Hertz Global Holdings Inc (HTZ) 2024 Q3 法說會逐字稿

Welcome to Hertz Global Holdings third quarter 2024 earnings call. (Operator Instructions) I would like to remind you that this morning's call is being recorded by the company.

歡迎參加赫茲全球控股 2024 年第三季財報電話會議。（操作員指示）我想提醒您，公司正在錄音今天早上的通話。

I would now like to turn the call over to our host, Johann Rawlinson, Vice President of Investor Relations. Please go ahead.

現在，我想將電話轉給我們的主持人、投資者關係副總裁約翰·羅林森 (Johann Rawlinson)。請繼續。

Good morning, everyone, and thank you for joining us. By now, you should have our earnings press release and associated financial information. We've also provided slides to accompany our conference call, and these can be accessed through the Investor Relations section of our website.

大家早安，感謝大家的收看。現在，您應該已經收到我們的收益新聞稿和相關財務資訊。我們還提供了電話會議的幻燈片，您可以透過我們網站的投資者關係部分存取這些幻燈片。

I would like to remind you that certain statements made on this call contain forward-looking information. Forward-looking statements are not a guarantee of performance and, by their nature, are subject to inherent risks and uncertainties. Actual results may differ materially. Any forward-looking information relayed on this call speaks only as of today's date, and the company undertakes no obligation to update that information to reflect changed circumstances.

我想提醒您，本次電話會議中發表的某些聲明包含前瞻性資訊。前瞻性陳述並不能保證業績，而且就其性質而言，存在固有風險和不確定性。實際結果可能存在重大差異。本次電話會議中傳達的任何前瞻性訊息僅代表今日的觀點，本公司不承擔更新該資訊以反映情況變化的義務。

Additional information concerning these statements, including factors that could cause our actual results to differ, is contained in our earnings press release and in the Risk Factors and Forward-Looking Statements section in the filings we make with the Securities and Exchange Commission. Our filings are available on the SEC's website and the Investor Relations section of the Hertz website.

有關這些聲明的更多信息，包括可能導致我們的實際結果不同的因素，包含在我們的收益新聞稿中以及我們向美國證券交易委員會提交的文件中的風險因素和前瞻性聲明部分中。我們的文件可在美國證券交易委員會 (SEC) 網站和赫茲網站的投資者關係部分查閱。

Today, we'll use certain non-GAAP financial measures, which are reconciled with GAAP numbers in our earnings press release and earnings presentation available on our website. We believe that these non-GAAP measures provide additional useful information about our operations, allowing better evaluation of our profitability and performance. Unless otherwise noted, our discussion today focuses on our global business.

今天，我們將使用某些非 GAAP 財務指標，這些指標與我們網站上的收益新聞稿和收益報告中的 GAAP 數字相協調。我們相信，這些非公認會計準則指標提供了有關我們運營的更多有用信息，可以更好地評估我們的盈利能力和業績。除非另有說明，我們今天的討論重點是我們的全球業務。

On the call this morning, we have Gil West, our Chief Executive Officer; Scott Haralson, our Chief Financial Officer; and Sandeep Dube, our Chief Commercial Officer. We are also joined by Darren Arrington, our Executive Vice President for Revenue Management.

今天早上的電話會議由我們的執行長 Gil West 主持；史考特‧哈拉爾森 (Scott Haralson)，我們的財務長；以及我們的首席商務官 Sandeep Dube。我們的收益管理執行副總裁 Darren Arrington 也加入了我們。

I'll now turn the call over to Gil.

我現在將電話轉給吉爾。

Thanks, Johann. Good morning, everyone, and thank you for joining our third-quarter earnings call. I want to begin by extending my deepest gratitude to our team. They've been hard at work behind the scenes here at Hertz.

謝謝，約翰。大家早安，感謝您參加我們的第三季財報電話會議。首先我要向我們的團隊表達最深切的感謝。他們一直在赫茲公司幕後辛勤工作。

This summer, they were dedicated to helping our customers seamlessly reach their destinations while, at the same time, driving forward our strategic goals, balancing day-to-day operations during our peak with a focus on our vision. They have truly demonstrated the energy and resilience that define us.

今年夏天，他們致力於幫助我們的客戶無縫到達目的地，同時推動我們的策略目標，平衡高峰期的日常營運並專注於我們的願景。他們確實展現了我們的活力和韌性。

The unwavering commitment and resiliency of our people were also on full display during the hurricanes that impacted millions of people across the Southeast, including many of our customers and employees in Southwest Florida, which is home to our world headquarters. Throughout the storms, our primary focus was on the safety and security of our employees while being there for our customers and community.

在颶風來襲期間，我們員工堅定不移的承諾和堅韌不拔的精神也得到了充分展示，颶風影響了東南部數百萬人，其中包括我們位於西南佛羅裡達州的許多客戶和員工，那裡是我們的世界總部所在地。在整個風暴期間，我們的首要任務是保障員工的安全，同時為我們的客戶和社區提供服務。

We immediately activated our employee relief fund to provide critical aid to impacted team members, helped customers safely evacuate by providing one-way rentals, and collaborated with law enforcement to set up a command center at our headquarters so they were ready to serve the community. Additionally, we worked with the organizations like the American Red Cross to provide emergency services to those deeply impacted by the storms and provided in-kind vehicle rentals to our non-profit partner, Team Rubicon, to assist with post-hurricane cleanup and recovery.

我們立即啟動員工救濟基金，為受影響的團隊成員提供關鍵援助，透過提供單程租賃來幫助客戶安全撤離，並與執法部門合作在我們的總部設立指揮中心，以便他們隨時為社區服務。此外，我們也與美國紅十字會等組織合作，為受風暴嚴重影響的人們提供緊急服務，並向我們的非營利合作夥伴 Team Rubicon 提供實體汽車租賃，以協助颶風後的清理和恢復工作。

In a time of crisis, we demonstrated our commitment to being a responsible corporate citizen and upholding one of our core corporate values, putting people first. We will continue to support our employees and communities on the long road to recovering from those natural disasters.

在危機時刻，我們展現了作為負責任的企業公民的承諾，並堅持我們的核心企業價值之一「以人為本」。在從自然災害中恢復的漫長道路上，我們將繼續支持我們的員工和社區。

With that said, I'd like to first spend a moment contextualizing Hertz as I see it. This is a world-renowned brand that was built on a legacy of service, innovation, and loyalty that in recent years hasn't lived up to its full potential.

話雖如此，我想先花一點時間來闡述我所看到的赫茲的情況。這是一個世界知名的品牌，建立在服務、創新和忠誠的傳統之上，但近年來並未充分發揮其潛力。

The first step in a turnaround is recognizing that. The next step is addressing it. And that's what we've been hard at work doing since I joined the company.

扭轉局面的第一步就是要認識到這一點。下一步就是解決這個問題。自從我加入公司以來，我們就一直努力做這件事。

In the last quarter, we solidified a best-in-class senior management team, and we've continued to up level the talent throughout the organization. We have developed a clear road map with actionable plans and have established management operating systems acutely focused on data-driven goals that will allow us to control the things we can control and return this company to a position of strength and operational excellence that will generate sustainable, long-term value for both our customers and shareholders.

上個季度，我們鞏固了一支一流的高階管理團隊，並持續提升整個組織的人才水準。我們制定了清晰的路線圖和可操作的計劃，並建立了高度關注數據驅動目標的管理操作系統，這將使我們能夠控制我們能夠控制的事情，並使公司恢復實力和卓越運營的地位，為我們的客戶和股東創造可持續的長期價值。

And our back-to-basic strategy is built on three pillars, our fleet, our revenue, and our cost management; and leverages key enablers around our people, technology, and process. Our operational transformation is on track for completion by the end of next year, and we are excited to share our progress with you.

我們的回歸基礎策略建立在三大支柱之上，即我們的機隊、我們的收入和我們的成本管理；並利用我們的人員、技術和流程等關鍵推動因素。我們的營運轉型預計將於明年年底完成，我們很高興與您分享我們的進展。

I'll start by covering the progress we made regarding our fleet, and Sandeep will cover progress around revenue and customer service. Scott will then cover our Q3 results and provide an update on our direct operating cost and SG&A. He'll also give an update on our capital position.

我將首先介紹我們在機隊方面取得的進展，而 Sandeep 將介紹收入和客戶服務的進展。然後，斯科特將介紹我們的第三季業績，並提供我們的直接營運成本和銷售、一般及行政費用 (SG&A) 的最新情況。他還將報告我們的資本狀況。

So let me start with the fleet. Our strategy continues to be to operate the fleet inside demand. Through our analysis, we believe we can produce the same number of transaction days with less fleet, which will also benefit our cost structure. This includes maximizing asset returns by optimizing utilization.

那麼就讓我先從艦隊開始吧。我們的策略仍然是根據需求來運作船隊。透過分析，我們相信我們可以用更少的車隊實現相同數量的交易天數，這也將有利於我們的成本結構。這包括透過優化利用率來最大化資產回報。

Our most critical asset is currently our biggest constraint and has the most significant impact on our business. To address this, we have accelerated our fleet rotation. And this quarter, we have established a new vertical dedicated to end-to-end fleet management. During the third quarter, we also recorded an asset impairment charge, which primarily affected our US and European fleets, which Scott will cover in more detail.

我們最關鍵的資產目前是我們最大的限制因素，對我們的業務影響最為重大。為了解決這個問題，我們加快了船隊輪換速度。本季度，我們建立了一個致力於端到端車隊管理的新垂直部門。在第三季度，我們還記錄了一項資產減損費用，主要影響了我們的美國和歐洲船隊，史考特將對此進行更詳細的介紹。

Our new management team is focused on three key pillars: first, buying the right vehicles at competitive prices, ensuring a fleet mix that matches customer demand across different geographies and seasons, enabled by a proprietary data-driven platform; second, determining the right timing for rotating vehicles out of our rental fleet to sell them at the optimal point in the depreciation curve; and lastly, leveraging our retail car sales channels to maximize net proceeds, allowing for reinvestment into the business.

我們的新管理團隊專注於三大支柱：首先，以有競爭力的價格購買合適的車輛，確保車隊組合符合不同地區和季節的客戶需求，並透過專有數據驅動平台實現；第二，確定從我們的租賃車隊中輪換車輛的正確時機，以便在折舊曲線的最佳點將其出售；最後，利用我們的零售汽車銷售管道來最大化淨收益，以便對業務進行再投資。

Our strategy aims to enhance the resilience of our fleet against industry dynamics and economic shifts, turning the management of depreciation into a core competency as we take advantage of our fleet management capabilities to manage to improve outcomes. The volatility in market conditions has masked the efficacy of our fleet management actions, which I believe -- this is now largely behind us, and it will become more apparent that we have fundamentally changed to be more agile.

