Hertz Global Holdings Inc (HTZ) 2026 Q1 法說會逐字稿

Welcome to the Hertz Global Holdings first quarter 2026 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（Hertz Global Holdings）2026 年第一季財報電話會議。（接線員指示）提醒各位，今早的電話會議將由公司進行錄音。

I would now like to turn the call over to Bill Kocovski, Senior Vice President, Finance. Please go ahead.

現在我將把電話會議交給資深副總裁（財務）Bill Kocovski。請開始。

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，感謝各位加入。此時各位應已收到我們的財報新聞稿及相關財務資訊。我們也提供了搭配本次電話會議的簡報，可透過我們網站的投資人關係（Investor Relations）專區取得。

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，本次電話會議中的部分陳述包含前瞻性資訊。前瞻性陳述不保證績效，且其本質上受固有風險與不確定性影響。實際結果可能出現重大差異。本次電話會議所傳達的任何前瞻性資訊僅截至今日有效，公司不承擔更新該等資訊以反映情勢變化之義務。

Additional information concerning these statements includes factors that could cause our actual results to differ. This is contained in our earnings press release and in the Risk Factors and forward-looking statements section in the SEC 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.

關於上述陳述的更多資訊，包括可能導致我們實際結果不同的因素。相關內容載於我們的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交之申報文件中的「風險因素」與「前瞻性陳述」章節。我們的申報文件可於 SEC 網站及赫茲網站的投資人關係專區查閱。

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

今天我們將使用若干非 GAAP 財務衡量指標，並已在我們網站上可取得的財報新聞稿與財報簡報中，將其與 GAAP 數字進行調節（reconcile）。我們相信這些非 GAAP 指標可提供關於營運的額外有用資訊，使外界能更好地評估我們的獲利能力與表現。除非另有說明，今天的討論將聚焦於我們的全球業務。

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中，我們的執行長 Gil West 將討論策略、營運重點以及我們的車隊。我們的首席商務長 Sandeep Dube 將分享商務策略洞見，接著由我們的財務長 Scott Haralson 討論財務表現。

I'll now turn the call over to Gil.

現在我把電話會議交給 Gil。

Good morning, everyone, and thank you for joining us. I want to start by recognizing the Hertz team. The hard work, discipline, and resilience they bring quarter-after-quarter is what makes results like Q1 possible. When we laid out our transformation strategy, we framed it around three financial North Star metrics: fleet management, measured by DPU below $300; revenue optimization, measured by RPU over $1,500; and rigorous cost control, measured by DOE per day in the low $30. These are our guideposts on a path to $1 billion EBITDA in 2027.

各位早安，感謝各位加入。我想先肯定赫茲團隊。他們一季又一季展現的努力、紀律與韌性，正是讓第一季能交出這樣成果的關鍵。當我們提出轉型策略時，我們以三項財務「北極星」指標作為架構：車隊管理（以每車每月 DPU 低於 300 美元衡量）；營收最佳化（以 RPU 高於 1,500 美元衡量）；以及嚴謹的成本控管（以每交易日 DOE 落在 30 多美元低段衡量）。這些是我們邁向 2027 年 EBITDA 達 10 億美元之路的指引。

Over the last two years, we fundamentally turned fleet from a headwind to a tailwind through our Buy Right, Hold Right, Sell Right strategy with tangible sequential improvements that have compounded over time. We hit our DPU North Star target last year and are tracking to hit it again this year. Over the last few quarters, we have also been building steady momentum on revenue, and we're tracking to hit our North Star RPU target for full-year 2026. This quarter, the results show that our strategy is working. We set aggressive targets, and we hit them.

過去兩年，我們透過「買得對、持有得對、賣得對」（Buy Right, Hold Right, Sell Right）策略，從根本上把車隊從逆風轉為順風，並以具體的逐季改善持續累積、形成複利效應。我們去年達成 DPU 的北極星目標，今年也正按計畫再次達成。過去幾季，我們也在營收面建立穩健動能，並正朝著達成 2026 全年北極星 RPU 目標前進。本季結果顯示，我們的策略正在奏效。我們設定了具挑戰性的目標，而且我們做到了。

Adjusted corporate EBITDA was up $141 million year-over-year, a nearly 50% improvement. Revenue was up 11% year-over-year and both beat consensus. It was, in fact, our strongest year-over-year revenue growth in three years. We delivered our strongest year-over-year Q1 RPD improvement since the travel recovery in microchip-driven spike in 2022. We saw sequential improvements in both RPU and RPD throughout the quarter, a clear sign that the Hertz unique commercial strategies are paying off, along with broader market strength. These results are especially meaningful given the environment we were operating in.

調整後公司 EBITDA 年增 1.41 億美元，改善幅度接近 50%。營收年增 11%，兩者皆優於市場共識預期。事實上，這是我們三年來最強的年對年營收成長。我們繳出自 2022 年因晶片短缺所帶動的旅遊復甦高峰以來，最強的第一季 RPD 年對年改善。本季期間 RPU 與 RPD 皆呈現逐步改善，清楚顯示赫茲獨特的商務策略正在帶來回報，同時也受惠於更廣泛的市場強勢。考量我們所處的營運環境，這些成果格外具有意義。

The quarter brought headwinds, including elevated recalls, a partial government shutdown, higher TSA wait times, and storm disruptions across key markets. Amidst this environment, our performance underscores that this transformation is driving structural improvements. On fleet, while DPU is an annual North Star target, this quarter's gross DPU beat that metric, while net DPU, which fluctuates based on net car sales gains and losses was in line with our expectations and supported by continued disciplined fleet rotation.

本季面臨多項逆風，包括召回（recalls）大幅增加、政府部分停擺、TSA 等候時間拉長，以及主要市場的風暴干擾。在此環境下，我們的表現凸顯這項轉型正在推動結構性改善。在車隊方面，雖然 DPU 是年度北極星目標，但本季的毛 DPU 優於該指標；而淨 DPU 會因淨售車損益而波動，則符合我們的預期，並由持續且有紀律的車隊汰換所支撐。

With our youngest fleet in nearly a decade, we're seeing our strategy translate directly into better economics. After a slow start to the year, the residual values improved significantly through the quarter. With all this, we expect full year net DPU to remain below our North Star target of $300 per month, even with an enriched fleet mix. Adjusted DOE per transaction day increased approximately 2% year-over-year, driven primarily by revenue-related costs, which are EBITDA-accretive, and real estate sale-leaseback transactions executed last year. Normalizing for these impacts, core DOE per day continued to improve year-over-year.

在我們近十年來最年輕的車隊配置下，我們看到策略正直接轉化為更佳的經濟效益。在年初表現偏弱之後，殘值（residual values）於本季期間顯著改善。綜合上述，我們預期全年淨 DPU 仍將維持在每月 300 美元的北極星目標以下，即使車隊組合更加優化（enriched）。調整後每交易日 DOE 年增約 2%，主要受營收相關成本（可增厚 EBITDA）以及去年執行的不動產售後回租交易影響。若將上述影響因素正常化（normalizing），核心 DOE/日仍持續呈現年對年改善。

We still have work to do, and we need to continue to build scale to achieve our North Star target in the low-$30s. The progress is there, and we have a variety of initiatives in flight. This quarter, recalls were up nearly 300%, temporarily shrinking our rentable fleet. That required us to carry more fleet than planned, impacting utilization by about 200 basis points year-over-year. Our team is strategically managing through this making progress by working proactively upstream, we are undertaking numerous initiatives to mitigate the impact, including working with OEMs and government officials for both tactical and structural improvements.

我們仍有工作要做，並需要持續擴大規模，才能達成 30 多美元低段的北極星目標。我們已看見進展，且有多項計畫正在推進中。本季召回量增加近 300%，使可出租車隊短期縮減。這迫使我們必須持有比原先規劃更多的車隊，導致使用率（utilization）年對年約下降 200 個基點。我們的團隊正以策略方式管理並推進改善，透過更上游的主動作為，推動多項措施以降低影響，包括與 OEM 及政府官員合作，從戰術與結構兩方面進行改善。

While normalizing for the higher recalls, utilization was 140 basis points higher for the same period, showcasing our team's achievements in asset efficiency. Even with higher recalls, reported utilization was 90 basis points above where we were in Q1 of '23 and 2024. On the customer front, we're raising the bar to build on last year's 50% improvement in net promoter score to deliver a truly gold standard. That work recently earned us a spot as the only Rent-a-Car company on USA TODAY's list of Most Trusted Brands of 2026. We also saw the highest year-over-year improvement of any car rental company on Business Travel News satisfaction survey.

若將較高的召回因素正常化，同期使用率將高出 140 個基點，展現團隊在資產效率上的成果。即使召回增加，報告使用率仍較 2023 年與 2024 年第一季高出 90 個基點。在客戶面，我們正提高標準，在去年淨推薦值（NPS）提升 50% 的基礎上再接再厲，打造真正的黃金標準體驗。這項工作近期也讓我們成為《USA TODAY》2026 年「最受信賴品牌」榜單中唯一上榜的租車公司。我們在《Business Travel News》滿意度調查中，也取得所有租車公司中最高的年對年改善幅度。

As we discussed last quarter, Rent-a-Car remains the foundation of our business today, but our transformation is about building more than one single value stream. We're running today's business with discipline while deliberately investing in the capabilities that will define Hertz's future. That work is creating a more diversified platform, spanning Rent-a-Car, Service, Fleet and mobility. I'm pleased to share that we made progress across our highest priority areas this quarter.

