Hertz Global Holdings Inc (HTZ) 2026 Q2 法說會逐字稿

Welcome to Hertz Global Holdings first-quarter 2026 earnings call. (Operator Instructions)

歡迎參加赫茲全球控股公司 2026 年第一季財報電話會議。(接線員指示)

I would like to remind you that this morning's call is being recorded by the company. I would now like to turn the call over to Bill Kocovski, Senior Vice President, Finance. Please go ahead.

我想提醒各位，今天上午的電話會議將由公司錄音。現在我想把電話交給財務資深副總裁 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，感謝各位加入我們。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投影片，可透過我們網站的投資人關係專區取得。

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，本次電話會議中的某些陳述包含前瞻性資訊。前瞻性陳述不保證績效，且其本質上存在固有風險與不確定性。實際結果可能有重大差異。本次電話會議所傳達的任何前瞻性資訊僅截至今日，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, including factors that could cause our actual results to differ is contained in our earnings press release earnings presentation and in the Risk Factors and forward-looking Statement sections in the SEC filings we make with the Securities and Exchange Commission. Our filings are available on the SEC's website and in the Investor Relations section of the Hertz website.

關於這些陳述的更多資訊（包括可能導致我們實際結果出現差異的因素）載於我們的財報新聞稿、財報簡報，以及我們向美國證券交易委員會（SEC）提交之文件中的「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，與 GAAP 數字進行調節。我們相信這些非 GAAP 指標能提供關於我們營運的額外有用資訊，有助於更好地評估我們的獲利能力與表現。除非另有說明，我們今天的討論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.

今天上午的電話會議上，我們的執行長 Gil West 將討論策略、營運重點以及我們的車隊。我們的商務長 Sandeep Dube 將分享我們商務策略的洞見；接著由財務長 Scott Haralson 討論我們的財務表現。

I'll now turn the call over to Gil.

現在我把電話交給 Gil。

Thanks, Bill. Nice work. Good morning, everyone, and thank you for joining us. I want to begin by saying thanks to the Hertz team. Quarter after quarter, their discipline and execution or what turn strategy into results. We are halfway through 2026, and it's been more than two years since I stepped into this role. In that time, I had the chance to get into the detail of every part of this business, the fleet, the operations and the economics that drive them. What's become clear is that this transformation is about both fixing what wasn't working and building for what's next.

謝謝你，Bill。做得很好。各位早安，感謝各位加入我們。我想先向赫茲團隊致謝。一季又一季，他們的紀律與執行力，正是把策略轉化為成果的關鍵。我們已走過 2026 年的一半，而自我接任這個職務以來也已超過兩年。在這段期間，我有機會深入了解這項業務的每個環節：車隊、營運，以及驅動它們的經濟因素。愈來愈清楚的是，這場轉型既是修正過去行不通之處，也是為下一步做建設。

We've done that under real pressure. Over these two years, we've navigated tariffs, vehicle recalls, inflation, parcel government shutdown elevated TSA weight lines and storm disruptions on top of the normal volatility of the rental car industry. None of it has changed our approach. We're staying focused on what we can control. Fleet cost, our revenue performance and the customer experience we deliver.

我們是在真實壓力下完成這些工作的。過去兩年，我們在租車產業正常波動之外，還因應了關稅、車輛召回、通膨、包裹、政府停擺、TSA 排隊時間拉長，以及風暴造成的干擾。這些都沒有改變我們的方法。我們持續專注於我們能掌控的事項：車隊成本、營收表現，以及我們提供的客戶體驗。

Through disciplined execution, we're building a financial footing strong enough to withstand whatever pressures today and tomorrow bring. We're both running our core rental business better and building a platform spanning rent-a-car, fleet, service and mobility that diversifies and strengthens Hertz for the future. This quarter is more proof of that progress, where our disciplined execution is showing up in our results.

透過有紀律的執行，我們正在建立足以承受今日與明日各種壓力的財務基礎。我們一方面把核心租車業務經營得更好，另一方面也在打造一個涵蓋租車、車隊、服務與移動出行的平台，以分散風險並強化赫茲的未來競爭力。本季再次證明了這項進展：我們的紀律執行正反映在成果之中。

Led by our continued commercial momentum, revenue was up (inaudible) year-over-year with a 1% smaller fleet and came in ahead of both consensus and our latest guidance. By continuing to sweat the assets and increasing total fleet utilization by 80 basis points to 79%, we achieved this despite elevated recalls compared to the year before. This performance was driven by our strongest second quarter RPD on record, excluding the peak COVID year of 2022. RPD was up 9% and RPU was up 8% versus last year coming in at $1,542. RPU exceeded our North Star target, and we saw sequential improvements in both throughout the quarter.

在我們持續的商務動能帶動下，儘管車隊規模較去年同期小 1%，營收仍年增（聽不清），且高於市場共識與我們最新指引。我們持續提高資產使用效率，將整體車隊使用率提升 80 個基點至 79%，即使相較去年仍面臨較高的召回影響，也達成了這項成果。此表現主要來自我們創紀錄的第二季 RPD（不含 2022 年 COVID 高峰年度）。RPD 年增 9%，RPU 年增 8%，達到 1,542 美元。RPU 超過我們的「北極星」目標，且整個季度兩項指標皆呈現逐月改善。

Adjusted corporate EBITDA came in at $81 million, a $63 million year-over-year improvement and above our latest guidance driven primarily by an even stronger RPD in June than we anticipated. We continue to execute on our annual DPU North Star target through our disciplined rotation strategy that is defined by our buy right, hold right and sell right approach. At $302, DPU remains in line with target. However, we did experience three quarter-specific items that caused the total gain on sale to be lower than originally expected.

調整後公司 EBITDA 為 8,100 萬美元，較去年同期改善 6,300 萬美元，並高於我們最新指引，主要受惠於 6 月的 RPD 比我們預期更強。我們持續透過有紀律的輪替策略，執行年度 DPU「北極星」目標；該策略以「買得對、持有得對、賣得對」為核心。DPU 為 302 美元，仍符合目標。不過，本季確實出現三項特定因素，使整體出售收益低於原先預期。

First, the seasonal decline was more pronounced than we anticipated as wholesale volume temporarily outpaced demand. Second, our disposition channels were not as optimal as we would like given the volume of cars we sold. And third, during the quarter, we altered the mix of vehicles and prioritized older and certain models. These dynamics temporarily drove down the proceeds from sale, resulting in a lower gain on sale.

第一，季節性下滑比我們預期更明顯，因批發供給量短期內超過需求。第二，考量我們出售的車輛數量，我們的處置通路未達到我們希望的最佳化程度。第三，本季我們調整了車輛組合，並優先處置較舊車款及特定車型。這些動態短期拉低了出售所得，導致出售收益較低。

However, this didn't impact our go-forward view. The seasonally adjusted Manheim rental index increased 3.5% month-over-month in July, recovering from the declines experienced during the second quarter and remaining strong up (inaudible) year-over-year. The used car market is good and we're set up well for it. At the end of Q2, our model year '25 and '26 units made up nearly 94% of our US core fleet. We believe we have an exceptionally healthy fleet, and we expect DPU will benefit as we rotate out of those vehicles over the coming quarters.

然而，這並未影響我們對未來的看法。經季節調整後的 Manheim 租賃指數在 7 月月增 3.5%，自第二季的下滑中回升，且年增仍維持強勁（聽不清）。二手車市場表現良好，而我們也已做好充分準備。截至第二季末，我們美國核心車隊中，2025 與 2026 年式車輛占比接近 94%。我們認為我們擁有極為健康的車隊，並預期隨著未來幾季逐步輪替處置這些車輛，DPU 將受惠提升。

Turning to cost. Total BOE per day increased slightly, primarily driven by costs that were both revenue related and were margin accretive associated with stronger RPD performance. Now this brings me to a broader point. The North Star metrics have given our teams a steady compass over the last two years, but as the business evolves, it's important to recognize that these metrics do not operate in isolation.

接著談成本。每日總 BOE 略有上升，主要由與營收相關、且因更強的 RPD 表現而具備毛利增益（margin accretive）的成本所帶動。這也引出我想談的一個更廣泛的重點。過去兩年，「北極星」指標為我們的團隊提供了穩定的方向，但隨著業務演進，必須認知這些指標並非各自獨立運作。

As revenue grows, a portion of our DOE naturally grows alongside it, and many of those costs are tied to higher revenue and stronger profitability. As a result, we're also increasingly focused on the relationship between those metrics. And we expect our performance framework to evolve as our transformation continues.

當營收成長時，我們的 DOE 其中一部分也會自然隨之增加，而其中許多成本與更高營收及更強獲利能力直接相關。因此，我們也愈來愈聚焦於這些指標之間的關聯性。並且我們預期，隨著轉型持續推進，我們的績效框架也將隨之演進。

While DOE was higher, our RPD to DOE per day spread improved by 17% year-over-year, and it was our third consecutive quarter of year-over-year spread expansion. We remain extremely focused on managing core operating costs and the improvements we're seeing are the result of productivity initiatives, encompassing people, processes and technology.

雖然 DOE 較高，但我們的每日 RPD 相對每日 DOE 的利差較去年同期改善 17%，且已連續第三季出現年對年利差擴張。我們仍高度專注於管理核心營運成本，而目前看到的改善，來自涵蓋人員、流程與科技的生產力提升計畫。

One of our biggest levers we have is labor productivity. Supported by Palantir, our new labor planning model align staffing with real time (inaudible), reducing overtime third-party labor and improving workforce planning. We're also leveraging technology and AI-driven data insights to improve throughput and productivity across our operations to reduce our vehicle turnaround time.

我們最大的槓桿之一是勞動生產力。在 Palantir 的支援下，我們新的勞力規劃模型可讓人力配置與即時（聽不清）對齊，降低加班與第三方人力使用，並改善人力規劃。我們也正運用科技與 AI 驅動的數據洞察，提升整體營運的處理量與生產力，以縮短車輛周轉時間。

Additionally, we're making progress in leveraging our supply chain network, expanding part out capabilities, strengthening collections recovery and improving maintenance processes, all to drive greater productivity with existing resources while lowering unit costs.

