Hertz Global Holdings Inc (HTZ) 2025 Q4 法說會逐字稿

Welcome to the Hertz Global Holdings fourth-quarter and full-year 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年第四季及全年業績電話會議。（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, Rohan (sic - Johann) Rawlinson, Vice President of Investor Relations. Please go ahead.

現在，我想把電話交給我們的主持人，投資者關係副總裁羅漢·羅林森（Rohan Rawlinson）。請繼續。

Good morning, everyone, and thank you for joining us. By now, you should have our earnings press release and associated financial information, 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訊息，您可以透過我們網站的投資者關係部分存取這些資訊。

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 changing 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，並且就其性質而言，存在固有的風險和不確定性。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訊息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 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 will use certain non-GAAP financial measures, which are reconciled with GAAP numbers in our earnings press release available on our website. We believe that these non-GAAP measures provide additional useful information about our operations, allowing better evaluation of our profitability and performance. Unless otherwise noted, our discussion today focuses on our global business.

今天，我們將使用一些非GAAP財務指標，這些指標已在我們的獲利新聞稿中與GAAP數據進行了核對，該新聞稿可在我們的網站上查閱。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 Gil West, our Chief Executive Officer, who will discuss strategy, operational highlights, and our fleet. Our Chief Commercial Officer, Sandeep Dube, will share insights into our commercial strategy, followed by Scott Haralson, our Chief Financial Officer, who will discuss our financial performance.

今天早上的電話會議上，我們的執行長吉爾·韋斯特將討論策略、營運亮點和我們的船隊。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。

I'll now turn the call over to Gil.

現在我將把電話交給吉爾。

Thanks, Johann. Good morning, everyone, and thank you for joining us.

謝謝你，約翰。各位早安，感謝各位的參與。

I want to start by thanking the Hertz team. Their focus, discipline, and resilience, especially those serving our customers in the field, was evident throughout the year, but particularly during the fourth-quarter holiday travel season, which is historically one of our most operationally intensive periods. Together, they executed consistently against our goals and made real progress, building momentum for the year ahead.

首先我要感謝赫茲團隊。他們的專注、自律和韌性，尤其是那些在現場為客戶服務的員工，在全年都顯而易見，尤其是在第四季度假日旅行季，這歷來是我們運營最繁忙的時期之一。他們齊心協力，始終如一地朝著我們的目標努力，取得了真正的進步，為來年的發展奠定了基礎。

2025 marked the first full year operating under the Back-to-Basics strategy. Guided by our North Star metrics, we brought greater discipline to fleet management, revenue optimization, rigorous cost control, and improving the customer experience. The work is far from finished, but the progress we made this year materially strengthened the foundation of our business for the long term.

2025 年是「回歸基礎」策略實施的第一個完整年度。在北極星指標的指導下，我們對車隊管理、收入最佳化、嚴格的成本控制和改善客戶體驗進行了更嚴格的規範。這項工作遠未完成，但我們今年的進展從根本上加強了我們業務的長期基礎。

In 2025, we achieved a full-year adjusted EBITDA improvement of more than $1 billion year over year. We drove sequential improvements in revenue, RPU, and RPD, and improved utilization by sweating our assets, and drove DPU down in line with our North Star target.

2025年，我們實現了全年調整後EBITDA年增超過10億美元。我們實現了收入、每用戶收入 (RPU) 和每日收入 (RPD) 的連續成長，並透過充分利用資產提高了利用率，並按照我們的北極星目標降低了每用戶收入 (DPU)。

We brought DOE per transaction day down despite lower volumes. We also completed our fleet rotation and successfully secured our model year '26 buys at our target prices and volumes. That allowed us to begin selling model year '25s through our enhanced retail channels, continue our short hold strategy, introduce a more optimized mix of car classes, and achieve our lowest average fleet age in almost a decade. And we delivered a nearly 50% improvement in customer satisfaction.

儘管交易量下降，但我們降低了每筆交易日的能源消耗量。我們還完成了車隊輪換，並成功以目標價格和數量購買了 2026 年車型。這使我們能夠透過增強的零售通路開始銷售 2025 年車型，繼續我們的短期持有策略，引入更優化的汽車類別組合，並實現近十年來最低的平均車隊年齡。客戶滿意度提高了近 50%。

As we turned to the fourth quarter, a typically challenging seasonal environment was amplified by a number of external headwinds that were primarily isolated to the quarter. From government shutdown, coupled with FAA cancellations, multiple technology vendor outages, and unfavorable residual value environment, to elevated recall volumes, taken together, these created outsized pressure of well over $100 million on our business and kept us from hitting some of our targets.

進入第四季度，原本就充滿挑戰的季節性環境，又受到一些主要局限於本季的外部不利因素的影響而加劇。政府停擺、美國聯邦航空管理局取消航班、多家技術供應商停駛、不利的殘值環境，以及召回量激增，這些因素加在一起，給我們的業務造成了超過 1 億美元的巨大壓力，使我們未能實現一些目標。

But even within that environment, we made progress. In the fourth quarter, adjusted EBITDA improved $150 million year over year. But our strongest result this quarter was revenue. In fact, it was our strongest revenue result in nearly two years. If you remember, we entered 2025 with revenue down double digits year over year. And by the end of the fourth quarter, we were nearly flat revenue with a 3% smaller fleet, significant accomplishment, driven by our ability to sequentially improve RPU and RPD and sustained utilization and transaction days, all with a smaller fleet.

但即便在這樣的環境下，我們也取得了進展。第四季度，調整後 EBITDA 年增 1.5 億美元。但本季我們表現最突出的是營收。事實上，這是我們近兩年來業績最好的一次。如果你還記得的話，我們進入 2025 年時，收入比去年同期下降了兩位數。到第四季末，我們的收入幾乎與上一季持平，而車隊規模縮小了 3%，這是一個重大成就，這得益於我們能夠持續提高 RPU 和 RPD，並保持利用率和交易天數，而這一切都是在車隊規模縮小的情況下實現的。

We also saw a more stable industry pricing backdrop throughout the quarter, which is especially noteworthy given the very polarizing peak and off-peak dynamic that plays out during this period every year. This is evidence that both our commercial investments in pricing and demand generation are paying off and that the industry setup is more positive than in prior periods.

我們也看到，本季產業定價環境更加穩定，考慮到每年這個時候都會出現非常兩極化的高峰和低谷動態，這一點尤其值得注意。這證明我們在定價和需求創造方面的商業投資都取得了成效，並且行業格局比以往時期更加積極。

While DPU, as I mentioned, was in line with our North Star target for the year, in the fourth quarter, it moved above our North Star target due to a revised Black Book residual value forecast and lower-than-expected wholesale prices from heavy OEM and rental car company deflating during the car market seasonal low period. While we monitor multiple market trend sources, we have historically indexed heavily on Black Book forecast, which tends to be more seasonally volatile. As of the end of the year, it was down nearly 5% year over year, resulting in a $60 million non-cash charge to depreciation.

正如我之前提到的，雖然第四季度每單位分派 (DPU) 與我們今年的北極星目標一致，但由於修訂後的黑皮書殘值預測以及大型汽車製造商和租賃汽車公司在汽車市場季節性低迷時期壓低批發價格，導致批發價格低於預期，因此第四季度每單位分派 (DPU) 超過了我們的北極星目標。雖然我們關注多個市場趨勢來源，但我們歷來都非常重視 Black Book 的預測，而 Black Book 的預測往往受到季節性波動的影響更大。截至年底，年減近 5%，導致 6,000 萬美元的非現金折舊費用。

By contrast, Manheim average rental vehicle prices in December were up 2.85% year over year. And as we look ahead, updated projections from our partners at Cox Automotive show that their Manheim Used Vehicle Value Index is expected to end the year roughly 2% higher than in December 2025. While our forecast is not predicated on such a positive outlook, our internal analysis is encouraging, and we've seen early signs of recovery in Q1 in line with these Manheim values, which in January were up 2.4% year over year.

相比之下，曼海姆 12 月的平均租車價格年增了 2.85%。展望未來，我們的合作夥伴 Cox Automotive 的最新預測顯示，他們的 Manheim 二手車價值指數預計到 2025 年 12 月將比今年年底高出約 2%。雖然我們的預測並非基於如此樂觀的前景，但我們的內部分析令人鼓舞，並且我們已經看到第一季出現了復甦的早期跡象，這與曼海姆的這些數值相符，1 月份的數值同比增長了 2.4%。

On the cost side, we brought adjusted DOE per transaction day down 6% year on year. This moved us closer to our North Star target in the low $30s. Recall volumes peaked in mid-November and December, taking over 20,000 cars out of service, which is almost three times higher than the normal rate. This resulted in us having to carry more fleet than we had planned and limited our performance, which had ripple effects across the business, impacting our fleet utilization, particularly for our Rideshare business.

在成本方面，我們使每筆交易日的調整後 DOE 年比下降了 6%。這讓我們離30美元出頭的目標價位更近了一步。召回數量在 11 月中旬和 12 月達到高峰，超過 2 萬輛汽車停駛，幾乎是正常水平的三倍。這導致我們不得不擁有比計劃更多的車隊，限制了我們的營運效率，進而對整個業務產生了連鎖反應，影響了我們的車隊利用率，尤其是我們的叫車業務。

We have strategically managed through this by redeploying available fleet where it would have the most impact. And as a vast majority of these recalls lack available fixes and restrict us from renting and selling vehicles, we are actively working with our OEM partners to find solutions to minimize fleet downtime.

我們採取了策略性管理措施，將現有機隊重新部署到能夠發揮最大作用的地方。由於絕大多數召回問題都沒有可行的解決方案，並且限制了我們出租和銷售車輛，我們正在積極與我們的 OEM 合作夥伴合作，尋找解決方案，以最大限度地減少車隊停機時間。

Recall volumes have moderated slightly throughout the first quarter, but remain elevated. With this in mind, we're staying disciplined in our capacity planning to ensure our rentable fleet stays well utilized and inside of demand. It's clear Q4 presented real challenges, but the decisions we made throughout 2025 held up under pressure and reinforced that our strategy is the right one. Today, Hertz stands on a meaningfully stronger foundation than it did a year ago: a healthier fleet, improved unit economics, a more disciplined operating model, a better customer experience.

第一季召回量略有下降，但仍處於較高水準。考慮到這一點，我們在運力規劃方面保持嚴謹，以確保我們的可出租車隊得到充分利用並滿足需求。很明顯，第四季度面臨著真正的挑戰，但我們在 2025 年做出的決策經歷了壓力，並鞏固了我們的策略是正確的。如今，赫茲的基礎比一年前穩固得多：更健康的車隊、更優的單位經濟效益、更嚴謹的營運模式、更好的客戶體驗。

And what I want to be clear about is this: the improvements we're seeing in the business are structural. They're permanent. The headwinds we faced and continue to navigate are transitory. That difference matters, and it's what gives me confidence in the trajectory ahead. That confidence is already being validated as 2026 is off to a good start. Q1 trends in both revenue and RPD are positive year over year, a particularly encouraging sign given that this is typically a seasonal trough period for the industry. This means we're entering the upcoming peak period from a position of strength.

