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Donnerstag,
25.04.2024 07:30
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PR Newswire
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HERTZ REPORTS FIRST QUARTER 2024 RESULTS
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PR Newswire
ESTERO, Fla., April 25, 2024
"Fleet and direct operating costs weighed on this quarter's performance," said Gil West, Hertz chief executive officer. "We're tackling both issues - getting to the right supply of vehicles at an acceptable capital cost while at the same time driving productivity up and operating costs down. These, along with creating a superior customer experience, will be our focus as we position ourselves to take advantage of strong travel demand in this transition year. We've put the right strategy in place, and I see a clear path for Hertz to generate sustainable and higher earnings for our shareholders."
ESTERO, Fla., April 25, 2024 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz", "Hertz Global" or the "Company") today reported results for its first quarter 2024.
OVERVIEW
- Revenue of $2.1 billion
- GAAP net loss of $186 million, a negative 9% margin, or $0.61 loss per diluted share
- Adjusted net loss of $392 million, or $1.28 loss per diluted share
- Adjusted Corporate EBITDA of negative $567 million, a negative 27% margin, driven by a $588 million increase in vehicle depreciation, of which $195 million related to EVs held for sale
- GAAP operating cash flow of $370 million; Adjusted operating cash outflow of $697 million and adjusted free cash outflow of $729 million
- Corporate liquidity of $1.3 billion at March 31, 2024
FIRST QUARTER RESULTS
First quarter revenue was $2.1 billion, up 2% from the first quarter of 2023 and reflected continued strength in rental demand. Increased demand in leisure and rideshare customer channels drove a 9% increase in transaction days. First quarter RPD of $56.68 reflected a decline of 7% year over year, which moderated to 3% in March.
In the first quarter, the Company upsized its EV disposition plan by 10,000 vehicles, for a total of 30,000 EVs intended for sale in 2024. The Company incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale which were remaining in inventory at quarter-end to fair value and recognize the disposition losses on EVs sold in the period.
Vehicle depreciation in the first quarter of 2024 increased $588 million, or $339 on a per unit basis, primarily driven by deterioration in estimated forward residual values and disposition losses on ICE vehicles compared to gains in the prior year quarter. Additionally, of the $339 per unit increase, $119 was related to EVs held for sale.
Direct operating expense on a per transaction day basis in the first quarter of 2024 increased by 3% year over year reflecting inflationary pressure as well as elevated collision and damage expense. Excluding collision and damage, DOE per day was flat.
Adjusted Corporate EBITDA was negative $567 million in the quarter driven mainly by a $588 million increase in vehicle depreciation compared to the first quarter of 2023, of which $195 million related to EVs held for sale. The Company commenced a broad fleet refresh during the quarter and has revenue and cost initiatives in place to enhance the Company's future profitability.
SUMMARY RESULTS
| | Three Months Ended March 31, | | Percent 2024 vs 2023 | ||
| ($ in millions, except earnings per share or where noted) | 2024 | | 2023 | | |
| Hertz Global - Consolidated | | | | | |
| Total revenues | $ 2,080 | | $ 2,047 | | 2 % |
| Net income (loss) | $ (186) | | $ 196 | | NM |
| Net income (loss) margin | (9) % | | 10 % | | |
| Adjusted net income (loss)(a) | $ (392) | | $ 126 | | NM |
| Adjusted diluted earnings (loss) per share(a) | $ (1.28) | | $ 0.39 | | NM |
| Adjusted Corporate EBITDA(a) | $ (567) | | $ 237 | | NM |
| Adjusted Corporate EBITDA Margin(a) | (27) % | | 12 % | | |
| | | | | | |
| Average Vehicles (in whole units) | 547,492 | | 504,528 | | 9 % |
| Average Rentable Vehicles (in whole units) | 529,232 | | 483,288 | | 10 % |
| Vehicle Utilization | 76 % | | 77 % | | |
| Transaction Days (in thousands) | 36,854 | | 33,787 | | 9 % |
| Total RPD (in dollars)(b) | $ 56.68 | | $ 60.85 | | (7) % |
| Total RPU Per Month (in whole dollars)(b) | $ 1,316 | | $ 1,418 | | (7) % |
| Depreciation Per Unit Per Month (in whole dollars)(b) | $ 592 | | $ 253 | | NM |
| | | | | | |
| Americas RAC Segment | | | | | |
| Total revenues | $ 1,739 | | $ 1,730 | | 1 % |
| Adjusted EBITDA | $ (488) | | $ 261 | | NM |
| Adjusted EBITDA Margin | (28) % | | 15 % | | |
| | | | | | |
| Average Vehicles (in whole units) | 450,585 | | 412,983 | | 9 % |
| Average Rentable Vehicles (in whole units) | 433,823 | | 393,512 | | 10 % |
| Vehicle Utilization | 77 % | | 79 % | | |
| Transaction Days (in thousands) | 30,560 | | 27,879 | | 10 % Werbung Mehr Nachrichten zur Hertz Global Holding Aktie kostenlos abonnieren
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