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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, 2023
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 ofApril 20, 2023
Hertz Global Holdings, Inc.Common Stock,par value $0.01 per share315,239,847
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, 2023December 31, 2022
ASSETS
Cash and cash equivalents$728 $943 
Restricted cash and cash equivalents:
Vehicle216 180 
Non-vehicle298 295 
Total restricted cash and cash equivalents514 475 
Total cash and cash equivalents and restricted cash and cash equivalents1,242 1,418 
Receivables:
Vehicle136 111 
Non-vehicle, net of allowance of $42 and $45, respectively
898 863 
Total receivables, net1,034 974 
Prepaid expenses and other assets980 1,155 
Revenue earning vehicles:
Vehicles15,746 14,281 
Less: accumulated depreciation(1,888)(1,786)
Total revenue earning vehicles, net13,858 12,495 
Property and equipment, net642 637 
Operating lease right-of-use assets2,067 1,887 
Intangible assets, net2,882 2,887 
Goodwill1,044 1,044 
Total assets(1)
$23,749 $22,497 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:
Vehicle$167 $79 
Non-vehicle553 578 
Total accounts payable720 657 
Accrued liabilities926 911 
Accrued taxes, net173 170 
Debt:
Vehicle 11,789 10,886 
Non-vehicle2,975 2,977 
Total debt14,764 13,863 
Public Warrants735 617 
Operating lease liabilities1,977 1,802 
Self-insured liabilities457 472 
Deferred income taxes, net1,223 1,360 
Total liabilities(1)
20,975 19,852 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding
  
Common stock, $0.01 par value, 479,114,852 and 478,914,062 shares issued, respectively, and 317,948,320 and 323,483,178 shares outstanding, respectively
5 5 
Treasury stock, at cost, 161,166,532 and 155,430,884 common shares, respectively
(3,237)(3,136)
Additional paid-in capital6,346 6,326 
Retained earnings (Accumulated deficit)(60)(256)
Accumulated other comprehensive income (loss)(280)(294)
Total stockholders' equity2,774 2,645 
Total liabilities and stockholders' equity$23,749 $22,497 
`
(1)    Hertz Global Holdings, Inc.'s consolidated total assets as of March 31, 2023 and December 31, 2022 include total assets of variable interest entities (“VIEs”) of $1.4 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of March 31, 2023 and December 31, 2022 include total liabilities of VIEs of $1.4 billion and $1.3 billion, 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
March 31,
 20232022
Revenues$2,047 $1,810 
Expenses:
Direct vehicle and operating1,221 1,053 
Depreciation of revenue earning vehicles and lease charges, net381 (59)
Non-vehicle depreciation and amortization35 33 
Selling, general and administrative221 235 
Interest expense, net:
Vehicle111 5 
Non-vehicle51 39 
Interest expense, net162 44 
Other (income) expense, net9 (2)
(Gain) on sale of non-vehicle capital assets(162) 
Change in fair value of Public Warrants118 (50)
Total expenses1,985 1,254 
Income (loss) before income taxes
62 556 
Income tax (provision) benefit
134 (130)
Net income (loss) $196 $426 
Weighted-average common shares outstanding:
Basic321 432 
Diluted323 461 
Earnings (loss) per common share:
Basic$0.61 $0.99 
Diluted$0.61 $0.82 


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
March 31,
20232022
Net income (loss)$196 $426 
Other comprehensive income (loss):
Foreign currency translation adjustments14 (7)
Total other comprehensive income (loss)14 (7)
Total comprehensive income (loss) $210 $419 
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
Accumulated
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— — — — 4 — — — — 4 
Shares repurchases— — (35)— — — — 35 (722)(722)
March 31, 2022 $ 415 $5 $6,237 $(1,889)$(221)62 $(1,430)$2,702 


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, 2022 $ 323 $5 $6,326 $(256)$(294)155 $(3,136)$2,645 
Net income (loss)— — — — — 196 — — — 196 
Other comprehensive income (loss)— — — — — — 14 — — 14 
Net settlement on vesting of restricted stock— — — — (1)— — — — (1)
Stock-based compensation charges— — — — 21 — — — — 21 
Share repurchases(1)
— — (5)— — — — 6 (101)(101)
March 31, 2023 $ 318 $5 $6,346 $(60)$(280)161 $(3,237)$2,774 
(1)    The amounts presented herein may be rounded to agree to amounts in the unaudited condensed consolidated balance sheet. Also 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,
 20232022
Cash flows from operating activities:
Net income (loss) $196 $426 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net466 (20)
Depreciation and amortization, non-vehicle35 33 
Amortization of deferred financing costs and debt discount (premium)14 11 
Stock-based compensation charges21 28 
Provision for receivables allowance20 13 
Deferred income taxes, net(135)103 
(Gain) loss on sale of non-vehicle capital assets(162)(2)
Change in fair value of Public Warrants118 (50)
Changes in financial instruments108 (44)
Other 1 
Changes in assets and liabilities:
Non-vehicle receivables(50)(43)
Prepaid expenses and other assets(48)(40)
Operating lease right-of-use assets78 72 
Non-vehicle accounts payable(27)51 
Accrued liabilities29 124 
Accrued taxes, net1 30 
Operating lease liabilities(84)(80)
Self-insured liabilities(18)8 
Net cash provided by (used in) operating activities562 621 
Cash flows from investing activities:
Revenue earning vehicles expenditures(2,824)(2,985)
Proceeds from disposal of revenue earning vehicles1,206 1,471 
Non-vehicle capital asset expenditures(45)(30)
Proceeds from non-vehicle capital assets disposed of or to be disposed of175 1 
Collateral returned in exchange for letters of credit 17 
Return of (investment in) equity investments (15)
Net cash provided by (used in) investing activities(1,488)(1,541)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt2,061 4,680 
Repayments of vehicle debt(1,190)(3,492)
Proceeds from issuance of non-vehicle debt425  
Repayments of non-vehicle debt(430)(5)
Payment of financing costs(8)(24)
Proceeds from exercises of Public Warrants 3 
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,
 20232022
Share repurchases(118)(766)
Other(1)(4)
Net cash provided by (used in) financing activities739 392 
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents11 (1)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period (176)(529)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period1,418 2,651 
Cash and cash equivalents and restricted cash and cash equivalents at end of period$1,242 $2,122 
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized:
Vehicle$96 $39 
Non-vehicle36 17 
Income taxes, net of refunds11 6 
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives$148 $82 
Sales of revenue earning vehicles included in vehicle receivables117 65 
Purchases of non-vehicle capital assets included in accounts payable 23 
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease12 5 
Public Warrant exercises 2 
Accrual for purchases of treasury shares4 10 

