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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________________________________________

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedMarch 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File NumberExact Name of Registrant as Specified in its Charter,
Principal Executive Office Address and Telephone Number
State of IncorporationI.R.S. Employer Identification No.
001-37665HERTZ GLOBAL HOLDINGS, INCDelaware61-1770902
8501 Williams Road,Estero,Florida33928
(239)301-7000
001-07541
THE HERTZ CORPORATION
Delaware13-1938568
8501 Williams Road,Estero,Florida33928
(239)301-7000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which Registered
Hertz Global Holdings, Inc.Common StockPar value $0.01 per shareHTZ
Nasdaq Global Select
Hertz Global Holdings, Inc.Warrants to purchase common stockEach exercisable for one share of Hertz Global Holdings, Inc. common stock at an exercise price of $13.80 per share, subject to adjustmentHTZWW
Nasdaq Global Select
The Hertz CorporationNoneNoneNone


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Hertz Global Holdings, Inc.    Yes  No 
The Hertz Corporation    Yes  No 
1(Note: As a voluntary filer, The Hertz Corporation is not subject to the filing requirements of Section 13 or 15(d) of the Exchange Act. The Hertz Corporation has filed all reports pursuant to Section 13 or 15(d) of the Exchange Act during the preceding 12 months as if it was subject to such filing requirements.)



Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Hertz Global Holdings, Inc.    Yes  No 
The Hertz Corporation    Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Hertz Global Holdings, Inc.Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
The Hertz CorporationLarge accelerated filer Accelerated filer Non-accelerated filer
Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Hertz Global Holdings, Inc.    Yes  No 
The Hertz Corporation    Yes  No 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes  No 

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
ClassShares Outstanding as ofApril 21, 2022
Hertz Global Holdings, Inc.Common Stock,par value $0.01 per share412,111,348
The Hertz Corporation(1)
Common Stock,par value $0.01 per share100
(1)(100% owned by
Rental Car Intermediate Holdings, LLC)


Table of Contents
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS
  Page
 
 


Table of Contents
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES

PART I. FINANCIAL INFORMATION
ITEM 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Index
Page
Hertz Global Holdings, Inc. and Subsidiaries
The Hertz Corporation and Subsidiaries
Notes to the Condensed Consolidated Financial Statements

1


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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
March 31, 2022December 31, 2021
ASSETS
Cash and cash equivalents$1,521 $2,258 
Restricted cash and cash equivalents:
Vehicle301 77 
Non-vehicle300 316 
Total restricted cash and cash equivalents601 393 
Total cash and cash equivalents and restricted cash and cash equivalents2,122 2,651 
Receivables:
Vehicle93 62 
Non-vehicle, net of allowance of $45 and $48, respectively
707 696 
Total receivables, net800 758 
Prepaid expenses and other assets1,331 1,017 
Revenue earning vehicles:
Vehicles12,118 10,836 
Less: accumulated depreciation(1,554)(1,610)
Total revenue earning vehicles, net10,564 9,226 
Property and equipment, net611 608 
Operating lease right-of-use assets1,566 1,566 
Intangible assets, net2,903 2,912 
Goodwill1,044 1,045 
Total assets(1)
$20,941 $19,783 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:
Vehicle$109 $56 
Non-vehicle566 516 
Total accounts payable675 572 
Accrued liabilities939 863 
Accrued taxes, net188 157 
Debt:
Vehicle 9,098 7,921 
Non-vehicle2,984 2,986 
Total debt12,082 10,907 
Public Warrants1,272 1,324 
Operating lease liabilities1,502 1,510 
Self-insured liabilities468 463 
Deferred income taxes, net1,113 1,010 
Total liabilities(1)
18,239 16,806 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding
  
Common stock, $0.01 par value, 477,673,065 and 477,233,278 shares issued, respectively, and 415,256,346 and 449,782,424 shares outstanding, respectively
5 5 
Treasury stock, at cost, 62,416,719 and 27,450,854 common shares, respectively
(1,430)(708)
Additional paid-in capital6,237 6,209 
Retained earnings (Accumulated deficit)(1,889)(2,315)
Accumulated other comprehensive income (loss)(221)(214)
Total stockholders' equity2,702 2,977 
Total liabilities and stockholders' equity$20,941 $19,783 
(1)    Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2022 and December 31, 2021 include total assets of variable interest entities (“VIEs”) of $706 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2022 and December 31, 2021 include total liabilities of VIEs of $706 million and $733 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.
The accompanying notes are an integral part of these financial statements.
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions, except per share data)
Three Months Ended
March 31,
 20222021
Revenues$1,810 $1,289 
Expenses:
Direct vehicle and operating1,053 778 
Depreciation of revenue earning vehicles and lease charges, net(59)243 
Non-vehicle depreciation and amortization33 54 
Selling, general and administrative235 151 
Interest expense, net:
Vehicle5 104 
Non-vehicle (excludes contractual interest of $53 million for the three months ended March 31, 2021)
39 44 
Total interest expense, net44 148 
Other (income) expense, net(2)(3)
Reorganization items, net 42 
(Gain) from the sale of a business (392)
Change in fair value of Public Warrants(50) 
Total expenses1,254 1,021 
Income (loss) before income taxes
556 268 
Income tax (provision) benefit
(130)(79)
Net income (loss) 426 189 
Net (income) loss attributable to noncontrolling interests
 1 
Net income (loss) attributable to Hertz Global
$426 $190 
Weighted-average common shares outstanding:
Basic432 156 
Diluted461 157 
Earnings (loss) per common share:
Basic$0.99 $1.22 
Diluted$0.82 $1.21 


