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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________________________________________

FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number Exact Name of Registrant as Specified in its Charter,
Principal Executive Office Address and Telephone Number		 State of Incorporation I.R.S. Employer Identification No.
001-37665 HERTZ GLOBAL HOLDINGS, INC Delaware 61-1770902
8501 Williams Road, Estero, Florida 33928
(239) 301-7000
001-07541
THE HERTZ CORPORATION
 Delaware 13-1938568
8501 Williams Road, Estero, Florida 33928
(239) 301-7000

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which Registered
Hertz Global Holdings, Inc. Common Stock par value $0.01 per share HTZZ *
The Hertz Corporation None None None

*Hertz Global Holdings, Inc.'s common stock trades on the over-the-counter market under the symbol HTZZ.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Hertz Global Holdings, Inc.    Yes ☒ No ☐
The Hertz Corporation    Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Hertz Global Holdings, Inc.    Yes ☒ No ☐
The Hertz Corporation    Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Hertz Global Holdings, Inc. Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐
Smaller reporting company  ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
The Hertz Corporation Large accelerated filer  ☐ Accelerated filer  ☐ Non-accelerated filer ☒
Smaller reporting company  ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Hertz Global Holdings, Inc.    Yes ☐ No ☒
The Hertz Corporation    Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Hertz Global Holdings, Inc.    Yes ☒ No ☐
The Hertz Corporation    Yes ☒ No ☐

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.
Class Shares Outstanding as of October 21, 2021
Hertz Global Holdings, Inc. Common Stock, par value $0.01 per share 472,688,295
The Hertz Corporation(1)
 Common Stock, par value $0.01 per share 100
(1)(100% owned by
Rental Car Intermediate Holdings, LLC)

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES

PART I. FINANCIAL INFORMATION
ITEM 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Index
Page
Hertz Global Holdings, Inc. and Subsidiaries
2
3
4
5
6
The Hertz Corporation and Subsidiaries
8
9
Notes to the Condensed Consolidated Financial Statements

1


HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
September 30, 2021 December 31, 2020
ASSETS
Cash and cash equivalents $ 2,703  $ 1,096 
Restricted cash and cash equivalents:
Vehicle 320  50 
Non-vehicle 443  361 
Total restricted cash and cash equivalents 763  411 
Total cash, cash equivalents, restricted cash and restricted cash equivalents 3,466  1,507 
Receivables:
Vehicle 139  164 
Non-vehicle, net of allowance of $58 and $46, respectively
 751  613 
Total receivables, net 890  777 
Prepaid expenses and other assets 642  373 
Revenue earning vehicles:
Vehicles 10,122  7,540 
Less: accumulated depreciation (1,559) (1,478)
Total revenue earning vehicles, net 8,563  6,062 
Property and equipment, net 609  666 
Operating lease right-of-use assets 1,453  1,675 
Intangible assets, net 2,925  2,992 
Goodwill 1,045  1,045 
Assets held for sale —  1,811 
Total assets(a)
 $ 19,593  $ 16,908 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
Accounts payable:
Vehicle $ 46  $ 29 
Non-vehicle 540  389 
Total accounts payable 586  418 
Accrued liabilities 904  759 
Accrued taxes, net 228  121 
Debt:
Vehicle 7,207  6,024 
Non-vehicle 1,511  243 
Total debt 8,718  6,267 
Public Warrants 783  — 
Operating lease liabilities 1,402  1,636 
Self-insured liabilities 470  488 
Deferred income taxes, net 851  730 
Total liabilities not subject to compromise 13,942  10,419 
Liabilities subject to compromise —  4,965 
Liabilities held for sale —  1,431 
Total liabilities(a)
 13,942  16,815 
Commitments and contingencies
Mezzanine Equity:
Preferred stock, $0.01 par value, 1,500,000 shares issued and outstanding at September 30, 2021
 1,433  — 
Total mezzanine equity 1,433  — 
Stockholders' equity:
Preferred stock, $0.01 par value, no shares issued and outstanding at December 31, 2020
 —  — 
Common stock, $0.01 par value, 471,528,459 shares issued and outstanding at September 30, 2021, and 158,235,410 and 156,206,478 shares issued and outstanding at December 31, 2020
 5  2 
Treasury stock, at cost, 2,028,932 shares at December 31, 2020
 —  (100)
Additional paid-in capital 6,482  3,047 
Retained earnings (Accumulated deficit) (2,055) (2,681)
Accumulated other comprehensive income (loss) (226) (212)
Stockholders' equity attributable to Hertz Global 4,206  56 
 Noncontrolling interests 12  37 
Total stockholders' equity 4,218  93 
Total liabilities, mezzanine equity and stockholders' equity $ 19,593  $ 16,908 
(a)Hertz Global Holdings, Inc.'s consolidated total assets as of September 30, 2021 and December 31, 2020 include total assets of variable interest entities (“VIEs”) of $745 million and $511 million, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of September 30, 2021 and December 31, 2020 include total liabilities of VIEs of $734 million and $475 million, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing " in Note 6, "Debt," and "767 Auto Leasing LLC" in Note 15, "Related Party Transactions," for further information.
2

