Hertz Reports First Quarter Operating Results

PARK RIDGE, NJ, Apr 28 (MARKET WIRE) --
Hertz Global Holdings, Inc. (NYSE: HTZ)

-- Revenues of $1.6 billion with an adjusted net loss of $80.0 million,
or $(0.25) per share, and a net loss, on a GAAP basis, of $163.5 million,
or $(0.51) per share, for the first quarter of 2009.
-- Total net cash flow(1) improved to $760.7 million for the first
quarter, resulting in a reduction of total debt of $1.3 billion; net cash
provided by operating activities of $966.2 million for the first quarter.
-- Liquidity increased to approximately $5.4 billion(2) as of March 31,
2009.
-- The Company increases its target for incremental annualized costs
savings in 2009 to $500 million.

Hertz Global Holdings, Inc. (NYSE: HTZ) (with its subsidiaries, the
"Company" or "we") reported first quarter 2009 worldwide revenues of $1.6
billion, a decrease of 23.3%, or $474.3 million, year-over-year (an 18.3%
decrease in constant currency). Worldwide car rental revenues for the
quarter decreased 21.1% (a 15.9% decrease in constant currency) to $1.3
billion. Revenues from worldwide equipment rental for the first quarter
were $279.5 million, down 32.0% (a 27.5% decrease in constant currency)
over the prior year period.

First quarter 2009 adjusted pre-tax loss(1) was $116.6 million, versus
adjusted pre-tax income of $17.1 million in 2008, and loss before income
taxes and noncontrolling interest ("pre-tax loss"), on a GAAP basis, was
$210.0 million, versus a pre-tax loss of $55.8 million in the first
quarter of 2008. Corporate EBITDA(1) for the first quarter of 2009 was
$91.9 million, a decrease of 60.9% from the same period in 2008.

First quarter 2009 adjusted net loss(1) was $80.0 million, versus adjusted
net income of $6.5 million from the same period in 2008, resulting in
adjusted diluted loss per share(1) for the quarter of $(0.25), compared
with adjusted diluted earnings per share of $0.02 for the first quarter of
2008. First quarter 2009 net loss, on a GAAP basis, was $163.5 million, or
$(0.51) per share on a diluted basis, compared with a net loss of $57.7
million, or $(0.18) per share on a diluted basis, for the first quarter of
2008. The increase in GAAP net loss is attributable to decreased volume
and pricing, increased restructuring and related costs and residual value
declines.

Mark P. Frissora, the Company's Chairman and Chief Executive Officer,
said, "We continue to generate strong cash flow and maintain significant
liquidity in the midst of the global recession. Additionally, we are
improving profit retention sequentially, mitigating the effect of
declining revenues on adjusted and GAAP earnings. In the first quarter,
revenues decreased almost $475 million year-over-year, while adjusted
pre-tax income declined approximately $134 million, or $154 million on a
GAAP basis. These results compare favorably with a fourth quarter 2008
revenue decline of $350 million and a $256 million decrease in adjusted
pre-tax income, or $1.53 billion on a GAAP basis, which included a $1.17
billion non-cash impairment charge. We expect profit retention will
continue to improve in future quarters as our financial results more
fully reflect recent cost actions. Additionally, we generated improved
first quarter total net cash flow of over $760 million, reduced total
debt by $1.3 billion and maintained liquidity at quarter end of almost
$5.4 billion. We are maintaining our focus on yield-managing high quality
revenue with tighter fleets to optimize cash flow and liquidity."

The Company took $38.4 million in restructuring and related charges in the
first quarter of 2009, primarily attributable to costs associated with job
reductions, the closure of rental locations and outsourcing/process
reengineering.

INCOME MEASUREMENTS, FIRST QUARTER 2009 & 2008

Q1 2009 Q1 2008
---------------------------- ----------------------------
Diluted
(in millions, Diluted Pre-tax Net Earnings
except per Pre-tax Net Loss Income Income (Loss)
share amounts) Loss Loss Per Share (Loss) (Loss) Per Share
-------- -------- -------- -------- -------- --------
Earnings Measures,
as reported (EPS
based on 323.4M
and 322.2M
diluted
shares) $ (210.0) $ (163.5) $ (0.51) $ (55.8) $ (57.7) $ (0.18)
======== ======== ======== ========
Adjustments:
Purchase
accounting 26.0 24.8
Non-cash debt
charges 25.0 14.5
Restructuring
and related
charges 38.4 23.1
Third-party
bankruptcy
reserve 4.3 -
Gasoline
hedge gain (1.0) -
Management
transition
costs 0.7 1.3
Unrealized
loss on
derivative - 6.0
Vacation
accrual
adjustment - 3.2
-------- --------
Adjusted pre-tax
income (loss) (116.6) (116.6) 17.1 17.1
Assumed
(provision)
benefit for
income taxes
at 34% 39.7 (5.8)
Noncontrolling
interest (3.1) (4.8)
-------- -------- -------- --------
Earnings Measures,
as adjusted (EPS
based on 322.7M
and 325.5M
diluted
shares) $ (116.6) $ (80.0) $ (0.25) $ 17.1 $ 6.5 $ 0.02
======== ======== ======== ======== ======== ========

The Company ended the first quarter of 2009 with total debt of $9.69
billion and net corporate debt(1) of $3.85 billion, compared with total
debt of $10.97 billion and net corporate debt of $3.82 billion as of
December 31, 2008, an increase in net corporate debt of $36.7 million.
Total net cash flow for the quarter was $760.7 million compared with a use
of $95.5 million in the first quarter of 2008. The improvement of $856.2
million is attributable to better management of fleet rotation to preserve
liquidity and increase cash flow. On a GAAP basis, net cash provided by
operating activities was $966.2 million in the first quarter of 2009,
compared to $1,128.2 million in 2008.

The Company generated total net cash flow yield(1) of 60.2%, based on the
Company's $1,449.3 million of total net cash flow, for the 12 months
ending March 31, 2009, compared with total net cash flow yield of 11.7%,
based on the Company's $746.6 million of total net cash flow, for the 12
months ending March 31, 2008.

WORLDWIDE CAR RENTAL

The Company noted the U.S. car rental business made progress in the first
quarter generating year-over-year operational efficiencies in several
areas including fleet, staffing and exposure to certain U.S. auto
manufacturers. A few key metrics include:

-- Transaction length increased 5% over last year, driven primarily by
leisure transactions, including the new multi-month rental product.
-- Revenue per transaction, a good measure of pricing and transaction
length mix, increased 2%.
-- 15% lower average car-rental fleet, and 6% lower compared with the
fourth quarter of 2008, taking advantage of an improving used car market to
delete some older vehicles.

Worldwide car rental revenues were $1.3 billion for the first quarter
of 2009, a decrease of 21.1% (a 15.9% decrease in constant currency) from
the prior year period. Transaction days for the quarter decreased 12.4%
[(13.4)% U.S.; (10.1)% International]. U.S. off-airport revenues for the
first quarter decreased 9.1% year-over-year, and transaction days declined
4.1%. Rental rate revenue per transaction day(1) ("RPD") for the quarter
was 3.3% below the prior year period [(3.0)% U.S.; (4.1)% International].

Worldwide car rental adjusted pre-tax loss for the first quarter of 2009
was $33.5 million, compared with adjusted pre-tax income of $39.3 million
last year. The decrease is attributable to decreased volume and pricing
and residual value declines, partially offset by strong cost management
performance.

The worldwide average number of Company-operated cars for the first
quarter of 2009 was 380,900, a decrease of 12.9% over the prior year
period.

WORLDWIDE EQUIPMENT RENTAL

Worldwide equipment rental revenues were $279.5 million for the first
quarter of 2009, a 32.0% decrease (a 27.5% decrease in constant currency)
from the prior year period.

Adjusted pre-tax income for the first quarter of 2009 was $0.7 million, a
98.8% decrease over the prior year period, primarily attributable to the
effects of reduced volume and pricing, partially offset by cost management
initiatives. HERC achieved an adjusted pre-tax margin, based on revenues,
of 0.3%, and a Corporate EBITDA margin, based on revenues, of 40.4% for
the quarter.

The average acquisition cost of rental equipment operated during the first
quarter of 2009 decreased by 14.9% year-over-year -- compared with a 12.6%
increase in the first quarter of 2008 over the first quarter of 2007 -- to
$3.0 billion, and net revenue earning equipment as of March 31, 2009 was
$2.0 billion, a 23.9% decrease from the amount as of March 31, 2008.

