Business
HERTZ REPORTS SECOND QUARTER 2023 RESULTS: REVENUE OF $2.4 BILLION, NET INCOME OF $139 MILLION AND ADJUSTED CORPORATE EBITDA OF $347 MILLION
"Results for the second quarter were strong, reflecting continued high demand for our services and elevated levels of fleet utilization," said Stephen Scherr,
About this update from Hertz Global Holdings, Inc
[{"type":"text","content":"\"Results for the second quarter were strong, reflecting continued high demand for our services and elevated levels of fleet utilization,\" said Stephen Scherr, Chair and CEO of Hertz. \"Our focus on asset returns continues to yield tangible results, enabling us to advance the growth of our rideshare business and the revitalization of the Dollar brand, in addition to facilitating ongoing investments in technology and electrification. Through the hard work and dedication of Hertz employees, we are positioned well to serve our customers through the busy summer season.\"\nESTERO, Fla., July 27, 2023 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (\"Hertz\", \"Hertz Global\" or the \"Company\") today reported results for its second quarter 2023.\nHIGHLIGHTS \nTotal revenues of $2.4 billionGAAP net income of $139 million, a 6% margin, or $0.44 per diluted shareAdjusted Net Income of $227 million, or $0.72 per adjusted diluted shareAdjusted Corporate EBITDA of $347 million, a 14% marginOperating cash flow of $497 million, adjusted operating cash flow of $91 millionAdjusted free cash outflow of $423 millionCorporate liquidity of $1.4 billion at June 30, including $682 million in unrestricted cashCompany utilized $100 million to repurchase 6.3 million common shares during the quarterSECOND QUARTER RESULTS \nSecond quarter revenue of $2.4 billion was characterized by continued strength in demand. Volume increased 12% year over year while average fleet was up 9%. Monthly revenue per unit in the quarter of $1,516 benefited from utilization of 82%, an increase of 230 bps relative to Q2 2022. Fleet depreciation was $329 million, reflecting a year over year increase of $223 million attributable to a reduction in vehicle disposition gains which were at elevated levels in 2022.\nAdjusted Corporate EBITDA was $347 million in the quarter, reflecting a healthy 14% margin.\nAdjusted free cash outflow of $423 million in the quarter reflected an investment in fleet to meet spring and summer demand.\nThe Company's liquidity position was $1.4 billion at June 30, 2023, of which $682 million was unrestricted cash.\nSUMMARY RESULTS\nThree Months Ended\nJune 30,\nPercent\n Inc/(Dec)\n2023 vs 2022\n($ in millions, except earnings per share or where noted)\n2023\n2022\nHertz Global - Consolidated\nTotal revenues\n$ 2,437\n$ 2,344\n4 %\nAdjusted ne...