Avis Budget Group Inc (CAR) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Avis Budget Group second-quarter 2026 earnings call. Please note that this conference is being recorded.

各位好。歡迎參加 Avis Budget Group 2026 年第二季財報電話會議。請注意，本次會議將被錄音。

I will now turn the conference over to David Calabria, Treasurer and Senior Vice President, Corporate Finance. Thank you, David. You may begin.

現在我將把會議交給公司財務部資深副總裁兼財務主管 David Calabria。謝謝你，David。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 is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from such forward-looking statements and information.

各位早安，感謝各位加入我們的電話會議。與我一同出席的有我們的執行長 Brian Choi，以及我們的財務長 Daniel Cunha。在開始之前，我想提醒各位，我們將討論前瞻性資訊，包括潛在的未來財務表現；此類資訊受風險、不確定性與假設影響，可能導致實際結果與這些前瞻性陳述與資訊存在重大差異。

Such risks and assumptions, uncertainties and other factors are identified in our earnings release and other periodic filings with the SEC as well as the Investor Relations section of our website. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results, and any or all of our forward-looking statements may prove to be inaccurate, and we can make no guarantees about our future performance.

此等風險與假設、不確定性及其他因素已在我們的財報新聞稿、向 SEC 提交的其他定期申報文件，以及我們網站的投資人關係專區中加以說明。因此，前瞻性陳述不應被視為對實際結果的預測；我們任何一項或全部前瞻性陳述都可能被證明不準確，我們亦無法對未來表現作出任何保證。

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

我們不承擔更新或修訂前瞻性陳述的任何義務。在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。請參閱我們網站上提供的財報新聞稿，其中說明了我們對這些指標的定義，以及與最接近的可比 GAAP 指標之調節表。

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

接下來，我想把電話會議交給 Brian。

Thanks, David, and thank you all for joining us. I want to start this discussion not with the results themselves, but with the decisions that led to those results. Last quarter, we spoke about fleet reduction and supply discipline. This quarter, we put that operating philosophy into practice. The month of April started with summer bookings in

謝謝你，David，也感謝各位加入我們。我想先從導致這些結果的決策談起，而不是先談結果本身。上個季度，我們談到車隊縮減與供給紀律。本季度，我們將這套營運理念付諸實行。4 月一開始，暑期預訂在較遠月份仍維持在中個位數成長。

the outer months holding at mid-single-digit growth. By early May, that momentum began to change. The strength we have been seeing in forward bookings started to erode and that deceleration appeared in the booking data before it fully worked its way into reported volumes. Once we saw it, we did not wait for the trend to become more pronounced. We moved quickly.

到了 5 月上旬，這股動能開始改變。我們在前瞻性預訂中看到的強勁態勢開始減弱，而這種放緩在完全反映到已報告的量之前，就已先出現在預訂數據中。一旦我們看見這個趨勢，就沒有等到它變得更明顯。我們迅速採取行動。我們動作很快。

We accelerated vehicle dispositions well beyond our original plan, taking advantage of a window in April and early May when the used vehicle market was still seasonally strong. That allowed us to monetize favorable residual values while realigning supply to a different demand environment. The result was a fleet position that looks different from what we would typically expect in the second-quarter.

我們將車輛處置速度大幅提升，遠超原先計畫，並把握 4 月與 5 月上旬二手車市場仍具季節性強勢的窗口期。這使我們得以在殘值有利時變現，同時將供給重新調整以因應不同的需求環境。其結果是，我們的車隊部位與一般第二季的典型狀況有所不同。

In a normal year, this is the period when we would be building fleet ahead of the summer peak. Instead, our Americas fleet finished the quarter down 5% year-over-year, the lowest second-quarter fleet size since the COVID environment of 2Q '21. That was a meaningful departure from our original plan, which contemplated growth tied to World Cup activity, America 250 and a more constructive summer travel environment.

在正常年份，這段期間我們通常會在暑期旺季前擴充車隊。然而，我們美洲地區車隊在本季結束時較去年同期下降 5%，為自 2021 年第二季 COVID 環境以來最低的第二季車隊規模。這與我們原先計畫有顯著差異；原計畫原本預期會因世界盃活動、America 250，以及更具建設性的暑期旅遊環境而帶動成長。

But the data changed, against the backdrop of broader consumer uncertainty, higher travel costs and geopolitical volatility, year-over-year TSA check-ins decelerated from flat in April to negative 70 basis points in May to negative 1.3% in June. Overseas visitors to the US based on the CBP I-94 data were down 8% in the second-quarter.

但數據出現變化。在更廣泛的消費者不確定性、更高的旅遊成本與地緣政治波動背景下，TSA 年對年安檢通行人次增速從 4 月持平，放緩至 5 月負 70 個基點，再到 6 月負 1.3%。根據 CBP I-94 數據，第二季赴美海外旅客年對年下降 8%。

When it became clear that demand was not developing in line with our original plan, we treated that as new information and resized the fleet accordingly. Quarter after quarter, we have said that we would rather run this fleet slightly under demand than slightly over it. This quarter, we did just that. Importantly, a 5% smaller fleet did not translate into a 5% decline in rental days.

當我們清楚看到需求發展不符合原先計畫時，我們將其視為新的資訊，並據此調整車隊規模。我們一季又一季地表示，我們寧可讓車隊略低於需求，也不要略高於需求。本季度，我們就是這麼做的。重要的是，車隊縮小 5% 並未轉化為租賃天數下降 5%。

Rental days in the Americas were down only 2% due to improved utilization. Vehicle utilization finished the quarter at 73.2% in the Americas, our highest second-quarter utilization level in company history. This improvement was made possible by the technology deployments, operating discipline and asset management mindset we have been building into the network over the past several quarters.

美洲地區租賃天數僅下降 2%，主要因使用率提升。美洲地區車輛使用率本季收在 73.2%，為公司史上第二季最高使用率水準。這項改善得益於過去數季我們在全網路推動的技術部署、營運紀律，以及資產管理思維。

It also reflects a different operating model for the business. We are treating fleet not simply as capacity to meet demand, but as capital at risk. When the data changes, the fleet plan has to change with it. In the second-quarter, given the demand environment and the strength of the used vehicle market, we leaned deliberately into the asset manager side of the business and prioritize profitability and returns over rental days or market share.

這也反映出一種不同的營運模式。我們不再僅將車隊視為滿足需求的產能，而是視為承擔風險的資本。當數據改變時，車隊計畫也必須隨之改變。在第二季，鑑於需求環境以及二手車市場的強勢，我們有意更偏向業務中的資產管理面向，並將獲利能力與報酬置於租賃天數或市占率之上。

We believe this was the right decision, and we made it knowing it would affect the shape of our second-quarter. Most notably, with fleet as a scarce resource this quarter, we made the deliberate choice to optimize for revenue per transaction versus revenue per day. Put simply, we accepted fewer one-day rentals, which carry an RPD premium in order to fulfill more weekly business.

我們相信這是正確的決策，而且我們在做出決策時就知道它會影響第二季的表現樣貌。尤其是，本季車隊成為稀缺資源之際，我們刻意選擇以每筆交易收入最佳化，而非以每日收入最佳化。簡而言之，為了滿足更多按週計的業務，我們接受較少的一日租賃；一日租賃通常具有較高的 RPD 溢價。

When supply is tight, longer duration rentals create better overall transaction economics because they reduce turns, handling costs and operational complexity. If we had maintained the same length of rental mix as 2Q '25, RPD would have been up nearly 3% year-over-year. Instead, RPD was essentially flat. That was a deliberate trade-off and the economics showed up in revenue per transaction, which was up 6% year-over-year.

當供給吃緊時，較長租期的租賃能帶來更佳的整體交易經濟性，因為可降低周轉次數、處理成本與營運複雜度。如果我們維持與 2025 年第二季相同的租期結構，RPD 年對年將上升近 3%。但實際上，RPD 基本持平。這是刻意的取捨，而其經濟效益反映在每筆交易收入上，年對年上升 6%。

Last quarter, we said that our expectation was for the World Cup to be a clear travel tailwind, particularly in host cities. That expectation was broadly shared across the travel industry, but it did not play out the way we expected. That is not in our control. What we can control is how quickly we adapt and our teams did that well this quarter.

上個季度，我們表示預期世界盃將成為明顯的旅遊利多，特別是在主辦城市。這項預期在旅遊產業中相當普遍，但實際發展並未如我們所料。這不在我們的控制範圍內。我們能控制的是適應的速度，而我們的團隊在本季度做得很好。

Our adjusted EBITDA outcome was in line with our initial expectations, but the path to get there was very different than we anticipated. That has implications for how we will manage the third-quarter and the same principles will apply. We will stay disciplined on fleet, protect utilization and prioritize returns over volume. I'll elaborate on that later in the call.

我們的調整後 EBITDA 結果符合最初預期，但達成該結果的路徑與我們原先想像的非常不同。這將影響我們第三季的管理方式，而相同原則也將適用。我們將在車隊方面保持紀律、維持高使用率，並將報酬置於量之上。我會在稍後的電話會議中進一步說明。

Before I turn it over to Daniel, I want to briefly touch on three additional items that are important to shareholder value and the strategic direction of the company. First, on Pentwater. You'll recall that last quarter, I spent time addressing the volatility in our stock price and the trading dynamics involving our second largest shareholder. We are pleased to report that Avis and Pentwater have reached a settlement agreement related to short-swing profits under which Pentwater agreed to pay Avis $650 million in cash.

在我把電話交給 Daniel 之前，我想簡要談三項對股東價值與公司策略方向很重要的事項。第一，關於 Pentwater。各位應該記得，上個季度我花了一些時間說明我們股價的波動，以及涉及我們第二大股東的交易動態。我們很高興報告，Avis 與 Pentwater 已就短線交易利得（short-swing profits）相關事宜達成和解協議，依該協議 Pentwater 同意以現金支付 Avis 6.5 億美元。

We believe the settlement represents a fair resolution of the dispute and a meaningful recovery for our shareholders. The settlement remains subject to final court approval, but we expect this matter to be resolved by year-end. Second, our partnership with Waymo reached an important milestone with the launch of autonomous ride-hail operations in Dallas.