我們的策略旨在增強我們的車隊對產業動態和經濟變化的適應能力，將折舊管理轉變為核心競爭力，同時利用我們的車隊管理能力來管理以改善結果。市場狀況的波動掩蓋了我們車隊管理行動的有效性，我相信，這現在基本上已成為過去，我們將更加明顯地看到，我們已經從根本上變得更加靈活。

This proactive model provides us with greater stability and growth over the long term. The largest market conditions -- the latest market conditions, combined with the strategy, lay out a clear path for us to achieve DPU below $300, given that acquisition conditions are more favorable than our original expectations.

這種積極主動的模式為我們提供了長期更大的穩定性和成長。最大的市場條件——最新的市場條件，結合策略，為我們實現低於 300 美元的 DPU 奠定了明確的道路，前提是收購條件比我們最初的預期更為有利。

Our expectations are supported by the expected economics of model year '25 purchases we've already secured. Ultimately, achieving this milestone will be the key to unlocking increased shareholder value.

我們的預期得到了我們已經獲得的 25 款車型購買預期經濟效益的支持。最終，實現這一里程碑將成為提高股東價值的關鍵。

Aside from the rotation, we continue to build operational excellence in how we manage and maintain a best-in-class rental fleet for our customers. The key component is decreasing the number of vehicles that are out of service by quickly identifying constraints and working to remove them.

除了輪調之外，我們還將繼續打造卓越的營運模式，為客戶管理和維護一流的租賃車隊。關鍵在於透過快速識別限制因素並努力消除它們來減少停運車輛的數量。

Our vehicle sales and maintenance teams, leveraging process engineering, are focused on driving down work in process time and waste by redesigning process flows to reduce cycle time, which in turn, decreases the number of vehicles in the queue that aren't generating revenue; increasing throughput in constrained areas such as maintenance and repairs, reconditioning, transportation, licensing, and marketing to accelerate vehicle sales and minimize out-of-service time; reducing cumulative collision and repair times to improve damage cycle time; and leveraging fleet rotation tailwinds to further reduce out-of-service vehicles as newer model years generally require less maintenance and have a lower recall exposure.

我們的汽車銷售和維修團隊利用流程工程，致力於透過重新設計流程來減少週期時間，從而減少流程時間和浪費，進而減少排隊中無法產生收入的汽車數量；提高維護和維修、修復、運輸、許可和行銷等受限領域的吞吐量，以加速汽車銷售並最大限度地減少停運時間；減少累積碰撞和修理次數以縮短損傷週期；並利用車隊輪換的順風來進一步減少退役車輛，因為較新的車型通常需要的維護較少，召回風險較低。

Eliminating waste and reducing out-of-service vehicles is fundamental to improving our vehicle utilization. The scale of this opportunity is considerable, given that reduced out of service could improve utilization by several percentage points.

消除浪費和減少退役車輛對於提高車輛利用率至關重要。這一機會的規模是相當大的，因為減少停駛可以將利用率提高幾個百分點。

Throughout it all, our people and technology are fueling our progress. We are leveraging several new digital platforms that are focused on optimizing our fleet efficiency, improving depreciation cost, and maximizing the quality of our customer experience. Our front-line teams are celebrating these new tools and capabilities and are more engaged in the innovation process than ever before.

在這一切中，我們的人民和科技推動著我們的進步。我們正在利用幾個新的數位平台，專注於優化我們的車隊效率，改善折舊成本，並最大限度地提高客戶體驗的品質。我們的第一線團隊正在慶祝這些新工具和新功能，並且比以往任何時候都更參與創新過程。

Now, I'll hand it over to Sandeep.

現在，我將把它交給 Sandeep。

Thanks, Gil, and good morning, everyone. In my first quarter leading our newly formed commercial team, we have defined our go-forward focus around three pillars that power our revenue engine.

謝謝，吉爾，大家早安。在我領導新成立的商業團隊的第一個季度，我們圍繞著推動我們收入引擎的三大支柱確定了未來的重點。

First, we are committed to delivering an exceptional customer experience, which will drive greater demand and loyalty for our brands. Second, we aim to improve our ability to select, convert, and monetize the demand that we get today, resulting in a strong overall RPD mix. And third, we intend to drive better utilization of our primary asset, our fleet, by driving same days with a smaller fleet.

首先，我們致力於提供卓越的客戶體驗，這將推動我們品牌的更多需求和忠誠度。其次，我們的目標是提高我們選擇、轉換和貨幣化當前需求的能力，從而形成強大的整體 RPD 組合。第三，我們打算透過規模較小的車隊在同一天行駛，從而更好地利用我們的主要資產——我們的車隊。

Our organization is doubling down on a customer-first approach, working collaboratively to drive continuous improvement in customer experience. In an ever-changing macro environment, whether faced with pricing shifts or supply-demand fluctuations, customer loyalty serves as the greatest buffer against all of that. Consistently delivering exceptional service creates loyal customers, driving durable demand into the future revenue funnel supported by a strong family of brands and our loyalty programs.

我們的組織正在加倍努力實踐客戶至上的方法，共同協作推動客戶體驗的持續改善。在不斷變化的宏觀環境中，無論是面臨價格變化還是供需波動，客戶忠誠度都是應對所有這些影響的最大緩衝。持續提供卓越的服務可贏得忠誠的客戶，並在強大的品牌系列和忠誠度計劃的支持下將持久的需求轉化為未來的收入管道。

To achieve our long-term goals, we are implementing a rapid test-and-learn approach across the commercial team that delivers an undercurrent of ongoing performance improvement. We have improved the scale and speed of testing across revenue-driving initiatives, which is further enhanced by a consolidated commercial team, driving cross commercial strategy and decision-making.

為了實現我們的長期目標，我們正在整個商業團隊中實施快速測試和學習的方法，以提供持續改進效能的暗流。我們提高了跨創收計畫的測試規模和速度，並透過整合的商業團隊進一步推動跨商業策略和決策。

Since the pandemic, Hertz has endeavored to keep vehicle supply within the demand curve with a focus on generating premium rates to maximize RPU. This continuous focus on profitable demand has allowed us to achieve sequential quarterly improvement in our year-over-year metrics in Q3 for both RPU and RPD.

自疫情爆發以來，赫茲一直致力於將車輛供應保持在需求曲線之內，並專注於產生溢價以最大化 RPU。對獲利需求的持續關注使得我們在第三季的 RPU 和 RPD 同比指標均實現了連續季度的改善。

In addition, our focus is on improving operational utilization not just by removing waste from our out-of-service fleet, but also through levers that aren't connected to pricing, like better operational execution between fleet and commercial in managing a fleet below the demand curve and improved execution between commercial and operations in managing utilization at non-airport locations. We are dialing up the sophistication and level of detail at which we manage our commercial business.

此外，我們的重點是提高營運利用率，不僅透過消除退役機隊的浪費，還透過與定價無關的槓桿，例如在管理需求曲線以下的機隊時，機隊和商業之間更好的運營執行，以及在管理非機場地點的利用率時，商業和運營之間更好的執行。我們正在提高商業業務管理的複雜程度和細節水平。

To summarize, as a commercial team, we are operating with discipline, aiming to drive up consumer demand for our brands, keeping vehicle supply well within our demand curve, and sweating our assets coupled with pricing discipline to maximize revenue per unit. We have just started the process of aligning our initiatives and our processes to deliver results across our three commercial pillars.

總而言之，作為一個商業團隊，我們嚴格遵守紀律，旨在提高消費者對我們品牌的需求，將汽車供應保持在我們的需求曲線之內，並充分利用我們的資產，結合定價紀律，實現每輛車收入最大化。我們剛開始協調我們的計劃和流程，以便在三大商業支柱上取得成果。

This journey will be a focused commercial transformation which over time is intended to be a flywheel that delivers incremental revenue growth. So far, I have been pleased with the velocity of progress as a freshly formed commercial team, but this is just the start. The full impact of our efforts will manifest over time, but I see signs of early progress.

這趟旅程將是專注的商業轉型，隨著時間的推移，它將成為實現收入逐步成長的飛輪。到目前為止，作為一支新成立的商業團隊，我對進展速度感到滿意，但這只是一個開始。我們的努力的全面影響將隨著時間的推移而顯現，但我看到了早期進展的跡象。

On that note, I'll turn it over to Scott for his commentary.

關於這一點，我將把問題交給斯科特評論。

Thanks, Sandeep, and good morning, everyone. Let me begin with a huge thank you to the Hertz team for the resilience and strength demonstrated during the devastating storms. Our team is the lifeblood of this company, and they once again showed why they are the best in the business. So a big thank you to the team.

謝謝，桑迪普，大家早安。首先，我要衷心感謝赫茲團隊在毀滅性的風暴中所展現的堅韌和力量。我們的團隊是這家公司的命脈，他們再一次證明了為什麼他們是業界最優秀的團隊。非常感謝這個團隊。

Now let me cover the financial results for the quarter. Revenue for the third quarter was $2.6 billion, and our adjusted corporate EBITDA was a loss of $157 million. In terms of revenue, transaction days were down 4% and RPD was relatively flat versus Q3 of last year. Lower market rates were supported by a deliberate strategy to drive better RPD mix.

現在讓我介紹一下本季的財務表現。第三季的營收為 26 億美元，調整後的企業 EBITDA 虧損 1.57 億美元。營收方面，交易天數下降了 4%，RPD 與去年第三季相比相對持平。為推動更好的 RPD 組合而採取的審慎策略支持了較低的市場利率。

Our results for the quarter were also impacted by a non-cash asset impairment charge of just over $1 billion. The evaluation and accounting for the impairment was cumbersome and complicated and drove our earnings release date to push later than expected.

本季的業績也受到超過 10 億美元的非現金資產減損費用的影響。減損的評估和會計非常繁瑣和複雜，導致我們的獲利發布日期比預期的晚。

The size of the impairment charge was largely due to the decline in fleet residual values over the last year or so. The timing of the impairment was driven by the cash flow generation of the business over the remaining hold period of the vehicles, which was primarily impacted by our recent accelerated fleet rotation initiative.

