HERTZ REPORTS THIRD QUARTER 2024 RESULTS

Overview - Hertz reported third quarter 2024 revenue of $2.6 billion, a decrease of 5$2.7 billion in the same period last year [2][12] - The company experienced a GAAP net loss of $1.3 billion, translating to a negative margin of 52$4.34 per diluted share [2][9] - Adjusted net loss was $208 million, or$0.68 loss per diluted share, compared to a profit of $230 million in the prior year [2][9] - Adjusted Corporate EBITDA was negative$157 million, down from positive $359 million in the previous year [2][9] Financial Performance - The company recorded a non-cash asset impairment charge of$1.0 billion due to declining fleet residual values [2][9] - Vehicle depreciation increased significantly to $937 million, up from$501 million in the prior year [2][9] - Direct vehicle and operating expenses decreased to $1.47 billion, down from$1.50 billion year-over-year [9][12] - Corporate liquidity stood at $1.6 billion as of September 30, 2024 [2] Operational Insights - Average vehicles in the fleet decreased by 1$300 [2][9] Segment Performance - The Americas RAC segment generated revenues of $2.06 billion, a 5$2.17 billion in the prior year [2][12] - The International RAC segment reported revenues of $514 million, down 3$531 million [2][12] - Adjusted EBITDA for the Americas RAC segment was negative $169 million, compared to positive$302 million in the previous year [2][12] Cash Flow and Debt - GAAP operating cash flow was $894 million, while adjusted operating cash outflow was$132 million [2][9] - Total debt increased to $16.96 billion from$15.69 billion year-over-year [10][12] - The company reported a net cash used in investing activities of $487 million for the quarter [11]