我們認為此和解代表對爭議的公平解決，並為股東帶來具意義的回收。該和解仍須取得法院最終核准，但我們預期此事將於年底前解決。第二，我們與 Waymo 的合作在達拉斯啟動自動駕駛叫車營運，達成一項重要里程碑。

Our teams assumed operational responsibility on July 1. And since then, we have delivered thousands of trips while steadily scaling both operation and the fleet. I want to recognize our AV team for the work they have done to build this capability the right way with the right people, processes and resources. We are now taking the early lessons from Dallas and applying them to a repeatable operating model, one built around uncompromising safety, world-class customer experience and operational excellence.

我們的團隊於7月1日承擔營運責任。自那時起，我們在穩步擴大營運規模與車隊的同時，已完成數千趟行程。我想肯定我們自動駕駛（AV）團隊所做的工作，他們以正確的方式、透過合適的人才、流程與資源，建立起這項能力。我們正把從達拉斯獲得的早期經驗，應用到可複製的營運模式上；該模式以毫不妥協的安全、世界級的客戶體驗與卓越營運為核心。

Third, Avis First, our premium first-class rental offering, continues to gain traction. Since our last update, we expanded the program to additional major airport locations, including Orlando, Washington Dulles, London Heathrow, and Paris Charles de Gaulle. We also broadened the vehicle portfolio with high-demand models, including select Mercedes and BMW vehicles.

第三，Avis First——我們的高端頭等租車服務——持續獲得市場動能。自上次更新以來，我們已將該計畫擴展至更多主要機場據點，包括奧蘭多、華盛頓杜勒斯、倫敦希斯洛，以及巴黎戴高樂。我們也擴充車款組合，加入需求旺盛的車型，包括部分賓士與BMW車款。

Customer satisfaction remains strong with an average rating of 4.9 out of 5 stars, underscoring the value proposition and the momentum we continue to see in this segment. Each of these items is important in its own way, but they all support the same broader goal, creating better value for shareholders through disciplined execution, stronger customer experiences and new capabilities that can scale over time. With

客戶滿意度依然強勁，平均評分為5星中的4.9星，凸顯其價值主張以及我們在此細分市場持續看到的成長動能。上述每一項舉措各自都很重要，但它們共同支持同一個更宏觀的目標：透過嚴謹執行、更佳的客戶體驗，以及可隨時間擴張的新能力，為股東創造更高價值。接下來，

that, let me turn it over to Daniel, who will provide additional detail on the quarter.

我把時間交給Daniel，他將就本季提供更多細節。

Thanks, Brian. Before I discuss the results in detail, I want to highlight a few key takeaways from the quarter. The second-quarter demonstrated the operating leverage of the actions Brian described. Despite a softer-than-expected demand environment and fewer rental days, adjusted EBITDA grew year-over-year, and we delivered our highest second-quarter adjusted EBITDA margin in the last three years.

謝謝，Brian。在我詳細說明業績之前，我想先強調本季幾個關鍵重點。第二季展現了Brian所描述各項行動帶來的營運槓桿效益。儘管需求環境較預期疲弱且租賃天數較少，調整後EBITDA仍較去年同期成長，且我們創下過去三年來最高的第二季調整後EBITDA利潤率。

We also achieved record second-quarter utilization globally with both the Americas and International improving sequentially and year-over-year. Importantly, we delivered two consecutive quarters of positive global RPD growth for the first time in 12 quarters. With that context, let's review each of our segments, starting with the Americas.

我們也在全球達成第二季創紀錄的使用率，美洲與國際兩大區域皆較前一季及去年同期改善。更重要的是，我們在12個季度以來首次連續兩季實現全球RPD正成長。在此背景下，讓我們檢視各事業部門，先從美洲開始。

In the Americas, adjusted EBITDA grew 7.7% year-over-year on revenue that declined 1.9%, resulting in approximately 100 basis points of margin expansion. That performance underscores the fact that disciplined fleet execution can support profitability even in a softer demand environment. As demand built during the first-quarter, we observed encouraging signals across both RPD and rental days, particularly in World Cup markets. That dynamic changed quickly early in the second-quarter.

在美洲，調整後EBITDA在營收年減1.9%的情況下仍年增7.7%，帶來約100個基點的利潤率擴張。此表現凸顯：即使在需求較疲弱的環境中，嚴謹的車隊執行仍能支撐獲利能力。隨著第一季需求回升，我們在RPD與租賃天數兩方面都觀察到令人鼓舞的訊號，尤其是在世界盃市場。然而，這種態勢在第二季初迅速改變。

As Brian outlined, we made a strategic decision to proactively right size the fleet in response rather than wait for conditions to deteriorate further. The revenue decline was driven primarily by a 2.1% decline in rental days, which reflected our intentional decision to operate with a fleet that was 5.4% smaller year-over-year. Rental day pressure was most pronounced in our inbound segment, which declined 5%. Importantly, the decline in rental days was significantly less than the reduction in fleet.

如Brian所述，我們做出策略性決策，主動調整車隊規模以因應變化，而非等待情勢進一步惡化。營收下滑主要由租賃天數年減2.1%所致，反映我們刻意以較去年同期小5.4%的車隊規模營運。租賃天數的壓力在我們的入境（inbound）業務最為明顯，年減5%。重要的是，租賃天數的降幅顯著小於車隊縮減幅度。

That gap was driven by a 250 basis point improvement in utilization, reflecting stronger operating execution across the network. Even with continued no-fix recall constraints, Americas utilization reached 73.2%, our highest second-quarter utilization level in company history. The utilization improvement validates the investments we have made in technology and the changes we have made to operating processes.

這一差距來自使用率提升250個基點，反映整體網路的營運執行更為強勁。即便持續受到「no-fix」召回限制影響，美洲使用率仍達到73.2%，為公司史上最高的第二季使用率水準。使用率的提升驗證了我們在科技上的投資，以及我們對營運流程所做的調整。

It also demonstrates that our fleet discipline is delivering measurable operational returns. RPD, excluding exchange rate effects, increased 0.2% year-over-year. While that was more modest than the growth we delivered in the first-quarter, the underlying drivers are important. With fleet as a scarce resource, we deliberately shifted mix toward longer duration, higher contribution transactions.

這也顯示我們的車隊紀律正在帶來可衡量的營運回報。排除匯率影響後，RPD年增0.2%。雖然這一增幅較我們第一季的成長更為溫和，但其背後驅動因素很重要。在車隊屬於稀缺資源的情況下，我們刻意將組合轉向租期更長、貢獻度更高的交易。

Absent that length of rental and other shift in mix, Americas RPD would have increased approximately 3% year-over-year. This marks the first time in 12 quarters that the company has delivered two consecutive quarters of positive global RPD growth, and the inflection is even more pronounced in the Americas, where we had not achieved consecutive quarterly RPD growth in 16 quarters.

若沒有租期拉長及其他組合轉移的影響，美洲RPD本可約年增3%。這是公司在12個季度以來首次連續兩季實現全球RPD正成長；而在美洲，拐點更為明顯，因為我們在16個季度以來都未曾達成連續季度RPD成長。

We view that as significant because it suggests that the RPD erosion experienced since the post-pandemic peak in 2022 has stabilized. The industry appears to have adjusted to the realities of higher interest rates and elevated vehicle costs contributing to more normalized pricing dynamics. At the same time, RPD is only one measure of transaction economics. RPD has long been used as a proxy for profitability.

我們認為這具有重大意義，因為它顯示自2022年疫情後高峰以來所經歷的RPD下滑已趨於穩定。產業似乎已調整以因應較高利率與偏高車輛成本的現實，進而回到較為常態化的定價動態。同時，RPD只是交易經濟性的其中一項衡量指標。長期以來，RPD常被用作獲利能力的替代指標。

And all else equal, higher pricing supports higher EBITDA margins. But across segments and channels, all else is not equal. Commission rates, miles driven, accident propensity, transaction length, handling costs and depreciation all affect the ultimate profitability of the transaction. As we continue to evolve our asset management approach, we are increasingly focused on optimizing contribution and return on assets rather than simply maximizing headline RPD.

在其他條件相同的情況下，較高的定價有助於提升EBITDA利潤率。但在不同事業部門與通路之間，「其他條件相同」往往並不成立。佣金率、行駛里程、事故傾向、交易期間長短、處理成本與折舊等因素，都會影響交易的最終獲利能力。隨著我們持續演進資產管理方法，我們愈來愈聚焦於最佳化貢獻度與資產報酬，而不僅僅是最大化表面上的RPD。

Ultimately, we are solving for EBITDA, contribution and return on assets, not simply RPD in isolation. This quarter, we also continued to manage through significant recall-related constraints. Like the broader industry, we were impacted by extensive recall campaigns in July 2025, which grounded approximately 4.6% of our fleet at peak impact.

最終，我們要解的是EBITDA、貢獻度與資產報酬，而不是孤立地只看RPD。本季我們也持續因應與召回相關的重大限制。與整體產業相同，我們在2025年7月受到大規模召回活動影響，在影響高峰期約有4.6%的車隊停駛。

While we expected to have cycled through most of that pressure by the second-quarter, we were notified in April 2026 of additional recalls from three different OEMs, resulting in a total of approximately 18,000 grounded vehicles that exceeded the approximately 15,000 grounded vehicles we exited 2025 with. Year-to-date, recalls have represented more than $50 million of directly attributable costs before considering lost profit.

雖然我們原本預期到第二季時大部分壓力應已消化，但我們在2026年4月收到三家不同OEM（原廠）新增召回通知，導致停駛車輛總數約18,000輛，超過我們在2025年結束時仍停駛的約15,000輛。年初至今，召回在未計入損失利潤之前，已造成超過5,000萬美元的可直接歸因成本。

This was a material headwind in the first half and will continue to affect the business in the second half. That said, utilization improvement we delivered despite those constraints reinforces the strength of the operational execution in the quarter. Our decision to accelerate dispositions early in the quarter also proved important from a residual value perspective.

這在上半年構成重大逆風，並將在下半年持續影響業務。即便如此，我們在這些限制下仍能實現使用率提升，進一步凸顯本季營運執行的強度。我們在季初加速處置車輛的決策，從殘值角度來看也證明相當重要。

Rental demand began to soften while we were still in the seasonally strongest period of the used car market. We leaned into that market strength, accelerated disposition and reduced exposure to residual value risk. While that decision affected revenue, we believe it ultimately protected shareholder value. Because of the elevated sales activity in the quarter, per unit depreciation was unusually low at $301 per unit.

