AerCap Holdings NV (AER) 2025 Q3 法說會逐字稿

Good day, and welcome to AerCap's Q3 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.

大家好，歡迎閱讀 AerCap 2025 年第三季財務業績報告。今天的會議正在錄音，會後將在公司網站上提供文字稿。此時，我謹將會議交給投資人關係主管約瑟夫‧麥金利先生。請繼續，先生。

Thank you, operator, and hello, everyone. Welcome to our third-quarter 2025 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2025年第三季電話會議。今天陪同我的是我們的執行長安格斯凱利；以及我們的財務長彼得尤哈斯。

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.

在今天的電話會議開始之前，我想提醒各位，本次電話會議中一些並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內容有重大差異。

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 October 29, 2025. A copy of the earnings release and conference call presentation are available on our website at aercap.com.

除法律規定的義務外，AerCap 不承擔任何義務公開更新或修改任何前瞻性聲明，以反映本次電話會議之後出現的未來事件、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 於 2025 年 10 月 29 日發布的收益報告。獲利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'll allow time at the end for Q&A. (Event Instructions)

本次電話會議向公眾開放，並在 aercap.com 進行同步網路直播，並將存檔以供重播。我們很快就會進行收益報告，最後將留出時間進行問答環節。（活動須知）

I will now turn the call over to Aengus Kelly.

現在我將把通話轉交給安格斯凱利。

Thank you for joining us for our third-quarter 2025 earnings call. We are pleased to report another exceptional quarter for AerCap's shareholders.

感謝您參加我們2025年第三季財報電話會議。我們很高興地向AerCap的股東們報告，本季又取得了令人矚目的成績。

In Q3, we generated GAAP net income of $1.2 billion and earnings per share of $6.98, driven by strong gains on sale and further insurance recoveries. Our core business continues to perform extremely well, with adjusted net income of $865 million and a record adjusted EPS of $4.97. Given these solid results, and our positive outlook for the remainder of the year, we have increased our 2025 full-year EPS guidance to $13.70.

第三季度，我們實現了 GAAP 淨收入 12 億美元，每股收益 6.98 美元，主要得益於強勁的銷售收益和進一步的保險賠償。我們的核心業務持續表現優異，調整後淨利達 8.65 億美元，調整後每股盈餘創歷史新高，達到 4.97 美元。鑑於這些穩健的業績，以及我們對今年剩餘時間的樂觀展望，我們將 2025 年全年每股收益預期上調至 13.70 美元。

On the Aircraft side, we continue to see strong demand from our customers around the world, and the environment remains supportive for both margins and returns. Once again, utilization rates topped 99%. And on that note, I am delighted that we delivered our first converted 777-300ER Freighter in September, which should help to sustain the historically high utilization rates we are seeing as those aircraft deliver to customers.

在飛機業務方面，我們繼續看到來自世界各地客戶的強勁需求，而且目前的環境對利潤率和回報都十分有利。利用率再次超過 99%。說到這裡，我很高興我們在 9 月交付了第一架改裝的 777-300ER 貨機，隨著這些飛機交付給客戶，這應該有助於維持我們目前所看到的歷史性高利用率。

We also had yet another healthy extension rate in the quarter with approximately 85% of our 33 used aircraft transactions extending on very attractive terms. Encouragingly, the extension rate for widebodies was 100%, including nine 787s, three 777-300ERs, and two A330s in the period.

本季我們的續約率依然保持良好水平，33 筆二手飛機交易中約有 85% 以非常優惠的條件進行了續約。令人鼓舞的是，寬體飛機的延期率達到了 100%，其中包括 9 架 787、3 架 777-300ER 和 2 架 A330。

One thing that seems to be overlooked in the focus on MAX production rates and narrow-body engine issues is how far the OEMs are behind in the widebody production side as well. As an example, both OEMs produced more wide-body aircraft in 2008 than they did last year, and I do not expect them to surpass the peak of 2016 this decade. As a result, wide-body aircraft will remain in high demand for the foreseeable future.

在關注 MAX 產量和窄體引擎問題時，似乎忽略了 OEM 在寬體生產方面也落後了多少。例如，兩家原始設備製造商在 2008 年生產的寬體飛機數量都比去年多，我預計它們在本十年內不會超過 2016 年的高峰。因此，在可預見的未來，寬體飛機仍將保持高需求。

The picture is similarly robust on the narrow-body side with strong demand across the board. This is particularly helpful at the moment given we're taking back 27 aircraft from Spirit Airlines. We will, of course, have downtime and engine shop business costs associated with this process. The majority of the engine shop visit costs will be incurred in the fourth quarter. These engine costs are included in our increased guidance for the year. We will also benefit from the acquisition of Spirit's 52 Airbus A320neo family order book as well as a further 45 options that we negotiated with Airbus.

窄體客機市場情勢同樣強勁，各方面需求旺盛。鑑於我們目前正在從精神航空收回 27 架飛機，這一點尤其有幫助。當然，這個過程會產生停機時間和引擎維修車間的營運成本。大部分引擎維修費用將在第四季產生。這些引擎成本已包含在我們提高後的年度業績預期中。我們還將受益於收購 Spirit 航空的 52 架空中巴士 A320neo 系列飛機訂單，以及我們與空中巴士公司談判達成的另外 45 架飛機的選擇權。

We believe that the timing and pricing of these units is far superior to what we could have negotiated with Airbus directly. In fact, the order and options mean we have now agreed to purchase over 200 aircraft in bilateral deals since 2021 without placing a direct OEM order.

我們認為，這些設備的交付時間和價格遠優於我們直接與空中巴士公司談判所能獲得的。事實上，這些訂單和選擇權意味著，自 2021 年以來，我們已經透過雙邊交易同意購買 200 多架飛機，而無需直接向 OEM 下訂單。

Turning to the Engine business. We continue to focus on deepening our relationships with our OEM, airline, and MRO partners. This was evidenced most recently with our latest announcement with GE Aerospace where we signed a seven-year agreement to provide lease pool management services for the GE9X.

接下來談談引擎業務。我們將繼續致力於深化與原始設備製造商、航空公司和維修合作夥伴的關係。最近，我們與 GE 航空航太公司簽署了一項為期七年的協議，為 GE9X 提供租賃池管理服務，這就是最好的證明。

This agreement also extended AerCap's ongoing lease pool support for GEnx, GE90, CF6, and CF34 engines and follows on from our separate partnership with Air France KLM, which we announced at the Paris Air Show. The provision of spare engine support has become a key part of AerCap's overall customer proposition, particularly at the moment, given the global engine shortages. Our portfolio of 1,200 spare engines, 90% of which are the latest technology, is another key differentiator between AerCap and any of our competitors. Since closing the GECAS transaction, we have committed approximately $10 billion to engines to our two engine divisions, AerCap engines, and SES.

