Breaking News

Tweet TWEET

Hertz Sets Financial Records For Fourth Quarter And Full Year

        Hertz Sets Financial Records For Fourth Quarter And Full Year

Company provides earnings guidance and outlook for 2013

-- Record worldwide revenues for the fourth quarter and full year 2012, up
15.1% (15.5% excluding currency effects), and 8.7% (10.5% excluding currency
effects), respectively, year-over-year ("YOY").

-- Record fourth quarter adjusted pre-tax margin of 9.2%, and record adjusted
pre-tax income(1) of $213.5 million, 29.3% higher YOY. On a GAAP basis,
pre-tax loss was $40.3 million, attributable primarily to Dollar Thrifty
Automotive Group, Inc., or "Dollar Thrifty," related acquisition costs and
charges.

-- Car rental adjusted pre-tax income for the fourth quarter up 29.5% YOY, on
an improved margin of 11.5%; worldwide equipment rental adjusted pre-tax
income up 32.7% for the quarter, on an improved margin of 21.4%.

-- Adjusted diluted earnings per share(1) for the quarter of $0.33 increased
37.5% compared to $0.24 in the fourth quarter of 2011. GAAP diluted loss per
share of $0.09 decreased from earnings per share of $0.11 for the prior year
period. The GAAP loss in the fourth quarter of 2012 includes $0.24 per diluted
share of costs and charges related to the Dollar Thrifty acquisition.

-- FY 2012 net cash flow from operations of $2.72 billion, an increase of
$484.7 million YOY.

-- Record Corporate EBITDA of $1.63 billion for the full year, up $246.1
million, or 17.7% YOY.

-- Record adjusted pre-tax income for FY 2012 of $901.5 million, up 32.5% YOY,
on a margin of 10%, up 180 bps. GAAP pre-tax income for FY 2012 of $450.6
million increased 38.9% compared to $324.3 million in 2011.

PR Newswire

PARK RIDGE, N.J., Feb. 25, 2013

PARK RIDGE, N.J., Feb. 25, 2013 /PRNewswire/ -- Hertz Global Holdings, Inc.
(NYSE: HTZ) (with its subsidiaries, the "Company" or "we") reported fourth
quarter 2012 worldwide revenues of $2.3 billion, an increase of 15.1%
year-over-year (a 15.5% increase excluding the effects of foreign currency),
including the results from our recent acquisition of Dollar Thrifty.
Worldwide car rental revenues for the quarter increased 14.0% year-over-year
(a 14.6% increase excluding the effects of foreign currency) to $1,932.5
million, including results of Dollar Thrifty. U.S. car rental revenues
increased 24.5% for the quarter, including forty three days of revenues from
Dollar Thrifty. Revenues from worldwide equipment rental for the fourth
quarter were $385.3 million, up 21.2% year-over-year (a 20.7% increase
excluding the effects of foreign currency).

(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO )

Fourth quarter 2012 adjusted pre-tax income was $213.5 million, versus $165.1
million in the same period in 2011, and loss before income taxes, on a GAAP
basis, was $40.3 million, versus income before income taxesof $92.8 million
in the fourth quarter of 2011. Corporate EBITDA^(1)  for the fourth quarter of
2012 was $412.8 million, an increase of 23.2% from the same period in 2011.

Fourth quarter 2012 adjusted net income^(1) was $140.9 million, versus $104.0
million in the same period of 2011, resulting in adjusted diluted earnings per
share for the quarter of $0.33, compared with $0.24 for the fourth quarter of
2011. Fourth quarter 2012 net loss attributable to Hertz Global Holdings,
Inc. and Subsidiaries' common stockholders, on a GAAP basis, was $(36.4)
million or $(0.09) per share on a diluted basis, compared with net income
attributable to Hertz Global Holdings, Inc. of $47.1 million, or $0.11 per
share on a diluted basis, for the fourth quarter of 2011.

Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said,
"I'm pleased that Hertz once again delivered record fourth quarter and full
year financial performance due to sustained operational excellence, improving
pricing during the fourth quarter and the positive impact of strategic
investments, including the acquisition of Dollar Thrifty Automotive Group. We
also continue to realize best-in-class efficiency improvements with over $480
million of incremental cost savings in 2012, bringing total savings to over
$2.6 billion since 2007. Net cash flows from operations topped $2.7 billion
last year, a $484.7 million year-over-year increase, and accelerating cash
flow generation will be a critical financial objective going forward.
Finally, 2012 marked our third consecutive year of significant double-digit
percentage improvements in adjusted pre-tax income, EBITDA, and adjusted
earnings per share, as well as margin expansion," Frissora concluded.

INCOME MEASUREMENTS, FOURTH QUARTER 2012 & 2011

                Q4 2012                          Q4 2011
(in millions,   Pre-tax    Net        Diluted                        Diluted
except per      Income     Income     Earnings   Pre-tax   Net       Earnings
share amounts)  (Loss)     (Loss)     (Loss)     Income    Income    Per
                                      Per Share                      Share
Earnings
Measures, as
reported
(EPS based
on 421.1M and
437.2M diluted  $ (40.3)   $ (36.4)   $ (0.09)   $ 92.8    $ 47.1    $  0.11
shares,
respectively)
Adjustments:
 Purchase       32.9                             25.5
 accounting
 Non-cash debt  17.3                             22.4
 charges
 Restructuring
 and related    14.5                             19.3
 charges
 Derivative
 (gains)        1.0                              (0.1)
 losses
 Acquisition
 related costs  144.1                            5.2
 and charges
 Other          44.0                             —
Adjusted        213.5      213.5                 165.1     165.1
pre-tax income
Assumed
provision for              (72.6)                          (56.1)
income taxes
at 34%
Noncontrolling             —                               (5.0)
interest
Earnings
Measures, as
adjusted
(EPS based
on 421.1M and
437.2M diluted  $ 213.5    $ 140.9    $ 0.33     $ 165.1   $ 104.0   $  0.24
shares,
respectively)

Corporate cash flow^(1) in the quarter, and full year, decreased by $2,369.9
million and $1,880.4 million respectively. The full year decrease was due
primarily to the acquisition of Dollar Thrifty.

The Company ended the fourth quarter of 2012 with total debt of $15.4 billion
and net corporate debt^(1) of $5.9 billion, compared with total debt of $11.3
billion and net corporate debt of $3.7 billion as of December 31, 2011. Total
debt increased in the fourth quarter of 2012 primarily due to the acquisition
of Dollar Thrifty.

WORLDWIDE CAR RENTAL

Worldwide car rental revenues were $1,932.5 million for the fourth quarter of
2012, an increase of 14.0% (a 14.6% increase excluding the effects of foreign
currency) from the prior year period. Transaction days for the quarter
increased 17.3% over the fourth quarter of 2011 [25.4% U.S.; (0.9)%
International]. U.S. off-airport total revenues for the fourth quarter
increased 12.2% year-over-year, and transaction days increased 12.4% from the
prior year period. Worldwide rental rate revenue per transaction day^(1)
("RPD") for the quarter decreased 2.8% [(1.7)% U.S.; (4.3)% International]
from the prior year period. The Company noted that U.S. pricing improved
during the latter portion of the fourth quarter, culminating in December
airport RPD increasing 1.6% for Hertz and 4.6% for Dollar Thrifty (consistent
with historical Dollar Thrifty calculation methodology). Growth in
off-airport rentals, and specifically growth in replacement rentals, which
have longer rental lengths, has a negative impact on RPD. However, it is
important to note that off-airport's highly contributory profit is growing
significantly.

Worldwide car rental adjusted pre-tax income for the fourth quarter of 2012
was $222.0 million, an increase of $50.6 million from $171.4 million in the
prior year period. The result was driven by increased volume, strong residual
values and strong cost management performance, partially offset by negative
RPD. As a result, worldwide car rental achieved an adjusted pre-tax margin of
11.5% for the quarter, versus 10.1% in the prior year period.

The worldwide average number of Company-operated cars, largely as a result of
the Dollar Thrifty acquisition, for the fourth quarter of 2012 was 705,800, an
increase of 17.8% over the prior year period, and 9.8% year-over-year
excluding the Dollar Thrifty fleet.

WORLDWIDE EQUIPMENT RENTAL

Worldwide equipment rental revenues were $385.3 million for the fourth quarter
of 2012, a 21.2% increase (a 20.7% increase excluding the effects of foreign
currency) from the prior year period.

Adjusted pre-tax income for worldwide equipment rental for the fourth quarter
of 2012 was $82.4 million, an improvement of $20.3 million from $62.1 million
in the prior year period, primarily attributable to the effects of increased
volume and pricing and cost management initiatives. Worldwide equipment rental
achieved an adjusted pre-tax margin of 21.4%, and a Corporate EBITDA
margin^(1) of 45.9% for the quarter.

The average acquisition cost of rental equipment operated during the fourth
quarter of 2012 increased by 13.7% year-over-year and net revenue earning
equipment as of December 31, 2012 was $2,198.2 million, compared to $1,786.7
million as of December 31, 2011.

FULL YEAR RESULTS

Worldwide revenues for the full year 2012 were $9.0 billion, an increase of
8.7% over the prior year (a 10.5% increase excluding the effects of foreign
currency). Worldwide car rental revenues for the year increased 7.8% (a 9.7%
increase excluding the effects of foreign currency) to $7.6 billion. Revenues
from worldwide equipment rental for the year increased 14.5% (a 15.5% increase
excluding the effects of foreign currency) to $1,385.4 million.

