Hertz Global Holdings Inc (HTZ) 2025 Q2 法說會逐字稿

Welcome to Hertz Global Holdings second quarter 2025 earnings call. (Operator Instructions) I would like to remind you that this morning's call is being recorded by the company. I would now like to turn the call over to our host, Johann Rawlinson, Vice President of Investor Relations. Please go ahead, sir.

歡迎參加赫茲全球控股 2025 年第二季財報電話會議。（操作員指示）我想提醒您，今天早上的通話正在被公司錄音。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)。先生，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。

I want 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.

我想提醒您，本次電話會議中的某些聲明包含前瞻性資訊。前瞻性陳述並非業績保證，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。

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. 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 Statement sections 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.

本次電話會議中傳達的任何前瞻性資訊僅代表截至今日的觀點，本公司不承擔更新該資訊以反映情況變化的義務。有關這些聲明的其他信息，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。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，我們將在我們的收益新聞稿和網站上的收益報告中使用某些非 GAAP 財務指標，這些指標與 GAAP 數字相協調。我們相信，這些非公認會計準則指標為我們的營運提供了更多有用的信息，從而可以更好地評估我們的獲利能力和績效。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, who will discuss operational highlights and our fleet. Our Chief Commercial Officer, Sandeep Dube, will then share insights into our commercial strategy followed by Scott Haralson, our Chief Financial Officer, who will discuss our financial performance and liquidity. We are also joined by Darren Arrington, our Executive Vice President for Revenue Management who will be available to answer questions during the Q&A session.

在今天早上的電話會議上，我們的執行長吉爾·韋斯特 (Gil West) 將討論營運亮點和我們的機隊。我們的商務長 Sandeep Dube 將分享我們商業策略的見解，隨後我們的財務長 Scott Haralson 將討論我們的財務表現和流動性。我們的收益管理執行副總裁 Darren Arrington 也將加入我們，他將在問答環節回答問題。

I'll now turn the call over to Gil.

我現在將電話轉給吉爾。

Thank you, Johann, and good morning, everyone. First, I'd like to thank the team at Hertz for their hard work and dedication over the last quarter. Our people continue to lead this transformation, driving execution improving operations and strengthening performance across the business.

謝謝你，約翰，大家早安。首先，我要感謝赫茲團隊在過去一個季度的辛勤工作和奉獻精神。我們的員工繼續引領這項轉型，推動執行，改善營運並提高整個業務的績效。

When we introduced our Back-to-Basics Roadmap last year, we didn't just make a strategic pivot under new leadership. We began a multiyear journey to reset the foundation of the company and position Hertz for the future. This transformation isn't about broad strokes. It's about driving fundamental change starting at the core of our business and rebuilding it from the ground up.

當我們去年推出回歸基礎路線圖時，我們不僅在新領導的領導下進行了策略轉變。我們開始了為期多年的旅程，重塑公司的基礎並為赫茲的未來做好準備。這種轉變並不是大刀闊斧的。這是為了從業務核心開始推動根本變革，並從頭開始重建。

At Hertz, we believe transformation is earned. We know that through disciplined execution and operational excellence, we will drive tangible results for our customers, our team members, and our shareholders. That's why we've been transparent about our goals, clear about our progress, grounded in the details that drive performance. And this quarter, we delivered our best set of results in nearly two years. For the first time in seven quarters, Hertz delivered positive adjusted corporate EBITDA, a nearly $0.5 billion year over year improvement.

在赫茲，我們相信轉變是靠努力獲得的。我們知道，透過嚴格的執行和卓越的運營，我們將為我們的客戶、團隊成員和股東帶來實際的成果。這就是為什麼我們對我們的目標保持透明，對我們的進度保持清晰，並立足於推動績效的細節。本季度，我們取得了近兩年來最好的業績。赫茲七個季度以來首次實現調整後企業 EBITDA 為正，年增近 5 億美元。

We exceeded our North Star target for depreciation per unit, achieved the highest second quarter retail vehicle sales in five years, and had our highest fleet utilization in nearly two years. These gains supported $2.2 billion in revenue for the quarter and underscore our ability to sweat the assets and do more with less. Importantly, we also improved our direct operating expense per transaction day despite lower year over year volume, a clear sign of growing operational leverage.

我們超越了北極星的單位折舊目標，實現了五年來第二季度最高的汽車零售銷量，並且實現了近兩年來最高的車隊利用率。這些收益支撐了本季 22 億美元的收入，並凸顯了我們充分利用資產、用更少的資源做更多事情的能力。重要的是，儘管交易量同比下降，但我們每筆交易日的直接營運費用也得到了改善，這明顯表明營運槓桿率不斷提高。

What's behind that progress? The same three financial pillars we laid out at the start of our journey, disciplined fleet management, revenue optimization and rigorous cost management powered by our people, technology, and processes. These are the fundamentals for long-term durable profitability.

這進步背後的原因是什麼？我們在旅程開始時就制定了相同的三大財務支柱，即嚴格的車隊管理、收入優化和由我們的人員、技術和流程推動的嚴格的成本管理。這些都是長期持久獲利的基礎。

Let's dive deeper into these results and begin with the fleet. At its core, Hertz is an asset management company that buys, rents, and sells vehicles with the scale and brand recognition earned over more than a century of service. Our fleet is our most powerful economic lever, and we knew that any meaningful transformation had to start there.

讓我們更深入地研究這些結果，從艦隊開始。赫茲本質上是一家資產管理公司，從事車輛購買、租賃和銷售，憑藉其在一個多世紀的服務中積累的規模和品牌知名度。我們的船隊是我們最強大的經濟槓桿，我們知道任何有意義的轉型都必須從這裡開始。

Over the past year, we've moved aggressively to rotate the fleet and realign the mix to better reflect customer preferences. That progress has proven core to building our new foundation, resulting in tangible financial impact, measured best through the results delivered by our Buy Right, Hold Right, Sell Right strategy.

在過去的一年裡，我們積極輪換機隊並重新調整組合，以更好地反映客戶的偏好。事實證明，這項進展對於建立我們的新基礎至關重要，並產生了切實的財務影響，最好透過我們的「買得正確、持有正確、賣得正確」策略所帶來的結果來衡量。

We achieved depreciation per unit of $251, well below the sub $300 North Star target thanks to our early action on favorable model year 2025 pricing and a timely acceleration of our fleet rotation. In the first quarter, we navigated a challenging environment marked by unpredictable travel demand and tariff developments. Confident in our strategy but mindful of the risks to demand and potential oversupply of fleet, we continued our fleet rotation in earnest selling off older, higher depreciating vehicles into a strengthening residual market while fleeting up for our peak season.

由於我們提前採取了優惠的 2025 年車型定價措施並及時加快了車隊輪換速度，我們實現了每單位 251 美元的折舊，遠低於北極星 300 美元以下的目標。第一季度，我們面臨充滿挑戰的環境，旅遊需求和票價發展難以預測。我們對我們的策略充滿信心，但同時也意識到需求風險和車隊的潛在供過於求，我們繼續進行車隊輪換，認真地將較舊、折舊率較高的車輛出售給不斷增強的剩餘市場，同時為我們的旺季儲備車輛。

While the fleet size declined year over year, the quality of our assets improved setting the stage for better unit economics as we complete the rotation. This approach proved effective, yielding strong cash proceeds and positioning us for more efficient growth.

雖然機隊規模逐年下降，但我們的資產品質有所提高，為我們完成輪調後實現更好的單位經濟效益奠定了基礎。事實證明，這種方法是有效的，它帶來了豐厚的現金收益，並使我們實現了更有效率的成長。

As a result, 80% of our US core rental fleet is now less than a year old. This younger fleet is driving better reliability, lower maintenance costs and stronger customer experience all while supporting lower depreciation.

因此，我們在美國 80% 的核心租賃車隊的車齡不到一年。這支年輕的車隊具有更高的可靠性、更低的維護成本和更強的客戶體驗，同時支援更低的折舊率。

Looking ahead, we're applying the same disciplined approach to model year 2026 vehicles. Despite supply chain-related delays, we're progressing in our negotiations, diversifying our OEM relationships, and maintaining flexibility as the industry continues to navigate any economic headwinds. Our refreshed fleet gives us flexibility to navigate this uncertainty.

展望未來，我們將對 2026 年車型採用同樣嚴謹的方法。儘管存在與供應鏈相關的延遲，但我們的談判仍在取得進展，使我們的 OEM 關係多樣化，並在行業繼續應對任何經濟逆風時保持靈活性。我們更新的機隊使我們能夠靈活地應對這種不確定性。

We also had our best second quarter for retail vehicle sales in half a decade building on the momentum achieved in Q1's record performance. As we continue to elevate and expand awareness of our Hertz car sales channel, we've partnered with Cox Automotive to support a fully digital transaction, meeting customers where they are and enhancing how we engage across the car buying journey.

在第一季創紀錄的業績基礎上，我們也迎來了五年來第二季汽車零售銷售最好的成績。隨著我們不斷提升和擴大赫茲汽車銷售管道的知名度，我們與考克斯汽車公司合作，支持全數位化交易，隨時隨地滿足客戶需求，並增強我們在整個購車過程中的參與方式。

Their deep consumer insights through platforms like Autotrader will help inform and strengthen our marketing, pricing, and retail strategy as we scale. We're also seeing strong momentum in our rent-to-buy program which continues to deliver one of the highest conversion rates, a clear sign that try before you buy model is resonating. It combines the flexibility of a rental with the convenience of ownership and it's proving to be a meaningful driver of volume and customer satisfaction.

他們透過 Autotrader 等平台對消費者的深入洞察將有助於我們隨著規模的擴大而發展和加強我們的行銷、定價和零售策略。我們的「先租後買」計畫也呈現出強勁勢頭，繼續保持最高的轉換率之一，這清楚地表明「先試後買」模式正在產生共鳴。它將租賃的靈活性與擁有的便利性結合在一起，事實證明，它是銷售和客戶滿意度的重要驅動力。

Beyond that, we're expanding our technology partnerships and digital integrations to improve visibility ease and reach, ensuring our vehicles are present on the platforms where consumers are already browsing and shopping. These efforts are designed to drive greater awareness stronger engagement and a seamless path from interest to ownership.

