Avis Budget Group Inc (CAR) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Avis Budget Group third-quarter 2025 earnings call. (Operator Instructions) Reminder this conference is being recorded. I would now like to turn the conference over to your host, David Calabria, Treasurer and Senior Vice President, Corporate Finance. Please go ahead.

大家好，歡迎參加 Avis Budget Group 2025 年第三季財報電話會議。（操作員說明）提醒：本次會議正在錄音。現在，我謹將會議交給主持人，財務主管兼企業財務資深副總裁大衛‧卡拉布里亞。請繼續。

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 is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from such forward-looking statements.

各位早安，感謝各位的參與。與我一同通話的有我們的執行長 Brian Choi 和我們的財務長 Daniel Cunha。在開始之前，我想提醒大家，我們將討論一些前瞻性訊息，包括潛在的未來財務業績，這些資訊受到風險、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存在重大差異。

These risks, uncertainties and other factors are identified in our earnings release or periodic filings with the SEC and on the Investor Relations section of our website. Accordingly, forward-looking statements should not be relied upon as predictions of actual results.

這些風險、不確定性和其他因素已在我們的獲利報告或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列明。因此，不應將前瞻性陳述視為對實際結果的預測。

Any or all of these statements may prove to be inaccurate and we make no guarantees about our future performance. We undertake no obligation to update or revise any forward-looking statements. On this call, we will also discuss certain non-GAAP financial measures. Please refer to our earnings press release, which is available on our website for definitions of these measures and reconciliations to the most comparable GAAP measures.

以上所有陳述均可能被證明是不準確的，我們對未來的業績不作任何保證。我們不承擔更新或修改任何前瞻性陳述的義務。在本次電話會議中，我們也將討論一些非GAAP財務指標。有關這些指標的定義以及與最可比較的 GAAP 指標的調整表，請參閱我們網站上發布的獲利新聞稿。

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

接下來，我想把電話交給布萊恩。

Thanks, David, and thank you to everyone joining us today for our third-quarter earnings call. Last quarter, we took a different approach, less about line items, more about where this company is headed. The response was encouraging. Many of you appreciated the more strategic forward-looking discussion. We plan to keep building on that.

謝謝大衛，也謝謝今天所有參加我們第三季財報電話會議的各位。上個季度，我們採取了不同的方法，不再那麼關注具體數字，而是更專注於公司的發展方向。反響令人鼓舞。你們當中許多人都很讚賞這種更具戰略性和前瞻性的討論。我們計劃在此基礎上繼續發展。

That said, a few participants pointed out that we didn't actually talk about our quarterly earnings on our quarterly earnings call. Fair point. The good news is that we now have a seasoned CFO nearly four months in, who will walk you through some of the numbers and trends. But before Daniel gets into that, I want to highlight something that I'm proud of our revenue growth this quarter. We delivered $3.51 billion in revenue this quarter, up from $3.48 billion a year ago, a $39 million increase.

儘管如此，一些與會者指出，我們在季度財報電話會議上實際上並沒有討論季度收益情況。說得有道理。好消息是，經過近四個月的時間，我們現在有了一位經驗豐富的財務官，他將帶您了解一些數據和趨勢。但在丹尼爾詳細介紹之前，我想先強調一下我為本季營收成長感到自豪的事情。本季我們實現了 35.1 億美元的收入，高於去年同期的 34.8 億美元，增加了 3,900 萬美元。

Modest, yes, but meaningful. This is the first earnings call in eight quarters where we get to say that our revenue was higher than last year's. The question you're all asking is, what's normalized EBITDA? Well, that's tough to answer until you have some stabilization on the top line and we haven't hand that post-pandemic. I believe that normalized EBITDA and more importantly, sustainable EBITDA growth cannot come from just cost-cutting alone, especially in this type of environment.

或許並不起眼，但意義非凡。這是八個季度以來，我們首次在財報電話會議上宣布，我們的收入高於去年同期。你們都在問的問題是，什麼是標準化 EBITDA？嗯，在營收穩定下來之前，這個問題很難回答，而我們在疫情後還沒有看到營收穩定下來。我認為，在當前這種環境下，僅僅依靠削減成本無法實現正常的 EBITDA，更重要的是，無法實現可持續的 EBITDA 成長。

You have to grow both volume and price by delivering a product that wins the customer's share of wallet. That's what makes you a relevant, viable company. Just to state the obvious, growth at any cost doesn't work for us. Cost discipline is a necessary condition. In our business, it's foundational to survival to be lean.

你必須透過提供能夠贏得顧客錢包份額的產品，來同時提高銷售量和價格。這樣才能讓你成為一家有價值、有競爭力的公司。顯而易見，不惜一切代價的成長對我們來說行不通。成本控制是必要條件。在我們的產業，精益求精是生存的基礎。

But we can't afford to forego investments that drive productivity, elevate the customer journey, and differentiate us from the competition. It's a simple flywheel and not unique to Avis, be operationally excellent and stay disciplined on cost. That affords you the right to invest in improvements to both the customer and the employee experience, which eventually drives greater revenue and results in operating leverage if you remain disciplined on cost and on and on it spins.

但我們不能放棄那些能提高生產力、提升客戶體驗、讓我們從競爭中脫穎而出的投資。這是一個簡單的飛輪效應，並非 Avis 獨有：營運卓越，成本控制嚴格。這使您有權投資改善客戶和員工體驗，如果您保持成本控制，最終將帶來更高的收入和營運槓桿，如此循環。

This quarter marks the first time in quite a while that we've seen all of those elements working together at Avis. Will it be a straight line to the moon from here? No. There will be bumped along the way. But simply put, this is our game plan going forward, cost discipline to afford reinvesting in our product and people to earn revenue growth through a better customer experience. We will be consistent and disciplined in executing that model. And in the quarters ahead, I'll share more about how we're putting these words into action.

本季是近段時間以來，我們第一次看到所有這些要素在 Avis 協同運作。從這裡到月球會是一條直線嗎？不。一路上難免會遇到磕磕絆絆。但簡而言之，這就是我們未來的發展計畫：透過控製成本，將資金再投資於我們的產品和人才，從而透過更好的客戶體驗實現收入成長。我們將始終如一、嚴謹自律地執行該模式。接下來的幾個季度，我將分享更多關於我們如何將這些理念付諸實踐的資訊。

But for now, I'd like to focus on that better customer experience portion and explain what that means for us today at Avis Budget Group. During my time at Avis, I've noticed that when we talk about customer experience, it often gets reduced to a handful of metrics, percentage of app bookings, number of counter bypasses or express exits and NPS scores, all important things but that's not customer experience.

但現在，我想重點談談如何提升客戶體驗，並解釋這對我們 Avis Budget Group 來說意味著什麼。我在 Avis 工作期間注意到，當我們談論客戶體驗時，它常常被簡化為幾個指標，例如應用程式預訂百分比、櫃檯繞過次數或快速出口次數以及 NPS 分數，這些都很重要，但這並不是客戶體驗。

Customer experience is not a number. It's the overall perception a consumer has of a brand shaped by every interaction. When done exceptionally, it creates preference, loyalty and ultimately value creation. Here's the reality. Our industry hasn't done nearly enough on this front. We at Avis intend to change that. One of the core initiatives of this leadership team is a hard reset on customer experience. “We try harder” is in our DNA.

客戶體驗不是一個數字。這是消費者對品牌的整體感知，而這種感知是由每一次與品牌的互動所塑造而成的。如果做得非常出色，就能贏得青睞，培養忠誠度，最終創造價值。這就是事實。我們這個行業在這方面做得遠遠不夠。我們 Avis 打算改變這種狀況。這個領導團隊的核心舉措之一是徹底重塑客戶體驗。「我們更加努力」已融入我們的基因。

But during the survival years of COVID, we drifted from that bedrock principle. Now it's time to return to it with intent. And here's the message we're evangelizing. We are not just a rental car company. We are a service company, delivering a dependable product at the best value proposition.

