Avis Budget Group Inc (CAR) 2025 Q2 法說會逐字稿

Greetings, and welcome to Avis Budget Group's second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Avis Budget Group 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to your host, Mr. David Calabria, Senior Vice President, Corporate Finance and Treasurer for Avis Budget Group. Thank you. You may begin.

現在，我想將電話轉給主持人、Avis Budget Group 公司財務高級副總裁兼財務主管 David Calabria 先生。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining us. On the call with me are Brian Choi, our Chief Executive Officer; and Daniel Cunha, our Chief Financial Officer. Before we begin, I would like to remind everyone that we will be discussing forward-looking information, including potential future financial performance, which are 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 release and our periodic filings with the SEC as well as the Investor Relations section on our website.

大家早安，感謝大家的收看。與我一起參加電話會議的有我們的執行長 Brian Choi 和我們的財務長 Daniel Cunha。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這些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均在我們的收益報告、定期向美國證券交易委員會提交的文件以及我們網站的投資者關係部分中列明。

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 guarantee about our future performance. We undertake no obligation to update or revise our forward-looking statements.

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。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-GAAP 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.

在本次電話會議上，我們將討論某些非公認會計準則財務指標。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。

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

說完這些，我想把電話轉給布萊恩。

Thanks, David, and thank you to everyone joining us today for our second-quarter earnings call. It's great to be back and to have the opportunity to regularly connect with our investor community. Let me start by introducing Daniel Cunha, our new Chief Financial Officer, who joined us on July 1. Daniel started his career as a management consultant, became an investment professional in private equity, and finally settled in on the operational side as the CFO for two companies prior to joining Avis. He is a strategic thinker with real operating chops, and we're thrilled to have him on the team. Daniel is less than a month in, so to the analysts on this call, please don't scare him off during Q&A. We have high hopes for him here.

謝謝，大衛，也感謝今天參加我們第二季財報電話會議的所有人。很高興能夠回來並有機會定期與我們的投資者社區聯繫。首先，我來介紹我們的新任財務長丹尼爾·庫尼亞 (Daniel Cunha)，他於 7 月 1 日加入我們。丹尼爾的職業生涯始於管理顧問，後來成為私募股權投資專家，並最終在加入 Avis 之前擔任兩家公司的首席財務官，從事營運工作。他是一位具有真正營運能力的策略思想家，我們很高興他能加入我們的團隊。丹尼爾上任還不到一個月，因此對於參加電話會議的分析師來說，請不要在問答期間嚇跑他。我們對他寄予厚望。

We're taking a slightly different approach with these calls going forward. You may have noticed, we issued a financial supplement alongside our usual earnings release yesterday. That document includes the key highlights and financial details we would typically cover during this call. You all know the format we followed in the past. This segment grew this much for an X percent increase. That line item moved slightly from here to there. But let's be honest, you can do the math. You don't need me to go through a roll call of data points. There's a better way for us to use this hour.

今後我們將對這些呼籲採取略有不同的方法。您可能已經注意到，我們昨天除了發布常規收益報告外，還發布了一份財務補充報告。該文件包括我們通常在本次電話會議中討論的關鍵要點和財務細節。你們都知道我們過去遵循的格式。此部分成長如此之多，增幅達到 X%。該項目從這裡稍微移動到了那裡。但說實話，你可以算算看。您不需要我去查看一串數據點。我們有更好的方法來利用這一小時。

So today, I'd like to elevate the conversation. Let's move beyond the myopic month-to-month trends and instead focus on where we're taking Avis Budget Group. What opportunities are we prioritizing? Where are we investing resources? How does this all fit into our broader strategic vision? These are the questions that truly determine whether a company is expanding its moat or simply treading water.

所以今天，我想進一步探討這個問題。讓我們擺脫短視的月度趨勢，轉而關注我們要帶領 Avis Budget Group 走向何方。我們優先考慮哪些機會？我們在哪裡投資資源？這一切與我們更廣泛的策略願景如何契合？這些問題真正決定了一家公司是在擴大其護城河還是僅僅在原地踏步。

To be clear, we fully recognize the importance of consistent financial execution. Delivering on quarterly results is foundational. The sound of the cash register ringing consistently is what buys you the right to take a long-term vision. So meeting our financial expectations should be table stakes. The results of our operational performance should largely speak for itself with minimal interpretation or story to spin. I believe that's the case this quarter. So let's spend this time instead getting into how we're thinking about growth and opportunities at Avis.

需要明確的是，我們充分認識到持續財務執行的重要性。實現季度業績是基礎。收銀機持續響起的聲音讓你擁有了放眼長遠的權利。因此，滿足我們的財務預期應該是首要任務。我們的營運績效結果應該在很大程度上不言而喻，無需過多的解釋或敘述。我相信本季的情況就是如此。因此，讓我們花點時間來了解我們如何看待 Avis 的成長和機會。

Let's clarify something, though. Cyclical growth and opportunity comes and goes as the macroeconomic winds blow. Structural growth and opportunities, though, that comes from value creating innovation. Avis Budget Group has been around for 75 years. If we want to be an enduring franchise for the next 75 years, we must take on value-creating innovation as a core responsibility today, a responsibility to our customers who deserve better services that aren't just reliable but exceptional, a responsibility to our teams who need new tools and technology that empower their visibility and productivity, and a responsibility to our industry overall, to grow the size of the pie instead of jostling year-to-year for a slightly bigger slice.

不過，讓我們澄清一些事情。隨著宏觀經濟情勢的變化，週期性成長和機會也隨之而來。然而，結構性成長和機會來自於創造價值的創新。Avis Budget Group 已成立 75 年。如果我們想在未來 75 年內成為一家經久不衰的特許經營企業，那麼我們必須將創造價值的創新作為今天的核心責任，對我們的客戶負責，他們值得享受到不僅可靠而且卓越的更好服務，對我們的團隊負責，他們需要新的工具和技術來提高他們的可視性和生產力，對整個行業負責，以擴大蛋糕的規模，而不是逐年的更大份額。

These aren't abstract fortune cookie phrases to us. We're putting this commitment to practice, and we're doing it now. Let me provide a tangible example of this by introducing you to Avis First. Avis First is our new premium product offering that defines what first class is for car rental.

對我們來說，這些並不是抽象的幸運餅乾短語。我們正在將這項承諾付諸實踐，而且我們現在就在做。讓我透過向您介紹 Avis First 來提供一個具體的例子。Avis First 是我們新推出的優質產品，它定義了汽車租賃的頭等艙地位。

What does that mean? Well, picture this. You arrive at the airport, grab your bag, walk out the door, and find an Avis First concierge is already there waiting for you. He comes over to take your bag, hand you a bottle of water, and walk you all of eight steps to get to the car at the curb. It's exactly what you asked for, latest model year and low mileage with that new car smell. It's 90 degrees and humid outside, but it's a crisp 68 degrees in your car because it's been preconditioned with the air on and the seat coolers running.

這意味著什麼？好吧，想像一下。您到達機場，拿起行李，走出門，發現 Avis First 禮賓部已在那裡等候您。他過來拿你的包包，遞給你一瓶水，然後陪你走八步路到達路邊的汽車。這正是您所要求的，最新款、低里程、還有新車的味道。外面溫度高達 90 華氏度，而且潮濕，但車內溫度只有清爽的 68 華氏度，因為車內已經預先調節好溫度，空調和座椅冷卻器都處於運行狀態。

The concierge make sure that your phone's Bluetooth connects seamlessly and the car play screen pops up on the dash with your map and playlist ready to go. Before you leave, he reminds you to save yourself the hassle of filling up the tank. We only charge for the gas you use at pump rates, so just drop the car off curbside with your concierge and walk into the terminal when your trip is over. You chuckle a bit, remembering the last time you were at this airport and went with the ride hail option, having to meander through a maze of walkways, elevators and parking garages, eventually going halfway back that Odyssey to meet your driver with whom you've been furiously texting.

禮賓人員確保您的手機藍牙無縫連接，並且車載播放螢幕彈出在儀表板上，您的地圖和播放清單已準備就緒。在您出發之前，他提醒您要省去加油的麻煩。我們僅按加油站費率收取您使用的汽油費，因此，當您的旅程結束時，只需將車停放在路邊的禮賓部，然後步行進入航站樓即可。你輕笑了一下，想起上次你來這個機場時選擇的是叫車服務，不得不穿過迷宮般的人行道、電梯和停車場，最後在半路上回到奧德賽去見你一直在瘋狂發短信的司機。

You realize now there's a better answer. First class doesn't have to end at the gate if you rent Avis First. This isn't just a new business line. It's a category-defining product for the rental car industry. Historically, our sector has leaned solely on brand segmentation. Avis Hertz and National as premium. Budget, Enterprise, and Alamo as mid-tier. Dollar and Thrifty as value. Payless, Fox, and others as low cost.

您現在意識到有一個更好的答案。如果您租用 Avis First，頭等艙就不必在登機口結束。這不僅僅是一條新的業務線。這是汽車租賃業定義類別的產品。從歷史上看，我們的行業完全依賴品牌細分。Avis Hertz 和 National 為優質品牌。Budget、Enterprise 和 Alamo 屬於中階市場。以美元和節儉作為價值。Payless、Fox 等公司的成本都很低。

But within those brands, the actual product experience is highly variable. That's no longer acceptable. Today's traveler is more discerning. Brand alone isn't enough. Customers expect clear differentiated offerings within a brand just like they do when they're flying.

