AerCap Holdings N.V. (AER) 2026 Q2 法說會逐字稿

Good day, and welcome to the AerCap Q2 2026 financial results call. Today's conference is being recorded, and a transcript will be available following the call on the company's website.

大家好，歡迎參加 AerCap 2026 年第二季財務業績電話會議。今天的會議將被錄音，會後公司網站將提供逐字稿。

At this time, I would like to turn the conference over to Adi Padva, Head of Investor Relations. Please go ahead.

此刻，我想將會議交給投資人關係主管 Adi Padva。請開始。

Thank you, operator, and hello, everyone. Welcome to AerCap's second-quarter 2026 conference call. With me today are our Chief Executive Officer, Aengus Kelly; and Chief Financial Officer, Peter Juhas.

謝謝，接線員，大家好。歡迎參加 AerCap 2026 年第二季電話會議。今天與我一同出席的有我們的執行長 Aengus Kelly，以及財務長 Peter Juhas。

Before we begin today's call, I would like to remind you that some statements that are 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 our statements. AerCap undertakes no obligation other than that imposed by law to publicly update or revise any forward-looking statements to future events, information or circumstances that arise after this call.

在開始今天的會議之前，我想提醒各位，本次電話會議中所作的部分陳述若非歷史事實，可能屬於前瞻性陳述。前瞻性陳述涉及風險與不確定性，可能導致實際結果或事件與我們陳述中明示或暗示者出現重大差異。除法律規定外，AerCap 不承擔就本次會議後出現的未來事件、資訊或情況而公開更新或修訂任何前瞻性陳述之義務。

Further information concerning issues that could materially affect performance can be found in AerCap's earnings release dated July 29, 2026. A copy of the earnings release and conference call presentation are available on our website at aercap.com.

有關可能對業績造成重大影響之事項的更多資訊，請參閱 AerCap 於 2026 年 7 月 29 日發布的財報新聞稿。財報新聞稿與電話會議簡報可於我們的網站 aercap.com 取得。

This call is open to the public and being webcast simultaneously at aercap.com and will be archived for replay. We will shortly run through our earnings presentation and allow time at the end for Q&A. (Operator Instructions)

本次會議對外公開，並於 aercap.com 同步網路直播，且將存檔供日後回放。我們將很快帶各位瀏覽財報簡報，並在最後預留時間進行問答。(接線員指示)

I will now turn the call over to our CEO, Aengus Kelly.

現在我將把電話會議交給我們的執行長 Aengus Kelly。

Thank you for joining us for our second-quarter 2026 earnings call. This was another strong quarter for AerCap as reflected in our financial results, disciplined capital deployment and increased full-year guidance.

感謝各位參加我們 2026 年第二季財報電話會議。從我們的財務結果、嚴謹的資本部署以及上調的全年指引來看，這又是 AerCap 表現強勁的一季。

AerCap's business maintained its momentum in the second quarter, as highlighted by our transaction activity. The lease extension rate on passenger aircraft was 85%, well above the long-term average. We also completed $1.4 billion of asset sales during the quarter, generating a gain on sale margin of 20%. These operational highlights reflect both the resilience of our business model and the continued benefit of the supply-demand imbalance across our industry.

AerCap 的業務在第二季持續保持動能，從我們的交易活動即可見一斑。客機租約延長率為 85%，明顯高於長期平均。我們也在本季完成 14 億美元的資產出售，出售收益率（gain on sale margin）為 20%。這些營運亮點反映了我們商業模式的韌性，以及產業供需失衡所帶來的持續利多。

Turning to our financial results. We delivered adjusted earnings per share of $5.14 in the second quarter, representing an adjusted return on equity of 18%. We also generated $1.5 billion of cash flow from operations. This strong cash generation continues to create significant financial flexibility enabling us to invest in long-term accretive opportunities while also returning substantial capital to our shareholders.

接著談我們的財務結果。第二季我們的調整後每股盈餘為 5.14 美元，對應調整後股東權益報酬率為 18%。我們也創造了 15 億美元的營運現金流。強勁的現金創造能力持續帶來顯著的財務彈性，使我們得以投資於長期具增益（accretive）的機會，同時也向股東回饋可觀資本。

During the quarter, we repurchased more than $690 million of our shares and over $1.4 billion in the first half of the year. In addition, we recently ordered 15 new Boeing 787 aircraft. This is a key highlight, which we will discuss in more detail later in the call. Reflecting our strong first-half performance and positive outlook for the business, we are raising our full-year earnings guidance to $16.80 per share, not including any additional gains on asset sales.

本季我們回購了超過 6.9 億美元的自家股票，而上半年合計回購超過 14 億美元。此外，我們近期訂購了 15 架新的波音 787 飛機。這是一項關鍵亮點，我們將在稍後的會議中更詳細討論。反映我們上半年強勁表現與對業務的正向展望，我們將全年盈餘指引上調至每股 16.80 美元，且不包含任何額外的資產出售收益。

Our outlook is underpinned by a supportive industry backdrop. Let me spend a few minutes discussing the broader market environment.

我們的展望建立在有利的產業背景之上。我想花幾分鐘談談更廣泛的市場環境。

Recent geopolitical challenges have led to higher input costs for airlines and will no doubt put further pressure on airline margins this year. That said, it is expected that the global airline industry will remain healthy in 2026 in aggregate, supported by good travel demand, strong load factors and disciplined capacity growth.

近期地緣政治挑戰導致航空公司投入成本上升，無疑將在今年對航空公司利潤率造成進一步壓力。儘管如此，預期 2026 年全球航空產業整體仍將維持健康，受惠於良好的旅遊需求、強勁的載客率以及審慎的運能成長。

While global traffic growth has moderated year over year, trends vary by region. The Middle East, Asia Pacific and North America have experienced some weakness in daily flight activity. But Europe, Africa and Latin America have continued to see growth. Overall, the trends we are seeing highlight the resilience of travel demand and the industry's ability to adapt to changing market conditions.

雖然全球運量成長率較去年同期放緩，但各地區趨勢不一。中東、亞太與北美的每日航班活動出現一些疲弱。但歐洲、非洲與拉丁美洲則持續成長。整體而言，我們看到的趨勢凸顯旅遊需求的韌性，以及產業適應市場條件變化的能力。

For AerCap, this backdrop remains highly supportive. Aircraft and engine availability remain constrained, while airline demand continues to exceed supply. We see this reflected in our leasing activity, lease extensions and asset values. As a result, we remain confident in the long-term outlook for AerCap and the aviation industry more broadly.

對 AerCap 而言，這樣的背景仍然高度有利。飛機與引擎的供給仍受限，而航空公司需求持續高於供給。我們在租賃活動、租約延長以及資產價值上都看到了這一點。因此，我們對 AerCap 以及更廣泛航空產業的長期展望仍充滿信心。

The supply-demand imbalance is particularly pronounced in the widebody market. Years of production shortages and delivery delays have constrained the availability of new widebody aircraft globally. This is clear from the left-hand side chart on slide 4. Over the past five years, airlines have extended the service lives of older widebody aircraft, resulting in over 200 fewer widebody retirements than in the comparable pre-COVID period, as you can see on the right-hand side of this slide.

供需失衡在廣體機市場尤為明顯。多年來的產能短缺與交付延遲，限制了全球新廣體機的供給。從第 4 頁投影片左側圖表可清楚看出。過去五年，航空公司延長了較老舊廣體機的服役年限，導致廣體機退役數量較 COVID 前可比期間少了 200 多架，如本頁右側圖表所示。

More recently, widebody production rates have begun to recover, and we expect to see an increase in retirement activity among the oldest and least fuel-efficient aircraft. This trend will likely continue as more new technology aircraft enter service. With a large number of aging widebodies still in operation, this replacement cycle should support strong demand for widebody leasing for many years to come.

近期，廣體機的生產速率已開始回升，我們預期最老舊且燃油效率最低的機型將出現更多退役活動。隨著更多新技術機型投入營運，這一趨勢很可能會延續。在仍有大量老化廣體機持續運行的情況下，這一輪汰換週期應可在未來多年支撐廣體機租賃的強勁需求。

Against this backdrop, our order for 15 Boeing 787 aircraft reflects our conviction in the long-term fundamentals of the widebody market. We believe the 787 is one of the most attractive widebody assets, combining favorable economics with a broad global customer base and strong secondary market liquidity. Importantly, delivery positions for new 787 aircraft remain extremely limited. AerCap's long-standing relationship with Boeing, combined with our scale and ability to execute quickly, gives us a competitive advantage in securing scarce delivery positions.

