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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, 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, Zip Code and Telephone Number
State of IncorporationI.R.S. Employer Identification No.
001-37665HERTZ GLOBAL HOLDINGS, INC.Delaware61-1770902
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
The Nasdaq Stock Market LLC
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
The Nasdaq Stock Market LLC
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 19, 2023
Hertz Global Holdings, Inc.Common Stock,par value $0.01 per share307,812,765
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


Table of Contents

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
September 30, 2023December 31, 2022
ASSETS
Cash and cash equivalents$594 $943 
Restricted cash and cash equivalents:
Vehicle168 180 
Non-vehicle294 295 
Total restricted cash and cash equivalents462 475 
Total cash and cash equivalents and restricted cash and cash equivalents1,056 1,418 
Receivables:
Vehicle267 111 
Non-vehicle, net of allowance of $47 and $45, respectively
1,140 863 
Total receivables, net1,407 974 
Prepaid expenses and other assets835 1,155 
Revenue earning vehicles:
Vehicles17,576 14,281 
Less: accumulated depreciation(2,117)(1,786)
Total revenue earning vehicles, net15,459 12,495 
Property and equipment, net672 637 
Operating lease right-of-use assets2,200 1,887 
Intangible assets, net2,881 2,887 
Goodwill1,044 1,044 
Total assets(1)
$25,554 $22,497 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable:
Vehicle$216 $79 
Non-vehicle574 578 
Total accounts payable790 657 
Accrued liabilities896 911 
Accrued taxes, net215 170 
Debt:
Vehicle 12,894 10,886 
Non-vehicle3,119 2,977 
Total debt16,013 13,863 
Public Warrants506 617 
Operating lease liabilities2,094 1,802 
Self-insured liabilities472 472 
Deferred income taxes, net1,178 1,360 
Total liabilities(1)
22,164 19,852 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding
  
Common stock, $0.01 par value, 479,253,617 and 478,914,062 shares issued, respectively, and 308,798,093 and 323,483,178 shares outstanding, respectively
5 5 
Treasury stock, at cost, 170,455,524 and 155,430,884 common shares, respectively
(3,389)(3,136)
Additional paid-in capital6,389 6,326 
Retained earnings (Accumulated deficit)708 (256)
Accumulated other comprehensive income (loss)(323)(294)
Total stockholders' equity3,390 2,645 
Total liabilities and stockholders' equity$25,554 $22,497 
(1)    Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2023 and December 31, 2022 include total assets of variable interest entities (“VIEs”) of $1.9 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 September 30, 2023 and December 31, 2022 include total liabilities of VIEs of $1.9 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.
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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,
 2023202220232022
Revenues$2,703 $2,496 $7,187 $6,650 
Expenses:
Direct vehicle and operating1,499 1,282 4,067 3,534 
Depreciation of revenue earning vehicles and lease charges, net501 294 1,211 341 
Non-vehicle depreciation and amortization33 36 100 105 
Selling, general and administrative209 246 715 738 
Interest expense, net:
Vehicle162 27 405 77 
Non-vehicle63 43 170 123 
Interest expense, net225 70 575 200 
Other (income) expense, net5 (6)12 (6)
(Gain) on sale of non-vehicle capital assets  (162) 
Change in fair value of Public Warrants(328)(73)(110)(584)
Total expenses2,144 1,849 6,408 4,328 
Income (loss) before income taxes
559 647 779 2,322 
Income tax (provision) benefit
70 (70)185 (379)
Net income (loss) $629 $577 $964 $1,943 
Weighted-average common shares outstanding:
Basic311 355 315 395 
Diluted327 379 332 421 
Earnings (loss) per common share:
Basic$2.02 $1.62 $3.06 $4.92 
Diluted$0.92 $1.33 $2.57 $3.22 


