Hertz 2015 Annual Report Download - page 23
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Table of Contents
The following chart sets forth this seasonal effect of our equipment rental operations by providing quarterly revenues for each of the years ended
December 31, 2015, 2014 and 2013. Amounts are computed independently each quarter, therefore, the s um of the quarterly amounts may not
equal the total amount for the respective year due to rounding.
Through our Donlen subsidiary, we are a leading provider of comprehensive, integrated fleet leasing and fleet management solutions for corporate
fleets. Our All Other Operations segment generated $583 million in revenues during the year ended December 31, 2015.
Donlen provides a comprehensive array of fleet leasing, financing, telematics, and fleet management services to commercial fleets in the U.S. and
Canada. Products offered by Donlen include:
• Vehicle financing, acquisition and remarketing;
• License, title and registration;
• Maintenance consultation;
• Fuel management;
• Accident management;
• Toll management;
• Telematics-based location, driver performance and scorecard reporting; and
• Lease financing.
Donlen’s leased fleet consists primarily of passenger cars, cargo vans and light-duty trucks. Vehicles are acquired directly from domestic and
foreign manufacturers, as well as dealers. As of December 31, 2015, more than half of Donlen’s leased fleet is 2014 model year or newer.
Donlen’s primary product for car and light to medium truck fleets is an open-ended terminal rental adjustment clause ("TRAC") lease. For most
customers, the vehicle must be leased for a minimum of 12 months, after which the lease converts to a month-to-month lease allowing the vehicle
to be surrendered any time thereafter. Our sale of the vehicle following the termination of the lease may result in a TRAC adjustment, through
which the customer is credited or charged with the surplus or loss on the vehicle. Approximately 80% of Donlen’s lease portfolio consists of
floating-rate leases which allow lease charges to be adjusted based on benchmark indices.
15
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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.