Hertz Global Holdings Inc (HTZ) 2025 Q3 法說會逐字稿

Welcome to Hertz Global Holdings third-quarter 2025 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公司2025年第三季財報電話會議。（操作員指示）我想提醒您，今天早上的通話已被公司錄音。

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

現在我謹將電話交給我們的主持人，投資人關係副總裁約翰‧羅林森。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.

各位早安，感謝各位的參與。現在，您應該已經收到我們的獲利新聞稿和相關財務資訊。我們還提供了與電話會議配套的幻燈片，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 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. 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.

我想提醒各位，本次電話會議中某些陳述包含前瞻性資訊。前瞻性陳述並非業績保證，且其本身存在固有風險及不確定性。實際結果可能與實際情況有重大差異。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情況，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 that 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，包括可能導致我們實際結果出現差異的因素，請參閱我們的盈利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 the 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，我們將使用一些非GAAP財務指標，這些指標已在我們的盈利新聞稿和盈利演示文稿中與GAAP數據進行了核對，這些新聞稿和演示文稿可在網站上查閱。我們認為，這些非GAAP指標提供了有關我們營運的更多有用信息，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，我們今天的討論將重點放在我們的全球業務上。

On the call this morning, we have Wayne West, our Chief Executive Officer, who will discuss strategy, 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.

今天早上的電話會議上，我們的執行長韋恩·韋斯特將討論策略、營運亮點和我們的機隊。接下來，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。

I'll now, turn the call over to Gil.

現在，我將把電話交給吉爾。

Thanks, Johann. I want to start by thanking our teams for their exceptional work this summer. Their disciplined execution is moving this transformation forward, and I'm grateful for their continued commitment of delivering for our customers every day worldwide. We said it would take consistent dedicated effort to rebuild this company's foundation, no matter the macro environment by focusing on what we can control, disciplined fleet management, revenue optimization, and rigorous cost control, and that is exactly what's happening.

謝謝你，約翰。首先，我要感謝我們的團隊在這個夏天所做的出色工作。他們嚴謹的執行力正在推動這項轉型向前發展，我感謝他們每天為全球客戶提供持續服務的承諾。我們說過，無論宏觀環境如何，都需要持續不斷的努力來重建公司的基礎，重點放在我們能夠控制的事情上，例如嚴格的車隊管理、收入優化和嚴格的成本控制，而這正是我們正在做的事情。

This quarter, we achieved $2.5 billion in revenue and delivered adjusted corporate EBITDA of $190 million a $350 million year-over-year improvement and positive EPS for the first time in two years. In Q3, we completed our transformative fleet refresh hitting another major milestone and setting a new standard for ourselves and the lifecycle of our vehicles.

本季度，我們實現了 25 億美元的收入，調整後的企業 EBITDA 為 1.9 億美元，年增 3.5 億美元，並且兩年來首次實現了正的每股收益。第三季度，我們完成了變革性的車隊更新，達到了另一個重要的里程碑，並為我們自身和車輛的生命週期樹立了新的標準。

With our younger fleet, we also achieved a record high utilization rate since 2018. While we could not control that 2% of our US fleet was under recall, being able to drive record utilization in that environment shows that even when headwinds get in the way, we're able to deliver strong results.

由於我們的車隊更加年輕，自 2018 年以來，我們的車輛利用率也創下了歷史新高。雖然我們無法控制美國車隊中有 2% 的車輛被召回，但能夠在這種環境下實現創紀錄的利用率表明，即使遇到逆境，我們也能取得強勁的成績。

Managing with rigor also means keeping our customers at the center of everything we do. Our Net Promoter Score continues to rise, up nearly 50% year-over-year in North America. With measurable improvement in ease of rental and confidence in vehicle quality.

嚴格管理也意味著始終將客戶放在我們一切工作的中心。我們的淨推薦值持續上升，在北美地區年增近 50%。租賃便利性和車輛品質信心均有顯著提升。

Fundamentally, Hertz is an asset management company built on a century of buying, renting, and selling vehicles at scale. That's why we set North Star metrics to guide the improvements to our core rental business and ensure operational excellence comes first.

從根本上講，赫茲是一家資產管理公司，其發展建立在一個世紀以來大規模買賣、租賃和銷售車輛的基礎上。因此，我們制定了北極星指標來指導我們核心租賃業務的改進，並確保卓越營運放在首位。

This quarter, we maintained our sub-$350 DPU goal, overcame cost headwinds and inflation to lower DOE per day, both year-over-year and sequentially, while continuing to execute initiatives that are driving us closer to the low $30 and made solid progress towards our annual target RPU of over $1,500. These results continue last quarter's momentum and show we're doing what we said we'd do. Our progress is steady, our heads are down, but our eyes are on the horizon.

本季度，我們保持了低於 350 美元的每單位分派目標，克服了成本逆風和通貨膨脹，降低了每日能源支出，同比和環比均有所下降，同時繼續執行各項舉措，使我們更接近 30 美元左右的目標，並在實現超過 1500 美元的年度每單位收入目標方面取得了穩步進展。這些業績延續了上一季的良好勢頭，表明我們正在兌現我們所做的承諾。我們穩步前進，我們低頭埋頭，但我們的目光投向遠方。

Transforming a 100-year-old company requires executing with discipline today while building, testing, and innovating for tomorrow. That's why our North Star metrics aren't the finish line. They are the stakes we're putting in the ground to rebuild our foundation. Through this work, we're sharpening our skills, enhancing our systems, and creating a platform for growth.

改造一家百年老店需要今天嚴格執行，同時也要為未來進行建造、測試和創新。這就是為什麼我們的北極星指標並不是終點線。這些是我們為重建根基而打下的樁子。透過這項工作，我們正在磨練技能，改進系統，並創造發展平台。

While our near-term priority remains transforming our rent-a-car business with operational rigor and relentless customer focus we're simultaneously laying the groundwork for diversified value-creating platform. That platform spans four strategic areas: rent-a-car, fleet, service, and mobility.

雖然我們近期的首要任務仍然是透過嚴格的營運和不懈的客戶關注來改造我們的租車業務，但同時，我們也在為多元化的價值創造平台奠定基礎。該平台涵蓋四大戰略領域：汽車租賃、車隊、服務和旅行。

Today, these fuel our core rental business, but we see unique opportunities for each the scale and synergies between them all, unlocking new revenue streams across the entire enterprise. It's still early, but the actions we're taking are already revealing what a bright future for Hertz looks like.

如今，這些業務為我們的核心租賃業務提供了動力，但我們看到了每個業務的獨特機遇，以及它們之間的規模和協同效應，從而在整個企業中開闢了新的收入來源。現在還為時過早，但我們採取的行動已經展現出赫茲光明的未來。

Let's start with the fleet, a powerful economic lever. We've transformed our fleet from a headwind to a competitive advantage by continuing to hone our skills, sourcing vehicles optimally, deploying them effectively, and monetizing them strategically. Today, our US fleet is newer and more aligned to customer preference than it's been in years.

讓我們先從艦隊說起，這是一個強大的經濟槓桿。我們透過不斷磨練技能、優化車輛採購、有效部署和策略性地實現車輛變現，將車隊從不利因素轉變為競爭優勢。如今，我們的美國車隊比過去幾年更新，也更符合客戶的喜好。

With the ReFRESH complete, our average fleet age is now under 12 months, and we're positioned to sustain a modern fleet aligned with our DPU North Star metric. Model year 2026 buys landed with both price and volume hitting our targets, unlocking model year 2025 sales and activating our short hold strategy.

隨著 ReFRESH 的完成，我們車隊的平均車齡現在不到 12 個月，我們有能力維持一支符合我們 DPU 北極星指標的現代化車隊。2026 年式車型的採購量和價格都達到了我們的目標，從而帶動了 2025 年車型的銷售，並啟動了我們的短期持有策略。

Shorter vehicle lifecycles sustain favorable fleet economics and enable additional unit cost efficiencies in our service operations while also driving stronger residual values in the used car market reinforcing our retail car sales momentum, which brings us to the big story this quarter.

更短的車輛生命週期能夠維持良好的車隊經濟效益，並提高我們服務營運的單位成本效率，同時還能提高二手車市場的殘值，從而增強我們零售汽車銷售的勢頭，這也引出了本季度的重點。

Hertz car sales. For 50 years, Hertz car sales existed as a valuable but underleveraged business line and dormant brand. We've been working to transform it from a simple fleet rotation mechanism into a profit accretive engine, one that not only strategically monetizes our fleet but expands our relationship with our customers from rental to ownership.

赫茲汽車銷售。50年來，赫茲汽車銷售一直是一個有價值但未充分利用的業務線和一個沉默的品牌。我們一直致力於將其從簡單的車隊輪調機制轉變為利潤成長引擎，這不僅可以從策略上實現車隊的獲利，還可以將我們與客戶的關係從租賃擴展到所有權。

We have all the tools traditional dealers have plus significant built-in advantages. We own and service hundreds of thousands of cars with a consistent inventory pipeline. We're essentially a used car factory that rents to millions of loyal customers who test drive our cars every day. Those differentiators guide our strategy.

我們擁有傳統經銷商的所有工具，並且還有顯著的內建優勢。我們擁有並維護數十萬輛汽車，庫存充足。我們本質上是一家二手車工廠，為數百萬忠實客戶提供租賃服務，這些客戶每天都會試駕我們的汽車。這些差異化因素指導著我們的策略。

As such, we're meeting customers where they are and capitalizing on what makes Hertz unique. A great example is our Rent2Buy program, which offers a three-day test drive before you buy. This leverages our competitive advantage to convert renters into buyers and is now available in more than 100 cities - and it’s working. 70% of our Rent2Buy customers purchase their vehicle are exceeding traditional dealership conversion rates.

因此，我們要在客戶需要的地方滿足他們的需求，並充分利用赫茲的獨特優勢。我們的 Rent2Buy 計劃就是一個很好的例子，它提供三天試駕，之後您可以再購買。這充分利用了我們的競爭優勢，將租車者轉化為購車者，目前已覆蓋超過100個城市，且效果顯著。我們70%的Rent2Buy客戶最終購買了車輛，這一轉換率遠高於傳統經銷商。

With a few notable exceptions, car buying remains a largely antiquated and fragmented industry, and we're here to compete. Our view is simple. Customers shouldn't have to choose between digital ease and dealer confidence. Our strategy connects both worlds, meeting them however they choose to buy with a trusted global brand.

