Good morning, and welcome to the Avis Budget Group Third Quarter Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn over the meeting to Mr. Neal Goldner, Vice President of Investor Relations. Please go ahead, sir.

Thank you, Angela. Good morning, everyone, and thank you for joining us. On the call with me are Larry De Shon, our Chief Executive Officer; and Martyn Smith, our Interim Chief Financial Officer. Before we begin, I would like to remind everyone that the company will be discussing forward-looking information and that involves risks, uncertainties, and assumptions that could cause the actual results to differ materially from the forward-looking information. Risks, assumptions and other factors that could cause future results to differ materially from those expressed in the forward-looking statements are identified in the company's earnings release and other periodic filings with the SEC. They can also be found on the Investor Relations section of the company's website. Except as required by law, the company undertakes no obligation to update or revise its forward-looking statements. Our comments today will focus on our adjusted results. We believe that our financial performance is better demonstrated using these non-GAAP financial measures. All non-GAAP financial measures are reconciled from the GAAP numbers in our press release and in the earnings call presentation, which is available on our website. With that, I'd like to turn the call over to Avis Budget Group's Chief Executive Officer, Larry De Shon.

Thank you, Neal, and good morning. As you saw last night, we had a solid third quarter and I'm strongly encouraged by the fundamentals of our business and excited by the positioning we have with our strategic initiatives underpinning and contributing to our results. Pricing in the Americas increased under our historic T&M per day metric for the fifth consecutive quarter and was up 1.5 points in constant currency excluding the effect of loyalty accounting in Brazil. In fact revenue per day in the U.S. was a quarterly record reinforcing our strong fundamentals. Volume in the Americas increased 1 point, and we saw growth from both our leisure and our commercial customers despite record recalls, which had us grounding more than 50,000 vehicles in our key third quarter. Americas per unit fleet costs were down 10% in the quarter reflecting strong demand for the well-maintained, late model vehicles we sell. As a result our Americas segment delivered record profits this quarter. We also continued to develop and strengthen our business by investing in connected cars, new app functionality, and our new revenue management system, and signing a letter of intent with Movida for them to become the master franchisor for our Avis and Budget brands in Brazil. Unfortunately the environment in Europe was challenged. Summer demand was impacted by the World Cup and a heat wave in Northern Europe which had people staying home to enjoy the weather negatively impacting the very profitable outbound business. We also saw European travelers return to North Africa and the Middle East further dampening leisure demand in the all-important summer months. With fleets being largely set for the summer, pricing eroded leading to lower international profits in the third quarter. I'll let Martyn go through the details. But first I'd like to spend a…

Thanks, Larry, and good morning, everyone. I'm now going to discuss our third quarter results together with our cash flow, liquidity, and outlook. My comments are focused on our adjusted results, which are reconciled from our GAAP numbers both in our press release and earnings call presentation. Beginning with an overview, a combination of volume growth in both of our regions and higher underlying pricing in the Americas enabled us to increase revenue to a record $2.8 billion. This was achieved despite the difficult leisure market in Europe this summer. Overall, per unit fleet cost was 7% lower. Total company adjusted EBITDA was essentially unchanged in constant currency, while we increased adjusted earnings per share by 7% in the quarter, benefiting from both a lower effective tax rate, and reduced average share count. Moving now to a review of our segment results, beginning with the Americas, 1% revenue growth in the quarter in constant currency was driven by both on and off airport demand. Pricing under our historical T&M per day metric was up 1% in the quarter, however, due to the impact from the change in loyalty accounting, revenue per day, our new pricing metric remained in line with last year. Leisure volume was up 0.5 point year-over-year in the quarter, while we increased T&M per day by 2%, due in part to the success of our new revenue management system. We achieved good international inbound growth and increases in our marketing of association partner channels, including the commencement of the Amazon agreements, which Larry has mentioned. But the impact of record manufacturer recalls and our decision to sell cars early to take advantage of the strong used car market reduced our capacity. We increased commercial volume by 1% in the quarter with good growth in our more profitable…

Thank you. As a reminder, please limit yourself to one question and one follow up. Our first question comes from Ryan Brinkman with JPMorgan. You may ask that question.

Great. Thanks for taking my question. Just regarding the softer results in Europe during the quarter, are you able to speak to the degree to which it was driven by the factors unique to the quarter such as the weather that was mentioned relative to other factors such as maybe softer macroeconomic conditions et cetera that we should think about as perhaps modeling extended beyond the quarter?