但在應對新冠疫情的艱困歲月裡，我們偏離了這個基本原則。現在是時候帶著明確的目標重新審視它了。這就是我們要傳播的訊息。我們不僅僅是一家租車公司。我們是一家服務型公司，致力於以最優的價格提供可靠的產品。

Let me break that down. First, we have to fully embrace that we're in the service business. We don't sell merchandise you can hold in your hand. Our product is a rental day and experience. And if our product is an experience, customers need to know what that experience will be.

讓我來詳細解釋一下。首先，我們必須充分認識到我們從事的是服務業。我們不賣可以拿在手上的商品。我們的產品是租賃服務，提供一天的租賃體驗。如果我們的產品是一種體驗，那麼客戶需要知道這種體驗會是什麼樣的。

It has to be dependable. Think about McDonald's. Nobody would return if the drive-through sometimes took 3 minutes and sometimes an hour. If the Big Mac came out differently each time or if you ordered a Big Mac and found chicken nuggets in the bag instead. And yet in our industry, that kind of inconsistency is commonplace.

它必須可靠。想想麥當勞。如果免下車取餐有時需要 3 分鐘，有時需要 1 小時，就不會有人再來了。如果每次端出來的巨無霸漢堡都不一樣，或是你點了一份巨無霸漢堡，結果發現袋子裡裝的是雞塊。然而，在我們這個行業，這種不一致現象卻很常見。

No cars available, long lines, wrong vehicle class, we've all been there. Our commitment is simple: deliver products consistent enough to build brands around. In an industry often seen as unreliable, service and dependability can be a differentiator. Customers don't just want the lowest price. They want the highest value.

沒有車可用，排長隊，車輛類型不對，我們都經歷過這種情況。我們的承諾很簡單：提供足夠穩定的產品，從而打造品牌。在這樣一個常被認為不可靠的行業中，服務和可靠性可以成為一種差異化優勢。顧客想要的不僅僅是最低的價格。他們追求的是最高價值。

Great companies earn pricing power by delivering value worth paying for. That's where we intend to live. So that when corporate procurement teams choose a rental partner, they know Avis holds itself to higher vehicle standards than they require. Or when families plan annual vacations, they know budget won't waste their precious time waiting for a car. Delivering that peace of mind through a dependable product builds brand equity, trust and loyalty.

優秀的公司透過提供物有所值的產品和服務來獲得定價權。我們打算在那裡居住。因此，當企業採購團隊選擇租賃合作夥伴時，他們知道 Avis 對車輛的標準要求比他們要求的更高。或者，當家庭計劃年度度假時，他們知道預算不會浪費他們寶貴的時間等待租車。透過可靠的產品帶來安心感，可以建立品牌資產、信任和忠誠度。

All of that is within our control. It's repeatable if we impose discipline on ourselves and it's the path we've chosen. We will define and deliver a better product, exceed customer expectations and build brands that actually stand for something. The alternative path is to keep participating in the zero-sum game this industry has been playing for years, fighting over basis points of share and torching brand equity in the process. We have no interest in that.

這一切都在我們的掌控之中。如果我們對自己施加紀律，而這是我們選擇的道路，那麼這種成功是可以重複的。我們將打造並提供更好的產品，超越客戶的期望，並建立真正有內涵的品牌。另一個選擇是繼續參與這個行業多年來一直在玩的零和博弈，為了區區幾個百分點的市場份額而爭鬥，並在這過程中損害品牌資產。我們對此毫無興趣。

We are a service company and dependability delivered at the best value proposition is what we stand for. This is why we launched Avis First last quarter. It's that principle in action, and it's only the beginning. The same rigor around customer experience will cascade through every brand in our portfolio, Avis, Budget, Payless and beyond. The fact that we operate a family of global brands is a competitive advantage that we haven't fully leveraged.

我們是一家服務公司，我們始終堅持以最優的價格提供可靠的服務。這就是我們在上個季度推出 Avis First 的原因。這是該原則的實踐，而這只是個開始。我們將秉持同樣的客戶體驗至上原則，貫穿我們旗下所有品牌，包括 Avis、Budget、Payless 等。我們擁有一系列全球品牌，這是我們尚未充分利用的競爭優勢。

I said it on our last call but it's worth repeating. We can't keep relying on this old-school binary view of premium versus value. That framework doesn't reflect how consumers behave today. In rental car, premium brands focus on commercial accounts. Value brands chase leisure travelers and the differentiation between those lanes is actually minimal.

我在上次通話中說過，但值得再說一次。我們不能再繼續依賴這種老舊的二元對立觀點，即高價與價值之間的對立。這種框架並不能反映當今消費者的行為方式。在汽車租賃領域，高端品牌主要面向商業客戶。平價品牌瞄準休閒旅客，而這些不同消費群體之間的差異實際上很小。

That's very different from how the airlines across their cabin classes and hotels across brands have approached segmentation. But it's not limited to the travel industry. Think about streaming, the Netflix and Spotifys of the world. They offer clearly defined segments, ad-supported, basic, standard, premium family plans. The more defined your product tiers, the better you can optimize value for both the customer and the business.

這與航空公司在不同艙等等級和飯店在不同品牌之間進行市場區隔的方式截然不同。但這並非僅限於旅遊業。想想串流媒體，像是 Netflix 和 Spotify 之類的平台。他們提供明確劃分的套餐，包括廣告支援套餐、基本套餐、標準套餐和高級家庭套餐。產品層級劃分越明確，就越能為顧客和企業創造最大價值。

We need to apply the same logic to our company. When we set out to operationalize this philosophy, we asked ourselves a simple question. What would our St. Regis look like? What would the ideal rental car experience be if you combine the agility of a digital-native company with the scale and expertise of an industry leader?

我們需要將同樣的邏輯應用到我們公司。當我們著手將這個理念付諸實現時，我們問了自己一個簡單的問題。我們的瑞吉酒店會是什麼樣子？如果將數位原生公司的敏捷性與行業領導者的規模和專業知識相結合，理想的租車體驗會是什麼樣的？

The answer is Avis First. We're not tweaking at the margins with this product. We're making a statement. Avis First is the opening salvo in our broader transformation, proof to customers, employees and investors that we're serious about moving this business out of the commodity trap. It's been just three months since launch, and the results confirm we have real product market fit.

答案是 Avis First。我們不會對這款產品進行細微的調整。我們正在表明一種立場。Avis First 是我們更廣泛轉型的開端，向客戶、員工和投資者證明，我們認真致力於將這項業務從商品陷阱中解脫出來。產品上市僅三個月，結果證實我們真正實現了產品與市場的契合。

Concierge coverage has expanded rapidly at our earliest airports in response to strong demand. We've tripled our footprint from a dozen locations at launch to 36 today. We continue to refine the technology stack to minimize delivery and collection times, proving to our airport partners that even during busy periods, curbside flow remains smooth.

為響應強勁的需求，禮賓服務覆蓋範圍已在我們最早的機場迅速擴大。我們的業務範圍已從最初的十幾個地點擴大到如今的 36 個地點，成長了三倍。我們不斷改進技術架構，以最大限度地縮短交貨和取貨時間，向我們的機場合作夥伴證明，即使在繁忙時期，路邊流程也能保持順暢。

But here's what I'm most proud of. With Avis First, we don't have to rely on proxy metrics like NPS to gauge customer satisfaction. Every transaction comes with a direct customer rating, 0 to 5 stars. Launch to date, across thousands of rentals nationwide, Avis First renters are giving us an average of 4.9 stars. Did anyone think that was even possible in the rental car industry? Name another major consumer brand with ratings like that. It's rare.

但我最引以為傲的是：有了 Avis First，我們無需依賴 NPS 等代理指標來衡量顧客滿意度。每筆交易都會有客戶的直接評分，0 到 5 顆星。截至目前，在全國數千輛租車車輛中，Avis First 的租車用戶平均給予了 4.9 顆星的評價。有人認為這在汽車租賃行業是可能的嗎？請舉出另一個評分如此高的知名消費品牌。這種情況很少見。

Our customers clearly see the value and are willing to pay for it. At an RPD of over $100, Avis First proves that when we deliver consistent excellence, we earn both customer satisfaction and meaningful margin expansion. It's a true win-win for the traveler and for our business. But let me level set expectations. Avis First RPD is higher but it hasn't scaled yet.

