Avis Budget Group Inc (CAR) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Avis Budget Group third-quarter 2024 earnings conference call.

您好，歡迎參加 Avis Budget Group 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

At this time, it is now my pleasure to introduce David Calabria, Treasurer and Senior Vice President, Corporate Finance.

此時此刻，我很高興向大家介紹財務主管兼企業財務資深副總裁 David Calabria。

Thank you, sir.

謝謝您，先生。

You may begin.

你可以開始了。

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

On the call with me are Joe Ferraro, our Chief Executive Officer; and Izzy Martins, our Chief Financial Officer.

與我一起通話的是我們的執行長喬·費拉羅 (Joe Ferraro)；以及我們的財務長伊茲‧馬丁斯 (Izzy Martins)。

Before we begin, I would like to remind everyone that we will be discussing forward-looking information, including potential future financial performance, which is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from such forward-looking statements and information.

Before we begin, I would like to remind everyone that we will be discussing forward-looking information, including potential future financial performance, which is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from such forward-looking statements and資訊.

Such risks and assumptions, uncertainties and other factors are identified in our earnings release and our periodic filings with the SEC as well as the Investor Relations section of our website.

此類風險和假設、不確定性和其他因素已在我們的收益發布和向 SEC 提交的定期文件以及我們網站的投資者關係部分中列出。

Accordingly, forward-looking statements should not be relied upon as a prediction of actual results and any or all of our forward-looking statements may prove to be inaccurate and we can make no guarantees about our future performance.

因此，前瞻性陳述不應被視為對實際結果的預測，我們的任何或所有前瞻性陳述可能被證明是不準確的，我們無法對我們未來的表現做出任何保證。

We undertake no obligation to update or revise our forward-looking statements.

我們不承擔更新或修改我們的前瞻性陳述的義務。

On this call, we will discuss certain non-GAAP financial measures.

在這次電話會議上，我們將討論某些非公認會計準則財務指標。

Please refer to our earnings press release, which is available on our website, for how we define these measures and reconciliations to the closest comparable GAAP measures.

請參閱我們網站上的收益新聞稿，了解我們如何定義這些指標以及與最接近的可比較 GAAP 指標的調整。

With that, I'd like to turn the call over to Joe.

有了這個，我想把電話轉給喬。

Thank you, David.

謝謝你，大衛。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

Yesterday, we reported our third quarter results which delivered quarterly revenue of nearly $3.5 billion and adjusted EBITDA of $503 million.

昨天，我們公佈了第三季業績，季度營收接近 35 億美元，調整後 EBITDA 為 5.03 億美元。

As we discussed on our last call, we need to bifurcate the impacts of nonrecurring fleet gains, higher vehicle interest and decisions made to improve our utilization.

正如我們在上次電話會議中所討論的那樣，我們需要區分非經常性車隊收益、更高的車輛興趣以及為提高利用率而做出的決策的影響。

Our primary goal has always been to keep fleet inside of demand.

我們的首要目標始終是維持車隊滿足需求。

We have taken the necessary steps to adjust our fleet size throughout the year, which allowed us to continue to improve utilization with this quarter finishing nearly 2 points above our prior year.

我們已採取必要措施調整全年機隊規模，這使我們能夠繼續提高利用率，本季比去年同期高出近 2 個百分點。

Driving utilization is necessary given the high level of this year's fleet carrying costs.

鑑於今年車隊運輸成本較高，提高利用率是必要的。

We are also focused on reducing the overall holding costs for the model of the year 2025 buy to drive a more profitable outcome going forward.

我們也致力於降低 2025 年購買模式的整體持有成本，以推動未來更有利可圖的結果。

The fleet buy is continuing to progress with expected holding costs well below what we have achieved in recent years.

機隊購買正在繼續取得進展，預期持有成本遠低於我們近年來的成績。

We'll talk more about this in the Americas segment.

我們將在美洲部分詳細討論這一點。

The demand for our business remains robust with global third quarter rental volume in line with third quarter 2023.

我們的業務需求依然強勁，第三季全球租金量與 2023 年第三季持平。

We have been consistent with electing to focus on higher-margin business, particularly when, as an industry, we are in a higher vehicle cost environment, and we believe it makes more sense to rationalize the fleet than to take a lower priced incremental rental.

我們一直選擇專注於利潤率較高的業務，特別是當我們作為一個行業處於較高的車輛成本環境時，我們認為合理化車隊比採取較低價格的增量租金更有意義。

Price was down 2% for the quarter overall, with the Americas nearly flat and a 2-point improvement from this year's second quarter.

本季整體價格下降了 2%，其中美洲地區幾乎持平，比今年第二季提高了 2 個百分點。

We will continue to execute this strategy as necessary to prioritize higher-margin business.

我們將根據需要繼續執行此策略，優先考慮利潤率較高的業務。

Before I dive into the results in greater detail, I'd like to thank our employees for continuing to deliver the exceptional service during our summer peak season while driving further operational efficiencies.

在更詳細地討論結果之前，我要感謝我們的員工在夏季旺季期間繼續提供卓越的服務，同時進一步提高營運效率。

Through their hard work and efforts, we continue to generate record Net Promoter Scores from our customers.

透過他們的辛勤工作和努力，我們繼續從客戶那裡獲得創紀錄的淨推薦值。

With that, let's begin as we usually do, with details around our Americas segment.

接下來，讓我們像往常一樣開始，詳細介紹美洲部分的詳細資訊。

The Americas generated more than $2.6 billion of revenue in the third quarter with $384 million of adjusted EBITDA.

美洲地區第三季營收超過 26 億美元，調整後 EBITDA 為 3.84 億美元。

Rental days in the Americas were down 2% compared to the third quarter of 2023.

與 2023 年第三季相比，美洲的租賃天數下降了 2%。

As I mentioned earlier, this is where we made the choice to balance both price and demand.

正如我之前提到的，這是我們做出平衡價格和需求的選擇的地方。

We took the measured approach to volume and focused on higher-margin business.

我們對銷量採取了審慎的方法，並專注於利潤率較高的業務。

In doing so, we elected to forgo lower-margin business.

為此，我們選擇放棄利潤率較低的業務。

As I said earlier, in times like this, where fleet costs are outliers to our historic norms, it makes more sense for us to pass on lower priced business, especially from brand-agnostic customers.

正如我之前所說，在這樣的時期，車隊成本超出了我們的歷史標準，對我們來說，轉交低價業務更有意義，尤其是來自與品牌無關的客戶。

We believe this demand is discretionary, and we would always be able to attain this volume to meet our target vehicle utilization and scale going forward as fleet costs become more normalized.

我們相信這項需求是可自由支配的，隨著車隊成本變得更加正常化，我們始終能夠達到這一數量來滿足我們的目標車輛利用率和規模。

Keeping this in mind, we will continue to monitor our industry and make calculated decisions to prioritize price over volume when it makes sense by utilizing our proprietary demand fleet pricing system.

牢記這一點，我們將繼續監控我們的行業，並透過利用我們專有的需求車隊定價系統，在有意義的情況下做出深思熟慮的決策，將價格優先於數量。

Pricing was nearly flat compared to the third quarter of 2023, but up 28% compared to the third quarter of 2019, showing the relative strength of pricing in our industry.

與 2023 年第三季相比，定價幾乎持平，但與 2019 年第三季相比成長了 28%，顯示了我們行業定價的相對優勢。

Price improved sequentially from the second quarter to the third by 2 points compared to the same period in 2023 as we transitioned into the summer peak.

隨著我們進入夏季高峰，價格從第二季到第三季比 2023 年同期上漲了 2 個百分點。

As a matter of fact, our US business was closer to flat in the quarter.

事實上，本季我們的美國業務接近持平。

We kept our fleet inside of the demand, which allows for the most optimal price outcome.

我們將我們的車隊控制在需求範圍內，以實現最佳的價格結果。

This strategy has resulted in ongoing improvements in our vehicle utilization.

這項戰略使我們的車輛利用率不斷提高。

Our utilization in the Americas was nearly 72%, which is more than 1 point higher than the third quarter of 2023.

我們在美洲的利用率接近 72%，比 2023 年第三季高出 1 個百分點以上。

We will continue to improve as we implement further operational enhancements and remain laser-focused on our fleet discipline.

我們將繼續改進，進一步實施營運改進，並繼續專注於我們的機隊紀律。

We anticipate strong vehicle utilization in the fourth quarter that surpasses any fourth quarter in our history.

我們預計第四季度的車輛利用率將超過我們歷史上任何一個第四季。

We are on track to start 2025 with substantially fewer cars than we started in 2024.

預計到 2025 年，我們的汽車數量將比 2024 年開始時大幅減少。

I want to take a moment to talk about our ongoing model year 2025 fleet buy, which is progressing well.

我想花點時間談談我們正在進行的 2025 年車型車隊購買，目前進展順利。

While we are not yet fully complete, we are moving closer to our anticipated model year target.

雖然我們尚未完全完成，但我們正在接近我們預期的車型年目標。

As we said in the past, we believe that new cars will become more affordable, and this has proven to be true.

正如我們過去所說，我們相信新車將變得更便宜，事實證明這是事實。

We expect purchase prices will be below what we achieved during the pandemic years as OEM supply constraints and production schedules have normalized.

由於 OEM 供應限制和生產計劃已經正常化，我們預計採購價格將低於我們在疫情期間實現的價格。

Our OEM partners are fully aware that we are in the market for vehicles.

我們的 OEM 合作夥伴充分意識到我們處於汽車市場。

However, we also need to stay disciplined with regards to return on invested capital, and only commit to fleet deals that meet our acceptable rates of return.

然而，我們還需要在投資資本回報方面保持紀律，並且只承諾滿足我們可接受的回報率的船隊交易。

We will continue to cycle out of older model year cars and make room for the model year 2025 new vehicles.

我們將繼續淘汰舊款車型，並為 2025 年新車騰出空間。

Thankfully, there's a wide array of vehicles that meet both this criteria.

值得慶幸的是，有很多車輛都符合這兩個標準。

The OEMs have been strong partners to our company and our collaborative approach and similar goals allow both companies to win when deals are structured appropriately.

原始設備製造商一直是我們公司強大的合作夥伴，我們的協作方法和相似的目標使兩家公司在交易結構合理時都能獲勝。

We appreciate their support and remain committed as ever to the productive partnership we've had over the decades.