除此之外，我們正在擴大我們的技術合作夥伴關係和數位集成，以提高可見性的易用性和覆蓋範圍，確保我們的車輛出現在消費者已經瀏覽和購物的平台上。這些努力旨在提高認識、加強參與度，並實現從興趣到所有權的無縫銜接。

Shifting gears, our revenue results were down commensurate with our decision to reduce our fleet size for the reasons I outlined earlier. Our intent is to earn the right to grow again as we complete our fleet rotation and our unit economics fall into line. The headline on RPU is encouraging, essentially flat year over year when adjusting for car class mix shift, which is margin accretive as a peel back -- as you peel back the elements that make up RPU, we're making some great headway in demand generation and utilization, but have work to do in pricing.

換個角度來說，我們的收入結果下降與我們因我之前概述的原因而減少機隊規模的決定相稱。我們的目標是，隨著我們完成船隊輪換並且單位經濟效益趨於正常，我們能夠再次獲得成長的權利。RPU 的標題令人鼓舞，在根據汽車類別組合變化進行調整後，與去年同期基本持平，這可以增加利潤率 - 當你剝離構成 RPU 的元素時，我們在需求生成和利用方面取得了一些重大進展，但在定價方面仍有工作要做。

We're staying focused on what we can control in this area and are encouraged by the market setup going forward. With tighter supply resulting in or resulting from OEM supply chain disruptions and recalls, along with growing macro demand. Our rigorous efforts to control costs also showed progress this quarter.

我們將繼續專注於我們能夠控制的領域，並對未來的市場格局感到鼓舞。由於供應緊張導致或由 OEM 供應鏈中斷和召回引起，以及宏觀需求不斷增長。我們嚴格控製成本的努力本季也取得了進展。

Despite previously mentioned insurance and rent expense headwinds, direct operating expense per transaction day was down year over year, driven by a younger fleet, better supply chain leverage, productivity improvements and tighter operating discipline. We expect these efficiencies to continue improving our P&L as we work towards North Star target of DOE per day in the low 30s.

儘管存在前面提到的保險和租金費用阻力，但由於車隊更年輕、供應鏈槓桿更好、生產率提高和運營紀律更嚴格，每交易日的直接運營費用同比下降。我們期望這些效率能持續改善我們的損益，因為我們正努力實現北極星每天 DOE 值低於 30% 的目標。

Given the pace of change in this transformation, we need to stay focused on how we make Hertz, the most preferred rental car company in the world. As we improve our core economics of our business, we're focused on how we leverage that strengthened foundation to deliver an improved customer experience, putting our customers in the forefront of everything we do.

鑑於這項轉型變化的速度，我們需要專注於如何將赫茲打造成全球最受歡迎的租車公司。隨著我們業務核心經濟效益的提高，我們專注於如何利用強化的基礎來提供更好的客戶體驗，將客戶放在我們所做的一切工作的首位。

Net Promoter Score improved 11 points year over year, and we are seeing stronger enrollment in our loyalty programs, but our job to continue earning our customers' trust every day by delivering value, consistency and reliability. That's what we've set out to do with our digital vehicle inspections.

淨推薦值年增了 11 個百分點，我們的忠誠度計畫的註冊人數也在增加，但我們的工作是透過提供價值、一致性和可靠性來繼續贏得客戶的信任。這就是我們進行數位車輛檢查的目的。

For over 100 years, manual damage inspections have caused confusion and frustration, creating unnecessary friction with customers. This technology is designed to bring much-needed precision, objectivity and transparency to the process while improving our ability to proactively identify specific maintenance actions and drive further operational efficiency.

一百多年來，手動損壞檢查一直造成混亂和挫折感，為客戶帶來不必要的摩擦。該技術旨在為流程帶來急需的精確性、客觀性和透明度，同時提高我們主動識別特定維護措施和進一步提高營運效率的能力。

We know change of this scale takes time and we're listening, learning, and improving every day. Our goal is to enhance the customer experience by removing friction, ensuring transparency, and building trust not just for the 3% who experience damage but also for the 97% who don't.

我們知道這種規模的改變需要時間，我們每天都在傾聽、學習和改進。我們的目標是透過消除摩擦、確保透明度和建立信任來提升客戶體驗，不僅針對遭受損失的 3%，也針對未遭受損失的 97%。

Before I hand it over to Sandeep, I'll say this, transformation doesn't happen overnight, but by tackling the largest economic lever, the fleet, first, we created the foundation needed to move faster and smarter. We can now empower our customer team to act with greater speed and precision at a local market level to capitalize on pricing and revenue opportunities and meet customer demand.

在將權力移交給桑迪普之前，我想說，轉型並非一朝一夕就能實現的，但透過先解決最大的經濟槓桿——車隊問題，我們創造了更快、更聰明地發展所需的基礎。我們現在可以讓我們的客戶團隊在當地市場層面以更快的速度和更精確的行動來利用定價和收入機會並滿足客戶需求。

There is still a lot to be done, but we're making measurable progress in our operations and doing it the right way. We're staying disciplined, controlling what we can and executing with precision to earn the right to grow.

還有很多工作要做，但我們在營運方面取得了可衡量的進展，並且正在以正確的方式進行。我們保持紀律，控制我們所能控制的事情並精準執行，以贏得成長的權利。

With that, I'll turn it over to Sandeep.

說完這些，我就把它交給 Sandeep。

Thank you, Gil. Good morning, everyone. On the commercial side, we are focused on the foundational improvements that drive RPU towards our North Star metric of over $1,500. These efforts will directly enhance profitability and strengthen our position for future growth. In Q2, revenue was down 7%, in part due to, as Gil mentioned, running a smaller fleet down 6% year over year.

謝謝你，吉爾。大家早安。在商業方面，我們專注於基礎改進，推動 RPU 達到我們的北極星指標（超過 1,500 美元）。這些努力將直接提高獲利能力並鞏固我們未來成長的地位。第二季度，收入下降了 7%，部分原因是，正如 Gil 所提到的，船隊規模較小，比去年同期下降了 6%。

In that environment, we built momentum on demand generation and utilization but faced challenges with pricing. Going forward, we have a clear commercial strategy to unlock the value where we see significant potential. Our strategy begins with our ability to sweat our assets and drive more days for a given fleet size which you've heard is yielding results.

在那種環境下，我們在需求產生和利用方面建立了動力，但在定價方面面臨挑戰。展望未來，我們有一個明確的商業策略來釋放我們所看到的巨大潛力。我們的策略始於我們充分利用資產的能力，在一定規模的車隊中行駛更多天數，您已經聽說這正在產生效果。

The utilization improvement in Q2 was driven by our world-class tech ops team, reducing out-of-sales vehicles, improved demand generation from our commercial and operations teams and better alignment of capacity and demand, driven by our fleet planning and revenue management teams. This utilization performance also supported a sequential improvement in year over year RPU even within a competitive pricing environment.

第二季利用率的提高得益於我們世界一流的技術營運團隊，減少了售出車輛，提高了商業和營運團隊的需求生成，並在我們的車隊規劃和收入管理團隊的推動下更好地協調了產能和需求。即使在競爭激烈的定價環境下，這種利用率表現也支持了 RPU 的逐年連續改善。

Looking ahead, we believe pricing represents one of our largest opportunities to unlock further value. To capture it, we are executing against a detailed plan, starting with the transformation of our revenue management platform. Our current system originally implemented in 2004, relies on outdated forecasting methods and batch-based optimization lacks real-time data and is not integrated with adjacent functions like capacity planning.

展望未來，我們相信定價是我們釋放更多價值的最大機會之一。為了實現這一目標，我們正在執行一項詳細的計劃，首先是轉型我們的收入管理平台。我們目前的系統最初於 2004 年實施，依賴過時的預測方法和基於批次的最佳化，缺乏即時數據，並且未與容量規劃等相鄰功能整合。

It also fails to reflect localized market dynamics or respond to real-time demand signals and is over reliant on human judgment. To change that, we are several quarters into a multiyear partnership with Amadeus, a global travel technology leader, to replace our legacy RM system. The new platform will introduce sophistication like that seen in the airline industry including real-time optimization, dynamic forecasting, and integration with adjacent systems. Our next major upgrade remains on track for deployment at the end of Q3.

它也無法反映本地市場動態或響應即時需求訊號，並且過度依賴人類判斷。為了改變這種狀況，我們與全球旅遊科技領導者 Amadeus 建立了長達數季的合作關係，以取代我們傳統的 RM 系統。新平台將引入航空業所見的先進技術，包括即時優化、動態預測以及與相鄰系統的整合。我們的下一次重大升級仍有望在第三季末部署。

The same rigor we applied to our operational overhaul is now guiding how we approach commercial execution at the local level. Mid-quarter, we launched new initiatives that empower and incentivize field leaders to drive profitability in their specific markets. Even in the early stages, we've seen value creation emerge from local teams identifying and acting on fleet and demand opportunities as this effort matures, it will further enable more effective pricing and higher margin decision-making.

我們對營運改革所採取的同樣嚴格的措施現在正指導著我們如何在地方層級進行商業執行。本季中期，我們推出了新舉措，授權並激勵現場領導者提高其特定市場的獲利能力。即使在早期階段，我們也看到當地團隊透過識別和採取行動來創造價值，隨著這項工作的成熟，它將進一步實現更有效的定價和更高利潤的決策。

Stronger demand generation, particularly in durable direct channels is another foundational lever. We saw a sequential improvement in direct website sales. A standout metric this quarter was a 100% year over year increase in new US Hertz loyalty member sign-ups, accompanied by increased member booking activity. We also made progress on revenue diversification with sequential growth in both our off-airport and mobility business units.

