Air Lease Corp (AL) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Air Lease Corporation First Quarter Earnings Conference Call. (Operator Instructions) And I would now like to turn the call over to Mr. Jason Arnold, Head of Investor Relations. Mr. Arnold, you may begin.

女士們、先生們，午安。我叫艾比，今天我將擔任你們的會議操作員。現在，我歡迎大家參加航空租賃公司第一季財報電話會議。 （操作員指示）我現在想將電話轉給投資者關係主管 Jason Arnold 先生。阿諾德先生，您可以開始了。

Thank you, Abby, and good afternoon, everyone. Welcome to Air Lease Corporation's First Quarter 2024 Earnings Call. This is Jason Arnold, I'm joined today by Steve Hazy, our Executive Chairman; John Plueger, our Chief Executive Officer and President; and Greg Willis, our Executive Vice President and Chief Financial Officer.

謝謝艾比，大家下午好。歡迎參加 Air Lease Corporation 2024 年第一季財報電話會議。我是賈森·阿諾德 (Jason Arnold)，今天我們的執行主席史蒂夫·哈齊 (Steve Hazy) 也加入了我的行列。 John Plueger，我們的執行長兼總裁；以及我們的執行副總裁兼財務長 Greg Willis。

Earlier today, we published our first quarter 2024 results. A copy of our earnings release is available on the Investors section of our website at www.airleasecorp.com. This conference call is being webcast and recorded today, Monday, May 6, 2024, and the webcast will be available for replay on our website. (Operator Instructions)

今天早些時候，我們發布了 2024 年第一季業績。我們的收益發布副本可在我們網站 www.airleasecorp.com 的投資者部分取得。本次電話會議將於今天（2024 年 5 月 6 日星期一）進行網路直播和錄製，網路直播將在我們的網站上重播。 （操作員說明）

Before we begin, please note that certain statements in this conference call, including certain answers to your questions are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. This includes without limitation statements regarding the state of the airline industry, the impact of aircraft and engine delivery delays and manufacturing flaws, our aircraft sales pipeline and our future operations and performance. These statements and any projections as to our future performance represent management's current estimates and speak only as of today's date. These estimates involve risks and uncertainties that could cause actual results to differ materially from expectations. Please refer to our filings with the SEC for a more detailed description of risk factors that may affect our results.

在我們開始之前，請注意，本次電話會議中的某些陳述，包括對您問題的某些回答，屬於《私人證券訴訟改革法案》含義內的前瞻性陳述。這包括但不限於有關航空業狀況、飛機和發動機交付延誤和製造缺陷的影響、我們的飛機銷售管道以及我們未來的營運和業績的聲明。這些陳述以及對我們未來業績的任何預測均代表管理層當前的估計，並且僅代表截至目前的情況。這些估計涉及風險和不確定性，可能導致實際結果與預期有重大差異。請參閱我們向 SEC 提交的文件，以了解可能影響我們結果的風險因素的更詳細描述。

Air Lease Corporation assumes no obligation to update any forward-looking statements or information in light of new information or future events. In addition, we may discuss certain financial measures such as adjusted net income before income taxes, adjusted diluted earnings per share before income taxes and adjusted pretax return on equity, which are non-GAAP measures. A description of our reasons for utilizing these non-GAAP measures as well as our definitions of them and the reconciliation to corresponding GAAP measures can be found in the earnings release and 10-Q that we issued today. This release can be found on both the Investors section and the Press section of our website at www.airleasecorp.com.

航空租賃公司不承擔根據新資訊或未來事件更新任何前瞻性陳述或資訊的義務。此外，我們可能會討論某些財務指標，例如調整後的所得稅前淨利潤、調整後的所得稅前稀釋每股收益和調整後的稅前股本回報率，這些都是非公認會計準則指標。我們使用這些非 GAAP 衡量標準的原因及其定義以及與相應 GAAP 衡量標準的調整可以在我們今天發布的收益報告和 10-Q 中找到。此新聞稿可在我們網站 www.airleasecorp.com 的投資者部分和新聞部分找到。

As a reminder, unauthorized recording of this conference is not permitted. I'll now turn the call over to our Chief Executive Officer and President, John Plueger. John?

請注意，未經授權不得對本次會議進行錄音。現在我將把電話轉給我們的執行長兼總裁約翰·普魯格 (John Plueger)。約翰？

Thank you, Jason. Good afternoon, and thank you, everyone, for joining us on our call today. During the first quarter, ALC generated revenues of $663 million and $0.87 in diluted earnings per share. Results this quarter benefited from continued growth of our fleet and higher sales activity versus the prior year, though with the offset of lower end of lease revenue and higher operating expenses, which Greg will cover in more detail shortly.

謝謝你，傑森。下午好，謝謝大家今天加入我們的電話會議。第一季度，ALC 實現營收 6.63 億美元，稀釋每股收益 0.87 美元。本季度的業績得益於我們機隊的持續增長和與上年相比更高的銷售活動，儘管租賃收入的較低和運營費用的增加抵消了這一點，格雷格將很快對此進行更詳細的介紹。

We purchased 14 new aircraft from our order book in the first quarter, adding approximately $900 million in flight equipment to our balance sheet, and we sold 5 aircraft totaling approximately $240 million in sales proceeds. New aircraft deliveries came in modestly below our expectation, while sales were approximately in line. Weighted fleet average remains young at 4.7 years, while weighted average lease term remaining stayed at 7 years. The utilization rate on our fleet meanwhile, remains exceptionally strong at 100%.

第一季度，我們從訂單中購買了 14 架新飛機，為我們的資產負債表增加了約 9 億美元的飛行設備；我們還出售了 5 架飛機，銷售收入總計約 2.4 億美元。新飛機交付量略低於我們的預期，而銷售量大致符合預期。加權機隊平均壽命仍為 4.7 年，而加權平均租賃期限仍為 7 年。同時，我們機隊的利用率仍然非常高，達到 100%。

Passenger traffic volume is continuing to expand at a strong pace, up close to 14% year-over-year in total, which Steve will expand upon further in his remarks. Demand for fuel-efficient commercial aircraft in turn remains exceptionally robust. At present, we are 100% placed in our forward orders to 2025, with 63% of our entire order book placed. Our $21 billion order book remains a key source of strength for us, given Boeing and Airbus have very few delivery positions available until the 2030s, while the vast majority of our positions are set to deliver through 2028, both ongoing added delivery delays, this will likely extend well through 2029. Our delivery slots and those with a small handful of other lessors, are the only real option for airlines needing new aircraft within that time frame. So as we've highlighted in the past, strengthening lease rates will benefit us in coming periods.

客運量繼續強勁增長，年增幅接近 14%，史蒂夫將在演講中進一步闡述這一點。反過來，對節能商用飛機的需求仍然異常強勁。目前，我們 2025 年的遠期訂單已 100% 下達，佔整筆訂單的 63%。我們210 億美元的訂單仍然是我們的主要力量來源，因為波音和空中巴士在2030 年代之前可用的交付位置很少，而我們的絕大多數位置都將在2028 年之前交付，兩者都在持續增加交付延遲，這將很可能會延續到 2029 年。因此，正如我們過去所強調的那樣，提高租賃率將使我們在未來一段時間內受益。

We're also benefiting from the strong market with respect to our existing fleet by lease extensions. Similar to 2023, we don't have that many scheduled lease expirations during 2024, but we do have a sizable uptick in 2025 and 2026, with around 50 scheduled lease expirations in each of those years. Practically all of our airline customers are eager to retain our aircraft for their operations given OEM delivery delays and other factors limiting availability for both new and used aircraft. As such, we believe lease rates on extensions will remain strong.