OUTLOOK

Hertz is not providing specific quarterly or full year 2009 revenue,
earnings and cash flow guidance at this time. However, the Company makes
the following observations about current conditions affecting
its
businesses:

-- U.S. car rental and worldwide equipment rental demand appears to be
stabilizing, indicating a possible bottoming out of volume declines.
-- U.S. vehicle residuals have improved to within normal ranges, although
still lower year-over-year.
-- Leisure market car rental pricing continues to improve, while
corporate pricing declines should moderate with easier second half 2009
comparisons.
-- The Advantage Rent-a-Car acquisition is expected to drive additional
revenue growth in the U.S. leisure travel market.
-- Pricing pressure in U.S. equipment rental markets has not yet
dissipated.
-- 2009 cost actions will help deliver further improvements in profit
retention, even in the absence of an economic recovery.
-- The Company has increased its outlook for incremental, annualized 2009
cost savings to $500 million.
-- Based on current forecasts and companywide cost and debt reduction
actions, the Company expects to maintain sufficient cushion, through 2010,
between reported ratios and the covenant limits established in its credit
agreements.

RESULTS OF THE HERTZ CORPORATION

The Company's operating subsidiary, The Hertz Corporation ("Hertz"),
posted the same revenues for the first quarter of 2009 as the Company.
Hertz's first quarter of 2009 pre-tax loss was, however, slightly higher
than that of the Company primarily because of additional interest expense
recognized by Hertz on an inter-company loan from the Company.

(1) Total net cash flow, total net cash flow yield, net corporate debt,
levered after-tax cash flow after fleet growth ("levered cash flow"),
adjusted pre-tax income (loss), Corporate EBITDA, adjusted net income
(loss), adjusted diluted earnings (loss) per share and rental rate revenue
per transaction day are non-GAAP measures. See the accompanying
Attachments 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) Total liquidity of $5.4 billion is comprised of $0.6 billion of cash,
$1.2 billion of undrawn corporate liquidity and $3.6 billion of fleet
financing availability. Total liquidity is subject to borrowing base
limitations and other factors -- we had $1.4 billion of the borrowing base
available at March 31, 2009 and $0.6 billion of cash.

CONFERENCE CALL
INFORMATION

The Company's first quarter 2009 earnings conference call will be held on
Wednesday, April 29, 2009, at 10:00 a.m. (EDT). To access the conference
call live, dial 800-288-8961 in the U.S. and 612-288-0329 for
international callers using the passcode: 996701 or listen via webcast at
www.hertz.com/investorrelations. The conference call will be available for
replay through May 13, 2009 by calling 800-475-6701 in the U.S. or
320-365-3844 for international callers with the passcode: 996701. 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 8,000 locations in 145 countries worldwide. Hertz is the
number one airport car rental brand in the U.S. and at 42 major airports
in Europe, operating both corporate and licensee locations in cities and
airports in North America, Europe, Latin America, Australia and New
Zealand. In addition, the Company has licensee locations in cities and
airports in Africa, Asia, and the Middle East. Product and service
initiatives such as Hertz #1 Club Gold(R), NeverLost(R) customized,
onboard navigation systems, SIRIUS 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 330
branches in the United States, Canada, China, France and Spain.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release include
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. You should not place undue reliance on
these statements. Forward-looking statements include information
concerning the Company's outlook, anticipated revenues, results of
operations and implementation of productivity and efficiency initiatives,
including targeted job reductions, and the anticipated savings and
restructuring charges expected to be realized or incurred in connection
therewith. These statements often include words such as "believe,"
"expect," "project," "anticipate," "intend," "plan," "estimate," "seek,"
"will," "may," "should," "forecast" 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. As you read this press release, you should understand that
these statements are not guarantees of performance or results. They
involve risks, uncertainties and assumptions. Many factors could affect
the Company's actual results and its ability to implement its cost
savings and efficiency initiatives successfully, and could cause the
Company's actual results to differ materially from those expressed in the
forward-looking statements. Some important factors include: the Company's
operations; economic performance; financial condition; management
forecasts; efficiencies, cost savings and opportunities to increase
productivity and profitability; income and margins; liquidity and
availability of additional or continued fleet financing including as a
result of the financial instability of the entities providing credit
support; the financial instability of the manufacturers of our vehicles:
anticipated growth; economies of scale; the economy; future economic
performance; the Company's ability to maintain profitability during
adverse economic cycles, potential tangible and intangible asset
impairment charges and unfavorable external events (including war,
terrorist acts, natural disasters and epidemic disease); future
acquisitions and dispositions; litigation; potential and contingent
liabilities; management's plans; taxes; and refinancing of existing debt.
In light of these risks, uncertainties and assumptions, the
forward-looking statements contained in this press release might not
prove to be accurate and you should not place undue reliance upon them.
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.

The Company cautions you therefore that you should not rely unduly on
these forward-looking statements. You should understand the risks and
uncertainties discussed in "Risk Factors" and elsewhere in the Company's
2008 Annual Report on Form 10-K for the fiscal year ended December 31,
2008, as filed with the United States Securities and Exchange Commission,
or the "SEC," on March 3, 2009, could affect the Company's future results
and the outcome of its implementation of its cost savings and efficiency
initiatives, and could cause those results or other outcomes to differ
materially from those expressed or implied in the Company's
forward-looking
statements.

Attachments:

Table 1: Condensed Consolidated Statements of Operations for the Three
Months Ended March 31, 2009 and 2008
Table 2: Condensed Consolidated Statements of Operations As Reported and
As Adjusted for the Three Months Ended March 31, 2009 and 2008
Table 3: Segment and Other Information for the Three Months Ended March
31, 2009 and 2008
Table 4: Selected Operating and Financial Data as of or for the Three
Months Ended March 31, 2009 compared to March 31, 2008
Table 5: Non-GAAP Reconciliations of Adjusted Pre-Tax Income (Loss) and
Adjusted Net Income (Loss) for the Three Months Ended March 31,
2009 and 2008
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 Ended March 31, 2009 and 2008
Table 7: Non-GAAP Reconciliations of Adjusted Pre-Tax Income (Loss) to
Corporate EBITDA for the Three Months Ended March 31, 2009 and
2008
Table 8: Non-GAAP Reconciliations of Operating Cash Flows to EBITDA for
the Three Months Ended March 31, 2009 and 2008, Net Corporate
Debt and Net Fleet Debt as of March 31, 2009, 2008 and 2007 and
December 31, 2008 and 2007, Car Rental Rate Revenue per
Transaction Day and Equipment Rental and Rental Related Revenue
for the Three Months Ended March 31, 2009 and 2008
Table 9: 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 Twelve Months Ended March 31, 2009 and 2008
Table 10: Non-GAAP Reconciliation of Total Net Cash Flow for the Three
and Twelve Months Ended March 31, 2009 and 2008

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 Percent
March 31, of Total Revenues
-------------------- -------------------
2009 2008 2009 2008
--------- --------- -------- --------
Total revenues $ 1,564.9 $ 2,039.2 100.0 % 100.0 %
--------- --------- -------- --------

Expenses:
Direct operating 955.3 1,171.5 61.1 % 57.4 %
Depreciation of revenue
earning equipment 489.8 533.9 31.3 % 26.2 %
Selling, general and
administrative 166.7 193.4 10.6 % 9.5 %
Interest, net of interest
income 163.1 196.2 10.4 % 9.6 %
--------- --------- -------- --------
Total expenses 1,774.9 2,095.0 113.4 % 102.7 %
--------- --------- -------- --------
Loss before income taxes and
noncontrolling interest (210.0) (55.8) (13.4)% (2.7)%
Benefit for taxes on income 49.6 2.9 3.2 % 0.1 %
--------- --------- -------- --------
Net loss (160.4) (52.9) (10.2)% (2.6)%
Less: Net income attributable
to noncontrolling interest (3.1) (4.8) (0.2)% (0.2)%
--------- --------- -------- --------
Net loss attributable to Hertz
Global Holdings, Inc. and
Subsidiaries' common
stockholders $ (163.5) $ (57.7) (10.4)% (2.8)%
========= ========= ======== ========

Weighted average number of
shares outstanding:
Basic 323.4 322.2
Diluted 323.4 322.2

Loss per share attributable to
Hertz Global Holdings, Inc.
and Subsidiaries' common
stockholders
Basic $ (0.51) $ (0.18)
Diluted $ (0.51) $ (0.18)

Table 2
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
Unaudited

Three Months Ended March 31, 2009
--------------------------------------
As As
Reported Adjustments Adjusted
---------- ---------- ----------
Total revenues $ 1,564.9 $ - $ 1,564.9
---------- ---------- ----------

Expenses:
Direct operating 955.3 (40.0)(a) 915.3
Depreciation of revenue earning
equipment 489.8 (7.3)(b) 482.5
Selling, general and
administrative 166.7 (21.1)(c) 145.6
Interest, net of interest income 163.1 (25.0)(d) 138.1
---------- ---------- ----------
Total expenses 1,774.9 (93.4) 1,681.5
---------- ---------- ----------
Income (loss) before income taxes
and noncontrolling interest (210.0) 93.4 (116.6)
(Provision) benefit for taxes on
income 49.6(e) (9.9)(f) 39.7
---------- ---------- ----------
Net income (loss) (160.4) 83.5 (76.9)
Less: Net income attributable to
noncontrolling interest (3.1) - (3.1)
---------- ---------- ----------
Net income (loss) attributable to
Hertz Global Holdings, Inc. and
Subsidiaries' common stockholders $ (163.5) $ 83.5 $ (80.0)
========== ========== ==========