除了少數例外情況外，汽車購買仍然是一個相當陳舊且分散的行業，而我們來到這裡就是為了參與競爭。我們的觀點很簡單。顧客不應該被迫在數位化的便利性和經銷商的信譽之間做出選擇。我們的策略將兩個世界連結起來，無論他們選擇以何種方式購買，都能透過值得信賴的全球品牌滿足他們的需求。

So partnering with Cox Automotive, we're further advancing our digital retail channels. We now have a full-service e-commerce site with financing and delivery, turning a browsing tool into a transaction engine. In August, we launched Hertz car sales on Amazon autos letting customers browse and purchase our vehicles with one of the world's most trusted retail services. These digital innovations create an omnichannel experience that we believe only Hertz can offer.

因此，透過與 Cox Automotive 合作，我們將進一步推進我們的數位化零售通路。我們現在擁有一個提供融資和配送的全方位電子商務網站，將瀏覽工具轉變為交易引擎。8 月，我們在亞馬遜汽車平台上推出了 Hertz 汽車銷售服務，讓客戶可以透過世界上最值得信賴的零售服務之一瀏覽和購買我們的車輛。這些數位化創新打造了全通路體驗，我們相信只有赫茲才能提供這種體驗。

our strengthened foundation enables partnerships like Cox and Amazon, giving us flexibility and speed to move from strategy to execution. It's early, but by scaling our direct-to-consumer and e-commerce channels, we're positioned to capture $2,000 or more incremental margin benefit per vehicle versus wholesale channels. And this is all while maximizing fleet utilization by renting vehicles right up until they're sold, reducing holding and selling costs, leveraging real-time AI pricing, and capturing back-end finance and insurance revenue.

我們更強大的基礎使我們能夠與 Cox 和亞馬遜等公司建立合作夥伴關係，使我們能夠靈活快速地從策略轉向執行。雖然現在還為時過早，但透過擴大我們的直接面向消費者和電子商務管道，我們預計將比批發管道每輛車獲得 2000 美元或更多的額外利潤。同時，透過租賃車輛直至售出，最大限度地提高車隊利用率，降低持有和銷售成本，利用即時人工智慧定價，並獲得後端金融和保險收入。

This is just the start. Our goal is to scale these channels, so the vast majority of vehicles sell through e-commerce retail. We will execute this effectively, harnessing our fleet size and broad customer base. Every Hertz renter becomes a potential buyer and vice versa.

這只是個開始。我們的目標是擴大這些通路的規模，使絕大多數車輛透過電子商務零售銷售。我們將充分利用我們龐大的車隊和廣泛的客戶基礎，有效地執行這項計劃。每位赫茲租車者都可能成為潛在買家，反之亦然。

Just as Hertz car sales will create new value and scale, we see the same opportunity across other areas. This company cannot and will not rest on rent-a-car alone. The skills and capabilities we're building through our transformation are strengthening our operations while creating the foundation for diversified growth. It's a platform spanning rent-a-car, fleet, service and mobility that can expand into complementary revenue streams, from servicing customer vehicles and scaling Hertz car sales to expanding rideshare partnerships and managing AV fleets.

正如赫茲汽車銷售將創造新的價值和規模一樣，我們看到其他領域也存在著同樣的機會。這家公司不能也不會只依賴租車業務。我們透過轉型所培養的技能和能力，正在加強我們的運營，同時為多元化成長奠定基礎。這是一個涵蓋汽車租賃、車隊、服務和出行領域的平台，可以擴展到互補的收入來源，從為客戶車輛提供服務和擴大赫茲汽車銷售，到擴大共享出行合作夥伴關係和管理自動駕駛汽車車隊。

With each area -- each area sits at a different maturity stage but together, they reinforce one vision, turn Hertz into a value-creating mobility platform that meets customers wherever they are. And wherever mobility goes next, from today's rental and ownership models to tomorrow's connected and autonomous vehicle ecosystems, we'll share our momentum as these capabilities mature and demonstrate the tangible results behind our strategy.

每個領域－每個領域都處於不同的成熟階段，但它們共同強化了一個願景，把赫茲變成一個創造價值的出行平台，無論顧客身在何處都能滿足他們的需求。無論未來的出行方式如何發展，從今天的租賃和擁有模式到未來的互聯和自動駕駛汽車生態系統，隨著這些能力的成熟，我們將分享我們的發展勢頭，並展示我們戰略背後的切實成果。

Near term, our focus remains disciplined fleet management, revenue optimization, and rigorous cost control and ensuring each area of our business powers the next and can grow. We're proud of this transformation's progress, but we are most excited about what is to come. What excites us most is how much more the Hertz platform can become.

近期，我們的重點仍然是嚴格的車隊管理、收入優化和成本控制，並確保我們業務的每個領域都能為下一個領域提供動力並實現成長。我們為這項轉型所取得的進展感到自豪，但我們更興奮的是未來即將發生的一切。最讓我們興奮的是赫茲平台未來還能發展到什麼程度。

With that, I'll turn it over to Sandeep to walk through the strategic actions we're taking and the progress we're making on our rental business.

接下來，我將把發言權交給桑迪普，讓他來介紹我們正在採取的策略行動以及我們在租賃業務方面取得的進展。

Thanks, Gil. And good morning, everyone. As we continue to improve fleet economics and agility, we are leveraging that momentum to action our commercial strategy. By maximizing asset productivity and strengthening pricing through enhanced customer experience diversified durable demand and advanced revenue management actions, we have positioned ourselves to deliver both near-term gains and long-term value.

謝謝你，吉爾。大家早安。隨著我們不斷提高機隊經濟性和靈活性，我們正在利用這一勢頭來實施我們的商業策略。透過最大限度地提高資產生產力，並透過增強客戶體驗、多元化持久需求和先進的收入管理措施來加強定價，我們已經做好準備，既能實現短期收益，又能創造長期價值。

This quarter, we delivered sequential year-over-year improvement in revenue, RPU, and RPD while achieving record utilization. While we actively manage our RPD, we prioritize RPU because it captures both rate and utilization. This helps our team balance rate and days giving us a truer measure of the revenue generated by each vehicle in a given month. This is especially relevant for lower rate, longer keep rentals like those in our ride share and off-airport segments, where costs are lower and rentals are longer.

本季度，我們在收入、每用戶收入和每日收入方面均實現了同比環比增長，同時實現了創紀錄的利用率。雖然我們積極管理 RPD，但我們優先考慮 RPU，因為它同時反映了費率和使用率。這有助於我們的團隊平衡費率和天數，從而更準確地衡量每輛車在特定月份產生的收入。對於價格較低、租期較長的租賃，例如我們的共乘和機場外租賃業務，這一點尤其重要，因為這些業務的成本較低，租期也較長。

RPU came in at $1,530, nearly flat year-over-year and sequentially improved through the quarter on a year-over-year basis. Internally, we also track RPU across our total fleet, which includes all vehicles irrespective of operating status, whether in service, out of service, or in our car sales inventory. RPU on total fleet, better measures our economic progress, and that metric improved 2% year-over-year.

RPU 為 1,530 美元，與去年同期基本持平，本季較去年同期成長。在內部，我們還會追蹤整個車隊的 RPU（每單位行駛里程），包括所有車輛，無論其營運狀態如何，無論是在役、停用還是在我們的汽車銷售庫存中。RPU（每單位收益）佔總機隊的比例，更能衡量我們的經濟進展，該指標同比增長了 2%。

Breaking RPU into its components, let's dive into utilization first. As Gil mentioned, we delivered record utilization since 2018 of 84% this quarter. Days were nearly flat, thanks to our strategic ability to offset the impact of recalls despite our decision to operate a 7% smaller fleet overall.

將 RPU 分解成各個組成部分，我們首先深入了解利用率。正如吉爾所提到的，本季我們的利用率達到了 84%，創下了 2018 年以來的最高紀錄。由於我們採取了策略措施來抵消召回的影響，儘管我們決定將車隊規模整體縮小 7%，但業績基本上持平。

This utilization rate which excludes vehicles being held for sale, improved by 260 basis points year-over-year. Utilization across our total fleet, a term which I just defined a moment ago, showed a more substantial improvement of 460 basis points. This improvement was driven by better process management of our car sales inventory.

不包括待售車輛的車輛利用率，比去年同期提高了 260 個基點。我們整個機隊的使用率（我剛才已經定義了這個術語）出現了更顯著的改善，提高了 460 個基點。這項改進得益於我們對汽車銷售庫存流程管理的改進。

This utilization performance didn't happen by chance. It's the product of sharper coordination between fleet planning, technical operations, and revenue management, aligning capacity to demand in real time, reducing out of service units, and accelerating vehicle redeployment.

這種利用率表現並非偶然。這是車隊規劃、技術營運和收益管理之間更緊密協調的產物，能夠即時調整運力以適應需求，減少停運車輛，並加快車輛重新部署。

Turning to pricing, which as we discussed last quarter, remains our largest unlock to fuel RPU growth. Our sights are set on delivering a positive RPD for a comparable asset class. Global RPD was down approximately 4% year-over-year. RPD was negatively impacted 2% year-over-year by changes to the fleet mix. Within the quarter, July RPD was down over 3% for a comparable fleet mix and improved by September to down 2%.

談到定價，正如我們上個季度討論的那樣，定價仍然是我們推動每個用戶收入成長的最大突破口。我們的目標是實現與同類資產相比的正 RPD。全球RPD較去年同期下降約4%。受車隊結構變化的影響，RPD年減了2%。本季度內，7 月 RPD 在可比較車隊組合的情況下下降了 3% 以上，到 9 月有所改善，下降了 2%。

Encouragingly, October RPD performed even better. The results in late Q3 and October incorporates some of the short-term wins that has come from a critical review of our commercial strategies and tactics. Many of these haven't been innovated for years, and we've been acting upon them with urgency, including driving a better customer experience, which leads to better pricing power; generating greater durable demand from higher-margin channels and segments, including continued diversification beyond airport, improving our pricing tactics and strategies, elevating our revenue management tools and processes, monetizing our higher RPU assets more effectively, and integrating world-class commercial talent into our team.

令人鼓舞的是，10 月的 RPD 表現甚至更好。第三季末和 10 月份的業績包含了我們透過對商業策略和策略進行嚴格審查而取得的一些短期成果。其中許多方面多年來都沒有創新，我們一直在緊急採取行動，包括提升客戶體驗，從而獲得更好的定價能力；從高利潤管道和細分市場創造更持久的需求，包括繼續向機場以外的地區多元化發展，改進我們的定價策略和方法，提升我們的收益管理工具和流程，更有效地將我們高 RPU 資產貨幣化，以及將世界一流的商業人才融入我們的團隊。

The improvement in Q3 was powered by an updated booking curve strategy, enhanced revenue management tools, stronger value-added service monetization, and local level fleet mix optimization. As I mentioned earlier, October RPD performed better than September.