我們也透過續租從現有機隊的強勁市場中受益。與 2023 年類似，我們在 2024 年期間沒有那麼多預定的租賃到期，但在 2025 年和 2026 年，我們的預定租賃到期數量確實大幅增加，每年大約有 50 個預定的租賃到期。由於 OEM 交付延遲以及限制新飛機和二手飛機可用性的其他因素，實際上我們所有的航空公司客戶都渴望保留我們的飛機用於其營運。因此，我們認為延期的租賃率將保持強勁。

As for the view ahead, supply chain constraints on new commercial aircraft are clearly not going away anytime soon. Boeing production remains challenged on the 737 side with both supply chain and FA production volume constraints. While the 787 program is also seeing a slow path to gaining production momentum with ongoing supply chain challenges. Airbus, meanwhile, is also subject to the same impact from supply chain constraints as well as the ongoing Pratt & Whitney issues impacting the A320 and A321neo family. We've said for some time that aircraft manufacturing supply chain challenges are not easily resolvable and will take a number of years to finally overcome, and our view here remains firmly intact. I do want to emphasize, though, that we believe that the manufacturers have been humbled by the ongoing challenges and that we firmly believe that the OEMs are focused on the importance of production quality and safety above all other factors.

就未來的前景而言，新型商用飛機的供應鏈限制顯然不會很快消失。由於供應鏈和 FA 產量的限制，波音 737 的生產仍面臨挑戰。同時，由於供應鏈持續面臨挑戰，787 專案在獲得生產動力方面也進展緩慢。同時，空中巴士也受到供應鏈限制以及影響 A320 和 A321neo 系列的持續普惠問題的同樣影響。一段時間以來，我們一直表示飛機製造供應鏈的挑戰不容易解決，需要數年時間才能最終克服，但我們的觀點仍然堅定不移。不過，我確實想強調，我們相信製造商已經對持續的挑戰感到謙卑，我們堅信原始設備製造商將生產品質和安全的重要性放在首位。

We continue to expect full year 2024 deliveries to be in the range of about $4.5 billion to $5.5 billion. At this juncture, we anticipate deliveries at the mid-range -- at the midpoint of this range at approximately $5.1 billion given ongoing delays. However, the $4.2 billion in expected CapEx for the remainder of '24, that we disclosed in our 10-Q, could have further downside risk, particularly with respect to Boeing deliveries. As for second quarter expectation, we anticipate around $1.5 billion worth of new aircraft deliveries. I want to again highlight the fact that the volume of expected deliveries in '24 is still quite sizable relative to our $27 billion fleet.

我們仍然預計 2024 年全年交付量將在 45 億至 55 億美元之間。目前，我們預計交付量處於中等水平——鑑於持續的延誤，該範圍的中點約為 51 億美元。然而，我們在 10 季報告中揭露的 24 年剩餘時間的預期資本支出為 42 億美元，可能會帶來進一步的下行風險，特別是在波音交付方面。至於第二季的預期，我們預計新飛機交付量約為 15 億美元。我想再次強調這樣一個事實：相對於我們價值 270 億美元的機隊，24 年的預期交付量仍然相當大。

We continue to see strong sales demand for our aircraft and sales activity for the first quarter was roughly in line with what we told you to expect. Our sales pipeline remains robust at about $1.4 billion, including roughly $670 million in flight equipment held for sale and $700 million of aircraft subject to letters of intent. The closing timing of transactions tends to be somewhat lumpy based on factors outside of our control. But based on current indications, we would expect around $500 million in aircraft sales to close in the second quarter of 2024. Sales activity is a key part of our business model, given we target owning new aircraft only over the first 1/3 of their economic lives and harvesting of gains is a critical part of the economic returns on our aircraft investments, as well as enhancing the return on equity profile of our business.

我們繼續看到對我們飛機的強勁銷售需求，第一季的銷售活動大致符合我們告訴您的預期。我們的銷售管道依然強勁，約 14 億美元，其中包括約 6.7 億美元待售飛行設備和 7 億美元待售飛機。由於我們無法控制的因素，交易的結束時間往往會有些不穩定。但根據目前的跡象，我們預計 2024 年第二季將完成約 5 億美元的飛機銷售。和收穫收益是我們飛機投資經濟回報的重要組成部分，也是提高我們業務股本回報率的重要組成部分。

I'd like to close with a few reminders. We run Air Lease for the long-term benefit of our shareholders, not focused on quarter-to-quarter variations. Our new aircraft order book model has consistently minimized asset risk and maximize asset value. Let me remind you, for example, that since our inception in 2010, Air Lease has not recorded any impairment charges to date. We also do not run our business on any single isolated metrics, such as lease yield. The largest impact to our lease yields are the new aircraft we take delivery of versus the older aircraft we sell, which are typically at higher yields. This is one reason why we give you an outlook each quarter as to expected new aircraft capital expenditures and our expected aircraft sales.

最後我想提幾點提醒。我們經營航空租賃是為了股東的長期利益，而不是專注於季度與季度的變化。我們新的飛機訂單模型始終將資產風險降至最低並最大化資產價值。例如，讓我提醒您，自 2010 年成立以來，Air Lease 迄今尚未記錄任何減損費用。我們也不根據任何單一的孤立指標（例如租賃收益率）來經營我們的業務。對我們的租賃收益率影響最大的是我們交付的新飛機與我們銷售的舊飛機相比，後者通常具有更高的收益率。這就是我們每季向您提供預期新飛機資本支出和預期飛機銷售前景的原因之一。

During 2023 and '24, we have relatively few lease extensions or transfers to different airline operators. So these have very minor impact on our overall lease yields for those years. As we've highlighted before, we have an average lead time of about 2 years from when we sign a lease with an airline from one of our order book aircraft until delivery of that new aircraft. So our deliveries this year and in fact, any given year, reflect the environment that existed 2 years ago. As a result, we currently expect our lease yield and net margins will remain around current levels for the remainder of 2024, and likely increase thereafter. At the same time, we expect our aircraft sales pipeline will continue to harvest healthy gains.

2023 年和 24 年期間，我們向不同航空公司營運商續租或轉讓的情況相對較少。因此，這些對我們這些年份的整體租賃收益率的影響非常小。正如我們之前強調的那樣，從我們與航空公司就一架訂單飛機簽訂租約到交付這架新飛機，我們的平均交付時間約為 2 年。因此，我們今年的交付量以及事實上任何特定年份的交付量都反映了兩年前存在的環境。因此，我們目前預計我們的租賃收益率和淨利潤率將在 2024 年剩餘時間內保持在當前水準附近，並可能在此後增加。同時，我們預計我們的飛機銷售管道將繼續獲得健康成長。

To conclude, we remain excited about our prospects ahead. Our order book is set to deliver significant fleet growth all at a time when aircraft demand is exceptionally strong. In fact, the commercial aircraft market is as tight as we've ever seen it in our history in this business. This plays directly into our favor, both by the value of existing fleet and future returns from our order book.

總而言之，我們對未來的前景仍然感到興奮。在飛機需求異常強勁的情況下，我們的訂單簿將實現機隊的顯著成長。事實上，商用飛機市場的緊張程度是我們這個行業歷史上從未見過的。無論是現有機隊的價值還是我們訂單的未來回報，這都直接對我們有利。

I'll turn the call over now to Steve Hazy, who will offer some additional comments. Steve?

我現在將把電話轉給 Steve Hazy，他將提供一些額外的評論。史蒂夫？

Thank you very much, John. Just to expand on his closing comments, as most of you know, we have been in the aircraft leasing industry since the very beginning. So it should be pretty striking for you to hear for us to say that the current supply-demand imbalance is more strongly in our favor than we've ever seen before during our long careers. But this is the actual reality of the current environment, and we do not see a realistic way of changing over the short to medium term, given the underlying trends in supply and demand. In fact, these imbalances are very likely to stay with us for at least 3 to 4 years in the future. Too little supply and super high demand with no means of resolution on the horizon means persistent upward momentum for lease rates and aircraft values for our industry. These are the basic forces of economics.

