Hertz Global Holdings, Inc · NASDAQ:HTZ
Hertz Global — Q1 2020 Earnings Presentation
14 slides from Hertz Global's earnings presentation, May 12, 2020
Slide 1: Hertz Global Holdings, Inc. 1Q 2020 Earnings Call
HERTZ GLOBAL HOLDINGS, INC. 1Q 2020 Earnings Call | May 12, 2020 | 8:30 am ET
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made within this presentation contain forward-looking statements. Forward-looking statements are not guarantees of performance and by their nature are subject to inherent uncertainties. Actual results may differ materially. Any forward- looking informati
Slide 3: Non-GAAP Measures and Key Metrics
Non-GAAP Measures and Key Metrics The following key metrics1 and non-GAAP measures1 will be used in the presentation: ▪ Total RPD ▪ Adjusted Corporate EBITDA ▪ Transaction Days ▪ Adjusted Corporate EBITDA Margin ▪ Adjusted Net Income (Loss) ▪ Adjusted Diluted EPS 1Definitions of key metrics and defi
Slide 4: Agenda
Agenda BUSINESS FINANCIAL RESULTS OVERVIEW OVERVIEW Kathryn Marinello Jamere Jackson President & Chief Executive Officer Chief Financial Officer Hertz Global Holdings, Inc. Hertz Global Holdings, Inc. 4
Slide 5: Positive Momentum to Start 2020
Positive Momentum to Start 2020 10 Consecutive Quarters of YoY Revenue Growth 10% 8% 7% 7% 5% 4% 3% 2% 1% 1% (2%) 2Q:17 3Q:17 4Q:17 1Q:18 2Q:18 3Q:18 4Q:18 1Q:19 2Q:19 3Q:19 4Q:19 9 Consecutive Quarters of YoY Adjusted Corporate EBITDA Growth 163% 132% 123% 94% 70% 46% 9% 12% 10% (3%) (81%) 2Q:17 3Q
Slide 6: COVID-19 Impact - A Dramatically Different Operating Environment
1Q:20 COVID-19 Impact - A Dramatically Different Operating Environment 1Q:20 Monthly Consolidated Revenue Growth 6% 6% (34%) Jan Feb Mar 1Q:20 Monthly U.S. RAC Revenue Growth 1Q:20 Monthly Int’l RAC Revenue Growth 9% 1% 7% (5%) (37%) (39%) Jan Feb Mar Jan Feb Mar Positive momentum leading up to COVI
Slide 7: Response to COVID-19 Revenue Collapse and Used-Car Market Disruption
Response to COVID-19 Revenue Collapse and Used-Car Market Disruption Employee & Customer Safety Expense Management Liquidity Measures ▪ Adopted new cleaning procedures ▪ Eliminated non-essential spending ▪ Slashing expenses ✓ 15-point cleaning process ▪ Accelerating vehicle sales ▪ Deferred all but
Slide 8: Supporting Healthcare Workers and First Responders on the Front Line of COVID
Supporting Healthcare Workers and First Responders on the Front Line of COVID 8
Slide 9: Quarterly Overview
QUARTERLY OVERVIEW Jamere Jackson - Chief Financial Officer
Slide 10: 1Q:20 Consolidated Results
1Q:20 Consolidated Results $ in millions, except per share data 1Q:19 1Q:20 YoY Results Results Better/(Worse) GAAP Total revenues $2,107 $1,923 (9%) Net loss attributable to Hertz Global ($147) ($356) NM Diluted loss per share ($1.54) ($2.50) NM Weighted average shares outstanding: diluted 96M 142M
Slide 11: 1Q:20 Global Performance
1Q:20 Global Performance $ in millions 1Q:2019 1Q:2020 Performance Overview: Total Revenue $2,107 $1,923 ($184M) ▪ Revenue (8%) on constant currency (9%) – WW RAC RPD +2% – WW RAC Transaction Days (12%) ▪ Before COVID-19 we experienced: – Feb YTD revenue +7% on constant currency – WW RAC RPD +4% – W
Slide 12: 1Q:20 U.S. RAC and International RAC
1Q:20 U.S. RAC and International RAC $ in millions, in constant currency1 1Q:2019 1Q:2020 Revenue Dynamics: Total Revenue Adjusted EBITDA ▪ U.S. RAC revenue (9%), Int’l (12%) $1,520 $7 – U.S. RAC RPD +2%, Days (11%) $1,381 ($139M) (9%) – Int’l RAC RPD flat, Days (12%) U.S. ($206M) ▪ Before COVID-19
Slide 13: Liquidity Overview
LIQUIDITY OVERVIEW Jamere Jackson - Chief Financial Officer
Slide 14: 1Q:20 Liquidity Overview
1Q:20 Liquidity Overview Liquidity $1.5B 1.4 1.0 1.0 $1.0B 0.8 0.9 $0.5B $0.0B 1Q:19 2Q:19 3Q:19 4Q:19 1Q:20 Overview at March 31, 2020: ▪ Liquidity of approximately $1.0B, substantially in the form of unrestricted cash and cash equivalents ▪ No corporate debt maturities until June 2021 14
Hertz Global Holdings — Q1 2020 Earnings Presentation on 6ix