
Average Vehicles (in whole units) | 425,596 | 387,368 | 415,110 | 346,032 | |||||||||||||||||||||||||||||||
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) | $ | 593 | $ | 62 | $ | 529 | $ | 910 | |||||||||||||||||||||||||||
Number of months in period (in whole units) | 3 | 3 | 9 | 9 | |||||||||||||||||||||||||||||||
Depreciation Per Unit Per Month (in whole dollars) | $ | 198 | $ | 21 | NM | $ | 59 | $ | 101 | (41) | % |
Three Months Ended September 30, | Percent Inc/(Dec) | Nine Months Ended September 30, | Percent Inc/(Dec) | ||||||||||||||||||||||||||||||||
($ in millions, except where noted) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Total RPD | |||||||||||||||||||||||||||||||||||
Revenues | $ | 454 | $ | 312 | $ | 1,077 | $ | 727 | |||||||||||||||||||||||||||
Foreign currency adjustment(a) | 49 | (10) | 69 | (32) | |||||||||||||||||||||||||||||||
Total Revenues - adjusted for foreign currency | $ | 503 | $ | 302 | $ | 1,146 | $ | 695 | |||||||||||||||||||||||||||
Transaction Days (in thousands) | 7,470 | 5,862 | 18,796 | 15,153 | |||||||||||||||||||||||||||||||
Total RPD (in dollars)(b) | $ | 67.28 | $ | 51.52 | 31 | % | $ | 60.98 | $ | 45.87 | 33 | % | |||||||||||||||||||||||
Total Revenue Per Unit Per Month | |||||||||||||||||||||||||||||||||||
Total Revenues - adjusted for foreign currency | $ | 503 | $ | 302 | $ | 1,146 | $ | 695 | |||||||||||||||||||||||||||
Average Rentable Vehicles (in whole units)(c) | 106,020 | 84,241 | 93,012 | 73,066 | |||||||||||||||||||||||||||||||
Total revenue per unit (in whole dollars) | $ | 4,740 | $ | 3,585 | $ | 12,323 | $ | 9,513 | |||||||||||||||||||||||||||
Number of months in period (in whole units) | 3 | 3 | 9 | 9 | |||||||||||||||||||||||||||||||
Total RPU Per Month (in whole dollars)(b)(c) | $ | 1,580 | $ | 1,195 | 32 | % | $ | 1,369 | $ | 1,057 | 30 | % | |||||||||||||||||||||||
Vehicle Utilization | |||||||||||||||||||||||||||||||||||
Transaction Days (in thousands) | 7,470 | 5,862 | 18,796 | 15,153 | |||||||||||||||||||||||||||||||
Average Rentable Vehicles (in whole units)(c) | 106,020 | 84,241 | 93,012 | 73,066 | |||||||||||||||||||||||||||||||
Number of days in period (in whole units) | 92 | 92 | 273 | 273 | |||||||||||||||||||||||||||||||
Available Car Days (in thousands) | 9,754 | 7,749 | 25,417 | 19,965 | |||||||||||||||||||||||||||||||
Vehicle Utilization(c)(d) | 77% | 76% | 74% | 76% | |||||||||||||||||||||||||||||||
Depreciation Per Unit Per Month | |||||||||||||||||||||||||||||||||||
Depreciation of revenue earning vehicles and lease charges, net | $ | 42 | $ | 37 | $ | 121 | $ | 106 | |||||||||||||||||||||||||||
Foreign currency adjustment(a) | 5 | (1) | 7 | (5) | |||||||||||||||||||||||||||||||
Adjusted depreciation of revenue earning vehicles and lease charges | $ | 47 | $ | 36 | $ | 128 | $ | 101 | |||||||||||||||||||||||||||
Average Vehicles (in whole units) | 107,144 | 86,124 | 93,976 | 74,721 | |||||||||||||||||||||||||||||||
Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) | $ | 437 | $ | 412 | $ | 1,366 | $ | 1,351 | |||||||||||||||||||||||||||
Number of months in period (in whole units) | 3 | 3 | 9 | 9 | |||||||||||||||||||||||||||||||
Depreciation Per Unit Per Month (in whole dollars) | $ | 146 | $ | 137 | 6 | % | $ | 152 | $ | 150 | 1 | % |
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