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Hertz Reports Significant Year-Over-Year Improvement

Tuesday, February 22, 2011 5:56 PM


PARK RIDGE, NJ -- (Marketwire) -- 02/22/11 -- Hertz Global Holdings, Inc. (NYSE: HTZ)

--  Worldwide car rental revenues for the quarter up 5.8%, year-over-year,
    with U.S. car rental revenues up 6.1%.
--  Adjusted pre-tax income(1)  for the fourth quarter up 73.5% over the
    prior year period, representing a 140 basis point margin improvement;
    GAAP pre-tax loss for the fourth quarter of $7.8 million versus a loss
    of $67.4 million in the prior year.
--  Adjusted diluted earnings per share(1) for the quarter of $0.10 versus
    $0.06 in the prior year; GAAP diluted loss per share for the quarter of
    $0.07 versus $0.08 in the prior year.
--  Worldwide revenues for the full year of $7.6 billion, an increase of
    6.5% year-over-year.
--  Adjusted pre-tax income for the full year of 2010 of $348.1 million,
    up 75.0% over the prior year, representing a 180 basis point margin
    improvement; GAAP pre-tax loss for the full year of 2010 of
    $13.6 million versus a loss of $171.0 million in 2009.

Hertz Global Holdings, Inc. (NYSE: HTZ) (with its subsidiaries, the "Company" or "we") reported fourth quarter 2010 worldwide revenues of $1.8 billion, an increase of 5.5% year-over-year (a 6.3% increase excluding the effects of foreign currency). Worldwide car rental revenues for the quarter increased 5.8% (a 6.9% increase excluding the effects of foreign currency) to $1.5 billion. Revenues from worldwide equipment rental for the fourth quarter were $286.1 million, up 4.4% (a 4.1% increase excluding the effects of foreign currency) over the prior year period.

Fourth quarter 2010 adjusted pre-tax income was $68.0 million, versus $39.2 million in the same period in 2009, an increase of $28.8 million, or 73.5%, and loss before income taxes ("pre-tax loss"), on a GAAP basis, was $7.8 million, versus a loss of $67.4 million in the fourth quarter of 2009. Corporate EBITDA(1) for the fourth quarter of 2010 was $265.7 million, an increase of 20.2% from the same period in 2009.

Fourth quarter 2010 adjusted net income(1) was $40.4 million, an increase of 79.6% from $22.5 million in the same period of 2009, resulting in adjusted diluted earnings per share for the quarter of $0.10, compared with $0.06 for the fourth quarter of 2009. Fourth quarter 2010 net loss attributable to Hertz Global Holdings, Inc. and Subsidiaries' common stockholders, or "net loss," on a GAAP basis, was $29.2 million or $0.07 per share on a diluted basis, compared with a net loss of $30.9 million, or $0.08 per share on a diluted basis, for the fourth quarter of 2009.

Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, " As previously announced on January 24, 2011, we beat our high end guidance for all adjusted earning metrics for the full year 2010 due to strong performance by our car rental businesses and consistent sequential improvement by HERC. We reduced costs by an additional $438 million during 2010, bringing our four-year total to almost $1.7 billion, and we generated approximately $380 million in incremental revenues from a variety of new products, services and geographies. In 2011, Hertz will continue to focus on incremental cost management and revenue growth, as well as additional refinancings to optimize our global debt structure, including improvements to our maturity profile. In 2010, we completed almost $6 billion of global debt refinancings on highly favorable terms which will materially decrease our interest expense through 2015."

INCOME MEASUREMENTS, FOURTH QUARTER 2010 & 2009

                               Q4 2010                    Q4 2009
                      -------------------------  -------------------------
                                       Diluted                     Diluted
                                       Earnings                    Earnings
                      Pre-tax    Net    (Loss)   Pre-tax   Net     (Loss)
(in millions, except  Income   Income     Per    Income   Income     Per
 per share amounts)   (Loss)   (Loss)    Share   (Loss)   (Loss)    Share
                      -------  -------  -------  -------  -------  -------
Earnings Measures, as
 reported  (EPS
 based on 413.0M and
 410.0M diluted
 shares,
 respectively)        $  (7.8) $ (29.2) $ (0.07) $ (67.4) $ (30.9) $ (0.08)
                               =======  =======           =======  =======
Adjustments:
  Purchase accounting    22.0                       20.8
  Non-cash debt
   charges               37.8                       50.7
  Restructuring and
   related charges       14.4                       34.5
  Derivative loss         0.7                        0.6
  Acquisition related
   costs                  0.9                          -
                      -------                    -------
Adjusted pre-tax
 income                  68.0     68.0              39.2     39.2
Assumed provision for
 income taxes at 34%             (23.1)                     (13.4)
Noncontrolling
 interest                         (4.5)                      (3.3)
                      -------  -------           -------  -------
Earnings Measures, as
 adjusted (EPS based
 on 410.0M and 407.7M
 diluted shares,
 respectively)        $  68.0  $  40.4  $  0.10  $  39.2  $  22.5  $  0.06
                      =======  =======  =======  =======  =======  =======

The Company took $14.4 million in restructuring and related charges in the fourth quarter of 2010, primarily attributable to job reductions, the closure of rental locations and process reengineering.

