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Hertz Logs Best Quarterly Results in Nearly Two Years, Driven by Half a Billion Dollar Profitability Improvement
ESTERO, Fla.--(BUSINESS WIRE)--Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz," "Hertz Global," or the "Company") today reported results for its second quarter 2025. HIGHLIGHTS Net income and Adjusted Corporate EBITDA both improved ~$0.5 billion year-over-year, marking the Company's first quarter of positive Adjusted Corporate EBITDA in nearly two years, a result of its disciplined fleet management, operational efficiency, and rigorous cost management The Company's 'Buy Right, Hold Right, Sell Right' strategy continued to deliver results: Hertz achieved depreciation per unit per month (DPU) of $251, exceeding its North Star target of sub $300 by 16% and building on the momentum from the first quarter of 2025. The Company has secured all of its Model Year 2025 fleet at pre-tariff pricing Vehicle Utilization reached 83%, a year-over-year increase of 300 basis points, as the Company executed on fleet optimization with greater precision and agility. Nearly 80% of the core U.S. rental fleet is less than a year old Hertz achieved its highest second-quarter retail vehicle sales volume in five years, including through its direct-to-consumer Hertz Car sales, highlighting strong demand Direct operating expenses (DOE) declined 3% year-over-year. DOE per transaction day improved both sequentially and year-over-year, reflecting disciplined cost control and operational agility The Company's global Net Promoter Score improved by 11 points year-over-year, underscoring its commitment to service excellence and digital innovation The Company ended the quarter with over $1.45 billion in liquidity EARNINGS WEBCAST INFORMATION Hertz Global's live webcast and conference call to discuss its second quarter 2025 results will be held on August 7, 2025 at 9:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on the Company's Investor Relations website at If you would like to access the call by phone and ask a question, please go to Hertz Q2 2025 earnings teleco registration, and you will be provided with dial in details. Investors are encouraged to dial in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, ABOUT HERTZ Hertz Global Holdings, Inc. is one of the world's leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. For more information about Hertz, visit SUMMARY RESULTS Three Months Ended June 30, Percent Inc/(Dec) 2025 vs 2024 ($ in millions, except earnings per share or where noted) 2025 2024 Hertz Global - Consolidated Total revenues $ 2,185 $ 2,353 (7 )% Net income (loss) $ (294 ) $ (865 ) (66 )% Diluted earnings (loss) per share $ (0.95 ) $ (2.82 ) (66 )% Net income (loss) margin (13 )% (37 )% Adjusted net income (loss) (a) $ (104 ) $ (440 ) (76 )% Adjusted diluted earnings (loss) per share (a) $ (0.34 ) $ (1.44 ) (76 )% Adjusted Corporate EBITDA (a) $ 1 $ (460 ) NM Adjusted Corporate EBITDA Margin (a) — % (20 )% Average Vehicles (in whole units) 542,532 577,224 (6 )% Average Rentable Vehicles (in whole units) 512,854 546,187 (6 )% Vehicle Utilization 83 % 80 % Transaction Days (in thousands) 38,695 39,721 (3 )% Total RPD (in dollars) (b) $ 55.65 $ 58.80 (5 )% Total RPU Per Month (in whole dollars) (b) $ 1,400 $ 1,425 (2 )% Depreciation Per Unit Per Month (in whole dollars) (b) $ 251 $ 595 (58 )% Americas RAC Segment Total revenues $ 1,738 $ 1,928 (10 )% Adjusted EBITDA $ 42 $ (403 ) NM Adjusted EBITDA Margin 2 % (21 )% Average Vehicles (in whole units) 435,737 467,863 (7 )% Average Rentable Vehicles (in whole units) 407,336 439,284 (7 )% Vehicle Utilization 83 % 81 % Transaction Days (in thousands) 30,935 32,216 (4 )% Total RPD (in dollars) (b) $ 56.08 $ 59.73 (6 )% Total RPU Per Month (in whole dollars) (b) $ 1,420 $ 1,460 (3 )% Depreciation Per Unit Per Month (in whole dollars) (b) $ 248 $ 644 (61 )% International RAC Segment Total revenues $ 447 $ 425 5 % Adjusted EBITDA $ 42 $ (6 ) NM Adjusted EBITDA Margin 9 % (1 )% Average Vehicles (in whole units) 106,795 109,361 (2 )% Average Rentable Vehicles (in whole units) 105,518 106,903 (1 )% Vehicle Utilization 81 % 77 % Transaction Days (in thousands) 7,760 7,505 3 % Total RPD (in dollars) (b) $ 53.93 $ 54.78 (2 )% Total RPU Per Month (in whole dollars) (b) $ 1,322 $ 1,282 3 % Depreciation Per Unit Per Month (in whole dollars) (b) $ 261 $ 384 (32 )% NM = Not meaningful (a) Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2025 and 2024. (b) Based on December 31, 2024 foreign exchange rates. Expand UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS In this earnings release, we include select unaudited financial data of Hertz Global, Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and the Company's rationale regarding the importance and usefulness of non-GAAP measures for investors and management. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained or incorporated by reference in this release, and in related comments by the Company's management, include 'forward-looking statements.' Forward-looking statements are identified by words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts," "guidance" or similar expressions, and include information concerning our liquidity, our results of operations, our business strategies, economic and industry conditions and other information. These forward-looking statements are based on certain assumptions that the Company has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors. The Company believes these judgments are reasonable, but you should understand that these forward-looking statements are not guarantees of future performance or results, and that the Company's actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished to the SEC. Important factors that could affect the Company's actual results and cause them to differ materially from those expressed in forward-looking statements include, among other things. mix of program and non-program vehicles in the Company's fleet, which can lead to increased exposure to residual value risk upon disposition; the potential for residual values associated with non-program vehicles in the Company's fleet to decline, including suddenly or unexpectedly, or fail to follow historical seasonal patterns; the Company's ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including upon any disruptions in the global supply chain; the Company's ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company's returns; the age of the Company's fleet, and its impact on vehicle carrying costs, customer service scores, as well as on the Company's ability to sell vehicles at acceptable prices and times; disruptions in the supply chain, including in connection with any increases in tariffs or changes in tariff policies or trade agreements; whether a manufacturer of the Company's program vehicle fulfills its repurchase obligations; the frequency or extent of manufacturer safety recalls; levels of travel demand, particularly business and leisure travel in the U.S. and in global markets; seasonality and other occurrences that disrupt rental activity during the Company's peak periods, including in critical geographies; the Company's ability to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in the Company's rental operations accordingly; the Company's ability to implement its business strategy or strategic transactions, including the Company's ability to implement plans to support a modern mobility ecosystem; the Company's ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from its profitability initiatives and other operational programs; the Company's ability to adequately respond to changes in technology impacting the mobility industry; significant changes in the competitive environment and the effect of competition in the Company's markets on rental volume and pricing; the Company's reliance on third-party distribution channels and related prices, commission structures and transaction volumes; the Company's ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share; the Company's ability to maintain its network of leases and vehicle rental concessions at airports and other key locations in the U.S. and internationally; the Company's ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy; the Company's ability to attract and retain effective front-line employees, senior management and other key employees; the Company's ability to effectively manage its union relations and labor agreement negotiations; the Company's ability to manage and respond to cybersecurity threats and cyber attacks on the Company's information technology systems or those of the Company's third-party providers; the Company's ability, and that of the Company's key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber attacks and other security threats; the Company's ability to evaluate, maintain, upgrade and consolidate its information technology systems; the Company's ability to comply with current and future laws and regulations in the U.S. and internationally regarding data protection, data security and privacy risks; risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anti-corruption or anti-bribery laws and the Company's ability to repatriate cash from non-U.S. affiliates without adverse tax consequences; risks relating to tax laws, including the elimination of tax credits for EVs purchased after September 30, 2025 and those tax laws that affect the Company's ability to recapture accelerated tax depreciation and expensing, as well as any adverse determinations or rulings by tax authorities; the Company's ability to utilize its net operating loss carryforwards; the Company's exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation; the potential for adverse changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to environmental matters, optional insurance products or policies, franchising and licensing matters, the ability to pass-through rental car related expenses or taxes, among others, that affect the Company's operations, the Company's costs or applicable tax rates; the risk of an impairment of the Company's long-lived assets, which risk could be impacted by, among other things, the timing of our fleet rotation; the Company's ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis; the potential for changes in management's best estimates and assessments; the Company's ability to maintain an effective compliance program; the availability of earnings and funds from the Company's subsidiaries; the Company's ability to comply, and the cost and burden of complying, with corporate and social responsibility regulations or expectations of stakeholders, and otherwise advance the Company's corporate responsibility priorities; the availability of additional, or continued sources, of financing at acceptable rates for the Company's revenue earning vehicles and to refinance the Company's existing indebtedness, and the Company's ability to comply with the covenants in the agreements governing its indebtedness; the extent to which the Company's consolidated assets secure its outstanding indebtedness; volatility in the Company's share price, the Company's ownership structure and certain provisions of the Company's charter documents, which could, among other things, negatively affect the market price of the Company's common stock; the Company's ability to implement an effective business continuity plan to protect the business in exigent circumstances; the Company's ability to effectively maintain effective internal control over financial reporting; and the Company's ability to execute strategic transactions. Additional information concerning these and other factors can be found in the Company's filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date of this release, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. UNAUDITED CONSOLIDATED BALANCE SHEETS (In millions, except par value and share data) December 31, 2024 ASSETS Cash and cash equivalents $ 503 $ 592 Restricted cash and cash equivalents: Vehicle 341 258 Non-vehicle 285 283 Total restricted cash and cash equivalents 626 541 Total cash and cash equivalents and restricted cash and cash equivalents 1,129 1,133 Receivables: Vehicle 276 389 Non-vehicle, net of allowance of $63 and $58, respectively 874 816 Total receivables, net 1,150 1,205 Prepaid expenses and other assets 739 894 Revenue earning vehicles: Vehicles 14,468 12,714 Less: accumulated depreciation (1,173 ) (751 ) Total revenue earning vehicles, net 13,295 11,963 Property and equipment, net 586 623 Operating lease right-of-use assets 2,286 2,088 Intangible assets, net 2,853 2,852 