Hertz reported total revenues of $2.4 billion for the second quarter of 2023, up 12% year over year, while the average fleet was up 9%, according to quarterly financial results released July 27.

Monthly revenue per unit averaged $1,516. Hertz noted monthly revenue per benefited from 82% fleet usage, an increase of 230 bps relative to Q2 2022. Fleet depreciation was $329 million, reflecting a year-over-year increase of $223 million attributable to a reduction in vehicle disposition gains, which were at elevated levels in 2022.

GAAP net income was $139 million in the quarter, while adjusted corporate EBITA was $347 million, reflecting a healthy 14% margin.

Operating cash flow was $497 million for the quarter, while adjusted operating cash flow was $91 million. Hertz used $100 million to repurchase 6.3 million common shares during the quarter. Adjusted free cash outflow was thus $423 million, reflecting an investment in the fleet to meet spring and summer demand.

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

"Results for the second quarter were strong, reflecting continued high demand for our services and elevated levels of fleet utilization," said Stephen Scherr, chairman and CEO of Hertz. “Our focus on asset returns continues to yield tangible results, enabling us to advance the growth of our rideshare business and the revitalization of the Dollar brand, besides facilitating ongoing investments in technology and electrification."