我想明確指出的是：我們在業務方面看到的改善是結構性的。它們是永久性的。我們曾經面臨並將繼續克服的逆境都是暫時的。這種差異至關重要，也正是這種差異讓我對未來的發展方向充滿信心。這種信心已經得到驗證，2026 年開局良好。第一季營收和RPD均呈現同比上升趨勢，考慮到這通常是該行業的季節性低谷期，這是一個特別令人鼓舞的跡象。這意味著我們將以優勢地位進入即將到來的高峰期。

Looking ahead to the rest of the year, we remain focused on accelerating revenue, RPD, and RPU growth, while staying disciplined on cost, putting core rental business firmly on the path to profitability. While Rent a Car remains our core business today, this transformation is about becoming more than a single line of business. We're executing with discipline in the business that powers us now, but we're intentionally building the capabilities that will power what's next.

展望今年剩餘時間，我們將繼續專注於加速收入、RPD 和 RPU 的成長，同時嚴格控製成本，使核心租賃業務穩步走上獲利之路。雖然租車仍然是我們目前的核心業務，但這次轉型是為了超越單一業務線。我們正在以嚴謹的態度執行目前支撐我們發展的業務，但我們正在有意識地建立未來發展所需的能力。

We're laying the groundwork for a diversified value-creating platform that will unlock value beyond the core. The Hertz platform spans Rent a Car, Service, Fleet, and Mobility. It's still early days, and while the areas of our platform sit at different maturity levels, each presents meaningful upside, both near and long term.

我們正在為多元化的價值創造平台奠定基礎，該平台將釋放核心業務以外的價值。赫茲平台涵蓋租車、服務、車隊和旅遊。現在還處於早期階段，雖然我們平台的各個領域成熟度不同，但每個領域都展現出近期和長期的顯著成長潛力。

In Rent a Car, we'll maintain steady momentum in our mature airport locations by driving pricing, utilization, demand generation, and asset management. We see real near-term upside from growth in our off-airport locations in areas like insurance replacement, local commercial agreements, and small business. We're also sharpening our focus to unlock additional value in our franchise footprint, while piloting new offerings and service.

在租車業務方面，我們將透過推動定價、利用率、需求創造和資產管理，在我們成熟的機場地點保持穩定成長勢頭。我們看到，在保險替換、本地商業協議和小型企業等領域，機場外地點的成長在短期內會帶來真正的利益。我們也更專注於挖掘更多特許經營業務的價值，同時試行新的產品和服務。

We see a particularly strong runway in Fleet through Hertz Car Sales and in Mobility, where the long-term opportunity has the potential to become as, if not more, meaningful than our core Rent a Car business. We're transforming Hertz Car Sales into a truly omnichannel experience, meeting customers where they are online, in person, through rent-to-buy, and delivery right to their door. The opportunity here is significant.

我們看到，透過 Hertz 汽車銷售，車隊業務和出行業務的發展前景尤為強勁，其長期機會有可能與我們的核心租車業務一樣重要，甚至更重要。我們正在將赫茲汽車銷售轉型為真正的全通路體驗，透過線上、線下、租賃購買以及送貨上門等方式滿足客戶的需求。這裡蘊藏著巨大的機會。

We are a used car factory with a building customer base, and we're building the shopping experience to match, one that can ultimately rival the largest used car dealers in the country. We have a constant supply of pre-owned vehicles and sales volume that already puts us in the top five used car dealerships in the country. Our improved website has a wide variety of vehicles for sale, an intuitive interface, enhanced imagery, and more detailed descriptions that help customers shop more confidently. We already have scale, and shifting our primary sales channel to retail is a major unlock.

我們是一家二手車工廠，擁有不斷增長的客戶群，我們正在打造與之匹配的購物體驗，最終目標是與全國最大的二手車經銷商相媲美。我們擁有源源不絕的二手車供應，銷售量也已躋身全國前五名二手車經銷商之列。我們改良的網站擁有各式各樣的待售車輛、直覺的介面、增強的圖片和更詳細的描述，幫助客戶更有信心地購物。我們已經具備了規模優勢，將主要銷售通路轉移到零售通路是一個重大突破。

We also have established key partnerships with Cox Automotive, Amazon, and Palantir. That gives us the capability to scale this business profitably. Hertz Car Sales value proposition has never been more compelling, as new cars are increasingly out of reach for many buyers, with prices topping $50,000 on average. With our short hold strategy, we deliver the best bang for the buck, as consumers can get a nearly new car for around half the cost. This is an important differentiator as we head into spring, typically a peak buying season, which will be bolstered this year by record-high tax returns.

我們也與 Cox Automotive、亞馬遜和 Palantir 建立了重要的合作關係。這使我們能夠以盈利的方式擴大這項業務的規模。由於新車價格平均超過 5 萬美元，許多購車者越來越難以負擔，因此 Hertz 汽車銷售的價值主張從未如此引人注目。透過我們的短期持有策略，我們能夠提供最佳性價比，因為消費者可以用大約一半的價格買到一輛接近新車的汽車。隨著春季的臨近，這通常是一個購物旺季，而今年創紀錄的退稅額將進一步推動這一趨勢，這是一個重要的差異化因素。

Now to Mobility. Hertz owns and manages fleets at scale, with core strengths in fleet ownership, large-scale operations, world-class maintenance, and vehicle fleet financing. Along our physical infrastructure, operating capacity, and leadership experience, this business is evolving to meet the mobility needs of tomorrow, whether driver-led or autonomous.

接下來是移動出行。赫茲擁有並大規模管理車隊，核心優勢在於車隊所有權、大規模營運、世界一流的維修和車隊融資。憑藉我們的基礎設施、營運能力和領導經驗，這項業務正在不斷發展，以滿足未來的出行需求，無論是由司機駕駛還是自動駕駛。

Our journey in Mobility began in Rideshare by renting cars to Uber and Lyft drivers. Today, we operate the largest Rideshare rental fleet in the world. And it has become one of our highest growth potential businesses with double-digit revenue opportunities. And in the background, we're developing and testing new approaches in this space with strategic partners.

我們在旅遊領域的旅程始於共乘，我們向 Uber 和 Lyft 司機出租汽車。如今，我們經營全球最大的共享旅遊租賃車隊。它已成為我們最具成長潛力的業務之一，並有望實現兩位數的收入成長。同時，我們正在與戰略合作夥伴共同開發和測試該領域的新方法。

While it's difficult to quantify the full growth potential of our Mobility business at this stage, the opportunity undoubtedly is significant. For context, Uber's CEO has described autonomous vehicles as potentially a multi-trillion-dollar market. We're building the capabilities now to ensure Hertz's position to play a significant role in that ecosystem.

雖然現階段很難量化我們出行業務的全部成長潛力，但毫無疑問，機會是巨大的。作為背景，Uber 的執行長曾表示，自動駕駛汽車可能是一個價值數兆美元的市場。我們正在建立相關能力，以確保赫茲在該生態系統中發揮重要作用。

Today, our Rent a Car business remains the largest consumer of our time and operational focus. But as we scale the broader platform across Rent a Car, Service, Fleet, and Mobility, the mix will evolve. Rental will become one part of a more diversified value-creating enterprise.

如今，我們的租車業務仍然是我們投入時間和營運精力的最大部分。但隨著我們將平台擴展到租車、服務、車隊和旅遊等領域，這種組合也會隨之演變。租賃將成為更加多元化的價值創造企業的一部分。

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

接下來，我將把麥克風交給桑迪普。

Thanks, Gil, and good morning, everyone.

謝謝你，吉爾，大家早安。

I want to jump right into the headlines on revenue this morning. The fourth quarter, the industry's typical trough period with volatile seasonal demand, represented Hertz's strongest year-over-year revenue result since Q1 2024. After adjusting for Q4 2024's one-time loyalty gains, in Q4 2025, we drove year-over-year revenue growth, with the primary driver being RPD, which was nearly flat on a year-over-year basis. Most importantly, RPD for the airports in the Americas, our largest segment, was positive year over year for the quarter. We achieved this meaningful sequential improvement despite several headwinds, including a lower car class mix, the extended government shutdown, and elevated recalls.

我想直接切入今天早上關於營收的頭條新聞。第四季是該行業典型的淡季，季節性需求波動較大，但赫茲在該季度實現了自 2024 年第一季以來最強勁的同比營收成長。在調整了 2024 年第四季的一次性忠誠度收益後，2025 年第四季我們實現了同比增長，主要驅動因素是 RPD，而 RPD 與去年同期相比幾乎持平。最重要的是，美洲機場（我們最大的業務部門）的 RPD 在本季度實現了同比增長。儘管面臨諸多不利因素，包括汽車類別組合減少、政府長期停擺和召回事件增多，我們仍然取得了這一意義重大的連續性改善。

In Q4, we achieved a difficult feat by improving both year-over-year pricing and days sequentially, primarily driven by Hertz's commercial strategies. Our revenue metrics showed good sequential progression. Q4 2025 adjusted revenue was sequentially 4 points better, going from down 4% to about flat. RPD mirrored the same sequential improvement on a loyalty-adjusted basis as well.

第四季度，我們取得了一項艱鉅的成就，在同比價格和環比天數方面均有所提高，這主要得益於赫茲的商業策略。我們的營收指標顯示出良好的連續成長動能。2025 年第四季調整後營收季增 4 個百分點，從下降 4% 轉為基本持平。經忠誠度調整後，RPD 也呈現同樣的持續改善趨勢。

The driving factors of these improvements were the same as detailed in our Q3 earnings call. Let's dive deeper into the details a bit. First, driving a better customer experience. Our Net Promoter Score grew by nearly 50% year over year, and it is driving better organic demand for our brands.

這些改進的驅動因素與我們在第三季財報電話會議中詳細介紹的相同。讓我們更深入地了解一下細節。首先，要提升客戶體驗。我們的淨推薦值年增近 50%，這正在推動我們品牌獲得更好的自然需求。

Second, generating greater durable demand from higher-margin channels. Direct website demand is showing strong growth. Our corporate business is gaining ground. We are now driving consistent growth in our off-airport business, and our Mobility business is growing revenue double digits.

其次，透過高利潤通路創造更大的耐久財需求。直接造訪網站的需求呈現強勁成長動能。我們的企業業務正在穩步發展。目前，我們的非機場業務正持續成長，而我們的旅遊業務收入也實現了兩位數的成長。

Third, improving our pricing tactics and strategies. We are on a multi-phase approach to bring more sophistication in the way we drive demand, with a focus on driving positive RPD for comparable asset class. Mid-quarter in Q4, we executed a totally new pricing matrix and we saw immediate results from that change in driving positive RPD. Our next iteration is going into test mode in a few weeks. I expect phased improvements in the sophistication of our pricing approach.

