Hertz Global Hld Stock Price, News & Analysis

Hertz Global Holdings (NASDAQ: HTZ) reported Q4 2024 financial results, with revenue of $2.0 billion and a GAAP net loss of $479 million ($1.56 loss per share). Full-year 2024 showed revenue of $9.0 billion with a net loss of $2.9 billion ($9.34 loss per share).

The company completed its previously announced 30,000 EV fleet reduction and maintained strong corporate liquidity of $1.8 billion as of December 31, 2024. Vehicle depreciation improved 19% year-over-year in Q4, while direct vehicle and operating expenses rose by 2%. The company's Adjusted Corporate EBITDA loss narrowed to negative $357 million in Q4.

Hertz is executing an operational transformation strategy focused on fleet optimization and cost efficiency, expected to be substantially completed by the end of 2025. The company aims to normalize Depreciation Per Unit (DPU) to settle below $300 through its fleet rotation initiative.

Hertz Global Holdings (NASDAQ: HTZ) has announced it will release its fourth quarter and full year 2024 financial results on Thursday, February 13, 2025, at 8:00 a.m. ET. The company will host an earnings conference call at 9:00 a.m. ET on the same day.

Investors can access the live webcast through the company's Investor Relations website. For those joining by phone, registration is required through a dedicated link, and participants are encouraged to dial in fifteen minutes before the scheduled start time. A replay of the webcast will be available on the website for approximately one year.

Hertz Global Holdings (NASDAQ: HTZ) has announced two key executive appointments effective January 1. Chris Berg joins as Executive Vice President and Chief Administrative Officer, overseeing administrative operations including procurement, business services, and facilities management. Doria Holbrook joins as Executive Vice President Mobility, leading rideshare rental programs and partnerships.

Berg brings over 20 years of experience from Home Depot, where he most recently served as President, Western Division. Holbrook comes with nearly two decades of experience, previously serving at Flexport, Cruise, TikTok, and Amazon, where she helped establish Amazon's last mile delivery service.

Both executives will report to CEO Gil West, who emphasized their roles in strengthening operational excellence and driving innovation across the business.

Hertz (NASDAQ: HTZ) announced receiving required consents to amend provisions of its 12.625% First Lien Senior Secured Notes due 2029 and 8.000% Exchangeable Senior Second-Lien PIK Notes due 2029. The consent solicitations expired on December 12, 2024, at 5:00 p.m. New York City time.

The solicitations were conducted alongside the completion of a $500 million additional offering of 12.625% First Lien Senior Secured Notes. Purchasers of these additional notes were deemed to have consented to the proposed amendments. The company has entered into supplemental indentures for both note series and expects to promptly pay the applicable consent fees to holders who validly delivered consents.

Hertz (NASDAQ: HTZ) has priced an additional $500 million of 12.625% First Lien Senior Secured Notes due 2029. This issuance will bring the total outstanding amount to $1.25 billion. The Notes will be issued at 107.732% plus pre-issuance accrued interest, with interest payable semi-annually at 12.625% per annum.

The proceeds will be used to repay outstanding borrowings under its revolving credit facility, pay consent fees for concurrent consent solicitations, and for general corporate purposes. The offering is expected to close around December 12, 2024. The Notes will be guaranteed by Hertz Global Holdings and secured by the same assets that secure indebtedness under Hertz's first lien credit facilities.

Hertz (NASDAQ: HTZ) announced that its subsidiary, The Hertz , is seeking consent from holders of its 12.625% First Lien Senior Secured Notes due 2029 and 8.000% Exchangeable Senior Second-Lien PIK Notes due 2029 to amend certain provisions of the governing indentures.

The consent solicitations will expire on December 12, 2024, at 5:00 p.m., New York City time. The process is concurrent with a proposed offering of an additional $500 million in First Lien Notes. The company needs to obtain consent from at least 60% of holders for each note series.

Consent fees of $11.25 per $1,000 for First Lien Notes and $17.50 per $1,000 for Exchangeable Notes will be paid to holders who validly deliver consents. The company has already received non-binding indications from certain holders exceeding the required 60% threshold.

Hertz (NASDAQ: HTZ) has announced its subsidiary, The Hertz , plans to offer $500 million in additional 12.625% First Lien Senior Secured Notes due 2029. This offering will supplement the existing notes issued on June 28, 2024, bringing the total aggregate principal amount to $1.25 billion.

The company intends to use the net proceeds to repay outstanding borrowings under its revolving credit facility and cover consent fees and expenses related to concurrent consent solicitations. The Notes will be guaranteed by the Company and its subsidiaries, secured on a first-lien basis by the same assets that secure indebtedness under Hertz's first lien credit facilities.

Hertz Global Holdings reported Q3 2024 results with revenue of $2.6 billion, down 5% year-over-year. The company recorded a GAAP net loss of $1.3 billion, including a non-cash asset impairment charge of $1.0 billion. Adjusted net loss was $208 million, or $0.68 loss per diluted share. Vehicle depreciation increased significantly to $937 million, with DPU at $537. The company expects fleet rotation completion by end of 2025, targeting DPU normalization under $300. Corporate liquidity stood at $1.6 billion as of September 30, 2024.

Hertz Global Holdings (NASDAQ: HTZ) has announced it will release its third quarter 2024 financial results on Tuesday, November 12, 2024, at 8:00 a.m. ET. The company will host an earnings conference call at 9:00 a.m. ET on the same day. Investors can access the live webcast through the company's Investor Relations website, and a replay will be available for approximately one year. Participants are encouraged to register for the teleconference in advance and dial in fifteen minutes before the scheduled start time to avoid delays.