但在這些品牌中，實際的產品體驗差異很大。這已不再是可以接受的。當今的旅行者更加挑剔。僅有品牌是不夠的。顧客期望品牌提供明顯差異化的服務，就像他們在飛行時一樣。

Everyone knows Delta is more premium than EasyJet, but Delta customers also understand the difference between Main cabin, Comfort Plus, First Class, and now Delta One. The airline industry figured out that the post-COVID traveler is happy to pay more for certainty, for quality, and for experience. It's not just about the lowest price. It's about the value received.

眾所周知，達美航空比易捷航空更高端，但達美航空的乘客也了解主艙、舒適升等艙、頭等艙以及現在的至臻商務艙之間的差異。航空業發現，後疫情時代的旅客樂於為確定性、品質和體驗支付更高的價格。這不僅僅是最低價格的問題。這是關於收到的價值。

Avis First addresses that expectation head on. And while a first-class flight from New York to LA can cost thousands of dollars more than an economy flight, an Avis First upgrade per day cost as much as a couple of Starbucks lattes. That's why I firmly believe that you can fly any class but always drive first class with Avis First.

Avis First 正直地滿足了這項期望。雖然從紐約飛往洛杉磯的頭等艙機票比經濟艙機票貴幾千美元，但每天 Avis First 升等的費用相當於幾杯星巴克拿鐵的價格。這就是為什麼我堅信，您可以乘坐任何艙位，但乘坐 Avis First 航班始終是頭等艙。

Our customers are the same customers as the Uniteds and Hiltons of the world. It's already been proven that if you build a premium product, they will come. Airlines have done it. Hotels have done it. Why haven't we? And I don't mean we as an Avis Budget. I mean, why has nobody in the rental car industry tried to offer this first-class experience in terms of both vehicle and service. The short answer is because it's hard. Your fleet has to be connected, and you need to coordinate between workgroups, spread out across acres of an airport. The only way to operationalize this is to enable the field with best-in-class technology that's purpose built for newly structured processes that are tailored airport by airport.

我們的客戶與世界上的聯合航空和希爾頓酒店的客戶是一樣的。事實已經證明，如果你打造出優質產品，他們就會來。航空公司已經這樣做了。酒店已經這樣做了。為什麼我們還沒有呢？我並不是說我們是 Avis Budget。我的意思是，為什麼租車行業沒有人嘗試在車輛和服務方面提供這種一流的體驗。簡短的回答是因為它很難。您的車隊必須互聯互通，並且您需要協調分佈在機場各處的工作小組。實現這一目標的唯一方法是為該領域提供一流的技術，該技術專為每個機場量身定制的新結構化流程而構建。

And that's exactly what we did: new workgroups, new technology, new processes. If the consumer is paying for a seamless experience, we can't afford to deliver anything less. The behind the scenes lift to pull this off is substantial. But we've thoughtfully put in the work to bring this to life. I believe this is the single most innovative product our industry has seen in 20 years. And while we're creating and defining this category, I do expect others to follow. And honestly, we welcome it.

這正是我們所做的：新工作小組、新技術、新流程。如果消費者想要獲得無縫體驗，我們就無法提供任何低於標準的服務。為實現這一目標，幕後付出的努力是巨大的。但我們經過深思熟慮，付出了努力才使這個目標成為現實。我相信這是我們行業 20 年來見過的最具創新性的產品。當我們創建和定義這個類別時，我確實希望其他人能夠效仿。說實話，我們對此表示歡迎。

Our aim is to set a new standard that elevates the entire industry and increases its overall revenue and profit pools. Car rental is a mission-critical piece of the travel ecosystem, and we need to evolve alongside the airline and hotel participants in the industry to service our shared customer. It's the only way to escape the vicious cycle of solely competing on price. It's also a way to win back some of the share that has been lost to ride hail. How many of you decide to just call a car because you don't want to deal with the bussing or the AirTram? With Avis First, you get all that convenience and more with none of the awkward chit-chat from your Lyft driver.

我們的目標是建立新的標準，提升整個產業並增加其整體收入和利潤。汽車租賃是旅遊生態系統中至關重要的一部分，我們需要與行業中的航空公司和酒店參與者一起發展，為我們的共同客戶提供服務。這是擺脫單純價格競爭惡性循環的唯一方法。這也是一種贏回部分因叫車服務而失去的市場份額的方法。你們有多少人因為不想搭乘公車或 AirTram 而決定直接叫車？有了 Avis First，您可以享受所有這些便利，甚至更多，而且不會與 Lyft 司機發生尷尬的閒聊。

By further segmenting our customer base beyond the binary Avis or budget, we can service the demand that we know exists. We can provide a higher-value product, and we can grow the overall size of the industry. That's what we're delivering. The price is slightly higher, but you receive so much more in return that it becomes a no-brainer that Avis First is the best value proposition in the rental car industry.

透過進一步細分我們的客戶群，超越二元 Avis 或預算，我們可以滿足已知存在的需求。我們可以提供更高價值的產品，並且可以擴大整個產業的規模。這就是我們所傳遞的。價格略高，但回報更高，因此毫無疑問 Avis First 是租車行業中最具價值的選擇。

You don't need to take my word for it. Avis First is live in over a dozen locations today. And we're planning on over 50 markets being operational by the end of the year. If you find yourself going to airports like Denver or Palm Beach or if you want to get out of Manhattan in the summer and prefer to have your rental car meet you at your apartment, why not give Avis First a try?

你不必相信我的話。Avis First 目前已在十多個地點上線。我們計劃在今年年底前讓 50 多個市場投入營運。如果您要前往丹佛或棕櫚灘等機場，或者您想在夏天離開曼哈頓並希望租車到您的公寓接您，為什麼不嘗試 Avis First 呢？

Now to the members of our team who are listening to this, I just want to say: game on. It's out there in the open now, so let's show the world what excellence in our industry means with Avis First.

現在，對於正在聆聽此演講的我們團隊的成員，我只想說：遊戲開始吧。現在它已經公開了，讓我們透過 Avis First 向世界展示我們行業卓越的意義。

Let's shift gears now and talk about another example of innovation that we're excited about. I wanted to provide more context around our recently announced partnership with Waymo in Dallas. I've been following the mobility ecosystem closely for nearly two decades, both as an investor and an operator. And while autonomous ride hail may seem a world apart from traditional car rental, I always believe that Avis has the potential to be a central player in this space.

現在讓我們換個話題，談談另一個讓我們興奮的創新例子。我想提供更多有關我們最近宣布與達拉斯 Waymo 合作的背景資訊。近二十年來，我作為投資者和營運商一直密切關注行動生態系統。儘管自動駕駛叫車服務似乎與傳統汽車租賃截然不同，但我始終相信 Avis 有潛力成為這一領域的核心參與者。

Now I'll admit this isn't immediately obvious to everyone. When you break down the value chain of autonomous vehicles, it's software and hardware that comes to mind. Clearly, Avis is not developing the code base to create a driverless system. And we're also not manufacturing the vehicles to power that technology. But in a world where that software can be licensed and that hardware can be purchased, the asset management aspect of the value chain gains much more importance.

現在我承認這一點並不是每個人都能立即意識到的。當你分解自動駕駛汽車的價值鏈時，首先想到的是軟體和硬體。顯然，Avis 並沒有開髮用於創建無人駕駛系統的程式碼庫。而且我們也沒有製造支援該技術的車輛。但在一個軟體可以授權、硬體可以購買的世界裡，價值鏈的資產管理方面變得更加重要。

AV ride hail isn't just dealing with the zeros and ones of digital logic. These are heavy assets that need to be professionally deployed and managed at scale. AVs are electric, so they need to be charged daily with the network of L3 stations. AVs require maintenance of cameras, sensors, and fluids, which need to be performed regularly by expert technicians.

AV 乘車呼叫不僅僅處理數位邏輯的零和一。這些都是重型資產，需要專業地部署和大規模管理。自動駕駛汽車是電動的，因此需要每天透過 L3 站網路進行充電。自動駕駛汽車需要對攝影機、感測器和液體進行維護，這些工作需要由專業技術人員定期進行。

In order to minimize rider wait time, AVs need to be positioned at travel optimized nodes, either in city center or at the airport. AVs aren't cheap. Being able to finance billions of dollars of fleet with the best advance rates and the best interest rates, that becomes a competitive advantage.

為了最大限度地減少乘客的等待時間，自動駕駛汽車需要定位在出行優化節點，無論是在市中心還是在機場。AV 並不便宜。能夠以最佳預付款率和最佳利率為數十億美元的船隊提供融資，這成為一種競爭優勢。

And lastly, AVs may be everywhere in the coming years, but I can guarantee you that into the future, no matter how advanced the technology gets, it is a mathematical certainty that someone will always leave a half-eaten granola bar in the cup holder. That's why service infrastructure and the human touch still matter. AVs will need to be constantly cleaned by a team of service agents in order to provide an optimal user experience.

最後，未來幾年自動駕駛汽車可能會無處不在，但我可以向你保證，在未來，無論技術多麼先進，從數學上講，肯定會有人在杯架上留下吃了一半的燕麥棒。這就是為什麼服務基礎設施和人情味仍然重要。為了提供最佳的使用者體驗，自動駕駛汽車需要由服務人員團隊持續清潔。

At Avis, we do all of those things daily. It is our core competency. In the city of Dallas alone, we manage a fleet of over 15,000 vehicles spread across 50-plus sites maintained by dozens of technicians and service by a field team of over 500 individuals. We've been doing this day in and day out for over 75 years.