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions, except per share data)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
  2021 2020 2021 2020
Revenues $ 2,226  $ 1,268  $ 5,387  $ 4,023 
Expenses:
Direct vehicle and operating 1,131  779  2,855  2,624 
Depreciation of revenue earning vehicles and lease charges 61  347  420  1,632 
Non-vehicle depreciation and amortization 49  58  153  168 
Selling, general and administrative 177  138  498  506 
Interest expense, net:
Vehicle 41  110  243  360 
Non-vehicle (excludes contractual interest of $53 million and $75 million for the three and nine months ended September 30, 2020, respectively)
 22  17  157  118 
Total interest expense, net 63  127  400  478 
Technology-related intangible and other asset impairments —  —  —  193 
Other (income) expense, net (7) —  (20) (15)
Reorganization items, net —  78  677  101 
(Gain) from the sale of a business —  —  (400) — 
Change in fair value of Public Warrants (16) —  (16) — 
Total expenses 1,458  1,527  4,567  5,687 
Income (loss) before income taxes
 768  (259) 820  (1,664)
Income tax (provision) benefit
 (160) 36  (193) 232 
Net income (loss) 608  (223) 627  (1,432)
Net (income) loss attributable to noncontrolling interests
 (3) 1  (1) 7 
Net income (loss) attributable to Hertz Global
 605  (222) 626  (1,425)
Dividends on Series A Preferred Stock (34) —  (34) — 
Net income (loss) available to Hertz Global common stockholders $ 571  $ (222) $ 592  $ (1,425)
Weighted-average common shares outstanding:
Basic 471  156  264  148 
Diluted 490  156  270  148 
Earnings (loss) per common share:
Basic $ 1.21  $ (1.42) $ 2.25  $ (9.65)
Diluted $ 1.13  $ (1.42) $ 2.14  $ (9.65)


The accompanying notes are an integral part of these financial statements.
3

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
(In millions)

Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Net income (loss) $ 608  $ (223) $ 627  $ (1,432)
Other comprehensive income (loss):
Foreign currency translation adjustments
 (24) (6) (14) (32)
Net gain (loss) on pension and postretirement benefit plans —  15  —  1 
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial net losses —  1  —  6 
Total other comprehensive income (loss) before income taxes (24) 10  (14) (25)
Income tax (provision) benefit related to pension and postretirement benefit plans —  (4) —  — 
Income tax (provision) benefit related to reclassified amounts of net periodic costs on pension and postretirement benefit plans —  (1) —  (2)
Total other comprehensive income (loss) (24) 5  (14) (27)
Total comprehensive income (loss)
 584  (218) 613  (1,459)
Comprehensive (income) loss attributable to noncontrolling interests (3) 1  (1) 7 
Comprehensive income (loss) attributable to Hertz Global
 $ 581  $ (217) $ 612  $ (1,452)
The accompanying notes are an integral part of these financial statements.
4

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
Unaudited
(In millions)

