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Table of Contents


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 endedJune 30, 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 ofJuly 21, 2022
Hertz Global Holdings, Inc.Common Stock,par value $0.01 per share360,326,081
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

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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

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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
June 30, 2022December 31, 2021
ASSETS
Cash and cash equivalents$1,041 $2,258 
Restricted cash and cash equivalents:
Vehicle221 77 
Non-vehicle301 316 
Total restricted cash and cash equivalents522 393 
Total cash and cash equivalents and restricted cash and cash equivalents1,563 2,651 
Receivables:
Vehicle136 62 
Non-vehicle, net of allowance of $42 and $48, respectively
839 696 
Total receivables, net975 758 
Prepaid expenses and other assets1,094 1,017 
Revenue earning vehicles:
Vehicles13,962 10,836 
Less: accumulated depreciation(1,632)(1,610)
Total revenue earning vehicles, net12,330 9,226 
Property and equipment, net605 608 
Operating lease right-of-use assets1,562 1,566 
Intangible assets, net2,893 2,912 
Goodwill1,044 1,045 
Total assets(1)
$22,066 $19,783 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:
Vehicle$182 $56 
Non-vehicle477 516 
Total accounts payable659 572 
Accrued liabilities1,048 863 
Accrued taxes, net206 157 
Debt:
Vehicle 10,411 7,921 
Non-vehicle2,981 2,986 
Total debt13,392 10,907 
Public Warrants811 1,324 
Operating lease liabilities1,493 1,510 
Self-insured liabilities470 463 
Deferred income taxes, net1,258 1,010 
Total liabilities(1)
19,337 16,806 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding
  
Common stock, $0.01 par value, 477,722,177 and 477,233,278 shares issued, respectively, and 368,386,372 and 449,782,424 shares outstanding, respectively
5 5 
Treasury stock, at cost, 109,335,805 and 27,450,854 common shares, respectively
(2,321)(708)
Additional paid-in capital6,274 6,209 
Retained earnings (Accumulated deficit)(949)(2,315)
Accumulated other comprehensive income (loss)(280)(214)
Total stockholders' equity2,729 2,977 
Total liabilities and stockholders' equity$22,066 $19,783 
(1)    Hertz Global Holdings, Inc.'s consolidated total assets as of June 30, 2022 and December 31, 2021 include total assets of variable interest entities (“VIEs”) of $838 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 June 30, 2022 and December 31, 2021 include total liabilities of VIEs of $837 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
June 30,
Six Months Ended
June 30,
 2022202120222021
Revenues$2,344 $1,873 $4,154 $3,161 
Expenses:
Direct vehicle and operating1,199 946 2,252 1,724 
Depreciation of revenue earning vehicles and lease charges, net106 116 47 359 
Non-vehicle depreciation and amortization36 50 69 104 
Selling, general and administrative257 172 492 321 
Interest expense, net:
Vehicle45 98 50 202 
Non-vehicle41 91 80 135 
Total interest expense, net86 189 130 337 
Other (income) expense, net2 (10) (13)
Reorganization items, net 633  677 
(Gain) from the sale of a business (8) (400)
Change in fair value of Public Warrants(461) (511) 
Total expenses1,225 2,088 2,479 3,109 
Income (loss) before income taxes
1,119 (215)1,675 52 
Income tax (provision) benefit
(179)46 (309)(33)
Net income (loss) 940 (169)1,366 19 
Net (income) loss attributable to noncontrolling interests
 1  2 
Net income (loss) attributable to Hertz Global
$940 $(168)$1,366 $21 
Weighted-average common shares outstanding:
Basic398 160 415 158 
Diluted424 160 443 158 
Earnings (loss) per common share:
Basic$2.36 $(1.05)$3.29 $0.13 
Diluted$1.13 $(1.05)$1.93 $0.13 