該協議還延長了 AerCap 對 GEnx、GE90、CF6 和 CF34 發動機的持續租賃池支持，並且是在我們與法國航空荷航集團的單獨合作之後的又一舉措，我們在巴黎航展上宣布了這一合作。鑑於目前全球引擎短缺，提供備用引擎支援已成為 AerCap 整體客戶方案的關鍵組成部分。我們擁有 1200 台備用發動機，其中 90% 為最新技術，這是 AerCap 與任何競爭對手之間的另一個關鍵區別。自從完成對 GECAS 的交易以來，我們已向我們的兩個引擎部門 AerCap 引擎和 SES 投入了約 100 億美元用於引擎。

Turning to Milestone Aviation Group, our helicopter leasing business. Fleet utilization also remains high. During the quarter, we extended a large percentage of helicopter leases with existing customers across a broad array of mission profiles and operators.

接下來我們來看看 Milestone Aviation Group，我們的直升機租賃業務。車隊利用率也維持在高位。本季度，我們與現有客戶續簽了很大一部分直升機租賃合同，涵蓋了各種任務類型和營運商。

From a fleet perspective, we adopt a balanced portfolio management strategy in our Helicopter business. Similar to our barbell approach on the commercial aircraft side, we continue to invest in new technology, medium and super medium helicopters at accretive returns, while divesting out of midlife are out of production types.

從機隊角度來看，我們在直升機業務中採用均衡的投資組合管理策略。與我們在商用飛機領域採用的槓鈴策略類似，我們繼續投資新技術、中型和超中型直升機，以獲得增值回報，同時剝離中期停產機型。

During the quarter, we delivered new technology equipment to customers operating across a full spectrum of mission-critical segments, including offshore oil and gas, emergency medical services, and search and rescue, including an AW139 to Bristow configured for use in the UK search-and-rescue operations.

本季度，我們向在各個關鍵任務領域運營的客戶交付了新技術設備，包括海上石油和天然氣、緊急醫療服務以及搜救，其中包括向 Bristow 交付的一台 AW139，該設備配置用於英國的搜救行動。

Now on capital allocation. We continue to see the durable demand for our assets reflected in very strong sales volumes and margins. As you will recall, last quarter, we increased our sales volume guidance for the year by 25% to $2.5 billion.

現在來說說資本配置。我們持續看到市場對我們資產的強勁需求，這體現在非常強勁的銷售量和利潤率上。您應該還記得，上個季度我們將全年銷售額預期提高了 25%，達到 25 億美元。

Despite the lower number of sales closing, we had good line of sight to what was ahead of us and it has been great to see this materialize. In fact, both the sales volumes of $1.5 billion and the gain of $332 million were records in themselves.

儘管成交的銷售額有所下降，但我們對未來的發展方向有著清晰的認識，很高興看到這一切成為現實。事實上，15億美元的銷售額和3.32億美元的利潤本身都是創紀錄的。

The timing of closing each deal is always variable, but there is no doubt we are seeing a positive environment overall. Further, while we will not be selling $1.5 billion every quarter, you can see the gain on sale has been an important, repeatable, and profitable aspect of our earnings over a very long period of time. We have generated gains on sale in every quarter for the last 40-plus quarters are more than 10 years in a row.

每筆交易的完成時間總是因情況而異，但毫無疑問，我們目前看到的是一個積極的整體環境。此外，雖然我們每季的銷售額不會達到 15 億美元，但你可以看到，銷售收益在很長一段時間內一直是我們收入中一個重要、可重複且有利可圖的部分。在過去的 40 多個季度中，我們每個季度都實現了銷售盈利，並且連續超過 10 年。

Our average unlevered margin is over 15% are more than 1.5 times booked equity value over the course of the last 40-plus quarters. This is despite various challenges the industry has faced and includes all of the quarters during COVID. Those returns have been further enhanced by highly disciplined capital deployment into accretive opportunities in M&A, asset acquisitions, and share repurchases.

在過去的 40 多個季度中，我們的平均無槓桿利潤率超過 15%，是帳面權益價值的 1.5 倍以上。儘管該行業面臨各種挑戰，包括新冠疫情期間的所有季度，但情況依然如此。透過高度自律的資本部署，將資金投入併購、資產收購和股票回購等增值機會中，這些回報得到了進一步提高。

Recently, we have been asked whether the long-established arbitrage between where our assets price in the private markets and the level of those assets trade in the public markets still exist, given the improvement in valuation of the stock above 1 times book equity value. The truth, as you will see from the chart on the left-hand side, is that it is not the absolute level of either sales or repurchases that matters more, but the delta between the two.

最近有人問我們，鑑於股票估值已超過帳面權益價值的 1 倍，我們資產在私募市場定價與這些資產在公開市場交易水平之間長期存在的套利機會是否仍然存在。正如你從左側圖表中看到的那樣，事實是，重要的不是銷售或回購的絕對水平，而是兩者之間的差異。

So while AerCap shares are trading at a higher price to book multiple, the increases in sales margins have actually been greater. This is why we continue to find share repurchases to be extremely attractive.

因此，儘管 AerCap 股票的市淨率較高，但銷售利潤率的成長實際上更大。這就是為什麼我們仍然認為股票回購極具吸引力的原因。

As you can see from the chart on the right-hand side, in the third quarter alone, we bought 5% of the market cap for $1 billion, a quarterly record for open market purchases for AerCap. We simply cannot demonstrate our conviction any clearer than that.

從右側的圖表中可以看出，光是第三季度，我們就以 10 億美元的價格購買了 5% 的市值，創下了 AerCap 季度公開市場購買的紀錄。我們無法用更清晰的方式來表達我們的信念。

So in summary, this was another great quarter for AerCap with earnings and cash flows remaining strong throughout the business and the addition of up to 97 A320 Family aircraft to our order book. The favorable market environment continues, and this is reflected in the results across the group as a whole.

總而言之，對於 AerCap 來說，這又是一個非常棒的季度，公司盈利和現金流保持強勁，我們的訂單簿上增加了多達 97 架 A320 系列飛機。良好的市場環境持續，這反映在集團整體的績效上。

We continue to deploy capital effectively with the purchase of approximately $1 billion of stock and $1.4 billion of new equipment in the quarter. This shows the remarkable cash generation and optionality we have for capital deployment at AerCap, a theme we expect to continue for the long term.

本季我們繼續有效運用資本，購入了約 10 億美元的股票和 14 億美元的新設備。這表明 AerCap 擁有卓越的現金流量和資本部署選擇權，我們預計這一趨勢將長期持續下去。

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

接下來，我將把電話交給皮特，讓他來回顧一下財務狀況以及2025年剩餘時間的展望。謝謝。

Thanks, Gus. Good morning, everyone. Our GAAP net income for the third quarter was $1.216 billion or $6.98 per share. The impact of purchase accounting adjustments was $62 million for the quarter or $0.36 a share. We had net recoveries related to the Ukraine conflict of $475 million or $2.73 a share. That includes cash insurance settlements of $238 million as well as an award of $234 million of interest on the favorable decision by the London Commercial Court in June, along with some other smaller settlements. That brings our total recoveries to approximately $2.9 billion since 2023.

