Avis Budget Group Inc (CAR) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Avis Budget Group's First-Quarter 2025 earnings conference call. At this time, all participants will be in listen-only mode.

問候。歡迎參加 Avis Budget Group 2025 年第一季財報電話會議。此時，所有參與者將處於只聽模式。

(Operator Instructions) Please note that today's conference is being recorded and a question answer session will follow the formal presentation.

（操作員指示）請注意，今天的會議正在錄製，正式演講後將進行問答環節。

I'll now turn the conference over to David Calabria, Treasurer and Senior Vice President, corporate finance. Mr. Calabria, you may now begin.

現在，我將會議交給財務主管兼公司財務高級副總裁 David Calabria。卡拉布里亞先生，現在可以開始了。

Good morning, everyone, and thank you for joining us. On the call with me are Joe Ferraro, our Chief Executive Officer, and Izzy Martins, our Chief Financial Officer.

大家早安，感謝大家的收看。與我一起通話的還有我們的執行長喬·費拉羅 (Joe Ferraro) 和財務長伊茲·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. Such risks and assumptions, uncertainties, and other factors are identified in our earnings reliefs and our periodic filings with the SEC, as well as the investors relations section of our website. 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 make no guarantees about our future performance.

在我們開始之前，我想提醒大家，我們將討論前瞻性訊息，包括潛在的未來財務業績，這些資訊受風險、不確定性和假設的影響，可能導致實際結果與此類前瞻性陳述和資訊有重大差異。此類風險和假設、不確定性和其他因素在我們的收益減免和定期向美國證券交易委員會提交的文件中以及我們網站的投資者關係部分中均有列明。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都可能被證明是不準確的，並且我們不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前瞻性陳述的義務。

On this call, we will discuss certain non-gap financial measures. 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. With that, I'd like to turn the call over to Joe.

在這次電話會議上，我們將討論某些非差距財務措施。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 指標的對帳。說完這些，我想把電話轉給喬。

Thank you, David. Good morning, everyone, and thank you for joining us today. Yesterday we reported our first quarter results, which delivered quarterly revenue of $2.4 billion and adjusted our loss of $93 million.

謝謝你，大衛。大家早安，感謝大家今天加入我們。昨天我們報告了第一季業績，季度收入為 24 億美元，調整後虧損為 9,300 萬美元。

Overall, travel demand played out largely as we expected in the first quarter. Taking into account calendar shifts, demand remained solid, primarily due to leisure activity. Total company pricing, while down 2% year over year on a constant currency basis, showed improvement compared to the decline experience in the fourth quarter.

整體而言，第一季的旅遊需求基本上符合我們的預期。考慮到日曆的變化，需求仍然保持穩定，這主要歸功於休閒活動。儘管以固定匯率計算，公司整體定價年減 2%，但與第四季的下降相比有所改善。

In February, we discussed our accelerated fleet rotation strategy. During the first quarter, we were laser focused on executing our fleet refresh, laying the foundation for lower fleet costs, and improved operating expenses through newer lower mileage vehicles while also enhancing the customer experience.

二月份，我們討論了加速船隊輪換戰略。在第一季度，我們專注於執行車隊更新，為降低車隊成本奠定基礎，並透過更新的低里程車輛改善營運費用，同時提升客戶體驗。

We aggressively disposed of higher cost, older model year vehicles. In fact, I'm proud to say that the number of risk vehicles we disposed of this quarter was a company record. This was not only a first quarter record, but a record for any quarter in our company's history. These disposals had made room for newer and more affordable vehicles in our fleet.

我們積極處理成本較高、車型較老的車輛。事實上，我很自豪地說，本季我們處置的風險車輛數量創下了公司最高紀錄。這不僅是第一季的記錄，也是我們公司歷史上任何一個季度的記錄。這些處置為我們車隊中更新、更便宜的車輛騰出了空間。

As we mentioned on our last earnings call, we expected an additional non-cash charge in the first quarter related to the disposition of vehicles as part of our accelerated rotation strategy. Izzy will provide more details later on this call.

正如我們在上次收益電話會議上提到的那樣，作為我們加速輪調策略的一部分，我們預計第一季將產生與車輛處置相關的額外非現金費用。Izzy 稍後將在本次通話中提供更多詳細資訊。

We remain committed to our fleet discipline as a core part of our operating strategy by carefully managing the fleet just inside of demand. We've consistently achieved year over year improvements in utilization, and this trend has continued into the first quarter, with total company utilization of nearly 4 points compared to the first quarter of 2024.

我們始終致力於將船隊紀律作為我們營運策略的核心部分，在需求範圍內精心管理船隊。我們的利用率逐年提高，這一趨勢一直持續到第一季度，與 2024 年第一季相比，公司總利用率提高了近 4 個百分點。

We're continuing to invest meaningfully in technology to transform key parts of our business, focusing on enhancing our customer experience, revenue generation, and operational efficiencies. These investments are all aimed at driving incremental adjusted EBITDA.

我們將繼續大力投資技術，以轉變我們業務的關鍵部分，重點是提升我們的客戶體驗、創造收入和營運效率。這些投資均旨在推動增量調整後 EBITDA。

As a result of these actions and our close management of cost, our adjusted EBITDA. Exceeded the first quarter adjusted EBITDA guidance we provided on our last call.

由於這些行動以及我們對成本的嚴格管理，我們的 EBITDA 得到了調整。超過了我們在上次電話會議上提供的第一季調整後 EBITDA 指引。

With that, let's discuss our segment results beginning as always with the Americas. The Americas generated over $1.9 billion of revenue in the first quarter with an adjusted EBITDA loss of $67 million.

接下來，讓我們像往常一樣從美洲開始討論我們的分部業績。美洲地區第一季營收超過 19 億美元，調整後 EBITDA 虧損為 6,700 萬美元。

As we mentioned on our last call, December's record Christmas season carried strong momentum into January with a robust MLK holiday weekend. However, as we moved into February and March, there are year-over-year comparisons to take into account with the loss of a day in February due to leap year and Easter shifting from March to April. Holidays are key events for our business and we capture higher volume and higher pricing from leisure travel.

正如我們在上次電話會議中提到的那樣，12 月份創紀錄的聖誕季因馬丁路德金紀念日週末的強勁增長勢頭延續到了 1 月份。然而，隨著我們進入二月和三月，需要考慮與去年同期的比較，因為閏年和復活節從三月移到四月，二月會減少一天。假期是我們業務的關鍵活動，我們從休閒旅遊中獲得了更高的客流量和更高的價格。

With these calendar shifts in mind, revenues on a constant currency basis decreased 4% this quarter compared to the same period in 2024, driven by 3% lower pricing and 1% decline in volume. This largely drove the year over year decline in our first quarter revenue. If you adjust for these calendar shifts, our revenue this quarter would have been relatively flat till last year.

考慮到這些日曆變化，本季以固定匯率計算的營收與 2024 年同期相比下降了 4%，原因是價格下降了 3%，銷量下降了 1%。這在很大程度上導致了我們第一季營收年減。如果根據這些日曆變化進行調整，我們本季的營收將與去年相比會相對持平。

Despite the calendar shifts in the first quarter, we still saw a stable demand trends. Overall, our rental days were in line with TSA activity year over year. We did, however, see a pullback in commercial demand as we transitioned through the quarter. This was mitigated by improved leisure demand and meaningful year-over-year volume growth with our valued partners, a trend that continued in April and will remain an area of emphasis for us moving forward.

儘管第一季日曆發生變化，但我們仍然看到穩定的需求趨勢。總體而言，我們的租賃天數與 TSA 活動同比保持一致。然而，隨著本季的過渡，我們確實看到商業需求有所回落。休閒需求的增加以及我們與重要合作夥伴的銷售同比大幅增長緩解了這一影響，這一趨勢在四月份持續，並將繼續成為我們未來工作的重點領域。

We maintained our discipline to keep fleet inside of demand, which allows for the most efficient use of our assets and optimal price outcomes in any environment. Vehicle utilization improved both on a year-over-year basis and sequentially throughout the quarter. Utilization in the Americas reached nearly 70% for the quarter, representing a 4 point increase year over year.

我們嚴格遵守紀律，使船隊滿足需求，這使得我們的資產能夠得到最有效的利用，並在任何環境下獲得最佳的價格結果。本季車輛利用率年比及環比均有所提高。本季美洲地區的利用率達到近 70%，較去年同期成長 4 個百分點。

Looking forward, we believe the transformational enhancements we are making around fleet management will continue to put us in the best position to capitalize on supply and demand opportunities. We've touched on some of these enhancements on our previous calls, and I will provide an update on our efforts later. We expect to continue to show year over year improvements in vehicle utilization throughout the year as we plan to continue to run a fleet size inside of demand.

展望未來，我們相信，我們在車隊管理方面所做的轉型改進將繼續使我們處於最佳位置，以利用供需機會。我們在之前的電話會議中已經談到了其中的一些改進，稍後我將更新我們的工作進度。我們計劃繼續在需求範圍內營運車隊規模，因此我們預計全年車輛利用率將繼續逐年提高。

I'm beyond impressed with the progress we have made to date on our accelerated fleet rotation. In the Americas, the demand for our used cars was strong, and we sold a record number of risk vehicles. In fact, the number of risk vehicles we sold was the most in any quarter in our company's history.

我對我們迄今為止在加速艦隊輪換方面所取得的進展印象深刻。在美洲，我們的二手車需求強勁，風險車輛銷售創下了歷史新高。事實上，我們銷售的風險車輛數量是公司歷史上任何一個季度最多的。

The used car residual market has performed well this quarter, partially due to the annual spring bounces and both new and used vehicle inventories being down, but also due to early reactions following the announced automotive tariffs. Residual values improved throughout the quarter, and this is still continuing today.

本季二手車殘值市場表現良好，部分原因是由於年度春季反彈以及新車和二手車庫存下降，但也歸因於汽車關稅宣布後的早期反應。整個季度殘值都有所提高，並且這一趨勢一直持續到今天。

I also want to give an update on new vehicles we have added to our fleet.

