Hertz Global Holdings, Inc. (NASDAQ:HTZ) Q2 2022 Earnings Conference Call July 28, 2022 8:30 AM ET
Company Participants
Johann Rawlinson - VP, IR
Stephen Scherr - CEO
Kenny Cheung - CFO
Conference Call Participants
Chris Woronka - Deutsche Bank
Ian Zaffino - Oppenheimer
Adam Jonas - Morgan Stanley
Ryan Brinkman - JPMorgan
Operator
Welcome to Hertz Global Holdings Second Quarter 2022 Earnings Call. [Operator Instructions] I would like to remind you that this morning's call is being recorded by the company.
I would now like to turn the call over to your host, Johann Rawlinson, Vice President of Investor Relations. Please go ahead.
Johann Rawlinson
Good morning, everyone, and thank you for joining us. By now, you should have our earnings press release and associated financial information. We've also provided slides to accompany our conference call, which can be accessed on our website.
I want l to remind you that certain statements made on this call contain forward-looking information. Forward-looking statements are not a guarantee 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 today's date and the company undertakes no obligation to update that information to reflect changed circumstances. Additional information concerning these statements is contained in our earnings press release and in the Risk Factors and forward-looking Statement section of our 2021 Form 10-K and our second quarter 2022 Form 10-Q filed with the SEC. All these documents are available on the Investor Relations section of the Hertz website.
Today, we'll use certain non-GAAP financial measures, which are reconciled with GAAP numbers in our earnings press release. We believe that our profitability and performance is better demonstrated using these non-GAAP measures.
On the call this morning, we have Stephen Scherr, our Chief Executive Officer; and Kenny Cheung, our Chief Financial Officer.
I'll now turn the call over to Stephen.
Stephen Scherr
Thank you, Johann. Good morning and welcome to our second quarter earnings call. Our financial results for the second quarter were strong, reflecting the continued strength of our underlying business, positive market forces and high demand for our services. Revenue was $2.3 billion, up 25% year-over-year, and up 30% quarter-over-quarter and adjusted corporate EBITDA was a second quarter record of $764 million.
Adjusted free cash flow in the quarter was $484 million, with the company demonstrating increased free cash flow conversion from the first quarter. In the quarter, our performance facilitated continued investment in fleet and non-fleet CapEx as well as the repurchase of $890 million of stock through open market purchases, completing our initial $2 billion authorization.