我們的客戶清楚地看到了它的價值，並且願意為此付費。Avis First 的 RPD 超過 100 美元，證明當我們持續提供卓越服務時，我們既能贏得客戶滿意度，又能實現有意義的利潤成長。這對旅行者和我們的企業來說都是真正的雙贏。但我想先說明一下大家的預期。Avis First 的 RPD 較高，但尚未達到規模化水準。

Our overall Americas RPD still declined 3% this quarter, and I'm not okay with that. Given the pressures we're seeing from rising costs, everything from vehicles to wages to financing, we believe we can reach a structurally higher base RPD. We have a lot of work ahead of us to reshape how consumers perceive car rental but we now know it's possible.

本季我們美洲地區的RPD整體仍下降了3%，我對此並不滿意。鑑於我們從車輛到工資再到融資等各個方面所面臨的成本上漲壓力，我們相信我們可以實現結構性更高的基本 RPD。我們還有很多工作要做，才能改變消費者對汽車租賃的看法，但我們現在知道這是可能的。

We simply need to be brave enough to hold ourselves to higher standards to reinvest in our people and technology and rental by rental, location by location, day by day, deliver a service that we can be proud of. Brand equity and customer experience don't show up in this year's EBITDA.

我們只需要有足夠的勇氣，對自己提出更高的標準，重新投資於我們的人員和技術，並透過一次次的租賃、一個個地點、一天天地提供讓我們引以為傲的服務。品牌資產和客戶體驗並未體現在今年的 EBITDA 中。

They're investments, and we're making them because we believe that over time, those returns will flow to the bottom line. Jeff Bezos put it best when he wrote, take a long-term view and the interest of the customers and shareholders align. We couldn't agree more. We ask for your patience and support as we stay true to that principle. On our calls next year, I'll share more about the operational work underway and the resources we're deploying to deliver on this gameplan.

這些都是投資，我們進行這些投資是因為我們相信，隨著時間的推移，這些回報最終會轉化為利潤。傑夫貝佐斯對此的闡述最為精闢，他寫道：“要著眼長遠，客戶和股東的利益就會一致。”我們完全同意。我們懇請各位耐心和支持，我們將始終堅守這項原則。在明年的電話會議上，我將詳細介紹正在進行的營運工作以及我們為實現這項計劃而部署的資源。

For now, though, I'll hand it over to Daniel, who will walk you through the highlights of this quarter's results.

不過現在，我會把麥克風交給丹尼爾，他將為大家介紹本季業績的亮點。

Thanks, Brian, and good morning, everyone. Having now completed my first full quarter with Avis Budget Group, I'm excited to share my perspective on the company's performance and financial position. Over the past several months, I've seen firsthand the strength of our operating model, the resilience of our business and the dedication of our global team.

謝謝你，布萊恩，大家早安。在 Avis Budget Group 工作滿一個季度後，我很高興與大家分享我對公司業績和財務狀況的看法。在過去的幾個月裡，我親眼目睹了我們營運模式的優勢、我們業務的韌性以及我們全球團隊的奉獻精神。

Today, I'll cover our third quarter performance and provide updates on liquidity, capital allocation and outlook. My comments will focus on adjusted results, which are reconciled to GAAP in our press release and in the supplemental financial materials posted on our website.

今天，我將介紹我們第三季的業績，並提供有關流動性、資本配置和前景的最新資訊。我的評論將重點放在調整後的結果上，這些結果已在我們的新聞稿和網站上發布的補充財務資料中與 GAAP 進行了核對。

Overall, we're pleased with how the summer played out. As Brian mentioned, revenue grew 1% year-over-year, while consolidated adjusted EBITDA increased 11%. This adjusted EBITDA growth came despite a challenging RPD environment in the Americas and meaningful fleet recalls. Let's go through some of that in more detail. Consolidated pricing declined 1% but dynamics between our regions varied significantly.

總的來說，我們對這個夏天過得很滿意。正如布萊恩所提到的，營收年增 1%，而合併調整後的 EBITDA 則成長了 11%。儘管美洲地區的 RPD 環境充滿挑戰，且車隊召回數量巨大，但調整後的 EBITDA 仍然實現了成長。讓我們更詳細地了解其中的一些內容。綜合價格下降了 1%，但各區域之間的價格走勢差異很大。

In the Americas, RPD decreased 3%, reflecting softer leisure pricing, consistent with the weak pricing we saw in the industry overall. Our mix continues to shift towards leisure, which carries higher ancillary attachment rates, a trend that partially offset the broader RPD decline. In International, RPD grew 5%, excluding exchange rate effects, driven by an intentional mix shift towards higher-margin leisure and inbound business.

在美洲，RPD 下降了 3%，反映出休閒旅遊價格走軟，這與我們在整個行業中看到的疲軟定價一致。我們的消費結構繼續向休閒消費傾斜，休閒消費具有更高的附加消費率，這一趨勢在一定程度上抵消了整體 RPD 下降的趨勢。在國際市場，不計匯率影響，RPD成長了5%，這主要得益於有意將業務組合轉向利潤率更高的休閒和入境旅遊業務。

As Brian mentioned last quarter, we were impacted by a large safety recall affecting vans and mini vans, vehicles that typically yield higher RPD. These units remained out of service through the quarter, reducing utilization and pressuring fleet costs. To meet peak summer demand, we retained some older vehicles we had planned to sell earlier. These carried higher depreciation expense and impacted per unit fleet cost. We had initially expected most recall-related repairs to be completed by the end of Q3.

正如布萊恩上個季度提到的那樣，我們受到了一次大規模安全召回的影響，這次召回涉及廂式貨車和小型廂式貨車，這些車輛通常能帶來更高的RPD（每輛貨車的售價）。這些車輛在整個季度都處於停駛狀態，降低了車輛利用率，並增加了車隊成本。為了滿足夏季高峰期的需求，我們保留了一些原本計劃早些時候出售的舊車。這些車輛折舊費用較高，影響了單位車隊成本。我們最初預計大部分與召回相關的維修工作將在第三季末完成。

However, roughly two-third of those vehicles are still awaiting parts. We now expect the majority of this impact to linger through the fourth quarter and potentially into early 2026. We remain in active dialogue with our OEM partners to accelerate repairs and return these vehicles to service as quickly as possible. Speaking of OEMs, let me also provide an update on our model year 2026 buy. Our 2026 model year buy took longer to finalize than in previous years, largely due to uncertainty around tariffs.

然而，其中大約三分之二的車輛仍在等待零件。我們現在預計，這種影響的大部分將持續到第四季度，甚至可能延續到 2026 年初。我們與 OEM 合作夥伴保持積極對話，以加快維修速度，盡快使這些車輛恢復使用。說到汽車製造商，我也想就我們 2026 年款的採購計劃提供一些最新資訊。由於關稅方面的不確定性，我們 2026 年車型的採購最終確定時間比往年要長。

Our discussions with long-standing OEM partners were constructive. Both sides approach the table with a shared understanding this is a long game, not just about this year's purchase volume but about relationships we've built over decades through multiple economic cycles. I'm pleased to report that the vast majority of our anticipated purchases are now complete. We've achieved our goal of refreshing the fleet to deliver exceptional customer service while maintaining strict ROI discipline.

我們與長期合作的OEM夥伴的討論富有建設性。雙方都帶著共同的理解來到談判桌前，認為這是一場持久戰，不僅僅關乎今年的採購量，更關乎我們幾十年來在多個經濟週期中建立起來的關係。我很高興地報告，我們預期的大部分採購工作現已完成。我們實現了更新車隊的目標，在維持嚴格的投資報酬率原則的同時，提供卓越的客戶服務。

A few negotiations remain outstanding, and on our next call, we'll be in a position to share more detail around our expected depreciation per unit for fiscal '26. Now let's move on to liquidity and capital allocation. As of September 30, we had available liquidity of nearly $1 billion and additional borrowing capacity of $1.9 billion in our ABS facilities.