謝謝你，格斯。各位早安。我們第三季的GAAP淨收入為12.16億美元，即每股6.98美元。本季收購會計調整的影響為 6,200 萬美元，即每股 0.36 美元。我們從烏克蘭衝突中淨收回了 4.75 億美元，即每股 2.73 美元。其中包括 2.38 億美元的現金保險賠償金，以及倫敦商業法庭 6 月作出的有利判決所判處的 2.34 億美元的利息，還有一些其他較小的賠償金。自 2023 年以來，我們的追回款項總額約為 29 億美元。

The net tax effect of the purchase accounting adjustments and the Ukraine recoveries taken together was $62 million or $0.36 a share. As a result, our adjusted net income for the third quarter was $865 million or $4.97 per share. We had a record quarter in terms of both the volume of assets sold as well as gains on sale.

收購會計調整和烏克蘭追回款項合計的淨稅收影響為 6,200 萬美元，即每股 0.36 美元。因此，我們第三季的調整後淨收入為 8.65 億美元，即每股 4.97 美元。本季度，無論從資產出售數量或出售收益來看，都創下了歷史新高。

We sold 32 of our owned assets for total sales revenue of $1.5 billion. That resulted in gain on sale of $332 million and an unlevered gain on sale margin of 28%, which is twice our book value. The large sales volume was driven by the continued strong sales environment as well as closing sales that had been signed up earlier in the year. As of September 30, we had $562 million worth of assets held for sale and at this point, I'd expect our sales for the full year to be over $3 billion.

我們出售了32項自有資產，總銷售收入達15億美元。這使得該公司獲得了 3.32 億美元的出售收益，以及 28% 的無槓桿出售收益率，相當於公司帳面價值的兩倍。銷售額大幅成長得益於持續強勁的銷售環境以及年初簽訂的訂單的最終成交。截至 9 月 30 日，我們有價值 5.62 億美元的資產待售，目前我預計我們全年的銷售額將超過 30 億美元。

Besides the gains on sale and Ukraine conflict recoveries, there were two other main items that affected our results for the third quarter. First, we had a strong net maintenance contribution, that is maintenance revenue, less leasing expenses on an adjusted basis of $148 million. That was driven by the release of maintenance reserves upon lease terminations, settlements we received from airlines, and a provision release as the Azul restructuring agreement became effective. We're expecting higher leasing expenses in the fourth quarter related to the Spirit Airlines restructuring, and that's reflected in our updated guidance.

除了出售收益和烏克蘭衝突帶來的經濟復甦之外，還有兩個主要因素影響了我們第三季的業績。首先，我們的淨維護收入貢獻強勁，即維護收入減去租賃費用，經調整後為 1.48 億美元。這主要得益於租賃終止後維修儲備金的釋放、我們從航空公司收到的和解金，以及隨著 Azul 重組協議生效而釋放的準備金。我們預計第四季度與 Spirit Airlines 重組相關的租賃費用將會增加，這一點已反映在我們更新後的業績指引中。

The other major driver this quarter was a significant increase in the lease trends, which in turn, resulted in a higher lease yield and a net spread of 8%, which is the highest we've had in five years. The increase this quarter was driven in part by some large transactions involving a number of older aircraft. We've also started to deliver our 777-300ERs which were converted from passenger aircraft to freighters and are now earning revenue.

本季另一個主要驅動因素是租賃趨勢的顯著成長，這反過來又導致租賃收益率上升，淨利差達到 8%，這是我們五年來最高的。本季成長的部分原因是涉及多架老舊飛機的幾筆大筆交易。我們也開始交付由客機改裝而成的 777-300ER 貨機，這些飛機現在已經開始獲利。

Turning to liquidity. Our liquidity position continues to be very strong. As of September 30, our total sources of liquidity were approximately $22 billion. That includes $1.8 billion of cash and over $12 million of revolvers and other committed facilities. Our sources to usage coverage ratio at the end of the quarter was 2.1 times, which amounts to excess cash coverage of around $12 billion. Given our higher net income this quarter, including the net recoveries related to the Ukraine conflict, we generated significant excess capital, resulting in a leverage ratio of 2.1:1 at the end of September.

轉向流動性。我們的流動性狀況依然非常強勁。截至9月30日，我們的流動資金總額約為220億美元。其中包括 18 億美元的現金和超過 1,200 萬美元的循環信貸和其他已承諾的融資額度。本季末，我們的資金來源與使用量覆蓋率達到 2.1 倍，相當於約 120 億美元的超額現金覆蓋率。鑑於本季淨收入較高，包括與烏克蘭衝突相關的淨回收款項，我們產生了大量超額資本，導致 9 月底槓桿率為 2.1:1。

Our operating cash flow was slightly higher than normal this quarter at approximately $1.5 billion. We deployed a significant amount of excess capital this quarter and returned $981 million to shareholders through the repurchase of 8.2 million shares at an average price of just under $120. Including the share repurchases we've completed so far in the fourth quarter, that takes us to over $2 billion of buybacks so far this year.

本季我們的經營現金流略高於正常水平，約15億美元。本季我們投入了大量超額資本，透過以平均每股略低於 120 美元的價格回購 820 萬股股票，向股東返還了 9.81 億美元。加上我們在第四季迄今完成的股票回購，今年迄今我們的股票回購總額已超過 20 億美元。

Turning now to guidance. On our last earnings call, given the strong performance for the first half of the year, we raised our full-year 2025 EPS guidance to approximately $11.60. As Gus mentioned, today, we are again raising our full-year 2025 adjusted EPS guidance to $13.70. That includes approximately $2.70 of gains on sale for the first three quarters, but it does not include any gains on sale for the fourth quarter.

現在進入指導環節。在上次財報電話會議上，鑑於上半年業績強勁，我們將2025年全年每股收益預期上調至約11.60美元。正如Gus所提到的，今天我們再次上調2025年全年調整後每股收益預期至13.70美元。該預期包含了前三個季度約2.70美元的出售收益，但不包括第四季度的任何出售收益。

As I mentioned last quarter, our outperformance relative to guidance has been driven primarily by higher lease revenue, other income, and gains on sale. We've also incorporated the expected impact of the Spirit Airlines Chapter 11 bankruptcy into this updated guidance.

正如我在上個季度所提到的，我們相對於預期業績的超額完成主要得益於更高的租賃收入、其他收入和出售收益。我們已將 Spirit Airlines 破產重組（第 11 章）的預期影響納入本次更新的指導意見中。

In closing, we're coming off another record quarter for AerCap. As you can see, the environment for aircraft leasing and aircraft sales continues to be strong. We've continued to make progress in our Ukraine recoveries and we continue to be in a position of strength with a strong balance sheet, low leverage, strong liquidity, and disciplined capital deployment. We remain confident about the outlook for the business as you can see from the increase in our full-year guidance and our repurchases of over $2 billion of stock so far this year.

最後，AerCap 又迎來了一個創紀錄的季度。如您所見，飛機租賃和飛機銷售市場環境仍然強勁。我們在烏克蘭的復甦工作中持續取得進展，並且憑藉強勁的資產負債表、低槓桿率、充足的流動性和嚴謹的資本部署，我們仍然處於有利地位。正如您從我們上調全年業績預期以及今年迄今為止回購超過 20 億美元的股票中所看到的，我們對公司前景仍然充滿信心。

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

操作員，接下來我們將開始問答環節。

(Operator Instructions) Moshe Orenbuch, TD Cowen.