我們感謝他們的支持，並將一如既往地致力於我們幾十年來富有成效的伙伴關係。

Overall, I'm happy with our progress on the buy, and we'll share more details on our next call once the buy is fully completed.

總的來說，我對我們的購買進度感到滿意，一旦購買完全完成，我們將在下次電話會議上分享更多細節。

So to recap.

所以回顧一下。

The Americas had revenue of more than $2.6 billion and adjusted EBITDA of $384 million.

美洲地區的營收超過 26 億美元，調整後 EBITDA 為 3.84 億美元。

We continue to maintain our fleet discipline by taking the necessary steps to align with demand, ensuring our fleet drives higher utilizations and allows us to maximize profitability.

我們透過採取必要的措施來滿足需求，繼續維持我們的機隊紀律，確保我們的機隊提高利用率，並使我們能夠最大限度地提高獲利能力。

Based on our model year 2025 fleet buy, we are well positioned to have lower holding costs as we rotate in the new fleet.

根據我們 2025 年車型購買的機隊，我們處於有利地位，在新機隊輪換時可以降低持有成本。

We saw a robust volume in the quarter, and we'll continue to prioritize higher margin business as we remain selective regarding lower-margin brand-agnostic customers.

我們在本季度看到了強勁的銷量，我們將繼續優先考慮利潤率較高的業務，因為我們仍然選擇性地對待利潤率較低的與品牌無關的客戶。

As we shift into the fourth quarter, October normalized towards the back half of the month after the effects of the hurricane.

隨著我們進入第四季度，10 月在颶風影響後的下半月趨於正常化。

However, the demand in the Americas surrounding the holiday season looks particularly strong for the Thanksgiving and Christmas holiday periods based on current reservations, and we believe price will transition seasonally as it normally does from the third to the fourth quarter.

然而，根據目前的預訂情況，美洲節日期間的需求在感恩節和聖誕節假期期間似乎特別強勁，我們認為價格將像通常從第三季到第四季那樣季節性轉變。

Let's shift gears to International.

讓我們轉向國際。

International generated $840 million of revenue and $139 million of adjusted EBITDA in the third quarter.

國際公司第三季營收為 8.4 億美元，調整後 EBITDA 為 1.39 億美元。

Revenue was up 1% compared to prior year, driven by a 5% increase in rental days.

由於租賃天數增加 5%，營收較上年成長 1%。

We continue to see robust international inbound and inter-European cross-border travel as we have talked about on our previous calls.

正如我們在之前的電話會議中談到的那樣，我們繼續看到強勁的國際入境和歐洲跨境旅行。

This strategy generates higher-margin business as these customers tend to book more in advance than domestic travelers, keep the cars longer and often take additional ancillary products.

這種策略產生了更高利潤的業務，因為這些客戶往往比國內旅客提前預訂更多，保留汽車的時間更長，並且經常需要額外的輔助產品。

This quarter, not only was our domestic travel of 3% in Europe, but our higher-margin inbound and inter- European cross-border volumes grew by approximately 14% as compared to the same period last year.

本季度，我們的歐洲國內旅行量成長了 3%，而且利潤率較高的入境旅行量和歐洲間跨境旅行量與去年同期相比增長了約 14%。

This drove a year-over-year increase in our leisure business.

這推動了我們休閒業務的年成長。

As we transition to the fourth quarter, advanced reservations are strong and trending positively, with demand stemming from inter-European cross-border and inbound travelers once again.

隨著我們進入第四季度，提前預訂量強勁且呈現正面趨勢，歐洲跨境和入境旅客的需求再次產生。

International's pricing for the quarter was down 5%, excluding currency impacts compared to last year, and up 25% compared to the third quarter of 2019, again showing the relative strength of pricing in our industry.

排除匯率影響，國際航空本季的定價與去年相比下降了 5%，與 2019 年第三季相比上漲了 25%，再次顯示了我們產業定價的相對優勢。

However, on a year-over-year basis, pricing improved sequentially, with September showing the quarter's best improvement.

然而，與去年同期相比，價格環比有所改善，其中 9 月的價格改善幅度為本季最好。

We anticipate pricing to be nearly flat in the fourth quarter compared to the fourth quarter of 2023.

我們預計第四季度的定價將與 2023 年第四季幾乎持平。

As noted on previous calls, our proprietary demand fleet pricing system is now fully operational in our European business.

正如先前的電話會議中所指出的，我們專有的需求車隊定價系統現已在我們的歐洲業務中全面運作。

And as expected, we realized both utilization and price benefits as the system focuses on contribution margin.

正如預期的那樣，由於系統注重邊際貢獻，我們實現了利用率和價格優勢。

Vehicle utilization continues to be a priority as we realize higher utilization in each of the first 3 quarters of 2024 compared to the same periods in 2023.

車輛利用率仍然是優先事項，因為我們發現 2024 年前三個季度的使用率都高於 2023 年同期。

This quarter's utilization was 73.7%, up over 3 points compared to the third quarter of 2023.

本季的利用率為 73.7%，較 2023 年第三季成長超過 3 個百分點。

We continue to believe that our fleet is adequately positioned and ready to meet the fall and winter demand and similar to the Americas, we expect our fleet size at the beginning of 2025 to be under our prior year's level, making room for new model year vehicles.

我們仍然相信，我們的車隊已做好準備，可以滿足秋季和冬季的需求，與美洲類似，我們預計 2025 年初我們的車隊規模將低於上一年的水平，為新車型年份車輛騰出空間。

Europe is a popular destination for cross-border travel, and as I mentioned before, our fourth quarter reservation showed this strength and price improvement.

歐洲是跨境旅行的熱門目的地，正如我之前提到的，我們第四季的預訂顯示了這種實力和價格的改善。

Technology is an integral part of everything we do and enables us to continue to enhance our customer experience, and I would like to discuss our new customer app that was launched in October.

科技是我們所做的一切不可或缺的一部分，使我們能夠繼續增強客戶體驗，我想討論一下我們於 10 月推出的新客戶應用程式。

Our new app has a refreshed look and feel with a more dynamic user experience that adapts to our customers' journey, providing them relevant information at every step.

我們的新應用程式具有煥然一新的外觀和感覺，具有更動態的用戶體驗，可適應客戶的旅程，在每一步為他們提供相關資訊。

The app features a new rental dashboard that will give customers quick and easy access to book reservations, do their trip details and all of the key actions from the home screen.

該應用程式具有新的租賃儀表板，客戶可以透過主螢幕快速輕鬆地預訂、了解行程詳細資訊以及所有關鍵操作。

Customers will also be able to continue reservation from previous searches, track their loyalty points progression, continue to choose their vehicles to better enhance their rental experience, exit the gate with the use of their phone and manage their account effortlessly.

客戶還可以繼續先前搜尋的預訂、追蹤他們的忠誠度積分進度、繼續選擇他們的車輛以更好地增強他們的租賃體驗、使用手機退出大門並輕鬆管理他們的帳戶。

We have a number of exciting new features that are planned in our pipeline to be released in the future, which we believe will enhance the customer experience further by integrating our touchless rental and other ancillary product offerings.

我們計劃在未來發布許多令人興奮的新功能，我們相信這些功能將透過整合我們的非接觸式租賃和其他輔助產品來進一步增強客戶體驗。

The new app updates aim to increase app downloads, boost conversion rates and drive revenue growth through our direct channel reservations.

新的應用程式更新旨在透過我們的直接管道預訂增加應用程式下載量、提高轉換率並推動收入成長。

We are confident that these enhancements will make our customers' car rental experience smoother and more enjoyable.

我們相信，這些增強功能將使客戶的汽車租賃體驗更加順暢和愉快。

I also want to give an update on our progress improving our operational efficiencies.

我還想介紹我們在提高營運效率方面取得的最新進展。

We continue to enhance our process by leveraging our data analytics and on the ground systems to increase throughput and improve productivity.

我們透過利用數據分析和地面系統不斷增強我們的流程，以提高吞吐量和生產力。

These systems and processes allow for better forecasting and scheduling needs by location to optimize labor mix.

這些系統和流程可以更好地預測和調度不同地點的需求，以優化勞動力結構。

We continue to face wage inflation and focus on labor initiatives helped to offset these pressures.

我們持續面臨薪資通膨，關注勞工措施有助於抵銷這些壓力。

We expect to continue to realize these savings through the remainder of the year.

我們預計將在今年剩餘時間內繼續實現這些節省。

As I mentioned on our last call, we have set ambitious goals to target sustainable vehicle utilization performance through better understanding of the disposition of every vehicle within our control.

正如我在上次電話會議中提到的，我們制定了雄心勃勃的目標，透過更好地了解我們控制範圍內的每輛車輛的配置來實現可持續的車輛利用績效。

We believe task-based analytics delivered to our operations and maintenance teams will allow for better understanding of our vehicle dispositions, drive more timely repairs and improve vehicle movements, all designed to create more available fleet.

我們相信，向我們的營運和維護團隊提供基於任務的分析將有助於更好地了解我們的車輛配置，推動更及時的維修並改善車輛運行，所有這些都是為了創建更多可用的車隊。

We are currently piloting these digital tools in key cities throughout the country and early results are promising.

我們目前正在全國主要城市試行這些數位工具，早期結果令人鼓舞。

These and other operational efficiency strategies enabled us to maintain operating and SG&A expenses on a per rental day basis, consistent with the third quarter of last year.

這些和其他營運效率策略使我們能夠維持每個租賃日的營運和銷售管理費用，與去年第三季保持一致。

A great achievement given inflationary pressures.

考慮到通膨壓力，這是一項偉大的成就。

So to conclude, we generated $503 million of adjusted EBITDA for the third quarter.

總而言之，我們在第三季調整後 EBITDA 為 5.03 億美元。

We continue to maintain fleet discipline, which has allowed us to improve vehicle utilization year-over-year.

我們繼續維持車隊紀律，這使我們能夠逐年提高車輛利用率。

We expect historically high utilizations in the fourth quarter in the Americas.

我們預計美洲第四季的利用率將達到歷史最高水準。

Our model year 2025 fleet buy is largely complete.

我們的 2025 年車車隊採購已基本完成。

We have seen lower prices closer to pre-pandemic levels, which will position us with sustainably lower holding costs as they enter into our fleet.

我們看到價格較低，接近大流行前的水平，這將使我們在它們進入我們的船隊時保持持續較低的持有成本。

We will prioritize high-margin business while balancing a certain level of scale.

我們會優先發展高利潤業務，同時平衡一定規模。

The holiday demand looks strong, and we expect price will transition seasonally in the Americas and flatten out internationally.