租賃需求開始轉弱時，我們仍處於二手車市場季節性最強的期間。我們把握市場強勢，加速處置並降低殘值風險曝險。雖然該決策影響了營收，但我們相信它最終保護了股東價值。由於本季銷售活動偏高，單位折舊異常偏低，為每輛301美元。

Under a more normalized sales pattern, we estimate per unit depreciation would have been approximately $320. Now let's turn to our International segment. Our international segment faced a more challenging operating environment in the first half than the Americas. Revenues, excluding exchange rate effects, declined 2.5% year-over-year and adjusted EBITDA declined 11% year-over-year, further pressured by higher variable costs associated with our mix shift.

在較為常態化的銷售節奏下，我們估計單位折舊約為每輛320美元。接著我們來看國際事業部。國際事業部在上半年面臨比美洲更具挑戰的營運環境。排除匯率影響後，營收年減2.5%，調整後EBITDA年減11%，並因組合轉移帶來較高的變動成本而承壓更深。

Rental days declined 2.9% year-over-year, which was a 100-basis point improvement from the first-quarter, but still below our expectations. We anticipated weakness in commercial segments as we cycled through the structural mix shift actions executed in the second half of 2025. However, the weakness was more pronounced than planned with strategic accounts declining 10% year-over-year.

租賃天數年減2.9%，較第一季改善100個基點，但仍低於我們的預期。我們原先預期商業客群會走弱，因為我們正進入2025年下半年所執行之結構性組合轉移措施的比較基期。然而，疲弱程度比計畫更為明顯，策略性客戶年減10%。

Geopolitical developments, particularly Middle East tensions also pressured inbound travel to Europe with flight capacity down as much as 38% in April and May. RPD, excluding exchange rate effects, increased 0.4% year-over-year or plus 2.2%, excluding the impact of Zipcar UK whose operations we suspended. RPD growth decelerated sequentially, reflecting a less constructive rate environment than in the Americas.

地緣政治發展，特別是中東緊張局勢，也對歐洲入境旅遊造成壓力，4月與5月的航班運能降幅最高達38%。RPD（排除匯率影響）年增0.4%，或在排除我們已暫停營運的 Zipcar UK 影響後增加2.2%。RPD 成長較前期放緩，反映相較於美洲地區，費率環境較不具建設性。

Elevated fleet supply in several key international markets created additional industry capacity and placed pressure on pricing. Vehicle registration grew more than 10% in several of our largest European markets. We remain committed to our mix shift strategy toward higher return leisure demand. At the same time, we recognize that leisure demand can carry higher selling costs.

多個關鍵國際市場的車隊供給偏高，帶來額外的產業運能並對定價造成壓力。在我們幾個最大的歐洲市場，車輛註冊量成長超過10%。我們仍致力於推動產品組合轉移策略，朝向報酬較高的休閒需求。同時，我們也認知到休閒需求可能伴隨較高的銷售成本。

Our focus is to continue improving mix while reducing the cost to acquire that demand over time, which reinforces the importance of further developing our own digital channels. With that, I'll turn to our leverage, liquidity and outlook. As of June 30, we had more than $1 billion in available liquidity and approximately $1.9 billion of fleet funding capacity.

我們的重點是在持續改善組合的同時，隨時間推進降低取得該需求的成本，這也強化了進一步發展自有數位通路的重要性。接下來我將談談我們的槓桿、流動性與展望。截至6月30日，我們可用流動性超過10億美元，且約有19億美元的車隊融資額度。

Our net corporate leverage ratio of 7.4 times is down 100 basis points since year-end in 2025. We remain focused on deleveraging towards normalized levels during the balance of the year and expect to reduce leverage by at least a full turn of adjusted EBITDA by the end of 2026. This quarter, we have successfully addressed our near-term debt maturity profile, executing several refinancing transactions that strengthened our financial position and extend our debt maturity ladder.

我們的公司淨槓桿比率為7.4倍，較2025年年底下降100個基點。我們仍專注於在今年剩餘期間將槓桿降至常態化水準，並預期在2026年底前，至少將槓桿降低相當於調整後 EBITDA 的一個完整倍數。本季我們已成功處理近期到期債務結構，執行多筆再融資交易，強化財務狀況並延長債務到期梯次。

On May 29, we issued $300 million of senior notes due in 2031. The proceeds were used to partially redeem our senior notes due in 2027, reducing that maturity from $650 million to $350 million and providing meaningful flexibility heading into year-end. On June 29, we extended the maturity of our $2 billion revolving credit facility from December 2028 to June 2031 and added a temporary $200 million facility through June 2028 or upon receipt of the Pentwater settlement proceeds, further strengthening our liquidity position.

5月29日，我們發行3億美元、2031年到期的優先票據。所得款項用於部分贖回2027年到期的優先票據，將該到期金額由6.5億美元降至3.5億美元，並在年底前提供實質的彈性。6月29日，我們將20億美元循環信用額度的到期日由2028年12月延長至2031年6月，並新增一項臨時2億美元額度，期限至2028年6月或於收到 Pentwater 和解款項時到期，進一步強化我們的流動性部位。

Beyond the corporate debt refinancing, -- we also executed tactical refinancings across our vehicle financing programs. In June, we issued $650 million of AESOP term ABS debt, $200 million of Canadian term ABS debt and renewed our CAD 580 million Canadian bank facility. The term transactions were oversubscribed and closed at the tighter spread levels than the next most recent transactions, demonstrating continued capital markets confidence in Avis Budget Group.

除了公司債務再融資之外，-- 我們也在車輛融資計畫中執行了策略性的再融資。6月，我們發行6.5億美元 AESOP 定期 ABS 債務、2億美元加拿大定期 ABS 債務，並續約加幣5.8億的加拿大銀行融資額度。這些定期交易均獲超額認購，且以較近期上一筆交易更緊的利差水準完成，顯示資本市場對 Avis Budget Group 的信心持續。

Most significantly, we expect to receive $650 million in proceeds from the Pentwater short-swing profit settlement. While this settlement is contingent on court approval, making the timing of payments uncertain, we expect to receive the funds by year-end and plan to deploy a portion of the proceeds towards retiring by year-end the remaining $350 million senior notes due in 2027.

最重要的是，我們預期將自 Pentwater 短線交易利得（short-swing profit）和解中收到6.5億美元款項。雖然此和解仍須法院核准，使付款時點存在不確定性，但我們預期可在年底前收到資金，並計畫將部分款項用於在年底前償還剩餘的3.5億美元、2027年到期的優先票據。

Our debt profile includes several attractively priced tranches maturing in the near and medium term. Rather than retire these low-cost obligations early, which would not be economical given current refinancing rates, we intend to take an opportunistic approach. We may refinance these lower-cost tranches closer to them becoming current, provided we have the liquidity on our balance sheet and a clear path to refinancing.

我們的債務結構中包含數個定價相當具吸引力、在短中期到期的分期（tranches）。與其提前清償這些低成本負債（在目前再融資利率水準下並不划算），我們打算採取機會主義的方式。在資產負債表具備足夠流動性且有清晰的再融資路徑的前提下，我們可能會在這些較低成本分期接近到期、成為即期負債時再進行再融資。

In summary, we are pleased with how the second-quarter turned out and how our team reacted to the changing market conditions. During the first half of 2026, we exceeded our adjusted EBITDA plan, and we entered Q3 our peak season demand with strong operational fundamentals. As a result, we are reiterating our full year guidance of $850 million to $1 billion in adjusted EBITDA.

總結來說，我們對第二季的表現以及團隊對市場變化的反應感到滿意。在2026年上半年，我們的調整後 EBITDA 超越原先計畫，且在進入第三季旺季需求時，營運基本面強勁。因此，我們重申全年調整後 EBITDA 指引為8.5億至10億美元。

With that, I'll turn it back to Brian.

接下來我把時間交回給 Brian。

Thanks, Daniel. In summary, the business environment has changed, but our operating principles remain consistent. We are pleased with how our team has navigated the second-quarter, and we are managing the third-quarter with those implications in mind. Because we accelerated fleet dispositions in April and May, our third-quarter availability will also be lower than our original plan.

謝謝，Daniel。總結而言，商業環境已改變，但我們的營運原則仍一致。我們對團隊在第二季的應對感到滿意，並在管理第三季時將這些影響納入考量。由於我們在4月與5月加速處置車隊，第三季的可用車隊也將低於原先計畫。

We expect fleet in the Americas to remain down by a similar amount year-over-year with utilization efficiencies offsetting a portion of that impact on rental days. Given that we are in our peak demand period, we will not have the same opportunity to generate gains from incremental fleet sales that we had in the second-quarter.

我們預期美洲地區的車隊規模仍將以與去年同期相近的幅度下降，而使用率效率將抵銷部分對租賃天數的影響。鑑於目前處於需求高峰期，我們將不會像第二季那樣，有同等機會透過額外的車隊銷售來創造收益。

And with the fleet remaining tight, we expect to continue prioritizing longer duration, higher-value transactions over shorter rentals that may carry a higher RPD but create less attractive overall economics. As a result, we expect the third-quarter to look similar to the second-quarter in several respects, lower fleet, strong utilization, disciplined transaction mix and an RPD that is roughly flat year-over-year.

此外，在車隊仍偏緊的情況下，我們預期將持續優先承作租期較長、價值較高的交易，而非較短期的租賃；後者雖可能帶來較高的 RPD，但整體經濟效益較不具吸引力。因此，我們預期第三季在多個面向將與第二季相似：車隊較少、使用率強勁、交易組合紀律嚴謹，以及 RPD 大致與去年同期持平。

Overall, we are entering the quarter with better operating discipline than a year ago. We have a tighter fleet, stronger utilization and a cleaner cost base and sharper focus on returns over volume. Those are the factors that give us confidence in year-over-year adjusted EBITDA growth in the third-quarter and support our full year adjusted EBITDA guidance of $850 million to $1 billion. The environment remains dynamic, and our outlook does not depend on a broad demand recovery.

