Page 1

Hertz Hertz Global Holdings Reports First Quarter 2021 Financial Results May 7 , 2021 ESTERO , Fla . , May 7 , 2021 / PRNewswire / -- Hertz Global Holdings , Inc. ( OTCPK : HTZGQ ) ( " Hertz Global " or the " Company " ) today reported results for its first quarter 2021 with revenue of $ 1.3 billion , net income attributable to the Company of $ 190 million and Adjusted Corporate EBITDA of $ 2 million . Liquidity at the end of the first quarter was $ 1.1 billion . " This quarter we realized the first effects of the leisure travel rebound and capitalized on strong demand - driven pricing in destination markets that exceeded 2019 levels , " said Paul Stone , Hertz Global's President and Chief Executive Officer . " We're continuing to see improved demand and are optimistic about a sustained recovery . We're actively replenishing our fleet , despite the constraints of the global semiconductor shortage and its impact on the automotive supply chain . Most importantly , I'm exceptionally proud of our employees who are working tirelessly to serve our customers as they're ready to be on the road again . " During the quarter , the Company closed on the sale of substantially all of the assets of its Donlen vehicle leasing and fleet management business to Athene Holding Ltd for $ 891 million in cash proceeds , subject to certain adjustments . " Notably , we are also making great progress towards concluding the bankruptcy process , " continues Stone . " We are actively engaged with potential plan sponsor groups which we anticipate will deliver a robust recovery for creditors and shareholders . We remain on track to emerge in June and are poised to do so with more efficient operations and a stronger balance sheet for the future . " U.S. RENTAL CAR ( " U.S. RAC " ) SUMMARY Three Months Ended U.S. RAC March 31 , ( $ in millions , except where noted ) 2021 2020 Total revenues $ 946 $ 1,381 Percent Inc / ( Dec ) ( 32 ) % Adjusted EBITDA $ 24 Adjusted EBITDA Margin 3 % $ ( 199 ) NM ( 14 ) % Average Vehicles ( in whole units ) 292,154 518,580 ( 44 ) % Vehicle Utilization 75 % 67 % Transaction Days ( in thousands ) 19,776 31,564 ( 37 ) % Total RPD ( in whole dollars ) $ 47.63 $ 42.74 11 % Total RPU Per Month ( in whole dollars ) Depreciation Per Unit Per Month ( in whole dollars ) $ $ 1,075 $ 867 24 % 234 $ 298 ( 21 ) % NM - Not meaningful U.S. RAC revenue declined 32 % period over period due to lower volume , partially offset by an 11 % increase in Total RPD . Strong pricing during the quarter was driven by tighter fleet levels combined with upward trending leisure travel . Depreciation Per Unit Per Month decreased 21 % , driven by strength in market residual values . Direct operating and selling , general and administration expenses declined 33 % year over year as the Company continued to drive productivity , aligning costs with demand . Despite revenue headwinds from the pandemic , U.S. RAC Adjusted EBITDA margin was at its highest first quarter level since 2015 . INTERNATIONAL RENTAL CAR ( " INTERNATIONAL RAC " ) SUMMARY International RAC ( $ in millions , except where noted ) Total revenues 2021 Three Months Ended March 31 , 2020 Percent Inc / ( Dec ) $ 207 $ 368 ( 44 ) % Adjusted EBITDA Adjusted EBITDA Margin Average Vehicles ( in whole units ) Vehicle Utilization $ ( 6 ) $ ( 45 ) ( 3 ) % ( 86 ) % ( 12 ) % 75,446 147,987 ( 49 ) % Transaction Days ( in thousands ) 72 % 4,872 66 % 8,863 ( 45 ) % Total RPD ( in whole dollars ) $ 42.49 $ 45.57 ( 7 ) % Total RPU Per Month ( in whole dollars ) $ 915 $ 910 1 % Depreciation Per Unit Per Month ( in whole dollars ) $ 168 $ 220 ( 24 ) %