Hertz Investor Presentation. April 16, 2014 BAML Auto Summit New York, NY
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1 Hertz Investor Presentation April 16, 2014 BAML Auto Summit New York, NY
2 Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of These statements give our current expectations or forecasts of future events and our future performance and do not relate directly to historical or current events or our historical or current performance. Most of these statements contain words that identify them as forward looking, such as anticipate, estimate, expect, project, intend, plan, believe, seek, will, may, opportunity, target or other words that relate to future events, as opposed to past or current events. Forward-looking statements are based on the then-current expectations, forecasts and assumptions of our management and involve risks and uncertainties, some of which are outside of our control, that could cause actual outcomes and results to differ materially from current expectations. For some of the factors that could cause such differences, please see the sections of our annual report on Form 10-K for the year ended December 31, 2013 and quarterly reports on Form 10-Q for the quarters of 2013 entitled Risk Factors and Cautionary Note Regarding Forward-Looking Statements. Copies of these reports are available from the Securities and Exchange Commission, our website or our Investor Relations department. We cannot assure you that the assumptions under any of the forward-looking statements will prove accurate or that any projections will be realized. We expect that there will be differences between projected and actual results. These forward-looking statements speak only as of the date of this presentation, and we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We caution prospective purchasers not to place undue reliance on forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements contained herein and in our annual and quarterly reports described above. 1
3 Disclosure on Financials in Presentation Amounts shown in this presentation, unless otherwise indicated, are for Hertz Global Holdings, Inc., (HGH), the ultimate parent company of The Hertz Corporation (THC). GAAP and non-gaap profitability metrics for THC, the wholly owned operating subsidiary, are different from those of HGH. During 2006, the results of HGH and THC varied primarily due to the $1.0 billion loan facility on the books of HGH which was repaid with the proceeds from HGH s initial public offering. In 2007, THC had lower total expenses than HGH primarily due to $2.0 million of secondary offering costs incurred at the HGH level. In 2009, 2010, 2011, 2012, and 2013 HGH also had interest expense relating to the 5.25% Convertible Senior Notes issued in May 2009, as well as debt extinguishment costs related to the early conversion of a portion of the Convertible Senior Notes during the third quarter of Other minor differences in the various profit metrics for HGH and THC, presented on both a GAAP and non-gaap basis, exist relating to additional audit fees and interest income relating to additional cash on had at the HGH level. 2
4 TRANSFORMING HERTZ Investment Proposition Diverse, Global Portfolio Superior Growth Strategies Culture of Operational Excellence Advanced Technology Leader Accelerating Cash Flow Generation 3
5 A Market Leader with the Most Diversified Offering Diverse, Global Portfolio Total Hertz $10.8B Worldwide Rental Car Revenue $9.2B Worldwide Equipment Rental Revenue $1.5B Airport Revenue $6.2B Off-Airport Revenue $2.5B Leasing/ Fleet Mgmt Revenue $0.5B Construction Revenue $0.6B Industrial Revenue $0.4B Fragmented Revenue $0.5B FY:13 Total Revenue +19%; Adj. Pre-tax Income +29% 4
6 Transaction Summary Separation of Two Strong Companies Tax-free separation RAC Focus Primarily cash generation and growth HERC Focus Growth and cost reduction through cycle Pure Play Valuations Distinct strategies and investment profiles Tailored capital structures $1B Share Repurchase Program Board replaces prior buyback authorization with new $1B plan Rental car target leverage ratio of 2.5x-3.5x allows for potential ongoing capital return to shareholders Transaction Unlocks Significant Value for Shareholders 5