在 Avis，我們每天都在做這些事。這就是我們的核心競爭力。僅在達拉斯市，我們就管理超過 15,000 輛車的車隊，分佈在 50 多個站點，由數十名技術人員維護，並由超過 500 人的現場團隊提供服務。75 年來，我們一直日復一日地做這件事。

The universe of mega-fleet managers is small, but Waymo did have a few choices. Why did they go with us? Well, I can tell you how I positioned what we at Avis uniquely bring to the table. First, we are a truly global network. You can rent an Avis in 180 of the 193 countries around the world. If you're an AV player with global ambitions, we're the only mega fleet manager with that kind of footprint.

大型車隊管理者的範圍很小，但 Waymo 確實有一些選擇。他們為什麼跟我們一起去？好吧，我可以告訴你我如何定位 Avis 的獨特優勢。首先，我們是一個真正的全球網路。您可以在全球 193 個國家中的 180 個國家租用 Avis 汽車。如果您是一位具有全球抱負的 AV 玩家，我們是唯一一家擁有這種影響力的大型車隊管理公司。

Second, instead of buying electric vehicles over the past few years, we've been investing in our EV infrastructure. We've been building out charging capabilities across our real estate portfolio. We've already gone through the brain damage of dealing with the long lead times from municipal authorities both on the airport and utility side.

其次，過去幾年我們並沒有購買電動車，而是一直在投資電動車基礎設施。我們一直在我們的房地產投資組合中建立充電能力。我們已經經歷了處理機場和公用事業方面市政當局的長期準備時間所帶來的腦損傷。

Third, we have alignment with Waymo on how massive and attractive an opportunity this is. This partnership didn't materialize haphazardly to get a pilot up and running. No. We dedicated some of our best talent on this partnership across transformation, operations, finance, real estate, and legal as a reflection of our commitment to this business line. Fourth, and I think most importantly, is the tech forward way we intend to manage these AV assets, which builds on the newly designed operating system that's foundational to Avis First.

第三，我們與 Waymo 就這項機會的規模和吸引力達成了共識。此次合作並非為了啟動試點計畫而偶然實現的。不。我們為這項合作投入了轉型、營運、財務、房地產和法律等領域的一些最優秀人才，以體現我們對這條業務線的承諾。第四，我認為最重要的是，我們打算採用技術先進的方式來管理這些 AV 資產，這種方式建立在 Avis First 基礎的新設計的作業系統之上。

Let me close by telling you why we're so excited about this opportunity. Avis plays in a very specific niche of the mobility ecosystem today. We are a leader in a $65 billion-ish TAM industry that is dependent on travel. People taking business trips or going on vacations. That's a good place to be. And as I mentioned with Avis First, I think there are substantial opportunities to grow that TAM and capture value.

最後，讓我告訴你們為什麼我們對這個機會如此興奮。如今，Avis 在行動生態系統中佔有非常特殊的地位。我們是價值約 650 億美元的 TAM 產業領導者，該產業依賴旅遊業。出差或度假的人。那真是個好地方。正如我在談到 Avis First 時提到的那樣，我認為有大量機會可以擴大 TAM 並獲得價值。

But in an autonomous world, Avis can participate in the medius part of the mobility ecosystem, where the foremost macro factor isn't passenger deplanements. It's vehicle miles driven. This is an addressable market that is hundreds of billions of dollars. Avis has honed its superpower of mega fleet management by grinding pennies in the rental car industry. But like I said earlier, that core competency of maintaining vehicles, servicing vehicles, repositioning vehicles, purchasing, financing, and disposing of vehicles, all of that is fundamental to fleet management, whether the vehicles are ICE, EV, or now AV.

但在自動化的世界裡，Avis 可以參與移動生態系統的中間部分，其中最重要的宏觀因素不是乘客下飛機。這是車輛行駛里程。這是一個價值數千億美元的潛在市場。透過在汽車租賃行業中精耕細作，Avis 磨練了其管理大型車隊的超強實力。但就像我之前說的，維護車輛、維修車輛、重新定位車輛、購買、融資和處置車輛的核心競爭力，都是車隊管理的基礎，無論車輛是 ICE、EV 還是現在的 AV。

We have the opportunity today to apply the skillset we've earned over decades to a much larger market with much higher growth potential. We intend to use Dallas to learn together with Waymo and to see how we can succeed in this market and future markets to come. Initial testing is already underway, and we'll update you as milestone developments take place.

今天，我們有機會將數十年來累積的技能應用到更大、成長潛力更大的市場。我們打算利用達拉斯與 Waymo 一起學習，看看我們如何在這個市場以及未來的市場中取得成功。初步測試已在進行中，我們將在里程碑進展發生時向您通報最新進展。

But here's what it all comes down to. We're building for what's coming next by launching category-defining products like Avis First and actively shaping the future of the AV landscape with our Waymo partnership. These aren't just headlines. The proof points to show that Avis Budget Group is not content with playing defense in the legacy category.

但這就是一切的真相。我們正在為未來做準備，推出 Avis First 等定義類別的產品，並與 Waymo 合作積極塑造 AV 領域的未來。這些不僅僅是標題。證據表明，Avis Budget Group 並不滿足於在傳統類別中採取防守姿態。

We're here to win through innovation, carve out our place in the future mobility ecosystem, and by doing so, create durable shareholder value. We're on that journey. We're excited for what lies ahead, and we're going to keep driving forward.

我們的目標是透過創新取勝，在未來的行動生態系統中佔有一席之地，並以此創造持久的股東價值。我們正在進行那段旅程。我們對未來充滿期待，並將繼續前進。

Thanks for listening. With that, operator, let's open it up for questions.

謝謝聆聽。接線員，好了，讓我們開始提問。

(Operator Instructions) Adam Jonas, Morgan Stanley.

（操作員指示）摩根士丹利的亞當喬納斯。

First, Brian, I love the new format. Great job. I wish more companies did it. I really hope they're listening. Please, please, please do that. Also, I thought the half-eaten granola bar was like a free gift, so I'm going to miss it if you clean it up too much.

首先，布萊恩，我喜歡這種新格式。幹得好。我希望有更多的公司能夠這樣做。我真的希望他們正在聽。拜託，拜託，請這麼做。另外，我認為吃了一半的格蘭諾拉麥片棒就像一份免費禮物，所以如果你清理太多的話，我會想念它。

Two questions, Brian. First, the Dallas-Waymo agreement, can you confirm whether this was the result of a competitive process, whereby Waymo considered other fleet and fulfillment partners? And I'm curious who came to who first? And I got a follow-up.

有兩個問題，布萊恩。首先，達拉斯-Waymo 協議，您能否確認這是否是競爭過程的結果，Waymo 是否考慮過其他車隊和履行合作夥伴？我很好奇誰先來找誰？我得到了後續消息。

Adam, thanks for the kind words. I really appreciate it. With the Waymo partnership in Dallas, I can't speak for Waymo. We at Avis have been in discussions with multiple AV parties. I can only imagine that Waymo having had previous partnerships before had been in discussions. So I do think that both parties went into this eyes wide open, considering the playing field.

亞當，謝謝你的好意。我真的很感激。由於與 Waymo 在達拉斯有合作關係，我無法代表 Waymo 發言。我們 Avis 已經與多個 AV 方進行了討論。我只能想像 Waymo 之前曾有過合作並正在進行討論。因此我確實認為雙方都對這種情況保持了清醒的認識，充分考慮了競爭環境。

Okay. And just, Brian, if you put on your really long-term hat, I'm thinking out 10 to 20 years from now, what's your vision for Avis Budget's business model? How would your revenue and operational model have evolved? And just kind of along those lines, seeing where you see the surface area evolving and expanding with autonomous machines and your ability to service them and maintain them. Thanks.

好的。布萊恩，如果您從長遠角度考慮，我想展望 10 到 20 年後，您對 Avis Budget 的商業模式有何看法？您的收入和營運模式將會如何演變？沿著這樣的思路，你會看到自動化機器的表面積不斷發展和擴大，你對它們進行維修和保養的能力也不斷增強。謝謝。

Yeah. Sure. I mean, this is something that we obviously give a lot of thought to. Today, tomorrow, going forward, I really do think that the beating heart of the business is what we do today. It is actually providing a mega fleet management, which is providing the highest utilization, keeping the lowest number of unrentable cars in our fleet, and providing a high-quality service to our customers. That's what we do. We do it today in the rental car space. We're going to continue doing it in the rental car space going forward.

是的。當然。我的意思是，這顯然是我們深思熟慮的事情。今天、明天、展望未來，我確實認為，業務的核心就是我們今天所做的事。它實際上提供的是大型車隊管理，可提供最高的利用率，保持車隊中無法出租的車輛數量最少，並為我們的客戶提供高品質的服務。這就是我們所做的。我們今天在租車領域做這件事。我們將繼續在汽車租賃領域開展此項業務。

But in the future, in this autonomous world, as we kind of utilize the core skill set that we've built across 75 years, over 75 years of history, we think that we can expand our footprint and our sphere of influence in this mobility ecosystem. So it starts here with kind of autonomous ride hail. Like I said in my prepared remarks, a lot of the core competencies that we do on a day in, day out basis, very transferable to autonomous ride hail. And as we said in our press release, Dallas, like you said, is the start. We expect to expand this to other cities, and we see a good long runway in that.

但在未來，在這個自動化的世界裡，當我們利用我們在 75 年歷史中建立的核心技能時，我們認為我們可以擴大我們在這個行動生態系統中的足跡和影響力。所以它從自動駕駛叫車服務開始。正如我在準備好的演講中所說的那樣，我們日復一日所做的許多核心競爭力都可以轉移到自動駕駛汽車上。正如我們在新聞稿中所說，達拉斯只是一個開始。我們希望將這項計劃擴展到其他城市，並且我們認為這將有很長的路要走。

Over time, like I said, autonomous vehicles is touching, like I said, the medius part of the mobility ecosystem, which is vehicle miles driven. That opens up a lot of other areas that we can play in as well in terms of expanding our horizon. So right now, like I said, core of the business is the rental car business. But as the years progress, I think we can expand our footprint.

