Hertz Global Holdings Inc. (OTCMKTS: HTZZW) has announced its Q2 2021 financial results, up 62% minus Donlen revenue.
Hertz Global reported revenue of $1.9 billion
The company’s total revenues for Q2 2021 were $1.9 billion, indicating robust leisure travel demand and reduced fleet inventory. Hertz Global reported adjusted EBITDA of $639 million, with a margin of 34%. Strong revenues, excellent fleet management, and more than $400 million in recurrent and structural costs reductions contributed to the improvement. The company made a net loss of $168 million, or $1.05 per share, including $633 million in reorganization costs.
CEO and President Paul Stone said, “Hertz delivered an outstanding second quarter as travel continued to rebound. With resurgent demand and tight supply across the industry, we remained agile in managing our fleet to meet customers’ needs. At the same time, we benefited from the important operational and financial improvements we made through our restructuring process. Our improved financial position and capital structure give us the flexibility and resources to build upon our strengths and capitalize on accelerating momentum in the quarters ahead.”
Stone added, “We are optimistic about a sustained recovery and travel rebound. We are carefully managing our fleet accordingly to deliver superior customer experience while optimizing profitability.”
Hertz Global emerged from a Chapter 11 process in June
On June 30, 2021, Hertz Global exited from Chapter 11process as a well-capitalized corporation with the resources and flexibility to pursue exciting new development prospects. Hertz Global had $1.5 billion in non-vehicle debt outstanding at the end of the quarter, consisting of a Term B Loan of $1.3 billion and a Term C Loan of $245 million to enable the issue of letters of credit. In addition, a $1.3 billion first-lien revolving credit arrangement is also available to the company.
By the end of 2021, the company plans to re-IPO, which will entail an investor roadshow and a major capital market relisting.
