Atlas Air Worldwide Holdings Inc (AAWW) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Atlas Air Worldwide Holdings Second Quarter 2021 Results Conference Call. (Operator Instructions) Please be advised, this conference may be recorded. (Operator Instructions) I would now like to hand the conference over to the Atlas Air management team. Please go ahead.

女士們，先生們，感謝各位的支持，歡迎參加阿特拉斯航空全球控股公司2021年第二季業績電話會議。 （接線員指示）請注意，本次會議可能會被錄音。 （接線員指示）現在，我將會議移交給阿特拉斯航空管理團隊。請大家開始。

Thank you, Olivia, and good morning, everyone. I'm Ed McGarvey, Treasurer for Atlas Air Worldwide. Welcome to our second quarter 2021 results conference call. Today's call will be hosted by John Dietrich, our Chief Executive Officer and Spencer Schwartz, our Chief Financial Officer. Today's call is complemented by a slide presentation that can be viewed at atlasairworldwide.com under Presentations in the Investor Information section.

謝謝奧莉維亞，大家早安。我是阿特拉斯航空全球財務主管 Ed McGarvey。歡迎參加我們2021年第二季業績電話會議。今天的電話會議將由我們的執行長約翰·迪特里希 (John Dietrich) 和首席財務官斯賓塞·施瓦茨 (Spencer Schwartz) 主持。今天的電話會議附有幻燈片演示，可在 atlasairworldwide.com 的“投資者資訊”版塊的“演示文稿”下查看。

As indicated on Slide 2, I'd like to remind you that our discussion about the company's performance today includes some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events and expectations, and they involve risks and uncertainties. Our actual results or actions may differ materially from those projected in any forward-looking statements.

如投影片2所示，我想提醒您，我們今天關於公司績效的討論包含一些符合1995年《私人證券訴訟改革法》定義的前瞻性陳述。這些陳述與未來事件和預期有關，並包含風險和不確定性。我們的實際結果或行動可能與任何前瞻性陳述中的預測有重大差異。

For information about risk factors related to our business, please refer to our -- to our 2020 Form 10-K as amended or supplemented by our subsequently filed SEC reports. Any references to non-GAAP measures are meant to provide meaningful insights and are reconciled with GAAP in today's press release and in the appendix that is attached to today's slides.

有關我們業務相關風險因素的信息，請參閱我們2020年10-K表格，該表格已由我們隨後提交給美國證券交易委員會（SEC）的報告修訂或補充。任何提及非公認會計準則（non-GAAP）指標的內容旨在提供有意義的見解，並在今天的新聞稿和今天幻燈片的附錄中與公認會計準則（GAAP）進行了協調。

During our question-and-answer period today, we'd like to ask participants to limit themselves to one principal question and one follow-up question so that we can accommodate as many participants as possible. After we've gone through the queue, we'd be happy to answer any additional questions as time permits.

在今天的問答環節，我們希望各位與會者只提出一個主要問題和一個後續問題，以便我們盡可能地滿足更多與會者的需求。在完成所有提問後，如果時間允許，我們很樂意回答其他問題。

At this point, I'd like to draw your attention to Slide 3 and turn the call over to John Dietrich.

現在，我想請大家注意幻燈片 3，並將電話轉給 John Dietrich。

Thanks, Ed, and hello, everyone. Welcome to our second quarter earnings call. I'd like to start by thanking all our employees and all the frontline responders for their continuing and tremendous efforts throughout this pandemic. At Atlas, safety is a core value and is always a top priority. With that commitment in mind, we continue to take extensive precautions to safeguard our employees and our operations to support our customers and safely transport the goods the world needs.

謝謝，Ed，大家好！歡迎參加我們第二季的財報電話會議。首先，我要感謝我們所有的員工和所有第一線救援人員在疫情期間持續付出的巨大努力。在 Atlas，安全是我們的核心價值，始終是重中之重。秉承這項承諾，我們將繼續採取廣泛的預防措施，保障員工和營運安全，為客戶提供支持，並安全運送世界所需的貨物。

This pandemic has really underscored the important role that Atlas plays in the global supply chain and in our customers' networks. It also highlights the significance of global airfreight, which brings goods to market with unmatched speed and reliability. We've seen an acceleration of express and e-commerce growth. And in today's global economy, manufacturers and merchants are needing to quickly replenish inventories to meet growing consumer demand. That said, COVID-19 continues to cause disruptions to manufacturing. We're also seeing congestion and delays at many ocean ports worldwide. This congestion and the related delays are leading to ocean freight rates that are extremely elevated and shippers are, therefore, increasingly choosing air freight to mitigate bottlenecks in their supply chains, and that's driving even more airfreight demand. This all bodes well for global airfreight volumes, which are now exceeding pre pandemic levels.

這次疫情切實凸顯了Atlas在全球供應鏈和客戶網路中扮演的重要角色。它也凸顯了全球空運的重要性，它以無與倫比的速度和可靠性將貨物送達市場。我們看到快遞和電子商務的成長正在加速。在當今的全球經濟中，製造商和商家需要快速補充庫存，以滿足日益增長的消費需求。即便如此，新冠疫情仍持續擾亂製造業。我們也看到全球許多海港出現擁擠和延誤。這種擁塞和隨之而來的延誤導致海運費大幅上漲，因此，越來越多的貨主選擇空運來緩解其供應鏈中的瓶頸，這進一步推高了空運需求。這一切都預示著全球空運量將迎來好轉，目前全球空運量已超過疫情前的水準。

Atlas' fleet and our global operating capabilities are unmatched in the industry. We're continuing to leverage the strength and flexibility of our business model to capitalize on current market conditions. And importantly, we're positioning the company well for the future. We're actively managing our fleet to profitably serve our customers with modern efficient aircraft. And we take a very disciplined approach when making aircraft investment decisions.

Atlas 的機隊和我們的全球營運能力在業界無與倫比。我們將繼續利用我們業務模式的優勢和靈活性，充分利用當前的市場環境。更重要的是，我們正在為公司的未來做好充分的準備。我們積極管理機隊，以現代化高效的飛機為客戶提供獲利性服務。我們在進行飛機投資決策時採取非常嚴謹的方法。

As announced in our press release today, between May and August, we acquired 3 of our existing 747-400 freighters that were previously on lease to us. In addition, we reached agreements with our lessors to purchase 5 of our other existing 747-400 freighters at the end of their lease terms in 2022.

正如我們今天的新聞稿中所宣布的那樣，在5月至8月期間，我們收購了3架之前租賃給我們的現有747-400貨機。此外，我們也與租賃公司達成協議，將在2022年租賃期結束時購買另外5架現有的747-400貨機。

Acquiring these 8 freighters underscores our confidence in these assets as well as in the global airfreight market. By keeping these aircraft in our fleet, we're ensuring these capable freighters will be available to provide committed capacity to our customers with strong returns for Atlas in the years ahead. As the world's largest 747 freighter operator, the 747-400 is core to our business, and it complements our diverse fleet of 747-8s, 777s, 767s and 737s, each of which plays a unique role in our customers' networks.

收購這8架貨機彰顯了我們對這些資產以及全球航空貨運市場的信心。透過保留這些飛機，我們確保這些性能強大的貨機能夠為客戶提供承諾的運力，並在未來幾年為阿特拉斯帶來豐厚的回報。作為全球最大的747貨機營運商，747-400是我們業務的核心，它補充了我們由747-8、777、767和737組成的多樣化機隊，每架飛機都在我們客戶的網路中發揮獨特的作用。

Now turning to our second quarter results on Slide 4. We entered the second quarter with very high expectations, all of which were exceeded. On an adjusted basis, our earnings were among the best in our company's history. These positive results could only have been achieved by our entire team coming together to execute on our strategy. Our diverse and experienced team is second to none, and they pulled together to increase utilization on our aircraft and to deliver safe, high-quality service for our customers despite a very challenging operating environment due to COVID.

