Air Lease Corp (AL) 2024 Q3 法說會逐字稿

Good afternoon. My name is Audra, and I will be your conference operator today. At this time. I would like to welcome everyone to the Air Lease Corporation [third-quarter] earnings conference call. (Operator Instructions)

午安.我的名字是奧德拉，今天我將擔任您的會議主持人。此時。歡迎大家參加航空租賃公司[第三季]收益電話會議。（操作員指令）

I will now turn the call over to Mr. Jason Arnold, Head of Investor Relations. Mr. Arnold, you may begin your conference.

現在我將電話轉給投資人關係主管 Jason Arnold 先生。阿諾德先生，您可以開始您的會議了。

Thanks, Audra, and good afternoon, everyone, and welcome to Air Lease Corporation's third-quarter 2024 earnings call. This is Jason Arnold, and 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，奧德拉，大家下午好，歡迎參加航空租賃公司 2024 年第三季財報電話會議。我是 Jason Arnold，今天和我一起參加的是我們的執行主席 Steve Hazy；我們的執行長兼總裁 John Plueger；以及我們的執行副總裁兼財務長 Greg Willis。

Earlier today, we published our third-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 Thursday, November 7, 2024. And the webcast will be available for replay on our website at this time. (Event Instructions)

今天早些時候，我們發布了 2024 年第三季的業績。我們的收益報告副本可在我們網站 www.airleasecorp.com 的投資者部分查閱。本次電話會議將於 2024 年 11 月 7 日星期四透過網路直播和錄製。網路直播將於此時在我們的網站上提供重播。(活動須知)

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, including as a result of the Boeing labor strike, our aircraft sales pipeline, and our future operations and performance.

在我們開始之前，請注意，本次電話會議中的某些陳述，包括對您的問題的某些回答，屬於《私人證券訴訟改革法案》所定義的前瞻性陳述。這包括但不限於有關航空業狀況、飛機和發動機交付延遲和製造缺陷的影響（包括波音工人罷工的影響）、我們的飛機銷售管道以及我們未來的營運和業績的聲明。

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.

這些聲明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，且僅代表截至今天的情況。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。請參閱我們向美國證券交易委員會提交的文件，以獲得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.

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，我們也可能討論某些財務指標，例如調整後的稅前淨收入、調整後的稅前攤薄每股收益和調整後的稅前股本回報率，這些都是非 GAAP 指標。

A description of our reasons for utilizing these non-GAAP measures as well as our definition of them and the reconciliation to corresponding GAAP measures can be found in the earnings release and 10-Q we issued today. This release can be found in both the Investors and Press section of our website at www.airleasecorp.com. Additionally, given ongoing litigation, I'd like to ask everyone to not ask any questions about our Russia fleet insurance claims. As a reminder, unauthorized recording of this conference call is not permitted.

我們使用這些非 GAAP 指標的原因以及我們對它們的定義以及與相應 GAAP 指標的調整可在我們今天發布的收益報告和 10-Q 中找到。本新聞稿可在我們網站 www.airleasecorp.com 的投資者和新聞專欄中找到。此外，鑑於正在進行的訴訟，我想請大家不要詢問有關我們俄羅斯船隊保險索賠的任何問題。提醒一下，未經授權不允許錄製本次電話會議。

I'd now like to turn the call over to our Chief Executive Officer and President John Plueger. John?

現在我想將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. Well, good afternoon ,everyone, and thanks for joining our call today.

謝謝你，傑森。大家下午好，感謝大家今天參加我們的電話會議。

During the third quarter, Air Lease generated revenues of $690 million and we generated $0.82 in diluted earnings per share. Our results benefited from the continued expansion of our fleet, partially offset by lower end of lease revenue as compared to the prior year. We purchased 20 new aircraft from our order book during the quarter, adding $1.9 billion in flight equipment to our balance sheet, and sold nine aircraft for approximately $340 million in sales proceeds.

第三季度，航空租賃公司創造了 6.9 億美元的營收，每股攤薄收益為 0.82 美元。我們的業績受益於機隊的持續擴張，但與前一年相比，租賃收入的下降部分抵消了這一影響。我們在本季從訂單中購買了 20 架新飛機，為我們的資產負債表增加了 19 億美元的飛行設備，並出售了 9 架飛機，銷售收益約為 3.4 億美元。

The weighted average age of our fleet declined slightly quarter over quarter to 4.6 years while weighted average lease term remaining extended slightly to 7.1 years. Our fleet utilization rate remains exceptionally strong at 100%.

我們機隊的加權平均機齡與上一季相比略有下降，為 4.6 年，而加權平均租賃期限則略有延長，為 7.1 年。我們的車隊利用率仍維持在100%的強勁水準。

Our $1.9 billion in orderbook deliveries came in very close to the $2 billion we tell you to expect for the third quarter as our outlook reflected anticipated impact from OEM delays including the Boeing strike. Despite the strike, this was a record quarter for ALC by CapEx for new aircraft deliveries. We're pleased that the strike is now over and Boeing can move forward.

我們的訂單交付額為 19 億美元，非常接近我們預計的第三季 20 億美元，因為我們的前景反映了包括波音罷工在內的 OEM 延誤的預期影響。儘管遭遇罷工，但以資本支出計算，本季 ALC 新飛機交付量仍創下紀錄。我們很高興罷工已經結束，波音公司可以繼續前進。

I do want to just remind you that it will take some time for Boeing to restart the max production lines and return to prior build rates.

我只是想提醒你，波音公司需要一些時間來重啟最大生產線並恢復到之前的生產力。

Deliveries of 787s are ongoing. And in fact, we took delivery of four of them, one -9 and three -10s, during the quarter. We currently expect to receive approximately $900 million of deliveries in the fourth quarter of this year. Assuming so, it would mean approximately $4.6 billion deliveries for the full year 2024, so within the $4.5 billion to $5.5 billion range we guided you at the beginning of the year. And in fact, very sizable, relative to the $26 billion fleet we had at the end of 2023.

787 的交付仍在進行中。事實上，本季我們已交付了四架飛機，包括一架 -9 和三架 -10。我們目前預計今年第四季的交付量約為 9 億美元。假設如此，這意味著 2024 年全年的交付額約為 46 億美元，因此在我們年初指導的 45 億美元至 55 億美元的範圍內。事實上，相對於 2023 年底我們擁有的 260 億美元船隊而言，這個數字非常可觀。

As for our outlook for 2025, we'll have more detail for you here when we report our fourth-quarter results in February. With our expected deliveries, our forward order book is fully placed through 2026. Our young current fleet combined with our sizable order book of new aircraft delivering through 2029 remain a key source of strength for Air Lease, given Boeing and Airbus are largely sold out through the rest of this decade and the challenge is limiting new aircraft production.

至於我們對 2025 年的展望，我們將在 2 月報告第四季業績時為您提供更多詳細資訊。根據我們的預期交貨量，我們的遠期訂單已排到 2026 年。我們目前年輕的機隊加上到2029 年交付的大量新飛機訂單仍然是航空租賃的主要力量，因為波音和空中巴士在本世紀剩餘時間內基本上已經售罄，而挑戰在於限制新飛機的生產。

As a result, in a product of this environment, airline demand continues to meaningfully outpace supply. And as a result, we are continuing to place aircraft at strong lease rates compared to prior several years.

因此，在這種環境下，航空公司的需求繼續遠遠超過供應。因此，與前幾年相比，我們繼續以較高的價格租賃飛機。

As noted in the past, deliveries in 2025 will be at higher lease factors than those we recorded -- received during 2024, as we move beyond the impact of placements made during the pandemic. We expect aircraft supply constraints to persist for at least the next three to four years, and we're remaining very tactical with our remaining placements in order to maximize lease rates and optimize customer mix.

正如過去所指出的，隨著我們擺脫疫情期間交付的影響，2025 年的交付租賃係數將高於我們記錄的 2024 年交付的租賃係數。我們預計飛機供應緊張的局面至少將在未來三至四年內持續，我們將對剩餘的飛機配置採取非常有策略性的措施，以最大限度地提高租賃率並優化客戶結構。

Robust commercial aircraft demand also continues to benefit our aircraft sales activity. Our sales pipeline remains very strong at $1.5 billion. We expect approximately $400 million of sales for the fourth quarter, which should result in about $1.5 billion of sales for the full year, again within our guidance range we provided. It is important to reiterate the fact that sales timing can be difficult to predict, given the various moving parts. And gains percentages will vary by the timing of individual aircraft to close within sales packages. And in that regard, you can see the gain on sale margin this quarter was meaningfully higher relative to the prior quarter.