如同我們上季所討論，租車（Rent-a-Car）仍是我們目前業務的基礎，但我們的轉型目標是打造不只單一價值來源。我們以紀律經營當前業務，同時有意識地投資於將定義赫茲未來的能力。這些工作正在打造更為多元的平台，涵蓋租車、服務（Service）、車隊（Fleet）與移動出行（mobility）。我很高興分享，本季我們在最高優先事項上均取得進展。

In Rent-a-Car, we launched an advanced fleet planning engine, which leverages Navidea's decision-optimization engine and Palantir's Foundry data operating system. This system will enable us to deliver the right car to the right place at the right time more efficiently than ever before, delivering positive impacts across the business from Utilization to Customer Experience. By continuing to improve our operations and strengthen our customer trust and loyalty in our brands, we're delivering greater value to our franchise partners. At the same time, we're sharpening our focus on Franchise with new leadership and a fresh look at how to unlock additional value by expanding and optimizing our franchise footprint.

在租車業務方面，我們推出先進的車隊規劃引擎，運用 Navidea 的決策最佳化引擎以及 Palantir 的 Foundry 資料作業系統。該系統將使我們比以往更有效率地在正確的時間把正確的車送到正確的地點，並在從使用率到客戶體驗等各面向為業務帶來正面影響。透過持續改善營運並強化客戶對我們品牌的信任與忠誠度，我們正為加盟合作夥伴（franchise partners）創造更大價值。同時，我們也在加盟（Franchise）業務上更聚焦，透過新任領導團隊與全新檢視，思考如何透過擴張並最佳化加盟版圖（franchise footprint）來釋放更多價值。

In fleet, Hertz Car Sales continues its evolution into a truly omnichannel business. Building on our strength in physical and digital channels, we're establishing a scalable sales model that expands the top of the funnel and drives volume through partnerships like Amazon Autos. This week, we also announced a new partnership with eBay, putting our near-new, certified inventory in front of more customers than ever before. And as more leads come down the funnel, our partnerships with Cox Automotive is helping drive conversion through AI-generated pricing, revamped digital tools and better upstream lead generation tools like Autotrader.

在車隊業務方面，Hertz Car Sales 持續演進，邁向真正的全通路（omnichannel）業務。憑藉我們在實體與數位通路的優勢，我們正在建立可擴展的銷售模式，擴大漏斗頂端並透過如 Amazon Autos 等合作夥伴帶動銷量。本週，我們也宣布與 eBay 建立新的合作關係，讓我們近新車、經認證的庫存觸及前所未有的更多客戶。隨著更多潛在客戶進入漏斗，我們與 Cox Automotive 的合作正透過 AI 生成定價、改版的數位工具，以及更上游的潛在客戶開發工具（如 Autotrader）來提升轉換率。

In addition, we've continued to make great progress on Finance & Insurance. As car sales volumes grow, F&I scales efficiently and enhances overall unit economics. This was our best quarter in 3.5 years for F&I revenue, and we're building on this progress with more favorable financing partner arrangements. And finally, the breakthrough this quarter was in mobility, where our platform really came to life. We said that for some time that Hertz has a role in the future of mobility. And over the last few quarters, we've been building the skills and capabilities to make it real.

此外，我們在金融與保險（Finance & Insurance, F&I）方面也持續取得重大進展。隨著汽車銷售量成長，F&I 能夠高效率擴張並提升整體單位經濟效益。本季是我們 3.5 年來 F&I 營收表現最佳的一季，我們也將透過更有利的融資合作夥伴安排，延續這項進展。最後，本季的突破來自移動出行（mobility），我們的平台真正活了起來。我們一段時間以來一直表示，Hertz 在未來移動出行中扮演著一個角色。而在過去幾個季度，我們一直在建立讓它成真的技能與能力。

Now, we're coming out of stealth mode. Last week, we announced Oro, our mobility business with an expanded Uber partnership. But here's the bigger picture. AV technology has the potential to unlock a multitrillion-dollar market. But as the industry transitions from personally owned vehicles to commercially operated fleets, whether driver-led or autonomous, a critical layer has been missing. Tech providers are focused on autonomous software and hardware. OEMs are focused on vehicles. App-based platforms are focused on aggregating demand. What is missing is the operations and orchestration layer.

現在，我們正走出隱身模式。上週，我們宣布推出 Oro——我們的移動出行業務，並擴大與 Uber 的合作夥伴關係。但更重要的是整體圖景。自動駕駛（AV）技術有潛力解鎖一個數兆美元規模的市場。然而，隨著產業從個人擁有車輛轉向商業化營運車隊（無論是有人駕駛或自動駕駛），其中一直缺少一個關鍵層。科技供應商專注於自動駕駛軟體與硬體。OEM 專注於車輛。以 App 為基礎的平台專注於彙聚需求。缺少的是營運與協同調度（orchestration）層。

That's where Oro comes in. Oro is purpose-built to fill the gap between autonomous technology, vehicles, and demand platforms, managing and servicing fleets reliably, efficiently, safely and at scale. Backed by Hertz's century of expertise in complex fleet management, Oro brings a distinct advantage to the market. Hertz operates one of the world's largest rideshare-rental fleets with over 40,000 vehicles and has deep experience with EVs and a management team with a direct AV-operational experience. What's more, the company has a network of over 2,700 chargers, over 11,000 service locations and car washes, and thousands of maintenance technicians.

這正是 Oro 的切入點。Oro 專為填補自動駕駛技術、車輛與需求平台之間的缺口而打造，能以可靠、高效率、安全且可規模化的方式管理與服務車隊。在 Hertz 百年複雜車隊管理專業的支持下，Oro 為市場帶來明顯優勢。Hertz 營運全球最大的共乘租賃車隊之一，擁有超過 40,000 輛車，並在電動車（EV）方面具備深厚經驗，管理團隊也擁有直接的自動駕駛（AV）營運經驗。此外，公司擁有超過 2,700 座充電樁、超過 11,000 個服務據點與洗車點，以及數千名維修技師。

Oro harnesses that scale with agility of an independent entity to deliver flexible, vertically integrated rideshare solutions for fleets of all sizes. Oro is partnering with Uber to provide rideshare fleet services across both driver and AV fleets, delivering capabilities directly relevant for the transition to scaled autonomy. Today, Oro owns, maintains and operates a fleet of vehicles, employing and managing over 1,000 drivers under a high-quality turnkey operating structure. Oro creates value by optimizing pre-planned supply to meet growing rider demand on Uber's platform with an elevated customer experience and additional safety protocols.

Oro 以獨立實體的敏捷性運用這樣的規模，為各種規模的車隊提供彈性、垂直整合的共乘解決方案。Oro 正與 Uber 合作，為有人駕駛與自動駕駛（AV）車隊提供共乘車隊服務，提供與邁向規模化自動化轉型直接相關的能力。目前，Oro 擁有、維護並營運一支車隊，在高品質的一站式（turnkey）營運架構下雇用並管理超過 1,000 名駕駛。Oro 透過最佳化預先規劃的供給，以滿足 Uber 平台上不斷成長的乘客需求，並提供更佳的客戶體驗與額外的安全規範，從而創造價值。

Oro is currently active on the Uber platform in Atlanta, Los Angeles and San Francisco and Northern New Jersey just launched this week. Our drivers have logged over 4 million miles to date. And with Uber's nearly 200 million monthly active platform consumers, there's plenty of room to scale. Oro has joined -- Oro has also joined Uber's autonomous robotaxi program, supporting Lucid vehicles equipped with neuro AV technology. Starting later this year, Oro will provide the program's orchestration and operation by leading charging, maintenance, repairs, cleaning and depot staffing.

Oro 目前已在 Uber 平台於亞特蘭大、洛杉磯與舊金山上線，本週也剛在新澤西州北部啟動。截至目前，我們的駕駛已累計行駛超過 400 萬英里。而憑藉 Uber 每月近 2 億名活躍平台消費者，仍有充足的擴張空間。Oro 已加入——Oro 也已加入 Uber 的自動駕駛 robotaxi 計畫，支援搭載 neuro AV 技術的 Lucid 車輛。自今年稍晚開始，Oro 將透過主導充電、保養、維修、清潔與場站人力配置，提供該計畫的協同調度與營運。

By managing both driver-led and driverless vehicles, we're widening our scope and deepening our experience with more complex and dynamic fleets, testing and refining economics, asset utilization and workforce models, so we'll be ready for the transition to scaled autonomy at whatever pace that occurs. While it's still early innings, Oro presents meaningful upside and reinforces the progress we've made thus far on our transformation, marking the beginning of a new chapter for Hertz. We're strengthening our core business and innovating for the future, all while furthering our mission to advance the way the world moves.