現在來看看投影片4的第二季業績。我們帶著極高的期望進入第二季度，而所有預期都超出了預期。經過調整後，我們的獲利達到了公司歷史上的最高水準。這些正面的成果離不開我們整個團隊齊心協力、共同執行策略。我們多元化且經驗豐富的團隊首屈一指，儘管新冠疫情帶來的營運環境非常嚴峻，但他們齊心協力，提高了飛機的使用率，並為客戶提供了安全、優質的服務。

Our performance continued to benefit from operating the four 747 freighters and the 777 freighter we reintroduced to our fleet in 2020. This capacity, along with a tremendous team effort contributed to our ability to enter into and extend long-term agreements with strategic customers as well as capitalize on lucrative short-term opportunities in this strong global airfreight market.

我們的業績繼續受益於營運四架 747 貨機以及我們於 2020 年重新引入機隊的 777 貨機。這項運力加上團隊的巨大努力，使我們能夠與策略客戶簽訂並延長長期協議，並利用這個強勁的全球航空貨運市場中的有利可圖的短期機會。

As I mentioned earlier, our second quarter results reflected global airfreight volumes that now exceed pre-pandemic levels and ongoing disruption of global supply chains due to the pandemic. In addition, the second quarter reflected improved passenger charter flying for the U.S. military and the continued reduction of international passenger belly cargo capacity. Partially offsetting these benefits were lower yields net of fuel compared with the exceptionally high yields we saw in April and May of 2020 during the early months of the pandemic.

正如我之前提到的，我們第二季的業績反映了全球航空貨運量現已超過疫情前水平，以及疫情持續對全球供應鏈造成的干擾。此外，第二季也反映了美國軍方客運包機業務的改善以及國際客運腹艙運力的持續下降。扣除燃油後的收益率與2020年4月和5月疫情初期的異常高收益率相比有所下降，這部分抵消了這些好處。

Equally important to the results we delivered is how we've delivered them. One of our core values at Atlas is corporate responsibility. And in June, we issued our second environmental, social and governance, or ESG report. This report is themed Caring For the World We Carry, and it captures our commitments to our people, communities and the planet. And it also outlines our ESG strategy and goals. We invite you to read more about our ESG program and our progress in the report, which is available in the Corporate Responsibilities section of our website.

與我們所取得的成果同樣重要的是我們如何實現這些成果。 Atlas 的核心價值之一是企業責任。今年 6 月，我們發布了第二份環境、社會和治理 (ESG) 報告。這份報告的主題是“關愛我們所承載的世界”，它闡述了我們對員工、社區和地球的承諾。報告還概述了我們的 ESG 策略和目標。我們誠摯邀請您閱讀這份報告，以了解更多關於我們的 ESG 計劃和進展的信息，該報告可在我們網站的「企業責任」版塊找到。

Turning for a moment to our pilot labor negotiations. We're pleased to report we've moved even closer to completing the new joint collective bargaining agreement with our pilots at Atlas Air and Southern Air. The union has now provided the company with their integrated seniority list. The scheduled arbitration on the open issues concluded in April and both parties submitted their [post earning] briefs in early June. The arbitrator is now considering all the information presented, and we expect to receive his final and binding decision late in the third quarter.

談談我們的飛行員勞資談判。我們很高興地報告，我們與阿特拉斯航空和南方航空的飛行員達成新的聯合集體談判協議的進展更近了一步。工會現已向公司提供了其綜合資歷名單。關於未決問題的預定仲裁已於4月結束，雙方已於6月初提交了各自的[薪資後]簡報。仲裁員目前正在考慮所有提交的信息，我們預計將在第三季末收到其最終且具有約束力的裁決。

Now moving on to Slide 5. As I've been discussing, economic and supply chain conditions remain favorable for air cargo and for our dedicated freighters. Inventory levels remain low. The Purchasing Managers Index or PMI readings have been positive and congestion long lead times and elevated pricing continued to impact ocean freight, helping to further favor airfreight. Demand also continues to exceed available supply, particularly on the international routes as international travel stays subdued and related belly capacity remains out of the market.

現在來看幻燈片5。正如我一直在討論的，經濟和供應鏈狀況仍然有利於航空貨運和我們的專用貨機。庫存水準保持在低位。採購經理人指數（PMI）一直保持正值，擁塞、交貨時間長以及價格上漲持續影響海運，這進一步利好空運。需求也持續超過供應量，尤其是在國際航線上，因為國際旅行持續低迷，相關的腹艙運力仍供不應求。

Despite some of the well-publicized improvement in domestic passenger traffic, the recovery of international passenger travel continues to be hampered by border closures and other travel restrictions due to continued COVID-19 challenges, especially with the rapidly spreading Delta variant. While the operating environment remains challenging due to the pandemic, the market dynamics we're seeing in the third quarter remain strong. As a result, we expect revenue of nearly $1 billion and adjusted EBITDA of approximately $250 million from flying more than 90,000 block hours in the third quarter. In addition, we expect adjusted net income to grow by approximately 50%, with adjusted net income of $82.7 million in the third quarter of last year.

儘管國內客運量已有所改善，但受新冠疫情持續影響，尤其是達美航空變異毒株迅速蔓延的影響，國際客運復甦仍受邊境關閉及其他旅行限制措施的阻礙。儘管疫情導致營運環境依然充滿挑戰，但我們在第三季看到的市場動態依然強勁。因此，我們預計第三季飛行超過9萬個航段小時，營收將接近10億美元，調整後息稅折舊攤提前利潤（EBITDA）將達到約2.5億美元。此外，我們預計調整後淨收入將成長約50%，去年第三季調整後淨收入為8,270萬美元。

Our third quarter outlook reflects the contribution of our long-term customer agreements that have favorable rates and guaranteed levels of flying, continued high levels of aircraft utilization, driven by strong demand and commercial charter yields that we expect to remain above typical seasonal levels. We also expect ongoing expenses driven by the pandemic, including premium pay for our pilots as well as costs for continuing to provide a safe working environment for all our employees and maintenance expense in the third quarter of approximately $100 million.

我們第三季的展望反映了我們長期客戶協議的貢獻，這些協議提供了優惠的價格和有保障的飛行水平，在強勁需求的推動下，飛機利用率持續保持高位，並且我們預計商業包機收益率將保持在高於典型季節性水平的水平。我們也預期疫情帶來的持續支出，包括飛行員的額外薪資、持續為所有員工提供安全工作環境的成本以及第三季約1億美元的維護費用。

For the full year, we expect aircraft maintenance expense to be lower than 2020, and we expect depreciation and amortization to be about $275 million. Core capital expenditures, which exclude aircraft and engine purchases, are projected to total approximately $105 million to $115 million, mainly for parts and components for our fleet. Given the ongoing economic and market-related uncertainties including COVID-19 and the unfortunate spread of the Delta variant as well as various travel restrictions, low international passenger travel and other factors, we are providing a third quarter outlook, but not providing a further outlook at this time. We will, however, look forward to keeping you updated as the year progresses.

我們預計全年飛機維修費用將低於2020年，折舊和攤提費用預計約為2.75億美元。核心資本支出（不包括飛機和發動機採購）預計總額約1.05億美元至1.15億美元，主要用於購買機隊的零件。鑑於持續存在的經濟和市場相關不確定性，包括新冠疫情和達美航空新冠病毒變異株的蔓延，以及各種旅行限制、國際旅客出行量低迷等因素，我們僅提供第三季度業績展望，目前暫不提供進一步的展望。但我們期待在未來一年內持續向您更新最新情況。

This is a good point for Spencer to provide more details on our second quarter results. And after Spencer's remarks, I'll have some additional comments, and then we'll be happy to take your questions. Spencer?