強勁的商用飛機需求也持續有利於我們的飛機銷售活動。我們的銷售管道仍然非常強勁，達到 15 億美元。我們預計第四季的銷售額約為 4 億美元，全年銷售額將達到約 15 億美元，這也在我們提供的指導範圍內。必須重申的是，由於各種變動因素，銷售時機可能難以預測。收益百分比將根據單一飛機在銷售套餐內完成的時間而有所不同。從這個方面來看，您可以看到本季的銷售利潤率較上一季顯著提高。

As we noted earlier this year, lease extension activity remains very high, and our 2024 lease maturities are a limited number. The result this year has been lower end of lease revenue as compared to the prior year, which while in the short term impacts revenues, the longer term benefits of reduced time off lease, no reconfiguration expenses, lower transition-related costs and strong lease -- current lease rates on extensions are highly positive contributors to the economic returns on these assets.

正如我們今年稍早指出的那樣，租約延期活動仍然非常活躍，而我們的 2024 年租約到期數量有限。今年的結果是租賃收入與前一年相比有所下降，雖然這在短期內會影響收入，但長期來看，租賃收入縮短、無重新配置費用、過渡相關成本降低以及租賃強勁，將帶來諸多好處 - - 目前擴建的租賃率對這些資產的經濟回報有著非常正面的貢獻。

The higher lease rates on lease extensions further bolsters the gain realized, when we sell those aircraft, which is typically not significantly longer after the lease extension is signed, given our fleet focus of holding our aircraft for the [first third] of their economic lives. Even though our lease maturities will be noticeably higher in 2025, we would not expect a dramatic rebound in end of lease revenue as most of these leases are expected to be extended with their current airline customers.

租賃延期的更高租賃費率進一步增加了我們出售這些飛機時實現的收益，這在租賃延期簽署後通常不會延長很長時間，因為我們的機隊重點是將飛機保留在其經濟壽命的[前三分之一] 。儘管我們的租賃到期日在 2025 年將顯著增加，但我們預計租賃期滿收入不會大幅反彈，因為預計大多數租賃將與現有的航空公司客戶續約。

One very brief comment, I'd like to just add on our management business. We're pleased with our management business strategy, and we continue to look at opportunity to expand that business over time.

我想簡單補充一下我們的管理業務。我們對我們的管理業務策略感到滿意，並且我們會繼續尋找機會隨著時間的推移擴大業務。

Looking ahead to 2025 and beyond, we remain very optimistic about the performance of our business. Fed rate cuts continue as you saw earlier today, which we expect to benefit financing costs as the yield curves continue to normalize. As we've told you in the past, despite the lag time to fully impact the overall lease margins, we remain enthused by the lease rates we're signing on new aircraft and on lease extensions, in addition to recognition of solid gains on sale, all benefiting meaningfully from the continued commercial aircrafts supply-demand imbalance, which we do not expect to resolve for multiple years into the future.

展望 2025 年及以後，我們對我們的業務表現仍然非常樂觀。正如您今天早些時候看到的那樣，聯準會繼續降息，我們預計隨著殖利率曲線繼續正常化，這將有利於融資成本。正如我們過去所說的那樣，儘管對整體租賃利潤率產生全面影響尚需時日，但我們對新飛機和租賃延期簽訂的租賃費率仍然感到滿意，此外還確認了銷售方面的穩健收益所有這些都從持續的商用飛機供需失衡中受益，我們預計未來幾年內這種失衡局面仍無法解決。

We believe our young existing $28 billion fleet, combined with our $18 billion order book of new technology and fuel-efficient aircraft positions -- all acquired with significant volume and launch customer discounts positions us well for the future.

我們相信，我們現有價值280 億美元的年輕機隊，加上我們價值180 億美元的新技術和節油飛機訂單——所有這些都是我們透過大量購買和首發客戶折扣獲得的，這將為我們的未來做好充分的準備。

I'd like to turn the call now over to Steve Hazy. Steve?

現在我想將電話轉給史蒂夫哈齊 (Steve Hazy)。史蒂夫？

Thank you very much, John. Our team as well as John and myself continue to travel the globe extensively to meet with current and potential new airline customers. And we come away from these conversations very enthused by the steady and solid demand for the new commercial aircraft comprising of our fleet and our forward order book.

非常感謝，約翰。我們的團隊以及約翰和我繼續在全球廣泛旅行，與現有和潛在的新航空公司客戶會面。我們從這些對話中得知，我們的機隊和遠期訂單對新型商用飛機有著穩定而堅實的需求，這讓我們感到非常興奮。

Long-term drivers of this demand remain strong, which as John mentioned, are supporting very attractive and improving lease rates on our new aircraft placements. Customer requests for additional aircraft meanwhile are consistently high in volume as well, all the way out to 2029.

這種需求的長期驅動因素仍然強勁，正如約翰所提到的，這支持了我們新飛機的租賃率非常有吸引力並不斷提高。同時，直到 2029 年，客戶對額外飛機的需求也一直很高。

In addition to typically being the highest demand segment of the market, Air Lease's new aircraft focus also meaningfully limits impairment risk of our business while our cautious approach to credit has limited exposure to some of the riskier airlines, including a few of the more challenged LCCs and new LCCs. We're excited about the value proposition of our fleet and our order book in this strong demand environment.

除了通常是市場上需求最高的細分市場之外，Air Lease 對新飛機的關注也有效地限制了我們業務的減損風險，而我們對信貸的謹慎態度限制了我們對一些風險較高的航空公司的風險敞口，包括一些面臨較大挑戰的廉價航空公司以及新的低成本航空公司。在這種強勁的需求環境下，我們對我們的船隊和訂單的價值主張感到非常興奮。

Our new aircraft are directly purchased from the OEMs at significant volume discounts, providing us meaningful, embedded value in these assets and boosting our lease yields. Our orders were placed well prior to the run up in aircraft demand, further bolstering values in the current market. Underpinning aircraft demand is continued overall strength in passenger traffic as seen in global air traffic volumes, which rose about 7% year over year according to the latest IATA data report.

我們的新飛機直接從原始設備製造商購買，並且享有很大的批量折扣，這為我們提供了這些資產中有意義的內在價值，並提高了我們的租賃收益。我們的訂單是在飛機需求上升之前下達的，進一步提升了當前市場的價值。根據國際航空運輸協會的最新數據報告，全球航空運輸量年增約 7%，這反映出客運量持續強勁成長支撐了飛機需求。

Total international volume was up about 9% with most markets continue to use and rise at double-digit or near double-digit rates.

國際總交易量成長約 9%，大多數市場繼續使用並以兩位數或接近兩位數的速度成長。

Asia Pacific traffic remains the strongest growing market, expanding 19% year over year. We continue to expect Asia Pacific international travel growth to remain one of the strongest globally as international traffic in the region gains further momentum. International traffic in Latin America, Africa. and Europe also remain robust.

亞太地區客運量仍是成長最強勁的市場，較去年同期成長19%。隨著亞太地區的國際交通量進一步增強，我們預計亞太地區的國際旅遊成長仍將成為全球最強勁的地區之一。拉丁美洲、非洲的國際交通。歐洲也保持強勁。

Domestic traffic is still very healthy in terms of growth at 4% year over year with China, Brazil, and India, among the leaders in domestic market growth. Passenger load factors also continue to expand with many markets achieving new record levels in the mid-80% and higher ranges. Airlines want and need our new technology aircraft. New aircraft provide a 20% to 25% lower fuel burn relative to the prior generations of aircraft.