Three Months Ended March 31, 2008
--------------------------------------
As As
Reported Adjustments Adjusted
---------- ---------- ----------
Total revenues $ 2,039.2 $ - $ 2,039.2
---------- ---------- ----------

Expenses:
Direct operating 1,171.5 (32.4)(a) 1,139.1
Depreciation of revenue earning
equipment 533.9 (5.0)(b) 528.9
Selling, general and
administrative 193.4 (21.0)(c) 172.4
Interest, net of interest income 196.2 (14.5)(d) 181.7
---------- ---------- ----------
Total expenses 2,095.0 (72.9) 2,022.1
---------- ---------- ----------
Income (loss) before income taxes
and noncontrolling interest (55.8) 72.9 17.1
(Provision) benefit for taxes on
income 2.9(e) (8.7)(f) (5.8)
---------- ---------- ----------
Net income (loss) (52.9) 64.2 11.3
Less: Net income attributable to
noncontrolling interest (4.8) - (4.8)
---------- ---------- ----------
Net income (loss) attributable to
Hertz Global Holdings, Inc. and
Subsidiaries' common stockholders $ (57.7) $ 64.2 $ 6.5
========== ========== ==========

(a) Represents the increase in amortization of other intangible assets,
depreciation of property and equipment and accretion of certain
revalued liabilities relating to purchase accounting. For the
three months ended March 31, 2009 and 2008, also includes
restructuring and restructuring related charges of $22.5 million
and $9.7 million, respectively. For the three months ended
March 31, 2008, also includes vacation accrual adjustments of $3.1
million.
(b) Represents the increase in depreciation of revenue earning equipment
based upon its revaluation relating to purchase accounting.
(c) Represents an increase in depreciation of property and equipment
relating to purchase accounting. For the three months ended
March 31, 2009 and 2008, also includes restructuring
and restructuring related charges of $15.9 million and $13.4 million,
respectively. For all periods presented, also includes other
adjustments which are detailed in Table 5.
(d) Represents non-cash debt charges relating to the amortization of
deferred debt financing costs and debt discounts. For the three
months ended March 31, 2009, also includes $7.5 million
associated with the amortization of amounts pertaining to the
de-designation of our interest rate swaps. For the three months
ended March 31, 2008, also includes $2.3 million associated
with the ineffectiveness of our interest rate swaps. Total adjusted
interest, net of interest income, for the three months ended
March 31, 2009 and 2008, consists of net corporate
interest of $59.8 million and $64.5 million, respectively, and net
fleet interest of $78.3 million and $117.2 million, respectively.
(e) For the three months ended March 31, 2009 and 2008, reflects a higher
tax benefit on increased losses before income tax partially offset
by the non-recognition of losses in certain non-U.S.
jurisdictions. In addition, the tax benefits for the three months
ended March 31, 2009 were limited in accordance with interperiod
accounting rules for income taxes.
(f) Represents a provision for income taxes derived utilizing a normalized
income tax rate (34% for 2009 and 2008).

Table 3
HERTZ GLOBAL HOLDINGS, INC.
SEGMENT AND OTHER INFORMATION
(In millions, except per share amounts)
Unaudited

Three Months Ended
March 31,
--------------------
2009 2008
--------- ---------
Revenues:
Car rental $ 1,282.9 $ 1,626.2
Equipment rental 279.5 411.0
Other reconciling items 2.5 2.0
--------- ---------
$ 1,564.9 $ 2,039.2
========= =========

Depreciation of property and equipment:
Car rental $ 27.3 $ 30.4
Equipment rental 9.3 10.7
Other reconciling items 1.5 1.6
--------- ---------
$ 38.1 $ 42.7
========= =========

Amortization of other intangible assets:
Car rental $ 7.4 $ 8.3
Equipment rental 8.1 8.1
--------- ---------
$ 15.5 $ 16.4
========= =========

Income (loss) before income taxes and noncontrolling
interest:
Car rental $ (90.2) $ (5.8)
Equipment rental (24.8) 39.4
Other reconciling items (95.0) (89.4)
--------- ---------
$ (210.0) $ (55.8)
========= =========

Corporate EBITDA (a):
Car rental $ (10.9) $ 65.8
Equipment rental 112.9 181.4
Other reconciling items (10.1) (12.2)
--------- ---------
$ 91.9 $ 235.0
========= =========

Adjusted pre-tax income (loss) (a):
Car rental $ (33.5) $ 39.3
Equipment rental 0.7 59.3
Other reconciling items (83.8) (81.5)
--------- ---------
$ (116.6) $ 17.1
========= =========

Adjusted net income (loss) (a):
Car rental $ (22.1) $ 26.0
Equipment rental 0.5 39.1
Other reconciling items (58.4) (58.6)
--------- ---------
$ (80.0) $ 6.5
========= =========

Pro forma diluted number of shares outstanding (a) 322.7 325.5

Adjusted diluted earnings (loss) per share (a) $ (0.25) $ 0.02

(a) Represents a non-GAAP measure, see the accompanying
reconciliations and definitions.
Note: "Other reconciling items" includes general corporate expenses,
certain interest expense (including net interest on corporate
debt) as well as other business activities such as our
third-party claim management services. See Tables 5 through 7.

Table 4
HERTZ GLOBAL HOLDINGS, INC.
SELECTED OPERATING AND FINANCIAL DATA
Unaudited

Three Percent
Months change
Ended, or as from
of Mar. 31, prior year
2009 period
------------ -----------

Selected Car Rental Operating Data

Worldwide number of transactions (in thousands) 5,542 (15.6)%
Domestic 4,042 (17.5)%
International 1,500 (9.9)%

Worldwide transaction days (in thousands) 26,475 (12.4)%
Domestic 18,411 (13.4)%
International 8,064 (10.1)%

Worldwide rental rate revenue per transaction
day (a) $ 41.93 (3.3)%
Domestic $ 41.82 (3.0)%
International (b) $ 42.19 (4.1)%

Worldwide average number of
company-operated cars during period 380,900 (12.9)%
Domestic 260,000 (14.6)%
International 120,900 (9.1)%

Worldwide revenue earning equipment, net (in
millions) $ 6,274.4 (25.4)%

Selected Worldwide Equipment Rental Operating
Data

Rental and rental related revenue (in millions)
(a) (b) $ 256.3 (27.5)%
Same store revenue growth, including
initiatives (a) (b) (23.8)% N/M
Average acquisition cost of revenue earning
equipment operated during period (in millions) $ 2,963.4 (14.9)%
Revenue earning equipment, net (in millions) $ 2,009.1 (23.9)%

Other Financial Data (in millions)

Cash flows provided by operating activities $ 966.2 (14.4)%
Levered after-tax cash flow before fleet growth
(a) (297.6) N/M
Levered after-tax cash flow after fleet growth
(a) (36.7) 84.2 %
Total net cash flow (a) 760.7 N/M
EBITDA (a) 493.4 (32.3)%
Corporate EBITDA (a) 91.9 (60.9)%

Selected Balance Sheet Data (in millions)
March 31, December 31,
2009 2008
------------ -----------
Cash and equivalents $ 557.1 $ 594.3
Total revenue earning equipment, net 8,283.5 8,691.5
Total assets 14,685.9 16,451.4
Total debt 9,692.6 10,972.3
Net corporate debt (a) 3,853.7 3,817.0
Net fleet debt (a) 4,958.4 5,829.6
Total net debt (a) 8,812.1 9,646.6
Total stockholders' equity 1,308.1 1,488.3

(a) Represents a non-GAAP measure, see the accompanying reconciliations
and definitions.
(b) Based on 12/31/08 foreign exchange rates.
N/M Percentage change not meaningful.

