Hertz Global Holdings, Inc. (HTZ) is a global leader in vehicle rental services, operating under the well-known brands Hertz, Dollar, and Thrifty. The company provides vehicle rental solutions and value-added services to customers across approximately 160 countries and jurisdictions. HTZ also generates revenue through vehicle sales and ancillary services, making it a key player in the mobility ecosystem.
- Americas RAC (Rental Car) - Offers vehicle rentals, including cars, crossovers, vans, and light trucks, along with value-added services in the U.S., Canada, Latin America, and the Caribbean.
- International RAC (Rental Car) - Provides vehicle rentals and value-added services primarily in Europe, as well as other regions outside the Americas, through company-operated and franchised locations.
- Value-Added Services - Sells additional products such as loss or collision damage waivers, theft protection, liability and personal accident/effects insurance coverage, premium emergency roadside service, and other ancillary offerings.
- Ancillary Revenues - Includes retail vehicle sales and royalty fees from franchisees, contributing a smaller portion to overall revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Eric J. Leef Executive | Executive Vice President and Chief Human Resources Officer | None | Former HR leader at Atria Senior Living and GE Appliances; focuses on talent management and organizational development at HTZ. | |
Katherine Lee Martin Executive | Executive Vice President, General Counsel, and Corporate Secretary | None | Former Assistant U.S. Attorney and senior leader at X Corp.; oversees legal, government affairs, and sustainability at HTZ. | |
Kelly Galloway Executive | Senior Vice President and Chief Accounting Officer | None | CPA with over nine years at HTZ; oversees global accounting operations and compliance. | |
Sandeep Dube Executive | Executive Vice President and Chief Commercial Officer | None | Former COO at Intuit Mailchimp and EVP at Activision Blizzard; leads revenue management, marketing, and customer experience at HTZ. | |
Scott M. Haralson Executive | Executive Vice President and Chief Financial Officer | None | Former CFO of Spirit Airlines; joined HTZ to lead financial operations and business transformation. | |
W. Gil West Executive | Chief Executive Officer | Board Member at Virgin Galactic Holdings, Inc. and Forward Air Corporation | Former COO of Cruise LLC and Delta Air Lines; joined HTZ as CEO to drive strategic initiatives and operational excellence. | |
Andrew Shannahan Board | Director | Head of Research and Partner at Knighthead; Board Member at ATI Physical Therapy, Homer City Generating, Bowhunter Holdings, Knighthead Holdings, Birmingham City Football Club | Specialist in capital markets and restructuring; serves as Chair of HTZ's Governance Committee and member of the Compensation Committee. | |
Colin Farmer Board | Director | Senior Managing Director at Certares Management; Board Member at Internova Travel Group, AmaWaterways, Guardian Alarm, Mystic Invest, Avoya Travel, Certares Holdings | Investment expert with extensive board experience; contributes to governance and compensation matters at HTZ. | |
Francis "Frank" Blake Board | Director | Board Member at Unifi, Inc., Procter & Gamble, Macy's, Delta Air Lines, The Southern Company, Georgia Aquarium | Former Chairman and CEO of The Home Depot; brings decades of leadership experience in business and governance to HTZ. | |
Lucy Clark Dougherty Board | Director | Senior Vice President, General Counsel, and Board Secretary at Polaris Inc. | Former Deputy General Counsel at General Motors; provides expertise in legal and strategic matters to HTZ. |
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Given the headwinds you've mentioned in achieving the low-30s DOE per transaction day, especially with a smaller fleet size impacting scalability, what specific initiatives are you implementing to offset these challenges and how confident are you in meeting this target?
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With the fleet rotation leading to higher depreciation and losses on vehicle sales due to dropping MMR values in Q4, how does this impact your timeline to achieve a DPU below $300, and what measures are you taking to mitigate further risks associated with fleet valuation?
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Considering the pending litigation with undefined timing and outcomes that could affect liquidity, along with upcoming debt maturities and your low point of liquidity mid-year, what contingency plans are in place to manage potential financial strains and ensure adequate liquidity?
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The change in accounting treatment of airport lease expenses due to the Q3 impairment has increased noncash expenses in the near term. How does this affect your profitability and EBITDA guidance for 2025, and what strategies are you employing to offset these increased expenses in the short term?