Goodwill 1,045 1,044 Total assets $ 23,083 $ 21,802 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable: Vehicle $ 367 $ 161 Non-vehicle 531 481 Total accounts payable 898 642 Accrued liabilities 1,336 1,174 Accrued taxes, net 168 158 Debt: Vehicle 12,202 11,231 Non-vehicle 5,434 5,104 Total debt 17,636 16,335 Public Warrants 302 178 Operating lease liabilities 2,280 2,073 Self-insured liabilities 640 617 Deferred income taxes, net 327 472 Total liabilities 23,587 21,649 Commitments and contingencies Stockholders' equity: Preferred stock, $0.01 par value, no shares issued and outstanding — — Common stock, $0.01 par value, 484,708,939 and 481,502,623 shares issued, respectively, and 309,896,895 and 306,690,579 shares outstanding, respectively 5 5 Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively (3,430 ) (3,430 ) Additional paid-in capital 6,421 6,396 Retained earnings (Accumulated deficit) (3,239 ) (2,502 ) Accumulated other comprehensive income (loss) (261 ) (316 ) Total stockholders' equity (deficit) (504 ) 153 Total liabilities and stockholders' equity (deficit) $ 23,083 $ 21,802 Expand UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended June 30, Six Months Ended June 30, (In millions) 2025 2024 2025 2024 Cash flows from operating activities: Net income (loss) $ (294 ) $ (865 ) $ (737 ) $ (1,051 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and reserves for revenue earning vehicles, net 458 1,124 1,082 2,194 Depreciation and amortization, non-vehicle 29 41 59 73 Amortization of deferred financing costs and debt discount (premium) 20 15 40 33 PIK Interest on Exchangeable Notes — — 11 — Stock-based compensation charges 16 16 32 32 Stock-based compensation forfeitures — — — (68 ) Provision for receivables allowance 28 32 53 63 Deferred income taxes, net (24 ) 349 (148 ) (65 ) (Gain) loss on sale of non-vehicle capital assets (89 ) — (89 ) — Change in fair value of Public Warrants 115 (165 ) 124 (251 ) Changes in financial instruments 104 2 104 8 Other 8 8 9 (1 ) Changes in assets and liabilities: Non-vehicle receivables (127 ) (165 ) (84 ) (201 ) Prepaid expenses and other assets (19 ) (3 ) (53 ) (59 ) Operating lease right-of-use assets 105 90 218 190 Non-vehicle accounts payable 21 67 28 63 Accrued liabilities 117 40 138 71 Accrued taxes, net (34 ) 31 4 52 Operating lease liabilities (95 ) (100 ) (208 ) (200 ) Self-insured liabilities 7 29 14 33 Net cash provided by (used in) operating activities 346 546 597 916 Cash flows from investing activities: Revenue earning vehicles expenditures (3,049 ) (3,723 ) (5,896 ) (5,627 ) Proceeds from disposal of revenue earning vehicles 2,126 1,669 4,250 2,902 Non-vehicle capital asset expenditures (22 ) (26 ) (44 ) (59 ) Proceeds from non-vehicle capital assets disposed of 99 4 126 7 Return of (investment in) equity investments — (1 ) — (3 ) Net cash provided by (used in) investing activities (846 ) (2,077 ) (1,564 ) (2,780 ) Cash flows from financing activities: Proceeds from issuance of vehicle debt 2,648 1,149 3,774 1,683 Repayments of vehicle debt (1,606 ) (229 ) (2,990 ) (1,121 ) Proceeds from issuance of non-vehicle debt 156 1,950 1,056 2,885 Repayments of non-vehicle debt (579 ) (1,245 ) (859 ) (1,735 ) Payment of financing costs (28 ) (42 ) (41 ) (42 ) Other (4 ) (1 ) (7 ) (3 ) Net cash provided by (used in) financing activities 587 1,582 933 1,667 Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 21 (2 ) 30 (15 ) Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period 108 49 (4 ) (212 ) Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,021 945 1,133 1,206 Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 1,129 $ 994 $ 1,129 $ 994 Expand Supplemental Schedule I Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Revenues $ 1,738 $ 447 $ — $ 2,185 $ 1,928 $ 425 $ — $ 2,353 Expenses: Direct vehicle and operating 1,132 263 (1 ) 1,394 1,199 244 (3 ) 1,440 Depreciation of revenue earning vehicles and lease charges, net 325 90 — 415 905 130 — 1,035 Depreciation and amortization of non-vehicle assets 23 4 2 29 28 3 10 41 Selling, general and administrative 132 57 57 246 137 46 60 243 Interest expense, net: Vehicle 129 23 — 152 123 26 — 149 Non-vehicle 1 (4 ) 235 232 — (6 ) 94 88 Total interest expense, net 130 19 235 384 123 20 94 237 Other (income) expense, net 1 1 5 7 1 — (6 ) (5 ) (Gain) on sale of non-vehicle capital assets (89 ) — — (89 ) — — — — Change in fair value of Public Warrants — — 115 115 — — (165 ) (165 ) Total expenses 1,654 434 413 2,501 2,393 443 (10 ) 2,826 Income (loss) before income taxes $ 84 $ 13 $ (413 ) (316 ) $ (465 ) $ (18 ) $ 10 (473 ) Income tax (provision) benefit 22 (392 ) Net income (loss) $ (294 ) $ (865 ) Expand Supplemental Schedule I (continued) HERTZ GLOBAL HOLDINGS, INC. Unaudited Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 (In millions) Americas RAC International RAC Corporate Hertz Global Americas RAC International RAC Corporate Hertz Global Revenues $ 3,228 $ 770 $ — $ 3,998 $ 3,667 $ 766 $ — $ 4,433 Expenses: Direct vehicle and operating 2,198 470 — 2,668 2,351 460 (5 ) 2,806 Depreciation of revenue earning vehicles and lease charges, net 787 163 — 950 1,781 223 — 2,004 Depreciation and amortization of non-vehicle assets 49 7 3 59 53 7 13 73 Selling, general and administrative 246 104 115 465 261 103 41 405 Interest expense, net: Vehicle 246 46 — 292 239 51 — 290 Non-vehicle — (8 ) 367 359 (2 ) (10 ) 175 163 Total interest expense, net 246 38 367 651 237 41 175 453 Other (income) expense, net 1 (2 ) 12 11 — 1 (4 ) (3 ) (Gain) on sale of non-vehicle capital assets (89 ) — — (89 ) — — — — Change in fair value of Public Warrants — — 124 124 — — (251 ) (251 ) Total expenses 3,438 780 621 4,839 4,683 835 (31 ) 5,487 Income (loss) before income taxes $ (210 ) $ (10 ) $ (621 ) (841 ) $ (1,016 ) $ (69 ) $ 31 (1,054 ) Income tax (provision) benefit 104 3 Net income (loss) $ (737 ) $ (1,051 ) Expand Supplemental Schedule II HERTZ GLOBAL HOLDINGS, INC. Unaudited Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2025 2024 2025 2024 Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share: Net income (loss) (a) $ (294 ) $ (865 ) $ (737 ) $ (1,051 ) Adjustments: Income tax provision (benefit) (22 ) 392 (104 ) (3 ) Vehicle and non-vehicle debt-related charges (b) 26 16 51 34 Restructuring and restructuring related charges (c) 4 12 7 44 Acquisition accounting-related depreciation and amortization (d) 1 1 1 1 Unrealized (gains) losses on financial instruments (e) 104 2 104 8 (Gain) on sale of non-vehicle capital assets (f) (89 ) — (89 ) — Change in fair value of Public Warrants 115 (165 ) 124 (251 ) Other items (g)(k) 17 20 44 28 Adjusted pre-tax income (loss) (h) (138 ) (587 ) (599 ) (1,190 ) Income tax (provision) benefit on adjusted pre-tax income (loss) (i) 34 147 150 298 Adjusted Net Income (Loss) $ (104 ) $ (440 ) $ (449 ) $ (892 ) Weighted-average number of diluted shares outstanding 309 306 308 306 Adjusted Diluted Earnings (Loss) Per Share (j) $ (0.34 ) $ (1.44 ) $ (1.46 ) $ (2.92 ) Expand Supplemental Schedule II (continued) Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2025 2024 2025 2024 Adjusted Corporate EBITDA: Net income (loss) $ (294 ) $ (865 ) $ (737 ) $ (1,051 ) Adjustments: Income tax provision (benefit) (22 ) 392 (104 ) (3 ) Non-vehicle depreciation and amortization 29 41 59 73 Non-vehicle debt interest, net of interest income (k) 127 88 248 163 Vehicle debt-related charges (b) 12 10 23 22 Restructuring and restructuring related charges (c) 4 12 7 44 Unrealized (gains) losses on financial instruments (e) 104 2 104 8 (Gain) on sale of non-vehicle capital assets (f) (89 ) — (89 ) — Non-cash stock-based compensation forfeitures (m) — — — (64 ) Change in fair value of Public Warrants 115 (165 ) 124 (251 ) Other items (g) 15 25 41 32 Adjusted Corporate EBITDA (n) $ 1 $ (460 ) $ (324 ) $ (1,027 ) Adjusted Corporate EBITDA margin — % (20 )% (8 )% (23 )% Expand (a) Net income (loss) margin for the three and six months ended June 30, 2025 was (13)% and (18)%, respectively. Net income (loss) margin for the three and six months ended June 30, 2024 was (37)% and (24)%, respectively. (b) Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums. (c) Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations. (d) Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting. (e) Represents unrealized gains (losses) on derivative financial instruments, including the Exchange Feature. (f) Represents gain on the sale of certain non-vehicle assets in June 2025. (g) Represents miscellaneous items. For the three months ended June 30, 2025, primarily includes certain litigation charges, certain IT-related charges and cloud computing costs. For the three months ended June 30, 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages. For the six months ended June 30, 2025, primarily includes certain litigation charges, certain IT-related charges, cloud computing costs and certain concession-related adjustments. For the six months ended June 30, 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages, partially offset by certain litigation settlements. (h) The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Pretax Income (Loss) and Adjusted Net Income (Loss), all of which are deemed non-GAAP measures. Expand (in millions) Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Direct vehicle and operating $ 1,394 $ (6 ) $ 1,388 $ 1,440 $ (10 ) $ 1,430 Depreciation of revenue earning vehicles and lease charges, net 415 — 415 1,035 — 1,035 Depreciation and amortization of non-vehicle assets 29 — 29 41 — 41 Selling, general and administrative 246 (4 ) 242 243 (16 ) 227 Interest expense, net: Vehicle 152 (12 ) 140 149 (13 ) 136 Non-vehicle 232 (124 ) 108 88 (10 ) 78 Total interest expense, net 384 (136 ) 248 237 (23 ) 214 Other (income) expense, net 7 (6 ) 1 (5 ) (2 ) (7 ) (Gain) on sale of non-vehicle capital assets (89 ) 89 — — — — Change in fair value of Public Warrants 115 (115 ) — (165 ) 165 — Total $ 2,501 $ (178 ) $ 2,323 $ 2,826 $ 114 $ 2,940 Expand (in millions) Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Direct vehicle and operating $ 2,668 $ (22 ) $ 2,646 $ 2,806 $ (16 ) $ 2,790 Depreciation of revenue earning vehicles and lease charges, net 950 — 950 2,004 5 2,009 Depreciation and amortization of non-vehicle assets 59 — 59 73 — 73 Selling, general and administrative 465 (7 ) 458 405 (55 ) 350 Interest expense, net: Vehicle 292 (23 ) 269 290 (26 ) 264 Non-vehicle 359 (148 ) 211 163 (20 ) 143 Total interest expense, net 651 (171 ) 480 453 (46 ) 407 Other (income) expense, net 11 (7 ) 4 (3 ) (3 ) (6 ) (Gain) on sale of non-vehicle capital assets (89 ) 89 — — — — Change in fair value of Public Warrants 124 (124 ) — (251 ) 251 — Total $ 4,839 $ (242 ) $ 4,597 $ 5,487 $ 136 $ 5,623 Expand (i) Derived utilizing a combined statutory rate of 25% for the three and six months ended June 30, 2025 and 2024, respectively, applied to the respective Adjusted Pre-tax Income (Loss). (j) Adjustments used to reconcile diluted earnings (loss) per share on a GAAP basis to Adjusted Diluted Earnings (Loss) Per Share are comprised of the same adjustments, inclusive of the tax impact, used to reconcile net income (loss) to Adjusted Net Income (Loss) divided by the weighted-average diluted shares outstanding during the period. (k) Also includes letter of credit fees. (l) Excludes gains (losses) related to the fair value of the Exchange Feature. (m) Represents former CEO awards forfeited in March 2024. (n) The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Corporate EBITDA, both of which are deemed non-GAAP measures. Expand (in millions) Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Direct vehicle and operating $ 1,394 $ (6 ) $ 1,388 $ 1,440 $ (10 ) $ 1,430 Depreciation of revenue earning vehicles and lease charges, net 415 — 415 1,035 — 1,035 Depreciation and amortization of non-vehicle assets 29 (29 ) — 41 (41 ) — Selling, general and administrative 246 (4 ) 242 243 (17 ) 226 Interest expense, net: Vehicle 152 (12 ) 140 149 (13 ) 136 Non-vehicle 232 (232 ) — 88 (88 ) — Total interest expense, net 384 (244 ) 140 237 (101 ) 136 Other (income) expense, net 7 (8 ) (1 ) (5 ) (9 ) (14 ) (Gain) on sale of non-vehicle capital assets (89 ) 89 — — — — Change in fair value of Public Warrants 115 (115 ) — (165 ) 165 — Total expenses $ 2,501 $ (317 ) $ 2,184 $ 2,826 $ (13 ) $ 2,813 Expand (in millions) Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Expenses: As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted Direct vehicle and operating $ 2,668 $ (22 ) $ 2,646 $ 2,806 $ (16 ) $ 2,790 Depreciation of revenue earning vehicles and lease charges, net 950 — 950 