國內客運量仍然非常健康，年增 4%，其中中國、巴西和印度位居國內市場成長前列。客座率也持續上升，許多市場的客座率達到了 85% 左右甚至更高的新高。航空公司想要並且需要我們的新技術飛機。與前幾代飛機相比，新飛機的燃油消耗降低了 20% 至 25%。

Well, elevated environmental focus incentivizes the airlines to operate the most fuel-efficient aircraft. Brand new aircraft are the only direct means of reducing emissions for an airline and some airport landing fees such as those at London Heathrow and others in Europe are assessed partly on emissions of the aircraft type and operation.

嗯，對環境的關注度提高激勵航空公司營運最省油的飛機。全新的飛機是航空公司減少排放的唯一直接手段，倫敦希思羅機場和歐洲其他機場等的著陸費部分是根據飛機類型和運營的排放量來評估的。

Unlike some of the exotic ideas for reducing emissions, most of which is unlikely to have a real-world application or impact for years if not decades into the future, new aircraft are the only direct means of addressing the environmental issue today. For example, [SAS] is a great idea, but it has a very long way to go before it is available to any degree in volumes to make a meaningful impact on the industry. Alternative aircraft and engine designs are decades away from implementation and certification.

與一些減少排放的新奇想法不同，新飛機是當今解決環境問題的唯一直接手段，其中大多數想法在未來幾年甚至數十年內都不太可能在現實世界中得到應用或產生影響。例如，[SAS] 是一個好主意，但要大規模應用並對行業產生有意義的影響還有很長的路要走。替代的飛機和發動機設計距離實施和認證還需要幾十年的時間。

Electric-powered aircraft are currently not feasible, given technology and weight challenges, which make them unpalatable for commercial airline operations for 99% of passenger routes in the world. Not to mention the fact that in most countries in the world, the electricity required to charge these aircraft batteries would likely come from more traditional high-emission sources of energy.

由於技術和重量方面的挑戰，電動飛機目前不可行，這使其不適合全球 99% 的客運航線的商業航空運營。更不用說在世界上大多數國家，為這些飛機電池充電所需的電力很可能來自更傳統的高排放能源。

You've heard us with this consistent messaging for many years now. I'm often asked at forums if there's anything else that could be done to improve aircraft efficiency in the interim prior to further dramatic technological advances. The answer is absolutely yes. But the solution does not have anything to do with the aircraft engines, fuel type, or the airlines themselves.

多年來，您一直聽到我們傳達這一致的訊息。在論壇上，經常有人問我，在技術取得進一步重大進展之前，是否有其他方法可以提高飛機效率。答案是肯定的。但解決方案與飛機發動機、燃料類型或航空公司本身無關。

There's one highly resolvable and visible issue that's sitting right under the noses of aviation regulatory bodies and governments globally, and that is air traffic control and flow optimization. A recent analysis conducted by Eurocontrol suggested that the average departure delay is now up to 18 minutes while arrival delays are averaging 60 minutes in Europe. These are totally attributable to ATC matters, not weather, or other operational considerations.

有一個高度可解決且顯而易見的問題正擺在全球航空監管機構和政府的眼皮底下，那就是空中交通管制和流量優化。歐洲空中導航安全組織最近進行的分析表明，歐洲的平均出發延誤時間目前長達 18 分鐘，而到達延誤時間平均為 60 分鐘。這些完全是空中交通管制問題，而不是天氣或其他營運考量。

Much of this time, aircraft and engines are running, wasting fuel, money, and engine life and creating unnecessary emissions and higher operating costs, not to mention the inconvenience to the passengers. As far as improvement opportunities go, this should be the primary focus for governments and regulatory bodies for reducing aviation emissions as it is fully under their control. This is low-hanging fruit.

在大部分時間裡，飛機和引擎都在運轉，浪費燃料、金錢和引擎壽命，產生不必要的排放和更高的營運成本，更不用說給乘客帶來不便了。就改進機會而言，這應該是政府和監管機構減少航空排放的主要關注點，因為這完全在他們的控制範圍內。這是唾手可得的成果。

If the planned flight time is around 1.5 to 2 hours on average in Europe, the savings potential across the board could be very meaningful. While the industry should focus on pushing the envelope on new ideas and technologies for the longer term, airlines right now can primarily focus on operating the most economical aircraft like those in ALC fleet and orderbook while secondarily pushing on the institutions that can influence improvement in the global air traffic control system for these meaningful incremental benefits.

如果歐洲的計畫飛行時間平均約為 1.5 至 2 小時，那麼整體的節省潛力可能非常可觀。雖然行業應該專注於推動新理念和新技術的長期發展，但航空公司目前可以主要專注於運營最經濟的飛機，如 ALC 機隊和訂單中的飛機，其次是推動能夠影響改進的機構全球空中交通管制系統帶來這些有意義的增量效益。

To wrap up my comments, I'd like to reiterate our strong confidence in the long-term strength of our business. We look forward to continued normalization of the yield curve and to the sizable deliveries remaining from our forward order book, which we expect to further book asset yields and drive profit margin growth for Air Lease. Both of these should benefit our return on equity and earnings growth profile in the future, reflective of our performance and the outlook for positioning of our business.

總結一下，我想重申我們對我們業務長期實力的堅定信心。我們期待殖利率曲線繼續正常化，並期待遠期訂單中剩餘的大量交付，我們預計這將進一步提高資產收益率並推動航空租賃的利潤率成長。這兩者都將有利於我們未來的股本回報率和獲利成長狀況，反映我們的業績和業務定位前景。

I'm also pleased to report today that this week, our Board of Directors approved an increase in our quarterly cash dividend distribution by roughly 5% to $0.22 per share per quarter, commencing and payable in early January 2025.

今天我還很高興地報告，本週，我們的董事會批准將季度現金股息分配增加約 5% 至每股每季 0.22 美元，從 2025 年 1 月初開始並支付。

I'd now like to turn over to our CFO, Greg Willis, for his comments on our results.

現在我想請我們的財務長 Greg Willis 對我們的業績發表評論。

Thank you, Steve, and good afternoon, everyone.

謝謝你，史蒂夫，大家下午好。

During the third quarter, Air Lease generated total revenues of $690 million, which was comprised of approximately $625 million of rental revenues and $65 million from aircraft sales, trading, and other activities.

第三季度，航空租賃公司的總收入為 6.9 億美元，其中包括約 6.25 億美元的租賃收入和 6,500 萬美元的飛機銷售、交易和其他活動收入。

Total revenues rose by approximately 5% as compared to the prior year's quarter, benefiting from the growth of our fleet, partially offset by lower end of lease revenue. Our portfolio yield, net of end of lease revenue, maintenance reserve revenue, and lease cost amortization, remained relatively flat as compared to the second quarter.

總收入與去年同期相比增長了約 5％，這得益於我們機隊的增長，但租賃收入的下降部分抵消了這一增長。我們的投資組合收益率（扣除租賃期末收入、維護儲備收入和租賃成本攤銷）與第二季相比保持相對穩定。

During the third quarter, we recognized a $12 million decrease in lease revenue as compared to the prior-year period. As we've discussed previously, we've had very limited lease expirations in 2024 and most lease leases scheduled to expire were extended as a product of a strong demand environment that we are currently experiencing, resulting in very limited end of lease revenue recognized in the period.

第三季度，我們的租賃收入與去年同期相比減少了 1,200 萬美元。正如我們之前所討論的，2024 年我們的租約到期時間非常有限，由於我們目前經歷的強勁需求環境，大多數原定到期的租約都已延長，導致2024 年確認的租約到期收入非常有限。

As John untouched upon earlier, our strong lease extensions are supportive of our overall portfolio yield and add to the contracted cash flows further enhancing the value of these aircraft. Sales proceeds for the second quarter totaled approximately $340 million for the sale of nine aircraft. These sales generated $42 million in gains representing roughly a 14% gain on sale margin.

正如約翰之前沒有提到的，我們強勁的租約延期支持了我們的整體投資組合收益，並增加了合約現金流，進一步提升了這些飛機的價值。第二季出售九架飛機的銷售收入總計約 3.4 億美元。這些銷售產生了4,200萬美元的收益，相當於銷售利潤率成長了約14%。

As we've said in the past, gain on sale margins will vary from quarter to quarter based upon the mix of aircraft sold and market conditions. Based on our sales pipeline, we continue to expect to see healthy gain on sale margins towards the upper end of our historical range of 8% to 10%. These gains continue to reflect the significant value embedded in our fleet, which is carried on the balance sheet as a historical cost net of depreciation.