減損費用的金額很大程度是由於過去一年左右船隊殘值的下降。減損的時間是由車輛剩餘持有期內業務產生的現金流決定的，這主要受到我們最近加速車隊輪換舉措的影響。

The process of evaluating an impairment includes comparing the carrying value of the collection of long-lived assets as a whole to the undiscounted future cash flow projections during the remaining hold period of the primary asset.

評估減損的過程包括將整個長期資產的帳面價值與主要資產剩餘持有期間未折現的未來現金流量預測進行比較。

The increase in value of some of our non-fleet assets offset decreases in values in other assets. The result is that the impairment charge doesn't completely correct the book value to market value dislocation of our fleet.

我們的部分非船隊資產價值的增加抵消了其他資產價值的下降。結果是減損費用並不能完全修正我們船隊的帳面價值與市場價值的錯位。

Therefore, we will still have some excess depreciation to push through the P&L in future quarters. It will just be a much smaller number than before the impairment. Again, this is a non-cash charge that doesn't affect any other financing covenants or cash comparisons for our business.

因此，我們仍將有一些超額折舊來推動未來幾季的損益。只不過，這數字比受損之前小了許多。再次強調，這是一項非現金費用，不會影響我們業務的任何其他融資契約或現金比較。

In Q3, the impairment was recognized as of August 31. So our Q3 results include two months of non-impairment depreciation amounts plus the impairment charge, and then one month under the post-impairment depreciation rate.

在第三季度，減損已於 8 月 31 日確認。因此，我們的第三季業績包括兩個月的非減損折舊金額加上減損費用，然後是一個月的減損後折舊率。

DPU for Q3 was $537 per unit per month, and we expect Q4 DPU to be in the $350 to $375 range. This also doesn't affect the timing of when we expect to get to our targeted run rate DPU levels, which is still at the end of 2025.

第三季的 DPU 為每單位每月 537 美元，我們預計第四季的 DPU 將在 350 美元至 375 美元之間。這也不會影響我們預期達到目標運行率 DPU 水準的時間，該時間仍是在 2025 年底。

And speaking of run rate DPU, we previously hinted at a target run rate of $325, but we have since contracted a significant portion of our model year 2025 purchases. And we now expect our run rate depreciation to be less than $300 per unit per month, providing an even stronger platform for the transformation.

說到運行率 DPU，我們之前暗示的目標運行率為 325 美元，但此後我們已經簽訂了 2025 年車型採購的很大一部分合約。我們現在預計我們的運行率折舊將低於每單位每月 300 美元，為轉型提供更強大的平台。

In addition to lower DPU in the future, we believe we can operate the business with less vehicles overall. As Gil pointed out, driving improved asset utilization in an asset-intensive business like ours is a critical unlock for cost efficiency that is large, but probably underappreciated.

除了未來更低的DPU之外，我們相信我們可以用更少的車輛來經營業務。正如吉爾所指出的那樣，在像我們這樣的資產密集型企業中，提高資產利用率是實現成本效率的關鍵，這一過程雖然巨大，但可能被低估了。

In fact, reducing our fleet 1% while producing the same number of transaction days could reduce our expenses by more than $30 million per year and reduce our cash outlay by more than $20 million and reduce our debt by more than $100 million. There are not many actions that we can take in our business that produce that kind of benefit.

事實上，在交易天數不變的情況下，將我們的車隊減少 1%，每年可以減少我們的開支 3000 多萬美元，減少我們的現金支出 2000 多萬美元，減少我們的債務 1 億多美元。在我們的業務中，我們能採取的能夠產生這種效益的行動並不多。

Regarding non-fleet expenses, we also continue to see progress in driving long-term structural cost efficiencies in maintenance, collision, supply chain, facilities, and personnel. We still have headwinds in areas like insurance and revenue-related expenses, but the scale is starting to tip in our favor.

至於非車隊費用，我們也看到在推動維護、碰撞、供應鏈、設施和人員等長期結構性成本效率方面繼續取得進展。我們在保險和收入相關支出等領域仍面臨阻力，但情況開始對我們有利。

We still have a lot of wood to chop, and this is a journey, not a onetime cost reduction exercise. This is driving long-term sustainable efficiencies in the business. Plus, we have a number of opportunities where the results won't largely be visible until end of the future, including operating expense benefits of a newer fleet.

我們還有很多事情要做，這是一個過程，而不是一次性的成本削減行動。這將推動業務的長期可持續效率。此外，我們還有許多機會，其結果在很大程度上要到未來末期才能顯現出來，包括新機隊帶來的營運費用收益。

We do, however, need to continue to efficiently produce units or in our case transaction days to take full advantage of our structural cost improvements over the next year or so. But we can already see core cost improvements in our Q3 results.

然而，我們確實需要繼續有效率地生產單位或在我們的例子中是交易天數，以便在未來一年左右充分利用我們的結構性成本改進。但我們已經可以在第三季的業績中看到核心成本的改善。

Quarter over quarter, DOE is down almost 2%. The business is aggressively addressing the inefficiencies and the results are starting to show.

與上一季相比，DOE 下降了近 2%。企業正積極解決效率低落的問題，效果已開始顯現。

So now, let me talk about liquidity and cash flow. I'll be brief in commenting on the make-whole and post-petition interest claims arising from our bankruptcy as that litigation is still ongoing. There are published opinions and briefs available as well as a detailed disclosure in the 10-Q we filed this morning.

現在，讓我來談談流動性和現金流。由於訴訟仍在進行中，我將簡要評論因我們的破產而產生的補償和破產後利息索賠。我們今天上午提交的 10-Q 表中已發布意見和簡報，以及詳細披露。

We intend to appeal the Third Circuit's decision, which overturned the bankruptcy court's decision that was in our favor to the US Supreme Court. In the meantime, we accrued an additional approximately $290 million in the third quarter.

我們打算就第三巡迴法院的裁決向美國最高法院提出上訴，該裁決推翻了破產法院對我們有利的裁決。同時，我們在第三季又累計了約 2.9 億美元。

We ended the quarter with liquidity of over $1.6 billion, comprised of over $500 million of unrestricted cash and over $1.1 billion of available capacity under the revolving credit facility. We continue to forecast that our low point of liquidity will be around the middle of 2025, given seasonal cash needs and the progress of our fleet rotation.

截至本季末，我們的流動資金超過 16 億美元，其中包括超過 5 億美元的無限現金和超過 11 億美元的循環信貸額度下的可用容量。考慮到季節性現金需求和船隊輪換進度，我們繼續預測，我們的流動性低點將在 2025 年中期左右。

While I feel comfortable that our liquidity -- or with our liquidity and do expect these levels to be sufficient, I still would like to have more cushion for unexpected volatility in the market. So we will probably look to be active in the capital markets in the coming months.

雖然我對我們的流動性感到滿意——或者說，我確實預計這些水平是足夠的，但我仍然希望對市場意外波動有更多的緩衝。因此，我們可能會在未來幾個月積極參與資本市場。

We do also have other levers to generate cash inflows or moderate the cash outflows that give us flexibility. But I think it's prudent to take advantage of favorable capital markets when the opportunity is available.

我們確實還有其他槓桿來產生現金流入或緩和現金流出，從而為我們帶來靈活性。但我認為，當有機會時，利用有利的資本市場是明智之舉。

Regarding our ABS, we have seen an equity cushion start to build in the facility. As we flagged on our prior call, we made a $100 million incremental lease payment into the structure in August. If you recall, residual values in June had decreased about 5%. And though the July residuals came in positive, they weren't enough to offset the impact.

關於我們的 ABS，我們已經看到股權緩衝開始在該設施中建立。正如我們在之前的電話會議上提到的那樣，我們在 8 月向該建築支付了 1 億美元的增量租賃費用。如果你還記得的話，六月的殘值已經下降了約 5%。儘管七月份的殘差為正，但不足以抵消影響。

Since then, residuals have stabilized. And as we bring in new vehicles, we are beginning to build some cushion. With more stable residuals and new vehicles at better purchase prices, we currently don't expect the need to make additional unscheduled payments into the facility.

自此以後，殘差已經趨於穩定。隨著我們引進新車型，我們開始建立一些緩衝。由於殘值更穩定且新車購買價格更優惠，我們目前預計不需要向該設施進行額外的計劃外付款。

Regarding the US vehicle debt maturing by the end of the year, our term ABS notes amortize in the six months prior to the final maturity dates. As of the end of Q3, $1 billion of the $2 billion of maturities had already been retired.

對於年底到期的美國汽車債務，我們的定期 ABS 票據在最終到期日前的六個月內攤銷。截至第三季末，20 億美元到期債務中已有 10 億美元償還。

In addition, at quarter end, we maintained available commitments under our VFN of $2.2 billion, sufficient capacity to refinance the remaining $1 billion of maturing notes. On the corporate side, we do not have any meaningful maturities until mid-2026.

此外，截至季度末，我們維持了 22 億美元的 VFN 可用承諾，有足夠的能力為剩餘的 10 億美元到期票據進行再融資。在公司方面，直到 2026 年中期我們都沒有任何有意義的到期債務。

So in summary, this quarter produced an improving year-over-year variance in almost every important metric, EBITDA, RPD, DOE spread, DOE per day, and others. We are clearly not done, but improvements are visible. And we are optimistic about where we're heading.

總而言之，本季幾乎所有重要指標，包括 EBITDA、RPD、DOE 價差、每日 DOE 等，年比都有所改善。顯然我們還沒完成，但已經看到了進步。我們對我們的未來發展方向充滿樂觀。

We are still targeting our run rate metrics of DOE per day in the low $30s, RPU above $1,500, and now a new run rate DPU below $300. In regard to guidance, outside of our expectations around Q4 DPU in the $350 to $375 range, we are not yet in a position to provide more formal guidance but are working towards making this a regular feature in 2025.

我們的目標仍然是每天 DOE 的運行率指標在 30 美元出頭，RPU 高於 1,500 美元，現在新的運行率 DPU 低於 300 美元。關於指導，除了我們對第四季度 DPU 在 350 美元至 375 美元範圍內的預期之外，我們尚未能夠提供更正式的指導，但正在努力使其成為 2025 年的常規功能。

Now let me hand it back to Gil for a closing comment.

現在讓我將發言權交還給吉爾，請他作最後評論。

Thanks, Scott. In closing, we're clear-eyed about the challenges ahead, but we're hitting them head on and our employees and management teams are energized. I've seen this before. We have more opportunities in front of us than challenges.

