Air Lease Corp (AL) 2025 Q2 法說會逐字稿

Good afternoon. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Air Lease second quarter 2025 earnings conference call. (Operator Instructions) I will now turn the call over to Mr. Jason Arnold, Head of Investor Relations. Mr. Arnold, you may begin the conference.

午安.我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Air Lease 2025 年第二季財報電話會議。（操作員指示）現在我將把電話轉給投資者關係主管 Jason Arnold 先生。阿諾德先生，您可以開始會議了。

Thank you, Regina. Good afternoon, everyone, and welcome to Air Lease Corporation's second quarter 2025 earnings call. This is Jason Arnold. I'm joined today by John Plueger, our Chief Executive Officer and President; and Greg Willis, our Executive Vice President and Chief Financial Officer.

謝謝你，里賈娜。大家下午好，歡迎參加 Air Lease Corporation 2025 年第二季財報電話會議。這是傑森阿諾德。今天與我一同出席的還有我們的執行長兼總裁 John Plueger 和我們的執行副總裁兼財務長 Greg Willis。

Earlier today, we published our second quarter 2025 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, August 4, 2025, and the webcast will be available for replay on our website.

今天早些時候，我們公佈了 2025 年第二季的業績。我們的收益報告副本可在我們網站 www.airleasecorp.com 的「投資者」版塊查閱。本次電話會議將於今天（2025 年 8 月 4 日星期一）進行網路直播和錄製，屆時可在我們的網站上重播。

At this time, all participants to this call are in listen-only mode. 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, our aircraft sales pipeline and our future operations and performance.

此時，本次通話的所有參與者都處於只聽模式。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，都是《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 Securities and Exchange Commission 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，並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，我們可能會討論某些財務指標，例如調整後的稅前淨收入、調整後的稅前稀釋每股收益以及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 that we issued today.

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 指標的調整可以在我們今天發布的收益報告和 10-Q 中找到。

This release can be found in both the Investors and Press section of our website at airleasecorp.com. Similar to prior quarters, given ongoing litigation, we won't be able to take any questions about our Russia fleet insurance claims. Lastly, as a reminder, unauthorized recording of this conference call is not permitted. I'll now turn the call over to our Chief Executive Officer and President, John Plueger. John?

本新聞稿可在我們網站 airleasecorp.com 的「投資者」和「媒體」版塊查閱。與前幾季類似，鑑於訴訟仍在進行中，我們將無法解答任何有關俄羅斯機隊保險索賠的疑問。最後，提醒一下，未經授權不允許錄製本次電話會議。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？

Thanks, Jason. Good afternoon, everyone, and thank you for joining us today. In the second quarter, Air Lease generated revenues of $732 million and $3.33 in diluted earnings per share. Results benefited from our new aircraft deliveries, healthy gain on sales, increasing portfolio yield, end of lease revenue and another quarter of significant Russia fleet insurance proceeds.

謝謝，傑森。大家下午好，感謝大家今天的參與。第二季度，Air Lease 的營收為 7.32 億美元，每股攤薄收益為 3.33 美元。業績受益於我們的新飛機交付、健康的銷售成長、不斷增長的投資組合收益、租賃結束收入以及另一個季度的俄羅斯機隊保險收益。

Fleet net book value and book value per common share reached all-time record levels in our company's history as of the end of the quarter. Expanding on our Russian insurance recoveries, we recognized a net benefit from insurance settlements of $344 million during the second quarter and expect to recognize an additional $60 million net benefit in the third quarter. To date, I'm very pleased to say that we recovered or have signed agreements to recover 104% of our initial Russia fleet write-off.

截至本季末，車隊淨帳面價值和每股普通股帳面價值達到了公司歷史上的最高水準。在擴大俄羅斯保險賠償的基礎上，我們在第二季確認了 3.44 億美元的保險賠償淨收益，預計在第三季將確認額外的 6,000 萬美元淨收益。到目前為止，我很高興地說，我們已經收回或已簽署協議收回最初俄羅斯船隊註銷的 104%。

We purchased 12 new aircraft from our order book during the second quarter, adding approximately $890 million in flight equipment to our balance sheet and sold four aircraft for $126 million in sales proceeds. The weighted average of our fleet rose slightly quarter over quarter to 4.8 years, while weighted average lease term remained unchanged at 7.2 years.

我們在第二季度從訂單中購買了 12 架新飛機，為我們的資產負債表增加了約 8.9 億美元的飛行設備，並以 1.26 億美元的銷售收益出售了 4 架飛機。我們的機隊加權平均租賃期限較上季略有增加，達到 4.8 年，而加權平均租賃期限維持不變，為 7.2 年。

Fleet utilization remains 100%. As of midyear, we've delivered about $1.7 billion of aircraft out of our expected outlook for full year order book deliveries of roughly $3 billion to $3.5 billion. At this point in time, we believe we are likely to hit the upper end of our full year expected range. We are anticipating around $600 million of deliveries for the third quarter and will provide a fourth quarter '25 delivery outlook update for you on our next earnings call.