就像我說的，隨著時間的推移，自動駕駛汽車正在觸及移動生態系統的中間部分，即車輛行駛里程。這也為我們拓展視野開啟了許多其他可以發揮的領域。所以現在，就像我說的，業務的核心是租車業務。但隨著時間的推移，我認為我們可以擴大我們的足跡。

Appreciate it, Brian. Thanks.

非常感謝，布萊恩。謝謝。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Brian, welcome to the seat, and also welcome to Daniel. It's a slight follow-up on Adam's question, maybe asked in a slightly different way, which is, if you think about this first partnership with Waymo, and Brian, I just heard your comments about what you -- longer term, how it might evolve. Kind of shorter term, I'll say next three to five years, how do we think about the bandwidth you have to do more partnerships like when you announced with Waymo, but also potentially other things?

布萊恩，歡迎來到我這裡，也歡迎丹尼爾。這是對 Adam 問題的稍微跟進，可能問的方式稍微不同，也就是說，如果您考慮一下與 Waymo 的第一次合作，以及 Brian，我剛剛聽到了您關於長期發展的評論。從短期來看，我想說未來三到五年，我們如何看待您必須擁有的頻寬來建立更多的合作夥伴關係，就像您宣布與 Waymo 建立合作夥伴關係時一樣，但也可能建立其他合作夥伴關係？

And how do you kind of fit your existing infrastructure into that? And what kind of incremental investments are you willing to make? And how do you internally kind of measure the ROI on these businesses? And then I have a follow-up. Thanks.

您如何將現有的基礎設施融入其中？您願意進行什麼樣的增量投資？您如何在內部衡量這些業務的投資報酬率？然後我有一個後續問題。謝謝。

Yeah, sure. Chris, I think we have a lot of bandwidth to take on future partnerships, like I said, with Waymo. This is the first of what I hope is many cities. And in order to do that, we are going to have to put our balance sheet to work. That's something that we're not shy about doing. What I do want to be careful of is that we are not going to take our eye off the core part of our business, which is rental car. We want to make sure that the partnerships that we do are thoughtful, that they're deeply integrated, and that they're long term.

是的，當然。克里斯，我認為我們有足夠的頻寬來承擔未來的合作關係，就像我說的，與 Waymo 合作。我希望這是眾多城市中的第一個。為了做到這一點，我們必須讓我們的資產負債表發揮作用。我們並不羞於這麼做。我確實需要注意的是，我們不會忽視我們業務的核心部分，那就是租車。我們希望確保我們建立的合作關係是深思熟慮的、深度融合的、並且是長期的。

We're not here to just put out a bunch of press releases and partner with a bunch of people. We are in discussions with many people, but who we choose to partner with, we're going to make sure that we do it in a thoughtful way, in a true partnership, we're a 1 plus 1 equals 3. So that's kind of how we're looking at it.

我們在這裡不只是為了發布一堆新聞稿和與一群人合作。我們正在與許多人進行討論，但對於我們選擇與誰合作，我們將確保以深思熟慮的方式進行，在真正的合作中，我們是 1 加 1 等於 3。這就是我們看待這個問題的方式。

Okay. Thanks, Brian. And then going back to the Avis First division, which I think is really differentiated for now at least, is there any change to how you think about your fleet on that? I mean, I know that one of the tenants (inaudible) you're going to have the newest cars and here. Does that -- in terms of your fleet plan for, say, next year, does that make you do more larger premium vehicles? Or is this just kind of reallocating within what you had planned anyway?

好的。謝謝，布萊恩。然後回到 Avis First 部門，我認為至少目前該部門確實有所不同，您對車隊的看法有什麼變化嗎？我的意思是，我知道其中一位租戶（聽不清楚）你將擁有最新的汽車，而且在這裡。就您明年的車隊計畫而言，這是否會讓您推出更多大型高檔車輛？或者這只是您計劃內的重新分配？

Hey, Chris. So with regards to Avis first and the fleet, one thing that I do want to point out that with the difference between Avis first and I think other offerings that have been out there is that it's not just about the car. Yes, the car is an important aspect of it, and we're going to make sure that the right car, a premium car is there for our Avis First customers. But when you think about first class for an airline, it's not all just about the seat. It's about the whole experience, and I think that's what we're building from soup to nuts, just reimagining the whole customer journey through that lens.

嘿，克里斯。因此，關於 Avis first 和車隊，我想指出的一點是，Avis first 與其他現有服務的區別在於，它不僅僅涉及汽車。是的，汽車是其中一個重要的方面，我們將確保為我們的 Avis First 客戶提供合適的高檔汽車。但是，當您考慮航空公司的頭等艙時，不要只考慮座位。這是關於整個體驗的，我認為這就是我們從頭到尾建構的，只是透過這個視角重新想像整個客戶旅程。

But to answer your question, yes, obviously, the car is a big part of that. And how we're in-fleeting cars or how we're participating with in our fleet negotiations this year takes that into mind. We are going to consider kind of more premium vehicles, but we already have a lot of these premium vehicles in our fleet. This isn't about just like luxury where it has to be some German-engineered Porsche or something like that. For us, I think premium in at Avis First can be a Jeep Cherokee. But we want to make sure that it's the newest model year, that it is a very, very low mileage.

但要回答你的問題，是的，顯然，汽車是其中很重要的一部分。我們今年如何安排車隊車輛或如何參與車隊談判都考慮到了這一點。我們將考慮更多高檔車輛，但我們的車隊中已經有很多高檔車輛了。這並不是說一定要有德國製造的保時捷或類似的東西才算豪華。對我們來說，我認為 Avis First 的優質車可以是吉普切諾基。但我們想確保它是最新款，並且行駛里程非常非常低。

Right now, it's kind of been a random distribution at times of who gets that like brand-new car. Right now, we're just trying to segment our business a little better to offer that product to the customers that are willing to pay a little bit more for that premium service.

目前，誰能得到一輛全新的汽車，有時是一種隨機分配。現在，我們只是試圖更好地細分我們的業務，以便將產品提供給願意為優質服務支付更多費用的客戶提供。

Okay. Understood. Thanks, Brian.

好的。明白了。謝謝，布萊恩。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Brian, congrats on starting the new (inaudible) welcome. If we could just, sorry, go back to perhaps the more myopic part of the results for a second, just to guide in. So maybe we could just unpack some of the different trends. Perhaps, if you could just talk to the implied second half, the puts and takes between DPU and RPD, where it seems like EPU is significantly better, but it seems like there's some offsetting effect in the guidance for the second half, whether it's from RPD or whether it's from cost. So maybe you can just talk about the puts and takes there in the implied second half guidance of $900 million to $1 billion.

布萊恩，恭喜你開始新的（聽不清楚）歡迎。如果我們可以，抱歉，稍微回顧一下結果中比較短視的部分，只是為了提供指導。因此，也許我們可以解讀出一些不同的趨勢。也許，如果您可以只談論隱含的下半年，即 DPU 和 RPD 之間的投入和產出，其中 EPU 似乎明顯更好，但似乎下半年的指導中存在一些抵消效應，無論是來自 RPD 還是來自成本。因此，也許您可以談談隱含的下半年指導價（9 億美元至 10 億美元）中的看跌期權和收益期權。

Sure. Dan, let's start -- I'll answer your myopic question with the high level. Let's start with the macro overview here. So kind of what we're seeing in terms of RPD isn't all that different from what other participants in the travel industry are seeing. I think demand is firming up post the passage of the Big Beautiful Bill. For us, leisure is stronger than commercial right now. And pricing is more challenged than volume. And this is true in PRASM for airlines. It's true for like RevPAR for hotels, and RPD for us.

當然。丹，讓我們開始吧——我將以高水平來回答你的短視問題。讓我們從這裡的宏觀概述開始。因此，我們所看到的 RPD 情況與旅遊業其他參與者所看到的並沒有什麼不同。我認為《大美麗法案》通過後需求將會增強。對我們來說，現在休閒比商業重要。而且定價比銷售更具挑戰性。對於航空公司而言，PRASM 確實如此。對於酒店的 RevPAR 和我們的 RPD 來說，這都是正確的。

But we do think that there are signs that things are firming up for the summer and then think summer is off to a good start. I think one of the reasons for that and kind of why you're seeing some of these issues on the DPU side, where I think you may have expected slightly stronger DPU maybe this quarter in guidance, is that we're dealing and having to navigate with two big issues here. That's tariffs and recalls.

但我們確實認為，有跡象表明夏季情況正在好轉，並且我們認為夏季將有一個良好的開端。我認為造成這種情況的原因之一以及為什麼您在 DPU 方面看到這些問題的原因（我認為您可能預計本季度的 DPU 指導可能會略有增強）是我們正在處理並且必須解決這裡的兩個大問題。這就是關稅和召回。

So let's just start with tariffs. Uncertainty around auto tariffs, of course, that's lifted the used car market. That's been a clear benefit. And when you look at their asset base, the vehicle asset base that we have on our balance sheet, like it is meaningful. But I want to know, we're not changing how we account for gross depreciation at this time. We just took a write-down at the beginning of the year. So Dan, you better believe we're going to stay conservative on this front.