謝謝，斯科特。最後，我們清楚地認識到未來的挑戰，但我們正在迎頭應對，我們的員工和管理團隊充滿活力。我以前見過這個。我們面臨的機會大於挑戰。

Vehicle market conditions have normalized, which benefits our fleet rotation. The global travel macros remain strong. Both TSA and arc ticketing data reflect positive growth from here, and the readouts from the airlines are positive.

汽車市場狀況已經正常化，這有利於我們的車隊輪替。全球旅遊宏觀情勢依然強勁。TSA 和 arc 票務數據均反映出正成長，航空公司的讀數也是正面的。

As I look at the broader picture around our transformation, I like the path we're on and the progress we've made. This is not about just improving our financials; it's about fundamentally reimagining how we operate. We're laying the groundwork now for sustainable, long-term success.

當我縱觀我們轉型的更廣闊前景時，我喜歡我們所走的道路和所取得的進步。這不僅是為了改善我們的財務狀況；這是從根本上重新構想我們的運作方式。我們正在為可持續的長期成功奠定基礎。

Our focus will remain on building momentum with a clear vision and dedicated team. We're excited about what's ahead and look forward to updating you on our progress in the coming quarters.

我們將繼續致力於透過清晰的願景和敬業的團隊來建立發展勢頭。我們對未來充滿期待，並期待在接下來的幾季向您通報我們的進展。

With that said, let's open the call up for questions.

話雖如此，我們現在開始提問。

(Operator Instructions) Chris Woronka, Deutsche Bank.

（操作員指示）德意志銀行的 Chris Woronka。

Gil and Scott, you mentioned an expectation that DPU can get down under that $300 range in the future. Can you maybe expand upon that a little bit and give us a little bit of color as to what's going to go into that and then, I guess, your level of confidence?

吉爾和斯科特，你們提到預計未來 DPU 可以降到 300 美元以下。您能否稍微詳細說明一下，告訴我們具體情況，以及您的信心程度？

Yeah. Thanks, Chris. I'll start and feel free to chime in if you like, Scott. But yeah, we definitely see a path a sustainable -- to get to sustainable sub-$300 DPU and really just getting back to historic levels. Our fleets our economic engine, as you know.

是的。謝謝，克里斯。我先開始了，如果你願意的話，你可以隨意加入，史考特。但是，是的，我們確實看到了一條可持續的道路——達到可持續的 300 美元以下 DPU 並真正回到歷史水平。如你所知，我們的船隊是我們的經濟引擎。

So the market conditions have normalized and the six sigma noise from COVID is subsided. So our 2025 fleet buy is well advanced, as Scott mentioned, and our expected economics on the buy that we've made to date give us a line of sight to DPU below $300.

因此，市場狀況已經恢復正常，來自 COVID 的六西格瑪噪音也已消退。因此，正如斯科特所提到的那樣，我們的 2025 年機隊購買計劃已經取得了很大進展，而且根據我們迄今為止的購買預期經濟效益，我們可以將 DPU 控制在 300 美元以下。

So in addition to the market conditions normalizing, we've really changed fundamentally how we manage the fleet. So our fleet management strategies changed, and we're turning it into a core competency. And there's a couple of points I would make along that.

因此，除了市場條件正常化之外，我們也從根本上改變了我們的船隊管理方式。因此，我們的車隊管理策略發生了變化，我們將其轉變為核心競爭力。對此我想談幾點。

First, we've got an end-to-end fleet management team now in place. We buy right, so we've got targeted unit economics. We're thoughtful about getting the mix right. And we've got an eye towards reselling vehicles at maximum return on asset.

首先，我們現在已經建立了一支端到端的車隊管理團隊。我們進行正確的購買，因此我們有目標的單位經濟學。我們非常認真地考慮如何正確組合。我們的目標是以最高的資產回報率轉售車輛。

We've got targeted processes to sell vehicles at the optimal point of the depreciation curve, and that's at a make-and-model level because those curves differ, as you know, for each. And so the approach we're taking generally shortens our hold periods, then it optimizes our economics and gives us less exposure to fluctuations in longer-term residual values.

我們有針對性的流程來在折舊曲線的最佳點處銷售車輛，這是在品牌和型號層面，因為如你所知，每個品牌和型號的曲線都不同。因此，我們採取的方法通常會縮短我們的持有期，從而優化我們的經濟效益，並減少我們受到長期殘值波動的影響。

So we also want to grow the retail sales channels we have. That will maximize our gain on sales, and we're effectively a used car factory to leverage. So that's the mindset that we're creating.

因此，我們也希望擴大現有的零售銷售管道。這將使我們的銷售收益最大化，而且我們實際上就是一個可以利用的二手車工廠。這就是我們正在創造的思維模式。

And then as I think several of us noted earlier, we want to run a higher utilization, right, and reduce our nonproductive fleet that are out of service, whether it's in the sales channels or for maintenance. And we'll have tailwinds from a younger fleet in that respect.

然後，我認為我們中的一些人之前已經提到過，我們希望提高利用率，減少停運的非生產性車隊，無論是在銷售管道還是出於維護目的。從這個方面來看，我們將受益於更年輕的機隊。

And then I'd also point out that we've got a partnership with Palantir that gives us a leg up with a proprietary tool to better manage and plan our fleet. So a lot of benefits with the fleet strategy, of course, lower DPU, lower maintenance cost, sweating the assets harder, and then retail sales growth and a better customer experience on top of that. So we're confident in the path forward.

然後我還要指出的是，我們與 Palantir 建立了合作夥伴關係，這為我們提供專有工具來更好地管理和規劃我們的車隊。當然，車隊策略有許多好處，例如更低的 DPU、更低的維護成本、更大的資產利用率，以及零售額的成長和更好的客戶體驗。因此，我們對前進的道路充滿信心。

Okay. As a follow-up, you talked a lot about being able to do more with less in terms of the savings you might get from reducing your fleet by 1% but still doing the same number of transactions, so increased utilization. And I know you've got other cost focuses as well.

好的。作為後續問題，您談了很多關於如何用更少的資源做更多的事情，例如透過減少 1% 的車隊規模但仍然進行相同數量的交易，從而提高利用率，從而節省開支。我也知道您還有其他成本重點。

But I guess, this is a scalable business, right? So I mean, I guess, is it to say that your longer-term plan is to stay smaller and not think about the benefits of scale and going back to, say, your 2019 fleet size? Just any thoughts on how to jive cost cutting with the fact that there is some scalability of operations here, right.

但我想，這是一個可擴展的業務，對嗎？所以我的意思是，我猜是不是說，你的長期計畫是保持較小的規模，不考慮規模的好處，然後回到比如說 2019 年的機隊規模？關於如何將削減成本與這裡的營運可擴展性結合起來，有什麼想法嗎？

Yeah. No, it's a fair point. Look, scale matters; we recognize that. But we also want to continue to operate the fleet inside the demand curve. We've been very disciplined with that, finding -- I think we've still got work to do to find that right balance between pricing and days, and the team is wholly focused on that.

是的。不，這是一個合理的觀點。你看，規模很重要；我們認識到這一點。但我們也希望繼續在需求曲線內營運船隊。我們對此非常嚴格，我認為我們還有很多工作要做，以找到定價和天數之間的適當平衡，並且團隊全心全意專注於此。

But there's a demand generation piece on top of this. I'll turn it over to Sandeep, he can talk more about that. But we're also very focused on creating demand. And then that enables our ability to continue to scale.

但這之上還有需求生成部分。我將把這個交給 Sandeep，他可以進一步談論這個問題。但我們也非常注重創造需求。這使我們能夠繼續擴大規模。

Yeah, this is Sandeep here. I think heavy, heavy focus on driving demand in the right segments. Like when you talk about premium RPD, what are the factors that drive that incremental demand? And how do we generate that with customer experience, of course, being a key focus there? But there are other strategies in play there as well.

是的，我是 Sandeep。我認為，要高度重視推動正確領域的需求。例如當您談到高端 RPD 時，哪些因素推動了增量需求？當然，我們如何實現這一目標？但也有其他策略在發揮作用。

But while we are in this transformation stage, we are heavily focused on RPU. And part of that equation is actually being comfortable letting go of some of that lower-margin, brand-agnostic demand that comes our way, which -- we are pretty certain that in future, if from a scale perspective, we want to gain that, we can gain that back, but a heavy focus on customers who choose to do business with Hertz.

但當我們處於這個轉型階段時，我們專注於 RPU。而這個等式的一部分其實是願意放棄一些利潤率較低、與品牌無關的需求，我們非常確定，在未來，如果從規模的角度來看，我們想要獲得這些需求，我們可以重新獲得這些需求，但重點要放在選擇與赫茲做生意的客戶身上。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾 (Ian Zaffino)，奧本海默。

Can you guys maybe talk about some of the rate trends in October, November, what you're basically seeing there? And how do we think about it maybe even going into next year?

你們能否談談 10 月和 11 月的一些利率趨勢以及你們看到的基本情況？我們如何看待這個問題甚至會進入明年？

Yeah. Ian, this is Sandeep here. Let me talk a little bit about that. So I think in general, when I -- let me talk a little bit about demand and supply in the industry in Q4 and late Q3. And then I'll come specifically to pricing and rates.

是的。伊恩，我是桑迪普。讓我稍微談論一下這一點。所以我認為總的來說，當我——讓我談談第四季和第三季末的行業需求和供應。然後我將具體討論價格和費率。

So overall, rates is a consequence of demand and supply. Demand in the industry overall is still pretty strong. Whether you look at overall transaction days, whether you look at forward-looking airline booking data through arc, it's pretty strong and continues to be consistently strong.

因此總體而言，利率是需求和供應的結果。整個產業的需求仍然相當強勁。無論您看整體交易天數，還是透過 arc 查看前瞻性的航空公司預訂數據，它都相當強勁，並且繼續保持強勁。

From a supply perspective, when I look at it in the tail end of Q3 and so far what we have seen in Q4, yes, there is slightly higher supply at the airports. And you can see that impact on rates with them being down a little bit at the first -- so far in Q4.

從供應的角度來看，當我回顧第三季末以及迄今為止第四季的情況時，確實，機場的供應量略高。您可以看到這對利率的影響，到目前為止，第四季度利率一開始略有下降。

That being said, overall when you look at the industry, I would say supply is still in balance, right? Balance is a range; it's not a specific number. So by and large, when you look at demand and supply, it's still a very balanced state.

