In the fourth quarter of 2021 Hertz Global Holdings recorded $1.9 billion in revenues and achieved adjusted corporate EBITDA of $628 million, a record for the company.
Revenues were 78% higher than the fourth quarter of 2020 yet were 9% below the fourth quarter of 2019, excluding revenue from Donlen, which Hertz sold in April 2021.
Revenue per unit, per month (RPU) rose to $1,389, a 31% spike from the fourth quarter of 2019. Total revenue per day (RPD) was $60.29 per unit, 35% more than Q4 2019. Average total fleet size was 470,900 compared to 686,697 in Q4 2019, before Hertz declared bankruptcy. Transaction days fell 34% compared to Q4 2019.
Performance in Hertz’s Americas segment outshined International in revenues, transaction days, utilization, and RPU/RPD.
For the full year 2021, the company generated total revenues of $7.3 billion, while adjusted corporate EBITDA was a record $2.1 billion.
"2021 was a transformative year for Hertz," said Mark Fields, Hertz interim CEO. "Sustained structural improvements and disciplined fleet management contributed to a strong performance across our top and bottom line, despite the challenges presented by COVID, supply chain constraints and labor shortages. We have demonstrated our resilience and ability to innovate and to make progress on playing a central role in the modern mobility ecosystem."
Fields will transition out of the position when Stephen M. Scherr assumes the CEO role on Feb. 28.