AerCap Holdings NV (AER) 2024 Q2 法說會逐字稿

Good day, and welcome to the AerCap Q2 2024 financial results. Today's conference is being recorded and a transcript will be available following the call on the company's website. At this time, I would like to turn the conference over to Joseph McGinley, Head of Investor Relations. Please go ahead, sir.

美好的一天，歡迎來到 AerCap 2024 年第二季財務表現。今天的會議正在錄製中，會議記錄將在公司網站上發布。現在，我想將會議交給投資者關係主管 Joseph McGinley。請繼續，先生。

Thank you, operator, and hello, everyone. Welcome to our second quarter 2024 conference call. With me today is our Chief Executive Officer, Aengus Kelly; and our Chief Financial Officer, Peter Juhas.

謝謝接線員，大家好。歡迎參加我們的 2024 年第二季電話會議。今天和我在一起的是我們的執行長 Aengus Kelly；以及我們的財務長 Peter Juhas。

Before we begin today's call, I would like to remind you that some statements made during this conference call which are not historical facts may be forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results or events that differ materially from those expressed or implied in such statements. AerCap undertakes no obligation other than that imposed by law to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after this call.

在我們開始今天的電話會議之前，我想提醒大家，本次電話會議期間所做的一些非歷史事實的陳述可能是前瞻性陳述。前瞻性陳述涉及風險和不確定性，可能導致實際結果或事件與此類陳述中明示或暗示的結果或事件有重大差異。除法律規定的義務外，AerCap 不承擔公開更新或修改任何前瞻性陳述以反映本次電話會議後出現的未來事件、資訊或情況的義務。

Further information concerning issues that could materially affect performance can be found in AerCap's earnings release dated August 1, 2024. A copy of the earnings release and conference call presentation are available on our website at aercap.com. This call is open to the public and is being webcast simultaneously at aercap.com and will be archived for replay.

有關可能對業績產生重大影響的問題的更多信息，請參閱 AerCap 2024 年 8 月 1 日發布的收益報告。收益發布和電話會議簡報的副本可在我們的網站 aercap.com 上取得。該電話會議向公眾開放，並在 aercap.com 上同時進行網路直播，並將存檔以供重播。

We will shortly run through earnings presentation and will allow time at the end for Q&A. As a reminder, I would ask that analysts limit themselves to one question and one follow-up.

我們將很快進行收益演示，並在最後留出時間進行問答。提醒一下，我會要求分析師將自己限制在一個問題和一個後續行動上。

I'll now turn the call over to Aengus Kelly.

我現在將電話轉給安格斯凱利。

Thank you for joining us for our second quarter 2024 earnings call. I am pleased to report another quarter of strong earnings for AerCap generating adjusted net income of $592 million, and adjusted earnings per share of $3.01. These results reflect wide-spread demand for our assets, strong cash collections and a constant focus on execution. As a result I’m pleased to increase our earnings guidance for the year from $9.20 to approximately $10.25, not including gains on sale in the second half of the year.

感謝您參加我們的 2024 年第二季財報電話會議。我很高興地報告 AerCap 又一個季度實現強勁盈利，調整後淨利潤為 5.92 億美元，調整後每股收益為 3.01 美元。這些結果反映了對我們資產的廣泛需求、強勁的現金回籠以及對執行的持續關注。因此，我很高興將今年的獲利指引從 9.20 美元提高到約 10.25 美元，其中不包括下半年的銷售收益。

On capital allocation, I’m delighted to announce more organic growth this quarter with the closing of 36 Aircraft transaction with our customer Spirit Airlines. This is the third transaction in the last seven months that we have closed on a bilateral basis with the customer, taking the total purchase commitments to over 50 neo and MAX aircraft.

在資本配置方面，我很高興地宣布本季將實現更多有機成長，與我們的客戶 Spirit Airlines 完成了 36 Aircraft 交易。這是過去 7 個月內我們與客戶以雙邊方式完成的第三筆交易，總共承諾購買 50 多架 neo 和 MAX 飛機。

This is of course in addition to the transaction for 150 new CFM LEAP engines with SES that we announced at the Capital Markets Day. Year-to-date we have spent $3.2 billion on flight equipment and returned over $720 million to our shareholders in the form of stock repurchases and dividends. Importantly, this was all done without levering of our balance sheet. We are also announcing another dividend of $0.25 per share for Q2, which will be payable in early September. These highlights showcase the power of the AerCap platform.

當然，這還不包括我們在資本市場日宣布的與 SES 的 150 台新 CFM LEAP 引擎交易。今年迄今為止，我們已在飛行設備上花費了 32 億美元，並以股票回購和股息的形式向股東返還了超過 7.2 億美元。重要的是，這一切都是在沒有利用我們的資產負債表的情況下完成的。我們也宣布第二季派發每股 0.25 美元的股息，將於 9 月初支付。這些亮點展示了 AerCap 平台的強大功能。

As I mentioned, demand for aviation assets continues to be robust as reflected in our consistently high levels of activity. Over the last three months, AerCap executed 246 transactions across Aircraft, Engines, and Helicopters, comprising of 162 lease agreements, 47 purchases, and 37 sales. The rate of aircraft extensions, which we discussed at a recent Capital Markets Day, continues to be elevated at over 80% in Q2.

正如我所提到的，對航空資產的需求仍然強勁，這反映在我們持續高水準的活動中。在過去三個月中，AerCap 在飛機、發動機和直升機領域執行了 246 筆交易，其中包括 162 份租賃協議、47 份採購協議和 37 份銷售協議。我們在最近的資本市場日討論的飛機延期率在第二季度繼續上升至 80% 以上。

On the sales side, the shortage of aircraft in the system is supporting strong gains on sale, leading to unlevered margins of over 20% in the quarter, or approximately 1.7x book equity. 90% of our sales revenue was generated from sales to airlines and other leasing companies who are keen to gain access to aircraft, and I expect this will continue to be the case for some time.

在銷售方面，系統中飛機的短缺支撐著銷售的強勁成長，導致本季的無槓桿利潤率超過 20%，即帳面淨值的約 1.7 倍。我們90%的銷售收入來自向渴望獲得飛機的航空公司和其他租賃公司的銷售，我預計這種情況將持續一段時間。

Of note, at the end of Q2, the US is now our largest market, at 14.6% of revenues. This is due to the combination of strong placements of aircraft into the US, as well as strong demand from buyers for our Chinese aircraft. As a result, China now represents 14% of our assets, down from over 20% at its peak.

值得注意的是，截至第二季末，美國現已成為我們最大的市場，佔營收的 14.6%。這是由於飛機在美國的大量投放以及買家對我們中國飛機的強勁需求的結合。因此，中國現在占我們資產的 14%，低於高峰時的 20% 以上。

On the purchase side, our investment in new technology equipment continued with the delivery of 25 new aircraft, including A320neos, 737 MAXs, A220s, 787s, and A330neos from our order book. We also took delivery of a further 20 engines, which were mostly new technology LEAP engines from CFM.

在採購方面，我們繼續對新技術設備進行投資，交付了 25 架新飛機，包括訂單中的 A320neos、737 MAX、A220s、787s 和 A330neos。我們還接收了另外 20 台發動機，其中大部分是 CFM 的新技術 LEAP 發動機。

As I said at the beginning of the call, one particularly notable deal that we signed just this week was with Airbus and Spirit Airlines in the US. We have agreed to purchase 36 A320neo family aircraft. This transaction results in AerCap assuming 36 aircraft from Spirit's order book and the related pre-delivery payments.

正如我在電話會議開始時所說的那樣，我們本週剛簽署的一項特別值得注意的協議是與美國空中巴士和精神航空公司簽署的協議。我們已同意購買 36 架 A320neo 系列飛機。此交易導致 AerCap 承擔 Spirit 訂單簿中的 36 架飛機以及相關的交付前付款。

This is the third example in the last seven months where we have been able to execute a bilateral transaction to acquire aircraft with a customer that results in a win-win outcome for our customer and for AerCap. These aircraft are set to deliver in 2027 and 2028, which match well with the profile of our existing order book, and is far sooner than we would otherwise have been able to negotiate directly with Airbus and gives us an opportunity to support a long-term customer simultaneously.