透過同時管理有人駕駛與無人駕駛車輛，我們正在擴大範疇並深化在更複雜、更動態車隊上的經驗，測試並精煉經濟模型、資產使用率與人力模式，以便在規模化自動化轉型到來時——無論其發生速度如何——我們都能做好準備。雖然仍在早期階段，Oro 具備可觀的上行潛力，並強化我們迄今在轉型上取得的進展，標誌著 Hertz 新篇章的開始。我們一方面強化核心業務、另一方面為未來創新，同時推進我們「促進世界移動方式進步」的使命。

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

接下來，我把時間交給 Sandeep。

Thanks, Gil, and good morning, everyone. Last quarter, we saw tangible progress that underscored the positive momentum our commercial strategy was driving. And in our last earnings call, we said that revenue was off to a positive start in 2026. Q1 2026 full-quarter results tell an even better story. We achieved Hertz's strongest year-over-year revenue growth in three years, with revenue totaling $2 billion, an 11% increase from the year before. This was primarily driven by the structural improvements we have made to our commercial strategies, which resulted in meaningful gains in year-over-year RPU, RPD and Days. RPU was up 4.5%.

謝謝你，Gil，各位早安。上個季度，我們看到具體進展，凸顯我們商業策略所帶動的正向動能。在上次財報電話會議中，我們提到 2026 年營收開局良好。2026 年第一季（Q1 2026）整季結果呈現更好的故事。我們達成 Hertz 三年來最強的年對年營收成長，營收合計 20 億美元，較去年同期成長 11%。這主要由我們對商業策略所做的結構性改善所驅動，帶來年對年每單位營收（RPU）、每日營收（RPD）與租用天數（Days）的顯著提升。RPU 成長 4.5%。

We hit our North Star RPU target in March, and we have line of sight to achieving our North Star RPU metric for full-year 2026. Our Q1 RPU results showed positive momentum despite headwinds from elevated recalls and were primarily driven by our focus on delivering positive year-over-year RPD, which was up 5%. This RPD performance marked our most significant year-over-year improvement since Q2 2022. U.S. airports showed particular strong improvement with RPD up about 8%. These revenue headlines are the product of strength across the entire quarter.

我們在 3 月達成了「北極星（North Star）」RPU 目標，並且已能清楚看見在 2026 全年達成北極星 RPU 指標的路徑。儘管受到召回（recalls）偏高的逆風影響，我們第一季 RPU 仍展現正向動能，主要由我們專注於實現年對年 RPD 正成長所帶動，RPD 上升 5%。這項 RPD 表現是自 2022 年第二季以來最顯著的年對年改善。美國機場表現尤其強勁，RPD 約成長 8%。這些營收重點數據，反映的是整個季度的全面性強勁表現。

During this typical seasonal trough period for the industry and amidst headwinds, we delivered sequential improvement in year-over-year revenue and RPD throughout January, February and March. This steady progress reflects Hertz's increasing commercial maturity. As our playbook continues to yield results, we are executing with greater sophistication, leveraging the same drivers outlined in our Q3 and Q4 2025 earnings calls.

在產業典型的季節性低谷期間，且面臨逆風之下，我們在 1 月、2 月與 3 月持續實現年對年營收與 RPD 的逐月改善。這種穩健進展反映 Hertz 商業成熟度的提升。隨著我們的作戰手冊持續產生成果，我們正以更高的成熟度執行，運用我們在 2025 年第三季與第四季財報電話會議中所概述的相同驅動因素。

Let me dive into the details. First, enhancing our customer experience. We are making systemic improvements across every customer touchpoint, leveraging deep research and insights to create a more consistent, convenient and caring experience. We have redesigned our customer service training framework, and the results from our pilot were immediate. NPS scores rose. We have now rolled this out across our top 50 U.S. airports. Importantly, the changes we are making are being delivered consistently across the business with our European team achieving a record Net Promoter Score for the quarter.

讓我深入說明細節。第一，提升客戶體驗。我們正運用深入研究與洞察，在每一個客戶接觸點進行系統性改善，以打造更一致、更便利且更具關懷的體驗。我們重新設計了客服訓練架構，而試點結果立竿見影。NPS 分數上升。我們現已在美國前 50 大機場全面推行。重要的是，我們所做的變革正以一致的方式在整個業務中落地；同時，我們的歐洲團隊也在本季創下歷史新高的淨推薦值（Net Promoter Score）。

Second, generating greater durable demand from higher-margin channels. Direct website demand is showing strong growth. Our corporate business is gaining ground. We are continuing to strengthen our partnership segment with last week's launch of a new Hertz 5-star status benefit for American Express Gold Card members and yesterday's launch of a new strategic partnership with Air Canada's leading travel loyalty program, Aeroplan. We are now driving consistent growth in our off-airport business, and our rideshare rental business is growing strong.

第二，從較高毛利通路創造更大且更具持久性的需求。官網直客需求呈現強勁成長。我們的企業客戶業務正在擴大市占。我們持續強化合作夥伴通路：上週為 American Express Gold Card 會員推出新的 Hertz 五星等級（5-star status）禮遇；昨天也宣布與加拿大航空（Air Canada）領先的旅遊忠誠計畫 Aeroplan 建立新的策略合作夥伴關係。我們目前正推動非機場據點業務的穩定成長，而我們的共乘租賃業務也持續強勁成長。

Third, improving our pricing tactics and strategies. Our multiphase approach continues to bring more precision to the way we price demand, and we remain focused on continuing to drive positive RPD for comparable asset classes. The new pricing matrix we spoke about in Q4 continues to contribute to RPD gains. We are seeing exciting results from an even newer version of our pricing matrix, which we executed towards the end of Q1. Early signs indicate its ability to deliver improved revenue production, the positive effects of which will show up in revenue results for mid-Q2 and beyond.

第三，改善我們的定價戰術與策略。我們的多階段方法持續提升需求定價的精準度，我們仍專注於在可比資產類別中持續推動RPD為正。我們在第四季提到的新定價矩陣持續為RPD成長做出貢獻。我們也看到在第一季末執行的更新版本定價矩陣帶來令人振奮的成果。初步跡象顯示其有能力提升營收產出，其正面效果將在第二季中期及之後的營收結果中顯現。

Fourth, improved monetization of our higher RPU assets. Our new fleet management tools are helping advance our ability to get the right vehicle in the right location at the right time, enabling a more precise pricing approach.

第四，更好地變現我們較高RPU的資產。我們新的車隊管理工具正協助提升我們在正確時間將正確車輛配置到正確地點的能力，從而使定價方法更為精準。

Fifth, better value-added product sales. We continue to drive sales of our value-added products with higher conversion and improved pricing sophistication. Q1 showed particular strength in year-over-year gains in RPD due to value-added product strategies. Finally, local level profitability and optimization. We continue to improve our ability to manage our business at a more granular level for profitability. Quarter-by-quarter, these initiatives are demonstrating their improved capability to enhance our revenue engine.

第五，更佳的加值產品銷售。我們持續以更高的轉換率與更成熟的定價能力推動加值產品銷售。第一季因加值產品策略，RPD的年對年增幅表現尤為強勁。最後，地方層級的獲利能力與最佳化。我們持續提升以更細緻的層級管理業務以實現獲利的能力。逐季來看，這些措施正展現出更強的能力來強化我們的營收引擎。

Throughout April, our playbook drove strong performance for the month, particularly in total fleet utilization gains and mid-single-digit RPD gains. In particular, Easter weekend provided a clear example of our engine in action. Utilization reached its highest level for any Easter since 2017, and RPD increased 10% compared to last Easter, which occurred later in the month. Together, these results drove a 16% year-over-year increase in RPU on our rentable fleet.

整個四月，我們的作戰手冊帶動當月強勁表現，尤其是在整體車隊使用率提升以及RPD達到中個位數增幅方面。特別是，復活節週末清楚展現了我們引擎運作的實例。使用率達到自2017年以來任何一次復活節的最高水準，而RPD較上一個復活節（當時落在較晚的月份）提升10%。綜合而言，這些結果推動我們可出租車隊的RPU年對年成長16%。

Importantly, we generated more revenue over Easter weekend than we did last year with approximately 20,000 fewer rental vehicles. This marks the seventh consecutive major holiday where we have grown both Utilization and RPD year-over-year, highlighting the consistency of our execution.

重要的是，儘管租賃車輛約少了20,000台，我們在復活節週末創造的營收仍高於去年。這是我們連續第七個主要假期在使用率與RPD兩者皆實現年對年成長，凸顯我們執行的一致性。

In summary, the revenue momentum, which has been building for the past few quarters through build-to-last structural improvements has now improved to a level where it is translating to positive year-over-year revenue, RPD and Days. Fleet mix, which was a headwind for RPD in 2025, will be a tailwind through the remainder of the year. Demand from our customers continues to look strong for the rest of Q2 and beyond. And we have line-of-sight to achieve our North Star RPU target in 2026, primarily through a plan that delivers positive RPD. This quarter reinforces our commercial strategy is delivering.

總結而言，過去幾季透過「打造可長久」的結構性改善所累積的營收動能，如今已提升到能轉化為營收、RPD與天數的年對年正成長。車隊組合在2025年對RPD是逆風，但在今年剩餘期間將轉為順風。我們客戶的需求在第二季剩餘時間及之後看起來仍然強勁。而我們也已清楚看見在2026年達成我們的北極星RPU目標的路徑，主要透過一項能帶來RPD為正的計畫。本季再次證明我們的商業策略正在奏效。

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

接下來，我把時間交給Scott，請他帶大家回顧我們的財務表現。

Thanks, Sandeep. Good morning, everyone, and thanks for joining. The first quarter demonstrated continued progress across the Business. Revenue momentum continues to build. Our unit economics are improving, and we are managing the business with discipline. While Q1 is seasonally our most challenging quarter, the better-than-expected results reinforce that the Structural Improvements we continue to make are translating into tangible financial outcomes.