Table 5
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
Unaudited

ADJUSTED PRE-TAX INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS)

Three Months Ended March 31, 2009
------------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
--------- --------- --------- ---------
Total revenues: $ 1,282.9 $ 279.5 $ 2.5 $ 1,564.9
--------- --------- --------- ---------
Expenses:
Direct operating and selling,
general and administrative 905.2 191.1 25.7 1,122.0
Depreciation of revenue
earning equipment 391.1 98.7 - 489.8
Interest, net of interest
income 76.8 14.5 71.8 163.1
--------- --------- --------- ---------
Total expenses 1,373.1 304.3 97.5 1,774.9
--------- --------- --------- ---------
Loss before income taxes
and noncontrolling interest (90.2) (24.8) (95.0) (210.0)
Adjustments:
Purchase accounting (a):
Direct operating and selling,
general and administrative 9.4 8.8 0.5 18.7
Depreciation of revenue
earning equipment - 7.3 - 7.3
Non-cash debt charges (b) 19.3 2.3 3.4 25.0
Restructuring charges (c) 15.1 7.0 7.4 29.5
Restructuring related charges
(c) 8.6 0.1 0.2 8.9
Gasoline hedge gain (d) - - (1.0) (1.0)
Third-party bankruptcy reserve
(e) 4.3 - - 4.3
Management transition costs
(e) - - 0.7 0.7
--------- --------- --------- ---------
Adjusted pre-tax income (loss) (33.5) 0.7 (83.8) (116.6)
Assumed (provision) benefit
for income taxes of 34% 11.4 (0.2) 28.5 39.7
Noncontrolling interest - - (3.1) (3.1)
--------- --------- --------- ---------
Adjusted net income (loss) $ (22.1) $ 0.5 $ (58.4) $ (80.0)
========= ========= ========= =========

Pro forma diluted number of
shares outstanding 322.7

Adjusted diluted loss per share $ (0.25)

Three Months Ended March 31, 2008
------------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
--------- --------- --------- ---------
Total revenues: $ 1,626.2 $ 411.0 $ 2.0 $ 2,039.2
--------- --------- --------- ---------
Expenses:
Direct operating and selling,
general and administrative 1,092.1 251.6 21.2 1,364.9
Depreciation of revenue
earning equipment 447.4 86.5 - 533.9
Interest, net of interest
income 92.5 33.5 70.2 196.2
--------- --------- --------- ---------
Total expenses 1,632.0 371.6 91.4 2,095.0
--------- --------- --------- ---------
Income (loss) before income
taxes and noncontrolling
interest (5.8) 39.4 (89.4) (55.8)
Adjustments:
Purchase accounting (a):
Direct operating and selling,
general and administrative 10.4 8.9 0.5 19.8
Depreciation of revenue
earning equipment (0.1) 5.1 - 5.0
Non-cash debt charges (b) 8.6 2.7 3.2 14.5
Restructuring charges (c) 15.8 1.7 2.1 19.6
Restructuring related charges
(c) 2.1 0.7 0.7 3.5
Vacation accrual adjustment
(c) 2.3 0.8 0.1 3.2
Unrealized loss on derivative
(e) 6.0 - - 6.0
Management transition costs
(e) - - 1.3 1.3
--------- --------- --------- ---------
Adjusted pre-tax income (loss) 39.3 59.3 (81.5) 17.1
Assumed (provision) benefit
for income taxes of 34% (13.3) (20.2) 27.7 (5.8)
Noncontrolling interest - - (4.8) (4.8)
--------- --------- --------- ---------
Adjusted net income (loss) $ 26.0 $ 39.1 $ (58.6) $ 6.5
========= ========= ========= =========

Pro forma diluted number of
shares outstanding 325.5

Adjusted diluted earnings per
share $ 0.02

(a) Represents the purchase accounting effects of the acquisition of all
of Hertz's common stock on December 21, 2005, and any subsequent
acquisitions on our results of operations relating to
increased depreciation and amortization of tangible and intangible
assets and accretion of revalued workers' compensation and public
liability and property damage liabilities.
(b) Represents non-cash debt charges relating to the amortization of
deferred debt financing costs and debt discounts. For the three
months ended March 31, 2009, also includes $7.5 million
associated with the amortization of amounts pertaining to the
de-designation of our interest rate swaps. For the three months
ended March 31, 2008, also includes $2.3 million associated
with the ineffectiveness of our interest rate swaps.
(c) Amounts are included within direct operating and selling, general
and administrative expense in our statement of operations.
(d) Amounts are included within direct operating expense in our
statement of operations.
(e) Amounts are included within selling, general and administrative
expense in our statement of operations.

Table 6
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions)
Unaudited

EBITDA, CORPORATE EBITDA, UNLEVERED PRE-TAX CASH FLOW,
LEVERED AFTER-TAX CASH FLOW BEFORE FLEET GROWTH AND
AFTER FLEET GROWTH

Three Months Ended March 31, 2009
------------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
--------- --------- --------- ---------

Loss before income taxes
and noncontrolling interest $ (90.2) $ (24.8) $ (95.0) $ (210.0)
Depreciation and amortization 425.8 116.1 1.5 543.4
Interest, net of interest
income 76.8 14.5 71.8 163.1
Noncontrolling interest - - (3.1) (3.1)
--------- --------- --------- ---------
EBITDA 412.4 105.8 (24.8) 493.4
Adjustments:
Car rental fleet interest (79.1) - - (79.1)
Car rental fleet depreciation (391.1) - - (391.1)
Non-cash expenses and charges
(a) 18.9 - 7.4 26.3
Extraordinary, unusual or
non-recurring gains and
losses (b) 28.0 7.1 7.3 42.4
--------- --------- --------- ---------
Corporate EBITDA $ (10.9) $ 112.9 $ (10.1) 91.9
========= ========= =========
Equipment rental
maintenance capital
expenditures, net (89.0)
Non-fleet capital
expenditures, net (1.6)
Changes in working capital 11.6
Changes in other assets and
liabilities (226.2)
---------
Unlevered pre-tax cash flow (c) (213.3)
Corporate net cash interest (76.5)
Corporate cash taxes (7.8)
---------
Levered after-tax cash flow
before fleet growth (c) (297.6)
Equipment rental fleet
growth capital
expenditures 173.7
Car rental net fleet equity
requirement 87.2
---------
Levered after-tax cash flow
after fleet growth (c) $ (36.7)
=========

Three Months Ended March 31, 2008
------------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
--------- --------- --------- ---------

Income (loss) before income
taxes and noncontrolling
interest $ (5.8) $ 39.4 $ (89.4) $ (55.8)
Depreciation and amortization 486.1 105.3 1.6 593.0
Interest, net of interest
income 92.5 33.5 70.2 196.2
Noncontrolling interest - - (4.8) (4.8)
--------- --------- --------- ---------
EBITDA 572.8 178.2 (22.4) 728.6
Adjustments:
Car rental fleet interest (94.0) - - (94.0)
Car rental fleet depreciation (447.4) - - (447.4)
Non-cash expenses and charges
(a) 14.2 - 6.0 20.2
Extraordinary, unusual or
non-recurring gains and
losses (b) 20.2 3.2 4.2 27.6
--------- --------- --------- ---------
Corporate EBITDA $ 65.8 $ 181.4 $ (12.2) 235.0
========= ========= =========
Equipment rental
maintenance capital
expenditures, net (78.1)
Non-fleet capital
expenditures, net (47.3)
Changes in working capital 425.5
Changes in other assets and
liabilities (110.9)
---------
Unlevered pre-tax cash flow (c) 424.2
Corporate net cash interest (94.1)
Corporate cash taxes (8.9)
---------
Levered after-tax cash flow
before fleet growth (c) 321.2
Equipment rental fleet
growth capital
expenditures 52.4
Car rental net fleet equity
requirement (606.3)
---------
Levered after-tax cash flow
after fleet growth (c) $ (232.7)
=========

(a) As defined in the credit agreements for the senior credit facilities,
Corporate EBITDA excludes the impact of certain non-cash expenses and
charges. The adjustments reflect the following:

NON-CASH EXPENSES AND CHARGES Three Months Ended March 31, 2009
------------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
--------- --------- --------- ---------

Non-cash amortization of debt
costs included in car rental
fleet interest $ 18.9 $ - $ - $ 18.9
Non-cash stock-based employee
compensation charges - - 7.4 7.4
--------- --------- --------- ---------
Total non-cash expenses and
charges $ 18.9 $ - $ 7.4 $ 26.3
========= ========= ========= =========

NON-CASH EXPENSES AND CHARGES Three Months Ended March 31, 2008
------------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
--------- --------- --------- ---------

Non-cash amortization of debt
costs included in car rental
fleet interest $ 8.2 $ - $ - $ 8.2
Non-cash stock-based employee
compensation charges - - 6.0 6.0
Unrealized loss on derivative 6.0 - - 6.0
--------- --------- --------- ---------
Total non-cash expenses and
charges $ 14.2 $ - $ 6.0 $ 20.2
========= ========= ========= =========

(b) As defined in the credit agreements for the senior credit facilities,
Corporate EBITDA excludes the impact of extraordinary, unusual or
non-recurring gains or losses or charges or credits. The
adjustments reflect the following:

EXTRAORDINARY, UNUSUAL OR
NON-RECURRING ITEMS Three Months Ended March 31, 2009
------------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
--------- --------- --------- ---------

Restructuring charges $ 15.1 $ 7.0 $ 7.4 $ 29.5
Restructuring related charges 8.6 0.1 0.2 8.9
Third-party bankruptcy reserve 4.3 - - 4.3
Gasoline hedge gain - - (1.0) (1.0)
Management transition costs - - 0.7 0.7
--------- --------- --------- ---------
Total extraordinary, unusual or
non-recurring items $ 28.0 $ 7.1 $ 7.3 $ 42.4
========= ========= ========= =========

EXTRAORDINARY, UNUSUAL OR
NON-RECURRING ITEMS Three Months Ended March 31, 2008
------------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
--------- --------- --------- ---------

Restructuring charges $ 15.8 $ 1.7 $ 2.1 $ 19.6
Restructuring related charges 2.1 0.7 0.7 3.5
Vacation accrual adjustment 2.3 0.8 0.1 3.2
Management transition costs - - 1.3 1.3
--------- --------- --------- ---------
Total extraordinary, unusual or
non-recurring items $ 20.2 $ 3.2 $ 4.2 $ 27.6
========= ========= ========= =========

(c) Amounts include the effect of fluctuations in foreign currency.