車隊利用率仍為100%。截至年中，我們已交付價值約 17 億美元的飛機，而我們預計全年訂單交付額約為 30 億至 35 億美元。目前，我們相信我們可能會達到全年預期範圍的上限。我們預計第三季的交付量約為 6 億美元，並將在下次收益電話會議上為您提供 25 年第四季的交付前景更新。

Moving on to aircraft sales. Our intent is to continue the pace of aircraft sales to maximize available capital. To that end, our sales pipeline is sizable at $1.4 billion, up relative to last quarter and all at an attractive gain on sale margins. We continue to expect around $1.5 billion of aircraft sales for 2025 in total and are projecting $300 million of sales for the third quarter, with the balance to close in fourth quarter of '25.

繼續討論飛機銷售。我們的目的是繼續加快飛機銷售步伐，以最大限度地提高可用資本。為此，我們的銷售管道規模達到 14 億美元，較上一季有所成長，且銷售利潤率也獲得了可觀的成長。我們繼續預計 2025 年飛機總銷售額將達到 15 億美元左右，並預計第三季的銷售額將達到 3 億美元，餘額將在 2025 年第四季完成。

This quarter's particular sales volume came in below our expectations due to the timing of anticipated closings falling outside the quarter. Our gain on sale margin for the quarter was high at approximately 16%, reflecting continued strong aircraft demand in the secondary market. Commercial aircraft demand remains robust, and our order book placement activity reflects the strength.

由於預計成交時間不在本季度，因此本季的具體銷售量低於我們的預期。本季我們的銷售利潤率高達約 16%，反映出二級市場對飛機的需求持續強勁。商用飛機需求依然強勁，我們的訂單安排活動反映了這種強勁勢頭。

Lease rates in turn remain strong as well. Aircraft supply constraints continue to persist, perpetuating the strength in lease rates and aircraft values and are expected to remain this way for several years into the future as we've highlighted many times in the past. Our order book is 100% placed through 2026 with only a modest number of placements remaining for 2027.

租賃率也維持強勁。飛機供應限制持續存在，使租賃率和飛機價值保持強勢，並且預計未來幾年仍將保持這種狀態，正如我們過去多次強調的那樣。我們的訂單已全部簽到 2026 年，2027 年僅剩少量訂單。

Lease extension activity also remains high with nearly all customers choosing to extend rather than let aircraft go to competitors or other airlines. And the lease rates we are garnering on these extensions are strong, higher than a year or even eight months ago, including recent widebody extensions of A330 and Boeing 777 aircraft in various regions. Looking at our order book, we did cancel our order for seven A350 freighter aircraft. We think the A350 freighter is a terrific freighter.

租賃延期活動也保持高位，幾乎所有客戶都選擇延期，而不是將飛機轉移給競爭對手或其他航空公司。我們在這些擴建項目上獲得的租賃率很高，高於一年前甚至八個月前，其中包括最近在各個地區擴建的 A330 和波音 777 飛機的寬體。查看我們的訂單，我們確實取消了七架 A350 貨機的訂單。我們認為 A350 貨機是一款出色的貨機。

But since we made that order in December of 2021, we simply decided to stick with new passenger airliners versus venturing into new freighters.

但自從我們在 2021 年 12 月下訂單以來，我們就決定堅持使用新的客機，而不是嘗試新的貨機。

Contractually, the majority of our A350 freighter aircraft were more than a year late. This cancellation frees up more than $1 billion in forward CapEx commitments, making that capital available for other alternatives. On that note, regarding capital deployment, let me just say that we are very disciplined buyers of aircraft. And as we have shared in prior quarters, we still do not view pricing of new aircraft orders to be attractive.

根據合同，我們的大多數 A350 貨機都晚交了一年多。此次取消將釋放超過 10 億美元的遠期資本支出承諾，使這些資金可用於其他替代方案。就資本配置而言，我只想說，我們是非常自律的飛機買家。正如我們在前幾季所分享的，我們仍然認為新飛機訂單的定價並不具有吸引力。

We are entirely focused on doing what's best for our shareholders, which includes both commitment to our long-term stock performance and maintaining a strong balance sheet. We're pleased with our Russia insurance recoveries and liquidity position including just now getting back to our leverage target.

