Hertz reported whole revenues of $2.4 billion for the second quarter of 2023, up 12% yr over yr, whereas the typical fleet was up 9%, in accordance with quarterly monetary outcomes launched July 27.

Month-to-month income per unit averaged $1,516. Hertz famous month-to-month income per benefited from 82% fleet utilization, a rise of 230 bps relative to Q2 2022. Fleet depreciation was $329 million, reflecting a year-over-year improve of $223 million attributable to a discount in car disposition beneficial properties, which had been at elevated ranges in 2022.

GAAP web earnings was $139 million within the quarter, whereas adjusted company EBITA was $347 million, reflecting a wholesome 14% margin.

Working money move was $497 million for the quarter, whereas adjusted working money move was $91 million. Hertz used $100 million to repurchase 6.3 million frequent shares throughout the quarter. Adjusted free money outflow was thus $423 million, reflecting an funding within the fleet to satisfy spring and summer time demand.

Company liquidity sat at $1.4 billion as of June 30, of which was $682 million in unrestricted money.

“Outcomes for the second quarter had been robust, reflecting continued excessive demand for our providers and elevated ranges of fleet utilization,” mentioned Stephen Scherr, chairman and CEO of Hertz. “Our give attention to asset returns continues to yield tangible outcomes, enabling us to advance the expansion of our rideshare enterprise and the revitalization of the Greenback model, moreover facilitating ongoing investments in know-how and electrification.”