在此背景下，我們訂購 15 架波音 787，反映我們對廣體機市場長期基本面的信念。我們認為 787 是最具吸引力的廣體機資產之一，兼具有利的經濟性、廣泛的全球客戶基礎，以及強勁的次級市場流動性。重要的是，新 787 的交付名額仍極為有限。AerCap 與波音長期的合作關係，加上我們的規模與快速執行能力，使我們在取得稀缺交付名額方面具備競爭優勢。

Our 787s will start delivering in 2030 and run through 2033 at economics that support our long-term return objectives. Today, we not only have the largest 787 fleet, but also the largest 787 order book of any lessor. And therefore, we are uniquely positioned to meet growing airline demand for next-generation widebody aircraft. This strategic investment allows us to capitalize on a prolonged fleet renewal cycle while providing our customers with access to one of the most efficient and sought-after aircraft types in the market.

我們的 787 將自 2030 年開始交付，並延續至 2033 年，其經濟條件可支持我們的長期報酬目標。目前，我們不僅擁有最大的 787 機隊，也擁有所有租賃商中最大的 787 訂單量。因此，我們具備獨特優勢，可滿足航空公司對下一代廣體機日益成長的需求。這項策略性投資使我們得以把握長期的機隊汰舊換新週期，同時為客戶提供市場上效率最高、最受青睞的機型之一。

Turning to slide 5. This investment is also a good example of the capital allocation framework that guides every decision we make. We continue to deploy capital with discipline and flexibility, directing it toward opportunities that we believe offer the most attractive long-term risk-adjusted returns while maintaining capacity to return capital to shareholders.

接著看第 5 頁投影片。這項投資也是我們資本配置框架的良好例證，該框架指引我們所做的每一項決策。我們持續以嚴謹且具彈性的方式部署資本，將資金導向我們認為可提供最具吸引力之長期風險調整後報酬的機會，同時保有向股東回饋資本的能力。

So far this year, we have added 131 aircraft to our order book, returned more than $1.5 billion to our shareholders through share repurchases and dividends and still have approximately $3.5 billion of excess capital available to deploy.

截至今年目前為止，我們已在訂單簿中新增131架飛機，並透過股票回購與股利向股東返還超過15億美元，同時仍有約35億美元的超額資本可供運用。

In closing, AerCap delivered another strong quarter. Our global platform, consistent execution, disciplined capital allocation and active portfolio management continue to position us to capitalize on opportunities across the market.

最後，AerCap再度交出強勁的一季。我們的全球平台、穩健的執行力、嚴謹的資本配置以及積極的投資組合管理，持續讓我們處於有利位置，把握市場各處的機會。

And with that, I'll now hand the call over to Pete to review our financials.

接下來，我把電話交給Pete，請他回顧我們的財務狀況。

Thanks, Gus. Good morning, everyone. We delivered another strong quarter, and I'll start reviewing our financial results on slide 6.

謝謝你，Gus。各位早安。我們再度交出強勁的一季，我將從第6頁開始回顧我們的財務結果。

Our GAAP net income for the second quarter was $726 million or $4.59 per share. The impact of purchase accounting adjustments was $129 million for the quarter or $0.82 per share. That included lease premium amortization of $26 million, maintenance rights amortization of $36 million related to maintenance revenue and maintenance rights amortization of $67 million related to leasing expenses.

第二季我們的GAAP淨利為7.26億美元，或每股4.59美元。本季購買會計調整的影響為1.29億美元，或每股0.82美元。其中包含租賃溢價攤銷2,600萬美元、與維修收入相關的維修權利攤銷3,600萬美元，以及與租賃費用相關的維修權利攤銷6,700萬美元。

During the second quarter, we had $28 million of recoveries related to the Ukraine conflict or $0.18 per share. The net tax effect of all these items was $15 million or $0.10 per share. As a result, our adjusted net income for the second quarter was $811 million or $5.14 per share, and that represents an adjusted ROE of 18% for the second quarter.

第二季我們取得與烏克蘭衝突相關的回收款2,800萬美元，或每股0.18美元。上述所有項目的稅務淨影響為1,500萬美元，或每股0.10美元。因此，第二季調整後淨利為8.11億美元，或每股5.14美元，代表第二季調整後股東權益報酬率（ROE）為18%。

Turning to slide 7. I'll briefly go through the main drivers that affected our results. Basic lease rents were $1.677 billion. Maintenance revenues remained elevated this quarter at $177 million. Our net maintenance contribution, which is maintenance revenue less leasing expenses after taking into account purchase accounting adjustments was $131 million this quarter.

接著看第7頁。我將簡要說明影響我們結果的主要驅動因素。基本租賃租金為16.77億美元。本季維修收入仍維持在較高水準，為1.77億美元。本季我們的維修淨貢獻（即維修收入扣除租賃費用，並考量購買會計調整後）為1.31億美元。

That's higher than usual due to the timing of maintenance revenue, transition expenses and claims. As I mentioned last quarter, net maintenance contribution has been higher than normal for the first half of this year, but we expect it to return to more normal levels in the second half of the year.

這高於一般水準，主要是因為維修收入、轉場費用與索賠的時點因素。如同我上季提到的，今年上半年維修淨貢獻高於常態，但我們預期下半年將回到較正常的水準。

Net gain on sale of assets was $223 million for the second quarter. The sales environment continued to be strong, and we sold 38 of our owned assets for total sales revenue of $1.4 billion. That resulted in an unlevered gain on sale margin of 20% for the quarter, which is equivalent to a multiple of 1.7 times book value on an equity basis. As of June 30, we had just over $400 million worth of assets held for sale. Interest expense was $468 million for the second quarter and income tax expense was $123 million, reflecting an effective tax rate of 15.5%.

第二季資產出售淨收益為2.23億美元。出售環境持續強勁，我們出售了38項自有資產，總銷售收入為14億美元。因此，本季未槓桿的出售收益率為20%，以股權基礎相當於帳面價值的1.7倍。截至6月30日，我們有略高於4億美元的資產列為待售。第二季利息費用為4.68億美元，所得稅費用為1.23億美元，反映有效稅率為15.5%。

Turning to slide 8. Our liquidity position continues to be very strong. As of June 30, our total sources of liquidity were approximately $22 billion. That includes just under $1.7 billion of cash, $10 billion of revolvers and $3 billion of other committed facilities as well as estimated sales and operating cash flow. Our sources to uses coverage ratio was 1.9 times, which reflects excess cash coverage of around $10 billion.

接著看第8頁。我們的流動性部位仍然非常強勁。截至6月30日，我們的流動性總來源約為220億美元。其中包括接近17億美元的現金、100億美元的循環信貸額度（revolvers）、30億美元的其他承諾融資額度，以及估計的銷售與營運現金流。我們的資金來源對資金用途覆蓋比率為1.9倍，反映約100億美元的超額現金覆蓋。

Our leverage ratio at the end of June was 2.05 to 1, which is about the same as last quarter. Our operating cash flow was $1.5 billion for the quarter, and our secured debt to total assets ratio was 9%, which is in line with the record low level reported last quarter. Our average cost of debt was 4.2%.

6月底我們的槓桿比率為2.05比1，與上季大致相同。本季營運現金流為15億美元，擔保債務占總資產比率為9%，與上季所報告的歷史低點一致。我們的平均債務成本為4.2%。

During the second quarter, we bought back 4.9 million shares for a total of $691 million. Together with our repurchases in the first quarter, we repurchased over 6% of our shares outstanding at the beginning of this year. Since 2023, we bought back 93 million shares or almost 40% of our outstanding shares for a total of $8 billion.