這是過去七個月我們能夠與客戶執行雙邊交易購買飛機的第三個例子，這為我們的客戶和 AerCap 帶來了雙贏的結果。這些飛機預計將於 2027 年和 2028 年交付，這與我們現有訂單的情況非常匹配，並且比我們能夠直接與空中巴士進行談判的時間要早得多，這使我們有機會支持長期合作客戶同時。

Furthermore, we will also backstop up to 52 A320neo family aircraft in Spirit's order book if needed. These additional aircraft would deliver from 2029 onwards. This deal takes our total aircraft added this year to over 50, and I am confident there will be similar opportunities for organic growth to come.

此外，如果需要，我們還將為 Spirit 的訂單簿中最多 52 架 A320neo 系列飛機提供支援。這些額外的飛機將從 2029 年開始交付。這項交易使我們今年新增的飛機總數超過 50 架，我相信未來還會有類似的有機成長機會。

The smaller number of aircraft delivering into the system as a result of the OEM delays has provided some respite to airlines from a financing perspective, but this will change over time and AerCap is well positioned to take advantage of it. This is another example of where AerCap sets itself apart with its customers. We can step in while others cannot because of the ability, speed and experience to execute rapidly and in scale.

由於OEM 延誤而導致進入系統的飛機數量減少，從融資角度來看，這為航空公司提供了一些喘息機會，但這種情況會隨著時間的推移而改變，AerCap 已做好充分利用這一優勢的準備。這是 AerCap 與客戶區分開來的另一個例子。我們可以介入，而其他人則不能介入，因為我們有快速、大規模執行的能力、速度和經驗。

Similar to our approach to share repurchases and dividends, our approach to organic growth is also measured and disciplined and ensures that we generate strong long-term returns for our shareholders with an appropriate level of risk.

與我們的股票回購和股息方法類似，我們的有機成長方法也是經過衡量和遵守紀律的，確保我們在適當的風險水平下為股東創造強勁的長期回報。

AerCap's cash flows are the strongest in the industry, not just on an absolute basis but on a relative basis also. We are generating approximately 25% more operating cash flow per dollar of assets than any of the other large leasing companies and this also sets us apart.

AerCap 的現金流是業界最強勁的，不僅從絕對角度來看，從相對角度來看也是如此。我們每美元資產產生的營運現金流比其他任何大型租賃公司多約 25%，這也使我們與眾不同。

This discipline, along with the ongoing strength in our cash flows, was recently recognized by all three major credit rating agencies, where AerCap was upgraded to Baa1 by Moody's, BBB+ by S&P and our BBB flat rating was put in Positive outlook by Fitch. These are the highest ratings of any aircraft lessor in the world on a standalone basis and are a clear appreciation of how we run the company in a balanced and sustainable way.

這項紀律以及我們現金流的持續強勁最近得到了三大信用評級機構的認可，穆迪將AerCap 升級為Baa1，標準普爾將我們的BBB+ 評級升級為BBB+，惠譽將我們的BBB 評級定為正面展望。這些是全球飛機租賃商中獨立獲得的最高評級，也是對我們以平衡和永續的方式經營公司的明確認可。

So in summary, this was another great quarter for AerCap with broad based demand for our assets, strong cash generation, and positive momentum on our credit ratings. We continue to see attractive opportunities to deploy capital through opportunistic organic investment, the delivery of our order book, ongoing share repurchases and quarterly dividends and look forward to showing the evidence of this strategy in the quarters and years to come.

總而言之，對於 AerCap 來說，這是另一個偉大的季度，我們的資產需求廣泛，現金生成強勁，信用評級呈現積極勢頭。我們繼續看到透過機會性有機投資、訂單交付、持續股票回購和季度股息來部署資本的有吸引力的機會，並期待在未來的季度和幾年中展示這項策略的證據。

With that, I will hand the call over to Pete for a detailed review for financial performance and favorable outlook for 2024. Thank you.

接下來，我將把電話轉交給皮特，詳細審查 2024 年的財務表現和良好前景。謝謝。

Thanks, Gus. Good morning, everyone. Our GAAP net income for the second quarter was $448 million or $2.28 per share. The impact of purchase accounting adjustments was $169 million for the quarter or $0.86 a share. That included lease premium amortization of $32 million, which reduced basic lease rents; maintenance rights amortization of $99 million, which reduced maintenance revenue; and maintenance rights amortization of $37 million, which increased leasing expenses.

謝謝，格斯。大家早安。我們第二季的 GAAP 淨利潤為 4.48 億美元，即每股 2.28 美元。採購會計調整對該季度的影響為 1.69 億美元，即每股 0.86 美元。其中包括 3,200 萬美元的租賃溢價攤銷，這減少了基本租賃租金；維護權攤銷為 9,900 萬美元，減少了維護收入；維護權攤銷為 3,700 萬美元，增加了租賃費用。

The tax effect of these purchase accounting adjustments was $25 million or $0.13 a share. So taking all of that into account, our adjusted net income for the second quarter was $592 million or $3.01 per share.

這些收購會計調整的稅務影響為 2,500 萬美元，即每股 0.13 美元。因此，考慮到所有這些，我們在第二季調整後的淨利潤為 5.92 億美元，即每股 3.01 美元。

I will briefly go through the main drivers that affected our results for the second quarter. Basic lease rents were $1,568 million. That’s a slight decrease from last quarter, which is primarily due to aircraft coming off power-by-the-hour rent arrangements, as I have mentioned on previous earnings calls.

我將簡要介紹影響我們第二季業績的主要驅動因素。基本租賃租金為 15.68 億美元。這比上季度略有下降，這主要是由於飛機取消了按小時供電的租賃安排，正如我在之前的財報電話會議上提到的那樣。

Basic lease rents reflected $32 million of lease premium amortization, which reduces basic lease rents. Lease premium assets are amortized over the remaining term of the lease as a reduction to basic lease rents.

基本租賃租金反映了 3,200 萬美元的租賃溢價攤銷，這減少了基本租賃租金。租賃溢價資產在剩餘租賃期間攤銷，作為基本租賃租金的減少。

Maintenance revenues for the second quarter were $180 million. That reflects $99 million in maintenance rights assets that were amortized to maintenance revenue during the quarter. So in other words, maintenance revenue would have been $99 million higher or $279 million without this amortization. Maintenance revenues were higher than normal this quarter, primarily due to higher amounts of end of lease payments that we received during the quarter, and that is due to the timing of lease maturities.

第二季維護收入為 1.8 億美元。這反映了本季攤提至維護收入的 9,900 萬美元維護權資產。換句話說，如果沒有此項攤銷，維護收入將增加 9,900 萬美元，即 2.79 億美元。本季的維護收入高於正常水平，主要是由於我們在本季收到的租賃結束付款金額較高，而這又是由於租賃到期時間所致。

Net gain on sale of assets was $129 million for the second quarter. We sold 31 of our owned assets during the quarter for total sales revenue of $793 million. That resulted in an unlevered gain on sale margin of 20% for the quarter. As of June 30, we had $105 million worth of assets held for sale.

第二季資產出售淨收益為 1.29 億美元。本季我們出售了 31 項自有資產，總銷售收入達 7.93 億美元。這使得該季度的無槓桿銷售利潤率成長了 20%。截至 6 月 30 日，我們持有價值 1.05 億美元的待售資產。

Other income was $81 million for the quarter, which consisted primarily of interest income and certain one-time items. Interest income has been higher this year. We're seeing higher interest income on our cash balances due to the higher interest rate environment.

該季度其他收入為 8,100 萬美元，主要包括利息收入和某些一次性項目。今年的利息收入更高。由於利率環境較高，我們的現金餘額利息收入增加。

It's worth pointing out that our calculation of net spread includes interest expenses but does not include any interest income. If we were to include interest income, that would increase our net spread for the second quarter by around 35 basis points, which has greater impact than it has been historically. For example, in 2019, prior to COVID, this impact would have been only around 10 basis points.

值得指出的是，我們計算的淨利差包括利息支出，但不包括任何利息收入。如果我們將利息收入納入，第二季的淨利差將增加約 35 個基點，這比歷史上的影響更大。例如，在新冠疫情爆發之前的 2019 年，這種影響僅為 10 個基點左右。

During the second quarter, we recorded asset impairments of $28 million, and these related primarily to returns of older aircraft where we received end of lease compensation payments, and they were more than offset by related maintenance revenues.

第二季度，我們記錄了 2800 萬美元的資產減值，這主要與舊飛機的返還有關，我們在這些飛機上收到了租賃期滿賠償金，並且這些損失被相關的維護收入所抵消。

Interest expense was $478 million for the quarter, which included $5 million of mark-to-market losses on interest rate derivatives. Leasing expenses were $173 million for the quarter, including $37 million in maintenance rights amortization expenses. And finally, income tax expense for the second quarter was $76 million, which represented an effective tax rate of 15.5%.