Adjusted pre-tax income for the year was $901.5 million, an increase of 32.5%
from the prior year amount of $680.5 million and pre-tax income, on a GAAP
basis, was $450.6 million, an increase of 38.9%, versus $324.3 million in
2011. Corporate EBITDA for the year was $1,635.6 million, an increase of 17.7%
from 2011.

Full year 2012 adjusted net income was $595.0 million, an increase of 38.5%
from 2011, resulting in adjusted diluted earnings per share for the year of
$1.33, compared to $0.97 in the prior year. Full year 2012 net income, on a
GAAP basis, was $243.1 million or $0.54 per share on a diluted basis, compared
with $176.2 million, or $0.40 per share on a diluted basis, for 2011.

INCOME MEASUREMENTS, FULL YEAR 2012 & 2011

                   Full Year 2012                Full Year 2011
(in millions,                          Diluted                       Diluted
except per share   Pre-tax   Net       Earnings  Pre-tax   Net       Earnings
amounts)           Income    Income    Per       Income    Income    Per
                                       Share                         Share
Earnings
Measures, as
reported
(EPS based on
448.2M and 444.8M  $ 450.6   $ 243.1   $  0.54   $ 324.3   $ 176.2   $  0.40
diluted shares,
respectively)
Adjustments:
  Purchase         109.6                         87.6
  accounting
  Non-cash debt    83.6                          130.4
  charges
  Restructuring
  and related      49.1                          66.2
  charges
  Derivative       0.9                           (0.1)
  (gains) losses
  Pension          —                             (13.1)
  adjustment
  Acquisition
  related costs    163.7                         18.8
  and charges
  Other            44.0                          —
  Management
  transition       —                             4.0
  costs
  Premiums paid    —                             62.4
  on debt
Adjusted pre-tax   901.5     901.5               680.5     680.5
income
Assumed provision
for income taxes
at 34%                       (306.5)                       (231.3)
Noncontrolling               —                             (19.6)
interest
Earnings
Measures, as
adjusted
(EPS based on
448.2M and 444.8M  $ 901.5   $ 595.0   $  1.33   $ 680.5   $ 429.6   $  0.97
diluted shares,
respectively)



Net cash provided by operating activities was $2,718.0 million for the year,
compared to $2,233.3 million in 2011, an increase of $484.7 million. The
increase was primarily due to an increase in net income before depreciation,
amortization and other non-cash expenses. Adjusting for the cash outlay
associated with acquisitions, Corporate cash flow for the year was $225.9
million, an improvement of $301.8 million over 2011.

OUTLOOK

For the full year 2013, the Company forecasts the following:

                                       Full Year 2013 Guidance  % Variance YOY
Revenues                               $10,850M - $10,950M      20.3% – 21.4%
Corporate EBITDA^(2)                   $2,210M - $2,270M        35.1% – 38.8%
Adjusted Pre-Tax Income^(2)            $1,270M - $1,340M        40.9% – 48.6%
Adjusted Net Income^(2)                $830M - $875M            39.5% – 47.1%
Adjusted Diluted Earnings Per          $1.82 - $1.92            37.4% – 44.9%
Share^(2)

The Company forecasts full year 2013 revenues in the range of $10,850.0
million to $10,950.0 million. The range is based on the projection of modest
economic growth, a strong U.S. Dollar and incremental franchising of certain
rental operations. The adjusted diluted number of shares outstanding is
estimated to fluctuate within a range of 440 million to 455 million through
the year. The estimate for Q1 is 455 million shares outstanding. For example,
based on 455 million adjusted diluted shares outstanding, the Company's full
year 2013 guidance for adjusted diluted earnings per share is $1.92 at the
upper end of the guidance range. The Company will provide an estimate of
forecasted adjusted diluted shares outstanding on a quarterly basis.

Additionally, Hertz forecasts lower monthly depreciation per vehicle in the
U.S. of no less than 4% to 5% in 2013, with only modest deterioration in
residual values due to the Company's increasingly diversified re-marketing
channels. Dollar Thrifty synergies are expected to exceed previous
forecasts, now estimated at $300 million of cost synergies from 2013 through
2015, and $300 million of revenue synergies over the same period. Also, the
Company expects full year 2013 cash flow after fleet growth of between $500
million and $600 million due to higher earnings, lower fleet investments and
the absence of significant, additional acquisitions.

Mark Frissora, commenting on the Company's outlook, said, "Our operating
strengths and strategic investments are expected to help yield breakout
results from 2013 through 2015 in the forms of further margin expansion and
accelerated cash flow generation. We continue to make significant progress
reducing fleet expenses, our largest operating cost, and we are encouraged
that Dollar Thrifty synergies are likely to exceed our earlier forecasts.
Additionally, we are off to a fast start this year with January 2013 car
rental RPD at U.S. airports up 6.0% for Hertz and 2.6% for Dollar Thrifty
(consistent with historical Dollar Thrifty calculation methodology). We are
also generating double-digit revenue growth from four of our $500 million-plus
businesses: U.S. airport leisure, U.S. off-airport, HERC and Donlen, and we
expect these businesses to maintain their pace of strong growth throughout
2013."

RESULTS OF THE HERTZ CORPORATION

The Company's operating subsidiary, The Hertz Corporation ("Hertz"), posted
the same revenues for the fourth quarter of 2012 as the Company. Hertz's
fourth quarter 2012 pre-tax loss was $(28.2) million versus the Company's
pre-tax loss of $(36.4) million and Hertz's full year 2012 pre-tax income was
$275.8 million versus the Company's pre-tax income of $243.1 million. The
difference between Hertz's and the Company's results is primarily due to
additional interest expense recognized by the Company on its 5.25% Convertible
Senior Notes issued in May and September 2009.

(1)Adjusted pre-tax income, adjusted pre-tax margin, Corporate EBITDA,
Corporate EBITDA margin, adjusted net income, adjusted diluted earnings per
share, corporate cash flow, net corporate debt and rental rate revenue per
transaction day are non-GAAP measures. See the accompanying Tables and
Exhibit for the reconciliations and definitions for each of these non-GAAP
measures and the reason the Company's management believes that these measures
provide useful information to investors regarding the Company's financial
condition and results of operations.

(2)Management believes that Corporate EBITDA, adjusted pre-tax income,
adjusted net income and adjusted diluted earnings per share are useful in
measuring the comparable results of the Company period-over-period. The GAAP
measures most directly comparable to Corporate EBITDA, adjusted pre-tax
income, adjusted net income and adjusted diluted earnings per share are (i)
pre-tax income and cash flows from operating activities, (ii) pre-tax income,
(iii) net income, and (iv) diluted earnings per share, respectively. Because
of the forward-looking nature of the Company's forecasted Corporate EBITDA,
adjusted pre-tax income, adjusted net income and adjusted diluted earnings per
share, specific quantifications of the amounts that would be required to
reconcile forecasted cash flows from operating activities, pre-tax income and
net income are not available. The Company believes that there is a degree of
volatility with respect to certain of the Company's GAAP measures, primarily
related to fair value accounting for its financial assets (which includes the
Company's derivative financial instruments), its income tax reporting and
certain adjustments made to arrive at the relevant non-GAAP measures, which
preclude the Company from providing accurate forecasted GAAP to non-GAAP
reconciliations. Based on the above, the Company believes that providing
estimates of the amounts that would be required to reconcile the range of the
non-GAAP Corporate EBITDA, adjusted pre-tax income, adjusted net income and
adjusted diluted earnings per share to forecasted cash flows from operating
activities, pre-tax income, net income and diluted earnings per share would
imply a degree of precision that would be confusing or misleading to investors
for the reasons identified above.

CONFERENCE CALL INFORMATION

The Company's fourth quarter 2012 earnings conference call will be held on
Monday, February 25, 2013, at 10:00 a.m. (EST). To access the conference call
live, dial 800-230-1059 in the U.S. and 612-234-9959 for international
callers, using the passcode: 280527 or listen via webcast at
www.hertz.com/investorrelations. The conference call will be available for
replay one hour following the conclusion of the call until March 11, 2013 by
calling 800-475-6701 in the U.S. or 320-365-3844 for international callers
with the passcode: 280527. The press release and related tables containing
the reconciliations of non-GAAP measures will be available on our website,
www.hertz.com/investorrelations.

2012 Annual Meeting of Stockholders Date and Record Date

The Company's Board of Directors has set the date and time of the annual
meeting of stockholders for May 15, 2013 at 10:30 a.m. (Park Ridge time) at
Hertz's Corporate Offices located at 225 Brae Boulevard, Park Ridge, New
Jersey. Registration and seating will begin at 10:00 a.m. Holders of record
at the close of business on March 25, 2013 will be entitled to vote at the
meeting.

