Hertz Global Holdings Inc · Q3 2021 earnings

Briefing

Hertz reported strong quarterly results driven by the rebound in leisure travel and tight fleet inventory, achieving record Adjusted Corporate EBITDA and margin.

Hertz Global Holdings reported total revenues of $2.2 billion for the third quarter of 2021, a 19% increase from the second quarter of 2021. Net income was $605 million, or $1.13 per diluted share. The company reported record Adjusted Corporate EBITDA of $860 million and a record Adjusted Corporate EBITDA Margin of 39%.

• Total revenues of $2.2 billion, up 19% from second quarter 2021
• Net income of $605 million, or $1.13 per diluted share
• Company reports records for both Adjusted Corporate EBITDA of $860 million and Adjusted Corporate EBITDA Margin of 39%
• Corporate liquidity of $3.8 billion at September 30th, including $2.7 billion in unrestricted cash, compared to $3.0 billion at second quarter-end

Headline financials

Revenue & EPS history

Hertz Global anticipates Adjusted Corporate EBITDA between $500 and $600 million for Q4 2021, and between $2.0 and $2.1 billion for the full year. They expect Total Revenue Per Unit Per Month to be between $1,355 and $1,445 for Q4, and between $1,400 and $1,430 for the full year. Depreciation Per Unit Per Month is projected to be between $60 and $70 for Q4, and between $95 and $105 for the full year. Liquidity at December 31, 2021, is expected to be between $3.9 and $4.1 billion.