我還想介紹一下我們車隊新增車輛的情況。

To date, we have accepted delivery of approximately 70% of our anticipated model year 25 vehicles. We expect our accelerated fleet rotation to help the overall fleet health and reduce our average age, which is currently less than 12 months, and overall mileage, which would possibly affect our in-life costs.

到目前為止，我們已經接受了預計 25 款車型約 70% 的交付。我們預計，加快機隊輪換將有助於整體機隊健康，並降低目前不到 12 個月的平均機齡和總里程，這可能會影響我們的使用壽命成本。

In terms of both speed and scale, this has been the most impressive fleet refresh during my tenure. This progress has laid the groundwork for more normalized fleet costs as we transition through the remainder of the year and beyond.

無論從速度或規模來看，這都是我任職期間最令人印象深刻的船隊更新。這項進展為我們在今年剩餘時間及以後實現更正常化的車隊成本奠定了基礎。

I now want to briefly touch on ongoing developments around automotive tariffs. This is a very fluid and ever-changing environment, and there's still quite a bit of uncertainty regarding the impacts as it pertains to both our OEM partners and the rental car industry as a whole.

現在我想簡單談談汽車關稅的最新進展。這是一個非常不穩定且不斷變化的環境，對於我們的 OEM 合作夥伴和整個租車行業的影響仍然存在相當大的不確定性。

As always, we focus on what we can control.

像往常一樣，我們專注於我們能夠控制的事情。

First off, we're working closely with our OEM partners and have been in frequent discussions on how to best navigate the situation with the overarching objective to allow for maximum flexibility in our overall fleet planning.

首先，我們正在與我們的 OEM 合作夥伴密切合作，並經常討論如何最好地應對這種情況，總體目標是讓我們的整體車隊規劃具有最大的靈活性。

As it stands now, new car deliveries for the most part are arriving as planned and at previously agreed upon prices. The used car residual value index for cars of our type is currently well ahead of prior year highs, and we plan to continue to capitalize on this favorable environment.

目前情況是，新車交付大部分都按計劃進行，價格也與先前商定的一致。我們這類汽車的二手車殘值指數目前遠高於去年同期的高點，我們計劃繼續利用這個有利環境。

It's too early to know what impacts these tariffs may or may not have on our model year '26 buy. We'll be in a better position to give an update as the year progresses.

現在還無法知道這些關稅會對我們購買 26 款車型產生什麼影響。隨著時間的推移，我們將能夠更好地提供最新資訊。

From a volume standpoint, forward bookings are up over a prior year with continued growth and leisure and a pullback in commercial demand similar to what we saw in the first quarter. As mentioned previously, our goal is to maintain fleet flexibility in order to ensure we have enough cars to handle the summer peak and beyond and to be ready to take advantage of any positive outcomes in the residual value markets.

從數量的角度來看，預訂量比去年有所增加，休閒需求持續增長，商業需求出現與我們在第一季看到的類似的回落。如前所述，我們的目標是保持車隊靈活性，以確保我們有足夠的車輛來應對夏季高峰及以後的情況，並準備好利用剩餘價值市場中的任何積極成果。

Over the longer term, we will remain disciplined in adjusting our fleet strategy, pivoting if demand improves or adjusting as necessary. We have a history of reacting quickly and decisively based on internal or external challenges to ensure we stay inside of demand while providing a strong return on invested capital in any environment.

從長遠來看，我們將繼續嚴格調整船隊策略，在需求改善時進行調整或根據需要進行調整。我們始終能夠根據內部或外部挑戰做出快速而果斷的反應，以確保我們滿足需求，同時在任何環境下提供強勁的投資回報。

So to recap, the first quarter, the American segment delivered $1.9 billion of revenue and adjusted even our loss of $67 million. These results reflect expected softer year over year performance driven by calendar shifts, including one less day due to leap year in 2024 and Easter moving into April.

總而言之，第一季度，美國分部實現了 19 億美元的收入，甚至還調整了 6,700 萬美元的虧損。這些結果反映了由於日曆變化導致的預期同比表現疲軟，包括由於 2024 年閏年而減少一天以及復活節推遲到 4 月。

Despite these differences, fleet discipline remained a top priority, enabling year over year improvements in vehicle utilization. We made significant progress executing the accelerated fleet rotation strategy with a record number of vehicle sales and successfully accepting the majority of our model year 2025 vehicle deliveries at previously agreed upon prices.

儘管存在這些差異，車隊紀律仍然是重中之重，使得車輛利用率逐年提高。我們在執行加速車隊輪換策略方面取得了重大進展，汽車銷量創下歷史新高，並成功以先前商定的價格接受了大部分 2025 年汽車的交付。

These accelerated actions have set the stage for improved year over year fleet costs beginning in the 2nd quarter with normalized levels starting as early as the third quarter. We're optimistic that the used car residual values plan to support favorable outcomes on vehicle sales, and we will take advantage of this as the opportunities present themselves.

這些加速行動為從第二季開始的同比船隊成本改善奠定了基礎，並最早從第三季開始恢復正常水平。我們樂觀地認為二手車殘值計畫將為汽車銷售帶來有利的結果，我們將抓住機會，抓住機會。

As always, our goal is to be disciplined in aligning our fleet size with demand, driving higher utilizations throughout the remaining part of the year. As a result of our strategic actions, the Americas is well positioned to capitalize on the upcoming peak travel season.

像往常一樣，我們的目標是嚴格控制船隊規模以適應需求，從而在今年剩餘時間內提高利用率。由於我們的策略行動，美洲已準備好迎接即將到來的旅遊旺季。

Let's shift gears to international. International generated revenues of $523 million and adjusted EBITDA loss of $3 million. The first quarter adjusted EBITDA loss year over year improved by $12 million, which was largely due to improved pricing, lower fleet costs, and strong cost discipline to keep operating expenses in line with volume.

讓我們轉向國際化。國際業務營收為 5.23 億美元，調整後 EBITDA 虧損為 300 萬美元。第一季調整後的 EBITDA 虧損同比改善了 1,200 萬美元，這主要歸功於定價的提高、車隊成本的降低以及嚴格的成本控制，使營運費用與銷售量保持一致。

Excluding exchange rate effects, first quarter revenue was down 2% compared to prior year, with volume down 3% and pricing up 1%. Similar to the Americas, volume was down in the quarter due to calendar shifts with growth in leisure travel, helping to offset a strategic reduction in lower margin business.

不計匯率影響，第一季營收與去年同期相比下降 2%，銷量下降 3%，價格上漲 1%。與美洲類似，由於休閒旅遊成長導致日曆變化，本季銷量下降，有助於抵消低利潤業務的策略性削減。

We remain focused on building international inbound and inter-European travel, which grew nearly 7% in the first quarter compared to the same period, 2024. This segment mix generates higher margins and allows us to exit out of lower priced volume.

我們仍專注於發展國際入境和歐洲間旅遊，與 2024 年同期相比，第一季國際入境和歐洲間旅遊成長了近 7%。這種細分市場組合可以產生更高的利潤，並使我們能夠退出低價市場。

Despite the calendar shifts, there was still an overall year over year increase in our leisure business in the first quarter. Our demand fleet pricing system is now fully deployed across Europe and is currently being implemented in our Pacific region. Early results show benefits in price optimization, vehicle utilization, and margin contribution.

儘管日曆發生變化，但第一季我們的休閒業務整體仍同比增長。我們的按需車隊定價系統現已在整個歐洲全面部署，並且目前正在太平洋地區實施。早期結果顯示價格優化、車輛利用率和利潤貢獻方面都有益處。

We remain disciplined and keeping fleet inside of demand to drive higher vehicle utilization. This quarter utilization was 69%, up more than 2 points compared to the first quarter of 2024. Similar to the Americas, we are maintaining our flexibility in our fleet position as we prepare for the summer peak.

我們保持紀律並保持車隊滿足需求以提高車輛利用率。本季利用率為 69%，較 2024 年第一季成長 2 個百分點以上。與美洲類似，我們在為夏季高峰做準備時，也保持了船隊狀況的靈活性。

So far in the second quarter, we've seen benefits from Easter shifting into April. We'll continue to prioritize higher margin business to drive improved pricing outcomes throughout the remainder of the spring season and leading into the summer peak. Our international regions continue to be popular destinations for cross-border travel, and I believe we are well positioned to capture this demand.

到目前為止，在第二季度，我們已經看到復活節推遲到四月帶來的好處。我們將繼續優先考慮利潤率較高的業務，以推動整個春季剩餘時間和夏季高峰期的定價結果改善。我們的國際地區繼續成為跨境旅行的熱門目的地，我相信我們完全有能力滿足這項需求。

Moving on to marketing and technology. Our Avis brand launched the Plan On Us campaign in 2023 to reinforce our more than 75 year legacy of reliability and commitment to delivering seamless customer service. The campaign positions Avis as a trusted partner for travelers, a message that continues to resonate strongly with those customers and employees.

轉向行銷和技術。我們的 Avis 品牌於 2023 年推出了 Plan On Us 活動，以鞏固我們 75 多年來的可靠性和提供無縫客戶服務的承諾。這項活動將 Avis 定位為旅行者值得信賴的合作夥伴，這一訊息繼續在客戶和員工中引起強烈共鳴。

Building on its success, we relaunched the campaign in April, ahead of the summer peak season. In a world of change and uncertainty, we want our customers to know that they can plan on us. Because for over 75 years, Avis has had only one plan to make sure you keep yours. This marketing campaign is just one example of the targeted investments aimed at driving incremental adjusted EBITDA growth.

基於此成功的經驗，我們在 4 月夏季旺季來臨之前重新啟動了該活動。在這個充滿變化和不確定性的世界裡，我們希望我們的客戶知道他們可以依靠我們來製定計劃。因為 75 多年來，Avis 只採用一個計劃來確保您保住您的保險。此次行銷活動只是旨在推動增量調整後 EBITDA 成長的目標投資的一個例子。

Now, let's discuss ongoing developments with technology, starting with an update to our customer mobile app. We launched a new app last fall, which continues to build momentum as our fastest growing digital channel and enhance overall customer experience.