（操作說明）Moshe Orenbuch，TD Cowen。

Great. I was hoping that, Gus, you could talk a little bit about how you're thinking about the industry in the US kind of over the next couple of years. Is this something where you're likely to see more significant consolidation or maybe broaden it out a little bit? And what -- are there areas in the world where you would kind of see the opportunities given the substantial amount of capital that you've got to deploy?

偉大的。Gus，我希望你能談談你對未來幾年美國產業發展的看法。你認為這種情況更有可能出現更顯著的整合，還是會稍微擴大一些？那麼，鑑於您擁有大量可投入的資金，您認為世界上有哪些地區存在投資機會？

Thanks, Moshe. I'll start with the US market. There's been a very significant amount of consolidation in the US market over the last decade, as you know. I think there is room for some more limited consolidation plays in the US, but I'd say it's reasonably limited. There are not that many platforms left in the United States. So to get your hands on one to be a rare enough asset.

謝謝你，莫舍。我先從美國市場說起。如你所知，在過去十年間，美國市場經歷了非常顯著的整合。我認為美國市場還有一些有限的整合空間，但我覺得這種空間應該相當有限。美國剩下的平台已經不多了。所以，能擁有一個這樣的東西，本身就是一種非常稀有的資產。

From our perspective, as we look forward, though we continue to see very strong demand coming out of the US market that can be driven by longer-term demand for new technology aircraft as the older aircraft have to be retired at some point in the coming five or six years. And in the shorter term, of course, we see very strong demand for used aircraft to remain at airlines.

從我們的角度來看，展望未來，我們繼續看到美國市場存在非常強勁的需求，這可能是由於對新技術飛機的長期需求所驅動的，因為舊飛機在未來五六年內某個時候必須退役。當然，短期來看，我們看到航空公司對二手飛機的需求非常強勁。

That's a trend that we see around the globe as well. And we don't see any sign of that letting up. The desire of airlines to transition as quickly as they can into the new tech asset simplify their fleet, create operating leverage in their business model.

這也是全球普遍存在的趨勢。而且我們看不到任何緩和的跡象。航空公司希望盡快過渡到新技術資產，簡化機隊，並在其商業模式中創造營運槓桿。

However, that's just not feasible because of the lack of supply of new aircraft, the amount of time these assets are spending in the repair shop, and that is continuing to drive the demand for serviceable used assets, be they 20 years old or 15 years old or 22 years old. So as we look out, we see a pretty strong demand picture globally for some time to come.

然而，由於新飛機的供應不足，以及這些資產在修理廠花費的時間過長，這種做法是不可行的，這也繼續推動了對可用的二手資產（無論是 20 年、15 年還是 22 年的飛機）的需求。因此，展望未來，我們認為全球需求在未來一段時間內將保持強勁勢頭。

Great. Thanks very much. Pete, maybe just to kind of dig in a little bit on the margin discussion. You talked about kind of yield improving, your cost of funds improved. I would assume that some of that will actually be even better in Q4. There might be some impacts that offset some of that from some of the maintenance benefits you have this quarter. But could you kind of just generally kind of talk about how we should be thinking about that progression of the elements of your spread as you go forward over the next couple of quarters?

偉大的。非常感謝。皮特，或許可以稍微深入探討邊緣話題。你提到收益率提高，資金成本也有所改善。我估計其中一些情況在第四季度會更好。可能會有一些影響抵消您本季獲得的部分維護收益。但您能否大致談談在接下來的幾個季度裡，我們應該如何看待您價差構成要素的演變？

Sure, Moshe. So as you mentioned, net spread went up significantly in the third quarter by about 50 basis points to 8%. So that's the highest we've seen since 2019, and that was very positive. As we look out going forward, I think we will see some positive impact from the 777 freighters continuing to deliver COVID leases rolling off, although that takes a while, but that will be a positive.

當然可以，莫舍。正如您所提到的，第三季淨利差大幅上升了約 50 個基點，達到 8%。這是自 2019 年以來我們看到的最高值，這是一個非常積極的信號。展望未來，我認為隨著 777 貨機繼續交付新冠疫情期間到期的租賃合同，我們將看到一些積極的影響，儘管這需要一段時間，但這將是件好事。

But in the coming quarters, the offsetting effect we'll see will be from Spirit because we will have downtime on those aircraft that we've taken back because they have to get shopped -- the engines have to get shopped.

但在接下來的幾個季度裡，我們將看到的抵銷效應將來自 Spirit 航空公司，因為我們收回的那些飛機將會出現停機時間，因為它們必須進行維修——發動機必須進行維修。

And so I think that as we look out over the next several quarters, we should see that spread about where it is today.

因此，我認為展望未來幾個季度，我們應該會看到這種價差與目前大致相同。

Jamie Baker, JPMorgan.

Jamie Baker，摩根大通。

So Gus, Mark Streeter and I have obviously port over the air lease proxy, and it's pretty clear that AerCap is referenced as strategic bidder with a $55 all-stock offer. And we're curious for your thoughts on that bid and what you were thinking at the time. And now that this info is public, perhaps you would want to comment on the deal that ultimately was struck and any implications of industry consolidation for AerCap.

所以，Gus、Mark Streeter 和我顯然已經將航空租賃代理權轉移過來，而且很明顯，AerCap 被提及為戰略競標者，並提出了 55 美元的全股票報價。我們很想知道您對那次競標的看法，以及您當時的想法。既然這些資訊已經公開，您或許想對最終達成的交易以及行業整合對 AerCap 的任何影響發表一些評論。

Sure. Well, let me start with the second bit first. Consolidation is a very -- is a significant positive for the industry, and we would encourage to continue and that is all positive for AerCap and our shareholders.

當然。好，我先從第二部開始。整合對產業來說是一個非常積極的現象，我們鼓勵繼續整合，這對 AerCap 和我們的股東來說都是好事。

As it relates to our participation in the process, what I assume my shareholders want is for AerCap to be present in any significant M&A discussion that's ongoing around the world at any time. And you can rest assured that we are. That was evidenced in this case because it's a public company, so it's clear that we were there.

至於我們參與這個過程，我認為我的股東希望 AerCap 能夠參與世界各地任何時候正在進行的任何重大併購討論。您可以放心，我們確實如此。本案就證明了這一點，因為該公司是一家上市公司，所以很明顯我們當時在場。

That being said, what you also want to see is discipline being exercised by AerCap. We are fully aware of the return on equity that we generate and we will continue to generate. And we're aware of the return on equity that air lease generated and is likely to continue to generate. And there is only so much we would be willing to pay for that business.

也就是說，你也希望看到 AerCap 展現出紀律。我們完全清楚我們所創造的股本回報率，並且我們將繼續創造這種回報率。我們了解航空租賃已經產生的股權回報，而這種回報很可能會繼續產生。我們願意為這項業務支付的價格也是有限的。

We could not enter into a situation nor have we ever in any of these other M&A discussions we have, where we pursue a transaction at a price that will dilute our existing shareholders. So when it became apparent that our bid was not going to be enough to win, of course, we pivoted then to where I believe the best value aircraft in the world are because I am selling AerCap aircraft in the private markets at 200% of book equity, and I'm able to buy them back on the New York Stock Exchange at 110% of book equity.