假期需求看起來很強勁，我們預期美洲的價格將季節性轉變，國際價格將趨於穩定。

Overall, our cost efficiencies help us mitigate inflationary pressures on operating and SG&A expenses on a per rental day basis.

整體而言，我們的成本效率幫助我們減輕了每個租賃日營運和銷售、一般管理費用的通膨壓力。

The Americas and International teams are well positioned and prepared to close out the year strong.

美洲和國際團隊已做好充分準備，準備以強勁的表現結束這一年。

With that, I'll turn it over to Izzy to discuss our earnings, liquidity and outlook.

接下來，我會將其交給 Izzy 討論我們的收益、流動性和前景。

Thank you, Joe, and good morning, everyone.

謝謝你，喬，大家早安。

My comments today will focus on our adjusted results, which are reconciled from our GAAP numbers in our press release.

我今天的評論將重點放在我們的調整後業績，這些業績是根據我們新聞稿中的 GAAP 數據進行調整的。

As usual, let me start by discussing our third quarter earnings.

像往常一樣，讓我先討論我們第三季的收益。

We earned $503 million of adjusted EBITDA in the quarter.

本季我們調整後的 EBITDA 營收為 5.03 億美元。

Once again, we need to bifurcate the impact of nonrecurring fleet gains and greater vehicle interest.

我們需要再次將非經常性車隊收益和更大的車輛興趣的影響分開。

Last year, we had more than $650 million of fleet gains with $145 million in the third quarter alone.

去年，我們的機隊收益超過 6.5 億美元，光是第三季就獲得了 1.45 億美元。

These oversized fleet gains were a holdover coming out of the pandemic, and as I have previously stated, the gains will not replicate given that these were a byproduct of the post-pandemic supply chain imbalance.

這些超大型機隊收益是大流行造成的，正如我之前所說，鑑於這些是疫情後供應鏈失衡的副產品，這種收益不會複製。

Our ongoing priority is to consistently size our fleet in line with demand to maximize higher-margin business and strengthen revenue per day.

我們持續的首要任務是根據需求不斷調整我們的機隊規模，以最大限度地提高利潤率業務並增加每日收入。

During the quarter, as we focused on these strategies, rental days were slightly less than we originally anticipated.

在本季度，由於我們專注於這些策略，租賃天數略低於我們最初的預期。

In order to align our fleet demand, we sold more units in the quarter than forecasted.

為了滿足我們的車隊需求，我們在本季銷售的車輛數量超出了預期。

Pulling these sales forward generated a loss of approximately $40 million as compared to $145 million of gains last year.

向前推動這些銷售產生了約 4000 萬美元的損失，而去年則獲得了 1.45 億美元的收益。

The year-over-year quarterly variance from the disposition of vehicles alone was more than $185 million.

僅車輛處置的季度年比差異就超過 1.85 億美元。

Our straight-line depreciation increased from approximately $292 to $347 per unit per month.

我們的直線折舊從每月每單位約 292 美元增加到 347 美元。

The increase in holding costs resulted in more than $100 million in incremental fleet expense year-over-year.

持有成本的增加導致機隊費用年增超過 1 億美元。

As always, we constantly monitor the market and make any adjustments as needed.

一如既往，我們不斷監控市場並根據需要進行調整。

In the fourth quarter, we expect to have the opportunity to buy late model year vehicles at favorable prices.

在第四季度，我們預計將有機會以優惠的價格購買新車型。

Assuming we take advantage of these opportunities, we anticipate pulling forward more vehicle sales into the current year.

假設我們利用這些機會，我們預計今年將增加更多的汽車銷售量。

Therefore, we estimate our total company gross depreciation per unit per month will approximate $350 for the fourth quarter, but could vary based on the opportunities presented in the fourth quarter.

因此，我們估計第四季度公司每月每單位的總折舊約為 350 美元，但可能會根據第四季度出現的機會而有所不同。

We will continue our discipline to have fleet inside of demand, and we will continue to dispose of fleet as required plus remain flexible in adding new cars.

我們將繼續遵守紀律，讓車隊滿足需求，我們將繼續根據需要處置車隊，並在增加新車方面保持靈活性。

Our model year '25 fleet purchase is more affordable.

我們購買 '25 年車型的車隊更實惠。

Since we are largely complete with our negotiations, we can say holding costs should improve.

由於我們的談判已基本完成，我們可以說持有成本應該會有所改善。

We believe, over time, our depreciation rate will return to historic levels as we rotate out of the older fleet, which we purchased during the supply-constrained pandemic years and in-fleet the model year '25, which represents a more normalized fleet buy.

我們相信，隨著時間的推移，我們的折舊率將恢復到歷史水平，因為我們將淘汰我們在供應受限的大流行年份購買的舊機隊，並將其納入機隊中的'25 年車型，這代表了更正常化的機隊購買。

In our year-end call, we will have more to say about the impact our model year '25 buy will have on our earnings.

在我們的年終電話會議中，我們將更多地談論我們的 25 年車型購買將對我們的收入產生的影響。

Now shifting gears to vehicle interest.

現在轉向對汽車的興趣。

Last quarter vehicle interest was a $72 million headwind, while this year, it was $33 million as compared to the same period in 2023.

上季車輛利息為 7,200 萬美元，而今年與 2023 年同期相比為 3,300 萬美元。

We expect our interest per unit per month to be a similar amount in the fourth quarter as compared to the fourth quarter of 2023.

我們預計第四季的每單位每月利息將與 2023 年第四季相似。

In total, our fleet holding costs inclusive of vehicle interest expense account for more than $320 million of our year-over-year decrease in adjusted EBITDA.

總的來說，我們的車隊持有成本（包括車輛利息費用）占我們調整後 EBITDA 年比下降的超過 3.2 億美元。

When looking at direct operating and SG&A expenses per rental day, our per rental day expense remained flat as compared to the third quarter of 2023 despite inflationary pressures.

在考慮每個租賃日的直接營運和銷售管理及行政費用時，儘管存在通膨壓力，但我們的每個租賃日費用與 2023 年第三季相比仍持平。

We continue to invest in our technological improvements to further drive cost efficiencies, generating margin contribution.

我們繼續投資於技術改進，以進一步提高成本效率，產生利潤貢獻。

We reinvested nearly $40 million into our core business or nearly $150 million year-to-date.

我們向核心業務再投資了近 4,000 萬美元，今年迄今已投資近 1.5 億美元。

The majority of our capital allocation strategy is designed to drive higher contribution through improved revenue and other operational efficiencies in our business.

我們的大部分資本配置策略旨在透過提高業務收入和其他營運效率來推動更高的貢獻。

In the quarter, volume was relatively flat, but revenue per day was down 2%.

本季度，銷量相對持平，但每日收入下降了 2%。

The end result was nearly an $85 million reduction in year-over-year revenue.

最終結果是收入年減了近 8,500 萬美元。

As a result of these factors, our adjusted EBITDA was $503 million for the quarter.

由於這些因素，本季調整後的 EBITDA 為 5.03 億美元。

The actions we have taken throughout this year, including reducing our fleet size and cost mitigation strategies has positioned us well going forward.

我們今年採取的行動，包括減少機隊規模和降低成本策略，使我們能夠順利前進。

As we mentioned on our previous calls, we are normally back-half allocators when it comes to share repurchases.

正如我們在先前的電話會議中提到的，在股票回購方面，我們通常是後半分配者。

We made the conscious decision to repurchase approximately 526,000 shares for nearly $43 million through October 30.

我們明智地決定在 10 月 30 日之前以近 4,300 萬美元的價格回購約 526,000 股股票。

As always, we will continue to balance our capital allocation between reinvesting in the company and returning capital to our shareholders.

一如既往，我們將繼續在公司再投資和向股東返還資本之間平衡資本配置。

During the quarter, we issued $700 million of senior notes and used the proceeds in October to repay outstanding borrowings under our secured Term Loan C. This allowed us to reduce our secured borrowings and provide us more flexibility in our ability to refinance in the future.

在本季度，我們發行了7 億美元的優先票據，並在10 月份使用所得款項來償還我們的擔保定期貸款C 項下的未償還借款。融資能力提供更大的靈活性。

As of September 30, we had available liquidity of over $1.2 billion, including committed and uncommitted facilities, with additional borrowing capacity of approximately $3.2 billion in our ABS facilities.

截至 9 月 30 日，我們的可用流動性超過 12 億美元，包括承​​諾和未承諾的貸款，我們的 ABS 貸款還有約 32 億美元的額外借款能力。

After giving effect to a reduction in our asset-backed variable funding financing facilities effective November 1, our net corporate leverage ratio was 4.7 times after giving effect to the Term Loan C repayment.

自 11 月 1 日起減少我們的資產支持可變資金融資便利後，定期貸款 C 償還後，我們的企業淨槓桿率為 4.7 倍。

We continue to be well laddered with our corporate debt, having no meaningful maturities until 2027.

我們的公司債務繼續保持良好的階梯狀，直到 2027 年才有意義。

Additionally, we are in compliance with all of our financing facilities.

此外，我們遵守所有融資安排。

As you can see in the first nine months and in prior quarters, our priority remains driving operational efficiencies through the appropriate capital investment plus investing in our fleet.

正如您在前九個月和前幾季所看到的，我們的首要任務仍然是透過適當的資本投資以及對我們機隊的投資來提高營運效率。

The fleet investments are in the form of reducing the amount of debt we issue against our fleet size.

機隊投資的形式是減少我們針對機隊規模所發行的債務金額。

In total, we have the ability to issue more than $1 billion of debt out of our AESOP financing structure, which represents further liquidity cushion for our company.

總的來說，我們有能力透過 AESOP 融資結構發行超過 10 億美元的債務，這為我們公司提供了進一步的流動性緩衝。

This provides us strong ongoing flexibility and we will continue to evaluate the best use of this capital going forward.

這為我們提供了強大的持續靈活性，我們將繼續評估未來這筆資金的最佳用途。

Now let's move on to outlook.

現在讓我們繼續展望。

As Joe mentioned, our continued focus is to keep fleet in line with demand, which will allow more efficient use of our assets, drive higher utilizations and allow us to start next year with less cars than we did this year.

正如喬所提到的，我們持續關注的重點是保持車隊符合需求，這將使我們能夠更有效地利用我們的資產，提高利用率，並使我們明年開始時的汽車數量少於今年。

We will maintain our flexibility to acquire new vehicles as well as dispose of others should the opportunity arise.