第三季業績的提升得益於更新的預訂曲線策略、增強的收益管理工具、更強大的增值服務貨幣化以及本地層面的車隊組合優化。正如我之前提到的，10月的RPD表現優於9月。

Looking ahead at the rest of the fourth quarter, there is some softness in the remaining months, driven by seasonal leisure troughs combined with the impact of the government shutdown. Over the next few quarters, we expect our efforts to gain further traction, fueling our ultimate objective of achieving absolute price increases across comparable asset classes.

展望第四季剩餘時間，由於季節性休閒淡季以及政府停擺的影響，剩餘月份市場將出現一些疲軟跡象。在接下來的幾個季度裡，我們預計我們的努力將取得進一步進展，從而推動我們實現可比較資產類別絕對價格上漲的最終目標。

For an insight into what's to come, let's detail the initiatives a bit starting with delivering better customer experience, a pathway to greater repeat business and brand advocacy. Our focus is on delivering greater consistency, convenience, and care across our customers rental journey, knowing that when we invest in our customers, they invest in us.

為了深入了解未來發展方向，讓我們詳細介紹各項舉措，首先是提供更好的客戶體驗，為提高回頭客數量和品牌擁護度鋪路。我們致力於在客戶的租賃過程中提供更一致、更便利、更貼心的服務，因為我們深知，當我們投資於客戶時，客戶也會投資我們。

Great customer experiences start with great employee experiences. This quarter, we focused on reconnecting our employees around the world through new communication channels and giving them the right tools to succeed. We rolled out a new customer experience training empowering our customer-facing teams with new approaches to get it right and make it right each time.

良好的客戶體驗源自於良好的員工體驗。本季度，我們專注於透過新的溝通管道重新聯繫世界各地的員工，並為他們提供成功的合適工具。我們推出了一項新的客戶體驗培訓，使我們面向客戶的團隊能夠採用新的方法，確保每次都能把事情做好。

We also leveraged technology to deliver a smoother customer experience, including making it easier to modify reservations and purchase upgrades digitally, enabling self-service rental extensions, and building on customer trust through improved post rental communications. The AI-powered chat and call support launched earlier this year now services 72% of US inbound chats, delivering faster resolutions and improved satisfaction, while also delivering cost efficiency. As Gil said, these improvements translated into a nearly 50% increase in our North American Net Promoter Score versus last year, a clear signal that customers are noticing the difference.

我們也利用科技提供更流暢的客戶體驗，包括讓客戶更容易以數位化方式修改預訂和購買升級服務，實現自助租賃延期，並透過改善租賃後的溝通來增強客戶信任。今年稍早推出的 AI 驅動的聊天和電話支援服務目前已處理了 72% 的美國來電聊天，在提供更快解決方案和更高滿意度的同時，也提高了成本效益。正如吉爾所說，這些改進使我們在北美的淨推薦值比去年提高了近 50%，這清楚地表明客戶已經注意到了這種變化。

To help build further momentum, we welcomed a seasoned leader yesterday as our new Chief Customer Experience Officer. This last quarter we made progress on growing and diversifying durable demand, a strategy important in growing RPD as it enables us to curate our portfolio by weaning off lower-yielding demand.

為了進一步鞏固發展勢頭，我們昨天迎來了一位經驗豐富的領導者擔任新的首席客戶體驗官。上個季度，我們在增加和多元化耐用消費需求方面取得了進展，這項策略對於提高 RPD 至關重要，因為它使我們能夠透過逐步減少低收益需求來優化我們的投資組合。

In the US, app bookings increased by 800 basis points year-over-year, making the app our fastest-growing channel. We simplified the membership sign-up and added exclusive benefits driving US Hertz loyalty member enrollments up over 90% year-over-year.

在美國，應用程式預訂量年增了 800 個基點，使該應用程式成為我們成長最快的管道。我們簡化了會員註冊流程，並增加了專屬福利，使得美國 Hertz 忠誠會員的註冊人數年增超過 90%。

Previously, we said we would further diversify revenue streams through our off-airport and rideshare business lines. These combined business lines showed year-over-year sequential revenue improvement, a dynamic, which is RPD dilutive, yet RPU and EBITDA accretive. This diversification approach expands scale, drives utilization, especially during truck and shoulder seasons, and feeds the flywheel across all four of our verticals.

先前我們曾表示，我們將透過機場外業務和叫車業務進一步實現收入來源多元化。這些合併後的業務線實現了同比環比營收成長，雖然這種動態會稀釋 RPD，但會提高 RPU 和 EBITDA。這種多元化經營方式擴大了規模，提高了利用率，尤其是在淡季和過渡季節，並促進了我們所有四個垂直領域的飛輪效應。

We are also re-examining every aspect of revenue management. The advancements we are making go well beyond the multiyear transformation of our pricing systems and present a significant opportunity. We are improving the demand funnel with the goal of delivering a healthier upward sloping pricing curve for our various segments. Part of October's pricing improvements can be attributed to this work, and we believe will unlock greater value as we progress.

我們也重新審視收入管理的各個面向。我們所取得的進步遠遠超出了對定價系統進行多年改革的範圍，並帶來了巨大的機會。我們正在改進需求漏斗，目標是為我們的各個細分市場提供更健康的向上傾斜的價格曲線。10 月價格的改善部分歸功於這項工作，我們相信隨著工作的推進，這將釋放更大的價值。

We also strengthened our revenue management leadership team with a world-class pricing and revenue management systems leader. His experience will help us deliver smarter pricing strategies that maximize value for both our customers and our business.

我們還聘請了一位世界一流的定價和收益管理系統領導者，加強了我們的收益管理領導團隊。他的經驗將幫助我們制定更明智的定價策略，從而最大限度地為我們的客戶和公司創造價值。

Alongside these commercial upgrades, we are transforming how local teams operate, ensuring we are adapting our strategy to each market's unique demand and opportunity. New dashboards and analytical tools now give field leaders visibility into pricing, utilization, and customer satisfaction drivers in real time, equipping them to identify opportunities and act faster. This shift represents more than a process change. It's a cultural one. We are empowering our teams to think like owners and build lasting trust with every customer.

除了這些商業升級之外，我們還在改變本地團隊的運作方式，確保我們能夠根據每個市場的獨特需求和機會調整我們的策略。全新的儀錶板和分析工具讓現場管理人員能夠即時了解定價、利用率和客戶滿意度驅動因素，從而幫助他們發現機會並更快採取行動。這種轉變不僅僅意味著流程的改變。這是文化差異。我們正在賦予團隊權力，讓他們像主人翁一樣思考，並與每位客戶建立持久的信任。

So stepping back, the playbook is working, and the results prove it. Better customer experience is increasing loyalty, driving more durable demand. Our revenue management transformation is off the starting blocks led by world-class talent; revenue metrics improved through the quarter, including a pathway to better RPD.

所以從整體來看，這套策略是有效的，結果也證明了這一點。更好的客戶體驗正在提高客戶忠誠度，從而推動更持久的需求。在世界一流人才的帶領下，我們的收入管理轉型已經啟動；本季收入指標有所改善，包括為提高 RPD 鋪平了道路。

With that, I'll hand it over to Scott to walk through our financial performance and liquidity.

接下來，我將把發言權交給史考特，讓他來介紹我們的財務表現和流動性狀況。

Thanks, Sandeep. Good morning, everyone, and thank you for joining us. I want to congratulate the team on a great quarter. We achieved our first positive EPS in over two years, improved RPD and RPU, record utilization, and a major leap in NPS scores. That's great stuff, and we are all proud of the progress, but we're only getting started. Heck, we've barely begun.

謝謝你，桑迪普。各位早安，感謝各位的參與。我要祝賀團隊度過了一個精彩的季度。我們實現了兩年多來的第一個正EPS，提高了RPD和RPU，創紀錄的利用率，以及NPS評分的大幅提升。這很棒，我們都為取得的進展感到自豪，但這只是個開始。哎，我們才剛開始。

Our focus doesn't stop with being just the best rental car company. Our vision expands beyond that. If our goal was to just be the same old rental car company in the same old industry that has largely been the same for a couple of generations, the value of our business would be limited.

我們的目標不止於成為最好的租車公司。我們的視野遠不止於此。如果我們的目標只是成為一家和過去幾代人幾乎沒有變化的、老舊的租車公司，那麼我們業務的價值將是有限的。

Now, that is not to say that the rental car business isn't important. It is very important, critical in fact. And we'll strive to be the best in the world, but we view it as a stepping stone to bigger ideas. We're building a diverse platform of value-enhancing capabilities that can make Hertz considerably more valuable than today.

當然，這並不是說租車業不重要。這非常重要，實際上至關重要。我們將努力成為世界一流，但我們將其視為實現更大目標的墊腳石。我們正在建立一個多元化的價值提昇平台，這將使赫茲的價值比現在大幅提升。

It's hard to look past the near-term quarter-to-quarter year-over-year metrics the industry typically focuses on, we just don't view them as the ultimate predictors of real long-term value creation. It will be our job to figure out how to eventually tell the story in a way that highlights that value. Over time, we'll publicly release the components of our platform as they become ready, like we have with our digital car sales platform.

雖然很難忽略產業通常關注的短期季度年比指標，但我們並不認為這些指標是真正長期價值創造的最終預測指標。我們的任務是想辦法最終以一種能夠突顯這種價值的方式來講述這個故事。隨著時間的推移，我們將像發布數位汽車銷售平台一樣，在平台的各個組件準備就緒後，向公眾發布這些組件。

We had to start with our rental car fleet in order to turn the rent-a-car business upright. There was no avenue to pursue the extended vision until that was progressing. We've been refining our vision over the last year or so and are still doing that today. We have said all along this wasn't a quick fix, and we couldn't yet articulate our expanded visions. So we are starting to now.

我們必須從我們的租車車隊入手，才能讓租車業務走上正軌。在那個階段取得進展之前，沒有途徑去實現更宏大的願景。在過去一年左右的時間裡，我們一直在完善我們的願景，而且今天仍在繼續這樣做。我們一直都說這不是一個快速的解決方案，而且我們還無法清楚地闡述我們更宏大的願景。所以我們現在開始這麼做了。

Now, changing course, let me give you some details on the numbers for the quarter, our view on Q4, and a framework for 2026. Revenue was $2.5 billion, and adjusted corporate EBITDA was $190 million, an 8% margin within guidance and up roughly $350 million year-over-year. We also posted net income of $184 million and positive EPS for the first time in two years.