話雖如此，但總體來看這個行業，我會說供應仍然處於平衡狀態，對嗎？平衡是一個範圍；這不是一個具體的數字。因此，總的來說，當你觀察需求和供應時，它仍然是一個非常平衡的狀態。

And when we look at overall pricing and you compare and contrast to 2019, we are still up in the upper 20 percentage mark when it comes to rates. So overall, I'd say both the demand side of the equation as well as the supply side of the equation is generally in balance, and we feel pretty comfortable with the trends.

當我們查看總體價格並與 2019 年進行比較時，我們會發現價格仍然上漲了 20% 以上。所以總的來說，我認為等式的需求方和供應方總體上是平衡的，我們對這些趨勢感到相當滿意。

Okay, great. And then maybe a question for Scott. Can you maybe just talk through some of the key considerations related to the impairment that was announced?

好的，太好了。然後也許可以問斯科特一個問題。您能否談談與宣布的減損相關的一些主要考慮因素？

When it comes to an impairment, look, I mean, there's a scripted structured process in GAAP for monitoring, evaluating and calculating if an impairment is triggered. So we've been monitoring to see if we triggered an impairment in prior quarters, and we did not. And during our Q3 review, we found that we did trigger an impairment and began working through the complex and thorough accounting process to calculate it.

當談到減損時，我的意思是，GAAP 中有一個腳本化的結構化流程，用於監控、評估和計算是否觸發減值。因此，我們一直在監控是否在前幾個季度觸發了減值，但事實並非如此。在第三季的審查中，我們發現確實觸發了減值，並開始透過複雜而徹底的會計流程來計算它。

As I mentioned in my prepared remarks, the timing of that impairment was driven by the cash flow generation of the business over the holding period of our primary fleet asset, which in turn was impacted by the accelerated fleet rotation initiative. The size of the impairment was largely driven by the gap between book values and the current market value of vehicles. I think that's fairly obvious to most people.

正如我在準備好的發言中提到的那樣，該減值的時間是由我們主要船隊資產持有期間業務產生的現金流驅動的，而這又受到加速船隊輪換計劃的影響。減損的規模主要是由車輛的帳面價值與當前市場價值之間的差距所造成的。我想這對大多數人來說都是很明顯的。

And it affected about 70% of our fleet, so this is not isolated to anything individual. The impairment charge doesn't fully align the book right to market value difference, as I mentioned in the prepared remarks as well. It will just be a smaller value.

它影響了我們大約 70％ 的船隊，因此這並不是個別現象。正如我在準備好的評論中提到的那樣，減損費用並沒有完全使帳面權利與市場價值差異相一致。它只不過是一個較小的值。

And again, I'll mention that it's a noncash expense. Our ABS facility already marks to market the value of the vehicles in the facility. So you could say that the impairment has already been pushed through on the cash side.

我再次強調，這是一項非現金支出。我們的 ABS 設施已經以市場價格標記了設施內車輛的價值。因此你可以說，減損已經在現金方面體現出來了。

John Healy, Northcoast Research.

約翰希利 (John Healy)，Northcoast Research。

I wanted to ask you a question just about the pricing side of things and not necessarily what we're seeing today, but maybe go forward. When you guys look at the business model, I mean, you're talking about fleet cost being down, call it, maybe 20% versus Q4 levels over the next 12 to 18 months or so.

我想問你一個關於定價方面的問題，不一定是我們今天看到的情況，但也許可以繼續問。當你們看一下商業模式時，我的意思是，你們談論的是車隊成本下降，比如說，在未來 12 到 18 個月左右，與第四季度的水平相比，可能會下降 20%。

You've got interest costs going lower. You also have dealers with a lot of cars and manufacturers trying to figure out what demand is.

您的利息成本將會降低。還有很多汽車經銷商和製造商試圖搞清楚需求是什麼。

So like, if you think about cars being available to the industry and then just the input cost of actually carrying the costs being lower, do your models call for pricing to be at these levels? Or do you think we should expect RPD levels to move closer to 2019 levels rather than stay at these levels over the next two or three years?

那麼，如果您考慮到汽車可供行業使用，然後實際承擔成本的投入成本較低，您的模型是否要求定價達到這些水平？或者您認為我們應該預期 RPD 水平接近 2019 年的水平，而不是在未來兩三年內保持在這個水平？

John, this is Sandeep here. I'll take that question. See, I think I'll go back to what I mentioned earlier on, right, where, in general, I would say that both the supply side of the equation and the demand side of the equation seem to be pretty much in balance.

約翰，這是桑迪普。我來回答這個問題。瞧，我想我會回到我之前提到的內容，對吧，一般來說，我會說等式的供給面和需求側似乎都處於平衡狀態。

That being said, I want to actually pivot a little bit to our focus, right? Our focus is ensuring that we continue to improve RPU. And the way we are doing that is by ensuring that we fleet inside the demand curve and make sure that we go after that premium RPD.

話雖如此，我實際上想稍微轉移一下我們的重點，對嗎？我們的重點是確保繼續改進 RPU。我們這樣做的方法是確保我們的車隊在需求曲線內，並確保我們追求優質的 RPD。

Now for us, the one opportunity I do want to state as we look ahead is sweating our assets more. And I think Gil alluded to that from an aspect around improving the work in progress inventory and reducing that from a sales and maintenance perspective.

現在對我們來說，展望未來我確實想指出的一個機會就是更多地利用我們的資產。我認為吉爾從改善在製品庫存以及從銷售和維護的角度減少庫存的角度提到了這一點。

The opportunity that we see on the commercial side, actually, that we've uncovered over the last couple of months, is a tighter coordination between the fleet team and the commercial team. We've realized that basically, as we operationally execute in trying to fleet under the demand, there's a scope for better coordination and scope for better execution there where we could extract a point or two of Ute there and still gain the same number of days by utilizing a smaller fleet.

實際上，我們在過去幾個月中發現的商業方面的機會是機隊團隊和商業團隊之間更緊密的協調。我們已經意識到，基本上，當我們在操作上嘗試根據需求進行編隊時，有更好的協調和更好的執行空間，我們可以在那裡提取一兩個 Ute 點，並且通過使用較小的編隊仍然可以獲得相同的天數。

So I think there's scope for us to continue to sweat our assets more and thereby manage our pricing to a better extent. So there's a scope for improvement for us there.

因此我認為我們有機會繼續增加資產投入，從而更好地管理我們的定價。因此我們還有改進的空間。

Okay. And then just a question on just rightsizing the fleet a little bit. You guys made progress, but just curious on where you're targeting demand for next year? And what areas of the rental market are you willing to give up share?

好的。然後我還有一個關於稍微調整船隊規模的問題。你們取得了進展，但我還是好奇你們明年的目標需求是什麼？您願意放棄租賃市場哪些領域的份額？

I mean when I think about your business, you've got airport, you've got off-airport, you've got ride hail, you've got commercial leisure, you could also cut it by Hertz Dollar and Thrifty. Do you plan on like taking a piece of the business and getting that smaller? Or is it more universal, saying, hey, we're going to take x amount of fleet throughout all geographies out?

我的意思是，當我考慮你的業務時，你有機場，有機場外，有叫車服務，有商業休閒，你也可以透過 Hertz Dollar 和 Thrifty 來削減開支。您是否計劃分得一部分業務，然後將其規模縮小？或者它更普遍，比如說，嘿，我們要從所有地區派遣 x 數量的艦隊？

I'm just trying to understand where you're going to try to reduce the size and the presence of the business to get to those goals?

我只是想知道您將如何減少業務規模和存在感以實現這些目標？

Yeah. John, our -- at the end of the day, what we are focused on is contribution and making sure we -- based on the assets that we allocate, we get the right contribution back, right?

是的。約翰，歸根結底，我們關注的是貢獻，並確保我們根據我們分配的資產獲得正確的貢獻回報，對嗎？

And so from that perspective, what are you talking about and what we are doing is essentially optimizing the business, taking a look at where demand is coming in, taking a look at the pricing trends, taking a look at how demand for our own brand on our assets is growing, and then essentially ensuring that we have the right fleet at the right location, right?

因此從這個角度來看，您所談論的以及我們正在做的事情本質上是優化業務，看看需求來自哪裡，看看定價趨勢，看看我們資產上對我們自有品牌的需求是如何增長的，然後本質上確保我們在正確的位置擁有正確的車隊，對嗎？

There's no fundamental change in our business model. What we are talking about is a transformation where on an ongoing basis, there's continuous improvement in the way that we operate so that we keep driving up that contribution margin. So it's not a fundamental difference. It's an ongoing continuous improvement and optimization.

我們的商業模式並沒有發生根本性的改變。我們所談論的是一種持續的轉型，即持續改善我們的營運方式，從而不斷提高貢獻利潤率。所以這並不是一個根本的差異。這是一個持續不斷的改進和優化的過程。

John Babcock, Bank of America.

美國銀行的約翰·巴布科克。

I just want to go back to the DPU side of things. You lowered the target from $325 now into the low $300 -- actually, even potentially below $300 range.

我只是想回到 DPU 方面的事情。你把目標從現在的 325 美元下調到了 300 美元以下——實際上，甚至可能低於 300 美元。

But I want to get a sense -- I mean, when you think about this, is this being driven in part by some of the incentives that OEMs are currently offering? Or is this what you're seeing right now in terms of normalization.

但我想了解一下——我的意思是，當您考慮這一點時，這是否在一定程度上受到 OEM 目前提供的一些激勵措施的推動？或者這就是您現在所看到的正常化情況。

Is that something that you believe is more sustainable over the longer term? And then also, if you could just talk about if there's been any shift in mix associated with those vehicles that you're buying right now, that would be helpful.

您是否認為從長遠來看這是更永續的？另外，如果您可以談談您現在購買的車輛組合是否發生了任何變化，這將會很有幫助。

Yeah. I'll take this, feel free to chime in. But yeah, I think there's two parts here that give us confidence that we can run sub-$300 DPU. One, the market conditions themselves, right, have normalized I think back to more or less historic levels. Clearly, the dust has settled from COVID there.

是的。我接受這個，請隨意加入。但是的，我認為這裡有兩個部分讓我們有信心可以運行低於 300 美元的 DPU。首先，我認為市場狀況本身已經正常化，回到了或多或少的歷史水準。顯然，那裡的新冠疫情已經平息。

The deals we've done for model year '25, which is a sizable number of deals relative to our fleet objective, the economics foot to that. And then -- so the market conditions themselves being one piece of that. But I really harken back to our fleet strategy changes fundamentally are different. And that gives us the ability to sustain that level beyond '25, just the current deal environment, which is normalized.