ABOUT THE COMPANY

Hertz operates its car rental business through the Hertz, Dollar and Thrifty
brands from approximately 10,270 corporate and licensee locations in North
America, Europe, Latin America, Asia, Australia, Africa, the Middle East and
New Zealand. Hertz is the largest airport general use car rental brand,
operating from approximately 8,860 corporate and licensee locations in
approximately 150 countries. Our Dollar and Thrifty brands have approximately
1,410 corporate and franchise locations in 83 countries. Hertz is the number
one airport car rental brand in the U.S. and at 120 major airports in Europe.
In addition, the Company has sales and marketing centers in 60 countries which
promote Hertz business both within and outside such country. Product and
service initiatives such as Hertz Gold Choice, Hertz #1 Club Gold®, NeverLost®
customized, onboard navigation systems, Sirius XM Satellite Radio, and unique
cars and SUVs offered through the Company's Adrenaline, Prestige and Green
Traveler Collections, set Hertz apart from the competition. In 2008, the
Company entered the global car sharing market with its service now referred to
as Hertz On Demand which rents cars by the hour and/or by the day, at various
locations in the U.S., Canada and Europe. Hertz also operates one of the
world's largest equipment rental businesses, Hertz Equipment Rental
Corporation, offering a diverse line of rental equipment, from small tools and
supplies to earthmoving equipment, as well as new and used equipment for sale,
to customers ranging from major industrial companies to local contractors and
consumers, from approximately 340 branches in the United States, Canada,
China, France, Spain and Saudi Arabia, as well as through its international
licensees. Hertz also owns Donlen Corporation, based in Northbrook, Illinois,
which is a leader in providing fleet leasing and management services.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release and in related comments by
our management include "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995.  Examples of forward-looking
statements include information concerning the Company's outlook, anticipated
revenues and results of operations, as well as any other statement that does
not directly relate to any historical or current fact. These forward-looking
statements often include words such as "believe," "expect," "project,"
"anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would,"
"should," "could," "forecasts" or similar expressions. These statements are
based on certain assumptions that the Company has made in light of its
experience in the industry as well as its perceptions of historical trends,
current conditions, expected future developments and other factors that the
Company believes are appropriate in these circumstances. We believe these
judgments are reasonable, but you should understand that these statements are
not guarantees of performance or results, and our actual results could differ
materially from those expressed in the forward-looking statements due to a
variety of important factors, both positive and negative.

Among other items, such factors could include: our ability to integrate the
car rental operations of Dollar Thrifty and realize operational efficiencies
from the acquisition; the risk that expected synergies, cost savings from the
Dollar Thrifty acquisition may not be fully realized or realized within the
expected time frame; the operational and profitability impact of the Advantage
divestiture and the divestiture of the airport locations that we agreed to
undertake in order to secure regulatory approval for the Dollar Thrifty
acquisition; levels of travel demand, particularly with respect to airline
passenger traffic in the United States and in global markets; the impact of
pending and future U.S. governmental action to address budget deficits through
reductions in spending and similar austerity measures, which could materially
adversely affect unemployment rates and consumer spending levels; significant
changes in the competitive environment, including as a result of industry
consolidation, and the effect of competition in our markets, including on our
pricing policies or use of incentives; occurrences that disrupt rental
activity during our peak periods; our ability to achieve cost savings and
efficiencies and realize opportunities to increase productivity and
profitability; an increase in our fleet costs as a result of an increase in
the cost of new vehicles and/or a decrease in the price at which we dispose of
used vehicles either in the used vehicle market or under repurchase or
guaranteed depreciation programs our ability to accurately estimate future
levels of rental activity and adjust the size and mix of our fleet
accordingly; our ability to maintain sufficient liquidity and the availability
to us of additional or continued sources of financing for our revenue earning
equipment and to refinance our existing indebtedness; safety recalls by the
manufacturers of our vehicles and equipment; a major disruption in our
communication or centralized information networks; financial instability of
the manufacturers of our vehicles and equipment; any impact on us from the
actions of our licensees, franchisees, dealers and independent contractors;
our ability to maintain profitability during adverse economic cycles and
unfavorable external events (including war, terrorist acts, natural disasters
and epidemic disease); shortages of fuel and increases or volatility in fuel
costs; our ability to successfully integrate acquisitions and complete
dispositions; our ability to maintain favorable brand recognition; costs and
risks associated with litigation; risks related to our indebtedness, including
our substantial amount of debt, our ability to incur substantially more debt
and increases in interest rates or in our borrowing margins; our ability to
meet the financial and other covenants contained in our Senior Credit
Facilities, our outstanding unsecured Senior Notes and certain asset-backed
and asset-based arrangements; changes in accounting principles, or their
application or interpretation, and our ability to make accurate estimates and
the assumptions underlying the estimates, which could have an effect on
earnings; changes in the existing, or the adoption of new laws, regulations,
policies or other activities of governments, agencies and similar
organizations where such actions may affect our operations, the cost thereof
or applicable tax rates; changes to our senior management team; the effect of
tangible and intangible asset impairment charges; the impact of our derivative
instruments, which can be affected by fluctuations in interest rates and
commodity prices; and our exposure to fluctuations in foreign exchange rates.
Additional information concerning these and other factors can be found in our
filings with the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K.

The Company therefore cautions you against relying on these forward-looking
statements. All forward-looking statements attributable to the Company or
persons acting on the Company's behalf are expressly qualified in their
entirety by the foregoing cautionary statements. All such statements speak
only as of the date made, and the Company undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.

Tables and Exhibit:

Table 1: Condensed Consolidated Statements of Operations for the Three Months
and Year Ended December 31, 2012 and 2011

Table 2:  Condensed Consolidated Statements of Operations As Reported and
As Adjusted for the Three Months and Year Ended December 31, 2012 and 2011

Table 3:  Segment and Other Information for the Three Months and Year Ended
December 31, 2012 and 2011

Table 4:  Selected Operating and Financial Data as of or for the Three
Months and Year Ended December 31, 2012 compared to December 31, 2011 and
Selected Balance Sheet Data as of December 31, 2012 and December 31, 2011

Table 5:  Non-GAAP Reconciliations of Adjusted Pre-Tax Income (Loss),
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share for
the Three Months and Year Ended December 31, 2012 and 2011

Table 6: Non-GAAP Reconciliations of EBITDA, Corporate EBITDA, Unlevered
Pre-Tax Cash Flow, Levered After-Tax Cash Flow Before Fleet Growth and
Corporate Cash Flow for the Three Months and Year Ended December 31, 2012 and
2011

Table 7:  Non-GAAP Reconciliations of Operating Cash Flows to EBITDA for
Three Months and Year Ended December 31, 2012 and 2011, Net Corporate Debt,
Net Fleet Debt and Total Net Debt as of December 31, 2012, 2011 and 2010 and
September 30, 2012 and 2011, Car Rental Rate Revenue per Transaction Day and
Equipment Rental and Rental Related Revenue for the Three Months and Year
Ended December 31, 2012 and 2011

Exhibit 1: Non-GAAP Measures: Definitions and Use/Importance





                                                                       Table 1
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Unaudited
                               Three Months Ended          As a Percentage
                               December 31,                 of Total Revenues
                               2012           2011           2012      2011
Total revenues                 $  2,318.5   $  2,013.8   100.0  %  100.0 %
Expenses:
Direct operating               1,250.6        1,057.8        53.9   %  52.5  %
Depreciation of revenue
earning
equipment and lease charges    553.8          526.7          23.9   %  26.2  %
Selling, general and           330.4          169.9          14.3   %  8.4   %
administrative
Interest expense               180.5          167.7          7.8    %  8.3   %
Interest income                (2.6)          (0.9)          (0.1)  %  -     %
Other (income) expense, net   46.1           (0.2)          2.0    %  -     %
Total expenses                 2,358.8        1,921.0        101.7  %  95.4  %
Income (loss) before income    (40.3)         92.8           (1.7)  %  4.6   %
taxes
Provision for taxes on income  3.9            (40.7)         0.2    %  (2.0) %
Net income (loss)              (36.4)         52.1           (1.5)  %  2.6   %
Less: Net income attributable  0.0            (5.0)          0.0    %  (0.2) %
to noncontrolling interest
Net income (loss) attributable
to Hertz Global Holdings, Inc. $           $    
and Subsidiaries' common       (36.4)         47.1           (1.6)  %  2.3   %
stockholders
Weighted average number of
shares outstanding:
 Basic                     421.1          416.9
 Diluted                   421.1          437.2
Earnings (loss) per share
attributable to Hertz Global
Holdings, Inc. and
Subsidiaries' common
stockholders:
 Basic                     $           $    
                               (0.09)         0.11
 Diluted                   $           $    
                               (0.09)         0.11
                               Year Ended                  As a Percentage
                               December 31,                 of Total Revenues
                               2012           2011           2012      2011
Total revenues                 $  9,020.8   $  8,298.4   100.0  %  100.0 %
Expenses:
Direct operating               4,795.8        4,566.4        53.2   %  55.0  %
Depreciation of revenue
earning
equipment and lease charges    2,148.1        1,905.7        23.8   %  23.0  %
Selling, general and           945.8          745.3          10.5   %  9.0   %
administrative
Interest expense               649.9          699.7          7.2    %  8.4   %
Interest income                (4.9)          (5.5)          (0.1)  %  (0.1) %
Other (income) expense, net   35.5           62.5           0.4    %  0.8   %
Total expenses                 8,570.2        7,974.1        95.0   %  96.1  %
Income before income taxes     450.6          324.3          5.0    %  3.9   %
Provision for taxes on income  (207.5)        (128.5)        (2.3)  %  (1.6) %
Net income                     243.1          195.8          2.7    %  2.3   %
Less: Net income attributable  0.0            (19.6)         0.0    %  (0.2) %
to noncontrolling interest
Net income attributable to
Hertz Global Holdings, Inc.
and Subsidiaries' common       $    243.1  $    176.2  2.7    %  2.1   %
stockholders
Weighted average number of
shares outstanding:
 Basic                     419.9          415.9
 Diluted                   448.2          444.8
Earnings per share
attributable to Hertz Global
Holdings, Inc. and
Subsidiaries' common
stockholders:
 Basic                     $          $    
                               0.58           0.42
 Diluted                   $          $    
                               0.54           0.40



