PR Newswire
ESTERO, Fla., July 27, 2023
"Results for the second quarter were strong, reflecting continued high demand for our services and elevated levels of fleet utilization," said Stephen Scherr, Chair and CEO of Hertz. "Our focus on asset returns continues to yield tangible results, enabling us to advance the growth of our rideshare business and the revitalization of the Dollar brand, in addition to facilitating ongoing investments in technology and electrification. Through the hard work and dedication of Hertz employees, we are positioned well to serve our customers through the busy summer season."
ESTERO, Fla., July 27, 2023 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz", "Hertz Global" or the "Company") today reported results for its second quarter 2023.
HIGHLIGHTS
SECOND QUARTER RESULTS
Second quarter revenue of $2.4 billion was characterized by continued strength in demand. Volume increased 12% year over year while average fleet was up 9%. Monthly revenue per unit in the quarter of $1,516 benefited from utilization of 82%, an increase of 230 bps relative to Q2 2022. Fleet depreciation was $329 million, reflecting a year over year increase of $223 million attributable to a reduction in vehicle disposition gains which were at elevated levels in 2022.
Adjusted Corporate EBITDA was $347 million in the quarter, reflecting a healthy 14% margin.
Adjusted free cash outflow of $423 million in the quarter reflected an investment in fleet to meet spring and summer demand.
The Company's liquidity position was $1.4 billion at June 30, 2023, of which $682 million was unrestricted cash.
SUMMARY RESULTS
| Three Months Ended June 30, | | Percent Inc/(Dec) 2023 vs 2022 | ||
($ in millions, except earnings per share or where noted) | 2023 | | 2022 | | |
Hertz Global - Consolidated | | | | | |
Total revenues | $ 2,437 | | $ 2,344 | | 4 % |
Adjusted net income (loss)(a) | $ 227 | | $ 520 | | (56) % |
Adjusted diluted earnings (loss) per share(a) | $ 0.72 | | $ 1.22 | | (41) % |
Adjusted Corporate EBITDA(a) | $ 347 | | $ 764 | | (55) % |
Adjusted Corporate EBITDA Margin(a) | 14 % | | 33 % | | |
| | | | | |
Average Vehicles (in whole units) | 561,277 | | 513,307 | | 9 % |
Average Rentable Vehicles (in whole units) | 533,813 | | 490,236 | | 9 % |
Vehicle Utilization | 82 % | | 79 % | | |
Transaction Days (in thousands) | 39,705 | | 35,444 | | 12 % |
Total RPD (in dollars)(b) | $ 61.14 | | $ 65.79 | | (7) % |
Total RPU Per Month (in whole dollars)(b) | $ 1,516 | | $ 1,586 | | (4) % |
Depreciation Per Unit Per Month (in whole dollars)(b) | $ 195 | | $ 68 | | NM |
| | | | | |
Americas RAC Segment | | | | | |
Total revenues | $ 2,015 | | $ 1,973 | | 2 % |
Adjusted EBITDA | $ 331 | | $ 770 | | (57) % |
Adjusted EBITDA Margin | 16 % | | 39 % | | |
| | | | | |
Average Vehicles (in whole units) | 457,405 | | 422,113 | | 8 % |
Average Rentable Vehicles (in whole units) | 431,921 | | 399,588 | | 8 % |
Vehicle Utilization | 83 % | | 80 % | | |
Transaction Days (in thousands) | 32,469 | | 29,160 | | 11 % |
Total RPD (in dollars)(b) | $ 62.03 | | $ 67.52 | | (8) % |
Total RPU Per Month (in whole dollars)(b) | $ 1,554 | | $ 1,643 Werbung Mehr Nachrichten zur Hertz Global Holding Aktie kostenlos abonnieren
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