Hertz Global Holdings Inc HTZ
Q4 2010 Earnings Call Transcript

Transcript Call Date 02/23/2011

Operator: Welcome to the Hertz Global Holdings' Fourth Quarter and Full Year 2010 Earnings Call. The Company has asked me to remind you that certain statements made on this call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance, and by their nature are subject to inherent uncertainties. Actual results may differ materially. Any forward-looking information relayed on this call speaks only as of this date, and the Company undertakes no obligation to update that information to reflect changed circumstances.

Additional information concerning these statements is contained in the Company's press release regarding its fourth quarter results issued yesterday, and in the risks factors and forward-looking statements section of the Company's 2009 Form 10-K, second and third quarter 2010 Forms 10-Q. Copies of these filings are available from the SEC, the Hertz website or the Company's Investor Relations department.

I would like to remind you that today's call is being recorded by the Company and is also being made available for replay starting today at 12.30 pm Eastern Time and running through March 9, 2011.

I'd now like to turn the conference over to our host, Leslie Hunziker. Please go ahead.

Leslie Hunziker - IR: Good morning, and welcome to Hertz Global Holdings' 2010 and fourth quarter conference call. You should all have our press release and associated financial information, which we issued last night. This morning, we provided slides to accompany our conference call that can be accessed at our website at

In a minute, I'll turn the call over to Mark Frissora, Hertz's Chairman and CEO. Also speaking today is Elyse Douglas, our Chief Financial Officer. In addition, we have Scott Sider, Executive Vice President and President of Vehicle Rental in the Americas; and Michel Taride, Executive Vice President and President of Hertz International. They will be on hand for the Q&A.

Before we begin, I need to remind you that today we'll use certain non-GAAP financial measures, all of which are reconciled with GAAP numbers in our press release and at the back of the slide presentation, both of which are posted on our website. We believe that our profitability and performance is better demonstrated using these non-GAAP metrics.

Our call today focuses on Hertz Global Holdings Incorporated, the publicly traded company.

Results for the Hertz Corporation differed only slightly as explained in our press release.

Now, I'll turn the call over to Mark Frissora.

Mark P. Frissora - Chairman of the Board and CEO: Good morning, everyone, and thanks for joining us. Let’s start on slide six. I thought I'd quickly walk you through a scorecard of our progress over the last two years as we work to restore pre-recessional financial strength as quickly as possible.

Let me start by saying that I am extremely pleased with the determination and fortitude the Hertz employees have exhibited during this unusually challenging period. With revenue down 11% since December 31, 2008, we have been diligent with cost management. Between 2008 and 2010, we brought adjusted direct operating and adjusted SG&A expenses down 11% each and adjusted depreciation costs were reduced by 15%.

Read our Earnings Call Transcript disclaimer.
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