第三，改進我們的定價策略和方法。我們正採取多階段方法，以更精細的方式推動需求成長，重點在於推動同類資產類別實現正向的RPD。在第四季中期，我們實施了全新的定價策略，並立即看到了這項變更帶來的正面 RPD 成長效果。我們的下一個版本將在幾週後進入測試階段。我預期我們的定價方法會逐步完善。

Fourth, better monetization of our higher-RPU assets. This was achieved by improved asset deployment, having the right vehicle at the right location, ensuring that higher-RPU assets are effectively monetized.

第四，更能實現高 RPU 資產的貨幣化。這是透過改進資產部署、在合適的地點配備合適的車輛、確保高 RPU 資產有效貨幣化來實現的。

Fifth, better value-added product sales. We drove better sales of our value-added products through improved operational performance and pricing sophistication.

第五，提高產品附加價值，促進銷售。我們透過提高營運效率和優化定價策略，促進了高附加價值產品的銷售。

Lastly, local level profitability and optimization. We continue to manage our business at a more granular level for profitability.

最後，是本地層面的獲利能力和優化。為了提高獲利能力，我們繼續以更精細化的管理方式經營業務。

These commercial strategies and tactics primarily drove the positive momentum in Q4 2025. Most importantly, these foundational changes raised the baseline productivity of our revenue and RPD production. And we expect these gains to largely persist, irrespective of the macroeconomic environment. And just a reminder, we are still in the early innings of the transformation of our commercial strategies. And we expect more foundational improvements in the coming quarters.

這些商業策略和策略是推動 2025 年第四季積極發展動能的主要因素。最重要的是，這些基礎性變革提高了我們的收入和RPD生產的基本生產力。我們預計，無論宏觀經濟環境如何，這些收益將基本持續下去。再次提醒大家，我們仍處於商業策略轉型初期。我們預計未來幾季會有更多基礎性改善。

If we step back even further, the takeaway here is the sequential improvement through 2025 as a result of our Back-to-Basics strategy. We started 2025 down double digits year over year on revenue and down mid-single digits year over year on RPD. This narrowed to near parity on both metrics by the end of the year. And they have both turned positive in the early part of 2026.

如果我們再往前追溯，就會發現，由於我們回歸基本的策略，到 2025 年將會逐步改善。2025 年伊始，我們的營收年減兩位數，RPD 較去年同期下降個位數中段。到年底，這兩個指標的差距縮小到接近持平。2026年初，這兩個預測都轉為陽性。

We also delivered improvements in utilization across our total fleet in each of the quarters in 2025, including Q4, where we were able to offset the impact of high rate of recalls and delivered an improvement of 200 basis points year over year. Total fleet includes all vehicles, irrespective of operating status, whether in-service, out-of-service, or in our Car Sales inventory.

2025 年的每個季度，我們的整個車隊的利用率都有所提高，包括第四季度，我們能夠抵消高召回率的影響，並實現了同比提高 200 個基點。車隊總數包括所有車輛，無論其營運狀態如何，無論是在役車輛、停用車輛或在我們汽車銷售庫存中的車輛。

We are delivering clear results and building momentum for the year ahead. 2026 is off to a strong start as the strength we saw at the end of December for the holidays carried forward into the new year. In January, we are seeing year-on-year positive revenue and unit revenue growth, mostly driven by a couple of percentage points increase in global RPD, reflecting pricing growth in both our Americas and our International segments. February is trending even more positively, and March looks to continue on that trajectory.

我們取得了顯著的業績，並為來年的發展奠定了良好的基礎。 2026 年開局強勁，12 月底假日季的強勁勢頭延續到了新的一年。1 月份，我們看到收入和單位收入同比增長，這主要得益於全球 RPD 增長了幾個百分點，反映了我們在美洲和國際業務板塊的價格增長。二月的趨勢更加積極，三月似乎也將延續這一勢頭。

As a result, we expect Q1 2026 revenue to be up mid-single digits year over year, with fleet growth of only low-single digits. Q1 2026 is also supported by a more constructive industry environment compared to Q4 2025, with the industry demand environment looking better. For the rest of 2026, we will manage our growth in a disciplined manner. This means holding airport growth at or below TSA levels while pursuing off-airport and mobility opportunities.

因此，我們預計 2026 年第一季營收將年增個位數中段，而機隊成長僅為個位數低段。與 2025 年第四季相比，2026 年第一季的產業環境也更加積極，產業需求環境看起來更好。在2026年剩餘的時間裡，我們將以嚴謹的方式管理我們的成長。這意味著在尋求機場外和旅行機會的同時，將機場的成長保持在或低於 TSA 的水平。

At the same time, we are focused on doing more for our customers. The improvements we have seen in our Net Promoter Score is a clear indicator that our work to create a more consistent, convenient, and caring customer experience are resonating.

同時，我們致力於為客戶提供更多服務。我們的淨推薦值 (NPS) 的提升清楚地表明，我們為創造更一致、更便利、更貼心的客戶體驗所做的努力正在產生效果。

We are deeply grateful to the millions of customers who choose Hertz, and we have recently lowered the threshold for achieving five-star status to reward them even more for their loyalty. At a time when status across the travel industry feels harder to earn than ever, we are offering a faster, more transparent path, providing more value with every booking and one more reason to continue choosing Hertz. So in summary, our commercial playbook is working, and the results are starting to prove it.

我們衷心感謝數百萬選擇赫茲的客戶，並且我們最近降低了五星級會員的門檻，以進一步獎勵他們的忠誠。在旅遊業的地位比以往任何時候都更難獲得的當下，我們提供了一條更快、更透明的途徑，讓每次預訂都更有價值，也讓您有更多理由繼續選擇赫茲。總而言之，我們的商業策略是有效的，結果也開始證明這一點。

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

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。

Thanks, Sandeep. And good morning, everyone, and thanks for joining us.

謝謝你，桑迪普。各位早安，感謝各位的收看。

As you heard from Gil and Sandeep, the fourth quarter had a number of items that cloud the results. But once you get past the transitory impacts in the quarter, you can see some interesting foundational elements. Revenue trends are improving, our fleet is rotated, and model year 2026 buys have been secured at prices and volumes we expected.

正如你從吉爾和桑迪普那裡聽到的，第四季度有很多因素影響了業績。但一旦忽略了本季的暫時性影響，你就可以看到一些有趣的根本要素。收入趨勢正在改善，我們的車隊正在輪換，並且已經以我們預期的價格和數量鎖定了 2026 年車型的採購。

In spite of a richer fleet mix in 2026, which will provide a tailwind to RPD, we still expect to keep DPU for the year below $300 per unit. NPS took a big leap forward in 2025, and that's primed to continue in 2026. Our digital customer experience, operational consistency, and customer-focused initiatives are being recognized by our customers. We have found a good balance between utilization and NPS scores, but have our eyes set on improving both at the same time.

儘管 2026 年的車隊組合更加豐富，這將對 RPD 產生有利影響，但我們仍然預計今年的 DPU 將保持在每單位 300 美元以下。NPS 在 2025 年取得了巨大進步，並且預計在 2026 年繼續保持這一勢頭。我們的數位化客戶體驗、營運一致性和以客戶為中心的措施正得到客戶的認可。我們已經找到了利用率和 NPS 分數之間的良好平衡，但我們的目標是同時提高這兩者。

The moves we made last year to create a rental car fleet with an average age of less than 10 months, which is the youngest it's been in almost a decade, and to drive record-setting utilization are now strategic tailwinds. The cost and efficiency actions pay dividends and will get even better in 2026. Throughout 2025, we pulled off a difficult task. We lowered unit costs while also reducing units. That's difficult to do in a heavy fixed cost and operationally complex business like ours.

去年，我們採取的措施打造了一支平均車齡不到 10 個月的租賃車隊，這是近十年來最年輕的車隊，並實現了創紀錄的利用率，這些措施現在都成為了戰略上的順風。降低成本和提高效率的措施已經取得了成效，到 2026 年將會更好。2025年全年，我們完成了一項艱鉅的任務。我們在降低單位成本的同時，也減少了單位數量。對於像我們這樣固定成本高、營運複雜的企業來說，這很難做到。

We have real opportunities for growth in 2026. The focus of that growth will be at our off-airport locations and in our Mobility business. Our expansion of the platform outside of traditional rental car is progressing nicely. Our digital Car Sales business has made some important technological advancements on both the back-end website and the merchandising capabilities, as well as the digital transformation of the Car Sales process. While early, we think 2026 digital expansion could produce a meaningful progression in the percentage of our Car Sales that will be transacted through retail channels.

我們在2026年擁有真正的成長機會。成長的重點將放在我們的機場外地點和旅遊業務。我們在傳統租車業務之外拓展平台業務的計畫進展順利。我們的數位化汽車銷售業務在後端網站和商品銷售能力方面取得了一些重要的技術進步，並且實現了汽車銷售流程的數位轉型。雖然現在還為時過早，但我們認為到 2026 年，數位擴張可能會使我們透過零售通路完成的汽車銷售比例取得顯著成長。

On Mobility, while we are the industry leader in rental rideshare, we are growing and developing the business to meet evolving needs. We also have been actively building in the background a substantial set of capabilities that we will be leveraging to position Hertz to be a significant player in the aggregation of the supply of mobility in the future, whether that is driver-led or autonomous.

在旅遊領域，雖然我們是共享旅遊產業的領導者，但我們正在不斷發展這項業務，以滿足不斷變化的需求。我們也一直在幕後積極建立一系列強大的能力，我們將利用這些能力使赫茲成為未來出行服務供應聚合領域的重要參與者，無論是由司機駕駛的出行還是自動駕駛的出行。

This will ultimately be the future of Hertz, but we are balancing the current optimization of the mature part of our business while building the platform for the future. Even though the absolute financial results are not where we want them to be yet, the actions we have taken over the past year or so are showing real sustainable results, and the opportunity in front of us is exciting.

這最終將成為赫茲的未來，但我們正在努力平衡當前成熟業務部分的最佳化與建立未來平台之間的關係。儘管目前的財務表現尚未達到我們預期的目標，但我們在過去一年左右採取的行動已經取得了切實可持續的成果，擺在我們面前的機會令人振奮。

So with that preamble, I do want to quickly walk through some details in the quarter, where we are with liquidity, and cover a bit of our 2026 outlook. Starting with the quarter, for Q4, we reported revenue of $2.0 billion, which came in ahead of consensus expectations, with RPD broadly in line and down approximately 1% year over year. Importantly, excluding the prior year loyalty adjustment, revenue growth was up year on year, with RPD nearly flat.

那麼，在作了上述開場白之後，我想快速介紹本季的一些細節，包括我們的流動性狀況，並簡要展望一下我們 2026 年的前景。以本季為例，第四季營收為 20 億美元，高於市場普遍預期，RPD 基本符合預期，年減約 1%。值得注意的是，若不計入上一年的忠誠度調整，營收年增，RPD 幾乎持平。

Adjusted EBITDA for the quarter was a negative approximately $200 million. While this is a $150 million year-over-year improvement, it was still about $100 million off of our target. This was entirely in our vehicle carrying costs.