史賓塞現在剛好可以介紹一下我們第二季的業績。史賓塞發言結束後，我會補充一些意見，然後我們很樂意回答你們的問題。斯賓塞？

Thank you, John, and hello, everyone. Our strong second quarter results are highlighted on Slide 6. On an adjusted basis, EBITDA totaled $243.7 million, with adjusted net income totaling $121.8 million. On a reported basis, net income totaled $107.1 million. Our adjusted earnings included an effective income tax rate of 22.4%.

謝謝約翰，大家好。我們強勁的第二季業績在投影片6中重點展示。經調整後，EBITDA總計2.437億美元，調整後淨利總計1.218億美元。經報告，淨利總計1.071億美元。我們的調整後收益包含22.4%的有效所得稅率。

Moving to the top of Slide 7, revenue totaled $990.4 million in the quarter. Higher airline operations segment revenue was primarily driven by an increase in flying and the average rate per block hour. Block hour volume growth primarily reflected our ability to increase aircraft utilization to serve strong customer demand, the strength of the international air freight markets, the ongoing reduction of available cargo capacity and the disruption of global supply chains due to the pandemic.

移至第7張投影片頂部，本季營收總計9.904億美元。航空營運部門收入的成長主要得益於航班數量的增加和平均每小時航班量的提升。每小時航班量的成長主要反映了我們提高飛機利用率以滿足強勁的客戶需求的能力、國際航空貨運市場的強勁表現、可用貨運運力的持續減少以及疫情導致的全球供應鏈中斷。

In addition, segment revenue benefited from the operation of the 5 freighters we reactivated throughout 2020, the four 747s and one 777 as well as improved charter flying for the U.S. military. Revenue in our dry leasing segment was relatively unchanged.

此外，該部門收入受益於我們在2020年全年重新啟用的五架貨機（四架747和一架777）的運營，以及為美國軍方提供的包機飛行服務得到改善。幹租賃部門的收入基本上維持不變。

Looking now at the bottom of the slide. Segment contribution totaled $242.6 million in the second quarter. Airline operations segment performance improved significantly compared with the prior year that included exceptionally high commercial charter yields in April and May last year. Higher airline operations contribution during the period was primarily driven by the positive factors benefiting segment revenue I just noted as well as lower heavy maintenance expense. In dry leasing, higher segment contribution was primarily due to lower interest expense related to the scheduled repayment of debt.

現在來看幻燈片底部。第二季度，分部貢獻總計2.426億美元。航空營運分部業績較上年同期顯著改善，其中包括去年4月及5月商業包機收益率的大幅提升。本季航空營運貢獻的增加主要得益於我剛才提到的有利於分部收入的正面因素，以及重型維護費用的降低。幹租賃分部貢獻的增加主要得益於與按計劃償還債務相關的利息支出的降低。

Now turning to Slide 8. Our net leverage ratio declined another tick, finishing the quarter at 2.0X, down a full turn from 3.0X at the end of the second quarter of 2020. We ended the second quarter with cash, including cash equivalents and restricted cash totaling $760.5 million. Our cash position at June 30 reflected cash used for investing and financing activities, partially offset by cash provided by operating activities. Net cash used for investing activities in the first half of 2021 was primarily for core capital expenditures, payments for flight equipment and modifications, including pre-delivery payments for 747-8 aircraft that will take next year as well as spare engines, engine overhauls and upgrade kits.

現在翻到第8張幻燈片。我們的淨槓桿率再次下降，本季末為2.0倍，較2020年第二季末的3.0倍下降了整整一倍。第二季末，我們持有的現金（包括現金等價物和限制性現金）總額為7.605億美元。截至6月30日，我們的現金狀況反映了用於投資和融資活動的現金，部分被經營活動提供的現金所抵銷。 2021年上半年用於投資活動的淨現金主要用於核心資本支出、飛行設備及改裝的付款，包括將於明年交付的747-8飛機的預交付付款以及備用發動機、發動機大修和升級套件。

Net cash used for financing activities during the 6-month period primarily reflected debt payments, partially offset by proceeds from debt issuance. We continue to apply a disciplined approach to financing. As we've indicated before, this has resulted in the low weighted average coupon interest rate, which now stands at 2.95%, and the majority is secured by our aircraft assets, which have a value in excess of the related debt. We remain committed to a strong balance sheet, and we're taking actions to mitigate the impact of any continuation or worsening of the pandemic as well as to position our company for continued success by managing costs, enhancing liquidity and strategically allocating resources.

六個月期間融資活動所用淨現金主要反映了債務償還，部分被債務發行所得所抵銷。我們繼續採取嚴謹的融資方式。正如我們之前所述，這導致加權平均票面利率處於較低水平，目前為2.95%，且大部分資金由我們的飛機資產擔保，其價值超過相關債務。我們將繼續致力於維持強勁的資產負債表，並正在採取措施減輕疫情持續或惡化的影響，並透過管理成本、增強流動性和策略性地配置資源，為公司持續取得成功做好準備。

Now I'd like to turn it back to John.

現在我想把話題轉回給約翰。

Thank you, Spencer. And moving to Slide 9. We have great business momentum, delivered a very strong second quarter, and we feel very good about the third quarter. Our team continues to execute on our strategy and capitalize on the current air freight environment, while also positioning us well for the future. We're closer to completing a new joint collective bargain agreement with our pilots, and we'll continue to take every precaution to protect our world-class team of employees and our operations to ensure that we can continue to serve our customers and transport essential goods around the world.

謝謝，史賓塞。接下來是第9張投影片。我們的業務發展勢頭強勁，第二季業績非常強勁，我們對第三季的前景充滿信心。我們的團隊將繼續執行我們的策略，充分利用目前的航空貨運環境，同時也為未來做好了準備。我們即將與飛行員達成一項新的聯合集體談判協議，我們將繼續採取一切預防措施，保護我們世界一流的員工團隊和我們的運營，以確保我們能夠繼續為客戶提供服務，並在全球範圍內運輸必需品。

At this point, operator, may we have the first question, please?

接線員，現在我們可以問第一個問題嗎？

(Operator Instructions) Our first question coming from the line of Stephanie Moore with Truist.

（操作員指示）我們的第一個問題來自 Truist 的 Stephanie Moore。

Congrats on a nice quarter. I wanted to touch a bit on some of the locked-in charter agreements that have been put in place really over the last year and would love to get a sense of maybe what you're hearing from some of those customers that switched to a more dedicated offering? I think you called out HP, for example, in the past, maybe just some -- I guess, just really what you're hearing is their feedback. I mean, is this something where they're really understanding the benefits of working with the dedicated carrier? Have you been able to kind of sign on more of these longer-term charter agreements? Would love to just get an update on that.

恭喜您本季業績喜人。我想稍微談談過去一年來簽訂的一些鎖定包機協議，並想了解您從那些轉向更專用服務的客戶那裡聽到了什麼？我記得您之前提到過惠普，也許只是一些東西——我想，您聽到的只是他們的回饋。我的意思是，他們是否真正了解與專用業者合作的好處？您是否已經簽署了更多這樣的長期包機協議？我很想了解這方面的最新進展。

Sure. Thanks, Stephanie. And I'll start. The feedback has been overwhelmingly positive. I think customers appreciate the ability to take advantage of this committed capacity. They have assurances that their goods are going to get to where they need to be. In fact, if you reflect on some of our comments, not only are we entering into new agreements, but we're also extending existing agreements, which is indicative of their pleasure with the agreements and the fact that they're looking to renew. And so we feel really good about it. It's also important to note, we're creating a new customer base here, too, with the likes of HP and others, where they typically had not committed to dedicated freighters. And we see that as a trend that's renewing and hopefully expanding over time.

