Hertz 2013 Annual Report Download

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FORM 10-K
HERTZ CORP - N/A
Filed: March 31, 2014 (period: December 31, 2013)
Annual report with a comprehensive overview of the company
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user
assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be
limited or excluded by applicable law. Past financial performance is no guarantee of future results.

Table of contents

  • Page 1
    ...- N/A Filed: March 31, 2014 (period: December 31, 2013) Annual report with a comprehensive overview of the company The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses...

  • Page 2
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 3
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 4
    ... entertainment equipment rental business, (iv) "cars" means cars, crossovers and light trucks (including sport utility vehicles and, outside North America, light commercial vehicles), (v) "program cars" means cars purchased by car rental companies under repurchase or guaranteed depreciation programs...

  • Page 5
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 6
    ... car rental business through the Hertz, Dollar, Thrifty and Firefly brands from approximately 11,555 corporate and franchisee locations in North America, Europe, Latin and South America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car...

  • Page 7
    ...and equipment rental, we also operate our third party claim management services as well as Donlen, of which we acquired a 100% equity interest on September 1, 2011, a leading provider of fleet leasing and management services for corporate fleets. 4 Source: HERTZ CORP, 10-K, March 31, 2014 Powered...

  • Page 8
    ... equipment, air compressors, generators, pumps, small tools, compaction equipment and construction-related trucks. HERC also derives revenues from the sale of new equipment and consumables as well as through its Hertz Entertainment Services division, which rents lighting and related aerial products...

  • Page 9
    ... 31, 2013. Our Brands Our U.S. and international car rental businesses are primarily operated through four brands - Hertz, Dollar, Thrifty and Firefly. Each of our brands generally maintains separate airport counters, reservations and reservation systems, marketing and all other customer contact...

  • Page 10
    ... our extensive U.S. and international network of company-operated locations contributes to the consistency of our service, cost control, fleet utilization, yield management, competitive pricing and our ability to offer one-way rentals. In order to operate airport rental locations, we have obtained...

  • Page 11
    ...rented, we also allow one-way rentals from and to certain locations. In addition to car rentals and franchisee fees, we generate revenues from reimbursements by customers of airport concession fees and vehicle licensing costs, fueling charges, and charges for ancillary customer products and services...

  • Page 12
    ...the hour or by the day. Members reserve vehicles online, then pick up the vehicles at various locations throughout a city, at a university or a corporate campus without the need to visit a Hertz rental office. Customers are charged an hourly or daily car-rental fee which includes fuel, insurance, 24...

  • Page 13
    ... and customers rent cars for either business or leisure purposes. A specialized sales force calls on companies with replacement rental needs, including insurance and leasing companies and car dealers. We also advertise our car rental offerings through a variety of traditional media channels, such...

  • Page 14
    ...that may be used to pay rental charges, mostly for prepaid and tour-related rentals. In addition, where the law requires us to do so, we rent cars on a cash basis. For the year ended December 31, 2013, no customer accounted for more than 6.0% of our car rental revenues. In the United States for the...

  • Page 15
    ...channels, the Gold Plus Rewards and #1 Club Gold programs, our "Rent-itHere/Leave-it-There" one-way rental program and other services. In addition to car rental, certain franchisees outside the United States engage in car leasing, chauffeur-driven rentals and renting camper vans under the Hertz name...

  • Page 16
    ... brand service marks in the vehicle rental and leasing and parking businesses. Franchisees of Dollar and Thrifty pay an initial franchise fee generally based on the population, number of airline passengers, total airport vehicle rental revenues and the level of any other vehicle rental activity...

  • Page 17
    ..., air compressors, pumps, generators, small tools, compaction equipment and construction-related trucks. Ancillary to its rental business, HERC is also a dealer of certain brands of new equipment in the United States, and sells consumables such as gloves and hardhats at many of its rental locations...

  • Page 18
    ... 31, 2013, the average age of HERC's worldwide rental fleet was 43 months. HERC disposes of its used equipment through a variety of channels, including private sales to customers and other third parties, sales to wholesalers, brokered sales and auctions. Franchisees HERC licenses the Hertz name to...

  • Page 19
    ... similar operations in seven countries in Europe. Donlen provides a comprehensive array of fleet leasing, financing, telematics, and management services to commercial fleets in the U.S. and Canada. Products offered by Donlen include: • Vehicle financing, acquisition and remarketing; • License...

  • Page 20
    ...rental equipment to and from customers' job sites. Risk Management Three types of generally insurable risks arise in our operations: • • • legal liability arising from the operation of our cars and on-road equipment (vehicle liability); legal liability to members of the public and employees...

  • Page 21
    ... Company Europe Limited, or "Probus," a direct writer of insurance domiciled in Ireland. In European countries with company-operated locations, we have purchased from Probus the vehicle liability insurance required by law, and Probus reinsured the risks under such insurance with Hertz International...