第二季我們回購了490萬股，總金額為6.91億美元。加上第一季的回購，我們已回購今年年初流通在外股數的逾6%。自2023年以來，我們已回購9,300萬股，約占流通在外股數的40%，總金額為80億美元。

Turning to slide 9. On our last earnings call in February, we projected adjusted earnings per share of $14.50, which included $1.50 of gains on sale from the first quarter. As Gus mentioned, today, we're raising our full-year 2026 adjusted EPS guidance to approximately $16.80. We're increasing our estimate of EPS, excluding gains on sale, to approximately $14, and we're also including the $2.80 of gains on sale from the first half of the year. However, we have not included any gains on sale for the second half of the year.

接著看第9頁。在2月上次法說會上，我們預估調整後每股盈餘（EPS）為14.50美元，其中包含第一季出售收益1.50美元。如Gus所提到，今天我們將2026全年調整後EPS指引上調至約16.80美元。我們把不含出售收益的EPS估計上調至約14美元，同時也納入上半年出售收益2.80美元。不過，我們尚未將下半年的任何出售收益納入。

In the first half, the drivers of the outperformance relative to guidance were gains on asset sales of $514 million, higher net maintenance contribution and other income. We've completed $2.8 billion of asset sales in the first six months of this year. And as a result, we currently expect asset sales for the full-year 2026 to be in the range of $4 billion to $5 billion.

上半年相較指引表現超預期的驅動因素包括：資產出售收益5.14億美元、更高的維修淨貢獻以及其他收入。今年前六個月我們已完成28億美元的資產出售。因此，我們目前預期2026全年資產出售金額將落在40億至50億美元區間。

In closing, AerCap has continued its strong performance this quarter. We generated adjusted EPS of $5.14 and adjusted ROE of 18%. So far this year, we've returned over $1.5 billion to shareholders, and we've made significant additions to our forward orders with Airbus and Boeing as we continue to grow our fleet with new technology, fuel-efficient aircraft. And today, we've once again raised our EPS guidance. All of this indicates our confidence in the value of AerCap today and into the future.

最後，AerCap本季持續展現強勁表現。我們創造調整後EPS 5.14美元與調整後ROE 18%。截至今年目前為止，我們已向股東返還超過15億美元，並在與空中巴士與波音的未來訂單上大幅增加，持續以新技術、節能機型擴充機隊。而今天，我們再次上調EPS指引。這一切都顯示我們對AerCap當前及未來價值的信心。

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

接下來，接線員，我們可以開放問答。

(Operator Instructions) Jamie Baker, JPMorgan.

(接線員指示) JPMorgan的Jamie Baker。

So Gus, a question on the 85% extension rate. So what takes place with the other 15%? Is that mostly made up of, I don't know, end of lease sales? Is it part outs? Is it customer purchases?

Gus，關於85%的續租率我有個問題。那另外15%會怎麼處理？那主要是由……我不知道，租約到期出售所構成嗎？是拆解零件（part outs）嗎？還是客戶買下來？

I'm just wondering, we all know how strong the environment is, but when a lease does not get extended in this market, just kind of wondering what the outcome is. How common is it that you take the asset back, paint it and release it, that sort of thing, just concentrating on the 15%.

我只是想了解，我們都知道市場環境很強，但在這個市場裡如果租約沒有被延長，結果通常會是什麼。你們把資產收回、重新噴漆再出租之類的情況有多常見？主要想聚焦在那15%。

Yeah. You're right, Jamie. It is generally quite rare that the aircraft would come back and be re-leased. The odd time it will. But for the most part, they end up getting parted out.

是的。你說得對，Jamie。一般而言，飛機回收後再重新出租其實相當少見。偶爾會發生。但大多數情況下，最後都會被拆解零件。

Okay.

好的。

Just to be clear on that percentage, Jamie, so the way we calculate that is that's 85%. So of everything that is either going out on lease again to a new customer or being extended, that's the denominator. So 85% extended, 15% re-leased, and we've excluded aircraft that are being sold.

為了把那個百分比講清楚，Jamie，我們的計算方式是：那是 85%。也就是說，所有要再次出租給新客戶或被延長租期的項目，這些合計就是分母。因此，85% 是延長租期、15% 是重新出租，而且我們已排除正在出售的飛機。

Okay. All right. I appreciate the clarification. I didn't realize that. And then on the follow-up, just the leverage of 2 times or 2.05, clearly, lots of firepower at BBB+ to do, I guess, kind of whatever you want here.

好的。好。感謝你的澄清。我之前沒意識到這點。另外，關於後續問題，槓桿 2 倍或 2.05 倍，很明顯在 BBB+ 的評級下有很大的操作空間，我想基本上你們在這裡想做什麼都行。

But Mark and I were wondering, have you thought about lowering the target a touch, shooting for upgrades into the low-A range? Or in this environment, does that even make sense in terms of the marginal savings, maybe you're just better off buying more stock or maybe another platform? Any thoughts on that?

但 Mark 和我在想，你們是否考慮把目標稍微下調一點，爭取升評到低 A 的區間？或者在這樣的環境下，從邊際節省的角度看這是否有意義；也許你們更適合回購更多股票，或是再買一個平台？你有什麼想法嗎？

Well, look, certainly, Jamie, with the history of the business over the last 20 years, generating the returns we have, where we are the best part of 1,000 over treasuries every year after-tax GAAP ROE with the tremendous operating cash flows, we certainly feel that a move into the A category is deserved and warranted.

嗯，Jamie，你看，當然，回顧過去 20 年這門生意的歷史，我們所創造的回報——我們每年稅後 GAAP ROE 相對於美國國債利差接近 1,000 個基點，再加上強勁的營運現金流——我們確實認為升到 A 類評級是應得的、也是合理且有依據的。

Okay. That's perfect. And just back to my first question quickly. Anything in those numbers, the 85% and the 15% as it relates to engine cores going into data centers?

好的。非常好。再快速回到我第一個問題。在那些數字裡，85% 和 15% 是否包含與引擎核心（engine cores）用於資料中心相關的部分？

Look, of course, we'll sell assets into those who want to put them into data centers. But as it relates to data centers, Jamie, what I would say is we have done extensive work evaluating the aeroderivative opportunity. And we began serious discussions in this area at the start of the year with commercial aerospace OEMs, multiple supply chain participants and some of the largest owners and operators of OEM-produced aeroderivative turbines.

你看，當然，我們會把資產賣給那些想把它們用在資料中心的人。但就資料中心而言，Jamie，我想說的是，我們已經做了大量工作來評估航改型（aeroderivative）的機會。而且我們在年初就開始在這個領域與商用航太 OEM、多家供應鏈參與者，以及一些最大的 OEM 生產航改型渦輪機的持有者與營運商展開嚴肅的討論。

Now the work we've done includes assessing channel partners, understanding engine to power generation conversion processes, quantifying the associated upfront costs, evaluating life cycle maintenance requirements, reliability and analyzing the addressable market opportunity for this form of power.

我們所做的工作包括：評估通路合作夥伴、了解引擎轉換為發電設備的流程、量化相關的前期成本、評估全生命週期的維護需求與可靠性，並分析此類電力形式的可服務市場機會。

Now we've held numerous diligence sessions and site visits. We were able to observe the operation and maintenance of these turbines firsthand, the aeroderivative turbines, and that gave us tremendous insight into how this market has evolved and strengthened in recent years. It's clear that there is strong demand for gas-powered turbines today. Every aspect of this opportunity from conversion and installation to operation and long-term maintenance require specialized expertise and substantial operational experience.

我們也進行了多次盡職調查會議與實地訪查。我們得以第一手觀察這些渦輪機（航改型渦輪機）的運行與維護，這讓我們對這個市場近年來如何演進並走強有了非常深的洞見。很明顯，目前市場對燃氣渦輪機的需求很強。從改裝與安裝到運行以及長期維護，這個機會的每個環節都需要專業能力與大量的營運經驗。

From AerCap's perspective, pursuing this opportunity would require strong strategic partners and access to the full suite of capabilities needed to convert, install, operate and maintain these assets on a long-term basis. The risks we're assessing include operational performance, future costs and alternative power supply solutions.

從 AerCap 的角度來看，要推進這個機會，需要強而有力的策略夥伴，並且能取得將這些資產進行改裝、安裝、運行與長期維護所需的全套能力。我們正在評估的風險包括：營運表現、未來成本，以及替代性的電力供應解決方案。

While the technology to convert aerospace engines into gas-powered turbines is already established, there is a perception in the market that converted units may, in the long term, be less efficient than the OEM-produced aeroderivatives. Whether this proves to be the case over the long term remains to be seen.

