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07.05.2018 22:15
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PR Newswire
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Hertz Global Holdings Reports First Quarter 2018 Financial Results
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PR Newswire
ESTERO, Fla., May 7, 2018
ESTERO, Fla., May 7, 2018 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz Global" or the "Company") today reported results for its first quarter 2018.
First Quarter 2018 Compared to First Quarter 2017:
- Consistent with the fourth quarter of 2017, the Company's U.S. operational improvement initiatives showed progress in nearly all key performance metrics including absolute and unit revenues, unit vehicle depreciation costs, vehicle utilization and time and mileage pricing
- Total revenue increased 8%
- Net loss decreased 9%
- Adjusted Corporate EBITDA improved by $51 million
"We entered 2018 a stronger company than one-year ago with positive underlying revenue momentum as our strategies to enhance fleet, customer service and brand value are gaining traction," said Kathryn V. Marinello, president and chief executive officer of Hertz. "At the same time, we have fortified our leadership team and are managing our assets more effectively. The early progress is motivating for our employees and being recognized by our customers. But we still have work to do, reflecting the significant opportunities in front of us, as we position our business for sustainable, long-term growth."
For the first quarter 2018, total revenues were $2.1 billion, an 8% increase versus the first quarter 2017. Loss before income taxes for the first quarter 2018 was $231 million versus a loss of $294 million in the same period last year. First quarter 2018 net loss was $202 million, or $2.43 loss per diluted share compared with a net loss of $223 million during the first quarter 2017, or $2.69 loss per diluted share. The Company reported adjusted net loss for the first quarter 2018 of $131 million, or $1.58 per adjusted diluted loss per share, compared with adjusted net loss of $134 million, or $1.61 adjusted diluted loss per share, for the same period last year. Adjusted Corporate EBITDA for the first quarter 2018 was a negative $59 million, compared to a negative $110 million in the same period last year.
| U.S. RENTAL CAR ("U.S. RAC") SUMMARY | |||||||||||
| | |||||||||||
| U.S. RAC(1) | Three Months Ended March 31, | | Percent Inc/(Dec) | | |||||||
| ($ in millions, except where noted) | 2018 | | 2017 | | | ||||||
| Total Revenues | $ | 1,426 | | | $ | 1,353 | | | 5 | % | |
| Depreciation of revenue earning vehicles and lease charges, net | $ | 434 | | | $ | 499 | | | (13) | % | |
| Income (loss) before income taxes | $ | (68) | | | $ | (132) | | | (48) | % | |
| | | | | | | | |||||
| Adjusted pre-tax income (loss) | $ | (48) | | | $ | (116) | | | (59) | % | |
| Adjusted pre-tax margin | (3) | % | | (9) | % | | 520 | | bps | ||
| | | | | | | | |||||
| Adjusted Corporate EBITDA | $ | (48) | | | $ | (104) | | | (54) | % | |
| Adjusted Corporate EBITDA margin | (3) | % | | (8) | % | | 430 | | bps | ||
| | | | | | | | |||||
| Average vehicles | 478,600 | | | 478,000 | | | — | % | | ||
| Transaction days (in thousands) | 34,203 | | | 32,312 | | | 6 | % | | ||
| Total RPD (in whole dollars) | $ | 40.93 | | | $ | 41.19 | | | (1) | % | |
| Total RPU per month (in whole dollars) | $ | 975 | | | $ | 928 | | | 5 | % | |
| Net depreciation per unit per month (in whole dollars) | $ | 302 | | | $ | 348 | | | (13) | % | |
Total U.S. RAC revenues increased 5% versus the prior year quarter as a result of a 6% increase in transaction days and a 1% decline total RPD. Excluding revenue from value-added services and the growth in ride-hailing rentals, time and mileage pricing increased 3%.
Utilization improved by 430 basis points to 79% on higher transaction day volume and flat vehicle capacity compared with a year ago. Vehicle capacity declined nearly 3%, excluding the growth in fleet specifically dedicated to ride-hailing rentals.
Monthly net per unit vehicle depreciation expense decreased 13% to $302 as a result of more favorable purchase prices on like-for-like model-year 2018 vehicles, an increased penetration of remarketing vehicles through higher-yielding sales channels, and significantly decreased losses in 2018 versus 2017 that were incurred as part of the prior year quarter's rebalancing of the fleet mix and level.
Direct vehicle operating and selling, general and administrative expenses as a percentage of total revenues for U.S. RAC was 72% for the first quarter of 2018 compared to 71% for the first quarter of 2017. The increase was primarily due to incremental investments related to the Company's transformation initiatives.
Revenue growth coupled with a decrease in monthly depreciation per unit expenses supported an improvement in Adjusted Corporate EBITDA in the first quarter, despite higher expenses associated with the Company's operating turnaround initiatives, which included $10 million of incremental spending for strategic investments year over year, and increased vehicle interest expense due to rising interest rates.
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