本季調整後 EBITDA 為負約 2 億美元。雖然這比去年同期提高了 1.5 億美元，但距離我們的目標仍差約 1 億美元。這完全包含在我們的車輛運輸成本中。

We incurred about $20 million of additional costs, resulting from the additional fleet to compensate for the elevated recalls. We also had a $20 million loss in the sale of assets due to the large number of cars available in the marketplace that weighed on residuals in the quarter.

由於召回數量增加，我們增加了車隊規模，產生了約 2000 萬美元的額外成本。由於市場上大量汽車供應導致本季殘值下降，我們也因出售資產而蒙受了 2,000 萬美元的損失。

We also took a non-cash depreciation expense of approximately $60 million due to the late-in-the-quarter residual value adjustment by Black Book. While we do believe the adjustment on the forward view of residuals to be a bit conservative, we did take the entire impact to the P&L.

由於 Black Book 在季度末進行了殘值調整，我們也提列了約 6,000 萬美元的非現金折舊費用。雖然我們認為對殘差的未來展望進行調整有些保守，但我們還是將全部影響計入了損益表。

We view these items as mostly isolated to the fourth quarter, albeit recalls will likely remain elevated throughout the first quarter. We expect the residual value market to improve as we head into the peak Car Sales cycle, starting in Q1 into Q2.

我們認為這些問題主要集中在第四季度，儘管第一季召回率可能仍會居高不下。我們預計隨著汽車銷售週期進入高峰期（從第一季到第二季），殘值市場將會改善。

The government shutdown duration and timing also weighed on results. We were able to recoup most of the days lost in the period, but it did come in more off-peak days production, since the shutdown came in what was becoming an improving October with positive demand and pricing momentum.

政府停擺的持續時間和時間也對結果產生了影響。我們得以彌補這段時間內損失的大部分時間，但這主要是在非高峰期生產的，因為停產發生在需求和價格勢頭都趨於積極的 10 月份，情況正在好轉。

While difficult to quantify, and while the revenue for the quarter was still positive, we estimate the government shutdown cost us an additional $10 million to 20 million of adjusted EBITDA in the quarter. In total, the underlying business performed better than the reported adjusted EBITDA would suggest, as we performed well on the items within our control.

雖然難以量化，而且本季的收入仍然為正，但我們估計政府停擺導致本季調整後的 EBITDA 額外損失了 1,000 萬至 2,000 萬美元。總體而言，實際業務表現優於已公佈的調整後 EBITDA，因為我們在可控範圍內的專案上表現出色。

Transaction days were almost flat year over year, as we kept the higher fleet to mitigate the recall issues and recoup some of the days lost due to the transitory events. Utilization remained solid, and even with the additional fleet, the global fleet was 3% lower than prior year.

由於我們保持了較高的車隊規模以緩解召回問題並彌補因突發事件而損失的一些天數，因此交易天數與去年同期基本持平。使用率保持穩定，即使增加了機隊規模，全球機隊規模也比前一年減少了 3%。

Adjusted DOE per day was another positive story. It improved 6% year over year, coming in at $36.39, as our cost initiatives are taking hold. It did, however, reflect higher collision severity and repair costs and ongoing elevated insurance costs. We still have more to do, but have done good work on addressing operating expenses in our big three categories: labor, facilities, and vehicle maintenance and repair. With further work to be done in growth and transaction days in 2026, we do expect lower unit costs this year.

調整後的每日能源消耗量是另一個好消息。與去年同期相比，每股收益改善了 6%，達到 36.39 美元，這得益於我們的成本控制措施正在取得成效。但這確實反映出碰撞事故的嚴重程度和維修成本更高，以及保險費用持續上漲。我們還有很多工作要做，但在三大類營運費用方面（勞動力、設施和車輛維護與修理）已經取得了不錯的進展。鑑於 2026 年在成長和交易日方面還有更多工作要做，我們預計今年的單位成本會降低。

Core SG&A remained flat, with total year-over-year variances primarily stemming from the timing of expenses in 2024, with 2025 being a more normalized expense level.

核心銷售、一般及行政費用不變，年比總差異主要源自於 2024 年的費用發生時間，而 2025 年的費用水準則更為正常。

Turning to depreciation and DPU. For 2025, we produced a full-year net DPU of $300 per month. While this is right at our North Star metric, we were certainly not happy that we had to take a late charge to depreciation due to the move from Black Book. We were expecting to be below $300 per unit. However, if residual values end up where we think they will in 2026, this will prove to be timing of the expense and will benefit us with less depreciation this year. The fourth quarter ended at $330 per unit, down 21% year over year, but nonetheless higher than we expected.

接下來討論折舊和每單位分派 (DPU)。2025 年，我們實現了全年每月 300 美元的淨每單位分派收入。雖然這完全符合我們的北極星指標，但由於從 Black Book 遷移，我們不得不對折舊計提滯後費用，這當然讓我們很不高興。我們原本預計每單位價格會低於 300 美元。但是，如果殘值在 2026 年達到我們預期的水平，這將證明費用的時機把握得很好，並且今年折舊費用會減少，這對我們有利。第四季末，每單位售價為 330 美元，年減 21%，但仍高於我們的預期。

Now, let's talk liquidity. We ended the quarter with approximately $1.5 billion of total liquidity, including revolver capacity. This reflects the impact of the partial redemption of $300 million of the 2026 notes in Q4, leaving $200 million outstanding. The Wells Fargo make-whole liability, which had been reserved for some time, was primarily concluded with the $346 million payment made in late January. This reduced our available liquidity to just under $1.2 billion.

現在，我們來談談流動性。本季末，我們的總流動資金約為 15 億美元，其中包括循環信貸額度。這反映了第四季部分贖回 3 億美元 2026 年到期票據的影響，剩餘 2 億美元未償還。富國銀行的補償負債（先前已預留一段時間）已基本隨著 1 月下旬支付的 3.46 億美元而結清。這使我們的可用流動資金減少到略低於12億美元。

This number was about $100 million lower than expected due to the timing of vehicle dispositions that were delayed and the early acceptance of vehicles in Q4 due to the large number of recalls and the impact of the government shutdown. Other than the cost to carry the additional vehicles in the quarter, the timing of the vehicles in and out of the fleet is not expected to have any meaningful positive or negative impact on our expected liquidity at the end of the second quarter.

由於車輛處置時間延遲，以及由於大量召回和政府停擺的影響，導致第四季度車輛提前交付，因此該數字比預期低了約 1 億美元。除了本季新增車輛的營運成本外，車輛進出車隊的時間安排預計不會對我們在第二季末的預期流動性產生任何實質的正面或負面影響。

Also, our ABS programs remain healthy, with ABS vehicle fair values comfortably above net book values, and market access is solid. We recently entered into financing transactions that we expect will result in an increase in our liquidity by approximately $200 million at an attractive cost of capital. We also have several other liquidity enhancement opportunities that we'll be evaluating in the coming months that could total more than $500 million. In addition, we also have approximately $400 million of first lien capacity to refinance the expiring revolving credit facility commitments in June of this year.

此外，我們的 ABS 專案依然健康，ABS 車輛的公允價值遠高於帳面淨值，市場准入也很穩固。我們最近達成了一些融資交易，預計這些交易將使我們的流動資金增加約 2 億美元，且資本成本極具吸引力。未來幾個月，我們還將評估其他幾個提升流動性的機會，總額可能超過 5 億美元。此外，我們還有約 4 億美元的優先擔保額度，用於為今年 6 月到期的循環信貸額度進行再融資。

With the disciplined growth that we have planned for 2026, we have access to the liquidity capacity to make that happen. We expect to reach the low point of liquidity at the end of Q2 at something likely below $1 billion, as we invest in the fleet in the first half of the year, and then expect to end the year well north of $1 billion as free cash flow generation improves after Q1 and from the return of capital that happens in the fleet rotation cycle in the back half of the year. To be clear, this assumes we action some of the liquidity enhancements we have available to us.

憑藉我們為 2026 年制定的穩健成長計劃，我們擁有足夠的流動資金來實現這一目標。我們預計第二季末流動性將達到最低點，可能低於 10 億美元，因為我們在上半年對船隊進行了投資；然後，隨著第一季後自由現金流的改善以及下半年船隊輪換週期帶來的資本回報，我們預計年底流動性將遠超 10 億美元。需要明確的是，這假設我們採取了一些可用的流動性增強措施。

Finally, let's turn to guidance for the year. For Q1, we expect transaction days and fleet to increase low-single digits year over year. Total fleet utilization will likely be flat in Q1 year over year due to the impact from the heavy winter storms and continued elevated fleet recalls, which should decline throughout the quarter.

最後，讓我們來看看今年的業績指引。我們預計第一季交易天數和車隊規模將年增個位數百分比。由於冬季暴風雪的影響以及持續高企的車隊召回率，預計第一季車隊總利用率將與去年同期持平，但這種情況應該會在本季逐漸減少。

On the revenue front, as Gil and Sandeep noted, January saw positive year-over-year RPD and revenue growth, with February trending even better and March bookings to date showing a similar trend. However, Q1 is still an off-peak quarter for us, and the recall levels are still going to impact our results. Given this, our Q1 expected margin range is in the negative high-single-digit to low-double-digit range, which is a year-over-year improvement of approximately 600 to 800 basis points, assuming DPU at around $300 per unit.

在收入方面，正如 Gil 和 Sandeep 所指出的那樣，1 月份的 RPD 和收入同比增長為正，2 月份的趨勢甚至更好，3 月份迄今為止的預訂量也顯示出類似的趨勢。然而，第一季對我們來說仍然是淡季，召回水平仍將影響我們的業績。有鑑於此，我們預期第一季利潤率將在負個位數高點到負兩位數低點之間，假設每單位分派收入約為 300 美元，則同比改善約 600 至 800 個基點。

For the full year, we previously communicated an outlook of a 3% to 6% adjusted EBITDA margin range. While the revenue trends are positive and the internal expectations for DPU are in line with prior expectations, it is early in the year and we would like to see more game film before we revise the guidance upward. Thus, we are maintaining the guidance for the year in the 3% to 6% margin range. We continue to target $1 billion of adjusted EBITDA in 2027.

我們先前曾公佈全年調整後 EBITDA 利潤率預期為 3% 至 6%。雖然營收趨勢良好，且內部對每單位分派 (DPU) 的預期與先前的預期一致，但現在還處於年初，我們希望看到更多比賽錄影，然後再向上修正預期。因此，我們維持全年利潤率預期在 3% 至 6% 的範圍內。我們仍將2027年調整後EBITDA目標設定為10億美元。

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.