非常感謝你，約翰。只是為了擴展他的結束語，正如你們大多數人所知，我們從一開始就從事飛機租賃行業。因此，當您聽到我們說當前的供需失衡比我們在漫長的職業生涯中所見過的更加有利時，您應該感到非常震驚。但這是當前環境的實際情況，考慮到供需的基本趨勢，我們在中短期內看不到切實可行的改變方式。事實上，這些不平衡很可能在未來至少持續3到4年。供應太少，需求極高，而且沒有解決辦法，這意味著我們行業的租賃率和飛機價值持續上漲。這些都是經濟學的基本力量。

As the owners of more than $27 billion of new technology commercial aircraft and with another $21 billion scheduled to deliver through early 2029, we're very positive about these business prospects at present and for the remaining years as a result of this ongoing favorable market dynamic.

作為價值超過 270 億美元的新技術商用飛機的所有者，並且計劃在 2029 年初交付另外 210 億美元的飛機，由於這種持續有利的市場動態，我們對目前和剩餘幾年的這些業務前景非常樂觀。

Airline traffic volumes remains strong globally with many markets setting new records for both revenue passenger traffic as well as high load factors, which is multiplying demand for new technology, fuel-efficient commercial aircraft, like those in our fleet and our order book. IATA traffic figures released last week, continued to illustrate solid expansion. Total international volume was up a robust 19% for the most recent months, with all major markets continue to rise at double-digit percentage rates.

全球航空運輸量依然強勁，許多市場在客運收入和高載客率方面都創下了新紀錄，這使得對新技術、節能商用飛機（例如我們機隊和訂單中的飛機）的需求成倍增加。國際航空運輸協會 (IATA) 上週公佈的客流量數據繼續顯示出穩健的擴張。最近幾個月，國際總交易量強勁成長 19%，所有主要市場均繼續以兩位數百分比成長。

Asia Pacific traffic remains the hottest overall international market, expanding at a dramatic 39% versus last year. We continue to expect Asia Pacific growth to remain one of the strongest globally as travel momentum continues to build, particularly in the intra-Asia international markets, as well as in the Asia to North America and Asia to Europe international routes. International traffic outside of Asia is also very strong, with Latin America, North America, Europe, the North Atlantic, and the Middle East markets enjoying particularly robust expansion. Domestic traffic in the meanwhile, was up a healthy 7% and even China is showing increasing passenger volumes.

亞太地區的流量仍是最熱門的整體國際市場，與去年相比大幅成長 39%。我們仍然預計，隨著旅遊勢頭持續增強，亞太地區的成長仍將是全球成長最快的地區之一，特別是在亞洲內部國際市場以及亞洲至北美和亞洲至歐洲的國際航線上。亞洲以外的國際交通也非常強勁，拉丁美洲、北美、歐洲、北大西洋和中東市場的擴張尤其強勁。同時，國內客運量健康成長了 7%，甚至中國的客運量也在增加。

Load factors remain elevated, and in many markets are achieving new historical records. We expect total average load factors to continue to expand from the low 80s. And that range, given constrained commercial aircraft supply with many regions of the world, experiencing significantly higher load factors and in some airlines actually setting new records.

載客率仍然很高，並且在許多市場都創下了新的歷史記錄。我們預計總平均負載率將從 80 左右繼續擴大。鑑於世界許多地區的商用飛機供應有限，載客率顯著提高，並且一些航空公司實際上創下了新紀錄，因此這一範圍。

Airlines have also been enjoying revenue growth and margin expansion, and the IATA outlook for full year profitability suggests record performance is potentially achievable this year. Times are clearly good right now for most of the world's airlines, but it's important to point out that Air Lease's business model does not correlate to airline profitability or success.

航空公司也一直在享受收入成長和利潤擴張，國際航空運輸協會對全年獲利能力的展望表明，今年有可能實現創紀錄的業績。對於世界上大多數航空公司來說，目前的情況顯然不錯，但必須指出的是，Air Lease 的商業模式與航空公司的獲利能力或成功無關。

Airlines need aircraft to achieve route network goals in order to generate revenue and obtain profitable targets. Not the other way around, we provide airlines the necessary flying assets for them to best achieve these objectives by a brand new aircraft from our order book with the lowest fuel burn available in the market and which are also typically aircraft types with the lowest operating expenses and the best dispatch reliability. Lease payments are required to be made regardless of an airline's profitability. And I'd point out that leasing expense is rarely within the top 5 largest airline expense line items in their income statement. So keeping up with lease payments is typically not going to make or break an airline.

航空公司需要飛機來實現航線網絡目標，以產生收入並獲得獲利目標。反之亦然，我們為航空公司提供必要的飛行資產，以便他們透過訂單中的全新飛機最好地實現這些目標，該飛機具有市場上燃油消耗最低的特點，而且通常也是運營費用最低的飛機類型和最佳的調度可靠性。無論航空公司的獲利能力如何，都需要支付租賃費用。我想指出的是，租賃費用很少出現在航空公司損益表中前 5 大費用項目中。因此，跟上租賃付款通常不會決定航空公司的成敗。

From a risk management point of view, our fleet remains highly diversified with just 1% of the fleet book value exposure on average to any individual airline customer, and our significant security packages provide us substantial insulation from any airlines that run into operating difficulties.

從風險管理的角度來看，我們的機隊仍然高度多元化，平均只有1% 的機隊帳面價值暴露給任何單一航空公司客戶，而我們重要的安全包為我們提供了與任何遇到營運困難的航空公司的實質隔離。

Circling back to ALC's first quarter results, we delivered 14 new aircraft from our order book during the period, including 13 narrow-body aircraft and 1 new wide-body aircraft. We delivered two A220 aircraft in the quarter, one A220 delivery to ITA Airways, the national carrier of Italy, and one A220-300 to a growing airline in Southeastern Europe. We delivered one A320-200neo to SATA, operating out of Azores Portugal, as well as six A321neos in the quarter, including two deliveries to ITA and part of the 9 aircraft placed with that airline, one to Transavia based in Netherlands and one to a large and growing central Asia-based airline as well as two deliveries in North America.

回到 ALC 第一季的業績，我們在此期間交付了 14 架新飛機訂單，其中包括 13 架窄體飛機和 1 架新寬體飛機。我們在本季交付了兩架 A220 飛機，其中一架 A220 交付給義大利國家航空公司 ITA Airways，一架 A220-300 交付給東南歐一家成長型航空公司。我們在本季度向在葡萄牙亞速爾群島運營的SATA 交付了一架A320-200neo，以及六架A321neo，其中包括向ITA 交付的兩架飛機以及該航空公司放置的9 架飛機的一部分，一架向總部位於荷蘭的Transavia 交付，另一架向荷蘭的Transavia 交付。

We delivered four 737-8 during the quarter, including one to Malaysia Airlines as part of our 25 737-8 package, we placed with that aircraft, one to Aeromexico as part of the 9 aircraft 737-8 and 737-9 aircraft placement, and one to NEOs, the Italian airline based in Milan, as well as one to a Central Europe airline. On the wide-body side, we delivered one new Airbus A350-1000 wide-body to Virgin Atlantic Airways, furthering that airlines rebuild of its international capacity with new efficient wide-body aircraft following the retirement of its 747 fleet as well as its oldest A330s.