                                                                                Table 2
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
Unaudited
                  Three Months Ended December 31,     Three Months Ended December 31,
                  2012                                2011
                  As                        As        As                        As
                  Reported  Adjustments     Adjusted  Reported  Adjustments     Adjusted
                  $       $          $       $       $          $   
Total revenues    2,318.5    -             2,318.5  2,013.8   -             
                                                                                2,013.8
Expenses:
Direct operating  1,250.6   (42.7)      (a) 1,207.9   1,057.8   (35.3)      (a) 1,022.5
Depreciation of
revenue earning

equipment and     553.8     (4.1)       (b) 549.7     526.7     (4.2)       (b) 522.5
lease charges
Selling, general
and               330.4     (126.4)     (c) 204.0     169.9     (10.4)      (c) 159.5
administrative
Interest expense 180.5     (34.8)      (d) 145.7     167.7     (22.4)      (d) 145.3
Interest income   (2.6)     -               (2.6)     (0.9)     -               (0.9)
Other (income)    46.1      (45.8)      (f) 0.3       (0.2)     -               (0.2)
expense, net
Total expenses    2,358.8   (253.8)         2,105.0   1,921.0   (72.3)          1,848.7
Income (loss)
before income     (40.3)    253.8           213.5     92.8      72.3            165.1
taxes
Provision for     3.9       (76.5)      (g) (72.6)    (40.7)    (15.4)      (g) (56.1)
taxes on income
Net income (loss) (36.4)    177.3           140.9     52.1      56.9            109.0
Less: Net income
attributable to   0.0       -               0.0       (5.0)     -               (5.0)
noncontrolling
interest
Net income (loss)
attributable to
Hertz Global
Holdings,
                                                                                $   
Inc. and          $      $   177.3     $      $      $             
Subsidiaries'      (36.4)                   140.9     47.1  56.9            104.0
common
stockholders
                  Year Ended December 31, 2012        Year Ended December 31, 2011
                  As                        As        As                        As
                  Reported  Adjustments     Adjusted  Reported  Adjustments     Adjusted
Total revenues    $        $          $        $        $          $   
                  9,020.8    -             9,020.8  8,298.4   -             8,298.4
Expenses:
Direct operating  4,795.8   (131.1)     (a) 4,664.7   4,566.4   (122.1)     (a) 4,444.3
Depreciation of
revenue earning

equipment and     2,148.1   (12.1)      (b) 2,136.0   1,905.7   (10.7)      (b) 1,895.0
lease charges
Selling, general
and               945.8     (160.8)     (c) 785.0     745.3     (30.6)      (c) 714.7
administrative
Interest expense  649.9     (101.1)     (d) 548.8     699.7     (130.4)     (d) 569.3
Interest income   (4.9)     -               (4.9)     (5.5)     -               (5.5)
Other (income)    35.5      (45.8)      (f) (10.3)    62.5      (62.4)      (e) 0.1
expense, net
Total expenses    8,570.2   (450.9)         8,119.3   7,974.1   (356.2)         7,617.9
Income before     450.6     450.9           901.5     324.3     356.2           680.5
income taxes
Provision for     (207.5)   (99.0)      (g) (306.5)   (128.5)   (102.8)     (g) (231.3)
taxes on income
Net income        243.1     351.9           595.0     195.8     253.4           449.2
Less: Net income
attributable to   0.0       -               0.0       (19.6)    -               (19.6)
noncontrolling
interest
Net income
attributable to
Hertz Global
Holdings,

Inc. and          $                       $      $                      $   
Subsidiaries'     243.1    $   351.9     595.0     176.2     $   253.4      429.6
common
stockholders
(a) Represents the increase in amortization of other intangible assets, depreciation of
property and equipment and accretion of certain revalued liabilities relating to
purchase accounting. For the three months ended December 31, 2012 and 2011, includes
restructuring and restructuring related charges of $7.3 million and $14.4 million,
respectively and for the years ended December 31, 2012 and 2011, includes restructuring
and restructuring related charges of $28.6 million and $52.5 million, respectively. Also
includes $7.9 million related to the impact of Hurricane Sandy for the three and twelve
months ended December 31, 2012.
(b) Represents the increase in depreciation of revenue earning equipment based upon its
revaluation relating to purchase accounting.
(c) Represents an increase in depreciation of property and equipment relating to
purchase accounting. For the three months ended December 31, 2012 and 2011, also
includes restructuring and restructuring related charges of $7.2 million and $5.0
million, respectively, and acquisition related costs of $38.1 million and $5.2 million,
respectively. For the years ended December 31, 2012 and 2011, also includes
restructuring and restructuring related charges of $20.5 million and $13.7 million
respectively, and acquisition related costs of $57.7 million and $18.8 million,
respectively. Also includes other adjustments which are detailed in Table 5.
(d) Represents non-cash debt charges relating to the amortization and write off of
deferred debt financing costs and debt discounts of $17.3 million and $22.4 million for
the three months ended December 31, 2012 and 2011, respectively. These charges totaled
$83.6 million and $130.4 million for the twelve months ended December 31, 2012 and 2011,
respectively. Also includes $17.5 million of pre-acquisition interest and commitment fee
expenses for interim financing associated with the Dollar Thrifty acquisition for the
three and twelve months ended December 31, 2012.
(e) Represents premiums paid to redeem our 10.5% Senior Subordinated Notes and a portion
of our 8.875% Senior Notes.
(f) Primarily represents the loss on the Advantage divestiture of $31.4 million,
expenses associated with additional required divestitures and costs related tothe
Dollar Thrifty acquisition of $24.1 million, offset by a gain on the investment in
Dollar Thrifty stock of $8.5 million.
(g) Represents a provision for income taxes derived using a normalized income tax rate
of 34% for 2012 and 2011.

                                                                    Table 3
HERTZ GLOBAL HOLDINGS, INC.
SEGMENT AND OTHER INFORMATION
(In millions, except per share amounts)
Unaudited
                      Three Months Ended               Year Ended
                      December 31,                   December 31,
                      2012             2011            2012         2011
Revenues:
Car rental            $             $            $         $   
                      1,932.5          1,695.2         7,633.0      7,083.5
Equipment rental      385.3            317.9           1,385.4      1,209.5
Other reconciling     0.7              0.7             2.4          5.4
items
                      $             $            $         $   
                      2,318.5          2,013.8         9,020.8      8,298.4
Depreciation of
property and
equipment:
Car rental            $           $          $        $    
                      36.0            29.6           126.9       116.1
Equipment rental      9.4              8.3             34.1         33.7
Other reconciling     2.0              2.3             11.6         8.2
items
                      $           $          $        $    
                      47.4            40.2           172.6       158.0
Amortization of other
intangible assets:
Car rental            $           $         $        $    
                      14.1            9.5             41.7       32.7
Equipment rental      10.6             9.0             40.6         35.8
Other reconciling     0.5              0.4             1.8          1.5
items
                      $           $          $        $    
                      25.2            18.9            84.1       70.0
Income (loss) before
income taxes:
Car rental            $           $           $        $    
                      83.2            130.6          784.1       755.6
Equipment rental      51.4             45.1            152.6        69.3
Other reconciling     (174.9)          (82.9)          (486.1)      (500.6)
items
                      $            $          $        $    
                      (40.3)          92.8           450.6       324.3
Corporate EBITDA (a):
Car rental            $            $           $         $    
                      258.8           202.1          1,145.4      984.2
Equipment rental      176.9            140.7           576.0        480.5
Other reconciling     (22.9)           (7.6)           (85.8)       (75.2)
items
                      $            $           $         $   
                      412.8           335.2          1,635.6      1,389.5
Adjusted pre-tax income (loss) (a):
Car rental            $            $           $         $    
                      222.0           171.4          1,020.1      850.2
Equipment rental      82.4             62.1            227.0        161.6
Other reconciling     (90.9)           (68.4)          (345.6)      (331.3)
items
                      $            $           $        $    
                      213.5           165.1          901.5       680.5
Adjusted net income (loss) (a):
Car rental            $            $           $        $    
                      146.5           113.1          673.3       561.1
Equipment rental      54.4             41.0            149.8        106.7
Other reconciling     (60.0)           (50.1)          (228.1)      (238.2)
items
                      $            $           $        $    
                      140.9           104.0          595.0       429.6
Adjusted diluted
number of shares      421.1            437.2           448.2        444.8
outstanding (a)
Adjusted diluted      $           $          $        $    
earnings per share    0.33            0.24            1.33       0.97
(a)
(a) Represents a non-GAAP measure, see the accompanying reconciliations
and definitions.
Note: "Other reconciling items" includes general corporate expenses, certain
interest expense (including net interest on corporate debt), as well as other
business activities such as our third-party claim management services. See
Tables 5 and 6.