此外，我們在善用供應鏈網路、擴大零件外包能力、強化催收回收並改善維修流程方面持續取得進展，旨在以既有資源提升生產力，同時降低單位成本。

Although these results demonstrate the progress we've made in strengthening the economics of the business, recalls remain a significant headwind. Recall volume was up 300% in Q2 from the year prior, impacting an average of 15,000 vehicles per month across the first half of 2026, recalls represented more than a $55 million EBITDA impact, and we're pursuing regulatory, operational and contractual solutions to address this issue. More importantly, our ability to deliver this level of performance despite that headwind, reinforces our confidence in the path to our long-term targets.

儘管這些結果展現了我們在強化業務經濟性方面所取得的進展，召回仍然是重大逆風。2026年上半年平均每月影響約15,000輛車，第二季召回量較去年同期增加300%；召回造成超過5,500萬美元的EBITDA影響，我們正推動監管、營運與合約層面的解決方案以因應此問題。更重要的是，我們在逆風之下仍能交出這樣的表現，進一步強化了我們對達成長期目標路徑的信心。

That said, while 2027 and $1 billion of adjusted corporate EBITDA are important milestones, they're not the final destination. As we've shared, we focused on something bigger, we are applying our commercial, operational and fleet management capabilities across the four strategic areas of our platform to drive greater efficiency, create diversified growth engines and strengthen the company for the future. Our platform is the unlock to the next phase of value creation, deleveraging the balance sheet and growth and one of the greatest opportunities to grow is by more effectively leveraging the power of the Hertz brand.

話雖如此，2027年與10億美元的調整後公司EBITDA固然是重要里程碑，但並非終點。如同我們先前分享的，我們聚焦於更宏大的目標：將我們的商業、營運與車隊管理能力，運用於平台的四大策略領域，以提升效率、打造多元化成長引擎並強化公司未來競爭力。我們的平台是開啟下一階段價值創造、資產負債表去槓桿與成長的關鍵；而其中最大的成長機會之一，是更有效地運用Hertz品牌的力量。

Hertz is an iconic century-old brand recognized the world over. It's one of the most valuable assets with a strong reputation that we believe is under-monetized today. One way that we think we can use the power of our brand is in franchising. It is a strong asset-light, capital-efficient part of our business with attractive and predictable economics. It's not new either, Today, more than 25% of the Hertz branded revenue is generated by franchises.

Hertz是享譽全球、擁有百年歷史的標誌性品牌。它是我們最有價值的資產之一，具備強大聲譽，而我們認為目前尚未被充分變現。我們認為可運用品牌力量的一種方式是發展特許經營。這是我們業務中資產輕、資本效率高的強項，且具備具吸引力且可預期的經濟性。這也不是新事物；目前超過25%的Hertz品牌營收來自特許經營。

However, we haven't grown it in years, and it hasn't received the level of focus necessary to full -- to realize its full potential. We're now changing that, and we're evaluating near-term opportunities across global footprint through both white space expansion and conversion activity and thinking strategically about whether Hertz should look more like our partners in the hotel industry.

然而，我們多年來並未擴張這一塊，也未投入足夠的關注以充分——以實現其全部潛力。我們現在正改變這一點，並正評估在全球版圖上的短期機會，包括透過空白市場擴張與轉換活動，同時策略性思考Hertz是否應更像我們在飯店產業的合作夥伴。

If our goal is to achieve higher quality earnings, stronger free cash flow conversion, more durable shareholder returns and improved balance sheet franchise (inaudible) there. In the next area of our platform, fleet, we are building on our unique competitive advantage of one of the largest car dealers in the country, enhancing the capabilities of our used car factory. We're continuing our journey of moving from primarily post sale disposition towards more lucrative channels.

如果我們的目標是達成更高品質的獲利、更強的自由現金流轉換、更具韌性的股東報酬，以及改善資產負債表的特許經營（聽不清）就在那裡。在我們平台的下一個領域——車隊方面，我們正以「全美最大汽車經銷商之一」這項獨特競爭優勢為基礎，強化我們二手車工廠的能力。我們持續推進，從以售後處置為主，轉向更高獲利的通路。

We expect that expanding our ability to move additional car sales volume through these higher-yielding channels will have a significant effect on net DPU, and we're working on to unlock those opportunities. We're exploring how we build strategic relationships with the leading used car companies, creating more mutual value and structurally reducing our cost of sale alongside new partnerships with best-in-class retailers.

我們預期，擴大透過這些高收益通路銷售更多車輛的能力，將對淨DPU產生顯著影響，而我們正努力解鎖這些機會。我們也在探索如何與領先的二手車公司建立策略關係，創造更多互利價值，並在與一流零售商建立新合作的同時，從結構上降低我們的銷售成本。

We also continue to make progress on our direct retail channel. Wins this quarter included growing direct retail sales volumes, reducing reconditioning costs, delivering strong F&I performance. In mobility, Oro is gaining momentum. For over a century, Hertz has mastered the ability to operate complex fleets reliably, efficiently and at scale. Today, Oro is extending those capabilities to a new era of mobility, filling a critical gap in the industry's transition towards commercially operated driver-led and autonomous fleets.

我們在直營零售通路也持續取得進展。本季的成果包括提升直營零售銷售量、降低整備成本，並交出強勁的F&I表現。在移動出行方面，Oro正加速累積動能。一個多世紀以來，Hertz已精通以可靠、高效率且可規模化的方式營運複雜車隊。如今，Oro正把這些能力延伸到移動出行的新時代，補足產業在轉向商業化營運的有人駕駛與自動駕駛車隊過程中的關鍵缺口。

The capabilities we built from acquisition and financing to efficient fleet management and maintenance would be incredibly difficult and costly to replicate from scratch today. We're putting those capabilities to work through Oro's driver-led business model, where we own, maintain and operate vehicles on rideshare platforms.

我們所建立的能力——從採購與融資，到高效率的車隊管理與維修保養——在今天若要從零複製，將極其困難且成本高昂。我們正透過Oro的有人駕駛商業模式運用這些能力：我們在共乘平台上擁有、維護並營運車輛。

Oro is now active on the Uber platform in four markets: Atlanta, Los Angeles, San Francisco and Northern New Jersey. We've expanded into these new offerings on the app, including Uber Black in New Jersey and Uber [team] in San Francisco and Los Angeles. And our drivers have logged more than 6 million miles today. This business validates our ability to deliver high quality and turnkey fleet solutions safely and at scale, supporting an enhanced customer experience. At the same time, we're developing the operations, processes, systems and infrastructure that directly translate to operating AVs at scale.

Oro目前已在Uber平台的四個市場上線：亞特蘭大、洛杉磯、舊金山與新澤西北部。我們也在App上擴展了這些新服務，包括新澤西的Uber Black，以及舊金山與洛杉磯的Uber [team]。截至目前，我們的駕駛已累積超過600萬英里里程。這項業務驗證了我們能以安全且可規模化的方式，提供高品質、交鑰匙式的車隊解決方案，並支援更佳的客戶體驗。同時，我們也在打造可直接轉化為大規模營運自動駕駛車（AV）的營運、流程、系統與基礎設施。

Earlier this year, we announced our first AV partnership with Uber's robotaxi program, supporting Lucid vehicles equip with neuro autonomous technology, we're on track to begin operations later this year in the San Francisco Bay Area. We continue to see encouraging traction as we scale this part of the business. Oro already has meaningful scale and momentum.

今年稍早，我們宣布與Uber的robotaxi計畫達成首個AV合作夥伴關係，支援配備neuro自動駕駛技術的Lucid車輛；我們正按計畫於今年稍晚在舊金山灣區開始營運。隨著我們擴大這部分業務規模，我們持續看到令人鼓舞的進展。Oro已具備相當的規模與動能。

Through these offerings and the existing rideshare rental business, we expect it to generate more than $600 million in total revenue this year the ability to grow dramatically over the next decade, opportunities for expanding capabilities, new partnerships and new avenues for value creation are emerging, and we're focusing our resources on unlocking that growth.

透過這些服務以及既有的共乘租賃業務，我們預期今年總營收將超過6億美元，並具備在未來十年大幅成長的潛力；擴展能力、新合作夥伴關係與新的價值創造途徑正不斷浮現，我們正將資源聚焦於解鎖這些成長。

This quarter is an exciting proof point in Hertz transformation. We're making tangible progress across the business and we're focused on execution and accelerating the improvements ahead of us. As I look at the quarter, there are four key takeaways I'd highlight. First, our core rental car business continues to improve, and our commercial momentum is strong. The actions we've taken over the last two years are driving better unit economics, creating a clear path to stronger margins and potentially more than $1 billion of adjusted corporate EBITDA run rate in 2027 and beyond.

本季是Hertz轉型的一個令人振奮的驗證點。我們在各項業務上取得具體進展，並專注於執行、加速推動眼前的改善。回顧本季，我想強調四個關鍵重點。第一，我們的核心租車業務持續改善，商業動能強勁。過去兩年我們採取的行動正在帶來更佳的單位經濟性，為更強的利潤率建立清晰路徑，並有機會在2027年及之後達到調整後公司EBITDA年化運行率超過10億美元。

Second, our fleet, Buy Right, Hold Right, Sell Right strategy should continue to yield strong near-term results and solidify our ability to deliver net DPU below $300 per month. Third, our strategy to expand the franchise portion of the rental car business has the potential to accelerate that progress. We see it as a way to generate consistent earnings, strengthen free cash flow, unlock liquidity for growth initiatives and ultimately create a more durable value for shareholders while also supporting deleveraging.

第二，我們的車隊「Buy Right、Hold Right、Sell Right」策略應可持續帶來強勁的短期成果，並鞏固我們將淨DPU降至每月300美元以下的能力。第三，我們擴大租車業務中特許經營占比的策略，有潛力加速上述進展。我們將其視為一種方式，可產生穩定獲利、強化自由現金流、釋放流動性以支持成長計畫，並在支援去槓桿的同時，最終為股東創造更具韌性的價值。

Finally, Oro may be new, but it is rapidly emerging as a meaningful growth platform. We believe it will continue to scale in revenue this year across all of its business lines. And we have a plan in place that we think can reshape Hertz's growth trajectory for years to come. The opportunities in front of us are significant. We're encouraged by the momentum across the business and the opportunities ahead.

最後，Oro雖然是新業務，但正迅速成為重要的成長平台。我們相信它今年將在所有業務線持續擴大營收規模。我們也已制定一套計畫，我們認為可在未來多年重塑Hertz的成長軌跡。我們面前的機會相當可觀。我們對全公司各項業務的動能與未來機會感到鼓舞。

Ultimately, results speak louder than words, and we're focused on continuing to execute and demonstrating that progress quarter after quarter. With that, I'll turn it over to Sandeep.