  • Page 22
    ... insurance is available on commercially reasonable terms. Our rental contracts typically provide that the renter is responsible for damage to or loss (including loss through theft) of rented vehicles or equipment. We generally offer an optional rental product, known in various countries as "loss...

  • Page 23
    ...reservations, the terms on which we deal with vehicle loss or damage (including the protections we provide to renters purchasing loss or damage waivers) and the terms and method of sale of the optional insurance coverage that we offer. Some states (including California, New York, Nevada and Illinois...

  • Page 24
    ...contains reports, proxy and information statements and other information about issuers that file electronically with the SEC, including Hertz and Hertz Holdings. You may also access, free of charge, our reports filed with the SEC (for example, our Annual Report on Form 10-K, our Quarterly Reports on...

  • Page 25
    ... business and the related fixed costs have increased. A material downsizing of our rental car fleet could require us to make additional cash payments for tax liabilities, which could be material. The Like-Kind Exchange Program, or ''LKE Program,'' allows tax gains on the disposition of vehicles...

  • Page 26
    ... by Dollar Thrifty will depend on a number of factors, including the net book value of its car rental fleet. If we are unable to purchase adequate supplies of competitively priced cars or equipment and the cost of the cars or equipment we purchase increases, our financial condition, results...

  • Page 27
    ...rental business by discouraging consumers from renting cars, changing the types of cars our customers rent from us or the other services they purchase from us or disrupting air travel, on which a significant portion of our car rental business relies. In addition, significant increases in fuel prices...

  • Page 28
    ...regulatory requirements and laws that are subject to change and are often much different than the domestic laws in the United States, including laws relating to taxes, automobile-related liability, insurance rates, insurance products, consumer privacy, data security, employment matters, cost and fee...

  • Page 29
    ..., death and property damage resulting from the use of the cars and equipment rented or sold by us, and for employment-related claims by our employees. Currently, we generally self-insure up to $10 million per occurrence in the United States and Europe for vehicle and general liability exposures, and...

  • Page 30
    ... profitability. For further discussion regarding how changes in the regulation of insurance intermediaries may affect us, see the section entitled ''Business-Risk Management'' in this Annual Report. If customers decline to purchase supplemental liability insurance products from us as a result of any...

  • Page 31
    ... to manage these risks depends on financial market conditions as well as our financial and operating performance, which, in turn, is subject to a wide range of risks, including those described under "-Risks Related to Our Business" included in this Annual Report. If our capital resources (including...

  • Page 32
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 33
    ... transaction and acquisition-related costs over time, this net benefit may not be achieved in the near term, or at all. Future results of the combined company may differ materially from the Unaudited Pro Forma Financial Information of Hertz and Dollar Thrifty presented in this annual report. The...

  • Page 34
    ... also leases office space in Darien, Illinois and Buffalo Grove, Illinois for all of its fleet management services, consultation call center staff and certain financial systems functions. Donlen has other sales offices located throughout the United States. ITEM 3. LEGTL PROCEEDINGS For information...

  • Page 35
    ...included in this Annual Report under the caption "Item 8-Financial Statements and Supplementary Data." (In millions of dollars, except per share data) 2013 Years ended December 31, 2012(a) 2011 2010 2009 Statement of Operations Data Revenues: Worldwide car rental (b) Worldwide equipment rental...

  • Page 36
    ...." Includes both U.S. car rental and international car rental segments. (b) (c) "All other operations" includes revenues from our Donlen operating segment and revenues from our other business activities, such as our third-party claim management services in accordance with our revised reportable...

  • Page 37
    ...locations in approximately 75 countries. Dollar Thrifty brings to Hertz an immediate leadership position in the value-priced rental vehicle market generally appealing to leisure customers, including domestic and foreign tourists, and to small businesses, government and independent business travelers...

  • Page 38
    ...-term strategy to generate profitable growth. When we open a new offairport location, we incur a number of costs, including those relating to site selection, lease negotiation, recruitment of employees, selection and development of managers, initial sales activities and integration 35 Source: HERTZ...

  • Page 39
    ... 2013, our international car rental operations had a total of approximately 1,450 corporate and 3,930 franchisee locations in approximately 145 countries in North America (excluding the United States), Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Equipment Rental...

  • Page 40
    ... year. As business demand declines, fleet and staff are decreased accordingly. A number of our other major operating costs, including airport concession fees, commissions and vehicle liability expenses, are directly related to revenues or transaction volumes. In addition, our management expects to...

  • Page 41
    ...for public liability and property damage on self-insured U.S. and international vehicles and equipment represents an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements...

  • Page 42
    ... as Company specific risk factors for each reporting unit in determining the appropriate discount rates to be used. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. The cash flows represent management...

  • Page 43
    ... the employee is required to provide service in exchange for the award. We estimated the fair value of options issued at the date of grant using a Black-Scholes option-pricing model, which includes assumptions related to volatility, expected term, dividend yield, and risk-free interest rate. These...