                                                                 Table 4
HERTZ GLOBAL HOLDINGS, INC.
SELECTED OPERATING AND FINANCIAL DATA
Unaudited
                       Three         Percent                     Percent
                       Months        change        Year          change
                       Ended,        from          Ended, or     from
                       oras                       as
                       of Dec. 31,   prioryear   of Dec. 31,   prioryear
                       2012          period        2012          period
Selected Car Rental Operating Data
Worldwide number of
transactions (in       7,518         15.4        % 29,127        7.5         %
thousands)
Domestic (Hertz,       5,789         20.6        % 21,920        10.1        %
Dollar and Thrifty)
International (Hertz,  1,729         1.1         % 7,207         0.2         %
Dollar and Thrifty)
Worldwide transaction
days (in               38,249        17.3        % 148,787       8.4         %
thousands)
Domestic (Hertz,       28,324        25.4        % 105,539       12.6        %
Dollar and Thrifty)
International (Hertz,  9,924         (0.9)       % 43,248        (0.7)       %
Dollar and Thrifty)
Worldwide rental rate
revenue per            $        (2.8)       % $        (3.2)       %
transaction day        39.03                        40.01
(a)
Domestic (Hertz,       $        (1.7)       % $        (3.1)       %
Dollar and Thrifty)    38.39                        39.07
International (Hertz,  $                      $     
Dollar and Thrifty)    40.87         (4.3)       %  42.30      (2.9)       %
(b)
Worldwide average
number of cars during  705,800       17.8        % 665,000       8.0         %
period
Domestic (Hertz,
Dollar and Thrifty     394,300       27.2        % 359,100       11.6        %
company-operated)
International (Hertz,
Dollar and Thrifty     149,000       (1.6)       % 155,100       (1.0)       %
company-operated)
Donlen (under lease    162,500       17.7        % 150,800       10.2        %
and maintenance)
Worldwide revenue      $                         $    
earning equipment, net 10,710.1     28.7        % 10,710.1      28.7        %
(in millions)
Selected Worldwide Equipment Rental Operating Data
Rental and rental      $                      $     
related revenue (in    349.4         20.0        % 1,257.9       14.9        %
millions) (a) (b)
Same store revenue
growth (decline),      13.4        % 47.3        % 8.6         % (7.5)       %
including initiatives
(a) (b)
Average acquisition
cost of revenue
earning equipment
operated
during period (in      $          13.7        % $        9.4         %
millions)          3,236.0                    3,069.0
Worldwide revenue      $                        $     
earning equipment, net 2,198.2      23.0        % 2,198.2       23.0        %
(in millions)
Other Financial Data (in millions)
Cash flows provided by $        0.5         % $        21.7        %
operating activities   588.0                       2,718.0
Corporate cash flow    (1,648.3)     N/M           (2,183.4)     N/M
(a)
EBITDA (a)          764.2         (9.1)       % 3,501.3       11.7        %
Corporate EBITDA       412.8         23.2        % 1,635.6       17.7        %
(a)
Selected Balance Sheet Data(in millions)
                       December                    December
                       31,                         31,
                       2012                        2011
Cash and cash          $                      $     
equivalents         533.3                        931.8
Total revenue earning  12,908.3                    10,105.4
equipment, net
Total assets           23,286.0                    17,673.5
Total debt         15,448.6                    11,317.1
Net corporate debt     5,934.4                     3,678.6
(a)
Net fleet debt (a) 8,409.3                     6,398.7
Total net debt (a) 14,343.7                    10,077.3
Total equity           2,507.3                     2,234.7
(a) Represents a non-GAAP measure, see the accompanying reconciliations and
definitions.
(b) Based on 12/31/11 foreign exchange rates.
N/M Percentage change not meaningful.



                                                                                           Table 5
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions, except per share amounts)
Unaudited
ADJUSTED PRE-TAX INCOME (LOSS) AND ADJUSTED NET INCOME
(LOSS)
               Three Months Ended December 31, 2012        Three Months Ended December 31, 2011
                                    Other                                      Other
               Car       Equipment  Reconciling            Car      Equipment  Reconciling
               Rental    Rental     Items        Total     Rental   Rental     Items        Total
Total          $         $        $        $         $       $        $        $ 
revenues:      1,932.5  385.3      0.7          2,318.5  1,695.2  317.9     0.7         2,013.8
Expenses:
Direct
operating and
selling,       1,241.7   245.5      93.8         1,581.0   1,011.8  201.2      14.7         1,227.7
general and
administrative
Depreciation
of revenue
earning        479.8     74.0       -            553.8     466.1    60.6       -            526.7
equipment and
lease charges
Interest       76.0      14.8       89.7         180.5     87.4     11.3       69.0         167.7
expense
Interest       (2.6)     -          -            (2.6)     (0.7)    (0.1)      (0.1)        (0.9)
income
Other (income) 54.4      (0.4)      (7.9)        46.1      -        (0.2)      -            (0.2)
expense, net
Total expenses 1,849.3   333.9      175.6        2,358.8   1,564.6  272.8      83.6         1,921.0
Income (loss)
before income  83.2      51.4       (174.9)      (40.3)    130.6    45.1       (82.9)       92.8
taxes
Adjustments:
Purchase
accounting
(a):
Direct
operating and
selling,       14.8      13.0       1.0          28.8      10.7     9.5        1.1          21.3
general and
administrative
Depreciation
of revenue     4.1       -          -            4.1       4.2      -          -            4.2
earning
equipment
Non-cash debt  6.1       1.3        9.9          17.3      12.0     0.9        9.5          22.4
charges (b)
Restructuring  9.2       0.7        1.1          11.0      9.3      7.8        (1.1)        16.0
charges (c)
Restructuring
related        2.9       0.2        0.4          3.5       4.6      (1.2)      (0.1)        3.3
charges (c)
Derivative
(gains) losses 0.3       -          0.7          1.0       -        -          (0.1)        (0.1)
(c)
Acquisition
related costs  96.4      -          47.7         144.1     -        -          5.2          5.2
and charges
(f)
Other (g)      5.0       15.8       23.2         44.0      -        -          -            -
Adjusted
pre-tax income 222.0     82.4       (90.9)       213.5     171.4    62.1       (68.4)       165.1
(loss)
Assumed
(provision)
benefit for    (75.5)    (28.0)     30.9         (72.6)    (58.3)   (21.1)     23.3         (56.1)
income taxes
of 34%
Noncontrolling -         -          -            -         -        -          (5.0)        (5.0)
interest
Adjusted net   $       $       $          $       $      $       $         $  
income (loss)  146.5     54.4       (60.0)      140.9     113.1   41.0      (50.1)       104.0
Adjusted
diluted number                                   421.1                                      437.2
of shares
outstanding
Adjusted
diluted                                          $                                       $   
earnings per                                     0.33                                       0.24
share
               Year Ended December 31, 2012                Year Ended December 31, 2011
                                    Other                                      Other
               Car       Equipment  Reconciling            Car      Equipment  Reconciling
               Rental    Rental     Items        Total     Rental   Rental     Items        Total
Total          $         $          $        $         $       $         $        $ 
revenues:      7,633.0  1,385.4   2.4          9,020.8  7,083.5  1,209.5    5.4         8,298.4
Expenses:
Direct
operating and
selling,       4,615.6   911.0      215.0        5,741.6   4,347.9  840.8      123.0        5,311.7
general and
administrative
Depreciation
of revenue
earning        1,876.1   272.0      -            2,148.1   1,651.4  254.3      -            1,905.7
equipment and
lease charges
Interest       316.3     52.0       281.6        649.9     333.1    45.3       321.3        699.7
expense
Interest       (4.3)     (0.4)      (0.2)        (4.9)     (4.5)    (0.3)      (0.7)        (5.5)
income
Other (income) 45.2      (1.8)      (7.9)        35.5      -        0.1        62.4         62.5
expense, net
Total expenses 6,848.9   1,232.8    488.5        8,570.2   6,327.9  1,140.2    506.0        7,974.1
Income (loss)
before income  784.1     152.6      (486.1)      450.6     755.6    69.3       (500.6)      324.3
taxes
Adjustments:
Purchase
accounting
(a):
Direct
operating and
selling,       49.5      44.3       3.7          97.5      35.4     37.9       3.6          76.9
general and
administrative
Depreciation
of revenue     12.1      -          -            12.1      4.2      6.5        -            10.7
earning
equipment
Non-cash debt  38.1      5.0        40.5         83.6      43.9     5.5        81.0         130.4
charges (b)
Restructuring  26.4      8.8        2.8          38.0      16.6     40.5       (0.7)        56.4
charges (c)
Restructuring
related        8.3       0.5        2.3          11.1      7.0      1.9        0.9          9.8
charges (c)
Derivative
(gains) losses 0.2       -          0.7          0.9       0.6      -          (0.7)        (0.1)
(c)
Pension        -         -          -            -         (13.1)   -          -            (13.1)
adjustment (d)
Acquisition
related costs  96.4      -          67.3         163.7     -        -          18.8         18.8
and charges
(f)
Management
transition     -         -          -            -         -        -          4.0          4.0
costs (d)
Premiums paid  -         -          -            -         -        -          62.4         62.4
on debt (e)
Other (g)      5.0       15.8       23.2         44.0      -        -          -            -
Adjusted
pre-tax income 1,020.1   227.0      (345.6)      901.5     850.2    161.6      (331.3)      680.5
(loss)
Assumed
(provision)
benefit for    (346.8)   (77.2)     117.5        (306.5)   (289.1)  (54.9)     112.7        (231.3)
income taxes
of 34%
Noncontrolling -         -          -            -         -        -          (19.6)       (19.6)
interest
Adjusted net   $       $        $           $       $      $        $          $  
income         673.3     149.8      (228.1)     595.0     561.1   106.7     (238.2)      429.6
(loss)
Adjusted
diluted number                                   448.2                                      444.8
of shares
outstanding
Adjusted
diluted                                          $                                       $   
earnings per                                     1.33                                       0.97
share
(a) Represents the increase in amortization of other intangible assets, depreciation of property
and equipment and accretion of certain revalued liabilities relating to