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
June 30,
Six Months Ended
June 30,
2022202120222021
Net income (loss)$940 $(169)$1,366 $19 
Other comprehensive income (loss):
Foreign currency translation adjustments(59)(7)(66)10 
Total other comprehensive income (loss)(59)(7)(66)10 
Total comprehensive income (loss) 881 (176)1,300 29 
Comprehensive (income) loss attributable to noncontrolling interests 1  2 
Comprehensive income (loss) attributable to Hertz Global$881 $(175)$1,300 $31 
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(1)
Accumulated
Other
Comprehensive
Income (Loss)
Treasury Stock SharesTreasury Stock AmountStockholders'
Equity
Attributable to
Hertz Global
Non-
controlling Interests(2)
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 
Net income (loss)— — — — — (168)— — — (168)(1)(169)
Other comprehensive income (loss)— — — — — — (7)— — (7)— (7)
Cancellation of common and treasury shares in exchange for new common shares— — (142)(2)(98)— — (2)100  —  
Cancellation of stock-based awards— — — — (10)— — — — (10)— (10)
Distributions to common stockholders— — — — (239)— — — — (239)— (239)
Contribution from Plan Sponsors— — 277 3 2,778 — — — — 2,781 — 2,781 
Rights Offering, net— — 180 2 1,796 — — — — 1,798 — 1,798 
Public Warrants issuance— — — — (800)— — — — (800)— (800)
Preferred stock issuance, net2 1,433 — — — — — — — — — — 
Distributions to noncontrolling interests, net— — — — — — — — — (5)(5)
June 30, 20212 $1,433 471 $5 $6,476 $(2,659)$(202) $ $3,620 $19 $3,639 
(1)    Net income (loss) is computed independently each quarter. As a result, the quarter amounts presented herein may be rounded to agree to accumulated deficit in the accompanying unaudited condensed consolidated balance sheet.
(2)    See "767 Auto Leasing LLC" in Note 13, "Related Party Transactions."



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 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, net of tax— — — — 28 — — — — 28 
Public Warrant exercises(1)
— — — — 4 — — — — 4 
Share repurchases— — (35)— — — — 35 (722)(722)
March 31, 2022  415 5 6,237 (1,889)(221)62 (1,430)2,702 
Net income (loss)— — — — 940 — — — 940 
Other comprehensive income (loss)— — — — — — (59)— — (59)
Stock-based compensation charges, net of tax— — — — 36 — — — — 36 
Public Warrant exercises(1)
— — — — 1 — — — — 1 
Share repurchases— — (47)— — — — 47 (891)(891)
June 30, 2022 $ 368 $5 $6,274 $(949)$(280)109 $(2,321)$2,729 
(1)    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)
 Six Months Ended
June 30,
 20222021
Cash flows from operating activities:
Net income (loss) $1,366 $19 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net145 420 
Depreciation and amortization, non-vehicle69 104 
Amortization of deferred financing costs and debt discount (premium)25 98 
Loss on extinguishment of debt 8 
Stock-based compensation charges64 2 
Provision for receivables allowance23 64 
Deferred income taxes, net249 (16)
Reorganization items, net 314 
(Gain) loss from the sale of a business (400)
Change in fair value of Public Warrants(511) 
(Gain) loss on financial instruments(65)2 
Other(3)(10)
Changes in assets and liabilities:
Non-vehicle receivables(200)(214)
Prepaid expenses and other assets(87)(67)
Operating lease right-of-use assets79 154 
Non-vehicle accounts payable(32)94 
Accrued liabilities233 (11)
Accrued taxes, net52 91 
Operating lease liabilities(93)(160)
Self-insured liabilities15 (27)
Net cash provided by (used in) operating activities1,329 465 
Cash flows from investing activities:
Revenue earning vehicles expenditures(6,089)(4,136)
Proceeds from disposal of revenue earning vehicles2,887 1,199 
Non-vehicle capital asset expenditures(59)(17)
Proceeds from non-vehicle capital assets disposed of or to be disposed of6 10 
Collateral payments (303)
Collateral returned in exchange for letters of credit19 114 
Return of (investment in) equity investments(15) 
Proceeds from the sale of a business, net of cash sold 818 
Other (1)
Net cash provided by (used in) investing activities(3,251)(2,316)
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)
 Six Months Ended
June 30,
 20222021
Cash flows from financing activities:
Proceeds from issuance of vehicle debt7,379 8,939 
Repayments of vehicle debt(4,824)(8,120)
Proceeds from issuance of non-vehicle debt 3,139 
Repayments of non-vehicle debt(10)(6,341)
Payment of financing costs(38)(151)
Proceeds from Plan Sponsors 2,781 
Proceeds from Rights Offering, net 1,635 
Proceeds from the issuance of preferred stock, net 1,433 
Distributions to common stockholders (239)
Proceeds from exercises of Public Warrants3  
Share repurchases(1,647) 
Early redemption payments (85)
Contributions from (distributions to) noncontrolling interests (