我們為 25 款車型達成的交易，相對於我們的車隊目標來說，是相當可觀的交易數量，這也是由經濟因素決定的。然後 —— 市場條件本身就是其中的一部分。但我確實回想起我們的艦隊戰略變化從根本上是不同的。這使我們能夠將這一水準維持到 25 年以後，也就是當前的交易環境已經正常化之後。

But we think on a going-forward basis, it's sustainable. Again, we've got an end-to-end team now that focuses really on a whole return on asset mindset with the fleet, buying with an eye towards selling, optimizing our hold periods, planning the fleet.

但我們認為，從長遠來看，這是可持續的。再次，我們現在有一個端到端的團隊，真正專注於船隊的整體資產回報思維，著眼於銷售進行購買，優化我們的持有期，規劃船隊。

Sandeep talked about it, but we want to sweat assets. We believe we can do more with less. We can squeeze out any waste or queue from vehicles so we can operate with a smaller fleet and produce the same number of days.

Sandeep 談到了這一點，但我們想要利用資產。我們相信我們可以用更少的錢做更多的事情。我們可以減少車輛浪費或排隊，這樣我們就可以用更小的車隊運作並實現相同天數的生產。

And then I think the mix piece, your question there, yeah, we're mindful of the mix. We've got an eye towards more what our customers book and demand versus what we were forced to buy, if you will, during COVID to have a fleet. So we've got the ability to optimize mix better than we've ever had.

然後我認為混合部分，你的問題是，是的，我們注意到了混合。我們更專注於客戶的預訂和需求，而不是在疫情期間為了擁有車隊而被迫購買的東西。因此，我們擁有比以往更好的最佳化組合的能力。

And then in the sales side, again, with our fleet strategy changes, we got a holder -- shorter hold periods. And we're focused on the sales side of that at the optimal point and then through the right channels. So market conditions, coupled with fleet strategy changes, I think gives us the ability to sustain sub-$300 dep.

然後在銷售方面，隨著我們的車隊策略變化，我們獲得了持有者——更短的持有期。我們將重點放在最佳銷售點，然後透過正確的管道。因此，我認為市場條件加上船隊戰略變化使我們有能力維持低於 300 美元的負債。

Okay. And then just two quick follow-ups here. First of all, you did, I think, mentioned last quarter that you're about 30% through the fleet refresh. If you could just provide an update on how far along you are now. And then secondly, if you could just comment in terms of returning to the capital markets, what additional liquidity cushion you might be looking for to the extent you can provide that color?

好的。這裡還有兩個簡短的後續問題。首先，我想您上個季度確實提到過，您的機隊更新進度已經完成了約 30%。如果您能更新一下您目前的進度嗎？其次，如果您能就重返資本市場進行評論，那麼您可能在尋求什麼額外的流動性緩衝，以便您能夠提供這種解釋？

Yeah. So first on the fleet rotation, we continue to make progress. We're north of 40%. I've just reference you to some of the material, we've got published on the presentation side. That will give you some better definition of that.

是的。首先，在艦隊輪換方面，我們持續取得進展。我們位於 40% 以上。我剛剛向您介紹了我們在簡報中發布的一些資料。這將為你提供更好的定義。

Yes. I think maybe another add to that is that now that we have a different run rate DPU, it's probably better to think about the rotating fleet probably in a model year view versus a percent of the fleet that's at a certain depreciation level. And so as Gil said, we're about 40% or so that are in the model year '24 to '25 range, and that's probably how we'll view it going forward. So I think debt's probably the wrong way to look at it going forward from here.

是的。我認為可能的另一個補充是，現在我們現在已經有不同的運行率 DPU，那麼最好從車型年份的角度來考慮輪換車隊，而不是從處於一定折舊水平的車隊的百分比來考慮。正如吉爾所說，我們約有 40% 的車輛屬於 24 至 25 款車型，這可能是我們未來的看法。因此我認為從現在起看待債務可能不是一個正確的方法。

And then on the liquidity front?

那麼流動性方面呢？

Sorry, could you repeat that?

抱歉，你能重複一遍嗎？

Can you ask the liquidity again?

能再問一下流動性嗎？

I was just wondering, you did talk about returning to the capital markets over the next couple of months or so. And I just want to get a sense for if you can comment on how much additional liquidity you'd like to add there.

我只是想知道，您確實談到未來幾個月重返資本市場。我只是想了解一下您是否可以評論一下您想在那裡增加多少額外的流動性。

Yes. It's still unsure right now what level at which we'll play in the capital markets. But I think it's my desire to probably do that over the next couple of months. We'll figure out the amount and the vehicle by which it looks like it will happen through, but I think it's just prudent to go ahead and do that.

是的。現在我們還不確定我們在資本市場上能佔據什麼地位。但我想我可能會在接下來的幾個月實現這個願望。我們會確定具體金額以及採用何種方式來實現，但我認為繼續這樣做是明智之舉。

Ryan Brinkman, JPMorgan.

摩根大通的瑞安·布林克曼。

Firstly, with regard to the impairment. Will the charge count against the amount of equity versus debt in your fleet as calculated by your ABS lenders? And what are the implications for any capital that might be required to put into the plans to maybe top up fleet equity as a result of the charge?

首先，關於減損問題。根據你的 ABS 貸款人計算，這筆費用是否會計入你車隊的權益與債務金額？那麼，這項收費對於可能為了補充船隊權益而需要投入的資本有何影響呢？

Yeah, this is a non-cash charge. It doesn't affect any of the financing. It's neutral to the ABS facility, so no impact to any of that.

是的，這是非現金費用。它不會影響任何融資。它對 ABS 設施來說是中性的，因此不會對任何方面產生影響。

Okay. Very helpful. And then just another one on the impairment. Will the impairment that, I guess, was excluded from adjusted EBITDA in 3Q, will it benefit adjusted EBITDA going forward via lower ongoing vehicle depreciation? Is that one of the factors helping you to now target DPU below $300 versus low $300s prior?

好的。非常有幫助。接下來是另一個關於損害的問題。我猜想，第三季從調整後 EBITDA 中排除的減值是否會透過降低車輛持續折舊而使未來的調整後 EBITDA 受益？這是幫助您現在將 DPU 目標設定為 300 美元以下（之前為 300 美元以下）的因素之一嗎？

So the impairment is an expense that we hit in the period. So it will not affect go-forward expense other than we will have less excess depreciation to push through the P&L. And so I mentioned the go-forward DPU, the Q4 DPU, is in the $350 to $375 range.

因此，減損是我們在該期間產生的一項費用。因此，它不會影響未來的費用，除了我們將減少超額折舊以推動損益表。因此我提到了未來的 DPU，第四季的 DPU 在 350 美元到 375 美元之間。

We'll continue to work the remaining excess dep out of the fleet through the end of '25. So we said our below $300 is our targeted run rate, which we expect to get to by the end of '25. So you could straight line from $350 to $375 to the sub-$300 level by the end '25 as you model it out.

我們將繼續努力，直到 2025 年底，解決船隊剩餘的過剩負擔。因此，我們表示，低於 300 美元是我們的目標運行率，預計到 25 年底將能夠達到這一目標。因此，按照您的模型，到 25 年底，您可以從 350 美元直線上升至 375 美元，然後降至 300 美元以下。

Got it. And then just lastly, to follow up on the comment about looking to be active in the capital markets in the coming months and understanding that you're not sure how much you might want to raise. But just like considering where your debt is trading right now, where your equity is trading right now, what's the general thought process for trying to think about in the interest rate environment, whether you might want to raise equity, equity-linked versus debt capital?

知道了。最後，關於未來幾個月積極參與資本市場的評論，以及你不確定想要籌集多少資金，我想補充一下。但是，就像考慮你的債務現在在哪裡交易、你的股權現在在哪裡交易一樣，在利率環境下，一般的思考過程是怎樣的，你可能想要籌集股權、與股權掛鉤的資金還是債務資本？

Yeah, I think the focus now would be to raise debt capital. I don't think there's an appetite for equity capital at this point.

是的，我認為現在的重點是增加債務資本。我認為目前人們對股本沒有興趣。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

I think you mentioned with the impairment that there's less to push through going forward, but you may not quite be done. Could you quantify and help size that a little bit, especially in terms of, I don't know, how many EVs are left after the markdown or anything that can provide some color there?

我想你有提到過，由於身體有缺陷，所以未來需要克服的困難就少了，但可能還沒完全解決。您能否量化並幫助確定一下規模，特別是在降價後還剩下多少電動車，或者可以提供一些資訊嗎？

Yeah. So look, I think you could get to the excess debt from this $350 to $375 range down to, call it, $300 for easy math. That differential, we would call the excess debt. And so you can use that as your marker for calculating the excess debt. I think that's a good way to do it.

是的。所以看，我認為你可以將超額債務從 350 美元到 375 美元的範圍降低到 300 美元，這很容易計算。我們將這個差額稱為超額債務。因此您可以用它作為計算超額債務的標記。我認為這是個好方法。

And then sorry, what was the back end of the question there. Can you repeat that?

那麼抱歉，這個問題的後端是什麼呢？你能重複一遍嗎？

On the EV side of things, like how far through that you are now in the --

在 EV 方面，例如你現在在--

Yeah. I mean, right. As we've mentioned before, I mean the EVs are less than 10% of the fleet today. So we've rotated through a vast majority of that move. The remaining EVs are strategically placed in our fleet, so we're happy with those levels. So I think it's really about the ICE being the large portion of the impairment as we think about DPU.

是的。我的意思是，對的。正如我們之前提到的，我的意思是電動車目前佔總汽車總數的不到 10%。因此，我們已經輪調完成了絕大部分的舉措。剩餘的電動車均策略性地放置在我們的車隊中，因此我們對這些水平感到滿意。因此，我認為，當我們考慮 DPU 時，ICE 實際上是造成損害的主要部分。

Got it, okay. And then switching gears a little bit for my follow-up. Clearly, you guys' and Avis' as well, transaction days have been down as you're both prioritizing that high-value business. The TSA volume is still up.