我們絕不會，也從未在我們以往的任何併購談判中，以會稀釋現有股東利益的價格進行交易。所以，當我們的出價明顯不足以贏得競標時，我們當然轉向了我認為世界上性價比最高的飛機市場，因為我在私人市場以賬面權益的 200% 出售 AerCap 飛機，並且能夠在紐約證券交易所以賬面權益的 110% 回購它們。

Excellent. I appreciate that color. And then you're also on record as believing that the favorable aircraft supply demand imbalance is going to last through the end of the decade. But with Boeing and Airbus starting to get their acts together, increasing production rates and then, of course, some of the bankruptcy driven returns, Azul, Spirit, and so forth, is your outlook still bullish through the end of the decade? Or do you think that, I don't know, some sort of equilibrium might happen a little bit earlier?

出色的。我喜歡這個顏色。而且你也曾公開表示，你認為飛機供需失衡的有利局面將會持續到本世紀末。但是，隨著波音和空中巴士開始步入正軌，提高生產力，當然，還有一些破產重組帶來的復甦，例如 Azul、Spirit 等航空公司，您對本十年末的前景仍然持樂觀態度嗎？或者你認為，我不知道，某種平衡狀態可能會提前一些達到？

Well, short answer is I am, but let me explain that because you're right, of course, Boeing are slowly increasing the ramp in their production. But let me give you one example that I referenced in my prepared comments. On the wide-body markers, more wide-body aircraft were produced by both OEMs in 2008 than were in 2024. Just think about that. The aircraft that were probably manufactured in around 2005, 2006, 2007 that are being retired today.

簡而言之，我的回答是肯定的，但讓我解釋一下，因為你說得對，波音當然正在逐步提高產量。但讓我舉一個我在準備好的演講稿中提到的例子。在寬體飛機市場，兩家原始設備製造商在 2008 年生產的寬體飛機數量都超過了 2024 年的產量。好好想想。這些飛機可能是在 2005 年、2006 年、2007 年左右製造的，現在正在退役。

Their replacement aircraft isn't even being manufactured by the OEMs at the moment. So the wide-body market is extraordinarily acute, and you saw that in our commentary around our extension rate, which is at 100% for widebodies.

目前，他們的替代飛機甚至不是原始設備製造商（OEM）生產的。因此，寬體客機市場異常火爆，這一點從我們對寬體客機增幅的評論中就能看出，我們的增幅率達到了 100%。

As it pertains to narrow bodies, even though we are slowly, and it is a very modest increase, bear in mind, Boeing is hoping to get to 42 deliveries a month, which is miles below where they want to be. Even when those aircraft come into service, they are not lasting as long in service as was envisaged. That's because different components of the aircraft, be it engine or landing gears, are not lasting as long a wing and are going into the shop for repair.

就窄體客機而言，儘管我們進展緩慢，而且增長幅度非常有限，但請記住，波音公司希望每月交付 42 架飛機，這距離他們的目標還相差甚遠。即使這些飛機投入使用，它們的服役壽命也沒有預期的那麼長。這是因為飛機的各個零件，無論是引擎或起落架，其使用壽命都不如機翼長，需要送去維修。

That's chewing up the available parts that are available to make new aircraft, new engines or overhaul engines. Therefore, based on that, I know that narrow-body production rates are not going to hit the levels that the OEMs want. And even if they did to be candid, the amount of time that these assets are spending in the shop mean that, for example, if you had 10 NGs or 10 A320s flying a particular route as an airline, I suspect you're going to need 11 today of the new type.

這樣會消耗掉可用於製造新飛機、新引擎或大修引擎的可用零件。因此，基於此，我知道窄體客機的生產率不會達到原始設備製造商（OEM）想要的水平。坦白說，即使他們真的需要這些飛機，這些飛機在維修廠花費的時間也意味著，例如，如果你作為一家航空公司有 10 架 NG 或 10 架 A320 執飛某條特定航線，我懷疑你今天就需要 11 架新機型了。

Now so when I look out, wide narrow, I see a very constrained situation. Of course, you're right. There'll be the odd bankruptcy here and there that will put a bit of capacity in the sector for a few months or maybe a quarter or two. But that will always get eaten up.

所以現在當我向外看去，視野開闊狹窄，我看到的是一個非常受限的局面。當然，你說得對。偶爾會出現一些破產案例，這會在幾個月甚至一兩個季度內為該行業釋放一些產能。但這總會被消耗掉的。

And then furthermore, as it pertains to AerCap in that environment that I just spoke about with the engine shortage, we are the biggest owner of spare engines in the world. We have unique relationships with airline and OEM that enhance our position it adds to the power of the AerCap platform and enables us to get assets in the air faster than anyone else.

此外，就我剛才提到的引擎短缺環境而言，AerCap 是世界上最大的備用引擎擁有者。我們與航空公司和原始設備製造商建立了獨特的關係，這增強了我們的地位，也增強了 AerCap 平台的實力，使我們能夠比任何人都更快地將資產投入使用。

Hillary Cacanando, Deutsche Bank.

希拉蕊·卡卡南多，德意志銀行。

Great. You said Spirit exposure is included in your fourth-quarter guidance. Do you think there could be any further exposure in 2026 as well? And does your fourth-quarter guidance reflect any potential idleness of the rejected aircraft? And if you could kind of just detail the exposure, whether they're -- are they all due to maintenance or are there any like unpaid rental fees that are included? If you could kind of detail that. Thank you so much.

偉大的。您曾表示，您在第四季度業績預期中包含了對 Spirit 的投資。你認為2026年是否還可能出現進一步的風險敞口？你們第四季的業績預期是否反映了被拒絕飛機可能出現的閒置情況？如果您能詳細說明一下損失情況，例如這些損失是否都是由於維護費用造成的，還是包括一些未付的租金之類的費用？如果你能詳細說明一下就好了。太感謝了。

Sure, Hillary. So the impact of Spirit really is in two parts. First, you have the downtime on the aircraft, and that's likely -- we'll see that in the fourth quarter. We'll see that pretty much throughout next year, we would expect. And then in addition to that, you've got -- and that's really because the engines need to be shopped. There's plenty of demand for those aircraft, but the engines need to be overhauled. That's the driver.

當然，希拉蕊。所以，聖靈的影響其實是由兩個部分組成的。首先，飛機可能會出現停機時間，這種情況很可能會在第四季出現。我們預計明年大部分時間都會看到這種情況。除此之外，還有——這其實是因為引擎需要更換。這些飛機的需求量很大，但是引擎需要大修。那就是司機。

The second impact is the cost of overhauling those engines, so those engine expenses, and we have factored in. So I expect that we will take the majority of those in the fourth quarter of this year. We're still negotiating that. That's still under commercial discussions. So I can't comment more on that.

第二個影響因素是檢修這些引擎的成本，也就是引擎的維修費用，我們已經考慮了。所以我預計我們將在今年第四季完成其中大部分目標。我們仍在就此進行協商。這仍在商業洽談階段。所以我對此不便多做評論。

But I would expect the majority to be in the fourth quarter, and that's what we factored in. But it's possible some of that could slip into next year out of fourth quarter and into next year. So that's what we based our guidance on.

但我預期大部分會在第四季出現，這也是我們考慮的因素。但其中一些可能會從第四季延續到明年。所以，這就是我們制定指導方針的依據。

Okay. Got it. Thank you.

