Hertz Global Holdings Inc. reported first quarter 2009 worldwide revenues of $1.6 billion, a decrease of 23.3 percent, or $474.3 million, year-over-year (an 18.3 percent decrease in constant currency). Worldwide car rental revenues for the quarter decreased 21.1 percent (a 15.9 percent decrease in constant currency) to $1.3 billion. Revenues from worldwide equipment rental for the first quarter were $279.5 million, down 32 percent (a 27.5 percent decrease in constant currency) over the prior year period.
First quarter 2009 adjusted pre-tax loss was $116.6 million, versus adjusted pre-tax income of $17.1 million in 2008, and loss before income taxes and non-controlling interest (pre-tax loss), on a GAAP basis, was $210.0 million, versus a pre-tax loss of $55.8 million in the first quarter of 2008. Corporate EBITDA for the first quarter of 2009 was $91.9 million, a decrease of 60.9 percent from the same period in 2008.
First quarter 2009 adjusted net loss was $80.0 million, versus adjusted net income of $6.5 million from the same period in 2008, resulting in adjusted diluted loss per share for the quarter of $(0.25), compared with adjusted diluted earnings per share of $0.02 for the first quarter of 2008. First quarter 2009 net loss, on a GAAP basis, was $163.5 million, or $(0.51) per share on a diluted basis, compared with a net loss of $57.7 million, or $(0.18) per share on a diluted basis, for the first quarter of 2008. The increase in GAAP net loss is attributable to decreased volume and pricing, increased restructuring and related costs and residual value declines.
Mark P. Frissora, the company's chairman and CEO, said, "We continue to generate strong cash flow and maintain significant liquidity in the midst of the global recession. Additionally, we are improving profit retention sequentially, mitigating the effect of declining revenues on adjusted and GAAP earnings. In the first quarter, revenues decreased almost $475 million year-over-year, while adjusted pre-tax income declined approximately $134 million, or $154 million on a GAAP basis. These results compare favorably with a fourth quarter 2008 revenue decline of $350 million and a $256 million decrease in adjusted pre-tax income, or $1.53 billion on a GAAP basis, which included a $1.17 billion non-cash impairment charge. We expect profit retention will continue to improve in future quarters as our financial results more fully reflect recent cost actions. Additionally, we generated improved first quarter total net cash flow of over $760 million, reduced total debt by $1.3 billion and maintained liquidity at quarter end of almost $5.4 billion. We are maintaining our focus on yield-managing high quality revenue with tighter fleets to optimize cash flow and liquidity."
The company took $38.4 million in restructuring and related charges in the first quarter of 2009, primarily attributable to costs associated with job reductions, the closure of rental locations and outsourcing/process reengineering.
The company ended the first quarter of 2009 with total debt of $9.69 billion and net corporate debt(1) of $3.85 billion, compared with total debt of $10.97 billion and net corporate debt of $3.82 billion as of Dec. 31, 2008, an increase in net corporate debt of $36.7 million. Total net cash flow for the quarter was $760.7 million compared with a use of $95.5 million in the first quarter of 2008. The improvement of $856.2 million is attributable to better management of fleet rotation to preserve liquidity and increase cash flow. On a GAAP basis, net cash provided by operating activities was $966.2 million in the first quarter of 2009, compared to $1,128.2 million in 2008.
The company generated total net cash flow yield(1) of 60.2 percent, based on the company's $1,449.3 million of total net cash flow, for the 12 months ending March 31, 2009, compared with total net cash flow yield of 11.7 percent, based on the company's $746.6 million of total net cash flow, for the 12 months ending March 31, 2008.