本季利息支出為 4.78 億美元，其中包括以市值計價的利率衍生性商品損失 500 萬美元。本季租賃費用為 1.73 億美元，其中包括 3,700 萬美元的維護權攤銷費用。最後，第二季所得稅費用為 7,600 萬美元，有效稅率為 15.5%。

We continue to maintain a strong liquidity position. As of June 30, our total sources of liquidity, including unsecured revolvers, other committed facilities, cash, and operating cash flow and estimated sales over the next 12 months was approximately $20 billion. That compares to uses of cash of around $12 billion, resulting in next 12 months' sources-to-uses coverage ratio of around 1.7x.

我們持續保持強勁的流動性狀況。截至 6 月 30 日，我們的流動資金總額約為 200 億美元，包括無擔保左輪手槍、其他承諾融資、現金、營運現金流以及未來 12 個月的預計銷售額。相比之下，現金使用量約為 120 億美元，導致未來 12 個月的來源與使用覆蓋率約為 1.7 倍。

We've increased our target coverage ratio from 1.2x to 1.5x, which is closer to where we've generally been running over the past couple of years. And as you can see, today we're still well above this revised target with excess cash coverage of around $8 billion.

我們將目標覆蓋率從 1.2 倍提高到 1.5 倍，這更接近我們過去幾年的整體水準。正如您所看到的，今天我們仍然遠高於這項修訂後的目標，超額現金覆蓋率約為 80 億美元。

Our leverage ratio at the end of the quarter was 2.4 to 1, basically the same as last quarter. Our operating cash flow was approximately $1.4 billion for the second quarter, which was driven by continued strong cash collections. Our secured debt-to-total assets ratio is 12% at the end of June. That's down from 14% last quarter due to the reduction in the size of some of our secured facilities.

季度末我們的槓桿率為2.4比1，與上季基本持平。第二季我們的營運現金流約為 14 億美元，這是由持續強勁的現金回籠所推動的。截至6月底，我們的擔保債務佔總資產的比率為12%。由於我們一些安全設施的規模縮小，這一數字較上季的 14% 有所下降。

Our average cost of debt was 3.8% for the second quarter, which is down slightly from the first quarter, primarily due to the refinancing of some term loans at lower margins. During the second quarter, we repurchased 3.9 million shares at an average price of $88.66 for a total of $345 million. We also paid our first quarterly dividend of $0.25 a share in the second quarter. And our book value per share was $89.47 as of June 30, which is an increase of 25% over the last 12 months.

第二季我們的平均債務成本為 3.8%，較第一季略有下降，主要是由於一些定期貸款以較低的利潤率進行了再融資。第二季度，我們以平均價格 88.66 美元回購了 390 萬股股票，總金額為 3.45 億美元。我們還在第二季支付了每股 0.25 美元的第一季股息。截至 6 月 30 日，我們的每股帳面價值為 89.47 美元，比過去 12 個月成長了 25%。

In February, we projected adjusted earnings per share of $7.50 to $8.50 for the full year 2024, not including any gains on sale. On our last earnings call, given the strong performance in the first quarter, including higher maintenance revenues, we raised our guidance to the top end of that range.

2 月份，我們預計 2024 年全年調整後每股收益為 7.50 美元至 8.50 美元，不包括任何出售收益。在我們上次的財報電話會議上，鑑於第一季的強勁表現，包括更高的維護收入，我們將指導意見上調至該範圍的上限。

Given our strong performance during the second quarter, including higher lease revenue and higher maintenance revenue, and our positive outlook for the rest of the year, we're now raising our guidance for full year 2024 to approximately $9.0 of adjusted EPS, not including any gains on sale.

鑑於我們在第二季度的強勁表現，包括更高的租賃收入和更高的維護收入，以及我們對今年剩餘時間的樂觀前景，我們現在將2024 年全年的調整後每股收益指引提高至約9.0 美元，不包括任何出售收益。

We've had around $1.25 of gains on sale in the first half of the year, so when we add those gains, that takes us to a new estimate of approximately $10.25 of adjusted EPS for full year 2024, not including any gains on sale for the second half of the year.

今年上半年我們的銷售收益約為 1.25 美元，因此當我們添加這些收益時，我們得出 2024 年全年調整後每股收益約為 10.25 美元的新估計，不包括任何銷售收益下半年。

So overall, AerCap continued to perform very well during the second quarter. We continue to see a strong environment for leasing as well as for asset sales, which is reflected in both the volume of sales and the gain on sale margin this quarter. We're deploying capital towards attractive opportunities across all of our businesses, particularly in aircraft and engine leasing, and we continue to buy back stock and paid our first quarterly dividend.

總體而言，AerCap 在第二季度繼續表現出色。我們繼續看到租賃和資產銷售的強勁環境，這反映在本季的銷售量和銷售利潤率成長中。我們正在將資本部署到所有業務中有吸引力的機會，特別是在飛機和發動機租賃領域，我們繼續回購股票並支付第一季股息。

We continue to generate strong cash flows that in turn result in greater profitability and greater financial flexibility. This quarter, we were upgraded by Moody's to Baa1 and by S&P to BBB+, and we were put on Positive outlook by Fitch, and that continues the positive rating trajectory that we've now had for several years. With these strong results and with a positive outlook going forward, we're now raising our guidance for full year 2024.

我們持續產生強勁的現金流，從而提高獲利能力和財務靈活性。本季度，穆迪將我們的評級升級為 Baa1，標準普爾將我們的評級升級為 BBB+，惠譽將我們的評級展望定為“積極”，這延續了我們多年來的積極評級軌跡。憑藉這些強勁的業績和積極的未來前景，我們現在上調 2024 年全年指引。

And with that, operator, we can now open up the call for Q&A.

這樣，接線員，我們現在就可以開始問答了。

(Operator instructions) Jamie Baker, JP Morgan.

（操作員指示）Jamie Baker，JP Morgan。

Hey, good afternoon, gentlemen. So Gus, you called out the Spirit deal for 36 airplanes, the backstop on another, I think you said 52. I mean, look, Spirit's a weaker credit. I'm not asking you to deride a customer, but we have to wonder what additional steps you've taken to protect against a deferral or potential insolvencies. So how is this deal different from a more plain vanilla transaction? And if it's not, I guess you just believe you can handle the remarketing effort if it comes to that?

嘿，下午好，先生們。Gus，您提出了 36 架飛機的精神協議，以及另一架飛機的保障，我想您說的是 52 架。我的意思是，看，精神的信用較弱。我並不是要求您嘲笑客戶，但我們想知道您採取了哪些額外措施來防止延期或潛在的破產。那麼這筆交易與更普通的普通交易有何不同？如果不是，我想您只是相信自己可以處理再行銷工作？

Yeah, look, I think, Jamie, here this is a win-win for ourselves and for Spirit. It provides them, as you allude to, some much needed liquidity. It provides us with extremely attractive, the most attractive aircraft in the world, the 321neo in a time slot that would be impossible to get us in 2027 and 2028 on what we believe are attractive terms for our shareholders. So that's the genesis really behind it, Jamie. And like we move an airplane every 24 hours somewhere in the world.

是的，我想，傑米，這對我們自己和精神來說都是雙贏的。正如您所提到的，它為他們提供了一些急需的流動性。它為我們提供了極具吸引力、世界上最具吸引力的飛機 321neo，而我們在 2027 年和 2028 年不可能以我們認為對股東有吸引力的條款獲得 321neo。這就是它背後的真正起源，傑米。就像我們每 24 小時就有一架飛機飛往世界某個地方一樣。

Okay, fair enough. And then second, so Mark and I are, we all keep hearing about how tight global aircraft supply is, and we don't disagree, but at the same time, you have these massive guides down from several US airlines. You've got some Western airlines, both discounted and full service that are guiding down. The Singapore results yesterday were soft. I mean, we're trying to reconcile airline results with aircraft supply and, well, quite honestly, we're having a hard time. How do you reconcile those two realities? Thanks in advance.