謝謝你，斯科特。

2025 was a year of Back-to-Basics, focused on rebuilding the core and transforming Hertz for the long term. We first tackled our fleet, the biggest problem to solve, along with cost and revenue, all while elevating our customer experience.

2025 年是回歸本源之年，重點在於重建核心業務，並為赫茲的長期發展進行轉型。我們先著手解決車隊問題，這是需要解決的最大問題，同時也要控製成本和增加收入，並不斷提升客戶體驗。

Through our fleet strategy and rotation, we operated as an asset management company, and the team turned our fleet, which was once a massive headwind, into a competitive advantage, positioning us well for 2026 and beyond. We delivered year-over-year improvements in unit cost, even with a smaller fleet, and we see a long runway of cost and productivity initiatives that cut across all aspects of our business. This, along with operating leverage from growth, should help propel us forward.

透過我們的車隊策略和輪換，我們以資產管理公司的形式運營，團隊將我們曾經的巨大阻力——車隊——轉化為競爭優勢，使我們為 2026 年及以後的發展奠定了良好的基礎。即使車隊規模縮小，我們也實現了單位成本的逐年改善，我們看到了一系列成本和生產力提升舉措，這些舉措涵蓋了我們業務的各個方面。這一點，再加上成長帶來的營運槓桿效應，應該有助於推動我們向前發展。

Unit revenue growth has been a key area of focus. The team's work around customer service, demand generation, and the right segments, revenue management strategies and initiatives are paying off, and we have the talent, tools, and technology to continue this momentum, return Hertz to solid profitability this year, and achieve over $1 billion in adjusted EBITDA in 2027.

單位收入成長一直是重點關注領域。團隊在客戶服務、需求創造和正確的細分市場、收入管理策略和舉措方面的工作正在取得成效，我們擁有人才、工具和技術來保持這種勢頭，使赫茲今年恢復穩健的盈利能力，並在 2027 年實現超過 10 億美元的調整後 EBITDA。

But our transformation does not stop there. We're both pragmatic and ambitious, focused on what's in front of us while also planning for the future. We're making progress in developing our platform to unlock value beyond our core business, leveraging the same operational discipline, rigorous cost control, and revenue optimization that would define this turnaround.

但我們的改變並不會止步於此。我們既務實又有抱負，既專注於眼前的事情，也為未來做好規劃。我們正在努力開發我們的平台，以釋放核心業務以外的價值，利用同樣的營運紀律、嚴格的成本控制和收入優化，這些都將定義此次轉型。

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，交接班了。

(Operator Instructions) Chris Woronka, Deutsche Bank.

（操作員指示）Chris Woronka，德意志銀行。

Hey. Good morning, guys. Thanks for taking the questions. I guess, Gil -- good morning -- to start off, one of your competitors recently took about a $500 million write-down related to EVs. You obviously heard someone through a process a couple years back that I think is complete or largely complete. Can you maybe give us a refresh on where you guys are on EVs, whether your strategy has changed or evolved at all recently? Thanks.

嘿。各位早安。謝謝您回答問題。我想，吉爾——早安——首先，你的一個競爭對手最近對電動車相關業務提列了約 5 億美元的減損準備。顯然，你幾年前聽過一個我認為已經完成或基本上完成的過程。能否簡單介紹一下貴公司在電動車領域的現狀，以及你們的策略最近是否有所改變或發展？謝謝。

Yeah. Hey, Chris. Thanks for the question.

是的。嘿，克里斯。謝謝你的提問。

I think a lot of headlines across all the automotive industry on EVs, of course, of late. I think we're probably a little further down the road than most, and we do have a bit of a different strategy now in that -- I just start with some context. We're the largest fleet supplier to Rideshare in the world, as I mentioned. It's really important to get that fleet right because the Rideshare just has different fleet needs than our traditional RAC business, and EVs remain central to Rideshare and remain a long-lived asset in that fleet.

我認為，最近整個汽車產業有很多關於電動車的新聞報導。我認為我們可能比大多數人走得更遠一些，而且我們現在採取的策略也略有不同——我先從一些背景介紹開始。正如我之前提到的，我們是全球最大的叫車車隊供應商。確保車隊配置正確非常重要，因為共享出行業務的車隊需求與我們傳統的 RAC 業務截然不同，而且電動車仍然是共享出行業務的核心，並且仍然是車隊中長期使用的資產。

So we're just probably more experienced than anyone as an EV fleet operator at scale. We've been building a lot of operational muscle around EVs over the years, and that includes the technical expertise as well as operating infrastructure. So as part of our transformation, as you well know, we've gone through and right-sized our EV fleet based on what the natural demand is for EVs. So essentially, we've redeployed that fleet in the right channels with the majority of that fleet moving towards Rideshare business, and that puts EVs into real high-intensive operating environments and that helps us accelerate our learning curve.

因此，作為一家大規模電動車隊營運商，我們可能比任何人都更有經驗。多年來，我們一直在電動車領域累積強大的營運實力，包括技術專長和營運基礎設施。因此，作為我們轉型的一部分，如您所知，我們已經根據電動車的自然需求調整了我們的電動車隊規模。所以，從本質上講，我們已經將這支車隊重新部署到正確的管道，其中大部分車隊都轉向了共享出行業務，這使得電動車進入了真正的高強度營運環境，這有助於我們加快學習曲線。

So specifically with our Tesla fleet, just to give you an example, we're in the process of doing an interior refresh on that fleet. So it's really given the wear we've encountered on the interiors over the last several years. So this is a low-cost investment per vehicle for us, and then the vehicle condition comes out looking nearly new and then extends the useful life of that asset and then, of course, has considerable economic benefits for us on that fleet.

舉個例子來說，具體到我們的特斯拉車隊，我們正在對車隊進行內部翻新。所以，這確實是考慮到過去幾年我們在內飾方面遇到的磨損情況。因此，對我們來說，這是一筆每輛車成本很低的投資，車輛狀況煥然一新，延長了資產的使用壽命，當然，也為我們的車隊帶來了相當大的經濟效益。

So we've got a world-class maintenance and tech ops team, and they've done this all their life, really, on older-generation aircraft, applying a similar approach where we refurbish the interiors and do it at a low cost. So it's what's happening with our Tesla fleet.

我們擁有一支世界一流的維護和技術營運團隊，他們畢生都在從事這項工作，尤其是在老一代飛機上，採用類似的方法翻新內飾，而且成本很低。這就是我們特斯拉車隊目前的情況。

And ultimately then, I think with that fleet, the limiting life factor will be battery life at this point, kind of given the current battery replacement costs, but even that could change in the future. But we've got to remain agile with our EV fleet. It's really set us up well, though, in our Rideshare position. And then, it's probably worth noting that that experience we've been building with EVs really sets us up well in the future for AVs because I think every future autonomous vehicle will likely be an EV, so all that will bode well for us in the future.

最終，我認為對於這支車隊來說，目前限制其壽命的因素將是電池壽命，考慮到目前的電池更換成本，但即便如此，未來也可能會有所改變。但我們必須保持電動車隊的彈性。不過，這確實讓我們在叫車領域佔據了有利地位。此外，值得一提的是，我們在電動車領域累積的經驗確實為我們未來發展自動駕駛汽車奠定了良好的基礎，因為我認為未來所有自動駕駛汽車都可能是電動車，所以這一切對我們未來來說都是好兆頭。

Chris Stathoulopoulos, Susquehanna International Group.

克里斯·斯塔索洛普洛斯，薩斯奎哈納國際集團。

So Gil, a lot of commentary here on the Mobility business in your prepared remarks. I think you said Mobility has the potential to more than surpass Rent a Car. So could you dig into a little bit more here on the future potential of the Mobility business for Hertz? What does that look like? What is the plan for the next year, one, three, five years, if you could? Just want a little bit more detail on how you're thinking about that. Thank you.

吉爾，你在準備好的發言稿中對旅遊業務做了許多評論。我認為你說過，出行方式有潛力超越租車。那麼，您能否更深入探討赫茲出行業務的未來潛力？那看起來像什麼？如果可以的話，你對未來一年、三年、五年有什麼計畫？我想了解你對此事的更多想法。謝謝。

No, thanks, Chris. Obviously, as we mentioned in the call, the potential is significant here, and we continue to position Hertz for the future of mobility. And I think we'll be a big part of that because we've already got great partnerships in the Rideshare space. So as you think about the next step of Mobility, it's really the evolution of Rideshare into autonomous.

不用了，謝謝你，克里斯。顯然，正如我們在電話會議中所提到的，這裡的潛力巨大，我們將繼續為赫茲的未來出行做好準備。我認為我們將在其中發揮重要作用，因為我們在叫車領域已經建立了良好的合作夥伴關係。因此，在思考出行方式的下一步發展時，實際上是共享出行向自動駕駛的演進。

So we've been piloting some innovative new models with a strategic partner, and we're starting to scale some of those. We'll talk about those in the future. But I think we're a natural player in Mobility and ultimately the AV space as it continues to evolve. So we've got really an incredible team leading our mobility business. I'm extremely bullish about what that future looks like.

因此，我們一直在與策略夥伴一起試驗一些創新的新模式，並且我們正在開始擴大其中一些模式的規模。我們以後再談這些問題。但我認為，隨著自動駕駛汽車領域的不斷發展，我們自然而然地成為移動出行領域甚至整個自動駕駛汽車領域的參與者。所以，我們擁有一支非常優秀的團隊來領導我們的出行業務。我對未來的前景非常樂觀。

So maybe just to recap, as I see it at least, how the space plays out, first of all, it'll be a huge TAM, if you will. We had some comments in the script about that. And it's not a winner-take-all game. It's very big. And I think Hertz is really one of just a limited number of companies that have all the necessary ingredients to be a major player in AVs. Our core business is owning and operating large fleets of vehicles. And that's a foundational requirement in AVs and the model for mobility going forward.

所以，我總結一下，至少在我看來，這個領域的發展前景是，首先，它將是一個巨大的潛在市場。我們在劇本中對此做了一些說明。這不是一場贏家通吃的遊戲。它非常大。我認為赫茲是少數幾家具備成為自動駕駛汽車行業主要參與者所有必要條件的公司之一。我們的核心業務是擁有和經營大型車隊。這是自動駕駛汽車的基本要求，也是未來出行模式的基礎。

So we've got an iconic brand. We've got a global footprint. We've got operational excellence. We've got really advanced maintenance capabilities, and then, of course, large fleet management skills. And as I just mentioned, experience managing EVs. And again, I'll just reiterate, I think in the future, almost all AVs will be EVs. So that experience will be a big stepping stone for us. But we've got Rideshare experience, the infrastructure. We're an asset-heavy business, but we've got the vehicle financing capability. And then we've got a team literally with years of direct AV operating experience.

