Hertz Global Holdings, Inc. (NYSE:HTZ) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 08:30 am ET


Hertz Global Holdings, Inc. (NYSE:HTZ) Q3 2019 Earnings Conference Call - Final Transcript


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Welcome to the Hertz Global Holdings Third Quarter 2019 Earnings Call. Currently, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to our host, Leslie Hunziker. Please go ahead, Ma'am.

Leslie Hunziker

Good morning, everyone. By now you should have our press release and associated financial information. We've also provided slides to accompany our conference call that can be accessed on our website.

I want to remind you that certain statements made on this call contain forward-looking information. Forward-looking statements are not guarantees of performance and by their nature, are subject to inherent uncertainties. Actual results may differ materially. Any forward-looking information relayed on this call speaks only as of this date, and the Company undertakes no obligation to update that information to reflect changed circumstances.

Additional information concerning these statements is contained in our earnings press release, and in the risk factors and forward-looking statements section of our 2018 Form 10-K and our third quarter 2019 Form 10-Q when filed. Copies of these filings are or will be available from the SEC and on the Hertz website.

Today, we'll use certain non-GAAP financial measures, all of which are reconciled with GAAP numbers in our press release, which is posted on our website. We believe that our profitability and performance is better demonstrating using these non-GAAP metrics. Our call today focuses on Hertz Global Holdings, Inc., a publicly traded company. Results for the Hertz Corporation are materially the same as Hertz Global Holdings.

On the call this morning we have Kathy Marinello, our CEO; and Jamere Jackson, Hertz's Chief Financial Officer.

I'll now turn the call over to Kathy.

Kathryn V. Marinello

Thank you, Leslie, and good morning, everyone. In the third quarter, we delivered our ninth consecutive quarter of year-over-year top-line improvement, and our eighth consecutive quarter of earnings growth. Worldwide adjusted corporate EBITDA was 12% higher in the latest three-month period. These strong results continue to reflect operational efficiencies, the successful execution of our strategies, early returns on foundational and growth investments, and the value of 38,000 employees around the world deliver through their commitment to understanding the needs of our customers, and to creating differentiated experiences for them. So let me start there.

The investments we've made over the last three years in enabling efficient, personalized service, offering top-rated vehicles, and developing customer-centric technologies that enhance the travel experience are paying off. Last month, J.D. Powers named Hertz Number 1 overall in its 2019 North America Rental Car Satisfaction Survey. I want to personally thank everyone across the organization for their contribution to this accomplishment. Our employees are committed, caring and take great pride in making the Hertz experience Number 1 for our customers. In addition to being awarded best overall, Hertz also took the top spot in several key categories, including pickup process, return process, costs and fees, and the reservation process.

When it comes to reserving a vehicle, Hertz's enhanced digital app makes