Hertz Global Holdings, Inc · NASDAQ:HTZ
Hertz Global — Debt Investor Presentation (October 2020)
7 slides from Hertz Global's debt investor presentation, Oct 30, 2020
Slide 1: Fleet Financing Facility Materials October 2020
Strictly Confidential Fleet Financing Facility Materials October 2020
Slide 2: Disclaimer
Strictly Confidential Disclaimer This document is highly confidential, is subject to confidentiality agreement between the parties, and has been prepared by Hertz and is for information purposes only. By accepting this document, you hereby acknowledge that (a) the information contained herein and an
Slide 3: New Financing Approach Lowers Securitization Risk
Strictly Confidential New Financing Approach Lowers Securitization Risk • Financing the net capitalized cost is expected to fundamentally change the FMV profile of a vehicle over its life compared to HVF II’s gross capitalized cost approach • OEM incentive rebates are included as an asset within the
Slide 4: FMV Score of First Mark Vehicles: HVF II vs Pro Forma New Construct
First Mark Historical 100.0% 105.0% 110.0% 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Count Nov-17 FMV Score of First MarkVehicles 2017 Dec-17 Jan-18 - Feb-18 Gross and Methodology Net Mar-18 HVF IIHVF Apr-18 May-18 Jun-18 Jul-18 Aug-18
Slide 5: Hertz Effective Economic Depreciation Experience
Strictly Confidential Hertz Effective Economic Depreciation Experience • Risk vehicle minimum depreciation rate of 1.67% of net capitalized cost is above historical average effective economic depreciation rates, which is expected to build FMV cushion over the vehicle’s life Effective Economic Deprec
Slide 6: OEM and Used Vehicle Concentrations
Strictly Confidential OEM and Used Vehicle Concentrations • Proposing same concentration limits as in HVF II but with mechanics to allow for over- concentrations on a percentage basis during the expected ramp-up period • OEM concentration limits set at specified dollar amounts as opposed to percenta
Slide 7: Historical Average Incentive Receivable Balances by OEM
Strictly Confidential Historical Average Incentive Receivable Balances by OEM • Seeking to lower/eliminate “off of invoice” incentives with each OEM to minimize incentive receivable balance going forward ($ in millions) 269 235 233 206 193 179 170 163 153 156 155 133 130 120 115 118 110 98 94 89 91
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