Sure. We went into the summer with lower bookings coming out of the World Cup, a little slower than what we expected. And then with the heat that happened in the Northern European part of the region, it really did impact the important outbound business particularly out of the UK and Germany. Then the movement of vacation travelers back into parts of North Africa and the Middle East that they used to go to a few years back that was a surprise as people kind of went back to Morocco, and Tunisia, and Istanbul and places like that. And that came out of Italy, Portugal and Spain, which is where that traffic had migrated to when terrorist activity had happened in that region before. So that I think is we'll have to now assume that the traffic into that part of the world is going to continue on in future years. The heat wave was the heat wave, and the outbound business that really came down out of the northern region, we wouldn't expect that to happen again next year. And of course we wouldn't expect the World Cup stock bookings to happen either. The other issue is that – the other pressure point that we have on pricing is that there are a lot of third tier players, and growing the number of third tier players in kind of the southern region countries in particular. So as the industry really fleeted up for the – what they thought was a summer like last summer, the fleets were pretty well set for the summer, and then that – those volumes didn't really materialize in the southern region part of Europe. So some of these factors shouldn't repeat next year but the shift to North Africa and Middle East I would expect would continue next year and Italy, Spain, Portugal would kind of go back to the volumes that they had prior to a few years ago when that business shifted into those countries.

I'd say that's very helpful. And you are present in those other countries in Northern Africa just you're not like corporate there. You're more franchise, is that how we should think about it?

Yeah, those are all franchise operations. And so although we do get an increase in loyalty income, it doesn't nearly come close to offsetting the profitability of that business that we would get in corporate countries like Italy and Spain in the summer months.

Okay. Got it. And then just finally regarding the 10% lower Americas fleet cost. Can you speak to the degree to which this too was driven by more temporal factors such as a very strong increase in auction prices during the quarter. I'm trying to determine how much of the progress here might be driven by more structural issues such as your buying-in efforts or your greater use of alternative re-marketing channels? And then do you have any updated thoughts on the outlook for auction prices going forward in light of the economy of these trends, et cetera? Thanks.

Yeah. The residual value markets were for sure strong over the summer, but as I've mentioned in the past we've done a lot of work to bring a lot more data analytics into the company. Third-party data as well as really triangulating several different data sources to really help us make better buying decisions around what cars we are buying with what term levels we're buying them with. When we in-fleet them, where we in-fleet them, where we exit them to sell them, what time of the year we sell them. So there's a lot more science going into that now, which I think is helping us improve our residual values. Our alternative channels are growing, and so we are up to 60% of our vehicles sold through alternative channels that will continue to grow as we go through next year. As Martyn mentioned, the mix shifts between selling direct to dealers and selling direct to consumers will also start to shift as we open more retail lots and we further develop our own capabilities to sell direct to consumers, which we are just at the beginning stages of doing. And so, those factors also improved on top of what was already a strong residual value market over the summer. So I do think that our – that we kind of outperformed the market based on what we're doing with our alternative channels and what we're doing with the data around our acquisitions and our selling strategy. As we go into the fourth quarter, majority of our fleet is sold at this point, but as we continue to sell in the marketplace, residual values continue to be pretty healthy for this time of the year. You'll see the normal kind of decline after the summer months when you get into this quarter, but I would say that year-over-year they are still positive. And we're – as we look into next year, start really, but as we look into next year, we think the conditions are right for stronger used car values for next year as well, as you take a look at what's coming off lease next year, which is coming down from previous years, as you look at the number of – the quantity of cars are being sold, the incentives that OEMs are – have been reducing the offering, the acquisition price of vehicles going up. So those are all conditions that I would think would support stronger residual values next year.

Our next question comes from John Healy with Northcoast Research. You may ask your question.

Thank you. Larry, I was hoping if you could give us a little bit more color about the recall activity in the quarter, it was a little bit of surprise to kind of hear you guys call that out, so was hoping you could just fill us in kind of what happened there? How it impacted the business? And maybe what it cost you guys in terms of profit this quarter?