現在，讓我們討論一下科技的持續發展，首先是我們的客戶行動應用程式的更新。去年秋天，我們推出了一款新應用程序，它作為我們成長最快的數位管道繼續保持強勁勢頭，並提升了整體客戶體驗。

We recently rolled out a new feature aimed at improving the online customer experience through real-time on-demand assistance. With just a few taps, customers can request assistance directly from the line. And an associate will come to help them wherever they may be. You've launched the experience at 12 locations, and early customer response has been positive. This is another example of how we're leveraging technology to deliver faster, more personalized service and drive greater customer satisfaction.

我們最近推出了一項新功能，旨在透過即時按需協助改善線上客戶體驗。只需輕按幾下，客戶就可以直接從線路上請求協助。無論他們身在何處，都會有同事來幫助他們。您已經在 12 個地點推出了該體驗，早期客戶反應積極。這是我們利用科技提供更快、更個人化的服務並提高客戶滿意度的另一個例子。

We're also making meaningful improvements to our operational efficiencies by leveraging technology and machine learning across key areas of our business. These activities will assist us in revenue generation, productivity enhancements, and utilization efficiencies. These advancements support our broader goal of enhancing overall margin contribution.

我們還透過在業務的關鍵領域利用技術和機器學習來顯著提高營運效率。這些活動將幫助我們創造收入、提高生產力和提高利用效率。這些進步支持了我們提高整體利潤貢獻的更廣泛目標。

As I mentioned on our last call, we remain laser-focused on driving sustainably higher vehicle utilization performance by leveraging new digital in-life fleet tools to provide better understanding of the disposition of every vehicle within our control.

正如我在上次電話會議上提到的那樣，我們仍然專注於透過利用新的數位化車隊工具來更好地了解我們控制範圍內每輛車的配置情況，從而持續提高車輛利用率。

We are continuing to optimize the digital fleet tools in our pilot locations. With the success of the pilots, we have begun rolling out these digital tools to several new key locations to further operationalize and scale this technology across the US.

我們正在繼續優化試點地點的數位車隊工具。隨著試點的成功，我們已經開始將這些數位工具推廣到幾個新的關鍵地點，以進一步在美國範圍內實施和擴展這項技術。

These tools are designed to improve vehicle movements, enable more timely repairs, and enhance visibility in our vehicle dispositions, all contributing to increased fleet availability. This and other operational efficiency strategies have enabled us to maintain operating and SG&A expenses on a per rental day basis consistent with the first quarter of last year.

這些工具旨在改善車輛運行，實現更及時的維修，並提高車輛配置的可視性，有助於提高車隊的可用性。這項策略和其他營運效率策略使我們能夠維持與去年第一季一致的按租賃日計算的營運和銷售、一般及行政費用。

So to conclude, we had a terrific start to our accelerated fleet rotation strategy with first quarter disposals well above historic norms, and we will aim to continue to optimize this strategy throughout the remainder of the year.

總而言之，我們的加速船隊輪換戰略開局良好，第一季的處置量遠高於歷史正常水平，我們的目標是在今年剩餘時間內繼續優化這一戰略。

Improved year-over-year fleet costs are expected to begin in the second quarter with normalized levels starting as early as the third quarter. Utilization was up in the first quarter and year over year improvements are expected to continue throughout the year.

預計車隊成本將從第二季開始年比改善，並最早從第三季開始恢復正常水準。第一季利用率上升，預計全年將繼續保持同比改善。

While tariffs have created some level of uncertainty, we feel we have developed a flexible fleet plan to take advantage of the summer peak and any positive outcomes in the used car market. The demand for our used cars is very strong, and residual values are currently well above prior year.

雖然關稅造成了一定程度的不確定性，但我們認為我們已經制定了靈活的車隊計劃，以利用夏季高峰和二手車市場的任何積極成果。我們對二手車的需求非常強勁，目前殘值遠高於去年。

As previously mentioned, early summer bookings show increased growth with leisure offsetting a pullback in commercial travel, and as always, we expect pricing to improve seasonally.

如前所述，初夏的預訂量呈現成長勢頭，休閒旅遊抵消了商務旅遊的回落，而且與往常一樣，我們預計價格將隨著季節性上漲。

Before I close, I want to take a brief moment on a personal note. As I will be transitioning out of my current role as CEO on June 30th and continuing as an advisor to the board.

在結束之前，我想簡短地談談個人看法。因為我將於 6 月 30 日辭去現任執行長職務，並繼續擔任董事會顧問。

It has been my honor and privilege to lead Avis Budget Group, and I'm incredibly proud of everything our team has accomplished throughout my 45 year tenure.

我很榮幸能夠領導 Avis Budget Group，我為我們團隊在我 45 年的任期內所取得的成就感到無比自豪。

In both good times and challenging environments, we've always found a way to enhance our company's performance. We have a tremendous culture of success and an incredible will to win, and I have full confidence in Brian and the entire leadership team to continue building on this foundation.

無論是在順境或逆境中，我們總能找到提高公司績效的方法。我們擁有卓越的成功文化和令人難以置信的求勝意志，我完全相信布萊恩和整個領導團隊能夠繼續在此基礎上再接再厲。

Thank you to our employees who I've worked with throughout the years and whose dedication has inspired me, to our partners who have shared our vision, to our shareholders for their trust and support, and most importantly, to our customers. It's truly been an honor for me to serve you. I look forward to watching the company continue to thrive in the years ahead.

感謝多年來與我共事的員工，他們的奉獻精神激勵著我，感謝與我們分享願景的合作夥伴，感謝股東的信任和支持，最重要的是，感謝我們的客戶。能為您服務我深感榮幸。我期待著看到公司在未來幾年繼續蓬勃發展。

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

接下來，我將把主題交給 Izzy 來討論我們的收益、流動性和前景。

Thank you, Joe, and good morning, everyone. My comments today will focus on our adjusted results, which are reconciled from our GAAP numbers in our press release. As always, let me begin with our first quarter results. We've reported an adjusted EBITDA loss of $93 million compared to a positive $12 million in Q1 '24.

謝謝你，喬，大家早安。我今天的評論將集中於我們的調整後結果，該結果與我們新聞稿中的 GAAP 數據相一致。像往常一樣，讓我先從我們的第一季業績開始。我們報告的調整後 EBITDA 虧損為 9,300 萬美元，而 24 年第一季為正 1,200 萬美元。

I will now walk through the key factors behind this $105 million year-over-year change. Total company revenue was $2.4 billion for the quarter, down from $2.5 billion in the first quarter of '24.

現在我將闡述這 1.05 億美元年比變化背後的關鍵因素。本季公司總營收為 24 億美元，低於 24 年第一季的 25 億美元。

As Joe noted, the decline was expected, driven by calendar shifts, stronger leisure demand partially offset by softer commercial volume, and a 2% decrease in pricing, excluding exchange rate effects. Altogether, these factors contributed to $120 million year-over-year revenue decrease.

正如喬所指出的，這種下降是可以預料到的，原因是日曆變化、休閒需求增強（但商業交易量疲軟部分抵消了這一增強）以及價格下降 2%（不包括匯率影響）。所有這些因素導致收入年減 1.2 億美元。

Now turning to fleet costs. As noted on our last call, we anticipated a non-cash charge in Q1 related to vehicle dispositions as part of our accelerated rotation strategy. We finalized our fleet-related charges and recorded a $390 million charge this quarter. This charge is excluded from our adjusted EBITDA, and to be clear, we do not expect any further fleet-related charges from this change in strategy.

現在談談車隊成本。正如我們上次電話會議中提到的那樣，作為我們加速輪換策略的一部分，我們預計第一季將產生與車輛處置相關的非現金費用。我們最終確定了與車隊相關的費用，並在本季記錄了 3.9 億美元的費用。該費用不包含在我們調整後的 EBITDA 中，而且需要明確的是，我們預計這項策略變更不會產生任何與車隊相關的費用。

We also guided Q1 fleet costs to be around $400 per unit per month. Thanks to the successful execution of the rotation strategy in the first quarter and continued trends in the used car market. Actual per unit fleet costs came in lower at $351.

我們也預計第一季車隊成本為每輛每月約 400 美元。得益於第一季輪換策略的成功實施以及二手車市場的持續趨勢。實際每單位車隊成本較低，為 351 美元。

While better than expected, this was up from $318 last year, resulting in a $29 million year-over-year increase driven by elevated vehicle depreciation on our prior model year vehicles offset by aggressive fleet rotation and improved vehicle utilization.

雖然好於預期，但仍高於去年的 3.18 億美元，年增 2,900 萬美元，因為我們前一年車型的車輛折舊率上升，但被積極的車隊輪換和車輛利用率提高所抵消。

This improved vehicle utilization also contributed to lower vehicle interest expense. In the first quarter. Vehicle interest was a $29 million benefit compared to the same period in '24, driven by a smaller fleet and reduced vehicle debt needs. Lastly, we saw a $15 million year over year improvement in operating and SG&A expenses while maintaining consistency on a per rental day basis compared to Q1 last year.

車輛利用率的提高也有助於降低車輛利息支出。在第一季。與 24 年同期相比，車輛利息收益為 2,900 萬美元，這得益於車隊規模縮小和車輛債務需求減少。最後，我們發現營運和銷售、一般及行政費用同比去年第一季改善了 1500 萬美元，同時按租賃日計算與去年第一季相比保持一致。

Although we incurred some additional costs as part of the accelerated fleet rotation, the transformational enhancements outlined are already delivering savings. We will continue piloting and refining these operational initiatives, and we'll optimize our investments accordingly.

儘管我們在加速機隊輪換過程中產生了一些額外成本，但上述轉型改進已經帶來了節省。我們將繼續試行和完善這些營運舉措，並相應地優化我們的投資。

As a result of these factors, our year over year adjusted EBITDA decreased by $105 million. However, the results were in line with expectations with our $93 million adjusted EBITDA loss coming in better than the $100 million loss we had previously guided to.

由於這些因素，我們的調整後 EBITDA 年比減少了 1.05 億美元。然而，結果符合預期，我們 9,300 萬美元的調整後 EBITDA 虧損優於我們先前預期的 1 億美元虧損。

As expected, our capital allocation strategy remains unchanged. We expect a balanced approach to allocate capital in '25. We will focus on debt repayments and capital expenditures that will drive operational efficiencies, reduce costs, and support margin expansion.