我們在本季度交付了四架737-8，其中一架作為我們25 737-8 包的一部分交付給馬來西亞航空公司，我們與該飛機一起放置，一架作為9 架737-8 和737-9 飛機放置的一部分交付給墨西哥航空公司，一封發給總部位於米蘭的意大利航空公司 NEO，還有一封發給中歐航空公司。在寬體飛機方面，我們向維珍航空交付了一架新的空中巴士A350-1000 寬體飛機，進一步推動航空公司在其747 機隊及其最舊的機隊退役後利用新型高效寬體飛機重建其國際運力A330。

Our main frustration as in previous quarters is that unfortunately, neither Airbus nor Boeing were able to deliver many of the new aircraft ALC had contracted for delivery in early '24. And the aircraft that did deliver were all late. I repeat, the aircraft that did deliver were all late.

與前幾季一樣，我們的主要挫折感是，不幸的是，空中巴士和波音都無法交付 ALC 在 24 年初交付合約的許多新飛機。確實交付的飛機都晚點了。我再說一遍，交付的飛機都晚點了。

In summary, airline demand for aircraft is solid. The supply of desirable jet planes is extremely tight, and Air Lease is positioned extremely well to take advantage of these market trends, not just for the short term, but very likely for many years in the future.

綜上所述，航空公司對飛機的需求強勁。理想的噴射機的供應極其緊張，而 Air Lease 處於非常有利的位置，可以充分利用這些市場趨勢，不僅是短期內，而且很可能在未來很多年內都是如此。

I will now turn the call over to our CFO, Greg Willis, for his more detailed comments on our financial performance in Q1 of 2024.

我現在將把電話轉給我們的財務長 Greg Willis，請他對我們 2024 年第一季的財務表現做出更詳細的評論。

Thank you, Steve, and good afternoon, everyone. During the first quarter of 2024, Air Lease generated revenues of $663 million, which was comprised of approximately $614 million of rental revenues and $49 million from aircraft sales, trading and other activities. The increase in our total revenues was driven by the growth of our fleet and gains recognized from our sales activities. As John noted, our year-over-year rental revenue comparison was impacted by the fact that end of lease revenue this quarter was substantially lower as compared to the $35 million recognized in the prior period. Similar to last quarter, I want to highlight the core nature of rental lease revenue to our business. And while it tends to fluctuate, these revenues are meaningful and are a recurring part of the returns generated by our business.

謝謝史蒂夫，大家下午好。 2024 年第一季度，Air Lease 實現收入 6.63 億美元，其中包括約 6.14 億美元的租賃收入和來自飛機銷售、貿易和其他活動的 4,900 萬美元。我們總收入的成長是由我們機隊的成長和銷售活動所帶來的收益所推動的。正如 John 指出的那樣，我們的年比租金收入比較受到本季末租賃收入大幅低於上一期間確認的 3,500 萬美元這一事實的影響。與上季類似，我想強調租賃收入對我們業務的核心性質。雖然它往往會波動，但這些收入是有意義的，並且是我們業務產生的回報的經常性部分。

Sales proceeds for the first quarter totaled approximately $240 million from the sale of 5 aircraft. These sales generated $23 million in gains, representing an 11% gain on sale margin, coming in again this quarter above our long-term average of the 8% to 10%. Gain on sale margin will vary somewhat from quarter-to-quarter based on aircraft sold and market conditions. Our $1.4 billion aircraft sales pipeline remains robust, and contained healthy valuations on those aircraft. In addition to enhancing the return profile of our business, attractive gains also underscore the embedded value in our fleet, enhance liquidity and our means for us to reduce our financial leverage over time as well.

第一季銷售 5 架飛機的銷售收入總計約 2.4 億美元。這些銷售產生了 2,300 萬美元的收益，意味著銷售利潤率成長了 11%，本季再次高於我們 8% 至 10% 的長期平均值。根據所售飛機和市場狀況，每季的銷售利潤率收益都會有所不同。我們 14 億美元的飛機銷售管道依然強勁，對這些飛機的估值也很健康。除了提高我們業務的回報率外，有吸引力的收益還突顯了我們機隊的內在價值，增強了流動性，以及我們隨著時間的推移降低財務槓桿的手段。

Moving on to expenses. Interest expense rose by roughly $30 million year-over-year, driven up by a 61 basis point increase in our composite cost of lines to 4.03%, and it was a primary contributor to the uptake in operating expenses relative to last year. We continue to significantly benefit from our largely fixed rate capital structure, which has helped us to moderate the effect of the current interest rate environment with 80% -- 83% of our debt being at fixed rates.

繼續討論支出。利息支出年增約 3,000 萬美元，原因是我們的線路綜合成本增加了 61 個基點，達到 4.03%，與去年相比，利息支出是營運支出增加的主要因素。我們繼續從基本上固定利率的資本結構中受益匪淺，這幫助我們減輕了當前利率環境的影響，我們 80% 至 83% 的債務是固定利率的。

I do want to point out though that the inversion of the yield curve continues to create a drag on our results as typically the use of our revolving credit facility serves to reduce our composite cost of funds, while at present is serving to increase it. We expect over time that the yield curve will normalize having a beneficial impact on our financing cost.

我確實想指出，殖利率曲線的倒掛繼續對我們的業績造成拖累，因為通常使用循環信貸便利可以降低我們的綜合資金成本，而目前卻會增加綜合成本。我們預計隨著時間的推移，殖利率曲線將正常化，對我們的融資成本產生有利影響。

Depreciation expense continues to track the growth of our fleet. SG&A, meanwhile, was flat relative to the prior year's quarter, while declining relative to that period as a percentage of revenue. Cash flow from operations rose approximately 7% in the first quarter relative to the prior year, benefiting from the fleet expansion and strong airline customer cash collections, healthy continued cash collections, further our ability to reduce our debt balances and fund aircraft deliveries.

折舊費用繼續追蹤我們機隊的成長。同時，SG&A 與去年同期持平，但佔營收的百分比卻有所下降。第一季營運現金流較上年增長約 7%，受益於機隊擴張和航空公司客戶現金回籠強勁、健康的持續現金回籠，進一步增強了我們減少債務餘額和為飛機交付提供資金的能力。

Moving on to financing activities. During the quarter, we completed several capital market raise totaling $1.4 billion. In January, we raised $500 million in the U.S. bond market at a rate of 5.1%, maturing in 2029. We then raised CAD 400 million at a rate of 5.95%, inclusive of cross-currency swaps maturing in 2028. And lastly, we completed our European bond issuance of EUR 600 million at 5.44%, which again, is inclusive of currency swaps maturing in 2030.

繼續進行融資活動。本季度，我們完成了幾筆資本市場融資，總額達 14 億美元。一月份，我們在美國債券市場以5.1% 的利率籌集了5 億美元，將於2029 年到期。跨貨幣互換。

Our Canadian and European debt capital market activities further demonstrated diversify -- diversity of our funding base and sources of liquidity. We are particularly excited about our inaugural euro bond deal, having been the first lessor to reopen that market since 2005. Combining our recent USD, CAD, Euro and Islamic financing transactions, we've effectively created a global funding platform for our business, offering us significant market breadth and diversity. We are also very pleased by the recent upsize and extension of our revolving credit facility to $7.8 billion from $7.4 billion, which remains a key component of our funding story. We would like to thank the 52 banks in this facility, which is comprised of many long-term partners, as well as several new partners for their continued support.

我們的加拿大和歐洲債務資本市場活動進一步體現了多元化—我們的融資基礎和流動性來源的多樣性。我們對我們的首筆歐元債券交易感到特別興奮，因為我們是自2005 年以來第一家重新開放該市場的出租人。我們的業務創建了一個全球融資平台，提供我們巨大的市場廣度和多樣性。我們也對最近將循環信貸額度從 74 億美元擴大到 78 億美元感到非常高興，這仍然是我們融資故事的關鍵組成部分。我們要感謝該機制中的 52 家銀行，其中包括許多長期合作夥伴以及一些新合作夥伴的持續支持。

We remain very focused on maintaining our strong investment-grade balance sheet, utilizing unsecured debt as a primary source of financing, maintaining a high ratio of fixed rate funding and utilizing a conservative amount of leverage and targeting a debt-to-equity ratio of 2.5x. Our liquidity position remains strong at $6.5 billion at the end of the first quarter, and our unencumbered asset base of $29 billion is a source of strength on our balance sheet.