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
September 30,
Nine Months Ended
September 30,
2023202220232022
Net income (loss)$629 $577 $964 $1,943 
Other comprehensive income (loss):
Foreign currency translation adjustments(47)(79)(29)(145)
Total other comprehensive income (loss)(47)(79)(29)(145)
Total comprehensive income (loss) $582 $498 $935 $1,798 
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
Retained Earnings (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 
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— — — — 36 — — — — 36 
Public Warrant exercises— — — — 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— — — — 33 — — — — 33 
Public Warrant exercises— — — — 1 — — — — 1 
Share repurchases— — (27)— — — — 28 (500)(500)
September 30, 2022 $ 341 $5 $6,308 $(372)$(359)137 $(2,821)$2,761 




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
Retained Earnings (Accumulated deficit)Accumulated
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)(2)
— — (5)— — — — 6 (101)(101)
March 31, 2023  318 5 6,346 (60)(280)161 (3,237)2,774 
Net income (loss)— — — — 139 — — — 139 
Other comprehensive income (loss)— — — — — — 4 — — 4 
Stock-based compensation charges— — — — 22 — — — — 22 
Public Warrant exercises(2)
— — — — 1 — — — — 1 
Share repurchases(2)
— — (6)— — — — 6 (101)(101)
June 30, 2023  312 5 6,369 79 (276)167 (3,338)2,839 
Net income (loss)— — — — — 629 — — — 629 
Other comprehensive income (loss)— — — — — — (47)— — (47)
Net settlement on vesting of restricted stock— — — — (2)— — — — (2)
Stock-based compensation charges— — — — 22 — — — — 22 
Share repurchases(2)
— — (3)— — — — 3 (51)(51)
September 30, 2023 $ 309 $5 $6,389 $708 $(323)170 $(3,389)$3,390 
(1)    The amounts presented herein may be rounded to agree to amounts in the unaudited condensed consolidated balance sheet.
(2)    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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Table of Contents
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
 Nine Months Ended
September 30,
 20232022
Cash flows from operating activities:
Net income (loss) $964 $1,943 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles, net1,490 511 
Depreciation and amortization, non-vehicle100 105 
Amortization of deferred financing costs and debt discount (premium)44 38 
Stock-based compensation charges65 96 
Provision for receivables allowance67 42 
Deferred income taxes, net(236)301 
(Gain) loss on sale of non-vehicle capital assets(165)(5)
Change in fair value of Public Warrants(110)(584)
Changes in financial instruments107 (120)
Other9 3 
Changes in assets and liabilities:
Non-vehicle receivables(383)(234)
Prepaid expenses and other assets(95)(80)
Operating lease right-of-use assets253 202 
Non-vehicle accounts payable27 (7)
Accrued liabilities3 183 
Accrued taxes, net45 52 
Operating lease liabilities(275)(223)
Self-insured liabilities 38 
Net cash provided by (used in) operating activities1,910 2,261 
Cash flows from investing activities:
Revenue earning vehicles expenditures(8,312)(7,853)
Proceeds from disposal of revenue earning vehicles4,178 4,470 
Non-vehicle capital asset expenditures(151)(104)
Proceeds from disposal of non-vehicle capital assets178 10 
Collateral returned in exchange for letters of credit 19 
Return of (investment in) equity investments(1)(15)
Net cash provided by (used in) investing activities(4,108)(3,473)
Cash flows from financing activities:
Proceeds from issuance of vehicle debt5,741 8,282 
Repayments of vehicle debt(3,739)(5,954)
Proceeds from issuance of non-vehicle debt1,650  
Repayments of non-vehicle debt(1,513)(14)
Payment of financing costs(31)(42)
Proceeds from exercises of Public Warrants 3 
The accompanying notes are an integral part of these financial statements.
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Table of Contents
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
 Nine Months Ended
September 30,
 20232022
Share repurchases(272)(2,152)
Other(3)(4)
Net cash provided by (used in) financing activities1,833 119 
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents3 (50)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period (362)(1,143)
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$1,056 $1,508 
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized:
Vehicle$341 $151 
Non-vehicle170 97 
Income taxes, net of refunds27 60 
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives$199 $88 
Sales of revenue earning vehicles included in vehicle receivables250 198 
Purchases of non-vehicle capital assets included in accounts payable20 26 
Revenue earning vehicles and non-vehicle capital assets acquired through finance lease43 7 
Public Warrant exercises 3 
Accrual for purchases of treasury shares2 16 