正如預期的那樣，我們的資本配置策略保持不變。我們預期 25 年資本配置將採取均衡的方式。我們將專注於債務償還和資本支出，以提高營運效率、降低成本並支持利潤率擴大。

And as always, we will look to opportunistically return capital to our shareholders. As noted on our last call in February, we issued $500 million of secured debt and used the proceeds to pay down fleet-related obligations. This is a temporary indebtedness structured to mature before year end. It provides us the flexibility to continue to rotate our fleet and pursue opportunistic spot buys.

和往常一樣，我們將尋求機會向股東返還資本。正如我們二月上次電話會議上所指出的，我們發行了 5 億美元的擔保債務，並用所得款項償還與船隊相關的債務。這是一項臨時債務，預計在年底前到期。它為我們提供了靈活性，可以繼續輪換我們的船隊並尋求機會現貨購買。

As of March 31, we had approximately $1.1 billion in available liquidity, including both committed and uncommitted facilities, along with about $3 billion in additional borrowing capacity under our ABS facilities. Effective April 30, we extended our asset-backed variable funding facilities, increasing borrowing capacity by $640 million.

截至 3 月 31 日，我們擁有約 11 億美元的可用流動資金，包括承諾和未承諾的貸款，以及 ABS 貸款下約 30 億美元的額外借貸能力。自 4 月 30 日起，我們延長了資產支持可變融資額度，借貸能力增加了 6.4 億美元。

Given our accelerated fleet rotation strategy, we believe it is more meaningful to focus on our total net debt leverage, which includes both corporate and vehicle-related debt over a more traditional EBITDA definition that also adds back vehicle depreciation and interest.

鑑於我們加速的車隊輪調策略，我們認為專注於我們的總淨債務槓桿更有意義，其中包括公司債務和車輛相關債務，而不是更傳統的 EBITDA 定義，後者還增加了車輛折舊和利息。

Our total net debt leverage ratio remains stable at around 5 times, as the proceeds from our $500 million our recent $500 million secured corporate debt issuances were used to reduce fleet debt. As expected, we continue to remain in compliance with all our financing facilities.

我們的總淨債務槓桿率保持穩定在 5 倍左右，因為我們最近發行的 5 億美元擔保公司債務所得款項用於減少船隊債務。正如預期的那樣，我們繼續遵守所有融資安排。

As we move through the second quarter, we are seeing clear year-over-year improvements in per unit fleet costs driven by stronger residual values, disciplined fleet management, and the introduction of lower cost model year 25 vehicles. On our last call, we guided Q2 fleet costs to be around $350 per unit per month. We exceeded that goal by the end of Q1.

隨著第二季的到來，我們看到單位車隊成本比去年同期明顯改善，這得益於更高的殘值、更嚴格的車隊管理以及成本更低的 25 款車型的推出。在我們上次電話會議中，我們預計第二季車隊成本約為每輛每月 350 美元。到第一季末，我們已超額完成了這個目標。

And now expect Q2 per unit to be approximately $325 per month. Looking ahead, we anticipate further improvement with total company per unit fleet cost to be approximately $300 per month by the start of Q4.

現在預計第二季每台設備的價格約為每月 325 美元。展望未來，我們預計情況將進一步改善，到第四季初，公司每單位車隊的總成本將達到每月約 300 美元。

These expected improvements reflect our ongoing focus on fleet optimization and utilization, along with continued strength in used vehicle demand and residual values. On the revenue side, momentum remains strong. As Joe noted, leisure demand grew year over year in Q1, and that strength has extended into April.

這些預期的改進反映了我們對車隊優化和利用率的持續關注，以及二手車需求和剩餘價值的持續強勁。收入方面，勢頭依然強勁。正如喬所指出的，第一季的休閒需求年增，而這種強勁勢頭一直延續到四月。

Forward bookings are up and leisure bookings continue to trend above prior year levels. Our flexible fleet strategy enables us to scale up to meet rising demand or right size quickly as needed. Pricing is also showing positive sequential trends consistent with seasonal patterns. Rates are strengthening from Q1 into Q2, and current exit trends suggest continued pricing momentum heading into the peak summer season.

預訂量上升，休閒預訂量持續高於去年同期水準。我們靈活的船隊策略使我們能夠擴大規模以滿足不斷增長的需求或根據需要快速調整規模。定價也呈現與季節性模式一致的正向連續趨勢。從第一季到第二季度，運費不斷走強，目前的退出趨勢表明，進入夏季旺季，價格動能將持續。

As a result of these combined efforts, both on the cost and revenue side, we expect adjusted EBITDA in Q2 to exceed $200 million.

由於成本和收入方面的共同努力，我們預計第二季的調整後 EBITDA 將超過 2 億美元。

Our business is built to perform in dynamic environments. We have demonstrated that consistently with a track record of navigating uncertainty through operational agility and a highly variable cost structure where the majority of our expenses flex with fleet levels and revenue performance.

我們的業務是在動態環境中開展的。我們已證明，我們能夠透過靈活的營運和高度可變的成本結構來應對不確定性，其中我們的大部分支出隨機隊水平和收入表現而變化。

We remain committed to the long-term target we have set for ourselves as a company to generate above a billion of adjusted EBITDA annually. That has not changed. And while we continue to strive towards that goal today, we are mindful of the uncertain macroeconomic environment we are currently in.

我們仍致力於實現公司為自己設定的長期目標，即每年實現超過 10 億美元的調整後 EBITDA。這一點沒有改變。儘管我們今天繼續努力實現這一目標，但我們也意​​識到我們目前所處的宏觀經濟環境不確定。

As of now, we are still working through the positive impacts of tariffs on used car prices against the negative impacts of an unclear travel demand environment in the back half of the year, and we will provide updates in the coming quarters.

截至目前，我們仍在研究關稅對二手車價格的正面影響與下半年不明朗的旅遊需求環境帶來的負面影響，並將在未來幾季提供最新資訊。

In closing, we remain focused on executing our strategic priorities, driving operational efficiency, optimizing fleet and revenue, and strengthening our overall financial position. The progress we have made in reducing fleet costs, improving utilization, and growing leisure despite softer commercial demand, gives us confidence as we move through the remainder of the year.

最後，我們將繼續專注於執行我們的策略重點、提高營運效率、優化機隊和收入以及加強我們的整體財務狀況。儘管商業需求疲軟，但我們在降低船隊成本、提高利用率和增加休閒方面取得了進展，這讓我們對今年剩餘時間充滿信心。

With that, we will now open the line up for questions.

現在，我們將開始回答問題。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

John Babcock, Bank of America.

美國銀行的約翰·巴布科克。

Hi Good morning and thank you for taking my questions. First one just on utilization, I know you talked about fleeting levels, and that's obviously a huge driver of utilization, but I was also wondering what you need to do operationally to continue running at higher utilization rates, while still meeting demand. And then also if you could talk about, if there's a level of utilization where it gets incrementally more difficult to run the fleet.

您好，早安，感謝您回答我的問題。首先是關於利用率，我知道您談到了短暫的水平，這顯然是利用率的一個重要驅動因素，但我還想知道您需要在運營上做些什麼才能繼續以更高的利用率運行，同時仍然滿足需求。然後，如果您可以談論一下，如果利用率達到一定水平，運行車隊就會變得越來越困難。

Yes, hi, good morning, John. So, yes, we ran at utilizations that we felt were optimal in the first quarter for us. We had a strategic initiative to rotate our fleet aggressively because it paid, certainly paid dividends for us going forward as far as we talked about our per unit fleet cost better in the first quarter, and the goal was to make sure that they got better sooner, and we certainly did that.

是的，你好，早安，約翰。所以，是的，我們在第一季按照我們認為最佳的利用率運行。我們有一個戰略舉措，即積極輪換我們的機隊，因為這將為我們帶來回報，就我們在第一季度談到的每單位機隊成本而言，這無疑會為我們帶來紅利，我們的目標是確保它們更快地好轉，我們確實做到了這一點。

Admittedly last year, we had a fleet situation where we, maybe we're a bit larger than we would have liked, so we started off in a better place this year, which was by design. And we found that, our modeling that we look at to determine where the car should be to have the best optimal outcome is, works in our favor. And as I said, many other time on a number of other calls. We're piloting, utilization strategies around our division with by allowing people to have better understanding of, the cars in their control and how they can better operationalize to get them to be more rentable.

無可否認，去年我們的船隊規模可能比我們預想的要大一些，所以今年我們的開局比較好，這是設計好的。我們發現，我們用來決定汽車應該位於何處以獲得最佳結果的模型對我們有利。正如我在其他許多電話會議上所說的那樣。我們正在我們部門內試行利用策略，讓人們更了解他們所控制的汽車，以及如何更好地操作它們，使它們更容易出租。

So we were happy. And if you look at our overall utilization, when I look back historically through the years, a lot better than last year, kind of in line with where we were previously. So I didn't see that as a big challenge.

所以我們很高興。如果你看我們的整體利用率，當我回顧這些年的歷史時，你會發現它比去年好多了，與我們以前的水平差不多。所以我並不認為這是一個很大的挑戰。

As we go forward to answer the second part of your question, we see those. Same opportunities arriving for us and we have fleet planning that we do daily and weekly by city, by station that enable us to get a better understanding of the supply of the demand side so we can acclimate the supply side.

當我們繼續回答你問題的第二部分時，我們看到了這些。同樣的機會也出現在我們面前，我們每天、每週按城市、按站點進行車隊規劃，這使我們能夠更好地了解需求方的供應，從而讓我們能夠適應供應方。

One other thing that that happened, this happened, we've had some efficiencies in our supply chain operation. Whereby we've been able to improve on our overall non-rentable fleet that I talked about earlier and get them through our system.

發生的另一件事是，我們的供應鏈營運效率有所提高。透過這種方式，我們能夠改善我之前提到的整體不可出租車隊，並透過我們的系統來獲得它們。

We deleted a lot of cars in the first quarter and usually when you do stuff like that, you come up with a challenge because cars stay idle before you sell them. But due to lane efficiency we saw at the auctions and our relationship with our dealers who bought our cars, we were able to execute at a very high level and I do see that continuing.