2,004 5 2,009 Depreciation and amortization of non-vehicle assets 59 (59 ) — 73 (73 ) — Selling, general and administrative 465 (7 ) 458 405 8 413 Interest expense, net: Vehicle 292 (23 ) 269 290 (26 ) 264 Non-vehicle 359 (359 ) — 163 (163 ) — Total interest expense, net 651 (382 ) 269 453 (189 ) 264 Other (income) expense, net 11 (12 ) (1 ) (3 ) (13 ) (16 ) (Gain) on sale of non-vehicle capital assets (89 ) 89 — — — — Change in fair value of Public Warrants 124 (124 ) — (251 ) 251 — Total $ 4,839 $ (517 ) $ 4,322 $ 5,487 $ (27 ) $ 5,460 Expand Supplemental Schedule III Three Months Ended June 30, Six Months Ended June 30, (In millions) 2025 2024 2025 2024 ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW: Net cash provided by (used in) operating activities $ 346 $ 546 $ 597 $ 916 Depreciation and reserves for revenue earning vehicles, net (458 ) (1,124 ) (1,082 ) (2,194 ) Bankruptcy related payments (post emergence) and other payments 12 2 12 5 Adjusted operating cash flow (100 ) (576 ) (473 ) (1,273 ) Non-vehicle capital asset proceeds (expenditures), net 77 (22 ) 82 (52 ) Adjusted operating cash flow before vehicle investment (23 ) (598 ) (391 ) (1,325 ) Net fleet growth after financing 350 45 140 43 Adjusted free cash flow $ 327 $ (553 ) $ (251 ) $ (1,282 ) CALCULATION OF NET FLEET GROWTH AFTER FINANCING: Revenue earning vehicles expenditures $ (3,049 ) $ (3,723 ) $ (5,896 ) $ (5,627 ) Proceeds from disposal of revenue earning vehicles 2,126 1,669 4,250 2,902 Revenue earning vehicles capital expenditures, net (923 ) (2,054 ) (1,646 ) (2,725 ) Depreciation and reserves for revenue earning vehicles, net 458 1,124 1,082 2,194 Financing activity related to vehicles: Borrowings 2,648 1,149 3,774 1,683 Payments (1,606 ) (229 ) (2,990 ) (1,121 ) Restricted cash changes, vehicle (227 ) 55 (80 ) 12 Net financing activity related to vehicles 815 975 704 574 Net fleet growth after financing $ 350 $ 45 $ 140 $ 43 Expand Supplemental Schedule IV HERTZ GLOBAL HOLDINGS, INC. NET DEBT CALCULATION Unaudited As of June 30, 2025 As of December 31, 2024 (In millions) Vehicle Non-Vehicle Total Vehicle Non-Vehicle Total First Lien RCF $ — $ 375 $ 375 $ — $ 175 $ 175 Term loans — 1,986 1,986 — 1,995 1,995 First lien senior notes — 1,250 1,250 — 1,250 1,250 Exchangeable notes — 261 261 — 250 250 Senior unsecured notes — 1,500 1,500 — 1,500 1,500 U.S. vehicle financing (HVF III) 10,089 — 10,089 9,431 — 9,431 International vehicle financing (Various) 2,022 — 2,022 1,752 — 1,752 Other debt 145 6 151 97 — 97 Fair Value of the Exchange Features — 175 175 — 61 61 Debt issue costs, discounts and premiums (54 ) (119 ) (173 ) (49 ) (127 ) (176 ) Debt as reported in the balance sheet 12,202 5,434 17,636 11,231 5,104 16,335 Add: Debt issue costs, discounts and premiums 54 119 173 49 127 176 Less: Cash and cash equivalents — 503 503 — 592 592 Restricted cash 341 — 341 258 — 258 Restricted cash and restricted cash equivalents associated with Term C Loan — 245 245 — 245 245 Net Debt $ 11,915 $ 4,805 $ 16,720 $ 11,022 $ 4,394 $ 15,416 LTM Adjusted Corporate EBITDA (a) (838 ) (1,541 ) Net Corporate Leverage (5.7)x (2.9)x Expand (a) Reconciliation of LTM Adjusted Corporate EBITDA for the six months ended June 30, 2025 and twelve months ended December 31, 2024 are as follows: Expand (In millions) Six Months Ended June 30, 2025 Twelve Months Ended December 31, 2024 Net income (loss) three months ended: September 30, 2024 $ (1,332 ) n/a December 31, 2024 (479 ) n/a March 31, 2025 (443 ) n/a June 30, 2025 (294 ) n/a LTM net income (loss) (2,548 ) $ (2,862 ) Adjustments: Income tax provision (benefit) (476 ) (375 ) Non-vehicle depreciation and amortization 125 139 Non-vehicle debt interest, net of interest income 460 375 Vehicle debt-related charges 46 45 Restructuring and restructuring related charge 29 66 Unrealized (gains) losses on financial instruments 103 7 (Gain) on sale of non-vehicle capital assets (89 ) — Non-cash stock-based compensation forfeitures — (64 ) Bankruptcy-related litigation reserve 292 292 Long-Lived Assets impairment 1,048 1,048 Change in fair value of Public Warrants 100 (275 ) Other items 72 63 LTM Adjusted Corporate EBITDA $ (838 ) $ (1,541 ) Expand Supplemental Schedule V HERTZ GLOBAL HOLDINGS, INC. KEY METRICS CALCULATIONS REVENUE, UTILIZATION AND DEPRECIATION Unaudited Global RAC Three Months Ended June 30, Percent Inc/(Dec) Six Months Ended June 30, Percent Inc/(Dec) ($ in millions, except where noted) 2025 2024 2025 2024 Total RPD Revenues $ 2,185 $ 2,353 $ 3,998 $ 4,433 Foreign currency adjustment (a) (32 ) (17 ) (35 ) (36 ) Total Revenues - adjusted for foreign currency $ 2,153 $ 2,336 $ 3,963 $ 4,397 Transaction Days (in thousands) 38,695 39,721 72,597 76,575 Total RPD (in dollars) $ 55.65 $ 58.80 (5 )% $ 54.59 $ 57.42 (5 )% Total Revenue Per Unit Per Month Total Revenues - adjusted for foreign currency $ 2,153 $ 2,336 $ 3,963 $ 4,397 Average Rentable Vehicles (in whole units) 512,854 546,187 495,064 537,710 Total revenue per unit (in whole dollars) $ 4,199 $ 4,276 $ 8,005 $ 8,178 Number of months in period (in whole units) 3 3 6 6 Total RPU Per Month (in whole dollars) $ 1,400 $ 1,425 (2 )% $ 1,334 $ 1,363 (2 )% Vehicle Utilization Transaction Days (in thousands) 38,695 39,721 72,597 76,575 Average Rentable Vehicles (in whole units) 512,854 546,187 495,064 537,710 Number of days in period (in whole units) 91 91 181 182 Available Car Days (in thousands) 46,670 49,701 89,607 97,882 Vehicle Utilization (b) 83 % 80 % 81 % 78 % Depreciation Per Unit Per Month Depreciation of revenue earning vehicles and lease charges, net $ 415 $ 1,035 $ 950 $ 2,004 Foreign currency adjustment (a) (7 ) (5 ) (8 ) (9 ) Adjusted depreciation of revenue earning vehicles and lease charges $ 408 $ 1,030 $ 942 $ 1,995 Average Vehicles (in whole units) 542,532 577,224 523,628 562,358 Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) $ 752 $ 1,784 $ 1,800 $ 3,548 Number of months in period (in whole units) 3 3 6 6 Depreciation Per Unit Per Month (in whole dollars) $ 251 $ 595 (58 )% $ 300 $ 591 (49 )% Expand Note: Global RAC represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate (a) Based on December 31, 2024 foreign exchange rates. (b) Calculated as Transaction Days divided by Available Car Days. Expand Supplemental Schedule V (continued) HERTZ GLOBAL