  • Page 44
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 45
    ... to our management and investors as it represents the best measurement 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. 42 Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar...

  • Page 46
    ... revalued liabilities relating to purchase accounting. Represents debt-related charges relating to the amortization and write-off of deferred debt financing costs and debt discounts. Represents incremental costs incurred directly supporting our business transformation initiatives. Such costs include...

  • Page 47
    .... In 2012, primarily represents Dollar Thrifty acquisition related expenses, change in control expenses, 'Day-1' compensation expenses and other adjustments related to the Dollar Thrifty acquisition, loss on the Advantage divestiture, expenses related to additional required divestitures and costs...

  • Page 48
    ...our Donlen operations. EXPENSES Years Ended December 31, (in millions of dollars) 2013 2012 $ Change % Change Expenses: Fleet related expenses Personnel related expenses Other direct operating expenses Direct operating Depreciation of revenue earning equipment and lease charges Selling, general...

  • Page 49
    ...expenses. Fleet related expenses for our worldwide equipment rental segment of $232.4 million for 2013 increased $18.9 million, or 8.9% from 2012. The increase was primarily related to costs incurred to support the revenue growth 46 Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar...

  • Page 50
    ... our international car rental operations, partially offset by slight strengthening of used vehicle residual values, mix of vehicles, better procurement of fleet and by lower net depreciation per vehicle. Worldwide Equipment Rental Segment Depreciation of revenue earning equipment and lease charges...

  • Page 51
    ... of revenue earning equipment and lease charges in our all other operations segment of $425.4 million for 2013 increased $37.4 million , or 9.6% from $388.0 million for 2012. The increase was primarily driven by an increase in the number of cars at our Donlen operations. Selling, General...

  • Page 52
    ... volumes, pricing, disciplined cost management and synergies achieved from the Dollar Thrifty integration. Adjustments to our U.S. car rental segment income before income taxes for 2013 totaled $158.5 million (which consists of integration expenses of $18.1 million, purchase accounting charges of...

  • Page 53
    ... Hertz Corporation and Subsidiaries' common stockholder increased 45.3% primarily due to higher rental volumes and pricing in our U.S. car rental, international car rental and worldwide equipment rental, disciplined cost management, lower net depreciation per vehicle in our international car rental...

  • Page 54
    ... months of operations in 2011. EXPENSES Years Ended December 31, (in millions of dollars) 2012 2011 $ Change % Change Expenses: Fleet related expenses Personnel related expenses Other direct operating expenses Direct operating Depreciation of revenue earning equipment and lease charges Selling...

  • Page 55
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 56
    ... vehicle residual values and a higher mix of non-program cars. The decrease was partly offset by increases attributable to the higher average fleet due to the Recent Acquisitions. International Car Rental Segment Depreciation of revenue earning equipment and lease charges for our international car...

  • Page 57
    ... per vehicle, higher vehicle residual values, a higher mix of non-program cars and the effects of foreign currency translation of approximately $31.4 million. Worldwide Equipment Rental Segment Depreciation of revenue earning equipment and lease charges in our worldwide equipment rental segment...

  • Page 58
    ... vehicle, improved residual values and disciplined cost management, partly offset by decreased pricing. Adjustments to our U.S. car rental segment income before income taxes for 2012 totaled $165.8 million (which consists of acquisition related costs and charges of $96.4 million, purchase accounting...

  • Page 59
    ...pricing in our U.S. car rental and international operations. Most revenue and expense transactions from operations outside of the United States are recorded in local currencies, which reduces the effect of changes in exchange rates on net income. 56 Source: HERTZ CORP, 10-K, March 31, 2014 Powered...

  • Page 60
    ... of restricted cash and cash equivalents to be used for the purchase of revenue earning vehicles and other specified uses under our fleet financing facilities, our Like Kind Exchange Program, or "LKE Program," and to satisfy certain of our self-insurance regulatory reserve requirements. The increase...

  • Page 61
    ...the shift from the purchase of program cars to more non-program cars, which have much longer holding periods than program cars. The increase in our worldwide equipment rental operations revenue earning equipment 58 Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research...

  • Page 62
    ...primarily due to technology initiatives and timing of purchases and payments. Financing Our primary liquidity needs include servicing of corporate and fleet related debt, acquisitions, the payment of operating expenses and purchases of rental vehicles and equipment to be used in our operations. Our...

  • Page 63
    ... "Item 1A-Risk Factors" included in this Annual Report. We rely significantly on asset-backed and asset-based financing arrangements to purchase cars for our domestic and international car rental fleet. The amount of financing available to us pursuant to these programs depends on a number of factors...

  • Page 64
    ... this annual report. 61 Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses...

  • Page 65
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 66
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 67
    ... our operations, including vehicle liability, general liability and property damage insurable risks, see "Item 1-Business-Risk Management" in this Annual Report. Market Risks We are exposed to a variety of market risks, including the effects of changes in interest rates (including credit spreads...