歸根結底，成果勝於雄辯；我們將專注於持續執行，並在每一季持續展現進展。接下來我把時間交給Sandeep。

Thanks, Gil, and good morning, everyone. In Q2, we delivered revenue of $2.4 billion, a 10% increase from the year before. RPU increased 8% from the prior year, even when factoring in elevated recalls, RPD increased 9% year-over-year, our highest second quarter RPD per our record, excluding the peak COVID year of 2022. The result was even better in the United States. US airports car rental RPD increased 12% year-over-year. This was the second quarter in a row where we achieved double-digit year-over-year revenue growth globally, coupled with year-over-year RPU and RPD improvements in the mid- to high single-digit percentage range.

謝謝你，Gil，各位早安。第二季我們實現24億美元營收，較去年成長10%。RPU較去年同期成長8%；即使將偏高的召回因素納入考量，RPD仍年增9%，為我們紀錄中最高的第二季RPD（不含COVID高峰的2022年）。在美國的表現更佳。美國機場租車RPD年增12%。這是我們連續第二季在全球達成年增雙位數的營收成長，同時RPU與RPD也分別實現中至高個位數百分比的年增。

Let's detail our RPD improvement a bit. The majority of the improvement, roughly 6 to 7 percentage points came from our commercial actions. Of the remainder, roughly 2 to 3 percentage points came from positive industry pricing and roughly less than 0.5 percentage point came from the World Cup. Our commercial strategy is gaining momentum based on the initiatives, we have been executing over the last several quarters, and the results of which are now clearly evident. Each quarter, we're getting more value from the same levers we have discussed previously.

讓我們更詳細說明一下我們在 RPD 的改善。改善的大部分，約 6 到 7 個百分點，來自我們的商業行動。其餘部分中，約 2 到 3 個百分點來自產業定價的正向趨勢，約少於 0.5 個百分點來自世界盃。基於我們在過去幾個季度持續推動的各項舉措，我們的商業策略正逐步累積動能，而其成果如今已清楚可見。每一季，我們都能從先前討論過的相同槓桿中取得更多價值。

Let me break those down. First, improving our customer experience. Our pursuit of a more consistent, convenient and caring customer experience is tangible across each area of the business as teams work together to develop more precise alignment between demand and available supply, enhanced customer communication throughout the entire rental journey, expand the capabilities of our mobile app and more.

我來把這些拆解說明。第一，改善客戶體驗。我們追求更一致、更便利且更具關懷的客戶體驗，已在各業務領域具體展現；各團隊共同合作，讓需求與可用供給之間的匹配更精準、在整個租車旅程中強化客戶溝通、擴充我們行動 App 的功能等。

One aspect to highlight is service recovery. Even when we fall short of customer expectations, we have significantly strengthened our service recovery capabilities over the past year. Now overall, customers who go through our service recovery process have a positive Net Promoter Score.

其中一個值得強調的面向是服務補救（service recovery）。即使我們未能達到客戶期望，過去一年我們也大幅強化了服務補救能力。目前整體而言，經歷我們服務補救流程的客戶，其淨推薦值（Net Promoter Score, NPS）為正。

Second, generating greater durable demand from higher-margin channels. We continue to invest in the brand to drive further direct channel growth while also making meaningful gains with corporate and government customers. Partnerships remain a key priority and Q2 wins include our strongest year-over-year performance in the AAA partnership in more than four years. At the same time, we continue to drive consistent growth in our off-airport and rideshare rental businesses.

第二，透過較高毛利通路創造更大且更具持久性的需求。我們持續投資品牌以推動直營通路進一步成長，同時在企業與政府客戶方面也取得顯著進展。合作夥伴關係仍是關鍵優先事項，第二季的成果包括 AAA 合作夥伴關係在四年多來最強的年對年表現。同時，我們也持續推動非機場據點與網約車（rideshare）租賃業務的穩健成長。

Third, improving our icing tactics and strategies. Our key commercial objective is to drive positive RPD for comparable asset classes. And so far, the actions we have taken to implement and refine our pricing metrics continue to bring greater precision in the way we price demand, playing a part in this quarter's strong RPD results.

第三，改善我們的定價戰術與策略。我們的核心商業目標是推動可比資產類別的 RPD 為正成長。截至目前，我們為導入並精進定價指標所採取的行動，持續提升我們在需求定價上的精準度，並在本季強勁的 RPD 表現中發揮了作用。

Fourth, improved monetization of our higher RPU assets. With our new fleet management tools in place, our team is better equipped to get the right vehicles in the right location at the right time, supporting more refined pricing. Fifth, better value-added product sales. We have grown sales of our value-added products by improving both conversion and pricing while providing customers with greater clarity and consistency in their experience.

第四，提升我們較高 RPU 資產的變現能力。隨著新的車隊管理工具到位，我們的團隊更能在正確的時間把正確的車輛配置到正確的地點，支援更精細的定價。第五，更好的加值產品銷售。我們透過同時改善轉換率與定價，並讓客戶在體驗上更清楚且一致，帶動加值產品銷售成長。

And finally, local level profitability and optimization. We continue to manage our business with increased granularity, enabling greater profitability in each of our markets. Taken together, these actions are driving stronger demand for our brands and creating conditions for more durable pricing performance, enabling us to achieve a primary commercial objective, which is driving RPD gains beyond the industry pricing environment.

最後，是地方層級的獲利能力與最佳化。我們持續以更細緻的方式管理業務，使我們在各個市場都能提升獲利能力。綜合而言，這些行動正在推動我們品牌更強勁的需求，並創造更具持久性的定價表現條件，使我們得以達成主要商業目標：在產業定價環境之外，仍能推動 RPD 的提升。

Talking about the industry pricing environment, it has been quite constructive. Some context might be helpful here. Over the past few years, industry costs, including fleet financing, depreciation and operating expenses moved materially higher while pricing did not fully keep pace. However, more recently, the industry has just started recapturing ground lost over many years rather than simply keeping pace with current inflation.

談到產業定價環境，它一直相當具有建設性。這裡提供一些背景可能會有幫助。過去幾年，產業成本（包括車隊融資、折舊與營運費用）明顯上升，但價格並未完全跟上。然而，最近產業才剛開始收復多年來流失的定價空間，而不只是跟上當前通膨。

In the last three quarters, we started to see the beginning of a reversal of the pricing declines that characterize much of the post-COVID period. Before the industry reaches a more mature level of profitability, where pricing primarily offsets ongoing cost inflation there remains an opportunity for pricing to continue normalizing towards levels that better reflect the economics of the business.

在過去三個季度，我們開始看到後疫情時期大部分時間所呈現的價格下滑趨勢，出現反轉的開端。在產業達到更成熟的獲利水準之前——亦即定價主要用來抵銷持續的成本通膨——價格仍有機會持續正常化，回到更能反映該業務經濟性的水準。

In Q2, consumer demand and willingness to pay was greater than what TSA numbers would imply. And that, combined with a more disciplined industry supply environment, supported positive pricing trends. Early Q3 results indicate that we are on track to deliver meaningful RPD gains again. In July, we hit a major achievement 200 consecutive days of positive year-over-year RPD, a milestone which reinforces that our growing commercial acumen coupled with consistent execution, is translating into consistent commercial performance.

第二季，消費者需求與支付意願高於 TSA 數據所暗示的水準。再加上產業供給環境更為自律，支撐了正向的定價趨勢。第三季初步結果顯示，我們有望再次交出具意義的 RPD 增幅。7 月我們達成一項重大里程碑：連續 200 天年對年 RPD 為正；這個里程碑再次印證，我們日益提升的商業敏銳度加上穩定的執行力，正轉化為一致的商業表現。

Looking ahead at the rest of the quarter, the industry pricing environment, as we sit here today, continues to be supportive. Demand for our brands is healthy. Our fleet mix is expected to be a positive factor going forward. Most importantly, we have a long list of meaningful initiatives slated to come live in the next few quarters, which will be a rising tide for our customer experience, our demand generation and our pricing capabilities, thereby improving our ability to continue delivering strong RPD outcomes enabling us to better control our destiny.

展望本季剩餘時間，以我們今天所處的情況來看，產業定價環境仍具支撐力。我們品牌的需求維持健康。我們的車隊組合預期將在未來成為正向因素。最重要的是，未來幾個季度我們有一長串具意義的舉措將陸續上線，將全面帶動客戶體驗、需求創造與定價能力的提升，進而強化我們持續交出強勁 RPD 成果的能力，讓我們能更好地掌握自身命運。

In summary, our commercial strategy is translating into strong revenue performance. And importantly, those results are driven by deliberate actions. We are seeing clear proof points that these actions are gaining traction. And with a strong pipeline of initiatives in front of us, we expect commercial performance to be a continued tailwind for the business. And given the positive trajectory for full year 2026, we now expect RPU to trend above our North-South target of $1,500.

總結來說，我們的商業策略正轉化為強勁的營收表現。而且重要的是，這些成果來自有意識、具針對性的行動。我們看到明確的證據顯示，這些行動正在取得成效並加速推進。在我們面前還有強勁的舉措管線，我們預期商業表現將持續成為公司業務的順風。並且鑑於 2026 全年的正向走勢，我們現在預期 RPU 將高於我們南北向目標（North-South target）的 1,500 美元。

Now 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. Before I get into the financial results, I'd like to step back for a moment. In any transformation, it's easy to become consumed by the next quarter, the next milestone or the next challenge and lose sight of how much has already changed. While we're not declaring victory today, we are seeing a business that is executing with increasing consistency operationally, commercially and financially.

謝謝你，Sandeep。各位早安，感謝大家參與。在我進入財務結果之前，我想先退一步談一下。在任何轉型過程中，很容易被下一季、下一個里程碑或下一個挑戰所牽動，而忽略其實已經改變了多少。雖然我們今天不宣告勝利，但我們看到公司在營運、商業與財務面向的執行正變得愈來愈一致。

Every successful transformation reaches an inflection point where the conversation begins to change. Early on, the question is, can this company recover? Eventually, through consistent and disciplined execution, the question becomes, how do they do that? We believe that shift comes through consistent execution over time. We believe we are doing that, and this quarter represents another meaningful step in that journey.