正如我們過去所說的，銷售利潤率的提高將根據所銷售飛機的組合和市場狀況而每個季度有所不同。根據我們的銷售管道，我們繼續預期銷售利潤率將健康成長，達到 8% 至 10% 的歷史範圍的上限。這些收益繼續反映了我們船隊的巨大價值，該價值在資產負債表中以歷史成本減去折舊後的淨額列示。

Moving on to expenses, interest expense rose by roughly $42 million year over year, driven by a 54 basis point increase in our composite cost of funds to 4.21% at quarter end. Increased financing costs was the primary contributor to the year-over-year increase in expenses. This increase was partially due to us approaching our fixed floating rate debt target of 80% through the utilization of floating rate bank debt, which is, as we said in the past, prepayable. In the future, as we term out these financings in the bond market, we expect to recognize a benefit in our composite cost of funds.

談到費用，利息支出年增約 4,200 萬美元，原因是我們的綜合資金成本在季度末增加了 54 個基點至 4.21%。融資成本增加是導致費用較去年同期增加的主要原因。這一增長部分是由於我們利用浮動利率銀行債務來接近 80% 的固定浮動利率債務目標，正如我們過去所說的那樣，這些債務是可提前償還的。將來，當我們在債券市場上完成這些融資時，我們期望在我們的綜合資金成本中實現收益。

We do continue to significantly benefit from our largely fixed rate capital structure, which has helped to moderate the impact of the interest rate environment with this over the last couple of years, with 81% of our financings carrying fixed rates at quarter end. Clearly, further reductions in the Fed funds rate will also benefit of financing costs as we look forward to the benefits of a further (inaudible) normalization on our business, which should be supportive of our -- to our return on equity.

我們確實繼續顯著受益於我們基本固定利率的資本結構，這種結構在過去幾年中幫助緩和了利率環境的影響，其中 81% 的融資在季度末採用固定利率。顯然，聯邦基金利率的進一步降低也將有利於融資成本，因為我們期待進一步（聽不清楚）業務正常化帶來的好處，這應該會支持我們的股本回報率。

Depreciation expense continues to track the growth of our fleet. SG&A expense rose slightly relative to the prior year. However, as a percentage of revenue, it declined slightly relative to the prior year's quarter to 6.4% of revenue as well as being down as a percentage of revenue on a year-to-date basis.

折舊費用繼續追蹤我們船隊的增長。與上年度相比，銷售、一般及行政開支略有上升。然而，作為收入的百分比，它相對於去年同期略有下降，至收入的 6.4%，並且作為收入的百分比，年初至今也有所下降。

Moving on to financing activities for the quarter. In mid-September, we issued a $300 million of series 6% of preferred stock. Subsequent to quarter end in mid-October, we used the majority of these proceeds to redeem our outstanding $250 million series A preferred stock, which had a reset to a floating rate instrument earlier this year. We were very pleased to redeem our series A issuance, which on an annualized basis after the reset date carried a cost of approximately 9%. I'd like to add the 6% rate on the series D issuance actually priced slightly inside of the original series A that we completed five years ago in a much different financing environment.

繼續討論本季的融資活動。9月中旬，我們發行了價值3億美元的6%系列優先股。十月中旬季度結束後，我們利用大部分收益贖回了未償還的 2.5 億美元 A 系列優先股，該股已於今年稍早重置為浮動利率工具。我們非常高興贖回我們的 A 系列發行，以重置日期後的年化成本約為 9%。我想補充一點，D 輪發行的 6% 利率實際上略低於我們五年前在截然不同的融資環境下完成的原始 A 輪融資。

Our debt-to-equity ratio at the end of the third quarter was 2.63 times on a GAAP basis, which net of cash on the balance sheet is approximately 2.57 times. Both were down relative to the prior quarter driven by the timing of the series A redemption taking place in October. We will continue to prioritize the use of proceeds from the sale of aircraft to pay down debt with the goal of reaching our long-term debt-to-equity target over the medium term.

根據 GAAP 準則，我們第三季末的負債權益比為 2.63 倍，資產負債表上的現金淨額約為 2.57 倍。由於 A 輪贖回發生在 10 月份，因此兩者相對於上一季均有所下降。我們將繼續優先使用出售飛機所得收益來償還債務，以期在中期內實現我們的長期債務權益比目標。

Our strong liquidity position of $7.5 billion, $30 billion of uncovered assets, and $30 billion of contracted rentals remain key pillars to the strength of our business. In conclusion, we continue to see significant value in our fleet and order book; as a product, the ongoing OEM challenges; and strong airline customer demand. This environment is supportive of attractive lease rates, all while we are placing and extending a meaningful number of airplanes.

我們擁有 75 億美元的強勁流動資金、300 億美元的未擔保資產和 300 億美元的合約租金，這些仍然是我們業務實力的重要支柱。總而言之，我們繼續看到我們的船隊和訂單具有重要價值；作為產品，持續的 OEM 挑戰；以及強勁的航空客戶需求。這種環境有利於提供有吸引力的租賃價格，同時我們正在投放和延長大量飛機的租賃期限。

Echoing Steve and John's commentary, a further normalization of the interest rate environment at the front end of the yield curve should also benefit our return profile of the business. With that. I'll turn the call back over a Jason for the question-and-answer session.

與史蒂夫和約翰的評論相呼應，殖利率曲線前端的利率環境進一步正常化也應該有利於我們的業務回報狀況。就這樣。我會將電話轉回給傑森，讓他參與問答環節。

Thanks, Greg. This concludes our prepared commentary and remarks for a Q&A session. We ask that each participant limit their time to one question and one follow-up. Operator, please open the line for the Q&A session.

謝謝，格雷格。這就是我們為問答環節所準備的評論和發言。我們要求每位參與者將他們的時間限制在一個問題和一個後續問題上。接線員，請開通問答線。

(Operator Instructions) Jamie Baker, JP Morgan.

(操作員指示) 傑米貝克 (Jamie Baker)，摩根大通 (JP Morgan)。

Well, thanks to everybody. Good afternoon. So John and Steve, just thinking back to Farnborough, one interesting conversation that Mark and I had with one of the OEMs was -- I mean, the idea of being thrown around was that maybe, and I emphasize, maybe the OEMs had given too much business to all the various lessors around the world. And once production eventually begins to ramp up, perhaps the OEMs will concentrate their efforts on just the largest platforms out there. And obviously, Air Lease would make that cut.

好吧，謝謝大家。午安.所以約翰和史蒂夫，回想一下範堡羅，馬克和我與其中一家OEM 進行了一次有趣的對話——我的意思是，當時提出的想法是，也許，我強調一下，也許OEM 已經給出了太多為世界各地的各類出租人提供大量業務。一旦產量最終開始提升，也許 OEM 廠商就會將精力集中在最大的平台上。顯然，航空租賃公司將會實現這一目標。

But as you think about the interplay between the OEMs and some of the smaller platforms, I mean, do you think anything changes between now and I don't know the end of the decade?

但是當您考慮 OEM 和一些較小平台之間的相互作用時，我的意思是，您認為從現在到我不知道的十年末之間會發生什麼變化嗎？

That's a really good question, Jamie, because as you recall during the time when John Leahy led the global aircraft sales and marketing activity at Airbus, he was very, very focused on expanding the number of customers, both airlines and lessors. And he was also very focused on gaining market share vis-a-vis Boeing, particularly in the single aisle area.

傑米，這個問題問得非常好，因為你還記得，約翰·萊希領導空中巴士全球飛機銷售和行銷活動期間，他非常非常注重擴大客戶數量，包括航空公司和租賃商。他也非常注重從波音手中奪取市場份額，特別是在單通道領域。

So consequently, Airbus did a lot of selling at the end of the previous decade leading all the way up to the pandemic and expanded their customer base of lessors by more than double of where it was say 10 years ago. At the same time, of course, they brought in a lot of customers, and in fact, we placed a lot of 737 operators with Airbus A320 family aircraft.

