Hertz Reports Second-Quarter Rental Revenues Increase of 11%, Year Over Year

Hertz Global Holdings, Inc. (NYSE: HTZ)
(with its subsidiaries, the "Company" or "we") reported second quarter 2012
worldwide revenues of $2.2 billion, an increase of 7.4% year-over-year (a
10.3% increase excluding the effects of foreign currency). Worldwide car
rental revenues for the quarter increased 6.8% year-over-year (a 9.9% increase
excluding the effects of foreign currency) to a record $1,889.6 million.
Revenues from worldwide equipment rental for the second quarter were $335.0
million, up 11.0% year-over-year (a 13.1% increase excluding the effects of
foreign currency), driven by an 18.8% revenue increase in the U.S. and 15.2%
in North America.
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Second quarter 2012 adjusted pre-tax income was a record $233.9 million, versus $184.4 million in the same
period in 2011, and income before income taxes (“pre-tax income”), on a GAAP basis, was $158.7 million,
versus $94.6 million in the second quarter of 2011. Corporate EBITDA(1) for the second quarter of 2012 was
a record $407.7 million, an increase of 12.6% from the same period in 2011.
Second quarter 2012 adjusted net income(1) was a record $154.4 million, versus $116.6 million in the same
period of 2011, resulting in record adjusted diluted earnings per share for the quarter of $0.35, compared with
$0.26 for the second quarter of 2011. Second quarter 2012 net income attributable to Hertz Global Holdings,
Inc. and subsidiaries’ common stockholders, or “net income,” on a GAAP basis, was $92.9 million or $0.21
per share on a diluted basis, compared with $55.0 million, or $0.12 per share on a diluted basis, for the second
quarter of 2011.
Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, “We delivered strong revenue
and earnings growth again in the second quarter of 2012, and achieved several record results, despite moderate
global GDP growth. Our second quarter 2012 results are a testament to fostering a culture of continuous
improvement as we delivered a 390 basis point improvement in direct operating expenses and $107 million in
incremental efficiency savings for the quarter.”