雖然把航太引擎改裝成燃氣渦輪機的技術已經成熟，但市場上有一種看法是，從長期來看，改裝機組的效率可能不如 OEM 生產的航改型機組。這在長期是否會被證實仍有待觀察。

It was also evident in our research that both data center operators and hyperscalers would strongly prefer to be connected to the grid over time. If and when that becomes possible remains a key uncertainty. Should grid capacity expand materially or alternative technologies improve, demand for aeroderivatives could be adversely affected.

我們的研究也顯示，無論是資料中心營運商還是超大規模業者（hyperscalers），長期而言都會強烈偏好接入電網。何時、以及是否能做到這一點，仍是一個關鍵的不確定因素。如果電網容量大幅擴張，或替代技術有所改善，對航改型機組的需求可能會受到不利影響。

Taking all this into account, any opportunity in this area must be evaluated against the industry-leading returns that AerCap generates in our core business. While we continue to see encouraging signs in the aeroderivative market, we will remain prudent and we will only pursue opportunities where we believe we have the right partners, sufficient operational capabilities and a clear path to generating shareholder value over the long term. And we'll continue to update you as our assessment evolves.

綜合考量上述因素，這一領域的任何機會都必須與 AerCap 在核心業務中所創造的業界領先回報進行比較評估。雖然我們仍看到航改型市場出現令人鼓舞的跡象，但我們會保持審慎，只有在我們相信具備合適的合作夥伴、足夠的營運能力，並且有清晰的路徑能在長期創造股東價值時，才會追求相關機會。隨著我們的評估進展，我們也會持續向各位更新。

Catherine O'Brien, Goldman Sachs.

Catherine O'Brien，高盛。

Maybe just a bit of a follow-up on the leverage question. Jamie, was going down that path. Leverage remains well below target and has been for several years. And as I know the team won't deploy capital to growth just for growth's sake, what does it take to see leverage get back closer to target?

我想就槓桿問題再追問一下。Jamie 剛才已經沿著這個方向在問了。槓桿一直明顯低於目標，而且已經好幾年了。我也知道團隊不會為了成長而成長去投放資本，那麼要看到槓桿回到更接近目標，需要什麼條件？

Do you need OEM deliveries to start to pick up? Because you guys have been quite active on finding incremental opportunities to deploy capital like the Frontier and Airbus deal last quarter, but leverage continues to decline. Should we expect to see a potential step-up in capital deployment to shareholders?

你們是否需要 OEM 交付開始回升？因為你們在尋找額外的資本投放機會方面一直相當積極，例如上季的 Frontier 和 Airbus 交易，但槓桿仍持續下降。我們是否應該預期對股東的資本回饋可能會進一步加碼？

I guess I'm mainly just trying to get a sense of how much of a priority making the balance sheet more efficient is because it feels like something in the mid-2s would still get you -- give you dry powder for a larger opportunistic deal came up, but maybe you disagree there.

我主要是想了解，讓資產負債表更有效率這件事的優先順序有多高；因為感覺槓桿在 2 倍中段（mid-2s）仍然能讓你們——在出現更大型的機會型交易時——保有充足的「乾火藥」（可動用資金），但也許你們不同意這個看法。

Anyway, it's a bit of a long-winded question, but just trying to figure out the urgency or lack thereof to take leverage back up and what the potential path get there could be?

總之，這問題有點冗長，但我只是想弄清楚：把槓桿拉回去的急迫性（或不急迫性）如何，以及可能的路徑會是什麼？

Sure, Catie. Thanks. Look, so the main reason why leverage has remained so low has really been just the performance of the business and how much cash and capital we've been generating. And as you can see, it's been very strong. And so despite the fact that we bought back 6% of the shares in the first half of this year and all of the commitments we've made in terms of new orders and that type of thing, nonetheless, the leverage ratio has remained the same. And so I think that's really what has been the driver of it. So we are committing capital.

當然，Catie。謝謝。你看，槓桿之所以一直這麼低，主要原因其實就是業務表現，以及我們產生了多少現金與資本。如你所見，這一直非常強勁。因此，儘管我們在今年上半年回購了 6% 的股份，並且在新訂單等方面做出了各種承諾，但槓桿比率仍然維持不變。所以我認為這才是真正的驅動因素。因此我們確實在投入資本。

Now you're right, we have a lot of dry powder available, which is good. We will continue to deploy that. Look, we've got amounts remaining in our existing share repurchase program. We obviously see that as attractive. And so I think you can expect that to continue, but also looking for other opportunities, too.

你說得對，我們手上有很多可動用資金，這是好事。我們會持續部署這些資金。你看，我們現有的股票回購計畫還有剩餘額度。我們顯然認為這很有吸引力。所以我想你可以預期這會持續進行，同時我們也會尋找其他機會。

And there may be larger opportunities. I mean some of these things that we've done, the delivery slots are relatively close in, but it didn't result in a lot of capital deployment today. But that will be in future years, right? So that's one of the things that we've been doing. I think over time, obviously, we'd expect it to get back to those mid-2s levels, but it will take some time to get there, I think.

而且可能會有更大的機會。我的意思是，我們做的一些事情，交付時點相對較近，但今天並沒有帶來大量的資本投放。不過那會發生在未來幾年，對吧？所以這是我們一直在做的事情之一。我認為隨著時間推移，我們顯然預期槓桿會回到 2 倍中段的水準，但我覺得這需要一些時間。

Okay. High-class problem. Maybe just one more. The aircraft return from Spirit pre-liquidation, I think they were originally expected to return to service towards year-end. Is that still on track?

好的。高端的問題。也許再問一個。Spirit 在清算前的飛機返還，我記得原本預期會在年底前後恢復投入營運。目前仍按計畫進行嗎？

And when will the incremental 10 aircraft returned in May return to service? And how should we think about these aircraft plus the returning freighter conversions impacting net spread over the next couple of quarters?

另外，5 月返還的新增 10 架飛機何時會恢復投入營運？以及我們應該如何看待這些飛機加上返還的貨機改裝案，在未來幾個季度對淨利差的影響？

Yeah. So that's still our expectation that we'll see some returning in the fourth quarter. And on the other 10 aircraft, those should go out later this year as well. So that should be a positive for lease yields, positive for net spread, some of those freighters coming in as well.

是的。所以我們的預期仍然是，第四季會看到部分飛機回來。至於另外那 10 架飛機，也應該會在今年稍晚重新投放出去。因此這對租賃收益率是正面、對淨利差也是正面，另外也會有一些貨機回來。

I mean just to look at net spread and lease yields. So obviously, year over year, lease yield is up about 30 basis points, net spreads up 50 basis points and net spread has been flat for the last few quarters, as you've seen. That's despite all those Spirit aircraft, the downtime associated with those. So we should see it coming up somewhat over the next couple of quarters, and that's going to depend, obviously, on those redeliveries of those aircraft. But overall, the trend should be upward for lease yield and slightly up for net spread as well.

我的意思是，就淨利差與租賃收益率來看。很明顯地，年對年租賃收益率上升約 30 個基點，淨利差上升 50 個基點，而如你所見，淨利差在過去幾個季度一直持平。這還是在有那些 Spirit 飛機、以及相關停場時間的情況下。因此未來幾個季度我們應該會看到它有所上升，而這當然取決於那些飛機的再交付。但整體而言，租賃收益率的趨勢應該向上，淨利差也應該小幅上升。

Ron Epstein, Bank of America.

Ron Epstein，美國銀行。

Maybe just following up on the question that was just asked. How far through are we now? I'm assuming pretty far of the, I guess, the less favorable leases that were signed kind of COVID and a little bit post-COVID. Is a lot of that kind of worked through already?

也許延續剛剛那個問題。我們現在進展到什麼程度了？我猜在 COVID 期間以及 COVID 後不久簽下的、相對不利的租約，應該已經處理到相當後段了。這部分大多已經消化完了嗎？

Yeah. So more than half, Ron. We're more than halfway through that. It is a long roll-off period for those because some of those were quite long leases. I mean essentially, we replaced the existing lease terms when we restructured those for the most part. And so that is a pretty long roll-off.

