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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 endedSeptember 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 Corporation1    Yes  No 
1As 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 ofOctober 20, 2022
Hertz Global Holdings, Inc.Common Stock,par value $0.01 per share333,952,167
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)
September 30, 2022December 31, 2021
ASSETS
Cash and cash equivalents$1,006 $2,258 
Restricted cash and cash equivalents:
Vehicle203 77 
Non-vehicle299 316 
Total restricted cash and cash equivalents502 393 
Total cash and cash equivalents and restricted cash and cash equivalents1,508 2,651 
Receivables:
Vehicle222 62 
Non-vehicle, net of allowance of $46 and $48, respectively
831 696 
Total receivables, net1,053 758 
Prepaid expenses and other assets934 1,017 
Revenue earning vehicles:
Vehicles13,757 10,836 
Less: accumulated depreciation(1,734)(1,610)
Total revenue earning vehicles, net12,023 9,226 
Property and equipment, net618 608 
Operating lease right-of-use assets1,632 1,566 
Intangible assets, net2,883 2,912 
Goodwill1,043 1,045 
Total assets(1)
$21,694 $19,783 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:
Vehicle$112 $56 
Non-vehicle502 516 
Total accounts payable614 572 
Accrued liabilities955 863 
Accrued taxes, net205 157 
Debt:
Vehicle 10,097 7,921 
Non-vehicle2,979 2,986 
Total debt13,076 10,907 
Public Warrants737 1,324 
Operating lease liabilities1,556 1,510 
Self-insured liabilities484 463 
Deferred income taxes, net1,306 1,010 
Total liabilities(1)
18,933 16,806 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding
  
Common stock, $0.01 par value, 477,792,170 and 477,233,278 shares issued, respectively, and 341,223,449 and 449,782,424 shares outstanding, respectively
5 5 
Treasury stock, at cost, 136,568,721 and 27,450,854 common shares, respectively
(2,821)(708)
Additional paid-in capital6,308 6,209 
Retained earnings (Accumulated deficit)(372)(2,315)
Accumulated other comprehensive income (loss)(359)(214)
Total stockholders' equity2,761 2,977 
Total liabilities and stockholders' equity$21,694 $19,783 
(1)    Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2022 and December 31, 2021 include total assets of variable interest entities (“VIEs”) of $952 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 September 30, 2022 and December 31, 2021 include total liabilities of VIEs of $951 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.
2


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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
September 30,
Nine Months Ended
September 30,
 2022202120222021
Revenues$2,496 $2,226 $6,650 $5,387 
Expenses:
Direct vehicle and operating1,282 1,131 3,534 2,855 
Depreciation of revenue earning vehicles and lease charges, net294 61 341 420 
Non-vehicle depreciation and amortization36 49 105 153 
Selling, general and administrative246 177 738 498 
Interest expense, net:
Vehicle27 41 77 243 
Non-vehicle43 22 123 157 
Total interest expense, net70 63 200 400 
Other (income) expense, net(6)(7)(6)(20)
Reorganization items, net   677 
(Gain) from the sale of a business   (400)
Change in fair value of Public Warrants(73)(16)(584)(16)
Total expenses1,849 1,458 4,328 4,567 
Income (loss) before income taxes
647 768 2,322 820 
Income tax (provision) benefit
(70)(160)(379)(193)
Net income (loss) 577 608 1,943 627 
Net (income) loss attributable to noncontrolling interests
 (3) (1)
Net income (loss) attributable to Hertz Global
577 605 1,943 626 
Dividends on Series A Preferred Stock (34) (34)
Net income (loss) available to Hertz Global common stockholders$577 $571 $1,943 $592 
Weighted-average common shares outstanding:
Basic355 471 395 264 
Diluted379 490 421 270 
Earnings (loss) per common share:
Basic$1.62 $1.21 $4.92 $2.25 
Diluted$1.33 $1.13 $3.22 $2.14 


The accompanying notes are an integral part of these financial statements.
3


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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
(In millions)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income (loss)$577 $608 $1,943 $627 
Other comprehensive income (loss):
Foreign currency translation adjustments(79)(24)(145)(14)
Total other comprehensive income (loss)(79)(24)(145)(14)
Total comprehensive income (loss) 498 584 1,798 613 
Comprehensive (income) loss attributable to noncontrolling interests (3) (1)
Comprehensive income (loss) attributable to Hertz Global$498 $581 $1,798 $612 
The accompanying notes are an integral part of these financial statements.
4


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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 
Net income— — — — — 604 — — — 604 3 607 
Other comprehensive income (loss)— — — — — — (24)— — (24)— (24)
Rights Offering, net— — 1 — 4 — — — — 4 — 4 
Exercise of Public Warrants— — — — 2 — — — — 2 — 2 
Distributions to noncontrolling interests, net— — — — — — — — — — (10)(10)
September 30, 20212 $1,433 472 $5 $6,482 $(2,055)$(226) $ $4,206 $12 $4,218 
(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 
Net income (loss)— — — — — 577 — — — 577 
Other comprehensive income (loss)— — — — — — (79)— — (79)
Stock-based compensation charges, net of tax— — — — 33 — — — — 33