  • Page 68
    ... included in this Annual Report under the caption "Item 8 -Financial Statements and Supplementary Data." Other Risks We purchase unleaded gasoline and diesel fuel at prevailing market rates. In January 2009, we began a program to manage our exposure to changes in fuel prices through the use...

  • Page 69
    ... all pre-2013 U.S. net operating losses. The Internal Revenue service completed their audit of the company's 2007 to 2011 tax returns and had no changes to the previously filed tax returns. Employee Retirement Benefits Pension We sponsor defined benefit pension plans worldwide. Pension obligations...

  • Page 70
    ... Thrifty employees who become plan members on or after January 1, 2014 are eligible for a flat 3.0% annual compensation credit, regardless of the member's number of months of continuous service. This plan change is expected to have a favorable impact on the amount of pension expense recorded in 2013...

  • Page 71
    ... of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was...

  • Page 72
    ... 31, 2013 2012 TSSETS Cash and cash equivalents Restricted cash and cash equivalents Receivables, less allowance for doubtful accounts of $30.8 and $29.3 Due from Hertz Global Holdings, Inc. Inventories, at lower of cost or market Prepaid expenses and other assets Revenue earning equipment, at cost...

  • Page 73
    ... (In Millions of Dollars) Years Ended December 31, 2013 2012 2011 Revenues: Worldwide car rental Worldwide equipment rental All other operations Total revenues Expenses: Direct operating Depreciation of revenue earning equipment and lease charges Selling, general and administrative Interest...

  • Page 74
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 75
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 76
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 77
    ... Proceeds from employee stock purchase plan Loan with Hertz Global Holdings, Inc. Payment of financing costs Dividends paid Net cash provided by (used in) financing activities Effect of foreign exchange rate changes on cash and cash equivalents Net change in cash and cash equivalents during the...

  • Page 78
    ... Lynch," or collectively the "Sponsors," acquired all of our common stock from Ford Holdings LLC. On September 1, 2011, Hertz completed the acquisition of Donlen Corporation, or "Donlen," a leading provider of fleet leasing and management services. See Note 4-Business Combinations and Divestitures...

  • Page 79
    ... financial statements include depreciation of revenue earning equipment, reserves for litigation and other contingencies, accounting for income taxes and related uncertain tax positions, pension and postretirement benefit costs, the fair value of assets and liabilities acquired in business...

  • Page 80
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 81
    ...months ended September 30, 2013. 78 Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages...

  • Page 82
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 83
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 84
    ...Maintenance management administrative fees are recognized monthly and maintenance management service revenue is recognized when services are performed. Revenue related to new equipment sales and consumables is recognized at the time of delivery to, or pick-up by, the customer and when collectability...

  • Page 85
    ... revenue earning equipment at the expected time of disposal. The residual values for rental vehicles are affected by many factors, including make, model and options, age, physical condition, mileage, sale location, time of the year and channel of disposition (e.g., auction, retail, dealer direct...

  • Page 86
    ...for public liability and property damage on self-insured U.S. and international vehicles and equipment represents an estimate for both reported accident claims not yet paid, and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements...

  • Page 87
    ...fair value of the reporting unit is based on the future cash flows that each reporting unit 's assets can be expected to generate. Future cash flows are based on forward-looking information regarding market share and costs for each reporting unit and are discounted using an appropriate discount rate...

  • Page 88
    ...Franchise revenues" includes franchise fees for use of our brands and services. Generally franchise fees from franchised locations are based on a percentage of net sales of the franchised business and are recognized as earned and when collectability is reasonably assured. Initial franchise fees are...

  • Page 89
    ... reporting units did not exceed their estimated fair values and therefore no impairment existed for the years ended December 31, 2013, 2012 and 2011. The following summarizes the changes in our goodwill, by segment (in millions of dollars): Worldwide Equipment Rental U.S. Car Rental International...

  • Page 90
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 91
    ... acquisition pursuant to the terms of the Merger Agreement with Dollar Thrifty and Merger Sub, a wholly owned Hertz subsidiary. In accordance with the terms of the Merger Agreement, Merger Sub completed a tender offer in which it purchased a majority of the shares of Dollar Thrifty common stock...

  • Page 92
    ... by Hertz 's existing cash. The Dollar Thrifty acquisition has been accounted for utilizing the acquisition method, which requires an allocation of the purchase price of the acquired entity to the assets acquired and liabilities assumed based on their estimated fair values from a market-participant...

  • Page 93
    ... of fleet leasing and management services. Donlen provides Hertz with an immediate leadership position in long-term car, truck and equipment leasing and fleet management, which enables us to present our customers a complete portfolio of transportation solutions and the enhanced ability to cross sell...

  • Page 94
    ... business and locations to be divested where Dollar Thrifty operated at least one of its brands prior to the consummation of the Dollar Thrifty acquisition for the years ended December 31, 2012 and 2011. Including an estimated amount of leasing revenue to be earned by Hertz from leasing vehicles...