HOLDINGS, INC. KEY METRICS CALCULATIONS REVENUE, UTILIZATION AND DEPRECIATION Unaudited Americas RAC ($ in millions, except where noted) 2025 2024 2025 2024 Total RPD Revenues $ 1,738 $ 1,928 $ 3,228 $ 3,667 Foreign currency adjustment (a) (3 ) (4 ) (3 ) (7 ) Total Revenues - adjusted for foreign currency $ 1,735 $ 1,924 $ 3,225 $ 3,660 Transaction Days (in thousands) 30,935 32,216 58,693 62,776 Total RPD (in dollars) $ 56.08 $ 59.73 (6 )% $ 54.94 $ 58.30 (6 )% Total Revenue Per Unit Per Month Total Revenues - adjusted for foreign currency $ 1,735 $ 1,924 $ 3,225 $ 3,660 Average Rentable Vehicles (in whole units) 407,336 439,284 397,047 436,553 Total revenue per unit (in whole dollars) $ 4,259 $ 4,381 $ 8,122 $ 8,383 Number of months in period (in whole units) 3 3 6 6 Total RPU Per Month (in whole dollars) $ 1,420 $ 1,460 (3 )% $ 1,354 $ 1,397 (3 )% Vehicle Utilization Transaction Days (in thousands) 30,935 32,216 58,693 62,776 Average Rentable Vehicles (in whole units) 407,336 439,284 397,047 436,553 Number of days in period (in whole units) 91 91 181 182 Available Car Days (in thousands) 37,068 39,974 71,865 79,470 Vehicle Utilization (b) 83 % 81 % 82 % 79 % Depreciation Per Unit Per Month Depreciation of revenue earning vehicles and lease charges, net $ 325 $ 905 $ 787 $ 1,781 Foreign currency adjustment (a) (1 ) (1 ) (1 ) (1 ) Adjusted depreciation of revenue earning vehicles and lease charges $ 324 $ 904 $ 786 $ 1,780 Average Vehicles (in whole units) 435,737 467,863 424,559 459,224 Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) $ 744 $ 1,932 $ 1,852 $ 3,875 Number of months in period (in whole units) 3 3 6 6 Depreciation Per Unit Per Month (in whole dollars) $ 248 $ 644 (61 )% $ 309 $ 646 (52 )% Expand (a) Based on December 31, 2024 foreign exchange rates. (b) Calculated as Transaction Days divided by Available Car Days. Expand Supplemental Schedule V (continued) HERTZ GLOBAL HOLDINGS, INC. KEY METRICS CALCULATIONS REVENUE, UTILIZATION AND DEPRECIATION Unaudited International RAC Three Months Ended June 30, Percent Inc/(Dec) Six Months Ended June 30, Percent Inc/(Dec) ($ in millions, except where noted) 2025 2024 2025 2024 Total RPD Revenues $ 447 $ 425 $ 770 $ 766 Foreign currency adjustment (a) (28 ) (14 ) (32 ) (28 ) Total Revenues - adjusted for foreign currency $ 419 $ 411 $ 738 $ 738 Transaction Days (in thousands) 7,760 7,505 13,904 13,799 Total RPD (in dollars) $ 53.93 $ 54.78 (2 )% $ 53.11 $ 53.46 (1 )% Total Revenue Per Unit Per Month Total Revenues - adjusted for foreign currency $ 419 $ 411 $ 738 $ 738 Average Rentable Vehicles (in whole units) 105,518 106,903 98,017 101,156 Total revenue per unit (in whole dollars) $ 3,967 $ 3,846 $ 7,534 $ 7,293 Number of months in period (in whole units) 3 3 6 6 Total RPU Per Month (in whole dollars) $ 1,322 $ 1,282 3 % $ 1,256 $ 1,216 3 % Vehicle Utilization Transaction Days (in thousands) 7,760 7,505 13,904 13,799 Average Rentable Vehicles (in whole units) 105,518 106,903 98,017 101,156 Number of days in period (in whole units) 91 91 181 182 Available Car Days (in thousands) 9,601 9,727 17,752 18,413 Vehicle Utilization (b) 81 % 77 % 78 % 75 % Depreciation Per Unit Per Month Depreciation of revenue earning vehicles and lease charges, net $ 90 $ 130 $ 163 $ 223 Foreign currency adjustment (a) (6 ) (4 ) (7 ) (7 ) Adjusted depreciation of revenue earning vehicles and lease charges $ 84 $ 126 $ 156 $ 216 Average Vehicles (in whole units) 106,795 109,361 99,069 103,134 Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) $ 782 $ 1,153 $ 1,575 $ 2,090 Number of months in period (in whole units) 3 3 6 6 Depreciation Per Unit Per Month (in whole dollars) $ 261 $ 384 (32 )% $ 262 $ 348 (25 )% Expand (a) Based on December 31, 2024 foreign exchange rates. (b) Calculated as Transaction Days divided by Available Car Days. Expand NON-GAAP MEASURES AND KEY METRICS The term 'GAAP' refers to accounting principles generally accepted in the United States. Adjusted EBITDA is the Company's segment measure of profitability and complies with GAAP when used in that context. NON-GAAP MEASURES Non-GAAP measures are not recognized measurements under GAAP. When evaluating the Company's operating performance or liquidity, investors should not consider non-GAAP measures in isolation of, superior to, or as a substitute for measures of the Company's financial performance as determined in accordance with GAAP. Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share ("Adjusted EPS") Adjusted Net Income (Loss) represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; vehicle and non-vehicle debt-related charges; restructuring and restructuring related charges; acquisition accounting-related depreciation and amortization; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring items on a pre-tax basis. Adjusted Net Income (Loss) includes a provision (benefit) for income taxes derived utilizing a combined statutory rate. The combined statutory rate is management's estimate of the Company's long-term tax rate. Its most comparable GAAP measure is net income (loss) attributable to the Company. Adjusted EPS represents Adjusted Net Income (Loss) on a per diluted share basis using the weighted-average number of diluted shares outstanding for the period. Its most comparable GAAP measure is diluted earnings (loss) per share. Adjusted Net Income (Loss) and Adjusted EPS are important operating metrics because they allow management and investors to assess operational performance of the Company's business, exclusive of the items mentioned above that are not operational in nature or comparable to those of the Company's competitors. Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin Adjusted Corporate EBITDA represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; non-vehicle depreciation and amortization; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring items. Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to total revenues. Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company's annual operating budget and monthly operating reviews, and analysis of investment decisions, profitability and performance trends. These measures enable management and investors to isolate the effects on profitability of operating metrics most meaningful to the business of renting and leasing vehicles. They also allow management and investors to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of certain executive compensation. Its most comparable GAAP measure is net income (loss) attributable to the Company. Adjusted operating cash flow and adjusted free cash flow Adjusted operating cash flow represents net cash provided by operating activities net of the non-cash add back for vehicle depreciation and reserves, and exclusive of bankruptcy related payments made post emergence. Adjusted operating cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash generated from operations when fully burdened by fleet costs. Adjusted free cash flow represents adjusted operating cash flow plus the impact of net non-vehicle capital expenditures and net fleet growth after financing. Adjusted free cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash available for, but not limited to, the reduction of non-vehicle debt, share repurchase and acquisition. The most comparable GAAP measure for adjusted operating cash flow and adjusted free cash flow is net cash provided by (used in) operating activities. Net Fleet Growth After Financing U.S. and International Rental Car segments Fleet Growth is defined as revenue earning vehicles expenditures, net of proceeds from disposals, plus vehicle depreciation and net vehicle financing, which includes borrowings, repayments and the change in restricted cash associated with vehicles. Fleet Growth is important as it allows the Company to assess the cash flow required to support its investment in revenue earning vehicles. Net Non-vehicle Debt Net Non-vehicle Debt is calculated as non-vehicle debt as reported on the Company's balance sheet, excluding the impact of unamortized debt issuance costs associated with non-vehicle debt, less cash and cash equivalents. Non-vehicle debt consists of the Company's Senior Term Loans, Senior RCF, First Lien Senior Notes, Second Lien Exchangeable Notes, Senior Unsecured Notes, Promissory Notes and certain other non-vehicle indebtedness of its domestic and foreign subsidiaries. Net Non-vehicle Debt is important to management and investors as it helps measure the Company's corporate leverage. Net Non-vehicle Debt also assists in the evaluation of the Company's ability to service its non-vehicle debt without reference to the expense associated with the vehicle debt, which is collateralized by assets not available to lenders under the non-vehicle debt facilities. Net Vehicle Debt Net Vehicle Debt is calculated as vehicle debt as reported on the Company's balance sheet, excluding the impact of unamortized debt issue costs associated with vehicle debt, less restricted cash associated with vehicles. Restricted cash associated with vehicle debt is restricted for the purchase of revenue earning vehicles and other specified uses under the Company's vehicle debt facilities. Net Vehicle Debt is important to management, investors and ratings agencies as it helps measure the Company's leverage with respect to its vehicle assets. Total Net Debt Total Net Debt is calculated as total debt, excluding the impact of unamortized debt issuance costs, less total cash and cash equivalents and restricted cash associated with vehicle debt. Unamortized debt issuance costs are required to be reported as a deduction from the carrying amount of the related debt obligation under GAAP. Management believes that eliminating the effects that these costs have on debt will more accurately reflect the Company's net debt position. Total Net Debt is important to management, investors and ratings agencies as it helps measure the Company's gross leverage. Net Corporate Leverage Net Corporate Leverage is calculated as non-vehicle net debt divided by Adjusted Corporate EBITDA for the last twelve months. Net Corporate Leverage is important to management and investors as it measures the Company's corporate leverage net of unrestricted cash. Net Corporate Leverage also assists in the evaluation of the Company's ability to service its non-vehicle debt with reference to the generation of Adjusted Corporate EBITDA. KEY METRICS Available Car Days Available Car Days represents Average Rentable Vehicles multiplied by the number of days in a given period. Average Vehicles ("Fleet Capacity" or "Capacity") Average Vehicles is determined using a simple average of the number of vehicles in the fleet whether owned or leased by the Company at the beginning and end of a given period. Average Rentable Vehicles Average Rentable Vehicles reflects Average Vehicles excluding vehicles for sale on the Company's retail lots or actively in the process of being sold through other disposition channels. Depreciation Per Unit Per Month ("Depreciation Per Unit" or "DPU") Depreciation Per Unit Per Month represents the amount of average depreciation expense and lease charges per vehicle per month, exclusive of the impacts of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it reflects how effectively the Company is managing the costs of its vehicles and facilitates comparisons with other participants in the vehicle rental industry. Total Revenue Per Transaction Day ("Total RPD" or "RPD"; also referred to as "pricing") Total RPD represents revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the underlying pricing in the vehicle rental business and encompasses the elements in vehicle rental pricing that management has the ability to control. Total Revenue Per Unit Per Month ("Total RPU", "RPU" or "Total RPU Per Month") Total RPU Per Month represents the amount of revenue generated per vehicle in the rental fleet each month, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it provides a measure of revenue productivity relative to the number of vehicles in our rental fleet whether owned or leased, or asset efficiency. Transaction Days ("Days"; also referred to as "volume") Transaction Days represents the total number of 24-hour periods, with any partial period counted as one Transaction Day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one Transaction Day in a 24-hour period. This metric is important to management and investors as it represents the number of revenue-generating days. Vehicle Utilization ("Utilization") Vehicle Utilization represents the ratio of Transaction Days to Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to rentable fleet capacity.