The accompanying notes are an integral part of these financial statements.
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
(In millions)

Three Months Ended
March 31,
20222021
Net income (loss)$426 $189 
Other comprehensive income (loss):
Foreign currency translation adjustments(7)17 
Total other comprehensive income (loss)(7)17 
Total comprehensive income (loss) 419 206 
Comprehensive (income) loss attributable to noncontrolling interests 1 
Comprehensive income (loss) attributable to Hertz Global$419 $207 
The accompanying notes are an integral part of these financial statements.
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Unaudited
(In millions)

Preferred Stock
Shares
Preferred Stock
Amount
Common Stock SharesCommon Stock AmountAdditional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Treasury Stock SharesTreasury Stock AmountStockholders'
Equity
Attributable to
Hertz Global
Non-
controlling Interests(1)
Total Stockholders' Equity
Balance as of:
December 31, 2020 $ 156 $2 $3,047 $(2,681)$(212)2 $(100)$56 $37 $93 
Net income (loss) — — — — — 190 — — — 190 (1)189 
Other comprehensive income (loss)— — — — — — 17 — — 17 — 17 
Stock-based compensation charges— — — — 2 — — — — 2 — 2 
Distributions to noncontrolling interests— — — — — — — — — — (11)(11)
March 31, 2021 $ 156 $2 $3,049 $(2,491)$(195)2 $(100)$265 $25 $290 




Preferred Stock
Shares
Preferred Stock
Amount
Common Stock SharesCommon Stock AmountAdditional
Paid-In Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Income (Loss)
Treasury Stock SharesTreasury Stock AmountTotal Stockholders' Equity
Balance as of:
December 31, 2021 $ 450 $5 $6,209 $(2,315)$(214)27 $(708)$2,977 
Net income (loss)— — — — — 426 — — — 426 
Other comprehensive income (loss)— — — — — — (7)— — (7)
Net settlement on vesting of restricted stock— — — — (4)— — — — (4)
Stock-based compensation charges— — — — 28 — — — — 28 
Public Warrant exercises(2)
— — — — 4 — — — — 4 
Share repurchases— — (35)— — — — 35 (722)(722)
March 31, 2022 $ 415 $5 $6,237 $(1,889)$(221)62 $(1,430)$2,702 
(1)    See "767 Auto Leasing LLC" in Note 13, "Related Party Transactions."
(2)    See Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global."