現在，讓我們換個話題，讓我詳細介紹一下本季的數據、我們對第四季的看法以及2026年的規劃架構。營收為 25 億美元，調整後的企業 EBITDA 為 1.9 億美元，利潤率為 8%，符合預期，年增約 3.5 億美元。我們也公佈了1.84億美元的淨利潤，並且兩年來首次實現了正的每股收益。

Our International segment saw increasingly strong margins with larger RPD and RPU gains as the international market is seeing a strong pricing environment. Globally, RPU was $1,530 and nearly flat year-over-year, but improving sequentially through the quarter.

由於國際市場定價環境強勁，我們的國際業務部門利潤率不斷攀升，RPD 和 RPU 增幅更大。全球範圍內，每用戶收入為 1,530 美元，與去年同期基本持平，但本季環比有所改善。

Transaction days were almost flat versus Q3 of 2024 despite a 7% smaller fleet. With utilization reaching the highest number in more than five years at above 84%, even with more than 2% of the US fleet impacted by OEM recalls. That's the operating model working, tighter fleet, sharper deployment, better productivity.

儘管機隊規模縮小了 7%，但交易天數與 2024 年第三季相比幾乎沒有變化。即使超過 2% 的美國車隊受到 OEM 召回的影響，車輛利用率仍達到五年多來的最高水平，超過 84%。這就是有效的營運模式：更精簡的車隊、更精準的部署、更高的生產效率。

Our buy right, hold right, sell right strategy continues to anchor fleet unit economics. DPU was $273 per month, in line with expectations, supported by healthy residuals and disciplined channel management. As planned, gains on sale moderated with lower volumes with overall fleet returns remaining balanced.

我們正確的買入、持有、賣出策略持續為機隊單位經濟效益奠定基礎。DPU 為每月 273 美元，符合預期，這得益於健康的續約收入和嚴格的通路管理。正如計劃的那樣，銷售收益有所放緩，銷量下降，整體車隊收益保持平衡。

On cost, discipline is sticking. Direct operating expenses declined 1% year-over-year and DOE per day improved both sequentially and annually despite inflation and smaller scale.

在成本控制方面，紀律性很強。儘管通貨膨脹和規模縮小，但直接營運費用較去年同期下降了 1%，每日直接營運費用較上季和年比均有所改善。

SG&A remained tightly managed as technology and process leverage flowed through. This is the kind of durable cost posture we set out to build.

隨著技術和流程優勢的逐步實現，銷售、一般及行政費用仍受到嚴格控制。這正是我們努力建構的持久成本優勢。

We ended the quarter with $2.2 billion of total liquidity, including about $1.1 billion of unrestricted cash and the balance in revolver capacity and generated approximately $250 million in positive adjusted free cash flow. We had a $154 million benefit in the quarter from cash received from the previously disclosed litigation settlement distribution. Our ABS programs remain healthy with ABS vehicle fair values comfortably above net book values and market access is solid.

本季末，我們的總流動資金為 22 億美元，其中包括約 11 億美元的非限制性現金和循環信貸額度餘額，並產生了約 2.5 億美元的正向調整自由現金流。本季我們從先前揭露的訴訟和解分配中獲得了 1.54 億美元的現金收益。我們的ABS計畫依然健康，ABS車輛的公允價值遠高於帳面淨值，市場准入穩固。

In September, we completed a $425 million senior unsecured exchangeable notes issuance. We used capped calls to increase the effective strike price of the notes to $13.94. At least $300 million of that will be used to partially redeem our $500 million bond obligation that matures in December of 2026. The remaining balance is our only corporate maturity in 2026.

9 月份，我們完成了 4.25 億美元的優先無擔保可交換票據發行。我們利用上限選擇權將票據的有效行使價格提高到 13.94 美元。其中至少 3 億美元將用於部分贖回我們在 2026 年 12 月到期的 5 億美元債券。剩餘餘額是我們2026年唯一到期的公司債務。

Looking to Q4, we expect transaction days to be close to flat year-over-year, even with our expected fleet to be down just under 5%. The total fleet utilization will face an elevated number of fleet recalls but should remain solid.

展望第四季度，我們預計交易天數將與去年同期基本持平，即使我們預期車隊規模將下降近 5%。車隊總利用率將面臨較高的車隊召回數量，但應該會保持穩定。

We also expect lower DOE per day by roughly 5%. This outsized number is primarily due to a large true-up expense we took in 2024 related to our insurance claims reserve that shouldn't reoccur this quarter. Excluding that, DOE per day would still be down about 1% to 2%.

我們也預計每日能源消耗量將減少約 5%。這個異常大的數字主要是由於我們在 2024 年提列了一筆與保險索賠準備金相關的巨額調整費用，而這筆費用在本季度不應該再次發生。排除此因素，每日能源支出仍將下降約 1% 至 2%。

We are, however, seeing a large number of vehicles being sold at auctions in the quarter, which is having an effect on residuals in the period. We believe this to be isolated to the quarter, but it will likely have an effect on used car pricing for Q4. Given that, we expect net DPU to rise slightly quarter-over-quarter to $280 to $285 per month.

然而，我們看到本季有大量車輛在拍賣會上售出，這對該時期的殘值產生了影響。我們認為這種情況僅限於本季度，但可能會對第四季度的二手車價格產生影響。有鑑於此，我們預計每單位淨收入將環比小幅增長至每月 280 至 285 美元。

For revenue, while you heard from Sandeep around the positive pricing trends in October, the softness in the remaining months of the quarter seem to potentially be government shutdown related and are likely transitory. We do expect the peaks of the quarter to perform well. The softness will likely sit in the trough, which Q4 has a large trough to peak spread given Thanksgiving, Christmas, and some New Year's impact.

就收入而言，雖然您從 Sandeep 那裡了解到 10 月份價格走勢積極，但本季剩餘月份的疲軟似乎可能與政府停擺有關，而且很可能是暫時的。我們預計本季高峰時段表現良好。這種疲軟態勢可能會持續到低谷期，而第四季的低谷到高峰之間的差距很大，因為感恩節、聖誕節和新年假期都會產生影響。

Also, in October, we experienced three different external system outages at three of our larger infrastructure vendors. Two of the events were isolated to us, but the other one affected multiple companies. We are certainly not happy about the ineffectiveness of the redundancies at our vendors. These outages will likely cost us about $10 million to $20 million of revenue in the fourth quarter. While isolated to this quarter, we are taking further steps to reduce the likelihood of these types of events in the future.

此外，10 月份，我們三家大型基礎設施供應商的外部系統也出現了三次故障。其中兩起事件僅影響我們公司，但另一起事件影響多家公司。我們當然對供應商裁員措施的低效率感到不滿。這些故障可能會導致我們在第四季度損失約 1,000 萬至 2,000 萬美元的收入。雖然此類事件僅限於本季度，但我們正在採取進一步措施，以降低未來發生此類事件的可能性。

As a result of all the Q4 moving pieces, we have updated our Q4 guidance to a slightly negative margin range of negative low to mid-single digits EBITDA margin. So let's talk 2026. While there has been some recent dust in the year for Q4, we are cautiously optimistic for a stable setup for next year.

由於第四季度各種因素的變化，我們將第四季度的業績預期更新為略微負利潤率，即 EBITDA 利潤率為負個位數低至中位數。那麼，我們就來聊聊2026年吧。儘管今年第四季出現了一些波折，但我們對明年的穩定狀況持謹慎樂觀態度。

Our fleet is in a good position for continued rotation and growth of Hertz car sales with model year 2026 vehicle purchases progressing nicely as we now have more than 80% of purchase volume already procured with line of sight to a good bit more. We still expect to have run rate net DPU well below $300 per month.

我們的車隊處於良好的狀態，能夠持續促進赫茲汽車銷售的輪換和成長。 2026 年車型的採購進展順利，目前我們已經採購了超過 80% 的採購量，並且有望採購更多。我們仍然預計每月每單位淨收入將遠低於 300 美元。

For capacity, we are looking to start growing the fleet again in 2026 but doing it the right way. With the three usages for vehicles being one, our on-airport rental business; two, our HLE or off airport locations; and three, our rental car adjacent mobility business. Each has different levels of maturity and different growth opportunities.

就運力而言，我們計劃在 2026 年再次擴大機隊規模，但將以正確的方式進行。車輛的三種用途分別是：一、我們的機場租賃業務；二、我們的 HLE 或機場外地點；三、我們的租車相關旅遊業務。它們各自有不同的成熟度和不同的發展機會。

For 2026, we expect to grow the mature airport business at GDP-like levels in the low single-digit range. Our HLE or off-airport business is less developed and has more white space for us to grow. So that business will likely grow in the mid- to high single-digit range. And lastly, our emerging mobility business has a large amount of runway and will likely grow in the 10% to 20% range next year.

預計到 2026 年，成熟機場業務將以接近 GDP 的低個位數成長率成長。我們的HLE（機場外）業務發展程度較低，還有很大的成長空間。因此，該業務的成長速度可能會達到個位數中高段位。最後，我們新興的旅遊業務還有很大的發展空間，明年可能會成長 10% 到 20%。

All this together should put us in the mid-single-digit growth range in transaction days and a somewhat smaller number in growth of the fleet with the ability to increase or decrease with minimal lead time based on market dynamics, given our fleet flexibility. This is likely the same framework we would see again in 2027 as well.

所有這些加起來應該能讓我們的交易天數達到個位數中段的成長，車隊規模的成長幅度也會略小一些，而且由於我們車隊的彈性，我們能夠根據市場動態，在最短的提前時間內增加或減少車隊規模。這很可能也是我們在 2027 年會再次看到的框架。

We expect that our continued revenue management initiatives as well as continued cost performance along with DPU and capacity assumptions in 2026 will drive a significant margin improvement year-over-year. We are targeting a 3% to 6% EBITDA margin for next year and putting us on our way to our target of $1 billion of EBITDA production in 2027.

我們預計，隨著 2026 年每單位分派 (DPU) 和產能假設的實現，我們持續的收入管理舉措以及持續的成本控制將推動利潤率逐年大幅提高。我們明年的目標是實現 3% 至 6% 的 EBITDA 利潤率，這將使我們朝著 2027 年 EBITDA 產值達到 10 億美元的目標邁進。

In closing, I am encouraged by the progress we've made in strengthening our rental car business. However, my true optimism lies on the possibilities unlocked by the diverse platform we're building. Car rental is an important piece of our business, but the horizon is expanding well beyond it. It is exciting to think about what Hertz could look like in the years ahead.