好的。知道了。謝謝。

The one thing you also have to -- sorry, Hillary, the one thing to mention there, of course, as Pete referenced, we will incur those engine shop visit costs, which is in our guidance, the anticipated ones. We'll have downtime. But against that, we were able to negotiate up to 97 aircraft, A320, A321 aircraft in timing and pricing that would not be available from the manufacturers. That once again speaks to the unique capability and power of the AerCap platform.

還有一件事你也必須——抱歉，希拉里，當然，正如皮特提到的那樣，我們將承擔發動機維修費用，這是我們預期之內的費用。我們會有一些停機時間。但同時，我們得以協商獲得多達 97 架 A320 和 A321 飛機，其時間和價格是製造商無法提供的。這再次體現了 AerCap 平台的獨特功能和強大性能。

Yeah. No, that's great. And I saw that you're getting 45 -- options for 45 aircraft. And in the bankruptcy filing, it had originally said 10. So it looks like you negotiated to get more option aircraft at this rate. So that was great to see.

是的。不，那太好了。我看到你們有 45 種選擇——45 架飛機的選擇權。在破產申請文件中，它原本寫的是 10。看來你們已經透過談判，以這個價格獲得了更多可選飛機。看到這一幕真是太好了。

I do have another question. I know 12 of those aircraft were already grounded. So we've heard that those 12 aircraft to come back sooner than expected because they were already grounded. If you could -- could you just provide a little more color? Do you expect those 12 aircraft to come back soon? Or are they going to be grounded for a while?

我還有個問題。我知道其中12架飛機已經停飛了。我們聽說，這12架飛機將比預期更早恢復飛行，因為它們之前已經停飛了。如果可以的話，能不能再添加一些色彩？你預計那12架飛機很快就會回來嗎？還是他們會被禁飛一段時間？

What's happening, Hillary, as was set out in the court case is that we're taking back 27 aircraft. They're on the way back to us now in various stages. And then 10 aircraft remain with the airline, and they paid the arrears, rents on those and they continue to pay current trends.

希拉里，正如法庭案件所述，我們正在收回 27 架飛機。它們現在正處於返回途中，分不同階段進行。然後，航空公司還保留了 10 架飛機，他們支付了這些飛機的欠款和租金，並且他們將繼續以目前的趨勢支付這些款項。

Catherine O'Brien, Goldman Sachs.

凱瑟琳‧歐布萊恩，高盛集團。

So last quarter, you talked about seeing more opportunistic sale leasebacks coming to market. In the quarter, you obviously executed on those acquiring the 52 firm orders and 10 options from Spirit in addition to the other 32 options, which I'd be interested in hearing how those came about Airbus as well. Just as a quick follow-up to Hillary's question.

所以上個季度，您談到市場上出現了更多投機取巧的售後回租交易。本季度，你們顯然執行了從 Spirit 航空獲得的 52 份確定訂單和 10 份選擇權訂單，此外還有另外 32 份選擇權訂單。我也想聽聽空中巴士是如何獲得這些訂單的。作為希拉蕊問題的快速補充。

But I guess, bigger picture, are these the kind of transactions you're referring to? Or do you think size of transaction you are able to do means that you're likely to see growth opportunities with airlines outside of distressed situations as well? Just any thoughts on like what the size of these opportunities could be over the next couple of years. Thanks.

但我想，從更宏觀的角度來看，這些是你指的是哪一種交易呢？或者，您認為您能夠進行的交易規模意味著您即使在航空公司陷入困境的情況下，也很有可能看到航空公司方面的成長機會？大家對未來幾年這些機會的規模有什麼看法？謝謝。

I mean, you never know. But of course, Hillary -- generally, when I say something, I'm looking at something. And we had -- it's various sale-leaseback opportunities we're pursuing. We're hoping to close one of them we did in this instance. But again, the way that came together, is in a manner that no other leasing company in the world could have executed or could have even contemplated to be quite candid.

我的意思是，誰也說不準。當然，希拉蕊——通常情況下，當我說話的時候，我都是在看著什麼東西。我們正在尋求各種售後回租機會。我們希望能夠關閉其中一個，就像這次一樣。但坦白說，最終促成此事的方式，是世界上任何其他租賃公司都無法執行，甚至無法想像的。

And when those opportunities present themselves, once again, my shareholders would expect me to be present and in those negotiations, and that's our objective here as well. We won't close all of them, of course, because as you saw in the -- as we discussed earlier on, we're not going to close transactions that are going to dilute our own returns.

當這些機會再次出現時，我的股東會希望我能夠出席並參與談判，這也是我們在這裡的目標。當然，我們不會全部關閉這些交易，因為正如你之前看到的——正如我們之前討論過的，我們不會關閉那些會稀釋我們自身收益的交易。

But as we look forward, there are definitely opportunities out there, but that's where discipline comes in. We're here to make money for the shareholders. We're not here to grow the business for the sake of growth. But it should be noted that since 2021, we have negotiated 200 aircraft acquisitions, including those options, on bilateral deals. So we're getting them sooner and a better pricing than would be available and going to the OEMs.

但展望未來，機會確實存在，但這需要自律。我們來這裡是為了給股東賺錢。我們來這裡不是為了成長而成長。但值得注意的是，自 2021 年以來，我們透過雙邊協議談判達成了 200 項飛機採購協議，包括這些選擇權。因此，我們能夠比直接向原始設備製造商供貨更早、價格更優惠地拿到這些產品。

Furthermore, I might add, in the last two years or nine months, we've returned $6.4 billion to our shareholders, which is equivalent to buying over $18 billion of assets at well below market rates.

此外，我還要補充一點，在過去的兩年或九個月裡，我們已經向股東返還了 64 億美元，相當於以遠低於市場價格的價格購買了超過 180 億美元的資產。

No -- all very impressive. Maybe just one last one and relatedly, despite a very active quarter, you just mentioned on the buybacks and the incremental acquisitions, your leverage ended the quarter at 2.1 times. Can you just help us think about the guardrails between ['27] target leaving dry powder to be opportunistic perhaps on some of the other deals that are out there that you were just referencing, Gus, and where you ended the third quarter? Just how do we think about the moving pieces over the next quarter or two?

不——一切都非常出色。或許最後一個問題，與此相關的是，儘管本季非常活躍，您剛才提到了股票回購和增量收購，但您的槓桿率在本季末仍為 2.1 倍。Gus，您能否幫我們思考一下，在['27]目標留下資金以便伺機進行一些您剛才提到的其他交易，以及您在第三季度末的業績之間，有哪些限制因素？在接下來的一個季度或兩個季度裡，我們應該如何看待這些變化？

Sure, Catie. So one of the things that has driven the leverage down over the last couple of quarters has been the significant insurance proceeds that we received. So about $1 billion in the second quarter, $475 million in the third quarter. So that has really contributed to that lower leverage, taking it down. I'd say, look, obviously, having room relative to our target gives us a lot of optionality in terms of the opportunities that we can pursue.

