HTZWW - Hertz Global Holdings Inc. (HTZ) Q4 2023 Earnings Call Transcript
2024-02-06 11:31:02 ET
Hertz Global Holdings, Inc. (HTZ)
Q4 2023 Earnings Conference Call
February 06, 2024 08:30 A.M. ET
Company Participants
Johann Rawlinson - VP, IR
Stephen M. Scherr - Chair and CEO
Alexandra Brooks - EVP and CFO
Justin Keppy - EVP and COO
Conference Call Participants
Chris Woronka - Deutsche Bank
Ian Zaffino - Oppenheimer & Co.
Adam Jonas - Morgan Stanley
John Healy - Northcoast Research Partners
Stephanie Moore - Jefferies
Ryan Brinkman - J.P. Morgan
Elizabeth Dove - Goldman Sachs
Christopher Stathoulopoulos - Susquehanna Financial
Presentation
Operator
Welcome to the Hertz Global Holdings Fourth Quarter 2023 Earnings Call. Currently, all lines are in a listen-only mode. Following management's commentary, we will conduct a question-and-answer session. I would like to remind you that this morning's call is being recorded by the company. I would like to turn the call over to your host, Johann Rawlinson, Vice President of Investor Relations. Please go ahead.
Johann Rawlinson
Good morning, everyone and thank you for joining us. By now, you should have our earnings press release and associated financial information. We've also provided slides to accompany our conference call, and these can be accessed through the Investor Relations section of our website.
I want to remind you that certain statements made on this call contain forward-looking information. Forward-looking statements are not a guarantee of performance, and by their nature, are subject to inherent risks and uncertainties. Actual results may differ materially. Any forward-looking information relayed on this call speaks only as of today's date, and the company undertakes no obligation to update that information to reflect changed circumstances. Additional information concerning these statements is contained in our earnings press release and the filings we make with the Securities and Exchange Commission. Our filings are available on SEC’s website and the Investor Relations section of the Hertz website.
I would also direct your attention to the Form 8-K that we furnished to the SEC on January 11th which includes information on our strategic decision regarding the sale of a portion of the EV fleet. Today, we'll use certain non-GAAP financial measures, which are reconciled with GAAP numbers in our earnings press release and earnings presentation available on our website. We believe that these non-GAAP measures provide additional useful information about our operations, allowing better evaluation of our profitability and performance. Unless otherwise noted, our discussion today focuses on our global business. On the call this morning, we have Stephen Scherr, our Chief Executive Officer; Alex Brooks, our Chief Financial Officer; and Justin Keppy, our Chief Operating Officer. I'll now turn the call over to Stephen.
Stephen M. Scherr
Good morning and thank you for joining our fourth quarter earnings call. We have a good amount to cover this morning. On our performance, we will address the cost challenges that the business faced in the fourth quarter, which were a continuation of the challenges we faced throughout 2023, as well as the solid demand and stable rate environment we continued to experience. The core message we are sharing this morning as we begin 2024 is one of confidence on the forward. Our confidence is based on the continued stability of the demand and rate environment, the expected benefits of the strategic decision that we made in the fourth quarter regarding our EV fleet, which is also expected to reduce operational distraction, and the continued execution of our enhanced profitability plan. All told, we expect that 2024 will be a transitional year for Hertz and we expect to regain our operational cadence and improve our financial performance with increasing effect into 2025. ...
Hertz Global Holdings, Inc. (HTZ) Q4 2023 Earnings Call Transcript