當然。謝謝，Stephanie。我先開始吧。反饋非常正面。我認為客戶很欣賞能夠利用這種已承諾的運力。他們得到了貨物將抵達目的地的保證。事實上，如果你回顧我們的一些評論，你會發現我們不僅正在簽訂新協議，而且還在延長現有協議，這表明客戶對協議感到滿意，並且正在尋求續約。所以我們對此感到非常高興。同樣值得注意的是，我們也正在與惠普等公司建立新的客戶群，這些公司通常不會承諾使用專用貨機。我們認為這是一種正在復甦的趨勢，並有望隨著時間的推移而不斷擴大。

And maybe, Stephanie -- it's Spencer. I'll just add a couple of things there. As John said, customers are enjoying the dedicated capacity that they now have. The vast majority of these agreements go into 2022 and 2023, several now go into 2024. And many of them are on some of the fastest-growing [trailings] that likely will not be operated by returning passenger aircraft. So it really gives the customer this dedicated capacity that they can count on.

史蒂芬妮，也許是史賓塞。我再補充幾點。正如約翰所說，客戶正在享受他們現在擁有的專用運力。這些協議絕大多數將持續到2022年和2023年，還有一些將持續到2024年。其中許多協議都位於一些成長最快的航線上，這些航線很可能不會再由客機回歸運作。因此，這確實為客戶提供了值得信賴的專用運力。

And then I'll just lastly on this topic, during the second quarter, we extended 2 agreements with 2 of the big forwarders. One, we extended 1 year into 2023. And one, we extended 3 years into 2024 now. We also, during the quarter, entered into 2 new arrangements with 2 big forwarders there as well. One goes to the end of this year and one is for a couple of years going into 2023, all at very good rates.

最後，我想說的是，在第二季度，我們與兩家大型貨運代理商續簽了兩份協議。其中一份續約了一年，至2023年。另一份續簽了三年，至2024年。此外，在本季度，我們也與兩家大型貨運代理達成了兩項新的協議。一份續約至今年底，另一份續約兩年，至2023年，所有協議的價格都非常優惠。

Our next question coming from the line of Bob Labick with CJS Securities.

我們的下一個問題來自 CJS Securities 的 Bob Labick。

Congratulations again on just excellent execution and a great quarter. Sure. So with Q2 and then guidance for Q3, EBITDA in excess of several prior peaks, probably all but last year, how is the business seasonality changed with your new contracts? How should we think about seasonality going forward? And how should we think about kind of the earnings power of the business going forward?

再次恭喜您出色的執行力和出色的季度業績。好的。那麼，第二季以及第三季的業績指引，EBITDA（息稅折舊攤銷前利潤）都超過了之前的幾個峰值，可能除了去年之外，其他所有季度都超過了。新合約對業務的季節性有何影響？我們該如何看待未來的季節性？我們該如何看待未來業務的獲利能力？

Yes. You could see, it's a great question. You can see that the seasonality is not as varied as it once was. Of course, there's still some seasonality. In the fourth quarter, you would expect is always going to be the highest quarter given the holiday period. But you can see that the seasonality this year, looking at the second quarter of this year versus the third quarter, the outlook that we've provided, you can look and see there's not nearly as much variability. These long-term contracts are much more reliable and predictable. Of course, we still have about 5% of our business in the ad hoc charter spot market. And so that is somewhat dependent on what yields are doing. But the vast majority of the business now is much more locked in and there's less seasonality, less variability.

是的。你看得出來，這是一個很好的問題。你可以看到，季節性不像以前那麼改變了。當然，仍然有一些季節性。考慮到假期的影響，你可能會認為第四季的業績總是最高的。但你可以看到，今年的季節性，對比今年第二季度和第三季度，以及我們提供的展望，你會發現波動性遠沒有那麼大。這些長期合約更加可靠，也更可預測。當然，我們仍然有大約5%的業務來自臨時租船現貨市場。這在一定程度上取決於收益率的表現。但現在絕大多數業務都比較固定，季節性和波動性都降低了。

Got it. Okay. That's great. And then I guess as my follow-up, just wanted to ask also about the -- what's the P&L impact of acquiring the planes that are coming off lease? It's pretty exciting, and it seems like it could be a pretty good use of capital for you, particularly given the strong cash flow that you have. So maybe just kind of help us give us a sense of the P&L impact and how many more after the 8, do you have this opportunity to buy after lease ends in your current fleet?

明白了。好的。太好了。接下來我想問一下──收購即將到期的飛機對損益表有什麼影響？這很令人興奮，而且看起來這對你們來說是一種很好的資本利用方式，尤其是考慮到你們擁有強勁的現金流。所以，能否請您幫我們了解一下對損益表的影響？除了這8架飛機之外，你們還有機會在現有機隊租約到期後購買多少架飛機？

Sure, Bob. It's Spencer. So I guess I'll start by saying acquiring these aircraft, really, it underscores our confidence in the global airfreight market. We'll ensure that we have these committed aircraft to be able to serve customer needs. And it delivers very strong returns for Atlas in the years ahead. So what I can say there is that looking at the 8 aircraft, the IRRs there are very strong for many years ahead. The payback period on these aircraft is only about 2 to 3 years. And we avoided having to incur some maintenance return conditions that we otherwise would have paid when returning the aircraft that would have been due to the lessors. So it is a, again, very good IRR, it will be very good for our P&L going forward.

當然，Bob，我是 Spencer。我想首先要說的是，收購這些飛機確實彰顯了我們對全球航空貨運市場的信心。我們將確保擁有這些已投入使用的飛機，以滿足客戶的需求。這將在未來幾年為 Atlas 帶來非常豐厚的回報。所以我可以說的是，就這 8 架飛機而言，其內部收益率 (IRR) 在未來很多年都將非常可觀。這些飛機的投資回收期僅為 2 至 3 年。而且，我們避免了在歸還飛機時支付一些原本應由租賃方承擔的維修返還費用。因此，這仍然是一個非常好的內部報酬率，對我們未來的損益表非常有利。

And your other question was how many aircraft we still have remaining on lease, I think, right?

您的另一個問題是，我想我們還有多少架飛機處於租賃狀態，對嗎？

Yes, with the opportunity to potentially -- yes, the opportunity to potentially buy them and, as well, like you just did with these.

是的，有機會潛在地——是的，有機會潛在地購買它們，就像你剛才對它們所做的那樣。

There are still about approximately, I think it's 11 aircraft that remain on lease, and those will be through 2025. So we still have opportunities there to either re-lease, not re-lease, acquire those aircraft. So we still have those opportunities coming up.

大約還有11架飛機處於租賃狀態，這些飛機將租賃至2025年。因此，我們仍有機會重新租賃，或不重新租賃，或收購這些飛機。所以我們仍然有機會。

Our next question coming from the line of Chris Stathoulopoulos with Susquehanna.

我們的下一個問題來自 Susquehanna 的 Chris Stathoulopoulos。

So John or Spencer, could you give some more detail on what you're seeing with respect to the freighter supply-demand balance as a whole. And then perhaps if there are any lanes that stick out, just looking at some of the wide-body passenger schedules this morning for flights originating in North America. It looks like for the second half, they're down around 12% versus the comparable period for 2019. So curious if you've seen any meaningful change in that dynamic versus when we last spoke in May?

那麼，約翰或史賓塞，您能否更詳細地介紹一下您觀察到的整體貨機供需平衡情況？如果有什麼航線比較突出，那就看看今天早上從北美出發的一些寬體客運航班時刻表吧。看起來，下半年的客運量與2019年同期相比下降了約12%。所以，我很好奇，與我們5月上次交談時相比，您是否發現這種動態有什麼顯著的變化？

And then perhaps, curious if you have any thoughts on Biden's plans to require vaccinations for all inbound international passenger travelers, which could probably help that greater dynamic for the second half as well.