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By reducing fleet size and exiting low-yielding, non-durable business to maximize RPU, how do you anticipate this strategy will impact your market share and overall revenue growth, and are you at risk of losing volume to competitors by deemphasizing certain customer segments?
Research analysts who have asked questions during HERTZ GLOBAL HOLDINGS earnings calls.
Chris Woronka
Deutsche Bank AG
4 questions for HTZ
Dan Levy
Barclays PLC
4 questions for HTZ
Ian Zaffino
Oppenheimer & Co. Inc.
3 questions for HTZ
John Babcock
Bank of America
3 questions for HTZ
John Healy
Northcoast Research
3 questions for HTZ
Christopher Stathoulopoulos
Susquehanna Financial Group
2 questions for HTZ
Ryan Brinkman
JPMorgan Chase & Co.
2 questions for HTZ
Stephanie Moore
Jefferies
2 questions for HTZ
Elizabeth Dove
Goldman Sachs
1 question for HTZ
Federico Merendi
Bank of America
1 question for HTZ
Isaac Sellhausen
Oppenheimer & Co. Inc.
1 question for HTZ
Josh Baba
JPMorgan Chase & Co.
1 question for HTZ
Lizzie Dove
Goldman Sachs
1 question for HTZ
Stefan Vogel
Jefferies
1 question for HTZ
Stephanie Benjamin Moore
Jefferies
1 question for HTZ
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Operates multiple brands including Avis, Budget, ZipCar, and Payless, and is identified as a principal competitor in the vehicle rental industry. Competition is based on factors such as vehicle availability, quality, price, service, reliability, rental locations, and product innovation. | |
Enterprise Holdings | Operates brands such as Enterprise Rent-A-Car Company, National Car Rental, and Alamo Rent A Car, and is highlighted as a key competitor in the vehicle rental industry. |
SIXT | Recognized as a principal competitor in the vehicle rental industry, competing on factors like service, price, and innovation. |
Local and regional vehicle rental companies | Compete with the company in various geographic markets, offering alternatives to global brands. |
Ride share companies | Represent a competitive force in the transportation sector, providing alternatives to traditional vehicle rentals. |
Peer-to-peer car sharing marketplaces | Compete by offering car sharing options, which serve as an alternative to traditional vehicle rental services. |
Recent press releases and 8-K filings for HTZ.
- Hertz Car Sales has launched a fully online car-buying experience at HertzCarSales.com, allowing customers nationwide to browse, finance, and purchase vehicles entirely online.
- This digital expansion builds on Hertz Car Sales' recent collaboration with Amazon Autos, which has now expanded to all Hertz Car Sales locations across the U.S..
- The new e-commerce platform enables customers to get trade-in offers, pre-qualify for personalized payments, view protection plans, and secure credit approval online.
- Hertz CEO Gil West stated that this initiative is a critical milestone in the company's strategy to make retail its primary car selling channel.
- Hertz Global Holdings, Inc. (HTZ) announced the completion of an offering of $425 million aggregate principal amount of its 5.500% Exchangeable Senior Notes due 2030.
- The offering, completed by its wholly-owned indirect subsidiary The Hertz Corporation, included the exercise in full of the initial purchasers’ option to purchase an additional $50 million principal amount of the Notes.
- The company stated that the offering strengthens its financial position and supports its ongoing corporate transformation, with Pershing Square Capital Management L.P. and other investors increasing their economic exposure, underscoring strong confidence in the company.
- The Hertz Corporation, a wholly-owned indirect subsidiary of Hertz Global Holdings, Inc., completed an offering of $425,000,000 aggregate principal amount of its 5.500% Exchangeable Senior Notes due 2030 on September 29, 2025.
- The Notes will bear interest at a rate of 5.500% per year, payable semi-annually on April 1 and October 1, beginning on April 1, 2026, and will mature on October 1, 2030.
- The initial exchange rate is 108.2808 shares of common stock per $1,000 principal amount of Notes, equivalent to an initial exchange price of approximately $9.24 per share of Common Stock.
- This initial exchange price represents a premium of approximately 32.5% to the $6.97 closing price of the Common Stock on September 24, 2025.
- Hertz Corp., a subsidiary of Hertz Global Holdings, Inc., priced an upsized offering of $375 million aggregate principal amount of its 5.500% Exchangeable Senior Notes due 2030. The offering size was increased from the previously announced $250 million.