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


THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
September 30, 2023December 31, 2022
ASSETS  
Cash and cash equivalents$594 $943 
Restricted cash and cash equivalents:
Vehicle168 180 
Non-vehicle294 295 
Total restricted cash and cash equivalents462 475 
Total cash and cash equivalents and restricted cash and cash equivalents1,056 1,418 
Receivables:
Vehicle267 111 
Non-vehicle, net of allowance of $47 and $45, respectively
1,140 863 
Total receivables, net1,407 974 
Prepaid expenses and other assets834 1,154 
Revenue earning vehicles:
Vehicles17,576 14,281 
Less: accumulated depreciation(2,117)(1,786)
Total revenue earning vehicles, net15,459 12,495 
Property and equipment, net672 637 
Operating lease right-of-use assets2,200 1,887 
Intangible assets, net2,881 2,887 
Goodwill1,044 1,044 
Total assets(1)
$25,553 $22,496 
LIABILITIES AND STOCKHOLDER'S EQUITY
Accounts payable:
Vehicle$216 $79 
Non-vehicle574 578 
Total accounts payable790 657 
Accrued liabilities894 890 
Accrued taxes, net213 170 
Debt:
Vehicle12,894 10,886 
Non-vehicle3,119 2,977 
Total debt16,013 13,863 
Operating lease liabilities2,094 1,802 
Self-insured liabilities472 472 
Deferred income taxes, net1,181 1,363 
Total liabilities(1)
21,657 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 capital4,637 4,844 
Retained earnings (Accumulated deficit) (418)(1,271)
Accumulated other comprehensive income (loss)(323)(294)
Total stockholder's equity3,896 3,279 
Total liabilities and stockholder's equity$25,553 $22,496 
(1)    The Hertz Corporation's consolidated total assets as of September 30, 2023 and December 31, 2022 include total assets of VIEs of $1.9 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 September 30, 2023 and December 31, 2022 include total liabilities of VIEs of $1.9 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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Table of Contents

THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions)

Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Revenues$2,703 $2,496 $7,187 $6,650 
Expenses:  
Direct vehicle and operating1,499 1,282 4,067 3,534 
Depreciation of revenue earning vehicles and lease charges, net501 294 1,211 341 
Non-vehicle depreciation and amortization33 36 100 105 
Selling, general and administrative209 246 715 738 
Interest expense, net:
Vehicle162 27 405 77 
Non-vehicle63 43 170 123 
Interest expense, net225 70 575 200 
Other (income) expense, net5 (6)12 (6)
(Gain) on sale of non-vehicle capital assets  (162) 
Total expenses2,472 1,922 6,518 4,912 
Income (loss) before income taxes
231 574 669 1,738 
Income tax (provision) benefit
68 (71)184 (379)
Net income (loss)
$299 $503 $853 $1,359 

The accompanying notes are an integral part of these financial statements.
9

Table of Contents

THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
(In millions)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Net income (loss)$299 $503 $853 $1,359 
Other comprehensive income (loss):
Foreign currency translation adjustments(47)(79)(29)(145)
Total other comprehensive income (loss)(47)(79)(29)(145)
Total comprehensive income (loss)$252 $424 $824 $1,214 

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

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 
Net income (loss)— — — 480 — 480 
Other comprehensive income (loss)— — — — (59)(59)
Stock-based compensation charges— — 36 — — 36 
Dividends paid to Hertz Holdings— — (881)— — (881)
June 30, 2022100  5,606 (1,770)(280)3,556 
Net income (loss)— — — 503 — 503 
Other comprehensive income (loss)— — — — (79)(79)
Stock-based compensation charges— — 33 — — 33 
Dividends paid to Hertz Holdings— — (504)— — (504)
September 30, 2022100 $ $5,135 $(1,267)$(359)$3,509 
    

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, 2022100 $ $4,844 $(1,271)$(294)$