每一次成功的轉型都會到達一個拐點，屆時對話的內容開始改變。在早期，問題是：這家公司能復原嗎？最終，透過持續且自律的執行，問題會變成：他們是怎麼做到的？我們相信，這樣的轉變來自長時間的持續執行。我們相信我們正在做到，而本季代表這段旅程中的另一個重要步伐。

Not because of any one single metric, but because the underlying economics of the business continue to improve. We recognize that it's hard for the market to fully reflect the progress we believe is occurring inside the business. That's understandable. We recognize that investors remain focused on our capital structure and upcoming debt maturities. That's appropriate. Strengthening the balance sheet remains one of our highest priorities. What gives us confidence is that the business supporting our capital structure today is fundamentally different from the business of two years ago.

並不是因為任何單一指標，而是因為這門生意的底層經濟性持續改善。我們也理解，市場很難完全反映我們認為正在公司內部發生的進展。這可以理解。我們知道投資人仍聚焦於我們的資本結構與即將到期的債務。這是合理的。強化資產負債表仍是我們最高優先事項之一。讓我們有信心的是：支撐我們當前資本結構的業務，從根本上已不同於兩年前的業務。

We have continued to improve our fleet, the customer experience and operating efficiency, which has resulted in better operating performance and strengthened free cash flow, plus we continue to create additional strategic options. Our focus remains on continuing that progress while thoughtfully addressing our capital structure in a disciplined manner. And while this quarter's results are a really good outcome, and they are important we believe the more significant story is the trajectory of the business and the strategic initiatives that are beginning to reshape our earnings profile. You'll outline the takeaways for where we are today.

我們持續改善車隊、客戶體驗與營運效率，帶來更好的營運表現並強化自由現金流，同時也持續創造更多策略選項。我們的重點仍是延續這些進展，同時以自律的方式審慎處理資本結構。雖然本季的結果是非常好的成果，而且很重要，但我們認為更重要的故事在於業務的發展軌跡，以及正開始重塑我們獲利結構的策略性舉措。你將概述我們目前所處位置的重點結論。

I'd like to spend a minute discussing one on his list, and that's franchising because I believe it represents one of the most underappreciated value creation opportunities within our business. I believe that our business today is ripe for an increasing level of franchising. It's already a consistent contributor to our adjusted corporate EBITDA results, and we haven't capitalized on this side of the business in the way that we should and will. Over the last two years, much of our work has been focused on transforming the operations.

我想花一點時間討論他清單上的其中一項，也就是特許經營（franchising），因為我相信這代表我們業務中最被低估的價值創造機會之一。我認為我們目前的業務非常適合提高特許經營的比重。它已經是我們調整後公司EBITDA結果的穩定貢獻來源，而我們過去並未以應有、也將會採取的方式來充分發揮這一業務面向。過去兩年，我們的大部分工作都聚焦於營運轉型。

Increasingly, the next phase of our strategy is about transforming the quality of our earnings. Franchising has the potential to accelerate that evolution through a more capital-light model that enhances margins, free cash flow generation, returns on invested capital and financial flexibility. It could give us more flexibility to allocate capital toward higher return opportunities across the platform while also providing meaningful deleveraging benefits. We have already started down this path and will likely start to see evidence of this progression in the near future.

而接下來策略的下一階段，將愈來愈著重於提升我們獲利的品質。特許經營有潛力透過更輕資本（capital-light）的模式加速這一演進，進而提升利潤率、自由現金流創造能力、投入資本報酬率以及財務彈性。它也能讓我們更靈活地將資本配置到平台內更高報酬的機會，同時帶來具意義的去槓桿化效益。我們已經開始走在這條路上，並且很可能在不久的將來開始看到這項進展的證據。

Taken together, the near-term benefits of a more focused franchise strategy plus the opportunities in our fleet business for retail car sales as well as the longer-term potential in Oro on top of a consistently improving rental car business gives us a broader set of levers to improve margins, strengthen returns on capital and enhance how Hertz creates value over time. We recognize there is significant work ahead, but we have been building towards this for some time, and we expect to share more as these initiatives progress.

綜合來看，更聚焦的特許經營策略所帶來的短期效益，加上我們車隊業務在零售售車方面的機會，以及在持續改善的租車業務之上，Oro 的長期潛力，讓我們擁有更廣泛的槓桿來提升利潤率、強化資本報酬，並改善 Hertz 隨時間推進的價值創造方式。我們知道前方仍有大量工作要做，但我們已為此建構了一段時間，並預期在這些計畫推進時分享更多資訊。

With that, let me pivot back to the Q2 results. I'll also cover liquidity and insights into Q3, the full year and the bid on 2027. For Q2, we generated revenue of $2.4 billion, up 10% year-over-year, notably with a 1% smaller fleet. This was driven by strong pricing performance with RPD up 9% year-over-year, and total fleet utilization was 79%, up 80 basis points even with a nearly 200 basis point headwind on utilization due to continued elevated recalls. This utilization increase allowed us to keep transaction days at prior year levels even with less available vehicles for rent.

接下來，我把焦點轉回第二季（Q2）業績。我也會說明流動性，以及對第三季（Q3）、全年與 2027 年投標（bid）的觀察。第二季我們創造營收 24 億美元，年增 10%，值得注意的是車隊規模還小了 1%。這主要由強勁的定價表現帶動，RPD 年增 9%；車隊總使用率為 79%，提高 80 個基點，儘管因持續偏高的召回（recalls）使使用率承受近 200 個基點的逆風。使用率的提升讓我們即使可供出租的車輛較少，交易天數仍能維持在去年同期水準。

Also, despite elevated recalls, RPU surpassed our expectations reaching $1,542, up 8% year-over-year. GAAP net income for the quarter was $64 million, and diluted GAAP EPS was $0.05 with an adjusted net loss of $47 million. GAAP net income benefited from gains on the sale of real estate locations on which we completed sale-leaseback transactions as well as revaluations of other exchangeable notes and warrants issued in prior years.

此外，儘管召回仍處於高檔，RPU 仍超出我們預期，達到 1,542 美元，年增 8%。本季 GAAP 淨利為 6,400 萬美元，稀釋後 GAAP 每股盈餘（EPS）為 0.05 美元；調整後淨損為 4,700 萬美元。GAAP 淨利受惠於我們完成售後回租（sale-leaseback）交易之不動產據點出售收益，以及對前幾年發行的其他可交換票據與認股權證的重估。

Adjusted corporate EBITDA was $81 million, representing a $63 million year-over-year improvement and coming in at the top of our most recent guidance. Adjusted corporate EBITDA margin improved by 260 basis points to 3.4% from 0.8% in the second quarter of last year and in line with our guidance expectations. These results included a total impact of recalls of approximately $55 million on revenue and $30 million in EBITDA. Despite this, we still produced a strong year-over-year improvement in EBITDA.

調整後公司 EBITDA 為 8,100 萬美元，較去年同期改善 6,300 萬美元，並落在我們最新指引區間的上緣。調整後公司 EBITDA 利潤率提升 260 個基點至 3.4%，高於去年第二季的 0.8%，且符合我們指引預期。這些結果包含召回對營收約 5,500 萬美元、對 EBITDA 約 3,000 萬美元的總影響。即便如此，我們仍實現 EBITDA 強勁的年對年改善。

Turning to cost. Adjusted DOE per transaction day was $37.49, slightly higher than our expectations and higher year-over-year, primarily due to higher revenue-related variable costs and higher expenses related to sale-leaseback transactions. When normalizing for these factors and the days impact of recalls, adjusted BOE per day improved approximately 2% year-over-year. While these dynamics can make DOE appear less favorable in isolation, A large portion is tied to revenue growth and our adjusted corporate EBITDA accretive.

接著談成本。每交易日的調整後 DOE 為 37.49 美元，略高於我們預期且年對年上升，主要因與營收相關的變動成本較高，以及與售後回租交易相關的費用增加。若將上述因素以及召回造成的天數影響加以常態化處理，調整後 BOE 每日年對年約改善 2%。雖然這些動態可能使 DOE 單獨看起來較不理想，但其中很大一部分與營收成長相關，且對我們的調整後公司 EBITDA 具有增益（accretive）。

In fact, approximately 25% of our DOE cost structure is influenced by RPD movements, including airport facility costs or concessions, commissions, credit card processing fees and fuel related expenses. Because of this, the spread between RPD and DOE per day is a key measure of the value we create each from each vehicle day and the effectiveness of our commercial and operational execution.

事實上，我們 DOE 成本結構中約有 25% 會受到 RPD 變動影響，包括機場設施成本或特許費（concessions）、佣金、信用卡處理費以及燃油相關費用。因此，RPD 與每日 DOE 之間的價差，是衡量我們每一個車輛日所創造價值，以及我們商業與營運執行成效的關鍵指標。

This quarter, our RPD to DOE per day spread was approximately $24.36, up 17% year-over-year, and it's the third consecutive quarter that spread has increased. SG&A increased slightly year-over-year, driven primarily by investments in sales and advertising, which contributed to this quarter's strong RPD growth. As a percentage of revenue, SG&A declined from 11.3% to 10.8%, reflecting improved operating leverage.

本季我們的 RPD 相對每日 DOE 的價差約為 24.36 美元，年增 17%，且已連續第三季擴大。SG&A 年對年小幅增加，主要由銷售與廣告投資所帶動，而這也促成了本季 RPD 的強勁成長。以營收百分比計，SG&A 由 11.3% 降至 10.8%，反映營運槓桿改善。

Gross depreciation per unit per month was $298 during the quarter, net DPU was $302, reflecting an incremental $4 per unit per month, driven by the loss on sale of a concentrated mix of older vehicles and pressure on the wholesale dynamic market dynamics that have since normalized.

本季每單位每月的毛折舊（gross depreciation per unit per month）為 298 美元，淨 DPU 為 302 美元，反映每單位每月增加 4 美元，主要因出售一個較集中、偏老舊車輛組合所產生的出售損失，以及批發市場動態帶來的壓力，而該等市場動態其後已趨於正常化。

With that said, we've seen the overall used car index and rental car index, both show positive signs of stability. And year-to-date, gross DPU has been fairly stable. We now have our youngest rental car fleet in over a dozen years at just under nine months and believe those vehicles are well positioned for good economics over their life cycle. Our 2027 fleet acquisitions have been picking up steam. And while total volumes are still unknown at this point, what we have secured to date are at similar economics to the 2026 model year vehicles.