然後，也許，我很好奇您是否對拜登要求所有入境國際旅客接種疫苗的計劃有什麼看法，這可能也有助於下半年的更大活力。

My apologies. Occupational hazard these days. Sorry about that. So I'll start, and then Spencer can provide some additional color. Well, we expect, and as I've been saying all along, the passenger carriers are going to have a tremendous appetite to bring as much capacity back into the market as soon as possible. And I'll applaud them on that. But what we're seeing here is it's much more gradual and even at the end of the period where we return back to pre-COVID levels of volume, we're anticipating in some of the studies we see are anticipating that in terms of capacity, even when the volumes come back, the capacity will likely be 20% less than what it is today. So that's a factor to keep in mind and plays into airfreight.

抱歉。最近職業病纏身，抱歉。我先開始，然後Spencer可以補充一些狀況。我們預計，正如我一直在說的，客運航空公司將有巨大的需求，希望盡快將盡可能多的運力恢復到市場。我為此表示讚賞。但我們目前看到的是，恢復的過程要緩慢得多，即使在恢復到疫情前的運力水平的時期結束時，我們看到的一些研究預測，就運力而言，即使運力恢復，運力也可能比現在少20%。所以這是一個需要牢記的因素，它會影響到航空貨運。

In terms of available new capacity coming into the market, I'll say it's somewhat gradual and slower. There are really no available production slots for wide-body freighters until late fourth quarter 2023, other than those that are already on the books. And many of those are going to some of the express operators that are more customers than competitors of ours. Some of the other available aircraft through conversions are longer lead times. So over the next couple of years, at least, we see the supply not keeping pass with this significant demand. I talked about some of the factors where the demand is coming back. And once COVID subsides, which we all hope is sooner than later, there's just, in my view, going to be tremendous appetite for manufacturing movement of goods, raw materials and finished product to get moving again. Businesses are really interested in getting going again. And we think that all favors airfreight, particularly when you look at some of the other supply chain challenges of ocean that we mentioned. So that dynamic is in play. Capacity is going to be tight, and we expect continued growth in air cargo, putting aside COVID demand, just general economic return of airfreight to be 3% to 4% annually. Fueled by a strong global economy once things get rolling again.

就新增可用運能進入市場而言，我認為成長速度比較緩慢。除了已經預訂的寬體貨機外，直到2023年第四季末，實際上沒有可用的生產艙等。其中許多寬體貨機將流向一些快遞業者，這些業者的客戶比我們的競爭對手多。其他一些透過改裝獲得的可用飛機的交付週期更長。因此，至少在未來幾年，我們會看到供應跟不上巨大的需求。我談到了一些促使需求回升的因素。一旦新冠疫情消退（我們都希望這能盡快消退），我認為製造業對貨物、原材料和成品運輸的需求將非常大，需要重新開始運作。企業真的希望恢復營運。我們認為這一切都有利於空運，尤其是考慮到我們提到的海運供應鏈面臨的其他一些挑戰。所以，這種動態正在發揮作用。運力將會緊張，我們預期航空貨運將持續成長，撇開新冠疫情需求不談，航空貨運的總體經濟報酬率每年將達到3%至4%。一旦全球經濟復甦，強勁的勢頭將進一步推動航空貨運的成長。

With regard to your question on Biden's plans to require inbound immunization? Yes, I think that's another burden for the international passenger carriers, it is going to further subdue demand because I know there are strong feelings on people getting the vaccination or not or needing to cross those hurdles. And in fact, what we're seeing, if you follow the news and some of the reports, countries are reversing course and getting more restrictive now. Points in China, I read this morning, some pressure in Germany. It's almost taking 2 steps forward, 1 step back or describe it how you will. So yes, we think that will contribute to international passenger travel being a bit slower than people forecasted, say, this time last year, for example.

關於你關於拜登計劃強制入境免疫的問題？是的，我認為這會給國際客運航空公司帶來另一個負擔，這將進一步抑制需求，因為我知道人們對是否接種疫苗或是否需要跨越這些障礙有著強烈的感受。事實上，如果你關注新聞和一些報道，你會發現各國正在逆轉政策，採取更嚴格的限制措施。我今天早上讀到中國的情況，德國也面臨一些壓力。情況幾乎是“進兩步退一步”，或者你可以隨便形容一下。所以，是的，我們認為這將導致國際客運旅行比人們預測的要慢一些，例如去年這個時候。

Okay. And my follow-up. So it looks like yesterday, the U.S. DOD reinstated some travel restrictions, but still around 89% of their installations have had their restrictions lifted. So if you could just give us an update on the utilization trends for the U.S. DOD into third quarter? And then as a Part B, I'm curious, I realize you're not a passenger airline, but you do have some commercial airlift. I'm curious if you're seeing any slowdown in bookings related to the COVID cases and the Delta variant?

好的。接下來是我的後續問題。看起來昨天美國國防部恢復了一些旅行限制，但大約89%的設施的限制已經解除。能否介紹一下美國國防部第三季的使用率趨勢？然後作為B部分，我很好奇，我知道你們不是一家客運航空公司，但你們確實有一些商業空運。我想知道，你們的預訂量是否因新冠疫情和達美航空的變異病毒而下降？

So I'll start with the DOD and say that as we said in our remarks, we're seeing the U.S. military passenger movements to return to kind of pre-COVID and higher we're still evaluating while the demand is still strong on the cargo side. The withdrawal of Afghanistan, we expect there to be continued movement in returning to pre-COVID levels but just different kinds of flying. But cargo has not yet returned to the pre-COVID levels, but we expect it will moderate.

首先我想從國防部說起，正如我們在發言中所說，我們看到美國軍方客運量正在恢復到疫情前的水平，甚至更高，我們仍在評估，而貨運需求仍然強勁。從阿富汗撤軍後，我們預計貨運量將繼續恢復到疫情前的水平，只是飛行方式有所不同。貨運量尚未恢復到疫情前的水平，但我們預計貨運量將有所放緩。

I can't really comment on the passenger side. Our business, as you point out, is so different on the passenger side. That -- much of what we do is for the military, which I said is increasing, which leaves somewhat less capacity for other passenger travel other than pre-booked things like sports teams that we move are proud to move 5 of the NFL teams to their away games and things that are already under contract. So I can't really comment on kind of the impact of this Delta variant and its impact.

我無法真正評論客運方面的情況。正如您所指出的，我們的業務在客運方面非常不同。我們大部分的客運業務是為軍方服務，而軍方的客運量正在成長，這使得其他客運業務的運力略有減少，除了預訂的客運業務，例如我們承運的五支NFL球隊，我們很榮幸能承運他們的客場比賽，以及已經簽約的客運業務。因此，我無法真正評論達美航空此次航班變化及其帶來的影響。

I was just curious if there was something about Garth Brooks potentially canceling some concerts in the second half. And I do -- in the past, I think you have moved some kind of music and entertainment like. So curious if anyone has sort of -- has locked in charter space and is now perhaps looking to move that into 2022?

我只是好奇，Garth Brooks 可能會在下半年取消一些演唱會嗎？我記得你過去也做過類似的音樂和娛樂。所以，我想知道是否有人已經鎖定了演出場地，現在可能正在考慮將其推遲到2022年？

Nothing of consequence, Chris.

沒什麼大不了的，克里斯。

(Operator Instructions) Our next question coming from the line of Scott Group with Wolfe Research.

（操作員指示）我們的下一個問題來自 Wolfe Research 的 Scott Group。

This is Jake on for Scott. So one more on guidance. It looks like it includes a $33 million sequential decline in maintenance expense from 2Q to 3Q. But earnings implied are pretty flat sequentially. So I understand there isn't as much seasonality as a tailwind right now, given the long-term charter contracts. But what are the offsets to the lower maintenance expense?