是的。Ron，已經超過一半了。我們已經走過一半以上。不過這些租約的到期滾出期很長，因為其中一些是相當長期的租約。我的意思是，我們在重組時大多數情況下基本上是用新的條款取代了原有的租約條款。因此滾出期就會相當長。

I think I mentioned last year, it was about six more years that would take to roll off. So maybe over the next five years, you'll see that. So it's kind of a long-term positive trend that you see, and that should be coming in. That's one of the things that's contributing to that growth in the portfolio yield and the improvement in net spread.

我想我去年提過，大約還需要 6 年才會完全滾出。所以也許在接下來 5 年你會看到這個過程。因此這是一個你會看到的長期正向趨勢，而且會逐步反映出來。這也是促成投資組合收益率成長、以及淨利差改善的因素之一。

Yeah, I was going to say, right, the portfolio yield should just get a natural lift off of that over the next several years.

是的，我正想說，對，投資組合收益率在未來幾年應該會因此自然上升。

Exactly.

沒錯。

And then a quick question for Gus. And back to the last question that Jamie asked on the aeroderivative stuff. What would be the right partner? What kind of -- what expertise -- what are you looking for to feel comfortable that, okay, this is something we might want to invest in?

然後給 Gus 一個快問。回到 Jamie 剛剛問的航改型（aeroderivative）那部分。什麼樣的合作夥伴才算合適？你們在尋找什麼樣的——什麼專業能力——才能讓你們覺得，好，這是我們可能想投資的方向？

You got to remember, Ron, it's a very significant investment in every engine. So you need a long-term demand and you need the right partner. Now our focus is in ensuring we approach this, as I said, with the right strategic partner, one that can bring the operational expertise and the capabilities needed to drive long-term value from the opportunity.

Ron，你要記得，每一具引擎都是非常重大的投資。所以你需要長期需求，也需要合適的合作夥伴。我們目前的重點是確保我們如我所說，以正確的策略夥伴來推進——也就是能帶來營運專業與所需能力、以便從這個機會中驅動長期價值的夥伴。

We have had constructive discussions with a number of potential partners, but have not yet identified one with the long-term conviction regarding the longevity and durability of the opportunity.

我們已與多家潛在合作夥伴進行了具建設性的討論，但目前仍未找到一家具備對此機會之長期性與持久性有足夠長期信念的夥伴。

Got it. Got it. Got it. And then maybe just one last one, if I can. If you -- for the engine leasing business itself and supporting those engines, are you guys having any problem getting parts in the supply chain? What you need to keep those engines flying?

了解。了解。了解。那最後再問一個，如果可以的話。就引擎租賃業務本身以及對這些引擎的支援而言，你們在供應鏈上取得零件有遇到任何問題嗎？也就是維持這些引擎持續飛行所需要的東西？

Sorry, could you just repeat the last bit, Ron, you just broke up. Have we had any problems with?

抱歉，Ron，你最後那段可以再說一次嗎？剛剛有點斷訊。我們有遇到什麼問題？

Yeah, sorry about that. Any problems with the supply chain, getting the components you need to support the engines, particularly the CFM56s that you have on lease?

是的，不好意思。供應鏈方面有沒有問題？取得你們支援引擎所需的零組件，特別是你們外租的 CFM56？

Well, Ron, as you know, one of our businesses supports the CFM product globally. And at any given time, we're probably moving 50 engines around the world any given day for GE and CFM. And we have been able to do that.

Ron，如你所知，我們其中一項業務是在全球支援 CFM 產品。在任何時間點，我們每天大概都在全球各地為 GE 和 CFM 調動約 50 具引擎。而我們一直都能做到。

It takes a lot of planning. We have a number of facilities around the world where we know which parts of an engine will be scarce years in advance from our knowledge, and we tend to have prebought a lot of the bendable parts that airlines tend to, I won't say use the word pilfer, but when you're in there in that business moving engines quickly from A to B to C to D to E to F, you need to really understand what happens to certain consumables on the engines, on the top case, et cetera, and to plan for that years in advance.

這需要大量規劃。我們在全球有多個設施，憑藉我們的經驗，我們能提前好幾年知道引擎哪些零件會短缺；而且我們往往會預先買進許多那些容易被彎折的零件——航空公司通常會，我不想用「順手牽羊」這個詞，但當你在那個業務裡把引擎快速從 A 移到 B、再到 C、D、E、F 時，你必須非常了解某些耗材在引擎上（例如上機匣等）會發生什麼狀況，並且提前好幾年做規劃。

And we have various facilities around the world where we stockpiles of those critical parts. And we have our own infrastructure that can move these assets around faster and a greater scale than anyone else in the world.

我們在全球各地有不同的設施，會囤積這些關鍵零件。而且我們有自己的基礎設施，能以比世界上任何人都更快、且更大規模地移動這些資產。

John Godyn, Citigroup.

John Godyn，花旗集團。

Gus, you spent a bit of time talking about the supply-demand in widebodies, which is -- there's a wide gap there. I was hoping that you could talk a bit more about what's going on in narrow-bodies where delivery rates have tracked back up and in particular, kind of retirement rates. And anything of note on modern versus older engine types?

Gus，你花了一些時間談到寬體機的供需狀況——那裡的缺口很大。我希望你能再多談談窄體機目前的情況：交付速度已回升，特別是退役速度。另外，現代引擎型號與較舊引擎型號方面，有沒有什麼值得注意的？

Look, we still see very strong demand. I mean, I suppose to be fair, the prime aircraft of all is the A321neo. If you have A321neos, I mean, you're going to place that no problem. And they've been fairly scarce. And that's the clear market leader, and that's where it's so vital for Boeing to get the MAX 10 certified.

你看，我們仍然看到非常強勁的需求。我的意思是，公平地說，所有機型裡最搶手的就是 A321neo。如果你有 A321neo，基本上不會有任何問題就能出租出去。而且它們一直相當稀缺。它是明確的市場領導者，因此波音讓 MAX 10 取得認證是如此關鍵。

And then it will help -- once Boeing do that, it will actually help the MAX 8. The MAX 8 is a very good airplane. Airlines that operate the MAX 8 and the A320neo would argue that the MAX 8 may be even a slightly superior aircraft.

而且一旦波音做到這點，就會有所幫助——實際上也會幫到 MAX 8。MAX 8 是一架非常好的飛機。同時營運 MAX 8 與 A320neo 的航空公司會認為，MAX 8 甚至可能略勝一籌。

But commonality and operating leverage having a one family type of aircraft is vital. And so that's what's held back, I would say, the placement activity on the MAX 8 versus the A320neo family, but I think that will reverse when the MAX 10 comes into -- when it gets certified and starts delivering. So no, we certainly see a very strong demand out there still for the narrow-body new tech aircraft.

但機隊共通性以及採用單一機型系列所帶來的營運槓桿至關重要。因此，我會說，這也是MAX 8相較於A320neo系列在投放（placement）活動上受到抑制的原因，但我認為當MAX 10取得認證並開始交付後，情況將會反轉。所以不，我們當然仍看到市場對窄體新技術機型有非常強勁的需求。

And then on the older tech aircraft, you can see as well that particularly that's what a lot of our sales are focused on, there's tremendous demand. A lot of that is supported, of course, by the demand for engine overhauls, the cost of an engine overhaul shop visit is relatively high. So people will be inclined just to buy engines off us to avoid shop visits and then we might give the airframe to our own parts business in Memphis aircraft materials, where we will tear down the airframe ourselves and after having sold the engines.

至於較舊技術的機型，你也可以看到，尤其我們許多銷售重點都放在這一塊，需求非常旺盛。其中很大一部分當然是由發動機大修需求所支撐，因為一次發動機大修進廠（shop visit）的成本相對很高。因此人們會傾向直接向我們購買發動機以避免進廠大修，然後在我們賣出發動機之後，可能把機身交給我們在孟菲斯的自有零件業務（Memphis aircraft materials），由我們自行拆解機身。

And if I could just ask about your take on next-gen narrow-body. Obviously, it was in the headlines quite a bit last week on the back of Farnborough. And I'm just curious what you think the customer reception would be for a new narrow-body?