話雖如此，我們看到整體二手車指數與租賃車指數都呈現正面的穩定跡象。而年初至今，毛 DPU 一直相當穩定。我們目前擁有十多年來最年輕的租車車隊，平均車齡略低於九個月，並相信這些車輛在其生命週期內具備良好的經濟性。我們的 2027 年式車隊採購正在加速推進。雖然目前總量仍未確定，但截至目前我們已確保的條件，其經濟性與 2026 年式車輛相近。

Our young fleet gives us a lot of flexibility to be picky about model year 2027 vehicles and consider growth given we can extend the life of vehicles a little further or sell during peak periods to monetize gains. This could be a useful lever going into 2027.

年輕的車隊讓我們在挑選 2027 年式車輛時更具彈性、可以更挑剔，也能在可延長車輛使用年限或在高峰期出售以變現收益的前提下，考慮成長。這可能會成為我們邁入 2027 年時一個有用的槓桿。

Turning to liquidity. We ended the quarter with $984 million of liquidity, which includes cash and cash equivalents and the available capacity under our revolving credit facility. This was in line with guidance of just under $1 billion. And in June, we completed an exchangeable senior first lien secured notes offering for a total of $350 million, which used capacity created through expiring revolving commitments as well as from term loan amortization.

接著談流動性。本季末我們的流動性為 9.84 億美元，包含現金及約當現金，以及循環信用額度（revolving credit facility）下的可用額度。這與我們「略低於 10 億美元」的指引一致。此外在 6 月，我們完成一筆可交換（exchangeable）的優先第一順位擔保票據（senior first lien secured notes）發行，總額 3.5 億美元，使用了因循環額度承諾到期以及定期貸款攤還所釋放出的可用額度。

In addition, we added another $30 million of notes offering in July as part of the exercising of the green shoot, which will bring our pro forma liquidity post transaction to slightly over $1 billion. As mentioned on prior calls, we had anticipated refinancing the first lien capacity that was being freed up from the reduction in revolver capacity at the end of June.

另外，我們在 7 月因行使 green shoe（超額配售權）而再增加 3,000 萬美元的票據發行，這將使交易後的備考（pro forma）流動性略高於 10 億美元。如同先前電話會議所提到的，我們原本就預期在 6 月底循環額度容量下降所釋放出的第一順位擔保容量，將會進行再融資。

With that in mind, let's discuss guidance. For liquidity, we expect to end the year between $1.0 billion and $1.4 billion with sufficient levers to fund strategic growth initiatives. This contemplates some amount of free cash flow generation in the back half of the year as we enter the peak Q3 period, balanced with a somewhat off-peak Q4 period. The broad range contemplates the potential for strategic transactions, including franchise-related agreements that could take place during the back end of the year.

基於此，我們來談指引。就流動性而言，我們預期年底將介於 10 億至 14 億美元之間，並具備足夠的槓桿以資助策略性成長計畫。此預期包含在下半年進入第三季旺季期間產生一定程度的自由現金流，同時與相對淡季的第四季做平衡。這個較寬的區間也納入策略性交易的可能性，包括可能在年底進行的特許經營相關協議。

It also includes the payment of the remaining $200 million sub-portion of our December 2026 maturity in cash. This is also slightly lower than our previous guidance due to the fact that we removed proceeds from the ATM program from our forecast. However, it will remain available should that become a viable option in the future.

其中也包含以現金支付我們 2026 年 12 月到期款項中剩餘的 2 億美元子部分。由於我們已將 ATM 計畫的募資收入自預測中移除，因此該指引也較我們先前的指引略低。不過，若未來成為可行選項，該計畫仍將保留可用性。

An additional potential benefit to 2027 liquidity, we're also evaluating the seasonality of our fleet moves. As we reflect on what we're seeing throughout 2026, across the supply, demand, rental car pricing and used vehicle pricing. We're taking a fresh look at the timing of our fleet and investments and how we manage fleet levels throughout the year, particularly as it pertains to working capital, recognizing net decisions around fleet timing and seasonality can have a nine-figure impact to the timing of cash flows in the year.

對於2027年流動性而言，另一項潛在的額外好處是，我們也在評估車隊調度的季節性。當我們回顧2026年全年的情況，涵蓋供給、需求、租車定價以及二手車定價。我們正重新檢視車隊與投資的時點安排，以及我們如何在一年當中管理車隊水位，特別是就營運資金而言；我們也認知到，圍繞車隊時點與季節性的淨決策，可能對年度現金流時點造成數以億計美元等級的影響。

This analysis balances the fact that peak demand for rental cars overlaps heavily with the peak periods to sell vehicles. For profitability, we expect Q3 adjusted corporate EBITDA production to be between $275 million and $325 million, with positive earnings per share for the quarter. Transaction days should be up approximately 1% year-over-year, and net DPU was expected to be in the $285 to $295 per unit per month range.

這項分析在於平衡一個事實：租車的需求高峰期，與出售車輛的高峰期高度重疊。就獲利而言，我們預期第三季調整後公司EBITDA將介於2.75億至3.25億美元之間，且該季每股盈餘為正。交易天數預計年增約1%，而淨DPU預期落在每車每月285至295美元的區間。

Also, for the full year, we expect EBITDA to be in the $225 million to $275 million range. With net DPU at approximately $300 and transaction days up approximately 2% year-over-year. For 2027, we continue to target $1 billion of adjusted corporate EBITDA and but we will need some scale for that number to be within a reasonable reach.

另外，就全年而言，我們預期EBITDA將介於2.25億至2.75億美元之間。淨DPU約為300美元，交易天數年增約2%。展望2027年，我們仍以調整後公司EBITDA達10億美元為目標，但要讓這個數字落在合理可及的範圍內，我們仍需要一定的規模。

However, at a minimum, we do expect that in 2027, we will finally reach full year net income profitability, and we will be free cash flow positive for the full year. We expect our year-end cash balance, together with our projected 2027 profitability to provide the liquidity necessary to support some modest growth in '27.

然而，至少我們確實預期在2027年，我們將終於達成全年淨利獲利，且全年自由現金流為正。我們預期年末現金餘額，加上我們對2027年獲利的預測，將提供必要的流動性，以支持2027年一些溫和的成長。

Any liquidity above the midpoint of our guidance range could be deployed toward additional growth investments. This highlights perhaps the most meaningful change in our business. We are increasingly shifting our conversations from how we finance the business to how we allocate capital to create the greatest long-term value. This is an important distinction, and it's one that we believe reflects the progress the business has made.

任何高於我們指引區間中點的流動性，都可用於額外的成長投資。這也凸顯了我們業務中或許最具意義的變化。我們正愈來愈把對話重心，從「如何為業務融資」轉向「如何配置資本以創造最大的長期價值」。這是一個重要的區別，我們相信這也反映了公司所取得的進展。

I'll leave you with one final thought. Every quarter tells part of the story. The transformations aren't defined by individual quarters. They're defined by the accumulation of hundreds of operational decisions, disciplined and smart capital allocation consistent execution and an organization committed to improving every day. That is exactly what we believe we are building here at Hertz.

最後我想留給各位一個想法。每一季都在講述故事的一部分。轉型並不是由單一季度所定義。它是由數百項營運決策的累積、嚴謹且明智的資本配置、一致的執行力，以及一個每天致力於改善的組織所共同定義。這正是我們相信我們在赫茲（Hertz）正在打造的。

I'll now turn it back to Gil for closing remarks.

接下來我把時間交還給Gil做結語。

Yeah. Thanks, Scott. We're proud of the progress we've made in our transformation to date. We've made great strides in shoring up our core rental car business. Adjusted corporate EBITDA improved $1.2 billion in 2025 and another $200 million in the first half of 2026. We are on track to deliver more than $500 million of year-over-year adjusted corporate EBITDA improvement and positive margins this year. That would represent nearly 2,000 basis points of margin expansion in just two years with more to come in 2027.

好的。謝謝你，Scott。我們為迄今在轉型上取得的進展感到自豪。我們在鞏固核心租車業務方面已取得重大進展。調整後公司EBITDA在2025年改善了12億美元，並在2026年上半年再改善2億美元。我們正按計畫在今年實現超過5億美元的調整後公司EBITDA年增改善，並達成正的利潤率。這將代表在短短兩年內利潤率擴張近2,000個基點，而且2027年還會有更多。

This quarter, our commercial momentum and operational initiatives continue to translate into results. Looking forward, we know exactly where the work is, revenue, depreciation, cost and customer experience. Sustaining our progress means executing with discipline across all of these, and we're encouraged by the momentum building across the business by what we're seeing in the opportunities ahead and by the actions already in motion.

本季，我們的商業動能與營運舉措持續轉化為成果。展望未來，我們非常清楚工作重點在哪裡：營收、折舊、成本與客戶體驗。要維持我們的進展，意味著必須在所有這些面向以紀律執行；而從我們在前方機會中所看到的，以及已經啟動的行動來看，我們對整體業務正在形成的動能感到鼓舞。

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

接下來，我們開放提問。交還給接線員。

(Operator Instructions)

(接線員指示)

Stephanie Benjamin Moore, Jefferies.

Jefferies 的 Stephanie Benjamin Moore。

Hi, good morning. Thank you. So it looks like a good -- hi there. So honestly, it looks like a good trend and it sounds like you guys feel pretty confident about where the business is going. So in your eyes, what do you view investors are missing here? Because it feels like the drop in market cap, just over the past 45 days or so is disconnected from the story you guys are telling and the confidence you have in the direction of the business. So any insight there would be helpful.

嗨，早安。謝謝。所以看起來是一個不錯的——嗨，你們好。老實說，看起來趨勢不錯，也聽起來你們對業務走向相當有信心。那麼在你們看來，你們覺得投資人目前忽略了什麼？因為感覺市值在過去大約45天左右的下滑，與你們所講述的故事，以及你們對業務方向的信心並不一致。所以若能分享一些看法會很有幫助。

Yeah. Thanks, Stephanie. This is Gil. I'll try, and I'm sure Scott will want to add. Well, I mean, great question. Certainly, keeping this up at night. Candidly, the valuation of the business today is tough to understand. It's hard not to be distracted by the stock price. And of course, we remain focused on the long game, but there really does appear to be a disconnect between how the equity markets view hurts over the last quarter. And the way I think about it is at the end of the first quarter, we said at roughly $1.5 billion in market cap, which we felt at the time was undervalued. And then during Q2, we refinanced the debt that fell off the revolver.