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, 2023December 31, 2022
ASSETS  
Cash and cash equivalents$728 $943 
Restricted cash and cash equivalents:
Vehicle216 180 
Non-vehicle298 295 
Total restricted cash and cash equivalents514 475 
Total cash and cash equivalents and restricted cash and cash equivalents1,242 1,418 
Receivables:
Vehicle136 111 
Non-vehicle, net of allowance of $42 and $45, respectively
898 863 
Total receivables, net1,034 974 
Prepaid expenses and other assets979 1,154 
Revenue earning vehicles:
Vehicles15,746 14,281 
Less: accumulated depreciation(1,888)(1,786)
Total revenue earning vehicles, net13,858 12,495 
Property and equipment, net642 637 
Operating lease right-of-use assets2,067 1,887 
Intangible assets, net2,882 2,887 
Goodwill1,044 1,044 
Total assets(1)
$23,748 $22,496 
LIABILITIES AND STOCKHOLDER'S EQUITY
Accounts payable:
Vehicle$167 $79 
Non-vehicle553 578 
Total accounts payable720 657 
Accrued liabilities922 890 
Accrued taxes, net172 170 
Debt:
Vehicle11,789 10,886 
Non-vehicle2,975 2,977 
Total debt14,764 13,863 
Operating lease liabilities1,977 1,802 
Self-insured liabilities457 472 
Deferred income taxes, net1,226 1,363 
Total liabilities(1)
20,238 19,217 
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 capital4,747 4,844 
Retained earnings (Accumulated deficit) (957)(1,271)
Accumulated other comprehensive income (loss)(280)(294)
Total stockholder's equity3,510 3,279 
Total liabilities and stockholder's equity$23,748 $22,496 
(1)    The Hertz Corporation's consolidated total assets as of March 31, 2023 and December 31, 2022 include total assets of VIEs of $1.4 billion and $1.3 billion, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of March 31, 2023 and December 31, 2022 include total liabilities of VIEs of $1.4 billion and $1.3 billion, 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,
 20232022
Revenues$2,047 $1,810 
Expenses: 
Direct vehicle and operating1,221 1,053 
Depreciation of revenue earning vehicles and lease charges, net381 (59)
Non-vehicle depreciation and amortization35 33 
Selling, general and administrative221 235 
Interest expense, net:
Vehicle111 5 
Non-vehicle51 39 
Interest expense, net162 44 
Other (income) expense, net9 (2)
(Gain) on sale of non-vehicle capital assets(162) 
Total expenses1,867 1,304 
Income (loss) before income taxes
180 506 
Income tax (provision) benefit
134 (130)
Net income (loss)
$314 $376 

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,
20232022
Net income (loss)$314 $376 
Other comprehensive income (loss):
Foreign currency translation adjustments14 (7)
Total other comprehensive income (loss)14 (7)
Total comprehensive income (loss)$328 $369 

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)
Total Stockholder's Equity (Deficit)
Balance as of:
December 31, 2021100 $ $7,190 $(2,626)$(214)$4,350 
Net income (loss)— — — 376 — 376 
Other comprehensive income (loss)— — — — (7)(7)
Stock-based compensation charges— — 28 — — 28 
Dividends paid to Hertz Holdings— — (767)— — (767)
March 31, 2022100 $ $6,451 $(2,250)$(221)$3,980 

 Common Stock SharesCommon Stock AmountAdditional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other Comprehensive
Income (Loss)
Total Stockholder's Equity (Deficit)
Balance as of:
December 31, 2022100 $ $4,844 $(1,271)$(294)$3,279 
Net income (loss) — — — 314 — 314 
Other comprehensive income (loss)— — — — 14 14 
Stock-based compensation charges— — 21 — — 21 
Dividends paid to Hertz Holdings(1)
— — (118)— — (118)
March 31, 2023100 $ $4,747 $(957)$(280)$3,510 
(1)    See "Share Repurchase Programs for Common Stock" in Note 8, "Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global," for additional 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 CASH FLOWS
Unaudited
(In millions)
 Three Months Ended
March 31,
 20232022
Cash flows from operating activities:  
Net income (loss) $314 $376 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net466 (20)
Depreciation and amortization, non-vehicle35 33 
Amortization of deferred financing costs and debt discount (premium)14 11 
Stock-based compensation charges21 28 
Provision for receivables allowance20 13 
Deferred income taxes, net(