好吧，很公平。其次，馬克和我，我們都不斷聽說全球飛機供應有多緊張，我們並不反對，但同時，你有來自幾家美國航空公司的大量指南。有一些西方航空公司正在提供折扣服務和全方位服務。新加坡昨天的成績疲軟。我的意思是，我們正在努力協調航空公司的業績與飛機供應，但老實說，我們遇到了困難。您如何調和這兩個現實？提前致謝。

That's a very fair point to make, Jamie. How, on one hand, can you say that there's tremendous shortage of aircraft when a number of the carriers are saying there's excess capacity in a very large market like the United States? One of the huge challenges the airlines have at the moment, and Allegiant called it out yesterday, Allegiant is a much smaller airline, but they did $30 million cost just associated with not having the MAX aircraft.

傑米，這是一個非常公平的觀點。一方面，當許多航空公司都說美國這樣一個非常大的市場運力過剩時，你怎麼能說飛機嚴重短缺呢？航空公司目前面臨的巨大挑戰之一，Allegiant 昨天指出，Allegiant 是一家規模小得多的航空公司，但他們因沒有 MAX 飛機而損失了 3,000 萬美元。

What they also have, which is very hard to explain to the analysts, is the complexity of trying to keep extending a fleet that you want to get out of. It's very inefficient within the airline.

他們還有一個很難向分析師解釋的問題，那就是試圖繼續擴大你想要退出的車隊的複雜性。航空公司內部效率非常低。

So if you're an airline now and you're short the neos or the MAXs or the 787s, you will have trained pilots, you will have bought spare parts, you will have geared up your operation for the entry of those aircraft. When they don't come, your pilots don't sit at home, but effectively they do because you wouldn't have hired them, so you've lower hours being worked overall on average than otherwise you would have.

因此，如果您現在是一家航空公司，並且缺少 neos、MAX 或 787，您將擁有訓練有素的飛行員，您將購買備件，您將為這些飛機的進入做好營運準備。當他們不來時，你的飛行員不會坐在家裡，但實際上他們會這樣做，因為你不會僱用他們，所以你的平均工作時間比其他情況下要少。

So there are hidden costs in the airlines that they have, and they're having to keep prolonging the life of assets they prefer not to have, that are older, that are more complex from a maintenance standpoint, that are more complex from a cabin configuration standpoint, leading to inefficiencies in the airline sector.

因此，航空公司存在隱性成本，他們必須不斷延長他們不喜歡的資產的使用壽命，這些資產較舊，從維護的角度來看更複雜，從機艙來看更複雜配置的角度來看，導致航空業效率低。

So, when we say shortage of aircraft, well look, we're saying particularly new aircraft because if the airlines could accelerate their transformation into a single type of asset so that they're only operating one asset, that would give the maximum operational leverage and efficiency. When they're operating multiple fleets, particularly older ones, that's harder to do.

因此，當我們說飛機短缺時，好吧，我們說的是特別新的飛機，因為如果航空公司能夠加速轉型為單一類型的資產，這樣他們就只運營一種資產，這將帶來最大的運營槓桿和效率。當他們運作多個機隊時，尤其是較舊的機隊，這就更難做到。

So the next thing then is, well, okay, that's fine. How come you're seeing such a strong bid for older aircraft? We're seeing such a strong bid for older aircraft driven by engines, candidly, Jamie. It's really driven by the engines. If you have a 20-year-old airplane and you're an airline and you're saying to yourself, am I going to put this thing through the shop and spend $20 million on overhauling? If it's a full performance restoration, LLPs, am I going to do that? That makes no sense to do that.

那麼接下來的事情就是，好吧，沒關係。為什麼您會看到對舊飛機的如此強烈的出價？坦白說，傑米，我們看到對由發動機驅動的老式飛機的競價如此強勁。它確實是由引擎驅動的。如果你有一架機齡 20 年的飛機，並且你是一家航空公司，你會對自己說，我是否要把這架飛機送去商店並花費 2000 萬美元進行大修？如果是全面恢復效能，LLP，我會這樣做嗎？這樣做是沒有意義的。

But I do know the problems with Boeing and Airbus are going to last through the end of the decade. Is there a way I can avoid that massive spend by buying half-life engines or aircraft that have half-life engines off them and thereby avoid the shop business with the engine OEMs?

但我確實知道波音和空中巴士的問題將持續到本世紀末。有沒有辦法可以透過購買半衰期引擎或配備半衰期引擎的飛機來避免巨額支出，從而避免與引擎原始設備製造商的商店業務？

So these are the things that there's hidden inefficiency in the airlines due to the lack of the delivery of the new aircraft. And that's a cost that's very hard for them to explain and get across. But we can see it upfront when we're dealing with the airlines day in, day out of the cost of that complexity.

這些都是因為新飛機交付不足而導致航空公司效率低落的原因。對他們來說，這是一個很難解釋和理解的成本。但當我們日復一日地與航空公司打交道時，我們可以預先看到這一點，避免這種複雜性所帶來的成本。

So that's what you're seeing is a big drag on their cost line because it's also fair for people to point out to the airlines, well, your yields are still extremely high. And so that is a hidden, I'm not questioning it, airlines in some cases could do better on costs. There's no question about that. But on a global basis, that's what we see.

這就是你所看到的對他們的成本線的巨大拖累，因為人們向航空公司指出，嗯，你的收益率仍然非常高，這也是公平的。所以這是一個隱藏的，我不是質疑它，航空公司在某些情況下可以在成本方面做得更好。毫無疑問。但在全球範圍內，這就是我們所看到的。

Terry Ma, Barclays.

馬特里，巴克萊銀行。

Hi, thank you. Good afternoon. So you mentioned you've done kind of three bilateral transactions similar to the one with Spirit. Are you seeing more of those opportunities come to the market and maybe just talk about what's driving that? And aside from timing differences compared to an OEM order or a particular aircraft type, are there any other advantages like returns or pricing you're getting?

你好，謝謝。午安.所以你提到你已經完成了三項雙邊交易，類似於與 Spirit 的交易。您是否看到市場上出現了更多這樣的機會，也許只是談談推動這一機會的因素？除了與 OEM 訂單或特定飛機類型相比的時間差異之外，您是否還有其他優勢，例如退貨或定價？

Well, look, obviously we talked to the OEMs and orders and as you know, we have not been able to reach terms with the OEMs over the last few years, which is that I've always said, fine by me, I don't care if we never buy another airplane again, I care about deploying your capital, our capital, the shareholder’s, at the best risk-reward return for the long term in the business.

嗯，看，顯然我們與原始設備製造商和訂單進行了交談，正如你所知，過去幾年我們一直未能與原始設備製造商達成協議，這就是我一直說的，好吧，我不’不在乎我們是否不再購買另一架飛機，我關心的是如何部署您的資本、我們的資本、股東的資本，以實現業務的長期最佳風險回報。

And certainly, if we got an opportunity with the OEMs where it made sense for a regular order, we do that. In an instance like the Spirit deal and earlier on with the GOL transaction, it was a situation where we were able to provide assistance to a long-time customer and we were able to get what we felt were attractive assets, well-priced, so we're getting assets we felt in the timeframe and at economic terms that made a lot of sense for our shareholders.

當然，如果我們有機會與原始設備製造商合作，對常規訂單有意義，我們就會這樣做。在像 Spirit 交易和之前的 GOL 交易這樣的例子中，我們能夠為長期客戶提供幫助，並且我們能夠獲得我們認為有吸引力、價格合理的資產，因此我們在時間範圍和經濟角度上獲得了我們認為對我們的股東來說非常有意義的資產。

Got it. And then a question for Pete for the net spread. I know you guys don't manage to that, but it's outperformed a bit the last two quarters. So how should we think about that for the rest of the year taking into account any remaining power-by-the-hour cash collections and bond refinancing?

知道了。然後向皮特提出有關淨點差的問題。我知道你們沒能做到這一點，但過去兩個季度的表現有點好轉。那麼，考慮到剩餘的按小時發電現金回收和債券再融資，我們應該如何考慮今年剩餘時間的情況？

And on the bonds, you have a few lower-cost bonds coming due later this year, which I'm sure you contemplated into your interest expense guidance at the beginning of the year. But credit spreads have also come in by about 40 basis points. So maybe just put all that together, how should we think about the net spread? Thank you.

在債券方面，有一些成本較低的債券將於今年稍後到期，我確信您在年初的利息支出指導中考慮了這些債券。但信貸利差也擴大了約 40 個基點。那麼也許把所有這些放在一起，我們應該如何考慮淨利差？謝謝。

Sure. Well, you're right about that. So obviously we factored in all of our plans for raising debt later this year into our net spread guidance. So basically, as I’ve mentioned before, the main driver of that recently has been those power-by-the-hour leases coming off and reverting to regular lease arrangements. So that's basically all happened now. So we're not going to see any further impact of that from this quarter onwards.