最後，我對我們在加強租車業務方面取得的進展感到鼓舞。然而，我真正的樂觀在於我們正在建構的多元化平台所帶來的各種可能性。汽車租賃是我們業務的重要組成部分，但我們的業務範圍遠不止於此。想到赫茲在未來幾年可能會發展成什麼樣子，真是令人興奮。

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

接下來，我將把發言權交還給吉爾，請他作總結發言。

Thank you, Scott. This is another quarter where we delivered on our commitments, proof that our strategy is working. That said, we know there is more work to do. We're holding ourselves accountable for the improvements we need to make by driving rigor across each of our North Star metrics and other key financials every day, every month, every quarter.

謝謝你，斯科特。這又是一個我們兌現承諾的季度，證明我們的策略是有效的。儘管如此，我們也知道還有更多的工作要做。我們每天、每月、每季都會嚴格把控每一項北極星指標和其他關鍵財務指標，以此來督促自己做出需要改進的地方。

We'll always strive to be the best rental car company we can be for our customers. But as you heard, this work is more than that. It's about building on our foundation to create a truly diversified, value-creating platform that gives our customers more and positions Hertz to thrive across the full spectrum of mobility.

我們將始終努力成為客戶心目中最好的租車公司。但正如你所聽到的，這項工作遠不止於此。關鍵在於鞏固我們的基礎，打造一個真正多元化、創造價值的平台，為我們的客戶提供更多服務，並使赫茲能夠在出行領域的各個方面蓬勃發展。

Understanding our customers and evolving to meet their needs is in our DNA. It's driven our success for the past 100 years, and it's how Hertz will become more than a rental car company for the next 100. Our philosophy is simple. The best way for Hertz to be part of the future is to be in the service of it.

了解客戶需求並不斷發展以滿足客戶需求已融入我們的基因。在過去的100年裡，正是這種精神推動了我們的成功；在未來的100年裡，也正是這種精神將使赫茲超越租車公司的角色。我們的理念很簡單。赫茲融入未來的最佳方式就是服務未來。

The work we're doing to transform this company is deepening our skills and capabilities across all aspects of our business and giving us a foundation few others have. So while the future of mobility continues to evolve, and AVs aren't yet ready for mass deployment, we're building the infrastructure and talent today for when they are, whether it's how our people buy or ride in cars, or how the cars themselves change, we’ll play a key role.

我們正在進行的轉型工作，旨在提升公司在各個業務領域的技能和能力，並為我們奠定其他公司鮮有的基礎。因此，儘管未來出行方式仍在不斷發展，自動駕駛汽車尚未準備好大規模部署，但我們正在為之建造基礎設施和培養人才，以應對未來的需求。無論是人們如何購買或乘坐汽車，還是汽車本身如何改變，我們都將發揮關鍵作用。

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

那麼，接下來就進入提問環節。操作員，交還給您了。

(Operator Instructions) Chris Woronka, Deutsche Bank.

（操作員指示）Chris Woronka，德意志銀行。

Thanks for all the details so far. Gil, you've talked -- and this is back in the prepared comments, you talked about kind of becoming this -- I think you said value-creating mobility platform. Can you maybe unpack a little bit for us what that kind of means in practice and what the platform includes? And maybe how, I guess, in your mind, creates value beyond the traditional and core rental business?

感謝您目前提供的所有詳細資訊。吉爾，你之前說過——這是在你準備好的評論中——你談到要成為這樣一個——我想你說的是創造價值的出行平台。您能否為我們詳細解釋一下這在實踐中意味著什麼，以及該平台包含哪些內容？我想，或許在你看來，除了傳統的租賃核心業務之外，還能創造怎樣的價值呢？

Yeah. Sure, Chris. Thanks for the question. I guess I would start just by saying, historically, we've subordinated everything to our rental car business, and we see additional growth and value creation well beyond that.

是的。當然可以，克里斯。謝謝你的提問。我想先說明一點，從歷史上看，我們一直把一切都置於租車業務之下，但我們看到，除了租車業務之外，還有更多的成長和價值創造空間。

So as I -- maybe I unpack some of that, I'll start with the rental car piece first and just reemphasize, like this is our core business, it’s job one for us to rebuild that core rental car business. We're making progress. I hope you're seeing that in the numbers, but we got a lot of work to do. So we're not going to be distracted from that is the key message. And we're going to remain focused. But we're far more than a rental car company.

所以，當我——也許我會解釋其中的一些內容時，我會先從租車業務開始，並再次強調，這是我們的核心業務，重建核心租車業務是我們的首要任務。我們正在取得進展。我希望你們能從數據中看出這一點，但我們還有很多工作要做。所以，我們不會被其他事情分心，這才是關鍵訊息。我們將繼續保持專注。但我們遠不止是一家租車公司。

So the other piece of that I touched on there, the car sales, service, and mobility. Maybe just pulling that back a little bit. The car sales -- first of all, the strategy we deployed the end-to-end buy right, hold right, sell right strategy, that really sets us up well for this, especially with the fleet rotation kind of being in the rearview mirror. And of course, we got an iconic trusted brand.

所以，我剛才提到的另一部分是汽車銷售、服務和旅行。或許可以稍微往後退一點。汽車銷售——首先，我們採取了端到端的買入、持有、出售策略，這確實讓我們在這方面做得很好，尤其是在車隊輪換已經成為過去的情況下。當然，我們也獲得了一個標誌性的、值得信賴的品牌。

So the way we look at it is we're trading large volume of cars annually, especially as we shorten the hold period, that volume will increase even further. So we got -- we've also got a pipeline of discounted supply of vehicles. So as I said it earlier, we kind of have a used car factory is the way I visualize it. So we're producing well maintained, low mileage and I'd just add one owner of cars with a natural footprint that puts us in the top five used car dealerships in the country.

所以我們是這樣看待這個問題的：我們每年交易的汽車數量龐大，尤其是隨著我們縮短持有期，這個數字還會進一步增加。所以我們也有——我們還有一批折扣車輛供應管道。正如我之前所說，我把它想像成一個二手車工廠。因此，我們生產的車輛保養良好，里程數低，而且每輛車都只有一位車主，自然使用痕跡少，這使我們躋身全國前五名的二手車經銷商之列。

So we have scale, and we’ve got ongoing supply. We also take trades on vehicles. We can buy used cars in the market, and have in the past. So just like other dealers, which generally is their only source of supply. So we’ve got people, as we talked about, test driving our cars daily and a very large installed customer base.

所以我們擁有規模，而且供應穩定。我們也接受車輛置換。我們可以在市場上購買二手車，過去也曾這樣做過。所以和其他經銷商一樣，這通常是他們唯一的供貨來源。正如我們剛才所說，我們每天都有人試駕我們的汽車，並且擁有非常龐大的客戶群。

So we, in short, have real strategic advantages to other large dealers in the market that we just haven't been exploiting. So unlocking the e-commerce side of this gives us capacity, along with our existing physical footprint and infrastructure to create a scale retail sales model.

簡而言之，我們相對於市場上的其他大型經銷商擁有真正的戰略優勢，但我們還沒有充分利用這些優勢。因此，解鎖電子商務方面的能力，加上我們現有的實體店面和基礎設施，使我們能夠創建規模化的零售銷售模式。

So that's how we see the car sales side service, it's more early innings in service candidly. But we've got a deep and I'd just say much improved core operating competency and infrastructure to service vehicles. And as you know, we've been cleaning and fueling and maintaining cars for over 100 years.

所以，這就是我們對汽車銷售方面服務的看法，坦白說，服務方面還處於起步階段。但是，我們在車輛服務方面擁有深厚的、而且我認為已經大大改進的核心營運能力和基礎設施。如您所知，我們從事汽車清潔、加油和保養工作已有 100 多年歷史。

So we’ve got the opportunity to monetize this core competency beyond servicing our own vehicles and go direct to really a B2B and a B2C customers, and we're starting to action that. Again, the way we look at it, we got a global footprint of car washes, gas stations, EV charging stations, and repair or oil change shops. So a lot of potential with that footprint.

因此，我們有機會將這項核心競爭力變現，不再局限於為我們自己的車輛提供服務，而是直接面向真正的 B2B 和 B2C 客戶，我們正在開始採取行動。再說一遍，從我們的角度來看，我們已經在全球範圍內建立了洗車場、加油站、電動車充電站和維修或換油店。所以這塊地蘊藏著巨大的潛力。

And then finally, last, but not least, the mobility part of our business, we're part of the future of mobility. We got great partnerships in rideshare now. We've been piloting some very innovative new models with Uber that we're beginning to start to scale as we go into '26.

最後，也是最重要的一點，關於我們業務中的出行領域，我們是未來出行的一部分。我們現在在叫車領域建立了非常好的合作關係。我們一直在與 Uber 合作試行一些非常創新的新模式，隨著我們進入 2026 年，我們將開始擴大規模。

And of course, I think we're a natural player in the AV space as it continues to evolve. You heard that, I think, on our last earnings call, the rationale behind that. And we've got just an incredible team in the mobility business. So I'm really bullish on mobility as well. But look, everything comes down to execution, and we're staying focused and we're pushing hard to execute.

當然，我認為隨著影音領域的不斷發展，我們自然而然地成為了該領域的參與者。我想，在上次的財報電話會議上，你們都聽到了我們解釋背後的原因。我們在出行領域擁有一支非常優秀的團隊。所以我也非常看好出遊領域。但是，一切最終都取決於執行力，我們會保持專注，並努力執行到位。

Okay. I appreciate all the details there. Very, very helpful. As a follow-up, I think we understand the gist of the strategy that's now well underway, which is right-sized fleet newer cars, very high utilization. I think one of the things that maybe comes with that slightly smaller vehicle size, smaller purchase price, maybe less maintenance, et cetera.

好的。我很欣賞你提供的所有細節。非常非常有用。作為後續，我認為我們已經了解目前正在順利實施的戰略要點，即合理配置車隊規模，使用較新的車輛，並實現非常高的利用率。我認為，較小的車輛尺寸可能帶來的好處之一是較低的購買價格，可能還有較低的維護成本等等。

But the question is, are the economics on that -- on those, I'm going to call it, smaller vehicle footprint? Or are the economics so much better because you would appear to be giving up a little bit of RPD pricing on an absolute basis. I'm curious as to whether that's just the customer mix or the utilization, maybe it's rideshare or new accounts, whether it's corporate or lease or maybe you can just kind of give us a little tour of like how customer mix and things like that and maintenance and operating expenses are, I guess, accretive from smaller vehicles.

但問題是，這種——我稱之為——佔地面積較小的車輛的經濟效益如何？或者說，經濟效益之所以如此之好，是因為你似乎在絕對基礎上放棄了一些 RPD 定價。我很好奇這僅僅是客戶組成還是利用率的問題，也許是共享出行或新帳戶的問題，是企業客戶還是租賃客戶的問題，或者您能否給我們簡單介紹一下客戶構成等等，以及維護和運營費用，我想，小型車輛會增加這些費用。

Yeah. No, it's -- well said. I think a couple of things. First, I would say on the mix side, I mean there are some RPD headwinds, as you noted. But the way we look at mix is that it's dynamic. So ultimately, we're trying to optimize and align our car class mix around customer demand, what are the customers booking, they're willingness to pay for that class. And then the car class unit economics and doing that at a market level. really.

