AerCap Holdings NV (AER) 2025 Q2 法說會逐字稿

(Operator Instructions) Good day, and welcome to AerCap's Q2 2025 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.

（操作員指示）大家好，歡迎查看 AerCap 2025 年第二季財務業績。今天的會議正在進行錄音，會議記錄將在會議結束後發佈在公司網站上。現在，我想將會議交給投資者關係主管約瑟夫‧麥金利 (Joseph McGinley)。先生，請繼續。

Thank you, operator, and hello, everyone. Welcome to our second-quarter 2025 conference call. With me today is our Chief Executive Officer, Aengus Kelly; and our Chief Financial Officer, Pete Juhas.

謝謝接線員，大家好。歡迎參加我們的 2025 年第二季電話會議。今天與我一起的有我們的執行長 Aengus Kelly 和我們的財務長 Pete 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 to differ materially from those expressed or implied in such statements.

在我們開始今天的電話會議之前，我想提醒大家，這次電話會議中所做的一些陳述並非歷史事實，而是前瞻性陳述。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表達或暗示的結果或事件有重大差異。

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. Further information concerning issues that could materially affect performance can be found in AerCap's earnings release dated August 30, 2025. A copy of the earnings release and conference call presentation are available on our website at aercap.com.

除法律規定外，AerCap 不承擔任何義務，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。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 2025 年 8 月 30 日發布的收益報告。收益報告和電話會議簡報的副本可在我們的網站 aercap.com 上取得。

This call is open to the public and is being webcast simultaneously at aercap.com and will be archived for replay. We will shortly run through our earnings presentation and we 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.

本次電話會議向公眾開放，並在 aercap.com 上同步進行網路直播，並將存檔以供重播。我們很快就會完成我們的收益報告，並在最後留出時間進行問答。提醒一下，我要求分析師只提出一個問題並進行一次後續跟進。

I will now turn the call over to Aengus Kelly.

現在我將電話轉給 Aengus Kelly。

Thank you for joining us for our second-quarter 2025 earnings call. We are pleased to report a record quarter of earnings generating GAAP net income of $1.3 billion and earnings per share of $7.09. This reflects strong execution and demand for our assets, as well as the successful outcome in our contingent and possessed insurance case in the commercial court in London in June.

感謝您參加我們的 2025 年第二季財報電話會議。我們很高興宣布，本季獲利創下紀錄，實現 GAAP 淨利 13 億美元，每股收益 7.09 美元。這反映了我們強勁的執行力和市場對資產的需求，以及我們 6 月在倫敦商事法庭審理的附隨保險和持有保險案件的勝訴。

Adjusted net income was $502 million, and adjusted EPS was $2.83. Given these strong results and our improved outlook for the year ahead, we have increased our 2025 full-year adjusted EPS guidance, again, today.

調整後淨利為5.02億美元，調整後每股收益為2.83美元。鑑於這些強勁的業績以及我們對未來一年的展望改善，我們今天再次上調了2025年全年調整後每股收益預期。

Global passenger traffic continues to grow, led by APAC and the Middle East. In the US, domestic traffic declined after slower growth in April. But international traffic performed better, demonstrating the resilience of long-haul demand. This phenomenon of international growth outpacing domestic growth is a trend that we've seen throughout the year and around the world.

全球客運量持續成長，以亞太地區和中東地區為主導。在美國，國內客運量繼 4 月成長放緩之後出現下降。但國際客運表現較好，顯示出長途需求的彈性。國際成長超過國內成長的現像是我們全年在世界各地看到的趨勢。

On the Aircraft side, we continue to see strong demand from our customers, despite the uncertainty regarding tariffs and trade. This is evidenced by our 99% utilization rate and 97% extension rate in the second quarter. These high levels of utilization and extension rates have persisted over recent years, resulting in more options on placements and stronger returns overall.

在飛機方面，儘管關稅和貿易存在不確定性，但我們仍然看到客戶的強勁需求。我們第二季 99% 的利用率和 97% 的延期率證明了這一點。近年來，這種高利用率和延期率一直持續存在，從而帶來了更多的安置選擇和更高的整體回報率。

In fact, across the 30 extensions we completed in Q2, the new leases signed were, on average, higher than their previous lease despite being older aircraft now. The resilience of international travel means the broad-based demand for wide-bodies continues.

事實上，在我們第二季完成的 30 份續約合約中，儘管現在的飛機比較老舊，但新簽訂的租約平均價格高於先前的租約。國際旅行的復甦意味著對寬體飛機的廣泛需求將持續存在。

This was shown by the lease agreements we signed for 777 and A330 seals with carriers in Asia, the Middle East, and Europe in Q2. Furthermore, as a result of the deals we have signed or have in the pipeline in Q3, we have only two wide-bodies available for lease between now and the end of 2027 out of a fleet of more than 250 wide-bodies.

我們在第二季與亞洲、中東和歐洲的航空公司簽署的 777 和 A330 密封件租賃協議就證明了這一點。此外，由於我們在第三季度已經簽署或正在籌備的交易，從現在到 2027 年底，在我們擁有的 250 多架寬體飛機中，只有兩架寬體飛機可供租賃。

On the narrow-body side, we see similar trends. We signed lease agreements with 12 different carriers in the quarter, including 6 A320neo placements from our order book with a carrier in the Middle East. We extended 26 used aircraft, with an average age of 16 years, that are on lease to carriers, predominantly in Europe and Asia.

在窄體飛機方面，我們也看到了類似的趨勢。本季度，我們與 12 家不同的航空公司簽署了租賃協議，其中包括與中東一家航空公司訂購的 6 架 A320neo。我們延長了 26 架二手飛機的租賃期限，這些飛機的平均機齡為 16 年，主要租賃給歐洲和亞洲的航空公司。

There has been a lot of focus on the OEM supply shortages over the last number of years which, of course, have been helpful for lease rates and sales pricing. These delays have also resulted in fewer opportunities for organic growth via sale leasebacks.

過去幾年來，人們一直非常關注 OEM 供應短缺問題，這當然有助於提高租賃率和銷售定價。這些延誤也導致透過售後回租實現有機成長的機會減少。

That dynamic is beginning to change and deals are beginning to present themselves. Of course, they have to meet our return targets, but I am confident that as OEMs ramp up deliveries over the next few years, AerCap will be well positioned to take advantage of these opportunities, given the combined strength of our balance sheet and customer relationships.