如果我可以再問一下你對下一代窄體機的看法。顯然，上週在范堡羅航展之後，這個話題在新聞上出現得很多。我只是好奇，你認為客戶對於一款新的窄體機的接受度會如何？

Well, I don't think anyone is bringing one out today. I think if it were to come today, the customer reception would be very cool. I think over time, as the existing technology improves, matures and starts to deliver the on-wing time that was originally envisaged, and that goes for all, be it Airbus, Boeing, Pratt, CFM, et cetera.

嗯，我不認為今天就會有人推出。我認為如果今天就推出，客戶的反應會非常冷淡。我認為隨著時間推移，當現有技術持續改進、成熟，並開始實現最初所設想的在翼時間（on-wing time）——這適用於所有廠商，無論是空中巴士、波音、普惠、CFM等等。

I think -- and I do believe that will happen over the course of the next 4, 5 years-odd. And at that point in time, I think it may be more sensible than for the launch of a new narrow-body. But I can't see any significant numbers being delivered before the back end of the next decade.

我想——而且我確實相信這會在接下來大約4、5年內發生。到那個時點，我認為相較於推出一款新的窄體機，可能更合理。但我看不到在下個十年後期之前會有任何可觀數量的交付。

So launch is one thing. Delivery of significant numbers of aircraft is what's relevant to us. And I just don't see that happening before the end of the next decade. So we're a long, long way off there.

所以，啟動（launch）是一回事。對我們而言，相關的是大量飛機的交付。而我就是看不到在下個十年末之前會發生。所以距離那還非常、非常遙遠。

Shannon Doherty, Deutsche Bank.

Shannon Doherty，德意志銀行。

Congrats on the great results. Gus, this is your first direct widebody order in many years, and you've previously expressed some hesitancy in placing direct OEM orders. So why now? Do you think that widebody supply will get worse before moving into the next decade? And if I may, if you were any other customer of Boeing, when would your 15 widebodies start delivering?

恭喜取得很好的業績。Gus，這是你們多年來首次直接下單寬體機，而你之前也曾對直接向OEM下單表達過一些猶豫。那為什麼是現在？你是否認為寬體機供給在進入下個十年之前會先變得更糟？另外，如果可以的話，若你是波音的其他客戶，你們的15架寬體機會在何時開始交付？

Well, I can only talk about when AerCap start delivering, like we know the slots are very, very rare. And I think it was a combination, as I said in my prepared comments, of the long-standing relationship with Boeing being the biggest owner of 787s in the world and being able to place close-in slots quickly. Certainly, if you're Boeing, you do not want to be dealing with someone who doesn't have huge knowledge and capability in moving widebodies.

嗯，我只能談AerCap何時開始交付；我們知道交付檔期（slots）非常、非常稀缺。我認為這是多種因素的結合，正如我在事先準備的發言中所說，包括與波音長期的關係——我們是全球最大的787持有者——以及能夠快速取得近期檔期。當然，如果你是波音，你不會想和一個對寬體機移轉（投放）沒有深厚知識與能力的對象打交道。

Narrow-bodies are easier to move, but widebodies are far more challenging. And so you really want to have confidence if you've got near-term slots available that the entity that you're dealing with can definitely move them and move them very efficiently. So I think that's our track record there was very important as part of the deal, our ability to move quickly, et cetera. I can't speak for when Boeing would offer widebody slots to anyone else, but I would imagine they'd be materially later.

窄體機比較容易移轉，但寬體機要困難得多。因此，如果你手上有近期可用的檔期，你真的會希望有信心：你正在合作的那個實體一定能把它們移轉出去，而且移轉得非常有效率。所以我認為我們在這方面的過往紀錄在交易中非常重要，包括我們快速移轉的能力等等。我無法代表波音談他們會在何時向其他人提供寬體機檔期，但我想像應該會明顯更晚。

Now my hesitancy in dealing with the OEMs directly, I don't have any hesitancy and I never have a deal with them. I just don't like rolling up at the Farnborough, the Bourget tent and waiting in line for them taking an order. So you want to make sure you do it on your terms when the terms are right. And when that happens, of course, we'll do as many as we think are economically viable for our shareholders.

至於我對直接與OEM往來的猶豫，我沒有任何猶豫，而且我從來都不排斥與他們做交易。我只是不喜歡在范堡羅或巴黎航展（Le Bourget）的帳篷前排隊等他們收單。所以你要確保是在你的條件下、在條件合適時才去做。而當那種情況出現時，當然，我們會做我們認為對股東在經濟上可行的數量。

Great. And separately, how big are your LEAP and CFM56 portfolios today at SES? How many engines are off lease? And can you give us any color on lease rates that you're seeing for the two types?

很好。另外，SES目前你們的LEAP與CFM56投資組合規模有多大？有多少具發動機處於未出租（off lease）狀態？以及你能否提供一些你們看到的這兩種機型的租賃費率（lease rates）情況？

Could you just repeat that -- sorry, could you just repeat that question?

你可以再重複一次嗎——抱歉，可以再重複一下那個問題嗎？

Yeah. How big are your LEAP and CFM56 portfolios today at SES? And how many engines are off lease? If you have any color on lease rates, that would be great.

好的。SES目前你們的LEAP與CFM56投資組合規模有多大？有多少具發動機處於未出租狀態？如果你能提供一些租賃費率方面的資訊就太好了。

De minimis numbers, de minimis numbers. I mean there's a shortage of CFM56 and LEAP engines globally around the world. So anything that's on the ground, it's either there's a home for it in the next couple of weeks or it's in transition. I wouldn't think there'd be, as I said, de minimis amounts.

數量微不足道，微不足道。我的意思是，全球範圍內CFM56和LEAP發動機都短缺。所以任何停在地面的資產，不是接下來幾週內就會找到去處，就是正在過渡（transition）中。我不認為會有——如我所說——超過微不足道的數量。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

I guess, Pete, when you talked about the full year kind of gain on sale, you mentioned $4 billion to $5 billion. I think you did nearly $3 billion in the first half. Can you talk a little bit about kind of what's left to do in the second half and what the demand from the buyer community looks like?

我想，Pete，當你談到全年出售收益（gain on sale）時，你提到40億到50億美元。我記得你們上半年做了將近30億美元。你能談談下半年大概還剩下哪些要完成，以及買方社群的需求看起來如何嗎？

Sure. So demand continues to be very strong. We have about $400 million of held-for-sale assets at the moment, but we have a number of other sales that are in the pipeline. And so while the first half of the year was high, right, I don't expect us to replicate that first half of the year. I still think in the $4 billion to $5 billion range, I mean, that would be a record number for us for the full year. So we do feel pretty confident that we'll be in that range.

當然。所以需求仍然非常強勁。我們目前大約有4億美元的待售資產（held-for-sale assets），但我們還有其他一些出售案在管線中。因此，雖然上半年數字很高，對吧，我不預期我們能複製上半年的表現。我仍然認為會落在40億到50億美元區間；我的意思是，這將會是我們全年創紀錄的數字。所以我們相當有信心會在這個區間內。

And that's indicative of the demand that we see globally. That's holding up very well, and you're seeing that pretty much across the board and at high margins, as you have seen. So I think that's really just the first half of the year was extremely high. Second half of the year, I think, will still be high, but not as high.

而這也反映了我們在全球看到的需求。需求維持得很好，你幾乎可以看到各個面向都如此，而且利潤率很高，正如你所見。所以我認為，主要就是上半年異常地高。下半年我認為仍會很高，但不會像上半年那麼高。

Got it. And I think one of the other kind of aspects of that high level of sales is that it kind of reduces your existing fleet. And this quarter, you actually had on a period-end basis, growth in the net fleet for the first time in a few quarters. You talk a little bit about the outlook for the second half there, given what you've got in orders and maybe discuss how kind of the Spirit aircraft fit into that?

了解。而且我認為，高水準的銷售還有另一個面向，就是它某種程度上會縮減你們現有的機隊。而本季你們其實在期末口徑下，淨機隊規模在幾個季度以來首次出現成長。能否談談在你們手上訂單的情況下，對下半年機隊展望如何？也請談談 Spirit 的飛機在其中如何納入？

I guess they're technically in the fleet, but will start to generate revenue. So can you talk about the outlook for growth in the fleet in the second half and into '27?

