Business
HERTZ REPORTS THIRD QUARTER 2022 RESULTS: REVENUE OF $2.5 BILLION, NET INCOME OF $577 MILLION, ADJUSTED CORPORATE EBITDA OF $618 MILLION, OPERATING CASH FLOW OF $932 MILLION AND ADJUSTED FREE CASH FLOW OF $505 MILLION
"Hertz posted another quarter of solid performance, reflecting overall strength in our business and continued demand for our services across all customer
About this update from Hertz Global Holdings, Inc
[{"type":"text","content":"\"Hertz posted another quarter of solid performance, reflecting overall strength in our business and continued demand for our services across all customer segments,\" said Stephen Scherr, Hertz chief executive officer. \"I am enormously proud of the performance of our team, particularly our colleagues in Southwest Florida, who faced challenges from Hurricane Ian. Across geographies, we focused on operational excellence and fleet optimization to produce financial results that facilitated investment in our strategic priorities, like electrification, while enhancing returns to our shareholders and being in the service of our customers.\" \nESTERO, Fla., Oct. 27, 2022 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) (\"Hertz\", \"Hertz Global\" or the \"Company\") today reported results for its third quarter 2022.\nHIGHLIGHTS \nTotal revenues of $2.5 billionGAAP net income of $577 million, or $1.33 per diluted shareAdjusted Net Income of $410 million, or $1.08 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 $618 million, a 25% marginOperating cash flow of $932 million, adjusted operating cash flow of $572 millionAdjusted free cash flow of $505 millionCorporate liquidity of $2.6 billion at September 30, including $1.0 billion in unrestricted cashCompany utilized $500 million to repurchase 27.2 million common shares during the quarterRevenue was $2.5 billion, up 12% year over year, characterized by continued strength in demand and rate across all customer segments, with significantly increased contribution of value-added services revenue. Monthly revenue per unit was a quarterly record of $1,685 on utilization of 80%. Gross depreciation continued to normalize as the Company progressed its fleet rejuvenation, and car sales gains came in lower versus the previous quarter due to steeper than expected residual value declines. As a result, monthly net depreciation per unit was $187.\nDuring the first two months of the quarter, the Company ran with intentionally elevated maintenance cost to address out of service levels. As a result of these efforts, by September, utilization had reached 81.4%, and maintenance cost receded such that the business experienced more typical operating cost levera...