Hertz Global Holdings, Inc - HTZ STOCK NEWS

Hertz Global Holdings (NASDAQ: HTZ) announced several key executive appointments to boost profitability, operational excellence, and customer service. Sandeep Dube will join as EVP and Chief Commercial Officer on July 22, 2024, while Katherine Lee Martin becomes EVP, General Counsel, and Corporate Secretary. Other new appointees include Henry Kuykendall as EVP, North America Operations, Greg May as EVP, Fleet Management, and Mike Moore as EVP, Technical Operations. CEO Gil West emphasized the strengthened leadership team’s role in executing Hertz’s strategy for sustainable growth and value creation, fueled by recent capital raisings.

Hertz Global Holdings (NASDAQ: HTZ) announced it will release its Q2 2024 financial results on August 1, 2024, at 8:00 a.m. ET. The announcement will be followed by an earnings call at 9:00 a.m. ET, accessible via a live webcast on the company's Investor Relations page.

Participants can register for the call to get dial-in details and are encouraged to join fifteen minutes early to avoid delays. A replay of the webcast will be available on the company's website for one year.

Hertz Global Holdings (NASDAQ: HTZ) announced the upsize and pricing of a $1 billion offering, including $750 million in First Lien Senior Secured Notes and $250 million in Exchangeable Senior Second-Lien Secured PIK Notes.

The First Lien Notes, due 2029, bear a 12.625% interest rate, while the Exchangeable Notes also due 2029, bear an 8.000% interest rate. The proceeds will be used to reduce a $2 billion revolving credit facility.

The Exchangeable Notes are convertible into Hertz shares at an initial exchange price of $6.6252, a 89% premium over the June 20, 2024 stock price.

The offerings will close around June 28, 2024, subject to customary conditions.

Hertz Global Holdings announced two new offerings totaling $750 million. The offerings include $500 million of First Lien Senior Secured Notes and $250 million of Exchangeable Senior Second-Lien Secured PIK Notes, both due in 2029. These private offerings aim to pay down part of Hertz's $2 billion revolving credit facility.

The Exchangeable Notes will bear PIK interest, payable semi-annually, and are expected to have an initial exchange price between $6.00 and $7.00 per share. These notes are exchangeable into cash, shares, or a combination at Hertz's discretion, and holders can require repurchase under certain conditions.

The notes are guaranteed by Hertz and its subsidiaries, with the First Lien Notes being secured by collateral that also backs Hertz's first lien credit facilities.

Hertz Global Holdings (NASDAQ: HTZ) announced the appointment of Scott M. Haralson as the new Chief Financial Officer, effective by the end of June. Haralson succeeds Alexandra Brooks, who will leave the company at the end of the month. CEO Gil West highlighted Haralson's expertise in financial management and capital markets as important for Hertz's ongoing transformation and growth. Haralson, with over 25 years in the transportation industry, previously served as CFO of Spirit Airlines. Concurrently, COO Justin Keppy will resign, effective June 3, 2024.

Hertz Global Holdings, Inc. reported its first quarter 2024 results with revenue of $2.1 billion but faced challenges with a GAAP net loss of $186 million and an adjusted net loss of $392 million. The company's adjusted Corporate EBITDA was negative $567 million, driven by a $588 million increase in vehicle depreciation. Hertz is focusing on improving fleet costs, productivity, and customer experience to capitalize on travel demand.

Hertz Global Holdings, Inc. (HTZ) will announce its first quarter 2024 financial results on April 25, 2024, followed by an earnings call. The call will be accessible via webcast or phone registration.

Hertz Global Holdings, Inc. appoints Gil West, former COO of Delta Airlines, as CEO to drive operational growth. West to lead strategic initiatives for revenue and EBITDA growth, focusing on technology and commercial partnerships.

Hertz Global Holdings, Inc. reported a strong Q4 2023 with revenues of $2.2 billion, up 7% from the previous year, but also a GAAP net loss of $348 million. Adjusted net loss was $418 million, and adjusted Corporate EBITDA was negative $382 million. The company's full-year 2023 revenue was $9.4 billion with a net income of $616 million. However, adjusted free cash outflow for the year was $321 million. The company's fleet interest expense increased, and adjusted Corporate EBITDA was negative $382 million in the quarter. Despite a 7% increase in total revenues, the company faced challenges related to its electric vehicle fleet and other costs. The company's financial performance was affected by a negative 17% margin in the fourth quarter, and a 6% margin for the full year. Hertz also repurchased 19.4 million shares of common stock for $291 million.