Preferred Stock
Shares		 Preferred Stock
Amount		 Common Stock Shares Common Stock Amount Additional
Paid-In Capital		 Accumulated
Deficit		 Accumulated
Other
Comprehensive
Income (Loss)		 Treasury Stock Shares Treasury Stock Amount Stockholders'
Equity
Attributable to
Hertz Global		 Non-
controlling Interests		 Total Stockholders' Equity
Balance as of:
December 31, 2019 —  $ —  142  $ 1  $ 3,024  $ (967) $ (189) 2  $ (100) $ 1,769  $ 119  $ 1,888 
Net income (loss) —  —  —  —  —  (356) —  —  —  (356) (1) (357)
Other comprehensive income (loss) —  —  —  —  —  —  (39) —  —  (39) —  (39)
Net settlement on vesting of restricted stock —  —  —  —  (2) —  —  —  —  (2) —  (2)
Contributions from noncontrolling interests —  —  —  —  —  —  —  —  —  —  1  1 
March 31, 2020 —  —  142  1  3,022  (1,323) (228) 2  (100) 1,372  119  1,491 
Net income (loss) —  —  —  —  —  (847) —  —  —  (847) (5) (852)
Other comprehensive income (loss) —  —  —  —  —  —  7  —  —  7  —  7 
Stock-based compensation charges —  —  —  —  (2) —  —  —  —  (2) —  (2)
Stock issuance, net —  —  14  1  28  —  —  —  —  29  —  29 
June 30, 2020 —  —  156  2  3,048  (2,170) (221) 2  (100) 559  114  673 
Net income (loss) —  —  —  —  —  (222) —  —  —  (222) (1) (223)
Other comprehensive income (loss) —  —  —  —  —  —  5  —  —  5  —  5 
Net settlement on vesting of restricted stock —  —  —  —  (1) —  —  —  —  (1) —  (1)
Distributions to noncontrolling interests —  —  —  —  —  —  —  —  —  —  (54) (54)
September 30, 2020 —  $ —  156  $ 2  $ 3,047  $ (2,392) $ (216) 2  $ (100) $ 341  $ 59  $ 400 




HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
Unaudited
(In millions)
Mezzanine Equity
Preferred Stock
Shares		 Preferred Stock
Amount		 Common Stock Shares Common Stock Amount Additional
Paid-In Capital
Retained Earnings (Accumulated
Deficit)(1)
 Accumulated
Other
Comprehensive
Income (Loss)		 Treasury Stock Shares Treasury Stock Amount Stockholders'
Equity
Attributable to
Hertz Global		 Non-
controlling Interests		 Total Stockholders' Equity
Balance as of:
December 31, 2020 —  $ —  156  $ 2  $ 3,047  $ (2,681) $ (212) 2  $ (100) $ 56  $ 37  $ 93 
Net income (loss) —  —  —  —  —  190  —  —  —  190  (1) 189 
Other comprehensive income (loss) —  —  —  —  —  —  17  —  —  17  —  17 
Stock-based compensation charges —  —  —  —  2  —  —  —  —  2  —  2 
Distributions to noncontrolling interests —  —  —  —  —  —  —  —  —  —  (11) (11)
March 31, 2021 —  —  156  2  3,049  (2,491) (195) 2  (100) 265  25  290 
Net income (loss) —  —  — —  —  (168) —  —  —  (168) (1) (169)
Other comprehensive income (loss) —  —  —  —  —  —  (7) —  —  (7) —  (7)
Cancellation of common and treasury shares in exchange for new common shares —  —  (142) (2) (98) —  —  (2) 100  —  —  — 
Cancellation of stock-based awards —  —  —  —  (10) —  —  —  —  (10) —  (10)
Distributions to common stockholders —  —  —  —  (239) —  —  —  —  (239) —  (239)
Contribution from Plan Sponsors —  —  277  3  2,778  —  —  —  —  2,781  —  2,781 
Rights Offering, net —  —  180  2  1,796  —  —  —  —  1,798  —  1,798 
Public Warrants issuance —  —  —  —  (800) —  —  —  —  (800) —  (800)
Preferred stock issuance, net 2  1,433  —  —  —  —  —  —  —  —  —  — 
Distributions to non-controlling interests, net —  —  —  —  —  —  —  —  —  —  (5) (5)
June 30, 2021 2  1,433  471  5  6,476  (2,659) (202) —  —  3,620  19  3,639 
Net income (loss) —  —  —  —  —  604  —  —  —  604  3  607 
Other comprehensive income (loss) —  —  —  —  —  —  (24) —  —  (24) —  (24)
Rights Offering, net —  —  1  —  4  —  —  —  —  4  —  4 
Exercise of Public Warrants —  —  —  —  2  —  —  —  —  2  —  2 
Distributions to noncontrolling interests —  —  —  —  —  —  —  —  —  —  (10) (10)
September 30, 2021 2  $ 1,433  472  $ 5  $ 6,482  $ (2,055) $ (226) —  $ —  $ 4,206  $ 12  $ 4,218 