Table 7
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF NON-GAAP MEASURES
(In millions)
Unaudited

RECONCILIATION FROM ADJUSTED PRE-TAX INCOME (LOSS) TO CORPORATE EBITDA

Three Months Ended March 31, 2009
--------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
-------- -------- -------- --------
Adjusted pre-tax income (loss) (a) $ (33.5) $ 0.7 $ (83.8) $ (116.6)
Depreciation of property and
equipment 27.3 9.3 1.5 38.1
Amortization of other
intangible assets 7.4 8.1 - 15.5
Equipment rental fleet
depreciation - 98.7 - 98.7
Interest, net of interest
income 76.8 14.5 71.8 163.1
Car rental fleet interest (79.1) - - (79.1)
Non-cash debt charges (19.3) (2.3) (3.4) (25.0)
Non-cash amortization of debt
costs included in car rental
fleet interest 18.9 - - 18.9
Purchase accounting (9.4) (16.1) (0.5) (26.0)
Non-cash stock-based employee
compensation charges - - 7.4 7.4
Noncontrolling interest - - (3.1) (3.1)
-------- -------- -------- --------
Corporate EBITDA (a) $ (10.9) $ 112.9 $ (10.1) $ 91.9
======== ======== ======== ========

Three Months Ended March 31, 2008
--------------------------------------
Other
Car Equipment Reconciling
Rental Rental Items Total
-------- -------- -------- --------
Adjusted pre-tax income (loss) (a) $ 39.3 $ 59.3 $ (81.5) $ 17.1
Depreciation of property and
equipment 30.4 10.7 1.6 42.7
Amortization of other
intangible assets 8.3 8.1 - 16.4
Equipment rental fleet
depreciation - 86.5 - 86.5
Interest, net of interest
income 92.5 33.5 70.2 196.2
Car rental fleet interest (94.0) - - (94.0)
Non-cash debt charges (8.6) (2.7) (3.2) (14.5)
Non-cash amortization of debt
costs included in car rental
fleet interest 8.2 - - 8.2
Purchase accounting (10.3) (14.0) (0.5) (24.8)
Non-cash stock-based employee
compensation charges - - 6.0 6.0
Noncontrolling interest - - (4.8) (4.8)
-------- -------- -------- --------
Corporate EBITDA (a) $ 65.8 $ 181.4 $ (12.2) $ 235.0
======== ======== ======== ========

(a) Represents a non-GAAP measure, see the accompanying reconciliations
and definitions.

Table 8
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except as noted)
Unaudited

Three Months Ended
RECONCILIATION FROM OPERATING March 31,
----------------------
CASH FLOWS TO EBITDA: 2009 2008
---------- ----------

Net cash provided by operating
activities $ 966.2 $ 1,128.2
Amortization of debt costs (17.5) (12.2)
Provision for losses on doubtful
accounts (8.3) (6.0)
Unrealized loss on derivative - (6.0)
Gain on sale of property and equipment 1.3 5.4
Amortization and ineffectiveness
associated with cash flow hedges (7.5) (2.3)
Stock-based employee
compensation charges (7.4) (6.0)
Asset writedowns (3.1) -
Noncontrolling interest (3.1) (4.8)
Deferred income taxes (7.3) 12.8
Benefit for taxes on income (49.6) (2.9)
Interest, net of interest income 163.1 196.2
Net changes in assets and liabilities (533.4) (573.8)
---------- ----------
EBITDA $ 493.4 $ 728.6
========== ==========

NET CORPORATE DEBT, NET FLEET March 31, December 31, March 31,
DEBT AND TOTAL NET DEBT 2009 2008 2008
----------- ---------- ----------

Corporate Debt
Debt, less: $ 9,692.6 $ 10,972.3 $ 11,635.1
U.S. Fleet Debt and Pre-Acquisition
Notes 3,679.5 4,254.5 4,522.4
International Fleet Debt 613.7 1,027.1 1,532.0
U.K. Leveraged Financing 138.7 167.8 121.9
Fleet Financing Facility 159.4 149.3 172.5
Canadian Fleet Financing Facility 72.7 111.6 133.4
International ABS Fleet Financing
Facility 443.6 591.1 -
Other International Facilities 84.2 85.4 104.2
---------- ---------- ----------
Fleet Debt $ 5,191.8 $ 6,386.8 $ 6,586.4
========== ========== ==========
Corporate Debt $ 4,500.8 $ 4,585.5 $ 5,048.7
========== ========== ==========

Corporate Restricted Cash
Restricted Cash, less: $ 323.4 $ 731.4 $ 136.5
Restricted Cash Associated with Fleet
Debt (233.4) (557.2) (34.1)
---------- ---------- ----------
Corporate Restricted Cash $ 90.0 $ 174.2 $ 102.4
========== ========== ==========

Net Corporate Debt
Corporate Debt, less: $ 4,500.8 $ 4,585.5 $ 5,048.7
Cash and Equivalents (557.1) (594.3) (728.9)
Corporate Restricted Cash (90.0) (174.2) (102.4)
---------- ---------- ----------
Net Corporate Debt $ 3,853.7 $ 3,817.0 $ 4,217.4
========== ========== ==========

Net Fleet Debt
Fleet Debt, less: $ 5,191.8 $ 6,386.8 $ 6,586.4
Restricted Cash Associated with Fleet
Debt (233.4) (557.2) (34.1)
---------- ---------- ----------
Net Fleet Debt $ 4,958.4 $ 5,829.6 $ 6,552.3
========== ========== ==========

Total Net Debt $ 8,812.1 $ 9,646.6 $ 10,769.7
========== ========== ==========

NET CORPORATE DEBT, NET FLEET December 31, March 31, December 31,
DEBT AND TOTAL NET DEBT 2007 2007 2005
---------- ---------- ----------

Corporate Debt
Debt, less: $ 11,960.1 $ 11,756.9 $ 12,515.0
U.S. Fleet Debt and Pre-Acquisition
Notes 4,603.5 4,860.0 4,920.2
International Fleet Debt 1,912.4 1,692.7 1,831.7
U.K. Leveraged Financing 222.7 - -
Fleet Financing Facility 170.4 173.0 -
Canadian Fleet Financing Facility 155.4 - -
Other International Facilities 92.9 24.6 -
---------- ---------- ----------
Fleet Debt $ 7,157.3 $ 6,750.3 $ 6,751.9
========== ========== ==========
Corporate Debt $ 4,802.8 $ 5,006.6 $ 5,763.1
========== ========== ==========

Corporate Restricted Cash
Restricted Cash, less: $ 661.0 $ 191.8 $ 289.2
Restricted Cash Associated with Fleet
Debt (573.1) (76.5) (191.5)
---------- ---------- ----------
Corporate Restricted Cash $ 87.9 $ 115.3 $ 97.7
========== ========== ==========

Net Corporate Debt
Corporate Debt, less: $ 4,802.8 $ 5,006.6 $ 5,763.1
Cash and Equivalents (730.2) (476.9) (843.9)
Corporate Restricted Cash (87.9) (115.3) (97.7)
---------- ---------- ----------
Net Corporate Debt $ 3,984.7 $ 4,414.4 $ 4,821.5
========== ========== ==========

Net Fleet Debt
Fleet Debt, less: $ 7,157.3 $ 6,750.3 $ 6,751.9
Restricted Cash Associated with Fleet
Debt (573.1) (76.5) (191.5)
---------- ---------- ----------
Net Fleet Debt $ 6,584.2 $ 6,673.8 $ 6,560.4
========== ========== ==========

Total Net Debt $ 10,568.9 $ 11,088.2 $ 11,381.9
========== ========== ==========

Three Months Ended
CAR RENTAL RATE REVENUE PER March 31,
TRANSACTION DAY (a) 2009 2008
---------- ----------

Car rental revenue per
statement of operations (b) $ 1,260.9 $ 1,598.1
Non-rental rate revenue (c) (172.3) (218.7)
Foreign currency adjustment 21.5 (68.3)
---------- ----------
Rental rate revenue $ 1,110.1 $ 1,311.1
========== ==========
Transactions days (in thousands) 26,475 30,239
Rental rate revenue per transaction
day (in whole dollars) $ 41.93 $ 43.36

Three Months Ended
EQUIPMENT RENTAL AND RENTAL March 31,
RELATED REVENUE (a) 2009 2008
---------- ----------

Equipment rental revenue per statement
of operations $ 279.3 $ 410.8
Equipment sales and other revenue (26.2) (41.8)
Foreign currency adjustment 3.2 (15.5)
---------- ----------
Rental and rental related revenue $ 256.3 $ 353.5
========== ==========

(a) Based on 12/31/08 foreign exchange rates.
(b) Includes U.S. off-airport revenues of $213.6 million and $235.1
million for the three months ended March 31, 2009 and 2008,
respectively.
(c) Consists of domestic revenues of $123.7 million and $160.1 million
and international revenues of $48.6 million and $58.6 million
for the three months ended March 31, 2009 and 2008, respectively.