  • Page 95
    ... certain on-airport car rental concessions and related assets at certain locations where Dollar Thrifty operated at least one of its brands. As of December 31, 2013, Hertz completed the transfer of most of these Dollar Thrifty locations and had a remaining reserve for estimated support payments of...

  • Page 96
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 97
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 98
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 99
    ... represent fleet debt acquired in connection with the Dollar Thrifty acquisition on November 19, 2012. In connection with the closing of the existing HVF II U.S. Fleet Variable Funding Notes, the existing RCFC Series 2010-3 noteholders were paid off. 95 Source: HERTZ CORP, 10-K, March 31, 2014...

  • Page 100
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 101
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 102
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 103
    ...term and revolving rental car asset -backed securities, secured by one or more shared or segregated collateral pools consisting primarily of portions of the rental car fleet used in Hertz's, Dollar Thrifty's and Firefly's domestic car rental operations and contractual rights related to such vehicles...

  • Page 104
    ...Program. HVF has entered into a base indenture that permits it to issue term and revolving rental car asset-backed securities, secured by one or more shared or segregated collateral pools consisting primarily of a substantial portion of the rental car fleet used in Hertz's Dollar Thrifty and Firefly...

  • Page 105
    ... term and revolving rental car asset-backed securities secured by one or more shared or segregated collateral pools consisting primarily of portions of the rental car fleet used in Hertz's, Dollar Thrifty's and Firefly's domestic car rental operations and contractual rights related to such vehicles...

  • Page 106
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 107
    ... Facilities. The European Fleet Debt is the primary fleet financing for our car rental operations in Germany, Italy, Spain, Belgium, New Zealand and Luxembourg and finances a portion of our assets in the United Kingdom and can be expanded to provide fleet financing in Australia, Canada, France, The...

  • Page 108
    ... of the rental car fleet used in Dollar Thrifty's Canadian car rental operations and contractual rights related to such vehicles. These subsidiaries became indirect wholly-owned subsidiaries of Hertz when Hertz acquired Dollar Thrifty. In March 2012 these subsidiaries issued asset-backed variable...

  • Page 109
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 110
    ... after completion of specified periods of service, are eligible to participate in The Hertz Corporation Account Balance Defined Benefit Pension Plan, or the "Hertz Retirement Plan," a cash balance plan. Under this qualified Hertz Retirement Plan, we pay the entire cost and employees are not required...

  • Page 111
    ...millions of dollars): Pension Benefits Postretirement U.S. 2013 Non-U.S. 2012 2013 Benefits (U.S.) 2012 2013 2012 Change in Benefit Obligation Benefit obligation at January 1 Service cost Interest cost Employee contributions $ Plan amendments Plan settlements Benefits paid Foreign exchange...

  • Page 112
    ... mix of plan assets. 108 Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses...

  • Page 113
    ... care, life insurance and auto) expense (in millions of dollars): Pension Benefits U.S. 2013 Non-U.S. Years Ended December 31, Postretirement Benefits (U.S.) 2012 2011 2013 2012 2011 2013 2012 2011 Components of Net Periodic Service cost Interest cost Expected return on plan assets Net...

  • Page 114
    ... assets or liabilities in active markets. The fair value measurements of our U.S. pension plan assets relate to common collective trusts and other pooled investment vehicles consisting of the following asset categories (in millions of dollars): December 31, Tsset Category 2013 2012 Short Term...

  • Page 115
    ... 2013 2012 Short Term Investments Actively Managed Multi-Asset Funds: Diversified Growth Funds Passive Equity Funds: U.K. Equities Overseas Equities Passive Bond Funds: Corporate Bonds Global Treasury Bonds Index-Linked Gilts-Stocks U.K. Conventional Gilts Total fair value of pension plan assets...

  • Page 116
    ...reported as being more than 5% of total contributions to the plan, on the fund's Form 5500 for the year ended 12/31/2013. During 2012, Hertz completely withdrew employees from an existing multi-employer pension plan with the Central States Pension Fund, or the "Pension Fund," and entered into a new...

  • Page 117
    ... the books at the Hertz level. A summary of the total compensation expense and associated income tax benefits recognized under the Prior Plans and the Omnibus Plan, including the cost of stock options, RSUs, and PSUs, is as follows (in millions of dollars): Years Ended December 31, 2013 2012 2011...

  • Page 118
    ...Hertz Holdings' common stock price as an assumption in the valuation model. We selected the Dow Jones Specialized Consumer Services sub-sector within the consumer services industry, and we used the U.S. large capitalization component, which includes the top 70% of the index universe (by market value...

  • Page 119
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 120
    ... Corporate EBITDA Margin exceeding a minimum level. These PSU awards vest evenly over a two year vesting period. Hertz Holdings granted a total of 0.3 million Restricted Stock Units, or "RSUs," during 2013 at a fair value of $23.95. Of the total RSUs awarded, 0.2 million RSUs vest 33 1/3% annually...