我們仍然非常注重維持強勁的投資等級資產負債表，利用無擔保債務作為主要融資來源，維持高比例的固定利率融資並利用保守的槓桿率，並將債務股本比設定為 2.5 X。第一季末，我們的流動性狀況依然強勁，達到 65 億美元，而我們 290 億美元的未支配資產基礎是我們資產負債表的實力來源。

Our debt-to-equity ratio at the end of the first quarter was 2.7x on a GAAP basis, which net of cash on the balance sheet is approximately 2.6x. We continue to utilize proceeds from aircraft sales to pay down debt and help us reach our long-term debt-to-equity target over the medium term.

以 GAAP 計算，第一季末我們的負債股本比率為 2.7 倍，扣除資產負債表上的現金後，該比率約為 2.6 倍。我們繼續利用飛機銷售收益來償還債務，並幫助我們在中期實現長期債轉股目標。

Wrapping up, we remain very positive on our outlook for the future. The value of the fleet and order book remains a key source of strength for our business in the currently very robust operating environment. We expect strong lease rates and aircraft values to continue to contribute to bolster our long-term performance, while sizable continued fleet expansion will also contribute to revenue expansion ahead.

總而言之，我們對未來的前景仍然非常樂觀。在當前非常強勁的營運環境中，機隊和訂單的價值仍然是我們業務的關鍵力量來源。我們預計強勁的租賃率和飛機價值將繼續有助於支撐我們的長期業績，而大規模的持續機隊擴張也將有助於未來的收入擴張。

Finally, I do want to note that today we are renewing our shelf registration statement. To be clear, there's a filing -- this filing is being made to replace our existing shelf expires tomorrow. Consistent with our historical practices, this registration statement will allow us to continue to access the capital markets in efficient manner.

最後，我想指出的是，今天我們正在更新我們的貨架註冊聲明。需要明確的是，有一份文件——這份文件是為了更換我們現有的貨架而提交的，該文件將於明天到期。與我們的歷史慣例一致，這份註冊聲明將使我們能夠繼續以有效率的方式進入資本市場。

And with that, I'll turn the call back over to Jason for the question-and-answer session of the call.

然後，我會將電話轉回給 Jason 進行電話問答環節。

Thank you, Greg. This concludes management's commentary and remarks. (Operator Instructions) Abby, please open the line for the Q&A session.

謝謝你，格雷格。管理層的評論和評論到此結束。 （操作員指示）Abby，請開啟問答環節。

(Operator Instructions) And we will take our first question from Helane Becker with TD Cowen.

（操作員說明）我們將回答 Helane Becker 和 TD Cowen 提出的第一個問題。

Have you given any thought to increasing the size of the order book?

您是否考慮過增加訂單規模？

Steve, do you want to take that one?

史蒂夫，你想拿走那個嗎？

Yes, Helane, nice to hear from you. We have a huge order book compared to most airlines and most lessors that comprises of over $21 billion of future deliveries between now and the first quarter of 2029. That's over 300 aircraft. So I think we're in a very good position to generate further growth over the next 4 years. And I can tell you that the orders that we placed during the pandemic, particularly in the 2021 and 2022, were placed at prices and with favorable delivery dates that could not be duplicated today because we place those orders when airlines were actually more concerned about their long-term survival than ordering airplanes.

是的，海蘭，很高興收到你的來信。與大多數航空公司和大多數租賃商相比，我們擁有龐大的訂單簿，從現在到 2029 年第一季度，我們的未來交付量將超過 210 億美元。因此，我認為我們處於非常有利的位置，可以在未來 4 年內實現進一步成長。我可以告訴你，我們在大流行期間，特別是在2021 年和2022 年下的訂單，其價格和交貨日期是今天無法複製的，因為我們在航空公司實際上更關心他們的情況時下的這些訂單。

Most of the leasing community was, of course, shell shocked because of the effect of the pandemic. But we knew that in the long term, the industry will recover, and we placed strategic orders at a time when we're able to negotiate excellent pricing, terms and delivery dates. So at this point in time, with this order frenzy that has been going on since the late part of 2022, '23, and continuing in the early part of this year, we do not feel compelled that we need to play large-scale orders. In fact, Helane, we anticipate that in the next several years, there could be airlines and lessors that may have to modify or alter their delivery and order backlog, which will give us a first look at opportunities to add incremental aircraft if the economics are right. So I hope that answers your concerns.

當然，大多數租賃界都因疫情的影響而感到震驚。但我們知道，從長遠來看，產業將會復甦，因此我們在能夠協商出色的定價、條款和交貨日期的時候下了策略訂單。因此，在這個時間點上，隨著自 2022 年下半年以來的訂單狂潮，'23，並持續到今年年初，我們並不覺得有必要進行大規模訂單。事實上，Helane，我們預計，在未來幾年中，可能會有航空公司和租賃商必須修改或改變其交付和訂單積壓，這將使我們首先考慮在經濟狀況良好的情況下增加增量飛機的機會。所以我希望這能解答您的疑慮。

Yes. No, that's really helpful, Steve. My follow-up question -- as you mentioned that you're seeing -- we're seeing growth in China again. I noticed that is well in the recent IATA data. Were you surprised that -- I think it was China Southern or China Eastern ordered the COMAC aircraft?

是的。不，這真的很有幫助，史蒂夫。我的後續問題——正如你所提到的——我們再次看到中國的成長。我注意到最近的國際航空運輸協會數據表明了這一點。您是否感到驚訝——我認為是南航或東航訂購了中國商飛飛機？

That's right. No, not at all. I mean, that is what we have actually telescoped many times, it was the logical expectation that we had that Chinese-built aircraft, such as COMAC, would be, in fact, be ordered by the major Chinese airlines. So it was totally expected.

這是正確的。一點都不。我的意思是，這就是我們實際上多次提到的，我們邏輯上的預期是，中國製造的飛機，例如中國商飛公司，實際上將由中國主要航空公司訂購。所以這完全是預料之中的事。

And we will take our next question from Hillary Cacanando with Deutsche Bank.

我們將回答德意志銀行希拉里·卡卡南多的下一個問題。

So Air Lease was recently included in the -- I think it was S&P 600 SmallCap Index. Are there any other indices that you're looking to get into? And if so, which one? And what is the process to be included in additional indices?

Air Lease 最近被納入——我認為是標準普爾 600 小型股指數。您還想了解其他指數嗎？如果有，是哪一個？納入附加指數的流程是怎麼樣的？

Yes. I mean, of course, we like to be included as many indices as possible. However, there's not a whole lot one can do as an individual company other than to express interest to be included. But being a U.S. domiciled public company does have its advantages by being eligible for several of the S&P indices. But with that, I mean, right now, I don't think there's any more that are on the verge of being included, but we're very happy with being included in the S&P 600.

是的。我的意思是，當然，我們希望納入盡可能多的指數。然而，作為一家單獨的公司，除了表達參與的興趣之外，沒有什麼可以做的。但作為一家在美國註冊的上市公司確實有其優勢，因為有資格參與多項標準普爾指數。但我的意思是，目前，我認為沒有更多的公司即將被納入其中，但我們對被納入標準普爾 600 指數感到非常高興。

Okay. So nothing in the pipeline for 2024, nothing additional, I guess.

好的。所以我猜 2024 年沒有任何計劃，沒有任何額外的內容。

Not that we're aware of.