The Company ended the fourth quarter of 2010 with total debt of $11.3 billion and net corporate debt(1) of $3.36 billion, compared with total debt of $12.0 billion and net corporate debt of $3.78 billion as of September 30, 2010. Total debt decreased primarily due to a decrease in fleet debt related to seasonality, partly offset by an increase due to the private offering of $500 million of 7.375% senior notes issued in December 2010. Net cash provided by operating activities was $479.1 million in the fourth quarter of 2010, compared to $498.6 million last year.

WORLDWIDE CAR RENTAL

Worldwide car rental revenues were $1.5 billion for the fourth quarter of 2010, an increase of 5.8% (a 6.9% increase excluding the effects of foreign currency) from the prior year period. Transaction days for the quarter increased 6.6% [6.7% U.S.; 6.3% International]. U.S. off-airport total revenues for the fourth quarter increased 13.8% year-over-year, and transaction days increased 11.6%. Rental rate revenue per transaction day(1) ("RPD") for the quarter decreased 0.9% [(1.5)% U.S.; 0.1% International] from the prior year period.

Worldwide car rental adjusted pre-tax income for the fourth quarter of 2010 was $130.3 million, an increase of $33.4 million from $96.9 million in the prior year period. The result was driven by increased volume and strong cost management performance. As a result, worldwide car rental achieved an adjusted pre-tax margin, based on revenues, of 8.4% for the quarter, versus 6.6% in the prior year period.

The worldwide average number of Company-operated cars for the fourth quarter of 2010 was 427,600, an increase of 3.1% over the prior year period.

WORLDWIDE EQUIPMENT RENTAL

Worldwide equipment rental revenues were $286.1 million for the fourth quarter of 2010, a 4.4% increase (a 4.1% increase excluding the effects of foreign currency) from the prior year period.

Adjusted pre-tax income for worldwide equipment rental for the fourth quarter of 2010 was $35.0 million, an increase of 35.7% from $25.8 million in the prior year period, primarily attributable to the effects of increased volume and cost management initiatives. Worldwide equipment rental achieved an adjusted pre-tax margin, based on revenues, of 12.2%, a 280 basis point improvement over the prior year period, and a Corporate EBITDA margin, based on revenues, of 40.1% for the quarter.

The average acquisition cost of rental equipment operated during the fourth quarter of 2010 decreased by 3.1% year-over-year and net revenue earning equipment as of December 31, 2010 was $1,703.7 million, a 7.0% decrease from the amount as of December 31, 2009.

FULL YEAR RESULTS

Worldwide revenues for the full year 2010 were $7.6 billion, an increase of 6.5% over the prior year (the same increase when the effects of foreign currency are excluded). Worldwide car rental revenues for the year increased 8.5% (a 8.8% increase excluding the effects of foreign currency) to $6.5 billion. Revenues from worldwide equipment rental for the year were $1,070.1 million, down 3.7% (a 5.2% decrease excluding the effects of foreign currency) over the prior year.

Adjusted pre-tax income for the year was $348.1 million, versus $198.9 million in the prior year, an increase of $149.2 million, or 75.0%, and pre-tax loss, on a GAAP basis, was $13.6 million, versus a pre-tax loss of $171.0 million in 2009. Corporate EBITDA for the year was $1,101.3 million, an increase of 12.4% from 2009.

Full year 2010 adjusted net income was $212.4 million, an increase of 82.2% from 2009, resulting in adjusted diluted earnings per share for the year of $0.52, compared to $0.29 in the prior year. Full year 2010 net loss, on a GAAP basis, was $48.0 million or $0.12 per share on a diluted basis, compared with a net loss of $126.0 million, or $0.34 per share on a diluted basis, for 2009.