我們在第一季刪除了很多汽車，通常當你做這樣的事情時，你會遇到挑戰，因為汽車在你出售之前處於閒置狀態。但由於我們在拍賣會上看到的車道效率以及我們與購買我們汽車的經銷商的關係，我們能夠以非常高的水平執行，而且我確實看到這種情況持續下去。

Okay, thank you. And then just my follow on question here, I know you, talked about tariffs still an evolving target, obviously, out of curiosity though, I mean, with some of the signs that vehicle prices are starting to move higher, could you just talk about how that might impact your fleeting plans for all the year 26 vehicles and also if you could just remind us when those negotiations start, that would be helpful.

好的，謝謝。然後我接下來的問題是，我知道您談到關稅仍然是一個不斷變化的目標，顯然，出於好奇，我的意思是，隨著一些跡象表明汽車價格開始走高，您能否談談這將如何影響您今年 26 款汽車的短期計劃，如果您能提醒我們這些談判何時開始，那將會很有幫助。

Yes, I, the, I think the OEMs are kind of getting them, an understanding of how they want to proceed with negotiations, and it's certainly a very fluid environment.

是的，我認為 OEM 廠商已經了解他們希望如何進行談判，而且這確實是一個非常不穩定的環境。

We're still involved getting our 25s and, any available fleet that might come through that. We have gotten a good deal of our cars in so far. We still expect more to come in. Deliveries have been the most part have been on time. I think that's kind of one thing we need to look at when we talk about our fleet is how flexible can we be.

我們仍然致力於獲得我們的 25 型潛艇以及任何可能獲得的可用艦隊。到目前為止，我們已經獲得了大量汽車。我們仍然期待有更多人加入。大部分貨物都準時交貨。我認為，當我們談論我們的船隊時，我們需要考慮的一件事就是我們的靈活性有多高。

One of the areas that that is that was apparent to us when we accelerated our fleet rotation is that it gave us outside of the cost benefit that I talked about, it gave us optionality, and that optionality is we have flexibility in our fleet size that we can either increase the fleet size this year.

當我們加速機隊輪換時，我們顯而易見的一個方面是，除了我談到的成本效益之外，它還為我們提供了可選性，而這種可選性使我們在機隊規模方面具有靈活性，我們可以在今年增加機隊規模。

Or decrease it if there's some level of uncertainty, and we got younger, both in age and mileage, which will allow us to not be so dependent if 26s are somewhat challenged. The last comment that I would make is that we have intensive modeling on how we look at how we buy our fleet.

或者如果存在某種程度的不確定性，我們會減少它，而且我們變得更年輕，無論是年齡還是里程，這將使我們在 26 歲時遇到某種挑戰時不會那麼依賴。我要說的最後一點是，我們對如何看待購買車隊進行了深入的建模。

Taking into consideration various makes and models, with the tariff situation, cars are going to be built in the United States, others are going to be brought in from elsewhere. We have the ability to pick and choose cars based on our needs, and we look pretty significantly at those opportunities as well as what residual values may be when we exit them.

考慮到各種品牌和型號，加上關稅情況，一些汽車將在美國生產，其他汽車將從其他地方進口。我們可以根據自己的需求來挑選汽車，我們會非常重視這些機會以及退出時的剩餘價值。

So we don't have definitives yet on 2026 that's coming, but I feel that we have flexibility enough to determine the size of our fleet, based on make models and where they're going to be built and delivered from, as well as, good modeling that gets us insights on how we want to proceed.

因此，我們還沒有確定即將到來的 2026 年，但我認為我們有足夠的靈活性來確定我們車隊的規模，基於品牌車型以及它們的製造和交付地點，以及良好的建模，讓我們深入了解我們希望如何進行。

Lastly, we're a volume buyer. Our industry buys cars in a volume and we expect those incentives to be, at levels that allow us to generate the activity that we need.

最後，我們是批量購買者。我們的行業大量購買汽車，我們期望這些激勵措施能夠達到允許我們產生所需活動的水平。

Okay, thank you, Joe.

好的，謝謝你，喬。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Hi, good morning. Thank you. I wanted to touch a little bit on what you're seeing from a competitive standpoint if you feel like there has been any major change in the competitive landscape across the Americas and particularly. Thank you.

嗨，早安。謝謝。如果您覺得整個美洲的競爭格局發生了重大變化，我想從競爭的角度稍微談談您所看到的情況。謝謝。

Like, we operate in a highly competitive environment and I haven't seen anything that would suggest there's any different level of intensity as it surrounds, how we manage our business. I think the thing that I wanted to, that I always think about, we want to understand, where our competitors are coming from and any challenges that might be presented, but for the most part, I think if you look at the basics of our industry.

例如，我們在一個競爭激烈的環境中運營，我還沒有看到任何跡象表明我們的業務管理競爭強度有任何不同。我想，我一直在思考的是，我們想要了解我們的競爭對手來自哪裡以及可能面臨的任何挑戰，但在大多數情況下，我認為如果你看看我們行業的基本情況。

Everyone wanted to get, 25s in because they were less expensive and everyone has probably done a good job trying to augment their fleet with demand. I think with those that that principle is still in effect. And that gives, all of us, the clarity on, industry-related fleet size and how it affects our volume and our price.

每個人都想獲得 25 架飛機，因為它們比較便宜，而且每個人可能都已經盡力根據需求擴充自己的機隊，做得很好。我認為這項原則仍然有效。這讓我們所有人都清楚地了解與行業相關的船隊規模以及它如何影響我們的產量和價格。

I think I've learned over the years that, if we concentrate on what we do and how we do and execute at a very high level, that's the thing I want to make sure that we certainly concentrate on because that gives us the best possible outcome.

我認為，這些年來我已經認識到，如果我們專注於我們所做的事情以及我們如何做並在高水平上執行，這就是我想要確保我們一定集中精力的事情，因為這會給我們帶來最好的結果。

So to answer your question, no, I haven't seen anything that would suggest any difference, but we're always, mindful of how we operate and how we execute and get to the levels that we need to.

所以回答你的問題，不，我沒有看到任何表明有任何差異的東西，但我們始終注意我們如何運作以及如何執行並達到我們需要的水平。

Got it. Appreciate that, appreciate the color and then maybe just one follow up to the prior question. If, maybe you could provide a little bit of insight. Joe, clearly you've been with Avis for some time and we will certainly miss you on these calls, but if you go back and think about other periods or maybe we've seen rising new vehicle pricing or higher acquisition costs and what levers you have at your disposal to potentially offset those higher costs. Thank you.

知道了。欣賞這一點，欣賞色彩，然後也許只需要跟進前面的問題。如果可以的話，也許您可以提供一些見解。喬，顯然你已經在 Avis 工作了一段時間，我們肯定會想念你的這些電話，但如果你回顧一下其他時期，或者我們可能已經看到新車價格上漲或購置成本上升，以及你有哪些可用的槓桿可以抵消這些更高的成本。謝謝。

Yes, well, I talked, I talked a lot about the utilization lever. We believe that we have developed. A game plan and good insight on how to create more rentable vehicles. And if you do that, the dependency to buy vehicles becomes a lot less.

是的，我已經談了很多關於利用率槓桿的問題。我們相信我們已經發展了。關於如何創造更多可租賃車輛的遊戲計劃和良好見解。如果你這樣做了，購買車輛的依賴性就會大大降低。

And I'm not saying utilization to deter volume. I'm saying utilization that will allow us to be more efficient and have more cars available to drive more rental days. I think that's the benefit we have today that we're utilizing that we didn't have probably In the past.

我並不是說利用率是為了抑制產量。我說的是利用率可以讓我們更有效率，並且有更多的汽車可供使用，從而延長租賃天數。我認為這是我們今天所擁有的優勢，而我們過去可能沒有這種優勢。

The other thing is, like, the rotation that we did set us up, in a really good spot that we have this, we have flexibility to grow our fleet, which would put a dependency on new cars maybe a little bit less than what we've had in the past.

另一件事是，我們確實設置了輪換，這讓我們處於一個非常好的位置，我們可以靈活地擴大我們的車隊，這可能會比過去少一點對新車的依賴。

And, I think overall, the way we have executed, from, not just as reliant on, auctions give us the ability to leverage our ability to deeply to a greater level than we had, probably in the past. And look at, I said this earlier, we look at our buying very differently than we've had.

而且，我認為總體而言，我們執行的方式不僅僅是依賴拍賣，還使我們能夠充分利用我們的能力，將其發揮到比過去更高的水平。看看，我之前說過，我們對購買的看法與以往大不相同。

We deal with all the all only partners. We have terrific relationships with all of them. And we have modeling that would allow us to look at cars, maybe like cars from different manufacturers in a way and have an understanding of what residual values are better than we've had in the past, which gives us insight and informed decisions to make our buy as beneficial to us as possible.

我們只與所有合作夥伴打交道。我們與他們所有人都保持著良好的關係。我們擁有模型，可以讓我們觀察汽車，也許在某種程度上觀察來自不同製造商的汽車，並了解哪些剩餘價值比我們過去擁有的更好，這為我們提供了洞察力和明智的決策，使我們的購買盡可能對我們有利。

Thank you, really appreciate the time.

謝謝，非常感謝您抽出時間。

Chris Stathoulopoulos, Susquehanna.

克里斯·斯塔索洛普洛斯，薩斯奎哈納。

Good Morning everyone. Joe, so, a lot of the companies are actually most of the companies here within travel and leisure from. Airlines lodging cruise lines have had a bit of a bit more cautious view on the year.

大家早安。喬，這裡的許多公司其實都是旅遊和休閒領域的公司。航空公司和郵輪公司對今年的看法都比較謹慎。

You sound a little bit more optimistic. So the soft guide of no less than a billion dollars, that you're still holding to, what gives you the confidence, that you can hit that? Is it the work that you've done?