更強勁的需求生成，特別是在持久的直接管道中，是另一個基礎槓桿。我們看到網站直銷業務持續改善。本季的一個突出指標是，美國赫茲忠誠會員新註冊數量年增 100%，同時會員預訂活動也隨之增加。我們的營收多元化也取得了進展，機場外業務和行動業務部門均實現了連續成長。

At our last earnings call, we had expected firmer pricing as we stepped into summer. However, the Q3 pricing environment started challenged, but the conditions are improving. Domestic air travel returned to positive year over year growth in July, supply constraints from model year '26 uncertainty and manufacturer recalls are tightening supply with recalls currently affecting approximately 2% of our US rental fleet.

在我們上次的財報電話會議上，我們預計隨著夏季的到來，價格將會更加堅挺。然而，第三季定價環境開始面臨挑戰，但情況正在改善。7 月國內航空旅行恢復同比增長，但 26 年車型的不確定性和製造商召回導致供應緊張，目前召回影響了我們美國租賃機隊的約 2%。

For Hertz, US leisure forward bookings are currently tracking ahead of planned fleet capacity.Demand is strengthening and supply is getting constrained. While the challenged second quarter's trends continued through July, our US forward bookings for August through the fourth quarter are quickly narrowing the gap to last year's RPD trends. While this is materializing later than expected, we are increasingly optimistic about pricing in the second half of the year.

對赫茲來說，美國休閒預訂量目前已超過計畫的車隊容量。需求正在增強，而供應卻受到限制。雖然第二季的挑戰趨勢持續到了 7 月份，但我們 8 月份至第四季的美國遠期預訂量正在迅速縮小與去年 RPD 趨勢的差距。雖然這個目標的實現比預期要晚，但我們對下半年的定價越來越樂觀。

In summary, our gains in utilization are accelerating and we have momentum in our demand generation channels. We have an actionable plan to address our largest opportunity in pricing through technology modernization, revenue management strategy refinements and local market empowerment. Our focus remains on strengthening the core profitability of the business to serve as a launch pad for future growth.

總而言之，我們的利用率正在加速成長，我們的需求產生管道也蓬勃發展。我們有一個可行的計劃，透過技術現代化、收入管理策略改進和本地市場授權來應對我們在定價方面的最大機會。我們的重點仍然是加強業務的核心獲利能力，以作為未來成長的啟動平台。

Let me now turn the call over to Scott for a review of our financial performance and liquidity.

現在，我將把電話轉給斯科特，讓他審查我們的財務表現和流動性。

Thanks, Sandeep. Good morning, everyone. Great to have you on the call today. Let's start with our second quarter financial results. Total revenues were $2.2 billion, and adjusted corporate EBITDA came in at a positive $1 million, which was consistent with our guidance and an impressive turnaround from a loss of $460 million in the prior year, with a similar improvement in adjusted operating cash flow.

謝謝，桑迪普。大家早安。很高興今天能接到您的電話。讓我們從第二季的財務表現開始。總收入為 22 億美元，調整後的企業 EBITDA 為正 100 萬美元，這與我們的預期一致，並且較上年同期的 4.6 億美元虧損實現了顯著扭轉，調整後的經營現金流也有類似的改善。

It's a clear indication that we are making significant progress. While we've taken a moment to celebrate this milestone with the team, we're already focused on the next one. Fully aware that continued progress will require sustained effort and execution. So a big high five to the team for the accomplishments so far, but now it's on to the next play.

這清楚地表明我們正在取得重大進展。雖然我們花了一點時間與團隊一起慶祝這一里程碑，但我們已經將注意力集中在下一個里程碑上。充分認識到持續的進步需要持續的努力和執行。因此，我們要對球隊迄今所取得的成就表示祝賀，現在我們要開始下一場比賽了。

Looking at our key operational metrics, RPU was $1,400, down slightly year over year and flat when adjusted for our change in fleet mix. Vehicle utilization reached 83% in Q2 marking a 300 basis point improvement year over year. This improved performance highlights our ability to optimize fleet deployment while maintaining service levels.

從我們的主要營運指標來看，RPU 為 1,400 美元，同比略有下降，但根據機隊組合變化進行調整後則持平。第二季車輛利用率達 83%，較去年同期提高 300 個基點。這項性能提升凸顯了我們在保持服務水準的同時優化車隊部署的能力。

While there is solid demand generation, execution of our pricing initiatives will unlock material margin expansion, underscoring the strength of our fleet strategy in a favorable residual value environment, DPU came in well below guidance at $251 per unit per month, exceeding our North Star target by 16%. This is a meaningful improvement, both sequentially and year over year.

雖然需求強勁，但我們定價舉措的實施將釋放材料利潤率的擴大，凸顯了我們在有利的殘值環境下車隊戰略的實力，DPU 遠低於指導值，為每單位每月 251 美元，超過我們的北極星目標 16%。無論是與上一季相比，還是與前一年相比，這都是一個有意義的進步。

On a gross basis, DPU was around $280. Net gains on sale represented about $30 per unit per month driven by strong residual values achieved through our optimized disposition channels and our continued disposal of older vehicles. We expect gross DPU to remain under $300 for the rest of the year. We don't expect to have the same level of gains on sale in Q3 and Q4 due to an expected lower volume of sales than in Q2. So our net DPU numbers will likely be closer to our gross DPU numbers.

從總額來看，DPU 約為 280 美元。透過優化處置管道和持續處置舊車，我們實現了較高的殘值，從而實現每月每輛車輛約 30 美元的淨銷售收益。我們預計今年剩餘時間內總 DPU 將維持在 300 美元以下。由於預計第三季和第四季的銷售量將低於第二季度，我們預期第三季和第四季的銷售增幅不會達到相同的水平。因此，我們的淨 DPU 數字可能會更接近我們的總 DPU 數字。

In addition to fleet, our operating cost management initiatives continue to yield positive results. Direct operating expenses or DOE, declined 3% year over year on an absolute dollar basis. DOE per transaction day of about $36 improved sequentially and year over year, reflecting disciplined cost control and operational agility, despite the reduction in capacity. SG&A remains well controlled through focused expense management and increased operational efficiency. Once again, we hit our internal cost targets, and we expect to continue to do so as we execute on productivity.

除了車隊之外，我們的營運成本管理措施持續產生正面成果。直接營運費用或 DOE，以絕對美元計算年減 3%。儘管產能有所減少，但 DOE 每交易日的成本仍比上一季和去年同期下降了約 36 美元，這反映出嚴格的成本控制和營運彈性。透過集中費用管理和提高營運效率，銷售、一般及行政費用 (SG&A) 仍然得到良好控制。我們再次達到了內部成本目標，並且我們期望在提高生產力的同時繼續實現這一目標。

While we have more work to do to achieve our North Star DOE goal, these results reflect the continued execution of our transformation strategy and our commitment to building a more resilient and profitable business model.

雖然我們還有很多工作要做才能實現我們的北極星 DOE 目標，但這些結果反映了我們轉型策略的持續執行以及我們致力於建立更具彈性和盈利能力的商業模式的承諾。

Our liquidity at the end of June was $1.4 billion, a stronger position than we had signaled on our last earnings call. This was obviously bolstered by the delay of the Wells Fargo litigation resolution as the Supreme Court continues to consider whether they hear our appeal. During the quarter, we executed on a series of smaller transactions, which enhanced our liquidity and made efficient use of the balance sheet. We have no significant corporate debt maturities until the end of 2026.

截至 6 月底，我們的流動資金為 14 億美元，比我們上次財報電話會議上暗示的要強勁。由於最高法院仍在考慮是否受理我們的上訴，富國銀行訴訟裁決的推遲顯然加劇了這一情況。在本季度，我們執行了一系列較小的交易，這增強了我們的流動性並有效利用了資產負債表。截至 2026 年底，我們沒有重大公司債務到期。

On the ABS side, we completed several business-as-usual transactions that were well received by the market, demonstrating continued investor confidence in our business model and asset quality. Our ABS facilities remain strong, buoyed by a positive residual value environment with our ABS fair market values at about 110% of our net book values and resulting in an equity cushion of about $1 billion as of the end of June.

在ABS方面，我們完成了幾筆常規交易，受到了市場的一致好評，顯示投資者對我們的商業模式和資產品質持續充滿信心。我們的 ABS 設施仍然強勁，受到積極的殘值環境的推動，我們的 ABS 公平市場價值約為我們賬面淨值的 110%，截至 6 月底，我們的股權緩衝約為 10 億美元。

For our forward outlook, we anticipate maintaining our fleet size at approximately 6% below 2024 through year-end with flexibility to adjust based on demand signals. Our model year 2026 acquisition process is delayed versus the typical schedule as the industry continues to navigate supply chain volatility. However, we are cautiously optimistic about where things will end up, plus the significant number of model year 2025 acquisitions and the corresponding economics on those vehicles gives us a lot of optionality and flexibility.

對於我們的未來展望，我們預計到年底我們的船隊規模將維持在比 2024 年低約 6% 的水平，並根據需求訊號靈活調整。由於業界持續應對供應鏈波動，我們的 2026 年車型採購流程與典型計畫相比有所延遲。然而，我們對事情的最終結果持謹慎樂觀的態度，再加上 2025 年車型的大量收購以及這些車型相應的經濟性，為我們提供了巨大的選擇性和靈活性。

And while the pricing uplift, we anticipated from both our own initiatives and the macro environment is materializing later than expected. We are now seeing early encouraging signs in August. However, with a limited data set, it's too soon to extrapolate this fully into the second half of the year's outlook.

儘管我們從自身措施和宏觀環境中預期價格上漲，但其實現時間比預期要晚。我們現在看到了八月份令人鼓舞的早期跡象。然而，由於數據集有限，現在將其完全推斷到今年下半年的前景還為時過早。

For the third quarter, we expect our adjusted corporate EBITDA margin to be in the mid- to high single-digit range which incorporates an overall muted revenue forecast relative to what we said on the last call. We continue to expect the third quarter to show our first positive EPS since 2023, which is another milestone for the transformation.