INCOME MEASUREMENTS, FULL YEAR 2010 & 2009

                            Full Year 2010             Full Year 2009
                      -------------------------  -------------------------
                                        Diluted                    Diluted
                                        Earnings                   Earnings
                      Pre-tax    Net    (Loss)   Pre-tax    Net    (Loss)
(in millions, except  Income   Income     Per    Income   Income     Per
 per share amounts)   (Loss)   (Loss)    Share   (Loss)   (Loss)    Share
                      -------  -------  -------  -------  -------  -------
Earnings Measures, as
 reported  (EPS
 based on 411.9M and
 371.5M diluted
 shares,
 respectively)        $ (13.6) $ (48.0) $ (0.12) $(171.0) $(126.0) $ (0.34)
                               =======  =======           =======  =======
Adjustments:
  Purchase accounting    90.3                       90.3
  Non-cash debt
   charges              182.6                      171.9
  Restructuring and
   related charges       67.9                      153.3
  Derivative (gains)
   losses                 3.2                       (2.4)
  Acquisition related
   costs                 17.7                          -
  Third party
   bankruptcy reserve       -                        4.3
  Management
   transition costs         -                        1.0
  Gain on debt
   buyback                  -                      (48.5)
                      -------                    -------
Adjusted pre-tax
 income                 348.1    348.1             198.9    198.9
Assumed provision for
 income taxes at 34%            (118.3)                     (67.6)
Noncontrolling
 interest                        (17.4)                     (14.7)
                      -------  -------           -------  -------
Earnings Measures, as
 adjusted (EPS based
 on 410.0M and 407.7M
 diluted shares,
 respectively)        $ 348.1  $ 212.4  $  0.52  $ 198.9  $ 116.6  $  0.29
                      =======  =======  =======  =======  =======  =======

The Company ended 2010 with total debt of $11.3 billion and net corporate debt of $3.36 billion, compared with total debt of $10.4 billion and net corporate debt of $3.63 billion as of December 31, 2009. Total debt increased primarily due to the private offerings of $700 million of 7.50% senior notes issued in September 2010 and $500 million of 7.375% senior notes issued in December 2010. Net cash provided by operating activities was $2,208.7 million for the year, compared to $1,693.3 million in 2009.

OUTLOOK

For the full year 2011, the Company forecasts the following:

Revenues                              $7.95 to $8.1 billion
Corporate EBITDA(2)                   $1.265 to $1.305 billion
Adjusted Pre-Tax Income(2)            $525 - $565 million
Adjusted Net Income(2)                $330 - $355 million

The Company forecasts full year 2011 revenues in the range of $7.95 billion to $8.1 billion. The range is based on the projection of modest economic growth, a strong U.S. Dollar and incremental franchising of certain rental operations. The Company has replaced adjusted diluted earnings per share guidance with guidance for adjusted net income. The adjusted diluted number of shares outstanding is estimated to fluctuate within a range of 413 million to 450 million through the year. The estimate for Q1 is 413 million shares outstanding. For example, based on 440 million adjusted diluted shares outstanding, the Company's full year 2011 guidance for adjusted diluted earnings per share is $0.81 at the upper end of the guidance range. The Company will provide an estimate of forecasted adjusted diluted shares outstanding on a quarterly basis.

RESULTS OF THE HERTZ CORPORATION

The Company's operating subsidiary, The Hertz Corporation ("Hertz"), posted the same revenues for the fourth quarter and full year 2010 as the Company. Hertz's fourth quarter 2010 pre-tax income was $4.2 million versus the Company's pre-tax loss of $7.8 million and Hertz's full year 2010 pre-tax income was $33.4 million versus the Company's pre-tax loss of $13.6 million. The difference between Hertz's and the Company's results is primarily due to additional interest expense recognized by the Company on its 5.25% Convertible Senior Notes issued in May and June 2009.