謝謝你，Sandeep。各位早安，感謝大家參與。第一季顯示公司各方面持續取得進展。營收動能持續累積。我們的單位經濟效益正在改善，並以紀律管理業務。雖然第一季在季節性上是我們最具挑戰的一季，但優於預期的結果再次證明我們持續推動的結構性改善正轉化為具體的財務成果。

Before I get into the quarter, I want to briefly touch on the platform. You heard Gil talk about Oro, which we are excited to unveil. We obviously view this business as an important piece of the platform that has the potential for high growth at good margins and therefore, could have a sizable value accretion to the enterprise.

在我進入本季細節之前，我想先簡要談談平台。你們聽到Gil談到我們很期待推出的Oro。我們顯然將這項業務視為平台的重要組成部分，具備在良好利潤率下實現高成長的潛力，因此可能為企業帶來可觀的價值增厚。

As we have said before, Oro has the potential to be the most valuable asset in our platform, especially when we unlock additional value streams within Oro that are not being discussed today. Plus, there's more to the platform than Oro. We are diligently working on similar strategic unlocks for both the fleet and services side of the business that will be rolled out over time. In short, there is a lot more this business is capable of than just renting cars.

如同我們先前所說，Oro有潛力成為我們平台中最有價值的資產，尤其當我們解鎖Oro內更多今天未討論的額外價值來源時。此外，平台不只有Oro。我們也正積極推進車隊與服務端業務的類似策略性解鎖，並將隨時間逐步推出。簡而言之，這項業務的能力遠不止於租車。

Now, let me walk you through the quarter in more detail. I'll also cover liquidity and our updated views on Q2 and the full year. For Q1, we generated revenue of $2.0 billion, up 11% year-over-year, driven by continued strength in pricing with RPD up approximately 5.5% and transaction days up around 3%. GAAP net loss for the quarter was negative $333 million with an adjusted net loss of negative $224 million, an improvement of approximately $105 million year-over-year. GAAP diluted EPS was negative $1.06 and adjusted EPS was negative $0.72, which was an adjusted EPS improvement of $0.35 versus the first quarter of last year.

現在，讓我更詳細地帶大家看本季表現。我也會說明流動性，以及我們對第二季與全年最新的看法。第一季我們創造營收20億美元，年對年成長11%，主要由定價持續走強所帶動，其中RPD約成長5.5%，交易天數約成長3%。本季GAAP淨損為3.33億美元，調整後淨損為2.24億美元，年對年改善約1.05億美元。GAAP稀釋後每股盈餘為-1.06美元，調整後每股盈餘為-0.72美元，較去年第一季調整後EPS改善0.35美元。

Adjusted EBITDA was negative $161 million, representing a $141 million year-over-year improvement. EBITDA margin improved by 860 basis points to negative 8% from negative 17% in the first quarter of last year and coming in better than our guidance expectations. Recall activity was a headwind in Q1, up almost 300% higher than a year ago, taking an average of over 16,000 vehicles out of service each month. While we expected an elevated number of recalls, the lack of fixes to prior recalled vehicles and additional new recalled models drove a larger-than-expected number of sidelined vehicles in the quarter.

調整後EBITDA為-1.61億美元，年對年改善1.41億美元。EBITDA利潤率較去年第一季的-17%改善860個基點至-8%，且優於我們的指引預期。召回活動在第一季形成逆風，較一年前增加近300%，使每月平均超過16,000輛車退出營運。雖然我們預期召回數量會偏高，但先前被召回車輛缺乏修復，以及新增召回車型，導致本季停駛車輛數量高於預期。

To partially offset the impact, we carried more fleet than originally planned. This drove higher depreciation expense and pressured utilization and transaction days. In total, elevated recalls reduced utilization by roughly 200 basis points, impacted transaction days by approximately 930,000, and resulted in a revenue impact of about $50 million. The total impact to adjusted EBITDA was more than $25 million. Despite that, we still produced EBITDA results that beat our expectations.

為了部分抵銷影響，我們持有的車隊規模高於原先規劃。這推升折舊費用，並對使用率與交易天數造成壓力。整體而言，召回增加使使用率約下降200個基點，交易天數約減少93萬天，並造成約5,000萬美元的營收影響。對調整後EBITDA的總影響超過2,500萬美元。即便如此，我們仍繳出優於預期的EBITDA結果。

Turning to cost. Adjusted DOE per transaction day was $38.43, representing a 1.7% increase year-over-year. DOE per day was impacted by higher RPD-related variable costs that are EBITDA-accretive and EBITDA-neutral damages cost that are recovered through revenue. The reported increase was also partially driven by higher real estate expense tied to sale-leaseback transactions executed after Q1 of last year. When normalizing for these costs, DOE per day improved approximately 1.6% year-over-year, in line with what we would expect with an almost 3% increase in days.

接著談成本。每交易天調整後DOE為38.43美元，年對年增加1.7%。每交易天DOE受到與較高RPD相關、可增厚EBITDA的變動成本，以及可透過營收回收、對EBITDA中性的損害成本所影響。報告中的增幅也部分來自於去年第一季之後執行的售後回租交易所帶來的較高不動產費用。若將上述成本正常化，每交易天DOE年對年約改善1.6%，與交易天數增加近3%時我們的預期一致。

More importantly, our RPD-to-DOE per day spread, an important indicator of profitability, improved by approximately 12% year-over-year. SG&A increased modestly year-over-year, primarily driven by higher advertising spend as part of our strategy to invest during seasonal trough periods. Importantly, as a percentage of revenue, SG&A declined from 12% to 11.6%, reflecting improved operating leverage. Gross depreciation per unit per month for the quarter was $296.

更重要的是，我們的RPD相對每交易天DOE的價差（衡量獲利能力的重要指標）年對年改善約12%。SG&A年對年小幅增加，主要由於我們策略性在季節性低谷期間加大廣告投放所致。重要的是，以營收百分比計，SG&A由12%降至11.6%，反映營運槓桿提升。本季每單位每月的總折舊（gross DPU）為296美元。

Losses on the sale of vehicles drove an additional DPU per month amount of $16, resulting in net DPU of $312. We typically experience losses on sale of vehicles in Q1 with expected gains on sale in the second and third quarters. This puts our expectations for net DPU for the full-year below our North Star target of $300 per unit per month.

車輛出售損失使每單位每月DPU額外增加16美元，使淨DPU為312美元。我們通常在第一季會出現車輛出售損失，並預期在第二與第三季出現出售收益。因此，我們對全年淨DPU的預期將低於我們每單位每月300美元的北極星目標。

Turning to liquidity, we ended the quarter with $837 million, which includes cash and cash equivalents and the available capacity under our revolving credit facility. In April, we completed an additional ABS financing that added $200 million of liquidity in the second quarter. With other liquidity enhancements planned, we expect to end the second quarter with just under $1 billion and look to end the year at north of $1.5 billion.

談到流動性，我們在本季末的流動性為8.37億美元，其中包括現金及約當現金，以及我們循環信用額度下的可用額度。4月，我們完成了一筆額外的ABS融資，於第二季增加了2億美元的流動性。隨著其他流動性強化措施的規劃，我們預期第二季末的流動性將略低於10億美元，並力求在年底達到15億美元以上。

Now, before I talk about guidance for Q2 and the full year, let me talk about how our views on capacity growth for Q2 and the full year have migrated, particularly in relation to what our expectations were as we entered the year. We exited Q4 with positive pricing momentum and a desire to grow the different parts of our business, and new liquidity was going to be necessary to grow, given the abnormal drains on liquidity that are occurring this year, like the Wells Fargo litigation settlement and the reduction in our revolver size that occurs in June.

在我談第二季與全年指引之前，先說明我們對第二季與全年產能成長的看法如何演變，特別是相較於我們在年初時的預期。我們在第四季結束時，定價動能為正，並希望推動業務各部分成長；而鑑於今年出現的異常流動性消耗（例如Wells Fargo訴訟和解，以及6月循環信貸額度規模縮減），要成長就需要新增流動性。

Early in the year, the plan was to add liquidity to fuel our growth for the year. We have since decided to limit capacity growth in the first half of the year and reevaluate it later for the second half of the year. One of the benefits of this business is that we can be nimble with supply, unlike in other businesses that can't efficiently pivot capacity that quickly. While we believe the majority of the RPD improvements Hertz has seen to date are from our commercial strategies and tactics, we do know that industry supply has been limited and that obviously has played a role in pushing RPD to healthier levels across the industry.