對於第三季度，我們預計調整後的企業 EBITDA 利潤率將處於中高個位數範圍，這與我們在上次電話會議上所說的相比，整體收入預測有所下降。我們繼續預計第三季將出現自 2023 年以來的首次正每股收益，這是轉型的另一個里程碑。

For the fourth quarter, we still expect a slightly positive EBITDA margin based on improved pricing due to macro vehicle supply constraints, recent pricing trends as well as our own revenue initiatives. While the directional commentary on EBITDA still holds, the overall levels of positive EBITDA are slightly lower for Q3 and Q4 thereby pushing our full year EBITDA levels to slightly below breakeven versus our previous estimates of slightly above. For the longer term, we are confident we are still on track to achieve adjusted corporate EBITDA of $1 billion by 2027.

對於第四季度，我們仍然預計 EBITDA 利潤率將略有正值，這得益於宏觀汽車供應限制、近期定價趨勢以及我們自己的收入計劃帶來的定價改善。雖然對 EBITDA 的方向性評論仍然成立，但第三季度和第四季度的正 EBITDA 整體水平略低，從而將我們的全年 EBITDA 水平推至略低於盈虧平衡點，而我們之前的估計是略高於盈虧平衡點。從長遠來看，我們有信心在 2027 年實現調整後企業 EBITDA 達到 10 億美元的目標。

Overall, we remain committed to our transformation, and we are pleased with where the initiatives are tracking. There is a lot of background work on process, reporting, intelligence, insights, and the underlying platforms that allow us to continue to make better and better decisions. This is where a lot of critical work happens that doesn't always show up in the quarterly results.

整體而言，我們仍致力於轉型，並且對各項措施的進展感到滿意。我們在流程、報告、情報、見解和底層平台方面做了大量背景工作，這些工作使我們能夠繼續做出越來越好的決策。這裡發生了很多關鍵工作，但這些工作並不總是體現在季度業績中。

However, we know these are key unlocks to future performance and we are excited to see the results of these initiatives. So again, proud of the progress to date and getting to our first financial goal of positive adjusted corporate EBITDA, but now the team has tasted some success and has rallied around where we can go. Exciting times to come.

然而，我們知道這些是未來業績的關鍵，我們很高興看到這些舉措的成果。因此，我們再次為迄今為止的進展感到自豪，並實現了我們的第一個財務目標，即調整後的企業 EBITDA 為正，但現在團隊已經嚐到了一些成功的滋味，並團結起來，朝著我們可以前進的方向前進。激動人心的時刻即將到來。

With that, I'll turn it back to Gil for closing remarks.

好了，現在請吉爾做最後的總結發言。

Thank you, Scott. To reiterate, this quarter, for the first time in nearly two years, we delivered positive adjusted corporate EBITDA and almost a $500 million year over year improvement, alongside record retail vehicle sales, stronger DPU and meaningful gains in utilization, customer satisfaction and cost efficiency. These results show we've made real progress and are just a stopover on a longer journey. We are clear-eyed about the work still ahead and just as confident in our conviction about where we're going.

謝謝你，斯科特。需要重申的是，本季度，我們近兩年來首次實現了正調整後企業 EBITDA，年增近 5 億美元，同時零售汽車銷售創歷史新高，DPU 更強勁，利用率、客戶滿意度和成本效率均有顯著提升。這些結果表明我們已經取得了真正的進步，而這只是漫長旅程中的一個中途停留。我們對未來的工作有著清晰的認識，並且對我們前進的方向充滿信心。

Hertz has the scale, brand and operational expertise to lead again. With sharper operations and a world-class team, we're building a business that's not only executing against the North Star metrics, but positioned to lead in the next era of mobility. And we're focused on getting it right. In our playbook, disciplined execution and bold transformation go hand in hand. Our momentum is real, our vision is focused, and our team is united in building the company fit for the future without trying to jump ahead of it.

赫茲擁有規模、品牌和營運專業知識，可以再次領先。憑藉更敏銳的營運和世界一流的團隊，我們正在打造一家不僅能夠按照北極星指標執行，而且能夠在下一個行動時代佔據領先地位的企業。我們致力於把事情做好。在我們的劇本中，嚴格的執行和大膽的轉變並行不悖。我們的動力是真實的，我們的願景是專注的，我們的團隊團結一致，致力於打造適應未來的公司，而不是試圖超越未來。

With that, let's open it up for questions. Back to you, operator.

好了，讓我們開始提問吧。回到你這裡，接線生。

(Operator Instructions) Chris Woronka, Deutsche Bank.

（操作員指示）Chris Woronka，德意志銀行。

Gil, maybe we can start off with a very kind of a longer-term question that would kind of be how you guys envision kind of in the future of AVs and robotaxis and things like that?

吉爾，也許我們可以從一個非常長期的問題開始，那就是你們對未來的自動駕駛汽車和機器人計程車等事物有何設想？

Yes, sure. Well, Chris, thanks for the question. Yes, well, first Hertz certainly has a role in the future of AVs and robotaxis. I'll just say I and others on the team know the space. The tech works, road safety will be dramatically improved with AVs, and the way I think about it as the cost of AVs decrease, the economics will be transformational.

是的，當然。好吧，克里斯，謝謝你的提問。是的，首先，赫茲在自動駕駛汽車和機器人計程車的未來中肯定扮演著重要的角色。我只想說我和團隊中的其他人都了解這個領域。如果技術有效，自動駕駛汽車將顯著提高道路安全，我認為，隨著自動駕駛汽車成本的下降，其經濟效益將發生翻天覆地的變化。

So we've got a significant role to play in that future of mobility. And partnerships are just part of our DNA. This is a huge -- I think the whole robotaxi market is a huge TAM, right? And it's not a winner-take-all game here. So we're one of a limited number of companies that have all the necessary ingredients to be a major player in AVs.

因此，我們在未來的移動出行中扮演著重要的角色。合作夥伴關係只是我們 DNA 的一部分。這是一個巨大的——我認為整個自動駕駛計程車市場是一個巨大的 TAM，對吧？這不是一個贏家通吃的遊戲。因此，我們是少數幾家具備成為 AV 領域主要參與者所有必要條件的公司之一。

So as I think about it, we've got an iconic brand. We've got a global operating footprint, driving operational excellence, you got advanced maintenance capabilities, of course, large fleet management skills, and we've also got the experience managing EVs because in all likelihood, all AVs will be EVs. And then, of course, infrastructure. But more importantly, we're an asset-heavy business, and we have vehicle financing capabilities. So bottom line is just owning and operating large fleets of vehicles. That's our core business. And as I see it, that's a foundation for AV business and mobility in the future.

所以我認為，我們有一個標誌性品牌。我們的營運足跡遍布全球，推動著卓越運營，擁有先進的維護能力，當然還有大型車隊管理技能，而且我們還擁有管理電動車的經驗，因為很有可能所有自動駕駛汽車都將是電動車。然後當然是基礎建設。但更重要的是，我們是一家重資產企業，我們擁有汽車融資能力。因此，底線就是擁有和運營大量車輛。這是我們的核心業務。在我看來，這是未來 AV 業務和行動性的基礎。

Okay. As a follow-up, I was hoping we could maybe dig a little bit deeper into the RPD. And I know you like to sometimes look at more RPU basis, but just thought RPD on kind of what was printed in Q2 and your commentary. Is there any way to break down how much of that is mix versus kind of what's been going on in the market and do you think that breakdown or split is applicable to the back half of the year as well?

好的。作為後續，我希望我們可以更深入地了解 RPD。我知道您有時喜歡查看更多 RPU 基礎，但只是想根據第二季印刷的內容和您的評論來考慮 RPD。有沒有辦法細分其中有多少是混合的，以及有多少是市場上正在發生的事情，您是否認為這種細分或分割也適用於今年下半年？

Yes. Chris, this is Sandeep here. And I know you said we'd like to focus on RPU versus RPD. Let me actually first start with RPU, and then I will get back to your question around RPD to share. So just overall, revenue is on an encouraging path, right?

是的。克里斯，我是桑迪普。我知道您說過我們想專注於 RPU 而不是 RPD。實際上，我先從 RPU 開始，然後再回到您關於 RPD 的問題進行分享。所以整體而言，收入狀況令人鼓舞，對嗎？

Q2 had a sequential improvement in year over year revenue by six points while also improving RPU by one point. And we manage our revenue on a focus of our North Star metric of RPU, balancing RPU and ute at the local market level. Similar to what the airline industry does where RASM is the key unit revenue outcome, balancing yield and load. So that's how kind of we manage it all. Now when you break down Q2 in itself, RPD for us in isolation was down about 5% and would have been about two to three points better normalizing for change in fleet mix.

第二季的營收與去年同期相比連續提高了 6 個百分點，同時 RPU 也提高了 1 個百分點。我們以北極星指標 RPU 為重點來管理我們的收入，在當地市場層面平衡 RPU 和 ute。與航空業的做法類似，RASM 是關鍵的單位收入結果，平衡收益和載客量。這就是我們管理一切的方式。現在，當您單獨分析第二季時，我們的 RPD 單獨下降了約 5%，如果考慮到機隊結構的變化，則 RPD 會好上約兩到三個百分點。

Now, we all know the market was pretty challenged in Q2 overall. And I'd say the overall market pricing was down mid- to high single digits as such. And there's a lot of work there that we have done in terms of improvement in our segment mix, improvement in the way we do we drive our revenue management strategies and tactics to extract and monetize more from the demand that we were generating. So I'd say we were able to overcome a decent bit of what was happening in the marketplace through the foundational improvement of how we monetize demand.

現在，我們都知道第二季市場整體面臨相當大的挑戰。我想說的是，整體市場價格已經下降了中高個位數。我們在改善細分市場組合、改善收入管理策略和策略的方式方面做了很多工作，以便從我們產生的需求中提取和貨幣化更多收益。所以我想說，透過從根本上改善需求貨幣化方式，我們能夠克服市場上發生的相當多的問題。

I think looking ahead, as we talked about in the -- a few minutes ago, I think the biggest opportunity for us on a year over year basis is going to be how we price, right? We have a pretty -- I'm going to use the term antiquated revenue management system. And it puts a lot of load on our revenue management system in making the right calls.