當然。嗯，你是對的。顯然，我們將今年稍後籌集債務的所有計劃都納入了淨利差指導中。因此，基本上，正如我之前提到的，最近的主要驅動力是那些按小時計費的租賃結束並恢復為常規租賃安排。現在基本上所有的事情都發生了。因此，從本季開始，我們不會看到任何進一步的影響。

So I would say, I think for the balance of this year, we should be around where we were for the second quarter, because as you said, there are countervailing effects. On the one hand, you've got higher rents coming in. On the other, you have some higher interest expense as well. But I think we'll be around where we are today.

所以我想說，我認為今年剩下的時間裡，我們應該與第二季的水平相當，因為正如你所說，存在抵消效應。一方面，你的租金會上漲。另一方面，您也有一些更高的利息支出。但我認為我們會達到今天的水平。

Moshe Orenbuch, TD Cowan.

摩西·奧倫布赫，TD Cowan。

Great. Thanks. Maybe kind of following up a similar line of questioning. Given all the things that you do see, do you think that the balance sheet is going to be sort of larger or kind of stable over the next few quarters? How do you see that evolving? I mean, are there other opportunities, things that might come up kind of on a spot basis or anything like that?

偉大的。謝謝。也許是在跟進類似的問題。考慮到您所看到的所有情況，您認為未來幾季的資產負債表會更大還是會更穩定？您如何看待這種演變？我的意思是，是否還有其他機會，可能會臨時出現的事情或類似的事情？

Sure. Well, first, welcome back Moshe. It's good to have you on the call again.

當然。好吧，首先，歡迎摩西回來。很高興能再次接到您的電話。

Thank you.

謝謝。

So in terms of the balance sheet, we would expect it to grow somewhat during the second half of the year. And that's primarily due to CapEx. We had about $3 billion of CapEx during the first half of the year. We're expecting a little over $4 billion during the remainder. Now, we don't know if all that will come through. But as Gus mentioned, we've also done some incremental deals as well.

因此，就資產負債表而言，我們預計下半年會有所成長。這主要是由於資本支出。今年上半年我們的資本支出約為 30 億美元。我們預計剩餘時間內的營收將略高於 40 億美元。現在，我們不知道這一切是否會實現。但正如格斯所提到的，我們也做了一些增量交易。

So that's really going to be the driver of the balance sheet, increasing for the balance of 2024 and then somewhat in -- it will also increase in ’25 as well, as we look at it, or CapEx, and factoring in some level of sales as well.

因此，這確實將成為資產負債表的驅動因素，在2024 年的餘額中增加，然後在一定程度上- 正如我們所看到的那樣，它也將增加25 英鎊，或者說資本支出，並考慮到一些因素銷售水準也一樣。

Perfect. Thanks. And congratulations on the recent upgrades. But it's also true that your leverage ratio has actually improved over the course of the first half of the year. Can you talk about your thoughts as to how you might manage that in the current environment? Obviously, you've started the dividend. How do you think about share repurchase and other forms of capital deployment over the next several quarters?

完美的。謝謝。並祝賀您最近的升級。但事實上，今年上半年你的槓桿率實際上有所改善。您能否談談您對如何在當前環境下進行管理的想法？顯然，你已經開始分紅了。您如何看待未來幾季的股票回購和其他形式的資本部署？

Sure. So as you mentioned, look, this quarter we are at 2.4 to 1 net debt-to-equity. So that is below our target level. It's about where we were last quarter as well. So it's been obviously very positive to get to that point. I think during the remainder of the year, we'll still run below our target. But I think we'll be somewhat closer to that. It really depends on how much we do deploy, obviously. Some of it depends on the CapEx. Because we have more CapEx coming in the second half of the year, you create a little less excess capital.

當然。如您所提到的，本季我們的淨負債股本比為 2.4 比 1。所以這低於我們的目標水準。這也與我們上個季度的情況有關。因此，達到這一點顯然是非常積極的。我認為在今年剩餘時間內，我們仍將低於我們的目標。但我認為我們會更接近這個目標。顯然，這實際上取決於我們部署的程度。其中一些取決於資本支出。因為我們下半年會有更多的資本支出，所以你創造的過剩資本會少一些。

Similarly, we've done a lot of sales in the first half. So we've done $1.7 billion of sales so far this year. I think we'll probably do $2.5 billion for the full year, give or take. So that's been front-end loaded. But I think that it will trend up somewhat, our leverage ratio, but I don't think we'll get to 2.7x.

同樣，我們上半年也做了很多銷售。今年到目前為止，我們的銷售額已達 17 億美元。我想我們全年可能會投入 25 億美元，無論多少。這樣就已經被前端載入了。但我認為我們的槓桿率會上升，但我認為我們不會達到 2.7 倍。

Thanks.

謝謝。

Sure.

當然。

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Yes. Good afternoon, everybody, and thank you very much for taking my question. Actually, the first sort of a follow-up on Moshe's question, the credit rating side looks really good. Longer term, do you guys have any sort of bogey in mind, roughly speaking, where you'd hope to be with Moody's and S&P?

是的。大家下午好，非常感謝您提出我的問題。事實上，作為摩西問題的第一個後續行動，信用評級方面看起來非常好。從長遠來看，粗略地說，你們有什麼想法，希望穆迪和標準普爾的表現如何？

Look, I think we're very happy with BBB+, Baa1, which is the highest rated, less independent lessor there is in the world. We certainly want to push Fitch over the line as well. They're on outlook Positive. I think this provides us with extremely competitive funding. If I look at our five-year unsecured spread today, it's around 95 basis points, 96 basis points, which is about 20 basis points north of someone like JP Morgan or Wells Fargo. So that's extremely competitive.

看，我認為我們對 BBB+、Baa1 非常滿意，它是世界上評價最高、獨立程度較低的出租人。我們當然也想推動惠譽越過界限。他們的前景樂觀。我認為這為我們提供了極具競爭力的資金。如果我今天看看我們的五年期無抵押利差，大約是 95 個基點、96 個基點，比摩根大通或富國銀行等公司高出約 20 個基點。所以這是非常有競爭力的。

We're always very conscious of the balance between return on equity for our shareholder and making sure that we have access to a very flexible debt and significant pools of debt. But at some point, of course, if we went much lower, then that would significantly dilute the returns to our shareholders, and we're very conscious of those, how we deploy the capital for our shareholders.

我們始終非常注重股東股本回報率與確保我們能夠獲得非常靈活的債務和大量債務池之間的平衡。但當然，在某些時候，如果我們的價格低得多，那麼這將大大稀釋我們股東的回報，我們非常清楚我們如何為股東配置資本。

And today, you saw, again, organic growth. We've returned $3.4 billion, though to our shareholders in ’23 and ’24. We have a remaining $600 million left in our share buyback current authorization. And so it's a balance between all those items, but I think I'm very happy with where the rating is today.

今天，您再次看到了有機成長。我們在 2023 年和 24 年向股東返還了 34 億美元。目前我們的股票回購授權還剩 6 億美元。因此，這是所有這些項目之間的平衡，但我認為我對今天的評級非常滿意。

Oh, okay Angus, very helpful. And just one other quick, my follow-up here. I appreciate you guys mentioned the US being the biggest market. And you've done some drawdown in China. Could you refresh my memory, geographically speaking, if there's any areas of the world where you're seeing really good momentum at the moment? Thank you.

哦，好的，安格斯，非常有幫助。還有另一件事，我的後續行動。我感謝你們提到美國是最大的市場。你們已經在中國進行了一些撤資。從地理上來說，您能否刷新我的記憶，目前在世界上有哪些地區看到了真正良好的勢頭？謝謝。

I think, at the moment, there's pretty robust demand from -- the airlines certainly want to keep what they have. That's true across the world. And you saw that in the extension levels, 80%. So, on a global basis, we're extending the vast majority of the assets. It's a very good indicator to start with.

我認為，目前，需求相當強勁——航空公司當然希望保留他們現有的東西。全世界都是如此。您在擴展級別中看到了這一點，80%。因此，在全球範圍內，我們正在擴展絕大多數資產。這是一個非常好的開始指標。

In terms of placement and growth, we're certainly seeing strength out of the Middle East. And we will continue to see -- it’s I think we're going to see strength out of Asia Pacific because the Asia Pacific recovery out of COVID has been slower than the Americas or the European market, the two other major markets. And I think that's where we'll see a recovery.