7 Separation Benefits - Equipment Rental New HERC Separation Benefits Pure play company Increased reporting transparency Attract more focused investor base Resources aligned with growth strategies Optimizes capital structure Consolidation opportunities Enhanced management focus Key Segments / End Markets Construction Revenue $0.6B Industrial Revenue $0.4B Fragmented Revenue $0.5B Financial Overview (2013) 2013 Revenue Corporate EBITDA (% Margin) Adj. Pre-Tax Income (% Margin) $1.54B $667M 43% $292M 19% (1) (1) 1. HERC Segment financials as reported. Not pro forma for incremental allocations or incremental standalone costs. 6
8 Separation Benefits - Rental Car Hertz Rental Car Post Separation Separation Benefits Pure play company Increased reporting transparency Leader in consolidated industry More stable cash generation Greater capacity to return cash to shareholders Best-in-class financial profile Key Segments / End Markets Airport Revenue $6.2B Off-Airport Revenue $2.5B + HCM Leasing/ Fleet Mgmt Revenue $0.5B Financial Overview (2013) 2013 Revenue Corporate EBITDA (% Margin) Adj. Pre-Tax Income (% Margin) $9.24B $1.38B 15% $861M 9% (1) (1) (1) 1. RAC Segment financials plus all corporate overhead and other reconciling items. Adjusted pre-tax income based on existing HTZ capital structure and does not adjust for any debt paydown post separation. 7
9 Visibility Adds Value Hertz RENTAL CAR Post-Separation Financial Summary BEST-IN-CLASS FINANCIAL PERFORMANCE Should Capture Greater Valuation Pro Forma Income Statement Metrics ($ in billions) E Revenue $6.5 $7.1 $7.6 $9.2 $9.9 YoY Growth 8.4% 9.2% 7.8% 20.9% 6.8% Corporate EBITDA $0.7 $0.9 $1.1 $1.4 $1.5 Margin 10.8% 12.6% 13.8% 14.9% 15.3% (1) Adjusted Pre-tax Income $0.3 $0.5 $0.7 $0.9 $1.0 Margin 4.1% 7.1% 8.7% 9.3% 10.2% Note: Hertz Rental Car Post-Separation financials represent RAC Segment financials plus all HGH reconciling items and unallocated corporate allocations. This data speaks as of 03/18/2014, the date on which the estimate was originally given, and this slide does not constitute confirmation or an update of that previously issues estimate. 1. Pro forma Adj. Pre-Tax income based on existing HTZ capital structure and does not adjust for any debt paydown post separation. 8
10 Rental Car Strategic Revenue Drivers Superior Growth Strategies Rental Car Off Airport Vehicle Leasing Rental Car Leisure Segment Insurance Replacement Technology 9
11 U.S. Off Airport Rental Car Superior Growth Strategies $11B off-airport rental car market* Hertz share at only ~13% represents significant potential growth Greatest incremental revenue growth opportunity: Locations 2007 = 1,580 vs. FY:13 =2,875; +76% Capture share in insurance replacement; double-digit growth over last 2 years Recession proof business 2014 elevated to primary position with top 5 national insurance company Broaden network coverage; targeting 200+ net new locations annually Offer 24/7 rentals in your neighborhood *Auto Rental News 2012 & Company Reports 10
12 U.S. Off Airport Rental Car Strong Margin Contribution Superior Growth Strategies (Per Transaction Day) Mature Off Airport Location Average Airport Location Comparison Labor Costs $4.09 $4.47 8% lower DOE $18.54 $ % lower SG&A $1.63 $ % lower Utilization 84.3% 82.1% 220 bps higher Lower RPD Retail 49% Low cost infrastructure Longer length rental Video kiosks drive down labor costs; reduce need for brick & mortar expansion Rapidly expanding by co-locating with body shops, hotels, etc. Off Airport Margin Analysis Locations Open > 2 Years Longer rentals & lower cost structure drive off-airport margins 11
13 Donlen Fleet Leasing & Management Superior Growth Strategies Vehicle Leasing Vehicle acquisition License and title management Vehicle remarketing Telematics Reduces fuel use and resulting CO 2 emissions Improves safety Improves productivity Highly Synergistic Businesses Fleet Management Services Vehicle Maintenance Accident management Fuel management Equipment Financing Syndication model Longer term fixed financing Class 4+ trucks, trailers and material handling equipment 12
14 U.S. Rental Car Leisure Segment $11B Total U.S. Airport Market Superior Growth Strategies Premium Mid-Tier Value Similar 3-Tier Strategy in Europe 13