Table 9
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions)
Unaudited

EBITDA, CORPORATE EBITDA, UNLEVERED PRE-TAX CASH FLOW, LEVERED
AFTER-TAX CASH FLOW BEFORE FLEET GROWTH AND AFTER FLEET GROWTH

Twelve Three Three
Months Months Months
Ended Ended Ended Year Ended
March 31, March 31, March 31, December 31,
2009 2009 2008 2008
---------- -------- -------- ---------------

Loss before income taxes
and noncontrolling
interest $ (1,537.0) $ (210.0) $ (55.8) $ (1,382.8)
Depreciation and
amortization 2,383.7 543.4 593.0 2,433.3
Interest, net of interest
income 812.1 163.1 196.2 845.2
Noncontrolling interest (19.1) (3.1) (4.8) (20.8)
---------- -------- -------- ---------------
EBITDA 1,639.7 493.4 728.6 1,874.9
Adjustments:
Car rental fleet interest (435.8) (79.1) (94.0) (450.7)
Car rental fleet
depreciation (1,787.5) (391.1) (447.4) (1,843.8)
Non-cash expenses and
charges 119.1 26.3 20.2 113.0
Non-cash expenses and
charges to arrive at
LTM (a) 3.7 - - -
Extraordinary, unusual or
non-recurring gains
and losses 1,421.6 42.4 27.6 1,406.8
---------- -------- -------- ---------------
Corporate EBITDA 960.8 91.9 235.0 1,100.2
Equipment rental
maintenance
capital expenditures,
net (323.2) (89.0) (78.1) (312.3)
Non-fleet capital
expenditures, net (59.1) (1.6) (47.3) (104.8)
Changes in working
capital (420.7) 11.6 425.5 (6.8)
Changes in other assets
and liabilities (673.7) (226.2) (110.9) (558.4)
Changes in other assets
and liabilities to
arrive at LTM (a) (3.7) - - -
---------- -------- -------- ---------------
Unlevered pre-tax cash
flow (b) (519.6) (213.3) 424.2 117.9
Corporate net cash
interest (340.8) (76.5) (94.1) (358.4)
Corporate cash taxes (32.3) (7.8) (8.9) (33.4)
---------- -------- -------- ---------------
Levered after-tax cash
flow before fleet
growth (b) (892.7) (297.6) 321.2 (273.9)
Equipment rental fleet
growth capital
expenditures 614.0 173.7 52.4 492.7
Car rental net fleet
equity requirement 642.4 87.2 (606.3) (51.1)
---------- -------- -------- ---------------
Levered after-tax cash
flow after fleet
growth (b) $ 363.7 $ (36.7) $ (232.7) $ 167.7
========== ======== ======== ===============

Twelve Three Three
Months Months Months
Ended Ended Ended Year Ended
March 31, March 31, March 31, December 31,
2008 2008 2007 2007
---------- -------- -------- ---------------

Income (loss) before
income taxes
and noncontrolling
interest $ 421.6 $ (55.8) $ (90.6) $ 386.8
Depreciation and
amortization 2,307.2 593.0 528.9 2,243.1
Interest, net of interest
income 842.0 196.2 229.6 875.4
Noncontrolling interest (20.4) (4.8) (4.1) (19.7)
---------- -------- -------- ---------------
EBITDA 3,550.4 728.6 663.8 3,485.6
Adjustments:
Car rental fleet interest (419.0) (94.0) (102.8) (427.8)
Car rental fleet
depreciation (1,746.9) (447.4) (395.9) (1,695.4)
Non-cash expenses and
charges 84.7 20.2 37.7 102.2
Non-cash expenses and
charges to arrive at
LTM (a) (2.2) - - -
Extraordinary, unusual or
non-recurring gains
and losses 69.3 27.6 35.2 76.9
---------- -------- -------- ---------------
Corporate EBITDA 1,536.3 235.0 238.0 1,541.5
Equipment rental
maintenance
capital expenditures,
net (288.3) (78.1) (62.6) (272.8)
Non-fleet capital
expenditures, net (169.8) (47.3) (32.1) (154.6)
Changes in working
capital 211.5 425.5 447.4 233.4
Changes in other assets
and liabilities (144.7) (110.9) (43.5) (77.3)
Changes in other assets
and liabilities to
arrive at LTM (a) 2.2 - - -
---------- -------- -------- ---------------
Unlevered pre-tax cash
flow (b) 1,147.2 424.2 547.2 1,270.2
Corporate net cash
interest (390.8) (94.1) (102.9) (399.6)
Corporate cash taxes (34.0) (8.9) (3.2) (28.3)
---------- -------- -------- ---------------
Levered after-tax cash
flow before fleet
growth (b) 722.4 321.2 441.1 842.3
Equipment rental fleet
growth capital
expenditures (235.9) 52.4 6.5 (281.8)
Car rental net fleet
equity requirement (289.5) (606.3) (324.7) (7.9)
---------- -------- -------- ---------------
Levered after-tax cash
flow after fleet
growth (b) $ 197.0 $ (232.7) $ 122.9 $ 552.6
========== ======== ======== ===============

(a) Adjustment necessary due to the nature of the calculation of non-cash
expenses and charges where, on a quarterly basis the cash payments for
a specific liability may exceed the related non-cash expense, but not
on a cumulative last twelve month basis.
(b) Amounts include the effect of fluctuations in foreign currency.

Table 10
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions)
Unaudited

TOTAL NET CASH FLOW

Three Three
Months Months
Ended Ended
March 31, March 31,
2009 2008
--------- ---------

Net cash provided by
operating activities $ 966.2 $ 1,128.2
Net cash provided by
(used in) investing
activities 215.2 (683.6)
Net change in restricted cash (401.2) (526.5)
Payment of financing costs (1.5) (4.5)
Exercise of stock options 0.9 4.7
Proceeds from employee
stock purchase plan 0.7 -
Distributions to
noncontrolling interest (2.8) -
Proceeds from the
disgorgement of stockholder
short-swing profits - 0.1
Cash overdraft reclass (16.8) (13.9)
--------- ---------

Total net cash flow $ 760.7 $ (95.5)
========= =========

Twelve Three Three
Months Months Months Year Ended
Ended Ended Ended December
March 31, March 31, March 31, 31,
2009 2009 2008 2008
--------- --------- --------- ---------

Net cash provided by
operating activities $ 1,933.5 $ 966.2 $ 1,128.2 $ 2,095.5
Net cash provided by
(used in) investing
activities (560.8) 215.2 (683.6) (1,459.6)
Net change in restricted cash 197.1 (401.2) (526.5) 71.8
Payment of financing costs (58.2) (1.5) (4.5) (61.2)
Exercise of stock options 3.0 0.9 4.7 6.8
Proceeds from employee
stock purchase plan 0.7 0.7 - -
Distributions to
noncontrolling interest (27.0) (2.8) - (24.2)
Proceeds from the
disgorgement of stockholder
short-swing profits (0.1) - 0.1 -
Cash overdraft reclass (38.9) (16.8) (13.9) (36.0)
--------- --------- --------- ---------

Total net cash flow $ 1,449.3 $ 760.7 $ (95.5) $ 593.1
========= ========= ========= =========

Twelve Three Three
Months Months Months Year Ended
Ended Ended Ended December
March 31, March 31, March 31, 31,
2008 2008 2007 2007
--------- --------- --------- ---------
Net cash provided by
operating activities $ 3,094.3 $ 1,128.2 $ 1,123.4 $ 3,089.5
Net cash provided by
(used in) investing
activities (2,271.6) (683.6) (755.6) (2,343.6)
Net change in restricted cash (59.6) (526.5) (361.0) 105.9
Payment of financing costs (38.1) (4.5) (6.3) (39.9)
Exercise of stock options 10.3 4.7 - 5.6
Distributions to
noncontrolling interest (13.5) - - (13.5)
Proceeds from the
disgorgement of stockholder
short-swing profits 4.9 0.1 - 4.8
Cash overdraft reclass 19.9 (13.9) 5.2 39.0
--------- --------- --------- ---------