purchase accounting.
(b) Represents non-cash debt charges relating to the amortization and write off of deferred debt
financing costs and debt discounts.
(c) Amounts are included within direct operating and selling, general and administrative expenses
in our statement of operations.
(d) Amounts are included within selling, general and administrative expenses in our statement of
operations.
(e) Represents premiums paid to redeem our 10.5% Senior Subordinated Notes and a portion of our
8.875% Senior Notes. These costs are included within other (income) expense, net in our statement
of operations.
(f) Primarily represents Dollar Thrifty acquisition related expenses of $38.1 million and $57.7
million for the three and twelve months ended December 31, 2012, respectively.Also includes change
in control expenses, 'Day-1' compensation expenses and other adjustments related to the Dollar
Thrifty acquisition of $42.7 million, loss on the Advantagedivestiture of $31.4 million, expenses
related to additional required divestitures and costs associated with the Dollar Thrifty
acquisition of $24.2 million, pre-acquisition interestand commitment fee expenses for interim
financing associated with the Dollar Thrifty acquisition of $17.5 million and a gain on the
investment in Dollar Thrifty stockof $8.5 million for the three and twelve months ended December
31, 2012.
(g) Primarily represents expenses related to the withdrawal from a multiemployer pension plan of
$23.2 million, litigation accrual of $14.0 million and expenses associated with the impact of
Hurricane Sandy of $7.9 million.



                                                                                                 Table 6
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions)
Unaudited
EBITDA, CORPORATE EBITDA, UNLEVERED PRE-TAX CASH FLOW,
LEVERED AFTER-TAX CASH FLOW BEFORE FLEET GROWTH AND CORPORATE CASH FLOW
               Three Months Ended December 31, 2012           Three Months Ended December 31, 2011
                                     Other                                          Other
               Car        Equipment  Reconciling              Car        Equipment  Reconciling
               Rental     Rental     Items        Total       Rental     Rental     Items        Total
Income (loss)  $       $       $           $        $        $       $         $   
before income  83.2       51.4       (174.9)     (40.3)      130.6     45.1      (82.9)       92.8
taxes
Depreciation,
amortization
and other      530.1      94.0       2.5          626.6       505.4      77.8       3.1          586.3
purchase
accounting
Interest, net
of interest    73.4       14.8       89.7         177.9       86.7       11.2       68.9         166.8
income
Noncontrolling -          -          -            -           -          -          (5.0)        (5.0)
interest
EBITDA         686.7      160.2      (82.7)       764.2       722.7      134.1      (15.9)       840.9
Adjustments:
Car rental     (71.6)     -          -            (71.6)      (82.3)     -          -            (82.3)
fleet interest
Car rental
fleet          (479.8)    -          -            (479.8)     (466.1)    -          -            (466.1)
depreciation
Non-cash
expenses and   10.0       -          4.9          14.9        13.9       -          4.3          18.2
charges (a)
Extraordinary,
unusual or
non-recurring  113.5      16.7       54.9         185.1       13.9       6.6        4.0          24.5
gains and
losses (b)
Corporate      $        $        $          412.8       $        $        $        335.2
EBITDA         258.8      176.9      (22.9)                  202.1     140.7     (7.6)
Non-fleet
capital                                           (40.3)                                         (73.8)
expenditures,
net
Changes in
working
capital:
Receivables,
excluding car                                     72.3                                           72.2
rental fleet
receivables
Accounts
payable and                                       26.0                                           (104.5)
capital leases
Accrued
liabilities                                       (173.8)                                        (85.0)
and other
Acquisition
and other                                         (1,607.7)                                      (4.3)
investing
activities
Other
financing                                         (68.7)                                         (14.8)
activities,
excluding debt
Foreign
exchange
impact on cash                                    4.7                                            (10.2)
and cash
equivalents
Unlevered
pre-tax cash                                      (1,374.7)                                      114.8
flow
Corporate net                                     (116.5)                                        (95.3)
cash interest
Corporate cash                                    (28.7)                                         (17.1)
taxes
Levered
after-tax cash                                    (1,519.9)                                      2.4
flow before
fleet growth
Equipment rental revenue earning
equipment expenditures, net of                    (85.9)                                         (69.1)
disposal proceeds
Car rental
fleet equity                                      (42.5)                                         788.3
requirement
Corporate cash                                    $                                              $  
flow                                              (1,648.3)                                     721.6
               Year Ended December 31, 2012                   Year Ended December 31, 2011
                                     Other                                          Other
               Car        Equipment  Reconciling              Car        Equipment  Reconciling
               Rental     Rental     Items        Total       Rental     Rental     Items        Total
Income (loss)  $        $        $           $        $        $       $          $  
before income  784.1      152.6      (486.1)     450.6       755.6     69.3      (500.6)      324.3
taxes
Depreciation,
amortization
and other      2,045.6    346.7      13.4         2,405.7     1,801.3    323.8      10.9         2,136.0
purchase
accounting
Interest, net
of interest    312.0      51.6       281.4        645.0       328.6      45.0       320.6        694.2
income
Noncontrolling -          -          -            -           -          -          (19.6)       (19.6)
interest
EBITDA         3,141.7    550.9      (191.3)      3,501.3     2,885.5    438.1      (188.7)      3,134.9
Adjustments:
Car rental     (297.4)    -          -            (297.4)     (306.2)    -          -            (306.2)
fleet interest
Car rental
fleet          (1,876.1)  -          -            (1,876.1)   (1,651.4)  -          -            (1,651.4)
depreciation
Non-cash
expenses and   41.1       -          27.4         68.5        32.7       -          28.1         60.8
charges (a)
Extraordinary,
unusual or
non-recurring  136.1      25.1       78.1         239.3       23.6       42.4       85.4         151.4
gains and
losses (b)
Corporate      $          $        $          1,635.6     $        $        $         1,389.5
EBITDA         1,145.4   576.0      (85.8)                  984.2     480.5     (75.2)
Non-fleet
capital                                           (175.1)                                        (227.9)
expenditures,
net
Changes in
working
capital:
Receivables,
excluding car                                     (165.1)                                        (64.9)
rental fleet
receivables
Accounts
payable and                                       214.9                                          (58.6)
capital leases
Accrued
liabilities                                       (201.8)                                        (192.6)
and other
Acquisition
and other                                         (1,831.6)                                      (259.4)
investing
activities
Other
financing                                         (92.0)                                         (109.3)
activities,
excluding debt
Foreign
exchange
impact on cash                                    5.7                                            3.8
and cash
equivalents
Unlevered
pre-tax cash                                      (609.4)                                        480.6
flow
Corporate net                                     (324.3)                                        (390.1)
cash interest
Corporate cash                                    (71.7)                                         (49.6)
taxes
Levered
after-tax cash                                    (1,005.4)                                      40.9
flow before
fleet growth
Equipment rental revenue earning
equipment expenditures, net of                    (588.0)                                        (359.8)
disposal proceeds
Car rental
fleet equity                                      (590.0)                                        15.9
requirement
Corporate cash                                    $                                              $  
flow                                              (2,183.4)                                     (303.0)
                                                                                    Table 6 (pg. 2)
(a) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the
impact of certain non-cash expenses and charges. The adjustments reflect the following:
NON-CASH
EXPENSES AND   Three Months Ended December 31, 2012           Three Months Ended December 31, 2011
CHARGES
                                     Other                                          Other
               Car        Equipment  Reconciling              Car        Equipment  Reconciling
               Rental     Rental     Items        Total       Rental     Rental     Items        Total
Non-cash
amortization
of debt costs
included
in car rental  $      $      $         $       $       $      $       $   
fleet interest 6.1         -       (0.2)        5.9       11.7        -       -          11.7
Non-cash
stock-based
employee
compensation   3.6        -          4.4          8.0         2.2        -          4.4          6.6
charges
Derivative     0.3        -          0.7          1.0         -          -          (0.1)        (0.1)
(gains) losses
Total non-cash $       $      $        $       $       $      $        $   
expenses and   10.0        -       4.9          14.9        13.9        -      4.3         18.2
charges
NON-CASH
EXPENSES AND   Year Ended December 31, 2012                   Year Ended December 31, 2011
CHARGES
                                     Other                                          Other
               Car        Equipment  Reconciling              Car        Equipment  Reconciling
               Rental     Rental     Items        Total       Rental     Rental     Items        Total
Non-cash
amortization
of debt costs
included
               $       $      $       $       $       $      $       $   
in car rental  37.3        -       -           37.3        43.0        -       -          43.0
fleet interest
Non-cash
stock-based
employee

