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08.08.2016 23:10
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PR Newswire
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Hertz Global Holdings, Reports Second Quarter 2016 Financial Results
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PR Newswire
ESTERO, Fla., Aug. 8, 2016
ESTERO, Fla., Aug. 8, 2016 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz Global" or the "Company") today reported a second quarter 2016 net loss from continuing operations of $28 million, or $0.33 per share, compared with net income from continuing operations of $13 million, or $0.14 per share, during the same period last year. On an adjusted basis, the Company reported net income for the second quarter of 2016 of $35 million, or $0.41 per share, compared with net income of $74 million, or $0.80 per share, in the second quarter of 2015.
Total revenues for the second quarter 2016 were $2.3 billion, a 2% decline versus the second quarter of 2015. Loss from continuing operations before income taxes for second quarter 2016 was $35 million versus income from continuing operations before income taxes of $38 million during the same period last year.
Adjusted corporate earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter 2016 were $184 million versus $246 million in the same period last year, a decline of $62 million. The Company noted that it recorded $20 million of unanticipated net charges in International Rental Car (RAC) in the second quarter 2016, largely resulting from additional insurance-related expenses due to adverse experience in historical cases in the United Kingdom. These unexpected charges had an unfavorable impact to the Company's overall results for the quarter, including adjusted corporate EBITDA, and negatively impacted adjusted earnings per share (EPS) by approximately $0.15.
"Significant work was accomplished this quarter as part of our three-to-five year margin improvement plan," said John Tague, Hertz Global Holdings President and Chief Executive Officer. "While still in the first year of the plan, we completed a number of strategic actions, improved our balance sheet, and made progress on technology development, all while reducing our cost base and achieving substantial improvements in customer satisfaction. These accomplishments are the result of the dedication and commitment of our employees all across our operation.
"In the U.S., pricing improved significantly throughout the quarter, and we see positive pricing momentum continuing into the third quarter."
OPERATIONAL AND BUSINESS HIGHLIGHTS
The company continues to make progress in the first year of the margin improvement plan it announced in November 2015. Second quarter 2016 operational and business highlights include:
- Year-over-year worldwide customer satisfaction improved for the Hertz, Dollar and Thrifty brands by more than 4 points for the second quarter 2016 and nearly 5 points for the first half 2016, continuing a trend from 2015. Customer satisfaction for the Hertz brand reached a record-level score on a worldwide basis for both the second quarter and year-to-date.
- The Company achieved cost savings of approximately $100 million during the second quarter 2016 and is on pace to achieve its previously announced target of $350 million of full year 2016 cost savings. In addition to vehicle-related initiatives, consolidated unit costs for the company, defined as consolidated direct vehicle and operating and selling, general and administrative expenses per transaction day, declined $2.23, or 7%, versus the second quarter 2015.
- Total average vehicles for the quarter, including Donlen leased vehicles, totaled 845,500, a 1% decline versus the second quarter 2015.
- U.S. RAC vehicle utilization rose 700 basis points to 82%, driven primarily by a 6% increase in transaction days coupled with a 2% decline in average vehicles due to disciplined capacity and vehicle management.
- U.S. RAC unit revenues, which is defined as total revenue per available car day, improved by 10 basis points year-over-year, driven primarily by the 700 basis point improvement in vehicle utilization compared to the same period last year.
- The Company achieved a net non-vehicle debt to adjusted corporate EBITDA leverage ratio of 4.5 times at June 30, 2016. The Company noted that it remains on track to achieve its previously disclosed 2016 year-end leverage target of at or below 3.5 times.
- The Company successfully completed the separation of its equipment rental business resulting in the receipt of approximately $2.0 billion of cash payments that were used to pay down a $2.1 billion term loan that was scheduled to mature in 2018.
- The Company further strengthened its capital structure by successfully completing approximately $4.4 billion in financings during the quarter. There are no significant maturities of non-vehicle debt until 2019.
- Non-vehicle cash interest expense is expected to decline by approximately $90 million on an annual basis, of which $45 million will be realized in the second half of 2016, related to the spin and refinancing activity.
- The Company substantially transitioned its Firefly operations in the U.S. to its Thrifty brand as part of a U.S. market focus on its Hertz, Dollar and Thrifty brands.
- During the second quarter, the Company made a strategic investment in Luxe, an app-based valet parking company.
- At the end of the second quarter, the Company reached and launched one-year vehicle rental supply agreements with ride-sharing companies Uber and Lyft.
| U.S. RENTAL CAR ("U.S. RAC") SUMMARY | |||||||||||
| | |||||||||||
| U.S. RAC(1) | Three Months Ended | | Percent | | |||||||
| ($ in millions, except where noted) | 2016 | | 2015 | | | ||||||
| Total Revenues | $ | 1,584 | | | $ | 1,615 | | | (2) | % | |
| Depreciation of revenue earning vehicles and lease charges, net | $ | 417 | | | $ | 380 | | | 10 | % | |
| Income (loss) from continuing operations before income taxes | $ | 104 | | | $ | 153 | | | (32) | % | |
| | | | | | | | |||||
| Adjusted pre-tax income (loss) | $ | 143 | | | $ | 195 | | | (27) | % | |
| Adjusted pre-tax income margin | 9 | % | | 12 | % | | (304) | | bps | ||
| | | | | | | | |||||
| Adjusted Corporate EBITDA | $ | 168 | | | $ | 224 | | | (25) | % | |
| Adjusted Corporate EBITDA margin | 11 | % | | 14 | % | | (326) | | bps | ||
| | | | | | | | |||||
| Average vehicles | 500,000 | | | 511,700 | | | (2) | % | | ||
| Transaction days (in thousands) | 37,190 | | | 34,977 | | | 6 | % | | ||
| Total RPD (in whole dollars) | $ | 42.11 | | | $ | 45.80 | | | (8) | % | |
| Revenue per available car day (in whole dollars) | $ | 34.42 | | | $ | 34.40 | | | — | % | |
| Net depreciation per unit per month (in whole dollars) | $ | 278 | | | $ | 248 | | | 12 | % | |
Total U.S. RAC revenues were $1.6 billion in second quarter 2016, a decrease of 2%, versus the same period last year. Transaction days increased by 6% while pricing, or Total Revenue Per Transaction Day (Total RPD), decreased by 8%. The Company noted that the impact of transaction days counting methodology related to the integration of Dollar and Thrifty to the Hertz counter system and non-rental related declines in areas such as fuel-related ancillary revenue had an approximately 180 basis point unfavorable impact on pricing year over year. The Company saw meaningful sequential improvements in its pricing throughout the second quarter, building from a low point established in the first quarter 2016. Second quarter 2016 adjusted corporate EBITDA for U.S. RAC was $168 million, or a margin of 11%, which reflects a $56 million decline versus the same period last year.
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