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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, 2021
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 shareHTZZ*
The Hertz CorporationNoneNoneNone

*Hertz Global Holdings, Inc.'s common stock trades on the over-the-counter market under the symbol HTZZ.

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 

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.
Hertz Global Holdings, Inc.    Yes  No 
The Hertz Corporation    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 21, 2021
Hertz Global Holdings, Inc.Common Stock,par value $0.01 per share472,688,295
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, 2021December 31, 2020
ASSETS
Cash and cash equivalents$2,703 $1,096 
Restricted cash and cash equivalents:
Vehicle320 50 
Non-vehicle443 361 
Total restricted cash and cash equivalents763 411 
Total cash, cash equivalents, restricted cash and restricted cash equivalents3,466 1,507 
Receivables:
Vehicle139 164 
Non-vehicle, net of allowance of $58 and $46, respectively
751 613 
Total receivables, net890 777 
Prepaid expenses and other assets642 373 
Revenue earning vehicles:
Vehicles10,122 7,540 
Less: accumulated depreciation(1,559)(1,478)
Total revenue earning vehicles, net8,563 6,062 
Property and equipment, net609 666 
Operating lease right-of-use assets1,453 1,675 
Intangible assets, net2,925 2,992 
Goodwill1,045 1,045 
Assets held for sale 1,811 
Total assets(a)
$19,593 $16,908 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
Accounts payable:
Vehicle$46 $29 
Non-vehicle540 389 
Total accounts payable586 418 
Accrued liabilities904 759 
Accrued taxes, net228 121 
Debt:
Vehicle 7,207 6,024 
Non-vehicle1,511 243 
Total debt8,718 6,267 
Public Warrants783  
Operating lease liabilities1,402 1,636 
Self-insured liabilities470 488 
Deferred income taxes, net851 730 
Total liabilities not subject to compromise13,942 10,419 
Liabilities subject to compromise 4,965 
Liabilities held for sale 1,431 
Total liabilities(a)
13,942 16,815 
Commitments and contingencies
Mezzanine Equity:
Preferred stock, $0.01 par value, 1,500,000 shares issued and outstanding at September 30, 2021
1,433  
Total mezzanine equity1,433  
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding at December 31, 2020
  
Common stock, $0.01 par value, 471,528,459 shares issued and outstanding at September 30, 2021, and 158,235,410 and 156,206,478 shares issued and outstanding at December 31, 2020
5 2 
Treasury stock, at cost, 2,028,932 shares at December 31, 2020
 (100)
Additional paid-in capital6,482 3,047 
Retained earnings (Accumulated deficit)(2,055)(2,681)
Accumulated other comprehensive income (loss)(226)(212)
Stockholders' equity attributable to Hertz Global4,206 56 
 Noncontrolling interests12 37 
Total stockholders' equity4,218 93 
Total liabilities, mezzanine equity and stockholders' equity$19,593 $16,908 
(a)Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2021 and December 31, 2020 include total assets of variable interest entities (“VIEs”) of $745 million and $511 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, 2021 and December 31, 2020 include total liabilities of VIEs of $734 million and $475 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 6, "Debt," and "767 Auto Leasing LLC" in Note 15, "Related Party Transactions," for further information.
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,
 2021202020212020
Revenues$2,226 $1,268 $5,387 $4,023 
Expenses:
Direct vehicle and operating1,131 779 2,855 2,624 
Depreciation of revenue earning vehicles and lease charges61 347 420 1,632 
Non-vehicle depreciation and amortization49 58 153 168 
Selling, general and administrative177 138 498 506 
Interest expense, net:
Vehicle41 110 243 360 
Non-vehicle (excludes contractual interest of $53 million and $75 million for the three and nine months ended September 30, 2020, respectively)
22 17 157 118 
Total interest expense, net63 127 400 478 
Technology-related intangible and other asset impairments   193 
Other (income) expense, net(7) (20)(15)
Reorganization items, net 78 677 101 
(Gain) from the sale of a business  (400) 
Change in fair value of Public Warrants(16) (16) 
Total expenses1,458 1,527 4,567 5,687 
Income (loss) before income taxes
768 (259)820 (1,664)
Income tax (provision) benefit
(160)36 (193)232 
Net income (loss) 608 (223)627 (1,432)
Net (income) loss attributable to noncontrolling interests
(3)1 (1)7 
Net income (loss) attributable to Hertz Global
605 (222)626 (1,425)
Dividends on Series A Preferred Stock(34) (34) 
Net income (loss) available to Hertz Global common stockholders$571 $(222)$592 $(1,425)
Weighted-average common shares outstanding:
Basic471 156 264 148 
Diluted490 156 270 148 
Earnings (loss) per common share:
Basic$1.21 $(1.42)$2.25 $(9.65)
Diluted$1.13 $(1.42)$2.14 $(9.65)


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,
2021202020212020
Net income (loss)$608 $(223)$627 $(1,432)
Other comprehensive income (loss):
Foreign currency translation adjustments
(24)(6)(14)(32)
Net gain (loss) on pension and postretirement benefit plans 15  1 
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial net losses 1  6 
Total other comprehensive income (loss) before income taxes(24)10 (14)(25)
Income tax (provision) benefit related to pension and postretirement benefit plans (4)  
Income tax (provision) benefit related to reclassified amounts of net periodic costs on pension and postretirement benefit plans (1) (2)
Total other comprehensive income (loss)(24)5 (14)(27)
Total comprehensive income (loss)
584 (218)613 (1,459)
Comprehensive (income) loss attributable to noncontrolling interests(3)1 (1)7 
Comprehensive income (loss) attributable to Hertz Global
$581 $(217)$612 $(1,452)
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 MEZZANINE EQUITY AND 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
Total Stockholders' Equity
Balance as of:
December 31, 2019 $ 142 $1 $3,024 $(967)$(189)2 $(100)$1,769 $119 $1,888 
Net income (loss) — — — — — (356)— — — (356)(1)(357)
Other comprehensive income (loss)— — — — — — (39)— — (39)— (39)
Net settlement on vesting of restricted stock — — — — (2)— — — — (2)— (2)
Contributions from noncontrolling interests— — — — — — — — — — 1 1 
March 31, 2020  142 1 3,022 (1,323)(228)2 (100)1,372 119 1,491 
Net income (loss) — — — — — (847)— — — (847)(5)(852)
Other comprehensive income (loss)— — — — — — 7 — — 7 — 7 
Stock-based compensation charges— — — — (2)— — — — (2)— (2)
Stock issuance, net— — 14 1 28 — — — — 29 — 29 
June 30, 2020  156 2 3,048 (2,170)(221)2 (100)559 114 673 
Net income (loss)— — — — — (222)— — — (222)(1)(223)
Other comprehensive income (loss)— — — — — — 5 — — 5 — 5 
Net settlement on vesting of restricted stock— — — — (1)— — — — (1)— (1)
Distributions to noncontrolling interests— — — — — — — — — — (54)(54)
September 30, 2020 $ 156 $2 $3,047 $(2,392)$(216)2 $(100)$341 $59 $400 




HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
Unaudited
(In millions)
Mezzanine Equity
Preferred Stock
Shares
Preferred Stock
Amount
Common Stock SharesCommon Stock AmountAdditional
Paid-In Capital
Retained Earnings (Accumulated
Deficit)(1)
Accumulated
Other
Comprehensive
Income (Loss)
Treasury Stock SharesTreasury Stock AmountStockholders'
Equity
Attributable to
Hertz Global
Non-
controlling Interests
Total Stockholders' Equity
Balance as of:
December 31, 2020 $ 156 $