我們將保持靈活性，以獲取新車並在有機會時處置其他車輛。

Our '25 buy is going well and almost complete.

我們的 25 年採購進展順利，即將完成。

We expect lower holding costs as we transition these vehicles into our fleet.

當我們將這些車輛轉入我們的車隊時，我們預計持有成本會降低。

Demand around the holiday periods look strong and price will move seasonally in the fourth quarter as it normally does.

假期期間的需求看起來很強勁，第四季價格將像往常一樣季節性波動。

As I mentioned earlier in the year, nothing below $1 billion of adjusted EBITDA is acceptable to us.

正如我今年稍早提到的，我們不能接受低於 10 億美元的調整後 EBITDA。

This year, we have experienced unprecedented challenges in fleet costs and vehicle interest as they are the highest in our history and the year started with a broader industry being overfleeted, putting pressure on revenue per day.

今年，我們在車隊成本和車輛興趣方面遇到了前所未有的挑戰，因為它們是我們歷史上最高的，而且今年伊始，更廣泛的行業出現車隊過剩，給每天的收入帶來了壓力。

However, despite these challenges, we have still achieved nearly $730 million of adjusted EBITDA or nearly $850 million, excluding approximately $120 million in uncharacteristic fleet losses.

然而，儘管面臨這些挑戰，我們仍然實現了近 7.3 億美元的調整後 EBITDA 或近 8.5 億美元，不包括約 1.2 億美元的異常機隊損失。

We remain focused on achieving $1 billion in adjusted EBITDA this year, excluding fleet losses.

我們今年仍致力於實現 10 億美元的調整後 EBITDA（不包括機隊損失）。

We will give more details regarding fleet costs and our future earnings potential in our next call.

我們將在下次電話會議中提供有關車隊成本和未來獲利潛力的更多詳細資訊。

With that, let's open it up for any questions.

有了這個，讓我們打開它來回答任何問題。

(Operator Instructions)

（操作員說明）

Chris Woronka , Deutsche Bank.

克里斯沃龍卡，德意志銀行。

So Joe, I know -- I think as you just mentioned that you expect your fleet cost to begin trending back towards historical levels, knowing that won't happen all at once.

所以喬，我知道 - 我認為正如您剛才提到的，您預計您的機隊成本將開始回落到歷史水平，因為知道這不會立即發生。

But when we think about your comments on the '25 fleet buys and what you might do in the fourth quarter, I know in 2019, your Americas DPU is sub-300 per month, I think, closer to 280.

但是，當我們考慮您對 25 年機隊購買的評論以及您在第四季度可能採取的行動時，我知道在 2019 年，您的美洲 DPU 每月低於 300，我認為接近 280。

I mean is that the benchmark to think about again, not for any one period, not fourth quarter or next year, but is that where it can trend back towards?

我的意思是，這是一個需要再次考慮的基準，不是任何時期，不是第四季或明年，但這是否是它可以回歸的趨勢？

Is that a fair way to look at it?

這是一個公平的看待它的方式嗎？

Chris, I know you directed your question, Joe. So let me take the first half of it.

克里斯，我知道你提出了你的問題，喬。那麼讓我先講前半部。

I think you're thinking of things correctly, right?

我認為你的想法是正確的，對吧？

It's all about what we think it may be given we are materially complete with the model year '25 buy.

這完全取決於我們認為我們基本上已經完成了購買 25 年車型的情況。

But I still think there's a lot to go through.

但我仍然認為還有很多事情需要經歷。

There's still a lot of math to figure out in the fourth quarter given the opportunities that are presented to us.

鑑於我們面臨的機會，第四季仍有許多數學問題需要解決。

But I don't think your analysis of thinking about where we are -- where we were in 2019.

但我不認為你的分析考慮了我們在 2019 年所處的位置。

I think though the 2019 levels were still a bit too low compared to what we're initially seeing.

我認為，與我們最初看到的水平相比，2019 年的水平仍然有點太低了。

But anything, call it, significantly better than what we saw, for example, this quarter, right?

但任何事情，無論怎麼說，都比我們看到的要好得多，例如本季度，對吧？

This quarter, our gross depreciation was $347.

本季度，我們的總折舊額為 347 美元。

I guided to $350 for next quarter, keeping in mind the most important thing for us is to keep fleet inside of demand.

我指導下季度為 350 美元，記住對我們來說最重要的是保持車隊滿足需求。

And to give the business the flexibility to sell more than maybe we have forecasted right now.

並讓企業能夠靈活地銷售比我們現在預測的更多的產品。

Make room for more to come in sooner rather than later.

為更多人儘早加入創造空間。

And last but not least, try to figure out how all that math comes down to the bottom and becomes a more normalized fleet cost.

最後但並非最不重要的一點是，試著弄清楚所有的數學計算是如何歸結為更標準化的車隊成本的。

Yes, closer to 2019, but I wouldn't say at the 2019 level.

是的，接近 2019 年，但我不會說是 2019 年的水準。

Okay.

好的。

Appreciate that.

很欣賞這一點。

And then as a follow-up, there's obviously a lot of in the industry.

作為後續行動，行業中顯然有很多。

We're hearing more about robo taxi and moving a little closer on autonomous.

我們聽到了更多關於機器人出租車的信息，並且離自動駕駛也越來越近了。

I was hoping that you could maybe comment on what you're monitoring going forward?

我希望您能對您接下來正在監控的內容發表評論？

And is Avis going to be in a position to possibly participate in that?

安飛士是否有能力參與其中？

And I guess I would also extend that to ride share.

我想我也會將其擴展到共乘領域。

And as the industry landscape evolves a little bit, it's something you guys haven't done as much of, but is that possibly on the table as another avenue for growth?

隨著產業格局的一點點發展，你們還沒有做太多的事情，但這是否可能作為另一種成長途徑擺在桌面上？

Chris, this is Joe. I'll answer that.

克里斯，這是喬。我會回答這個問題。

So I'll start off with the last point on ride share.

我將從關於拼車的最後一點開始。

We don't talk about it much, but we are active in the ride share business segment.

我們談得不多，但我們在共乘業務領域很活躍。

We've been growing that business year-over-year pretty substantially.

我們的業務逐年大幅成長。

And like I said a couple of years ago when someone asked -- we look at that on a margin basis.

正如我幾年前在有人問到時所說的那樣，我們會根據利潤率來看待這個問題。

So we're pretty pleased with our results so far on that.

所以我們對迄今為止的結果非常滿意。

And as that business grows, we are certainly a participant in that.

隨著業務的成長，我們當然是其中的參與者。

And that does add to rental days for sure as those customers keep the cars for a good period of time.

這確實會增加租賃天數，因為這些客戶會將汽車保留很長一段時間。

I'm happy to say that as we look on a per unit basis, it is a profitable group of business and growing.

我很高興地說，從單位數量來看，這是一個獲利且不斷成長的業務集團。

So I'll answer that one that way.

所以我就這樣回答這個問題。

As far as other tech-related stuff, we are always monitoring that.

至於其他與科技相關的東西，我們一直在監控。

And when you think about our company in general, as things start to progress and you talk about autonomous cars and things of that nature, we're perfectly situated to handle something like that because -- we, first of all, we have the cars.

當你總體上考慮我們公司時，隨著事情開始取得進展，當你談論自動駕駛汽車和類似性質的事情時，我們完全有能力處理類似的事情，因為——首先，我們擁有汽車。

We know how to fix cars.

我們知道如何修理汽車。

We hold them in depots all around the United States, and we have the ability to move them as see fit.

我們將它們存放在美國各地的倉庫中，我們有能力根據需要移動它們。

So as that starts to develop and it gets more prevalent, you can all see us probably participating something like that.

因此，隨著這種情況開始發展並變得更加普遍，你們都可以看到我們可能會參與類似的事情。

But right now, we're taking a view of where it is and where it's going to be and also thinking about how we would manage the logistics or something like that, which I said earlier, we are in a perfect position to do because of our infrastructure, because of our knowledge of how to deal with cars, supply and demand and what's the difference about picking up a car in Manhattan at a depot or having it delivered to you from one of our depots all over the New York area to your personal home so.

但現在，我們正在考慮它在哪裡以及它將在哪裡，並考慮如何管理物流或類似的事情，我之前說過，我們處於完美的位置，因為我們的基礎設施，因為我們了解如何處理汽車、供應和需求，以及在曼哈頓的車庫提車或從我們遍布紐約地區的車庫運送到您的汽車有什麼區別個人家如此。

More to come on that, obviously.

顯然，還有更多的事情要做。

John Babcock with Bank of America.

美國銀行的約翰·巴布科克。

I guess just first of all, on the hurricanes.

我想首先是颶風。

I know you didn't call it out, but -- and so I assume the impact -- well, actually, sorry, I guess it's going to be more of a 4Q thing.

我知道你沒有指出這一點，但是 - 所以我認為影響 - 嗯，實際上，抱歉，我想這將更多地是第四季度的事情。

But could you just talk about how the impact of the Florida hurricanes is going to impact Avis, but also how it's also going to impact the dynamics for the broader rental car market, if at all?

但您能否談談佛羅裡達颶風將如何影響安飛士，以及它將如何影響更廣泛的租車市場的動態（如果有的話）？

Yes, sure.

是的，當然。

I'll take that.

我會接受的。

Hurricanes, when they happen, especially what happened this quarter, they start off not being very good for anybody because the airports shutdown, the planes, canceled flights and since we're predominantly an airport-related business, that has a challenging effect on us.

颶風，當它們發生時，特別是本季度發生的事情，一開始對任何人都不是很好，因為機場關閉、飛機、航班取消，而且由於我們主要從事與機場相關的業務，這對我們產生了具有挑戰性的影響。

In this particular case, the sequence of hurricanes was difficult because you had one that hit Florida, the end of September, which we actually took a little bit of a rental day hit in the quarter because of that.

在這種特殊情況下，一系列颶風很困難，因為九月底颶風襲擊了佛羅裡達州，因此我們實際上在本季度的租賃日受到了一些影響。

And then you have followed it up with another one a week or two later.

然後一兩週後你又跟進了另一個。

And the rhetoric surrounding the second one was going to be historic tidal surges and things of that nature.

圍繞第二個事件的言論將是歷史性的浪潮之類的事情。

And based on the first one, which had pretty significant damage through Florida and up into the North Carolinas.

