Business
HERTZ REPORTS FIRST QUARTER REVENUE OF $1.8 BILLION, NET INCOME OF $426 MILLION AND ADJUSTED CORPORATE EBITDA OF $614 MILLION
"Hertz produced a very strong first quarter," said Stephen Scherr, Hertz chief executive officer. "Our team delivered on behalf of customers amidst strong
About this update from Hertz Global Holdings, Inc
[{"type":"text","content":"\"Hertz produced a very strong first quarter,\" said Stephen Scherr, Hertz chief executive officer. \"Our team delivered on behalf of customers amidst strong demand, reflecting a sharp rebound in travel. We experienced high volumes and sustained pricing, particularly in the back half of the quarter following Omicron. We also maintained cost discipline and began to see the benefits of several new partnerships. I am equally pleased with our momentum on customer experience – especially as we move into the peak summer travel season and as we play a more central role in mobility over the longer term.\"\nESTERO, Fla., April 27, 2022 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (\"Hertz\", \"Hertz Global\" or the \"Company\") today reported results for its first quarter 2022.\n\n \n \n \n \n \n \n\n \nHIGHLIGHTSTotal revenues of $1.8 billionGAAP net income of $426 million, or $0.82 per diluted shareAdjusted Net Income of $403 million, or $0.87 per adjusted diluted share (reflects adjustments for fair value remeasurements to outstanding public warrants and certain derivative contracts, among other items)Adjusted Corporate EBITDA of $614 millionAdjusted Corporate EBITDA Margin of 34%Operating cash flow of $621 million and adjusted operating cash flow of $677 millionCorporate liquidity of $2.7 billion at March 31st, including $1.5 billion in unrestricted cashCompany repurchased 38 million common shares from January 1, 2022 through April 21, 2022For the first quarter 2022, the Company generated total revenues of $1.8 billion, which were 57% higher than the first quarter 2021, excluding Donlen. Monthly revenue per unit rose 26%, due to structural improvements and a continued recovery in travel demand. These trends, along with strong cost performance, drove $0.87 of adjusted earnings per share and $614 million of Adjusted Corporate EBITDA.\nSUMMARY RESULTSThree Months Ended\nMarch 31,\nPercentInc/(Dec)\n2022 vs 2021\n($ in millions, except earnings per share or where noted)\n2022\n2021\nHertz Global - Consolidated\nTotal revenues\n$ 1,810\n$ 1,289\n40%\nAdjusted net income (loss)(a)\n$ 403\n$ (52)\nNM\nAdjusted diluted earnings (loss) per share(a)\n$ 0.87\n$ (0.33)\nNM\nAdjusted Corporate EBITDA(a)\n$ 614\n$ 2\nNM\nAdjusted Corporate EBITDA Margin(a)\n34%\n—%\nAverage Vehicles (in whole units)\n481,211\n367,600\n31%\nAverage Ren...