傑克代替斯科特發言。再問一個關於業績指引的問題。看起來，業績指引包含了維護費用從第二季到第三季較上季下降3,300萬美元。但隱含獲利環比持平。因此，考慮到長期租船合同，我理解目前季節性因素的影響並不大。但是，維護費用下降帶來的抵銷因素是什麼呢？

Your question is with regard to maintenance expense. Yes. Maintenance expense, we expect to be lower certainly than the second quarter. So you see that sequential benefit there. What are the offsets you are asking? I think charter yields may be a slight offset there as charter yields were a bit higher on a sequential basis, but we'll see how that plays out. So that's a potential offset there. And then we do have --

您的問題是關於維護費用的。是的。我們預計維護費用肯定會低於第二季。所以您看到了季比收益。您問的是哪些抵銷因素？我認為租船收益率可能會略有抵消，因為租船收益率環比略高，但我們會觀察其影響。所以這是一個潛在的抵銷因素。然後我們確實…

Is fuel, Spencer, fuel in that equation?

史賓塞，燃料在這個等式中嗎？

Very little exposure on a net basis, I think, to fuel there. I think it's probably more of a yield story, Jake. And we're being conservative. Hopefully, we're being conservative there. I think it's more of a yield story. And on the small portion of our business that has the ad hoc charter flying.

我認為，從淨值來看，那裡的燃油風險敞口很小。傑克，我覺得這更像是一個收益故事。我們比較保守。希望我們在這方面比較保守。我覺得這更像是一個收益故事。而且就我們業務中一小部分的臨時包機而言。

Got it. Yes. That makes sense. And then we all saw the release from the pilot union today. Can you give some thoughts around availability broadly? And directionally, how should we be thinking about labor costs in 4Q following the arbitration?

明白了。是的。這很有道理。然後我們都看到了今天飛行員工會發布的消息。您能否大致談談關於可用性的一些想法？從方向來看，仲裁之後我們應該如何考慮第四季的勞動成本？

I'll -- Jake, I'll start. I'll be honest. We've been preparing for this earnings call. So I hadn't seen the labor press release. But as we said in our remarks, we're excited to get to the point where we're going to get our next JCBA. And as we said, there will be a pilot increase, what we've described as a material pilot increase coming sooner than later. We're in the home stretch here. It's all up to the arbitrator and timing, which is right around the corner. And we believe we have just a tremendous value proposition for any pilot to come work for us. You see the diversity of our fleet, the type of flying we do, where we do it. Pilots can choose among different aircraft types and different networks; both domestically and international. And an increase in the current agreement is going to enhance our ability to recruit and retain.

傑克，我先開始吧。說實話，我們一直在為這次財報電話會議做準備。所以我還沒看到勞工新聞稿。但正如我們在發言中所說，我們很高興即將簽署下一份聯合飛行員協議（JCBA）。正如我們之前所說，飛行員的薪水將會上漲，我們稱之為實質的上漲，很快就會到來。我們現在已經到了最後衝刺階段。一切都取決於仲裁者和時機，而時機就在眼前。我們相信，對於任何想加入我們的飛行員來說，我們都有巨大的價值主張。您可以看到我們機隊的多樣性，我們飛行的類型，以及我們飛行的地點。飛行員可以選擇不同的機型和不同的航線網絡，包括國內和國際航線。增加現有協議的薪資將增強我們招募和留住飛行員的能力。

Now having said all that, there's no question that pilot of availability is an industry issue. It's not an Atlas issue. It's an industry issue. And when you had some of the majors and legacy carriers and integrators putting programs in place like early retirements when they were under significant financial pressure to cut costs and avoid furloughs, you had a lot of pilots come out of the market because of that, coupled with now the return of starting with the domestic passenger travel, and the expansion -- significant expansion of what our colleagues in the industry, FedEx and UPS are growing and they're hiring. All that places pressure on pilot availability, particularly near-term when pilots elect to make a change to go from an Atlas to another carrier or from another carrier to Atlas. All those dynamics are in play.

綜上所述，毫無疑問，飛行員的可用性是一個行業問題。這不是Atlas的問題，而是整個產業的問題。一些大型航空公司、傳統航空公司和整合商在面臨巨大的財務壓力，需要削減成本、避免休假的情況下，推出了提前退休等計劃，導致大量飛行員退出市場。再加上現在國內客運業務的回歸，以及我們同業——聯邦快遞和UPS——的業務規模和招聘規模的顯著擴張。所有這些都給飛行員的可用性帶來了壓力，尤其是在短期內，飛行員可能會選擇從Atlas轉到其他航空公司，或從其他航空公司轉到Atlas。所有這些因素都在發揮作用。

What I've said before, it's not uncommon when larger airlines that have bigger contracts than ours are hiring that we lose pilots, that's just a fact of life. But when it's happening in an environment with big numbers, sure, that has an impact on us. But we believe we have a tremendous value proposition, and we will be a carrier of choice, especially with our new contract. And we're looking forward to doing that and having our pilots have this as a career destination. So to the extent the press release you're referencing said otherwise, I don't agree with it. But to the extent it's consistent, I agree with it, and I look forward to reading it.

我之前說過，當一些合約額比我們大的航空公司招募飛行員時，我們流失飛行員的情況並不少見，這是不爭的事實。但當這種情況發生在一個龐大的環境中時，這當然會對我們產生影響。但我們相信我們擁有巨大的價值主張，我們將成為首選航空公司，尤其是在我們簽訂新合約之後。我們期待著做到這一點，並讓我們的飛行員以此作為職業目標。所以，就您所引用的新聞稿中所說的其他內容而言，我不同意。但就其一致性而言，我同意，並期待閱讀它。

Our next question coming from the line of Frank Galanti with Stifel.

我們的下一個問題來自 Stifel 的 Frank Galanti。

Great. I wanted to ask a high-level question about capital allocation. Between growth, returning capital to shareholders, paying down debt. What are the priorities for the cash flows coming in? And particularly interested in walking through the thought process on that decision.

太好了。我想問一個關於資本配置的宏觀問題。在成長、股東資本回報和償還債務之間，應該優先考慮哪些現金流？我特別想了解你做這個決定的想法。

Sure. As we've said all along, we have a variety of priorities. And Spencer mentioned, paying down debt is certainly one of them. And I think we've done a really solid job of doing that. It went down a full tick as was reported. We're going to continue to do that strengthen our balance sheet, make sure that we're able to endure any potential downturn. I'm not anticipating that's going to happen. But as we've been talking about, we're not through this pandemic yet. And we need to be sure we have the wherewithal to weather through the entire pandemic and then be positioned to grow the business. And for now, with regard to any kind of share buyback or anything like that, we're currently still under the restrictions of the CARES Act. But that's certainly on the list of options available to us when we get to that point that we're able to have that as a serious consideration.

當然。正如我們一直所說，我們有各種各樣的優先事項。史賓塞提到，償還債務當然是其中之一。我認為我們在這方面做得非常紮實。正如報道的那樣，債務大幅下降。我們將繼續這樣做，增強我們的資產負債表，確保我們能夠承受任何潛在的經濟衰退。我預計這不會發生。但正如我們一直在說的，我們還沒有度過這場疫情。我們需要確保我們有足夠的資金來度過整個疫情，然後為業務成長做好準備。目前，關於任何形式的股票回購或類似事項，我們仍然受到《關懷法案》的限制。但當我們能夠認真考慮時，這肯定是我們的可選方案之一。

So we're focused on, honestly, making as much money as we can during this unprecedented period, keeping our head down and doing that, strengthening the balance sheet, continuing to manage through this pandemic, support our employees and invest in the business and seek to maximize our shareholder value in the multiple forms that, that may take.

因此，說實話，我們的重點是在這個前所未有的時期盡可能多地賺錢，保持頭腦清醒，加強資產負債表，繼續應對這場疫情，支持我們的員工，投資於業務，並尋求以多種形式實現股東價值最大化。

Okay. That's helpful. And I guess following up on the balance sheet, given that we aren't through this pandemic, and there's a number of kind of already pre-committed CapEx decisions with the 4 new build planes and then these 8 plants that was announced this quarter, kind of on a, I guess, a larger picture, what is a normalized debt level look like for Atlas, either from a debt-to-EBITDA or debt to total cap kind of positioning?