這種動態正在開始發生變化，交易也開始出現。當然，他們必須滿足我們的回報目標，但我相信，隨著未來幾年原始設備製造商 (OEM) 增加交付量，憑藉我們資產負債表和客戶關係的綜合實力，AerCap 將能夠充分利用這些機會。

Spare engine demand remains particularly robust today, given the challenges with new technology aircraft in particular, keeping utilization levels high. Our engine platforms are focused on supporting their OEM, airline and MRO customers.

考慮到新技術飛機面臨的挑戰以及維持高利用率水準的需要，備用引擎的需求目前依然特別強勁。我們的引擎平台專注於支援其 OEM、航空公司和 MRO 客戶。

Spare engine support is a key part of AerCap's overall proposition to customers. And our portfolio of over 1,200 spare engines, 90% of which are in new technology, mean AerCap is well positioned to do so.

備用引擎支援是 AerCap 向客戶提供的整體服務的重要組成部分。我們擁有超過 1,200 台備用發動機，其中 90% 都採用了新技術，這意味著 AerCap 完全有能力做到這一點。

On new deliveries, our organic growth strategy continues with the purchase of 31 new LEAP engines across the SES and AerCap platforms, taking total deliveries for the year-to-date to 84%. A further 46 LEAPs are expected to deliver through the end of this year.

在新交付方面，我們繼續實施有機成長策略，在 SES 和 AerCap 平台上購買了 31 台新 LEAP 發動機，使今年迄今的總交付量達到 84%。預計今年底前還將有 46 個 LEAP 交付。

We also delivered 36 engines to various airline customers in Q2 alone under commercial lease agreements. So overall, activity remains robust across the platforms.

僅在第二季度，我們還根據商業租賃協議向各航空公司客戶交付了 36 台發動機。因此整體而言，各平台的活動依然強勁。

Finally, we are set to expand our MRO support capability with an engine leasing partnership with Air France-KLM announced at the Paris Air Show, which we hope to finalize later in the year. This mutually beneficial partnership provides spare engine support for customers of our France-KLM's MRO operation and quicker MRO slots for our own fleet.

最後，我們將透過在巴黎航展上宣布的與法國航空荷航建立引擎租賃合作夥伴關係來擴大我們的 MRO 支援能力，我們希望在今年稍後完成這項合作。這種互惠互利的合作關係為法荷航 MRO 業務的客戶提供備用引擎支持，並為我們自己的機隊提供更快的 MRO 時段。

Turning to milestone. Overall, the helicopter landscape remains reasonably robust. Global fleet utilization remains high, aided by continued OEM production discipline, and supply chain constraints, which like the aircraft industry, are likely to persist for some time.

轉向里程碑。整體而言，直升機市場依然保持相當強勁。受原始設備製造商持續的生產紀律和供應鏈限制的推動，全球機隊利用率仍然很高，這種情況可能會像飛機行業一樣持續一段時間。

From an AerCap fleet perspective, we continue to adopt a balanced portfolio management strategy, investing in new technology helicopters at accretive returns, while divesting of midlife and out of production types. During the quarter, we continue to see a high percentage of helicopters of varying types extending with their existing operators. This included deals with operators in the US, South Korea, India and the UK.

從 AerCap 機隊角度來看，我們繼續採取均衡的投資組合管理策略，投資新技術直升機以獲得增值回報，同時剝離中年和停產機型。在本季度，我們繼續看到大量不同類型的直升機與其現有營運商續約。其中包括與美國、韓國、印度和英國的營運商達成的交易。

So in summary, this was another great quarter for AerCap, with earnings and cash flows remaining strong throughout the business. We continue to deploy your capital effectively with the purchase of approximately $3 billion of new equipment and the repurchase of over $1 billion of stock year-to-date.

總而言之，對於 AerCap 來說，這是另一個出色的季度，整個業務的利潤和現金流仍然保持強勁。我們繼續有效地配置您的資金，今年迄今已購買了約 30 億美元的新設備並回購了超過 10 億美元的股票。

In addition, we expect to spend another $3 billion in new equipment through the end of 2025 and have a further $800 million in share repurchase authorization outstanding. Going forward, this means that AerCap is in an exceptional position to provide unique support to our customers and strong returns to our shareholders.

此外，我們預計到 2025 年底還將投資 30 億美元購買新設備，並還有 8 億美元的股票回購授權尚未行使。展望未來，這意味著 AerCap 將處於有利地位，能夠為我們的客戶提供獨特的支持，並為我們的股東帶來豐厚的回報。

With that, I'll now hand the call over to Pete to review the financials and the outlook for 2025.

說完這些，我現在將電話交給皮特回顧一下財務狀況和 2025 年的前景。

Thanks, Gus. Good morning, everyone. Our GAAP net income for the second quarter was a record $1.259 billion or $7.09 per share. This included net recoveries related to the Ukraine conflict of $973 million or $5.48 per share. This reflects the award we received in the favorable decision by the London Commercial Court in June.

謝謝，格斯。大家早安。我們第二季的 GAAP 淨收入達到創紀錄的 12.59 億美元，即每股 7.09 美元。其中包括與烏克蘭衝突相關的淨回收金額 9.73 億美元或每股 5.48 美元。這反映了我們在六月倫敦商業法庭的有利裁決中所獲得的獎勵。

The impact of purchase accounting adjustments was $82 million for the quarter or $0.46 per share. The net tax effect of both of these items was $134 million or $0.75 per share. As a result, our adjusted net income for the second quarter was $502 million or $2.83 per share.

購買會計調整的影響為本季 8,200 萬美元或每股 0.46 美元。這兩項的淨稅收影響為 1.34 億美元或每股 0.75 美元。因此，我們第二季的調整後淨收入為 5.02 億美元，即每股 2.83 美元。

Besides the insurance award, there were two main items that affected our results for the second quarter. First, we had a tax provision release of $41 million. And second, our SG&A expense was higher than normal due to higher stock-based compensation expense, which was driven by some upfront recognition of expenses. Going forward, we expect stock-based compensation expense to return to a more normal run rate of around $30 million a quarter.

除了保險獎金外，還有兩個主要因素影響了我們第二季的業績。首先，我們撥付了 4,100 萬美元的稅金。其次，由於股票薪酬費用增加，我們的銷售、一般及行政費用高於正常水平，而股票薪酬費用增加是由於一些前期確認的費用所致。展望未來，我們預計股票薪酬費用將恢復到每季約 3,000 萬美元的正常水準。

Turning to sales. Our net gain on sale of assets was $57 million. We sold 18 of our owned assets during the quarter for total sales revenue of $374 million. That resulted in an unlevered gain on sale margin of 18%, which is equivalent to a multiple of 1.7 times book value.

