ESTERO,
Fla., June 15, 2022 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NASDAQ: HTZ) ("Hertz" or the "Company") today
announced that its Board of Directors approved a new $2.0 billion share repurchase program. The new
authorization is in addition to the $2.0
billion share repurchase program announced in November 2021. With approximately $0.2 billion remaining under the previous
authorization, pursuant to which the Company has repurchased
approximately 88 million shares as of June
14, 2022, the Company now has $2.2
billion available under the programs.
"The increased authorization underscores the confidence that
management and the board have in the direction of the Company,"
said Stephen Scherr, Hertz chief
executive officer. "We remain committed to our capital allocation
strategy that utilizes organic cash flows and appropriate leverage
to invest in technology, modernize our fleet, and return capital to
shareholders."
Repurchases will be made at management's discretion and may be
executed through a variety of methods, such as open-market
transactions (including pre-set trading plans), privately
negotiated transactions, accelerated share repurchases, and other
transactions in accordance with applicable securities
laws. The program has no time limit. The share repurchase
authorization does not obligate the Company to acquire any
particular amount of common stock and can be discontinued at any
time. There can be no assurance as to the timing or number of
shares of any repurchases.
ABOUT HERTZ
The Hertz Corporation, a subsidiary of Hertz Global Holdings,
Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands
throughout North America, Europe,
the Caribbean, Latin America, Africa,
the Middle East, Asia, Australia and New
Zealand. The Hertz Corporation is one of the largest worldwide
vehicle rental companies, and the Hertz brand is one of the most
recognized globally. Additionally, The Hertz Corporation operates
the Firefly vehicle rental brand and Hertz 24/7 car sharing
business in international markets and sells vehicles through Hertz
Car Sales.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
Certain statements contained in this release include
"forward-looking statements" within the meaning of applicable
securities laws and regulations. These statements often include
words such as "believe," "expect," "project," "potential,"
"anticipate," "intend," "plan," "estimate," "seek," "will," "may,"
"would," "should," "could," "forecasts" or similar expressions.
These statements are based on the Company's current views with
respect to future events. These forward-looking statements are
subject to a number of risks and uncertainties including prevailing
market conditions, as well as other factors. Forward-looking
statements represent the Company's estimates and assumptions only
as of the date that they were made, and, except as required by law,
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.
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SOURCE Hertz Global Holdings, Inc.