是的。不，這——說得好。我覺得有兩件事。首先，就混合方面而言，正如你所指出的，RPD 存在一些不利因素。但我們認為混音是動態的。所以最終，我們試圖根據客戶需求優化和調整我們的車型組合，以了解客戶預訂的車型以及他們願意為該車型支付的費用。然後是汽車級別的單位經濟效益，以及在市場層面進行分析。真的。

So when we think about our model year '26 buys in particular, I'll back up our model year '25 buys to some degree, what was available in the market, coupled with our strategy to rotate and refresh the fleet, right? All that led to a fleet mix that was certainly a big tailwind for us on the macroeconomics of fleet, which is the biggest economic lever we have. But as we think about model year '26s and the availability that we're seeing, that gives us the ability to further improve in this area and get it more dialed in at a market level.

所以，當我們考慮 2026 年的車型採購時，我會在某種程度上支持我們 2025 年的車型採購，當時市場上有什麼車型可供選擇，再加上我們輪換和更新車隊的策略，對吧？所有這些都促成了船隊組合的形成，這無疑對我們船隊的宏觀經濟產生了巨大的推動作用，而船隊是我們擁有的最大經濟槓桿。但當我們考慮 2026 年車型以及我們所看到的供應情況時，這使我們能夠進一步改進這一領域，並在市場層面上使其更加完善。

So -- and then I think just to touch on model year '26s while I'm talking about it, the buys, as I mentioned, have really come in at the price and volume targets we were seeking, which keeps our DPU well below the North Star target we've been managing to. But it also unlocks our ability to sell off our model year '25 fleet, as I mentioned, and roll into our shorter hold strategy.

所以——然後我想順便提一下 2026 年款車型，正如我所提到的，這些車型的銷量和價格確實達到了我們預期的目標，這使得我們的每單位分派 (DPU) 遠低於我們一直努力達到的北極星目標。但正如我之前提到的，這也讓我們能夠出售 2025 年款的車隊，並過渡到我們更短的持有期策略。

And that helps us for the unit economics you mentioned, Chris, whether it's maintenance expenses or even our ability to sell easier into the retail side. But the reality is we're really working hard to change our paradigm in the sense of beginning with the end in mind. So when we're buying cars, we're selling them. We're really selling them in mind. So we've got the selling side in mind and trying to develop real car dealership mindset.

克里斯，正如你所提到的，這有助於提高單位經濟效益，無論是維護費用，還是讓我們更容易在零售端銷售產品。但現實是，我們正在努力改變我們的思維模式，也就是從最終目標出發去思考問題。所以，當我們買車的時候，其實就是在賣車。我們真正注重的是它們的心理價值。所以我們著眼於銷售方面，並努力培養真正的汽車經銷商思維。

Chris Stathoulopoulos, Susquehanna International Group.

克里斯·斯塔索洛普洛斯，薩斯奎哈納國際集團。

On the outlook, for the sub-300 DPU for next year. I want to understand the moving pieces here. So it sounds like this vehicle recall is perhaps going to spill into early part of next year. The 26 vehicle purchases seem to be largely in place. And so what other work needs to be done, I guess, with respect to mix and mileage to confidently secure that sub-300 number?

展望未來，明年每單位分紅將低於 300 分。我想了解這裡面的各個環節。看來這次車輛召回可能會持續到明年年初。26輛汽車的採購似乎已基本完成。那麼，為了確保低於 300 的成績，在混合比例和里程方面還需要做哪些工作呢？

Yeah. I'll start, Scott, feel free to jump in. But I think the broader strategy that we've talked about, the end-to-end fleet strategy, buy right, hold right, sell right that works in any environment for us, right? I mean you think about where we were years, two years ago as we were really -- I mean, we had fierce headwinds on the fleet itself. And we -- through the fleet rotation, we've turned those around into tailwinds.

是的。我先來，史考特，你隨時可以加入。但我認為我們討論過的更廣泛的策略，即端到端的車隊策略，即買入、持有、出售都得當，這在任何環境下都對我們有效，對吧？我的意思是，想想幾年前、兩年前我們所處的境地，當時我們真的——我的意思是，我們的艦隊本身就面臨著巨大的逆風。而我們——透過艦隊輪換，將這些不利因素轉化為順風。

Now, with the model year '26s and the buys, again, the price and volume that we've seen, that helps us continue that model. In fact, it gets us to the short hold now with the volumes that really perpetuate our ability to hit our North Star DPU targets.

現在，隨著 2026 年車型的推出和銷量的增長，我們看到了價格和銷量，這有助於我們繼續保持這種模式。事實上，目前的成交量讓我們能夠實現短期持有目標，這真正有助於我們達成北極星DPU目標。

Yeah. No, that's right, Gil. I think -- Chris, good to see you. I think, look, what we're looking at today is a very similar platform in '26 we saw in '25. We expect generally stable residuals. We have good pricing on '26. So everything we're seeing and also the sort of channel management of how we dispose of vehicles will influence DPU.

是的。沒錯，吉爾。我想——克里斯，很高興見到你。我認為，你看，我們今天看到的平台與 2025 年看到的平台非常相似，2026 年的平台也是如此。我們預期殘差整體上保持穩定。26款的價格很優惠。因此，我們所看到的一切，以及我們如何處置車輛的通路管理方式，都會影響每單位股利 (DPU)。

And one other point is that while this also even excludes the fact that our F&I revenue doesn't even hit DPU. It hits revenues. So we think we still have a good bit of benefit coming from the Hertz car sales that will benefit DPU, but ultimately impact revenue as well. So we're pretty bullish on the channels and how it affects DPU, but also total EBITDA.

還有一點是，這甚至還不包括我們的 F&I 收入甚至沒有計入每單位分派 (DPU) 的事實。這會影響收入。因此，我們認為 Hertz 汽車銷售仍然會帶來相當大的收益，這將有利於每單位分派 (DPU)，但最終也會影響收入。因此，我們對通路及其對每單位分派 (DPU) 和總 EBITDA 的影響都非常看好。

Okay. Great. And then, Scott, so I appreciate the color on the composition of the fleet for next year. So as I understand it on the airport side, GDP like, off-airport mid- to high single-digits, mobility into '20, it sounds like you feel where you have the tactics in place to sustainably hit this sub-300. There are several efforts out there with respect to pricing utilization, customer satisfaction that Sandeep outlined that I'm guessing should result in lower DOE. So let's call that low single-digit growth.

好的。偉大的。然後，史考特，我很欣賞你對明年艦隊組成的色彩規劃。據我了解，就機場方面而言，GDP 成長幅度與機場外中高個位數成長相當，到 2020 年，出行量成長幅度也與此類似，聽起來您認為您已經制定了策略，可以永續地實現低於 300 的成長。Sandeep 概述了一些關於定價利用率和客戶滿意度的努力，我猜這些努力應該會降低能源消耗。所以，我們姑且稱之為個位數低成長率吧。

So is that all of these here, this fleet outlook, the sub-DPU. Is it fair to think of those as, I guess, the algo going forward when we think about Hertz, and I guess, is pivoting towards this more of a sort of car sales, digital channel sort of focused platform?

所以，這裡所有的這些，包括艦隊展望、子 DPU 等，都是這樣嗎？我們是否可以將這些視為赫茲未來發展的演算法，我認為，赫茲正在轉向更專注於汽車銷售和數位管道的平台？

Yeah, I'll start. I'm sure Sandeep and Gil want to chime in, too. I think it's a good initial view of the base platform, which is something we've tried to articulate in the call. The base royal car business, yes, DPU driven, DOE per day, RPD, RPU, those sort of historical metrics.

好的，我先來。我相信桑迪普和吉爾也想表達意見。我認為這是對基礎平台的一個很好的初步了解，這也是我們在電話會議中試圖闡明的。是的，皇家汽車業務的基礎指標，以每單位收入 (DPU)、每日能源消耗 (DOE)、每日收入 (RPD)、每單位收入 (RPU) 等歷史指標為依據。

Now, I think over time, you'll see that get influenced by things that Gil referenced in the first question around some of the services and some of the things that are outside the traditional rental car and even some of the mobility things that we don’t do today that we might do tomorrow. So obviously, our ability to sort of tell that story with additional metrics, additional color commentary, might change over time.

現在，我認為隨著時間的推移，你會看到它受到吉爾在第一個問題中提到的一些服務以及一些傳統租車之外的事情的影響，甚至是一些我們今天不做但明天可能會做的出行方式。所以很顯然，隨著時間的推移，我們用更多指標、更多細節評論來講述這個故事的能力可能會改變。

But I do think, yeah, the base rental car business in the near term will be influenced by those things you mentioned. And we tried to outline that a little bit in our script that, obviously, we hope to see organic and industry-supported RPD, RPU growth. We're going to drive some scale and efficiencies to get DOE per day benefits. We think the fleet setup is good for DPU. So all of those are foundational. But over time, I think you'll see a few more tangents start to hit.

但我確實認為，是的，短期內基礎租車業務會受到你提到的那些因素的影響。我們在腳本中也稍微概述了這一點，顯然，我們希望看到 RPD 和 RPU 的有機成長和產業支持的成長。我們將透過擴大規模和提高效率，獲得能源部規定的每日效益。我們認為這種艦隊配置對DPU（分散式生產單元）來說是有利的。所以這些都是基礎性的。但隨著時間的推移，我認為你會看到更多相關的切入點出現。

Ian Zaffino, Oppenheimer & Company.

伊恩·扎菲諾，奧本海默公司。

I was just wondering if you could maybe just give us a little bit of color on just a quarter in general as far as what have you seen from international inbounds or corporate and also maybe any markets that have been particularly strong or particularly weak? I know you referenced the government shutdown. Was that specifically DC area? Or anything else going on there?

我想請您簡單介紹一下本季的整體情況，例如您觀察到的國際入境旅遊或企業旅遊情況，以及哪些市場表現特別強勁或特別疲軟？我知道你提到了政府停擺事件。是指華盛頓特區地區嗎？或者那裡還有其他什麼事發生嗎？

And Ian, this is Sandeep here. Just for clarification, you're asking about Q4. I was --

伊恩，這位是桑迪普。為了確認一下，您問的是第四季的情況。我當時--

Actually Q3 and Q4, if you can. So what you have seen and kind of look. Yes, look at Q4 going forward.