(1) Adjusted pre-tax income, Corporate EBITDA, adjusted net income,
    adjusted diluted earnings per share, net corporate debt and rental
    rate revenue per transaction day are non-GAAP measures.  See the
    accompanying Tables and Exhibit for the reconciliations and definitions
    for each of these non-GAAP measures and the reason the Company's
    management believes that these measures provide useful information to
    investors regarding the Company's financial condition and results of
    operations.
(2) Management believes that Corporate EBITDA, adjusted pre-tax income and
    adjusted net income are useful in measuring the comparable results of
    the Company period-over-period.  The GAAP measures most directly
    comparable to Corporate EBITDA, adjusted pre-tax income and adjusted
    net income are (i) pre-tax income and cash flows from operating
    activities, (ii) pre-tax income and (iii) net income, respectively.
    Because of the forward-looking nature of the Company's forecasted
    Corporate EBITDA, adjusted pre-tax income and adjusted net income,
    specific quantifications of the amounts that would be required to
    reconcile forecasted cash flows from operating activities, pre-tax
    income and net income are not available.  The Company believes that
    there is a degree of volatility with respect to certain of the
    Company's GAAP measures, primarily related to fair value accounting
    for its financial assets (which includes the Company's derivative
    financial instruments), its income tax reporting and certain
    adjustments made to arrive at the relevant non-GAAP measures, which
    preclude the Company from providing accurate forecasted GAAP to
    non-GAAP reconciliations.   Based on the above, the Company believes
    that providing estimates of the amounts that would be required to
    reconcile the range of the non-GAAP Corporate EBITDA, adjusted pre-tax
    income and adjusted net income to forecasted cash flows from operating
    activities, pre-tax income and net income would imply a degree of
    precision that would be confusing or misleading to investors for the
    reasons indentified above.

CONFERENCE CALL INFORMATION

The Company's fourth quarter 2010 earnings conference call will be held on Wednesday, February 23, 2011, at 10:00 a.m. (EDT). To access the conference call live, dial 866-233-3843 in the U.S. and 651-224-7472 for international callers using the passcode: 190758 or listen via webcast at www.hertz.com/investorrelations. The conference call will be available for replay one hour following the conclusion of the call until March 9, 2011 by calling 800-475-6701 in the U.S. or 320-365-3844 for international callers with the passcode: 190758. The press release and related tables containing the reconciliations of non-GAAP measures will be available on our website, www.hertz.com/investorrelations.

ABOUT THE COMPANY

Hertz is the world's largest general use car rental brand, operating from approximately 8,500 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 83 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company's Prestige, Fun and Green Collections, set Hertz apart from the competition. In 2008, the Company launched Connect by Hertz, entering the global car sharing market in London, New York City and Paris. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 320 branches in the United States, Canada, China, France, Spain and Italy.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release and in related comments by our management include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning the Company's outlook, anticipated revenues and results of operations, as well as any other statement that does not directly relate to any historical or current fact. These forward-looking statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative.

Among other items, such factors could include: levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets, including on our pricing policies or use of incentives; occurrences that disrupt rental activity during our peak periods; our ability to achieve cost savings and efficiencies and realize opportunities to increase productivity and profitability; an increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs; our ability to accurately estimate future levels of rental activity and adjust the size of our fleet accordingly; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue earning equipment and to refinance our existing indebtedness; safety recalls by the manufacturers of our vehicles and equipment; a major disruption in our communication or centralized information networks; financial instability of the manufacturers of our vehicles and equipment; any impact on us from the actions of our licensees, franchisees, dealers and independent contractors; our ability to maintain profitability during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; our ability to successfully integrate future acquisitions and complete future dispositions; our ability to maintain favorable brand recognition; costs and risks associated with litigation; risks related to our indebtedness, including our substantial amount of debt and our ability to incur substantially more debt and increases in interest rates or in our borrowing margins; our ability to meet the financial and other covenants contained in our senior credit facilities, our outstanding unsecured senior notes and certain asset-backed and asset-based funding arrangements; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on earnings; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect our operations, the cost thereof or applicable tax rates; changes to our senior management team; the effect of tangible and intangible asset impairment charges; the impact of our derivative instruments, which can be affected by fluctuations in interest rates and commodity prices; and our exposure to fluctuations in foreign exchange rates. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The Company therefore cautions you against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company's behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Tables and Exhibit:

Table 1: Condensed Consolidated Statements of Operations for the Three
         Months and Years Ended December 31, 2010 and 2009
Table 2: Condensed Consolidated Statements of Operations As Reported
         and As Adjusted for the Three Months and Years Ended December 31,
         2010 and 2009
Table 3: Segment and Other Information for the Three Months and Years Ended
         December 31, 2010 and 2009
Table 4: Selected Operating and Financial Data as of or for the Three
         Months and Year Ended December 31, 2010 compared to December 31,
         2009 and Selected Balance Sheet Data as of December 31, 2010 and
         December 31, 2009
Table 5: Non-GAAP Reconciliations of Adjusted Pre-Tax Income (Loss) and
         Adjusted Net Income (Loss) for the Three Months and Years Ended
         December 31, 2010 and 2009
Table 6: Non-GAAP Reconciliations of EBITDA, Corporate EBITDA, Unlevered
         Pre-Tax Cash Flow, Levered After-Tax Cash Flow Before Fleet Growth
         and Levered After-Tax Cash Flow After Fleet Growth for the Three
         Months and Years Ended December 31, 2010 and 2009
Table 7: Non-GAAP Reconciliations of Operating Cash Flows to EBITDA for
         Three Months and Years Ended December 31, 2010 and 2009, Net
         Corporate Debt, Net Fleet Debt and Total Net Debt as of
         December 31, 2010, 2009 and 2008 and September 30, 2010 and 2009,
         Car Rental Rate Revenue per Transaction Day and Equipment Rental
         and Rental Related Revenue for the Three Months and Years Ended
         December 31, 2010 and 2009
Exhibit 1: Non-GAAP Measures: Definitions and Use/Importance