還有一些談判尚未完成，下次電話會議上，我們將能夠分享更多關於 2026 財年每單位預期折舊的細節。現在我們來談談流動性和資本配置。截至 9 月 30 日，我們擁有近 10 億美元的可用流動資金，並且透過我們的資產支持證券 (ABS) 融資管道，我們還有 19 億美元的額外借款能力。

In July, we extended our $1.1 billion floating rate term loan debt, pushing the maturity out to 2032. Year-to-date, our adjusted free cash flow was negative $517 million, driven by more than $1 billion in voluntary fleet contributions. This $1 billion was funded by $500 million of our operating cash flow and $500 million of corporate debt raised in this first quarter with the intention to repay in the fourth quarter.

7 月，我們延長了 11 億美元的浮動利率定期貸款債務，將到期日延後至 2032 年。今年迄今為止，我們調整後的自由現金流為負 5.17 億美元，主要原因是超過 10 億美元的自願船隊出資。這 10 億美元的資金來源包括 5 億美元的經營現金流和 5 億美元的公司債務，這些債務是在第一季籌集的，計劃在第四季度償還。

Our long-term allocation priorities remain unchanged, which are to maintain a strong balance sheet, invest in fleet and technology modernization as well as return capital to our shareholders opportunistically. Looking ahead, we now expect our 2025 EBITDA to be toward the low end of our previously stated range. The shift in vehicle recall impact into the fourth quarter represents the single largest headwind relative to our prior outlook. We are also monitoring declines in the government business tied to the shutdown and softer commercial demand internationally. Even so, our teams remain focused on closing the year with the same discipline and execution that defined the third quarter.

我們的長期資源配置重點保持不變，即保持強勁的資產負債表，投資於船隊和技術現代化，並在機會出現時向股東返還資本。展望未來，我們現在預計 2025 年的 EBITDA 將接近我們先前公佈的範圍的下限。車輛召回的影響轉移到第四季度，這構成了相對於我們先前預測的最大不利因素。我們也密切關注與政府停擺相關的政府業務下滑以及國際商業需求疲軟的情況。即便如此，我們的團隊仍將專注於以與第三季相同的紀律和執行力來結束這一年。

With that, I'll turn the call back to Brian for closing remarks.

接下來，我將把電話轉回給布萊恩，請他作總結發言。

Thanks, Daniel. Before we wrap up, I want to take a moment to speak directly to our people, the employees who make this company run every day everywhere around the world. The progress we've talked about today from stabilizing revenue to launching Avis First didn't happen in PowerPoint slides or in the boardroom. It happened at our rental counters in our service space and across our airports. It happened through the effort and pride of thousands of people who still believe that service matters.

謝謝你，丹尼爾。在結束之前，我想花一點時間直接對我們公司的員工說幾句話，而正是他們讓公司在世界各地每天正常運作。我們今天討論的從穩定收入到推出 Avis First 的進展，並不是在 PowerPoint 幻燈片或會議室實現的。這種情況發生在我們服務區的租賃櫃檯和我們各個機場。這是成千上萬仍然相信服務至關重要的人們的努力和自豪的成果。

Over the last few years, this industry and our company have been through a lot. We had to fight for survival, and we did it by tightening our belts and pushing through uncertainty. But now we're doing more than surviving. We're building our brands back up. Every car prepared to standards, every customer greeted with respect, every rental turned around just a little faster.

過去幾年，這個行業和我們公司都經歷了許多風風雨雨。我們必須為生存而戰，我們透過勒緊褲腰帶、克服重重困難做到了這一點。但現在我們做的不只是生存。我們正在重建我們的品牌。每輛車都按照標準準備，每位顧客都受到尊重，每次租賃都更快完成。

That's what drives our flywheel. That's how we earn trust one customer at a time. It's the kind of excellence that can't be mandated. It has to be owned. So thank you for stepping up and owning that responsibility.

這就是我們飛輪的驅動力。我們就是這樣一步一步贏得客戶的信任。這種卓越是無法強制實現的。它必須歸自己所有。所以，感謝你挺身而出，承擔這份責任。

Let's keep the momentum and let's keep holding ourselves and each other to the higher standard that's now defining Avis Budget Group. Okay. Operator, let's open it up for questions.

讓我們保持這種勢頭，繼續以更高的標準要求自己和彼此，這正是 Avis Budget Group 的標誌。好的。操作員，現在開始接受提問。

Thank you. (Operator Instructions)

謝謝。（操作說明）

John Healy, Northcoast Research.

John Healy，北海岸研究公司。

Thanks for taking the question, guys. Brian, I was hoping we could talk just a little bit about the summer season. You kind of expressed some disappointment in the US RPD but also in the prepared remarks, you guys seemed happy with how the summer went. So would just love to understand kind of where we're at in the kind of continuum of pricing? And what do you describe as kind of the main factor of why we saw RPD down this year, at least through the summer months? Thanks.

謝謝各位回答這個問題。布萊恩，我希望我們能稍微聊聊夏天的狀況。你似乎對美國浣熊市警察局表達了一些失望，但在事先準備好的演講稿中，你們似乎對這個夏天過得挺滿意。所以，我很想了解我們目前在價格體系中的位置？那麼，您認為導致今年（至少在夏季幾個月）RPD下降的主要因素是什麼？謝謝。

Hi, John, so in terms of the RPD decline for the summer, so the 3% decline is an average for the quarter. But within the quarter, we saw a stronger performance in July and August, and then there was some softening in September. What we're seeing in the market is fairly typical seasonal behavior, higher RPD during the peak leisure demand like summer and lower RPD in shoulder periods post Labor Day.

嗨，約翰，關於夏季RPD下降的情況，3%的下降幅度是該季度的平均值。但在本季內，7 月和 8 月的業績表現較為強勁，9 月則有所放緩。我們在市場上看到的是相當典型的季節性行為，在夏季等休閒需求高峰期，RPD 較高，而在勞動節後的過渡期，RPD 較低。

And you know as well as I do, that's normal market dynamics. But like you said, and I said on my prepared remarks, I'm not satisfied with it. Just given the inflationary pressures we're seeing, we believe that a structurally higher base RPD is justified. We're going to continue to push for that to meet our return on capital thresholds.

你我都清楚，這是正常的市場動態。但正如你所說，也正如我在準備好的演講稿中所說，我對結果並不滿意。鑑於我們目前看到的通膨壓力，我們認為結構性地提高RPD基數是合理的。我們將繼續努力，以達到我們的資本回報率目標。

One thing that's encouraging, though, is when you look at RPD over the past four quarters on a two-year stack, you can see clear stabilization in the trend. And when we look forward to the fourth quarter, it's always harder to predict because demand is concentrated around thanksgiving and Christmas. But that said, we're pleased with how the book of business is shaping up so far, even though it's still early.

不過，令人鼓舞的是，如果你觀察過去四季的 RPD 數據（以兩年為週期），你會發現趨勢明顯趨於穩定。展望第四季度，預測總是更加困難，因為需求集中在感恩節和聖誕節前後。不過話雖如此，儘管現在還處於早期階段，但我們對目前的業務進展感到滿意。

So Americas RPD down 3% in Q3. But from where we stand right now, we currently expect a modest improvement in Q4.

因此，美洲地區第三季RPD下降了3%。但就目前情況來看，我們預期第四季會有小幅改善。

Got it. Thank you. And then just for the finance team there, I was hoping we could get maybe just a little bit of a cliff notes way to think about kind of interest expense going into next year. Obviously, there's been some rate movements and probably some expected ones, and you guys have done some refinancings and stuff like that.

知道了。謝謝。然後，就財務團隊而言，我希望我們能得到一份簡潔的概要，以便思考一下明年的利息支出。顯然，利率出現了一些波動，其中一些可能是預期之內的，你們也進行了一些再融資之類的操作。

I was just trying to think about how we might think about interest expense, both on the fleet and the corporate level for next year given all the movements. Thanks.

我一直在思考，考慮到各種變動，我們明年應該如何考慮車隊和公司層面的利息支出。謝謝。

Sure, John. So from a vehicle interest standpoint, we have $3 billion of maturities, term maturities next year. Half of those were issued at lower interest rates. Half of them were at these higher interest rates. So you got to take a look at that as we're going through and as you're modeling out what size you think we are, that will have that impact.