轉向銷售。我們出售資產的淨收益為 5,700 萬美元。本季我們出售了 18 項自有資產，總銷售收入為 3.74 億美元。這導致無槓桿銷售收益利潤率達到 18%，相當於帳面價值的 1.7 倍。

The sales volume was a little lower than normal during the second quarter, mainly due to timing of deals closing. As of June 30, we had $470 million of assets held for sale, and I currently expect our sales to be around $2.5 billion for the full year.

第二季的銷售量略低於正常水平，主要原因是交易完成的時間。截至 6 月 30 日，我們持有待售資產價值 4.7 億美元，我目前預計全年銷售額約 25 億美元。

Our liquidity position continues to be very strong. As of June 30, our total sources of liquidity were approximately $22 billion. That includes $2.7 billion of cash and $12 million of revolvers and other committed facilities, as well as expected sales and operating cash flow.

我們的流動性狀況依然非常強勁。截至 6 月 30 日，我們的總流動資金來源約為 220 億美元。其中包括 27 億美元現金、1,200 萬美元循環信貸額度和其他承諾信貸額度，以及預期銷售額和營運現金流。

Our sources [dues] coverage ratio at the end of the quarter was 1.9 times, which amounts to excess cash coverage of around $10 billion. Our leverage ratio was 2.2:1, down from 2.4:1 last quarter. That decrease was primarily driven by the favorable insurance judgment that we received in June.

我們本季末的來源[會費]覆蓋率為 1.9 倍，相當於超額現金覆蓋率約為 100 億美元。我們的槓桿率為 2.2:1，低於上一季的 2.4:1。這一下降主要是由於我們在六月收到的有利保險判決。

Our operating cash flow was approximately $1.3 billion for the second quarter. And our average cost of debt remained the same at 4.1%.

我們第二季的經營現金流約為 13 億美元。我們的平均債務成本保持不變，為 4.1%。

We bought back 4.7 million shares during the quarter for a total of $445 million. That takes us to over $1 billion of share repurchases so far this year. We currently have around $800 million of available capacity remaining in our existing share repurchase authorization.

我們在本季回購了 470 萬股，總計 4.45 億美元。這意味著今年迄今為止我們的股票回購總額已超過 10 億美元。我們現有的股票回購授權中目前仍有約 8 億美元的可用容量。

Turning now to guidance. In February, we projected adjusted earnings per share of $8.50 to $9.50 for the full-year 2025, not including any gains on sale. On our last earnings call, given the strong performance in the first quarter, we raised our guidance to the top half of that range.

現在轉向指導。2 月份，我們預測 2025 年全年調整後每股收益為 8.50 美元至 9.50 美元，不包括任何銷售收益。在我們上次的收益電話會議上，鑑於第一季的強勁表現，我們將預期上調至該範圍的上半部分。

As Gus mentioned, today, we're raising our full-year 2025 adjusted EPS guidance to approximately $11.60. That includes $1.10 of gains on sale that we had in the first half of the year, but it doesn't include any gains on sale for the second half of the year.

正如Gus所提到的，今天，我們將2025年全年調整後每股盈餘預期上調至約11.60美元。這包括我們上半年獲得的1.10美元銷售收益，但不包括下半年的任何銷售收益。

In the first half, the outperformance relative to guidance was driven by higher lease revenue, including net maintenance contribution, and we would expect lease revenue to continue to be strong in the second half of the year. We also had some benefits from higher other income in the first quarter, as well as the tax release in the second quarter.

上半年，相較於預期的優異表現得益於更高的租賃收入（包括淨維護貢獻），我們預計下半年租賃收入將持續保持強勁。我們也從第一季其他收入的增加以及第二季度稅收的減免中獲得了一定的好處。

So that results in full-year guidance of $11.60. This reflects our strong performance year-to-date and our positive outlook for the rest of the year.

因此，全年預期為11.60美元。這反映了我們今年迄今為止的強勁表現，以及對今年剩餘時間的樂觀展望。

So in closing, we're coming off another strong quarter for AerCap in terms of earnings and EPS and of course, the favorable decision in our insurance case. We continue to be in a position of strength with a strong balance sheet, low leverage, and strong liquidity. We're confident about the outlook for the business, as you can see from our increase in full-year guidance and our repurchases of over $1 billion of stock so far this year.

總而言之，AerCap 在獲利和每股盈餘方面又度過了一個強勁的季度，當然，我們的保險案也做出了有利的判決。我們持續保持優勢地位，擁有強勁的資產負債表、低槓桿率和強大的流動性。我們對業務前景充滿信心，從我們今年上調全年業績預期以及迄今回購超過 10 億美元股票可以看出這一點。

And with that, operator, we'll open up the call for Q&A.

接線生，接下來我們將開始問答環節。

(Operator Instructions) Terry Ma, Barclays.

（操作員指示）巴克萊銀行的 Terry Ma。

Hi. Thank you. Good morning. Maybe just to start off with the partnership with Air France-KLM. Is there any way you can maybe size that opportunity and talk about how much excess capital you deploy into that?

你好。謝謝。早安.也許只是從與法國航空荷航的合作開始。您能否評估這個機會，並談談您將為這個機會投入多少剩餘資本？

We kind of take a step back, maybe just update us on how you're thinking about capital allocation. You guys continue to be under-levered relative targets. So maybe just talk about deployment of that capital overall?

我們稍微退一步，也許只是告訴我們您對資本配置的看法。你們仍然是槓桿率較低的相對目標。那麼也許只是談論一下整體資本的部署？

Sure. Let me start with the Air France-KLM joint venture. This opens up another broad customer base to our engine business. And the great advantage for Air France-KLM as they move into the LEAP overhaul business is that they have a partner now that has experience of moving hundreds of LEAP engines around the world on time and on spec for the existing OEM CFM. So that's very important.

當然。我先從法國航空和荷航的合資企業說起。這為我們的引擎業務開闢了另一個廣泛的客戶群。法國航空荷航進軍 LEAP 大修業務的巨大優勢在於，他們現在擁有一個合作夥伴，該合作夥伴擁有按時、按照現有 OEM CFM 規格向世界各地運送數百台 LEAP 發動機的經驗。所以這非常重要。

As regards to how big it will grow, we'll have to see over time. Initially, it will be a small amount, but like all these investments, these are long term in nature, like the businesses is something we're looking to regarding the long term.

至於它能成長到多大，我們還需要一段時間才能看到。最初，這將是一小筆錢，但就像所有這些投資一樣，這些都是長期的，就像企業一樣，我們期待的是長期發展。

I'll let Pete answer the question on the capital allocation.