  • Page 121
    ... value greater than $25,000 per year. At the end of the offering period, the total amount of each employee's payroll deduction will be used to purchase shares of Hertz Holdings' common stock. The purchase price per share will be not less than 85% of the market price of Hertz Holdings' common stock...

  • Page 122
    ... items of the U.S. and foreign net deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows (in millions of dollars): 2013 2012 Deferred Tax Assets: Employee benefit plans Net operating loss carryforwards Federal, state and foreign local tax credit carryforwards Accrued and...

  • Page 123
    ... limitations in various countries and other permanent differences; offset by a decrease in valuation allowance relating to losses in certain non-U.S. jurisdictions for which tax benefits are not realized. See Note 9 to the Notes to our consolidated financial statements included in this Annual Report...

  • Page 124
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 125
    ... follows (in millions of dollars): 2014 2015 2016 2017 2018 Years after 2018 $ $ $ $ $ $ 52.6 16.0 8.0 1.2 - - Commitments under capital leases within our vehicle rental programs have been reflected in Note 5-Debt. 121 Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document...

  • Page 126
    ...products and services, customers, delivery methods and general regulatory environments. We do not aggregate operating segments in determining our worldwide equipment rental reportable segment. We have grouped information about our Donlen operating segment, which provides fleet leasing and management...

  • Page 127
    ... of Contents THE HERTZ CORPORTTION TND SUBSIDITRIES NOTES TO CONSOLIDTTED FINTNCITL STTTEMENTS (Continued) Years ended December 31, 2013 2012 2011 Depreciation of revenue earning equipment and lease charges U.S. car rental International car rental Worldwide equipment rental All other operations...

  • Page 128
    ...offset by a decrease in fleet receivables within our U.S. car rental segment, primarily related to the timing of purchases and sales of revenue earning equipment. 124 Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠The information contained herein may not be...

  • Page 129
    ... in the United States and in international countries. International operations are substantially in Europe. The operations within major geographic areas are summarized below (in millions of dollars): Years ended December 31, 2013 2012 2011 Revenues United States International Total $ $ 7,913...

  • Page 130
    ...International car rental Worldwide equipment rental All other operations Total reportable segments Adjustments: Other reconciling items (1) Purchase accounting (2) Debt-related charges (3) Restructuring charges Restructuring related charges (4) Derivative gains (losses) (5) Acquisition related costs...

  • Page 131
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 132
    .... 1. Hertz Equipment Rental Corporation, or "HERC," Loss Damage Waiver On August 15, 2006, Davis Landscape, Ltd., individually and on behalf of all others similarly situated, filed a complaint against HERC in the United States District Court for the District of New Jersey. The parties executed...

  • Page 133
    ... against The Hertz Corporation, Dollar Thrifty Automotive Group, Inc., Avis Budget Group, Inc., Vanguard Car Rental USA, Inc., Enterprise Rent-A-Car Company, Fox Rent A Car, Inc., Coast Leasing Corp., The California Travel and Tourism Commission, and Caroline Beteta. Originally filed in November...

  • Page 134
    ... damage on self-insured U.S. and international vehicles and equipment, as stated on our balance sheet, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on a non-discounted basis. Reserve requirements...

  • Page 135
    ... our corporate headquarters to Estero, Florida were recorded within restructuring charges. Additional efficiency and cost saving initiatives are being developed; however, we presently do not have firm plans or estimates of any related expenses. 131 Source: HERTZ CORP, 10-K, March 31, 2014 Powered...

  • Page 136
    ... 31, 2013 2012 2011 By Segment: U.S. car rental International car rental Worldwide equipment rental Other reconciling items Total $ $ 132 22.8 19.3 8.4 26.5 77.0 $ 5.3 21.1 $ $ 8.8 2.8 38.0 0.9 15.7 40.5 (0.7) $ 56.4 Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar...

  • Page 137
    ..., including making fleet and equipment purchases and borrowing for working capital needs. Also, we have purchased foreign exchange options to manage exposure to fluctuations in foreign exchange rates for selected marketing programs. The effect of exchange rate changes on these financial instruments...

  • Page 138
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 139
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 140
    ...Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 were as follows (in millions): December 31, 2013 Fair Value Measurements Using Quoted Prices in Tctive Markets for Identical Instruments (Level...

  • Page 141
    ...exchange options Foreign currency forward contracts classified as Level 2 assets and liabilities are priced using quoted market prices for similar assets or liabilities in active markets. Fair Value of Financial Instruments The fair values of cash and cash equivalents, accounts receivable, accounts...

  • Page 142
    ... December 31, 2013 (in millions of dollars): Year Ended December 31, 2013 Fair Value Measurements Using Level 3 Inputs Convertible Notes Balance at the beginning of period Realized gains (losses) included in earnings Unrealized gains (losses) related to investments Purchases Settlements Balance at...