我想它們在技術上算是在機隊裡，但會開始帶來營收。所以你能談談下半年以及到 2027 年機隊成長的展望嗎？

Sure. Yes, Moshe, I mean they will -- so the Spirit aircraft are in the fleet. They're still flight equipment. I would expect the fleet to grow slightly during the latter half of the year. I mean, obviously, these high sales volumes are impacting that as well. So I think we'll see it maybe go up a little bit, but not a huge increase this year.

當然。是的，Moshe，我的意思是它們會——所以 Spirit 的飛機是在機隊裡的。它們仍然是飛行設備。我預期今年下半年機隊會小幅成長。我的意思是，顯然這些高銷售量也在影響這點。所以我想我們會看到它可能小幅上升，但今年不會有很大的增加。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利。

This is Gaby on for Christine. So going back to Shannon's question here a little. I mean, in March, you placed your largest ever direct Airbus order for 100 A320neo family aircraft. And then in July, you added 15 Boeing 787s. That's a pretty meaningful acceleration in direct OEM commitments after several years of pretty selective ordering.

我是代替 Christine 的 Gaby。所以回到 Shannon 的問題再延伸一下。我的意思是，3 月你們下了史上最大筆直接向空中巴士（Airbus）的訂單，訂購 100 架 A320neo 系列飛機。然後 7 月你們又新增了 15 架波音 787。在過去幾年相當審慎下單之後，這是對 OEM 直接承諾相當顯著的加速。

Is there anything that's changed in your assessment of OEM pricing and delivery economics? And are we entering a period where lessors can once again negotiate attractive terms on new aircraft? Or do you still view the market as one where Boeing and Airbus retain most of the bargaining power?

你們對 OEM 定價與交付經濟性的評估，有沒有任何改變？我們是否正進入一個出租人可以再次就新機談到具吸引力條件的時期？還是你們仍認為市場仍是波音與空中巴士握有大部分議價能力？

Well, I think if we look at the recent Airbus orders, we've clocked up almost 200 aircraft with Airbus in the last two years. They are order books to all intents and purposes that we have taken over from airlines. So that made it far more attractive. Of course, the contracting party ultimately is Airbus, but the entity that had the order book were entities that we helped, be it Spirit, be it Frontier. And in return for that assistance, we were able to step into those delivery slots, which otherwise would not be available.

嗯，我想如果我們看近期的空中巴士訂單，過去兩年我們與空中巴士累計已接近 200 架。就各種實際目的而言，那些都是我們從航空公司接手過來的訂單簿。所以這讓交易變得更具吸引力。當然，最終的簽約方是空中巴士，但持有訂單簿的實體是我們協助過的對象，不論是 Spirit 或 Frontier。而作為這些協助的回報，我們得以接手那些交付時段，否則根本不可能取得。

As you saw, those delivery slots begin, I think, as early as late '27, '28, '29, '30, '31, '32, as opposed if we've gone to Airbus and Boeing on the narrowbodies and order large numbers of aircraft, your order stream would probably start towards the end of that order stream. And that has tremendous impact on economics because if you think of you're paying escalation every year, the escalation is 4% and you can take delivery of your equipment, you order at the same time, give or take, but you can get delivery four years earlier than a competitor, then your purchase price is probably 16%, 17% less at the end of the day. And that's an enormous advantage.

如你所見，這些交付時段最早大概從 2027 年底開始，接著是 2028、2029、2030、2031、2032；相較之下，如果我們直接去找空中巴士或波音、在窄體機上一次下大量訂單，你的交付序列很可能會排在那條交付序列的尾端。而這對經濟性影響巨大，因為如果你想想你每年都要支付價格遞增（escalation），遞增是 4%，而你在差不多同一時間下單，但你能比競爭對手早四年交付，那麼最終你的採購價格可能就低了 16%、17%。這是非常巨大的優勢。

And that the ability to execute transactions like that comes back to AerCap's unique capabilities. Scale gives you the ability to interact on these opportunities, but it's unique capabilities to take engines out to move them into our leasing pools that enable us to take AOG aircraft out of customers like Frontier and create revenue right away.

而能夠執行這類交易的能力，回到 AerCap 獨特的能力。規模讓你有能力參與這些機會，但真正獨特的是能把引擎拆出、移入我們的租賃資產池，讓我們能從像 Frontier 這樣的客戶手上把 AOG（停場待修）飛機接出來，並立即創造收入。

In the case of Spirit, our confidence in being able to re-lease the aircraft to work with the airline, et cetera. These are things to move very quickly gave us the advantages that we had there in getting those order books, which just would not be available in any circumstance if you were to go to Airbus or Boeing directly.

以 Spirit 為例，我們有信心能把飛機再出租、與航空公司合作等等。這些能非常快速推進的事情，讓我們在取得那些訂單簿上具備優勢；若你直接去找空中巴士或波音，在任何情況下都不可能取得。

Cordelia Deng, Barclays.

Cordelia Deng，巴克萊。

This is Cordelia on for Terry Ma with Barclays. Just talking about gain on sale margins for a second, they continue to remain attractive in the current environment at 20%. I guess what's the durability of these elevated, call it, high teens to low 20s gain on sale margins?

我是巴克萊代替 Terry Ma 的 Cordelia。稍微談一下出售收益率（gain on sale margin），在目前環境下仍維持在 20%，依然相當吸引人。我想問的是，這種偏高的——可說是高十幾到低 20%——出售收益率的可持續性如何？

Well, look, what I would say when you come to selling aircraft, Cordelia, the gain on sale is never a driver. The decision to sell the asset is what do we think the value of the asset is on our books and what do we think we can get for it. Whether that generates a 5% gain, 10% gain, a 50% gain, I don't care.

嗯，聽著，Cordelia，我想說的是，當你談到賣飛機時，出售收益從來不是驅動因素。出售資產的決策在於：我們認為這項資產在帳上的價值是多少，以及我們認為能賣到多少。不管那會產生 5% 的收益、10% 的收益，或 50% 的收益，我都不在乎。

What I care about is after the sale of that asset, is the company a better company? Did I sell an asset that was better than our average asset? Our average asset has 200 seats. It's probably seven years old, and it's probably on lease for seven years. After I sell this asset, is that average asset improved or disimproved? That's the key question because that's what protects long-term shareholder value.

我在乎的是：賣掉那項資產之後，公司是不是變成一家更好的公司？我賣掉的是不是一項比我們平均資產更好的資產？我們的平均資產是 200 個座位。大概機齡 7 年，而且大概租約還有 7 年。我賣掉這項資產之後，那個平均資產是改善了還是變差了？這才是關鍵問題，因為這才是保護長期股東價值的因素。

The short term -- and then once we decide to sell, of course, we use the huge network we have to maximize the gain on sale. And that's where you see there that we've always printed strong gain on sales for 20 years, year in, year out.

短期——然後一旦我們決定要賣，當然我們會運用龐大的網絡把出售收益最大化。也因此你會看到，我們 20 年來年復一年都能交出強勁的出售收益。

But Pete, maybe you want to comment on how they fascinate quarter in, quarter out.

不過 Pete，也許你想評論一下它們為何每季都那麼引人注目。

Sure, sure. So Cordelia, I mean, I think it's just worth looking. If you look at kind of quarterly, you see a fair amount of variation in these margins. So just to give you an example, last year, first quarter was 35%, second quarter, 18%; third quarter, 28%, fourth quarter, 24%. And then first quarter this year is 24%, now it's 20%. So they move around a lot.

當然，當然。所以 Cordelia，我的意思是，我覺得值得看一下。如果你按季度來看，這些利潤率其實波動相當大。舉例來說，去年第一季是 35%，第二季 18%；第三季 28%，第四季 24%。然後今年第一季是 24%，現在是 20%。所以它們變動很大。

There's not really a discernible trend there. I mean I can't discern it anyway in terms of how that works. It just depends on what happens to close in that quarter and the volumes that you have. And so -- but I think there are a number of factors that are contributing to these high margins, which we would expect to continue.