我讓皮特來回答有關資本配置的問題。

Sure. Thanks, Gus. So Terry, in terms of capital allocation, so far this year, we've deployed a little over $1 billion for share buybacks. We've also bought $3 billion of aircraft, as Gus mentioned, and we've got another $3 billion of buybacks -- of CapEx later this year, as well as the remaining $800 million in our program. And as we look at it, look, you know we always look at all different alternatives for deploying excess capital.

當然。謝謝，格斯。特里，就資本配置而言，今年到目前為止，我們已經部署了略高於 10 億美元的資金用於股票回購。正如 Gus 所提到的，我們還購買了價值 30 億美元的飛機，今年稍後我們還將回購 30 億美元的資本支出，以及我們計劃中剩餘的 8 億美元。當我們審視這個問題時，你知道，我們總是在尋找部署過剩資本的所有不同替代方案。

We are seeing some, what we think will be attractive opportunities with some of the airlines now. Now that you're starting to see more aircraft delivering in their order books, we think there will be opportunities there.

我們看到一些航空公司現在面臨著一些有吸引力的機會。現在您開始看到訂單中交付的飛機越來越多，我們認為這將帶來機會。

We also think that there will be opportunities on the engine side to deploy more capital there. And of course, share repurchases continue to be attractive. So I'd say those will be the main avenues, as we look out today, in terms of deployment of excess capital for the remainder of the year.

我們也認為，在引擎方面將有機會部署更多的資本。當然，股票回購仍然具有吸引力。因此，我認為，正如我們今天所看到的，這些將是今年剩餘時間內部署過剩資本的主要途徑。

Got it. That's helpful. And then I guess as a follow-up, I think leasing expenses ex the maintenance amortization expense was in the $60 million range this quarter. It's been below average last two quarters. What's the outlook for that for the remainder of the year? Thank you.

知道了。這很有幫助。然後我想作為後續，我認為本季租賃費用（不包括維護攤銷費用）在 6000 萬美元左右。過去兩個季度一直低於平均水平。今年剩餘時間的前景如何？謝謝。

Yes. So leasing expenses have been lower. They were also lower in the first quarter. They came down a bit more in the second quarter, mainly that has been due to the high level of extensions and fewer transitions that we've been seeing.

是的。因此租賃費用較低。第一季的產量也較低。在第二季度，這一數字有所下降，主要是因為我們看到的延期數量較多，而過渡數量較少。

As you saw, our extension rate in the quarter was 97%, so that's almost a record-high. And what the impact of that is it's reducing the amount of leasing expenses that we have. So I think that will continue to trend at lower levels than we had originally expected because of that -- those factors.

正如您所看到的，我們本季的延期率為 97%，幾乎創下了歷史新高。其影響是減少我們的租賃費用。因此，我認為由於這些因素，這一趨勢將繼續低於我們最初的預期。

Any further questions Mr. Ma?

馬先生還有其他問題嗎？

No, that's it. Thank you.

不，就是這樣。謝謝。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great. Thanks. I apologize because I missed a bit at the beginning. But the increase in your H -- your second half or full-year CapEx, does that already encompass your expectation for potentially higher sale leasebacks or is that something that would be additive to it?

偉大的。謝謝。我很抱歉，因為一開始我忽略了一點。但是，您下半年或全年資本支出的增加是否已經涵蓋了您對潛在更高的售後回租的預期，還是會附加一些內容？

No. That $3 billion that we mentioned, Moshe, is just what we've contracted to date. So that's just from the order book. But any -- so any incremental things that we do would be additive to that number.

不。摩西，我們提到的 30 億美元只是我們迄今為止簽約的金額。這只是來自訂單簿。但是我們所做的任何增量事情都會增加這個數字。

Got it. And I guess -- I mean, how should we think about the potential for that number to be higher than $3 billion versus lower at this stage, like upside, downside, if you will?

知道了。我想——我的意思是，我們應該如何看待這個數字在現階段高於 30 億美元還是低於 30 億美元的可能性，例如上漲空間還是下跌空間，如果你願意的話？

Well, we're starting to see the OEMs pick up their pace of deliveries. I mean you saw Boeing's results the other day. So I think that we are seeing production rates increase, albeit off a relatively low base.

嗯，我們開始看到原始設備製造商加快了交貨速度。我的意思是你前幾天看到了波音的業績。因此我認為，儘管基數相對較低，但生產率正在上升。

So I think as a starting point, that $6 billion for the year is a reasonable one for us just on -- in terms of our order book and what's currently contracted. And then things can be additive from there.

因此，我認為，作為一個起點，就我們的訂單和目前的合約而言，今年 60 億美元對我們來說是一個合理的數字。然後事情就可以從那裡開始增加。

And one of the benefits that you get if you're doing sale leasebacks or, in particular, engine deals, is that allows for more rapid deployment of capital than, say, if you were doing an OEM order where you're going to get those -- a new order, you're going to get those aircraft in the 2030s.

如果您進行售後回租或特別是發動機交易，那麼您獲得的好處之一是，可以比如果您進行 OEM 訂單更快地部署資本，您將獲得這些新訂單，您將在 2030 年代獲得這些飛機。

So that is one of the benefits of those two. How much will it be this year? Hard to know, but we do have excess capital available, and we would like to deploy it.

這是兩者的優點之一。今年會是多少？很難知道，但我們確實有多餘的資本，我們願意部署它。

Got it. And maybe since you did bring up the engine business, could you talk about how much -- what's the possible amount of capital you could deploy in that over -- I mean, you can pick the period to discuss and just talk about how important that could be for your CapEx?

知道了。既然您確實提到了引擎業務，您能否談談您可以在其中部署多少資本？我的意思是，您可以選擇一個時期來討論，然後談談這對您的資本支出有多重要？

Well, we did $5 billion of engine orders last year and that's -- and $10 billion since we did the GECAS acquisition, so that gives you some idea of how large these can be. And as I said, in contrast to just an order on an aircraft from an order book, engines can deliver, in some cases, weeks after we've concluded that contract because, if you think about it, these are spare engines that are immediately needed.

嗯，我們去年的引擎訂單總額為 50 億美元，自從我們收購 GECAS 以來，訂單總額已經達到 100 億美元，所以這可以讓你了解這些訂單的規模有多大。正如我所說的，與訂單簿上的飛機訂單不同，在某些情況下，發動機可以在我們簽訂合約數週後交付，因為如果你仔細想想，這些都是急需的備用發動機。

That's why they are -- that's why we are doing these purchases so they can be immediately put into the spare engine pool for the OEMs. And so that can lead to rapid deployment of capital, so it can be quite large.

這就是我們進行這些採購的原因，這樣它們就可以立即放入 OEM 的備用引擎池中。這樣就可以實現資本的快速部署，因此規模可能會相當大。

Yeah. Thanks very much.