知道了，好的。然後稍微轉換一下話題，進行我的後續行動。顯然，你們和 Avis 的交易天數都在減少，因為你們都優先考慮高價值業務。TSA 數量仍在上升。

It seems like maybe there's just some higher competition from other players as well. And I think as you look to de-fleet more. What is the right level to think about the next year's transactions? Is it fair to say that can continue to be down? And how much is competition from, say, enterprise a factor here?

看起來也許其他玩家的競爭也更激烈了。而且我認為，您會希望減少更多船隊。思考明年的交易的正確水準是什麼？是否可以說還會繼續下降？那麼，來自企業的競爭在這裡有多大影響呢？

Yeah. Lizzie, this is Sandeep here. I'd say we're not formally giving any guidance for 2025, including anything on transaction days. And our strategy remains unchanged, right, in going after RPU as such and while still maintaining scale.

是的。莉齊，我是桑迪普。我想說的是，我們不會正式給予 2025 年的任何指導，包括交易日的任何內容。我們的策略沒有改變，就是追求 RPU 並且保持規模。

Yeah. And just to add then, I also think we can produce the same number of days with a much smaller fleet. So that really is our focus is to drive utilization.

是的。另外，我還認為，我們可以用更小的船隊來實現相同天數的生產。因此，我們的重點確實是提高利用率。

Okay. And anything on the state of competition, whether that's increased or not?

好的。關於競爭狀況有什麼看法？

Well, nothing that's fundamentally different in the industry.

嗯，這個行業並沒有什麼根本的不同。

Stephanie Moore, Jefferies.

傑富瑞的史蒂芬妮摩爾 (Stephanie Moore)。

This is Harold Antor on for Stephanie Moore. I think the last time we spoke, you guys spoke a lot on improving RPD through dynamic pricing. So I guess so far, has this yielded any results? Could you just walk through some of the early progress you've seen on that front?

哈羅德·安托 (Harold Antor) 為 Stephanie Moore 主持節目。我想上次我們談話時，你們談了很多關於透過動態定價來改善 RPD 的事情。所以我猜到目前為止，這有產生任何結果嗎？您能否介紹一下您在這方面看到的一些早期進展？

Sorry, what was the question around, just to repeat the question, RPD through dynamic pricing?

抱歉，問題是什麼，只是重複問題，RPD 透過動態定價？

Yes. I just was asking, as you implemented this process, have you seen any results? Or could you walk through any success to this pricing strategy that you've seen so far?

是的。我只是問一下，當你實施這個過程時，你看到任何結果了嗎？或者您能否介紹一下迄今為止您所見過的這種定價策略的成功案例？

Yeah. So when it comes to the utilization of dynamic pricing, I think the biggest example I can use out there where we've driven success is basically in our value-added service. That's a place where there's significant sensitivity from a customer-type perspective and from a location perspective.

是的。因此，當涉及動態定價的運用時，我認為我所能提供的最大成功例子基本上就是我們的增值服務。從客戶類型和位置的角度來看，這是一個非常敏感的地方。

And so we've gone ahead and actually executed that from a dynamic pricing -- executed dynamic pricing in value-added service, and we've seen significant gains from that strategy, right? We're going to continue to be, as a commercial team, heavy into a test and learn approach across the board, whether it's dynamic pricing, whether it's other elements of driving improved conversion, improved monetization of our assets.

因此，我們已經開始並實際執行了動態定價——在增值服務中執行動態定價，並且我們已經從該策略中看到了顯著的收益，對嗎？作為一支商業團隊，我們將繼續全面深入地進行測試和學習，無論是動態定價，還是推動提高轉換率、提高資產貨幣化的其他因素。

So what I can say is that the commercial team, we've increased the frequency as well as the quantity of testing that we are doing across the board with dynamic pricing just being one example of that. So I expect a significant improvement in our ability to monetize our assets as we move forward.

因此我可以說的是，商業團隊已經全面增加了測試的頻率和數量，動態定價只是其中一個例子。因此，我預計，隨著我們不斷前進，我們資產貨幣化的能力將顯著提高。

Got it. And then I guess on the impact of the hurricanes, if you could quantify any impact that we should think about that happened within the quarter or it would happen in 4Q, that would be really helpful. Or how are you guys thinking about that?

知道了。然後我想關於颶風的影響，如果你可以量化我們應該考慮的任何影響，這些影響發生在本季或第四季度，那將非常有幫助。或者你們是怎麼看待這個問題的？

Yes. So in terms of the impact of hurricane, we had, of course, two significant hurricanes, one just preceded the quarter and then the other one that fell in the first half of October. And generally speaking, what you would see is demand goes down just preceding when the hurricane hits, of course, with customers basically not -- flights being canceled and customers not wanting to travel, other than the customers who want to leave some of the locations that are affected.

是的。因此就颶風的影響而言，我們當然經歷了兩次重大颶風，一次是在本季之前，另一次是在 10 月上半月。一般來說，您會看到颶風來襲之前需求會下降，當然，顧客基本上不會——航班被取消，顧客不想旅行，除了想離開一些受影響地區的顧客。

And so we supported a lot of that through one-way rentals out of the regions, especially in Southwest Florida. And then what you see is -- basically, in the following days, you see an increment in activity in those locations, first, through first responders, which we ensure that we have vehicles made available to them, and then even from the local population as you see more rental demand come through. So net-net, I'd say, not a significant impact on the quarter and, overall, pretty benign.

因此，我們透過在這些地區以外進行單向租賃的方式為這些企業提供了支持，特別是在佛羅裡達州西南部。然後你會看到——基本上，在接下來的幾天裡，你會看到這些地方的活動增加，首先是第一個響應者，我們確保為他們提供車輛，然後甚至是當地居民，你會看到更多的租賃需求。因此，我認為，淨額不會對本季產生重大影響，而且總體而言，相當溫和。

Dan Levy, Barclays.

巴克萊銀行的丹‧利維 (Dan Levy)。

I wanted to follow up on one of the prior questions on the fleet refresh. Has your -- the liquidity dynamic in any way impacted the fleet refresh that you've done with regards to mix by segment, mix by OEM? Or do you think that you've approached that refresh in a really unencumbered manner to really get the fleet to be fully in line with the type of business that you want, with maybe a little less regard for the type of deals that are being offered out there, which are the types of things that maybe have skewed the refresh that you've done in past years?

我想跟進一下有關艦隊更新的先前的一個問題。您的流動性動態是否以某種方式影響了您按細分市場組合、按 OEM 組合進行的車隊更新？或者您是否認為您已經以一種真正不受約束的方式進行了這次更新，使機隊完全符合您想要的業務類型，而可能不太考慮目前提供的交易類型，而這些交易類型可能已經扭曲了您在過去幾年所做的更新？

I'll start. Scott, you probably want to comment as well. But no, we've certainly taken a long view of fleet rotation because it's fundamental to the business model. It's our economic engine.

我先開始。斯科特，你可能也想發表評論。但不，我們確實對機隊輪換進行了長遠考慮，因為它是商業模式的基礎。這是我們的經濟引擎。

So we've approached this in terms of what does that look -- what does that rotation look like optimally? And while liquidity is always something we have to manage, it has not really changed the way we -- or the approach that we've taken to rotate the fleet or the deals that we've done.

因此，我們從外觀角度來探討這個問題——最佳的旋轉外觀是什麼樣的？雖然我們必須始終管理流動性，但它並沒有真正改變我們輪換船隊或進行交易的方式。

No, that's right. I mean, we've talked about being conservative with liquidity. So it's not a restrictor in our ability to optimize the fleet in the time frame we want to do it. So to date, that has not been an issue. We're being very strategic about what we buy and how we buy it, so no.

不，沒錯。我的意思是，我們已經討論過對流動性要採取保守態度。因此，這不會限制我們在規定的時間內優化機隊的能力。所以到目前為止，這還不是一個問題。我們對購買什麼以及怎樣購買非常有策略性，所以不會。

Great. Maybe we could also just talk about the DOE per transaction day and your guidance of getting to low $30s. How much of this is systems optimization that you need to do and refreshing your overall systems? And what's the type of resource outlay that you'll need to dedicate to get the systems in line to unlock that low $30 DOE per day.

偉大的。或許我們還可以談談 DOE 每天的交易金額以及您對達到 30 美元以下的指導。其中有多少是您需要進行的系統最佳化和刷新整體系統？那麼，您需要投入哪些類型的資源才能使系統正常運行，從而實現每天低至 30 美元的 DOE 成本？

Yeah, Dan. So that's a multi-level question to answer, and systems are a lot of things to us. So I'll try to do the best I can, and we'll have Gil and others chime in, too. But from a systems perspective, I think you're talking IT. But for us, it's really about process is, I think, the key unlock for us across the board.

是的，丹。所以這是一個需要回答的多層次的問題，系統對我們來說意味著很多事情。所以我會盡我所能，我們也會讓吉爾和其他人參與其中。但從系統角度來看，我認為您談論的是 IT。但對我們來說，這實際上是關乎流程，我認為，這是解鎖我們所有問題的鑰匙。

We've already seen considerable progress in all operating components. We're actually down quarter over quarter and year over year in all of the operating components of DOE. Oddly enough that the headwinds are happening on revenue-related expenses and some of the license and tax pieces, but the biggest is insurance, a fairly sizable year-over-year increase in insurance costs and claims that we have to manage.

我們已經看到所有營運組件都取得了長足的進步。事實上，能源部所有營運部門的營收季比和年比都有所下降。奇怪的是，這些阻力出現在與收入相關的支出以及一些許可證和稅收方面，但最大的阻力是保險，我們必須管理的保險成本和索賠同比增長相當大。

Like, no excuses for it. I mean, that's one of the things I mentioned before is that we have to manage the entire PL, but that is a significant headwind. But the things we're focused on operationally around process and data and making sure we can unlock waste that Gil pointed to, we're seeing good progress.

就像，沒有任何藉口。我的意思是，這是我之前提到的事情之一，我們必須管理整個 PL，但這是一個重大的阻力。但我們在營運上重點關注的是流程和數據，並確保我們能夠解決 Gil 指出的浪費問題，我們正在看到良好的進展。

And -- but these things are not snap your fingers fixes. So we're taking them in chunks the business as aggressively looking at all of the things we can do in the short run with a long-term view around sustainable cost efficiencies. So we're excited about the progress, but there's a long road ahead for getting all of these things unlocked.