compensation   3.6        -          26.7         30.3        2.2        -          28.8         31.0
charges
Derivative     0.2        -          0.7          0.9         0.6        -          (0.7)        (0.1)
(gains) losses
Pension        -          -          -            -           (13.1)     -          -            (13.1)
adjustment
Total non-cash $       $      $         $       $       $      $         $   
expenses and   41.1        -       27.4         68.5        32.7        -      28.1        60.8
charges
(b) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the
impact of extraordinary, unusual or non-recurring gains or losses or charges orcredits. The adjustments
reflect the following:
EXTRAORDINARY,
UNUSUAL OR
NON-RECURRING  Three Months Ended December 31, 2012           Three Months Ended December 31, 2011
ITEMS
                                     Other                                          Other
               Car        Equipment  Reconciling              Car        Equipment  Reconciling
               Rental     Rental     Items        Total       Rental     Rental     Items        Total
Restructuring  $      $      $        $       $      $      $        $   
charges        9.2        0.7        1.1          11.0        9.3       7.8       (1.1)        16.0
Restructuring
related        2.9        0.2        0.4          3.5         4.6        (1.2)      (0.1)        3.3
charges
Acquisition
related costs  96.4       -          47.7         144.1       -          -          5.2          5.2
and charges
(c)
Other (c)      5.0        15.8       5.7          26.5        -          -          -            -
Total
extraordinary, $        $       $         $        $       $      $        $   
unusual or     113.5      16.7       54.9         185.1       13.9      6.6       4.0         24.5
non-recurring
items
EXTRAORDINARY,
UNUSUAL OR
NON-RECURRING  Year Ended December 31, 2012                   Year Ended December 31, 2011
ITEMS
                                     Other                                          Other
               Car        Equipment  Reconciling              Car        Equipment  Reconciling
               Rental     Rental     Items        Total       Rental     Rental     Items        Total
Restructuring  $       $      $        $       $       $       $        $   
charges        26.4       8.8        2.8          38.0        16.6      40.5      (0.7)        56.4
Restructuring
related        8.3        0.5        2.3          11.1        7.0        1.9        0.9          9.8
charges
Acquisition
related costs  96.4       -          67.3         163.7       -          -          18.8         18.8
and charges
(c)
Other (c)      5.0        15.8       5.7          26.5        -          -          62.4         62.4
Management
transition     -          -          -            -           -          -          4.0          4.0
costs
Total
extraordinary, $        $       $         $        $       $       $         $  
unusual or     136.1      25.1       78.1         239.3       23.6      42.4      85.4        151.4
non-recurring
items
(c) Includes other adjustments which are detailed in Tables 2 and 5



                                                                    Table 7
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions, except as noted)
Unaudited
RECONCILIATION                               
FROM OPERATING    Three Months Ended
                                             Year Ended
CASH FLOWS TO      December 31,
EBITDA:                                      December 31,
                   2012         2011         2012        2011
Net cash provided  $        $        $        $   
by operating       588.0       584.8       2,718.0     2,233.3
activities
Amortization and
write-off of debt  (17.0)       (22.4)       (83.0)      (130.3)
costs
Provision for
losses on doubtful (10.7)       (7.0)        (34.1)      (28.2)
accounts
Gain (loss) on     (3.6)        (6.3)        (4.3)       8.0
derivatives
Gain (loss) on
revaluation of     -            26.6         (2.5)       26.6
foreign
denominated debt
Gain on sale of
property and       6.4          38.3         8.3         43.5
equipment
Gain on
revaluation of     8.5          -            8.5         -
investment
Loss on disposal   (55.4)       -            (46.4)      -
of business
Stock-based
compensation       (8.0)        (6.7)        (30.3)      (31.1)
charges
Asset              3.2          (0.4)        -           (23.2)
writedowns
Lease charges      16.2         23.8         79.8        96.1
Noncontrolling     -            (5.0)        -           (19.6)
interest
Deferred taxes on  (24.4)       (40.3)       (128.8)     (68.1)
income
Provision
(benefit) for      (3.9)        40.7         207.5       128.5
taxes on
income
Interest expense,
net of interest    177.9        166.8        645.0       694.2
income
Changes in assets  87.0         48.0         163.6       205.2
and liabilities
EBITDA             $        $        $        $   
                   764.2       840.9       3,501.3     3,134.9
NET CORPORATE      December     September    December    September  December
DEBT, NET FLEET    31,          30,          31,         30,        31,
DEBT AND TOTAL NET
DEBT               2012         2012         2011        2011       2010
Total Corporate    $         $         $        $       $   
Debt               6,545.3      4,784.4      4,704.8     4,942.4    5,830.7
Total Fleet Debt   8,903.3      7,936.5      6,612.3     7,563.9    5,475.7
Total Debt         $          $          $         $        $  
                   15,448.6     12,720.9     11,317.1    12,506.3   11,306.4
Corporate
Restricted Cash
Restricted Cash,   $        $        $       $      $    
less:              571.6       376.8       308.0      332.8     207.6
Restricted Cash
Associated with    (494.0)      (302.2)      (213.6)     (215.6)    (115.6)
Fleet Debt
Corporate          $        $        $       $      $    
Restricted Cash     77.6       74.6       94.4     117.2      92.0
Net Corporate Debt
Corporate Debt,    $         $         $        $       $   
less:              6,545.3      4,784.4      4,704.8     4,942.4    5,830.7
Cash and Cash      (533.3)      (453.4)      (931.8)     (385.8)    (2,374.2)
Equivalents
Corporate          (77.6)       (74.6)       (94.4)      (117.2)    (92.0)
Restricted Cash
Net Corporate Debt $         $         $        $       $   
                   5,934.4      4,256.4      3,678.6     4,439.4    3,364.5
Net Fleet Debt
Fleet Debt, less:  $         $         $        $       $   
                   8,903.3      7,936.5      6,612.3     7,563.9    5,475.7
Restricted Cash
Associated with    (494.0)      (302.2)      (213.6)     (215.6)    (115.6)
Fleet Debt
Net Fleet Debt     $         $         $        $       $   
                   8,409.3      7,634.3      6,398.7     7,348.3    5,360.1
Total Net Debt     $          $          $         $        $   
                   14,343.7     11,890.7     10,077.3    11,787.7   8,724.6
                   Three Months Ended       Year Ended

CAR RENTAL RATE    December 31,              December 31,
REVENUE PER
                   2012         2011         2012        2011
TRANSACTION DAY(a)
Car rental segment $         $         $        $   
revenues (b)       1,932.5      1,695.2      7,633.0     7,083.5
Non-rental rate    (434.6)      (369.0)      (1,676.6)   (1,256.7)
revenue
Foreign currency   (5.0)        (17.2)       (4.0)       (151.7)
adjustment
Rental rate        $         $         $        $   
revenue          1,492.9      1,309.0      5,952.4     5,675.1
Transactions days  38,249       32,594       148,787     137,301
(in thousands)
Rental rate
revenue per
transaction
day (in whole      $        $        $       $    
dollars)           39.03       40.16       40.01      41.33
EQUIPMENT RENTAL   Three Months Ended       Year Ended
AND RENTAL
                   December 31,              December 31,
RELATED REVENUE(a) 2012         2011         2012        2011
Equipment rental   $        $        $        $   
segment revenues   385.3       317.9       1,385.4     1,209.5
Equipment sales    (33.5)       (27.4)       (121.8)     (106.2)
and other revenue
Foreign currency   (2.4)        0.6          (5.7)       (8.9)
adjustment
Rental and rental  $        $        $        $   
related revenue    349.4       291.1       1,257.9     1,094.4
(a) Based on 12/31/11 foreign exchange rates.
(b) Includes U.S. off-airport revenues of $325.2 million and $289.7 million
for the three months ended December 31, 2012 and 2011, respectively,and
$1,306.4 million and $1,198.6 million for the years ended December 31, 2012
and 2011, respectively.



Exhibit 1

Non-GAAP Measures: Definitions and Use/Importance

Hertz Global Holdings, Inc. ("Hertz Holdings") is our top-level holding
company. The Hertz Corporation ("Hertz") is our primary operating company. The
term "GAAP" refers to accounting principles generally accepted in the United
States of America.

Definitions of non-GAAP measures utilized in Hertz Holdings' February 25, 2013
Press Release are set forth below. Also set forth below is a summary of the
reasons why management of Hertz Holdings and Hertz believes that the
presentation of the non-GAAP financial measures included in the Press Release
provide useful information regarding Hertz Holdings' and Hertz's financial
condition and results of operations and additional purposes, if any, for which
management of Hertz Holdings and Hertz utilize the non-GAAP measures.

1. Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")
and Corporate EBITDA

EBITDA is defined as net income before net interest expense, income taxes and
depreciation (which includes revenue earning equipment lease charges) and
amortization. Corporate EBITDA, as presented herein, represents EBITDA as
adjusted for car rental fleet interest, car rental fleet depreciation and
certain other items, as described in more detail in the accompanying tables.

Management uses EBITDA and Corporate EBITDA as operating performance and
liquidity metrics for internal monitoring and planning purposes, including the
preparation of our annual operating budget and monthly operating reviews, as
well as to facilitate analysis of investment decisions, profitability and
performance trends. Further, EBITDA enables management and investors to
isolate the effects on profitability of operating metrics such as revenue,
operating expenses and selling, general and administrative expenses, which
enables management and investors to evaluate our two business segments that
are financed differently and have different depreciation characteristics and
compare our performance against companies with different capital structures
and depreciation policies. We also present Corporate EBITDA as a supplemental
measure because such information is utilized in the calculation of financial
covenants under Hertz's senior credit facilities.