是的。謝謝你，Stephanie。我是Gil。我先試著回答，我相信Scott也會想補充。嗯，我的意思是，這確實是個好問題。當然，這也讓我們夜不能寐。坦白說，公司目前的估值很難理解。很難不被股價分心。當然，我們仍專注於長期，但過去一季股權市場對赫茲（Hertz）的看法，與我們所看到的情況之間，確實似乎存在落差。我的看法是，在第一季末，我們的市值大約15億美元，當時我們覺得被低估。而在第二季期間，我們為從循環信貸（revolver）中到期退出的債務進行了再融資。

And just prior to the earnings announcement today, for the third quarter, we were only at about a third of that market cap that we were 90 days ago. So I would argue we're in a much better position than we were 90 days ago, and there's clear evidence of the momentum that we've been talking about. The core business is performing again. And then first on liquidity, we've navigated the seasonal low point with liquidity and came out, as Scott mentioned, at roughly $1 billion, which was consistent with what we guided and we expect to build liquidity throughout the year and to be free cash flow positive in '27.

而就在今天公布財報之前，針對第三季，我們的市值只剩下大約90天前的三分之一。所以我會主張，我們現在的處境比90天前好得多，而且我們一直在談的動能也有明確證據。核心業務再次展現表現。再者，就流動性而言，我們已在季節性低點期間成功維持流動性，並如Scott提到的，走出低點時約有10億美元，與我們的指引一致；我們預期全年流動性將逐步提升，並在2027年實現自由現金流為正。

And as we talked about, we're exploring franchising that not only can add liquidity but also a path to delever the business. And then I think the EBITDA results as well, right, for the quarter and year-over-year improvement despite some headwinds. And the commercial momentum, revenue that Sandeep talked about really doing more with less. Revenue up 10% with a 1% smaller fleet. So the strategies and the hard work the team has been doing is paying off, and we expect more ahead.

而且如我們所談，我們正在探索特許經營（franchising），這不僅能增加流動性，也能提供降低槓桿的路徑。此外，我認為EBITDA表現也是如此，對吧，本季以及年增改善，儘管面臨一些逆風。還有Sandeep提到的商業動能與營收，真正做到以更少資源做更多事。在車隊規模縮小1%的情況下，營收仍成長10%。因此，團隊所採取的策略與辛勤努力正在產生回報，我們也預期未來還會有更多成果。

And then depreciation as well, right, effectively hit our North Star target. And even though we accelerated the rotation of older vehicles, we got a really healthy fleet and add all to bode well for DPU as we sell those through more lucrative channels. So I think the other upside we see as the platform. Scott and I both talked about that. But that's all upside, but it's building momentum. Oro is an example. And then the valuation of Oro by itself could be very material in the mix as well.

再來是折舊，對吧，我們實際上達成了我們的「北極星」目標。即便我們加速汰換較老的車輛，我們仍擁有非常健康的車隊；而且這些都將有利於DPU，因為我們會透過更具獲利性的通路出售這些車輛。所以我認為我們看到的另一個上行空間在於平台。Scott和我都談到了這點。但那都是上行空間，而且正在累積動能。Oro就是一個例子。此外，單就Oro本身的估值，也可能在整體組合中相當具實質性。

So look, I think we're focused on executing the strategies that we have, we know ultimately, the stock price will take care of itself. So that's really key for us to stay focused and keep moving.

所以你看，我認為我們專注於執行既定策略；我們知道最終股價會自行反映。因此，對我們而言，關鍵就是保持專注並持續推進。

Yeah. Hey, Stephanie. Look, I think Gil outlined it well. I think the point is the fundamentals of the business are different than they were two years ago. How we're talking about the business today is different. The traditional rental car portion of our business is strong, foundational elements of RPD. DPU are in a good position, if not improving. So that platform, coupled with the strategic plan that we've outlined I think the feeling in the building is really a lot different than what we're seeing in the marketplace.

是的。嗨，Stephanie。你看，我覺得 Gil 已經把它說得很清楚了。我認為重點在於，這門業務的基本面和兩年前已經不同了。我們今天談論這門業務的方式也不一樣。我們業務中傳統租車的部分很強，是 RPD 的基礎性要素。DPU 處於良好位置，甚至還在改善。所以，這個平台再加上我們已經闡述的策略計畫，我認為公司內部的感受，確實和我們在市場上看到的情況很不一樣。

But -- and that's understandable. Look, I mean, I talked about in the prepared remarks, we recognize that our investors are focused on the capital structure and the upcoming debt maturities, and that's okay. Our job is to continue to execute over and over again, and all that stuff will play out over time.

但是——這也可以理解。你看，我的意思是，我在事先準備的發言裡也提到，我們知道投資人關注的是資本結構以及即將到期的債務，而這沒問題。我們的工作就是一再地持續執行，這些事情會隨著時間推移逐步明朗。

Thank you. I appreciate the insight there. Just a follow-up for me. I mean I agree. I do think investors are focused on the liquidity profile and the capital structure. So it sounds like you have a plan in place. So it's kind of a two-part question. Are you -- do you have to do some of these franchise deals from a liquidity standpoint? Or is that just more so another option that you have.

謝謝。我很感謝你提供的見解。我這邊再追問一下。我的意思是，我同意。我確實認為投資人關注流動性概況和資本結構。所以聽起來你們已有計畫。所以這算是兩個部分的問題。你們——從流動性的角度，是否必須做一些這類特許經營（franchise）交易？還是說那只是你們的另一個選項？

And then secondly, as you think about what keeps you up at night, Gil, as you think about just your liquidity profile, what could go wrong? I mean, at this point, it does sound like you've made a lot of actions on your own within your own control. But if I'm an investor and I'm concerned about overall liquidity, is it mostly just a weaker deteriorating macro. Help me alleviate maybe that downside scenario? That's it for me.

第二，當你思考有哪些事情會讓你夜不能寐時，Gil，就流動性概況而言，可能出什麼差錯？我的意思是，到目前為止，聽起來你們已經在自身可控範圍內採取了很多行動。但如果我是投資人、我擔心整體流動性，那主要是不是就是宏觀環境轉弱、持續惡化？請幫我緩解一下也許那種下行情境？我就這些。

No, I appreciate it. So I'll start, and I think, Scott, you can talk a little about the liquidity and the franchising piece. Yeah. Look, I mean, we're -- as I said, earlier in the prepared remarks, we've been facing a lot of headwinds, right, for different reasons. Some are some macros that I mentioned.

不，我很感謝。我先說，然後我想 Scott 也可以談談流動性以及特許經營這一塊。是的。你看，我的意思是，我——如我先前在事先準備的發言中所說，我們一直面臨很多逆風，對吧，原因各不相同。有些是我提到的一些宏觀因素。

Others are just working through issues historically not to re-litigate some of the fleet discussions, but we had to rotate the fleet for a variety of reasons. That was hard to do, is the liquidity add, but we've come out the other side. So look, I think we've been facing headwinds and attacking them head on. We know things continue to change and happen. But I think given our starting point and the headwinds that we have faced and the things that could go wrong and did we manage through that and then come out in a much better place.

其他則是處理一些歷史遺留問題——不是要重新爭論一些車隊的討論，但我們因為各種原因必須汰換車隊。那很難做，因為需要增加流動性，但我們已經走過來了。所以你看，我認為我們一直面對逆風，並正面迎擊。我們知道事情會持續變化、持續發生。但我認為，考量我們的起點、我們面對過的逆風，以及可能出錯的事情——我們都管理過並走了出來，現在處於更好的位置。

So we're -- we've got what I would say, the momentum, the team, candidly, and the more durable strategies, especially in fleet and revenue that can sustain us. So we're eyes wide open and we'll manage all the variables as we see them materialize.

所以我們——我會說，我們具備動能、團隊，坦白說，還有更具韌性的策略，特別是在車隊與營收方面，能夠支撐我們。所以我們會保持高度警覺，並在各項變數逐步顯現時加以管理。

Yeah. Hi, Stephanie, real quick on liquidity and maybe a lot of franchise. Look, I think over the last two years, much of our discussion has centered around capital structure and really centered on liquidity, ensuring that we have the right resources and needed to support the business and rightfully so. But today, the conversation is increasingly different because the underlying economics of the business are materially stronger than they were two years ago.

是的。嗨，Stephanie，很快補充一下流動性以及可能談談特許經營。你看，我認為過去兩年，我們的討論多半圍繞在資本結構，實際上也就是圍繞在流動性，確保我們有正確且必要的資源來支持業務，這樣做也確實合理。但今天，對話正變得愈來愈不同，因為這門業務的底層經濟性（underlying economics）相較兩年前已顯著更強。

So as a result of all that, our focus is expanding beyond financing the business to thinking about capital allocation and long-term value. So we believe our current liquidity provides us with a lot of flexibility to execute our operational and strategic plans while continuing to evaluate the opportunities to further strengthen the balance sheet.

因此，我們的重點也從「為業務融資」擴展到思考資本配置與長期價值。所以我們相信，目前的流動性讓我們有很大的彈性去執行營運與策略計畫，同時也會持續評估進一步強化資產負債表的機會。

So as we think about liquidity, we think we're in a good spot to fund the business. The idea of franchise is we think that is a tremendous idea regardless of our capital structure, it's the right move for the business. At this time, particularly with the strategic options around Oro and our fleet, these are capital allocation decisions, not capital structure decisions. So we think it's the right move for Hertz today.

所以談到流動性，我們認為我們處於能夠為業務提供資金的良好位置。至於特許經營的想法，我們認為不論資本結構如何，這都是一個非常好的想法，對業務而言是正確的舉措。在目前這個時間點，特別是圍繞 Oro 以及我們車隊的策略選項，這些是資本配置決策，而不是資本結構決策。所以我們認為，這對今天的 Hertz 來說是正確的行動。

Thank you, guys. Really appreciate it.

謝謝各位。真的很感謝。

Chris Woronka, Deutsche Bank.

Deutsche Bank 的 Chris Woronka。

Hey, good morning, guys. Thanks for taking the questions and thanks for all the details. So I was hopeful we could maybe unpack the residual issue a little bit, and you guys covered a lot of ground for Q2. So maybe we can just focus more on the forward-looking relative to what you thought maybe three or six months ago, is this more an issue of the market temporarily moved against you for a specific kind of model or something?

嗨，各位早安。謝謝讓我提問，也謝謝提供所有細節。所以我希望我們也許可以把殘值（residual）問題再拆解一下，你們在 Q2 已經涵蓋了很多面向。所以也許我們可以更聚焦在前瞻性的部分：相較於你們可能在三個月或六個月前的看法，這是否更像是市場短期朝不利於你們的方向移動，針對某一特定車型或類似因素？

Or is this really about channel mix not being quite what you thought or hoped. And if it's the latter, if it's channel mix, what -- how confident are you? And what were some of the steps you're taking to get the mix more favorable going forward? And then I'll have a follow-up. Thanks.