Yeah. John, we had over 50,000 recalls in the U.S. and we had over 6,000 recalls in Europe. And both of those recalls hit right at the beginning of July, in the U.S. I think it hit just after July 4, so it hit in the most critical period of the year for us. These are cars that we had counted on to rent. Some of these recalls did not have parts available. Some still don't. So, they're still grounded. So, you had to put those cars down at a critical time when you really want to maximize the opportunity that's in front of you. So, they came late into the process, and we're kind of – we're in the heat of the battle this summer without being able to use those cars. It did impact our utilization, it was primarily the reason why our utilization was down 40 basis points in the U.S. that and grounding more cars in August to sell. We sold more cars in August than what we had planned to take advantage of the strength in residual value market, and to ease ourselves into going into the fourth quarter, so that we didn't have a big de-fleeting that we had to do in September-October, we got ahead of it, and did some of it in August, more than what we would normally do, took advantage of the residual values, and smoothed that going into the fourth quarter, which helped tighten up fleets in the fourth quarter. So the utilization impact, the revenue impact that the recalls had was significant, and it's unfortunate, but these things happen and hopefully won't repeat itself again next year. International had a similar event with over 6,000 BWs that they had to recall on that also hit them over the summer. And those cars were down probably four or five days each car. So also hurting their utilization pretty much, I think it was most of their utilization that's what's due to that.

Makes sense. And I wanted to ask about the Brazil opportunity. As you guys kind of transition that business to a master franchisee, how might the profits of that business change and impact you in 2019?

We're still at letter of intent stage. So we still got to finalize everything assuming we're on track. The EBITDA loss that we took this year is of the order of $9 million, and it's about $27 million revenue business. So, assuming we're successful we'll turn that – we'll eliminate that loss and turn that into a royalty income stream going forward as well. So it's pretty attractive and then we still keep the outbound and the inbound relationships going with the franchise.

Our next question comes from Adam Jonas with Morgan Stanley. You may ask your question. Adam Michael Jonas - Morgan Stanley & Co. LLC: Thanks very much. First question is the relationship between fleet costs, which have been moving in a favorable direction for you the last couple of quarters and pricing. I think some of the – one of the rules of thumb or wisdom in this industry was that when fleet costs rise that kind of creates better or a bit more disciplined behavior in pricing. And I'm just wondering the other way around is fleet costs have been providing some relief whether that might be contributing to a bit more challenging pricing environment just isolating that by itself. How much you're seeing there?

No, actually we're seeing a pricing opportunity, as we said, our underlying T&M was up about 1.5 points, if you exclude Brazil on the accounting for loyalty points. It was up about 1.5% on T&M. As we go into the fourth quarter it's been so far in the fourth quarter very strong pricing environment, probably one of the best environments I've ever seen. So, right now we're seeing both improvement in fleet costs and also improvement in pricing going forward. Internationally, we're not seeing the pricing improvement, we've got I think too much – too many cars in supply there. We've got a lot of third tier players there. And then of course we had the summer pressure where the volume didn't materialize like we have when fleets were pretty much fixed for the summer. So we got to get our fleet right there. We got to change our expectations around the volume and fleet to that so that we have a better outcome next year. Adam Michael Jonas - Morgan Stanley & Co. LLC: Thanks, Larry.

Our next question comes from Chris Woronka with Deutsche Bank. You may ask your question.

Hey. Good morning guys. Larry, want to ask you, appreciate the commentary about October fourth quarter to date pricing, and I guess we usually think about that as being more driven by corporate and commercial than leisure with the seasonal shift. Is that right or you are seeing better pricing on the commercial business as well. And if you are what – what do you think is driving that, and is it sustainable?

As you know commercial pricing has been a challenge here for some time. What I'm encouraged by is that, number one, volume is starting to turn positive now in commercial. So we are seeing a positive volume now for a few months, and we are now starting to see some positive pricing come through in specific months as well. Maybe too early to call that a trend, but I'm excited because we hadn't seen that environment for some time. Our small business is doing better. Our mid-market is doing better and even large commercial is also doing better from both a volume and pricing in some months is starting to improve year-over-year. So we hope as we turn the year that the volume will continue to build, whether we'll have positive pricing overall in commercial for the year? I don't know, but if it's negative, it will be not near as negative as it has been in previous years, and I'm hoping in some of the segments of commercial it will turn positive – stay positive through 2019. So I'm more upbeat about where commercial is headed than we have been really in the last couple of years that we've been facing the declines that we saw both in volume and price. I think we're starting to turn the corner on that now.

All right. Great. And then just maybe a follow up on the increased competition in Southern Europe you talked about the smaller players. I think over time in the U.S. a lot of the smaller players have kind of come and gone. Do you foresee a similar result in Europe or do you think something is more structurally different there. Is that going to be more of an ongoing issue going forward?

