Business
HERTZ REPORTS FIRST QUARTER 2023 RESULTS: REVENUE OF $2.0 BILLION, NET INCOME OF $196 MILLION AND ADJUSTED CORPORATE EBITDA OF $237 MILLION
"Hertz posted strong results in the first quarter, reflecting continued growth in demand across all customer segments and sustained pricing both in the U.S.
About this update from Hertz Global Holdings, Inc
[{"type":"text","content":"\"Hertz posted strong results in the first quarter, reflecting continued growth in demand across all customer segments and sustained pricing both in the U.S. and abroad,\" said Stephen Scherr, Hertz chair and chief executive officer. \"Our continued investments in the business, particularly in the areas of technology and electrification, are improving our operational cadence, extending our reach in rideshare, and enabling the revitalization of our value brands, all with a view toward delivering sustainable returns for our shareholders. We look forward to serving our customers with excellence during the upcoming summer season.\"\nESTERO, Fla., April 27, 2023 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (\"Hertz\", \"Hertz Global\" or the \"Company\") today reported results for its first quarter 2023.\nHIGHLIGHTS \nTotal revenues of $2.0 billionGAAP net income of $196 million, or $0.61 per diluted shareAdjusted Net Income of $126 million, or $0.39 per adjusted diluted shareAdjusted Corporate EBITDA of $237 million, a 12% marginOperating cash flow of $562 million, adjusted operating cash flow of $104 millionAdjusted free cash outflow of $83 millionCorporate liquidity of $2.2 billion at March 31, including $728 million in unrestricted cashCompany utilized $100 million to repurchase 5.7 million common shares during the quarterFIRST QUARTER RESULTS\nFirst quarter revenue was $2.0 billion, up 13% year over year, characterized by continued strength in leisure and corporate demand. Transaction days increased 10% year over year while average fleet was up 5%. Monthly revenue per unit in the quarter of $1,409, was up 7% year over year and benefited from a 280-basis point improvement in utilization and pricing strength.\nAdjusted Corporate EBITDA was $237 million in the quarter. Fleet depreciation was $381 million, or $252 per unit per month. Fleet depreciation in the first quarter of 2022 reflected outsized gains on sale of vehicles. Adjusted Corporate EBITDA in the quarter included $88 million of gains from the monetization of interest rate caps associated with the Company's HVFIII U.S. ABS facility.\nAdjusted free cash outflow of $83 million in the quarter reflected an investment to grow the fleet to meet spring and summer demand. \nDuring the first quarter of 2023, the Company repurchased 5.7 million shares of its common sto...