整體而言，我們以比一年前更佳的營運紀律進入本季。我們的車隊更緊、使用率更強、成本基礎更精實，並更聚焦於報酬而非量。這些因素讓我們對第三季調整後 EBITDA 年增有信心，並支撐我們全年調整後 EBITDA 指引8.5億至10億美元。環境仍具動態變化，而我們的展望並不依賴於廣泛的需求復甦。

We are managing the business based on the same principles we demonstrated this quarter. When the facts change, the plans have to change with them. We will stay disciplined on fleet, protect utilization, prioritize profitability and returns and continue building a business that can deliver across different demand environments.

我們將依據本季所展現的相同原則來管理業務。當事實改變，計畫也必須隨之調整。我們將在車隊上保持紀律、維持使用率、優先考量獲利能力與報酬，並持續打造一個能在不同需求環境下都能交付成果的企業。

With that, operator, we'd be happy to take questions.

接下來，接線員，我們很樂意回答問題。

(Operator Instructions) Chris Woronka, Deutsche Bank.

(接線員指示) Chris Woronka，德意志銀行。

So Brian, I think I understand the rationale for cutting fleet. The demand picture clearly changed. But I guess the question is, given that you have a fairly high fixed cost structure on the operating side, is there anything you can do if this is going to -- if this lower demand situation is going to persist, is there anything you can do to start or further attack costs on the DOE side? And then I have a follow-up.

Brian，所以我想我理解削減車隊的理由。需求面顯然已經改變。但我想問的是，鑑於你們在營運端有相當高的固定成本結構，如果這種較低需求的情況將持續，針對 DOE 端的成本，你們是否有任何可以著手或進一步加強削減的作法？然後我還有一個追問。

Chris, so from our perspective, cost discipline is foundational to everything we do. We understand the makeup of our business. And as a levered company with a lot of operating leverage around the business as well, we need to control that which we can control, which is cost. So starting from the beginning of the year, that was an area of focus for us.

Chris，從我們的角度來看，成本紀律是我們所有作為的基礎。我們了解自身業務的構成。而作為一家高槓桿公司，同時業務也具有很高的營運槓桿，我們必須控制我們能控制的部分，也就是成本。因此從年初開始，這就是我們的重點領域。

So from a cost basis, we think that actually is what helped contribute to our profitability growth this quarter despite a lower revenue. We expect that to continue going forward. What I will say is that there are core operating costs, which we have really tightened our belts on. Then there are costs that flow into DOE that have to do with investments into our, kind of, future growth, yes, in terms of technology and new resources for our operations and improved processes.

就成本基礎而言，我們認為這正是本季在營收較低的情況下，仍能促成獲利成長的原因之一。我們預期未來也將持續如此。我想說的是，存在一些核心營運成本，我們已經確實勒緊褲帶。此外，還有一些會流入 DOE 的成本，與我們對未來成長的投資有關，是的，包括科技，以及為營運導入新資源與改善流程。

We are continuing to make those investments. And the way that we think about it is that the cost discipline around our everyday expenses is what helps fund the investments that we're making. So we think we're taking a balanced approach to this while monitoring what's happening in the overall revenue environment.

我們仍在持續進行這些投資。而我們的思考方式是，對日常營運費用的成本紀律，正是用來支應我們正在進行的投資。因此，在監測整體營收環境變化的同時，我們認為自己採取的是一種平衡的做法。

Okay. And then shifting gears a little bit on AV. I know you guys have rolled out Dallas. But as we see some of the rideshare companies, at least one of them start to invest in AVs, does it ever reach a point where you guys have to kind of make a decision on in terms of ownership of these and placing orders for autonomous? I mean, does it feel like that decision-making process is being sped up at all for you guys?

好的。接著稍微轉到自動駕駛（AV）的話題。我知道你們已經在達拉斯上線了。但當我們看到一些共乘公司——至少其中一家——開始投資AV時，是否會有一天你們也必須在「是否擁有這些車、以及是否要下單採購自動駕駛車隊」方面做出某種決定？我的意思是，對你們而言，這個決策流程是否有被加速的感覺？

Chris, sorry, before I answer your question, one thing to note. I robbed our AV operators by a month of operations. I think in the prepared remarks, I said that we took over operations for Waymo in Dallas in July, we actually took over in June. So I just wanted to clear that up. In terms of your question about purchasing the fleet, I don't think that anything is being accelerated right now in terms of having to make that decision.

Chris，抱歉，在我回答你的問題之前，有一點要先說明。我把我們的AV營運團隊少算了一個月的營運時間。我想在事先準備的講稿裡，我說我們在7月接手Waymo在達拉斯的營運，但其實我們是在6月就接手了。所以我想先澄清這點。至於你問到是否要購買車隊，我不認為目前在「必須做出這個決定」這件事上有任何加速。

The environment in the ecosystem is still evolving currently. I think what we're trying to do right now is make sure that we develop the relationships directly with both the AV providers and the vehicle providers to give ourselves both options, whether that is kind of just managing a fleet on someone else's balance sheet or purchasing the vehicles ourselves. At this point, it's too early to make a call one way or another, but we are keeping both options open.

目前生態系的環境仍在演進中。我認為我們現在要做的是，確保我們能與AV供應商以及車輛供應商直接建立關係，讓我們同時保有兩種選項：不論是只在別人的資產負債表上管理車隊，或是由我們自行購買車輛。現階段要偏向哪一邊下結論都還太早，但我們會把兩種選項都保留。

John Healy, Northcoast Research.

John Healy，Northcoast Research。

Brian, I wanted to ask just a little bit more about the decision to kind of realign fleet in Q2 and kind of how that plays out in Q3. You made a point of calling out the 3% kind of like-for-like pricing that would have been achieved. Now that the fleet is kind of, I would assume, right sized, do we get back to kind of a normal RPD contribution of the company in Q3 relative to like the market?

Brian，我想再多問一點關於你們在第二季決定重新調整車隊配置，以及這在第三季會如何展開。你特別提到若以同口徑比較，原本可以達成約3%的定價。現在車隊規模我猜已經調整到合適水位，那第三季公司在RPD（每車日收入）的貢獻，是否會回到相對於市場的「正常」水準？

And I guess my thought process is if the fleet is down and the market is still okay, like, should we expect a positive RPD development here in Q3? Or are investors kind of getting ahead of themselves thinking about that for the quarter?

我的思路是：如果車隊規模下降、而市場仍然還可以，那我們是否應該預期第三季RPD會有正向的發展？還是投資人對第三季的期待有點超前了？

John, from our perspective, listen, the demand environment weakened, let's say, I wouldn't say that the travel demand is weak, though. So what we're seeing in TSA is down roughly 2% month-to-date in terms of emplanements. That's off from what we had expected, but I wouldn't characterize that as, like, a foundational weakness over here, and you're seeing strength in different pockets of the travel ecosystem.

John，從我們的角度來看，需求環境確實轉弱了——但我不會說旅遊需求很疲弱。我們在TSA（美國運輸安全管理局）的數據看到，本月至今登機人次（emplanements）大約年減2%。這低於我們原先的預期，但我不會把它形容為一種結構性、根本性的疲弱；而且你也能在旅遊生態系的不同區塊看到一些強勁表現。

The 2% decline in the TSA emplanements is different from our 5% decline in fleet. So -- and we said that in the prepared remarks that you should expect kind of similar-ish decline year-over-year in fleet. So we expect to be kind of in that mid-single-digit range, which is lower than what we think the overall kind of demand environment is.

TSA登機人次下滑2%，與我們車隊下滑5%是不同的幅度。因此——我們也在事先準備的講稿中提到，你應該預期我們的車隊年對年會是類似的降幅。所以我們預期會落在中個位數下滑的區間，這比我們認為整體需求環境的變化幅度還要低。

Given that, the dynamics of Q3 will still kind of look like the dynamics of Q2 where fleet is constrained. So given that, we are going to prioritize longer duration rentals in the third-quarter as well. We think that this is having a positive contribution to our overall EBITDA margin. And even though the headline RPD number is higher for these shorter duration one-day rentals, given the fact that we are going to be fleet constrained in Q3 and we are managing towards profitability, we need to take some of these longer length rentals.

在這樣的背景下，第三季的動態仍會有點像第二季：車隊供給受限。因此，第三季我們也會優先承接租期較長的租賃。我們認為這對整體EBITDA利潤率有正面貢獻。即使從表面上看，較短租期、例如一日租的RPD數字更高，但考量到第三季我們仍受車隊限制、且我們以獲利為導向在管理，我們需要承接部分較長租期的訂單。

So I think that the dynamics that you're seeing in Q3 will look like what they see in -- but overall, like I said, if we were not making these shifts in terms of length of rental mix, the overall environment is up 3% for us in terms of like-for-like segmentation. So overall, it does seem like a fairly stable environment. It's just a little bit of noise given the changes that we're making to our fleet mix given the supply.

所以我認為你在第三季看到的動態會像他們在——但整體而言，如我所說，如果我們沒有在租期組合上做這些調整，以同口徑分群來看，我們的整體環境是成長3%。因此整體看起來仍是相當穩定的環境。只是因為我們在供給面、基於車隊組合的調整，帶來了一些雜訊。

Understood. That's helpful. And then just kind of one financing-related question. You guys are always very active on both the fleet side and the corporate side. And I'm just trying to think about some of the moving parts for 2027. Any way you could kind of think about kind of the headwind or tailwinds of kind of some of these financings just kind of on the interest expense line, both corporate and fleet, maybe hypothetically for next year?

了解。這很有幫助。接著問一個與融資相關的問題。你們在車隊端與公司端的融資一直都很積極。我在想2027年可能會有哪些變動因素。你能否談談這些融資對利息費用（interest expense）這一行的逆風或順風——包含公司端與車隊端——也許以明年作為假設情境？

John, this is Daniel. A lot of the refinancings are going to come due in the medium term have been put in place quite a while, and they are predominantly fixed rate. So the refinancing cost is likely going to be higher than what we have. It will depend a bit on the tranche, but 100, 125 bps is probably our expectation. And so that's why I was mentioning in prepared remarks that as those come due, we're going to potentially stretch a little bit how long we hold on to them and just delay that transition.

John，我是Daniel。中期到期、需要再融資的很多案子，其實都是很久以前就設立的，而且大多是固定利率。因此，再融資成本很可能會高於我們目前的水準。這會視不同分層（tranche）而定，但我們的預期大概是高出100到125個基點（bps）。所以我才會在事先準備的講稿中提到，當這些到期時，我們可能會把持有時間拉長一點，延後那個轉換。

But that's the new environment we operate with. And I think it's not impacting us only. And as I was mentioning, we do think that it's playing to some extent an effect in the price environment in the two quarters of sequential RPD growth that we've had and that we have not seen in a long time as a result of higher interest rates, higher legal costs and so on.