One of the benefits in the U.S. is the supply vehicles to the industry is really tightened down and I think that's a really positive – positive set of circumstances. In Europe that isn't the case. And there are too many cars, really in the industry there. There has been some consolidation of some of the bigger independents if you will. We've been in that market as other rental car companies have as well, and a number of those have been acquired. But there's a lot of little – little companies in Spain, Portugal, in Italy that can get access to fleet. And you're right. They do come and go. There's no question that many of these fold up and other ones open up. But I think what – what needs to happen is a tightening of the amount of fleet available to the marketplace over there. And – and we haven't really seen that happen yet.

Our next question comes from David Tamberrino with Goldman Sachs. You may ask your question. David Tamberrino - Goldman Sachs & Co. LLC: Yeah, thanks. Good morning, Larry. First question is on your connected car effort. I want to understand what you've seen so far from your KC Mobility Lab from a cost perspective? When do you think as you bring the next level of your fleet into the connected world, you're going to be able to hit those fleet optimization and operational efficiency targets that you've laid out for us about two years ago?

Yeah, we had some really good learnings in Kansas City so far. When you – when you think about Fleet Asset Control, knowing where the vehicles are at all times being able to recover vehicles quickly that's been a – that's been a big benefit on the fleet. Also gas collection down to one-tenth of a gallon, we're seeing more gas revenue per connected car. We need to get higher percentage of the connected cars communicating the gas appropriately, and so we're working on getting that percentage higher. We should be able to get it close to 100% at some point, we're not there yet, but we're growing that percentage. And there'll be customer benefits as well as we look at how connected car can help to facilitate the entire rental transaction. Already customers are using the app, they're able to go directly to the car, they were able to choose the car that they want. We're looking at other aspects of what connectivity can provide for the customer during the rental experience, which will also help improve the experience overall. People that used the app and use that kind of self-service mode, their Net Promoter Scores are significantly higher than customers who do not use that service. So what we need to do is build out the ability to take the data from connected car and actually operationalize the data. And that's why we announced the partnership with AWS is to leverage their data analytics, their machine learning capabilities, their artificial intelligence, the cloud that we'll be able to migrate this information to, this data to. And then actually operationalize the data meaning take the data and actually work – inform the locations of what to do next. For example, diagnostic code, we're reading diagnostic codes and now we've…

We're seeing it in Kansas City, but obviously it's a 5,000 car fleet. So, what we have to do is roll it out into more markets so that we actually change the way which they operate in the locations once their cars are fully – are fully automated with connectivity. So, I'd say that it's out – it's still out in front of us, but we have seen, in Kansas City itself we've seen the improvement in getting cars back faster being able to get them back on rent faster, and we're seeing the gas collection improvement, but as I said that – that will just continue to build as we as we open more and more markets and also learn more and more about what connectivity can provide for us.

Our next question comes from Wayne Cooperman with Cobalt Capital. You may ask your question.

Okay. Other than asking for guidance for EBITDA for 2019 – EBITDA, what – can you tell us what the bigger spends are going to be to get from EBITDA to free cash flow, and what the uses of free cash flow might be for next year?

So the capital allocation policy will kind of set – obviously we finish our planning process, but we've been pretty consistent in how we talk about, but we've increased our acquisition spend and investment spend, and also in discretionary cash flow, we've also increased our non-free CapEx because a lot of the IT that Larry is describing, the CapEx was supporting that with the CapEx spend as well. So it's likely to continue in the same vein, but we will go through our own planning cycle, and then set that, we'll talk about that in February.

Is there any bigger things that we should know about now?

Well, I called out the interest effect in the EBITDA.

Right.

Which is quite marked, and the FX effects as we kind of wrap around for next year as well, but (00:44:23). There's nothing else really I would like to comment on until we done our detailed financial planning for next year.

Okay. Thanks.

Our next question comes from Brian Johnson with Barclays Capital. You may ask your question.

Yes. I just want to follow up to kind of more strategic questions about the two major geographies. So in the U.S. you kind of commented about that better OEM behavior which we've seen as well sort of accepting sedans are less important and hence reducing incentives. You've described a lot of the better sophistication you're doing around pricing, we have one of your publicly traded competitors trying to catch up on technology as well. So the question in the U.S. is how would you characterize the competitive environment and our technology advances sort of helping lift the overall industry because people copy or is it actually moving profits out of one competitor into your pocket?