我認為展望未來，正如我們幾分鐘前談到的，我認為我們同比最大的機會將在於我們的定價方式，對嗎？我們有一個相當——我將使用過時的收入管理系統這個術語。這給我們的收入管理系統帶來了很大的負擔，需要我們做出正確的決定。

And I think over the next few quarters, I know this is a multiyear journey, but it's going to be material in terms of the year over year accretive nature of what we are trying to do here. So I'm actually super excited about the journey forward and so is the entire commercial team here.

我認為在接下來的幾個季度裡，我知道這是一個多年的旅程，但就我們在這裡嘗試做的事情的逐年增值性質而言，它將具有實質性。所以我真的對未來的旅程感到非常興奮，這裡的整個商業團隊也是如此。

Ryan Brinkman, JPMorgan.

摩根大通的瑞安·布林克曼。

I didn't hear much discussion of recalls in your prepared remarks and your utilization rate was very high during the quarter, which would be hard to achieve in the current recall environment. So I'm curious if you might have been disproportionately less exposed to the vehicles that were recalled or maybe the younger nature of your fleet now post rotation might have left you less exposed or just how recalls you think impacted the quarter and then what your outlook for their impact might be going forward?

在您準備好的發言中，我沒有聽到太多關於召回的討論，而且您本季度的利用率非常高，這在當前的召回環境下很難實現。所以我很好奇，您是否可能較少受到召回車輛的影響，或者也許您的車隊在輪換後較新，可能較少受到召回的影響，或者您認為召回對本季度有何影響，以及您對未來影響的展望是什麼？

Yes, thanks. I'll take that, Ryan. Thanks for the question. Yes, I think a couple of pieces to think of, first of all, for the quarter for Q2, we really didn't have much of a headwind for recalls. It's really Q3 is where I think we're going to experience the impact.

是的，謝謝。我接受，瑞安。謝謝你的提問。是的，我認為有幾點需要考慮，首先，對於第二季度，我們確實沒有遇到太多召回的阻力。我認為我們確實會在第三季感受到影響。

So we're -- as I think Sandeep mentioned, we're about 2% of our vehicles currently on recall that's about 1.5 points higher than normal. Let me say that kind of give you a sense of that. So we've seen a rash of recalls as we've entered the summer period, and I mean, as you know, we're implying we don't have the ability to rent a car when it's on recall. So we don't do that.

所以，正如 Sandeep 所提到的，我們目前召回的車輛約有 2%，比正常水平高出約 1.5 個百分點。讓我這樣說，讓你感受到這一點。因此，隨著我們進入夏季，我們看到了一系列召回事件，我的意思是，正如你所知，我們的意思是，當汽車被召回時，我們沒有能力出租汽車。所以我們不這麼做。

But, yes, I think what I would say in terms of how we've been managing this, just to put it in perspective, our tech ops team, first of all, is the best of the best. They are very proactive to identify and mitigate any upcoming vehicle recalls before they result in a vehicle out of service. So much of the impact that we see today is where an OEM does not have a fix for the recall developed candidly, or the parts aren't available. So those are the kind of two pieces that we're working our way through. And then I'll just say not all OEMs are created equal in this respect, right?

但是，是的，我想就我們如何管理這個問題而言，從整體上看，首先，我們的技術營運團隊是最好的。他們非常積極主動地識別並緩解任何即將發生的車輛召回，以免導致車輛停止使用。我們今天看到的大部分影響是，原始設備製造商無法坦誠地解決召回問題，或無法提供零件。所以這就是我們正在努力解決的兩個問題。然後我只想說，在這方面並非所有 OEM 都是平等的，對嗎？

So mix is an important part of it. But you're right, I think the younger fleet also has less exposure to recalls in general.

因此混合是其中一個重要的部分。但您說得對，我認為總體而言，較年輕的車隊召回的可能性也較小。

Okay. Great. And obviously, great performance on depreciation per unit during the quarter. Thanks for the breakout of how much of the gains on sale contributed and how we might expect that to go forward. But be curious on the contribution from the higher prices achieved by selling more through the vertically integrated retail channel?

好的。偉大的。顯然，本季單位折舊表現優異。感謝您詳細說明銷售收益貢獻了多少，以及我們對其未來發展的預期。但您是否好奇透過垂直整合的零售通路銷售更多產品所帶來的更高價格的貢獻？

Like how much of the higher sales volume at retail, but the second best in five years was driven by a higher level of dispositions generally as maybe you were more successful in securing 2025 model year vehicles earlier because you're reducing the size of the fleet year over year versus how much was maybe driven by some initiatives on your end, perhaps structural in nature to drive a higher percent of dispositions through retail going forward?

例如，零售銷售增加，但五年來排名第二，這其中有多少是由於總體處置水平較高所致，因為您可能更早地獲得了 2025 款車型，因為您逐年減少了車隊規模，而有多少可能是由您方面的一些舉措推動的，也許是結構性的，以推動未來通過零售實現更高比例的處置？

Yes, thank you. I think it starts with our strategy, first of all, because that frames out kind of all the actions we've been taking to drive our depreciation down, and that includes the core of your question, too. So Again, we've been really focused on trying to develop a cohesive end-to-end strategy. We call it internally Buy Right, Hold Right, Sell Right, just to frame that out. And each of those three pieces have a lot of depth to them.

是的，謝謝。我認為首先要從我們的策略開始，因為這概括了我們為降低貶值所採取的所有行動，這也包括了您問題的核心。因此，我們一直致力於嘗試制定一個有凝聚力的端到端策略。我們內部稱之為“正確買入、正確持有、正確賣出”，只是為了將其表達出來。這三件作品每一件都有很深的深度。

But as we've been executing the strategy, first of all, on the buy side, you're right. I mean we were -- we recognized, of course, early that we had a lot of fleet headwinds, and the team's done an amazing job kind of turning those headwinds into a real competitive tailwind now for us. And it's part of our fleet rotation strategy, but also as we bought vehicles in 2025, we tried to align our buys with the mix that our customers book to as close as we can.

但是，當我們執行這項策略時，首先，從買方角度來說，你是對的。我的意思是，我們——當然，我們很早就意識到，我們面臨著許多船隊逆風，而團隊出色地完成了工作，將這些逆風轉化為我們真正的競爭順風。這是我們車隊輪換策略的一部分，當我們在 2025 年購買車輛時，我們試圖使我們的購買量盡可能與客戶預訂的組合保持一致。

But also, we were really rigorous and far more analytical about our approach to the buy-side economics with an eye towards when we sell the vehicles, what will that look like. And then, of course, our objective here is also to refine our hold period to optimize our depreciation and return on those assets as well.

但同時，我們對買方經濟的態度也非常嚴謹，分析性更強，著眼於當我們出售汽車時，它會是什麼樣子。當然，我們的目標也是優化我們的持有期，以優化我們的折舊和這些資產的回報。

But on the sell side of the equation, really important as well that we get more net out of what we're selling, right? And then it's really the retention value that we're trying to manage from when we buy the vehicle to when we sell it. And that's, of course, when we sell it, how much we sell it for, it's key in that. So the retail channels are the most accretive in that respect. So that's where we're leaning into.

但從賣方角度來看，從銷售中獲得更多淨利也同樣重要，對嗎？然後，我們實際上試圖管理的是從購買車輛到出售車輛的保留價值。當然，關鍵在於我們何時出售它、以多少錢出售它。因此，從這個方面來看，零售通路的增值潛力最大。這就是我們所傾向的。

And we've had partnerships, we've got our own internal car sales website, of course, that's a primary sales channel. Team's done a great job, as I mentioned, working to digitize that now. But the partnership model has also been very helpful to open up that. So we've got a number of partnerships, those are growing, by the way, and we'll continue to grow.

我們有合作夥伴關係，我們有自己的內部汽車銷售網站，當然，這是主要的銷售管道。正如我所提到的，團隊現在正在努力將其數位化，做得很好。但合作模式也對開拓這一領域非常有幫助。順便說一下，我們已經建立了許多合作夥伴關係，這些合作夥伴關係正在不斷發展，我們將繼續發展。

And then also looking to understand what is best-in-class performance in terms of net return on the vehicles. And of course, we benchmark externally and with our partners to understand where the F&I opportunities are, where the reconditioning cost opportunities are in the reduction, but ultimately trying to solve for a higher net out of the vehicles we're selling. So all that's really the end-to-end piece. And then probably also worth noting, as I mentioned in the earlier discussion, we're also -- we're mindful of, of course, seasonal demand that we need in the rental business.

然後也要了解就車輛淨回報而言，最佳表現是什麼。當然，我們也會與外部和合作夥伴進行基準測試，以了解財務和保險機會在哪裡，以及降低修復成本的機會在哪裡，但最終我們會努力解決我們銷售的車輛的更高淨利潤問題。所以這其實就是端到端的部分。然後可能還值得注意的是，正如我在先前的討論中提到的，我們也注意到租賃業務所需的季節性需求。

But we did lean in during the quarter to take advantage of a real strong marketplace in vehicle sales and then continued to work towards that to accelerate our fleet rotation to sell out older, higher depreciating cars, which is helpful, that positions us well going forward.

但我們在本季度確實充分利用了汽車銷售真正強勁的市場，並繼續努力加快車隊輪換，以銷售較舊、折舊率較高的汽車，這很有幫助，為我們未來的發展奠定了良好的基礎。

But even with that, we were able to pick up some good gains when we did that. So part of that's market as well in the market dynamics on the gains. But then it's also -- all that's underpinned by the strategy of our fleet team.

但即便如此，我們這樣做仍然能夠獲得一些不錯的收益。因此，這部分也是市場在市場動態中所獲得的利益。但這也是——所有這一切都是由我們的艦隊團隊的策略所支撐的。

John Healy, Northcoast Research.

約翰希利 (John Healy)，Northcoast Research。

Gil I wanted to ask a little bit more on the flipside of things, particularly as you discussed the relationship with Cox Automotive. I've always thought about them as more on the wholesale side of things, more so than retail. So I was just hoping you could explain kind of what you're doing with them and how those cars are getting retailed it to dealers or direct to consumer? And does this represent maybe a departure or a change in the relationship that you've had with Carvana?