基於第一個事件，該事件對整個佛羅裡達州和北卡羅來納州造成了相當嚴重的損害。

I think the municipalities took a very active role in making sure there were evacuations and things of that nature.

我認為市政當局在確保疏散和類似性質的事情方面發揮了非常積極的作用。

So when something like that happens, you have problems three days or four days before as people start to think about not traveling, and then you have problems during the cancellation of flights and then for a period of time later, where people are unsure whether they want to go into those restricted areas.

因此，當發生類似的事情時，三天或四天前就會出現問題，因為人們開始考慮不旅行，然後在航班取消期間以及之後的一段時間內就會出現問題，人們不確定是否要旅行想要進入那些禁區。

But what normally happens after that is also positive, right?

但之後通常發生的事情也是正面的，對嗎？

As a company, we've rented many cars to people through hurricanes and other related aspects to get them back home, in this particular case, evacuate from certain areas.

作為一家公司，我們向遭受颶風和其他相關影響的人們出租了許多汽車，讓他們回家，在這種特殊情況下，從某些地區撤離。

So you have that benefit, of course, the ability to have cars leave.

所以你當然有這個好處，可以讓汽車離開。

But we always felt like we were a car rental company.

但我們總覺得我們是一家汽車租賃公司。

We had an obligation to traveling public.

我們有義務公開旅行。

And so we make our vehicles available.

所以我們提供我們的車輛。

And people took them to wherever they thought was safe.

人們把他們帶到他們認為安全的地方。

The second aspect is that there comes in what normally happens is for relief workers, whether that be Red Cross or FEMA or municipalities who are using cars for various different reasons.

第二個方面是，救援人員通常會遇到這種情況，無論是紅十字會、聯邦緊急管理局還是出於各種不同原因使用汽車的市政當局。

There's a number of those vehicles, which we have on the road right now and will continue for a long period of time, which helps to also mitigate the shutdowns that we've faced early on.

我們現在有很多這樣的車輛在路上行駛，並將持續很長一段時間，這也有助於緩解我們早期面臨的停工情況。

And lastly, I think you see a dynamic that the people in those areas tend to rent cars, whether it be off airport or in other places, which changes the dynamic of supply and demand at airports.

最後，我認為你會看到這些地區的人們傾向於租車，無論是在機場外還是在其他地方，這改變了機場的供需動態。

I will tell you this, after the hurricanes hit, for example, the state of Florida, those places got tight for various different reasons.

我會告訴你，颶風襲擊佛羅裡達州後，這些地方因為各種不同的原因而變得緊張。

And tight fleets in a place like Florida is always helpful.

在佛羅裡達這樣的地方，緊湊的車隊總是有幫助的。

So while you lose initially, it's a matter of time and periods after that, that you tend to make up, whether it be through rentals in other segments or the tightness of fleet that usually occurs.

因此，雖然你最初會遭受損失，但之後的時間和時期你往往會彌補，無論是透過其他細分市場的租金還是通常發生的機隊緊張。

Early to tell how that's going to transition as we go through, but it will be effective throughout the remaining part of the quarter.

在我們經歷過程中，我們還需要儘早說明這種情況將如何轉變，但它將在本季度的剩餘時間內有效。

I hope that helps.

我希望這有幫助。

That's perfect.

那很完美。

And then just last question.

然後是最後一個問題。

As you're thinking about some of the -- kind of moving forward, what gives you confidence that as DPU and other operating costs that you can control come down that ultimately pricing could hold up.

當您考慮一些前進的事情時，是什麼讓您相信，隨著 DPU 和您可以控制的其他營運成本的下降，最終定價可以維持下去。

And I know you talked about focusing on higher margin volume and so you'll get some mixed benefit from that.

我知道您談到專注於更高的利潤率，因此您將從中獲得一些混合的好處。

But generally, I mean, how would you have us think about pricing in a lower cost environment for the broader rental car space?

但總的來說，我的意思是，您如何讓我們考慮在較低成本環境下為更廣泛的租車空間定價？

Yes.

是的。

Look, we're incredibly focused on our margin, right?

看，我們非常關注我們的利潤，對吧？

And for us, our rental days -- our costs were in line with our rental days, which is, I thought, a pretty good result considering the inflationary impacts that we've been dealing with.

對我們來說，我們的租賃天數 - 我們的成本與我們的租賃天數一致，我認為，考慮到我們一直在應對的通貨膨脹影響，這是一個相當好的結果。

We have a number of initiatives that we deal with internally every day to manage our cost lines.

我們每天都會在內部處理許多措施來管理我們的成本線。

For example, just in our vehicle lines, when we look at in-life costs, those are related to parts and supplies.

例如，就我們的車輛系列而言，當我們考慮生命成本時，這些成本與零件和用品有關。

We have efficiency areas going on that deal with how we procure parts and tires and glass and things of that nature.

我們正在設立效率領域，負責處理我們如何採購零件、輪胎、玻璃以及類似性質的東西。

We look at it down to the location level.

我們從位置層面來審視它。

We have productivity systems that enabled us to offset wage inflation by being able to have more productivity by having proper scheduling.

我們擁有生產力系統，使我們能夠透過適當的調度來提高生產力，從而抵消薪資上漲。

We go down to scheduling during shifts and by location.

我們會根據輪班時間和地點進行安排。

So there are a number of things that we're -- that we looked at.

因此，我們研究了很多事情。

We have connected car, which gives us a better performance on gas recovery.

我們擁有連網汽車，這使我們在氣體回收方面具有更好的表現。

So that as gas prices, whether they increase or not, we're able to recover at a level that allows us to improve on our gas vehicle gas vehicle gas cost.

因此，隨著汽油價格的上漲，無論上漲與否，我們都能夠恢復到一定水平，從而改善我們的燃氣汽車燃氣成本。

I mentioned that we're working a pretty big initiative on improving our overall utilization through digital aspects that allow us to know the disposition of every vehicle in our fleet.

我提到，我們正在進行一項相當大的舉措，透過數位方面提高我們的整體利用率，使我們能夠了解車隊中每輛車的配置。

We believe that if we do that and have task-based analytics that go to our location management team, we'll be able to get more cars on the road without having to buy more.

我們相信，如果我們這樣做，並為我們的位置管理團隊提供基於任務的分析，我們將能夠讓更多的汽車上路，而無需購買更多。

So those are some of the things that I think about in particular how we manage the business and day-to-day.

這些是我特別考慮的一些事情，特別是我們如何管理業務和日常工作。

Lucky we have teams of great experienced leaders in our business that allow us to execute on a very, very high level, some of these initiatives that we are putting through.

幸運的是，我們擁有由經驗豐富的業務領導者組成的團隊，使我們能夠在非常非常高的水平上執行我們正在實施的其中一些舉措。

And I do believe that if you think about price, the last point about price in our industry, over the years, it's been pretty stable given the ebbs and flows of what happened pre and post COVID.

我確實相信，如果你考慮一下價格，即我們行業價格的最後一點，多年來，考慮到新冠疫情前後發生的起起落落，價格一直相當穩定。

Lizzy Dove with Goldman Sachs.

高盛的麗茲·多夫。

I just wanted to talk -- ask about competition in the industry.

我只是想談談——詢問產業的競爭情況。

We've had a couple of quarters where Americas volumes have been lower than kind of what we've seen in terms of like TSA volumes.

我們已經經歷了幾個季度，美洲的銷量低於我們所看到的 TSA 銷量。

It feels like just higher competition from your big nonpublic competitor.

感覺就像是來自大型非公開競爭對手的更激烈的競爭。

Could you kind of share the latest of just kind of what you're seeing there and how that impacts how you think about volume trends, particularly in the Americas going forward?

您能否分享一下您在那裡看到的最新情況以及這如何影響您對銷售趨勢的看法，特別是在美洲的未來？

Yes.

是的。

We -- our plan this past quarter was, we wanted to focus on price, target higher-margin business and keep the fleets tight, which drove utilization.

我們上個季度的計劃是，我們希望專注於價格，瞄準利潤率更高的業務，並保持機隊緊張，從而提高利用率。

I think when you looked at our company over the first couple of quarters, the utilization wasn't exactly where we would have wanted it.

我認為，當你觀察我們公司前幾季的情況時，你會發現利用率並不完全符合我們的預期。

So we were able to get to that.

所以我們能夠做到這一點。

And that drives a more certain outcome when it comes to RPD.

當涉及到 RPD 時，這會帶來更確定的結果。

And I believe in this environment, and we believe in this environment where our per unit costs were high and rising in our interest costs as well.

我相信這種環境，我們相信這種環境，我們的單位成本很高，而且我們的利息成本也在上升。

It would behoove us to pass on maybe a low margin rental or even have an unused car in a lot.

我們有必要放棄低利潤的租金，甚至擁有大量未使用的汽車。

We've been talking about that on a number of calls for the quarter.

我們在本季的多次電話會議中都討論過這一點。

And so running a highly efficient fleet process is critical to our success.

因此，運行高效的車隊流程對於我們的成功至關重要。

And we were able to do that.

我們能夠做到這一點。

Our goal was to get our fleet in line with demand and also get our fleet younger, and we transitioned out a lot of vehicles in the early part of this year.

我們的目標是讓我們的車隊滿足需求，同時讓我們的車隊更年輕，我們在今年年初淘汰了許多車輛。

Now if you ask about competitors and things of that nature, if we pass on business, we felt it was brand-agnostic business, business that's discretionary that we could potentially get any time we want.

現在，如果你問競爭對手和類似性質的事情，如果我們放棄業務，我們會覺得這是與品牌無關的業務，是我們可以隨時獲得的任意業務。

And we are somewhat -- we are protective of our scale, and we know where we stand.

我們在某種程度上保護我們的規模，並且我們知道我們的立場。

And if you look at it compared to 2019, our quarterly business was up double digits.

與 2019 年相比，我們的季度業務成長了兩位數。

We might have just taken our business different ways over the past couple of years.

在過去的幾年裡，我們可能只是以不同的方式開展業務。

And if you think about TSA volumes compared to '19, we're well ahead of that as well.

如果你考慮 TSA 的數量與 19 年相比，我們也遠遠領先。

So I think we're in a good spot.

所以我認為我們處於一個很好的位置。

We took actions in the quarter because we wanted to minimize our holding cost, keep our fleet in line and going out.

我們在本季度採取了行動，因為我們希望最大限度地降低持有成本，保持我們的機隊整齊劃一並走出去。

And I'll just add one other comment about -- everyone bought cars in '23 and '24 at high prices, and probably went into this year with more cars than they would have liked.