I would start with what I'm saying overall competitively with fleet. And because I think it always starts with fleet. And I would say that the fleet position in this quarter that we're now in the fourth quarter is about as best as I've seen it in a really long time, which is contributing to the pricing that we're currently seeing, the healthy pricing environment that I mentioned that we're seeing in the fourth quarter. So it appears that competitors have worked hard to improve their forecasting, to align their fleet to optimize their fleet rotations to kind of come out of the summer peak in the best position that they possibly can, knowing you have a big peak in the summer and then you got to bring it down for the fall. As we said, we sold more cars in August than what we had intended to do to try to take advantage of the residual value market and then also ease the transition into the fourth quarter. And so, we're seeing a good environment here. I would say that as competitors improve their revenue management systems, their pricing robotics, I would think that that would help lift the entire industry's pricing would be my view and my hope. I know that our demand fleet pricing system, markets that are turned onto that system is improving revenue by a couple points, and I'm hoping that, that is, based on how DFP works and some of the decisions that DFP helps us make at each location, helps us drive for opportunities kind of earlier in the process, allows us to yield for opportunities, because it has a better view of forecasted volumes further out than we used to have. Therefore, we have more confidence to take yielding opportunities earlier than what we would have done in the past. To a degree competitors look at that and match or how they're pricing robotics work off of that is up to how they want to set that. But I would hope that that would end up raising the overall industry's pricing.

Okay. And follow-up question is Europe, both I guess two questions, one or three questions related. One, is there a potential for this technology in Europe and you see it being used by competitors well and that – would that structurally improve the environment? Two, assuming the OEMs don't get any more disciplined. Certainly our forecast is that they don't. And it's of course difficult to eliminate capacity in Europe. Would you be open to at the extreme doing a Brazilian type of deal for your entire European franchise, recognizing of course that prior management had bought it in, but do you really need the volatility in Europe as part of the current infrastructure, is that even a debate the board would have?

We do plan on rolling out our demand fleet pricing system in Europe. As we've already rolled out the first phase, they're pretty much done with the first phase, we'll get to the second phase towards the end of last – end of next year. Some more development work has to be done for them before we can roll that out. Whether other competitors will match that kind of system, I don't know. Obviously, there is a global competitor that they're working on their revenue management system. So I assume that that's a global solution for them, so that will also help. But I can't comment on whether other rental car companies in Europe would match that kind of system or not. And as far as franchising out all of Europe, what we always do is take a look at each individual country and look at whether, what makes the most sense, whether to run it corporately or to run it through a franchise model and we're always open to always looking at that, but no, but we don't have any plans right now to franchise out all of Europe, we would look at kind of each country individually to make sure that we really understand what makes most sense for us.

Our next question comes from Michael Millman with Millman Research Associates. You may ask your questions.

Thank you. So looking at used car prices, to what extent do you think that interest rates – concern about interest rates, concern about tariffs, and maybe the potential reduced refunds are affecting short-term pricing, and also on the three – I think with the 3% leisure price increase, I'm actually surprised it didn't go up more considering the shortages of cars, and the strength in the market. So I was hoping, you could comment on those two topics?

Michael, hard to tell how these things will really impact fleet next year. I can't comment really on the tariffs at this point. Lots of speculation about what those will mean, and I think we just have to wait and see how that unfolds. We talked about the impact of interest rates, and we've talked about what that will mean for next year. I would say once again our leisure pricing continues to be strong. We're up, I think the third quarter was up, if you take a look at it over the last few years, leisure pricing was up 10%. I think since 2015. So we are seeing improved leisure pricing, we as we go into this quarter we're seeing strong leisure pricing in the fourth quarter as well. So, I think and we're hopeful that, that will continue to build as we go forward. Commercial has been a drag, but as I mentioned, that's starting to improve overall. So, yeah it's hard to tell overall what, what some of these factors that you mentioned will really have on pricing next year, we'll have to see them as we go into the year.

Okay. Thank you.

Thank you. Our next question comes from Hamzah Mazari with Macquaire. You may ask your questions. Hamzah Mazari - Macquarie Capital (USA), Inc.: Good morning. Thank you. My first question is just on commercial. Larry your comment seemed pretty upbeat. It seems like that business is beginning to turn. Maybe you could just touch on what do you think the catalysts are driving that turnaround. Is it just less structural headwinds from ride sharing and business travel, comps getting easier, the economy? Just any color on what you think is going on there? Thank you.