  • Page 143
    ... units having an equivalent fair market value equal to the annual equity award amount on the date of grant. The restricted stock units will vest on the business day immediately preceding the next annual meeting of shareholders . For 2013 and subsequent years, the lead director of Hertz Holdings...

  • Page 144
    ... purchase price. The total amount that we spent under the program during the year ended December 31, 2013 was $3.1 million for the executive officers. The Compensation Committee approved the program. Financing Trrangements with Related Parties As a result of the Sponsors' sale of shares in May 2013...

  • Page 145
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 146
    ...Accounting Policies of $20.4 million increase in cash provided by (used in) investing activities. Condensed Consolidating Balance Sheet as Previously Reported December 31, 2012 Parent Guarantor (The Hertz Subsidiaries Corporation) Total Assets $ 12,360.3 $ 10,983.6 9,442.8 5,015.7 Total Liabilities...

  • Page 147
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 148
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 149
    ... Eliminations The Hertz Corporation & Subsidiaries TSSETS Cash and cash equivalents Restricted cash and cash equivalents Receivables, less allowance for doubtful accounts Due from Hertz affiliate Inventories, at lower cost or market Prepaid expenses and other assets Revenue earning equipment, net...

  • Page 150
    ... Eliminations The Hertz Corporation & Subsidiaries TSSETS Cash and cash equivalents Restricted cash and cash equivalents Receivables, less allowance for doubtful accounts Due from Hertz affiliate Inventories, at lower cost or market Prepaid expenses and other assets Revenue earning equipment, net...

  • Page 151
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 152
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 153
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 154
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 155
    ... and return of capital Proceeds from employee stock purchase plan Loan with Hertz Global Holdings, Inc. Payment of financing costs Net cash provided by (used in) financing activities Effect of foreign exchange rate changes on cash and cash equivalents Net change in cash and cash equivalents during...

  • Page 156
    ...and return of capital Proceeds from employee stock purchase plan Loan from Hertz Global Holdings, Inc. Purchase of noncontrolling interest Payment of financing costs Net cash provided by (used in) financing activities Effect of foreign exchange rate changes on cash and cash equivalents Net change in...

  • Page 157
    ... return of capital Proceeds from employee stock purchase plan Loan from Hertz Global Holdings, Inc. Loan to Parent from Non-Guarantor Payment of financing costs Net cash provided by (used in) financing activities Effect of foreign exchange rate changes on cash and cash equivalents Net change in cash...

  • Page 158
    ... to March 2015. In March 2014, Hertz Holdings announced that its Board of Directors has approved plans to separate the Hertz car and equipment rental businesses into two independent, publicly traded companies. Additionally, Hertz Holdings' Board approved a new share repurchase program totaling...

  • Page 159
    ...for share and per share data) December 31, 2013 2012 TSSETS Cash and cash equivalents Restricted cash and cash equivalents Receivables, less allowance for doubtful accounts Due from Hertz affiliates Inventories, at lower of cost or market Prepaid expenses and other assets Revenue earning equipment...

  • Page 160
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 161
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 162
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 163
    ... return of capital Proceeds from employee stock purchase plan Loan to parent from Non-Guarantor Loan with Hertz affiliate Purchase of noncontrolling interest Payment of financing costs Net cash provided by (used in) financing activities Net change in cash and cash equivalents during the period Cash...

  • Page 164
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 165
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 166
    ... quarter of 2013, the Company implemented Oracle general ledger, accounts payable and a portion of fixed assets, purchasing and procurement modules for most of its Hertz brand U.S. car rental and HERC U.S. and Canada equipment businesses. No changes in our internal control over financial reporting...

  • Page 167
    ... of dollars): 2013 2012 Fees: Audit Audit-related Tax All other Total $ $ 7,239 4,276 642 4 12,161 $ 8,043 979 560 $ 3 9,585 Audit fees were for services in connection with the audit of the consolidated financial statements included in our Annual Report on Form 10K, reviews of the...

  • Page 168
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 169
    ... Park Ridge, and state of New Jersey, on the 31 st day of March, 2014. THE HERTZ CORPORATION (Registrant) By: Name: Title: /s/ THOMAS C. KENNEDY Thomas C. Kennedy Senior Executive Vice President and Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this...

  • Page 170
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 171
    ... by reference to Exhibit 4.1.7 to the Quarterly Report on Form 10-Q of Hertz Global Holdings, Inc. (File No. 001-33139), as filed on May 2, 2013). Seventh Supplemental Indenture, dated as of February 5, 2014, among Firefly Rent A Car LLC, The Hertz Corporation, as Issuer, the Existing Guarantors...

  • Page 172
    ... by reference to Exhibit 4.3.7 to the Quarterly Report on Form 10-Q of Hertz Global Holdings, Inc. (File No. 001-33139), as filed on May 2, 2013). Sixth Supplemental Indenture, dated as of February 5, 2014, among Firefly Rent A Car LLC, The Hertz Corporation, as Issuer, the Existing Guarantors...