據我們所知。

Okay. And then in the past you've discussed the lag between the increase in interest -- increase in lease rates and the increase in interest rates. You've mentioned that couple of -- many times. Could you just kind of discuss how that is set to look this year? Do you expect that gap to kind of close or get narrower this year? And I guess if there is a [call] by the Fed, should that gap close even faster? Or could that just close the gap this year?

好的。過去您討論過利息增加（租賃利率增加）與利率增加之間的滯後。你已經多次提到這一點。能談談今年的情況嗎？您預計今年這種差距會縮小或縮小嗎？我想，如果聯準會發出[呼籲]，這一差距是否應該更快縮小？或者說這能縮小今年的差距嗎？

Yes. I think John made in his prepared remarks that he said that our profit margins would be at around the level that it currently is at. Of course, that can change with changes in interest rate policy as well. But as a function of -- and that's driven mainly by the delivery of airplanes that we have in our pipeline, the timing of which is a little bit uncertain as well as the timing of the inclusion or the execution of our sales pipeline. So it's a little hard to have clear visibility, but we think given the current circumstances, we'll probably be about this level of profitability. And over the long term, we expect to benefit from all those major macro points that we went through in the prepared remarks.

是的。我認為約翰在他準備好的演講中說過，我們的利潤率將保持在目前的水平左右。當然，這種情況也會隨著利率政策的改變而改變。但這主要是由我們管道中的飛機交付所驅動的，其時間以及納入或執行我們的銷售管道的時間都有點不確定。因此，要獲得清晰的可見性有點困難，但我們認為考慮到目前的情況，我們可能會達到這個水平的獲利能力。從長遠來看，我們預計將從我們在準備好的演講中討論的所有主要宏觀觀點中受益。

Got it. If I could just quickly take one more question. Just to share buyback, I know you talked about your priority being paying down debt, and I guess your leverage was 2.7x. When would you start considering share buybacks, is that when you get to 2.5x or...

知道了。如果我能再快速回答一個問題就好了。就股票回購而言，我知道您談到您的首要任務是償還債務，我猜您的槓桿率為 2.7 倍。你什麼時候開始考慮股票回購，是當你達到 2.5 倍還是...

Yes, I think we want to get back down to our target leverage ratio and have excess capital. And at that point in time, we'll explore all options, one of which is very clearly stock buybacks.

是的，我認為我們希望回到目標槓桿率並擁有過剩的資本。到那時，我們將探索所有選擇，其中之一非常明顯是股票回購。

Let me just add at the highest company levels and order levels, capital allocation including stock buyback is subject to a very robust discussion all the time.

讓我補充一下，在最高公司級別和訂單級別，包括股票回購在內的資本配置一直受到非常激烈的討論。

And we will take our next question from Jamie Baker with JPMorgan.

我們將回答摩根大通傑米貝克 (Jamie Baker) 提出的下一個問題。

So similar question that we had to a competitor last week. For the most recent lease you just signed, okay, which for John's opening comments won't hit the income statement for 2 years, let's call it. How do those lease rates compare to the same aircraft type in vintage that you would have signed 2 years ago today, which presumably did hit the income statement in the first quarter or close enough?

上週我們向競爭對手提出了類似的問題。對於您剛剛簽署的最新租約，好吧，對於約翰的開場白來說，該租約在兩年內不會影響損益表，我們就這麼稱呼吧。這些租賃率與您兩年前今天簽署的老式飛機相比如何，這可能已經達到第一季的損益表或足夠接近？

Good question, Jamie. We just signed a letter of intent with a lease document to follow in the coming days with a European airlines for two new generation of Airbus aircraft. And I can tell you that the lease rates are approximately 14% to 15% higher than what we signed in the latter part of 2022 for identical aircraft types. So that's a significant increase that's going to be something that we will enjoy for the 12 years once the aircraft delivered.

好問題，傑米。我們剛與一家歐洲航空公司簽署了一份意向書和租賃文件，將在未來幾天內簽署兩架新一代空中巴士飛機的意向書。我可以告訴你，租賃費率比我們2022年下半年簽署的相同機型的租賃費率高出約14%至15%。因此，這是一個顯著的成長，一旦飛機交付，我們將在 12 年內享受這一點。

One of those aircraft, hopefully will deliver in the fourth quarter of 2025, assuming there's no further delays, and the second of those two new aircraft will deliver in Q1 of 2026. So when they deliver, they'll begin to impact our average LRF going forward. So that's the most recent example I can give you that has occurred in the last 15 days.

假設沒有進一步延誤，其中一架飛機預計將在2025 年第四季交付，這兩架新飛機中的第二架將在2026 年第一季交付。平均LRF向前走。這是我可以給您的最近 15 天內發生的例子。

Excellent. And if you don't mind me saying it's examples like that, that I think really do resonate with investors. So I really appreciate the comment. A quick follow-up, though. I appreciate what John said in his prepared remarks, also the response that Greg just gave. But on the net spread contracting, is there also -- I don't know, maybe power by the hour nuance or maybe the increased sales, I don't want to beat a dead horse on this. I know you touched on it. I guess, Mark and I are just still a little bit surprised by the contraction, that's all.

出色的。如果你不介意我說這樣的例子，我認為這確實引起了投資者的共鳴。所以我真的很感謝你的評論。不過，快速跟進。我很欣賞約翰在他準備好的發言中所說的話，也很欣賞格雷格剛剛給出的回應。但在淨價差收縮方面，是否也存在——我不知道，也許是按小時計算的細微差別，也許是銷量的增加，我不想在這方面死馬當活。我知道你接觸過它。我想，馬克和我只是對收縮感到有點驚訝，僅此而已。

Well, let me just add, Jamie, that, yes, there was a little bit of contraction from the first quarter of last year, but there was actually about [0.1] basis point increase from the fourth quarter of [2020]. So look, timing does change quarter-to-quarter. The timing of the aircraft sales as well as when we take out the delivers, the new aircraft we delivered today will enjoy an increasing lease rate margin over the projected 8 years or so that we will own the aircraft. Why? Because, as you know, we lease the aircraft out at a fix lease rate, but the aircraft appreciate over time, which is why when we sell these older aircraft, they tend to be at the higher end of our lease yields during our holding period of time. And when we first take them until they're a little bit lower.

好吧，傑米，讓我補充一下，是的，比去年第一季有一點收縮，但實際上比 [2020] 第四季度增加了約 [0.1] 個基點。所以看，時間確實每季都在變。飛機銷售的時間以及我們交付的時間，我們今天交付的新飛機將在預計 8 年左右的時間內享受不斷增加的租賃利率利潤，以便我們擁有這架飛機。為什麼？因為，如您所知，我們以固定租賃費率出租飛機，但飛機會隨著時間的推移而升值，這就是為什麼當我們出售這些舊飛機時，它們在我們持有期間往往處於我們租賃收益率的較高端的時間。當我們第一次將它們降低一點時。

So I wouldn't -- I understand your thought and your continued kind of thinking about this. But I would encourage you, again, it's not a quarter-to-quarter sort of analogy. We're looking at a pretty positive trends. We've told you now our margins are probably going to stay about where they are through the end of '24 and then increase thereafter. That's about the best overall outlook we can give.

所以我不會——我理解你的想法以及你對此的持續思考。但我再次鼓勵您，這不是季度與季度之間的類比。我們正在尋找非常積極的趨勢。我們現在已經告訴過您，到 24 年底，我們的利潤率可能會保持在現有水平，然後增加。這就是我們能給出的最好的整體前景。

And we will take our next question from Stephen Trent with Citigroup.

我們將回答花旗集團史蒂芬‧特倫特提出的下一個問題。

The first is if you could refresh my memory on where things stand with the potential insurance proceeds you could get from the aircraft trapped in Eastern Europe?