還是說，這其實是通路組合（channel mix）沒有如你們所想或所希望的那樣？如果是後者、也就是通路組合，那你們——你們有多大信心？以及你們正在採取哪些措施，讓未來的組合更有利？然後我還有一個追問。謝謝。

Yeah, sure. Chris, thanks. Good to hear from you. Good question. Yeah, what I would say on residuals, and I tried to cover it in the prepared remarks, but I think we saw some things that were unique to the quarter that affected us. The broader outlook -- and keep in mind the backdrop of the dynamics, right? We saw record tax refunds. We saw that and forecasted that the market would go up. It did. It ran up strong in the first quarter, right? And February, March, up, I don't know, 7%, 9% in the rental car index.

好的，當然。Chris，謝謝。很高興聽到你的聲音。好問題。關於殘值，我在事先準備的發言裡有試著說明，但我認為我們看到了一些該季度特有、對我們造成影響的因素。更廣泛的展望——而且請記得當時的動態背景，對吧？我們看到創紀錄的退稅。我們看到並預測市場會上漲。確實上漲了。第一季強勁上行，對吧？而在 2 月、3 月，租車指數上漲了，我不知道，大概 7%、9%。

So I think what we saw in the second quarter again is those kind of elevated levels on a year-over-year basis started to normalize in the 1% to 2% year-over-year range. So you saw a monthly fall off. And I think that was -- part of it might have been a pull forward or a tax refund. Keep in mind, this is principally the wholesale market. And then the other dynamic there was volume, right? I think what we saw was a lot of volume, we played a part in that. The rest of the industry did. There were a lot of lease returns coming back as well.

所以我認為我們在第二季再次看到的是，那些在年對年基礎上偏高的水準開始回歸常態，落在年對年 1% 到 2% 的區間。所以你看到按月出現回落。我認為其中一部分可能是需求提前釋放或退稅因素。請記得，這主要是批發市場。另一個動態是成交量，對吧？我認為我們看到大量成交量，我們也有一部分影響。產業其他公司也一樣。同時也有很多租賃到期回收車（lease returns）回流。

So that supply-demand in balance, I think just prices the lever there, especially on the wholesale side. So we saw all that play out. I think ideally, in a perfect world, we would use more lucrative channels that aren't exposed to that. But the challenge that ultimately we're trying to solve is, one, to build additional capacity in those more lucrative markets. But then periodically, we have volume to move and we need the capacity to do that.

所以在供需更趨平衡的情況下，我認為價格就成了那個槓桿，特別是在批發端。所以我們看到這一切逐步發生。我認為理想狀況下，在一個完美世界裡，我們會更多使用那些更高獲利、且不暴露於此類波動的通路。但我們最終要解決的挑戰是：第一，在那些更高獲利的市場建立更多產能。但同時，我們也會在某些時點需要處理一定的量，而我們需要有相應的產能來消化。

So the channel mix side is a problem we've been focused on. We're obviously driving towards higher-yielding channels there. A variety of strategies to do that. We're -- our direct retail, both physical and digital area we focused on partnerships or another area. But just now we continue to iterate and figure out how do we move from kind of, call it, 70% to 80%-plus wholesale volume into flipping that equation to more lucrative channels. So it's a big area of our focus and has the opportunity to create a lot of value for us.

所以通路組合（channel mix）這一塊一直是我們聚焦在解決的問題。我們顯然正朝向收益率更高的通路推進。為此有各式各樣的策略。我們——在直營零售方面，無論是實體或數位領域，我們都著重於合作夥伴關係或其他領域。但目前我們仍持續迭代並釐清：如何從目前大概 70% 到 80% 以上的批發量，翻轉這個等式，轉向更具獲利性的通路。因此這是我們重點聚焦的一大領域，也有機會為我們創造大量價值。

Okay. Thanks, Gil. Appreciate that. And then on the franchising, just to kind of follow up there, and I don't want to put the cart before the horse I know it's still very early days of what you might do there. But at a very high level, do you envision that you would have some kind of requirements or standards for franchisees on the liquidity side so that they would remain in good health. Is that something you think you would consider if you go forward on this? And just in general, how much regulation do you want to put out there for franchisees?

好的。謝謝你，Gil。很感謝你的說明。接著關於加盟（franchising），我想再追問一下；我不想操之過急，我知道你們對可能採取的作法仍在非常早期的階段。但從很高層次來看，你是否設想會對加盟商在流動性面設定某些要求或標準，以確保他們維持良好財務健康？如果你們要推進這件事，這是你認為會納入考量的嗎？以及更一般地說，你們希望對加盟商施加多少規範？

Yeah. Chris, this is Scott. I'll start. Look, I think it's probably a little early in the process to talk a lot of specifics around this. But I think a couple of things. One, this isn't new for us. We've been doing this for a long time. We just haven't said that business the way it should, and we think it's an interesting option for us to expand that percentage. Today, we're north of 25% branded revenues franchise. We think that number could be directionally higher.

是的。Chris，我是 Scott。我先說。坦白說，我覺得現在談很多細節可能還太早。但我想有幾點。第一，這對我們並不新。我們做這件事已經很久了。只是我們過去沒有以應有的方式來談這項業務，而我們認為這是個有趣的選項，可以讓我們提高這個占比。目前我們品牌營收中，加盟占比超過 25%。我們認為這個數字在方向上可以更高。

We're not going to today tell you where we think it could end up because we're not sure yet. But we do think it's a very interesting channel. And we have very high-quality franchisees today, and we'll continue to look for high-quality franchisees that can operate this complex business. But we're excited about where it goes, especially from a capital perspective. I think it's a much more efficient use of our capital and creates a consistent level of EBITDA, and we'll give you more as we go down the path on this, but we're excited where this can go.

我們今天不會告訴你我們認為最終可能到哪裡，因為我們還不確定。但我們確實認為這是一個非常有意思的通路。而且我們目前的加盟商品質非常高，我們也會持續尋找能夠營運這種複雜業務的高品質加盟商。不過我們對它的發展很興奮，尤其是從資本角度來看。我認為這能更有效率地使用我們的資本，並創造穩定水準的 EBITDA；隨著我們在這條路上往前走，我們會提供更多資訊，但我們對它的發展方向感到很興奮。

Okay. Thanks, guys. Appreciate it.

好的。謝謝各位。很感謝。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通（JPMorgan）。

Hi, good morning. This is (inaudible) on Rajat Gupta. Thanks for taking our question. I just wanted to start on the retail disposition mix. And if we could get an update where that stood in Q2 and how should we think about the run rate to expand it from your -- is there a natural ceiling or a clear path toward that higher aspiration will also be helpful to understand how the partnerships you've built over the past couple of years with Amazon, eBay, Cox, how are those factoring into your retail disposition channels? Thanks, and I have a quick follow-up.

嗨，早安。我是代表 Rajat Gupta 的（聽不清）。謝謝讓我們提問。我想先從零售處置組合（retail disposition mix）談起。想請你們更新一下第二季（Q2）目前的狀況，以及我們該如何看待把它擴大之後的運行速度（run rate）——從你們的角度來看，是否存在自然上限，或是有清晰路徑能達到更高的目標；另外也想了解你們過去幾年與 Amazon、eBay、Cox 建立的合作關係，這些是如何納入你們的零售處置通路之中？謝謝，我還有一個簡短的追問。

Yeah, for sure. The comments -- some of this may be repetitive. But again, I think it's obvious why we want to try to lean heavier -- excuse me, heavier into the higher margin channels. And when we think of it as any process. It's how do we increase throughput in those in that yield.

好的，當然。這些評論——其中一些可能會重複。但再說一次，我想很明顯我們為什麼想更——不好意思——更偏向毛利更高的通路。而當我們把它視為一個流程時，重點在於：如何提高這些通路的處理量（throughput）以及其收益率（yield）。

And so we've taken a multipronged approach as we've talked about, our do-it-ourself model, direct and physical approach or digital and direct retail approach. We've also got partnerships now with a number of the larger used car dealerships. And I think the point I would make there is as we look at this with those partnerships, it's how do we move from more a transactional type relationship to a more strategic relationship, right? Because ultimately, that approach can create a lot more mutual value between us, which then we can each share in, right? Right now, it's been more transactional, if you will.

因此我們採取了多管齊下的方法，如同我們談過的：我們的 DIY（do-it-ourself）模式、直營與實體方式，或數位與直營零售方式。我們也已與多家大型二手車經銷商建立合作夥伴關係。我想強調的是，當我們看待與這些夥伴的合作時，重點在於如何從較偏交易型的關係，轉向更具策略性的關係，對吧？因為最終那種作法能在我們之間創造更多共同價值，然後我們各自都能分享其中的價值，對吧？目前如果你要說的話，它比較偏交易型。

And there's value to create certainly on the price, certainly on the back end, F&I, reconditioning cost, also kind of -- or what I would call work in process of our cars sitting there, waiting to sell, right? We would like to be able to operate those and leverage the working capital with that. So I think there's a number of opportunities to create a lot of value between the scale matters in that environment. And then we partnered with other retailers, Amazon, eBay and others, right, for really to leverage in Cox as well to leverage our own direct retail car sales. And progress is being made.

而且確實有價值可以創造：在價格上、在後端（back end）如 F&I（金融與保險）上、在整備（reconditioning）成本上，也包括——或者我稱之為——我們的車輛停在那裡等待售出的在製（work in process），對吧？我們希望能夠在那樣的合作下營運這些環節，並運用其中的營運資金（working capital）。所以我認為有許多機會可以創造大量價值，而在那種環境下規模很重要。此外，我們也與其他零售商合作，例如 Amazon、eBay 等等，對吧？以及 Cox 也是，主要是為了槓桿運用我們自有的直營零售售車能力。而且進展正在發生。

I want to indicate otherwise. But as I said earlier, as we think about kind of flipping the volume model from wholesale to the more lucrative channels, right, from, call it, I don't know, 70% to 80%-ish wholesale now, depending on seasonally in the month and the volume we're moving to more of -- we want to see 70% to 80% moving through the more lucrative channels. So that's been the approach.