那我們就從關稅開始吧。當然，汽車關稅的不確定性提振了二手車市場。這是一個明顯的好處。當你查看他們的資產基礎時，我們資產負債表上的車輛資產基礎是有意義的。但我想知道，我們目前不會改變計算總折舊的方式。我們剛在年初進行了減記。所以丹，你最好相信我們在這方面會保持保守。

So if you keep that gross depreciation constant, the only way to harvest used car gains is by selling the older model year vehicles. And to do that, you actually have to in-fleet the new model year vehicles, and that's where we're getting hung up. The tariff uncertainty is causing OEMs to delay production and delivery. So our in-fleet schedule is getting pushed. So we're having to hold on to the older model unit cars for longer, certain cars that were programmed that we were going to return that are a little higher priced that we're going to turn back as we were getting in new model year cars we've been having to hold on to. So we're dealing with a fleet rotation dynamic right now. So that's a negative headwind there.

因此，如果保持總折舊不變，取得二手車收益的唯一方法就是出售舊款車型。而要做到這一點，實際上你必須將新車型的車輛納入車隊，而這正是我們遇到困難的地方。關稅的不確定性導致原始設備製造商推遲生產和交付。因此我們的機隊計劃被推遲了。因此，我們不得不將舊款車型保留更長時間，某些我們計劃退回的車型價格稍高一些，而我們將退回這些車型，因為我們將購買我們一直保留的新車型。所以我們現在正在處理艦隊輪換動態。所以這是一個負面阻力。

And then again, on top of that with DPU, we have an issue with recalls. And listen, I don't want to make excuses here for recalls on a normal basis because recalls are a part of doing business in the rental car industry. We deal with it every single day. But this one is different. It's massive. It affects 4% of our Americas fleet. And you know that if cars are in recall, we're not allowed to sell them. So we're holding these on our book. And by the way, it's not just any vehicles. It's some of our highest RPD segments. These are transit vans and minivans, so they're actually more expensive to hold as well.

而且，除了 DPU 之外，我們還面臨召回問題。聽著，我不想在這裡為正常的召回找藉口，因為召回是租車行業業務的一部分。我們每天都要處理這個問題。但這次不同。它非常龐大。它影響了我們 4% 的美洲機隊。你知道，如果汽車被召回，我們就不允許銷售它們。所以我們把這些記在書上了。順便說一句，它並不是任何普通的車輛。這是我們 RPD 最高的部分。這些是運輸車和小型貨車，因此它們的保有成本實際上也更高。

There's also no visibility on when this gets resolved because it's a parts defect, and we've been given no visibility on delivery time for these parts from the OEMs. And lastly, like the cherry on top of this garbage Sunday is that it's hitting us in the heart of summer right now. It's a gut punch. There's no other way to describe it.

由於這是零件缺陷，因此我們無法知道何時能解決這個問題，我們也無法知道原始設備製造商 (OEM) 對這些零件的交貨時間。最後，就像這個糟糕的星期天的雪上加霜的是，它現在正值盛夏。這真是一記重擊。沒有其他方式可以描述它。

So to put this all together, listen, the only silver lining with this recall in the tariffs, it's not unique today. The entire industry is affected. And I think we're seeing that right now lead to some pricing recalibration. So yeah, I hope that answers your question, Dan.

所以，總而言之，聽著，這次關稅召回的唯一一線希望是，它今天並不是獨一無二的。整個產業都受到影響。我認為我們現在看到這會導致一些價格重新調整。是的，我希望這能回答你的問題，丹。

That's very helpful. Thank you. I had a second question, if we could just talk about the AV strategy and specifically, we see you're playing for a very large TAM. But I think what's maybe unclear to some folks is perhaps the type of revenue model here. So maybe you could just give us the parameters roughly, not just now but in the future, of what the revenue type model looks like? Is this on a per vehicle basis? Are there other services involved?

這非常有幫助。謝謝。我還有第二個問題，我們是否可以談談 AV 策略，具體來說，我們看到您正在爭取一個非常大的 TAM。但我認為有些人可能不清楚的是這裡的收入模式類型。那麼，也許您可以大致給我們一些參數，不僅是現在，還有未來的收入類型模型是什麼樣的？這是按每輛車計算的嗎？還涉及其他服務嗎？

And does this eventually go down the route -- one of your core competencies is acquiring and disposing vehicles. Is that eventually something that gets factored in here? I mean, I realized that's way down the line, but just give us a sense of the type of revenue model here on the AV side.

這最終是否會成為你們的核心競爭力之一——獲取和處理車輛？這最終會被考慮進去嗎？我的意思是，我意識到這還有很長的路要走，但請讓我們了解一下 AV 方面的收入模式類型。

Yeah, sure. Dan, I appreciate the question, and it is exactly what I'd be asking if I were in your shoes. So I'd love to get into more detail, but given how tightly integrated this partnership is, Waymo and Avis have agreed to maintain pretty tight messaging at this stage. So I'm going to give you everything that I can share right now. So some of this was already in the press release, initial mapping, the testing. It's already underway. We're going to start offering rights to the public next year. It is a multiyear agreement. We fully expect to expand into additional cities in the near future.

是的，當然。丹，我很感謝你的提問，如果我處於你的位置，我也會問同樣的問題。因此，我很樂意談論更多細節，但考慮到這種合作關係的緊密程度，Waymo 和 Avis 已同意在現階段保持相當緊密的訊息傳遞。所以我現在將把我所能分享的一切告訴你們。其中一些內容已經在新聞稿、初步規劃和測試中有所體現。一切已在進行中。我們將於明年開始向公眾提供權利。這是一項多年期協議。我們完全期待在不久的將來擴展到更多城市。

And to your question, I think like other markets where Waymo operates, the vehicles that we're going to be starting off with in Dallas is the fully electric Jaguar I-Pace. It's powered by their fifth-generation Waymo driver. At this point, those vehicles are on Waymo's balance sheet. As the landscape evolves, as different vehicles are put into place, I don't think it's unreasonable to say that -- how that changes and who holds what on the balance sheet, that can change as well.

對於您的問題，我認為與 Waymo 運營的其他市場一樣，我們將在達拉斯推出的車輛是全電動捷豹 I-Pace。它由第五代 Waymo 驅動程式提供支援。目前，這些車輛已列入 Waymo 的資產負債表。隨著情況的發展，隨著不同工具的投入使用，我認為這樣說並不不合理——情況如何變化以及誰在資產負債表上持有什麼，這些也會發生變化。

So we're not disclosing the financial details of this arrangement, but I do want to say this. It's not like we woke up last month and say, hey, like we need to get into this AV game. Like we've been in serious discussions with Waymo and building towards this since January of '24. So we took the time to structure this thoughtfully. We have full alignment on incentives. So that the big variables that affect profitability for Waymo, that's the exact same variables -- those are the exact same variables that affect profitability for us. So we're going to win together in Dallas, but the framework is built to scale to future cities.

因此，我們不會透露該安排的財務細節，但我確實想說這一點。這不像我們上個月醒來時說的那樣，嘿，我們需要加入這個 AV 遊戲。就像我們從 2024 年 1 月以來一直在與 Waymo 進行認真的討論並為此而努力一樣。因此我們花了一些時間仔細地建造它。我們在激勵措施上完全一致。因此，影響 Waymo 獲利能力的重大變數與影響我們獲利能力的變數完全相同。因此，我們將在達拉斯共同取得勝利，但該框架的建立是為了適應未來的城市。

Great. Thank you.

偉大的。謝謝。

Chris Stathoulopoulos, Susquehanna International Group.

克里斯·斯塔索洛普洛斯（Chris Stathoulopoulos），薩斯奎漢納國際集團。

Brian, Daniel, welcome. Daniel so -- or Brian, excuse me, I appreciate the unveiling of the vision here. It's refreshing. I guess a lot to unpack. In two or three sentences, maybe if you could encapsulate how we should think about Avis in the future. So is this more of a technology-enabled cleaning rental company with now kind of more discrete pricing around segments bundling, unbundling?

布萊恩、丹尼爾，歡迎。丹尼爾，或布萊恩，對不起，我很欣賞在這裡揭示的願景。很清新。我想還有很多事情要解決。用兩三句話，也許您可以概括一下我們未來該如何看待 Avis。那麼，這是否更像是一家技術支援的清潔租賃公司，現在圍繞著細分捆綁和拆分進行更離散的定價？

And then also help us think about this move here in this -- and the two initiatives announced, how we should conceptualize that. I guess within the context of normalized earnings here for EBITDA, which has been a core focus for investors since exiting the pandemic. Does this become more of a mid-single, high single-digit story? Just want to tie those two pieces together. And again, what's the sort of -- I guess, the tag line, if you will, as we move forward with this new plan? Thanks.

然後也幫助我們思考這項舉措——以及宣布的兩項舉措，我們應該如何將其概念化。我想，在 EBITDA 收益正常化的背景下，自疫情結束後，EBITDA 一直是投資人關注的焦點。這是否會變成一個中位數個位數、高個位數的故事？只是想將這兩部分連結在一起。再說一次，當我們推進這個新計劃時，我想，標語是什麼？謝謝。

Yeah. Sure, Chris. I think the way that we're viewing Avis' role in the mobility ecosystem is that we're here to empower mega fleet management. I mean, we've been doing it for ourselves in terms of car rental for like I said, 75 years. We think that this is a core competency that others in the mobility space can use. When you think about, like I said, the value chain of autonomous mobility, there is the software and hardware component. And people are sticking to their core competencies over there. And I think the thing that people haven't paid a lot of attention to is the fleet management aspect of it.

