secwatch.observer — SEC 8-K summary
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Issuer:     HERTZ GLOBAL HOLDINGS, INC (HTZ)
CIK:        0001657853
Form:       8-K
Filed at:   2023-10-26T23:59:59+00:00
Accession:  0001657853-23-000154
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Hertz Q3 revenue record $2.7B, but adjusted net income down 44% and EBITDA margin halved to 13%
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- Revenue $2.7B (+8% YoY); GAAP net income $629M ($0.92 diluted EPS); adjusted net income $230M ($0.70 adjusted diluted EPS).
- Adjusted Corporate EBITDA $359M (13% margin), down 42% from $618M (25% margin) a year ago; depreciation per unit +52% to $282.
- Americas RAC revenue $2.172B (+6%) but adjusted EBITDA $302M (14% margin), down from $564M (28% margin); International RAC EBITDA $109M (21% margin).
- Volume +16% YoY; vehicle utilization 83% (+320 bps); company repurchased $50M of common stock (3.0M shares) during the quarter.
- Corporate liquidity $1.7B at quarter-end; operating cash flow $851M, adjusted free cash flow $313M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1657853/000165785323000154/0001657853-23-000154-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/47129/000165785323000154/htz-20231026.htm
  HTML page:      https://secwatch.observer/filing/0001657853-23-000154

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