吉爾，我想問一些關於事情的另一面的問題，特別是當你討論與考克斯汽車公司的關係時。我一直認為他們更專注於批發，而不是零售。所以我只是希望您能解釋一下您對它們做了什麼以及這些汽車是如何零售給經銷商或直接銷售給消費者的？這是否代表您與 Carvana 關係的離開或改變？

Yes. No, thanks. Great question. First of all, Cox is a wonderful partner. I'll start there, known them for decades. In fact, I mean, even when I was a kid, I would go buy auto traders when I was 18 years old to look for cars to buy. So I've got tremendous respect for the company. As we partnered with them, what I will say is in terms of retail sales in particular, the opportunities that we've got with them, is one I mentioned earlier, is digital transformation of the sell experience. So the traditional model of selling cars, putting them out on a retail lot coming in, back and forth on price, reach a deal and then having to paper that up, right?

是的。不，謝謝。好問題。首先，考克斯是一位出色的合作夥伴。我將從這裡開始，我已經認識他們幾十年了。事實上，我的意思是，當我還是個孩子的時候，我就會去汽車經銷商尋找可以購買的汽車。所以我非常尊敬這家公司。當我們與他們合作時，我想說的是，特別是在零售方面，我們與他們合作的機會，就是我之前提到的，是銷售體驗的數位轉型。那麼，傳統的汽車銷售模式是，把汽車放在零售店，來回討價還價，達成交易，然後必須將其記錄下來，對嗎？

If you look at that whole process, probably the most agonizing part is all the documentation at the end, you've got to fill out and go through. We've worked with Cox to really digitize all that. So that's important on a couple of levels. One, it improves the customer experience, of course. But then it also allows us then to open up a much larger market of car sales that today doesn't -- or in the future doesn't require that physical footprint at lots. So we can advertise and transact digitally then, which is really opens up the opportunities for us.

如果你看一下整個過程，可能最痛苦的部分是最後你必須填寫和審查的所有文件。我們與 Cox 合作，真正實現了這一切的數位化。所以這在多個層面上都很重要。首先，它當然改善了客戶體驗。但它也使我們能夠開拓一個更大的汽車銷售市場，而這個市場目前或將來不需要在停車場設立實體店。因此，我們可以透過數位方式進行廣告宣傳和交易，這確實為我們帶來了機會。

And there's a lot of other dimensions to that too. But that's the ultimate objective. Our rent-to-buy program also plays a role in that where you can rent cars, experience them and then we can transact, right? So all those things are geared around that.

而這其中還有很多其他面向。但這是最終目標。我們的先租後買計畫也發揮了作用，您可以租車、體驗，然後我們就可以進行交易，對嗎？所以所有這些事情都是圍繞著這一點進行的。

The other thing Cox has done for us is on our pricing strategies, right? So they've got tremendous data, of course, wholesale, as you mentioned, but also retail data because they've got Autotrader is just one example, but they've got a lot of (technical difficulty) retail space. So they've helped us leverage AI pricing. So we really know at a make, model, trim market location level, what the retail market is and kind of what the elasticity curve is in terms of price and time to sell the vehicle. So all of that then we ingest into our systems to be able to price vehicles optimally.

Cox 為我們做的另一件事是我們的定價策略，對嗎？因此，他們擁有大量的數據，當然，正如您所說，是批發數據，但也有零售數據，因為他們擁有 Autotrader 只是一個例子，但他們擁有很多（技術難度）零售空間。所以他們幫助我們利用人工智慧定價。因此，我們確實了解品牌、型號、裝飾市場位置層面的零售市場情況，以及車輛銷售價格和時間的彈性曲線。因此，我們將所有這些資訊納入我們的系統，以便能夠對車輛進行最佳定價。

So again, they're a great partner, and there's a lot we're doing with them.

所以，他們是一位很棒的合作夥伴，我們與他們合作了很多事情。

Great. And then Sandeep, I just wanted to ask one follow-up question. I think you -- when you were talking about RPD performance, you kind of -- I thought you said pricing was down kind of the industry mid to high single digits. I think we saw the pricing for Avis and kind of a bit lower than that or a bit better than that rather. So when you kind of have that view, does that suggestive of like a big change in what you're seeing out of enterprise or just any color there ?

偉大的。然後，桑迪普，我只想問一個後續問題。我認為您 - 當您談論 RPD 性能時，您有點 - 我認為您說價格下降了行業中高個位數。我認為我們看到了 Avis 的定價，它比這個價格稍微低一點或稍微好一點。所以，當你有這種觀點時，這是否意味著你所看到的企業或任何顏色發生了巨大變化？

Yes. I think when we look at year over year pricing for a specific brand, you have to look at what strategy they employed last year versus this year, right? There's generally there's that effect in play as well. So I just want to put that out there. And then the other thing just to mention is overall, our focus is on RPU, right?

是的。我認為，當我們查看特定品牌的年度定價時，您必須查看他們去年和今年採用的策略，對嗎？通常情況下也存在這種效果。所以我只是想把這一點說出來。然後要提到的另一件事是，總的來說，我們的重點是 RPU，對嗎？

And for us, it's finding the balance between ute and RPD at a local market level and the way we are operating on that this year is different than how we executed last year. And that's being represented in the RPU performance that we're driving. So again, similar to the airline industry, I'm going to say that we're going to be focused on RPU and finding that balance at the local market level. The -- so I'll leave it at that, yes.

對我們來說，我們需要在本地市場層面找到 ute 和 RPD 之間的平衡，而我們今年的營運方式與去年的執行方式不同。這體現在我們正在推動的 RPU 效能中。因此，與航空業類似，我想說的是，我們將專注於 RPU 並在當地市場層面找到平衡。是的，所以我就到此為止了。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

I wanted to follow up on maybe the updated EBITDA outlook for the full year. If you could talk a little bit about what drove the slight adjustment of going from maybe just slightly below breakeven versus slightly above before?

我想跟進一下全年最新的 EBITDA 前景。您能否稍微談談是什麼導致了這次小幅調整，從之前的略高於盈虧平衡點變為略低於盈虧平衡點？

Yes, Stephanie, this is Scott. I'll start, I'm sure Sandeep and Gil want to chime in, too. But I think what we're really talking about here, we kind of hinted at this in the prepared remarks was that in our base assumption really through the summer and into the back end of the year was based on a certain curve of sort of pricing moves. We did see a bit of a delay in that. Honestly, the Q2 pricing, as we talked about, wasn't as strong as we had hoped.

是的，史蒂芬妮，這是史考特。我先開始，我相信 Sandeep 和 Gil 也想加入。但我認為我們在這裡真正談論的是，我們在準備好的評論中暗示了這一點，即我們的基本假設實際上是整個夏季和年底都基於某種價格變動曲線。我們確實看到了一點延遲。老實說，正如我們所說，第二季度的定價並不像我們所希望的那樣強勁。

But we're starting to see cracks in that as we head into August and into the meat of middle of Q3 and into Q4. So I think what we're talking about here is that sort of delayed pricing move has caused the math to come down slightly. So I think we're just sort of revising the volume of kind of what we thought around pricing and total revenue for the back end of the year.

但隨著我們進入 8 月以及第三季中期和第四季度，我們開始看到一些問題。所以我認為我們在這裡談論的是這種延遲的定價舉措導致計算結果略有下降。所以我認為我們只是在修改我們對今年年底定價和總收入的看法。

But I think Sandeep kind of hinted to a lot of the green shoots that we're seeing that do give us a little bit of optimism. But like I mentioned, limited data set so far. So we're not ready to extrapolate that throughout the back end of the year yet.

但我認為桑迪普暗示了我們看到的許多綠芽確實給了我們一點樂觀。但正如我所提到的，到目前為止的數據集有限。所以我們還沒準備好推斷今年年底的情況。

Okay. Understood. And then it would be helpful if you could discuss to the best that you can about the overall demand environment that you've seen -- that you saw in July, maybe thus far in August. And then maybe any commentary around forward bookings indicating the health of just the overall travel market?

好的。明白了。然後，如果您能盡可能詳細地討論您所看到的整體需求環境（7 月份，也許是 8 月份至今）。那麼，關於提前預訂的任何評論是否能表明整個旅遊市場的健康狀況？

Yes. This is Sandeep here. I'll cover that. So I think -- what we generally saw and -- specifically in the US, if you look at the segments that had shown a lot of decrease in the first half of the year, and I'm referring to corporate, I'm referring to government, and I'm referring to the high RPD inbound US and inbound segments.

是的。我是 Sandeep。我會講到這一點。所以我認為——我們通常看到的——特別是在美國，如果你看一下上半年出現大幅下降的細分市場，我指的是企業，指的是政府，指的是高 RPD 入境美國和入境細分市場。

Those were on a declining trend through the first half of the year for reasons we all know. The segments hit a -- I'm going to say, plateaued out in June, and since then, we've seen an improvement in all three of those segments, right? The corporate segment was down mid-single digits. We saw a good three to four points improvement in July from a demand perspective. Government sector, again, flattered out down 25% to 30%, and been seen in -- that was in June.

由於眾所周知的原因，今年上半年這些數字呈下降趨勢。這些細分市場在 6 月達到了穩定狀態，從那時起，我們看到這三個細分市場都有所改善，對嗎？企業部門的銷售額下降了中等個位數。從需求角度來看，我們看到七月有三到四個百分點的改善。政府部門再次下滑 25% 至 30%，這在 6 月就已經出現。

And then we saw about a five-point improvement in July in that segment. And I'd say the inbound segment, which -- where we've actually seen positive demand from APAC and Latin America, but of course, reduced demand from the EMEA region in the first half of the year, we actually saw some improvement in EMEA in July as well. And net-net, inbound was actually positive by one point to two points from a demand perspective in July. And I'd say those trends when we look at the early part of August continued to improve. So I think the demand profile as such that's coming in continues to improve.