Yeah. We've been doing a lot of work in the – particularly in the mid-market and small business segments to kind of improve in that area. We've been taking on a lot of accounts, increasing our volume in those areas. And as I said, the pricing is starting to improve year-over-year as well. I think on the large commercial side, I think, you're right, the ride hailing impact that it's had, not that it won't still impacted some, but I think we're through the worst of that. I think the economy being strong as well as is also helping. So I think those factors are starting to turn. We're not losing any large accounts. We've been able to keep our account portfolio, if we do have a loss we make it up with probably three times to four times with wins. So our revenue, our book of business for our corporate or commercial book of business has been strong and continues – portfolio continues to round out, and continues to be strong. We just want to see them traveling more and renting more, and so they're starting to do that. And as I said seeing volume growth now on the commercial side, is pretty exciting. It's been a long time since we've seen that. And now we've seen some months where we're seeing positive price as well, although little it's still positive. And that's a place for us to build upon going forward. So I think the initiatives around some of the segments that we put in place and just probably kind of getting over the worst of the events. I think it's all starting to build some momentum going into next year. Hamzah Mazari - Macquarie Capital (USA), Inc.: Great, very helpful. Just a follow up question on ancillary revenue, you mentioned better product placement, new leadership. Any sense of what the headline impact of ancillary was on pricing. You may have mentioned it, we may have missed it, on just ancillary pricing impact?

We've been – we've been doing this has been a really good story for us. It's – obviously it was disappointing at the beginning of the year. And we've been working really hard this year on a lot of initiatives to improve this area. As you listed some of them, obviously, we've been working really hard on selling on our dotcoms, and that has been growing significantly particularly by customers that had bypassed the counter to begin with. Some weren't really buying ancillary products before and now buying ancillary products online. So there has been a lot of initiatives around how we bundle products and how we clean up the language so people are more clear what the products are and so forth. And I would say overall on pricing it's probably had about 2.5 point impact.

Our final question comes from David Tamberrino with Goldman Sachs. You may ask your question. David Tamberrino - Goldman Sachs & Co. LLC: Well. Great, yeah. I just – I was following along the line of questions and I got cut off. My last question to you, Larry, was as we're thinking about the long-term margins that you outlaid a couple years ago and where we've gone to the past two years, which is about 120 bps backward at the midpoint of your guidance range, is it still achievable to get to that 13% to 15% adjusted corporate EBITDA level with everything you have in front of you or is at some point you need to come back to us and re-evaluate that goal?

We said back when we said the goal that we could achieve it if pricing offset fleet costs and we're starting to see obviously that environment and kind of turn to that environment. For the year though we will still be off of kind of our best years' fleet cost. We will certainly be higher fleet cost this year than 2015's fleet cost. So, I think if you take a look at ancillary revenue decline from that year and fleet costs decline from that year, we still got some making up to do in both of those areas. And I think if we can do that, the other initiatives that we put in place that we've been running now for a couple of years really start to show themselves and how they can improve our profit margins going forward. So, we're not at this point willing to say that we can't get there. We think that we can get there if fleet costs and pricing continues to improve and we get our ancillary revenue, we get our ancillary revenue back on where it used to be and hopefully above that. So if those things come together, yes, I do think we can get a 13% margins. So we've got a ways to go. Our initiatives that we're working are helping. They are delivering. And I think I do believe connected cars we roll it out across the fleet will also really help us kind of find opportunities, to find efficiencies and improved utilization in ways that you just can't do manually without it. So we're staying focused and that and hopefully, the pricing and fleet cost trends that we're now seeing will continue into next year. David Tamberrino - Goldman Sachs & Co. LLC: Understood. I appreciate the incremental color. Thank you.

For closing remarks, the call is being turned back to Mr. Larry De Shon. Please go ahead, sir.

Thank you. So in summary, our Americas segment delivered record adjusted EBITDA and the highest U.S. pricing ever. We're seeing strong demand from Amazon customers and just recently added our Budget brand. We continue to invest for growth through acquisitions and strategic investment while also returning cash to shareholders. We have a solid funding position with no corporate debt maturities until 2023 and we reiterated the midpoint of our full year guidance. Despite the tough European summer. Looking forward, we continue to see good demand for our services around the world, industry fleet levels in the Americas are tight, Americas pricing has started strong in the fourth quarter and fleet costs are all well contained. We have a busy calendar in this quarter with participation at the Northcoast, Barclays and Deutsche Bank conferences and we hope to see many of you there. With that, I want to thank you for your time and your interest in our company.

This concludes today's conference call. You may disconnect at this time.