那裡其實看不出明顯的趨勢。至少就我看來，無法辨識出它是怎麼運作的趨勢。它就是取決於該季度有哪些交易完成交割，以及你的交易量。所以——但我認為有一些因素正在促成這些高利潤率，而我們預期這些因素會持續。

And one has been the strong environment that we've talked about a lot. Another is higher maintenance costs, right, which translate into if you have life left on an engine, if it takes -- it costs more to replace that, that contributes to higher values for these you have.

其中之一是我們談了很多的強勁環境。另一個是更高的維修成本，對吧？

You've had inflation over the last several years, and which doesn't show any signs of decreasing. That -- these are hard assets. And so inflation tends to push those residual values and sale prices up. So all of those things together, I think, are contributing to it, and we would expect those -- that to continue for a while.

過去幾年你們一直面臨通膨，而且看起來沒有任何減緩的跡象。那——這些都是硬資產。因此通膨往往會推升那些殘值與出售價格。所以我認為所有這些因素加在一起都在促成這種情況，而我們也預期這——這種情況還會持續一段時間。

Super helpful. And then just a follow-up to the engine derivatives. I'm trying to think about if you can help me dimensionalize potentially the return profile you have to see with the aeroderivative opportunity relative to your existing engine business.

非常有幫助。接著再追問一下引擎衍生型產品（aeroderivative）。我在想你是否能幫我量化一下，相較於你們既有的引擎業務，這個航改衍生機會所需要看到的潛在報酬輪廓。

Well, we know what our existing business does and it's very strong returns. And as we said, there's a significant investment in the aeroderivatives that requires a very long-term durable demand to be there and have the right partners to make sure that the product delivers the efficiency that the ultimate customer expects and above all else, reliability.

嗯，我們知道既有業務的表現，而且它帶來非常強勁的報酬。正如我們所說，航改衍生產品需要相當可觀的投資，這要求必須有非常長期且具韌性的需求存在，並且要有合適的合作夥伴，確保產品能提供最終客戶所期待的效率，最重要的是可靠性。

In the data center business, one thing that's become clear to us is if there is any concern about reliability, no one will take your product. It has to be 100% reliable because when these things fire up, if they don't fire up, the data is lost. It's no longer a data center then.

在資料中心業務中，有一點對我們來說已經很清楚：只要對可靠性有任何疑慮，沒有人會採用你的產品。它必須是 100% 可靠，因為當這些設備啟動時，如果啟動不了，資料就會遺失。那就不再是資料中心了。

Arren Cyganovich, Truist Securities.

Arren Cyganovich，Truist Securities。

Just following up on prior questions around increasing leverage. I think Pete mentioned that there's opportunities sometimes to put big chunky pieces to work. I'm just wondering what you're seeing on that front. Are you seeing portfolios?

我想延續先前關於提高槓桿的問題。我想 Pete 提到，有時候會有機會把很大、很「大塊頭」的資金部署出去。我只是想了解你們在這方面看到什麼情況。你們有看到投資組合嗎？

I mean, consolidation is kind of largely at least from the larger players seemingly played out. Do you see other consolidation opportunities out there as well?

我的意思是，整併在某種程度上，至少看起來大型玩家那邊大致已經告一段落。你們是否也看到其他整併機會？

Well, I mean, first of all, I think the leverage is a function, as Pete mentioned, of the strong results of the business over a very long period of time. In just this quarter gone, we had $1.5 billion of operating cash flow. And of course, operating cash flow excludes any gain on sales. And the business, I think, for the last 12 months, Peter has got close to $6-odd billion of operating cash flow, which is a tremendous amount. It speaks to the underlying core leasing business that we have of engines, aircraft, helicopters. And so the long way that last.

嗯，首先我認為槓桿如 Pete 所提到的，是長期以來業務強勁成果的函數。就在剛結束的這一季，我們有 15 億美元的營運現金流。當然，營運現金流不包含任何出售收益。而我想在過去 12 個月，Peter 的營運現金流接近 60 億美元左右，這是非常可觀的金額。這反映了我們引擎、飛機、直升機等核心租賃業務的基本面。所以從長期來看就是如此。

As it pertains to opportunities, certainly in regard to M&A, as you know, in the past, we will always be looking at all opportunities in the sector, but it has to be something that is accretive to our shareholders. And you can see from our beliefs and our activity over the course of the last four or five years, and we've seen in the last six months that we believe the cheapest aircraft are still available, as I said before, every day down the New York Stock Exchange under the ticker AER, and that's where we buy very significant amounts of aircraft.

至於機會，當然在併購（M&A）方面，如你所知，過去我們一直都會關注產業內的所有機會，但必須是能為股東帶來增益（accretive）的交易。而你也可以從我們過去四、五年的看法與行動，以及我們在過去六個月所看到的情況得知：我們相信最便宜的飛機仍然每天都在紐約證券交易所、以 AER 這個代號交易，我之前也說過，我們就是在那裡買進非常大量的飛機。

I mean, as Pete said, we returned $1.4 billion to shareholders. That's the same as going out and buying about $5.5 billion of aircraft in a sale and leaseback transaction at economics we couldn't match. So -- and that's why we continue to do that in large scale.

我的意思是，如 Pete 所說，我們向股東回饋了 14 億美元。這相當於以我們無法匹配的經濟條件，透過售後回租交易去買進約 55 億美元的飛機。所以——這也是為什麼我們會持續大規模地這麼做。

But of course, we have to be cognizant, too, that we do have a large order book that will deliver. And so some of that capital over time will be needed, too. But of course, we will generate capital. But we want to make sure that AerCap is always able, ready to go whenever a significant opportunity presents itself.

但當然，我們也必須留意，我們確實有一個很大的訂單簿將會交付。因此，部分資本隨時間推移也會需要用在那上面。但當然，我們會產生資本。不過我們希望確保 AerCap 在任何重大機會出現時，永遠都具備能力、隨時就緒。

My follow-up question would be on conversations you're having with airlines. You mentioned some input costs, obviously, with oil rising, putting some pressure on margins, but everybody seems to be doing, I guess, fairly well. Has that changed any of your conversations with airlines in terms of maybe opportunities for more sale leasebacks, et cetera?

我的追問是關於你們與航空公司的對話。你提到一些投入成本，顯然油價上升對利潤率造成一些壓力，但看起來大家似乎都做得——我想——相當不錯。這是否改變了你們與航空公司的對話，例如是否有更多售後回租等機會？

Not as yet. But there's no doubt, of course, look, at these oil prices and if they're to last, of course, some airlines will feel that, and we'll definitely see impaired profitability. But on an overall basis globally, at the moment, we don't see any material impact as yet. Of course, that could change. But at the moment, we don't.

目前還沒有。但毫無疑問，當然，你看這些油價，如果它們持續下去，當然有些航空公司會感受到影響，我們也肯定會看到獲利能力受損。但就目前全球整體而言，我們暫時還沒有看到任何實質性的影響。當然，這可能會改變。但目前沒有。

And I would say, of course, over the last 20 years as a public company, every quarter, we reported credit costs and they've never been a material driver of performance of AerCap. That's down to the ability of the company to move assets rapidly around the world from underperforming to performing airlines and regions. But I would say that at the moment, as we look out towards the rest of the year, the airline industry is still on a global basis, healthy.

而且我會說，當然，作為一家上市公司，在過去 20 年裡，我們每一季都報告信用成本，而它們從未成為 AerCap 表現的重大驅動因素。這要歸功於公司能夠在全球範圍內迅速調度資產，從表現不佳的航空公司與地區轉移到表現良好的航空公司與地區。但我會說，就目前來看，當我們展望今年剩餘時間，航空業在全球層面仍然是健康的。

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

目前沒有進一步的問題。我將把電話會議交回給 Aengus Kelly，請他做任何補充或結語。

Thank you, operator, and thank you all for joining us. Look, AerCap has still significant financial flexibility. We have a strong pipeline of opportunities and a business that continues to perform exceptionally well.

謝謝你，接線員，也謝謝各位參與。各位，AerCap 仍然擁有相當大的財務彈性。我們有強勁的機會管線，而且業務持續表現得非常出色。

I want to thank you for your continued interest and support, and we look forward to speaking with you again in the next quarter. Thank you.

我要感謝各位持續的關注與支持，我們期待在下一季再次與各位交流。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。感謝各位的參與。您現在可以掛線。