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Creating Value Hertz Global Holdings, Inc

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Creating Value Hertz Global Holdings, Inc a commitment to 2013 ANNUAL REPORT CREATING VALUE Hertz Global Holdings, Inc. Hertz operates its car rental business through the Hertz, Dollar Rent A Car, Thrifty Car Rental and Firefly brands from approximately 11,555 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 10,090 corporate and licensee locations in approximately 145 countries. Hertz is the number one airport car rental brand in the U.S. and is at approximately 130 major airports in Europe. Dollar and Thrifty have approximately 1,400 corporate and franchisee locations in approximately 75 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2013/14 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost® and unique cars and SUVs offered through the Company’s Adrenaline, Prestige, Green Traveler and Dream Car Collections also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz 24/7 car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services. 2013 Hertz Awards #1 Rated Overall U.S. Car Rental Survey Hertz voted the Best Overall Car Rental Hertz earned dual awards for the “Best Hertz Hungary won the “Business Company in Zagat’s 2013/14 Car Rental Car Rental Company” Domestic and “Best Excellence Award” for Best Rent-a-Car Survey, received four other top ratings for Car Rental Company” International by Company by Business Traveller Hungary Vehicles, Reliability, Service and Most Travel Weekly magazine Hertz named “Best Rental Car Company— Popular and earned top honors in 10 Hertz Receives TravelAgeWest WAVE International Brand” in the MENA additional categories Editors’ Pick Award for “Car Rental Travel Awards Company Providing the Best Travel Hertz named “World’s Best Car Rental Agent Support” Hertz Europe Wins Award for Agency” by Travel + Leisure readers Outstanding Performance from Hertz Won the Women’s Choice Award ARC Europe Hertz named ‘Best Car Rental Agency, for Best Car Rental Service from Worldwide’ by Frequent Business Traveler WomenCertified.com. Hertz received the Digital Screenmedia Association’s DSA Industry Excellence Hertz Named “Best Rental Car Hertz was recognized by Recommend Awards for Best Travel Deployment— Company—Vehicle Selection” by Magazine as “Best Travel Agent Support— Self-Service/Interactive Kiosk Car Rental Company”and “Best Car Rental Executive Travel Hertz Equipment Rental was named Company” by the Latin Builders Association as Hertz swept the FlyerTalk Awards garnering Equipment Rental Company of the Year top honors for Best Rewards Program and Hertz won the 2013 COLLOQUY The Hertz 24/7 enabled car club at the Outstanding Benefits in the Americas, Loyalty Award for Loyalty Innovation University of Reading’s Car Club was Europe/Africa and Middle East/Asia/ in Travel/Hospitality named “Sustainability Programme of Oceania the Year” by Public Sector Travel Hertz was named a Learning! 100 Award Hertz Receives Trip Advisor’s Recipient by Elearning! Media Group Hertz was named the Best Car Rental Travelers’ Choice Award for Favorite Hertz Sweden was named ‘Best Car Rental Company in the China Outbound Car Rental Brand Company’ winning the Swedish Business Tourism Ranking List by Best Travel Travelers in the UK, France, Italy Traveler Award and the Grand Travel Award Media and Spain also named Hertz as their favorite car rental/car hire agency Hertz was named “Best Car Rental Hertz was named Best Car Rental Company” in the Middle East by Company, Leisure & Business in the Hertz crowned “Best Car Rental Company Business Traveller Middle East Irish Travel Trade Awards in the World” by Business Traveler magazine HERTZ 2013 HIGHLIGHTS Financial Achievements $8.7B $1.2B $663M $330M Record car Record adjusted Record GAAP Efficiency savings rental revenue pre-tax income pre-tax income Key Financial Measurements: 2009–2014 (est)* ($ in millions) 2009 2010 2011 2012 2013 2014E* Revenue $ 7,101.5 $ 7,562.5 $ 8,299.3 $ 9,024.9 $ 10,771.9 $ 11,550.0 YoY Growth 6.5% 9.7% 8.7% 19.4% 7.2% Corporate EBITDA† $ 974.0 $ 1,094.3 $ 1,370.8 $ 1,626.4 $ 2,043.7 $ 2,240.0 Margin 13.7% 14.5% 16.5% 18.0% 19.0% 19.4% YoY Growth 12.4% 25.3% 18.6% 25.7% 9.6% Adjusted Pre-tax† $ 193.0 $ 340.1 $ 661.8 $ 892.3 $ 1,153.2 $ 1,320.0 Margin 2.7% 4.5% 8.0% 9.99% 10.7% 11.4% YoY Growth 76.2% 94.6% 34.8% 29.2% 14.5% Adjusted EPS† $ 0.28 $ 0.51 $ 0.94 $ 1.31 $ 1.63 $ 1.85 YoY Growth 82.1% 84.3% 39.4% 24.4% 13.5% Free Cash Flow† $ (347) $ 463 $ 63 $ 155 $ 449 $ 600 YoY Growth 233.3% (86.4%) 146.2% 189.3% 