你聽起來稍微樂觀一點。那麼，您仍然堅持的不少於 10 億美元的軟指導，是什麼讓您有信心實現這一目標？這是你所做的工作嗎？

On the fleet renewal procurement technology, and then, what are you seeing, just what are you seeing with respect to demand and, could you remind us of your booking window? I think typically the way I think about it is, 30 days or in, I just want to understand how you're looking at demand into the second quarter and summer travel season. Thanks.

關於機隊更新採購技術，那麼您看到了什麼，就需求而言您看到了什麼，您能提醒我們您的預訂窗口嗎？我認為我通常的想法是，30 天或 30 天后，我只是想了解您如何看待第二季和夏季旅遊季的需求。謝謝。

Yes, first of all, I'll start off that we are, certainly mindful of, the economic, uncertainty that's out there. We're not, I'm not going to sit here and say that we're saying that that is something that, potentially wouldn't cause a problem. I think for us, we have to be ready for both. And what I've seen, compared to, maybe in the past.

是的，首先，我要說的是，我們當然注意到了存在的經濟不確定性。我們不會，我不會坐在這裡說那是一件可能不會造成問題的事情。我認為對我們來說，我們必須為這兩件事做好準備。與過去相比，我所看到的可能有所不同。

And I look at, leading indicators for travel, our advanced reservations are up, right? And that's with a slight pullback in commercial. So our advanced reservations are up and getting to what you saw about booking curve, when we look at, is there confidence in people going to go on a vacation or take a trip.

我查看了一下旅行領先指標，我們的預訂量增加了，對嗎？這是商業業務略有回落的現象。因此，我們的提前預訂量有所上升，並且達到了您所看到的預訂曲線，當我們觀察時，我們會發現，人們是否有信心去度假或旅行。

We look further out, and when you look further out, 22 days, 30 days, the reservation demand and those are up. And if you look back at the pandemic or even during the recessionary periods of '08 and 9, those were down.

我們看得更遠，當你看得更遠時，22 天、30 天的預訂需求就會上升。如果你回顧疫情期間，甚至是 2008 年和 2009 年的經濟衰退時期，你會發現這些數字都在下降。

So that's kind of one reason why I see some level of confidence in, consumer travel. As far as, how we execute, there is, the, there is The used car market is operating at a very high level right now, right? Residual values are a lot higher. If you look historically, we're at, last year, the spring bounce ended, residual values of cars of our type started to go down. That hasn't changed.

這也是我看到消費者對旅遊有一定信心的原因之一。至於我們如何執行，二手車市場現在的運作水準非常高，對嗎？殘值要高得多。如果你回顧歷史，你會發現，去年春季反彈結束後，我們這類車的殘值開始下降。這一點沒有改變。

So yes, that gives us, give us a different, level of opportunity as pertains to a fleet. And I like the amount of cars that we took out, right? We took out higher priced vehicles, we substituted them with less expensive cars. And so it gives the fleet, it gives us fleet certainty going out as well.

是的，這為我們提供了與艦隊相關的不同層次的機會。我喜歡我們取出的汽車數量，對吧？我們淘汰了價格較高的車輛，並用價格較低的汽車取代。因此，它為艦隊、也為我們的艦隊提供了出海的確定性。

So, like I said, for those reasons, we got off, first quarter got off to the place that we thought we guided you, last time, and we came in on that, the second quarter seemingly, at least near term looks okay, and the summer, reservations are seemingly up right now.

所以，就像我說的，出於這些原因，我們在第一季就達到了我們上次指導過的位置，並且我們在第二季度看起來至少在短期內看起來還不錯，而夏季的預訂量似乎已經上升了。

And I have confidence in the way we execute. We execute at a very high level in our organization, both in our, people here in Parsippany, and throughout the world. And that's why, I may be -- I may be saying, yes, what, the -- we're still on track.

我對我們的執行方式充滿信心。我們組織的執行力非常高，無論是在帕西帕尼還是在世界各地。這就是為什麼我可能會說，是的，我們仍然在正軌上。

That being said, we're not blind to the fact that, the Fed just came out yesterday and talked about maybe unemployment issues or maybe inflation. And I think from where we sit, we have to be ready for both, and we are.

話雖如此，我們並沒有忽視這樣一個事實，而聯準會昨天才剛出面討論失業問題或通膨問題。我認為從我們目前的情況來看，我們必須為這兩方面做好準備，而我們也確實這麼做了。

Okay, and then along those lines on free cash flow, do you think that you can realize positive free cash flow for the year, first quarter you were at a loss of just around half a -- around $500 million, I realized there was about $400 million of that in the financing side for the vehicles. Given all the work that you've done with respect to the fleet and the turn and the residual, values, your thoughts around free cash flow for the year.

好的，那麼關於自由現金流，您認為今年您可以實現正的自由現金流嗎？第一季您的虧損大約是 5 億美元，我意識到其中大約 4 億美元用於汽車融資。考慮到您在車隊、週轉和剩餘價值方面所做的所有工作，您對今年的自由現金流有何看法？

Thank you.

謝謝。

Good morning, Chris. Yes, you hit the highlight, right. Thank you for acknowledging the fact that if you really look at starting from the top, the free cash flow in the first quarter is really equivalent to where adjusted IIA landed, given that you have to add back that that $400 million.

早上好，克里斯。是的，你擊中了重點，對吧。感謝您承認這樣一個事實：如果您真的從頂部開始看，第一季的自由現金流實際上相當於調整後的 IIA 的水平，因為您必須加回那 4 億美元。

What I would say going forward and piggybacking off of what Joe said, obviously, if things go as we see them today, we do expect, positive free cash flow in the later quarters.

我想說的是，展望未來，並結合喬所說的話，顯然，如果事情按照我們今天看到的那樣發展，我們確實預計在隨後的幾個季度中，自由現金流將為正。

Okay, thank you.

好的，謝謝。

Ryan Brinkman, JPMorgan Chase.

摩根大通的瑞安·布林克曼。

Hi, good morning. This is Jash Patwa, on for Ryan Brinkman. Thanks for taking our questions. Joe, congratulations on an exceptional career and best wishes for the next chapter of your life.

嗨，早安。這是 Jash Patwa，代替 Ryan Brinkman。感謝您回答我們的問題。喬，恭喜你擁有如此出色的職業生涯，並祝福你人生的新篇章一切順利。

I just wanted to start off, on tariffs. Could you maybe give us a sense of tariffs implications from a DOE standpoint? Any insights helping us find the sensitivity of DOE to tariff-induced inflation and vehicle parts and perhaps any other areas outside of fleet values that may be impacted due to tariffs. Thanks and have a follow up.

我只是想先談談關稅問題。您能否從能源部的角度向我們介紹關稅的影響？任何見解都有助於我們發現 DOE 對關稅引起的通貨膨脹和汽車零件的敏感性，以及可能因關稅而受到影響的車隊價值以外的任何其他領域。謝謝並請繼續關注。

Sure, the fleet obviously is the biggest one, but I am, there's an expectation that there's going to be other related costs due to tariffs that have to deal with, vehicle parts and things of that nature. I think that's why it was important for us to get our rotation right, to mitigate and minimize that level of activity because we'll have younger fleet, and as younger fleet will allow us to have in-life costs that are a little bit more controllable.

當然，車隊顯然是最大的，但我預計由於必須處理的關稅，還會產生其他相關成本，包括車輛零件和諸如此類的事情。我認為這就是為什麼我們必須正確進行輪換，以減輕和盡量減少這種活動水平，因為我們將擁有更年輕的機隊，而更年輕的機隊將使我們的使用壽命內成本更加可控。

So that would be a mitigating factor. The things that we do in productivity as far as, if you're talking about wage and labor inflation, especially as it pertains to, any level of insource or outsourcing. We have technology now that we utilize to look at how, our productivity levels down to the individuals that will give us the opportunity to know where we should put, where we should have, a certain amount of manpower versus not.

所以這將是一個緩解因素。就生產力而言，我們所做的事情，如果你談論的是工資和勞動力通膨，特別是與任何程度的內部採購或外包有關的事情。我們現在可以利用科技來觀察我們的生產力水平如何，具體到個人，這將使我們有機會知道應該把一定數量的人力放在哪裡，應該在哪裡擁有一定數量的人力。

So I think that has been We've always been trying to keep, productivity to, outperform wage inflation. So that's one. I talked a lot about vehicle utilization and how we look at that to minimize the, or mitigate some of the other direct operating expense lines.

所以我認為我們一直在努力保持生產力高於薪資通膨。這就是其中之一。我談了很多關於車輛利用率的問題，以及我們如何看待這個問題，以盡量減少或減輕其他一些直接營運費用。

We have a lot of initiatives that have to deal with, [bad debt] and stolen vehicles and registrations and inspections and a litany of things that we look at to ensure that we are in compliance with whatever our targeting is.

我們有很多措施需要處理，[壞帳]、被盜車輛、登記和檢查以及一系列我們要審查的事情，以確保我們符合我們的目標。

So to answer your question, yeah, we do expect there's going to be some level of tariff related expenses, and our goal is to ensure that we do like everybody else, mitigate them in a way that gets us, margins that we're trying to achieve.

所以回答你的問題，是的，我們確實預計會有一定程度的關稅相關費用，我們的目標是確保我們像其他人一樣，以一種讓我們獲得我們想要實現的利潤的方式減輕這些費用。

But that's very helpful. Thank you for that. And just as a follow on, I'd like to explore how you're balancing buybacks versus deleveraging. On one hand, there's the opportunity to capitalize on the current share price and acquire shares ahead of any potential rally and used car prices, which might occur in response to tariff related new vehicle price hikes.

但這非常有幫助。謝謝你。接下來，我想探討您如何平衡回購和去槓桿。一方面，有機會利用當前股價並在任何潛在上漲和二手車價格上漲之前收購股票，這些上漲可能是由於關稅相關的新車價格上漲而發生的。

On the other hand, there's the potential to secure favorable pricing on debt refinancing expected by 2026. Which could be facilitated by debt deleveraging and might alleviate pressure on your earnings multiple as well. Just curious how you weighing these considerations in your capital allocation strategy. Thank you.