當然可以，約翰。因此，從車輛利息的角度來看，明年我們有 30 億美元的定期貸款到期。其中一半是以較低利率發行的。其中一半都面臨較高的利率。所以，在我們進行模擬並確定我們規模的過程中，你必須考慮到這一點，這將產生影響。

But we'll have to refinance half of it at higher rates and the other half at a little bit lower rates. On a corporate interest standpoint, I would say it's probably going to be pretty steady, right? We have some debt that we'd like to pay down at the end of this year. So if you remove that, it will be a little bit lower, and we'll go from there. But with the rates as they continue to drop, most of our debt is fixed.

但我們需要將其中一半貸款以較高的利率進行再融資，另一半則以稍低的利率進行再融資。從企業利益的角度來看，我認為情況可能相當穩定，對吧？我們有一些債務，希望在今年年底前還清。所以如果去掉那部分，數值會稍微低一些，我們再從那裡開始。但隨著利率持續下降，我們大部分的債務都是固定利率。

So you're going to have a little bit that's going to come down just based off the lower rates going forward.

所以，隨著未來利率的降低，你的收入也會稍微下降。

Chris Woronka, Deutsche Bank.

克里斯‧沃隆卡，德意志銀行。

Hey, good morning guys, thanks for taking the questions. I guess to start off, Brian or Daniel, I was hoping maybe you could at least bucket for us the recall impact, whether you want to talk about kind of Q3 or maybe full year '25 basis, just between things like RPD, volume, DOE, fleet costs because I think not everyone appreciates the fact that those are all intertwined when you have a bunch of elevated recalls. So if there's a way to kind of bucket that out in terms of overall impact, I think it would be super helpful. Thanks.

嘿，各位早安，感謝你們回答問題。首先，布萊恩或丹尼爾，我希望你們至少能幫我們分析一下召回的影響，無論是第三季還是2025年全年，例如RPD、銷售、DOE、車隊成本等等，因為我認為並非每個人都意識到，當召回數量激增時，這些因素都是相互交織的。所以，如果能找到一種方法，根據整體影響來劃分這些影響，我認為這將非常有幫助。謝謝。

Yeah, Chris, thanks for the question. You can see we were able to navigate the summer a little better. And as you saw, we had a modest decline in utilization in spite of almost 5% of the Americas fleet being grounded. And we have seen a sizable impact just in cost alone, right, between depreciation, interest, shuttling, parking expenses. something closer to $60 million.

是的，克里斯，謝謝你的提問。你可以看出我們比之前更好地度過了這個夏天。正如你所看到的，儘管美洲近 5% 的機隊停飛，但我們的利用率僅略有下降。僅成本一項，我們就看到了相當大的影響，對吧？折舊、利息、接駁車、停車費等等，加起來接近 6,000 萬美元。

In Q3, we anticipated another $40 million. We're probably going to be in the $90 million to $100 million range for the full year, right? In terms of expectations here for Q4, I think you should expect it to be a little bit more challenging for us to continue to post a high utilization for two reasons. One, there's a seasonal decline, typically demand go down in Q4 and with less demand, it's a little harder to optimize the fleet. And we still have a significant amount of vehicles that are waiting parts, right?

第三季度，我們預計還將獲得 4,000 萬美元的收入。我們全年的收入大概會在 9,000 萬美元到 1 億美元之間，對吧？就第四季的預期而言，我認為我們應該預料到，由於以下兩個原因，我們繼續保持高利用率將面臨更大的挑戰。第一，有季節性下降，通常第四季需求會下降，需求減少，優化車隊就比較困難。我們還有相當數量的車輛在等待零件，對吧？

So we typically have sold them by now. We're going to have to carry them for the bulk of Q4 potentially into Q1.

所以通常這個時候它們都已經售罄了。我們可能需要在第四季的大部分時間裡，甚至可能到第一季都維持這些庫存。

Okay, that's very helpful. Thanks, Daniel. And then as a follow-up, Brian, I'm encouraged by kind of what you're saying about trying to, I guess, decommoditize this industry for your company specifically. I guess the question would be, do you expect do others need to follow your lead in terms of making their product differentiated? And do you think they will?

好的，這很有幫助。謝謝你，丹尼爾。然後，布萊恩，作為後續問題，你剛才說的關於嘗試讓貴公司所在的行業擺脫商品化的想法讓我很受鼓舞。我想問的是，你是否認為其他人需要效仿你的做法，使他們的產品與眾不同？你認為他們會這樣做嗎？

And if they do, is that a good thing? Or do we ultimately end up back at Square One with a kind of recommoditized product? I'd love to hear your thoughts on that. Thanks.

如果他們真的這麼做了，那是件好事嗎？或者我們最終會不會又回到原點，得到一種重新商品化的產品？我很想聽聽你的看法。謝謝。

Yeah. Listen, we think that we're going to focus on customer experience as a differentiating factor for Avis. We think the bar is fairly low, like I said, in the industry. If the rest of the industry comes and delivers a better product to the overall customer, I think that's better for the traveling consumer, and we're happy to compete on that environment. I think that the benefit you get from there is that in order to get a structurally higher RPD, you need to give the customer something a little more.

是的。聽著，我們認為我們將把客戶體驗作為 Avis 的差異化因素。正如我所說，我們認為這個行業的門檻相當低。如果其他行業參與者能夠提供更好的產品，服務於廣大消費者，我認為這對旅行消費者來說是好事，我們很樂意在這種環境下競爭。我認為這樣做的好處是，為了獲得更高的RPD（每千次展示成本），你需要提供給顧客更多的東西。

And I think that we, as an industry, can hold ourselves to higher standards in terms of what's possible. So we're going to lead the charge. If others follow, we're welcome to see them do the same.

我認為，作為一個產業，我們可以對自己提出更高的標準，來衡量什麼是可能的。所以我們將帶頭衝鋒。如果其他人效仿，我們非常歡迎。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

Hi there, thanks for taking the question. Just to expand on Chris's question, bigger picture question here on RPD. It sounds like you do think that can be structurally higher for all the reasons that you pointed out. I guess, how long do you expect these investments to kind of take to play out? Or said differently, is the base case that RPD in the Americas can be up next year? What needs to happen from a competitive standpoint or an industry defleeting standpoint?

您好，感謝您回答這個問題。我想進一步闡述克里斯提出的問題，這裡討論的是RPD上一個更宏觀的問題。聽起來你確實認為，鑑於你指出的所有原因，結構上它可以更高。我想問的是，您預計這些投資需要多長時間才能產生效果？換句話說，明年美洲地區的RPD基本上可以漲嗎？從競爭角度或產業轉型角度來看，需要採取哪些措施？

And how do you balance that? And are you willing to kind of, I guess, give up some share at the expense of RPD? Just curious about the kind of overall algo, I suppose.

那你要如何平衡這兩方面呢？你是否願意為了RPD而放棄部分股份？我只是好奇整體演算法是什麼樣的。

Yeah. Lizzie, we're not going to get into guidance in terms of what RPD can be for next year. I'm going to stick to kind of what we said before that we think that RPD, just given the cost inflation that we're seeing across several major categories of our business should be going up. We are pushing for that. In terms of -- we don't manage to share over here.

是的。莉齊，我們不會就明年的 RPD 值給予指導意見。我還是堅持我們先前的觀點，即鑑於我們業務的幾個主要類別中出現的成本上漲，我們認為 RPD 應該會上漲。我們正在努力推動此事。至於──我們這邊無法分享。

We manage to thresholds on return on invested capital, and that has a high pricing component to it. So we're very focused on making sure that we meet those thresholds. And the last thing that I'd point to is what I said earlier, I can't forecast for you and we're not prepared to give out guidance, like I said, for next year. But if you do look at what the two-year stack has been doing with pricing, there is some stabilization there. So we're encouraged by that.

我們設法達到投資資本回報率的門檻，而這其中包含著很高的定價因素。因此，我們非常注重確保達到這些標準。最後我想重申我之前說過的話，我無法為你們做出預測，我們也不準備給出明年的指導意見，就像我之前說的。但如果你觀察一下兩年期合約的價格走勢，就會發現價格已經趨於穩定。我們因此備受鼓舞。

Got it. That's helpful. And then I guess, like nearer term and in terms of what you have been seeing, could you maybe share how the competitive environment has been tracking? Has it been more aggressive, less aggressive than usual and how you've seen that kind of play out quarter-to-date?