33.7% *Thefiguresforestimated2014financialmetricsarethemid-pointsfromtheFullYear2014GuidanceissuedbytheCompanyonMarch18,2014. †GAAPreconciliationtotheadjustedfinancialmeasurementsinthischart,aswellasa“forward-looking”statement,maybefoundinthe Company’s 2013 10-K which is included in this Annual Report. †2012freecashflowexcludescertainDTGacquisitionrelateditemsaspreviouslydisclosed. Data Highlights Company Profile Employees* 41,000 24.4% Worldwide Car Rental Locations 11,555 Adjusted earnings Worldwide Equipment Rental Locations 335 per share improvement Countries Served 145 * Includes Full Time Equivalents Revenue 2013 2012 Revenue Segmentation Revenues (millions) $10,772 $9,025 US RAC/Int’l RAC/ Worldwide Car Rental North America WW HERC/ and Donlen Equipment Rental All Other Ops (%) 59/22/14/5 54/25/16/5 U.S./International (%) 73/27 68/32 Franchisees(a) (millions) $3,400 $4,800 Revenue by Geographic Segment (in millions) 2013 2012 U.S. $7,914 $6,318 International $2,858 $2,707 U.S. Airport (Leisure) U.S. Airp29%ort (Leisure) 29% Construction Construc38%tion 38% Franchisees2(a) Franchisee7% s2(a) 7% Fragmented Fragment36%ed 36% U.S. Airport (Leisure) U.S. Airp29or%t (Leisure) 29% Construction Construc38ti%on 38% U.S. Off Airport1U.S. Of2%f Airport12% Industrial Indust26rial% 26% Franchisees2(a) Franchisee7%s2(a) 7% Fragmented Fragment36ed% Profitability36% 2013 2012 U.S. AirpU.S.or Oft (Cf Airpommercialort1)1U.U.S. S.Airp Of0%for Airp2%t (Corommercialt1)12%0% Industrial Industrial26% 26% EuropeU. OfS.f Airp Airporort (Ct6ommercial)1EuU.roS.pe Airp% Off0%or Airpt (Corommercialt6)10%% EuropeEu Airpropeor Oft (Lf Airpeisureort6)5EuEuroropepe% Airp Of%for Airpt (Loreisuret6)5%% Adjusted Pre-tax Margin* 10.7% 9.9% Other InEuterornatpe Airpionaorl5t (Leisure)5OtEuheror Inpe%te Airprnat% orionat (Leisurel5)5%% DonlenOther International5DonlenOthe4%r Inte%rnational54%% Adjusted EPS* $1.63 $1.31 EuropeDonlen Airport (Commercial) EuDonlenrope3% Airp4% ort (Commercial) 4%3% Europe Airport (Commercial) Europe 3%Airport (Commercial) 3% (a) Franchise revenue as reported to us by franchisees, and has not otherwise been confirmed by Hertz and is not reported in Hertz financial statements. * Indicates a Non-GAAP measure presented and reconciled within the section of the Annual Report to Stockholders entitled “Definitions and Non-GAAP Reconciliations,” which follows our Annual Report on Form 10-K. Driving Value 2013 marked a year of record financial strength, innovation, integration and expansion for Hertz. Not only did we redefine our brand portfolio with the addition of more value-oriented offerings and hourly rentals, we redesigned and reinvented the car rental experience across the globe. Additionally, we built on our leadership position in the equipment rental and fleet leasing and management segments. With a focus on continual improvement in customer satisfaction, increasing efficiencies and a plan to constantly drive shareholder value, 2014 holds enormous potential for Hertz. Top 10 Highlights 2006-2013 Stock price increased 76% in 2013, Worldwide revenues increased and up 144% in two years; 34% to $10.8 billion; shareholder value increased Worldwide car rental revenues $5.9 billion in 2013 and, up 37% to $8.7 billion. over two years, up $7.9 billion. $3 45% 65% 34.5% billion U.S. off-airport locations North America Non- Employee productivity Cumulative costs doubled and revenues construction equipment up 29 consecutive savings of $3 billion up 45% rental revenues diversified quarters, or 34.5% from 50% to 65% 467 bps 77.1% 18.5% 2.9x Adjusted Pre-tax income Adjusted Earnings Return on Invested Net corporate leverage margin up over 467 bps Per Share increased Capital improved reduced to 2.9x, almost 77.1% 440 bps to 18.5% from 3.7x in 2009 Dear Hertz Shareholders: A Commitment to Creating Value Hertz delivered significant I would note that Q4 2013 and Q1 2014 locations in Europe last year, and over incremental value and record earnings were adversely impacted by $4 million from 20 U.S. locations lower pricing and higher expenses opened late last year. results in 2013. Our stock related to carrying excess car rental price increased 76% last year, fleet in the U.S. However, by the end We also completed a 20% investment and joint venture with China Auto Rental (CAR), generating over $6 billion of of 2014’s first quarter, fleet levels were realigned with transaction day growth. the largest player in the world’s fastest shareholder value. On record While we didn’t finish last year on a growing car rental market. We now have revenues of almost $10.8 financial high note, Hertz achieved 300 Chinese locations co-branded as “CAR Powered By Hertz.” billion, up 19.4% YOY, we strong overall performance and strategic milestones in 2013.
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