是的。當然，克里斯。我認為，我們看待 Avis 在行動生態系統中的作用的方式是，我們來這裡是為了增強大型車隊的管理。我的意思是，正如我所說，我們在汽車租賃方面已經經營了 75 年。我們認為這是行動領域其他人可以利用的核心競爭力。正如我所說，當你思考自動駕駛的價值鏈時，你會發現其中有軟體和硬體組件。那裡的人們都堅守自己的核心競爭力。我認為人們還沒有太多關注車隊管理方面的問題。

This isn't Shore Internet anymore. It's Internet of Things. It's not an algorithm that you need to maintain with a few software engineers. These are heavy assets that need to be actively managed. And kind of what I said in my prepared remarks, all those aspects of it, yes, cleaning is one of them, but it's one of many. Having a nationwide, having a global footprint of real estate, being able to energize and charge these facilities, having just the employee base to be able to service the vehicles, being able to maintain the vehicles, all of that, I think, goes into mega fleet management, and that's the value that we provide to the value chain.

這不再是 Shore Internet 了。這就是物聯網。這不是一個需要幾個軟體工程師來維護的演算法。這些都是需要積極管理的重資產。正如我在準備好的演講中所說的那樣，它的所有這些方面，是的，清潔是其中之一，但它只是眾多方面之一。擁有全國範圍、全球範圍的房地產業務、能夠為這些設施提供能源和充電、擁有能夠為車輛提供服務的員工基礎、能夠維護車輛，我認為所有這些都融入了大型車隊管理，這就是我們為價值鏈提供的價值。

In terms of kind of your question about where we -- on a steady state run rate earnings that this is, like we don't have any changes there. I think we put out there post-pandemic that $1 billion is the bare minimum of what we want to do in a normalized year, and that's going to continue going forward. I don't think that this is a particularly normal year, given what we're having to deal with the tariffs and with the recalls.

就您關於穩定狀態下的運行率收益的問題而言，我們沒有任何變化。我認為，我們在疫情後提出的目標是，10 億美元是我們在正常年份想要做的最低限度的事情，而且這種情況將會持續下去。考慮到我們必須應對關稅和召回問題，我認為今年並不是特別正常的一年。

But our expectation is that's fundamental, like we need to -- whatever investments we make, whatever partnerships we want to do, that's additive. But we need to be a $1 billion EBITDA business going forward. And like I said in the prepared remarks, I think it's doing that. I think it is by generating substantial free cash flow that we earn the right to go and participate in these other parts of the ecosystem.

但我們的期望是，這是基本的，就像我們需要的那樣——無論我們進行什麼投資，無論我們想要建立什麼合作關係，這都是附加的。但我們未來需要成為 EBITDA 達到 10 億美元的企業。正如我在準備好的演講中所說的那樣，我認為它正在這樣做。我認為，透過產生大量的自由現金流，我們才有權參與生態系統的其他部分。

Okay. Thank you. And my second question, so if the secondary or used car market continues to move higher in response to the tariffs, how are you thinking about the 2026 purchases? Is the, I guess, the gain or benefit this year around DPU become a headwind next year? Is the plan at this point, just to kind of hold on to these older cars and I guess, be more opportunistic around the purchases? Just wanted to understand the plans or tactics in place around managing that fleet and DPU, given what is likely to be a volatile 6 to 12 months on the secondary. Thanks.

好的。謝謝。我的第二個問題是，如果二級或二手車市場因關稅而繼續走高，您如何看待 2026 年的購買情況？我猜，今年 DPU 的收益或好處明年會成為阻力嗎？目前的計劃是否只是保留這些老款汽車，然後在購買時採取更多的機會主義態度？只是想了解管理該車隊和 DPU 的計劃或策略，因為二級市場在未來 6 到 12 個月內可能會出現波動。謝謝。

Yeah. Chris, we did this whole situation of holding on to the fleet for longer. It didn't work out for us. We're not going to do that again. I think from a customer service aspect, from a vehicle maintenance aspect, like that's, that's not our game plan here, tariffs or no tariffs. So right now, fleet discussions are ongoing with all of our OEM partners right now. We are in the thick of it.

是的。克里斯，我們採取了這種更長時間堅持艦隊的整個措施。對我們來說，這沒有用。我們不會再這樣做了。我認為從客戶服務方面、從車輛維護來看，這不是我們的計劃，不管有沒有關稅。因此，目前我們正在與所有 OEM 合作夥伴進行車隊討論。我們正處於困境之中。

The recent tariff and uncertainty, it slowed the pace. But now that we have a little more clarity around tariffs, like with Japan and the EU, we do expect things to pick up. And we've actually already signed a few deals already. But to your point, we're being cautious. Like that write-down we took early this year, it is still fresh in my mind, and it was driven largely by purchases made for the model year '23 and model year '24 cycles when we purchased at elevated levels. So despite tariffs coming and that having an impact on used car prices, we can't repeat that same mistake with the model year '26. We have to remain disciplined.

近期關稅及不確定性，使其步伐放慢。但現在我們對關稅有了更清晰的了解，就像日本和歐盟一樣，我們確實預期情況會好轉。事實上我們已經簽署了一些協議。但正如您所說，我們非常謹慎。就像我們今年早些時候進行的減記一樣，它仍然記憶猶新，這主要是由於我們以高價購買了 23 款和 24 款車型的周期。因此，儘管關稅即將到來並對二手車價格產生影響，但我們不能在 26 款車型上重複相同的錯誤。我們必須保持紀律。

So the approach we've taken with the OEMs, like we're being straightforward and like I said, disciplined. What we're trying to do is provide them full transparency to say this is what the market is right now. This is how we're modeling the residual values on a win-by-win basis. We have a willingness to be flexible, and we need this clear understanding both between us as car rental and the OEMs that these are long-term relationships. The deals have to work for both sides.

因此，我們與 OEM 採取的方法就像我說的一樣，直截了當，而且嚴謹。我們試圖做的是向他們提供完全透明度，告訴他們當前的市場狀況。這就是我們如何在雙贏的基礎上對剩餘價值進行建模。我們願意採取靈活態度，我們需要汽車租賃公司和原始設備製造商之間清楚地認識到，這是一種長期關係。這些交易必須對雙方都有利。

So I think this position has been appreciated. And while we're not rushing into volume commitments, we're right now, I think we're in a good place heading into this buying cycle.

所以我認為這個職位受到讚賞了。雖然我們並不急於做出批量承諾，但我認為，目前我們正處於進入這個購買週期的良好狀態。

Great. Okay. Thank you.

偉大的。好的。謝謝。

Liz Dove, Goldman Sachs.

高盛的利茲·多夫 (Liz Dove)。

I appreciate all the color, and welcome, Brian and Daniel. Just wanted to go back to the RPD side, I'm curious kind of what you're kind of seeing there in recent weeks. Sorry to be so myopic but also how -- what's kind of factored into your guidance for this year for the second half in terms of any possible RPD improvement, given some of the factors you called out? Thanks.

我欣賞所有的色彩，並歡迎布萊恩和丹尼爾。只是想回到 RPD 方面，我很好奇您最近幾週在那裡看到了什麼。抱歉，我的目光如此短淺，但考慮到您提到的一些因素，在 RPD 可能改善方面，您對今年下半年的預測中考慮了哪些因素？謝謝。

Hey, Lizzy. Honestly, like I'm a little surprised by the restraint, but it took five questions now get the week-by-week RPD. It is actually -- it's a fair question, though, because the recalls have happened pretty recently, or at least the large we call of scale, the ones with no fixed. We are seeing some green shoots here in terms of RPD because of that. It is not like we're making a call that this is structural at this time. But RPD has been -- you see it in the numbers, pretty challenged all throughout this year.

嘿，莉齊。老實說，我對這種克制感到有點驚訝，但現在只需要回答五個問題就可以獲得每週的 RPD。事實上，這是一個合理的問題，因為召回事件是最近才發生的，或者至少是我們所說的大規模召回事件，沒有修復。正因如此，我們在 RPD 方面看到了一些復甦的跡象。這並不是說我們現在就斷言這是結構性問題。但從數據來看，RPD 今年全年都面臨相當大的挑戰。

I do think that supply -- industry supply overall tightening up is having an impact and that RPD is getting better because of it. But from our perspective, I've said it before, I'll say it again, like we at Avis do not set rental car prices. We respond to them, given consumer demand and industry supply. So like I said, industry supply, that's shrinking a little bit. Industry demand, surprisingly, I know there's a lot of uncertainty around there with the economy, but the demand is out there to be got right now. People are still traveling.

我確實認為，產業供應整體收緊正在產生影響，而 RPD 也因此而變得更好。但從我們的角度來看，我以前說過，現在我再說一遍，就像我們 Avis 不設定租車價格一樣。我們根據消費者需求和行業供應來回應他們。所以就像我說的，產業供應正在略微萎縮。令人驚訝的是，產業需求，我知道經濟方面存在許多不確定性，但現在的需求是存在的。人們仍在旅行。

So we're doing what we can with our philosophy around RPD, which is we're fleeting slightly inside of demand, making sure that we receive an appropriate ROI on the cars that we do put out there. And from our perspective, we're hoping that has a positive influence on our RPD.

因此，我們正在盡我們所能地實踐 RPD 理念，即我們稍微關註一下需求，確保我們推出的汽車能夠獲得適當的投資回報率。從我們的角度來看，我們希望這會對我們的 RPD 產生正面的影響。

Got it. That's helpful. Thank you. And just one follow-up. I'm curious what you're seeing out there in the competitive environment. Felt like enterprise was pretty competitive last year, then maybe step on the (inaudible) this year. Anything that you're seeing, if things kind of become a little bit more benign? Or how would you kind of characterize that side of things? Thanks.