但這就是我們現在所處的新環境。而且我認為這不只影響我們。正如我提到的，我們確實認為在某種程度上，較高的利率、較高的法律成本等等，正在影響定價環境；這也反映在我們已經連續兩季出現RPD季增，而這是我們很久沒有看到的情況。

John, I would just add that we're very well aware that the next maturity we have after paying down the $350 million is 4.75%. And hence, why we were putting the funds in the fleet for now, right, as Daniel was saying, and taking as long as we can to pay that piece down. So we're managing that interest as best we can. And -- but what's foundational for us is to make sure that our debt maturity ladder does not stack up like, that is something that I think is really important, and we'll make sure that we're doing things at the right time at the right moment at the right cost.

John，我再補充一點：我們非常清楚，在償還3.5億美元之後，我們下一筆到期的債務票息是4.75%。因此，正如Daniel所說，這也是為什麼我們目前先把資金投入車隊，並盡可能延後償還那一筆。所以我們會盡最大努力管理利息成本。但對我們而言最根本的是，確保我們的債務到期梯（debt maturity ladder）不要出現集中堆疊；我認為這非常重要，我們會確保在對的時間、對的時點、以對的成本去做正確的事。

Okay. And just a clarification, you said that 125 bps would maybe be an expectation? Or I wasn't sure. I wasn't clear on that.

好的。再確認一下，你剛剛說125個基點可能是你們的預期嗎？我不太確定。我沒有聽得很清楚。

Yes. It will depend a bit on the tranche, but that's generally what we're seeing for the near term.

是的。會視不同分層而有些差異，但就近期而言，我們大致看到的是這樣的水準。

Dan Levy, Barclays.

Dan Levy，Barclays。

So in this environment where demand is a bit weaker and you've made the strategic move to tighten the fleet. Maybe you can just talk to what your competitors are doing as well as far as operating with certain fleet levels? And maybe if you could just talk to the broader competitive environment that you're seeing, especially given one of your competitors is going through some questions on liquidity.

在目前這種需求稍微偏弱、而你們也策略性收緊車隊規模的環境下，也許你可以談談競爭對手在以特定車隊水位營運方面的作法？以及你們所看到的更廣泛競爭環境，特別是考量到你們其中一位競爭對手正面臨一些流動性方面的疑慮。

Yes. Let me answer some of that -- answer what I can at a high level and then Daniel, you jump in. From our perspective, I think if you had told me that international inbound travelers was going to be down 8% in the second-quarter, yes, with the World Cup happening, right? I don't think anyone planned on that. The -- and from our perspective, given that we are a rental car company that does the majority of its business on airports, like the ground truth that we follow is those TSA check-ins and the international travel data, like that can't be argued. So what we saw happening, we were keeping a close eye on.

是的。我先回答其中一部分——先用較高層次回答我能回答的部分，然後 Daniel 你再補充。從我們的角度來看，如果你告訴我第二季國際入境旅客會下滑 8%，是的，即便有世界盃在進行，對吧？我想沒有人會事先規劃到這種情況。而且——從我們的角度，鑑於我們是一家租車公司，絕大多數業務都在機場，我們所依循的「地面真實數據」就是 TSA 安檢通關數以及國際旅遊數據，這些是無可爭辯的。所以我們看到的情況是，我們一直在密切關注。

And I think that we made the call fairly early that demand was not playing out the way that we thought. It was also a situation where like you could choose like the used car market was constructive in the seasonally strong period of April and May. We had a bird in hand over there. And we thought that given the volatility that we've seen in terms of earnings like with the fleet write-downs that have happened over the last two years, playing with a bit of margin of safety was the right decision.

我認為我們相當早就做出判斷：需求的走勢並沒有如我們所想那樣發展。同時也有一個情況是，你可以選擇——二手車市場在 4 月與 5 月這段季節性強勢期間表現具建設性。我們那邊等於是「手上有現成的機會」。我們認為，考量到過去兩年因車隊減值而造成的獲利波動，以更高的安全邊際來操作是正確的決策。

So what we did was, as this was developing, we made the decision that we're going to take fleet down and harvest some of those residual gains. Again, like I said, I think this is something that we caught earlier when we saw this demand shift. Overall, I think some of our competitors have seen this -- have taken a similar approach as the months progressed. And after the 4th of July, we're seeing industry supply begin to rationalize a little as well.

因此我們做的是，隨著情勢發展，我們決定縮減車隊並收割部分殘值收益。同樣地，如我所說，我認為當我們看到需求轉向時，我們更早就捕捉到了這件事。整體而言，我認為一些競爭對手也看到了這點——隨著月份推進也採取了類似作法。而在 7 月 4 日之後，我們也看到產業供給開始稍微趨於理性化。

So I think the supply-demand dynamics are better aligned today going into August than they were going into May. For us, there's still several important weeks of summer left. We're focused on optimizing every day of that demand. And what I would imagine -- what I would say is that given the stability we're seeing in the pricing environment, we think that the industry is rationalizing as well.

所以我認為，進入 8 月時的供需動態，比起進入 5 月時要更為匹配。對我們而言，夏季還剩下幾個重要的週數。我們專注於把每天的需求最佳化。而我想像——我會說的是，鑑於我們在定價環境中看到的穩定性，我們認為產業也正在走向理性化。

I would just add then a little international perspective where some of the dynamics Brian described are also present, but we saw in some of our key markets, a significant increase in new vehicle registration by rental car companies, something in the order of 10%. We acknowledge that this is not a full picture, we don't have visibility of the deletes, right, that may be offsetting some of that.

我再補充一點國際面的觀點：Brian 所描述的一些動態也同樣存在，但我們在部分關鍵市場看到租車公司新車登記量顯著增加，大約在 10% 的量級。我們也承認這不是全貌，因為我們看不到刪減（deletes），對吧？那些可能會抵消其中一部分。

But we do see the inflow of new vehicles. That paired with significant declines from inbound travel, especially from the Middle East. I think it's creating a scenario market there that is a little bit more competitive than we have experienced in North America. We also expect that to continue in Q3.

但我們確實看到新車的流入。再加上入境旅遊大幅下滑，尤其是來自中東的旅客。我認為這在當地市場形成了一種情境，使競爭程度比我們在北美所經歷的更激烈一些。我們也預期這種情況會在第三季持續。

Okay. Great. As a follow-up, there's been a lot of questions about one of your technology vendors that I think you had discontinued the relationship with them and then there was a press release last night that there was an agreement. And I think there was -- I think a lot of excitement on the potential profit benefit. I think some people were putting out upwards of $100 million a year.

好的。很好。追問一下，市場上對你們其中一家科技供應商有很多問題；我理解你們曾中止與他們的合作關係，而昨晚有新聞稿指出已達成協議。我想市場對潛在的獲利改善有不少期待。我看到有些人估算一年可能高達 1 億美元以上。

So maybe you could just talk to -- I mean, now that they have a press release, I don't know if you can comment on the potential benefit that you see on pricing or what approach you're taking? And then more broadly, are you taking a different look at your broader use of vendors and spend and what that could do on the DOE line?

所以也許你可以談談——我是說，既然他們已經發了新聞稿，我不確定你是否能評論你們在定價上看到的潛在效益，或你們採取的是什麼做法？另外更廣泛地說，你們是否正以不同角度檢視更廣泛的供應商使用與支出，而這可能對 DOE 這條線帶來什麼影響？

I'll take that one. After we submitted a termination notice, management of reengaged, right? We had for conversation. We were able to find a path forward, as you saw in their announcements, right? The position was generally pretty simple, right? We wanted to have control over the customer journey. We wanted to have more flexibility in the operating model. That we had and a better customer experience around tolling and the related products.

這題我來回答。在我們提交終止通知之後，對方管理層重新接洽了，對吧？我們進行了對話。我們找到了可行的前進路徑，如你在他們公告中所看到的，對吧？我們的立場大致上很簡單，對吧？我們希望能掌控客戶旅程。我們希望在營運模式上有更大的彈性。並且在通行費（tolling）及相關產品上，提供更好的客戶體驗。

With this new management, we're able to reach in terms of preserve those vehicles, allowing vendor to remain a provider of ours. And we think it's a pretty constructive outcome for ABG. It gives us continuity, and it allows us to manage the economics in a way that's aligned with our long-term objectives.

在新的管理團隊之下，我們得以達成協議，在保留這些能力的同時，讓該供應商繼續作為我們的供應商。我們認為這對 ABG 來說是相當具建設性的結果。它帶來了延續性，也讓我們能以符合長期目標的方式來管理經濟效益。

Is there something you can talk to as far as that and broader initiatives to streamline spend? Could this lead to material profit benefit?

就這件事以及更廣泛的精簡支出計畫，你能否談談？這是否可能帶來顯著的獲利效益？

The effort here on tolls, I think, is representative of other efforts that we are undertaking across the P&L. So major programs around vehicle damage, insurance, licensing and registration. I mean those are substantial line items for us. And just like with those, we had a very disciplined approach of reevaluating the entirety of our operations, how we perform those services internally, externally with one vendor, multiple vendors. Those are all conversations we're having across the board.

我認為通行費這項工作的努力，代表了我們在整個損益表上正在推動的其他工作。例如圍繞車輛損傷、保險、牌照與登記等重大專案。我的意思是，這些對我們而言都是相當可觀的費用項目。而且就像處理那些項目一樣，我們採取非常嚴謹的方法，重新評估我們整體營運：這些服務要如何在內部執行、外包給單一供應商、或多家供應商。這些都是我們全面在進行的討論。

In terms of expectations here, I would just point out that those are relatively complex parts of our operations. So we intend to chip at them very consistently over the quarters, but those are not simple fixes. Those are not changes that happen overnight.

