Financial Performance - Q4 2024 revenue was 2.0billion,adecreaseof72.184 billion in Q4 2023[9] - GAAP net loss for Q4 2024 was 479million,or1.56 loss per diluted share, compared to a net loss of 348millioninQ42023[8]−RevenuesforQ42024were2,040 million, a decrease of 6.6% compared to 2,184millioninQ42023[21]−Forthefullyear2024,HertzGlobal′srevenueswere9,049 million, down 3.4% from 9,371millionin2023[31]−HertzGlobalreportedrevenuesof2,040 million for Q4 2024, a decrease of 6.6% from 2,184millioninQ42023[27]−AdjustednetlossforQ42024was362 million, with adjusted diluted earnings per share of (1.18)[34]−HertzGlobal′snetlossforQ42024was479 million, compared to a net loss of 348millioninQ42023[34]OperationalMetrics−Averagevehiclesinthefleetdecreasedby41,376 in Q4 2024, down from 1,391inQ42023[9]−Averagerentablevehiclesdecreasedto497,875inQ42024from527,267inQ42023,adeclineof5.62,603 million, down from 2,677millioninQ42023,withsignificantincreasesindepreciationofrevenueearningvehiclesandleasecharges[21]−Directvehicleandoperatingexpensesroseby21,413 million in Q4 2024, up from 1,388millioninQ42023[27]−TotalexpensesforthethreemonthsendedDecember31,2024,were2,603 million, a decrease of 2.8% from 2,677millioninthesameperiodof2023[41]CashFlowandLiquidity−Strongcorporateliquidityof1.8 billion was reported as of December 31, 2024[8] - Cash and cash equivalents at the end of Q4 2024 were 592million,adecreasefrom764 million at the end of Q4 2023[22] - Operating cash flow for the twelve months ended December 31, 2024, was 2,224million,comparedto2,474 million for the same period in 2023[24] - Adjusted operating cash flow for the twelve months ended December 31, 2024, was (1,755)million,comparedto44 million in 2023[46] Debt and Financial Leverage - Total debt increased to 16,335millioninQ42024,upfrom15,691 million in Q4 2023, indicating a rise in financial leverage[22] - Net debt as of December 31, 2024, was 15,355million,anincreasefrom14,668 million as of December 31, 2023[49] - Total interest expense, net for the twelve months ended December 31, 2024, was 858million,upfrom596 million in 2023, reflecting a 43.9% increase[44] - Hertz Global's total interest expense for the full year 2024 was 959million,upfrom793 million in 2023[31] Asset Management - The company’s total assets decreased to 21,802millioninQ42024from24,605 million in Q4 2023[22] - The company reported a long-lived assets impairment of 1,048millionforthetwelvemonthsendedDecember31,2024[21]−Depreciationofrevenue−earningvehiclesandleasecharges,netforthetwelvemonthsendedDecember31,2024,was3,611 million, significantly higher than 2,039millionin2023[44]FutureOutlookandStrategy−Theoperationaltransformationisexpectedtobesubstantiallycompletedbytheendof2025,focusingonstrengtheningthecorebusiness[7]−Thecompanyplanstocontinuefocusingonimprovingoperationalefficiencyandmanagingcostsintheupcomingquarters[21]−ThecompanyanticipatesreducedEV−relatedtaxcreditswillimpactitsU.S.federaltaxprovisionthroughout2024[41]AdjustedMetrics−AdjustedCorporateEBITDAlossnarrowedtonegative357 million in Q4 2024, improving by 7% from a loss of 382millioninQ42023[9]−HertzGlobal′sadjustedCorporateEBITDAmarginforQ42024was−189,100 million, down from $9,418 million in 2023, reflecting a decrease of 3.4%[51] - Adjusted Net Income (Loss) is calculated to eliminate the impact of GAAP income tax, vehicle and non-vehicle debt-related charges, and other non-recurring items, providing a clearer view of operational performance[64]
Hertz(HTZ)2025-02-13 13:05