實際上，如果可以的話，請提供Q3和Q4的相關資訊。所以你看到的和大概的樣子。是的，讓我們展望一下第四季。

Awesome. Great. So yeah, so overall starting, I think, high level, there was substantial improvement from a demand profile in Q3 over when compared to Q2 on a year-over-year basis, right?

驚人的。偉大的。所以，總的來說，我認為，從宏觀層面來看，第三季的需求狀況與第二季相比，年比有了顯著改善，對吧？

When you look at overall airport demand, airport demand was largely, I'd say, slightly negative from February all the way through June this year. And then July onwards, it's been positive. So there's been an uptick both on the leisure side of the business in Q3 as well as on the corporate side of the business.

從整體來看，今年2月到6月，機場需求整體上略為負成長。從7月開始，情況就一直不錯。因此，第三季休閒業務和企業業務都出現了成長。

And on -- let me first touch about the corporate side of the business. There's been a couple of points of improvement when we talk about Q3 over Q4. And I'd say even more of an improvement sequentially within the quarter when you look at August and September, but it was still in negative territory when we talk about corporate. Now, that's turned positive in October as we moved into Q4. So positive trends on the corporate side.

接下來——首先讓我談談公司的企業面。與第四季相比，第三季有一些改進之處。而且，如果你看 8 月和 9 月，我認為季度內的環比改善幅度更大，但就公司整體而言，它仍然處於負成長區間。現在，隨著我們進入第四季度，這種情況在10月份已經轉為積極。企業方面呈現正向趨勢。

Inbound had basically -- it was down double digits when you look at Q2, June -- May and June, right? We know some of the impact that had happened earlier on in the year. And a lot of that reduction was from EMEA as well as Australia and New Zealand. What we've seen since then is basically a couple of points of improvement again in inbound demand through summer, and improvement going into October as well. But inbound is still down, I'd say, low single digits as such on a year-over-year basis.

入境業務基本上——如果你看一下第二季、6 月——5 月和 6 月份，它的降幅是兩位數，對吧？我們知道今年早些時候發生的一些影響。其中很大一部分減產來自歐洲、中東和非洲地區以及澳洲和紐西蘭。從那以後，我們看到夏季入境需求基本上又有所改善，並且到 10 月也持續改善。但入境旅客人數仍下降，我認為同比降幅只有個位數。

And then finally, we come to the government side of the business. So that was down substantially in Q2, improved a bit in Q3. Since the start of November, given everything around the federal government, we've seen that part of the business come down significantly in November. But again, we believe that in due course, that will be resolved. But right now, we see impact of that in November.

最後，我們來談談政府方面的工作。所以第二季大幅下降，第三季略有改善。自 11 月初以來，鑑於聯邦政府的各種事務，我們看到這部分業務在 11 月大幅下降。但我們仍然相信，這個問題最終會得到解決。但就目前來看，我們在11月已經看到了這種影響。

Overall, when I pull up and I ask the question, okay, what does that mean for us? I think Q3 was substantially better from a demand profile perspective relative to Q2 and that was represented in the pricing environment that we'd seen at that point in time. As we stepped into Q4 and looked at October, further improvement on the demand profile and I would say a pretty solid pricing environment as well. So that's the way things have shaped out so far.

總而言之，當我停下來問自己，好吧，這對我們來說意味著什麼？我認為從需求狀況來看，第三季比第二季好得多，這也反映在我們當時的定價環境中。進入第四季度，展望十月份，需求狀況進一步改善，而且我認為價格環境也相當穩健。這就是目前事情的發展。

Okay. And then just maybe as a follow-up. Can you talk about the strategy of as you go more off-prem. Is that insurance replacement? Is that other? How do we think about maybe the competitive dynamics there? And what you kind of expect as far as metrics, whether vis-a-vis what they would look like on-prem versus off-prem.

好的。然後或許可以作為後續報道。能否談談你們逐步轉向非本地服務的策略？這是保險賠償嗎？是另一個嗎？我們該如何看待那裡的競爭動態？至於指標方面，你有什麼期望，無論是與本地部署和異地部署的指標相比，它們看起來會是什麼樣子。

I'll jump in and then Sandeep, you can add a lot more color. At least the way we look at it, look, it's a really big market. It's more less cyclic than the airports. We're into the space. We have the footprint, and the opportunities are both B2C and B2B opportunities there, including retail.

我先加入，然後桑迪普，你可以添加更多色彩。至少在我們看來，這是一個非常大的市場。它的周期性波動比機場小。我們進入太空領域了。我們擁有市場佈局，並且在那裡既有 B2C 機會，也有 B2B 機會，包括零售業。

Yeah. I'm like it's -- to be transparent, that was a less mature part of our business in terms of how we handled that part of the business. I'd say from a demand generation perspective as well as from how we kind of operated that part of the business. And we've been working on improving our ability to generate demand there. There's been improvement on the replacement side of the business.

是的。坦白說，就我們處理這部分業務的方式而言，這是我們業務中一個不太成熟的部分。我會從需求創造的角度來看，以及從我們經營這部分業務的方式來看。我們一直在努力提高在那裡創造需求的能力。業務的替換方面有所改善。

But also, in general, greater demand coming from direct retail customers as well as from our partnership business. So I'd say overall, there's a commercial engine that's working on growing greater durable demand for Hertz as a brand overall. And that powers both airport as well as off-airport business.

但整體而言，來自直接零售客戶以及我們合作夥伴業務的需求也更大。所以總的來說，我認為目前有一個商業引擎正在努力提升赫茲品牌的整體耐用性需求。這為機場內外的業務都提供了動力。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Great. Thank you so much. I wanted to touch on the early -- kind of early view on 2026, particularly the margin commentary. Very helpful to have the range that you provided. But given you guys have made tremendous steps forward in your own execution, it does remain a pretty volatile underlying market in general.

偉大的。太感謝了。我想談談對 2026 年的早期看法，特別是邊緣評論。您提供的測量範圍非常有幫助。但是，儘管你們在執行方面取得了巨大的進步，但總體而言，基礎市場仍然相當不穩定。

Maybe talk about what we would need to see to either hit the high end of that margin range or on the other side, if it ended up coming at the lower end of the range? And how do you kind of balance between actions that are more within your control and then again, the uncertainty of an underlying environment.

或許我們可以討論一下，如果利潤率最終達到該範圍的上限，或者如果最終只能達到該範圍的下限，我們需要看到什麼？那麼，你如何在自己能夠控制的行動和不確定的環境之間取得平衡呢？

Stephanie, this is Scott. I'll start. Yeah, I think there's a few things there. One, obviously, this is just a first indication of how we're kind of viewing '26. So I think some of the details are still to be played out. through our internal budget process and plus through as the fourth quarter starts to materialize, giving us a better foundational view for '26.

史蒂芬妮，這位是史考特。我先來。是的，我覺得這裡面有些問題。首先，很顯然，這只是我們對「26」的看法的初步跡象。所以我認為一些細節仍有待敲定，這需要通過我們的內部預算流程，並且隨著第四季度逐漸成形，才能讓我們對2026年有一個更清晰的基礎認識。

But look, I think there's a few things that we impact a little bit in some of my comments, but the plan is to generate a little bit of scale in the right way, as I mentioned, less so on airport, more so off-airport and mobility. We think those businesses have a lot of room to grow.

但是，我認為我的一些評論會對某些方面產生一定影響，但正如我提到的，我們的計劃是以正確的方式擴大規模，較少關注機場，而更多關注機場外和交通出行。我們認為這些企業還有很大的發展空間。

So I think as Sandeep talked about some of the maturity, we have from a revenue management perspective, and that scale will generate a little bit of DOE benefit with continued process efficiency. Like I think those alone, I think, are sort of the foundational components.

所以我認為，正如 Sandeep 所說，從收入管理的角度來看，我們已經取得了一些成熟度，這種規模將透過持續的流程效率帶來一些能源部收益。我認為，光是這些就足以構成基礎組成部分。

I think we're cautiously optimistic too, about the benefit of sort of DPU and the distribution channel, specifically Hertz car sales which could drive further DPU benefit and/or revenue benefit. So I think as we sort of think about the boundaries of that, I think the upside. Obviously, there's additional sort of industry movement on sort of pricing that gives potential upside.

我認為我們也對每單位分派 (DPU) 和分銷管道（特別是 Hertz 汽車銷售）的好處持謹慎樂觀態度，這可能會進一步推動每單位分派 (DPU) 和/或收入的成長。所以我覺得，當我們思考這方面的界線時，我認為正面的一面是…顯然，行業定價方面還有其他一些趨勢，這可能帶來潛在的上漲空間。

But putting some of that to the side, internally, we think it's our ability to ramp up the sort of percentage of flow-through of car sales through our Hertz car sales. Today, we're sort of 20%, 25% of cars through that side. Our ability to get to north of 75%, 80%-plus will be a big driver of value -- so -- and our internal views, that's probably the component that really drives us to the top end or beyond.

但撇開這些不談，就我們內部而言，我們認為關鍵在於我們能否提高透過赫茲汽車銷售實現的汽車銷售轉換率。今天，大約有 20% 到 25% 的車輛從那邊經過。我們能否達到 75% 甚至 80% 以上的水平，將是價值的重要驅動力——因此——以及我們內部的觀點，這可能是真正推動我們達到頂峰甚至更高的因素。

Great. That's very helpful. And then I just wanted to follow up to your point on the incremental growth for next year, could you maybe talk about how much net fleet CapEx you would expect to meet those plans?

偉大的。那很有幫助。然後，我想就您提到的明年增量成長問題做個後續說明，您能否談談您預計需要多少淨船隊資本支出才能實現這些計劃？

And then secondly, as you're thinking about this overall let fleet itself, maybe talk a little bit about how the 2026 purchases are shaping up? And how we should think about in terms of the fleet mix for 2026 versus 2025.

其次，在考慮整個租賃車隊本身時，能否稍微談談 2026 年的採購計畫進度如何？以及我們應該如何考慮 2026 年與 2025 年相比的機隊組成。

Okay, Stephanie. I'll start. I'm sure Gil will want to chime in, too. But yeah, there will be a CapEx to the growth probably in the, I'll call it, the $100 million, $150 million range. The specific number will sort of depend on a number of factors, including vehicle type, program versus risk, a number of other things, but probably in that range.