當然可以，凱蒂。因此，過去幾個季度槓桿率下降的原因之一是我們收到了大量的保險賠償金。所以第二季大約是 10 億美元，第三季是 4.75 億美元。所以這確實有助於降低槓桿率，使其下降。我想說，很明顯，相對於我們的目標而言，留有餘地讓我們在追求機會方面擁有很大的選擇。

But we are deploying that capital pretty rapidly as well. And so you look at $1 billion of buybacks in the third quarter alone. That's the most we've ever done in the open market. And I expect we will continue to deploy capital like that. And so over time, I would think that our leverage ratio starts to get more normal and get closer to the target level, maybe not up to the target level, but somewhat closer to it than today.

但我們也正在迅速部署這些資金。因此，光是第三季就進行了10億美元的股票回購。這是我們迄今為止在公開市場上取得的最大成就。我預計我們將繼續以這種方式部署資金。因此，隨著時間的推移，我認為我們的槓桿率會開始變得更加正常，並逐漸接近目標水平，也許不會達到目標水平，但會比現在更接近目標水平。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Gus, can you talk a little bit about -- we've covered a lot of ground so far, but can you talk a little bit about the market for the A220? What do you see there? And what's going on there?

Gus，可以稍微談談──我們目前已經討論了很多內容，但可以稍微談談A220的市場嗎？你看到了什麼？那裡發生了什麼事？

The A220 is one of a more kind of niche aircraft. Of course, we have some of them. And I think there's a -- every passenger that gets on that aircraft loves us, great past experience, spacious cabin, I'd encourage anyone to fly on us.

A220 是一種比較小眾的飛機。當然，我們也有一些。而且我認為——每個登上我們飛機的乘客都喜歡我們，過去的經驗很棒，客艙寬敞，我會鼓勵任何人乘坐我們的航班。

That being said, the challenge around the aircraft has been around the engine time on wing. And we would hope that in the coming year or two, because it is a bigger aircraft relative to the E2-195 where the aircraft is a bit smaller, but the engine is the same. So the engine, we believe doesn't come under as much strain on the E2 as it comes under on the 220. So we would hope that as Pratt improves the time on wing and the durability of the parts in that engine that we'll see that aircraft become more durable in service. And if that can happen then, I think there's a solid future for us.

也就是說，飛機面臨的挑戰在於引擎在機翼上的運作時間。我們希望在未來一兩年內，由於它相對於 E2-195 而言是一架更大的飛機，而 E2-195 的飛機尺寸略小，但發動機相同。因此，我們認為 E2 的引擎承受的壓力不如 220 的引擎承受的壓力大。因此，我們希望隨著普惠公司提高引擎的在翼時間以及零件的​​耐用性，我們會看到飛機在使用過程中變得更加耐用。如果這種情況能夠發生，我認為我們的未來一片光明。

Got it. Got it. And then in your engine business, is there an opportunity to do more with Pratt? I mean, you're one of the larger CFM lessors, if not the largest. Was there anything to do with Pratt?

知道了。知道了。那麼，在您的引擎業務中，是否有機會與普惠公司進行更多合作？我的意思是，你們是規模較大的 CFM 租賃公司之一，即使不是最大的。這事跟普拉特有關嗎？

I think, look, we, of course, we talk to pros, et cetera, what have you. So we wouldn't rule anything out. But of course, we are in partnership with both GE and CFM and providing their spares network around the world and managing the logistics of all those engines, the records the shop visits of their spares fleet, which is a very significant task and requires a lot of unique intellectual property that I think we'd be reluctant to share.

我認為，你看，我們當然會和專業人士交談等等。所以，我們不會排除任何可能性。當然，我們與GE和CFM都有合作關係，為他們提供遍布全球的備件網絡，並管理所有這些發動機的物流，記錄他們備件車隊的維修保養情況，這是一項非常重要的任務，需要很多獨特的知識產權，我認為我們不太願意分享。

Got it. Got it. Got it. And then maybe just one last one. This one's a little bit out there, but maybe not. We're starting to see the emergence of more players and electric aircraft and hybrid aircraft. How would you expect that those aircraft could get financed? Would you guys have any interest in financing sort of this next generation of smaller stuff and some of the ED tall stuff and urban air mobility stuff? Or would you kind of leave that to somebody else?

知道了。知道了。知道了。然後，也許就最後一個吧。這個說法有點離譜，但也許並非如此。我們開始看到越來越多的參與者以及電動飛機和混合動力飛機的出現。你認為這些飛機的資金該如何籌措？你們有沒有興趣投資研發下一代小型設備、一些高層工程設備和城市空中交通設備？還是你會把這件事交給別人去做？

I have to wait and see. We did look at that several years ago when it was at its inception, and we felt it was better to be an intelligent follower than the initial innovator in that space. I think that still holds true.

我得拭目以待。幾年前，當這個領域剛興起時，我們就研究過這個問題，我們認為在這個領域做一個聰明的追隨者比做一個最初的創新者要好。我認為這一點至今仍然成立。

Terry Ma, Barclays.

Terry Ma，巴克萊銀行。

I just wanted to touch on capital allocation. It's nice to see the buyback accelerate this quarter and also the Spirit deal. But last quarter, you also highlighted additional kind of sale-leaseback opportunities in engine deals. So maybe just update us on those and maybe rank order to relative attractiveness of each of those options.

我只想簡單談談資本配置的問題。很高興看到本季股票回購加速進行，以及與 Spirit 的交易。但上個季度，您也重點介紹了引擎交易中其他類型的售後回租機會。所以，或許可以給我們更新一下這些選項的情況，並按相對吸引力對每個選項進行排序。

Sure. Well, as you saw, we did execute there with the Spirit transaction. And Terry, as I noted, we've done now 200 aircraft and [$10 billion] of engine buys on bilateral basis since the last four years. So I mean, those opportunities are out there. But again, they must be ones that are accretive to our earnings.

當然。正如你所看到的，我們確實透過Spirit的交易完成了那筆交易。特里，正如我之前提到的，在過去四年裡，我們已經透過雙邊方式完成了 200 架飛機和價值 100 億美元的發動機採購。我的意思是，這樣的機會就在那裡。但同樣地，它們必須是能夠增加我們收益的項目。

And there are plenty of opportunities to grow the business, but it must grow profitably. And that's where when we come to capital allocation, our job here is to make a return for the shareholders. That's our only job. It's not to make a return for the shareholders of Airbus. It's not to make a return for the shareholders of Boeing. It's not to make a return for the shareholders of airlines. It's for our shareholders. It's why we're here. They pay our wages.

業務發展有很多機會，但必須獲利成長。而這就是資本配置的意義：我們的工作是為股東創造回報。這是我們唯一的工作。這不是為了讓空中巴士的股東獲得回報。這不是為了讓波音公司的股東獲得回報。這不是為了讓航空公司股東獲得回報。這是為了我們的股東。這就是我們來這裡的原因。他們支付我們的工資。

And so when we see transactions that are accretive, of course, we will execute on those. Clearly, at the moment, we are selling assets in the private markets in the last quarter at 200% of the book equity value. We're buying the very same assets every day down on the NYSE at about 110% of book value. So if I can sell something for 200% and someone will keep selling me that at 110% when you do it the next day, that's a good use of shareholders' money.