- The estimated net proceeds are approximately $360.13 million.
- Hertz Corp. intends to use $300 million of the net proceeds to fund the partial redemption or repurchase of its outstanding Senior Notes due 2026 on or before December 31, 2025.
- The initial exchange price for the Notes is approximately $9.24 per share, representing a 32.5% premium to the Common Stock's closing price of $6.97 per share on September 24, 2025.
- Hertz Global Holdings' wholly-owned subsidiary, Hertz Corp., plans to issue $250 million in exchangeable senior notes due in 2030, with an option to increase the offering by $37.5 million.
- The proceeds from this offering will be used to fund capped call transactions aimed at mitigating equity dilution and to partially redeem or repurchase outstanding senior notes due in 2026.
- Despite the announcement leading to a nearly 20% increase in Hertz's stock price in after-hours trading, the company faces significant financial challenges, including a -29.58% net margin and a distressed Altman Z-Score of -0.11, indicating potential bankruptcy risk.
- Hertz Global Holdings, Inc. announced that its wholly-owned indirect subsidiary, The Hertz Corporation, intends to offer $250 million in aggregate principal amount of Exchangeable Senior Notes due 2030.
- The net proceeds from the offering will be used to fund the cost of entering into capped call transactions and to partially redeem or repurchase outstanding Senior Notes due 2026 on or before December 31, 2025.
- The Notes will bear interest payable semi-annually, mature on October 1, 2030, and are exchangeable into cash, shares of common stock, or a combination thereof, at Hertz Corp.'s election.
- An affiliate of Pershing Square Capital Management, L.P. intends to enter into privately negotiated cash-settled total return swap transactions for approximately $100 million notional amount of Common Stock, which could affect the market price of the Common Stock.
- On July 17, 2025, affiliates of The Hertz Corporation (THC) entered into amendments to the agreements governing their European asset-backed securitization (ABS) platform.
- These amendments enable the issuance of new Class C Notes to unaffiliated third parties, totaling an aggregate principal amount of €100,000,000.
- The newly issued Class C Notes have a fixed interest rate of 10.54% and an initial maturity date of April 2027.
- Hertz Vehicle Financing III LLC (HVF III), a wholly-owned subsidiary of The Hertz Corporation, entered into an amendment on June 27, 2025, to issue $300,000,000 in new Series 2021-A Class B Notes with a fixed interest rate of 9.28% and a Legal Final Payment Date of June 27, 2028.
- On June 30, 2025, HVF III also issued Series 2025-3 Fixed Rate Rental Car Asset Backed Notes totaling $375,000,000 (with Class A, B, C, and D notes having interest rates of 5.06%, 5.59%, 6.13%, and 8.55%, respectively).
- Additionally, on June 30, 2025, HVF III issued Series 2025-4 Fixed Rate Rental Car Asset Backed Notes totaling $310,000,000 (with Class A, B, C, and D notes having interest rates of 5.41%, 5.90%, 6.48%, and 9.34%, respectively).
- These note offerings are utilized by The Hertz Corporation to finance its U.S. rental car fleet through its securitization platform.
- Financial performance: Hertz reported $1.8B in revenue in Q1 2025, marking a 13% YoY decline and 11% sequential drop, alongside an adjusted EBITDA loss of –$325M reflecting a 9% YoY margin improvement amid pricing challenges
- Fleet transformation: Over 70% of its core U.S. RAC fleet is now 12 months old or newer, with the company on track to achieve a depreciation per unit (DPU) below $300 by Q2 2025
- Liquidity & financing: Strong liquidity of $1.2B as of March 31, 2025, with extended revolving/First Lien RCF commitments through 2028 to support its transformation efforts
- On March 24, 2025, Hertz Global Holdings, Inc. finalized a Voting Agreement with CK Amarillo LP, detailing how CK Amarillo's Voting Securities are to be cast on stockholder matters.
- Under the agreement, CK Amarillo—beneficially owning 58.9% of the outstanding common stock as of June 28, 2024—must vote its excess securities in proportion with all other stockholder votes until its ownership falls below the 45% threshold and related repurchase programs conclude.
- The document also specifies procedures for confidential information sharing regarding acquisitions and dispositions of voting securities, along with provisions for requesting vote-specific waivers.