Hertz 2011 Annual Report Download - page 27

INTRODUCTORY NOTE
Unless the context otherwise requires, in this Annual Report on Form 10-K, or ‘‘Annual Report,’’ (i) ‘‘Hertz
Holdings’’ means Hertz Global Holdings, Inc., our top-level holding company, (ii) ‘‘Hertz’’ means The
Hertz Corporation, our primary operating company and a direct wholly-owned subsidiary of Hertz
Investors, Inc., which is wholly-owned by Hertz Holdings, (iii) ‘‘we,’’ ‘‘us’’ and ‘‘our’’ mean Hertz Holdings
and its consolidated subsidiaries, including Hertz, (iv) ‘‘HERC’’ means Hertz Equipment Rental
Corporation, Hertz’s wholly-owned equipment rental subsidiary, together with our various other wholly-
owned international subsidiaries that conduct our industrial, construction and material handling
equipment rental business, (v) ‘‘cars’’ means cars, crossovers and light trucks (including sport utility
vehicles and, outside North America, light commercial vehicles), (vi) ‘‘program cars’’ means cars
purchased by car rental companies under repurchase or guaranteed depreciation programs with car
manufacturers, (vii) ‘‘non-program cars’’ mean cars not purchased under repurchase or guaranteed
depreciation programs for which the car rental company is exposed to residual risk and (viii) ‘‘equipment’’
means industrial, construction and material handling equipment.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained or incorporated by reference in this Annual Report and in reports we
subsequently file with the United States Securities and Exchange Commission, or the ‘‘SEC,’’ on
Forms 10-K, 10-Q and file or furnish on Form 8-K, and in related comments by our management, include
‘‘forward-looking statements.’’ Forward-looking statements include information concerning our liquidity
and our possible or assumed future results of operations, including descriptions of our business
strategies. These 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 we have made in light of our
experience in the industry as well as our perceptions of historical trends, current conditions, expected
future developments and other factors we believe 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, that may be revised or
supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. Some important factors that
could affect our actual results include, among others, those that may be disclosed from time to time in
subsequent reports filed with the SEC, those described under ‘‘Risk Factors’’ set forth in Item 1A of this
Annual Report, and the following, which were derived in part from the risks set forth in Item 1A of this
Annual Report:
•our ability to obtain regulatory approval for and to consummate an acquisition of Dollar Thrifty
Automotive Group, or ‘‘Dollar Thrifty’’;
•the risk that expected synergies, operational efficiencies and cost savings from an acquisition of
Dollar Thrifty may not be fully realized or realized within the expected time frame;
•the operational and profitability impact of divestitures that may be required to be undertaken to
secure regulatory approval for an acquisition of Dollar Thrifty;
•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;
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