就佈局和成長而言，我們確實看到了中東的實力。我們將繼續看到——我認為我們將看到亞太地區的強勁成長，因為亞太地區從新冠疫情中復甦的速度慢於另外兩個主要市場美洲或歐洲市場。我認為這就是我們將看到復甦的地方。

If we look at global traffic in June, we exceeded June 2019 by 3%, despite international traffic being down. And that international traffic is predominantly driven, the decline in international traffic is predominantly driven in the Asia Pacific region, which is down about 10 points or 11 points on 2019. So there's lots of room to come back. I suspect that we'll see it in that region.

如果我們看看 6 月的全球流量，儘管國際流量有所下降，但我們仍比 2019 年 6 月增加了 3%。而國際流量主要是驅動的，國際流量的下降主要是亞太地區驅動的，比2019年下降了約10個點或11個點。所以還有很大的空間可以再回來。我懷疑我們會在那個地區看到它。

But of course, from our perspective, as we said, look, we will buy, sell or lease 1,000 aviation assets a year. So from AerCap’s perspective, we have the infrastructure, the capability to rapidly move assets from an underperforming region to a performing region if needs be. But at the moment, it's reasonably robust around the world.

但當然，從我們的角度來看，正如我們所說，我們每年將購買、出售或租賃 1,000 項航空資產。因此，從 AerCap 的角度來看，我們擁有基礎設施，並且有能力在需要時將資產從表現不佳的地區快速轉移到表現出色的地區。但目前，它在世界範圍內相當強勁。

Okay, really appreciate it. Thank you.

好吧，真的很感激。謝謝。

Hillary Cacanando, Deutsche Bank.

希拉蕊·卡卡南多，德意志銀行。

Hi, thank you for taking my questions. Just regarding your transaction with Spirit, obviously, you're taking deliveries before 2030 since they're from Spirit's order book. But I was just wondering how long the wait would be at this point if you were to place an order directly with Airbus for narrow bodies and what would the wait time be for the wide bodies? I would imagine its past 2030 but just wanted to see what they are actually at this point?

你好，謝謝你回答我的問題。就您與 Spirit 的交易而言，顯然，您將在 2030 年之前接收交貨，因為它們來自 Spirit 的訂單簿。但我只是想知道，如果您直接向空中巴士公司訂購窄體飛機，此時需要等待多長時間，而寬體飛機則需要等待多長時間？我想像已經過去了 2030 年，但只是想看看此時此刻它們實際上是什麼？

I would imagine it is past 2030, Hilary. I mean, any airline orders we've seen recently, particularly on the Airbus side, have deliveries commencing in 2030 and not getting many airplanes in 2030 either. Really the heart of those orders is 2032, 2033, and beyond. So from our perspective, that's a very long way out there. The ’27, ’28 timeframe we feel is a much more attractive timeframe.

我想那是 2030 年過去了，希拉蕊。我的意思是，我們最近看到的所有航空公司訂單，尤其是空中巴士的訂單，都是從 2030 年開始交付，而且 2030 年收到的飛機也不是很多。實際上，這些命令的核心是 2032 年、2033 年及以後。所以從我們的角度來看，這還有很長的路要走。我們認為 27 點、28 點的時間範圍是更具吸引力的時間範圍。

And you would say that's the case for wide bodies as well and same with Boeing? And Boeing as well in terms of being sold out until 2030?

您會說寬體飛機也是如此，波音也是嗎？波音公司在 2030 年之前也將售空嗎？

I think it's more -- on the wide bodies, you might get one or two before 2030. But it won't be many. Hilary, I cannot so -- I wouldn’t, if you went for an order, I wouldn't imagine that there'd be much available on the 787 line, to be fair, before 2030. And it's a function of the ramp up to how they get on. But not much would be the short answer.

我認為更多的是——在寬體飛機上，你可能會在 2030 年之前得到一兩個。但不會很多。希拉里，我不能——我不會——如果你去訂購，公平地說，我認為 2030 年之前 787 航線上不會有太多可用的飛機。這是他們如何進步的函數。但簡短的回答並不多。

Got it. And then just a follow-up question. You know, your share buyback strategy obviously has been very accretive, very successful, with the stock trading global value in the past. But I was wondering how we should think about your buyback strategy, when the stock is -- obviously it’s trading above your book value, and I guess going forward as well. Does that change your strategy at all or not much?

知道了。然後是一個後續問題。你知道，你的股票回購策略顯然非常增值，非常成功，過去股票交易的全球價值。但我想知道，當股票的交易價格顯然高於你的帳面價值時，我們應該如何考慮你的回購策略，我想未來也會如此。這會改變你的策略嗎？

Well, look, Hilary, I mean, we've been, as you can see, we kept buying shares throughout the year. We've deployed $700 million for when a lot of the year was above book, and we have $600 million in our authorization. And we're selling assets at very big premiums to book equities. You can see this quarter was another quarter where we sold at 170% of book.

好吧，希拉里，我的意思是，正如你所看到的，我們全年都在不斷購買股票。當一年中的大部分時間都超出預算時，我們已經部署了 7 億美元，並且我們有 6 億美元的授權。我們以比帳面股票高得多的​​溢價出售資產。您可以看到本季是我們書籍銷量 170% 的另一個季度。

But again, look, what we always look at is, what's the best use of our capital? Is it debt pay down? Is it buybacks? Is it M&A? Is it buying aircraft for organic growth or engines for that matter? And we've done a lot of the latter in the last few months between the big engine transaction and then the aircraft transaction. So we always just try and pick what will generate the best long-term risk-adjusted return for our shareholders.

但話又說回來，我們始終關注的是，我們的資本的最佳用途是什麼？是還清債務了嗎？是回購嗎？是併購嗎？購買飛機是為了有機成長還是購買引擎？在過去的幾個月裡，我們在大型發動機交易和飛機交易之間做了很多後者。因此，我們總是嘗試選擇能為股東帶來最佳長期風險調整回報的投資。

Got it. Thank you. And, you know, looking forward to seeing you at our conference in September.

知道了。謝謝。而且，您知道，期待在我們九月的會議上見到您。

You bet.

你打賭。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, Gus, Peter. There's very strong demand for next generation engines. And can you discuss how you think about the mature size for the Shannon Engine Support JV with Safran? How large could this be? And can you provide more details about the economics of spare engine leasing versus more of your traditional aircraft leasing?

嘿，格斯，彼得。對下一代引擎的需求非常強勁。您能否談談您對與賽峰集團成立香農引擎支援合資企業的成熟規模有何看法？這可能有多大？您能否提供更多有關備用發動機租賃與傳統飛機租賃相比的經濟效益的詳細資訊？

Well, I think the way to think about the spares business is there's, I mean, it's big, but it's not unlimited potential for growth in that business because if you think about -- there's about 22,000 or 23,000 large commercial aircraft in the world. I'm excluding turboprops and small aircraft. There you've got about, say, 46,000 engines in service. The sparing ratio, depending on the engine type, is, you know, 12% to 15%.

嗯，我認為考慮備件業務的方式是，我的意思是，它很大，但該業務的成長潛力並不是無限的，因為如果你想一想，世界上大約有 22,000 或 23,000 架大型商用飛機。我不包括渦輪螺旋槳飛機和小型飛機。比如說，大約有 46,000 台引擎在使用。您知道，根據引擎類型的不同，備用比率為 12% 至 15%。

So that's your spares portfolio. If you say there's 46,000 in service, take 13%, 14%, that's 5,000 engines in change, maybe 5,500 engines. That's the sparing size. As the world's fleet of aircraft grows, then you will have, as I said, the spares requirement will grow by 12% to 15%. So that's how it works. So there's not an unlimited -- it's different to aircraft because I said it's only sparing.

這就是您的備件組合。如果你說有 46,000 台在服役，取 13%、14%，那就是更換 5,000 台發動機，也許是 5,500 台發動機。這就是備用尺寸。正如我所說，隨著世界飛機機隊的成長，備件需求將增加 12% 至 15%。這就是它的工作原理。所以沒有無限的——它與飛機不同，因為我說它只是節約。

When it comes to the economics of the engine business model, slightly different to the aircraft business model because an engine really holds its value over the long term as it's overhauled. And the market value of the engine doesn't tend to depreciate a tremendous amount if you've got the right engine.