(1) Net income (loss) is computed independently each quarter. As a result, the quarter amounts presented herein may be rounded to agree to accumulated deficit in the accompanying unaudited condensed consolidated balance sheet.
The accompanying notes are an integral part of these financial statements.
5

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
  Nine Months Ended
September 30,
  2021 2020
Cash flows from operating activities:
Net income (loss) $ 627  $ (1,432)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles 506  1,809 
Depreciation and amortization, non-vehicle 153  168 
Amortization of deferred financing costs and debt discount (premium) 109  37 
Loss on extinguishment of debt 8  5 
Provision for receivables allowance 95  66 
Deferred income taxes, net 125  (243)
Technology-related intangible and other asset impairments —  193 
Reorganization items, net 314  1 
(Gain) loss from the sale of a business (400) — 
(Gain) loss on sale of non-vehicle capital assets (8) (24)
Change in fair value of Public Warrants (16) — 
Other (6) (4)
Changes in assets and liabilities:
Non-vehicle receivables (223) 231 
Prepaid expenses and other assets (53) 33 
Operating lease right-of-use assets 203  277 
Non-vehicle accounts payable (45) 224 
Accrued liabilities (43) (47)
Accrued taxes, net 89  (4)
Operating lease liabilities (214) (287)
Self-insured liabilities (13) (75)
Net cash provided by (used in) operating activities 1,208  928 
Cash flows from investing activities:
Revenue earning vehicles expenditures (5,196) (5,188)
Proceeds from disposal of revenue earning vehicles 1,945  8,770 
Non-vehicle capital asset expenditures (41) (89)
Proceeds from non-vehicle capital assets disposed of or to be disposed of 17  56 
Sales of marketable securities —  74 
Collateral payments (303) — 
Collateral returned in exchange for letters of credit 268  — 
Proceeds from the sale of a business, net of cash sold 871  — 
Other (1) (1)
Net cash provided by (used in) investing activities (2,440) 3,622 
Cash flows from financing activities:
Proceeds from issuance of vehicle debt 10,462  4,226 
The accompanying notes are an integral part of these financial statements.
6

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
  Nine Months Ended
September 30,
  2021 2020
Repayments of vehicle debt (9,463) (8,931)
Proceeds from issuance of non-vehicle debt 3,139  1,553 
Repayments of non-vehicle debt (6,346) (854)
Payment of financing costs (154) (11)
Proceeds from Plan Sponsors 2,781  — 
Proceeds from Rights Offering, net 1,639  — 
Proceeds from the issuance of preferred stock, net 1,433  — 
Distributions to common stockholders (239) — 
Proceeds from the issuance of stock, net —  28 
Early redemption payments (85) — 
Contributions from (distributions to) noncontrolling interests (25) (55)
Other —  (2)
Net cash provided by (used in) financing activities 3,142  (4,046)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
 (22) 18 
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents during the period
 1,888  522 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period(1)
 1,578  1,360 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 3,466  $ 1,882 
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized:
Vehicle $ 227  $ 275 
Non-vehicle 181  78 
Income taxes, net of refunds 20  (13)
Supplemental disclosures of non-cash information:
Purchases of revenue earning vehicles included in accounts payable, net of incentives
 $ 7  $ 30 
Sales of revenue earning vehicles included in vehicle receivables 100  575 
Purchases of non-vehicle capital assets included in accounts payable 21  7 
Purchases of non-vehicle capital assets included in liabilities subject to compromise
 —  20 
Revenue earning vehicles and non-vehicle capital assets acquired through capital lease 73  21 
Public Warrants issuance 800  — 
Cashless exercise of Public Warrants 1  — 
Backstop equity issuance 164  — 
(1)     Amounts include cash and cash equivalents and restricted cash and cash equivalents which were held for sale at December 31, 2020, prior to the completion of the sale in the first quarter of 2021.
The accompanying notes are an integral part of these financial statements.
7


THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In millions, except par value and share data)
September 30, 2021 December 31, 2020
ASSETS    
Cash and cash equivalents $ 2,703  $ 1,096 
Restricted cash and cash equivalents:
Vehicle 320  50 
Non-vehicle 443  333 
Total restricted cash and cash equivalents 763  383 
Total cash, cash equivalents, restricted cash and restricted cash equivalents 3,466  1,479 
Receivables:
Vehicle 139  164 
Non-vehicle, net of allowance of $58 and $46, respectively
 751  613 
Total receivables, net 890  777 
Due from Hertz Holdings —  1 
Prepaid expenses and other assets 642  372 
Revenue earning vehicles:
Vehicles 10,122  7,540 
Less: accumulated depreciation (1,559) (1,478)
Total revenue earning vehicles, net 8,563  6,062 
Property and equipment, net 609  666 
Operating lease right-of-use assets 1,453  1,675 
Intangible assets, net 2,925  2,992 
Goodwill 1,045  1,045 
Assets held for sale —  1,811 
Total assets(a)
 $ 19,593  $ 16,880 
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)
Accounts payable:
Vehicle $ 46  $ 29 
Non-vehicle 540  389 
Total accounts payable 586  418 
Accrued liabilities 905  759 
Accrued taxes, net 228  121 
Debt:
Vehicle 7,207  6,024 
Non-vehicle 1,511  243 
Total debt 8,718  6,267 
Operating lease liabilities 1,402  1,636 
Self-insured liabilities 470  488 
Deferred income taxes, net 851  735 
Total liabilities not subject to compromise 13,160  10,424 
Liabilities subject to compromise —  5,030 
Liabilities held for sale —  1,431 
Total liabilities(a)
 13,160  16,885 
Commitments and contingencies
Stockholder's equity (deficit):
Common stock, $0.01 par value, 100 and 100 shares issued and outstanding, respectively
 —  — 
Additional paid-in capital 9,587  3,953 
Due to Hertz Holdings 65  — 
Retained earnings (Accumulated deficit) (3,005) (3,783)
Accumulated other comprehensive income (loss) (226) (212)
Stockholder's equity (deficit) attributable to Hertz 6,421  (42)
Noncontrolling interests 12  37 
Total stockholder's equity (deficit) 6,433  (5)
Total liabilities and stockholder's equity (deficit) $ 19,593  $ 16,880 
(a)The Hertz Corporation's consolidated total assets as of September 30, 2021 and December 31, 2020 include total assets of VIEs of $745 million and $511 million, respectively, which can only be used to settle obligations of the VIEs. The Hertz Corporation's consolidated total liabilities as of September 30, 2021 and December 31, 2020 include total liabilities of VIEs of $734 million and $475 million, respectively, for which the creditors of the VIEs have no recourse to The Hertz Corporation. See "Pledges Related to Vehicle Financing " in Note 6, "Debt," and "767 Auto Leasing LLC" in Note 15, "Related Party Transactions," for further information.
The accompanying notes are an integral part of these financial statements.
8

THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions)