另一方面，預計到 2026 年，債務再融資有可能獲得優惠定價。這可以透過債務去槓桿來實現，也可能減輕你的本益比壓力。只是好奇您如何在資本配置策略中權衡這些考慮因素。謝謝。

Good morning, Jash. I would kind of echo what I said in my prepared remarks. As always, we always take a balanced approach, which has obviously involves some, opportunistic approach, through this year, our focus, I would say, I wouldn't say it's shifted a bit, but maybe there's a different focus in the fact that we do want to prioritize delevering our company, that's very important to us.

早上好，賈什。我想重複一下我在準備好的發言中所說的話。像往常一樣，我們始終採取平衡的方法，這顯然涉及一些機會主義的方法，今年，我們的重點，我想說，我不會說它有所轉變，但也許事實上我們確實希望優先考慮降低公司的槓桿率，這對我們來說非常重要。

But also as important, we don't want to sacrifice our capital investments that we're making and that as you see, are driving the efficiencies in the near term, but plus they're going to drive even, greater multiples in the long term.

但同樣重要的是，我們不想犧牲我們正在進行的資本投資，正如你所看到的，這些投資在短期內會提高效率，而且從長遠來看，它們將帶來更大的倍數成長。

And lastly, kind of going in hand in hand with what you were asking about. We always will opportunistically look to return capital to our shareholders. So those are always going to be the three key things that we're going to be focusing on. And depending on what it presents itself, we want to be flexible and we want to, look at everything on a balance in a balanced way and in in an opportunistic way.

最後，這與您所問的問題一致。我們始終會抓住機會，為股東帶來資本回報。因此，這始終是我們要關注的三個關鍵事項。根據情況的呈現，我們希望保持靈活性，我們希望以平衡的方式和機會主義的方式看待一切。

Got it. Thank you and good luck.

知道了。謝謝，祝你好運。

Thank you.

謝謝。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi, good morning. Thanks for taking the questions. Want to start first with a question on the DPU maybe you could give us a sense of how much your DPU in the first quarter benefited from the one-time charge of just under $400 million and then maybe you can give us a sense the assumptions you've laid out for $325 in the second quarter and $300 million by the start of the fourth quarter, what you are assuming within that for residuals, how much of that is residuals versus how much of that is just getting the better economics on your new vehicles.

嗨，早安。感謝您回答這些問題。首先想問一下關於 DPU 的問題，您可以告訴我們第一季的 DPU 從近 4 億美元的一次性費用中獲益了多少，然後您可以告訴我們您為第二季度製定的 3.25 億美元和第四季度初制定的 3 億美元假設，您對殘差的假設是什麼，其中有多少是殘差，有多少只是為了讓您的新車獲得更好的經濟效益。

Good morning, Dan. Thanks for the question. I think it was the way we look at it is you have to start with the fact that our strategy was really to accelerate this rotation. As Joe mentioned in the prepared remarks, we kind of exceeded that rotation.

早上好，丹。謝謝你的提問。我認為我們看待這個問題的方式是，你必須從我們的策略確實加速這種輪換這一事實開始。正如喬在準備好的發言中提到的那樣，我們有點超出了那個輪換。

So that part that we even when we knew our team could execute, as Joe said that they even. Executed beyond our expectations and that actually drove the fact that given the fact that we were able to take more cars out, you took out more of the older fleet and that you know that the refreshed fleet or the new fleet, the Model year '25, came in at a different price point.

因此，即使我們知道我們的團隊可以執行這一部分，正如喬所說，他們也可以。執行效果超出了我們的預期，事實上，鑑於我們能夠推出更多的汽車，你推出了更多的舊車隊，而且你知道更新的車隊或新車隊，即 25 年款，價格點有所不同。

So that to me would really be the main reason as to why the DPU. Is actually better than what we expected, right? Now, clearly there are residual value. There is strength in the used car market that we see in the residual values, but I still would say that the main reason for the improvement is the fact that we executed even beyond what we thought in our rotation strategy.

所以對我來說這確實是 DPU 的主要原因。其實比我們預期的還要好，對吧？現在，顯然還有剩餘價值。我們從殘值上看到了二手車市場的強勁勢頭，但我仍然認為，改善的主要原因是我們在輪換策略中執行得甚至超出了我們的預期。

Any expectations on residuals within the 325 and 300? That assumes some strength continuing.

對 325 和 300 之間的殘差有何預期？這顯示某種力量仍會持續存在。

I mean, the way we, you have to think of DPU, right? We're always anticipating or trying to anticipate what the sales proceeds will be at the date of disposition. So that really goes into, what do we think the future will be. So yes, we're still obviously deleting. As we and inflating for the summer peak, but those will come through as to how the market reacts. But really what we see in the 325, we're not really, we didn't build in, an excessive improvement in residual values in the coming quarter.

我的意思是，我們必須考慮 DPU，對嗎？我們總是預期或試圖預期處置日的銷售收益是多少。所以這其實關係到我們認為未來會是什麼樣子。所以是的，我們顯然仍在刪除。正如我們為夏季高峰所做的那樣，但這些都將取決於市場如何反應。但實際上，我們在 325 中看到的並不是，我們並沒有預料到下一季殘值會有過度的提高。

Okay, thank you. And then, as a follow up, The playbook for the summer peak, given some of the macro uncertainty and, maybe seeming lack of visibility, it is the plan that given if assuming residuals continue, that if the strength just isn't there in the rental market that you will quickly given you can take advantage of good residuals, and so in a way it's almost like a natural hedge.

好的，謝謝。然後，作為後續行動，夏季高峰的劇本，考慮到一些宏觀不確定性，也許似乎缺乏可見性，這是假設殘差繼續存在的計劃，如果租賃市場沒有實力，你很快就會發現，你可以利用良好的殘差，所以在某種程度上，它幾乎就像一個自然的對沖。

Yes, let me just start off by, in any environment, we are positioned to keep fleet in line with demand. We were mindful of the fact of some level of uncertainty, so we accelerated our rotation strategy to put us in a position to give us options.

是的，首先我要說的是，在任何環境下，我們都能夠保持船隊滿足需求。我們意識到存在一定程度的不確定性，因此我們加快了輪換策略，以便我們可以有選擇。

I think going into any environment, the key word for is flexibility, right? How flexible can we have with our fleet to flex up if there's more demand, which we have that ability now, or flex down very rapidly if there's a challenge.

我認為進入任何環境，關鍵字都是靈活性，對嗎？如果需求增加，我們的機隊能夠靈活地增加多少，我們現在具備這種能力，或者如果我們遇到挑戰，我們可以迅速減少多少。

And we are, we, because of what we did in quarter one, we have that. And I think that's the most important aspect when you think about fleet management. And, so if demand goes up and the summer is bigger than maybe any of us anticipated.

而且，由於我們在第一季所做的努力，我們做到了這一點。我認為這是考慮車隊管理時最重要的方面。因此，如果需求上升，夏季的規模可能比我們任何人預期的都要大。

We can handle it, and if there's a challenge, we're at a point with our fleet size that we can execute quickly and reduce the dependency or reduce the amount of months it would take for us to get right.

我們可以處理它，如果有挑戰，憑藉我們的機隊規模，我們可以快速執行並減少依賴性或減少我們解決問題所需的時間。

As I said earlier, the used car market, it hasn't, if you look at where it was last year, it reached a high in right around the Easter April area, and then it went down, and we haven't seen that yet. And, as time goes on, we'll determine how resilient the residual market is, but, there's indicators that we look at that would determine like used car, used car, demand and used car prices.

正如我之前所說，二手車市場並沒有，如果你看看去年的情況，它在復活節四月左右達到了頂峰，然後就下降了，我們還沒有看到這種情況。而且，隨著時間的推移，我們將確定剩餘市場的彈性，但是，我們關注的指標將決定二手車、二手車需求和二手車價格。

One of them is key is that new cars went from 90 day supply on the ground in January to like something in the 60s right now. It's unknown what the OEMs are going to do and how they repopulate, inventories for new cars, but there's certainly a benefit.

其中最關鍵的一點是，新車的供應量從 1 月的 90 天下降到現在的 60 天以上。目前尚不清楚原始設備製造商將採取什麼措施以及他們如何補充新車庫存，但這肯定是有好處的。

Used car prices are $25,000 versus a $48,000 new car, and there has been some improved demand. And, being a fleet manager for, in our, as far as our company is concerned, it's always prudent to take advantage of that when the opportunity presents itself.

二手車價格為 25,000 美元，而新車價格為 48,000 美元，需求增加。並且，就我們公司而言，作為車隊經理，當機會出現時，抓住機會總是明智的。

Great. Thank you.

偉大的。謝謝。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi there. I just wanted to ask about RPD in America to start off. I think you said positive sequential trends consistent with seasonal patterns. I think usually it's somewhere in the like 4% to 5% range sequentially, which would put RPD down 4% year on year in the Americas. Is that the right way to think about things, or, yeah, the 2Q.

你好呀。首先，我只是想問一下有關美國 RPD 的情況。我認為您說的是與季節性模式一致的正向連續趨勢。我認為通常這個數字會在 4% 到 5% 左右的範圍內，這意味著美洲的 RPD 年比下降 4%。這是思考問題的正確方式嗎，或者，是的，第二季。

Yes, I'll take price. So, Let me start by unpacking the first quarter so this way we can understand what happened. When you think about, down three in the Americas, which you're looking for to go forward. So when you're down three in the Americas, the way I looked at it, January and February were kind of below that.

是的，我會接受價格。因此，讓我先來分析一下第一季的情況，這樣我們就能了解到底發生了什麼事。當您想到美洲下降了三個百分點時，您就會期待它繼續前進。因此，當美洲的銷售額下降三位時，在我看來，一月和二月的銷售額略低於這個數字。

So January, with the strength of the Christmas season, we talked about earlier, and February had a good holiday, performance there. So January and February, the outlier was March. And when you think about what happened in March, and it was A bit worse off than maybe any of us, expected early on. It what happened in March is you lose the Easter holiday, you had that you know Eclipse thing that happened last year that was a high performance, RPD generator for us, and that kind of moved a little bit.