因此，空中巴士在上個十年末直至疫情爆發期間進行了大量銷售，並將其租賃商的客戶群擴大到十年前的兩倍以上。當然，同時，他們也帶來了許多客戶，事實上，我們為許多 737 業者配備了空中巴士 A320 系列飛機。

However, now with the huge demand from the airlines resulting from traffic growth and the fact that you have the stagnation during the pandemic, I think both OEMs are now focused on quality with lessors rather than quantity.

然而，現在由於客流量成長導致航空公司的需求龐大，加上疫情期間經濟停滯，我認為兩家原始設備製造商現在都注重租賃商的品質而不是數量。

And I think they're meaningfully looking at the placement capability of the lessors to airlines and to broadening the market base for their products, not just a quantitative increase in selling to lessors. So we're seeing this trend, and we believe it's very, very beneficial to Air Lease since we're the only lessor that has launched a whole range of both Airbus and Boeing airplanes as the first customer. And secondly, we have brought a lot of new airline customers to both Boeing and Airbus, theretofore did not operate those types of aircraft.

我認為他們正在有意義地關​​注租賃商向航空公司提供飛機的能力以及拓寬其產品的市場基礎，而不僅僅是向租賃商銷售飛機的數量增長。所以我們看到了這個趨勢，我們相信這對航空租賃非常有利，因為我們是唯一一家作為首家客戶推出全系列空中巴士和波音飛機的租賃商。其次，我們為波音和空中巴士帶來了許多新的航空客戶，而這些公司之前都沒有營運過這些類型的飛機。

Steve, I appreciate that. Thank you very much. And then second, and admittedly, I come from a US airline perspective or bias, but I've often thought about sale lease tax is more of a, I don't know, reserved for times of strain. I'm thinking back to the Southwest deals that they had to do when fuel prices collapsed, Delta during COVID, that sort of thing. But it's increasingly -- it seems to be part of the regular way of doing business. Obviously, Frontier heavily dependent on sale lease tax, Southwest leading into it. Just curious how you're thinking about that broader sales lease back market as it relates to Air Lease Thanks in advance.

史蒂夫，我很感激。非常感謝。其次，不可否認，我是從美國航空公司的角度或偏見出發，但我經常認為銷售租賃稅更像是一種，我不知道，為緊張時期保留的。我回想起燃油價格暴跌時西南航空與達美航空的交易，以及疫情期間他們與達美航空的交易，諸如此類的事情。但它似乎越來越成為常規商業運作方式的一部分。顯然，Frontier 嚴重依賴銷售租賃稅，Southwest 則處於領先地位。只是好奇您如何看待與航空租賃相關的更廣泛的銷售回租市場，提前致謝。

Yeah, I'll take that one. Thanks, Jamie.

是的，我會選擇這個。謝謝，傑米。

Look, it's a reasonable question. I don't think there is going to be really that much departure from your historical view. In that, we're now in a period where airlines have ordered a lot of aircraft, are taking deliveries. At the same time, there have been some profit warnings from a few of the airlines around the world, which by the way, we don't see in terms of demand to us at all. But with that, I do expect that the airlines will look to sale lease back financing because they have more to finance. There's just more to get done.

看，這是一個合理的問題。我不認為這與你的歷史觀點會有太大的偏差。目前，我們正處於航空公司訂購大量飛機、正在接收交付的時期。與此同時，全球有幾家航空公司發出了盈利預警，順便說一句，我們根本不認為這會給我們帶來需求。但有鑑於此，我確實預計航空公司將尋求售後回租融資，因為他們有更多的資金需要融資。還有很多事情要做。

And so that's really of no surprise. At the same time, we're constantly asked for more aircraft from all of our customers globally. So my point here is that, that need for them to finance larger numbers of aircraft is not impacting our order book business at all. The demand remains very, very strong.

所以這確實不足為奇。同時，全球客戶也不斷要求我們提供更多飛機。所以我的觀點是，他們需要為大量飛機提供資金並不會對我們的訂單業務產生任何影響。需求仍然非常強勁。

Yeah, just to add a couple of observations to what John just said, if you look back over the last five or six years, Jamie, and you look at those airlines that grew the fastest and they were low cost in ULCC carriers like Wizz Air and EasyJet and airlines in the US like Frontier and Spirit relied almost totally on sale lease back transactions.

是的，我只想補充幾點約翰剛才說的話，傑米，如果你回顧過去五六年，你會看到那些增長最快的航空公司，它們都是低成本的超值航空公司，比如Wizz Air而 EasyJet 以及美國的 Frontier 和 Spirit 等航空公司幾乎完全依賴售後回租交易。

And one of the attractions was that these airlines order large quantities of aircraft and volume and then they sell those assets at delivery at a higher price. So they actually have a cash gain. IndiGo in India is probably the best example of that. A big part of IndiGo's balance sheet was the gains that they were able to generate through the sale lease backs right up front in terms of cash. Now, yes, they have to amortize that gain over the life of the lease. But the liquidity benefits to these airlines from sale lease backs significantly added to their growth.

其中一個吸引力是，這些航空公司訂購大量的飛機和數量，然後以更高的價格出售這些資產。所以他們其實有現金收益。印度的靛藍航空或許就是最好的例子。IndiGo 資產負債表的很大一部分是透過售後回租預先獲得的現金收益。現在，是的，他們必須在租賃期間攤銷該收益。但售後回租給這些航空公司帶來的流動性利益顯著促進了它們的成長。

And some of the carriers, like Frontier and Spirit, almost every one of their airplanes is leased. They have very few owned aircraft. Same thing with Wizz Air in Europe. So it was an interesting trend. And as John said, with the insatiable appetite for aircraft and capital, airlines will continue to use the sale lease back methodology as a powerful tool.

有些航空公司，例如 Frontier 和 Spirit，幾乎每一架飛機都是租賃的。他們擁有的飛機很少。歐洲的 Wizz Air 也發生同樣的事情。這是一個有趣的趨勢。正如約翰所說，由於對飛機和資本的需求永無止境，航空公司將繼續使用售後回租方法作為強有力的工具。

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

Hi. Thank you. Good afternoon. So your profit margin this quarter was right in line with your guide of flattish for the year. But I'm thinking if we look forward and think intermediate and long term, is there a normalized or through the cycle profit margin we should be thinking about and kind of what are the drivers and time frame of kind of getting there?

你好。謝謝。午安.因此，本季的利潤率與全年持平的預期一致。但我想，如果我們展望未來並考慮中期和長期情況，我們是否應該考慮一個正常化或貫穿週期的利潤率，以及實現這一目標的驅動因素和時間框架是什麼？

Greg?

格雷格？

Thanks, Terry. We haven't given a guide for 2025 yet. There's some things that are working on the positive side, which I'll go through shortly. I mean, very clearly, we have the delivery of airplanes in our order book, which have great leases on them. We have the extension or the lease x free opportunity where we have a significant amount of airplanes that are coming up for renewals, which we think a lot of them will stay with the existing customers. And we think we're able to use that as an opportunity to increase lease rates there as well.

謝謝，特里。我們尚未給出 2025 年的指南。有一些事情正在朝著正面的一面發展，我很快就會講到。我的意思是，很明顯，我們的訂單中已經包含了已交付的飛機，這些飛機的租約也非常豐厚。我們有延期或租賃 x 免費機會，我們有大量飛機即將續約，我們認為其中許多將留在現有客戶手中。我們認為我們可以利用這個機會來提高那裡的租賃率。

We have a great pipeline of aircraft sales with very healthy valuations on those as well. And the last piece of the puzzle really is with interest rates. We have 80% of our debt fixed. We're benefiting from the 75 basis points and the [rate] cuts so far this year, which should help. But if you look at our debt book of $20 billion and you say net, call it, 20% of it being floating. That's almost $3.8 billion. 75 basis points on that will save us roughly $28 million, $29 million annually. So I think those are all very positive things.

我們擁有大量的飛機銷售管道，而且估值也非常合理。而這個難題的最後一部分其實是利率。我們已經修復了80%的債務。我們受益於今年迄今為止的 75 個基點和[利率]削減，這應該會有所幫助。但如果你看看我們 200 億美元的債務帳簿，你會發現其中有 20% 是浮動的。這差不多是 38 億美元。 75 個基點將為我們每年節省約 2,800 萬美元至 2,900 萬美元。所以我認為這些都是非常正面的事情。

We do have some refinancing to do. But today's finance -- long-term financing rates are a lot lower than they were 18 months ago. So I think there's benefits on the financing side as well to take out some of that floating rate bank debt that we put on as well. So I think those are all positive and we hold off on giving further guide on where long term margins should be. But over time, we'd like to see them continue to improve.