Total net cash flow $ 746.6 $ (95.5) $ 5.7 $ 847.8
========= ========= ========= =========

Exhibit 1

Non-GAAP Measures: Definitions and Use/Importance

On December 21, 2005 ("Closing Date") an indirect, wholly owned subsidiary
of Hertz Global Holdings, Inc. ("Hertz Holdings") acquired all of The
Hertz Corporation's ("Hertz") common stock from Ford Holdings LLC ("Ford
Holdings") pursuant to a Stock Purchase Agreement, dated as of September
12, 2005, among Ford Motor Company ("Ford"), Ford Holdings and Hertz
Holdings (previously known as CCMG Holdings, Inc.). As a result of this
transaction, investment funds associated with or designated by Clayton,
Dubilier & Rice, Inc., The Carlyle Group and Merrill Lynch Global Private
Equity (collectively, the "Sponsors"), owned all of the common stock of
Hertz Holdings. After giving effect to the initial public offering of the
common stock of Hertz Holdings in November 2006 and a secondary offering
in June 2007, the Sponsors now own approximately 55% of the common stock
of Hertz Holdings. We refer to the acquisition of all of Hertz's common
stock as the "Acquisition." We refer to the Acquisition, together with
related transactions entered into to finance the cash consideration for
the Acquisition, to refinance certain of our existing indebtedness and to
pay related transaction fees and expenses, as the "Transactions." The term
"GAAP" refers to accounting principles generally accepted in the United
States of America.

Definitions of non-GAAP measures utilized in Hertz Holdings' April 28,
2009 Press Release are set forth below. Also set forth below is a summary
of the reasons why management of Hertz Holdings and Hertz believes that
the presentation of the non-GAAP financial measures included in the Press
Release provide useful information regarding Hertz Holdings' and Hertz's
financial condition and results of operations and additional purposes, if
any, for which management of Hertz Holdings and Hertz utilize the non-GAAP
measures.

1. Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA") and Corporate EBITDA

We present EBITDA and Corporate EBITDA to provide investors with
supplemental measures of our operating performance and liquidity and, in
the case of Corporate EBITDA, information utilized in the calculation of
the financial covenants under Hertz's senior credit facilities. EBITDA is
defined as consolidated net income before net interest expense,
consolidated income taxes and consolidated depreciation and amortization.
Corporate EBITDA differs from the term "EBITDA" as it is commonly used.
Corporate EBITDA means "EBITDA" as that term is defined under Hertz's
senior credit facilities, which is generally consolidated net income
before net interest expense (other than interest expense relating to
certain car rental fleet financing), consolidated income taxes,
consolidated depreciation (other than depreciation related to the car
rental fleet) and amortization and before certain other items, in each
case as more fully defined in the agreements governing Hertz's senior
credit facilities. The other items excluded in this calculation include,
but are not limited to: non-cash expenses and charges; extraordinary,
unusual or non-recurring gains or losses; gains or losses associated with
the sale or write-down of assets not in the ordinary course of business;
and earnings to the extent of cash dividends or distributions paid from
non-controlled affiliates. Further, the covenants in Hertz's senior
credit facilities are calculated using Corporate EBITDA for the most
recent four fiscal quarters as a whole. As a result, the measure can be
disproportionately affected by a particularly strong or weak quarter.
Further, it may not be comparable to the measure for any subsequent
four-quarter period or for any complete fiscal year.

Management uses EBITDA and Corporate EBITDA as performance and cash flow
metrics for internal monitoring and planning purposes, including the
preparation of our annual operating budget and monthly operating reviews,
as well as to facilitate analysis of investment decisions. In addition,
both metrics are important to allow us to evaluate profitability and make
performance trend comparisons between us and our competitors. Further, we
believe EBITDA and Corporate EBITDA are frequently used by securities
analysts, investors and other interested parties in the evaluation of
companies in our industries.

EBITDA is also used by management and investors to evaluate our operating
performance exclusive of financing costs and depreciation policies.
Further, because we have two business segments that are financed
differently and have different underlying depreciation characteristics,
EBITDA enables investors to isolate the effects on profitability of
operating metrics such as revenue, operating expenses and selling, general
and administrative expenses. In addition to its use to monitor performance
trends, EBITDA provides a comparative metric to management and investors
that is consistent across companies with different capital structures and
depreciation policies. This enables management and investors to compare
our performance on a consolidated basis and on a segment basis to that of
our peers. In addition, our management uses consolidated EBITDA as a
proxy for cash flow available to finance fleet expenditures and the costs
of our capital structure on a day-to-day basis so that we can more easily
monitor our cash flows when a full statement of cash flows is not
available.

Corporate EBITDA also serves as an important measure of our performance.
Corporate EBITDA for our car rental segment enables us to assess our
operating performance inclusive of fleet management performance,
depreciation assumptions and the cost of financing our fleet. In addition,
Corporate EBITDA for our car rental segment allows us to compare our
performance, inclusive of fleet mix and financing decisions, to the
performance of our competitors. Since most of our competitors utilize
asset-backed fleet debt to finance fleet acquisitions, this measure is
relevant for evaluating our operating efficiency inclusive of our fleet
acquisition and utilization. For our equipment rental segment, Corporate
EBITDA provides an appropriate measure of performance because the
investment in our equipment fleet is longer-term in nature than for our
car rental segment and therefore Corporate EBITDA allows management to
assess operating performance exclusive of interim changes in depreciation
assumptions. Further, unlike our car rental segment, our equipment rental
fleet is not financed through separate securitization-based fleet
financing facilities, but rather through our corporate debt. Corporate
EBITDA for our equipment rental segment is a key measure used to make
investment decisions because it enables us to evaluate return on
investments. For both segments, Corporate EBITDA provides a relevant
profitability metric for use in comparison of our performance against our
public peers, many of whom publicly disclose a comparable metric. In
addition, we believe that investors, analysts and rating agencies
consider EBITDA and Corporate EBITDA useful in measuring our ability to
meet our debt service obligations and make capital expenditures. Several
of Hertz's material debt covenants are based on financial ratios
utilizing Corporate EBITDA and non-compliance with those covenants could
result in the requirement to immediately repay all amounts outstanding
under those agreements, which could have a material adverse effect on our
results of operations, financial position and cash flows.

EBITDA and Corporate EBITDA are not recognized measurements under GAAP.
When evaluating our operating performance or liquidity, investors should
not consider EBITDA and Corporate EBITDA in isolation of, or as a
substitute for, measures of our financial performance and liquidity as
determined in accordance with GAAP, such as net income, operating income
or net cash provided by operating activities. EBITDA and Corporate EBITDA
may have material limitations as performance measures because they exclude
items that are necessary elements of our costs and operations. Because
other companies may calculate EBITDA and Corporate EBITDA differently than
we do, EBITDA may not be, and Corporate EBITDA as presented is not,
comparable to similarly titled measures reported by other companies.

Borrowings under Hertz's senior credit facilities are a key source of our
liquidity. Hertz's ability to borrow under these senior credit facilities
depends upon, among other things, the maintenance of a sufficient
borrowing base and compliance with the financial ratio covenants based on
Corporate EBITDA set forth in the credit agreements for Hertz's senior
credit facilities. Hertz's senior term loan facility requires the
maintenance of a specified consolidated leverage ratio and a consolidated
interest expense coverage ratio based on Corporate EBITDA, while its
senior asset-based loan facility requires that a specified consolidated
leverage ratio and consolidated fixed charge coverage ratio be maintained
for periods during which there is less than $200 million of available
borrowing capacity under the senior asset-based loan facility. These
financial covenants became applicable to Hertz beginning September 30,
2006, reflecting the four quarter period ending thereon. Failure to
comply with these financial ratio covenants would result in a default
under the credit agreements for Hertz's senior credit facilities and,
absent a waiver or an amendment from the lenders, permit the acceleration
of all outstanding borrowings under the senior credit facilities. As of
March 31, 2009, we performed the calculations associated with the above
noted financial covenants and determined that Hertz is in compliance with
such covenants.

2. Adjusted Pre-Tax Income

Adjusted pre-tax income is calculated as income before income taxes and
noncontrolling interest plus non-cash purchase accounting charges,
non-cash debt charges relating to the amortization of debt financing
costs and debt discounts and certain one-time charges and non-operational
items. Adjusted pre-tax income is important to management because it
allows management to assess operational performance of our business,
exclusive of the items mentioned above. It also allows management to
assess the performance of the entire business on the same basis as the
segment measure of profitability. Management believes that it is
important to investors for the same reasons it is important to management
and because it allows them to assess the operational performance of the
Company on the same basis that management uses internally.