第一個問題是，您能否讓我回想起您可以從被困東歐的飛機中獲得潛在保險收益的情況？

Steve, do you want to talk about that?

史蒂夫，你想談談這個嗎？

Yes. So let me just explain how the aircraft insurance works for these types of situations. So the primary insurance for these aircraft is carried by the airline itself, okay? The airlines in Russia ensured them through the Western markets, but there was a conduit, which is a Russian insurance company broker, okay? But the insurance is spread among many, many underwriters that are primarily European. There was a few in Japan and in the U.S., okay.

是的。因此，讓我解釋一下飛機保險如何適用於此類情況。那麼這些飛機的主要保險是由航空公司自己負擔的，好嗎？俄羅斯的航空公司透過西方市場為他們提供保障，但有一個管道，那就是俄羅斯保險公司經紀人，好嗎？但保險分佈在許多主要是歐洲的承保人手中。日本和美國有一些，好吧。

Then there's a second layer of insurance, which Air Lease procures for its entire fleet, which is to cover us in case the airlines coverage for some reason is either not valid or those carriers did not meet their obligations. So we're engaged in a two-pronged activity. One is to solidify an arrangement that has already happened with some of our aircraft through a designated Russian insurance company, which has been approved by the Russian government and also approved by OFAC here in the U.S. And then we're pursuing legal action against our carriers where we acquired this additional layer of insurance to cover all of our planes that were seized and we're pursuing those activities. So there's ongoing negotiations, there's court cases that are actually taking hold starting next month in Europe. There's multiple actions to work very hard and diligently to recover our claims. And hopefully, if all goes well in the coming quarters, we'll be able to report some progress on all of these fronts.

然後還有第二層保險，Air Lease 為其整個機隊購買，如果航空公司的承保範圍由於某種原因無效或航空公司沒有履行其義務，該保險將為我們提供承保。因此，我們正在進行雙管齊下的活動。一是透過指定的俄羅斯保險公司鞏固我們的一些飛機已經發生的安排，該安排已得到俄羅斯政府的批准，也得到了美國 OFAC 的批准。 然後我們將對我們的承運人採取法律行動我們獲得了這一額外的保險，以涵蓋我們所有被扣押的飛機，我們正在進行這些活動。因此，談判仍在繼續，歐洲的法庭案件實際上將在下個月開始審理。我們可以採取多種行動來非常努力地追回我們的索賠。希望如果未來幾個季度一切順利，我們將能夠報告所有這些方面的一些進展。

That's super helpful. I really appreciate it. And just one follow-up, kind of a follow-up to Helane's question. I saw on a sequential basis, it looks like your net exposure geographically speaking, looks like it went up in Europe and it went up in North America and went down in some of the other markets. Am I reading too much into that? That's just kind of a short-term nuance and you're still thinking kind of some of the Asian markets is placed for long-term growth?

這非常有幫助。對此，我真的非常感激。只是一個後續行動，有點像海蘭問題的後續行動。我從連續的角度來看，從地理位置來看，你的淨風險敞口似乎在歐洲上升，在北美上升，在其他一些市場下降。我是不是讀太多了？這只是短期的細微差別，您仍然認為某些亞洲市場適合長期成長？

I'll take that one. So no, this is just part of our natural plan well before COVID and when we were much earlier in our development, we had a very heavy exposure into China at one point was 22%. We did great leases there at the beginning phase of our company, but they were a little bit disproportional. China -- that percentage was disproportional for any country. Didn't really matter who it was. And so we progressively, as we grew our balance sheet, moderated our exposure a bit more into China and have been naturally going forward and renewing some leases there, taking some aircraft back, but now have moderated over the course of the past 3 to 4 years such that China is now. We used to disclose China separately as an item. But now it is insignificant, about 6%. So we didn't feel that warranted breakout.

我會接受那個。所以不，這只是我們在新冠疫情爆發之前自然計劃的一部分，當我們在發展的早期階段，我們對中國的投資非常大，一度達到 22%。在公司成立之初，我們在那裡進行了很好的租賃，但它們有點不成比例。中國——這個比例對於任何國家來說都是不成比例的。到底是誰並不重要。因此，隨著我們資產負債表的成長，我們逐漸減少了對中國的投資，並自然地​​在中國續簽了一些租約，收回了一些飛機，但在過去的3 到4 年裡，我們已經減少了投資。我們曾經將中國作為一個項目單獨披露。但現在已經微不足道了，大約是6%。所以我們認為沒有必要突破。

In the meantime, our lease placement activity has been very robust in Europe, which has been a primary market for us for a long time. So I would just call it a natural evolution of nothing more than what we've been doing over the past 3 to 4 years.

同時，我們在歐洲的租賃活動非常強勁，長期以來歐洲一直是我們的主要市場。所以我稱之為自然演變，只不過是我們過去三、四年所做的事情的自然演變。

Just to add to John's comments, we have sold a number of aircraft that we have on lease to Chinese airlines, to Chinese institutions that have an appetite for those assets. But what you don't see in our release is that we have a large number of new aircraft that will deliver later this year and in 2025 that are destined to go to airlines in Asia, particularly in Southeast Asia, in places like Malaysia and Thailand that are recovering in Vietnam. And these are airlines that are national flag carriers where traffic is recovering at a very rapid pace, high double-digit rates. So while our China exposure is coming down, we do have a lot of aircraft -- new aircraft both Boeing and Airbus going into Asian markets, but not necessarily Mainland China.

補充約翰的評論，我們已經向中國航空公司和對這些資產有興趣的中國機構出售了我們租賃的一些飛機。但你在我們的發布中沒有看到的是，我們有大量新飛機將於今年晚些時候和2025 年交付，這些飛機注定會銷往亞洲的航空公司，特別是東南亞的航空公司，例如馬來西亞和泰國等地。這些航空公司都是國家航空公司，其客流量正以非常快的速度恢復，成長率高達兩位數。因此，雖然我們在中國的業務正在下降，但我們確實有許多飛機——波音和空中巴士的新飛機進入亞洲市場，但不一定進入中國大陸。

Yes. Let me just add to that. Korea, where we will start delivering, May will be our first of 10 new Boeing 787-10s going to Korean Airlines.

是的。讓我補充一下。我們將在韓國開始交付，5 月將是我們向大韓航空交付 10 架新波音 787-10 飛機中的第一架。

And we will take our final question from Ron Epstein with Bank of America.

我們將回答美國銀行羅恩愛潑斯坦的最後一個問題。

So just getting back to this supply demand shortage situation. Steve saying all these airplanes are delivered late and so on and so forth. That kind of begs the question. I mean do you think there's room for a valid third player now? I mean it just seems like if there was another company making airplanes right now, things wouldn't be late, like making big airplanes, I should say.

回到供應需求短缺的情況。史蒂夫說所有這些飛機都延遲交付等等。這就引出了一個問題。我的意思是，你認為現在有足夠的空間容納第三名有效的球員嗎？我的意思是，我應該說，如果現在有另一家公司製造飛機，事情就不會太晚，就像製造大型飛機一樣。

Yes. But Ron, those manufacturers have to deal with the same supply chain, the same engine guys, the same companies that make avionics, the same companies that make hydraulic pumps, the same companies that make galleys and seats. So yes, if someone wants to build a new generation aircraft, we certainly will evaluate those products, but they're also going to be faced with the same supply chain issues that are faced not only on the commercial side by Boeing, Airbus and Embraer, but also by our military contractors where you've seen an uptick in military aerospace and aircraft demand worldwide.