因此，當我們看到能夠帶來收益的交易時，我們當然會執行這些交易。顯然，目前我們在私募市場出售資產，最後一季的售價是帳面股權價值的 200%。我們每天都在紐約證券交易所以帳面價值的約 110% 的價格買入同樣的資產。所以，如果我能以 200% 的價格賣出某樣東西，而第二天有人又能以 110% 的價格賣給我，這就是股東資金的合理利用。

Got it. That's helpful. I guess outside the Spirit deal, how does the opportunity for sale leaseback kind of look from a kind of returns basis?

知道了。那很有幫助。我想，撇開與 Spirit 的交易不談，從回報的角度來看，售後回租的機會如何？

I mean, well, we haven't executed any in the last quarter than that. Of course, we're pursuing them. There are other ones you pass on, much like on the M&A stuff, there's ones we've passed on, of course, over the last three or four years. So we're -- we will look at all of these transactions, but they do have to hit the hurdles that we want or else we won't do it.

我的意思是，嗯，上個季度我們沒有執行過任何其他計劃。當然，我們正在追查他們。還有一些機會你會放棄，就像併購交易一樣，當然，在過去的三年或四年裡，我們也放棄了一些機會。所以我們會審查所有這些交易，但它們必須達到我們想要的門檻，否則我們不會進行。

Got it. Helpful. Maybe one last one for me and for Pete. Like you guys delivered the first freighter in September. What's the cadence for kind of additional kind of deliveries going forward?

知道了。很有幫助。也許最後再來一杯，既是給我的，也是給皮特的。就像你們在九月交付了第一艘貨輪一樣。接下來這類額外交付的頻率如何？

Well, we delivered the first few in September and then we've delivered some more this quarter, and those will just roll out over the course of the next year or two.

嗯，我們在九月交付了第一批，然後本季又交付了一些，這些將在未來一兩年內陸續交付。

Five are delivered now at this point, and they probably deliver another couple before Christmas, and then the five or six next year. But they're approximate because, as you have seen, deliveries are moving targets.

目前已經交付了五件，聖誕節前可能還會再交付兩件，明年還會交付五到六件。但這些只是大概時間，因為正如你所看到的，交貨時間是不斷變化的。

Chris Stathoulopoulos, Susquehanna International Group.

克里斯·斯塔索洛普洛斯，薩斯奎哈納國際集團。

Aengus, on the extension rates, curious on your thoughts on '26 next year. I realize it's still early, but there's still degree of uncertainty out there, geopolitical economy tariffs. Just your thoughts on there, whether you see any sort of, I guess, change from what you've been able to achieve thus far year to date?

Aengus，關於延期率，我很想知道你對明年 '26 的看法。我知道現在還為時過早，但仍存在一定程度的不確定性，例如地緣政治、經濟和關稅問題。您對此有何看法？您認為與今年迄今為止所取得的成就相比，是否有任何變化？

We don't. And I don't think that's going to change. You've got to remember, of course, that when airlines are looking at their fleet, they're not looking at the next quarter, the next half year, the next year. They're looking on older aircraft. The minimum duration is three years, but more around five to seven. On new aircraft, they are looking at 20-plus years.

我們不。我覺得這種情況不會改變。當然，你必須記住，航空公司在審視其機隊時，不會著眼於下一個季度、下一個半年或下一年。他們正在考慮使用老舊飛機。最短期限為三年，但通常為五到七年。對於新飛機，他們的預期使用壽命是20年以上。

So their fleet plans are not going to be significantly altered by short-term issues geopolitically. That's what we're seeing. And as we look out in the new year, I'd expect to see more of the same because I don't see, as I referenced earlier on, the levels of production, the time on wing that these assets are achieving. I don't see those factors changing.

因此，短期地緣政治問題不會對他們的艦隊計畫產生重大影響。這就是我們所看到的。展望新的一年，我預計情況還會繼續如此，因為正如我之前提到的，我沒有看到這些資產所達到的生產水準和飛行時間。我認為這些因素不會改變。

Okay. And as the second -- I realized that you've spoken at length on the gains on sales, strong secondary market. But if you could perhaps give a bit more color on the type of transactions, aircraft types, curious how that has evolved and whether you see that changing going into '26. Thanks.

好的。其次——我意識到您已經詳細談到了銷售成長和強勁的二級市場。但如果您能更詳細地介紹一下交易類型、飛機類型，我很想知道這些是如何演變的，以及您認為到 2026 年這些情況是否會改變。謝謝。

No, I think you've seen a very consistent approach to asset sales. We never -- and as I noticed, since we were -- we became a public company in 2006, every year, we've sold assets, we sold them at a gain. Indeed, for the last -- since -- as you look at the chart on page 5, since the beginning of 2023, the assets we've sold have traditionally been old mid-life assets out of production, but we still managed to generate a gain of book equity of 190%.

不，我認為你已經看到了我們在資產出售方面採取的非常一致的做法。我們從未——而且我注意到，自從我們——我們在 2006 年成為一家上市公司以來，每年我們都會出售資產，而且每次都獲利。事實上，正如您在第 5 頁的圖表中看到的那樣，自 2023 年初以來，我們出售的資產歷來都是已停產的舊資產，但我們仍然設法實現了 190% 的帳面權益增長。

The reason we sold those assets is not for the game. The reason we sold those assets is that we know at some point in the future, airlines will have to leave the older assets. It's a few years away. I think it will be the end of the decade. That being said, I want to position our fleet for the future always.

我們出售這些資產的原因與遊戲無關。我們出售這些資產的原因是，我們知道在未來的某個時候，航空公司將不得不放棄這些老舊資產。還有幾年時間。我認為這將是十年的終點。也就是說，我希望始終讓我們的車隊面向未來做好準備。

So that's how we think about asset sales. The one exception to that really is we have sold a handful of newer technology assets as part of our ongoing reduction in our Chinese exposure, which continues and -- because China is mainly a new aircraft market, that's been the case there.

這就是我們對資產出售的看法。唯一的例外是我們出售了一些較新的技術資產，這是我們持續減少在中國的業務的一部分，而且這種情況還在繼續——因為中國主要是一個新興飛機市場，所以情況一直如此。

But the reason we sell assets is to improve the quality of the portfolio. The power and capability of the platform has meant that for the last 20-odd years and particularly in the last several years as the capabilities of the GECAS platform that we purchased, particularly as it pertains to engine cost shop visit management and the ability to manage the ongoing life of engines has enabled us to accelerate those gains. And that's a structural capability that we have that no one else has in our business.

但我們出售資產的原因是為了提高投資組合的品質。該平台的強大功能和卓越性能意味著，在過去的 20 多年裡，尤其是在最近幾年，我們購買的 GECAS 平台的功能，特別是與發動機成本維修管理和發動機生命週期管理相關的功能，使我們能夠加速取得這些進展。這是我們擁有的、其他任何公司都不具備的結構性能力。

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

目前沒有其他問題了。我將把會議交還給安格斯·凱利，讓他作補充或總結發言。

Thank you, operator, and thank you very much for joining us for today's call and we look forward to speaking to you again with the full-year results. Thank you.

謝謝接線員，也非常感謝您參加今天的電話會議，我們期待下次與您通話，屆時將公佈全年業績。謝謝。

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了。