就這裡的預期而言，我只想指出，這些都是我們營運中相對複雜的部分。因此我們打算在接下來幾個季度持續、穩定地逐步改善，但這些不是簡單的修補。也不是一夕之間就能完成的改變。

Yes. And I can just add also that given the new technology that's available to us, we are taking a broad-based look at where we can improve the products that we're delivering to our customers. So yes, cost efficiencies are important, and we want to make sure that we get the best deal possible out there. But ensuring that we are delivering better products for our customer and delivering a better customer experience and being more efficient as a company is also, I think, something that we're evaluating on a regular basis.

是的。我也補充一下，鑑於我們可用的新技術，我們正在以更全面的方式檢視：在哪些地方可以改善我們交付給客戶的產品。所以是的，成本效率很重要，我們也希望確保能拿到市場上最好的條件。但同時，確保我們為客戶提供更好的產品、帶來更好的客戶體驗，並讓公司運作更有效率，我認為也是我們定期在評估的事情。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Just had a question on -- just a couple here. But the first one, just on the Waymo partnership, two months into the operation in Dallas. I'm wondering if you could double-click on what role you're playing as a fleet manager and maybe highlight some of key early innings learnings? And are you already making any incremental investments for autonomous vehicle fleet management in other regions ahead of potential contract conversions?

我有一個問題——其實有兩個。第一個是關於 Waymo 的合作夥伴關係，在達拉斯營運兩個月後。我想請你更深入說明你們作為車隊管理者所扮演的角色，並且分享一些早期階段的關鍵學習？另外，在潛在合約轉換之前，你們是否已經在其他地區為自動駕駛車隊管理進行任何額外投資？

Yes. So Rajat, I think like what we're -- in terms of taking over as part of operations in Dallas is similar to what we had described when we first announced the partnership. So in terms of revenue generation and the AV technology themselves, acquiring the customers, that's on Waymo. I think everything after that is on us to making sure that the vehicles are properly maintained, that they have optimized uptime.

是的。Rajat，我認為我們——就我們在達拉斯接手的營運部分而言，與我們在最初宣布合作時所描述的內容相似。就營收產生以及自動駕駛（AV）技術本身、獲取客戶而言，那是 Waymo 的責任。我認為其後的所有事情都由我們負責，確保車輛得到妥善維護，並且把可用運行時間（uptime）最佳化。

They're in charge of all the real estate infrastructure. And from our perspective, like we are investing in Dallas, particularly in more efficient kind of real estate footprint to make sure that we're delivering on all the service levels that we have committed to. Dallas is an important milestone because we're learning what it takes to manage an operation of this complexity safely, reliably at scale.

他們負責所有不動產與基礎設施。而從我們的角度來看，我們正在達拉斯投入資源，特別是在更高效率的不動產據點配置上，以確保我們能達成所承諾的所有服務水準。達拉斯是一個重要的里程碑，因為我們正在學習要如何以安全、可靠且可規模化的方式，管理如此複雜的營運。

And the near-term focus for us is execution on Dallas. But over time, we want to make sure that we turn this into a repeatable operating model across additional markets, and we're in discussions. And we think that this is going to be a meaningful strategic capability for the company. But we're going to be disciplined about it. We're focused on Dallas today. We're evaluating future markets, and we'll keep you posted as things develop.

而我們短期的重點是把達拉斯的執行做好。但隨著時間推進，我們希望確保能把這套模式轉化為可在更多市場複製的營運模式，目前也正在洽談中。我們認為這將成為公司一項具意義的策略性能力。但我們會保持紀律。我們今天的重點在達拉斯。我們正在評估未來市場，隨著進展會再向各位更新。

Understood. That's helpful. And just a follow-up on recall, a three-point headwind utilization in the second-quarter. Could you give us any visibility on how you might see this easing through the remainder of the year? And how should we think about any impacts from DPU pricing, et cetera?

了解。這很有幫助。另外就召回再追問一下，第二季利用率有 3 個百分點的逆風。你們能否提供一些能見度，說明這個影響在今年剩餘期間可能如何緩解？以及我們該如何看待 DPU 定價等帶來的任何影響？

So maybe a quick comment, right? As I mentioned, we have today or have had in Q2 a bigger impact than we had exiting Q4. The availability of parts hasn't been plentiful, but what we have visibility is right now is that over the second half, we'll probably have slightly over half of the impact that we've had so far, something a little bit north of $50 million year-to-date.

所以也許先快速說明一下，對吧？如我提到的，我們目前或在第二季所受到的影響，比我們在第四季末退出時更大。零件供應並不充裕，但我們目前可見的是，在下半年，影響大概會是迄今為止的一半多一點；截至目前的年初至今影響金額略高於 5,000 萬美元。

So about half of that for the balance of the year, right, assuming the parts continue to become available at the rates that the OEMs have promised. In terms of DPU, this is a little bit of a drag on the vehicles that are on recall tend to have 20%, 30% or higher DPU than the average. So that has, let's say, slowed down the improvement in DPU that we've had in spite of, as I mentioned in the quarter, we have had unusually low DPU because of the incremental sale activity that Brian described.

所以今年剩餘期間大約是那個數字的一半，對吧，前提是零件能持續以 OEM 承諾的速度到位。至於 DPU，這會帶來一些拖累，因為被召回的車輛其 DPU 往往比平均高 20%、30% 甚至更高。因此，這在某種程度上放慢了 DPU 的改善；儘管如我在本季提到的，由於 Brian 所描述的額外銷售活動，我們本季的 DPU 異常偏低。

Chris Stathoulopoulos, Susquehanna International Group.

Chris Stathoulopoulos，Susquehanna International Group。

Brian or Daniel, where are you in your -- the fleet purchase program for '27? I think conversations typically start around mid-year, perhaps the spring before. And is there anything unique as we think about pressures or not with respect to the OEMs, things like supply chains, et cetera?

Brian 或 Daniel，你們在 2027 年的車隊採購計畫進度到哪裡了？我想相關對話通常在年中左右開始，可能在前一年的春季就會啟動。另外，從 OEM 的角度來看，是否有任何特別之處，例如供應鏈等方面的壓力或沒有壓力？

Chris, you're right in terms of timing. Typically, this would start in the spring in earnest with a lot of our OEM partners, especially the manufacturers. After COVID and how dynamic the supply chain became, this has been pushed out throughout the course of the year, and it's kind of stabilized that way. So right now, I would say that we're mid-innings with our OEM partners.

Chris，你對時點的理解是對的。通常我們會在春季開始與許多 OEM 夥伴認真展開，尤其是製造商。COVID 之後，供應鏈變得非常動態，這件事被推遲並延伸到全年各個時點，且大致就以這種方式穩定下來。所以目前我會說，我們與 OEM 夥伴的進度大概在比賽中段。

We have a fair number of contracts that are inked already with certain manufacturers, but there's still a lot more to go. We've not been hearing from our OEM partners anything out of the ordinary in terms of supply chain issues. It's been a fairly normal, I think, yes, environment from that perspective. But listen, the topic on everyone's minds is recall and availability of cars.

我們已經與部分製造商簽下相當數量的合約，但仍有很多要繼續完成。我們沒有從 OEM 夥伴那裡聽到任何不尋常的供應鏈問題。從這個角度看，我認為環境相當正常。但你知道，大家心裡都在想的議題是召回以及車輛可得性。

And so we're evaluating total cost of ownership from our perspective, understanding which OEM partners that we want to lean in more heavily with and that deliver a reliable product, and that's going to be reflected in what we can afford to pay for this product.

因此我們會從自身角度評估總持有成本（TCO），了解哪些 OEM 夥伴值得我們更大力合作、能提供可靠的產品，而這也會反映在我們願意為該產品支付的價格上。

Okay. And then, Daniel, thank you for the commentary on the supply commentary on the international market. If I heard correct, I think, Brian, you said that the supply-demand dynamic as a whole today or at least where we are in the third-quarter is a bit more balanced. But I took the comments around international to sound perhaps a bit tougher versus domestic.

好的。另外，Daniel，謝謝你對國際市場供給面的評論。如果我沒聽錯的話，我想 Brian 你說目前整體供需動態，至少在第三季我們所處的位置，是更為平衡一些。但我從你們對國際市場的評論聽起來，似乎比美國本土更具挑戰。

I want to make sure that I heard that right or if there's anything unique. I heard about excess registrations and things like that. Just wondering if you could give a little bit more color on the international side.

我想確認我是否理解正確，或是否有任何特殊因素。我聽到你提到超額註冊量之類的情況。想請你們再多補充一些國際市場的細節。

Yes. I don't have a ton more to add there. What I think we saw is that in the Americas, maybe just to tease out the contrast, right, we were more actively making tweaks to the mix, right, LRs and channels and so on to increase or maximize EBITDA margins, and that was a result of having fewer vehicles, right? We do not have the same dynamics in international.

是的。我沒有太多可以再補充的。我認為我們看到的是，在美洲地區——也許把對比拉出來看，對吧——我們更積極地調整組合，例如 LRs、通路等，以提升或最大化 EBITDA 利潤率，而這是因為車輛更少所致。在國際市場，我們沒有同樣的動態。

So the mix-related changes are not as present with the exception of Zipcar UK that tended to push RPD up because of the nature of the business, right, like short rentals, higher dollars per hour day and that business will continue. So if you compare the about 2 points of RPD growth that we had in the quarter to the about three-ish that we had in the prior quarter, there was a small deceleration in the RPD environment.

因此，與組合相關的變動並不明顯，例外是 Zipcar UK；由於其業務性質（例如短租、每小時/每日金額較高），往往會推升 RPD，而該業務將會持續。所以如果把本季約 2 個百分點的 RPD 成長，與前一季約 3 個百分點左右相比，RPD 環境出現了小幅放緩。

And as best we can tell, this is driven a bit by the combination of having a bit more supply in the market, right, as measured by the increasing registrations and at the same time, a lower amount of inbound travelers that were coming into Europe, right? So that I think is what's pressing maybe a little bit the RPD side of the equation in international and making -- capturing the data a little bit more competitive.

就我們所能判斷，這部分是由於市場供給略增的組合因素所驅動，對吧，以註冊量增加來衡量；同時，進入歐洲的入境旅客數量也較少。因此，我認為這些因素在國際市場對 RPD 端造成了一些壓力，並使得——在資料所反映的情況下——競爭變得更激烈一些。

Lizzie Dove, Goldman Sachs.