The accompanying notes are an integral part of these financial statements.
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
 Three Months Ended
March 31,
 20222021
Cash flows from operating activities:
Net income (loss) $426 $189 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net(20)275 
Depreciation and amortization, non-vehicle33 54 
Amortization of deferred financing costs and debt discount (premium)11 34 
Stock-based compensation charges28 2 
Provision for receivables allowance13 29 
Deferred income taxes, net103 62 
Reorganization items, net (15)
(Gain) loss from the sale of a business (392)
Change in fair value of Public Warrants(50) 
(Gain) loss on financial instruments(44)1 
Other(1)(2)
Changes in assets and liabilities:
Non-vehicle receivables(43)(73)
Prepaid expenses and other assets(40)(87)
Operating lease right-of-use assets72 78 
Non-vehicle accounts payable51 40 
Accrued liabilities124 62 
Accrued taxes, net30 36 
Operating lease liabilities(80)(78)
Self-insured liabilities8 (15)
Net cash provided by (used in) operating activities621 200 
Cash flows from investing activities:
Revenue earning vehicles expenditures(2,985)(1,517)
Proceeds from disposal of revenue earning vehicles1,471 686 
Non-vehicle capital asset expenditures(30)(9)
Proceeds from non-vehicle capital assets disposed of or to be disposed of1 4 
Collateral returned in exchange for letters of credit17  
Return of (investment in) equity investments(15) 
Proceeds from the sale of a business, net of cash sold 818 
Net cash provided by (used in) investing activities(1,541)(18)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt4,680 1,096 
Repayments of vehicle debt(3,492)(946)
Proceeds from issuance of non-vehicle debt 560 
Repayments of non-vehicle debt(5)(1)
The accompanying notes are an integral part of these financial statements.
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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
 Three Months Ended
March 31,
 20222021
Payment of financing costs(24)(7)
Proceeds from exercises of Public Warrants3  
Share repurchases(766) 
Contributions from (distributions to) noncontrolling interests (10)
Other(4) 
Net cash provided by (used in) financing activities392 692 
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents(1)(12)
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents during the period (529)862 
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period(1)
2,651 1,578 
Cash and cash equivalents and restricted cash and cash equivalents at end of period$2,122 $2,440 
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized:
Vehicle$39 $69 
Non-vehicle17 30 
Income taxes, net of refunds6 (4)
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives$82 $103 
Sales of revenue earning vehicles included in vehicle receivables65 119 
Purchases of non-vehicle capital assets included in accounts payable23 6 
Purchases of non-vehicle capital assets included in liabilities subject to compromise 16 
Revenue earning vehicles and non-vehicle capital assets acquired through capital lease5 21 
Public Warrant exercises2  
Accrual for purchases of treasury shares10  
(1)     Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale at December 31, 2020, prior to the completion of the Donlen Sale in the first quarter of 2021, as disclosed in Note 3, "Divestitures."
The accompanying notes are an integral part of these financial statements.
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THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
March 31, 2022December 31, 2021
ASSETS  
Cash and cash equivalents$1,520 $2,257 
Restricted cash and cash equivalents:
Vehicle301 77 
Non-vehicle300 316 
Total restricted cash and cash equivalents601 393 
Total cash and cash equivalents and restricted cash and cash equivalents2,121 2,650 
Receivables:
Vehicle93 62 
Non-vehicle, net of allowance of $45 and $48, respectively
706 695 
Total receivables, net799 757 
Prepaid expenses and other assets1,332 1,016 
Revenue earning vehicles:
Vehicles12,118 10,836 
Less: accumulated depreciation(1,554)(1,610)
Total revenue earning vehicles, net10,564 9,226 
Property and equipment, net611 608 
Operating lease right-of-use assets1,566 1,566 
Intangible assets, net2,903 2,912 
Goodwill1,044 1,045 
Total assets(1)
$20,940 $19,780 
LIABILITIES AND STOCKHOLDER'S EQUITY
Accounts payable:
Vehicle$109 $56 
Non-vehicle566 516 
Total accounts payable675 572 
Accrued liabilities929 809 
Accrued taxes, net188 157 
Debt:
Vehicle9,098 7,921 
Non-vehicle2,984 2,986 
Total debt12,082 10,907 
Operating lease liabilities1,502 1,510 
Self-insured liabilities468 463 
Deferred income taxes, net1,116 1,012 
Total liabilities(1)
16,960 15,430 
Commitments and contingencies
Stockholder's equity:
Common stock, $0.01 par value, 3,000 shares authorized and 100 shares issued and outstanding
  
Additional paid-in capital6,451 7,190 
Retained earnings (Accumulated deficit) (2,250)(2,626)
Accumulated other comprehensive income (loss)(221)(214)
Total stockholder's equity3,980 4,350 
Total liabilities and stockholder's equity$20,940 $19,780 
(1)    The Hertz Corporation's consolidated total assets as of March 31, 2022 and December 31, 2021 include total assets of VIEs of $706 million and $734 million, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2022 and December 31, 2021 include total liabilities of VIEs of $706 million and $733 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.
The accompanying notes are an integral part of these financial statements.
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THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions)

Three Months Ended
March 31,
 20222021
Revenues$1,810 $1,289 
Expenses: 
Direct vehicle and operating1,053 778 
Depreciation of revenue earning vehicles and lease charges, net(59)243 
Non-vehicle depreciation and amortization33 54 
Selling, general and administrative235 151 
Interest expense, net:
Vehicle5 104 
Non-vehicle (excludes contractual interest of $53 million for the three months ended March 31, 2021)
39 44 
Total interest expense, net44 148 
Other (income) expense, net(2)(3)
Reorganization items, net 42 
(Gain) from the sale of a business (392)
Total expenses1,304 1,021 
Income (loss) before income taxes
506 268 
Income tax (provision) benefit
(130)(79)
Net income (loss)
376 189 
Net (income) loss attributable to noncontrolling interests
 1 
Net income (loss) attributable to Hertz
$376 $190 

The accompanying notes are an integral part of these financial statements.
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THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
(In millions)

 Three Months Ended
March 31,
20222021
Net income (loss) $376 $189 
Other comprehensive income (loss):
Foreign currency translation adjustments(7)17 
Total other comprehensive income (loss)(7)17 
Total comprehensive income (loss) 369 206 
Comprehensive (income) loss attributable to noncontrolling interests 1 
Comprehensive income (loss) attributable to Hertz$369 $207 

The accompanying notes are an integral part of these financial statements.
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THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT)
Unaudited
(In millions, except share data)

 Common Stock SharesCommon Stock AmountAdditional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Stockholder's Equity Attributable to Hertz
Noncontrolling Interests(1)
Total Stockholder's Equity (Deficit)
Balance as of:
December 31, 2020100 $ $3,953 $(3,783)$(212)$(42)$37 $(5)
Net income (loss)— — 190 — 190 (1)189 
Other comprehensive income (loss)— — — — 17 17 — 17 
Stock-based compensation charges— — 2 — —