所以我們擁有了一個標誌性品牌。我們擁有全球業務。我們擁有卓越的營運能力。我們擁有非常先進的維修能力，當然，還有龐大的車隊管理技能。正如我剛才提到的，還需要有電動車管理經驗。我再次重申，我認為未來幾乎所有的自動駕駛汽車都將是電動車。所以那次經驗對我們來說將會是個巨大的墊腳石。但我們擁有叫車經驗和基礎設施。我們是一家資產密集型企業，但我們具備車輛融資能力。而且我們還有一支擁有多年音影設備直接操作經驗的團隊。

So I mean, in sum, I think we've got the right ingredients to do it. We're focused on it. But be remiss if I also didn't say we're also focused on making sure the core business is turning, heading the right direction. And we're not going to be distracted by anything around that. But we can do more than one thing, and we are, and Mobility is a big part of our future.

總而言之，我認為我們已經具備了成功的必要條件。我們正專注於此。但如果我沒提到我們也在努力確保核心業務轉型，朝著正確的方向發展，那就太失職了。我們不會被其他任何事情分心。但我們能做的不只一件事，而且我們也正在這樣做，行動出行是我們未來發展的重要組成部分。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Hi. Good morning. Thank you for taking the questions. I wanted to go back to the question of DPU. And I know your North Star metric is the $300. But perhaps you could just walk us through, again, the path to how you can sustainably be at that $300.

你好。早安.感謝您回答這些問題。我想回到DPU的問題上。我知道你的北極星指標是 300 美元。但或許您可以再次向我們詳細介紹一下，如何能永續地維持每月 300 美元的生活水平。

Given some of the vehicle inflation that we've seen, what offsets do you have? Because just mathematically, if you're holding a car for 18 months and the price is going up, that DPU is going to just increase above $300. So what offsets do you have to get it to that $300, and what's the confidence on that?

鑑於目前汽車價格上漲的情況，你們有哪些因應措施？從數學角度來看，如果你持有一輛車 18 個月，而價格上漲，那麼每單位分紅 (DPU) 就會超過 300 美元。那麼，你需要哪些抵銷措施才能達到 300 美元的目標呢？你對此有多大信心？

Yeah. Thanks, Dan. Appreciate the question. I'll start, and Scott, feel free to add.

是的。謝謝你，丹。感謝您的提問。我先來，史考特，你也隨意補充。

But yeah, we've got confidence that kind of our end-to-end fleet strategy that we've talked about in the past will work in any environment, first of all. And we can maintain the sub-$300 DPU this year and beyond. So although, as we noted, there's some seasonality in the trends and some volatility, but we've rotated the fleet. We've got model year '25, '26 vehicles to sustain our depreciation North Star. And the used car market set up well this year as we move forward. We've also pivoting in to heavier retail car sales, along with shorter hold periods. And I think both of those will be tailwinds for us as we go forward.

但是，首先，我們有信心，我們過去討論過的端到端車隊策略在任何環境下都能奏效。我們今年及以後都能保持每單位分紅低於 300 美元。所以，雖然正如我們所指出的，趨勢存在一些季節性和波動性，但我們已經輪換了船隊。我們有 2025 年款、2026 年款的車輛來維持我們的折舊北極星計畫。今年二手車市場狀況良好，值得期待。我們也轉向更大規模的零售汽車銷售，同時縮短車輛持有週期。我認為這兩方面都將成為我們未來發展的有利因素。

But ultimately, it's about managing the right buy, hold, and sell at a make, model, trim level in order to maximize the retention value over that hold period. It's not necessarily the cap cost. It's the retention value from what we buy it for, the net purchase price, and what we sell it for. And that retention value, then, over that hold period is the key. And managing that really gives us the ability to hit our DPU targets.

但歸根結底，關鍵在於對特定品牌、型號和配置等級的車輛進行正確的購買、持有和出售管理，從而在持有期間最大限度地提高車輛的留存價值。不一定是資本成本。這是指我們購買它的價格、淨購買價格和我們出售它的價格之間的差額。因此，持有期間內的留存價值才是關鍵。管理好這一點，就能真正幫助我們達成每單位 DPU 目標。

Yeah. Hey, Dan, it's Scott, too. I'll just add an important sort of mathematical component here.

是的。嘿，丹，我也是史考特。我在這裡補充一個重要的數學要素。

Obviously, we buy a ton of vehicles at large volumes that are significantly below MSRP. And that's at a discount level. I mean, ideally, you'd turn around and sell the vehicle the next day, obviously, to monetize that discount. But obviously, we can't do that, and we rent the car for a period of time.

顯然，我們大量採購車輛，價格遠低於廠商建議零售價。而且這還是打折後的價格。我的意思是，理想情況下，你當然應該第二天就把車賣掉，這樣才能把折扣變現。但顯然我們不能那樣做，所以我們租車使用了一段時間。

But to Gil's point, the idea of a short hold has significant mathematical components, albeit operationally complex, because you do need a large inflow of vehicles. You need the piping to be able to exit vehicles at that volume. So the combination of all those things create the ability to optimize DPU that we think will be below $300. And we have the capabilities to drive it a good bit further once all of the components sort of start humming. So I think mathematically, you could easily get to that point.

但正如吉爾所說，短期持有的想法具有重要的數學成分，儘管操作上很複雜，因為你確實需要大量的車輛流入。你需要管道能夠以該流量將車輛排出液體。因此，所有這些因素結合起來，使得我們能夠優化 DPU，我們認為其價格將低於 300 美元。一旦所有部件都開始正常運轉，我們就有能力將其推向更高的水平。所以我覺得從數學角度來看，很容易就能達到那個程度。

And historically, the Rental Car business has been well below $300. So I don't think we're charting new territory here, respectively. But I think there's a lot of components that we've definitely gotten good at, and we'll continue to do that. But I think mathematically, it's important to sort of think of it around those factors.

從歷史上看，租車業務的收入一直遠低於 300 美元。所以我覺得我們在這裡並沒有開闢新的領域。但我認為我們在很多方面都做得非常出色，我們會繼續努力。但我認為從數學角度來看，圍繞這些因素來考慮這個問題很重要。

Great. Thank you. And if I could just ask a follow-up on the liquidity standpoint. So I appreciate the commentary on Q2 being the trough and some other liquidity actions. But just given you're still going to be a ways away from being free cash flow positive, maybe you could comment on the free cash flow dynamics. But in the absence of that, what other capital raise options do you have to keep the liquidity in line until you hit free cash flow positive?

偉大的。謝謝。我可否再問一下關於流動性方面的問題？因此，我很欣賞關於第二季度是低谷以及其他一些流動性措施的評論。但鑑於您距離實現自由現金流為正還有一段路要走，或許您可以談談自由現金流的動態變化。但是，如果沒有上述融資方案，您還有哪些其他融資選擇來維持流動性，直到實現正自由現金流？

Yeah. Let me touch on a couple of points there, Dan.

是的。丹，我想就幾點談談我的看法。

I think we'll make pretty sizable strides in free cash flow generation in '26. Obviously, post Q1, if you sort of look at the margin profile, we'll be somewhat cash flow neutral in the year post Q1. And so obviously, we've got to drive the business in '27 to the point where we become cash flow positive, covering all of the components within our working capital needs.

我認為我們在 2026 年自由現金流方面將取得相當大的進展。顯然，從第一季後的利潤率來看，我們在第一季後的一年內將基本達到現金流平衡。因此，很顯然，我們必須在 2027 年推動業務發展，實現現金流為正，從而滿足我們營運資金需求的所有組成部分。

But we talked about a few things that we have in the pipeline, the $200 million initiative that we created, which was an alternative LC credit facility that reduces the need for those funds to be taken out of the RCF. We have a large number of initiatives that are not your typical sort of first lien offering, which we have as well, that talk about things like more capacity within our ABS structure.

但我們談到了一些正在籌備中的項目，例如我們創建的 2 億美元計劃，這是一個替代性的信用證信貸機制，可以減少從循環信貸基金中提取這些資金的需求。我們有許多舉措並非典型的第一順位抵押權發行（我們也有這類發行），這些舉措探討了諸如提高我們資產支持證券結構容量等問題。

We have real estate assets that are both locations we no longer need. I mean, we're a 100-year-old company, so we have some excess assets that we need to monetize as we optimize our facility footprints. But we also have other locations where we do operate and want to continue that -- we may do sale leaseback transactions at a very good cost of capital. That's a better capital allocation than owning real estate across the entire network.

我們擁有兩處我們不再需要的房地產資產。我的意思是，我們是一家擁有百年歷史的公司，所以我們有一些多餘的資產需要變現，同時優化我們的設施佈局。但我們也有其他經營地點，並且希望繼續經營——我們可能會以非常優惠的資金成本進行售後回租交易。這比在整個網路中擁有房地產要好得多，是一種更合理的資本配置方式。

We also have a number of strategic initiatives to grow our franchise base, including new geographies where we don't operate today, plus some locations that are corporate-owned and operated, which are desirable franchise opportunities that are both strategically interesting, but also create an upfront capital infusion opportunity. So there's a whole host of items here that give us a good bit of flexibility, including the first lien capacity that we have, which is roughly $400 million. A lot of that comes from the rolling off of some of the RCF capacity that we can refinance in the year.

我們還有一系列策略性舉措來擴大我們的特許經營基礎，包括我們目前尚未運營的新地區，以及一些公司擁有和運營的地點，這些都是理想的特許經營機會，不僅具有戰略意義，而且還能創造前期資本注入的機會。因此，這裡有一系列項目給了我們很大的靈活性，包括我們擁有的第一留置權能力，大約是 4 億美元。其中很大一部分的資金來自我們可以在年內進行再融資的部分循環信貸額度到期。

Great. Thank you.

偉大的。謝謝。

John Healy, Northcoast Research.

John Healy，北海岸研究公司。

Thanks for taking the question. Gil, I wanted to go to a comment that you kind of weaved into the prepared remarks a few times. You used the word off-airport and you seem to use it in separation with the word Mobility. So I would just love to get your view on the word off-airport, what you guys are doing there, if it is separate from the Mobility business. And does it relate to maybe a desire to get back into the insurance business that the company was in a while ago? Thanks.

感謝您回答這個問題。吉爾，我想談談你在準備好的演講稿中幾次提到的一個觀點。你使用了「機場外」這個詞，而且你似乎把它和「出行」這個詞分開使用。所以我很想聽聽你對「機場外」這個詞的看法，你們在那方面正在做什麼，它是否與出行業務分開。這是否與該公司想要重返之前涉足的保險業務有關？謝謝。

Yeah. Thanks, John.

是的。謝謝你，約翰。

Just to clarify -- I appreciate that question -- the way we were using the term off-airport was in respect to our Rental Car business, not for Mobility. So it's a separate and included part of our Rental Car business. And we consider, of course, on-airport and our what we call Hertz Local Edition off-airport volume in that mix.