知道了。那很有幫助。那麼，就近期情況以及您所觀察到的情況而言，您能否分享一下競爭環境的進展？是比平常更具攻擊性，還是攻擊性更低？您如何看待本季至今的這種變化？

Yeah. I mean I think it's reflected in the trends we've been seeing this summer and actually all throughout the year. It's a competitive market. It always has been. I wouldn't characterize it as any more or less aggressive than in previous years.

是的。我的意思是，我認為這體現在我們今年夏天以及全年看到的趨勢中。這是一個競爭激烈的市場。一直都是這樣。我不會說它比往年更具攻擊性或更不具攻擊性。

And that's why I think our focus has to be if we want to offer a differentiated product, our stand is going to be on customer experience. We're going to have to find a way to have the customer choose to come to Avis. And my hope is that by offering a better product, we can command a slightly higher price. We don't want to be subject to just always the overall market demands. We're a macroeconomic-driven business.

所以我認為，如果我們想要提供差異化的產品，我們的重點就必須放在客戶體驗上。我們必須想辦法讓顧客主動選擇來 Avis 租車。我希望透過提供更好的產品，我們可以獲得稍高的價格。我們不想總是受制於整體市場需求。我們是一家受宏觀經濟驅動的企業。

Some of that you can avoid, but that which we can, we're going to try and put a line in the sand, offer a differentiated product and hopefully earn some pricing power for ourselves.

有些事情你可以避免，但對於我們可以避免的事情，我們將努力劃清界限，提供差異化的產品，並希望以此贏得一些定價權。

Chris Stathoulopoulos, Susquehanna International Group.

克里斯·斯塔索洛普洛斯，薩斯奎哈納國際集團。

Good morning. Thanks for taking my questions up. Brian, if we could dig a little bit more into demand here. I'm surprised on the September side with leisure or perhaps not though, that's usually when corporate shows up. So curious if actually did corporate show up or sort of take the baton from leisure there because it is a dynamic that we did see in airlines. But bigger question here, if you could want to dig into the travel segment pie here. Maybe speak to what you're seeing here with leisure and business for the fourth quarter, US domestic, international inbound, cross-border, how you're thinking about the shutdown?

早安.謝謝你回答我的問題。布萊恩，如果我們能更深入地探討一下這裡的需求情況就好了。我對九月份的休閒度假安排感到意外，不過也許並不意外，因為通常這個時候公司的人才會來。我很好奇企業界是否真的出現了，或者說是否從休閒產業手中接過了接力棒，因為我們在航空公司確實看到了這種動態。但這裡有個更重要的問題，那就是你是否想深入研究旅遊業這個細分市場。或許您可以談談您對第四季休閒和商務旅行、美國國內旅遊、國際入境旅遊、跨境旅遊的看法，以及您對疫情封鎖的看法？

And then next year, there are a few events here as I think about leisure and certainly my coverage here, potential catalyst, World Cup, America's 250 midterm elections. Your thoughts on how Avis is preparing or just sort of participation around that? Thank you.

然後明年，這裡有一些事件，我想到休閒娛樂，當然還有我在這裡的報道，潛在的催化劑是世界杯，以及美國第 250 屆中期選舉。您對Avis的準備工作或參與方式有什麼看法？謝謝。

Okay. Sure, Chris. A lot to unpack here. So just jump in with a follow-up if I get one of those things. But let's start with a high-level just macro overview in terms of what we're seeing.

好的。當然可以，克里斯。這裡面有很多資訊需要分析。如果我收到這類訊息，請立即跟進。但我們先從宏觀層面來看一下目前所看到的情況。

So we're seeing a mixed environment. So demand has held up better than many expected but it's uneven across segments and geographies. So like you said, leisure remains healthy. Although it's -- that's causing peaks during the weekends. And I mentioned our government segment being affected by the shutdown.

所以我們看到的是一種混合環境。因此，需求比許多人預期的要好，但不同領域和地區的需求並不均衡。正如你所說，休閒活動仍有益身心健康。雖然這會導致周末出現高峰。我還提到了政府部門受到了政府停擺的影響。

But even more than that, before that even on the commercial side of things, and I think this is something more unique to Avis is we have a large government adjacent business, like think of the defense segment. And that's been challenged all year long, and we've been seeing that in our business.

但更重要的是，在此之前，甚至在商業方面，我認為這是 Avis 更獨特的一點，那就是我們擁有龐大的政府相關業務，例如國防領域。而這一年來，這種情況一直受到挑戰，我們在業務中也看到了這一點。

From our perspective, I think the right way to navigate this environment isn't to forecast the macro. It's to stay disciplined and agile. So our cost base is lean. Our fleet planning is flexible, and we're focused on controlling what we can, which is service consistency, dependability and execution.

從我們的角度來看，我認為應對這種環境的正確方法不是預測宏觀經濟走勢。保持自律和靈活。因此，我們的成本結構很精簡。我們的車隊規劃很靈活，我們專注於控制我們能夠控制的方面，即服務的一致性、可靠性和執行力。

I think those are levers that perform in any cycle and will perform in next year as well. We think that the World Cup, and we're planning for that site by site specifically. In certain areas, we think it's going to be a benefit in certain areas that are maybe more city-centric, maybe less so it would be like the Olympics. It kind of depends on the city.

我認為這些槓桿在任何週期中都能發揮作用，明年也是如此。我們認為世界盃很重要，我們正在針對每個比賽場地進行專門的規劃。我們認為，在某些地區，這將帶來好處，尤其是在那些以城市為中心的地區；而在其他地區，例如像奧運會那樣的地區，這將帶來好處。這在某種程度上取決於城市。

America 250, I think, is going to be a help. We're not exactly sure how to model that at this point but we are positioning ourselves to provide vehicles to our consumers for the great American road trips. So we think both of those will be net positive for 2026.

我認為，《美國250》將會有所幫助。我們目前還不太確定如何建立模型，但我們正在努力為消費者提供適合美國公路旅行的車輛。因此我們認為這兩項對 2026 年都將產生正面影響。

Okay. And my follow-up here. So I appreciate all the commentary and the color around the customer experience. So we -- there are two airlines out here in the US that have been working towards this more premium focus or customer-centric brand loyal focus here for 10 or so years.

好的。我的後續問題是：因此，我非常感謝大家對客戶體驗的各種評論和描述。所以，在美國，有兩家航空公司在過去十年左右的時間裡，一直致力於打造更高端、更以顧客為中心的品牌忠誠度。

That's Delta and United, and I'm sure you're aware of that. It's certainly not an overnight event. I'm curious, at a high level, this is the second call that we've been talking about this. What does this plan look like sort of over the next one, three and five years because this is going to take some time. And ultimately, of course, this has to translate into margin improvement, earnings, free cash flow, ROIC.

那是達美航空和美聯航，我相信你肯定知道。這絕非一朝一夕之事。我很好奇，從宏觀層面來說，這已經是我們第二次就此事進行通話了。這項計劃在未來一、三、五年內大概會是什麼樣子？因為這需要一些時間。當然，最終這一切都必須轉化為利潤率的提高、收益的增加、自由現金流的成長以及投資報酬率的提升。

What are some of the guardrails here? And maybe, Dan, you can speak to us at a high level. I know you're not giving guidance for the out year. But as we put all this together here, conceptually, ultimately, this has to be one about confidence and sustainability of EBITDA but at a high level here, anything we should think about with respect to equity earnings or ROIC. Thank you.

這裡有哪些防護措施？丹，或許你可以和我們進行一些高層次的交流。我知道你沒有給出下一年的指導意見。但當我們把所有這些因素綜合起來，從概念上講，最終這必須關乎 EBITDA 的信心和可持續性，但從宏觀層面來看，我們應該考慮的任何事情都與股權收益或 ROIC 有關。謝謝。

Yeah. Chris, I appreciate the question, and you're absolutely right. Investing in your brand, investing in your customer experience is not for the faint hearted, and it is a long game. Like you said, with Delta and United, it's been a 10-year journey. And -- but you can see clearly today how that's benefiting both the business and the consumer.