是的。非常感謝。

Catherine O’Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

Hey. Good morning, everyone. Thanks for the time. Maybe just a follow-up on the capital allocation question. Leverage is running well below target. It sounds like you have potentially new opportunities in the sale leaseback market.

嘿。大家早安。謝謝你的時間。也許只是對資本配置問題的後續關注。槓桿比率遠低於目標。聽起來您在售後回租市場可能有新的機會。

But how do you think about the relative attractiveness of those sale-leaseback opportunities versus maybe deploying more capital engines versus buying back AerCap shares. Is the lack of a [re-up] on the buyback just that you still have $800 million left? Just would love to know how you're thinking about ranking those opportunities.

但是，您如何看待這些售後回租機會與部署更多資本引擎和回購 AerCap 股票的相對吸引力？回購沒有再進行，是不是因為你們還剩下 8 億美元？只是想知道您如何考慮對這些機會進行排名。

Yeah, that's the rationale, [Cathy], for -- in terms of the buyback at the moment. We have a little over $800 million remaining. And so we'd like to utilize that first. So that's why we're not announcing a new authorization at the moment.

是的，[Cathy]，這就是目前回購的理由。我們還剩下8億多美元。因此我們想首先利用這一點。這就是我們目前不宣布新授權的原因。

But as you note, our leverage ratio is low. It's 2.2:1. A lot of that is because the -- we got the judgment in June on our insurance case. And those funds just came in at the end of June and early July. So that decreased the leverage ratio by about 20 basis points from 2.4 to 2.2.

但正如您所說，我們的槓桿率很低。比例是 2.2:1。這很大程度上是因為——我們在六月獲得了有關保險案件的判決。這些資金剛剛在六月底和七月初到位。因此，槓桿率下降了約 20 個基點，從 2.4 降至 2.2。

So when we think about the opportunities, for sure, share buybacks are one of them. But we also think, between some of these sale-leaseback opportunities with airlines, some of the engine deals that we're considering, I think, all of those are in the mix.

因此，當我們考慮機會時，股票回購肯定是其中之一。但我們也認為，在與航空公司進行的一些售後回租機會以及我們正在考慮的一些引擎交易之間，我認為所有這些都是混合的。

We'll look at each individually, but I think some combination of those things is the most likely deployment of excess capital this year. I think beyond that, things like M&A and new orders of aircraft are probably behind that at the moment.

我們將分別研究每一種情況，但我認為這些因素的某種組合最有可能是今年過剩資本的部署。我認為除此之外，併購和新飛機訂單等因素可能目前已經落後了。

Okay. Great. Thanks. And maybe just for my follow-up. An 18% gain on sale is nearly double your historical average. So definitely not trying to poke at that. But there's been a lot of focus from investors across the aviation industry on what Boeing starting to get there together in production could mean.

好的。偉大的。謝謝。或許只是為了我的後續行動。18%的銷售收益幾乎是歷史平均的兩倍。所以絕對不要試著去戳那個。但整個航空業的投資人都非常關注波音公司開始共同生產意味著什麼。

And that 18% is a little bit lower than the last couple of quarters. Is there any difference in the types or agents of assets you called this quarter versus the last two or three? Just trying to see if there's any read-through to demand for aircraft and secondary market or if this is just really like a normal fluctuation based on the types of assets you sold? Thanks.

這一 18% 比前幾季略低。您本季聯繫的資產類型或代理商與前兩三季相比有什麼不同嗎？只是想看看對飛機和二級市場的需求是否有任何解讀，或者這只是基於您所出售的資產類型的正常波動？謝謝。

Sure, I really think it's a normal --

當然，我真的認為這是正常的--

Cathy, I was just going to say there that this is just a normal fluctuation. There's nothing more to see there. In terms of demand, it's still extremely strong.

凱茜，我只是想說這只是正常的波動。那裡已經沒有什麼好看的了。從需求方面來看，它仍然非常強勁。

Look, the real evidence of that is the extension rates. You can see that we extended an all-time high of 99% of the aircraft. That's what speaks to the strength in the market, whether Boeing are making 34, 36 or 38, [these] airplanes is not going to affect that demand.

你看，真正的證據就是延長率。您可以看到，我們的飛機擴展率達到了歷史最高水準的 99%。這顯示市場實力強勁，無論波音公司生產 34 架、36 架或 38 架飛機，都不會影響需求。

Okay. Great. I thought that's the answer. Thank you.

好的。偉大的。我以為這就是答案。謝謝。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

Hey. Yeah, good morning, guys. Maybe the first one for Pete. When we met up at the airshow, we had a pretty in-depth discussion with you on tariffs. Given how things have moved around, how are you thinking about it now? And how is the tariff environment impacting the business?

嘿。是的，大家早安。這可能是 Pete 的第一個。當我們在航展上見面時，我們就關稅問題與您進行了相當深入的討論。鑑於事情已經發生了這樣的變化，您現在是怎麼想的？關稅環境對業務有何影響？

Sure. Thanks, Ron. So we've seen a very limited impact of tariffs on our business so far. As you know, we've been strong advocates for 0 tariff regime around the world. We were very glad to see that, to see the announcements between the US and the UK. And then the US and the EU that came over the weekend. I believe those remove a lot of the uncertainty around tariffs for aviation. So that's very helpful.

當然。謝謝，羅恩。因此，到目前為止，關稅對我們業務的影響非常有限。如你們所知，我們一直是世界範圍內零關稅制度的堅定倡導者。我們很高興看到這一點，看到美國和英國之間發布的聲明。然後美國和歐盟也於週末到來。我相信這些將消除航空關稅的許多不確定性。這非常有幫助。

And what we'd like to see, I think those are a good precedent for other deals that could be done around the world. So that's very helpful.

我們希望看到，我認為這將為世界各地達成的其他協議樹立一個良好的先例。這非常有幫助。

Look, all that being said, all this has moved very quickly. But if those can serve as a precedent and we get back to the 0 for 0 regime, I think that's best for aviation. It's helpful for the industry overall. And as I said, so we've seen very minimal impact, and we hope that a lot of this is behind us now.

瞧，儘管如此，這一切進展得非常快。但如果這些可以作為先例，我們回到 0 對 0 制度，我認為這對航空業來說是最好的。這對整個行業都有幫助。正如我所說，我們看到的影響非常小，我們希望大部分影響已經過去了。

Got it. And then maybe just a broader question. When you think about the return profile on an engine versus the return profile on an airframe, at a high-level, how do you guys think about that? I mean, what's better for you, an airframe or an engine?