我不想讓人以為不是如此。但如我先前所說，當我們思考把量的模型從批發翻轉到更具獲利性的通路時，對吧？從目前大概 70% 到 80% 左右的批發（會依月份的季節性與我們移轉的量而變動），轉向——我們希望看到有 70% 到 80% 的量是透過更具獲利性的通路流轉。所以這就是我們的作法。

That's very helpful. Thanks for the color. Just as a quick follow-up on Oro. I was curious like what's the magnitude and nature of the investment going into the San Francisco autonomous ramp? And how fungible should we think about the infrastructure? Is it built to flex across a range of autonomous players as the ecosystem shakes out? Or is it purpose to this one specific partner? Thank you.

這非常有幫助。謝謝補充說明。再快速追問一下 Oro。我想了解投入舊金山自動駕駛擴張（autonomous ramp）的投資規模與性質大概是什麼？以及我們應該如何看待這些基礎設施的可互換性（fungible）？它是否建置成能在生態系統逐步成形時，彈性支援一系列自動駕駛業者？還是它是為了某一個特定合作夥伴而量身打造？謝謝。

Yeah. No, thanks. Great question. Yeah, as I mentioned earlier, we're really excited about where Oro's heading kind of the capabilities and kind of our rightful place in AVs. What I would say about the infrastructure, and this is really the benefit of Hertz as a background is we have a lot of infrastructure footprint. We're operating on it. We can pivot and adapt into AVs with that. From an investment standpoint, A lot of that's already there. The biggest item to make sure we have the capability, of course, EV charging networks in that distributed footprint.

是的。不，謝謝。問得很好。是的，如我先前提到的，我們對 Oro 的發展方向、其能力，以及我們在自動駕駛（AV）領域中應有的位置感到非常興奮。至於基礎設施，我想說的是——而這正是 Hertz 作為背景的優勢——我們擁有很大的基礎設施版圖。我們正在其上營運。我們可以在此基礎上轉向並調整以支援 AV。從投資角度來看，其中很多其實已經到位。當然，最大的項目是確保我們具備能力——也就是在分散式據點的 EV 充電網路。

As you know, we've got a lot of EV experience, and we have charging networks across the system. So it's another infrastructure investment that we've made in prior years that help play out with Oro as well. So -- and I think as I said earlier -- I mean if you think about kind of the infrastructure that we have, the ability to operate fleets at scale own and finance vehicles, trying to replicate all that would take a lot of time and a lot of money. So that's kind of the going in foundation with Oro that we have. And we're excited about the role we will play in AUVs.

如你所知，我們在電動車（EV）方面有很多經驗，而且我們在整個系統中都有充電網路。因此這也是我們在過去幾年所做的另一項基礎設施投資，同樣能在 Oro 上發揮作用。所以——而且我想如我先前所說——如果你想想我們擁有的基礎設施、以規模營運車隊的能力、擁有並融資車輛的能力，要複製這一切需要很長時間，也需要很多資金。因此，這就是我們與 Oro 合作時的既有基礎。而我們也對自己將在自動駕駛車（AUVs）中扮演的角色感到興奮。

We see it as kind of that operating layer. And I mean, the way I look at this, candidly, is the analogy is what data centers are to AI, the operating layer is that we play a role in is to AVs. So I think it's required, and we've got a big running start on it.

我們把它視為某種營運層。坦白說，我看待這件事的方式是：資料中心之於 AI，就如同我們所扮演角色的營運層之於自動駕駛車（AV）。所以我認為這是必要的，而且我們在這方面已經有很大的先發優勢。

Thanks for the color. Thank you and good luck.

感謝補充說明。謝謝你，祝你好運。

Dan Levy, Barclays.

Barclays 的 Dan Levy。

Great. Good morning. Thank you for taking the questions. I wanted to start first with a question on the DOE. And I think you referenced this before that the challenge with the DOE is that as you are tight on your fleet, you're not getting the scale that you need to drive that DOE per day down to that low 30 North Star metric. So can you just give us a sense of the path to drive it lower if the intention is to keep the fleet levels tight.

很好。早安。謝謝讓我提問。我想先從一個關於 DOE 的問題開始。我想你之前提到過，DOE 的挑戰在於，當你的車隊規模偏緊時，你無法取得所需的規模，來把每日 DOE 降到 30 出頭這個「北極星」指標。所以，如果意圖是維持車隊水位偏緊，你能否讓我們了解一下把它進一步壓低的路徑？

Yeah. Hey, Dan, this is Scott. And I also apologize everyone to, we're going to be close on time here, given the extended remarks and some of the answers were extended at all. But yes, to DOE, look, I mean I think scale is one of the components we've talked about, not the only one, obviously. We think that a lot of the initiatives that we have in place.

是的。Dan 你好，我是 Scott。我也向各位致歉，因為前面的發言較長、部分回答也較長，我們這裡時間會比較緊。不過是的，談到 DOE，你看，我的意思是，我們談過規模是其中一個構成要素，但顯然不是唯一的。我們認為我們已經推動了許多相關的措施。

We're obviously moving in the right direction. We talked about core operating expenses down 2% year-over-year on basically flat dates, like that's an important baseline to start from. I mean, obviously, we have a headwind thinking about RPD related costs and sale leasebacks, financing costs, like the core business is getting more efficient every year. And we haven't even hit all the levers that we think are available. So there is room to run on unit cost efficiency.

我們顯然正朝正確方向前進。我們提到核心營運費用在日期基本持平的情況下年減 2%，這是一個重要的起點基準。我的意思是，顯然我們面臨一些逆風，例如與 RPD 相關的成本以及售後回租、融資成本等；但核心業務每年都在變得更有效率。而且我們甚至還沒有用盡我們認為可用的所有槓桿。所以在單位成本效率上仍有很大的改善空間。

Now mathematically, scale is important. No doubt that it is important -- so it's a combination of all those things. But one thing I do want to add, too, we talk about North Stars and the ability to get to $1 billion or beyond, cost is not our only lever here. It's make it that's the case. We do think there is room to run on DOE per day and unit cost. But it's one of multiple levers, including RPD, RPU, DPU, all of those things are going to be contributors. So room to run, but it's not the only lever that we have.

從數學上來看，規模很重要。毫無疑問它很重要——所以這是上述各項因素的綜合。但我也想補充一點：我們談到「北極星」以及達到 10 億美元或更高的能力時，成本並不是我們唯一的槓桿。這確實如此。我們確實認為每日 DOE 與單位成本仍有改善空間。但它只是多個槓桿之一，還包括 RPD、RPU、DPU 等等，這些都會是貢獻因素。所以仍有改善空間，但這不是我們唯一擁有的槓桿。

Okay. Great. Thank you. As a follow-up, I wanted to ask about the liquidity dynamics. And just a, maybe you can talk about what changed in the liquidity guidance you previously said ending the year with -- in excess of $1.5 billion that you're saying $1 billion to $1.4 billion. But as you're looking at this at the maturities on the debt side in '28 and '29, $2.5 billion a year. What is the confidence that those maturities can be addressed? Because I'm assuming you're already thinking about the different options for those right now.

好的。很好。謝謝。作為追問，我想問一下流動性（liquidity）的變化。也就是，你們先前的流動性指引是年底將超過 15 億美元，但現在你們說的是 10 億到 14 億美元；也許你可以談談是什麼改變了。另外，當你們看 2028 與 2029 年債務端的到期情況時，每年約 25 億美元。你們對於能夠處理這些到期債務的信心如何？因為我猜你們現在應該已經在思考不同的選項了。

Yes. Hey, Dan, just to clarify on the liquidity, yes, previous guide was about $1.5 billion, and I outlined in the prepared remarks that we removed ATM proceeds from that forecast. So that's naturally going to bring it down, but we did say that, look, we're going to have the ATM in place and that remains available and it's a viable option, but it's not in the forecast really given where stock prices are, but look, we think we have the right amount of liquidity to fund the strategic plans and a little bit of modest growth into '27. So we feel good where that is.

是的。Dan 你好，先釐清一下流動性：是的，先前的指引大約是 15 億美元；我在事先準備的發言中也提到，我們把 ATM（按市價發行）所得從該預測中移除了。所以這自然會讓數字下降；但我們也說過，我們會保留 ATM 機制，而且它仍然可用、也是一個可行選項，只是考量目前股價水準，我們並未把它納入預測。不過，我們認為目前的流動性水位足以支應策略計畫，以及到 2027 年的些許溫和成長。所以我們對此感到滿意。

On the debt maturities, look, I mean we know we have a number of debt maturity starting in the front half of 2028. And it's an important topic to investors. But we're not going to give specific views on the process today or even think about probabilities and confidence levels and all these things.

至於債務到期，坦白說，我們知道從 2028 年上半年開始會有多筆債務到期。而這對投資人來說是個重要議題。但我們今天不會就處理流程給出具體看法，或去談機率、信心程度等這些事情。

I think as you've heard in our prepared remarks, and have seen over the last two years, the underlying business is strong and the economics are improving. Plus, we have a good strategic plan that we're executing to and talked about Oro and franchising and fleet management, retail car sales, service initiatives, all those things.

我想如同你在我們事先準備的發言中所聽到的，以及過去兩年所看到的，基礎業務很強勁，經濟性也在改善。此外，我們也有一個正在執行的良好策略計畫，並談到了 Oro 與加盟（franchising）、車隊管理、零售車輛銷售、服務相關的各項措施等。

So liquidity is good. We intend to pay a 2026 maturities and cash and maybe most importantly though, to reiterate, with our views on free cash flow production for the remainder of this year and next year, means that we're expecting that we're no longer going to be funding operating losses with debt or other outside capital. So it's an important distinction of where we have been historically.

所以流動性狀況良好。我們打算以現金償付 2026 年到期的債務；而且或許最重要的是，再次強調，依據我們對今年剩餘時間與明年的自由現金流產出看法，意味著我們預期不再需要用債務或其他外部資本來彌補營運虧損。這與我們過去的歷史狀況相比，是一個重要的區別。

And we also have a number of levers to pull to generate growth capital and a number of those levers lined up with our strategic initiatives around franchising in Oro. So we feel good about where we are and where the business is headed, and we'll deal with the maturities in due course.

此外，我們也有多個槓桿可以用來產生成長資本，而其中不少槓桿與我們在 Oro 加盟等策略性措施相互配合。所以我們對目前的位置以及業務的發展方向感到樂觀，我們也會在適當時機處理到期債務。

Great. Thank you.

很好。謝謝。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以斷線。