是的。克里斯，感謝你的提問，你說得完全正確。投資品牌，投資顧客體驗，並非膽小者所能為，而且是一場持久戰。正如你所說，加入達美航空和美聯航已經是十年的旅程了。而且——但如今你可以清楚地看到，這如何使企業和消費者都受益。

So we take that as a framework to model after ourselves. And we're making a very deliberate shift from treating the customer experience as an abstract NPS number, which is a year-to-year thing to running it as an operating system for the company.

所以我們就以此為框架，並以此為藍本進行自我改造。我們正在做出一個非常明確的轉變，不再將客戶體驗視為一個抽象的 NPS 數值（這是一個逐年變化的數值），而是將其作為公司的作業系統來運作。

Our Head of Americas always says you only manage what you measure, and we're doing just that and building customer service around two pillars, one being the customer journey and the other being customer care. So the customer journey, it comes down to three things. One is predictability.

我們的美洲區負責人總是說，只有衡量才能管理，而我們正在做的正是如此，並圍繞兩大支柱構建客戶服務，一是客戶旅程，二是客戶關懷。所以，客戶旅程可以歸結為三件事。一是可預測性。

We're improving vehicle readiness and accuracy, and we now monitor fleet uptime and car ready status real time, day-to-day, hour by hour at our major locations. Number two is speed, and we want to be deploying technology that lets customers no matter how they book across channels to precheck before pickup for a smoother, faster experience.

我們正在提高車輛準備就緒率和準確性，現在我們在主要地點每天每小時即時監控車隊正常運行時間和車輛準備就緒狀態。第二點是速度，我們希望部署相關技術，讓客戶無論透過何種管道預訂，都能在取車前進行預檢，以獲得更流暢、更快捷的體驗。

And the third is empowerment. That's giving our frontline teams tools to resolve issues on site in the moment instead of escalating them to the back office. So that's one side on the customer journey. On the customer care side, we're reengineering our contact center model with an AI lens. The goal is to resolve the most common post-rental issues. So billing, rental extensions, roadside assistance. We want to solve all of that faster and with less friction.

第三點是賦權。這樣一來，我們的第一線團隊就能立即在現場解決問題，而無需將問題上報給後台部門。這是客戶旅程的一個面向。在客戶服務方面，我們正在運用人工智慧技術重新設計我們的呼叫中心模式。目標是解決最常見的租後問題。所以包括帳單、租期延長、道路救援。我們希望更快、更輕鬆地解決所有這些問題。

And there's a lot of exciting things happening there. So I'll share progress on that in the quarters ahead. But like you said, this is going to require investments. The way that we're viewing this is that we need a baseline of EBITDA for the business. We've said this before in the past that it's going to be over $1 billion in a normalized annual environment. On top of that, so we want to maintain that base level of EBITDA.

那裡正在發生很多令人興奮的事情。因此，我將在接下來的幾季與大家分享這方面的進展。但正如你所說，這需要投資。我們看待這個問題的方式是，我們需要一個企業的 EBITDA 基準值。我們之前說過，在正常的年度環境下，這個數字將超過 10 億美元。除此之外，我們還希望維持 EBITDA 的基本水準。

And that $1 billion isn't a target. It's a floor, which we intend to build from. And while maintaining that floor and growing that base, we want to continue to invest in the customer experience. So in our -- from our perspective, Chris, we have to do both. We're going to continue to deliver on a level of EBITDA that we think that the company is capable of and requires.

而且，10億美元並不是目標金額。這是一個基礎，我們將以此為基礎進行建設。在保持現有客戶基礎並擴大客戶群的同時，我們希望繼續投資於客戶體驗。所以，從我們的角度來看，克里斯，我們必須兩者兼顧。我們將繼續實現公司有能力且需要的 EBITDA 水準。

And at the same time, we're going to look forward into the future and continue to invest in ourselves and providing a better experience for our customers.

同時，我們將展望未來，持續投資自身，為客戶提供更好的體驗。

Ryan Brinkman, JPMorgan.

Ryan Brinkman，摩根大通。

Hi, thanks for taking my questions. I thought to ask first on fleet management, including utilization, it looks like it only fell 20 bps year-over-year in the Americas despite the massive increase in recall vehicles being held back as they await repair. So firstly, just how did you manage that better underlying result? And then secondly, what kind of utilization rate or progress in the fleet management front might we be talking about this quarter if it were not for the elevated level of industry recalls?

您好，感謝您回答我的問題。我首先想問的是車隊管理方面的問題，包括利用率，看起來儘管召回車輛數量大幅增加，等待維修，但美洲地區的利用率同比僅下降了 20 個基點。首先，你是如何達到這種更好的基礎結果的？其次，如果不是因為產業召回事件頻繁，我們本季在車隊管理方面可能會談到怎樣的使用率或進展呢？

I'll take this one. And as you pointed out, the operations team did a fantastic job over the summer. I think one of the key levers here, repositioning the fleet, moving it where the demand was the highest to maximize utilization as much as we could was how the team got there. Brian can probably touch on a few technology investments the company has been made that has facilitated getting those results.

我選這個。正如你所指出的，營運團隊在整個夏季都做得非常出色。我認為關鍵之一在於重新部署車隊，將其調往需求最高的地方，以最大限度地提高利用率，這就是團隊實現這一目標的方式。布萊恩或許可以談談公司在科技上的一些投資，而正是這些投資促成了這些成果的取得。

As we pointed out, the fleet being 5% of the Americas fleet being out of service had about a 2.8 point utilization impact in Q3. So that was significant, and that was mostly offset by this great execution. Anything you want to add, Brian?

正如我們所指出的，美洲機隊 5% 的飛機停飛，導致第三季利用率下降了約 2.8 個百分點。所以這一點很重要，但大部分都被這次出色的執行力所抵消了。布萊恩，你還有什麼要補充的嗎？

No, just like you said, maybe the one thing I'd add is we've been investing heavily in our field operating systems and the benefits are starting to show. It's new technology. We're excited about. We're very proud of what the teams are building but it's still in rollout mode. So we'll share more detail on that platform and results in a future call once the implementation is further along.

不，就像你說的，我可能要補充一點，我們一直在大力投資現場操作系統，而且收益已經開始顯現。這是新技術。我們對此感到興奮。我們為團隊正在打造的產品感到非常自豪，但它目前仍處於推廣階段。因此，一旦實施工作取得更大進展，我們將在下次電話會議上分享有關該平台和結果的更多細節。

Okay. That's helpful. I think I heard you say in response to an earlier question that the full year impact of the elevated level of recalls might be $90 million to EBITDA. Did I hear that right? And then my follow-up to that is, what line of sight, if any, might you have based on your conversations with your OEM partners or anything else you might be hearing as to when the level of the elevated level of recalls, it might settle down to something more normal for the industry overall or even specifically for the vehicles that are most impacting you right now?

好的。那很有幫助。我想我聽到您在回答之前的問題時說過，召回數量增加可能會對全年 EBITDA 造成 9000 萬美元的影響。我沒聽錯吧？那麼，我的後續問題是，根據您與 OEM 合作夥伴的溝通，或者您可能聽到的其他任何消息，您認為目前高企的召回水平何時才能恢復到整個行業或甚至具體到目前對您影響最大的車輛的正常水平？

Yes, you did hear that right. So we're estimating $90 million to $100 million of impact for the full year. This is just cost, right? There's no estimate here on lost profits or anything else. So this is all very tangible.

是的，你沒聽錯。因此，我們預計全年影響將達到 9,000 萬至 1 億美元。這只是成本問題，對吧？這裡沒有對利潤損失或其他任何損失進行估算。所以這一切都非常具體。

And as I mentioned, we still have over two-third of our vehicles are awaiting parts. The parts are starting to come in. They are not coming in, in very large numbers. And then the repair itself is somewhat of a lengthy process, two to four hours per vehicle. So we are anticipating bleeding down the number of out-of-service vehicles through the quarter, but we're potentially going to have still some amount into Q1.

正如我之前提到的，我們仍有超過三分之二的車輛在等待零件。零件開始陸續到貨了。他們並沒有大量湧入。而且維修本身也是一個比較漫長的過程，每輛車需要兩到四個小時。因此，我們預計本季停運車輛的數量將逐漸減少，但第一季可能仍會有一些停駛車輛。

So that's what we know right now.