好的，這很有幫助。我想，考慮到我們還沒有度過這場疫情，而且已經有一些預先承諾的資本支出決策，包括本季度宣布的4架新飛機和8家工廠，從更大的角度來看，Atlas 的正常化債務水平是什麼樣的？無論是從債務與 EBITDA 的比率，還是債務與總資本比率的比率來看？

Spencer, I'll turn it over to you. I'm just going to give a high level, and that's a tough -- that's one what's normalized. I think it depends on the time and place and where we are. There may be times where we're prepared for the right opportunity to take on some more debt. This has been a period of paying that debt down. It wasn't all that long ago that we were up well north of 4, pushing 5. And we did that for the right reasons. We took on debt when we bought the Amazon aircraft, for example. And now we're in an environment where we could do a little bit of both, invest in the business as well as bring down our debt. So at a high level, I don't know that we can provide anything that's normalized. But in terms of the ratio, Spencer, maybe you want to comment on that further, what's a comfortable place?

史賓塞，我把時間交給你了。我只能給出一個大概的水平，這很難——也就是如何實現常態化。我認為這取決於時間和地點以及我們所處的位置。有時，我們可能已經做好準備，等待合適的機會來承擔更多債務。這段時間我們一直在償還債務。不久之前，我們的負債比率遠高於4，甚至接近5。我們這樣做是出於正當理由。例如，我們購買亞馬遜飛機時就承擔了債務。現在，我們處於一個可以兩者兼顧的環境，既可以投資業務，又可以降低債務。所以，從宏觀角度來看，我不知道我們能否提供任何常態化的東西。但就比率而言，斯賓塞，也許你想進一步評論一下，一個合適的水平是多少？

Yes. Frank, our target generally has been somewhere between 3 and 4x. We're obviously well below that. And that's a good place to be for a capital-intensive business. As John said, it is pretty situational. We had an opportunity to acquire the last four 8s that Boeing is producing. They are tremendous, tremendous aircraft. And we had an opportunity to acquire these 400s coming off lease. The 400s are generally, on average, about mid- life. So they have still a good long kind of runway ahead of them. So we had some good opportunities, and we've taken those opportunities.

是的。弗蘭克，我們的目標通常是3到4倍之間。顯然，我們現在遠低於這個數字。對於資本密集型企業來說，這是一個不錯的目標。正如約翰所說，這非常具體。我們有機會收購波音公司正在生產的最後四架波音8系列飛機。它們是非常棒的飛機。我們也有機會收購這些即將租期滿的波音400系列飛機。這些400系列飛機平均壽命約為中年。所以它們還有很長的使用壽命。所以我們有一些很好的機會，並且抓住了它們。

So overall, we're below kind of where our target is. But again, as a capital-intensive business, we feel good about it. We think it's the right place for us to be. We used to hear from investors sometimes that our leverage ratio was a little too high. And so we've really been focusing on bringing that down, and we're pretty proud of where we've gotten to.

所以整體來說，我們目前的表現略低於目標。但作為一家資本密集型企業，我們對此感到滿意。我們認為這對我們來說是合適的。我們過去常常聽到投資者抱怨我們的槓桿率有點過高。所以我們一直在努力降低槓桿率，我們對目前的成果感到非常自豪。

Yes. So I guess, apologies for kind of following up again, but the -- with that context, if historically normalized was kind of 3 to 4x, investors didn't like that debt level. I guess the real question is how much of that is [pre-committed]?

是的。所以，我想，我得再次跟進這個問題，但在這種情況下，如果歷史正常化水平是3到4倍，投資者肯定不喜歡這種債務水平。我想真正的問題是，其中有多少是預先承諾的？

It was higher than that when they were not happy with the leverage level, it was higher than that. And so I think they'd be more comfortable in that sort of range or below it where we are now.

當他們對槓桿率不滿意時，利率會更高。所以我認為他們會更願意接受這種區間，或低於我們目前的水平。

Okay. Yes, but -- sorry, the point I was really trying to get to was how much of that has already been spoken for, right? If you look at what CapEx needs to go out and the debt that's associated with that, and how much more can you -- how much CapEx do you have to work with outside of that, already accounted for?

好的。是的，但是——抱歉，我真正想問的是，這其中有多少已經被提及了，對吧？如果你看看需要支出的資本支出以及與之相關的債務，你還能再多花多少錢——除了這些，你還有多少資本支出是已經算進去的？

Well, there are 2 parts to the net leverage ratio. Ratings is a part of it as well, and so we need to deliver good, strong earnings to keep that level where we'd like it to be. So that's a really important part of it. And then your question about how much sort of CapEx is already spoken for and how much we have available. Not highly sure how to answer that. But we feel comfortable with our leverage, and we feel comfortable where it is and where it's going to be. We haven't provided an outlook beyond that at this point. So to comment on our CapEx spending beyond our outlook period, I don't think, would be appropriate today.

淨槓桿比率包含兩個部分。評級也是其中一部分，因此我們需要實現良好、強勁的盈利，才能將這一水平保持在我們期望的水平。所以，這是非常重要的一環。然後，您問到我們目前有多少資本支出已經談妥，以及我們有多少可用資金。我不太確定該如何回答。但我們對我們的槓桿率感到滿意，我們對目前的槓桿率以及未來的槓桿率感到滿意。目前我們還沒有提供更進一步的展望。所以，我認為現在就評論展望期之後的資本支出並不合適。

I'll just add, we're in a really fortunate position. We were able to pay, so the four 747-8s that we're taking delivery of next year, they have a pretty significant pre-delivery payment schedule. And so we have to make those payments this year, and we've been in a position where we did not need to finance those, we've been able to pay those in cash. So we've been doing that. We've been acquiring the aircraft that we talked about today, and we're in a great position to be able to do that and our balance sheet is quite strong, which allows us to do that.

我只想補充一點，我們真的很幸運。我們有能力支付明年交付的四架747-8飛機的款項，它們有相當長的交付前付款計劃。所以，我們必須在今年支付這些款項，而我們之前一直不需要融資，我們能夠以現金支付。我們一直都是這樣做的。我們一直在採購今天談到的飛機，我們處於非常有利的地位，能夠做到這一點，而且我們的資產負債表相當強勁，這使我們能夠做到這一點。

And if I could, if I could add to that, as I said in my remarks, we strive to be very disciplined in our investments, particularly on aircraft. So what Spencer has been talking about are the aircraft for our operation. But we also have our Titan business that is continuing to focus on the market for opportunities for further investment. We did announce the 2 sale-leaseback aircraft 767s that will ultimately be converted. So as the evolution of the passenger business kind of continues to shake out, and there are opportunities in the marketplace for investments for converted candidates, for example, we're going to be watching that closely as well.

如果可以的話，我可以補充一點，正如我在發言中所說，我們在投資方面力求非常謹慎，尤其是在飛機投資方面。史賓塞一直在談論的是我們營運的飛機。但我們的泰坦（Titan）業務也將繼續專注於市場，尋找進一步的投資機會。我們確實宣布了兩架最終將被改裝的售後回租飛機767。因此，隨著客運業務的不斷發展，市場上也出現了一些投資機會，例如針對改裝飛機的投資機會，我們也將密切關注。

And we have a follow-up question from Chris Stathoulopoulos with Susquehanna.

我們還有來自 Susquehanna 的 Chris Stathoulopoulos 的後續問題。

So Spencer, just remind us when the restrictions around PSP1 laps and did [Part B], did you take any fund on PSP2 or 3? And also, so your order book here, you have the 8 aircraft that you're going to buy out at the end of the lease, you have the 4 factory orders. Should we think about CapEx returning to a high teens, low 20% level of revenue for 2022 and 2023?