而且──但這些事情不是彈指一揮就能解決的。因此，我們將這些業務分成幾個部分，積極考慮短期內可以做的所有事情，並從長期角度考慮可持續的成本效益。因此，我們對這項進展感到非常興奮，但要解決所有這些問題還有很長的路要走。

But operationally, we're excited about the process improvements, and that's the system. I mean there is going to take some IT and data progress, but it's not a large capital investment, which I think is the key component here is that this isn't about spending money. This is about operating what we do today.

但從操作角度來看，我們對流程的改進感到非常興奮，這就是系統。我的意思是，這需要一些 IT 和數據的進步，但這不需要大量的資本投資，我認為這裡的關鍵因素是這不是花錢的問題。這和我們今天所做的事情的運作有關。

Yeah. I would just add. I think that's a good summary. A couple of things of note, too, it is fundamental change in the way we're approaching unit costs. So foundationally, we spent a lot of time putting what I would call management operating systems in place, but driving the right focus, the right goals of the organization because we want a culture that you, one, get what you measure.

是的。我只是想補充一下。我認為這是一個很好的總結。還有幾件事值得注意，這是我們處理單位成本的方式的根本變化。因此，從根本上講，我們花了大量時間來建立我所謂的管理作業系統，但推動正確的重點，正確的組織目標，因為我們想要一種文化，即你得到你所衡量的東西。

But that management operating systems, it's really a process that drives results like unit cost management. So starting with the right goals, having good reporting, having the reviews, the ability to cut the data to action it, and it's closed loop. And it never ends, right?

但是，管理作業系統其實是一個推動結果的過程，例如單位成本管理。因此，從正確的目標開始，有良好的報告，有評論，有能力剪切數據來採取行動，然後形成閉環。而且它永遠不會結束，對嗎？

So those management operating systems, which are foundational to everything we're doing, cost being one of those, we’ve stood up. The other piece, there's obviously a lot of work, a lot of initiatives, that fit to the cost -- unit cost goals. There's buckets that we've talked about before that we continue to make progress in, maintenance costs, supply chain, productivity, real estate, collisions, all those things.

因此，這些管理作業系統是我們所做的一切的基礎，成本就是其中之一，我們已經站起來了。另一部分，顯然還有很多工作、很多措施可以滿足成本──單位成本目標。我們之前討論過一些領域，並將繼續取得進展，包括維護成本、供應鏈、生產力、房地產、碰撞等等。

And then there's the tailwinds really from a newer fleet that we're rotating into and higher utilization. All those things, we would expect to positively affect unit cost. But Scott alluded to it. But to me, the enablers are also really important to double down on people, first of all, having the right team that are responsible, that can manage results and unit cost being one of those.

然後，我們真正需要的順風來自於我們正在輪換的較新的機隊和更高的利用率。我們希望所有這些因素都會對單位成本產生正面影響。但斯科特暗示了這一點。但對我來說，推動因素也非常重要，需要加倍重視人才，首先，要有一個負責任的、能夠管理結果和單位成本的合適團隊。

Leveraging tech, to your question, Dan, I think, is another big opportunity for us. We've got great partners on the tech side, by the way. We've also got a great internal development team. Candidly, we're playing a little catch up here, but we've got the ability to leapfrog, I think, in a number of areas, and that's our focus.

丹，回答你的問題，我認為利用科技對我們來說是另一個巨大的機會。順便說一句，我們在技術方面擁有優秀的合作夥伴。我們還擁有一支優秀的內部開發團隊。坦白說，我們在這裡還處於追趕階段，但我認為，我們有能力在多個領域實現跨越式發展，而這正是我們的重點。

And then the process, in terms of process engineering because that's a big lever for us. That's a lever for utilization as an example, but for everything -- rethinking from a process engineering how we're doing business. So to Scott's point, it's really a fundamental shift in our culture to manage unit cost going forward.

然後是流程，就流程工程而言，因為這對我們來說是一個很大的槓桿。這只是利用槓桿的一個例子，但對於一切事物而言——從流程工程的角度重新思考我們如何開展業務。所以正如斯科特所說，這實際上是我們未來管理單位成本的文化的根本轉變。

Christopher Stathoulopoulos, Susquehanna.

克里斯多福‧斯塔圖洛普洛斯 (Christopher Stathoulopoulos)，薩斯奎哈納。

I guess, Gil or Sandeep, I want to just better understand the efforts around utilization. So driving same or higher transaction days on a smaller fleet. Maybe if we could -- I'm just thinking of what that might entail?

我想，Gil 或 Sandeep，我只是想更好地了解有關利用方面的努力。因此，規模較小的車隊的交易天數相同或更高。也許如果我們可以——我只是在想那可能意味著什麼？

And if you could speak to, does that involve shifts around peak versus off-peak, brand, regions, technology? And then really, as we think about monitoring that, should we expect that to materialize more fully in RPD, DOE? Where should we ultimately see that benefit on the unit metric side?

您可以談談嗎，這是否涉及高峰期和非高峰期、品牌、地區、技術的變化？那麼，實際上，當我們考慮監控這一點時，我們是否應該期待這一點在 RPD、DOE 中更充分地實現？我們最終應該在哪裡看到單位度量方面的好處？

Yeah. First of all, this is Sandeep, I'll take that. And then Gil, please add on to it, right? So when you think about driving utilization, I'll talk about like basically three components that come into play and then there are likely more than that, right?

是的。首先，我是 Sandeep，我接受這個訪問。然後吉爾，請補充一下，好嗎？因此，當您考慮提高利用率時，我會談論基本上發揮作用的三個因素，然後可能還有更多因素，對嗎？

First is when you look at overall total utilization, right, it's basically the waste in the process when it comes from a sales -- vehicles that are out for sale as well as what we have out of service, right? So Gil already referenced to that in his prepared remarks, but we see significant process improvement that removes that waste in the system.

首先，當您查看總體利用率時，對吧，它基本上是在銷售過程中產生的浪費——待售的車輛以及我們停止服務的車輛，對吧？吉爾在他準備好的發言中已經提到了這一點，但我們看到顯著的流程改進，消除了系統中的浪費。

And that's just a fleet that basically we can do without, right? Because it's not being productively utilized to this environment. Then we come to all the rentable vehicles, right? And from that perspective, I think I alluded to it in my prepared remarks, where essentially, when you look at the newly formed integrated fleet team -- fleet management team that Gil referenced and their coordination with the commercial team, I think there's scope for improvement there, right?

那基本上就是一支我們可以不用的艦隊，對嗎？因為它沒有被有效地利用於這個環境。那我們來看看所有可租賃的車輛，對嗎？從這個角度來看，我想我在準備好的演講中提到過這一點，從本質上講，當你看到吉爾提到的新成立的綜合車隊團隊——車隊管理團隊以及他們與商業團隊的協調時，我認為那裡還有改進的空間，對吧？

Because we talk about being -- fleeting under the demand curve. Candidly, there's work to be done there. There's work to be done there where there's better coordination between fleet and commercial in working truly to basically fleet below the demand curve and to be more agile when we see any differences come through from a demand perspective, right?

因為我們談論的是需求曲線下的短暫性。坦白說，這裡還有很多工作要做。還有很多工作要做，需要更好地協調機隊和商業之間的合作，真正使機隊基本上低於需求曲線，並且當我們看到需求角度出現任何差異時要更加靈活，對嗎？

So there's work that has started on that. We're in the midst of that. Any time you make a change that's related to fleet and the process around fleet, there's a lead time before that comes into play. But we've recognized that opportunity, and we're working through that.

因此，這方面的工作已經開始了。我們正處於其中。每當您做出與車隊及其相關流程相關的變更時，都需要一段時間才能生效。但我們已經認識到這個機會，並且正在努力掌握它。

And then the third component I'll mention is this dynamic that you referenced to Christopher, which is essentially better managing the off-peak elements. And so there are components that our commercial team can engage on in terms of how the segment are offering, and the team is working through that, as well as their efforts towards incremental demand generation for those off-peak periods which come into play.

然後我要提到的第三個要素就是你向克里斯多福提到的這種動態，本質上就是更好地管理非高峰期元素。因此，我們的商業團隊可以參與該細分市場的提供方式，並且團隊正在努力解決這個問題，並努力在非尖峰時段增加需求。

And lastly, there's, of course, where your vehicles are located regionally, and you can optimize that as well. So those are just some components. They're all, I would say, transformative. They're all a work in progress. And some of those will take some time.

最後，當然還有您的車輛所在的區域，您也可以對此進行最佳化。這些只是一些組件。我想說，它們都具有變革性。它們都是尚未完成的工作。其中一些需要花費一些時間。

At the end of the day, what our end objective is driving contribution and improving our RPU, and I think these things will help on that.

歸根結底，我們的最終目標是推動貢獻並提高我們的 RPU，我認為這些事情會對這一點有所幫助。

Okay. And as a follow-up, Gil or Scott, I don't think you've communicated a total cost -- I know cost is the third part of your back-to-basics plan. If you formally communicated a total dollar amount or if you could perhaps just give some color on where you are in that part of the plan.

好的。作為後續問題，吉爾或斯科特，我認為你們還沒有傳達總成本——我知道成本是你們回歸基礎計劃的第三部分。如果您正式告知了總金額，或者您可能只是說明您在計劃中處於什麼階段。

Yeah. Hey, Chris. I'll start. This is Scott. We haven't given formal guidance for 2025 on a dollar or a DOE per day unit cost metric. We've talked about our target run rate of the low $30s for DOE. So I think we would leave it at that.

是的。嘿，克里斯。我先開始。這是斯科特。我們尚未針對 2025 年美元或 DOE 每日單位成本指標提供正式指引。我們已經討論過 DOE 的目標運行率是 30 美元出頭。所以我想我們就這樣吧。

I think your -- a couple of pieces of color is I think we're exiting '24 at a better rate than the average of '24, but we still have a lot of work to do to get to our run rate levels. But there's incremental gradual progress that we're targeting.

我認為你的 — — 有幾分不同，我認為我們以比 24 年平均水平更好的速度退出 24 年，但我們還有很多工作要做才能達到我們的運行率水平。但我們的目標是逐步取得進展。

Like I said, this is not a snap your fingers fix. These things are going to just continuously improve until we get to our run rate. So I think you would start at that level and gradually walk it down over time.

就像我說的，這不是彈指一揮就能解決的。這些事情將會不斷改進，直到我們達到運行率。因此我認為你應該從那個水平開始，然後隨著時間的推移逐漸降低。

This concludes the Hertz Global Holdings third quarter 2024 earnings conference call. Thank you for your participation. You may now disconnect.

赫茲全球控股 2024 年第三季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線。