Hertz 2015 Annual Report Download - page 5

Table of Contents
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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:
• any claims, investigations or proceedings arising as a result of the restatement of our previously issued financial results;
• our ability to remediate the material weaknesses in our internal controls over financial reporting described in Item 9A of this
Annual Report;
• 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 on rental volume and pricing, 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 and maintain 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;
• our ability to realize the operational efficiencies of the acquisition of the car rental operations of Dollar Thrifty;
• our ability to maintain access to third-party distribution channels, including current or favorable prices, commission structures and
transaction volumes;
• an increase in our fleet costs or disruption to our rental activity, particularly during our peak periods, due to safety recalls by the
manufacturers of our vehicles and equipment;
• changes to our senior management team;
• a major disruption in our communication or centralized information networks;
• financial instability of the manufacturers of our vehicles and equipment, which could impact their ability to perform under
agreements with us and/or their willingness or ability to make cars available to us or the car rental industry on commercially
reasonable terms;
• any impact on us from the actions of our 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 and investigations;
• 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;
ii
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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.