史賓塞，請問您能否提醒我們一下，當PSP1的限制措施（B部分）出台時，您是否在PSP2或3上投入了資金？另外，您的訂單簿上有8架飛機，您將在租約到期時買斷，還有4份工廠訂單。我們是否應該考慮在2022年和2023年將資本支出恢復到收入的15%到20%左右的水平？

Thanks, Chris. As far as the CARES Act restrictions, so the restrictions with regard to not being able to pay dividends or repurchasing shares, those expire at the end of September. We still have restrictions on executive compensation to go into 2022. And then we still have a loan portion related to -- there was a grant portion and the loan portion. And so the loan portion is long term. And so we still have that outstanding, and we'll need to consider that as we move forward. We did not take any funds after the initial allocation for cargo air carriers.

謝謝，克里斯。就《關懷法案》（CARES Act）的限製而言，關於無法支付股息或回購股票的限制將於9月底到期。但到2022年，我們仍然對高階主管薪酬有所限制。此外，我們還有一筆貸款，這部分資金既包括撥款，也包括貸款。貸款部分是長期的。因此，我們仍有未償還的款項，我們需要在推進過程中考慮到這一點。在最初分配給貨運航空公司的資金之後，我們沒有再使用任何資金。

Let's see, with regard to capital allocation, yes, we've been -- we're fortunate enough to acquire the 4 aircraft, 747-8s next year, and we're acquiring these 8. But we're really not going to talk about our outlook beyond those at this point. We have no commitments beyond those at this point. We've told you the commitments that we have.

關於資本配置，是的，我們很幸運地在明年收購了4架747-8飛機，並且還將收購這8架。但目前我們不會談論除此之外的前景。目前我們沒有其他承諾。我們已經告訴你們我們的承諾了。

And then just curious, how many aircraft can you realistically grow your fleet or our order book over the next few years? Is 8% to 10% sort of the limit? And then how should we think about maintenance expense as you bring that aircraft on. Are there any --

我很好奇，未來幾年你們的機隊或訂單量能實際增加多少架飛機？ 8%到10%是上限嗎？你們引進這些飛機後，該如何考慮維修費用？有沒有…

-- when we bring aircraft in, is there any maintenance required? I think that's what you're asking, Chris, at the end.

——當我們引進飛機時，需要維修嗎？克里斯，我想這就是你最後想問的。

Just curious, realistically, how many planes -- Curious if 8 to ten is the limit. And then also -- prep these aircraft, I realized the 4 from the factory, but whether there's any upfront maintenance costs that are -- that we should expect as you get ready to place those aircraft in service?

我只是好奇，實際上，飛機數量──8到10架是否是極限？還有──準備這些飛機，我知道出廠時有4架，但是，在你們準備將這些飛機投入使用時，是否需要我們預期任何前期維護成本？

Yes. So I again, kind of goes to time and place. As you may recall, as you identified -- we brought up 24 airplanes in a matter of 24 months when we brought on the Amazon aircraft, and that included acquiring them as well as converting them and then bringing them online. So a lot more work involved in that. There definitely are lead times. When you're growing, you want to be able to crew it, which is also another reason why we're looking forward to getting into our next collective bargaining agreement to make us even that much more attractive candidate. They're generally with used airplanes, there's, generally speaking, a maintenance requirement, the aircraft go through what's called a C check, generally speaking, to bridge on to from where it was operating before to your certificate. And those C checks can range from 21 to 31 days, roughly speaking, depending on the age of the aircraft and the type of C check that's required.

是的。所以我再次強調，這有點跟時間和地點有關。您可能還記得，正如您所說——我們引進亞馬遜飛機時，在24個月內就引進了24架飛機，這包括購買、改裝和投入營運。所以這其中涉及很多工作。當然也需要一定的準備時間。當你發展壯大時，你肯定希望能夠配備機組人員，這也是我們期待達成下一份勞資協議的原因之一，這將使我們成為更具吸引力的候選人。這些飛機通常都是二手飛機，通常需要維護，飛機通常要經過所謂的C檢，才能從先前的運作狀態過渡到執照。這些C檢大約需要21到31天，取決於飛機的機齡和所需的C檢類型。

So when you're talking about used aircraft, there's that lead time. For new aircraft like the -8's, there would not be. It'd come right online.

所以，當你談論二手飛機時，確實存在交付週期。而像-8這樣的新飛機則不需要交付週期。它們可以直接上線。

Yes. And I'll just add to that, that for the 8 aircraft that we're acquiring, they're already in our existing fleet. So there's no maintenance requirement there. In fact, it's the opposite, as I mentioned before, there would be, if we were continuing -- if the lease was ending, we would have a maintenance condition kind of payment that will be due to the lessors at the end of the lease period. And because we are acquiring the aircraft, those will not be. So it's a cost avoidance, which is terrific.

是的。我還要補充一點，我們收購的8架飛機已經是我們現有的機隊了。所以不需要維護。事實上，正如我之前提到的，如果我們繼續租約，如果租期結束，我們會在租期結束時向出租人支付一筆維護費用。而因為我們是收購飛機，所以不需要支付這筆費用。所以這可以避免成本，這很棒。

On the 4 new 747-8s, those are brand-new aircraft and just the opposite, again, those aircraft come with kind of a sort of a maintenance honeymoon as we referred to it as because they will not need maintenance for quite some time. And most things that could possibly go wrong with the aircraft are under warranty for a good period of time.

至於這四架新的747-8，它們都是全新的飛機，而且恰恰相反，這些飛機就像我們所說的那樣，擁有一種“維護蜜月期”，因為它們在相當長的一段時間內都不需要維護。而且，飛機上可能出現的大多數故障都在相當長的一段時間內享受保固。

If I could just squeeze in one more. And I think this is important for investors to hear. Just how -- could you remind us how payload sensitive Atlas today overall is relative to last year? And I know you moved a lot of the charter business to multi-month or multiyear contracts. But what's the sort of the mix of consolidated block hours that move on sort of spot versus that are on contract?

我可以再插播一個問題嗎？我認為這對投資者來說很重要。您能否提醒我們，與去年相比，Atlas 目前的整體有效載荷敏感度如何？我知道您已經將許多包機業務轉移到了一個多月或多年的合約。但是，按現場運輸的綜合時段和按合約運輸的時段的比例是怎樣的呢？

Sure, Chris. So when you look at our overall flying, about 60% to 65% of that flying is in our traditional kind of ACMI business. About 20% of that is now in these long-term charter arrangements. 8% to 10% is with the U.S. military, about 5% is flying that we do around South America. And that leaves right around 5%, 6% in the ad hoc sort of spot charter market.

當然，克里斯。所以，看看我們的整體飛行情況，大約60%到65%的飛行屬於我們傳統的ACMI業務。其中約20%目前屬於長期包機安排。 8%到10%是與美國軍方合作，大約5%是我們在南美洲各地的飛行。剩下的大約5%到6%屬於臨時的現貨包機市場。

I'm not showing any further questions at this time. I would now like to turn the call back over to Mr. John Dietrich for any closing remarks.

我現在沒有其他問題了。現在我想把電話轉回給約翰·迪特里希先生，請他做最後發言。

Great. Thank you, operator, and thanks to all of you for your great questions. On behalf of all of Atlas, Spencer and I would like to thank you for your interest in Atlas Air worldwide. We really appreciate you taking the time to be with us today. Of course, we hope you and your families continue to stay safe, and we look forward to speaking with you all again soon. Thanks so much.

太好了。謝謝接線員，也謝謝大家提出的精彩問題。我和史賓塞代表阿特拉斯航空全體員工，感謝您對阿特拉斯航空全球業務的關注。非常感謝您今天抽出時間與我們見面。當然，我們希望您和您的家人一切平安，並期待很快再次與您聯繫。非常感謝。

Ladies and gentlemen, that does end our concurrence for today. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與。現在您可以斷開連線了。