Hertz 2011 Annual Report Download - page 28

•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 acquisitions and complete 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, 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 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;
•our exposure to fluctuations in foreign exchange rates; and
•other risks described from time to time in periodic and current reports that we file with the SEC.
You should not place undue reliance on forward-looking statements. All forward-looking statements
attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing
cautionary statements. All such statements speak only as of the date made, and we undertake no
obligation to update or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
2