  • Page 173
    ... by reference to Exhibit 4.4.8 to the Quarterly Report on Form 10-Q of Hertz Global Holdings, Inc. (File No. 001-33139), as filed on May 2, 2013). Sixth Supplemental Indenture, dated as of February 5, 2014, among Firefly Rent A Car LLC, The Hertz Corporation, as Issuer, the Existing Guarantors...

  • Page 174
    ...Global Holdings, Inc. (File No. 001-33139), as filed on November 6, 2009). Third Amended and Restated Master Exchange Agreement, dated as of November 25, 2013, among The Hertz Corporation, Hertz Vehicle Financing LLC, Hertz General Interest LLC, Hertz Car Exchange Inc., and DB Services Americas, Inc...

  • Page 175
    ... Thrifty Rent-A-Car System, Inc., DB Like-Kind Exchange Services Corp., VEXCO, LLC and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.229 to Dollar Thrifty Automotive Group, Inc.'s Form 10-Q for the quarterly period ended September 30, 2010, filed November 2, 2010 (File...

  • Page 176
    ...Trust Company Americas, as master collateral agent (incorporated by reference to Exhibit 4.236 to Dollar Thrifty Automotive Group, Inc.'s Form 8-K, filed August 3, 2011 (File No. 001-13647)). Master Motor Vehicle Lease and Servicing Agreement (Group VIII), dated as of July 28, 2011, among Rental Car...

  • Page 177
    ... York Mellon Trust Company, N.A., as Trustee.* Master Purchase and Sale Agreement, dated as of November 25, 2013, among The Hertz Corporation, as Transferor, Hertz General Interest LLC, as Transferor, Hertz Vehicle Financing LLC, as Transferor, and the new transferors party thereto from time to time...

  • Page 178
    ... Holdings, Inc. (File No. 001-33139), as filed on April 8, 2013). Credit Agreement, dated as of March 11, 2011, among Hertz Equipment Rental Corporation, The Hertz Corporation, the Canadian Borrowers parties thereto, the several lenders from time to time parties thereto, Deutsche Bank AG New York...

  • Page 179
    ... to the Quarterly Report on Form 10-Q of Hertz Global Holdings, Inc. (File No. 001-33139), as filed on May 2, 2013). †Form of Performance Stock Unit Agreement under the Hertz Global Holdings, Inc. 2008 Omnibus Incentive Plan (form used for EBITDA awards in 2014). †* 175 Source: HERTZ CORP, 10...

  • Page 180
    ... the Quarterly Report on Form 10-Q of Hertz Global Holdings, Inc. (File No. 001-33139), as filed on November 7, 2008). †Form of Change in Control Severance Agreement among Hertz Global Holdings, Inc. and executive officers (form used for agreements entered into after March 3, 2010) (Incorporated...

  • Page 181
    ... exhibit of the same number to the Annual Report on Form 10-K/A of Hertz Global Holdings, Inc., as filed on March 19, 2014 . As of December 31, 2013, we had various additional obligations which could be considered long-term debt, none of which exceeded 10% of our total assets on a consolidated basis...

  • Page 182
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 183
    ...United States The Hertz Corporation Executive Ventures, Ltd. Hertz Aircraft, LLC Hertz Claim Management Corporation HCM Marketing Corporation Hertz Equipment Rental Corporation Delaware Delaware Delaware Delaware Delaware Delaware Hertz Car Sales, Hertz Rent-A-Car Hertz Service Pump & Compressor...

  • Page 184
    ...Ameriguard Risk Retention Group, Inc. Firefly Rent A Car LLC Hertz Fleet Lease Funding Corp. Hertz Fleet Lease Funding LP HVF II GP Corp. Australia Hertz Investment (Holdings) Pty. Limited Hertz Australia Pty. Limited HA Fleet Pty. Limited HA Lease Pty. Limited Hertz Equipment Rental (Australia) Pty...

  • Page 185
    ...Ryan Car Rentals Ltd. Hertz Europe Service Centre Limited Hertz Fleet Limited Hertz Finance Centre Limited Hertz International RE Ltd. Hertz International Treasury Limited Probus Insurance Company Europe Ltd. Italy Hertz Fleet (Italiana) Srl Hertz Claim Management Srl Hertz Holdings South Europe Srl...

  • Page 186
    ...Hertz Claim Management GmbH Hertz Management Services Sarl United Kingdom Hertz Holdings III UK Limited Hertz (UK) Limited Hertz Equipment Rental (UK) Limited Daimler Hire Limited Hertz Europe Limited Hertz Claim Management Limited Dollar Thrifty Europe Limited CCL Vehicle Rentals Ltd. Hertz Vehicle...

  • Page 187
    ... information; and Any fraod, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. b) Date: March 31, 2014 By: /s/ MARK P. FRISSORA Mark P. Frissora Chief Execotive Officer Source: HERTZ...

  • Page 188
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 189
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 190
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.

  • Page 191
    ... not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.