我只想添加另一條評論 - 每個人都在 23 和 24 年以高價購買汽車，並且今年可能購買的汽車數量超出了他們的預期。

And does that put pressure on things?

這會給事情帶來壓力嗎？

Of course.

當然。

But we made a conscious effort to get rid of our cars, and I think everyone else is going to do that as well because the buy -- the '25 buy is materially better, and it behooves us to get cars in at those lower prices and transition out other cars.

但我們有意識地努力擺脫我們的汽車，我認為其他人也會這樣做，因為購買 - '25 購買實質上更好，我們有必要以較低的價格購買汽車並過渡其他汽車。

So if you're asking me my opinion, while we acted this way in the way we saw it in this quarter, I think the industry on a whole kind of normalizes over time.

因此，如果您問我的意見，雖然我們按照本季的方式行事，但我認為隨著時間的推移，整個產業會趨於正常化。

That's helpful.

這很有幫助。

I appreciate the color.

我很欣賞它的顏色。

You also gave a lot of helpful commentary around kind of the outlook for pricing, DPU, costs.

您還就定價、DPU、成本的前景給出了許多有用的評論。

I guess putting that all together, and I hope I'm not misremembering.

我想把所有這些放在一起，希望我沒有記錯。

I think you've said in the past that 1 billion -- $1.1 billion is kind of the floor of how you see normalized EBITDA going forward.

我想你過去曾說過，10 億至 11 億美元是你對未來正常化 EBITDA 的看法的下限。

Has anything changed about that outlook?

這種觀點有什麼改變嗎？

It's Izzy.

是伊茲。

Just to be clear, nothing has changed on that outlook.

需要明確的是，這種前景並沒有任何改變。

I'll just maybe consolidate it in the thoughts we've had in our prepared remarks and some of even the questions that came up today, right?

我可能會將其整合到我們準備好的發言中的想法中，甚至今天提出的一些問題中，對嗎？

As you can see, fleet and interest costs are at a historic high.

正如您所看到的，機隊和利息成本處於歷史高點。

So as they normalize, of course, we'll see benefits.

因此，當它們正常化時，我們當然會看到好處。

Plus the operational efficiencies that we've been talking about that are really -- are well underway that too will provide benefits, not to mention the improved pricing power that Joe just mentioned.

再加上我們一直在談論的營運效率確實正在順利進行，這也將帶來好處，更不用說喬剛才提到的定價能力的提高。

And last but not least, as we said in our prepared remarks, we intend to keep the fleets tighter than where we started last year.

最後但並非最不重要的一點是，正如我們在準備好的發言中所說，我們打算使機隊比去年開始時更加緊湊。

So we'll have less cars starting the new year.

所以從新的一年開始我們的汽車數量將會減少。

So all of those things combined, we are laser focused and have seen no issue in us being a sustainable $1 billion company.

因此，將所有這些因素結合起來，我們就高度專注，並認為我們成為一家可持續發展的 10 億美元公司沒有任何問題。

Ryan Brinkman with JPMorgan.

摩根大通的瑞安布林克曼 (Ryan Brinkman)。

I just thought to check in on capital allocation, including after -- during the pandemic and the chip shortage, you high inflation and low interest rates, you allocated a considerable amount of your record cash flow towards repurchases, including when your shares were higher.

我只是想檢查一下資本配置，包括在大流行和晶片短缺期間，高通膨和低利率期間，您將創紀錄的大量現金流用於回購，包括當您的股價較高時。

Subsequently, although your share price is lower, given that the interest rates were much higher, you pivoted more towards retaining those costliest detranches of your securitization saving on interest expense.

隨後，儘管你的股價較低，但考慮到利率要高得多，你更多地轉向保留那些成本最高的證券化節省的利息支出。

I'm just curious now, things are changing a bit again, all right, with the share price even lower than when you made the pivot towards the fleet purchasing there.

我現在只是很好奇，事情又發生了一些變化，好吧，股價甚至比你轉向在那裡購買車隊時還要低。

And the interest rates coming back down seemingly?

利率似乎又回落了？

Just curious if you're feeling any differently again about the options available to you, either as a result of your ongoing free cash flow or even the equity cushion that you've built up in those fleet facilities?

只是好奇您是否對可用的選項再次有任何不同的感覺，無論是由於您持續的自由現金流還是您在這些車隊設施中建立的股本緩衝？

I think when you think about it, our main theme has always been to remain flexible.

我想當你仔細想想時，我們的主題始終是保持靈活性。

So that's not going to change.

所以這不會改變。

We want to continue that flexibility when it comes to capital allocation.

我們希望在資本配置方面繼續保持這種靈活性。

Investing in our fleet, obviously, was a bigger priority and always was, but continues to be a priority for us.

顯然，投資我們的機隊是一個更大的優先事項，而且一直都是，但仍然是我們的優先事項。

I think the other thing to think about is as you progress through the year, we also mentioned about allocating cash to our operational efficiencies, right?

我認為另一件需要考慮的事情是，隨著這一年的進展，我們還提到了為提高營運效率而分配現金，對嗎？

All of those require some type of investment.

所有這些都需要某種類型的投資。

I wouldn't say we just started those this year.

我不會說我們今年才開始這些。

We were heavy allocators, and call it, investing in ourselves to start reaping those rewards.

我們是重度配置者，可以這麼說，對自己進行投資以開始獲得這些回報。

We continue to do that.

我們將繼續這樣做。

And as always, buying back stock will be also on the top of our list.

像往常一樣，回購股票也將是我們的首要任務。

But I think now it's also about how we invest in ourselves and really bring through more and more operational efficiencies in the future.

但我認為現在還關乎我們如何投資自己，並在未來真正實現越來越多的營運效率。

Okay.

好的。

And I know you mentioned the hurricane.

我知道你提到了颶風。

Obviously, it was a big deal.

顯然，這是一件大事。

Is there anything to think about in the fourth quarter with the election?

第四季的選舉有什麼值得考慮的嗎？

What would impact has that had sort of historically and how might that rate to sort of disruption maybe that could occur in the fourth quarter versus what had occurred in the third?

從歷史上看，這會產生什麼影響？

Yes, I'll take that.

是的，我會接受的。

There has been a lot of talk about the election and travel-related businesses.

關於選舉和旅遊相關業務的討論很多。

The way I see it, there's nothing different than this national election than we've seen in the past.

在我看來，這次全國選舉與我們過去看到的沒有什麼不同。

I think the one 4 years ago, happened during COVID, so it may not have been relevant, but one 4 years before that was similar to the one I suspect four years from today will be similar.

我認為四年前的那件事發生在新冠疫情期間，所以它可能不相關，但四年前的那件事與我懷疑四年後的那件事類似。

I mean what happens during a national election is that people tend to stay home, either they want to vote and they -- or they want to watch the results and see what happens.

我的意思是，在全國選舉期間，人們傾向於留在家裡，要么他們想投票，要么他們想觀看結果並看看會發生什麼。

There's nothing abnormal about that.

這並沒有什麼不正常的。

It happens quite frankly, every four years.

坦白說，這種情況每四年發生一次。

But I will say about volume in general going out.

但我會談談整體的成交量。

I like the way the calendar falls in the quarter.

我喜歡日曆按季度排列的方式。

And to say that we have Veterans Day, which is on a Monday, you have Thanksgiving, which is the last possible week, it could be in the month of November and Thanksgiving is a big holiday, which by having it the last week, it doesn't disrupt two days -- two weeks' worth of travel.

說我們有退伍軍人節，它是在星期一，你有感恩節，這是最後可能的一周，它可能是在 11 月，感恩節是一個重要的假期，透過在最後一周度過，它不會影響兩天——兩週的旅行。

So I think you get an extra week kind of in November.

所以我認為十一月你會多待一週。

I'm pretty bullish on the Christmas holiday and the fact that it's going to be longer.

我非常看好聖誕假期，而且它會更長。

Having a holiday that -- New Year's Day is on a Wednesday.

有一個假期－元旦是在星期三。

Most people will not come back to work, Thursday or Friday, which -- gives you great length on a period of time where you have usually high demand and some good pricing.

大多數人不會在星期四或星期五回來工作，這給了你一段很長的時間，通常需求量很大，價格也不錯。

So while there has been disruption in the quarter and notable disruption when it comes to hurricanes and a national election, there are some things that are happening that will certainly mitigate some of those activities, as I said just now.

因此，儘管本季出現了乾擾，並且在颶風和全國選舉方面出現了顯著的干擾，但正如我剛才所說，正在發生的一些事情肯定會減輕其中一些活動的影響。

Chris Stathoulopoulos with Susquehanna International Group.

克里斯‧斯塔索洛普洛斯 (Chris Stathoulopoulos)，薩斯奎哈納國際集團 (Susquehanna International Group)。

So Joe, of course, correct me if I'm wrong here, but this fleet buy cycle feels different from those perhaps since 2019 for a lot of reasons.

當然，如果我錯了，喬請糾正我，但由於很多原因，這個車隊購買週期感覺與 2019 年以來的周期有所不同。

Obviously, we know about the supply chain here and with the OEMs.

顯然，我們了解這裡以及原始設備製造商的供應鏈。

But at this point, are we at a point, I guess, where you go into these negotiations and outcomes are kind of more predictable or kind of more where you're able to realize better outcomes.

但在這一點上，我想，我們是否處於這樣一個時刻：你進入這些談判，結果是更可預測的，或者是你能夠實現更好的結果。

And I realize this is a very general question.

我意識到這是一個非常普遍的問題。

I'm just trying to understand sort of the dynamics of this buying cycle versus the prior, let's say, four and ultimately, read through for kind of how we should think about holding costs for the fleet in '25 and beyond.

我只是想了解這個購買週期與之前的購買週期相比的動態，比如說四個，最終，通讀一下我們應該如何考慮 25 年及以後的機隊持有成本。

I think the abnormality with the fleet buying cycles, as you mentioned, had a lot to do with the past couple of years.

我認為，正如您所提到的，車隊購買週期的異常與過去幾年有很大關係。

And the supply chain imbalances, as you suggest, as long as -- as well as the shortage of vehicles.

正如您所建議的，供應鏈不平衡以及車輛短缺。

All of our companies in our industry exited a lot of vehicles during COVID, and that put a lot of pressure on us trying to restock our inventories.