                                                                    Table 1
                        HERTZ GLOBAL HOLDINGS, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                  (In millions, except per share amounts)
                                Unaudited

                                 Three Months Ended     As a Percentage
                                    December 31,       of Total Revenues
                                --------------------  -------------------
                                  2010       2009       2010       2009
                                ---------  ---------  --------   --------
Total revenues                  $ 1,835.8  $ 1,740.7     100.0 %    100.0 %
                                ---------  ---------  --------   --------
Expenses:
 Direct operating                 1,036.8    1,021.7      56.5 %     58.7 %
 Depreciation of revenue
  earning equipment and lease
  charges                           451.2      463.1      24.6 %     26.6 %
 Selling, general and
  administrative                    156.1      153.1       8.5 %      8.8 %
 Interest expense                   201.3      182.0      11.1 %     10.5 %
 Interest and other income, net      (1.8)     (11.8)        - %     (0.7)%
                                ---------  ---------  --------   --------
Total expenses                    1,843.6    1,808.1     100.4 %    103.9 %
                                ---------  ---------  --------   --------
Loss before income taxes             (7.8)     (67.4)     (0.4)%     (3.9)%
Benefit (provision) for taxes
 on income                          (16.9)      39.8      (0.9)%      2.3 %
                                ---------  ---------  --------   --------
Net loss                            (24.7)     (27.6)     (1.3)%     (1.6)%
Less: Net income attributable
 to noncontrolling interest          (4.5)      (3.3)     (0.2)%     (0.2)%
                                ---------  ---------  --------   --------
Net loss attributable to Hertz
 Global Holdings, Inc. and
 Subsidiaries' common
 stockholders                   $   (29.2) $   (30.9)     (1.6)%     (1.8)%
                                =========  =========  ========   ========
Weighted average number of
 shares outstanding:
     Basic                          413.0      410.0
     Diluted                        413.0      410.0
Loss per share attributable to
 Hertz Global Holdings, Inc. and
 Subsidiaries' common
 stockholders:
     Basic                      $   (0.07) $   (0.08)
     Diluted                    $   (0.07) $   (0.08)

                                    Year Ended          As a Percentage
                                    December 31,       of Total Revenues
                                --------------------  -------------------
                                  2010       2009       2010       2009
                                ---------  ---------  --------   --------
Total revenues                  $ 7,562.5  $ 7,101.5     100.0 %    100.0 %
                                ---------  ---------  --------   --------
Expenses:
 Direct operating                 4,282.4    4,084.2      56.7 %     57.5 %
 Depreciation of revenue
  earning equipment and lease
  charges                         1,868.1    1,931.4      24.7 %     27.2 %
 Selling, general and
  administrative                    664.5      641.1       8.8 %      9.0 %
 Interest expense                   773.4      680.3      10.2 %      9.6 %
 Interest and other income, net     (12.3)     (64.5)     (0.2)%     (0.9)%
                                ---------  ---------  --------   --------
Total expenses                    7,576.1    7,272.5     100.2 %    102.4 %
                                ---------  ---------  --------   --------
Loss before income taxes            (13.6)    (171.0)     (0.2)%     (2.4)%
Benefit (provision) for taxes
 on income                          (17.0)      59.7      (0.2)%      0.8 %
                                ---------  ---------  --------   --------
Net loss                            (30.6)    (111.3)     (0.4)%     (1.6)%
Less: Net income attributable
 to noncontrolling interest         (17.4)     (14.7)     (0.2)%     (0.2)%
                                ---------  ---------  --------   --------
Net loss attributable to Hertz
 Global Holdings, Inc. and
 Subsidiaries' common
 stockholders                   $   (48.0) $  (126.0)     (0.6)%     (1.8)%
                                =========  =========  ========   ========
Weighted average number of
 shares outstanding:
     Basic                          411.9      371.5
     Diluted                        411.9      371.5
Loss per share attributable to
 Hertz Global Holdings, Inc.

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