我們確實有一些再融資要做。但今天的金融——長期融資利率比 18 個月前低了很多。因此，我認為從融資方面來看，減少我們所持有的部分浮動利率銀行債務也有好處。因此，我認為這些都是正面的，我們暫時不會對長期利潤率給予進一步的指引。但隨著時間的推移，我們希望看到它們不斷進步。

Got it. That's helpful. And maybe as a follow-up, if I ask this a different way, if I look at your profit margins pre-pandemic in 2019, they were in excess of 30%, 35%. Has anything structurally changed in the industry or your business, whether it's geographical mix or anything else that would kind of prevent you from getting back there?

知道了。這很有幫助。或許作為後續問題，如果我換個方式問，如果我看看 2019 年疫情前的利潤率，它們超過了 30%、35%。您所在的行業或企業是否發生了結構性變化，無論是地理分佈還是其他任何可能阻礙您重返那裡的事情？

No, I don't think so. I think we're having to work through some COVID era restructurings, COVID era lease placements that we're working through. But over time, we're continuing to push yields higher. And I think the thing that we have working for us is we have a great demand environment, right? We have a huge demand for airplanes. There's a scarcity due to the supply demand imbalance with what's going on with the OEMs, creating a ton of value for the airplanes that we have on our fleet -- in our fleet plus on order. So I think all of those things are positive. I think it just takes time to work our way through some of those COVID era stuff, deals I mentioned earlier.

不，我不這麼認為。我認為我們必須處理一些 COVID 時代的重組、COVID 時代的租賃安排。但隨著時間的推移，我們會繼續提高收益率。我認為，對我們有利的一點是，我們擁有良好的需求環境，對嗎？我們對飛機的需求龐大。由於供需不平衡以及原始設備製造商的情況，出現了稀缺現象，為我們機隊中現有的飛機和訂單中的飛機創造了巨大的價值。所以我認為所有這些事情都是積極的。我認為我們只是需要時間來解決我之前提到的一些 COVID 時代的事務。

Hillary Cacanando, Deutsche Bank.

德意志銀行的希拉蕊·卡卡南多。

Hi. Thanks for taking my question. You've mentioned that market lease rates are continuing to go up. Do you think that there will be a point where airlines push back and say no, these rates are just too high, we're not taking them? Or from your experience, do you think it's more important for these airlines to get the aircraft? And so they'll take the aircraft, no matter the height of these rates.

你好。感謝您回答我的問題。您提到市場租賃率正在持續上漲。您是否認為航空公司最終會反駁說「這些票價太高，我們不會接受」？或者根據您的經驗，您認為對於這些航空公司來說，獲得飛機是否更重要？所以他們會搭乘這架飛機，無論價格多高。

Hillary, thanks. I'll take that. Hillary, I can tell you that for 39 years, airlines have consistently told me my lease rates are too high. And the short answer is no. Leasing -- the leasing element is a relatively small portion of the P&L cost to all airlines. There's still remains a competitive environment across lessors. So airlines do have their choice. But even a 10% increase in lease rates is absolutely -- it's nothing even to talk about. So no, airlines will always say lease rates are getting too high, but the behavior of our placements and the continued appetite that we have and the deals we're achieving would argue otherwise.

希拉里，謝謝。我接受。希拉里，我可以告訴你，39 年來，航空公司一直告訴我，我的租賃費率太高了。簡短的回答是「不」。租賃－租賃部分佔所有航空公司損益成本的一小部分。出租人之間的競爭環境仍然存在。因此航空公司確實有自己的選擇。但即使租賃費用增加 10%，也絕對不是值得談論的事情。因此，航空公司總是會說租賃費率太高，但我們的配置行為、持續的興趣和我們達成的交易表明事實並非如此。

Great. That's great to know. And then, recently, we saw Avolon buying Castlelake [Aviation] portfolio and it looks like there may be some other portfolios that could be up for sale. Just wanted to get your thoughts just regarding M&A and just consolidation -- broader consolidation in the industry, either as an acquirer of another lessor what your thoughts are there and then maybe even like as a seller, just what your thoughts are regarding consolidation in the industry as a player.

偉大的。很高興知道。然後，最近，我們看到 Avolon 收購了 Castlelake [航空] 投資組合，看起來可能還有其他一些投資組合可以出售。只是想聽聽你對併購和整合的看法——行業更廣泛的整合，無論是作為另一家出租人的收購者，你的想法是什麼，甚至作為賣家，你對行業整合的看法是什麼？中一名參與者。

Yeah. Steve, you want to take that?

是的。史蒂夫，你想拿走那個嗎？

Yeah, I didn't quite get the full tone of the question.

是的，我沒完全聽懂這個問題的意思。

Just wanted to get your consolidation. Like would you ever be interested in participating as an acquirer of another lessor or even as a seller of a -- maybe piece of your portfolio. Just your thoughts on the consolidation aspect of the business.

只是想獲得你的合併。例如，您是否有興趣作為另一家出租人的收購者或甚至作為您投資組合的一部分的賣方來參與。這只是您對業務整合方面的想法。

Yeah, that's a good question. So we're constantly selling packages of aircraft. In many cases, those packages are meaningful to smaller lessors and investors and represent a significant growth in their portfolios of aircraft.

是的，這是個好問題。因此我們一直在銷售飛機套件。在許多情況下，這些方案對較小的租賃商和投資者來說意義重大，並代表著他們的飛機投資組合的顯著成長。

We have looked at every leasing company acquisition opportunities in the last 14 years and we have not found any thus far, including those that were acquired where the acquisition of those companies would have been accretive to our financial position. We already have a very strong management team, a very strong marketing, technical teams. So we don't really need to acquire another company to gain that talent.

在過去的 14 年裡，我們研究了每一個租賃公司的收購機會，但迄今為止我們還沒有發現任何機會，包括那些收購後可以增進我們財務狀況的公司。我們已經擁有一支非常強大的管理團隊、非常強大的行銷團隊和技術團隊。因此，我們實際上並不需要收購另一家公司來獲得人才。

Secondly, none of the other lessors can replicate our order backlog because we bought those aircraft in large volumes at very nicely discounted prices in 2020, '21, and '22 at a time when people were not buying airplanes. They were in stress. And that's when we placed the bulk of our backlog orders.

其次，其他任何租賃商都無法複製我們的訂單積壓，因為我們在 2020 年、2021 年和 2022 年以非常優惠的價格大量購買了這些飛機，而當時人們還沒有購買飛機。他們壓力很大。那時我們就下達了大部分積壓訂單。

So those things we cannot replicate using a third-party lessor. So therefore, we have not really been able to pursue a transaction that makes sense for us. So we continue to sell assets, particularly our older assets at significant gains as you saw this past quarter. And we'll continue to enjoy the benefits of the aircraft that we ordered years ago where we're taking deliveries now at extremely attractive pricing that cannot be replicated by our competitors.

因此，我們無法透過第三方出租人來複製這些事情。因此，我們實際上無法進行對我們有意義的交易。因此，我們繼續出售資產，特別是我們的舊資產，正如您在上個季度看到的那樣，獲得了顯著的收益。我們將繼續享受多年前訂購的飛機的好處，現在我們以極具吸引力的價格接收飛機，這是我們的競爭對手無法複製的。

Hillary, I would just add to that, that we always as a management team, as a Board, we always continue to look at all opportunities on the M&A side as well. And I do think as the industry continues to grow, there's just going to be an ongoing consolidation naturally that has been and will continue to take place within the industry overall, especially as some of the smaller lessors consolidate and ramp up their scale and size. So nothing unusual here.