3. Adjusted Net Income

Adjusted net income is calculated as adjusted pre-tax income less a
provision for income taxes derived utilizing a normalized income tax rate
(34% in 2009 and 2008) and noncontrolling interest. The normalized income
tax rate is management's estimate of our long-term tax rate. Adjusted net
income is important to management and investors because it represents our
operational performance exclusive of the effects of purchase accounting,
non-cash debt charges, one-time charges and items that are not operational
in nature or comparable to those of our competitors.

4. Adjusted Diluted Earnings Per Share

Adjusted diluted earnings per share is calculated as adjusted net income
divided by, for 2009 and 2008, the actual diluted weighted average number
of shares outstanding for the years ended December 31, 2008 and 2007,
respectively, (322.7 million in 2008 and 325.5 million in 2007). Adjusted
diluted earnings per share is important to management and investors
because it represents a measure of our operational performance exclusive
of the effects of purchase accounting adjustments, non-cash debt charges,
one-time charges and items that are not operational in nature or
comparable to those of our competitors.

5. Transaction Days

Transaction days represent the total number of days that vehicles were on
rent in a given period.

6. Car Rental Rate Revenue, Rental Rate Revenue Per Transaction Day and
Rental Rate Revenue Per Transaction

Car rental rate revenue consists of all revenue, net of discounts,
associated with the rental of cars including charges for optional
insurance products, but excluding revenue derived from fueling and
concession and other expense pass-throughs, NeverLost units in the U.S.
and certain ancillary revenue. Rental rate revenue per transaction day is
calculated as total rental rate revenue, divided by the total number of
transaction days, with all periods adjusted to eliminate the effect of
fluctuations in foreign currency. Rental rate revenue per transaction is
calculated as total rental rate revenue, divided by the total number of
transactions, with all periods adjusted to eliminate the effects of
fluctuations in foreign currency. Our management believes eliminating the
effect of fluctuations in foreign currency is appropriate so as not to
affect the comparability of underlying trends. These statistics are
important to management and investors as they represents the best
measurements of the changes in underlying pricing in the car rental
business and encompasses the elements in car rental pricing that
management has the ability to control. The optional insurance products
are packaged within certain negotiated corporate, government and
membership programs and within certain retail rates being charged. Based
upon these existing programs and rate packages, management believes that
these optional insurance products should be consistently included in the
daily pricing of car rental transactions. On the other hand, non-rental
rate revenue items such as refueling and concession pass-through expense
items are driven by factors beyond the control of management (i.e. the
price of fuel and the concession fees charged by airports). Additionally,
NeverLost units are an optional revenue product which management does not
consider to be part of their daily pricing of car rental transactions.

7. Equipment Rental and Rental Related Revenue

Equipment rental and rental related revenue consists of all revenue, net
of discounts, associated with the rental of equipment including charges
for delivery, loss damage waivers and fueling, but excluding revenue
arising from the sale of equipment, parts and supplies and certain other
ancillary revenue. Rental and rental related revenue is adjusted in all
periods to eliminate the effect of fluctuations in foreign currency. Our
management believes eliminating the effect of fluctuations in foreign
currency is appropriate so as not to affect the comparability of
underlying trends. This statistic is important to our management and to
investors as it is utilized in the measurement of rental revenue
generated per dollar invested in fleet on an annualized basis and is
comparable with the reporting of other industry participants.

8. Same Store Revenue Growth

Same store revenue growth represents the change in the current period
total same store revenue over the prior period total same store revenue
as a percentage of the prior period. The same store revenue amounts are
adjusted in all periods to eliminate the effect of fluctuations in
foreign currency. Our management believes eliminating the effect of
fluctuations in foreign currency is appropriate so as not to affect the
comparability of underlying trends.

9. Unlevered Pre-Tax Cash Flow

Unlevered pre-tax cash flow is calculated as Corporate EBITDA less
equipment rental fleet depreciation including gain (loss) on sale,
non-fleet capital expenditures, net of non-fleet disposals, plus changes
in working capital (accounts receivable, inventories, prepaid expenses,
accounts payable and accrued liabilities), and changes in other assets
and liabilities (including public liability and property damage, U.S.
pension liability, other assets and liabilities, equity and
noncontrolling interest). Unlevered pre-tax cash flow is important to
management and investors as it represents funds available to pay
corporate interest and taxes and to grow our fleet or reduce debt.

10. Levered After-Tax Cash Flow Before Fleet Growth

Levered after-tax cash flow before fleet growth is calculated as Unlevered
Pre-Tax Cash Flow less corporate net cash interest and corporate cash
taxes. Levered after-tax cash flow before fleet growth is important to
management and investors as it represents the funds available to grow our
fleet or reduce our debt.

11. Corporate Net Cash Interest (used in the calculation of Levered
After-Tax Cash Flow Before Fleet Growth)

Corporate net cash interest represents total interest expense, net of
total interest income, less car rental fleet interest expense, net of car
rental fleet interest income, and non-cash corporate interest charges.
Non-cash corporate interest charges represent the amortization of
corporate debt financing costs and corporate debt discounts. Corporate
net cash interest helps management and investors measure the ongoing
costs of financing the business exclusive of the costs associated with
the fleet financing.

12. Corporate Cash Taxes (used in the calculation of Levered After-Tax
Cash Flow Before Fleet Growth)

Corporate cash taxes represents cash paid by the Company during the period
for income taxes.

13. Levered After-Tax Cash Flow After Fleet Growth

Levered after-tax cash flow after fleet growth is calculated as Levered
After-Tax Cash Flow Before Fleet Growth less equipment rental fleet growth
capital expenditures and less gross car rental fleet growth capital
expenditures plus car rental fleet financing. Levered after-tax cash flow
after fleet growth is important to management and investors as it
represents the funds available for the reduction of corporate debt.

14. Net Corporate Debt

Net corporate debt is calculated as total debt excluding fleet debt less
cash and equivalents and corporate restricted cash. Corporate debt
consists of senior notes issued prior to the Acquisition; borrowings under
our Senior Term Facility; borrowings under our Senior ABL Facility; our
Senior Notes; our Senior Subordinated Notes; and certain other
indebtedness of our domestic and foreign subsidiaries. Net Corporate Debt
is important to management, investors and ratings agencies as it helps
measure our leverage. Net Corporate Debt also assists in the evaluation
of our ability to service our non-fleet-related debt without reference to
the expense associated with the fleet debt, which is fully collateralized
by assets not available to lenders under the non-fleet debt facilities.

15. Corporate Restricted Cash (used in the calculation of Net Corporate
Debt)

Total restricted cash includes cash and equivalents that are not readily
available for our normal disbursements. Total restricted cash and
equivalents are restricted for the purchase of revenue earning vehicles
and other specified uses under our Fleet Debt facilities, our like-kind
exchange programs and to satisfy certain of our self insurance regulatory
reserve requirements. Corporate restricted cash is calculated as total
restricted cash less restricted cash associated with fleet debt.

16. Net Fleet Debt

Net fleet debt is calculated as total fleet debt less restricted cash
associated with fleet debt. Fleet debt consists of our U.S. ABS Fleet
Debt, the Fleet Financing Facility, obligations incurred under our
International Fleet Debt Facilities, capital lease financings relating to
revenue earning equipment that are outside the International Fleet Debt
Facilities, the International ABS Fleet Financing Facility, the Belgian
Fleet Financing Facility, the Brazilian Fleet Financing Facility, the
Canadian Fleet Financing Facility, the U.K. Leveraged Financing and the
pre-Acquisition ABS Notes. This measure is important to management,
investors and ratings agencies as it helps measure our leverage.

17. Restricted Cash Associated with Fleet Debt (used in the calculation of
Net Fleet Debt and Corporate Restricted Cash)

Restricted cash associated with fleet debt is restricted for the purchase
of revenue earning vehicles and other specified uses under our Fleet Debt
facilities and our car rental like-kind exchange program.

18. Total Net Debt

Total net debt is calculated as net corporate debt plus net fleet debt.
This measure is important to management, investors and ratings agencies as
it helps measure our leverage.

19. Total Net Cash Flow

Total net cash flow is calculated as the change in the debt balances less
the change in cash and equivalents and restricted cash, adjusted for the
effects of foreign currency. Total net cash flow is important to
management, investors and rating agencies as it represents funds available
to grow our fleet or reduce our debt.

20. Total Net Cash Flow Yield

Total net cash flow yield is calculated as total net cash flow divided by
the pro forma diluted number of shares outstanding during the period
(322.7 million in 2009 and 325.5 million in 2008) as a percentage of the
average stock price for the period ($7.46 for the twelve months ended
March 31, 2009 and $19.60 for the twelve months ended March 31, 2008).
Total net cash flow yield is important to management, investors and
ratings agencies as it represents the relative movements between total
net cash flow and our stock price.

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