Three Months Ended
September 30,		 Nine Months Ended
September 30,
  2021 2020 2021 2020
Revenues $ 2,226  $ 1,268  $ 5,387  $ 4,023 
Expenses:    
Direct vehicle and operating 1,131  779  2,855  2,624 
Depreciation of revenue earning vehicles and lease charges 61  347  420  1,632 
Non-vehicle depreciation and amortization 49  58  153  168 
Selling, general and administrative 177  138  498  506 
Interest expense, net:
Vehicle 41  110  243  360 
Non-vehicle (excludes contractual interest of $53 million and $75 million for the three and nine months ended September 30, 2020, respectively)
 22  17  157  116 
Total interest expense, net 63  127  400  476 
Technology-related intangible and other asset impairments —  —  —  193 
Write-off of intercompany loan —  —  —  133 
Other (income) expense, net (7) —  (20) (15)
Reorganization items, net —  78  513  101 
(Gain) from the sale of a business —  —  (400) — 
Total expenses 1,474  1,527  4,419  5,818 
Income (loss) before income taxes
 752  (259) 968  (1,795)
Income tax (provision) benefit
 (156) 36  (189) 259 
Net income (loss)
 596  (223) 779  (1,536)
Net (income) loss attributable to noncontrolling interests
 (3) 1  (1) 7 
Net income (loss) attributable to Hertz
 $ 593  $ (222) $ 778  $ (1,529)

The accompanying notes are an integral part of these financial statements.
9
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
(In millions)

  Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Net income (loss) $ 596  $ (223) $ 779  $ (1,536)
Other comprehensive income (loss):
Foreign currency translation adjustments
 (24) (6) (14) (32)
Net gain (loss) on pension and postretirement benefit plans —  15  —  1 
Reclassification from other comprehensive income (loss) to other (income) expense for amortization of actuarial net losses —  1  —  6 
Total other comprehensive income (loss) before income taxes (24) 10  (14) (25)
Income tax (provision) benefit related to pension and postretirement benefit plans —  (4) —  — 
Income tax (provision) benefit related to reclassified amounts of net periodic costs on pension and postretirement benefit plans —  (1) —  (2)
Total other comprehensive income (loss) (24) 5  (14) (27)
Total comprehensive income (loss)
 572  (218) 765  (1,563)
Comprehensive (income) loss attributable to noncontrolling interests (3) 1  (1) 7 
Comprehensive income (loss) attributable to Hertz $ 569  $ (217) $ 764  $ (1,556)

The accompanying notes are an integral part of these financial statements.
10
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT)
Unaudited
(In millions, except share data)

  Common Stock Shares Common Stock Amount Additional
Paid-In Capital		 Due From Affiliate
Accumulated
Deficit(1)
 Accumulated
Other
Comprehensive
Income (Loss)		 Stockholder's Equity Attributable to Hertz Noncontrolling Interests Total Stockholder's Equity
Balance as of:
December 31, 2019 100  $ —  $ 3,955  $ (64) $ (1,937) $ (189) $ 1,765  $ 119  $ 1,884 
Net income (loss) —  —  —  —  (355) —  (355) (1) (356)
Due from Hertz Holdings —  —  —  (3) —  —  (3) —  (3)
Other comprehensive income (loss) —  —  —  —  —  (39) (39) —  (39)
Contributions from noncontrolling interests —  —  —  —  —  —  —  1  1 
March 31, 2020 100  —  3,955  (67) (2,292) (228) 1,368  119  1,487 
Net income (loss) —  —  —  —  (951) —  (951) (5) (956)
Due from Hertz Holdings —  —  —  (1) —  —  (1) —  (1)
Liabilities subject to compromise(2)
 —  —  —  (65) —  —  (65) —  (65)
Write-off of intercompany loan(3)
 —  —  —  133  —  —  133  —  133 
Other comprehensive income (loss) —  —  —  —  —  7  7  —  7 
Stock-based compensation charges —  —  (2) —  —  —  (2) —  (2)
June 30, 2020 100  —  3,953  —  (3,243) (221) 489  114  603 
Net income (loss) —  —  —  —  (223) —  (223) (1) (224)
Other comprehensive income (loss) —  —  —  —  —  5  5  —  5 
Distributions to noncontrolling interests —  —  —  —  —  —  —  (54) (54)
September 30, 2020 100  $ —  $ 3,953  $ —  $ (3,466) $ (216) $ 271  $ 59  $ 330 


THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT)
Unaudited
(In millions, except share data)

  Common Stock Shares Common Stock Amount Additional
Paid-In Capital		 Due To Affiliate
Accumulated
Deficit(1)
 Accumulated
Other Comprehensive
Income (Loss)		 Stockholder's Equity Attributable to Hertz Noncontrolling Interests Total Stockholder's Equity (Deficit)
Balance as of:
December 31, 2020 100  $ —  $ 3,953  $ —  $ (3,783) $ (212) $ (42) $ 37  $ (5)
Net income (loss) —  —  —  —  190  —  190  (1) 189 
Other comprehensive income (loss) —  —  —  —  —  17  17  —  17 
Stock-based compensation charges —  —  2  —  —  —  2  —  2 
Distributions to noncontrolling interests —  —  —  —  —  —  —  (11) (11)
March 31, 2021 100  —  3,955  —  (3,593) (195) 167  25  192 
Net income (loss) —  —  —  —  (4) —  (4) (1) (5)
Due to Hertz Holdings —  —  —  65  —  —  65  —  65 
Other comprehensive income (loss) —  —  —  —  —  (7) (7) —  (7)
Cancellation of stock-based awards —  —  (10) —  —  —  (10) —  (10)
Contributions from Hertz Holdings —  —  5,638  —  —  —  5,638  —  5,638 
Distributions to noncontrolling interests —  —  —  —  —  —  —  (5) (5)
June 30, 2021 100  —  9,583  65  (3,597) (202) 5,849  19  5,868 
Net income (loss) —  —  —  —  592  —  592  3  595 
Contributions from Hertz Holdings —  —  4  —  —  —  4  —  4 
Other comprehensive income (loss) —  —  —  —  —  (24) (24) —  (24)
Distributions to noncontrolling interests —  —  —  —  —  —  —  (10) (10)
September 30, 2021 100  $ —  $ 9,587  $ 65  $ (3,005) $ (226) $ 6,421  $ 12  $ 6,433 

(1) Net income (loss) is computed independently each quarter. As a result, the quarter amounts presented herein may be rounded to agree to accumulated deficit in the accompanying unaudited condensed consolidated balance sheet.
(2) As a result of filing the Chapter 11 Cases, a pre-petition loan due to an affiliate was classified as liabilities subject to compromise in the accompanying unaudited condensed consolidated balance sheet as of December 31, 2020. See Note 17, "Liabilities Subject to Compromise."
(3) As a result of filing the Chapter 11 Cases, the full amount outstanding under a loan due from affiliate was deemed uncollectible and written off. See Note 15, "Related Party Transactions."


The accompanying notes are an integral part of these financial statements.
11
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
  Nine Months Ended
September 30,
  2021 2020
Cash flows from operating activities:    
Net income (loss) $ 779  $ (1,536)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and reserves for revenue earning vehicles 506  1,809 
Depreciation and amortization, non-vehicle 153  168 
Amortization of deferred financing costs and debt discount (premium) 109  37 
Loss on extinguishment of debt 8  5 
Provision for receivables allowance 95  66 
Deferred income taxes, net 121  (271)
Technology-related intangible and other asset impairments —  193 
Write-off of intercompany loan —  133 
Reorganization items, net 150  1 
(Gain) loss from the sale of a business (400) — 
(Gain) loss on sale of non-vehicle capital assets (8) (24)
Other (6) (2)
Changes in assets and liabilities:
Non-vehicle receivables (223) 231 
Prepaid expenses and other assets (53) 33 
Operating lease right-of-use assets 203  277 
Non-vehicle accounts payable (45) 224 
Accrued liabilities (43) (47)
Accrued taxes, net 89  (4)
Operating lease liabilities (214) (287)
Self-insured liabilities (13) (75)