就發動機商業模式的經濟學而言，它與飛機商業模式略有不同，因為發動機在大修時確實能長期保持其價值。如果您擁有合適的發動機，則發動機的市場價值不會大幅貶值。

And on the engines, it's fair to say, because of the slower depreciation of the assets, your value in the engine business is created over time, whereas on the aircraft side, you make a lot of your money on the first lease, to be fair, and then at the back end, you're managing engines. So I would say that there's a timing difference in how the two businesses work.

在發動機方面，可以公平地說，由於資產折舊速度較慢，您在發動機業務中的價值是隨著時間的推移而創造的，而在飛機方面，您在第一次租賃時賺了很多錢，公平地說，然後在後端，您正在管理引擎。所以我想說，這兩家公司的運作方式有時間差異。

Great. That's very helpful. And as a follow-up, I mean, we're starting to see other business models capitalize or trying to monetize this engine shortage with, you know, an engine leasing company doing more MRO-type work either in modules or full exchanges. I was wondering how interested are you in expanding into something like that?

偉大的。這非常有幫助。我的意思是，作為後續行動，我們開始看到其他商業模式利用或試圖將這種引擎短缺貨幣化，你知道，一家引擎租賃公司在模組或完全交換中進行更多 MRO 類型的工作。我想知道您對擴展到類似的領域有多大興趣？

I mean, we're seeing EBITDA margins for those kinds of businesses, be it like 35% or plus. But at the same time, it is a lot more labor intensive and it's, you know, it's more a wrench turning type job. So just checking to see what's your appetite for that? Do you see that attractive? And would that be a lateral shift as you expand out the spare engine leasing business?

我的意思是，我們看到這類企業的 EBITDA 利潤率為 35% 或以上。但同時，它的勞動強度更大，而且它更像是一種扳手轉動類型的工作。那麼只是檢查一下您對此有何興趣？你覺得這很有吸引力嗎？當您擴大備用引擎租賃業務時，這會是橫向轉變嗎？

I don't think we're going to get into ever overhauling engines, but things like engine swapping, we do that all the time. We've been doing that for 20 years. That's nothing new. And you do it to manage your cost base. And I'm sure if you looked at our EBITDA margin as a company, it would be huge.

我不認為我們會徹底檢修發動機，但像更換發動機這樣的事情，我們一直在這樣做。我們已經這樣做了 20 年。這不是什麼新鮮事。您這樣做是為了管理您的成本基礎。我確信，如果你看看我們作為一家公司的 EBITDA 利潤率，那將是巨大的。

Pete, what is our EBITDA margin? But while I'm talking, you work it out there, Pete.

皮特，我們的 EBITDA 利潤率是多少？但當我說話的時候，你就在那裡解決問題，皮特。

But I would say, I would say when it comes to the module swaps, of course, you're doing all those things. For example, our biggest department internally is maintenance. Our technical department, how we manage it, because it's our biggest controllable cost. And it's an important part of how you drive AerCap’s profitability.

但我想說，當涉及到模組交換時，當然，你正在做所有這些事情。例如，我們內部最大的部門是維護。我們技術部門，我們怎麼管理，因為這是我們最大的可控成本。這是提高 AerCap 獲利能力的重要組成部分。

Every time there's an engine going to shop, every single month for every engine, we'll track all the utility usage of that engine. We'll be looking at that engine a year out when it's going into the shop, we'll be saying what parts of it need to be repaired. We'll work with the airline and say, okay, we want your estimate of work that needs to be done on the engine. We'll go through that.

每次有一台引擎要購買時，每個引擎每個月都會追蹤該引擎的所有公用設施使用情況。一年後，當引擎進入車間時，我們會對其進行檢查，並說明它的哪些部件需要修理。我們將與航空公司合作，然後說，好吧，我們需要您對發動機上需要完成的工作進行估計。我們會解決這個問題。

Then when the engine is in the shop, we'll be on site to make sure that the work that we want done is being done and there's not excess work being done on the engine. And we'd have experts in every engine type, which many wouldn't have. You know, they'd have generalists. You really have to know inside-out, high-pressure, low-pressure turbines of every engine type in your portfolio in order to manage your shop visit costs. But so, yeah, I would say that we do all those things.

然後，當引擎到達車間時，我們將在現場確保我們想要完成的工作正在完成，並且不會在引擎上進行多餘的工作。我們在每種引擎類型上都有專家，而這是許多公司所沒有的。你知道，他們會有多面手。您確實必須從內到外了解您的產品組合中每種引擎類型的高壓、低壓渦輪機，以便管理您的車間訪問成本。但是，是的，我想說我們做了所有這些事情。

Pete, what's EBITDA margin?

皮特，EBITDA 利潤率是多少？

Yeah, it's around 90%.

是的，大約是90%。

90%? Okay.

90%？好的。

It's a bit unfair to look at an EBITDA margin for a financial business because interest is obviously a big component but yeah, it would be around 90%.

看待金融企業的 EBITDA 利潤率有點不公平，因為利息顯然是一個很大的組成部分，但是，它會在 90% 左右。

I'm sorry. If I could do a follow-up on that 90%, if you were just to capture your engine exchange business, is that also at 90% EBITDA margin? I just want to make sure [we are looking at EBITDA].

對不起。如果我可以對這 90% 進行跟進，如果您只是為了捕捉您的引擎更換業務，那麼這也是 90% 的 EBITDA 利潤率嗎？我只是想確定一下[我們正在關注 EBITDA]。

Engine exchange is part and parcel of everyday. Engine exchange is just part and parcel of what we do every single day in the business. It's reflected -- there's nothing new about that. To be fair, everybody does it. I mean, we sell engines to a lot of people who do exchanges.

更換引擎是日常生活中不可或缺的一部分。引擎更換只是我們每天業務工作的重要組成部分。這已經反映出來了——這並不是什麼新鮮事。公平地說，每個人都這樣做。我的意思是，我們向許多進行交易的人出售引擎。

Great. Well, thank you very much and great to hear you guys.

偉大的。嗯，非常感謝你們，很高興聽到你們的聲音。

Anthony Bernie, Susquehanna Financial Group.

安東尼伯尼，薩斯奎哈納金融集團。

Good afternoon. This is Anthony on for Chris. Thanks for taking our questions. The adjustments for maintenance rights were a little elevated this quarter relative to recent historicals. I know you mentioned that was due to the timing of the lease return. Should we just treat this as a one-time bump, or do you expect elevated maintenance revenue going forward?

午安.這是安東尼替克里斯上場。感謝您回答我們的問題。相對於最近的歷史記錄，本季維護權的調整略有增加。我知道您提到這是由於租賃返還的時間造成的。我們是否應該將其視為一次性衝擊，還是您預計未來維護收入會增加？

Well, there are two elements of that that I would mention here. So we had higher maintenance revenue this quarter, and I do think that we also had that in the first quarter of the year, and really that has been due to more events happening. These are return of some aircraft on their existing leases and then going out on new leases. So some of those were pretty chunky during the quarter.

嗯，我在這裡要提到兩個要素。因此，我們本季的維護收入更高，我確實認為我們在今年第一季也有這樣的收入，這實際上是由於發生了更多的事件。這些是歸還一些飛機現有的租賃，然後再以新的租賃方式出去。因此，其中一些在本季度相當龐大。

And so if I look at overall, I'd say that probably boosted our first half earnings by, call it $80 million or so, maybe $100 million, -- and some of that is really timing. So I think that it's been higher in the first half of the year. Some of that was just brought, -- it just happened to be lumpy there.

因此，如果我從整體上看，我會說這可能使我們上半年的收入增加了 8,000 萬美元左右，也許是 1 億美元，其中一些確實是時機。所以我認為今年上半年更高。其中一些是剛帶來的——它只是碰巧在那裡呈塊狀。

The normal run rate, normally we would think of like maintenance revenues, less leasing expenses on an adjusted basis of around $30 million to $40 million a quarter. So it's certainly been high the last couple of quarters, but again, that's just timing.

正常運作率，通常我們會認為是維護收入減去租賃費用，調整後約為每季 3,000 萬至 4,000 萬美元。因此，過去幾季的價格肯定很高，但同樣，這只是時機。

And then in terms of the maintenance rights amortization, that has also been high this quarter. And again, that's really driven by events. When the events happen, that amortization is high, so you generally see those things happening in tandem.

