Hertz Investor Presentation Deck
DIP SIZING ANALYSIS MONTHLY DETAIL:
310K FLEET SCENARIO
FYE 12/31
Total Revenue
Adj. EBITDA
(+) Other Non-cash / Cash Expenses
(+) GAAP Vehicle Depreciation
(-) HVF II ABS Lease Payments ex. Vehicle Interest
(-) HVF III ABS Lease Payments ex. Vehicle Interest
U.S. Free Cash Flow
(+) HVF III Fleet Equity Inflows / (Outflows)
Required Fleet Equity
Advance Rate
Illustrative Required Fleet Debt
Beginning Global Liquidity
(+) Change in U.S. Free Cash Flow
(+) Change in Cash - Other Operations¹
(+) HVF III Fleet Equity Inflows / (Outflows)
Ending Global Liquidity
(-) U.S. Minimum Cash & Unavailable Cash
Avaialble Liquidity
Memo - Cumulative Metrics:
Global Corporate Free Cash Flow
Required Fleet Equity
Required Fleet Debt
1
-
$3
$19
22
Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Total
$280 $247 $279 $267 $297 $258 $276 $336 $338 $346 $376 $437 $413 $348 $366 $334 $349 $5,547
($65) ($80) ($50) ($48)
($17)
$20 $14
(26) (8) (29) (19) (43)
(1)
7
94
90
86 83
84
88
(108) (108) (108) (108)
(83)
(32)
($12)
$30
(3)
88
$50
15
95
(56)
($20)
53
80
(121)
(2)
($10)
99
($8) $21
(8) (14)
80
82
(109) (96)
(9) (21)
($54) ($28)
$13 $28
10 (13)
86
(39)
91
(108)
(49)
(43)
(67)
(69)
(69)
(70)
$37 $14
$28 $69
(16) (31)
93
96
(75) (68) (62)
(42) (54) (63)
($9) ($17) $9
(83) (164) (217) (77) (242) (114) (92) 11
($83) ($164) ($217) ($77) ($242) ($114) ($92)
$11
80% 80% 80% 80% 80%
80%
80%
($333) ($654) ($868) ($310) ($967) ($456) ($367) $44
($70) $121 ($115)
$753 $636 $393 $123 $6 ($272) ($431) ($545) ($527) ($558) ($552)
(10) (54) (28) (12) (9) (17)
9 37 14
(24) (25) (26) (27) (27) (29) (31) (30) (28)
(83) (164) (217)
(77)
(242) (114) (92)
11 (18)
(29)
$1,530 $1,368 $1,137 $987 $753 $636 $393 $123 $6 ($272) ($431) ($545) ($527) ($558) ($552) ($607)
(1,078) (1,051) (952)
(786) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786)
$452 $317 $185
($33) ($150) ($392) ($663) ($780) ($1,057) ($1,217) ($1,331) ($1,313) ($1,344) ($1,338) ($1,393) ($1,435)
(18)
($18)
80%
$4
30
$30
80%
$1
(29)
($29)
80%
80%
1
4
(28)
30
(27)
($649)
(905)
$82
($101)
$-
$-
($103)
$-
$-
($97) ($89)
$-
$-
$-
$1,609 $1,530 $1,368 $1,137 $987
(101) (103) (97) (89) (85)
21 (59) (133) (61) (149)
$-
($79) ($241) ($472)
$-
$-
$-
$-
($85)
$-
($622) ($856)
$-
$-
Strictly Confidential
Subject to CA / NDA
Hertz dollar. Thrifty DONLEN
CAR RENTAL
CAR RENTAL
A Hertz Company
86 1,502
(35) (1,377)
(71) (570)
($5) ($545)
Scenario reflects operating assumptions sized for a 304K fleet by year end 2020
▪ Assumes the Company pays $650mm in lease payments through December 2020 for HVF II (including July payment); assumed rent of 2.0% of
ABS NBV and casualties beginning January 2021
HVF II Casualty payments from July 2020 - December 2020 accrued as administrative priority claim to be paid in full prior to emergence
HVF II in amortization with new "HVF III" facility available to purchase new cars beginning in 2021
(10)
($10) ($1,004)
80%
($39) ($4,014)
($607)
(5) (545)
(27) (709)
(10) (1,004)
($890) ($969) ($1,023) ($1,062) ($1,098) ($1,143) ($1,165) ($1,158) ($1,172) ($1,196) ($1,222) ($1,254)
$83 $247 $464 $541 $783 $897 $989 $978 $995 $965 $994 $1,004
$333 $987 $1,855 $2,165 $3,132 $3,588 $3,955 $3,911 $3,981 $3,861 $3,976 $4,014
Note: Assumes cash interest payments are paid by drawing on LC until exhausted. Assumes
HVF III facility camies a 80% advance rate and 4.0% interest rate
1. Donlen, Rest of World and Corporate
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