年初時的計畫是增加流動性，以支撐我們全年成長。此後我們決定在上半年限制產能成長，並在下半年再重新評估。這個業務的一個優勢是，我們在供給端可以很靈活；不同於其他業務，無法有效率地如此快速調整產能。雖然我們相信赫茲迄今看到的RPD改善多數來自我們的商業策略與戰術，但我們也知道產業供給一直受限，這顯然也在推動全產業RPD回到更健康的水準方面扮演了角色。

As with other businesses that have significant fixed costs like ours, there is constant tension between pricing, supply and unit cost. We appreciate that there is a balance between limiting supply for pricing power and the pressure that it puts on unit cost. And we are constantly assessing the impact of all of these on profitability and the return on invested capital. We have North Star metrics that help guide broader, longer-term company initiatives that are particularly helpful in the transformation, but these are many times moving numerical targets. But they are grounded in the solid tactical strategies around revenue optimization, fleet efficiency and disciplined cost management.

如同其他具有重大固定成本的企業（例如我們），定價、供給與單位成本之間始終存在拉鋸。我們理解在限制供給以取得定價能力，與其對單位成本造成的壓力之間需要取得平衡。我們也持續評估這些因素對獲利能力與投入資本報酬率的影響。我們有「北極星」指標，用以引導更廣泛、較長期的公司倡議，對轉型尤其有幫助，但這些往往是會變動的數值目標。不過，它們建立在穩健的戰術策略之上，包括營收最佳化、車隊效率，以及嚴謹的成本管理。

Those don't change, but as we have mentioned before, there are many ways to win in this business. We still have our eyes set on growth in the right places at the right time, but also look to optimize the balance between capital deployment, supply, unit revenues and unit cost that produce the desired EBITDA and return on invested capital outcomes in the short run.

這些不會改變；但如我們先前提到的，這個產業有很多種致勝方式。我們仍把目光放在適當的時間、在正確的領域成長，同時也希望在短期內，最佳化資本配置、供給、單位營收與單位成本之間的平衡，以達成我們期望的EBITDA與投入資本報酬率成果。

So with that preamble, let's talk guidance. For capacity, given the backdrop I just discussed, we're going to slightly reduce our outlook on days in fleet for the full year versus our original guidance expectations. Days are now likely up in the mid-single-digit range versus the mid- to high-single-digit range we originally expected. Fleet is expected to be up low-single digits year-over-year versus our original expectations of up mid-single digits.

有了以上鋪陳，我們來談指引。就產能而言，基於我剛才談到的背景，我們將把全年「車隊在役天數」（days in fleet）的展望相較於原先指引略為下修。目前預期天數將成長中個位數百分比，而非我們原先預期的中到高個位數百分比。車隊規模預期年增低個位數百分比，而非原先預期的年增中個位數百分比。

Obviously, this puts some pressure on DOE per day, but we hope to keep that roughly flat year-over-year even with sizable pressure on revenue and related expenses. RPD should, however, continue to improve for the year to the point that we think we can produce a level of total revenue for this year that gives us a similar expected EBITDA outcome just with higher RPD and lower days than originally expected. So in total, we are maintaining our EBITDA margin guidance in the 3% to 6% range for the full year.

顯然，這會對每日DOE造成一些壓力，但即便營收與相關費用承受相當大的壓力，我們仍希望能讓其大致維持年對年持平。不過，RPD在今年應會持續改善，改善到我們認為可以在今年達成一個總營收水準，使我們的預期EBITDA結果與原先相近，只是以更高的RPD與更少的天數來達成，而非原先預期的組合。因此整體而言，我們維持全年EBITDA利潤率指引在3%至6%的區間。

As for Q2, we expect days to be down 2 percentage points to 3 percentage points year-over-year and fleet down about 1 percentage point to 2 percentage points as recalls continue to weigh on days production. With April RPD production strong, we expect the Q2 year-over-year improvement in RPD to be higher than Q1. We also expect net DPU will be well below $300 per month, as we expect to take sizable gains on the sale of vehicles in the quarter. Altogether, we expect an EBITDA margin in the low- to mid-single-digit range for the quarter. As for 2027, we still continue to target $1 billion of EBITDA for the year.

至於第二季，我們預期天數年對年下降2至3個百分點，車隊規模年對年下降約1至2個百分點，因召回事件仍持續拖累天數產出。由於4月RPD產出強勁，我們預期第二季RPD的年對年改善幅度將高於第一季。我們也預期淨DPU將遠低於每月300美元，因為我們預期本季出售車輛將取得可觀的處分收益。綜合而言，我們預期本季EBITDA利潤率將落在低到中個位數百分比區間。至於2027年，我們仍持續以全年10億美元EBITDA為目標。

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

接下來，我把時間交回給Gil做結語。

Thank you, Scott. A big story this quarter, of course, is our progress on the commercial side, especially in our revenue growth. But the even bigger story is cementing our position in the future of mobility with Oro. We haven't just been executing a turnaround, though make no mistake, that alone has taken a tremendous effort. We've been building quietly, deliberately, and with real conviction about where this industry is going.

謝謝你，Scott。本季的一大重點，當然是我們在商業端的進展，尤其是營收成長。但更大的故事，是透過Oro鞏固我們在未來移動出行（mobility）版圖中的地位。我們不只是執行一場扭轉局面（turnaround）；但請不要誤會，光是這件事就已經需要巨大的努力。我們一直在低調地、審慎地打造，並且對這個產業的走向抱持真正的信念。

Driving innovation at a century-old company isn't easy, but we're proving it can be done. Oro is not a bet. It's the result of doing the hard work, finding the gap, selecting the right partners, and putting our capabilities to work in new ways. We're strengthening our core and building what comes next. That's the Hertz story right now, and I couldn't be more confident in where it's heading.

在一家百年企業推動創新並不容易，但我們正在證明這是做得到的。Oro不是一場賭注。它是我們做了艱難的工作、找出缺口、選擇合適的合作夥伴，並以新的方式運用我們能力的成果。我們正在強化核心，同時打造下一步。這就是赫茲此刻的故事，而我對它的發展方向從未如此有信心。

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

接下來，我們開放提問。交回給主持人。

(Operator Instructions) Chris Woronka, Deutsche Bank.

(接線員指示) 德意志銀行（Deutsche Bank）的Chris Woronka。

Thinking through all this news with Oro and some of your platform messaging, and I guess just trying to kind of assess how much Hertz is really worth today. I mean, it seems like given all the changes, maybe some of the traditional valuation framework or metrics that we typically look at are potentially becoming a little bit less relevant and maybe could lead to a different approach in how we look at your company. I mean, how are you guys kind of internally thinking about valuation in light of some of these transformations and other business changes that you're making?

在消化關於Oro的這些消息以及你們一些平台層面的訊息時，我想試著評估赫茲今天到底值多少。我的意思是，看起來在這些變化之下，我們通常看的某些傳統估值框架或指標，可能正變得不那麼相關，或許也會導致我們用不同方式來看待你們公司。那麼，面對這些轉型以及你們正在推動的其他業務變革，你們內部是如何思考估值的？

Yeah. Thanks, Chris. Great question. I'll start, and then I imagine Scott will want to chime in, too. So it kind of sounds like you've been sitting in our meeting rooms and Boardrooms. But I think candidly, the valuation of our business today is tough. The problem with our current valuation is that it's almost entirely based on traditional Rent-a-Car business, which is understandable. So that's a paradigm that's hard to overcome. It's hard for us just to say, hey, we are and we will be more than a traditional Rent-a-Car business and expect people to immediately assign different valuations to our business.

是的。謝謝你，Chris。問題很好。我先回答，然後我想Scott也會補充。聽起來你就像一直坐在我們的會議室和董事會會議室裡一樣。但坦白說，我們今天的業務估值確實很難。我們目前估值的問題在於，它幾乎完全建立在傳統租車（Rent-a-Car）業務之上，這可以理解。因此，這是一種很難克服的典範。我們很難只是說：嘿，我們現在是、未來也將不只是傳統租車公司，然後就期待市場立刻給我們不同的估值。

And then, I'd just point out, historically, the company subordinated all parts of the Hertz platform to optimize the Rent-a-Car business, which ironically might be the least valuable part of our platform. So we're shifting that paradigm to really look at all parts of our platform as interrelated, standalone businesses to manage and create value around.

另外我也想指出，從歷史上看，公司把赫茲平台的各個部分都從屬於租車業務的最佳化之下；諷刺的是，租車業務可能反而是我們平台中最不具價值的部分。因此我們正在轉變這個典範，真正把平台的各個部分視為彼此關聯、但也可獨立運作的業務來管理，並圍繞其創造價值。

So to change the way Hertz is valued, I know we're going to have to provide evidence and this week, we unveiled Oro and that business, if valued as a standalone, could have a sizable valuation. And then our Fleet business, as it continues to develop, should also have a sizable valuation. So as we think about it, after the Rent-a-Car transformation is largely complete, all these businesses together could have a real sum-of-the-parts impact that could be material to the overall valuation of the company.

因此，要改變市場對赫茲的估值方式，我知道我們必須拿出證據；而本週我們發布了Oro，而該業務若以獨立公司估值，可能具有相當可觀的估值。此外，我們的車隊（Fleet）業務隨著持續發展，也應該會有相當可觀的估值。所以我們的看法是，在租車業務的轉型大致完成之後，這些業務合在一起，可能會產生真正的「分部加總」（sum-of-the-parts）效應，並且對公司的整體估值帶來實質影響。

In fact, one of the issues we got to deal with will be each of the pieces of the platform, as we talked about it, have different growth rates, right? So also different margin profiles, different capital requirements and we will probably attract different investor types and different valuation methodologies and probably even different multiples to the business. So that's how we're starting to look at it.