Yahoo
12-07-2025
- Automotive
- Yahoo
Hertz Global (HTZ) Jumps 11.8% on Higher Price Target
Hertz Global Holdings, Inc. (NASDAQ:HTZ) is one of the . Hertz Global rallied for a second day on Thursday, jumping 11.78 percent to close at $7.97 apiece as investor sentiment was buoyed by an investment firm's price target upgrade for the company. In a market note, Deutsche Bank raised its price target for Hertz Global Holdings, Inc. (NASDAQ:HTZ) to $5.25 from $4 previously, while maintaining a 'hold' recommendation. The price, however, was 34 percent lower than its latest closing price. Deutsche Bank attributed its revision to the increasing short interest in its stock and optimism from a billionaire and hedge fund manager's increased stake in the company. In April this year, billionaire and hedge fund manager Bill Ackman raised his ownership in Hertz Global Holdings, Inc. (NASDAQ:HTZ) through a combination of direct share purchase and total return swaps through his company, Pershing Square. A fleet of cars parked at a car rental company's headquarters, symbolizing the company's commitment to servicing its customers. According to Ackman, Hertz Global Holdings, Inc. (NASDAQ:HTZ), once troubled by operational challenges linked to its acquisition of Tesla vehicles, is now positioned for improvement due to several strategic changes to enhance profit margins by rotating its fleet, boosting unit revenues, and cutting operating costs. The company has also begun transitioning from high-cost vehicles in a bid to reduce depreciation expenses significantly. While we acknowledge the potential of HTZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
02-07-2025
- Automotive
- Yahoo
Hertz Global (HTZ) Falls on New $685-Million Debt Issuance
Hertz Global Holdings, Inc. (NASDAQ:HTZ) is one of the . Hertz Global declined for a second day on Monday, shedding 3.39 percent to finish at $6.83 apiece following the issuance of a new $685-million debt. According to the company, its subsidiary Hertz Vehicle Financing III LLC issued two series of notes in a bid to raise funds for operational liquidity and fleet expansion. Three days prior, Hertz Vehicle Financing III also amended its Series 2021-A Supplement to issue $300 million in new Class B Notes with a fixed interest rate of 9.28 percent. The notes have a tenor of three years and will mature in June 2028. A fleet of cars parked at a car rental company's headquarters, symbolizing the company's commitment to servicing its customers. Hertz Global Holdings, Inc. (NASDAQ:HTZ) is an American car rental company based in Florida, which owns brands, namely Dollar Rent A Car, Firefly Car Rental, and Thrifty Car Rental. It is set to announce the results of its second quarter earnings performance on August 7, 2025. While we acknowledge the potential of HTZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-06-2025
- Business
- Yahoo
Hertz Global (HTZ) Jumps 14.33% on Stabilizing Oil Prices
We recently published . Hertz Global Holdings, Inc. (NASDAQ:HTZ) is one of the stocks that soared higher on Tuesday. Hertz Global jumped by 14.33 percent to close at $7.34 apiece as investors cheered stabilizing oil prices and expectations of continued travel demand thanks to the ceasefire between Israel and Iran. As of this writing, Brent crude prices are down by 6.07 percent at $67.14/bbl, while WTI crude oil eked out a 1.10-percent gain at $65.08/bbl. Oil prices immediately dropped earlier this week after President Donald Trump intervened and announced a total ceasefire between the two Middle Eastern countries. A fleet of cars parked at a car rental company's headquarters, symbolizing the company's commitment to servicing its customers. The decline, coupled with expectations of continued travel demand, benefited Hertz Global Holdings, Inc. (NASDAQ:HTZ), with the weeks of conflict significantly weighing down on air travel. Hertz Global Holdings, Inc. (NASDAQ:HTZ) is an American car rental company based in Florida, which owns brands, namely Dollar Rent A Car, Firefly Car Rental, and Thrifty Car Rental. While we acknowledge the potential of HTZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-05-2025
- Business
- Yahoo
Hertz Global Holdings, Inc. (HTZ): A Bull Case Theory
We came across a bullish thesis on Hertz Global Holdings, Inc. (HTZ) on Bill Ackman on X (Twitter). In this article, we will summarize the bulls' thesis on HTZ. Hertz Global Holdings, Inc. (HTZ)'s share was trading at $7.05 as of 23rd May. HTZ's trailing and forward P/E were 23.71 and 11.78 respectively according to Yahoo Finance. nito/ Hertz presents a compelling investment opportunity as both an operating company and a highly leveraged portfolio of automobiles. After acquiring a 19.8% stake, investors highlight four key drivers for value creation: an improving car rental industry structure marked by more rational competition, resolution of Hertz's overexposure to Teslas which had previously caused operational and residual value issues, a promising operational turnaround led by CEO Gil West and his experienced management team, and the company's leveraged capital structure. The U.S. car rental market is a tight oligopoly dominated by Enterprise, Avis, and Hertz, with improving pricing discipline and strong profit potential demonstrated by Enterprise's 20%+ margins. Hertz is actively rotating its fleet, shedding higher-cost vehicles to reduce depreciation expenses, increasing unit revenues, and cutting operating costs, all of which should drive meaningful margin expansion over the next several years. Despite current leverage, the company's debt largely matures in 2028 and 2029, and Hertz has ample liquidity and financing capacity to support its fleet refresh and obligations. The firm's 500,000-car fleet valued at roughly $12 billion is well-positioned amid rising used car prices driven by tariffs, potentially boosting asset value by over $1 billion—half the current market cap. Management's near-term targets imply adjusted EBITDA of about $2 billion by 2029, which at a conservative 7.5x multiple suggests a $30 per share valuation. While near-term results face headwinds from tariffs and travel industry softness, the intermediate outlook is for sustainably higher profits. A potential partnership with Uber on autonomous vehicle fleets could further unlock value, leveraging Hertz's scale and infrastructure. Although risks remain, this thesis points to significant upside potential. Hertz Global Holdings, Inc. (HTZ) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held HTZ at the end of the fourth quarter which was 30 in the previous quarter. While we acknowledge the risk and potential of HTZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than HTZ but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey.