然後我們看到該部分在七月提高了約五個百分點。我想說的是，就入境部分而言，我們實際上看到了來自亞太地區和拉丁美洲的積極需求，但當然，今年上半年來自歐洲、中東和非洲地區的需求有所減少，我們實際上也看到了歐洲、中東和非洲地區 7 月份的需求有所改善。從需求角度來看，7 月入境遊客淨額實際上上漲了 1 到 2 個百分點。我想說，當我們回顧 8 月初時，這些趨勢仍在繼續改善。因此我認為未來的需求狀況將會持續改善。

Now going to the second part of your question around forward bookings, we are as I mentioned earlier on, we are booking ahead of our planned fleet capacity. That's indicative of two things, one is the improvement in demand that we see again, early days for that. I do want to say it's early days for that. We need to -- that trend to continue on, but also change in some of our RM strategies and tactics. As we keep on refining the way we foundationally do revenue management.

現在回到您問題的第二部分，關於提前預訂，正如我之前提到的，我們的預訂已經超出了我們計劃的機隊容量。這顯示了兩件事，一是我們再次看到需求的改善，但這還處於早期階段。我確實想說現在還太早。我們需要——繼續這種趨勢，但也要改變我們的一些 RM 策略和策略。我們不斷完善基礎收入管理方式。

But overall, I'd say, increasingly optimistic, but the story still has to be told, right? We need to see more progress.

但總的來說，我想說，越來越樂觀，但故事仍然要講，對吧？我們需要看到更多的進步。

I guess just to put that all together, so it sounds like demand environment, optimistic, stable, maybe even a little bit better. As you noted, pricing environment may be a little bit worse than had expected. And then how would you layer in maybe the overall used price environment and expectations around vehicle gains and DPU versus expectations to start the year?

我想把所有這些放在一起，聽起來需求環境是樂觀、穩定，甚至可能更好。正如您所說，定價環境可能比預期的要差一些。那麼，您如何看待整體二手車價格環境以及對車輛收益和 DPU 的預期與年初預期之間的關係？

I'll just mention on the pricing front, just one commentary. I think the pricing environment, the way I would characterize what we've seen so far is a delay in the improvement, right? We expected when we met in Q1 during the earnings call, we had expected pricing to improve through summer. That element has just been delayed, but then now we see progression narrowing of the gap on a year over year basis on that front. So I think it's a delay in that trajectory versus worsening. So I just want to ensure we communicate that .

我只想提一下關於定價方面的問題，只提一點評論。我認為定價環境，我所描述的我們目前所看到的情況是改善的延遲，對嗎？我們在第一季的收益電話會議上預計價格會在夏季上漲。這個因素剛剛被推遲，但現在我們看到這方面的差距正在逐年縮小。所以我認為這是軌蹟的延遲而不是惡化。所以我只是想確保我們能夠溝通。

Yes. And then just a follow-up on the other side around the fleet. I think the assumption going forward is that we generally expect stable residual values. We talked about gross DPU being somewhat similar in Q3 and Q4 as what we produced in Q2, probably won't have the same level of gains, less volume will be sold through the periods going forward as we did in Q2, slightly less. But all in all, we're expecting pretty stable residual values as we go forward.

是的。然後只是對艦隊另一側的後續行動。我認為未來的假設是我們通常預期穩定的剩餘價值。我們談到第三季和第四季的總 DPU 與第二季的產量有些相似，可能不會有相同水準的收益，未來一段時間的銷售量將比第二季略少。但總而言之，我們預期未來的殘值將相當穩定。

Federico Merendi, Bank of America.

費德里科·梅倫迪，美國銀行。

I just wanted to ask a question regarding liquidity. Could you help us to understand -- to bridge liquidity from current levels to the end of the year, given that some in the second half of the year is a little bit weaker than previously expected. And also, could you give us some more clarity or early comments for 2026, given the potentially $800 million, $900 million headwind from the debt repayment and the Wells Fargo liability.

我只是想問一個有關流動性的問題。您能否幫助我們理解－考慮到今年下半年的流動性水準比之前預期的要弱一些，如何將流動性從目前的水準過渡到年底？此外，考慮到債務償還和富國銀行負債可能帶來的 8 億至 9 億美元的逆風，您能否對 2026 年的情況給出更清晰的解釋或初步評論。

Okay. Let me start here in '25. Yes, I mean slight revision downward in the back end of the year. Well, we will be cash flow positive in the back end of the year. We expect that to be the case as the business gets better, produces better operating cash flow.

好的。讓我從 25 年開始。是的，我的意思是今年年底會略微向下修正。嗯，今年年底我們的現金流將為正值。我們預計，隨著業務的好轉，經營現金流也會改善，情況也會如此。

The sort of fleet -- the fleet in and outs in the period are different in the back half than the front half. So we expect to end the year at a pretty sizable liquidity balance. I'm going to stop short of predicting the balance just given the fact that there's a number of components here that may be in and out.

艦隊的類型－該時期後半段的艦隊進出情況與前半段不同。因此，我們預計今年底流動性餘額將相當可觀。我不會對平衡進行預測，因為這裡有許多可能進出的情況。

I think the larger point is that we're sort of beyond the levels of liquidity that sort of caused concern in the front half and even last year, I think the business is in a better spot today. So we're going to think about liquidity as sources and uses of what the business can produce, what our obligations are, how we think about the continued fleet rotation, the fleet size next year.

我認為更重要的是，我們已經超越了上半年甚至去年引起人們擔憂的流動性水平，我認為今天的業務狀況更好了。因此，我們將把流動性視為企業可以生產的來源和用途、我們的義務是什麼、我們如何看待持續的船隊輪換以及明年的船隊規模。

All these inputs will drive where we may end up at the full year. So I'm not going to predict an outcome, but you will see a higher cash balance as we run through the year in preparation for 2026. So I'll sort of pause it there for '25. And as '26, maybe refresh me on your question for '26 real quick.

所有這些投入都將決定我們全年的最終結果。因此，我不會預測結果，但在我們為 2026 年做準備的過程中，你會看到更高的現金餘額。因此，我將在 25 時暫停一下。至於‘26’，也許可以讓我快速回顧一下你關於‘26’的問題。

No, I was just.

不，我只是。

The debt maturities, was it? Debt maturities -- yes, sure, sorry about that. The debt maturities on the Wells Fargo, obviously, we talked about the delay from the Supreme Court, whether or not to hear the case. We'll figure out where that ends up. And we've sort of earmarked funds for that internally.

債務到期了嗎？債務到期——是的，當然，對此我很抱歉。富國銀行的債務到期日，顯然，我們討論了最高法院是否審理此案的拖延。我們會弄清楚事情的結局。我們已經在內部為此撥出了專款。

So we mentioned on the last call that we would end up with a little bit higher than $1 billion or right at $1 billion. We exceeded that target here, excluding the sort of Wells Fargo potential, and then as we head through next year, there's a lot of flexibility to address the 2026 maturity. It's a December 2026 maturity. We have a lot of flexibility with our own cash production and within our own capital markets activities that are possible for us. Obviously, we have an ATM that we launched in May of last year that we did not execute on in the quarter.

因此，我們在上次電話會議上提到，我們最終的金額將略高於 10 億美元，或剛好是 10 億美元。我們在這裡超出了這一目標，不包括富國銀行的潛力，然後隨著我們進入明年，我們將有很大的靈活性來解決 2026 年的到期問題。其到期日為 2026 年 12 月。我們在自己的現金生產和自己的資本市場活動方面具有很大的靈活性。顯然，我們去年 5 月推出了一台 ATM，但本季並未投入使用。

And we have that capability as a strategic opportunistic capital raise possibility. And there's other mechanisms that we have today that we probably didn't have a year ago. So we have a lot of flexibility in how we can address those things in the future.

我們擁有這種能力，作為一種策略機會主義的資本籌集可能性。我們今天擁有的其他機制可能在一年前是沒有的。因此，我們在未來如何處理這些問題方面具有很大的靈活性。

And I just wanted to ask a question on the RPD and DPU. So DPU came out, came down nicely and part of that from my understanding is the fleet mix changed? How does that fleet mix change impact on the RPD as well? Because I'm thinking that, let's say, you downsized in the kind of vehicles that you have in your fleet, I would assume that consumers -- customers wont pay the same RPD for those vehicles.

我只是想問一個關於 RPD 和 DPU 的問題。所以 DPU 出來了，下降得很好，據我理解，部分原因是機隊組合改變了？機隊組合變化對 RPD 有何影響？因為我想，假設你減少了車隊中的車輛種類，我會假設消費者——客戶不會為這些車輛支付相同的 RPD。

Yes. So I think the direction we are going on this front is essentially ensuring that customers have a certain booking behavior and ensuring that the -- from an economic perspective, the best decision for us is taking a look at this from an EBITDA perspective and saying, if we buy the right car class mixes that match up with the customer booking behavior, then that's a better outcome financially for the organization, right? And so that's the way we've aligned it.

是的。因此，我認為我們在這方面的方向本質上是確保客戶有一定的預訂行為，並確保——從經濟角度來看，對我們來說最好的決定是從 EBITDA 的角度來看待這個問題，並說，如果我們購買與客戶預訂行為相匹配的正確車型組合，那麼這對組織的財務狀況來說是更好的結果，對嗎？這就是我們調整的方式。

The one of the metrics that gets impacted in that strategy is, of course, RPD because you're absolutely right, right? The per day rate that the consumer pays for a higher class vehicle or a larger vehicle is more than that of a smaller vehicle. But net-net its financially and economically this is actually a better decision for the organization, and that's why we have aligned in that direction. So we are prioritizing EBITDA over RPD and taking that decision.

當然，該策略中受影響的指標之一是 RPD，因為您完全正確，對嗎？消費者為更高級別的車輛或更大的車輛支付的每日費用高於小型車輛。但從財務和經濟角度來看，這實際上是對組織更好的決定，這就是我們朝著這個方向努力的原因。因此，我們優先考慮 EBITDA 而不是 RPD，並做出這項決定。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

This is Isaac Sellhausen on for Ian. I was just wondering if you could provide a quick update on Dollar and Thrifty, maybe if you're seeing any type of trade down to those brands or higher growth in them. And then maybe as a bigger picture question, is the goal still to drive kind of higher rates this brands?