事實上，我們必須處理的其中一個問題是，如同我們所談到的，平台的各個組成部分有不同的成長率，對吧？因此也會有不同的利潤率結構、不同的資本需求，我們可能會吸引不同類型的投資人、不同的估值方法，甚至可能對業務採用不同的估值倍數。所以我們開始用這樣的方式來看待它。

Yeah. Chris, this is Scott. Thanks for the question. I think to Gil's last point, I think that's likely part of the disconnect between how the equity markets are beginning to view our stock versus maybe some of the price targets that the analysts on the call set. That traditional view of Rent-a-Car company valuations and multiples will probably need to be reevaluated to take into account the different aspects of the platform Gil was talking about and the sum of the parts attributes.

是的。Chris，我是Scott。謝謝你的提問。我想呼應Gil最後一點，這很可能是造成股權市場開始看待我們股票的方式，與可能是電話會議上分析師所設定的一些目標價之間出現落差的部分原因。傳統對租車公司估值與倍數的看法，可能需要重新評估，把Gil所談到的平台不同面向，以及「分部加總」（sum of the parts）的特性納入考量。

I might even urge each of you to potentially even take a different approach to how you think about it, appreciating the nuances between transformational Rent-a-Car and valuing what is really a top five used car dealership. And really, that has a competitive supply advantage. And then, you have the mobility platform that provides what will be critical nuts-and-bolts infrastructure to rideshare, delivery, autonomous transportation.

我甚至會建議各位，或許可以用不同的方式來思考這件事，去理解「轉型中的租車業務」與對一個實際上是前五大二手車經銷商的估值之間的細微差異。而且坦白說，那具有具競爭力的供給優勢。接著，你還有一個移動出行平台，將為共乘、外送、自動駕駛運輸提供關鍵的基礎「螺絲釘」式基礎設施。

So I would just be curious how you guys view it after you take that sum-of-the-parts view. But I will say in fairness, Chris, that I have to acknowledge that we haven't made it easy for you guys to really value us correctly yet, given the limited information we give you. So that's on us. We'll figure that out. Along with figuring out the strategy around how to create the value, we also got to figure out the best way to report it, honestly.

所以我只是好奇，在你們採用這種分部加總的視角之後，你們會如何看待它。但公平地說，Chris，我也必須承認，鑑於我們提供的資訊有限，我們還沒有讓你們很容易去正確地為我們估值。這是我們的責任。我們會把它處理好。老實說，除了要釐清如何創造價值的策略之外，我們也必須找出最佳的揭露方式。

I think, in the end, we'll need to figure out things like how to structure the company, the businesses that unlocks the greatest shareholder value and even how to structure the P&L and to report the businesses differently. We'll have to adapt the messaging and to this changing landscape. But I think more of these alterations over time, different viewpoints, I think, will definitely help people correctly value the business as we go forward.

我想最終，我們需要釐清像是如何設計公司的架構、各項業務的架構，才能釋放最大的股東價值，甚至包括如何設計損益表（P&L），並以不同方式揭露各項業務。我們必須調整對外溝通，以因應這個正在改變的環境。但我認為，隨著時間推移，更多這類調整與不同觀點，肯定會幫助市場在未來更正確地為公司估值。

Yeah. Super helpful. I really appreciate the thoughts, guys. If I could get a quick follow-up. You kind of hit on this in the prepared remarks, the DPU -- or sorry, the DOE per day, understanding your North Star targets, and I think DPU is pretty well understood at this point. But on DOE, do you envision a situation beyond '26, maybe it's '27, where you're not quite in that low 30s on DOE per transaction day, but you're maybe higher on RPD or RPU, whichever you like to look at. Is that -- could that be kind of a -- as you mentioned, the same way to get to -- or a different way to get to the same outcome of $1 billion next year. I wasn't sure if your comments about the being higher on RPD or RPU and higher on DOE exclusive to '26? Or could that be kind of a go-forward thing, too?

是的。非常有幫助。我真的很感謝各位的想法。如果我可以再快速追問一下。你們在事先準備的講稿中有提到這點：DPU——或抱歉，是DOE per day（每日DOE），理解你們的北極星目標（North Star targets），而我想目前大家對DPU已經相當理解。但就DOE而言，你們是否設想在26年之後，也許是27年，你們在每交易日的DOE不一定能落在30出頭的低檔，但你們可能在RPD或RPU（看你們偏好用哪個指標）會更高？那是否可能——如你們提到的——成為達到同樣結果（明年10億美元）的另一種方式？我不確定你們關於RPD或RPU更高、以及DOE更高的評論是否只適用於26年？或者那也可能是未來持續的方向？

Yeah, certainly. Chris, this is Scott. I'll start. Yeah, I think you kind of hit on it. Obviously, the spread between RPD and DOE per day is the critical one. There's different ways to move the business that would change RPD and DOE per day, and that spread is critical. Obviously, we have targets around unit cost and everything. And so there's components of this that will have a bit of a longer tail. I would argue our cost management discipline is as much around long-term cost efficiency as it is just short-term cost cutting, which is complex in a transformational Rent-a-Car business setup.

是的，當然。Chris，我是Scott。我先說。是的，我想你說到重點了。顯然，RPD與每日DOE之間的利差（spread）是關鍵。有不同的方式可以推動業務，進而改變RPD與每日DOE，而這個利差至關重要。當然，我們也有關於單位成本等各方面的目標。因此其中有些組成要素會需要更長的時間才能完全體現。我會主張，我們的成本管理紀律，既著眼於長期成本效率，也不只是短期削減成本——在轉型中的租車業務架構下，這是很複雜的。

And look, we got to return some scale back to the business that's been reduced over the last five or six years. And we'll also look to grow other parts of the platform. I'll argue a bit that today, our DOE expenses are 70% driven by labor, facilities, and maintenance and repair. We've done a good job on labor, workforce planning, collision repair has seen some increased volume, but we've done a good job with reducing rates, the way we pay for repairs. But facilities is a stickier cost. We probably have more footprint than we need given the current size of the fleet, and these costs are not the easiest to reduce given the lease terms.

而且你看，我們必須把過去五、六年縮減掉的一些規模帶回到業務中。我們也會尋求成長平台的其他部分。我會稍微主張一下：目前我們的DOE費用有70%是由人力、場站設施，以及維護與修理所驅動。我們在人力與人力規劃方面做得不錯；碰撞維修的量確實增加了，但我們也透過降低費率、以及我們支付維修費的方式，把成本控制得不錯。但場站設施是更「黏」的成本。以目前車隊規模來看，我們的據點/占地可能比需要的還多，而在租約條款限制下，這些成本並不容易降低。

But over time, we'll continue to manage that. But at the end of the day, we're going to need some scale. We've talked about this. But the good news is we don't need a ton of scale, right? There's a lot of leverage here. In fact, I would argue probably 10% to 15% more scale, we'd have a sub-$35 DOE per day number. So it's in front of us. I think it's just going to take a little time, but it's just something we're going to have to deal with as we think through all the parts.

但隨著時間推移，我們會持續管理這一塊。但歸根結底，我們需要一些規模。我們談過這點。但好消息是，我們不需要非常大量的規模，對吧？這裡有很大的營運槓桿。事實上，我會主張大概只要再增加10%到15%的規模，我們的每日DOE就能降到35美元以下。所以目標就在眼前。我想只是需要一點時間，但這也是我們在思考所有組成部分時必須面對的事情。

Chris Stathoulopoulos, SIG.

Chris Stathoulopoulos，SIG。

Scott or, on the inflection here in RPU, if you could -- you called out a few things on the quarter, the partial shutdown, storms recall. If you could perhaps break those out, I just want to get a sense of how core is looking and then your confidence around maintaining that positive growth through the year. I know you're pulling in your fleet guide to low-single-digits. Just want to understand if there's other areas that give you confidence around that. I typically think about your booking window as the shortest within my coverage, so [$0.30, $0.40]. Just want to understand your confidence around maintaining that growth through the balance of the year.

Scott，關於RPU的拐點，如果可以的話——你提到本季有幾個因素：部分停擺、風暴、召回。如果你能把這些因素拆開說明，我想了解核心表現目前如何，以及你們對於全年維持正成長的信心。我知道你們把車隊指引下修到低個位數成長。我想了解是否還有其他領域能讓你們對此更有信心。我通常認為你們的訂單/預訂窗口是我覆蓋範圍內最短的，所以[$0.30, $0.40]。只是想了解你們對於在今年剩餘期間維持該成長的信心。

Yeah, Chris, thanks for the question. This is Sandeep here. I'll talk about basically RPD and how we think about that, right? So the RPD improvement that we saw in Q1 is primarily driven by Hertz's unique commercial strategies and supported by broader market strength. I'll touch upon both of those. First, let me briefly cover the broader market strength reference.