我們行業中的所有公司在新冠疫情期間都退出了大量車輛，這給我們補充庫存帶來了巨大的壓力。

And unfortunately, during a period of time where prices were more expensive than we had in the past.

不幸的是，在一段時間內，價格比過去貴。

It seems like this year, however, when we went into this year, things have gotten more normally back to where we were historically.

然而，今年，當我們進入今年時，情況似乎已經更正常地回到了歷史水平。

Does that mean '26 buy is going to be that way?

這是否意味著 26 年購買也會如此？

I'm not sure.

我不知道。

But it seems like the '25 buy is significantly more improved than the previous two and more in line with what we've seen pre-COVID, which I think is great.

但 25 年的購買似乎比前兩次有明顯改善，並且更符合我們在新冠疫情之前所看到的情況，我認為這很棒。

What I do know is that while we are almost done with our buy, there are still being cars offered as there are cars right now in certain OEMs that have high inventory levels that may be wanting to transition those out before the end of the year.

我所知道的是，雖然我們幾乎完成了購買，但仍然有供應的汽車，因為某些原始設備製造商目前的汽車庫存水平很高，可能希望在年底前將這些汽車轉出。

And they're fluid as well on their production and delivery schedules.

他們的生產和交貨時間表也很靈活。

And we'll be in the market to keep looking at that as we look at our fleet rotation.

當我們考慮我們的機隊輪換時，我們將在市場上繼續關注這一點。

So I was pleased with the buy.

所以我對購買感到滿意。

I like particularly the fact that the vehicles are variable in nature, many different makes and models and trim levels that support the rental car experience.

我特別喜歡這樣一個事實，即車輛本質上是可變的，有許多不同的品牌和型號以及支援租車體驗的裝飾水平。

And for me going forward, I think what happens in this particular case and how quickly we can rotate our fleets in and out and get some of these new lower costed cars in will affect our monthly cost very positively.

對我來說，我認為在這種特殊情況下會發生什麼，以及我們能夠以多快的速度進出車隊並獲得一些成本較低的新車，將對我們的每月成本產生非常積極的影響。

Okay.

好的。

And as my follow-up, so I think Brian has been in this role now for about a year or so.

作為我的後續人員，我認為布萊恩擔任這個角色已經大約一年左右了。

And so we've seen all this workaround demand and pricing analytics.

因此，我們已經看到了所有這些解決方法的需求和定價分析。

You mentioned the app.

您提到了該應用程式。

Where are we in this journey of transformation?

在這場轉型之旅中，我們處於什麼位置？

And what are some of the initiatives as we look at '25 and beyond that we should think about as it relates to things around revenue or fleet or perhaps apps locations.

當我們展望 25 世紀及以後，我們應該考慮哪些舉措，因為它與收入或車隊或應用程式位置相關。

Just want to understand where we are and some of the highlights of sort of things to come?

只是想了解我們現在的情況以及即將發生的事情的一些亮點嗎？

Sure.

當然。

It's hasn't been quite a year yet, but you're right, Brian, we did put Brian in that role.

還不到一年，但你是對的，布萊恩，我們確實讓布萊恩擔任這個角色。

I'm very pleased to have him in that role because he has this incredible ability to digest data and come up with innovative ways for us to improve our processes.

我很高興讓他擔任這個角色，因為他擁有令人難以置信的消化數據的能力，並為我們提出改進流程的創新方法。

Think -- if you think about what we concentrate on most critically as a company and how we want to transform, there are three elements.

思考一下——如果你思考一下作為一家公司我們最關注的是什麼以及我們想要如何轉型，就會發現三個要素。

The first is about fleet.

第一個是關於艦隊。

We just talked about that a minute ago.

我們一分鐘前剛討論過這個問題。

So Brian is very much involved with the team looking at data analytics and residual value curves and things of that nature as well as how it affects our balance sheet, et cetera, on the fleet buy.

因此，布萊恩非常積極地參與團隊的研究，研究數據分析和殘值曲線以及類似性質的事物，以及它如何影響我們的資產負債表等，在車隊購買方面。

So I would say that's number one.

所以我想說這是第一名。

Number two is about operational efficiency.

第二是關於營運效率。

And someone asked me a question just a minute ago on a number of the things that we are looking at, and I talked about there is no secret.

就在一分鐘前，有人問了我一個問題，涉及我們正在關注的一些事情，我談到這沒有什麼秘密。

If we -- we are extremely focused on our variable cost lines and getting them in line with our overall business.

如果我們——我們非常關注我們的可變成本線，並使它們與我們的整體業務保持一致。

And we're working on a number of different initiatives, whether that be productivity at our stores, whether that be in-life vehicle costs on our cars, whether that be damage and salvage recovery, whether that be overall utilization, and I touched on that.

我們正在採取許多不同的舉措，無論是我們商店的生產力，無論是我們汽車的實際車輛成本，無論是損壞和報廢回收，無論是整體利用率，我談到那。

We have a number of initiatives going on right now that is looking at how we can best let our operators know the exact disposition through technology of each of our vehicles because if we do, do that, we believe that we have a better way to get them in from a state of disrepair into a state of repair as well as being moved to the locations that have the best opportunity to put them on the road.

我們現在正在採取多項舉措，研究如何最好地讓我們的操作員透過技術了解每輛車的確切配置，因為如果我們這樣做，那麼我們相信我們有更好的方法來獲得它們從年久失修的狀態進入修復狀態，並被轉移到最有機會讓它們上路的地方。

If you think about vehicle utilization, a point of utilization is worth a good deal of operational EBITDA to our company.

如果您考慮車輛利用率，那麼對於我們公司來說，一點利用率就值得大量的營運 EBITDA。

So that's another area that we're focused on.

這是我們關注的另一個領域。

And the last one does have to do with revenue, right?

最後一項確實與收入有關，對嗎？

How we can retool our systems.

我們如何重組我們的系統。

There are a number of people who are part of that, retool our systems so that we have the best contribution outcome.

有很多人參與其中，重組我們的系統，以便我們獲得最佳的貢獻結果。

We are continually investing in our demand fleet pricing system that will allow us to look at business segments and business opportunities and take reservations into our funnel and then distribute them out to the appropriate locations at the exact best price opportunity and volume opportunity that we can.

我們持續投資於我們的需求車隊定價系統，這將使我們能夠研究業務部門和商機，並將預訂納入我們的漏斗中，然後以我們能夠提供的最佳價格機會和數量機會將它們分發到適當的地點。

So you hit on it.

所以你就這麼做了。

Fleet, operational efficiency as well as revenue generation through better contribution margin are the three areas, and you will see significant growth in those three over the years to come.

機隊、營運效率以及透過更好的邊際貢獻創造收入是三個領域，您將在未來幾年看到這三個領域的顯著成長。

John Healy with Northcoast Research.

北海岸研究中心的約翰·希利。

I just wanted to ask you kind of a philosophical question, Joe. I think about what we're hearing on the call from you guys is optimism that the fleet cost number is going to come down next year, and that the buy is going to be better.

我只是想問你一個哲學問題，喬。我認為我們從你們的電話中聽到的是樂觀情緒，即明年機隊成本數字將會下降，並且購買會更好。

The benefit of rate, you guys have sold off cars and it tightened up capacity.

利率的好處是，你們賣掉了汽車，因此收緊了產能。

So I guess as I think about all of those things, I mean it's an encouraging backdrop going into next year.

所以我想，當我思考所有這些事情時，我的意思是，這是進入明年的令人鼓舞的背景。

But would love to just kind of hear how much can that fleet buy rotation truly bring down holding costs in '25 because my thought is you're going to still have a sizable amount of cars that are higher DPU than you'd like in your fleet?

但我很想知道在 25 年購買輪換車能夠真正降低多少持有成本，因為我的想法是你仍然會擁有相當數量的 DPU 比你想要的更高的汽車船隊？

And just hoping you could kind of give us some direction on how much the fleet cost number could come down maybe in the 6- to 12-month period just as you rotate out.

只是希望您能給我們一些指導，說明在您輪換後的 6 到 12 個月內，機隊成本可能會下降多少。

So that would be helpful.

所以這會很有幫助。

Sure.

當然。

Yes, we're just completing the buy now.

是的，我們現在剛完成購買。

So those exact calculations that you're talking about will be thought about in the next -- as we complete our business plan.

因此，當我們完成我們的業務計劃時，我們將在接下來考慮您所談論的那些精確計算。

You're right.

你說得對。

One buy cycle may not tell the totality of the story, but it's a start.

一個購買週期可能無法講述整個故事，但它是一個開始。

And we took out a good number of vehicles early this year.

今年初我們拿出了大量車輛。

If you think of -- you guys look at our fleet -- our average fleet sizes.

如果你們想到──你們看看我們的機隊──我們的平均機隊規模。

So a couple of hundred thousand cars, give or take, a year come out and get rotated out.

因此，無論多少，一年都會有數十萬輛汽車問世並輪換。

So there's still a couple -- certainly more to do next year.

因此，明年還有一些工作要做，當然還有更多工作要做。

But I think the thing that I look at is how would be as nimble and flexible as we can with both our dispositions as well as spot buys.

但我認為我關注的是如何盡可能靈活地處理我們的配置和現貨購買。

There are buys that happen more so than we actually think right now, that will enable us to rotate out quicker.

有些購買發生的次數比我們現在實際想像的要多，這將使我們能夠更快地輪換。

But for us, we try to get a head start by getting out of some of those challenges.

但對我們來說，我們試圖透過克服其中一些挑戰來搶佔先機。

You know all of us, at least for us, we bought cars at a higher price.

你知道我們所有人，至少對我們來說，我們以更高的價格買了汽車。

We bought used cars over the pandemic that we needed to get out of.

我們在需要擺脫的大流行期間購買了二手車。

So we did a lot of that flushing out early this year, but it will take us a bit longer to kind of get our hands around that.

因此，我們在今年早些時候做了很多工作，但我們需要更長的時間才能解決這個問題。

More to come as we as we give you our expected DPUs for the '25 business plan in next call, John.

約翰，我們將在下次電話會議中為您提供 25 年業務計劃的預期 DPU，屆時還會有更多內容。

Sure.

當然。

And I guess just a follow up kind of in the same kind of direction.

我想這只是同一方向的後續行動。

When you think about the business, if your fleet costs next year are lower, your financing costs are lower, does that create a situation where maybe investors should be thinking about -- you thinking about the spread in the business on rental as opposed to a metric like pricing is being important next year.

