The following is a summary of the Hertz Global Holdings, Inc. (HTZ) Q1 2024 Earnings Call Transcript:
Financial Performance:
Hertz reported Q1 revenue of $2.1 billion.
Negative adjusted corporate EBITDA of $560 million, impacted heavily by higher depreciation and EV charges.
Vehicle depreciation increased by $588 million YoY.
Depreciation per unit was $592, with $119 due to excess vehicle depreciation expense related to the EVs.
The company recorded a charge of $195 million to adjust the fair value of remaining EVs and recognize losses on sold units.
Business Progress:
Hertz is focusing on operational cost and productivity initiatives, with the potential for reducing vehicle depreciation and direct operating expenses as part of a fleet refresh.
Renewed partnerships with Uber and Lyft aim to grow rideshare business alongside a plan to decrease the EV fleet by 30,000 units by the end of the year.
The company plans to align fleet mix more closely with customer demand and expand retail sales channels.
Upgrading revenue management tools and technologies to improve customer experiences and expand premium services.
Hertz is focusing on a frictionless digital customer experience to decrease wait times and improve the overall customer service experience.
More details: Hertz Global IR
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