這是 Isaac Sellhausen 取代 Ian 演繹的作品。我只是想知道您是否可以快速更新一下 Dollar 和 Thrifty 的情況，也許您是否看到這些品牌的交易量有所下降，或者它們的成長速度有所加快。那麼也許從更大的角度來說，目標是否仍然是提高這些品牌的利率？

Yes. So I'll first say that our goal is to drive higher RPU for every brand, right? So that's the objective as an organization. So we'll always be on that journey. I think what we've actually seen, and this is based on the hard work the entire organization is doing is actually, if I look at the overall mix between last year compare and contrast to this year, our mix of our premium brand Hertz is actually the one that's growing, and that's the direction we want to keep going.

是的。所以我首先要說的是，我們的目標是提高每個品牌的 RPU，對嗎？這就是組織的目標。所以我們將永遠踏上這段旅程。我認為，我們實際上已經看到了，這是基於整個組織所做的努力，如果我對比去年和今年的整體組合，我們高端品牌赫茲的組合實際上正在增​​長，這也是我們想要繼續前進的方向。

That's the part of the business that I'm going to say is more margin accretive and it represents the premiumness of the Hertz brand, that is a strong pull for our consumers. That being said, Dollar and Thrifty has its place because there are consumers that need that good combination of value too and experience. And so we'll always have the Dollar and Thrifty brands that cater to that consumer based. But overall, as a business, we have shifted more towards that.

我要說的是，這部分業務可以增加更多的利潤，它代表了赫茲品牌的高端性，對我們的消費者俱有強大的吸引力。話雖如此，Dollar and Thrifty 仍有其存在的意義，因為消費者也需要價值和體驗的良好結合。因此，我們將始終擁有迎合該類消費者需求的 Dollar 和 Thrifty 品牌。但總體而言，作為一家企業，我們已經更多地轉向這一點。

Okay. And then as a quick follow-up, just on the 2026 year buys. Obviously, a lot going on tariffs and supply chain and delays, I guess, when would you typically be making those forward vehicle purchases? And then any thoughts on anticipated DPU for those as well. Thanks.

好的。然後作為快速的後續行動，僅針對 2026 年的購買。顯然，關稅、供應鏈和延誤等諸多因素都會影響您的購車計劃，我想，您通常會在什麼時候進行這些提前購車？然後對於預期的 DPU 有什麼想法嗎？謝謝。

Yes. No, thanks, Isaac. I'll try to respond. Yes, how I would describe it is after much delay due to the OEM supply chain disruptions, the model year '26 vehicle buys are starting to build momentum. And we remain very disciplined to ensure we achieve the economics necessary to sustain our North Star DPU target, mitigate of course, any residual value risk in a tariff type environment.

是的。不，謝謝，艾薩克。我會盡力回覆。是的，我是這樣描述的：由於 OEM 供應鏈中斷而導致長時間延遲之後，26 款車型的購買量開始增長。我們始終保持高度自律，以確保實現維持北極星 DPU 目標所需的經濟效益，當然，還要減輕關稅類型環境中的任何剩餘價值風險。

So I'd just say we're pleased to see where the unit economics and volumes are beginning to line up for the model year '26. And of course, the accelerated model year '25 buys that we did and our fleet rotation, it really gives us a lot of flexibility to manage that bridge. But yes, we're finally -- while it's been delayed a number of months, I think everything is building momentum on that side now.

因此，我只想說，我們很高興看到 26 款車型的單位經濟效益和銷售開始趨於一致。當然，我們加速了 25 年車型的購買和車隊輪換，這確實為我們管理這座橋樑提供了巨大的靈活性。但是的，我們終於——雖然已經被推遲了幾個月，但我認為現在一切都在朝著這個方向發展。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

I wanted to first ask about your views on future fleet size because we've had some fleet shrinkage here, and I know that that's more strategic than anything else. But how much more you think you need to shrink the fleet from here? And then how does that play into achieving your North Star target on DOE given you're not going to have maybe the same scale benefits with a smaller fleet? Can you still get to that low 30 DOE? And what's your timing on that?

我想先詢問您對未來機隊規模的看法，因為我們這裡的機隊規模有所縮減，而且我知道這比其他任何事情都更具戰略意義。但是您認為從現在起還需要將艦隊規模縮減多少呢？那麼，鑑於規模較小的機隊可能無法獲得同等規模的效益，這對實現 DOE 的北極星目標有何作用？您還能達到 30 DOE 的低點嗎？您對此有何安排？

Yes. No, thanks, Dan. Great question. I'll just start by saying we want to grow profitably, start there. And candidly, we have had to shrink the fleet in order to grow again because the fleet itself was the biggest headwind we had. So we had to rotate it through, get to our dep number targets North Star targets and basically create a set of assets, then it's the foundation that we can build and grow from, right? So that's been the strategy.

是的。不，謝謝，丹。好問題。我首先要說的是，我們希望實現獲利成長，就從這裡開始。坦白說，為了再次成長，我們不得不縮減船隊規模，因為船隊本身就是我們面臨的最大阻力。因此，我們必須輪換它，達到我們的存款數字目標北極星目標，並基本上創建一套資產，然後它就是我們可以建立和發展的基礎，對嗎？這就是我們的策略。

I think, as Scott and Sandeep both mentioned, I think on a relative year over year basis, we're going to keep the fleet down similar amounts to what you saw in the quarter through the end of the year. But we do have the flexibility to grow as we move forward. We also want to make sure that as Sandeep mentioned, we're growing our demand through also more diverse revenue channels. So we're less concentrated at the airport. Two areas done a great job for us.

我認為，正如斯科特和桑迪普都提到的那樣，我認為與去年同期相比，我們的機隊規模將保持在與今年年底本季類似的水平。但我們確實擁有在前進過程中不斷成長的靈活性。我們也希望確保，正如 Sandeep 所提到的，我們正在透過更多樣化的收入管道來增加我們的需求。因此我們在機場的注意力不太集中。有兩個領域為我們做出了巨大貢獻。

The off-airport and our mobility businesses really starting to grow. So we're happy about that. But there are -- what we really want to do is create multiple channels of revenue growth so that we can grow the fleet and ultimately, our profitability. And that's been the kind of underlying strategy of everything we're doing. So as we move forward, that's the way we're looking at it. Do you want to add anything to that, Scott?

機場外和我們的行動業務確實開始成長。所以我們對此感到高興。但我們真正想要做的是創造多種收入成長管道，以便我們能夠擴大船隊，並最終提高獲利能力。這就是我們所做一切事情的根本策略。因此，當我們繼續前進時，我們就是這樣看待它的。史考特，你還有什麼要補充的嗎？

No, I think that's good, Gil.

不，我認為那很好，吉爾。

Okay. Great. Second is a question on balance sheet and cash. And first, maybe you could address -- we saw you issued the ATM last quarter, but looks like you didn't actually execute any stock. So maybe just explaining the plan on equity issuance.

好的。偉大的。第二個是關於資產負債表和現金的問題。首先，也許您可以解決一下——我們看到您上個季度發行了 ATM，但看起來您實際上並沒有執行任何股票。所以也許只是解釋一下股票發行計畫。

And then maybe just like a bigger picture question. You're sitting on $0.5 billion a year of non-fleet interest. And I think the challenge is there's still maybe a bit of a ways to go before you're hitting free cash flow breakeven and can start to pay down some of that non-fleet debt. So what is the plan to deleverage the non-fleet debt? Is it just going to be the old-fashioned raise your free cash flow, pay it down? Or are there other options as far as potential equity issuance?

然後也許就像一個更大的問題。您每年擁有 5 億美元的非船隊利益。我認為挑戰在於，在實現自由現金流收支平衡並開始償還部分非車隊債務之前，可能還有一段路要走。那麼，非船隊債務去槓桿的計畫是什麼？這是否只是老式的提高自由現金流並償還債務的方法？或者就潛在的股票發行而言還有其他選擇嗎？

Yes. Dan, great question. Yes. I mean, look, there's a couple of facets to this. I think as we go forward, obviously, the first step in the transformation is getting the business to produce operating cash flow, positive free cash flow for the business.

是的。丹，好問題。是的。我的意思是，你看，這有幾個面向。我認為，隨著我們不斷前進，轉型的第一步顯然是讓企業產生經營現金流，也就是正的自由現金流。

That's the first step in the deleveraging plan, and it will be a key contributor to it. Obviously, as we think about speed and utilizing equity in the business, equity is going to play a role. We talked about the ATM that we launched was a first foray into using equity as a longer-term way to deleverage the balance sheet, and that's the plan, and we'll chip away at it. It's not going to happen overnight.

這是去槓桿計劃的第一步，並且將起到關鍵作用。顯然，當我們考慮速度和在業務中利用股權時，股權將發揮作用。我們談到，我們推出的 ATM 是首次嘗試利用股權作為長期降低資產負債表槓桿率的方式，這就是計劃，我們會逐步實現它。這不會在一夜之間發生。

But I think as the business improves, you'll start to see that sort of house of cards get built and we'll use free cash flow, we'll use equity, we'll use better ways to refinance, we use some different ways to optimize the balance sheet with the ultimate goal of reducing that non-fleet corporate debt. I mean we all are very well aware of the amount of interest we pay every quarter from that. So something that is at forefront. But it's a longer-term plan that will happen over time.

但我認為，隨著業務的改善，你會開始看到這種紙牌屋的建成，我們將使用自由現金流，我們將使用股權，我們將使用更好的方式進行再融資，我們將使用一些不同的方式來優化資產負債表，最終目標是減少非車隊公司債務。我的意思是，我們都非常清楚我們每季要支付多少利息。所以這是最重要的事情。但這是一個長期計劃，需要隨著時間的推移才能實現。

Operator, I think that's all the questions.

接線員，我想這就是所有的問題了。

This concludes the Hertz Global Holdings second quarter 2025 earnings conference call. Thank you for your participation. You may now disconnect.

赫茲全球控股 2025 年第二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。