是的。但是羅恩，這些製造商必須與相同的供應鏈、相同的引擎製造商、相同的航空電子設備公司、相同的製造液壓泵的公司、相同的製造廚房和座椅的公司打交道。所以，是的，如果有人想要建造新一代飛機，我們當然會評估這些產品，但他們也將面臨與波音、空中巴士和巴西航空工業公司不僅在商業方面面臨的相同供應鏈問題以及我們的軍事承包商，您可以看到全球軍事航空航太和飛機需求的上升。

But I guess what I'm getting at, Steve, is it's kind of like not every airplane company is getting mired down in FAA audits and FAA investigations like seemingly on a monthly basis, right? So I don't know if that's a...

但史蒂夫，我想我的意思是，並不是每家飛機公司都會陷入美國聯邦航空局的審計和美國聯邦航空局的調查，就像每月一次一樣，對嗎？所以我不知道這是否是...

Yes. But Airbus is really been late as well. In fact, I can just give you some small examples. I was looking at this over the weekend. So I went back to the summer of 2023, and I said, how many aircraft that we thought at that time would deliver in Q1 of '24 did not deliver. So we actually had 14 actual deliveries that took place. And we have 12 aircraft that I thought 9 months ago would deliver, did not deliver. They include, for example, an Airbus A350-900 that we're supposed to deliver in March, and we have it on lease contract to Air France, and it now will deliver in July. So it was a plane that was supposed to deliver in Q1. It will now deliver in Q3.

是的。但空中巴士公司也確實遲到了。其實我只能舉一些小例子。我周末正在看這個。所以我回到2023年夏天，我說，我們當時認為在24年第一季交付多少架飛機並沒有交付。所以我們實際上進行了 14 次實際交付。我們有 12 架飛機，我在 9 個月前原以為會交付，但最終沒有交付。例如，其中包括一架空中巴士 A350-900，我們應該在 3 月交付，我們與法國航空公司簽訂了租賃合同，現在它將在 7 月交付。所以這是一架應該在第一季交付的飛機。現在將於第三季交付。

We have four 787s that were supposed to deliver to 4 different airlines in Q1. This is 9 months ago, that was the outlook. None of them delivered. We have A321neos that didn't deliver in Q1 that slipped into Q2. Same thing with A330neos. We have A220s that were late. We have four 737s that should have delivered in Q1, that will now deliver in Q2 and Q3. So it's not a Boeing FAA regulatory issue, it's an industry-wide phenomenon, Ron.

我們有四架 787 飛機，本應在第一季向 4 家不同的航空公司交付。這是 9 個月前的情況，這就是前景。他們都沒有交付。我們有 A321neos 在第一季沒有交付，而進入了第二季。 A330neos 也是如此。我們有 A220 飛機晚點了。我們有四架 737 本應在第一季交付，現在將在第二季和第三季交付。所以這不是波音聯邦航空總署的監管問題，而是整個產業的現象，羅恩。

Ron, this is John. Let me just add one other comment. The 2 most important words in your question is when you say another airplane could be delivering right away. There is no right away. So any new manufacturer -- and you're probably hinting at Embraer as it was reported this past week, they're looking at doing something like this. But any new manufacturer, I mean, it's going to take years, Ron, for the certification and delivery of new aircraft because any new aircraft will be subject to the heightened regulatory scrutiny we're seeing today, both from the FAA and (inaudible). So the real key question even if it -- even if it happens is it's going to take some time, Ron. That's going to take a fair amount of time. This is not even a 2- to 3-year thing. This is a well beyond 2030, I think, timescale, if at all.

羅恩，這是約翰。讓我添加另一條評論。你的問題中最重要的兩個詞是當你說另一架飛機可能會立即交付時。沒有馬上。因此，任何新製造商——你可能會暗示巴西航空工業公司，正如上週報導的那樣，他們正在考慮做這樣的事情。但我的意思是，任何新製造商都需要數年時間來認證和交付新飛機，因為任何新飛機都將受到我們今天看到的嚴格監管審查，包括來自美國聯邦航空局和（聽不清） 。因此，真正的關鍵問題是，即使它發生了，它也需要一些時間，羅恩。這將需要相當長的時間。這甚至不是2到3年的事。我認為，這個時間尺度（如果有的話）已經遠遠超出了 2030 年。

So not trying to (inaudible) it, just trying to put a little reality on it. For the supply chain factors, Steve commented on but just the reality of the time it takes to develop and certify new aircraft, even if you're not plagued with current production or supply chain challenges or regulatory oversight problem is a formidable time.

所以，我不想（聽不清楚）它，只是想把它放在現實中。對於供應鏈因素，史蒂夫評論道，但即使沒有受到當前生產或供應鏈挑戰或監管監督問題的困擾，開發和認證新飛機所需的時間也是一個令人生畏的時間。

And the other thing, Ron, is you're very knowledgeable about aircraft and OEMs and issues. Any new product, whether it's going to come out from Boeing or Airbus, or China or Brazil or some super wealthy investor that thinks this is the future is going to require a new engine. I don't see any new aircraft that are breakthrough improvements in economics and operating efficiency will have current generation engines. So when do you think the first new technology engine will be certified and available to power such a new airframe. And I agree with John, we're probably looking at 2030 or beyond.

另一件事，羅恩，你對飛機、原始設備製造商和問題非常了解。任何新產品，無論是來自波音、空中巴士、中國、巴西，還是一些認為這是未來的超級富有的投資者，都將需要新的引擎。我認為沒有任何在經濟性和運行效率方面取得突破性改進的新飛機將配備當前一代引擎。那麼您認為第一個新技術引擎什麼時候會獲得認證並且可以為這樣的新機身提供動力。我同意約翰的觀點，我們可能會展望 2030 年或更久。

Interesting, interesting. And then maybe changing gears to, I guess, a more simple question. How has the reaction been to the A350 freighter given you guys are what -- launch on it.

有趣，有趣。我想，然後也許會轉向一個更簡單的問題。考慮到你們的情況，A350 貨機的反應如何——發射它。

There's been strong demand. I mean, there's been a number of orders, Cathay Pacific, Air-France-KLM will replace 747 and a couple of cases in 777 freighters, STARLUX in Taiwan, which is already an A350 operator also ordered it. I know there's a number of transactions that have not yet been announced by Airbus. I'm, in fact, meeting with a major cargo airline this week to discuss a possible placement of A350 freighter. The issue that haunts us right now on that is that Airbus made a decision last year to make the cargo door on the A350 larger than what was originally designed. And it's a larger door, both in terms of width and height than the 777X freighter. And we believe, based on the information we've gotten from Airbus that the program will be delayed because of the certification of this new configuration on the cargo door and its effect on the fuselage and the flooring and the structure of the airframe.

需求很強烈。我的意思是，已經有很多訂單，國泰航空、法國航空荷航將取代 747 和 777 貨機中的幾箱，台灣的星達航空（已經是 A350 運營商）也訂購了它。我知道空中巴士公司尚未宣布許多交易。事實上，我本周正在與一家大型貨運航空公司會面，討論 A350 貨機的可能安置問題。目前困擾我們的問題是，空中巴士公司去年決定將 A350 的貨艙門做得比最初設計的更大。而且它的門在寬度和高度上都比 777X 貨機更大。我們相信，根據我們從空中巴士公司獲得的信息，該計劃將被推遲，因為貨艙門上的這種新配置的認證及其對機身、地板和機身結構的影響。

And with no further questions at this time, I will now turn the call back to Mr. Arnold for closing remarks.

現在沒有其他問題了，我現在將把電話轉回給阿諾德先生，讓他發表結束語。

Thank you, everyone, for participating in our first quarter call. We look forward to speaking with you again next quarter. Operator, thanks for your assistance and please disconnect the line.

感謝大家參與我們的第一季電話會議。我們期待下個季度再次與您交談。接線員，感謝您的幫助，請斷開線路。

Thank you. And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。