Business
HERTZ GLOBAL HOLDINGS REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS
- Quarterly revenues of $1.9 billion - Quarterly Company GAAP net loss of $260 million, or $1.52 loss per share; Adjusted net income of $426 million,
About this update from Hertz Global Holdings, Inc
[{"type":"text","content":"- Quarterly revenues of $1.9 billion\n - Quarterly Company GAAP net loss of $260 million, or $1.52 loss per share; Adjusted net income of $426 million, primarily excluding a $643 million non-cash remeasurement expense associated with the Company's public warrants\n - Record fourth quarter Adjusted Corporate EBITDA of $628 million and Adjusted Corporate EBITDA Margin of 32%\n - Quarterly operating cash flow of $598 million and Adjusted operating cash flow of $573 million\n - Full year GAAP loss per share of $0.27; Adjusted earnings per share of $4.39\n - Full year Company GAAP net income of $366 million\n - Record full year Adjusted Corporate EBITDA of $2.1 billion\n - Corporate liquidity of $3.2 billion at December 31st, including $2.3 billion in unrestricted cash\n - Company repurchased 48 million common shares since Nasdaq listing through February 17, 2022\n - Stephen Scherr named permanent CEO effective February 28, 2022\n\n\nESTERO, Fla., Feb. 23, 2022 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (\"Hertz\", \"Hertz Global\" or the \"Company\") today reported results for its fourth quarter and full year 2021.\nFor the fourth quarter 2021, the Company generated total revenues of $1.9 billion, which were 78% higher than the fourth quarter of 2020, and 9% below the fourth quarter of 2019, excluding Donlen. RPU rose 31% from the fourth quarter of 2019, due to disciplined fleet management and a continued recovery in travel demand. These trends, along with strong cost performance, drove $0.91 of Adjusted earnings per share and $628 million of Adjusted Corporate EBITDA in the quarter, both of which were fourth quarter records for the Company.\nFor the full year 2021, the Company generated total revenues of $7.3 billion and Adjusted earnings per share of $4.39. Adjusted Corporate EBITDA was a record $2.1 billion, a margin of 29%. Liquidity at the end of 2021 was $3.2 billion after giving effect to the redemption of the Company's preferred shares and the repurchase of 27.5 million shares of its common stock, both of which occurred during the fourth quarter.\n\"2021 was a transformative year for Hertz,\" said Mark Fields, Hertz Interim Chief Executive Officer. \"Sustained structural improvements and disciplined fleet management contributed to a strong performance across our top and bottom line, despite the challenges pres...