是的，Chris，謝謝你的提問。我是Sandeep。我會主要談RPD以及我們如何看待它，對吧？我們在第一季看到的RPD改善，主要是由Hertz獨特的商業策略所驅動，並且受到更廣泛的市場強勢所支持。我會分別談這兩點。首先，我先簡要說明一下「更廣泛的市場強勢」這個參考。

We've seen more pricing discipline in the market. I'd say, starting late Q4 and certainly more so all through Q1 and into Q2 so far, right? So the industry pricing has been positive, I'd say, and especially since mid-Feb, and consistently so. So from an industry-discipline context, it feels like we are now swimming downstream, and it's a contrast from what we felt before. So that's definitely encouraging, and that provides a good platform. But here's the main kicker, right? It's basically Hertz's unique commercial strategies, which we detailed a bit in the script.

我們看到市場的定價紀律更強。我會說，從第四季末開始，第一季期間更明顯，而且到目前為止延續到第二季，對吧？所以我會說，產業定價是正向的，特別是從2月中旬以來，而且相當一致。從產業紀律的角度來看，感覺我們現在是在順流而行，這與我們之前的感受形成對比。所以這確實令人鼓舞，也提供了一個良好的平台。但真正的關鍵在這裡，對吧？基本上是Hertz獨特的商業策略，我們在講稿中也稍微詳細說明了。

And I would characterize those strategies as the follows: first, unique in terms of the positive impact it creates for us. Second, largely durable and persistent in their accretive impact to our business. And this is largely irrespective of broader market conditions. And third, I'd say, growing in strength quarter-over-quarter. We first articulated these commercial strategies in Q1 2025. And you can see the sequential improvement in year-over-year revenue and RPD since then. So four to five quarters of consistent year-over-year improvement. And the positive impact of these has now cumulatively led to positive revenue, RPD, and days in Q1 2026.

我會將這些策略概括如下：第一，就其為我們帶來的正向影響而言，具有獨特性。第二，其對我們業務的增益影響在很大程度上具備耐久性與持續性。而這在很大程度上不受更廣泛市場狀況影響。第三，我會說其力道正逐季增強。我們在 2025 年第一季首次闡述這些商業策略。自那之後，你可以看到年對年營收與 RPD 的連續改善。也就是連續四到五個季度的穩定年對年改善。而這些策略的正向影響累積至今，已在 2026 年第一季帶來營收、RPD 與天數的轉正。

I think what excites us is the journey ahead. We have a clear commercial strategy and execution plan of initiatives over the next few quarters that will keep building momentum and a motivated team. Chris, we are on a different and a more exciting trajectory commercially than what we have had in multiple years prior to that. So yeah, this is fun now.

我想讓我們感到振奮的是前方的旅程。我們有清晰的商業策略，以及未來幾個季度的倡議執行計畫，將持續累積動能並帶動一支充滿幹勁的團隊。Chris，我們在商業面正走在一條不同、也更令人興奮的軌跡上，這是我們過去多年所未曾有過的。所以，是的，現在變得很有趣。

Yeah. I would just add to, I think a big part of it is it all starts with demand, right? I mean, when we talk about the sustainability of this, sustainable demand underpins everything on the pricing side. So I think the team has done a really good job structurally over the last couple of years building that demand. So whether it's direct demand through our dot.com type hertz.com loyalty channels, that's been big through partnerships, through commercial agreements, corporates. All of that really has helped us develop the demand side of the equation that then the RM-type strategies and initiatives can really resonate on.

是的。我只想補充，我認為很大一部分在於一切都從需求開始，對吧？我的意思是，當我們談到這件事的可持續性時，定價端的一切都以可持續的需求為基礎。所以我認為團隊在過去幾年在結構性地建立需求方面做得非常好。無論是透過我們的 dot.com 類型（如 hertz.com）的忠誠度渠道帶來的直接需求，或是透過合作夥伴、商業協議、企業客戶等，這些都很關鍵。所有這些確實幫助我們建立了需求端的基礎，讓 RM 類型的策略與倡議能真正發揮效果。

So I think Sandeep said it well. I think if anything, we feel confident those -- all of that is going to help us sustain improvements and where we're at and build off that as we go forward. In addition to whatever the broader market does on top of that is more of an amplifier.

所以我覺得 Sandeep 說得很好。我想如果要說什麼的話，我們對這些——所有這些——能幫助我們維持改善、鞏固目前的位置並在未來持續向上發展感到有信心。此外，更廣泛市場在此之上會怎麼走，更多是一個放大器。

Okay. And then it sounds like at some point, you're going to give us a little bit more disclosure on Oro and Hertz car sales. But in the meanwhile, as we look at your North Star RPU above or more than $1,500 and the DOE low-$30s. As we think about, I guess, the back-half and '27 and these segments start to grow, any color you can give us as we think about things like revenue and margin contribution until these segments are ultimately broken out?

好的。接著聽起來在某個時間點，你們會就 Oro 和 Hertz 車輛銷售提供更多揭露。但在此之前，當我們看你們的北極星目標：RPU 高於或超過 1,500 美元，以及 DOE 在 30 多美元的低段。當我們思考，我想是下半年、以及 2027 年，且這些分部開始成長時，在這些分部最終被拆分揭露之前，你們能否就營收與毛利（利潤率）貢獻提供一些說明？

Yeah. I think a little bit on maybe Oro to talk about that one first. I guess maybe in the materials, you've seen it. But I'd just point out that we have -- within that construct, we have three different businesses there. All of them kind of at different maturity levels, different growth rates, etc. So we're not just starting from scratch. We have kind of a platform we're building on. So we should see growth really across all three of these, but at different rates.

是的。我先談一下 Oro。我想你可能在資料裡已經看到了。但我想指出的是，在那個架構之內，我們有三個不同的業務。它們各自處於不同的成熟度、不同的成長率等等，所以我們並不是從零開始。我們有一個正在其上建構的平台。因此我們應該會在這三個業務上都看到成長，但成長速度會不同。

So the first one I would describe as what would be the more traditional rideshare Rent-a-Car business where we're renting cars to rideshare drivers through the partnerships we've got with Uber and Lyft. We've been at that couple of years. And now we're among the largest in the world. As I mentioned, I think, in the script, we've got over 40,000 vehicles, combination of EV and ICE vehicles, right? So that's kind of the existing platform. We continue to lean in and build off that.

第一個我會形容為較傳統的共乘租車（rideshare Rent-a-Car）業務，也就是透過我們與 Uber 和 Lyft 的合作夥伴關係，把車租給共乘司機。我們做這個已經有幾年了。而現在我們已是全球規模最大的業者之一。如我在講稿中提到的，我們有超過 40,000 輛車，包含電動車（EV）與燃油車（ICE），對吧？所以這算是既有的平台。我們會持續加碼並在此基礎上擴展。

But then the other two businesses that really are new in a sense, at least to the broader market. We've been working both of these for at least the last couple of years. But the first one is where we've got the Oro-driven fleet where we've got this high-quality turnkey capacity we're providing to Uber. We've leaned in. We've leveraged technology to better manage the driver-life-cycle productivity. We're also leveraging it to scale and in our safety performance.

但另外兩個業務在某種意義上確實是新的，至少對更廣泛的市場而言是如此。我們在這兩個業務上至少已經投入了過去幾年。第一個是我們的 Oro 驅動車隊：我們向 Uber 提供高品質、交鑰匙（turnkey）的運力。我們已加大投入。我們運用科技來更好地管理司機生命週期的生產力。我們也運用科技來擴大規模並提升我們的安全表現。

So as we think about that, we're ramping through a measured market-by-market expansion, and we're scaling proven programs now. There's a clear line of sight to demand. This is a large addressable market. But as we move forward, we got to make sure the economics work at a market level. We've got to make sure we got the operational controls in place. And ultimately, we're scaling with discipline. And we're gated by things like operational readiness, safety thresholds, economic returns. We're just not after top line here. I want to emphasize that. But we do think this is going to be more and more a meaningful contributor to the overall company's results.

因此在這方面，我們正透過審慎的「逐一市場」擴張來爬坡，並把已驗證的方案擴大規模。我們對需求有清晰的可視性。這是一個可服務市場（TAM）很大的領域。但隨著我們往前推進，我們必須確保在單一市場層級的經濟性可行。我們必須確保營運控管到位。最終，我們會以紀律來擴張規模。我們的擴張會受到營運就緒度、安全門檻、經濟報酬等因素的把關。我們不是只追求營收規模（top line）。我想強調這一點。但我們確實認為，這將會愈來愈成為對公司整體業績具有意義的貢獻來源。

And then the third piece of this is AV operations, right? And there, of course, with the partnerships that we've announced over the last week. We know we're -- we've got the ability to be a major player in this space. We've got unique capabilities that only a handful of companies can bring. The pace of AV growth, I think, is going to be probably maybe a little longer tail, but potentially much higher ultimately.

第三塊則是 AV 營運，對吧？當然，隨著我們在過去一週宣布的合作夥伴關係。我們知道——我們有能力成為這個領域的重要玩家。我們具備獨特能力，只有少數幾家公司能提供。我認為 AV 的成長速度可能會是較長尾，但最終的上行潛力可能更高。

So we've got kind of a whole spectrum here of three businesses within mobility with different growth rates, all with good margins that should be accretive to the company. But that vintage, we'll have to give you more color as we move forward.