Lizzie Dove，高盛。

A lot of helpful commentary here. I guess just to kind of tie it all together, you maintained the guidance range of $850 million to $1 billion. Thinking about your comments that we might see a continuation of Q2 into Q3 on the revenue side that continuing decline. I don't know if that continues for the rest of the year, some of the DPU benefit you've got unwinds. Could you maybe talk about what's embedded elsewhere in the guidance and how you think about what gets you to kind of the low end or the high end of that range?

這裡有很多有幫助的評論。我想把它串起來看，你們維持了 8.5 億到 10 億美元的指引區間。考量你們提到營收端可能會看到第二季延續到第三季、也就是持續下滑。我不確定這是否會延續到今年其餘時間，另外你們取得的一些 DPU 利益也會回吐。你們能否談談指引中其他部分隱含了什麼，以及你們如何看待哪些因素會讓結果落在區間低端或高端？

Yes. I'll take a first crack and then Daniel can chime in. But Lizzie, what you said is exactly correct. I think about Q3 as a continuation of the same operating posture that we had in Q2. So fleet will still be down, I think, down in the same kind of mid-single-digit range that we saw in Q2. And so we're definitely not planning the business around volume growth.

是的。我先嘗試回答，然後 Daniel 可以補充。但 Lizzie，你說得完全正確。我把第三季視為延續第二季相同的營運姿態。因此車隊規模仍會下降，我認為會維持在我們第二季看到的那種中個位數百分比的降幅。所以我們確實不會以量的成長來規劃業務。

So because of that, that's going to put some pressure on rental days and revenue. But we showed in the second-quarter that fleet being down does not translate one-to-one to rental days being down. So we're going to continue driving utilization. That's been a focus of ours and especially in the new technology that we've implemented, the new processes that our operating teams have put in there, we think that's a sustainable benefit that we can continue into the third-quarter.

因此，這會對租賃天數與營收帶來一些壓力。但我們在第二季已經證明，車隊下降並不會一比一地轉化為租賃天數下降。所以我們會持續推動利用率。這一直是我們的重點，特別是我們導入的新技術、營運團隊建立的新流程，我們認為這是可持續的效益，能延續到第三季。

So we're entering the quarter with tighter fleet, better utilization, again, a focus on cost. We're going to make sure that we maintain as efficient cost base as we can and a focus on these higher contribution transactions. So similar kind of length of rental mix dynamics. We think that the overall RPD dynamic is going to be constructive in the third-quarter, but we're planning for roughly flattish pricing in Q3.

所以我們在進入本季時，車隊更緊、利用率更好，同時再次聚焦成本。我們會確保維持盡可能高效率的成本基礎，並聚焦於這些貢獻度更高的交易。因此，租期長短的組合動態會是類似的。我們認為第三季整體 RPD 動態將是建設性的，但我們對第三季的規劃是價格大致持平。

On the fleet size, Lizzie, I would just add that even though we exited the first half a little bit above plan, there was a little bit of pull forward here on the gains related to fleet rotation, right, which is why this performance year-to-date doesn't necessarily translate into an increase in our expectations for the full year, right? In addition to, as you know, Q3 being a quarter where we make the lion's share of our earnings and small fluctuations in RPD can have a substantial impact in the quarter, right? So we think we're still in the range. But obviously, the next month or two here will definitely tilt the scale one way or the other.

關於車隊規模，Lizzie，我只想補充一點：即使我們上半年結束時略高於計畫，這裡其實有一點把與車隊輪換相關的收益提前認列了，對吧？這也是為什麼年初至今的表現不一定會轉化為我們對全年預期的上調，對吧？另外，如你所知，第三季是我們賺取絕大部分獲利的季度，而RPD的小幅波動就可能在該季度造成相當大的影響，對吧？所以我們認為仍在區間內。但顯然，接下來一兩個月肯定會讓天平往某一邊傾斜。

From our perspective, Lizzie, I think we've done what we feel is the responsible decision to understand what the demand environment looks like and fleet slightly below that. I think the delta between the lower and the higher end of the range is going to be if the industry look at it that way as well.

從我們的角度來看，Lizzie，我認為我們已經做了我們覺得負責任的決策：先了解需求環境長什麼樣子，然後把車隊規模略微放在其下方。我認為區間低端與高端之間的差異，將取決於整個產業是否也用同樣的方式來看待。

Makes sense. And then I guess just considering balance sheet cash flow, hopefully, you're going to have this pretty nice settlement from Pentwater coming. I guess with that context in mind, assuming you get it and just where leverage is at right now, I think somewhere in the seven times range. How do you think about kind of the right ratio for you, where kind of capital allocation priorities would be with that settlement or just other cash flow otherwise and how to kind of think about that long term?

了解。然後我想從資產負債表的現金流角度來看，希望你們很快會收到來自Pentwater的一筆相當不錯的和解款。在這個背景下，假設你們拿到這筆款項，再加上目前的槓桿水準，我想大概在7倍左右。你們如何看待對你們而言比較合適的比率？在有這筆和解款或其他現金流的情況下，資本配置的優先順序會是什麼？以及長期要如何思考？

Lizzie, we exit '25 at 7.5. We're now at 7.4%. I think there's full acknowledgment from us that this on the high end of the spectrum is not where we want to live or stay. We're definitely prioritizing deleveraging, right? We expect during this year, a combination of debt repayment and EBITDA growth to reduce it by more than one turn and we will not be satisfied with that. We will continue to prioritize it as we go forward, right? So that, I think, is the direction.

Lizzie，我們在'25年結束時是7.5。我們現在是7.4%。我們完全承認，這個水準在高端區間並不是我們想要長期處於或停留的地方。我們肯定會把去槓桿列為優先事項，對吧？我們預期在今年，透過償債與EBITDA成長的組合，將把它降低超過一個turn（倍數），而我們也不會因此就滿足。我們會在未來持續把它列為優先事項，對吧？所以我認為方向就是這樣。

In terms of the levers, right, we are expecting, as you mentioned, the fund from the settlement, we will allocate this to debt repayment, and that will definitely contribute. Other than this, we're pulling all the other levers that you would expect, right? We're working on cash flow in general, being very tight on CapEx and being very disciplined on where we allocate our capital.

就可運用的槓桿而言，對吧，如你提到的，我們預期會收到和解款項，我們會把這筆資金用於償還債務，這肯定會有所貢獻。除此之外，我們也在拉動所有你會預期的其他槓桿，對吧？我們在整體現金流方面下功夫，對資本支出（CapEx）非常嚴控，並且在資本配置上非常自律。

We're working on some working capital levers to improve cash flow generation. And we've been allocating every bit of excess cash flow to debt repayment. So those are the levers we control, obviously, and growing the company also has a big impact on the medium-term deleveraging efforts.

我們也在運用一些營運資金的槓桿來提升現金流產生能力。而且我們已把每一分超額現金流都用於償還債務。所以這些顯然是我們可控的槓桿；同時，公司成長也會對中期去槓桿的努力產生很大影響。

Stephanie Moore, Jefferies.

Jefferies的Stephanie Moore。

Congrats on the good quarter and certainly the utilization performance. I do have a three-part question, but bear with me because I promise I all work together here. But -- so first, maybe you could give us more specific actions or examples of what technology and other changes you have made in the last several quarters that have enabled you to better respond to the weaker demand environment and keep these utilization returns so robust?

恭喜這一季表現不錯，尤其是利用率的表現。我有一個三段式問題，但請先聽我說完，因為我保證它們彼此相關。首先，也許你們可以更具體說明，過去幾個季度你們在科技與其他方面做了哪些具體行動或例子，使你們能更好地因應較疲弱的需求環境，並讓利用率回報仍然如此強勁？

And then how does this just change to the prior actions on the company? I think that color would be helpful. And then the second part of the question is, what is your outlook for the used vehicle market over the next six to nine months? And then third, putting that all together, let's say the demand environment does remain somewhat subdued and used vehicle prices maybe start to moderate or fall, how would Avis respond with your new tech and best practices in place in that scenario? So a lot there, but I think it kind of goes together.

然後，這與公司先前的作法相比有何不同？我認為這些補充說明會很有幫助。第二部分是，你們對未來六到九個月的二手車市場展望為何？第三，把這些綜合起來，假設需求環境仍然有些低迷，而二手車價格可能開始趨於溫和或下滑，在那種情境下，Avis會如何運用你們新的科技與最佳實務來因應？內容很多，但我覺得它們是連在一起的。

I'll take a first stab at and Daniel can chime in. In terms of the tech investments, Stephanie, this is a journey that we've been on for several years now actually. It has to do with an overhaul of our entire tech stack within operations, and it focuses around having better visibility around fleet. So I think connected car has been talked about for ages. But if it's not connected to anything on the other end and a platform that allows you to make efficient decisions, like there's not a lot of benefit to that.

我先嘗試回答，Daniel也可以補充。就科技投資而言，Stephanie，這其實是我們已經走了好幾年的旅程。這與我們在營運端全面翻新整個技術堆疊（tech stack）有關，核心在於提升對車隊的可視性。我想「聯網車（connected car）」這個概念已經被談了很多年。但如果它在另一端沒有連到任何東西、也沒有一個能讓你做出高效率決策的平台，那其實就沒有太大好處。

So I think what we've been implementing is a brand-new platform that now is in the vast majority of our Americas business, I think over 90% of our Americas fleet is now running on the new platform, just a better way for our operators to manage the fleet that they have. And this has a lot to do with just kind of the asset management side of our business about being efficient with those assets that we manage. Can you sweat your assets? So it has a lot to do with minimizing unrentable days and unrentable vehicles.

所以我認為我們正在導入的是一個全新的平台，目前已覆蓋我們美洲業務的絕大多數；我想我們美洲車隊有超過90%已在新平台上運行，這讓我們的營運人員能以更好的方式管理手上的車隊。這很大一部分與我們業務中的資產管理面向有關，也就是如何更有效率地運用我們所管理的資產。你能不能把資產用到極致（sweat your assets）？因此，這也與把不可出租天數與不可出租車輛降到最低密切相關。

So quick turns around the supply chain, making sure there's no leakage around shuttling in order to run the tightest fleet possible while delivering on the rental demand. Again, like I said, we're still rolling this out. Certain markets are more experience with these new tools than others. And we're going to continue to invest in this. The good news is that it's on a SaaS platform.

