The following is a summary of the Hertz Global Holdings, Inc. (HTZ) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Revenue for Q3 2024 was $2.6 billion.

• Adjusted corporate EBITDA was a loss of $157 million.

• Transaction days were down 4% and RPD was relatively flat versus Q3 of last year.

• Q3 included a noncash asset impairment charge of over $1 billion, affecting the financial results.

• Expected Q4 Depreciation per Unit (DPU) to be in the $350 to $375 range, with a target to reduce below $300 by the end of 2025.

Business Progress:

• Hertz has continued its fleet rotation and expects to achieve a run rate depreciation below $300 per unit per month by the end of 2025.

• Implemented major strides in operational optimization including fleet management, utilization improvement, and cost efficiencies, notably in maintenance and collision.

• Leveraging technology and digital platforms to enhance fleet efficiency and customer experience.

Opportunities:

• The normalization of market conditions particularly benefits fleet rotation, potentially reducing depreciation costs.

• Strong global travel demand trends present ongoing opportunities for revenue and utilization improvements.

Risks:

• The asset impairment reflects underlying challenges in aligning book values with current market vehicle values, indicating potential ongoing risks in asset valuation.

• Economic conditions and supply constraints may impact fleet costs and operational efficiencies.

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