EBITDA and Corporate EBITDA are not recognized measurements under GAAP. When
evaluating our operating performance or liquidity, investors should not
consider EBITDA and Corporate EBITDA in isolation of, or as a substitute for,
measures of our financial performance and liquidity as determined in
accordance with GAAP, such as net income, operating income or net cash
provided by operating activities.

2. Adjusted Pre-Tax Income

Adjusted pre-tax income is calculated as income before income taxes plus
non-cash purchase accounting charges, non-cash debt charges relating to the
amortization of debt financing costs and debt discounts and certain one-time
charges and non-operational items. Adjusted pre-tax income is important to
management because it allows management to assess operational performance of
our business, exclusive of the items mentioned above. It also allows
management to assess the performance of the entire business on the same basis
as the segment measure of profitability. Management believes that it is
important to investors for the same reasons it is important to management and
because it allows them to assess the operational performance of the Company on
the same basis that management uses internally.

3. Adjusted Net Income

Adjusted net income is calculated as adjusted pre-tax income less a provision
for income taxes derived utilizing a normalized income tax rate (34% in 2012
and 2011) and noncontrolling interest. The normalized income tax rate is
management's estimate of our long-term tax rate. Adjusted net income is
important to management and investors because it represents our operational
performance exclusive of the effects of purchase accounting, non-cash debt
charges, one-time charges and items that are not operational in nature or
comparable to those of our competitors.

4. Adjusted Diluted Earnings Per Share

Adjusted diluted earnings per share is calculated as adjusted net income
divided by, for the three months ended December 31, 2012, 421.1 million which
represents the weighted average diluted shares outstanding for the period; for
the twelve months ended December 31, 2012, 448.2 million which represents the
weighted average diluted shares outstanding for the period; for the three
months ended December 31, 2011, 437.2 million which represents the weighted
average diluted shares outstanding for the period; and for the twelve months
ended December 31, 2011, 444.8 million which represents the weighted average
diluted shares outstanding for the period. Adjusted diluted earnings per share
is important to management and investors because it represents a measure of
our operational performance exclusive of the effects of purchase accounting
adjustments, non-cash debt charges, one-time charges and items that are not
operational in nature or comparable to those of our competitors.

5. Transaction Days

Transaction days represent the total number of days that vehicles were on rent
in a given period.

6. Car Rental Rate Revenue, Rental Rate Revenue Per Transaction Day and Rental
Rate Revenue Per Transaction

Car rental rate revenue consists of all revenue, net of discounts, associated
with the rental of cars including charges for optional insurance products, but
excluding revenue derived from fueling and concession and other expense
pass-throughs, NeverLost units in the U.S. and certain ancillary revenue.
Rental rate revenue per transaction day is calculated as total rental rate
revenue, divided by the total number of transaction days, with all periods
adjusted to eliminate the effect of fluctuations in foreign currency. Rental
rate revenue per transaction is calculated as total rental rate revenue,
divided by the total number of transactions, with all periods adjusted to
eliminate the effects of fluctuations in foreign currency. Our management
believes eliminating the effect of fluctuations in foreign currency is
appropriate so as not to affect the comparability of underlying trends. These
statistics are important to management and investors as they represent the
best measurements of the changes in underlying pricing in the car rental
business and encompass the elements in car rental pricing that management has
the ability to control. The optional insurance products are packaged within
certain negotiated corporate, government and membership programs and within
certain retail rates being charged. Based upon these existing programs and
rate packages, management believes that these optional insurance products
should be consistently included in the daily pricing of car rental
transactions. On the other hand, non-rental rate revenue items such as
refueling and concession pass-through expense items are driven by factors
beyond the control of management (i.e. the price of fuel and the concession
fees charged by airports). Additionally, NeverLost units are an optional
revenue product which management does not consider to be part of their daily
pricing of car rental transactions.

7. Equipment Rental and Rental Related Revenue

Equipment rental and rental related revenue consists of all revenue, net of
discounts, associated with the rental of equipment including charges for
delivery, loss damage waivers and fueling, but excluding revenue arising from
the sale of equipment, parts and supplies and certain other ancillary revenue.
Rental and rental related revenue is adjusted in all periods to eliminate the
effect of fluctuations in foreign currency. Our management believes
eliminating the effect of fluctuations in foreign currency is appropriate so
as not to affect the comparability of underlying trends. This statistic is
important to our management and to investors as it is utilized in the
measurement of rental revenue generated per dollar invested in fleet on an
annualized basis and is comparable with the reporting of other industry
participants.

8. Same Store Revenue Growth/Decline

Same store revenue growth or decline is calculated as the year over year
change in revenue for locations that are open at the end of the period
reported and have been operating under our direction for more than twelve
months. The same store revenue amounts are adjusted in all periods to
eliminate the effect of fluctuations in foreign currency. Our management
believes eliminating the effect of fluctuations in foreign currency is
appropriate so as not to affect the comparability of underlying trends.

9. Unlevered Pre-Tax Cash Flow

Unlevered pre-tax cash flow is calculated as Corporate EBITDA less non-fleet
capital expenditures, net of non-fleet disposals, plus changes in working
capital (receivables, excluding car rental receivables, inventories, prepaid
expenses, accounts payable and accrued liabilities), cash used for
acquisitions, cash used for / provided by other investing activities, cash
used / provided by non-debt financing activities and the foreign exchange
impact on cash and cash equivalents. Unlevered pre-tax cash flow is important
to management and investors as it represents funds available to pay corporate
interest and taxes and to grow our fleet or reduce debt.

10. Levered After-Tax Cash Flow Before Fleet Growth

Levered after-tax cash flow before fleet growth is calculated as Unlevered
Pre-Tax Cash Flow less corporate net cash interest and corporate cash taxes.
Levered after-tax cash flow before fleet growth is important to management and
investors as it represents the funds available to grow our fleet or reduce our
debt.

11. Corporate Net Cash Interest (used in the calculation of Levered After-Tax
Cash Flow Before Fleet Growth)

Corporate net cash interest represents cash paid by the Company during the
period for interest expense relating to Corporate Debt. Corporate net cash
interest helps management and investors measure the ongoing costs of financing
the business exclusive of the costs associated with the fleet financing.

12. Corporate Cash Taxes (used in the calculation of Levered After-Tax Cash
Flow Before Fleet Growth)

Corporate cash taxes represents cash paid by the Company during the period for
income taxes.

13. Corporate Cash Flow

Corporate cash flow is calculated as Levered After-Tax Cash Flow Before Fleet
Growth less equipment rental fleet growth capital expenditures, net of
disposal proceeds and less the car rental fleet equity requirement. Corporate
cash flow is important to management and investors as it represents the cash
available for the reduction of corporate debt.

14. Net Corporate Debt

Net corporate debt is calculated as total debt excluding fleet debt less cash
and equivalents and corporate restricted cash. Corporate debt consists of our
Senior Term Facility; Senior ABL Facility; Senior Notes; Senior Subordinated
Notes, Convertible Senior Notes; and certain other indebtedness of our
domestic and foreign subsidiaries. Net Corporate Debt is important to
management, investors and ratings agencies as it helps measure our leverage.
Net Corporate Debt also assists in the evaluation of our ability to service
our non-fleet-related debt without reference to the expense associated with
the fleet debt, which is fully collateralized by assets not available to
lenders under the non-fleet debt facilities.

15. Corporate Restricted Cash (used in the calculation of Net Corporate Debt)

Total restricted cash includes cash and cash equivalents that are not readily
available for our normal disbursements. Total restricted cash and equivalents
are restricted for the purchase of revenue earning vehicles and other
specified uses under our Fleet Debt facilities, our like-kind exchange
programs and to satisfy certain of our self insurance regulatory reserve
requirements. Corporate restricted cash is calculated as total restricted cash
less restricted cash associated with fleet debt.

16. Net Fleet Debt

Net fleet debt is calculated as total fleet debt less restricted cash
associated with fleet debt. As of December 31, 2012, fleet debt consists of
HVF U.S. Fleet Variable Funding Notes, HVF U.S. Fleet Medium Term Notes, RCFC
U.S. Fleet Variable Funding Notes, RCFC U.S. Fleet Medium Term Notes, Donlen
GN II Variable Funding Notes, U.S. Fleet Financing Facility, European
Revolving Credit Facility, European Fleet Notes, European Securitization,
Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian
Securitization, Australian Securitization, Brazilian Fleet Financing and
Capitalized Leases relating to revenue earning equipment. This measure is
important to management, investors and ratings agencies as it helps measure
our leverage.

17. Restricted Cash Associated with Fleet Debt (used in the calculation of Net
Fleet Debt and Corporate Restricted Cash)

Restricted cash associated with fleet debt is restricted for the purchase of
revenue earning vehicles and other specified uses under our Fleet Debt
facilities and our car rental like-kind exchange program.

18. Total Net Debt

Total net debt is calculated as net corporate debt plus net fleet debt. This
measure is important to management, investors and ratings agencies as it helps
measure our leverage.



SOURCE The Hertz Corporation

Website: http://www.hertz.com
Contact: Investor Relations, Leslie Hunziker, +1-201-307-2100,
investorrelations@hertz.com or Media, Richard Broome, +1-201-307-2486,
rbroome@hertz.com
 
Press spacebar to pause and continue. Press esc to stop.