因此，一月份，由於我們之前談到的聖誕季的強勁表現，二月份的假期表現也不錯。因此，一月和二月的異常值是三月。當你回想一下三月發生的事情時，你會發現情況比我們任何人早期預料的都要糟糕一些。三月發生的事情是，你失去了復活節假期，你知道去年發生的 Eclipse 事件，它對我們來說是一個高性能的 RPD 生成器，而且有點移動。

What I believe happens in the, in these quarters is the fleet, the fleet, the fleeting up that occurs in our industry that happens in these transitional months starts to wane as you get towards the back end of the spring season, so the back end of June.

我認為在這些季度中，我們產業在這些過渡月份中出現的船隊、船隊、船隊的快速成長在接近春季末期（即六月底）時開始減弱。

And I think what I would say about the second quarter is the exit trend in June should be better than the, normalized runway rate, which sets us up for a seasonally improved price point in the summer, that kind of the way I look at it.

我認為關於第二季度，6 月的退出趨勢應該比正常化的跑道率要好，這為我們在夏季實現季節性改善的價格點奠定了基礎，我就是這麼看的。

Got it. And then just a couple of clarifying points on the guidance. So I might have just missed it. I didn't hear you reiterate the at least $500 million of cash flow for this year. So I just want to make sure if that's still the case. And then on the at least a billion dollars which you did reiterate for this year on EBITDA.

知道了。然後僅對指導意見中的幾點澄清。所以我可能只是錯過了。我沒有聽到你重申今年至少 5 億美元的現金流。所以我只是想確認一下情況是否仍然如此。然後您重申今年的 EBITDA 將至少達到 10 億美元。

I know this kind of questions and kind of asked but just to put a finer point on it. I know it's hard to look at tariffs in a vacuum because there's obviously a lot of, secondary impacts there, but just what exactly you kind of factoring in there from like gains on sale, RPD, the kind of consumer environment that gives you confidence in that billion or like I guess like how to think about a normalized EBITDA run rate if without the kind of tariff piece of things.

我知道有這種問題，也問過這種問題，但我只是想更詳細地說明一下。我知道很難孤立地看待關稅，因為顯然有很多次要影響，但你究竟要考慮哪些因素，例如銷售收益、RPD、讓你對這 10 億美元充滿信心的消費環境，或者我想，如果沒有關稅因素，如何看待正常的 EBITDA 運作率。

Hi Lizzie, thank you for the question.

你好 Lizzie，謝謝你的提問。

I think maybe I'll clarify a little bit of how we started with the billion dollars. First and foremost, the billion dollars is our target. It always was our target, still remains our target. I wouldn't go as far as saying I'm reiterating that target.

我想也許我應該稍微解釋一下我們是如何開始籌資十億美元的。首先，十億美元是我們的目標。它一直是我們的目標，現在仍然是我們的目標。我不會說我正在重申這個目標。

What I'm saying is, given the macroeconomic environment and how things are in the news and everything that's going on, I think it's important for us to say our goal is to hit that billion dollars. Now obviously, as I'm stating that if I'm not, I also can't be in call it the same position to say what the adjusted free cash flow would be, because yes, if we hit the billion, I would say it's probably less than $500 million, but if we hit the billion, it's probably in the in the mid 3s to 4s. So I just want to be clear about that.

我想說的是，考慮到宏觀經濟環境、新聞報導和正在發生的一切，我認為我們的目標是達到 10 億美元，這一點很重要。現在很明顯，正如我所說的，如果我不是，我也不能以同樣的方式說出調整後的自由現金流是多少，因為是的，如果我們達到 10 億美元，我會說它可能少於 5 億美元，但如果我們達到 10 億美元，它可能在 3 到 4 億美元之間。所以我只是想明確這一點。

In terms of your second part of your question, if this, if that, et cetera. I think as you've seen us navigate. Different scenarios in the past, we never really move off of that target. How we get to that target may differ, right? If fleet costs are going our way and something isn't, or vice versa, we have a very variable cost structure so that we were we would always be achieving, call it the target of a billion of no less than a billion, as well as generating a healthy amount of adjusted free cash flow.

關於你問題的第二部分，如果這樣，如果那樣，等等。我想正如您所見，我們就是這樣航行的。與過去不同的是，我們從未真正偏離這個目標。我們實現該目標的方式可能有所不同，對嗎？如果車隊成本按照我們的意願發展，而有些則沒有，或者反之亦然，我們的成本結構就會非常靈活，這樣我們就可以始終實現不低於十億美元的目標，同時產生健康的調整後自由現金流。

Got it thank you.

明白了，謝謝。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Hey, good morning everyone. Joe, I know it's your last call, so, just again wanted to wish you all the best and, appreciate all the insights over the years.

嘿，大家早安。喬，我知道這是你的最後一次通話，所以，我只想再次祝你一切順利，並感謝你多年來的所有見解。

I guess my first question, I know you've covered a lot of ground on, scenarios for 2026 fleet, and I know it's very early, but yeah, I want to drill down a little bit on your thoughts if there would be opportunities to lock in model 26s at some point at a at a price that's let's just say comparable to '25. Yes, how hard, how hard would you look at leaning into that, from a, just from a commitment and capital standpoint again, I know it's a hypothetical scenario, but any thoughts would be great. Thanks.

我想我的第一個問題是，我知道您已經涵蓋了 2026 年機隊的許多情景，而且我知道現在還為時過早，但是是的，我想深入了解一下您的想法，是否有機會在某個時候以與 25 年相當的價格鎖定 26 型。是的，從承諾和資本的角度來看，您會多麼努力地傾向於此，我知道這是一個假設的情況，但任何想法都會很棒。謝謝。

Well, thanks, Chris, and nice speaking to you. Yes, of course. If there's an opportunity to lock in 26s at a price point that we believe, is important to our business, we absolutely will. As it stands right now, as I said earlier, we're still talking about 25s in cer in certain cases, and I don't believe, that.

好吧，謝謝你，克里斯，很高興和你交談。是的當然。如果有機會以我們認為對我們的業務很重要的價格鎖定 26s，我們絕對會這樣做。就目前情況而言，正如我之前所說，在某些情況下我們仍在討論 cer 中的 25 秒，但我不相信這一點。

The OEMs have formalized their individual plans yet. I do believe that's coming, and it probably will come sooner than later, but as it stands right now, they haven't. And, we'd be ready and willing to get involved and negotiate on any potential '26 deals that's available to us, that makes sense.

各原始設備製造商尚未正式確定各自的計劃。我確實相信那一天會到來，而且可能很快就會到來，但就目前的情況來看，他們還沒有到來。而且，我們已經做好準備並願意參與和談判任何可能對我們有利的 26 項交易，這是有意義的。

Okay, fair enough. And just as a follow up, I obviously a lot of questions about RPD and, direction of demand and all that, but, I was hoping we could drill down maybe a little bit of the mix and. I know there's historically been a spread between leisure and commercial pricing, and I'm curious as to whether, mix had a big impact for you either in Q1 or whether you expected to in Q2, and then, kind of secondarily to that, are you doing anything differently with respect to, channels of demand and might include rideshare, third party, etc. Thanks.

好吧，夠公平。作為後續問題，我顯然對 RPD 和需求方向等有很多疑問，但我希望我們可以深入了解這些混合情況。我知道休閒和商業定價之間歷來存在價差，我很好奇，組合是否對您在第一季度或第二季度產生了重大影響，然後，其次，您是否在需求管道方面做了不同的事情，可能包括共乘、第三方等。謝謝。

Yes, I think when you think about it, Chris, we always try to optimize on the best segment mix available to us. And I, as you go forward into the year, the dependency on commercial obviously gets reduced and it becomes more about leisure. Leisure customers tend to buy more ancillary products which help us, from a RPD standpoint as well.

是的，克里斯，我想當你考慮這一點時，我們總是試圖優化我們可用的最佳細分組合。我認為，隨著時間的推移，對商業的依賴顯然會減少，而更多地轉向休閒。休閒顧客傾向於購買更多的輔助產品，從 RPD 的角度來看，這也對我們有幫助。

So I think when you think about it, leisure, it's, it could be larger cars, it could be product offerings, it could be generally, demand and supply in certain travel environments. So, yes, we certainly look at that and we will capitalize on that going forward, airports versus off airports, leisure demand versus ride hails, et cetera. Things of that nature. And, that's how we optimize and get the best outcome that we could potentially have for our company.

所以我認為，當你考慮休閒時，它可能是更大的汽車，可能是產品供應，可能是一般而言，是特定旅行環境中的需求和供應。所以，是的，我們肯定會考慮這一點，並且我們會在未來利用這一點，例如機場與機場外、休閒需求與叫車服務等等。類似這樣的事。這就是我們如何優化並為公司獲得最佳結果。

Okay, very good. Thanks, Joe.

好的，非常好。謝謝，喬。

Thank you. At this time, I've turned the floor back over to Joe Ferraro, CEO for closing remarks.

謝謝。現在，我將發言權交還給執行長喬·費拉羅 (Joe Ferraro)，請他發表最後發言。

Thank you. So to recap, we've made tremendous progress to date on our accelerated fleet rotation strategy with a record number of risk vehicle sales and accepted delivery on a good portion of our '25 model year vehicles. Used car residual market continues to improve, and our flexible fleet strategy will enables us to capitalize on favorable market conditions.

謝謝。總而言之，迄今為止，我們在加速車隊輪換策略方面取得了巨大進展，風險車輛銷售數量創下了紀錄，並且我們 25 年款車輛的很大一部分已接受交付。二手車殘值市場持續改善，我們靈活的車隊策略將使我們能夠利用有利的市場條件。

And as I said earlier, advanced reservations for us are ahead of where we were prior year, largely due to leisure. I want to thank all of our employees for our ongoing commitment and performance. I look forward to watching our company thrive throughout the rest, throughout the years, and as always, thank you for your interest in our company.

正如我之前所說，我們的提前預訂量比去年有所增加，這主要是因為休閒時間的增加。我要感謝我們所有員工的持續承諾和表現。我期待著看到我們的公司在未來的歲月裡蓬勃發展，並一如既往地感謝您對我們公司的關注。

Thank you. This will conclude today's conference. We may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的會議到此結束。我們此時可能會斷開您的線路。我們感謝您的參與。