澄清一下——我很感謝你的提問——我們使用「機場外」這個詞是指我們的租車業務，而不是指出行服務。所以它是我們租車業務的一個獨立組成部分。當然，我們也會將機場內的租車業務以及我們稱為 Hertz Local Edition 的機場外租車業務量納入考量。

And maybe just for context, that growth in that, we do see the growth and it's profitable growth for us. And we're disciplined about that. But if you recall, as we rotated the fleet, we had to shrink our fleet in order to accelerate the rotation of the fleet. We were managing capital. We were managing vehicle availability. We're managing working our way through depreciation, all those things. So we had to shrink to accelerate the fleet rotation. Essentially, we kept our airport capacity more or less flat during that period. And we shrank in our off-airport HLE location and, to some degree, our Mobility business.

或許只是為了說明一下背景，我們確實看到了這方面的成長，而這對我們來說是有利可圖的成長。我們在這方面非常自律。但如果你還記得的話，在我們輪換艦隊的過程中，我們不得不縮減艦隊規模，以加快艦隊輪換速度。我們當時在管理資金。我們當時在管理車輛可用性。我們正在努力解決折舊等問題。因此，我們不得不縮減規模以加快艦隊輪換。基本上，在那段時間裡，我們的機場運力基本上保持不變。我們縮減了機場外 HLE 地點的規模，並在一定程度上縮減了我們的旅遊業務。

So as we think about off-airport and growing that business in '26, it's really just going to going back to where we were in prior years is certainly the first step of that. The demand's there, again, in various segments. And so that's really the context of our off-airport.

所以，當我們考慮在 2026 年發展機場外業務時，回到我們前幾年的狀態無疑是第一步。各領域的需求依然存在。這就是我們機場外專案的背景。

Mobility is separate. We're growing that business, and it's even at a much faster rate than off-airport. And it's through the partnerships, and again, that's got, we think, a long runway.

流動性是另一回事。我們正在發展這項業務，而且發展速度甚至比機場外業務快得多。而且，這一切都是透過合作關係實現的，我們認為，這種合作關係還有很長的路要走。

Yeah. Hey, John. This is Scott, too. Just a quick comment.

是的。嘿，約翰。這也是斯科特。簡單說幾句。

I think we view those businesses differently, too, by the way. The airport has different demand profiles, obviously driven by airlines and TSA demand. Our off-airport business has a different cycle to it, obviously related to insurance replacement and even some of the leisure demand and commercial components operate on a different cyclical component. So as we think about growth profiles, profitability profiles, we do view those a bit differently, which is why when we talk about growth, we segment it out into those sort of airport, off-airport rideshare components, just because they behave differently.

順便說一句，我認為我們對這些企業的看法也不同。機場的需求情況各不相同，這顯然是由航空公司和美國運輸安全管理局 (TSA) 的需求所驅動的。我們的機場外業務週期有所不同，顯然與保險賠償有關，甚至一些休閒需求和商業部分也遵循不同的周期性規律。所以，當我們考慮成長概況、獲利概況時，我們確實會以不同的方式看待它們，這就是為什麼當我們談論成長時，我們會將其細分為機場、機場外共乘等組成部分，因為它們的行為方式不同。

Great. Thank you. And then just one question on cap structure and balance sheet. You guys have said that I believe 300 to 600 basis points of EBITDA margin this year. If you're at the high end of that range, does that get you towards kind of cash flow breakeven for the year?

偉大的。謝謝。最後還有一個關於資本結構和資產負債表的問題。你們之前說過，我相信今年的 EBITDA 利潤率會達到 300 到 600 個基點。如果你的支出處於該範圍的高端，這能讓你今年的現金流達到收支平衡嗎？

And just longer term, any thoughts about the approach to deleveraging here? I mean, even on the '27 goal of $1 billion in EBITDA, even if we earmark a lot of that improvement to debt repayment, we're still an awfully leveraged company. So just wanted to get your thoughts about how we bring down leverage. And I know you talked about sale leaseback and some of those things. But just love to get your view on ideal cap structure and, hypothetically, maybe when we could be below certain leverage levels. Thanks.

從長遠來看，您對目前的去槓桿化策略有什麼想法嗎？我的意思是，即使我們實現了 2027 年 EBITDA 10 億美元的目標，即使我們將其中很大一部分用於償還債務，我們仍然是一家槓桿率非常高的公司。所以，我想聽聽你們對於如何降低槓桿率的看法。我知道你們談到了售後回租之類的東西。我很想聽聽您對理想資本結構的看法，以及，假設我們何時才能將槓桿率降至某些水平以下。謝謝。

Yeah. Hey, John. It's a good question.

是的。嘿，約翰。這是個好問題。

Obviously, the business has to get to the point where it can cover its sort of debt servicing and working capital needs. I mean, you could probably do the math within our balance sheet. But the sort of free cash flow breakeven number sits in that sort of 6% to 7%. So yeah, at the high end of that, we're going to be pretty close to sort of free cash flow breakeven for the year.

顯然，企業必須達到能夠償還債務和滿足營運資金需求的水準。我的意思是，你大概可以根據我們的資產負債表來計算。但自由現金流損益平衡點大概在 6% 到 7% 之間。所以，是的，往高了說，我們今年的自由現金流將非常接近損益兩平點。

And I've said this before. Obviously, the business has to get to the point where it's producing free cash flow to start thinking about using those funds to delever. There are other components that will take place in the future as well as we refinance. We may have the capability within our stock price to use equity at some point in the future that we've talked about. But we're definitely price sensitive to that because we are so optimistic about where the business goes.

我以前也說過這話。顯然，企業必須達到能夠產生自由現金流的程度，才能開始考慮利用這些資金來降低槓桿率。未來還會有其他一些環節，例如我們的再融資。我們或許有能力在未來的某個時候利用我們之前討論過的股權融資。但我們對價格肯定很敏感，因為我們對公司的發展前景非常樂觀。

And the other components of that that we think through are how the platform and the initiatives will play out in forming the ability to delever. We think the components of Mobility and Fleet car sales will both drive operating profits to the business, as well as an infusion of equity capital that may also participate in all the holistic views of capitalizing those components necessary to grow those businesses, but also helping the cap structure at the same time.

我們也考慮了其他一些因素，例如平台和各項措施將如何發揮作用，從而形成去槓桿化的能力。我們認為，出行和車隊汽車銷售業務都將為公司帶來營業利潤，同時也將注入股權資本，這些資本也可能參與為這些業務成長提供必要資本的整體方案中，同時也有助於改善資本結構。

So there's a lot of moving pieces, and this is going to happen over time. But the first step is getting the business on solid profitable footing.

所以這裡面有很多變數，而且這件事會隨著時間的推移而發生。但第一步是讓企業走上穩健獲利的道路。

Understood. Thank you.

明白了。謝謝。

Ryan Brinkman, JPMorgan.

Ryan Brinkman，摩根大通。

Hi. Thanks for taking my question. With regard to the Hertz Car Sales strategy, what are you expecting in terms of the percentage of vehicles disposed of via various channels in 2026 relative to 2025? And maybe looking beyond this year also, what is assumed already in your North Star target for per unit depreciation of under $300 per month or $1 billion of EBITDA in '27 versus what level of disposition performance would be incremental to those targets?

你好。謝謝您回答我的問題。關於赫茲汽車銷售策略，您預計 2026 年透過各種管道處置的車輛百分比與 2025 年相比會是多少？或許還可以展望一下今年之後，你們的北極星目標中已經假設了什麼，即每單位折舊低於每月 300 美元或 2027 年 EBITDA 達到 10 億美元，而處置業績達到什麼水平才能實現這些目標？

Yeah. I'll start with the latter point, Ryan. Nothing. We're not assuming that Hertz Car Sales factors into the $1 billion of EBITDA in '27 or really anything material this year.

是的。瑞恩，我先從後一點說起。沒有什麼。我們並不認為赫茲汽車銷售額對 2027 年 10 億美元的 EBITDA 有任何影響，或者說，對今年的任何實質影響都沒有影響。

The real key -- from a growth standpoint, there's two points I would make here on Hertz Car Sales, because we do want to grow the percent of car sales that we have into retail. Keep in mind, historically what we've done is to move volume through the rental car seasonal periods and do it through wholesale channels in order to match the timing of kind of the ins and outs of that. So we're shifting our strategy to move the bulk of that volume through retail channels and shorten our sales time to do that.

從成長的角度來看，真正的關鍵在於——關於赫茲汽車銷售，我想提出兩點，因為我們確實希望提高零售汽車銷售的比例。請記住，從歷史上看，我們所做的就是在租車旺季透過批發管道轉移銷量，以便與旺季的各種情況相匹配。因此，我們正在調整策略，透過零售通路銷售大部分產品，並縮短銷售週期來實現這一目標。

Today, we're roughly at, call it, about a third of our cars move through retail channels. Today, that's both Hertz Car Sales, our direct sales, along with retail partners that we have established to move volume through. Aspirationally, we want to grow that to about 80%, so there's a path there. And we're pushing hard to do that.

如今，我們大約有三分之一的汽車是透過零售通路銷售的。如今，這既包括 Hertz 汽車銷售（我們的直接銷售），也包括我們為促進銷售而建立的零售合作夥伴。從長遠來看，我們希望將這一比例提高到 80% 左右，所以這是有希望實現的。我們正在努力實現這一目標。

And then if you peel that back, I think we tried to cover a little bit of this in the script, but we see kind of a couple of pieces of that. We've got a physical footprint today. We've been investing in our digital channels and e-commerce as well. The combination of those creates a really good model for us, so we can meet our customers where ultimately they want to be, rather than just relying either on a physical channel or a digital channel. So that combination is really important for us.

如果你仔細探究，你會發現我們在劇本中試圖掩蓋這方面的一些內容，但我們還是能看到其中的一些蛛絲馬跡。我們今天有了實體存在。我們一直在投資我們的數位管道和電子商務。這些因素結合起來為我們創造了一個非常好的模式，使我們能夠最終在客戶想要的地方滿足他們的需求，而不僅僅依賴實體通路或數位管道。所以這種組合對我們來說非常重要。

We've got a lot of great ingredients to drive this to course. We've got a building customer base. People are test driving our cars every day. We've done rent to buy. We partnered with Cox to revamp our website. Again, I would encourage you guys to go see it. It's really impressive.

我們有很多優秀的要素可以推動這個專案走向成功。我們的客戶群正在不斷擴大。每天都有人試駕我們的車。我們嘗試過先租後買。我們與 Cox 合作，對我們的網站進行了改版。我再次鼓勵大家去看。真是令人印象深刻。

I would also just mention, on a customer basis, the cars we sell to customers, the Net Promoter Scores of those buyers are as high as anything I've ever seen anywhere. They're over 90% Net Promoter Scores. That's almost impossible achievement, candidly. So the experience is already good. We've got a great, trusted brand. And then it's a matter of top-of-funnel demand. We've got big partnerships that drive that.