知道了。然後也許只是一個更廣泛的問題。當您從高層次考慮引擎的回流剖面與機體的回流剖面時，您是如何看待這個問題的？我的意思是，對你來說，機身和引擎哪個比較好？

Ron, I wouldn't say one is better than the other. There's different aspects to them. The engine initially has a lower lease yield because no one is paying for seats, laboratories, all that bio furnished equipment.

羅恩，我不會說一個比另一個更好。它們有不同的方面。這具引擎最初的租賃收益較低，因為沒有人支付座椅、實驗室以及所有生物裝備的費用。

However, over time, the aircraft depreciates faster than the engine because you have to depreciate those components that are specific to the first lessee. So you get a higher lease rate at the start on aircraft, but you have a shallower depreciation curve over the long-term on the engines.

然而，隨著時間的推移，飛機的貶值速度比發動機更快，因為您必須貶值那些特定於第一個承租人的部件。因此，飛機租賃初期的租金較高，但從長遠來看，引擎的折舊曲線較平緩。

The key point of investing in anything in aviation is that you were buying the right assets for its remaining economic life, be that five years or 25 years. And you're buying it at the right price and you know the value of the assets when you buy is. And AerCap has demonstrated that in this industry for 20 years-plus that no one has that judgment better than this company.

投資航空領域任何東西的關鍵在於，你購買的資產要符合其剩餘的經濟壽命，無論是 5 年還是 25 年。而且您以合適的價格購買它，並且您知道購買時的資產價值。AerCap 已經在這個行業中用 20 多年的時間證明了這一點，沒有人比這家公司更有判斷力。

Got it. And then maybe just one last one. With demand for wide-bodies clearly picking up, do you think you need to -- how do I say, build out your backlog on wide-body orders, your skyline more so?

知道了。然後也許只剩下最後一個了。隨著對寬體飛機的需求明顯回升，您是否認為您需要—怎麼說呢，擴大寬體飛機訂單積壓量，擴大您的天際線？

Definitely not. I will build my skyline when it makes money for my shareholders. I have no interest in buying any asset at all if it doesn't make adequate return for shareholders in AerCap. I still believe the cheapest wide-bodies in the world are available on the New York Stock Exchange under the ticker AER.

絕對不是。當我的天際線能為我的股東帶來利潤時，我就會建造它。如果我無法為 AerCap 股東帶來足夠的回報，我根本不有興趣購買任何資產。我仍然相信世界上最便宜的寬體飛機可以在紐約證券交易所以股票代碼 AER 買到。

Okay. All right. Thanks, guys. Have a good one. Yeah.

好的。好的。謝謝大家。祝你一切順利。是的。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克。

Thanks for the time. So Gus, do you think we are at peak returns. And if not, when do we get there? And the reason we're asking is lease rates obviously haven't fully kept up with the cost of debt. And we're starting to wonder whether competing capital may be one of the reasons?

謝謝你的時間。那麼 Gus，您認為我們正處於回報高峰嗎？如果沒有的話，我們什麼時候才能實現這個目標？我們提出這個問題的原因是租賃利率顯然沒有完全跟上債務成本。我們開始懷疑資本競爭是否是原因之一？

Could less disciplined capital be chasing deals lower? And look, we're just thinking out loud, but some of the recent deals from United, that was business away from AerCap. So we're just trying to -- we're just wondering what the read-through might be.

缺乏紀律的資本是否會追逐更低價格的交易？瞧，我們只是在自言自語，但美聯航最近達成的一些交易是 AerCap 以外的業務。所以我們只是在嘗試——我們只是想知道閱讀的內容是什麼。

Sure, Jamie. I mean, look, I can't speak to anyone else in the industry, but I'll hand it over to Pete in a second, but you can see, over a very long period of time, that we are, AerCap, is able to pass on the cost of interest. And we've done that for this year as well as you'll see. Interest expense is up 5% and the lease revenue matches it.

當然，傑米。我的意思是，你看，我不能和業內其他任何人說話，但我馬上就把它交給皮特，但你可以看到，在很長一段時間內，我們 AerCap 能夠轉嫁利息成本。正如您所見，我們今年也已經做到了這一點。利息支出上漲 5%，租賃收入也上漲。

But look, from my perspective, I've always said to you that we target that return of 8% to 10% over the treasury rate and that's what this company has always returned in every -- in all markets, that's what it's averaged in that zone exactly. So this business is extremely stable if you're good at it and you're in it for the long term.

但從我的角度來看，我一直跟你們說，我們的目標是獲得比國債利率高出 8% 到 10% 的回報，而這正是這家公司在所有市場中始終如一的回報，這正是它在那個區域的平均回報。因此，如果你擅長這個行業並且願意長期從事它，那麼這個行業就會非常穩定。

If you're one of the tourists, then you can have -- you can put money to work, whether you'll make any -- whether you be successful at it or not is another matter. We've exhibited great restraint when it comes to deploying capital.

如果你是遊客，那麼你可以——你可以把錢投入其中，無論你是否能賺到錢——無論你是否成功都是另一回事。在部署資本方面，我們表現出了極大的克制。

And from our perspective, how we allocate capital, be it buying our own shares, which, as I just said to Ron, I believe the cheapest aircraft are available every day on the New York Stock Exchange under our ticker. And you won't see us. You're right. Yes, of course, some deals trade away from us. but that's where we exercise discipline. And you've seen us for 20 years through all markets exercise that discipline, and we'll continue to do that.

從我們的角度來看，我們如何分配資本，無論是購買我們自己的股票，正如我剛才對羅恩所說的那樣，我相信最便宜的飛機每天都會在紐約證券交易所以我們的股票代碼出售。而你不會看到我們。你說得對。是的，當然，有些交易對我們來說是不利的。但這就是我們執行紀律的地方。20 年來，您已經看到我們在所有市場中實踐了這項紀律，我們將繼續這樣做。

Okay. I appreciate that. And then maybe for Pete, you're nicely below the [2.7] debt-to-equity target. You touched on that in your prepared remarks. So what's more likely from here, running it back up to the target or maybe tightening that target and pushing for low A ratings?

好的。我很感激。那麼對 Pete 來說，也許你的債務權益比遠低於 [2.7] 的目標。您在準備好的發言中提到了這一點。那麼從現在開始更有可能的是，將其重新提升至目標，還是收緊該目標並爭取低 A 評級？

Yeah, Jamie. So I think that we will run it closer to the target. I'd expect it to get up to get closer to 2.7, whether that's [2.4, 2.5], somewhere in that ballpark. We're not intending to lower that target because fundamentally, I think we're in a good place with the rating agencies now.