希拉里，我想補充一點，作為管理團隊、作為董事會，我們始終會持續關注併購方面的所有機會。我確實認為，隨著行業的持續成長，自然會出現持續的整合，這種整合已經並將繼續在整個行業內發生，特別是隨著一些較小的租賃公司進行整合並擴大其規模和規模。因此這裡沒有什麼不尋常的。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great. Maybe following up on a couple of the earlier questions. The 50 or so planes that you have that end their lease terms in 2025, that's up significantly from 2024. You mentioned that a lot of them will stay with the current lessors. If those have been renegotiated during COVID, will the leases step back up? Like how does that work? And how should we think about -- I get there may not be end of lease revenues. But if they were to renegotiate it lower, would they go back to where they were pre that renegotiation?

偉大的。也許可以回答之前幾個問題。大約有 50 架飛機的租賃期將於 2025 年到期，比 2024 年大幅增加。您提到許多飛機仍將與目前的出租人合作。如果在疫情期間重新進行了談判，租約會回升嗎？它是如何運作的？我們應該如何思考——我知道租賃收入可能不會結束。但如果他們重新談判降低價格，他們會回到重新談判之前的水平嗎？

Yeah, it's really simple. We repriced the market. We have to mutually agree on an extension rate. That gives us a great opportunity to reprice the best that we possibly can to much more current market level. So it's not a question of like just going back to what it was pre-COVID et cetera, it's we want to take advantage of the strong market today and that's our focus.

是的，非常簡單。我們重新定價了市場。我們必須就延期率達成一致。這為我們提供了絕佳的機會，可以盡可能地將最佳價格重新定價至更接近當前市場水平。因此，這不是回到新冠疫情之前狀態的問題，而是我們想利用當今強勁的市場，這是我們的重點。

Got it. Okay. Well, that's great. And I know you said that you didn't really want to talk, John, about deliveries in 2025, but maybe if you could just talk about some of the factors that have gone on in the last few months, now that you've got the Boeing strike at least over in terms of the process, I guess, of getting back to normal or more normal in terms of deliveries. Maybe just talk about that a little bit, a little further out than Q4.

知道了。好的。嗯，那太好了。我知道你說過你不太想談論 2025 年的交付情況，約翰，但也許你可以談談過去幾個月發生的一些因素，現在你已經我想，從過程來看，波音罷工至少已經結束，交付將恢復正常或更正常。也許只是稍微談論一下，比 Q4 稍微遠一點。

Yeah. Sure. Look on the risk side, one element that's in the back of our mind is while the Boeing strike is now over, we had a work stoppage for a prolonged period of time. That work stoppage flowed through to the 2nd and 3rd Tier suppliers and much but with a lot of negative financial consequence.

是的。當然。從風險面來看，我們考慮的一個因素是，雖然波音公司的罷工已經結束，但我們長時間停工。這次停工影響了二級和三級供應商，但也帶來了許多負面的財務後果。

So it could be that as we look forward -- not today. Not the airplanes that are already sitting in line ready for delivery. But as we look forward three or four, five months, that may have a further impact on supply chain to both, Airbus and Boeing. So I would say that is something we're looking at on the risk side.

因此，我們期待的情況可能是如此——但不是今天。並非那些已經排隊等待交付的飛機。但展望未來三、四、五個月，這可能會對空中巴士和波音的供應鏈產生進一步影響。所以我想說這是我們正在考慮的風險方面的事情。

On the positive side, we think Boeing is being very deliberate and being very careful and it's production resumption and with a super, super eye towards quality. And we applaud those efforts a lot. And if it means that the ramp up is a little bit more delayed because of a focus on quality, so be it. We count on quality. Our aircraft customers count on quality.

從積極的一面來看，我們認為波音公司在恢復生產時非常謹慎、小心，並且非常注重品質。我們非常讚賞這些努力。如果這意味著由於注重品質而導致增長速度稍微延遲，那就這樣吧。我們注重品質。我們的飛機客戶信賴品質。

Steve mentioned it earlier in his remarks as well and that applies to Airbus as well. And so hopefully, Boeing will be able to be able to meet a reasonable acceleration timeframe. I don't know what that's going to be. Perhaps it's a little quicker than what we might have originally considered. But if not, so be it.

史蒂夫之前在演講中也提到了這一點，這也適用於空中巴士。因此希望波音公司能夠滿足合理的加速時間表。我不知道那會是什麼。或許比我們最初想像的還要快一點。但如果不是，那就這樣吧。

Stephen Trent, Citigroup.

花旗集團的史蒂芬‧特倫特。

Good afternoon, gentlemen. And thanks very much for taking my question. The first, I'm curious how you guys are thinking about long-term optimal mix of free versus -- excuse me, fixed rate versus floating rate that I think you said it's currently 20% floating. And what do you think about this over time? Just trying to get a high-level handle how you're thinking about locking in those spreads versus making a call, at least in a tacit sense on where interest rates you think are going to go.

先生們，下午好。非常感謝您回答我的問題。首先，我很好奇你們是如何考慮自由利率與固定利率與浮動利率的長期最佳組合的，我記得你們說過目前是 20% 的浮動利率。隨著時間的推移，您對此有何看法？只是想從高層角度了解您是如何考慮鎖定這些利差而不是做出決定的，至少是隱性地了解您認為利率將會走向何處。

Gerg?

格格？

Sure. I'll take that one. Our long-term fixed-floating rate target has been 80/20 for at least 10, maybe 15 years. We typically reserve that 20% floating rate debt for our revolver draws and bank financing to working capital to buy airplanes from our order book. And then we typically -- as we approach, we build a lot of liquidity and then we access the bond market to take those short-term borrowings out on a longer-term fixed rate basis. That's how we've been running the business all along. We have been running a little higher. But over time, we've reverted back to our long-term target of 80/20.

當然。我要那個。我們的長期固定浮動利率目標至少在未來10年，甚至15年內一直是80/20。我們通常保留 20% 的浮動利率債務用於循環提款和銀行融資，作為營運資金從訂單中購買飛機。然後，我們通常——隨著我們的接近，我們會建立大量的流動性，然後我們進入債券市場，以較長期固定利率的方式借入這些短期借款。我們一直以來都是這樣經營業務的。我們的成績已經稍微好一點了。但隨著時間的推移，我們又回到了80/20的長期目標。

Appreciate that, Greg. And just one more as my follow-up. When you -- not you guys, but the lease market around the world, you've had some events here and there with problem airlines per se, the most obvious one in Eastern Europe, of course. But has anything in the market that you've seen over the last two years giving you a sense as to maybe taking a second look at your risk management policy? Any sort of sense as to whether you might pull the trigger more quickly, taking your lease team off an account and putting a risk management team onto an account.

非常感謝，格雷格。還有一件事作為我的後續行動。當你們 — — 不是你們，而是全世界的租賃市場，你們會遇到一些事件，問題航空公司本身也會遇到，最明顯的當然是東歐的事件。但是，在過去兩年中，您在市場上看到的任何事情是否讓您覺得應該重新審視您的風險管理政策？您是否可以更快採取行動，將租賃團隊從帳戶中撤出，並將風險管理團隊納入帳戶？

Look that's something we manage daily and weekly here. I mean, there's really nothing new. I think in our management and Board level discussion, as I imagine in most global companies over the world, we are looking more at geopolitical risk. Take that very much into consideration. We see growing appetite for aircraft and opportunities, for example, in Central Asia. That is emerging stronger than it was a year or two or three ago.

看，這就是我們在這裡每天和每週管理的事情。我的意思是，真的沒有什麼新鮮事。我認為，在我們的管理層和董事會層面的討論中，正如我想像的世界上大多數跨國公司一樣，我們更關注地緣政治風險。請認真考慮這一點。我們看到對飛機的需求和機會日益增長，例如在中亞。與一、二、三年前相比，這種勢頭正在逐漸增強。

And we think. it's actually a pretty good area for development. And we have reduced, by design, our closure in China quite substantially over the past four to five years because we sta1rted from a point where we were overinvested in China, and we've now come down considerably on that to less than 5%. So I would say that we have an ongoing process here.