例如加快供應鏈周轉，確保在調度（shuttling）上沒有任何流失，從而在滿足租賃需求的同時，維持盡可能精實的車隊。再說一次，如我所說，我們仍在推進這項部署。某些市場對這些新工具的使用更成熟，其他市場則相對較新。我們會持續投資。好消息是，這是在SaaS平台上。

There's a dedicated team here that's focused to optimizing it, and we're version 1.0 here. As we develop this, this is something that's likely to do a deeper dive on in a future earnings call, but let me leave it there for now.

我們有一個專責團隊聚焦於最佳化它，而我們目前是1.0版。隨著我們持續開發，這是我們很可能在未來的法說會上做更深入說明的主題，但我先講到這裡。

And Brian, maybe just jumping in. The impact of that is massive, right? So we spoke about the 2.5% improvement in utilization. If we adjust here for the recalls that are unrelated and frankly, there are no parts that's not much the operations team can do, utilization would have grown about 5.3 points in the quarter, and we would be at all-time high in any quarter, any period in the Americas here. So the impact here is pretty substantial.

Brian，我也補充一下。它的影響非常巨大，對吧？我們談到利用率提升2.5%。如果我們把那些無關、坦白說因為缺料而營運團隊也無能為力的召回因素調整掉，該季度的利用率其實會提升約5.3個百分點，而我們在美洲任何季度、任何期間都會創下歷史新高。所以這裡的影響相當顯著。

In terms of the used vehicle outlook, this is the period seasonally, every year where you see kind of a pullback in terms of used vehicle prices. I mean, look at any curve you want in any year for Manheim besides like the weird ones post-COVID. But it's modelable. What you see is an increase April, May and then the curve degrades into the end of the year. And so from our perspective, it seems like a relatively normal year. We had planned for this.

至於二手車展望，從季節性來看，每一年這段期間你都會看到二手車價格出現某種程度的回落。我的意思是，你看任何一年Manheim的任何曲線（除了COVID後那些比較奇怪的年份）。但這是可以建模的。你會看到4月、5月上升，然後曲線一路走弱到年底。因此從我們的角度看，這看起來是相對正常的一年。我們已經把這點納入規劃。

And so what you see is a -- like I think what you see in terms of gross depreciation that you put in the year, the equity that you have in the fleet might change throughout the year, but the gross debt that you're putting into the fleet has to account for the entirety of the curve. You're not switching that quarter-to-quarter depending on, at least from our perspective, on how we model the end residual values. So listen, the used car market seems okay, right? It's what we expected at the beginning of the year.

所以你會看到的是——例如我認為，你在年度中計入的總折舊（gross depreciation），車隊中的權益（equity）可能會在一年中有所變化，但你投入車隊的總債務（gross debt）必須涵蓋整條曲線的影響。至少從我們的角度，在我們對期末殘值（residual values）的建模方式下，你不會因為季度間的變化就每季去切換。所以總之，二手車市場看起來還可以，對吧？這就是我們在年初所預期的情況。

And month-to-month, we continue to model and reforecast, and we put into the fleet to have that margin of safety to be able to sell vehicles when we need. Stephanie, can you remind me of your third question again that dovetails from that second question?

而且就月對月而言，我們持續建模並重新預測，並把車輛投入車隊，以保有那個安全緩衝，讓我們在需要時能夠出售車輛。Stephanie，你可以再提醒我一次你的第三個問題是什麼嗎？那個問題是承接你第二個問題的。

Yes. Sorry, I kind of hit you with a lot there. I guess the third one is, let's just assume used vehicle prices start to moderate. What would be the scenario? Or how would you respond based on some of the new investments and actions that you have put into place would help maybe manage that environment. So let's just say used vehicle prices moderate and demand also remains subdued.

好的。抱歉，我剛剛一次丟給你很多問題。我想第三個是，假設二手車價格開始趨於溫和。那會是什麼情境？或者，基於你們已經導入的一些新投資與行動，你們會如何回應，這些措施可能如何幫助你們管理那樣的環境。所以就假設二手車價格趨緩，而需求也仍然低迷。

Yes. Listen. I think the way that you get around that, kind of, that scenario where if demand is weak, you have to get out of cars. Like there's -- that's the responsible thing to do. In order to be able to get out of cars, even in a weakening demand environment, you have to build a cushion into the fleet. So from our perspective, we're trying to be conservative in terms of how we our vehicles.

是的。聽著。我認為要因應那種情境——如果需求疲弱，你就必須把車出清。這——這是負責任的做法。為了能夠在需求轉弱的環境下仍然把車出清，你必須在車隊中建立緩衝。所以從我們的角度來看，我們在車輛配置方面會盡量採取保守作法。

Again, even in a declining -- overall declining market, it doesn't decline the same way for all vehicles. I think the technology that we've put in place allows us to better understand what we want to hold today versus sell today, what we want to elongate the length on, what's worth it to put in additional supply chain dollars to lengthen the life of the vehicles. All of that is at our disposal today.

再說一次，即使在整體下行——整體下滑的市場中，並不是所有車輛都以相同方式下滑。我認為我們已經導入的技術，讓我們能更好地理解：哪些車我們今天要留、哪些今天要賣；哪些我們要拉長使用年限；哪些值得投入額外的供應鏈成本來延長車輛壽命。這些我們現在都能運用。

And from our perspective, given what we've seen on the fleet side, on the balance sheet side over the last two years, this is the one thing that we cannot compromise on. We have to make sure that our fleet position and the financial health of our fleet and AESOP are rock solid. And that's what we've been doing all year. That's what we'll continue to do regardless of the demand environment.

而從我們的角度來看，基於過去兩年我們在車隊端、資產負債表端所看到的情況，這是我們唯一不能妥協的一件事。我們必須確保我們的車隊部位，以及車隊與 AESOP 的財務健康狀況堅若磐石。這就是我們今年一直在做的事。無論需求環境如何，這也是我們會持續做的事。

Andrew Percoco, Morgan Stanley.

Andrew Percoco，摩根士丹利。

Just one on my end. I think you mentioned that RPD was impacted by a longer duration within the transactions in the quarter and that you expect that to continue, I guess, through the balance of the year. I'm just curious like what gives you the confidence that's going to happen? And maybe what are you seeing on the customer side that's ultimately driving that?

我這邊只有一個問題。我想你提到本季 RPD 受到交易期間拉長的影響，而且你預期這種情況會持續，我猜是到今年剩餘期間。我只是好奇，是什麼讓你有信心它會發生？以及你們在客戶端看到了什麼，最終驅動了這件事？

Because that to me seems to be like more of a consumer and customer-driven dynamic versus something that maybe you guys can control yourselves. So just curious if you can provide any more kind of color on the dynamics there.

因為在我看來，這比較像是由消費者與客戶驅動的動態，而不是你們自己能控制的事情。所以想請你再多提供一些關於其中動態的說明。

Sure. Andrew, one clarification. We expect that our length of rental mix is going to be impacted in the third-quarter. I wouldn't say that it's going to be for the balance of the year. We don't know what the fourth-quarter yet is going to look like on that front. And I think the biggest thing that gives us confidence, think about it as you look at it in terms of cohort of business. You have one -day rentals. You have two- to four -day rentals. You have 5- to 14-day rentals, whatever it is, the different cohorts we look at.

當然。Andrew，先澄清一下。我們預期第三季我們的租期組合（length of rental mix）會受到影響。我不會說這會影響到今年剩餘期間。我們還不知道第四季在這方面會是什麼樣子。而我認為讓我們有信心的最大因素是——你可以把它想成按業務分群（cohort）來看。你有一日租。你有兩到四日租。你有 5 到 14 日租等等，我們會看不同的分群。

On a cohort-by-cohort basis, RPD is up across those different cohorts. Now by different magnitude on different cohorts, but they're all universally up. One-day rentals carry a significant premium. two-day rentals carry a significant premium versus a week-long rental versus a monthly rental. And so we don't think that this is something that's structural from our perspective, just given the fact that our fleet is down right now, we took a conservative approach and that our fleet is down more than transient demand is.

以逐一分群來看，RPD 在這些不同分群中都是上升的。當然不同分群的上升幅度不同，但普遍都是上升。一日租有顯著溢價；兩日租相對於一週租或月租也有顯著溢價。因此我們不認為這從我們的角度來看是結構性的問題；只是因為我們目前車隊規模下降，我們採取了保守作法，而我們的車隊下降幅度大於短期（transient）需求的下降幅度。

We need to be choosy about what demand that we do take in. And in this period where we are constrained, we're choosing to optimize for revenue per transaction versus revenue per day. So listen, RPD, obviously an important metric. This quarter, I don't think it tells the full story. What gives us confidence is we are selecting what business we take, and we're choosing to shape the curve this way for the third-quarter in terms of our business mix. This isn't something that we expect to be consistent over the long term. That's right.

我們必須更挑選我們要承接的需求。在這段我們受限的期間，我們選擇優化每筆交易收入（revenue per transaction），而不是每租賃日收入（revenue per day）。所以聽著，RPD 當然是重要指標。但就本季而言，我不認為它能講出完整故事。讓我們有信心的是：我們正在選擇要承接哪些業務，並且在第三季就我們的業務組合而言，選擇用這種方式去塑造曲線。這不是我們預期長期會持續一致的狀況。沒錯。

And I would just add that you get to do this when we're very busy, right, during the peak of the season. Obviously, in Q4, as demand seasonally slows down, you have a smaller ability to influence the mix and be more choosy.

我再補充一點：當我們非常忙的時候——也就是旺季高峰期——你才有辦法這樣做，對吧。很明顯地，在第四季，隨著需求季節性放緩，你影響組合、以及更挑選的能力就會變小。

Yes. I think the takeaway from our perspective is that overall, the underlying pricing environment still fairly constructive. It's similar to what we saw in the first-quarter. It's just not fully reflected in our reported RPD figure because of the mix we choose to manage towards.

是的。我認為從我們的角度來看，重點是整體而言，底層的定價環境仍然相當具建設性。這與我們在第一季看到的情況類似。只是因為我們選擇管理的組合方向，它沒有在我們報告的 RPD 數字中完全反映出來。

This concludes the question-and-answer session, and this will conclude today's conference. You may disconnect your lines at this time, and we thank you for your participation and be well.

問答環節到此結束，今天的電話會議也將結束。您現在可以掛線，感謝各位的參與，祝各位安好。