是的，傑米。所以我認為我們會更接近目標。我預計它會升至接近 2.7，無論是 [2.4, 2.5]，還是在這個範圍內的某個地方。我們無意降低該目標，因為從根本上來說，我認為我們現在與評級機構的關係很好。

Look, if we can get to A- ratings, that would be great. But ultimately, we're focused on what's the -- what is the most beneficial for our shareholders, how can we return -- create the highest returns for our shareholders.

瞧，如果我們能獲得 A- 評級，那就太好了。但最終，我們關注的是什麼——什麼對我們的股東最有利，我們如何為股東創造最高的回報。

And so if you think about -- do we -- would we need to do that by lowering the leverage target over a long period and putting in place higher liquidity and other things like that. If there's a cost to that, obviously, I think where we are today, having come up from low -- BBB ratings a couple of years ago to where we are today at BBB+ across the board, that's a very strong performance.

所以如果你想想——我們是否需要透過長期降低槓桿目標、提供更高的流動性等方式來做到這一點。如果這樣做是有代價的，那麼顯然，我認為我們今天的評級已經從幾年前的低 BBB 評級上升到今天的全面 BBB+，這是一個非常強勁的表現。

Sure, we'd like to go higher. But I think fundamentally, there are a lot of opportunities for us to deploy capital and we'll look to do that.

當然，我們希望更高。但我認為從根本上來說，我們有很多機會部署資本，我們會尋求這樣做。

Okay. Thanks to you both. Appreciate it.

好的。謝謝你們兩位。非常感謝。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey. Good morning, everyone. And maybe, Gus, following up on your comments on AerCap's success for the past 20 years, I mean we've seen all the numbers. And at this point, I mean, you are the largest aircraft lessor in the entire world. So congratulations on that success.

嘿。大家早安。也許，Gus，根據您對 AerCap 過去 20 年的成功的評論，我的意思是我們已經看到了所有的數字。目前，我的意思是，你們是全世界最大的飛機租賃商。祝賀你取得的成功。

But I guess when we look for growth and WallStreet is always looking for the incremental growth, as you continue to deliver that strong return and the business continues to delever, and we look at your forward order book and purchase and leasebacks, it decelerate starting 2027. I mean how do we think about the size of AerCap in the next five years or even -- I mean, 20 years maybe a little too far out, but maybe in the next three to five years, how big could you be?

但我想，當我們尋求成長時，華爾街總是在尋求增量成長，隨著你繼續提供強勁的回報，業務繼續去槓桿，我們看看你的遠期訂單和購買和回租，它會從 2027 年開始減速。我的意思是，我們如何看待 AerCap 在未來五年甚至二十年的規模——我的意思是，二十年可能有點太遠，但也許在未來三到五年內，它會有多大？

And are you getting to the point on return that you're too big that getting that outsized 8% to 10% consistently over the treasury rate may be getting harder? And if that's the case, where do you see incremental growth?

你們的回報率是否已經到了這樣的程度：你們的回報率太大了，以至於持續獲得高於國債利率 8% 到 10% 的收益可能會變得越來越難？如果是這樣的話，您認為增量成長在哪裡？

Thanks, Kristine. Well, look, from our perspective, this is a growing industry, aviation. Every 20 years, it doubles in size. And aircraft leasing is doubling within that itself. So it's continuing to grow every year. So I'm not worried about growth over the long-term, it always comes.

謝謝，克里斯汀。嗯，從我們的角度來看，航空業是一個正在成長的產業。每20年，它的面積就會增加一倍。其中飛機租賃業務也正在翻倍成長。所以它每年都在持續成長。所以我並不擔心長期的成長，它總是會實現的。

And indeed, if you just look at the amount of CapEx we contracted in 2024, it was $6 billion-plus that we managed a contract that wasn't there at the beginning of the year. So I'm not concerned about where the order book is.

事實上，如果你只看我們在 2024 年簽訂的資本支出合約金額，就會發現我們管理的合約金額超過 60 億美元，而這在年初還不存在。所以我並不關心訂單在哪裡。

I'd be extraordinarily concerned if I was ordering airplanes that were going to have a negative effect to my shareholders, and we followed the GAAP model of growth at any price. That's something we'll never do.

如果我訂購的飛機會對我的股東產生負面影響，我會非常擔心，我們不惜一切代價遵循 GAAP 成長模式。這是我們永遠不會做的事情。

The objective of this company is to create value for our shareholders. And that means growing profitability. And that does not necessarily mean growing revenue. Of course, we have grown revenue tremendously. We've grown the balance sheet tremendously.

本公司的目標是為股東創造價值。這意味著盈利能力不斷提高。但這並不一定意味著收入增加。當然，我們的收入大幅成長。我們的資產負債表大幅成長。

But at the right time, and I'm very confident that given the growth industry, AerCap's position in the industry, the relationships we have, the influence we have, that profitable growth opportunities will come our way. And in any event, as I said earlier on in the call twice, I certainly believe that the best value aircraft in the world are available under the ticker AER down on the NYSE.

但在正確的時間，我非常有信心，鑑於成長產業、AerCap 在產業中的地位、我們擁有的關係、我們擁有的影響力，獲利性成長機會將會降臨到我們頭上。無論如何，正如我之前在電話會議中兩次提到的那樣，我堅信世界上最有價值的飛機是在紐約證券交易所上市的，股票代碼為 AER。

Thanks, Gus. And maybe, Pete, as a follow-up. Look, we have seen a modest compression in the annualized net spread over the past few years as net -- interest expense has been ticking up. Are there -- with the balance sheet continuing to improve and leverage going down, are there different ways in which you could further reduce cost of interest? And when would you expect the annualized net spread to start expanding again?

謝謝，格斯。或許，皮特，作為後續行動。你看，過去幾年，隨著淨利息支出的上升，我們看到年度淨利差出現了適度壓縮。隨著資產負債表的持續改善和槓桿比率的下降，是否有不同的方法可以進一步降低利息成本？您預計年化淨利差何時會再次開始擴大？

Yeah. Thanks, Kristine. So the net spread will be expanding. I'd expect it to be going up from here on a sequential level, quarterly, and then into the next few years as well, because what we're seeing is the portfolio yield, the lease rate factor is going up. That's going to continue to climb.

是的。謝謝，克里斯汀。因此淨利差將會擴大。我預計它會從現在開始逐季上升，並在接下來的幾年也保持上升趨勢，因為我們看到的是投資組合收益率、租賃利率因素正在上升。這一數字也將持續攀升。

And so overall, net spread is going to increase. I would remind you though that net spread, obviously, isn't the whole story. There's a lot beyond net spread; we're not managing to that. We're managing to EPS. But I do think the profitability will increase going forward.