所以在移動出行（mobility）之內，我們有三個業務構成的完整光譜，成長率各不相同，且都具備良好毛利，應能對公司帶來增益。不過關於不同「批次/世代」（vintage）的細節，我們會在後續進展中再提供更多說明。

Yeah. Chris, this is Scott here. I'll add a little bit to that. Oro is obviously an important piece of it. But as you think about the near-term P&L, '27, '28, I mentioned the spread. So RPD definitely moving in the right direction. I mean you heard Sandeep's commentary. U.S. airports were up 9% alone on RPD. So definitely positive RPD stuff. Oro is going to be great.

是的。Chris，我是 Scott。我再補充一點。Oro 顯然是其中重要的一塊。但當你思考短期損益表（P&L），也就是 2027、2028 年，我提過那個「差距」（spread）。所以 RPD 確實正朝正確方向前進。你也聽到 Sandeep 的評論。僅美國機場的 RPD 就上升了 9%。所以 RPD 的表現確實是正向的。Oro 會很棒。

Also, too, I mean, we have grown our fleet car sales F&I income, which sits in the revenue line. It's been the largest line we've had seen in recent history, and there's a ton of room to grow that without corresponding DOE and expenses associated. Plus the other piece is we've talked about growing franchise, which has a direct revenue benefit with very little corresponding costs associated. So as we talk about growing revenue without cost, those are the things that are going to create that big spread going forward. So it's not just about Rent-a-Car RPD and the costs associated. There's other pieces that will create that gap.

另外，我們也提升了車隊車輛銷售的 F&I（融資與保險）收入，這是列在營收項下。這已是我們近年來見到的最大單一項目，而且在不需要相應增加 DOE 與相關費用的情況下，仍有很大的成長空間。再加上另一塊是我們談過要擴大特許經營（franchise），它能直接帶來營收效益，而相對應的成本非常少。因此，當我們談到在不增加成本的情況下成長營收時，這些就是未來會創造更大「差距」（spread）的因素。所以不只是租車（Rent-a-Car）的 RPD 以及其相關成本。還有其他部分會拉開這個差距。

John Healy, Northcoast Research.

John Healy，Northcoast Research。

Would love to spend a little bit more time on the Oro opportunity. I love how you named it Oro. I think that means gold in a different language or a couple of different lanes. Very cool move. But I would just love to get your thoughts about -- and I think, Scott, you mentioned we need to figure out how to monetize or get value for some of these pieces of the development that we haven't gone to market with. Can you get more granular with us on that? I think with Oro, you guys are actually hiring drivers in certain markets to kind of go with the fleet you're providing. So would just love to get your thoughts on just how some of these aspects of the operation might evolve from here?

我很想再多花一點時間談談 Oro 這個機會。我很喜歡你們把它命名為 Oro。我想那在某種語言裡是「黃金」的意思，或在幾種不同語言裡都有類似含義。非常酷的做法。不過我很想聽聽你們的想法——而且我記得 Scott，你提到我們需要想辦法把一些尚未推向市場的開發成果變現或取得其價值。你能更具體一點說明嗎？我想在 Oro 方面，你們其實正在某些市場招募司機，來配合你們提供的車隊。所以很想聽聽你們對於從現在開始，營運中的這些面向可能會如何演進的看法？

Yeah. Maybe around the Oro-driven fleet piece. I'll talk just a little bit more about that. Scott, you may want to add some additional broader color on the valuation side. But I guess the first point I'd make here is that Oro is not entering into just a generic human capital business. I'll just say that upfront. But really, what we're trying to do here is provide -- think of it as turnkey rideshare capacity to Uber. Okay, turnkey. And we're really just -- we're putting the pieces we already have out there in place here. None of this is really new. So what we're doing really is operating fleets end-to-end under a contracted capacity supply.

是的。也許先談談 Oro 的「配司機車隊」這一塊。我再多說一點。Scott，你也許想在估值層面補充一些更宏觀的說明。不過我想我在這裡要先強調的第一點是，Oro 並不是要進入一個純粹、一般性的「人力資本」生意。我先把這點講清楚。但我們真正想做的是提供——把它想成是提供給 Uber 的「交鑰匙」式（turnkey）的共乘運能。好，交鑰匙。而我們其實只是——把我們既有的拼圖在這裡組合到位。這些都不算真正全新的東西。所以我們實際上是在合約式的運能供給之下，端到端地營運車隊。

And we're employing drivers as part of that equation. Keep in mind, we've got thousands of people already driving our cars that are employees. And so we're well positioned. We have all the pieces. We're just putting them together to fill a gap here. And we already manage a really large distributed workforces across the operations. We own the fleet. We have the maintenance and logistics.

而且在這個方程式裡，我們也會雇用司機。請記得，我們已經有數千人以員工身分在開我們的車。因此我們具備很好的條件。我們擁有所有必要的要素。我們只是把它們組合起來，來填補這裡的缺口。而且我們在整體營運中，已經管理著非常龐大的分散式勞動力。我們擁有車隊。我們也有維修與物流能力。

And I'd just point out, I think the model is superior to the traditional gig structure since it provides really a more predictable -- more predictability and control along with higher quality in terms of the customer experience as well as safety performance. So there's value created around that. And again, we're really deliberately scaling this, and we're gated, as I mentioned -- just mentioned about kind of the operational performance, safety thresholds, the economics, all those things. So the real focus is getting it right.

我也想指出，我認為這個模式優於傳統的零工（gig）結構，因為它能帶來更可預測——更高的可預測性與控制力，同時在客戶體驗以及安全表現方面也能提供更高品質。因此這裡會創造價值。再說一次，我們是在非常有意識地擴張規模，而且如我剛才提到的——我們會設下關卡，包含營運表現、安全門檻、經濟性等各項因素。所以真正的重點是把事情做對。

And the other thing I've got to point out here is that this is a real stepping stone to running AVs at scale, right? This is an operational cadence that's not normal for a Rent-a-Car company, even though we have all the pieces. So as we're kind of building that rhythm, it's directly applicable to the AVs. It's just without the drivers at that point. So we're bridging really all the aspects of rideshare, but it's got application in other businesses like delivery, right, other potential partners. So this is -- these are big markets. We've got all the pieces, and we can play in it.

另外我必須指出，這也是未來大規模營運自動駕駛車（AV）的重要墊腳石，對吧？即使我們具備所有要素，但這種營運節奏對一家租車公司而言並不常見。因此當我們逐步建立這種節奏時，它可以直接套用到 AV。只是到那時就不需要司機了。所以我們其實是在銜接共乘的各個面向，但它也能應用到其他業務，例如配送（delivery），對吧，或其他潛在合作夥伴。所以這——這些都是很大的市場。我們擁有所有拼圖，也能在其中參與競爭。

Yeah. No, I think that's right on Gil. John, Look, I think we're not going to be able to talk a lot about the economics of the deal here. But I think what Gil pointed out is exactly right, which is this plays into the strengths of what Hertz does well. We're a big human capital provider. We employ thousands even those that drive cars today for us. And this is an extension of that, plays into the real estate footprint that we have today, the maintenance capabilities, the fleet management and control.

是的。不，我認為 Gil 說得很對。John，你看，我想我們無法在這裡談太多這筆交易的經濟條件。但我認為 Gil 指出的完全正確，也就是這能發揮 Hertz 擅長的強項。我們是一個大型的人力資本提供者。我們雇用了數千人——甚至包括今天就為我們開車的人。而這是那個能力的延伸，也能利用我們目前的據點不動產版圖、維修能力、以及車隊管理與控管能力。

All of these things are most of things that we do today with a slight twist. But as Gil said, is a massive bridge to tomorrow's AV world. So this is a very nice extension of what we do today that will provide near-term benefit to the P&L while also setting us up for longer-term AV infrastructure capabilities.

這些事情大多是我們今天就在做的，只是稍微換個做法。但如 Gil 所說，這是通往明日 AV 世界的一座巨大橋樑。因此，這是我們現有業務的一個非常好的延伸，既能在短期內為損益表（P&L）帶來效益，同時也讓我們為更長期的 AV 基礎設施能力做好準備。

That's great. And Scott, just one follow-up question on the expectations for Q2. Did I hear you right and you said that you're expecting global days to be down, but for the year, we're going to be up mid-single digit. I was just hoping you could just run that past us again.

太好了。Scott，另外再追問一個關於第二季（Q2）展望的問題。我是否聽得沒錯，你說你們預期全球租賃天數（global days）會下滑，但全年會成長中個位數百分比。我只是希望你能再幫我們複述一次。

Yeah, that is right, John. We'll be down in Q2, which would imply up in Q3 and Q4. And obviously, there's some year-over-year nuances as days were probably a little smaller in Q4 last year. So there'll be some year-over-year nuance in the math. But yeah, we won't be as big in Q2 as we would have liked given the macro demand economics, but that will recover a bit in Q3 and Q4.

是的，John，你說得沒錯。我們在 Q2 會下滑，這也意味著 Q3 和 Q4 會回升。而且很明顯，因為去年 Q4 的天數可能稍微少一些，所以在年對年比較上會有一些細微差異。所以在計算上會有一些年對年的細節差異。但沒錯，考量到總體需求的經濟環境，我們 Q2 的規模不會如我們原本希望的那麼大，不過在 Q3 和 Q4 會有所回復。

We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

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