我還想提一下，就客戶而言，我們銷售給客戶的汽車的淨推薦值是我見過最高的。他們的淨推薦值超過 90%。坦白說，這幾乎是不可能的任務。所以體驗已經很好了。我們擁有一個優秀且值得信賴的品牌。然後就是漏斗頂端需求的問題了。我們擁有推動這一目標的強大合作夥伴關係。

And then, the real problems for us to solve are distilling that into qualified leads and conversion rates. And the team's really focused on that. We've got some great people helping us. And those are the real keys, along with driving up our net margin per sale. It's not just about volume. Ultimately, it's about adding a few thousand dollars to the net here, selling hundreds of thousands of cars where we have the material impact.

接下來，我們需要解決的真正問題是將這些資訊提煉成合格的銷售線索和轉換率。團隊確實非常重視這一點。我們有一些非常棒的人在幫助我們。這些才是真正的關鍵，還有提高我們每筆銷售的淨利率。這不僅僅是數量的問題。歸根結底，這關乎在這裡增加幾千美元的淨收入，透過銷售數十萬輛汽車，我們可以產生實質的影響。

So the net margin's key in the equation. We've been focusing really hard on reconditioning cost, along with capturing F&I on the back end of the transaction that we've never had. So a combination of those two plus selling more digitally reduces the overall selling expenses. And we're seeing the margin side heading the right way on a per car basis, and then it's about increasing volume.

所以淨利率是等式中的關鍵。我們一直非常重視整備成本，以及在交易後端收取我們以前從未收取過的金融和保險費用。因此，將這兩項措施結合起來，再加上更多地進行數位化銷售，可以降低整體銷售成本。我們看到，以每輛車計算，利潤率正在朝著正確的方向發展，接下來就是提高銷售量了。

This isn't easy, obviously, but we've got the ability to -- again, we've already got the scale. It's just a matter of channel shift in the way we're selling. So a big opportunity for us.

這顯然不容易，但我們有能力做到──再說一遍，我們已經具備了規模。這只是銷售通路轉變的問題。所以這對我們來說是一個絕佳的機會。

Okay, thanks. And then lastly, with regards to the more sophisticated approach to pricing that you referenced in your prepared remarks, which is leading to higher revenue per unit and you expect to contribute more, are you utilizing or refining a new or existing software system? Or what would you say are the drivers of the progress so far and the catalyst for further improvement?

好的，謝謝。最後，關於您在準備好的發言稿中提到的更複雜的定價方法，這種方法可以帶來更高的單位收入，並且您預計會做出更多貢獻，您是在使用還是改進新的或現有的軟體系統？或者，您認為目前取得進展的驅動因素是什麼？未來進一步改進的催化劑又是什麼？

Just to clarify, are you talking about the Car Sales or Rental business -- Rental Car business?

請您確認一下，您指的是汽車銷售業務還是汽車租賃業務－汽車租賃業務？

Now, the Rental business, the pricing that's leading to the RPD.

現在，租賃業務，以及導致 RPD 的定價。

Yeah. Because we're doing the same, by the way, on the cars. But go ahead, Sandeep.

是的。順便說一句，我們在汽車上也做了同樣的事情。桑迪普，你繼續吧。

Yeah, Sandeep here. Thanks for the question there on pricing sophistication.

是的，我是桑迪普。感謝您提出的關於定價複雜性的問題。

So we are relooking broad scale how we price demand overall. And it's a combination of improved system, and we've talked about this in prior earnings calls around our work around there. And that's a longer turn. And we are well on that journey.

因此，我們正從宏觀層面重新審視整體需求定價方式。這是系統改進的結合，我們在先前的財報電話會議上也談到我們在這方面的工作。而且轉彎時間更長。我們正朝著這個目標穩步前進。

On top of that, you have to always relook how you structure your pricing and the approach that you use within the systems. And that's the piece that I referred to when I talked about Q4, where we've infused the revenue management team with some new talent. There's some really good thinking that's going on there. And we've applied different theories into how we actually price for demand. And that's leading to a different outcome there.

除此之外，你還必須不斷重新審視你的定價結構以及你在系統中使用的策略。這就是我在談到第四季時提到的那部分內容，我們為收入管理團隊注入了一些新人才。那裡確實有一些非常好的想法。我們已經應用了不同的理論來實際確定需求價格。而這導致了不同的結果。

So I think it's a combination of systems and different thinking. And by the way, this is still in the early innings of how we kind of go about this. This is a journey, and I expect continuous improvement on this front.

所以我認為這是多種系統和不同思維方式的結合。順便說一句，這仍然是我們進行這項工作的早期階段。這是一個循序漸進的過程，我期待這方面能夠持續進步。

Great. Thank you.

偉大的。謝謝。

Chris Woronka, Deutsche Bank.

克里斯‧沃隆卡，德意志銀行。

Hey, guys. Thanks for getting me back into the queue. The second question -- yeah, no, thanks. So the second question is going to be kind of as we think about the $1 billion target for next year on EBITDA, we know that the North Star targets are kind of numerically.

嘿，夥計們。謝謝你讓我重新回到排隊名單上。第二個問題——不，謝謝。所以第二個問題是，當我們考慮明年 EBITDA 達到 10 億美元的目標時，我們知道北極星目標在某種程度上是數字性的。

But if I think about how much fleet maybe that requires, and that also on the more importantly on the revenue side, maybe you can at a high level directionally bucket for us where you think is this market share on corporate? Is it market share on leisure? Is it more of a rideshare where you don't maybe have quite as much direct competition? If you can maybe at some high level bucket those out for us, what you think drives it, or if anything is equal, that would be super helpful. Thanks.

但如果我考慮這可能需要多少機隊，以及更重要的是在收入方面，您能否從宏觀的角度為我們大致劃分一下您認為企業市場份額的範圍？這是休閒市場的佔有率嗎？它更像是共乘服務，可能沒有那麼多直接競爭嗎？如果你能從宏觀層面幫我們分析一下這些因素，你認為是什麼因素導致了這種情況，或者是否有其他同等重要的因素，那將非常有幫助。謝謝。

Okay. Well, I'll start. And I would encourage Scott and Sandeep to dive in. Thanks, Chris.

好的。那我先來。我鼓勵斯科特和桑迪普積極參與。謝謝你，克里斯。

First of all, I think in terms of the $1 billion EBITDA in '27, I mean, a little bit of context at least from my view. I mean, these aren't uncharted waters. We've been there in the past. Others in the industry are there now and achieve that level of performance. So it's clearly achievable. I think the North Star financial targets that we've given on DPU, RPU, and DOE along with some just modest growth get us there conceptually. And we can talk about any of those assumptions.

首先，就 2027 年 10 億美元的 EBITDA 而言，我的意思是，至少從我的角度來看，需要一些背景資訊。我的意思是，這並非未知領域。我們以前去過那裡。業內其他公司目前也達到了同樣的業績水準。所以這顯然是可以實現的。我認為，我們設定的關於每單位股息 (DPU)、每單位收入 (RPU) 和能源效率 (DOE) 的北極星財務目標，再加上適度的成長，從概念上講，就能實現目標。我們可以討論這些假設中的任何一個。

And then, of course, the approach we've taken on Back-to-Basics laid a foundation to get there. The trajectory of all those metrics are heading that way. They've turned. They're heading that direction. I think the biggest economic leverage is the fleet, which we've addressed, and that's the economic engine. And we're tracking really with all the North Star metrics directionally where we want to go.

當然，我們在「回歸基礎」方面所採取的方法也為實現這一目標奠定了基礎。所有這些指標的走勢都朝著那個方向發展。他們轉變了立場。他們正朝著那個方向前進。我認為最大的經濟槓桿是船隊，我們已經解決了這個問題，船隊是經濟引擎。而且，我們所有北極星指標都朝著我們想要的方向穩步前進。

We'll never be satisfied with the timing, and we'll keep pushing hard. That is the one variable that's always a little difficult to gauge given the kind of nature of the significant transformation we've been doing. But there's a strong sense of urgency at the team. Everybody's full throttle. The needles are moving.

我們永遠不會對時機感到滿意，我們會繼續努力。鑑於我們所進行的重大變革的性質，這是一個始終難以衡量的變數。但團隊內部有強烈的迫切感。大家都在全力以赴。指針在移動。

So we talked about depth. So maybe the revenue piece, you want to touch on --

所以我們討論了深度。所以，關於收入方面，您可能想談談。--

Yeah. On the revenue piece, I think, again, it's going to be very, very disciplined growth. And going back to our business lines, on the airport side, we're going to be very clear that our growth is going to be at or below TSA levels. And the beauty in there is we're going to keep refining the segments that we -- the segment mix there so that we generate a higher and higher margin out of our airports.

是的。關於營收方面，我認為，成長將會非常非常有紀律。回到我們的業務線，在機場方面，我們將非常明確地表示，我們的成長將達到或低於 TSA 的水平。妙處在於，我們將不斷改進我們的細分市場——細分市場的組合，以便從我們的機場獲得越來越高的利潤。

And for the off-airport business, again, there's more growth there and we'll keep working on that. I think Gil alluded to that earlier on. By the way, there's a segment mix play within the off-airport segment business line as well, which would help us enhance the margins there.

至於機場外業務，同樣還有更大的成長空間，我們將繼續努力。我認為吉爾之前已經暗示過這一點。順便一提，在非機場業務線中也有細分市場組合策略，這將有助於我們提高該領域的利潤率。

And then, lastly, Mobility, again, we've talked about that. There's more growth there. We're growing that business at a pretty good clip, and we'll continue on that journey. But I would say discipline in where we grow and discipline on how we fleet is the answer there.

最後，我們再談談移動出行。那裡還有更大的發展空間。我們的這項業務發展速度相當不錯，我們將繼續沿著這條道路前進。但我認為，在發展地點和車隊運作方式上保持紀律性才是解決之道。

Yeah. I think just real quick before we wrap up the call here, Chris, is that I think mathematically, all three levels of the North Star get you well above $1 billion. I think the point here is that there's a number of ways to get there. They all don't have to hit $1 billion, plus you've got the fourth dimension of scale, which plays into here. And then, we really haven't even talked about the platform component that adds on to it. So Gil talked about timing, but I think the takeaway is there's multiple ways to get there.

是的。克里斯，在我們結束通話之前，我想快速地補充一點，我認為從數學角度來看，北極星的三個層次都能讓你輕鬆超過 10 億美元。我認為關鍵在於，有很多方法可以達到目的。它們不必都達到 10 億美元，而且還有規模這個第四維度，這也會影響到這裡。而且，我們甚至還沒有討論到附加到平台上的元件。所以吉爾談到了時機，但我認為重點是，實現目標有多種途徑。

Yeah, well said.

說得好。

Okay. Thanks a lot, guys. Very helpful.

好的。非常感謝各位。很有幫助。

Yeah. Thanks, Chris.

是的。謝謝你，克里斯。

Thanks.

謝謝。

There are no further questions at this time. This concludes the Hertz Global Holdings fourth-quarter and full-year 2025 earnings conference call. Thank you for your participation.

目前沒有其他問題了。赫茲全球控股公司2025年第四季及全年業績電話會議到此結束。感謝您的參與。