這就是我們目前所了解的情況。

(Operator Instructions)

（操作說明）

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Hi, good morning, thanks for taking the questions. International is a segment that doesn't generally get a ton of airtime. I know it's the smaller of the two segments. But maybe you can just talk about the underlying trends in international because it has driven some of the upside versus street expectations. I know it's gone through a bit of a transformation here. You've done some restructuring.

您好，早安，感謝您回答問題。國際新聞版通常不會獲得太多播出時間。我知道它是兩個部分中較小的那部分。但或許你可以談談國際市場的潛在趨勢，因為它推動了部分市場表現超乎市場預期。我知道這裡已經發生了一些變化。你們進行了一些重組。

Maybe you could just talk about the underlying trends in international, what the runway is on some of the increasing RPD, which we saw in the third quarter.

或許您可以談談國際市場的潛在趨勢，以及我們在第三季看到的 RPD 成長趨勢背後的發展方向。

Hi, Dan, thanks for the question. So a few things are happening in International. First, I want to acknowledge that the leadership team there is really hitting its stride. So Anna, our President of International; and James, our Chief Commercial Officer in the International segment. They're about a year in, and the organizational and strategic changes they've implemented are really coming together.

嗨，丹，謝謝你的提問。國際方面正在發生一些事情。首先，我想肯定的是，那裡的領導團隊確實已經步入正軌。所以，Anna，我們的國際總裁；還有James，我們的國際業務首席商務官。他們已經運作了大約一年，他們實施的組織和策略變革正在真正發揮作用。

So we've taken a very deliberate approach to shifting our business mix internationally. This involves increasing exposure to higher RPD leisure demand and exiting some local market monthly business that didn't meet our return requirements. And you're seeing that reflected in the higher RPD and lower volume numbers that we're reporting, and that's by design.

因此，我們採取了非常審慎的方式來調整我們在國際上的業務組合。這包括增加對 RPD 休閒需求較高市場的投入，並退出一些未能達到我們回報要求的本地市場月度業務。這一點可以從我們報告的較高的 RPD 和較低的銷售數字中看出，而這正是我們有意為之。

And so like you pointed out, this top line mix shift, combined with disciplined cost management, that's what's really driving the substantial EBITDA increase, which is up nearly 40% year-over-year. Are we going to expect that level of increase next year?

正如你所指出的，這種營收結構的變化，再加上嚴格的成本管理，才是真正推動 EBITDA 大幅成長的因素，較去年同期成長近 40%。我們預計明年也會有同樣的成長水準嗎？

No, I think we're not going to be catering at those levels. But the overall strategy and trend will remain where we're going to be more deliberate about the leisure business that we take and pruning those -- that business that doesn't really make sense for us. What I would say, Dan, as you rightly pointed out, no other rental car company has the global reach that we do.

不，我認為我們不會提供那種等級的餐飲服務。但整體策略和趨勢仍將如此，我們將更加謹慎地選擇休閒業務，並削減那些對我們來說沒有實際意義的業務。丹，正如你所指出的，沒有其他租車公司擁有我們這樣的全球影響力。

And historically, given the relative size and where [HQ sits], ABG has been Americas focused but we're really changing that mindset today. So we're embracing the fact that we're a truly global company, and you'll see increased focus and investment in our international business going forward.

從歷史上看，考慮到ABG的相對規模和總部所在地，ABG一直專注於美洲市場，但如今我們正在真正改變這種思維。因此，我們欣然接受自己是真正的全球性公司這一事實，未來您將會看到我們對國際業務的關注和投資不斷增加。

Great, thank you. My second question is on DPU trends and overall depreciation. And I know you'll give us an outlook early next year. But maybe you could just talk within the quarter, to what extent the recalls were weighing on the total DPU. And into next year, a, I know you said that you'll give us commentary on the cap costs, but if there are any early reads.

太好了，謝謝。我的第二個問題是關於每單位分派 (DPU) 趨勢和整體折舊。我知道您會在明年初為我們帶來展望。但或許你可以談談本季內，召回事件對每單位分派 (DPU) 總分造成的影響程度。至於明年，我知道你說過你會給我們關於工資帽成本的評論，但如果有任何早期跡象的話。

But b, given you just did a big fleet refresh for the model year '25, shouldn't we view that as really the driving factor on your DPU next year and the broader residuals because you've already done the lion's share work and you'll have proportionately lower refresh next year?

但是，鑑於您剛剛對 2025 年車型進行了大規模的車隊更新，我們難道不應該將此視為明年每單位利潤 (DPU) 和整體殘值的主要驅動因素嗎？因為您已經完成了大部分工作，明年的更新幅度將會隨之降低？

So I'll start and then maybe, Daniel, you can chime in. So broadly speaking, I agree with your assessment, Dan. So if you take what's happened this year, so the impact of tariffs certainly provided some uplift to the used car market this year. And what we're seeing is pretty consistent with what the Manheim Value Index -- Used Vehicle Value Index is showing. So there was a bump during the April tax refund season and values have remained relatively stable since.

那我先開始，然後丹尼爾，也許你可以插幾句。總的來說，我同意你的看法，丹。所以，如果回顧今年的情況，關稅的影響無疑對今年的二手車市場起到了一定的提振作用。我們看到的情況與曼海姆二手車價值指數所顯示的情況非常一致。因此，在四月的退稅季期間出現了一個波動，此後價格一直保持相對穩定。

But in the first half of October, we're seeing a bit of giveback, which follows normal seasonal trends. You know as well as I do that by the fourth quarter, when next year's models like really hit the market, it's typical to see a sequential decline in the used car market. The good news is, yes, we did plan for that. So like you said, we've already disposed of a substantial portion of our model year '23 and '24 vehicles throughout the year. We still do have some that we're going to sell in the fourth quarter and in the first quarter of next year.

但10月上半月出現了一些回落，符合正常的季節性趨勢。你我都清楚，到了第四季度，當明年新車型真正上市時，二手車市場通常會較上季下滑。好消息是，是的，我們確實為此做了計劃。正如你所說，我們今年已經處理掉了相當一部分 2023 年款和 2024 年款的車輛。我們還有一些貨物將在第四季和明年第一季出售。

But our fleet mix is shifting towards the newer model year '25 cohort as planned. And like you said, we do think that, that should be the primary driver next year of where depreciation shakes out. So I can't really give you too much commentary around the model year '26 buy. We're still in negotiations with a few of our larger OEM partners. But generally speaking, we think that the model year '26 is going to look pretty similar to the model year '25.

但正如計劃的那樣，我們的車隊結構正在向較新的 2025 年車型轉變。正如您所說，我們認為這應該是明年折舊走向的主要驅動因素。所以，對於2026年車型的購買，我真的無法給太多評論。我們仍在與幾家較大的OEM合作夥伴進行談判。但總的來說，我們認為 2026 年車型的外觀將與 2025 年車型非常相似。

That's what we've seen in the deals that we've closed. So we do think that model -- next year, it will be more specifically model year '25, model year '26 driven, and we don't think that we need to rely on kind of the macro shifts we see in the overall industry.

從我們已完成的交易來看，情況正是如此。所以我們認為，明年的車型——更具體地說，是2025款和2026款車型——將推動這一趨勢，我們認為我們不需要依賴整個產業所看到的宏觀變化。

Maybe the only color I would add that those macro changes in fleet mix were mostly like Brian shared. But to recall, because those vehicles tend to be larger because they tend to carry higher DPU in the $400 to $500 range per unit in 4% to 5% depending on what fleet you're looking at and what quarter was around that had close to $20 impact on our per unit in the quarter, and we expect it to continue in Q4.

我唯一想補充的是，艦隊組合的這些宏觀變化大多和布萊恩所說的差不多。但要注意的是，由於這些車輛往往更大，因為它們的每單位分攤成本往往更高，在 400 到 500 美元之間，具體漲幅為 4% 到 5%，具體取決於你查看的是哪個車隊以及是哪個季度，這給我們的每單位本季度帶來了近 20 美元的影響，我們預計這種情況將在第四季度繼續。