15 Acquisition Synergies Recognized over 3 years $300M REVENUE Synergies $300M COST Synergies Leverage Global Partners 40% Europe Corporate Expansion 37% Other 6% Technology & Related 31% Other 14% Fleet 40% EU opened 143 corporate Thrifty locations Negotiated DTG agreements with 350 HTZ corporate accounts; exclusive partners, including AAA, Marriott; airline partners like Jet Blue, Spirit DTG referrals to HTZ OAP underway Fleet - procurement, 3 pts utilization, alternative sales channels Technology systems integration: fleet, pricing, counter, e-commerce, reservations, billing, HR, finance Non-fleet procurement Centralize DTG spend, leverage combined scale 14
16 HERC Strategic Revenue Drivers Superior Growth Strategies Brand Expansion Market Penetration Equipment Rental Franchise & JV expansion Latin America, Middle East, Asia Non-res Construction Recovery N.A. Rev. Mix FY:13 FY:06 Constr. 38% 52% Industrial 26% 18% Fragmented 36% 30% Now Positioned to Stand Alone as Best-in-Class 15
17 Equipment Rental Growth Drivers Superior Growth Strategies U.S. industrial market leads equipment rental recovery U.S. non-res construction industry awaiting recover $320 U.S. Industrial Spending $300 $280 $260 $240 $220 $ F Source: IIR $250 $225 $200 $175 $150 $ F Source: McGraw-Hill U.S. Non-res Construction Starts Recovery of Non-Res Construction only Beginning 16
18 Cash Flow Acceleration Improved Profit & Margin Better Capital Management Revenue Growth Fleet Management Lean Six Sigma Asset Light Technology-led Expansion Franchising Improved Balance Sheet 17
19 Better Fleet Management Drives Returns Accelerating Cash Flow Generation Incremental Return vs. Auction Alternative Resale Channels % of Total Hertz Vehicle Sales $1,000 32% 38% 39% 40% 30% Licensed in 35 states $400 12% 15% 15% Rent2buy.com online sales Staff of used-car experts Dealer Direct Retail & R2B 11 Dealer 12 Direct 13 14E 11 Retail 12& Rent2Buy 13 14E Dealer Direct Retail & Rent2Buy Reduces cost of sale, improves sale price, keeps cars on rent longer 18
20 Lean Six Sigma Productivity Improvements Accelerating Cash Flow Generation Leveraging Lean Six Sigma across operations Corporate culture of operational excellence More than 430 black, yellow and green belts deployed worldwide Expanding Lean Six Sigma Lighthouse program to off-airport rental car locations Annual gross cost savings of ~$200M targeted to offset inflation Employee productivity 29 consecutive quarters of YoY improvement Employee Efficiency* ($ in thousands) Cumulative Cost Savings ($ in millions) $175 $193 $203 $211 $500 $222 $1,260 $226 $1,698 $2,156 $229 $2,639 $235 $2,939 $187 $ * Rental Revenue per Employee 19
21 Higher Return Investments Accelerating Cash Flow Generation Technology & Innovation Video Kiosks Hertz On Demand Increases productivity, enhances customer experience and improves revenue management Virtual rental experience 24/7 Reduces brick & mortar, labor investment Enables rapid expansion of off-airport network Expands hours of operation to virtually 24/7 E-Return Mobile Gold Alert Express Rent Kiosks Hertz 24 /7 Reducing costs while enhancing customer experience 20
22 Consistently Improving Trends Accelerating Cash Flow Generation ($ in millions) E 1 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 Adj. PreTax Mgn 2.7% 4.5% 8.0% 10.0% 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 1 Mid-point of 3/18/14 guidance; this guidance speaks only as of that date and this slide does not constitute confirmation or an update of that previously issued guidance. 21
23 Transformation Positions Businesses for Standalone Success Superior Growth Strategies Next Step: Optimize Strategies; Maximize Profit & Cash Flow 22
24 Balance Capital Allocation Accelerating Cash Flow Generation HERC Earnings and FCF generation should allow for ongoing deleveraging Balanced Capital Focus: debt reduction; fleet investment Prudent capital investments to promote steady base growth rate Hertz Rental Car Balanced Capital Focus: debt reduction; share repurchases HERC proceeds fund new $1B share buyback and immediate deleveraging Under stable market conditions, absent unique investments or new fleet capex, target leverage ratio allows for potential ongoing returns to shareholders 23
25 TRANSFORMING HERTZ Investment Proposition Diverse, Global Portfolio Superior Growth Strategies Culture of Operational Excellence Advanced Technology Leader Accelerating Cash Flow Generation 24
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