因此整體而言，淨利差將會增加。不過我要提醒你，網路傳播顯然不是故事的全部。除了淨利差之外還有很多事情要做；我們還沒有做到這一點。我們正在努力實現 EPS。但我確實認為未來獲利能力會增加。

And maybe just to touch for a second on Jamie's question before in terms of whether we've reached peak profitability for the industry, I don't think so. In part because even the deals that we're doing today, there is a lag in terms of seeing the financial results come through for those.

也許我只是想稍微回答一下 Jamie 之前提出的問題，關於我們是否已經達到行業盈利的頂峰，我認為還沒有。部分原因是，即使是我們今天進行的交易，其財務結果也存在滯後。

So even if you did reach peak profitability in terms of the market being great today, you're not going to see the financial results of those really flow through for the next few -- until the next few years. So I think we've got a good tailwind on that.

因此，即使你在當今市場表現良好的情況下確實達到了盈利高峰，你也不會在未來幾年內真正看到其財務結果。所以我認為我們在這方面取得了良好的進展。

We've got a good tailwind in terms of COVID leases rolling off. That will take time, but it is a tailwind. So I think there are a number of things that are positive for us as a company going into the next few years.

就 COVID 租約的延期而言，我們迎來了良好的順風。這需要時間，但這是一個順風。因此，我認為未來幾年有很多事情對我們公司來說是有利的。

Great. Thank you very much, guys.

偉大的。非常感謝你們，夥伴們。

Hillary Cacanando, Deutsche Bank.

希拉蕊·卡卡南多，德意志銀行。

Hi. Thank you for taking my questions. I know you already wrote down your exposure to Azul late last year, but that was before they filed for bankruptcy. I was just wondering if there could be any other impact from Azul from your end?

你好。感謝您回答我的問題。我知道您去年年底已經減記了對 Azul 的投資，但那是在他們申請破產之前。我只是想知道 Azul 是否會對您產生其他影響？

Thanks, Hillary. Yes. So last year, you're right, we did take a provision against Azul. And as we look out today, Azul is still in bankruptcy. They have been making progress in their restructuring plan.

謝謝，希拉蕊。是的。所以去年，您說得對，我們確實針對 Azul 採取了措施。而今天我們看到，Azul 仍然處於破產狀態。他們的重組計劃一直在取得進展。

We don't see any impact compared to where we were. So I think minimal impact this quarter from Azul. And we think we're fully provisioned there for how this restructuring should play out.

與之前相比，我們沒有看到任何影響。因此我認為 Azul 本季的影響很小。我們認為我們已經為此次重組的實施做好了充分的準備。

Okay, thank you for that. And then so far, we saw about 10 very young A320neos getting retired in the market and parted out to harvest the engines, just given the demand for spare engines. I guess that speaks to the strength of the engine market. So I just wanted to get your thoughts on that phenomenon and if that's something that you expect to continue?

好的，謝謝你。到目前為止，我們看到大約有 10 架非常年輕的 A320neo 在市場上退役並被拆開以回收發動機，以滿足備用發動機的需求。我想這體現了引擎市場的強勁。所以我只是想了解您對這種現象的看法，以及您是否預計這種現象會持續下去？

Well, there's a couple of items there, actually. On those -- the report of those neos being torn down, there are 220 aircraft that were in Egypt, they are being disassembled. The other aircraft, the A320 aircraft that you're speaking about, it's my understanding that it's only the engines that have been removed, the aircraft themselves are not being torn down.

嗯，實際上那裡有幾件物品。關於那些近地天體被拆除的報道，有 220 架飛機位於埃及，它們正在被拆除。另一架飛機，也就是您提到的 A320 飛機，據我了解，只是發動機被拆除了，飛機本身並沒有被拆除。

And that is in order for Pratt & Whitney to support the obligations it has to its customers. So that's not happening as far as I'm aware, on A320neos, the teardowns, it is only happening on the 220s that were in Egypt.

這是為了讓普惠公司履行對客戶的義務。據我所知，A320neo 上沒有發生拆卸事件，只有停飛至埃及的 220 型飛機上才發生拆卸事件。

Got it. Great. That's -- it's very helpful. Thank you.

知道了。偉大的。這非常有幫助。謝謝。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

Hey. Thanks for the extra time. Maybe just one more on the sale-leaseback opportunity. Are these more opportunistic from distressed airlines or is this just a function of more deliveries, driving less competition per RFP?

嘿。感謝您抽出時間。也許還有關於售後回租機會的問題。這些是陷入困境的航空公司的更多機會，還是僅僅是交付量增加的結果，從而減少了每個 RFP 的競爭？

Just was curious, as I know that market has been pretty competitive and not very attractive the last couple of years. Just wondering what's driving the shift. Thanks.

只是很好奇，因為我知道過去幾年市場競爭非常激烈，而且吸引力不大。我只是想知道是什麼推動了這種轉變。謝謝。

Well, Catherine, first of all, we have to execute on them. Now, we have done so over the years. And you can see that, indeed, last year with the amount of CapEx we put on the books that was not there at the beginning of the year.

好吧，凱瑟琳，首先，我們必須執行它們。如今，我們已經這樣做了很多年。事實上，您可以看到，去年我們記入帳目的資本支出金額在年初是沒有的。

It's highly unlikely we're going to be competing in open bid sale-leaseback transaction. It's where we bring other things to the table in terms of our installed fleet, our engine business, et cetera. There are different things we bring to the table that others don't.

我們極不可能參與公開競標售後回租交易的競爭。在這裡，我們可以為已安裝的車隊、引擎業務等提供其他服務。我們能提供其他人所不能提供的不同的東西。

So I can't say that every deal is uniquely bilateral, but we certainly wouldn't be entering into many sale-leaseback transactions. I don't think we have, whether there's just open bids or everybody is bidding against us.

因此，我不能說每筆交易都是獨特的雙邊交易，但我們肯定不會進行太多的售後回租交易。我認為我們沒有，無論是公開競標還是每個人都在與我們競標。

Great. Thanks.

偉大的。謝謝。

There are no further questions at this time. Mr. Kelly, at this time, I will turn the conference back to you for any additional or closing remarks.

目前沒有其他問題。凱利先生，現在我將把會議交還給您，請您發表任何補充演講或結束語。

Thank you very much, everyone, for joining us for the call, and we look forward to speaking to you during the quarter. Enjoy the rest of the summer. Goodbye.

非常感謝大家參加我們的電話會議，我們期待在本季與您交談。享受剩下的夏天吧。再見。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。