我們認為。這實際上是一個非常值得開發的地區。過去四、五年來，我們有意大幅減少了在中國的工廠關閉數量，因為我們一開始在中國的投資過多，而現在，這一比例已大幅下降至 5% 以下。所以我想說我們這裡有一個持續的進程。

Broadly, the regional outlooks have not changed all that much. Steve identified from [my out], for example, that the Asia Pacific region is showing the strongest growth at 19%. So we're concentrating our efforts there and in Europe. The Middle East has been rapidly growing as well. So I would just say it's part of our ongoing calculus with any and all political and geopolitical events very much on the forefront as we go day by day. And we'll be looking at that with -- obviously, as we enter a new administration in Washington DC.

整體來看，地區前景並未發生太大變化。例如，史蒂夫從我的報告中指出，亞太地區的成長最為強勁，高達 19%。因此，我們將集中精力在那裡和歐洲。中東地區也正在快速發展。因此，我只想說，這是我們持續計算的一部分，隨著我們日復一日的發展，所有政治和地緣政治事件都處於最前線。顯然，隨著華盛頓特區新政府的成立，我們將會關注這個問題。

Just out of that, John, I think it's no surprise -- no secret that our customer base is a high -- it's high yield in nature and it has been for many, many years. And we've designed the business to deal with that, the credit quality of our customers by maintaining strong security packages, having incredible asset diversification. So our average customer hold is less than 1%. Our average country exposure is less than 2%. And I think it goes without saying our biggest credit mitigative itself is the aircraft that we have on our fleet, the youngest, most fuel efficient, most technologically advanced, highest in demand aircraft. Those are assets that tend to be the best in times of stress with our airline customers.

約翰，就這一點而言，我認為這並不奇怪——我們的客戶群很高——本質上是高收益的，而且這種情況已經持續了很多年。我們在設計業務時考慮到了這個問題，透過維護強大的安全方案和實現令人難以置信的資產多樣化來提高客戶的信用品質。因此我們的平均客戶持有量不到1％。我們的平均國家曝光率不到2％。我認為，不言而喻，我們最大的信貸減免本身就是我們機隊中的飛機，最年輕、最省油、技術最先進、需求量最大的飛機。當我們的航空客戶遇到壓力時，這些資產往往是最好的資產。

And right now, we're sitting in a pretty good position, but we're always watching that to John's point.

現在，我們處於非常有利的位置，但我們始終關注約翰的觀點。

Ronald Epstein, Bank of America.

美國銀行的羅納德‧愛潑斯坦 (Ronald Epstein)。

Hey. Good afternoon. Good evening, guys. A question. When would we expect to see the net interest margin reverse and start to rise?

嘿。午安.大家晚上好。一個問題。我們何時可以預期看到淨利差出現逆轉並開始上升？

Greg?

格雷格？

I mean, as I mentioned earlier, we haven't given guidance on long-term margins, but I think as our lease yields continue to improve, the Fed continues to ease. The big question is what happens with the yield curve, but I think we're moving in the right direction. So I think would like to see some expansion in the near term.

我的意思是，正如我之前提到的，我們還沒有給出長期利潤率的指導，但我認為隨著我們的租賃收益率不斷提高，聯準會將繼續放鬆政策。最大的問題是殖利率曲線會發生什麼，但我認為我們正朝著正確的方向前進。因此我認為短期內會看到一些擴張。

Okay. And then, I mean, just for Steve and John, what's your thoughts on the possibility of a third OEM? If there was a third OEM who could actually deliver airplanes right now and maybe that's just a pipe dream because everybody's held up by the supply chain, would you be supportive of that or no?

好的。然後，我的意思是，對於史蒂夫和約翰，您對第三家 OEM 的可能性有何看法？如果有第三家 OEM 廠商實際上可以立即交付飛機，而這可能只是一場白日夢，因為每個人都被供應鏈所困擾，您會支持嗎？

Steve?

史蒂夫？

In some respects, yes, Ron. I mean, we do have two number three OEMs right now. Neither one is on a scale or level where they're truly able to compete in terms of quantities and breadth of customers, Embraer and Comac. So we're going to watch that carefully. And to the extent, Ron, that Boeing is not in a position right now, from all appearances to launch in the near term a new family of aircraft to replace the 737, 757 size market.

從某些方面來說，是的，羅恩。我的意思是，我們現在確實有兩家排名第三的 OEM。就客戶數量和廣度而言，這兩家公司的規模和水準都無法與巴西航空工業公司和中國商飛公司相提並論。因此我們會仔細觀察。羅恩，從各方面來看，波音公司目前還沒有能力在短期內推出新的飛機系列來取代 737、757 尺寸的市場。

It could be tempting for someone to perhaps look at the feasibility of doing something that also has some technological leapfrogging of the A320neo family. But that is an extremely difficult, complicated, and capital intensive. And you know as well as I right now, the regulatory climate both in the US and Europe on new aircraft are extremely difficult and challenging. Even the A321neo XLR took a lot longer to certify.

對於某些人來說，他們可能會考慮做一些比 A320neo 系列更具技術跨越的事情的可行性。但這是一個極其困難、複雜且資金密集的事情。您和我都清楚，現在美國和歐洲對新飛機的監管環境都極為困難且具挑戰性。即使是 A321neo XLR 也需要更長的時間來認證。

Look at what's happened to the 737 MAX-7, which to me is probably the easiest derivative of the MAX-8. And Boeing has not been able to secure F8 certification. Not even talking about the MAX-10 or 777X.

看看 737 MAX-7 發生了什麼，對我來說，它可能是 MAX-8 最簡單的衍生產品。波音公司仍未能獲得F8認證。甚至沒有談論 MAX-10 或 777X。

So I think for a wealthy enterprise, like a Tesla, for example, to launch a new aircraft would be a very courageous and risky step. So what we look forward to is perhaps Embraer looking at ways to draw upon the fact that they've already built a worldwide product support airline, AOG support, Spirit support organization. And if they could leverage that through some kind of a partnership with another entity, they could certainly become a number three player.

因此我認為，對於像特斯拉這樣的富有的企業來說，推出新飛機將是非常勇敢和冒險的一步。因此，我們期待的是，巴西航空工業公司或許能夠利用他們已經建立的全球產品來支援航空公司、AOG 支援和精神航空支援組織這一事實。如果他們能夠透過與其他實體建立某種合作關係來利用這一點，他們肯定可以成為第三大參與者。

Comac, I'd say, will have to watch two things. What the geopolitical climate vis-a-vis China, the US, and Europe. Bear in mind that a big value portion of the 919 is US- and European-manufactured equipment, including the engines, and a lot of the avionics and landing gear and APU and so forth. So that's one to watch.

我想說，中國商飛必須注意兩件事。中國、美國和歐洲的地緣政治氣候如何。請記住，919 的很大一部分價值是美國和歐洲製造的設備，包括引擎、許多航空電子設備、起落架和 APU 等。這是值得關注的。

They certainly are committed to becoming a major player, but that's going to take a long time for them to build up a global airline support organization, logistical network. Look how long it took Airbus. Probably took Airbus 15 to 20 years to get to the scale that they needed to be at to compete with Douglas and Boeing at that time.

他們確實致力於成為主要參與者，但建立全球航空支援組織和物流網絡還需要很長時間。看看空中巴士花了多久時間。空中巴士可能需要 15 到 20 年的時間才能達到當時與道格拉斯和波音競爭所需的規模。

So it'd be nice to see a third player to keep everybody honest. But right now, I'd say the headwinds, Ron, are greater than the tailwinds to do that. I don't know how you feel, but that's kind of summarizes our impression.

因此，如果能看到第三位球員來保證大家的誠實，那就太好了。但是現在，我想說，榮恩，要做到這一點，阻力大於順風。我不知道您的感受如何，但這總結了我們的印象。

And there are no further questions at this time. Mr. Arnold, I'll turn the conference back over to you.

目前沒有其他問題。阿諾德先生，我將把會議交還給您。

Thanks, Audra. Thank you everyone for participating in our third-quarter call. We look forward to speaking to you again in February on our fourth-quarter call. Operator, please disconnect the line and thank you again for your assistance.

謝謝，奧德拉。感謝大家參加我們的第三季電話會議。我們期待在二月份第四季電話會議上再次與您交談。接線員，請掛斷電話，再次感謝您的幫忙。

You're welcome. And this concludes today's conference call. You may now disconnect.

不客氣。今天的電話會議到此結束。您現在可以斷開連線。