Business
HERTZ REPORTS SECOND QUARTER RESULTS: REVENUE OF $2.3 BILLION, NET INCOME OF $940 MILLION, ADJUSTED CORPORATE EBITDA OF $764 MILLION, OPERATING CASH FLOW OF $708 MILLION AND ADJUSTED FREE CASH FLOW OF $484 MILLION
"Our second quarter results were impressive and position us well for the peak summer season," said Stephen Scherr, Hertz chief executive officer. "We produced
About this update from Hertz Global Holdings, Inc
[{"type":"text","content":"\"Our second quarter results were impressive and position us well for the peak summer season,\" said Stephen Scherr, Hertz chief executive officer. \"We produced record Adjusted Corporate EBITDA and adjusted free cash flow, taking advantage of positive market conditions. The hard work of our team and the resulting financial performance provided us with the opportunity to pursue investments in technology and a younger fleet, while returning capital to shareholders.\"\nESTERO, Fla., July 28, 2022 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (\"Hertz\", \"Hertz Global\" or the \"Company\") today reported results for its second quarter 2022.\nHIGHLIGHTS\nTotal revenues of $2.3 billionGAAP net income of $940 million, or $1.13 per diluted shareAdjusted Net Income of $520 million, or $1.22 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 $764 million, a 33% marginOperating cash flow of $708 million, adjusted operating cash flow of $585 millionAdjusted free cash flow of $484 millionCorporate liquidity of $2.5 billion at June 30, including $1.0 billion in unrestricted cashCompany repurchased 46.9 million common shares during the quarterRevenue was $2.3 billion, up 25% year over year and 30% quarter over quarter, and Adjusted Corporate EBITDA was a second quarter record of $764 million. Adjusted free cash flow was a second quarter record of $484 million, reflecting increased free cash flow conversion. Our financial results for the second quarter reflect the continued strength of our underlying business, positive market forces and high demand for our services, as well as our team's continued dedication to the customer. Results in the quarter further demonstrated the Company's ability to deliver increased earnings and free cash flow, through efficient capital deployment, while still investing in our fleet and non-fleet capital assets.\nSUMMARY RESULTS\nThree Months Ended\nJune 30,\nPercent Inc/(Dec)\n2022 vs 2021\n($ in millions, except earnings per share or where noted)\n2022\n2021\nHertz Global - Consolidated\nTotal revenues\n$ 2,344\n$ 1,873\n25 %\nAdjusted net income (loss)(a)\n$ 520\n$ 408\n27 %\nAdjusted diluted earnings (loss) per share(a)\n$ 1.22\n$ 2.55\n(52) %\nAdjusted Corporat...