當你考慮這項業務時，如果你明年的車隊成本更低，你的融資成本也更低，這是否會造成投資者應該考慮的情況——你考慮的是租賃業務的利差，而不是租賃業務的利差。

So if we're talking about inventory costs going lower, is it misguided for investors that have an expectation that RPD levels should be similar or going higher.

因此，如果我們談論庫存成本下降，那麼對於預期 RPD 水準應該相似或更高的投資者來說，這是否會受到誤導？

It's flat RPD, the new up in a deflating inventory cost model for you guys.

這是固定的 RPD，是為你們提供的緊縮庫存成本模型中的新產品。

I think the way I would think of it is how we measure the business and call it those metrics really shouldn't change.

我認為我的想法是我們如何衡量業務並將其稱為這些指標確實不應該改變。

So you're going to have to take everything in totality, right?

所以你必須全面考慮一切，對嗎？

So obviously, fleet and interest is one important thing.

顯然，機隊和興趣是一件重要的事。

We also have rent expense that increases people cost, although all those operational efficiencies we talk about is supposed to -- is not supposed to, is mitigating and we continue to mitigate it.

我們的租金支出也增加了人員成本，儘管我們談論的所有這些營運效率應該——不應該——正在減輕，而且我們將繼續減輕它。

And I think it's all the components of the expense lines offset by the revenue.

我認為這是支出項目的所有組成部分被收入所抵消。

And the most important thing being that revenue per day stabilizes.

最重要的是每日收入穩定。

I think you could see in the actions we took in the quarter that positions us for quarters to come and our discipline around that.

我認為您可以從我們在本季度採取的行動中看到我們為未來幾季做好的準備以及我們圍繞這一點的紀律。

It's really always going to come down to all the metrics and not over-indexing on one over the other, but importantly, how they all contribute to more margin on the bottom line.

實際上總是會歸結為所有指標，而不是過度索引其中一項指標，但重要的是，它們如何為底線帶來更多利潤。

Dan Levy with Barclays.

巴克萊銀行的丹·利維。

I wanted to start with a question on your fleet buy.

我想先問一個關於您的車隊購買的問題。

I think we know that the backdrop in the auto industry right now is that there is a few automakers that are heavier on the inventory side, especially amongst the D3, and wondering to what extent there's maybe an extra willingness from some of the OEMs to be a bit more aggressive on the pricing side?

我認為我們知道目前汽車行業的背景是，有一些汽車製造商的庫存量較大，尤其是 D3，並且想知道一些 OEM 廠商在多大程度上可能有額外的意願去庫存。 ？

And then just as a follow-up on that, is there any risk that -- you seem to be fairly disciplined on your fleet side, but that maybe some of your competitors are getting exceedingly good deals and could take on extra fleet because you have OEMs that are a little more keen on clearing inventory.

然後，作為後續行動，是否存在任何風險 - 您似乎在機隊方面相當有紀律，但也許您的一些競爭對手正在獲得非常好的交易，並且可能會購買額外的機隊，因為您有原始設備製造商更熱衷於清理庫存。

I'll take that.

我會接受的。

We have an extremely diverse portfolio.

我們擁有極為多樣化的產品組合。

We deal with all the OEMs, and we have different makes and models that we procure and put into our fleet.

我們與所有原始設備製造商都有業務往來，我們採購不同的品牌和型號並將其放入我們的車隊中。

And there are deals that are happening.

並且正在發生一些交易。

That's why I say we're almost complete because there are deals that are happening as we speak.

這就是為什麼我說我們已經幾乎完成了，因為就在我們說話的時候，一些交易正在發生。

Here is what I think about the overall industry allocation which I think is important.

這是我對整個產業配置的看法，我認為這很重要。

It's basically, give or take, a certain amount of vehicles going to be the same in '25 as it was in '24.

基本上，不管怎樣，25 年的一定數量的車輛將與 24 年的車輛相同。

And that's my opinion.

這就是我的觀點。

So it's not going to be like there's this enormous amount of vehicles that are going to be provided to the industry as it seems -- as it stands right to today.

因此，不會像今天那樣向該行業提供如此大量的車輛。

There will always be outliers that suggest, hey, I have a couple of cars you guys want to take them or not.

總是會有異常值表明，嘿，我有幾輛車，你們想不想拿。

If that happens, we'll be participating in that as well.

如果發生這種情況，我們也會參與其中。

So I do think that there is discipline by the OEMs and what they provide to the rental industry.

因此，我確實認為原始設備製造商及其為租賃行業提供的服務存在紀律。

You can look at the SAAR as an indication of what they believe is going to be sold as internationally.

您可以將 SAAR 視為他們認為將在國際上銷售的產品的指標。

And for the industry, I see it as relatively unchanged year-over-year, give or take.

對於這個行業來說，我認為它與去年同期相比相對沒有變化，無論變化還是變化。

And so like I said, we are a participant in any and all deals that come as long as they meet our criteria on return on our capital investment is why I see it.

正如我所說，只要交易符合我們的資本投資回報標準，我們就會參與所有交易，這就是我的看法。

And our '25 fleet buy looks to me, started off really well and we're back to historic norms, where deals work that way, work best for both parties.

在我看來，我們 25 年的車隊購買一開始非常好，我們又回到了歷史常態，交易以這種方式進行，對雙方來說都是最好的。

So I don't see that there's a whole lot of OEMs that are willing to just dump cars, but there have been spot buys.

所以我不認為有很多原始設備製造商願意拋棄汽車，但已經有現貨購買。

I believe there'll be more as time goes on, I think the fleet sizes will be relatively what they sell to the industry, relatively in line.

我相信隨著時間的推移會有更多，我認為機隊規模將與他們向行業銷售的規模相對一致，相對一致。

And like I said earlier, I'm very pleased with our '25 buy.

正如我之前所說，我對 25 年的購買感到非常滿意。

It's -- we got our -- at least the buyback to historic norms, which worked for all of us.

這是——我們得到了——至少是對歷史規範的回購，這對我們所有人都有效。

And as a follow-up, somewhat related, you're clearly committed to having a tight fleet.

作為後續行動，有些相關，您顯然致力於擁有一支緊密的車隊。

Maybe you could just talk about what you're seeing from your competitors on fleet tightness.

也許您可以談談您從競爭對手那裡看到的機隊緊張程度。

One is facing maybe some questions on liquidity.

人們可能面臨一些有關流動性的問題。

I don't know to what extent that's impacting the fleet tightness.

我不知道這對機隊緊張程度有多大影響。

The other one is just on that is maybe a little heavier on the fleet and it moved some cars from off-airport to on-airport.

另一個是車隊的重量可能稍微重一些，它將一些汽車從機場外轉移到機場內。

So just maybe the broader industry fleet tightness, and any color would be appreciated.

因此，也許更廣泛的行業船隊緊張，任何顏色都會受到讚賞。

Yes.

是的。

Sure.

當然。

As I said a little bit earlier, everyone bought cars that were highly higher priced in '23 and '24 and probably went in with more cars than they would like, largely due to the challenges of residual values towards the end of last year.

正如我之前所說，每個人在 23 年和 24 年購買的汽車價格都很高，而且可能購買的汽車數量超出了他們的預期，這主要是由於去年底剩餘價值的挑戰。

We did -- we decided to get out of those cars and get out of them quickly.

我們做到了──我們決定離開那些汽車，而且要盡快離開。

And that was right for our business.

這對我們的業務來說是正確的。

With the new cars coming in that are more advantageous than they had in the past, it makes sense for everyone to kind of get their hands around that and do that as well.

隨著新車的出現比過去更有優勢，每個人都應該參與其中並這樣做。

So as I said earlier, I think over time, that starts to rationalize.

正如我之前所說，我認為隨著時間的推移，這種情況開始合理化。

So -- and I do believe that we have businesses -- just for us, that we have brands that allow us to participate well in all areas of our industry.

因此，我確實相信我們有自己的業務，我們有品牌，可以讓我們很好地參與行業的所有領域。

We have the Avis brand that appeals to both the business and leisure customer.

我們擁有對商務和休閒客戶都有吸引力的 Avis 品牌。

We have the budget brand that was predominantly leisure.

我們有一個以休閒為主的廉價品牌。

We have brand, people who want to rent more infrequently.

我們有品牌，人們想要更頻繁地租房子。

So I do think we have the brand and the positioning and the investment in our app and our direct channels plus the relationships that we have with exclusive partners, both airlines and proprietary relationships with big associations.

因此，我確實認為我們擁有品牌、定位、對應用程式和直接管道的投資，以及我們與獨家合作夥伴的關係，包括航空公司以及與大型協會的專有關係。

I think that bodes us well for our ability to allow us to put cars on the road in a meaningful way.

我認為這預示著我們有能力讓汽車以有意義的方式上路。

So the combination of our book of business, the brands that we have as far as well as I believe the fleets will start to rationalize in our industry, the fact that I don't believe the fleet buys are going to be much different year-over-year.

因此，結合我們的業務、我們擁有的品牌以及我相信我們行業中的車隊將開始合理化，事實上我不認為車隊購買今年會有太大不同-超過一年。

I think that bodes well for all of us.

我認為這對我們所有人來說都是好兆頭。

At this time, we've reached the end of our question-and-answer session.

此時，我們的問答環節已經結束。

I'd like to turn the floor back to Joe Ferraro for closing remarks.

我想請喬·費拉羅（Joe Ferraro）致閉幕詞。

Yes.

是的。

Thank you.

謝謝。

So to recap, we reported a strong third quarter with improved vehicle utilization through ongoing fleet discipline.

回顧一下，我們報告了第三季度的強勁表現，透過持續的車隊紀律提高了車輛利用率。

Our model year 2025 buy is largely complete, and we expect to have substantially lower holding costs as these vehicles rotate into our fleet.

我們的 2025 年車型購買已基本完成，隨著這些車輛輪流加入我們的車隊，我們預計持有成本將大幅降低。

We'll continue to prioritize high-margin business while balancing volume.

我們將繼續優先考慮高利潤業務，同時平衡數量。

The holiday demand looks strong, and we expect price to transition seasonally.

假期需求看起來很強勁，我們預期價格會季節性轉變。

Our teams around the world are well positioned and prepared to close out the year.

我們遍佈世界各地的團隊已做好充分準備，為今年的收官之年做好準備。

And as always, I want to thank you for your time and interest in our company.

一如既往，我要感謝您抽出寶貴時間對我們公司表示關注。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect your lines at this time.

此時您可以斷開線路。