知道了。這很有幫助。謝謝。僅剩一個後續行動。我很好奇你在競爭環境中看到了什麼。感覺去年企業競爭相當激烈，今年可能會進入（聽不清楚）階段。如果情況變得更溫和一些，您看到什麼了嗎？或是您會如何描述事情的這一面？謝謝。

I mean, it is a competitive environment. It always has been, and this year is no different. But like I said earlier on the call, what we're trying to do here is to not compete on a commodity product. I feel like that's what's been happening for decades over here. Avis First is a little bit of our answer to that to say, hey, how do we differentiate the offering? How do we kind of grow as an industry? And from our perspective, we think that this is the way out of that to say we don't want to play a zero-sum game where it's competitive.

我的意思是，這是一個競爭環境。一直以來都是如此，今年也不例外。但就像我之前在電話會議上所說的那樣，我們在這裡嘗試做的不是在商品上競爭。我覺得這就是幾十年來來這裡發生的事。Avis First 是我們對這個問題的一點回答，即我們如何區分產品？我們的產業該如何發展？從我們的角度來看，我們認為這是擺脫這種局面的出路，我們不想玩競爭性的零和遊戲。

So we're trying to take share here and there, like Avis First isn't about taking share, like we want to be growing the size of the revenue and profit pools of the entire car rental industry. So this is our stake in the ground saying that we're going to do that. So yes, competitive. It's competitive. It's always going to be competitive. And you're saying what we're trying to do is compete at a higher level and give a little more value back to the customer.

因此，我們試圖在這裡和那裡佔據份額，就像 Avis First 並不是為了佔據份額，而是我們希望擴大整個汽車租賃行業的收入和利潤池規模。所以這是我們的立場，表明我們將這麼做。所以是的，有競爭力。競爭非常激烈。競爭永遠是激烈的。您說的是，我們正在努力在更高的層次上競爭，並為客戶帶來更多的價值。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Brian, you did delineate in your prepared remarks about the difference between cyclical and structural growth, and you clearly highlighted several initiatives that are starting or in place in terms of driving kind of growth going forward. So as you think about these investments as well as I'm sure others that are in the pipeline here, how do you measure the success of these investments? Are you looking for growth to outpace the cyclical aspects or the industry aspects? Are we looking at KPIs like margin, cash flow? How are you measuring the success? And in the same token, as we look at the business going forward, how should we be measuring to fix that from a metric standpoint? Thank you.

布萊恩，你確實在準備好的發言中描述了周期性增長和結構性增長之間的區別，並且你清楚地強調了在推動未來增長方面正在啟動或實施的幾項舉措。因此，當您考慮這些投資以及我確信正在進行的其他投資時，您如何衡量這些投資的成功？您是否希望實現超越週期性因素或產業因素的成長？我們是否關注利潤率、現金流量等關鍵績效指標 (KPI)？您如何衡量成功？同樣，當我們展望未來的業務時，我們應該如何從指標的角度來衡量以解決這個問題？謝謝。

Yes. It's a great question, and we take a disciplined approach to everything we do in terms of evaluating new investments. I think I want to start off with, like, first, it has to be growing our business. I think we are here to grow as a company. And we think that we're going to pursue opportunities that have a higher structural growth, and that's kind of why we started out with Avis First and Waymo.

是的。這是一個很好的問題，在評估新投資方面，我們對所做的一切都採取嚴謹的態度。我想首先要做的事情就是發展我們的業務。我認為我們來這裡是為了公司的發展。我們認為我們將尋求具有更高結構性成長的機會，這就是我們從 Avis First 和 Waymo 起步的原因。

We need to combine this with being disciplined on free cash flow. Everything we do, we are a cash flow machine at this company. And I think that's one of the things that attracted needs of this business in the first place. Typically, if you're kind of go and pursue high-growth opportunities, at times, you have to be willing to burn a lot of free cash flow in order to do it. From our perspective, because we have this great base business of car rental, that is very free cash flow generative. We think that we can utilize that to invest in things that we're going to add to that and over the long term, contribute to additional free cash flow. So free cash flow is obviously very important.

我們需要將此與自由現金流的約束結合。我們所做的一切，都是這家公司的現金流機器。我認為這是吸引該業務需求的首要因素之一。通常，如果你想去追求高成長機會，有時你必須願意消耗大量的自由現金流才能做到這一點。從我們的角度來看，由於我們擁有汽車租賃這一偉大的基礎業務，因此它能夠產生非常自由的現金流。我們認為我們可以利用它來投資我們要添加的東西，從長遠來看，為額外的自由現金流做出貢獻。因此自由現金流顯然非常重要。

And the third framework that is very top of mind is how do we service the customer? Like what does the customer experience going to be? Like what are we investing in to make sure that that is always top of mind because from our perspective, I think, especially given investments, we maybe haven't given that as much as much thought and as much share of kind of our free cash flow as we should have. I think that's going to change going forward.

第三個最受關注的框架是我們如何為客戶提供服務？例如客戶體驗將會是什麼樣的呢？例如，我們在投資什麼，以確保這一點始終是首要考慮的問題，因為從我們的角度來看，我認為，特別是考慮到投資，我們可能還沒有給予足夠的重視，也沒有給予足夠的自由現金流應有的重視。我認為這種情況將來會改變。

So across those three dimensions, we want to say, hey, we need to be growing as a company, winning share of wallet, being a more relevant company. That's number one. I think that translates into free cash flow. It's not growth at all cost. For us, we are very, very disciplined around free cash flow, so that revenue growth has to translate into free cash flow. And when we take that free cash flow, are we investing into areas that are benefiting the customer experience, how do we decommodify the business, actually deliver a product that customers are willing to pay more for and earn that pricing power. So it's really across those three dimensions that we're evaluating investments.

因此，從這三個方面來看，我們想說，嘿，我們需要成長為一家公司，贏得市場份額，成為一家更具相關性的公司。這是第一點。我認為這轉化為自由現金流。這並不是不惜一切代價的成長。對我們來說，我們對自由現金流非常嚴格，因此收入成長必須轉化為自由現金流。當我們獲得這些自由現金流時，我們是否會投資於那些有利於客戶體驗的領域，我們如何將業務去商品化，真正提供客戶願意支付更多費用的產品並獲得定價權。因此，我們其實就是從這三個維度來評估投資的。

Thank you. And then just a follow-up on Avis First. Maybe you can provide a little bit of color based on the pilot of the test where you've already rolled out the service. But what has been the conversion of customers that are upgrading to Avis First? And then what does this mean in terms of labor costs, I guess, needed to provide this concierge like service just to make sure you can meet the demand? Thank you.

謝謝。然後只是對 Avis First 的後續報導。也許您可以根據已經推出該服務的測試試點情況提供一些資訊。但是升級到 Avis First 的客戶的轉換情況如何呢？那麼，就勞動成本而言，這意味著什麼？我需要提供這種禮賓服務，以確保能夠滿足需求？謝謝。

Yes. Sure. As I said earlier, this is a category that we expect others to enter. So I want to be pretty thoughtful about what we disclosed. And by the way, this launched two weeks ago at this point. So I think it's early to say. It's in a dozen markets already. We're very excited about the uptake, but I think it's too early to call a trend here in terms of the uptake.

是的。當然。正如我之前所說，這是我們期望其他人進入的類別。因此，我希望對我們所披露的內容進行深思熟慮。順便說一下，這是兩週前推出的。所以我認為現在說還太早。它目前已進入十幾個市場。我們對這種普及感到非常興奮，但我認為現在就斷言這種普及趨勢還為時過早。

But I'll tell you kind of what our thought process here is around this. I see no reason why Avis First, as a percentage of our total rental days, can't be equal to or even greater than the share of premium seats in the airline industry. We've all seen this happen over the course of the last 10 years, like how premiumization has happened in the airline cabin. And that's gone up just to incredibly high numbers for certain airlines. I think that's what we're seeing as a potential from an uptake perspective.

但我會告訴你我們對此的思考過程。我認為 Avis First 在我們總租賃天數中所佔的百分比沒有理由不能等於甚至高於航空業高級座位所佔的百分比。我們都看到了過去 10 年裡發生的這種情況，就像航空客艙的高端化一樣。對於某些航空公司來說，這一數字已經上升到令人難以置信的高點。我認為從吸收的角度來看這就是我們所看到的潛力。

And in terms of pricing, like you said, there are additional costs associated with this. There's a concierge. There's the delivery. So we need to price appropriately for this. So we are pricing Avis First to be margin accretive from day one. But the incremental cost is low enough that it's accessible to almost every traveler. I think I said a couple of Starbucks lattes in the call, but like an upgrade can be as little as $10 a day for Avis First.

至於定價，正如您所說，這會產生額外的費用。有禮賓服務。有送貨。因此我們需要對此進行合理的定價。因此，我們從第一天起就將 Avis First 的定價設定為增加利潤。但增量成本足夠低，幾乎每個旅行者都可以承受。我想我在通話中說過幾杯星巴克拿鐵，但升級到 Avis First 的費用可能每天只需 10 美元。

Now our average length of rental is between four and five days. So we're just talking $40 to $50 total for a transaction. And that doesn't sound like a lot when you consider the convenience and experience of Avis First. I think a lot of people will be willing to do that. But $10 more on a $70 average RPD, that's a 14% lift. And like I said, that's just the minimum. Depending on the market demand or the time of the year, we think that this premium is going to be meaningfully higher.