然後就維護權攤銷而言，本季也很高。再說一遍，這確實是由事件驅動的。當事件發生時，攤銷很高，所以你通常會看到這些事情同時發生。

Got it. That's very helpful. Thank you. One more on the -- just the leasing expenses were down almost 20% year-over-year, and 1Q is down a solid 10% year-over-year as well. Are you doing anything differently to control costs on that line, and should we expect kind of year-over-year declines in the second half as well?

知道了。這非常有幫助。謝謝。還有一點——租賃費用年減了近 20%，第一季也較去年同期下降了 10%。你們是否採取了不同的措施來控制這方面的成本，我們是否應該預期下半年也會出現年比下降？

Well, we are. That is one of the areas that we've highlighted before in terms of when we are able to use some of our existing spare engines to avoid engine swaps, right? So you put an engine in, swap it in, and avoid engine overhauls and other costs. That's a way to drive down those leasing expenses.

嗯，我們是。這是我們之前強調的領域之一，即我們何時能夠使用一些現有的備用引擎來避免引擎更換，對吧？因此，您可以安裝引擎並更換，從而避免引擎大修和其他成本。這是降低租賃費用的一種方法。

And I'd say that is one of the things that, from a strategic standpoint is a key benefit of having the engine leasing business because obviously we've got a much bigger pool of engines that you can utilize for that purpose.

我想說，從戰略角度來看，這是擁有引擎租賃業務的關鍵優勢之一，因為顯然我們擁有更大的引擎庫可供您用於此目的。

Great. Thank you so much.

偉大的。太感謝了。

Sure.

當然。

Mariana Perez Mora, Bank of America.

瑪麗安娜·佩雷斯·莫拉，美國銀行。

Good morning, everyone. So I'm going to tap again on the US Airlines weakness and them trying to actually retire at this unprofitable capacity, but also recovery to the global traffic. Can you give us some color around like how these rates look like today versus a year ago for like the difference of assets like engines and particularly the current generation aircraft where you have like an average of what, like 15 years old average? However, what type of rates are you seeing there versus a year ago?

大家早安。因此，我將再次利用美國航空的弱點，他們試圖以這種無利可圖的運力真正退役，但同時也恢復全球交通。您能否給我們一些信息，例如今天的費率與一年前的費率有何不同，例如發動機等資產的差異，特別是當前一代飛機的平均費率，例如 15 年的平均費率？然而，與一年前相比，您看到的利率是怎樣的？

Well, you're certainly continuing to see increases there. And we laid a lot of that out in the charts on our Capital Markets Day where you could see the material increases that we've seen over the last few years across the board. And that continues to be the case.

嗯，你肯定會繼續看到那裡的成長。我們在資本市場日的圖表中列出了很多內容，您可以在其中看到我們在過去幾年中全面看到的實質增長。情況仍然如此。

The real driver of that for those 15 to 20 year old assets is what we've just been speaking about in my mind is, why are airlines willing to pay so much? Because they have -- it's cheaper to do that than have a shop visit on an engine. There's no point paying, as I said, $10 million to overhaul a 7B engine if you need the aircraft and the engine for the next four or five years, not the next 10 years, which is what you need to recover that type of investment.

對於那些擁有 15 到 20 年歷史的資產來說，真正的驅動因素是我們剛才在我腦海中談到的，為什麼航空公司願意支付如此高的價格？因為他們有——這樣做比去商店檢查引擎更便宜。正如我所說，如果你在未來四到五年而不是未來 10 年需要飛機和發動機，那麼支付 1000 萬美元來檢修 7B 發動機是沒有意義的，而這正是你需要收回此類投資的。

And you know probably have to overhaul the cabin as well, to be honest, if you're going to try and keep that airplane flying for another 10 years. So to me, that's what I see as a big driver. And it's likely to stay that way, as I've said before, till the end of the decade, because it will take time for the ramp up to occur on the new technology assets.

老實說，如果您想讓這架飛機再飛行 10 年，您可能還需要對機艙進行大修。所以對我來說，這就是我所認為的一個重要推動力。正如我之前所說，這種情況可能會持續到本世紀末，因為新技術資產的成長需要時間。

And if we were to see this, I'll say, like slow down, how strong is the demand? And it's mostly about replacement going forward. How do you manage what you sell versus what you actually extend the lease on for these like older aircraft, particularly not just engines?

如果我們看到這種情況，我會說，例如放緩，需求有多強？這主要是關於未來的更換。對於舊飛機（尤其是不僅僅是發動機），您如何管理您銷售的產品與實際延長租賃的產品？

Well, it depends on how we view the assets. Do we, is it an asset that we would like to be out of? And then we'll be more inclined to sell the asset. But I think you can see through our behavior over the last, must be nearly 18 years, 20 years, a public company, that the average age of the assets we sell has always been towards on an average basis around 15 year mark, which is what we sell.

嗯，這取決於我們如何看待資產。我們是否願意放棄它？然後我們會更傾向於出售資產。但我想你可以透過我們過去的行為看到，一定是快18年、20年了，一家上市公司，我們出售的資產的平均年齡一直在平均15年左右，也就是我們賣什麼。

So because we do feel that at some point, even though the values are very strong today, as we get to the end of the decade, those values are likely to decline. And again, that's why we've shown you our strategy in several Investor Day presentations, the sunset strategy of how the portfolio is created.

因為我們確實覺得，在某些時候，即使今天的價值觀非常強大，但隨著我們到本世紀末，這些價值觀可能會下降。再說一次，這就是為什麼我們在幾個投資者日演示中向您展示我們的策略，即如何創建投資組合的日落策略。

We often say to you that people should never look at the average age of a portfolio of a leasing company; it's utterly meaningless. The key is to look at the average age of the components of the business. If you have a young fleet of 777s or 737s, you will lose money. Because you won't -- those planes will not be flying in 2035, 2038 and if you bought them in 2015, that's what you need to happen.

我們常對你說，人們永遠不應該看租賃公司投資組合的平均年齡；這完全沒有意義。關鍵是要看業務組成部分的平均年齡。如果您擁有一支由 777 或 737 組成的年輕機隊，您將會虧損。因為你不會——這些飛機將不會在 2035 年、2038 年飛行，如果你在 2015 年購買了它們，那就是你需要發生的事情。

And at AerCap, you could see we've had a tremendous discipline in that regard over the last 12 years, never ordering those type of aircraft. And we have been exiting that type. And you can see that in the charts that we provided as well on the Investor Day.

在 AerCap，您可以看到我們在過去 12 年裡在這方面有嚴格的紀律，從未訂購過此類飛機。我們已經退出了這種類型。您可以在我們在投資者日提供的圖表中看到這一點。

Thank you. And last one from me. If you were to see more opportunities like the one with Spirit Airlines, where you can actually get orders of new aircraft in the near term -- like I imagine like you have, how do you manage your strong balance sheet? And how much are you willing to lever up on like actually taking the opportunity of this environment, if it were to happen?

謝謝。還有我的最後一張。如果你想看到更多像精神航空這樣的機會，你實際上可以在短期內獲得新飛機的訂單——就像我想像的那樣，你如何管理你強大的資產負債表？如果真的發生的話，你願意在多大程度上利用這種環境的機會？

Well, I think, look, we have plenty of capacity on our balance sheet to take advantage of any opportunities that comes in. I'm not concerned about that. It's just having the discipline to pick the right opportunities. We're looking at many different asset acquisition opportunities on a daily basis, but we hit very few of them. The ones we’ve managed to do are ones where we've worked on a bilateral basis with a partner -- a customer who's been a partner for a long time and tried to do something that works for them and for AerCap.

嗯，我認為，看，我們的資產負債表上有足夠的能力來利用任何出現的機會。我不擔心這個。只是要有紀律選擇正確的機會。我們每天都會尋找許多不同的資產收購機會，但我們抓住的機會很少。我們成功做到的事情是與合作夥伴（長期作為合作夥伴的客戶）進行雙邊合作，並嘗試做一些對他們和 AerCap 有利的事情。

This concludes the question-and-answer session. I would like to hand the call back over to Aengus Kelly for any final remarks.

問答環節到此結束。我想將電話轉回給安格斯凱利，讓其發表最後的評論。

Well, thank you all for joining us today on the call. We look forward to giving you an update in three months' time. Thank you.

好的，謝謝大家今天加入我們的電話會議。我們期待在三個月後向您提供最新情況。謝謝。

This does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。