好的，史蒂芬妮。我先來。我相信吉爾也會想發表意見。是的，成長需要資本支出，大概在 1 億美元到 1.5 億美元之間。具體數字將取決於多種因素，包括車輛類型、專案與風險、以及其他一些因素，但可能就在這個範圍內。

And yeah, I think you'll probably see us -- and Gil mentioned this, too, the fleet plan and our fleet mix in any given year is dependent on a large number of factors. But I think we'll probably -- we have an opportunity next year to probably look at a shift into some slightly larger vehicles, which we think can play out in a number of geographies for us.

是的，我想你們可能會看到我們——吉爾也提到過這一點，任何一年的機隊計劃和機隊組成都取決於許多因素。但我認為我們明年可能有機會考慮轉向一些稍微大一點的車型，我們認為這可以在許多地區為我們帶來商機。

But I don't think you're going to see a dramatic shift in our fleet plan, but we have an opportunity to grab some vehicles that we think will be fruitful for us overall. But I think I mentioned, I think, in my script that we're probably 80% of the way, maybe even north of 80% of the way and line of sight to some good opportunistic buys in 26. So we feel good about where it sits today.

但我認為你們不會看到我們的車隊計劃發生巨大變化，但我們有機會購買一些我們認為對我們整體發展有益的車輛。但我認為我在劇本中提到過，我們可能已經完成了 80% 的路程，甚至可能超過了 80%，並且已經看到了 26 號股票的一些不錯的買入機會。所以我們對它目前的狀況感到滿意。

So I don't know, Gil, you want to add.

所以，吉爾，我不知道，你想補充什麼。

No. I mean, that's a good summary. Thanks. All I would say is the volume of model year '26 have been there. And we've locked up kind of our primary needs, but we also see spot buy opportunities. As we come out throughout the year, we've already done several of those post our original round. So we've got -- we're in -- and price as well as hit our targets. So we are in a position to be far more selective than last year.

不。我的意思是，這是一個很好的總結。謝謝。我只想說，2026 年車型的數量一直都在那裡。我們已經基本滿足了主要需求，但我們也看到了現貨採購的機會。隨著我們全年的進行，在我們最初的幾輪比賽之後，我們已經完成了其中幾輪。所以我們已經——我們已經進入——並且價格也達到了我們的目標。因此，我們今年的篩選能力比去年強得多。

And I think Scott said, we'll end up with probably a larger, you call it, richer mix of vehicles than we currently have, but that's all aligned with what we're trying to achieve at a local market level. And I would also say that is, again, we're thinking about when we're buying cars, selling them. I have that dealership mindset. I would say some of the trim that normally we would default for just for cost purposes for lower-cost vehicles.

我認為史考特說過，我們最終可能會擁有比目前更豐富、更多樣化的車輛組合，但這都與我們在本地市場層面努力實現的目標一致。我還要再說一遍，那就是，我們在買車和賣車的時候都會考慮到這一點。我就是那種汽車經銷商的思考模式。我想說的是，對於低價車型，出於成本考慮，我們通常會預設不配備某些裝飾件。

We're thinking about the sales side of that and can we get paid for different trim packages, especially at a location level, all-wheel-drive, four-wheel drive, probably being the most notable example, but there's a lot of trim packages that we're thinking more about on the sales side and what the residual value impacts are than just for a call. So I'll just say we keep refining that model.

我們正在考慮銷售方面的問題，以及我們能否根據不同的配置包獲得報酬，尤其是在地區層面，例如全輪驅動和四輪驅動，這可能是最顯著的例子，但還有很多配置包，我們更多地是從銷售的角度考慮，以及它們對殘值的影響，而不僅僅是通過電話溝通。所以我就說，我們會不斷完善這個模型。

And probably one other last thought. There are definitely more program cars available than, I think we've seen over the last few years. So that gives us some additional flexibility with mix, especially seasonally when it's a little harder to hit the peaks with large SUVs and luxury vehicles. We've got more flexibility than we've had in the past through program cars to manage that.

最後還有一點想法。與過去幾年相比，現在可供選擇的改裝車肯定更多了。這樣一來，我們在產品組合方面就有了更大的靈活性，尤其是在季節性高峰期，大型 SUV 和豪華車很難搶佔市場。透過專案車輛來管理，我們現在比過去擁有更大的靈活性。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

I wanted to ask about the plans to grow the fleet next year. And specifically in light of the comments in your deck that some of the underlying RPD pressure is still being driven by market pricing pressure. So question is, do you think that fleet levels are rightsized in the industry? Or is there excess fleet? And how do you think the market will absorb your plans to grow fleet? How can you ensure that you will have positive RPD when expanding your fleet next year?

我想詢問明年擴大船隊的計畫。尤其考慮到你在簡報中提到，部分潛在的 RPD 壓力仍然是由市場價格壓力所驅動的。所以問題是，您認為目前業界的車隊規模是否合理？或者說，是否存在過剩的船隊？您認為市場將如何消化您擴大船隊的計畫？如何確保明年擴充車隊時能夠獲得正向的RPD（每千次展示利潤）？

Yeah. Let me start. I know Sandeep’s got thoughts and probably Scott as well. It's a good question, right? So I think Scott laid it out, our view well in that you've got to look at this at a segment level because all segments are not created equal, right?

是的。我先開始。我知道桑迪普有自己的想法，史考特可能也有。這是個好問題，對吧？所以我覺得 Scott 把我們的觀點闡述得很好，那就是你必須從細分市場的角度來看這個問題，因為並非所有細分市場都是一樣的，對吧？

And I think, again, airport, off airport and mobility. Off-airport and mobility will grow at faster rates than GDP because we've got the ability from a demand generation to generate that and continue the momentum we're already seeing in those businesses.

而且我認為，機場、機場外和交通出遊都是關鍵因素。機場外出和交通出行領域的成長速度將超過 GDP 的成長速度，因為我們有能力透過創造需求來推動成長，並延續我們已經在這些產業看到的勢頭。

The airport piece of the equation, I think where most of the root of your question comes from, right, is -- I mean, we view it more in terms of we can grow more or less at GDP. We're not -- I'll just say we're not after gaining market share here, but there is a natural growth. Now, that we've done our fleet rotation and have our unit economics more in line with where they should be, that gives us the right to grow again in all three segments. But we're going to be very disciplined in our approach here.

我認為，機場這部分因素，也就是你問題的根源所在，是──我的意思是，我們比較從GDP成長的角度來看這個問題。我們並非——我只能說我們並非為了獲取市場份額，而是為了實現自然成長。現在，我們已經完成了車隊輪換，單位經濟效益也更符合預期，這使我們有權在所有三個細分市場再次實現成長。但我們會採取非常嚴謹的態度。

Yeah. And the only thing I'll add here is basically, even at the airports, I think if I look at the overall pricing environment from the start of the year until where we're sitting here right now, I think that pricing environment in -- especially in Q3 and then as we look so far what we've seen in Q4 is much improved, right? And I'm talking about just the overall industry backward-looking, it's much improved.

是的。我唯一要補充的是，基本上，即使在機場，我認為如果我回顧今年年初到現在的整體定價環境，我認為定價環境——尤其是在第三季度，以及我們目前看到的第四季度——已經有了很大的改善，對吧？我指的是整個產業，回顧過去，情況已經大有改善。

And then the slate of commercial initiatives that we had outlined, there's momentum there, and you've seen the impact of that in -- at the tail end of Q3. And so I expect that to take a further foothold in the coming quarters and have an impact in 2026.

然後，我們概述的一系列商業舉措也取得了進展，你們已經看到了這些舉措在第三季末的影響。因此，我預計這種情況將在未來幾季進一步站穩腳跟，並在 2026 年產生影響。

Okay. Great. As a follow-up, I wanted to just ask about the utilization in the quarter and maybe you can just unpack. And I see the commentary here in the deck, but it seems like close to a quarterly record, just how sustainable is that? And what type of utilization can we expect into next year?

好的。偉大的。作為後續問題，我想詢問本季的使用率情況，也許您可以詳細解釋一下。我看到了這份報告中的評論，但這似乎接近季度紀錄，這種紀錄究竟能持續多久？那麼，明年我們預期的使用率會是什麼樣的呢？

Yeah. No, great question. I see we've been building momentum with utilization over the last several quarters. And I attribute it principally to our operational processes are starting to get some real traction to eliminate out-of-service vehicles and idle time in general, along with the commercial team has done a great job with better demand generation.

是的。不，問得好。我看到，在過去的幾個季度裡，我們的利用率一直在穩步提升。我認為這主要歸功於我們的營運流程開始取得真正的成效，消除了車輛停駛和整體閒置時間，同時商業團隊在更好地創造需求方面也做得非常出色。

It all starts with demand generation. But we're starting to sweat our assets. And as you've seen, I think we made some big leaps here. I think there's more room to run candidly, albeit the spike in the recalls create a headwind for us, in the short run, the fourth quarter is even more of a headwind than we saw in the third quarter. But I ought to say we'll never be satisfied with our performance in this area. We're just the team's wired for continuous improvement.

一切都始於需求創造。但我們開始擔心我們的資產會受到影響。正如你所看到的，我認為我們在這裡取得了巨大的進步。坦白說，我認為我們還有更大的發展空間，儘管召回事件的激增給我們帶來了不利影響，但短期來看，第四季的不利影響甚至比第三季更大。但我必須說，我們永遠不會對我們在這領域的表現感到滿意。我們團隊天生就具備不斷進步的動力。

And I think the other big item aside from the operational processes is -- plays into how we're selling cars. Because traditionally, and Sandeep talked about total utilization, which is really the way we look at it internally. It's not just operational units, total utilization because we own those vehicles. The big difference being the inventory we have that is for sale for cars that take -- the turnaround times there have been very long.

我認為除了營運流程之外，另一個重要因素——它關係到我們如何銷售汽車。因為傳統上，桑迪普談到了總利用率，這確實是我們內部看待這個問題的方式。不僅僅是營運車輛，而是總利用率，因為這些車輛都是我們擁有的。最大的差異在於我們待售車輛的庫存週轉時間非常長。

So we've processed engineered that and some big improvements, which you see in the quarter on total Ute. But ultimately, as we sell digitally and we can continue to operate vehicles to the point of sale without taking them out of service for a month or two to sales, that creates tremendous opportunities for total utilization. So that's really our focus and strategy.

所以我們已經對這個問題進行了處理和改進，並取得了一些重大進展，您可以在本季度的總 Ute 數據中看到這些改進。但歸根結底，隨著我們進行數位銷售，我們可以繼續運營車輛直至銷售點，而無需將車輛停駛一兩個月進行銷售，這為全面利用車輛創造了巨大的機會。所以，這才是我們真正的關注點和策略。

And this concludes the Hertz Global Holdings third-quarter 2025 earnings conference call. Thank you for your participation.

赫茲全球控股公司2025年第三季財報電話會議到此結束。感謝您的參與。