現在我們的平均租賃時間為四到五天。所以我們說的是交易總額為 40 到 50 美元。如果您考慮到 Avis First 的便利性和體驗，這聽起來並不多。我想很多人都願意這麼做。但在 70 美元的平均 RPD 上增加 10 美元，即提升 14%。正如我所說的，這只是最低限度。根據市場需求或一年中的時間，我們認為這個溢價將會顯著提高。

So for us, with Avis First, the constraint isn't price or demand. The constraint actually has to be self-imposed, to make sure that we have the right vehicles, we have the right field resources, we have the right concierge capacity to deliver the experience the way that it's meant to be delivered. And like I said two weeks ago -- one week ago was the hard launch. So we're encouraged by what we're seeing. I'm confident that we have product market fit here. But like I said, the challenge is to stay disciplined.

因此對我們來說，對 Avis First 來說，限制因素不是價格或需求。這種限制實際上必須是自我強加的，以確保我們擁有合適的車輛、合適的現場資源、合適的禮賓能力，以應有的方式提供體驗。就像我兩週前說的——一週前是正式發布。我們對所看到的情況感到鼓舞。我相信我們的產品適合這裡的市場。但正如我所說，挑戰在於保持紀律。

The last thing that I want to do is snatch defeat from the jaws of victory by scaling too fast and compromising the experience. We can't afford to do that. So we're going to take a thoughtful approach to growing this out. Like I said, we think that this is going to be in over 50 markets by the end of the year. We think that the long-term potential of this is going to be a percentage of rental days that's equivalent to where premium is for the airlines, and we talked a little bit about the potential RPD uplift.

我最不想做的事情就是因為擴展速度過快而損害體驗，從而從勝利的邊緣遭遇失敗。我們不能承受這樣的後果。因此，我們將採取深思熟慮的方法來解決這個問題。正如我所說的，我們認為到今年年底它將覆蓋超過 50 個市場。我們認為，這項措施的長期潛力在於，其租賃天數的百分比將與航空公司的保費百分比相當，我們也談到了潛在的 RPD 提升。

So long-winded answer, like the too long, didn't read line is: we think this is going to grow the pie, and we're pricing it to be margin accretive.

因此，冗長的答案（例如太長、沒有讀懂的那行）是：我們認為這會使蛋糕變大，並且我們將其定價為增加利潤。

John Healy, Northcoast Research.

約翰希利 (John Healy)，Northcoast Research。

Brian, I just wanted to ask a little bit more about the Waymo plan. Obviously, it sounds like this was a competitive win. I think they're in five or six markets right now. How do you see the market for this solution kind of evolving? Do you see yourself going with them in future markets likely? Is this going to be an exclusive to the Dallas market? Like how do you think the business model looks as a service provider to these autonomous companies?

布萊恩，我只是想多問一些有關 Waymo 計劃的問題。顯然，這聽起來像是一場競爭性的勝利。我認為他們目前已進入五到六個市場。您如何看待這種解決方案的市場發展？您認為自己有可能在未來的市場上與他們合作嗎？這會是達拉斯市場的獨家產品嗎？您認為作為這些自治公司的服務提供者，其商業模式是什麼樣的？

And my sense is that the revenue model here would be probably something that evolves over time. So any way you could kind of talk to us about your use of partnership rather than just a service provider, how you see that as well? Thanks.

我的感覺是，這裡的收入模式可能會隨著時間的推移而發展。那麼，您能否以任何方式與我們談談您使用合作夥伴關係而不僅僅是服務提供者的情況，您對此有何看法？謝謝。

Yeah. John, I think at the -- let's start with the first part of that question. We are starting in Dallas with Waymo. And with Waymo, we expect to expand to future cities. But from our perspective, Waymo is in discussions with other providers in the past that they've announced other cities that they partnered with. We're in discussions with other people as well.

是的。約翰，我認為——讓我們從這個問題的第一部分開始。我們將從達拉斯的 Waymo 開始。我們希望透過 Waymo 拓展業務至未來的城市。但從我們的角度來看，Waymo 過去曾與其他供應商進行討論，並宣布了與其他城市的合作。我們也正在與其他人進行討論。

But it was important for us to start off this business line in terms of like mega fleet management for autonomous. It was important for us to start with Waymo because Waymo -- I mean, Waymo is blazing the trail for autonomous ride hailing for 20 years now. What they've built and what they've delivered to the public, it is just -- there's no other way to describe it. It's [onspiring]. So earning the trust of real passengers at real scale with the safety record that they have, like that is changing the world. And we don't take it lightly that Avis has been asked to participate in this space.

但對我們來說，從自動駕駛大型車隊管理等業務角度來開展這條業務線非常重要。對我們來說，從 Waymo 開始非常重要，因為 Waymo——我的意思是，Waymo 20 年來一直在自動駕駛叫車服務領域開闢道路。他們所建造的和他們向公眾提供的東西，只是——沒有其他方式可以描述它。它是[鼓舞人心]。因此，利用他們擁有的安全記錄贏得真實乘客的信任，就像改變世界一樣。我們對於 Avis 受邀參與這一領域感到非常高興。

Where I think this can go in the future, obviously, like I said, with Waymo to many other cities, I hope. It took a long time to get to the commercial terms that we've aligned on, and that was built to scale to future cities. We said this earlier on the call, kind of how, when assets are on whose balance sheet, that can always evolve over time. And obviously, that has an impact on the share of profit over the long term. And we're obviously open to those discussions. And like I said, we are not opposed to putting our balance sheet to work. We buy billions of dollars of fleet every single year. We're good at it.

我認為它未來可以走向何方，顯然，就像我說的，我希望 Waymo 能夠將其推廣到許多其他城市。我們花了很長時間才達成一致的商業條款，而該條款的製定是為了適應未來的城市。我們之前在電話會議上說過，當資產出現在誰的資產負債表上時，它總是會隨著時間的推移而演變。顯然，這會對長期利潤份額產生影響。我們顯然對這些討論持開放態度。正如我所說的，我們並不反對讓我們的資產負債表發揮作用。我們每年購買價值數十億美元的船隊。我們很擅長這個。

So from that perspective, like yeah, we are open to different models. We're talking to different parties, but it was important for us to start with Waymo. We think that given this is a new line for us, it was important that we did it with people that were philosophically aligned with, and it took the time to do this in a thoughtful way.

所以從這個角度來看，是的，我們對不同的模式持開放態度。我們正在與不同的方進行洽談，但對我們來說，從 Waymo 開始就非常重要。我們認為，鑑於這對我們來說是一條新路線，重要的是我們要與理念一致的人一起做這件事，並花時間以深思熟慮的方式來做這件事。

And this is not like -- we're not in this to be service providers. We had a stint of that in the past back in 2017, where those just kind of -- they pay you on a per you-clean-the-car basis. Like that's not what's exciting to us. Like a real partnership to me is, like I said, when 1 plus 1 equals 3. It's when risk is shared, when value is co-created. And that's the partnership that we have with Waymo, and that's what we plan to kind of expand to future cities.

這並不是說——我們不是來當服務提供者的。我們在 2017 年曾經有過這樣的經歷，當時他們只是根據你清潔的車輛來付錢給你。好像這不是令我們興奮的事情。就像我說的，對我來說真正的合作關係就是 1 加 1 等於 3。當風險被共擔時，價值就被共同創造。這就是我們與 Waymo 的合作關係，我們計劃將其擴展到未來的城市。

Thank you. And then just one question on the numbers. The $900 billion EBITDA number for the year and kind of the fleet cost number that you put out there are helpful. But I was just wondering -- and maybe you mentioned it, I missed it. Was there any sort of gain on the depreciation in this quarter? And when you look at that $900 million to $1 billion, are you expecting gains to get to that $310 million to $320 million number for the year? Thanks.

謝謝。然後只問一個關於數字的問題。您提供的今年 9000 億美元的 EBITDA 數字和車隊成本數字很有幫助。但我只是想知道——也許你提到過，但我錯過了。本季的折舊有任何收益嗎？當您看到這 9 億到 10 億美元時，您是否預計今年的收益將達到 3.1 億到 3.2 億美元？謝謝。

Yeah. There were gains. I think our Q is going to be posted shortly. The gains are smaller than I think the quarter -- Daniel, is that right? It was smaller than the quarter before. And what we are guiding to is a net depreciation number. So it does include gains. The issue that we're dealing with right now, like I said on a previous question, we're not cycling the fleet fast enough to be able to kind of harvest more of those gains. The delivery of the model year '25 vehicles are being delayed. The model year '26, we're not sure of just yet.

是的。有所得。我認為我們的 Q 很快就會發布。我認為本季的收益要小——丹尼爾，是嗎？它比上一季小。我們指導的是淨折舊數字。所以它確實包括收益。正如我在之前的問題中所說的那樣，我們現在面臨的問題是，我們的艦隊循環速度不夠快，無法獲得更多的利益。25 款車型的交付被推遲。我們還不確定 26 款車型的具體年份。

And so while there will be gains, it's not going to be as material as kind of it was in the first quarter.

因此，雖然會有收益，但不會像第一季那樣實質。

And what I would just add to that, John, is it's an incredibly small percentage of the proceeds of cars that we're selling. So if you think of it from that standpoint, like we're depreciating close to a zero gain or loss, and the gains are minimal.

約翰，我還要補充一點，這在我們銷售的汽車收益中所佔的比例非常小。所以如果你從這個角度考慮，就像我們的貶值接近零收益或損失，而收益是微乎其微的。

Understood. Thank you.

明白了。謝謝。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session and thus, concludes our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。女士們、先生們，我們的問答環節到此結束，今天的電話會議也到此結束。我們感謝您的關注與參與。現在您可以斷開線路了。