Hertz 2013 Annual Report Download - page 4

Table of Contents
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Unless the context otherwise requires, in this Annual Report on Form 10-K, or “Annual Report,” (i) “we,” “us,” “our,” “Hertz,” or the
“Company,” mean The Hertz Corporation, Hertz Holdings' primary operating company and a direct wholly-owned subsidiary of Hertz
Investors, Inc., which is wholly-owned by Hertz Holdings, and its consolidated subsidiaries, including Hertz and Dollar Thrifty
Automotive Group, Inc. or "Dollar Thrifty," (ii) “Hertz Holdings” means Hertz Global Holdings, Inc., our top-level holding company,
(iii) “HERC” means Hertz Equipment Rental Corporation, our wholly-owned equipment rental subsidiary, together with our various
other wholly-owned international subsidiaries that conduct our industrial, construction and material handling and 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 with car manufacturers, (vi) “non-program cars” means cars not purchased under repurchase or
guaranteed depreciation programs for we are exposed to residual risk and (vii) “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,” "potential," “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 integrate the car rental operations of Dollar Thrifty and realize operational efficiencies from the
acquisition;
•the operational and profitability impact of the divestitures that we agreed to undertake in order to secure regulatory
approval for the acquisition of Dollar Thrifty;
•the effect of our proposed separation of HERC and ability to obtain the expected benefits of any related transaction;
•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;
•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;
•occurrences that disrupt rental activity during our peak periods;
•our ability to achieve cost savings and efficiencies and realize opportunities to increase productivity and profitability;
•our ability to accurately estimate future levels of rental activity and adjust the size and mix 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;
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Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠
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