Consumers and business travelers' demand for domestic travel continues to be resilient so far, and we remain hopeful that airfare pricing remains affordable and travel volumes remain consistent with the performance year to date.

May 6, 2026 / receipt, needs a key / David Roberts, CEO | earnings call 2026-05-06 | transcript b120fc8f-c5f6-48b1-b2b1-19d2af1deaed | chars 6932-7160 | segment 7

In the near term, especially over the next two years, we are taking a more cautious view due to softer anticipated travel volumes, reduced European travel to the United States, and expected fleet reductions among our rental car customers.

Feb 24, 2026 / receipt, needs a key / David Roberts, CEO | earnings call 2026-02-24 | transcript 212e0288-e37a-4f86-9a27-fcd5ff57b9df | chars 10652-10890 | segment 10

The other piece in commercial services is the pacing of travel and some of the inclement weather that we've seen.

Feb 24, 2026 / receipt, needs a key / Craig, CEO | earnings call 2026-02-24 | transcript 212e0288-e37a-4f86-9a27-fcd5ff57b9df | chars 29448-29561 | segment 29

As a result of these trends and the commentary from the major airlines on expected demand, we have further reduced our travel volume assumptions for the remainder of 2025 relative to the levels discussed in our first quarter call.

Aug 6, 2025 / receipt, needs a key / David Roberts, CEO | earnings call 2025-08-06 | transcript d2f21921-cd0b-4325-b29b-2fc1f335b355 | chars 4713-4943 | segment 4

While travel demand appears to be stabilizing, we remain cautious that a further modest decline in travel volume may cause us to trend toward the lower end of the financial ranges as previously provided.

Aug 6, 2025 / receipt, needs a key / David Roberts, CEO | earnings call 2025-08-06 | transcript d2f21921-cd0b-4325-b29b-2fc1f335b355 | chars 8179-8382 | segment 7

As David discussed, our primary consideration in this economic environment is the potential impact to travel demand. While we are reaffirming guidance, we would like to highlight that there is a risk of moving to the lower end of the ranges if travel demand worsens from current levels.

Aug 6, 2025 / receipt, needs a key / Craig Conti, CFO | earnings call 2025-08-06 | transcript d2f21921-cd0b-4325-b29b-2fc1f335b355 | chars 14664-14950 | segment 14

First, just on travel, just want to put a finer point on, are you essentially run rating sort of where Q2 travel trends were or sort of, you know, maybe where you exited to Q? So just give us a better sense of what you're assuming for travel in the back half.

Aug 6, 2025 / receipt, needs a key / Faiza Alwi, analyst | earnings call 2025-08-06 | transcript d2f21921-cd0b-4325-b29b-2fc1f335b355 | chars 18553-18812 | segment 18

And for the commercial business, you discussed the slowdown in travel.

Aug 6, 2025 / receipt, needs a key / David Koning, other | earnings call 2025-08-06 | transcript d2f21921-cd0b-4325-b29b-2fc1f335b355 | chars 32976-33046 | segment 32

In this uncertain economic environment, we anticipate that discretionary spending may be impacted, and travel demand may soften as a result.

May 7, 2025 / receipt, needs a key / David, CEO | earnings call 2025-05-07 | transcript 5b030e24-1ef0-4889-bf81-4ec37712bacd | chars 4558-4698 | segment 4

Are you seeing travel and commercial services revenue slow in real time? and that's causing you to point to the low end, or is it more just the anticipation of softer volumes perhaps in the back half of the year, given some of the revised outlooks from the airlines?

May 7, 2025 / receipt, needs a key / Daniel Moore, other | earnings call 2025-05-07 | transcript 5b030e24-1ef0-4889-bf81-4ec37712bacd | chars 17822-18088 | segment 17

So if travel were to slow and it were to slow in the states that are most material to their mobility, then that would likely drag that growth rate down with it.

May 7, 2025 / receipt, needs a key / David Coning, other | earnings call 2025-05-07 | transcript 5b030e24-1ef0-4889-bf81-4ec37712bacd | chars 26613-26773 | segment 26

Looking at the potential for lower travel demand, Is there any color around how exposed you are to international travel versus domestic travel? I mean, I'm assuming that most of the benefits that you guys get from travel is domestic, but just curious if you guys had any color on international travel as well.

May 7, 2025 / receipt, needs a key / Rodney McFall, other | earnings call 2025-05-07 | transcript 5b030e24-1ef0-4889-bf81-4ec37712bacd | chars 29728-30037 | segment 29