我們完全專注於為股東謀取最大利益，包括致力於長期股票表現和保持強勁的資產負債表。我們對俄羅斯的保險回收和流動性狀況感到滿意，包括剛剛恢復到我們的槓桿目標。

With our enhanced financial flexibility, we are carefully considering opportunities to return capital to shareholders. It's important to note that despite tariffs, geopolitical and macroeconomic uncertainties, conversations with our customers remain positive with some continued note of caution towards geopolitical uncertainty.

隨著財務靈活性的增強，我們正在仔細考慮向股東返還資本的機會。值得注意的是，儘管存在關稅、地緣政治和宏觀經濟的不確定性，我們與客戶的對話仍然保持積極，同時對地緣政治的不確定性保持謹慎。

On a positive note for the backdrop of airline operations, further declines in fuel prices have been very supportive of airline profitability as a whole and US dollar weakness has been supportive of the profitability of international airline carriers in particular. On Friday, the Lufthansa Group reported a 27% rise in second quarter adjusted operating profit due to low oil prices, strong US demand, and robust performance of its cargo at MRO units.

從航空運營背景來看，積極的一面是，燃油價格的進一步下跌對整個航空公司的盈利能力非常有利，而美元的疲軟尤其對國際航空公司的盈利能力有利。週五，漢莎航空集團公佈，由於油價低迷、美國需求強勁以及 MRO 部門貨運表現強勁，其第二季調整後營業利潤成長 27%。

Similarly, last week, Air France KLM, our largest European customer group, reported an operating profit up 44% year on year due to strong yields and gains on its premium offering. Globally, passenger traffic continues to expand at a good pace overall of around 5% year to date according to the latest IATA data. Recent commentary from several US carriers reflect optimism that demand trends are reversing course to the positive in the second half of the year.

同樣，我們最大的歐洲客戶集團法國航空荷航集團上週報告稱，得益於強勁的收益率和優質產品的收益，其營業利潤同比增長了 44%。根據國際航空運輸協會的最新數據，今年迄今為止，全球客運量繼續以良好的速度成長，整體成長率約為 5%。幾家美國航空公司最近的評論反映出人們對下半年需求趨勢將轉向積極的樂觀態度。

As most of you know, about 90% of our airline customers are outside of North America. We were very pleased to see zero for zero tariffs on commercial aircraft and parts in the US EU tariff agreement announced last week.

眾所周知，我們約有 90% 的航空客戶位於北美以外。我們非常高興地看到上周宣布的美歐關稅協議中商用飛機及零件實施零關稅。

The impact of a major or protracted US-EU tariff battle on the overall aerospace industry and supply chain could have had significant impact on manufacturers, airlines and the broader macroeconomic environment as well and would be particularly tough on a sector that has already dealt with plenty of disruptions over the past four or five years.

美歐之間大規模或曠日持久的關稅戰對整個航空航天業和供應鏈的影響，可能對製造商、航空公司以及更廣泛的宏觀經濟環境產生重大影響，對於過去四五年來已經經歷過多次動蕩的行業來說，尤其嚴峻。

So very good news that a negative outcome has been successfully averted, particularly given the scale of the aerospace industry within these two markets. We believe a clear precedent has now been set globally for exemption of commercial aircraft from high magnitude tariffs. I will also remind you that as part of our lease agreements, tariffs are the responsibility of our customers and that our purchase agreements with the OEMs limit their ability to increase prices by escalation caps.

成功避免負面結果是一個非常好的消息，特別是考慮到這兩個市場的航空航太產業的規模。我們相信，全球已經為商用飛機免徵高額關稅樹立了明確的先例。我還要提醒您，作為我們租賃協議的一部分，關稅由我們的客戶負責，我們與 OEM 簽訂的購買協議透過升級上限限制了他們提高價格的能力。

In conclusion, we continue to see bright skies ahead for our business. Portfolio yields on our fleet are set to trend higher, primarily as a product of strong lease rates on new deliveries, strong extension rates and COVID restructuring maturities.

總而言之，我們繼續看到我們業務前景光明。我們的機隊投資組合收益率將呈上升趨勢，這主要得益於新交付飛機的強勁租賃率、強勁的續約率以及 COVID 重組到期。

We received significant insurance proceeds, as I've highlighted, and fixed rate market financing rates have continued trending lower as the yield curve continues to slowly normalize. These tailwinds are all poised to propel us forward for years to come. I'll now turn the call over to our CFO, Greg Willis, to offer more detail and color on our financial results. Greg?

正如我所強調的，我們獲得了大量保險收益，並且隨著殖利率曲線繼續緩慢正常化，固定利率市場融資利率持續走低。這些順風都將在未來幾年推動我們前進。現在，我將把電話轉給我們的財務長 Greg Willis，以提供有關我們財務表現的更多細節。格雷格？

Thank you, John, and good afternoon, everyone. During the second quarter, Air Lease generated total revenues of $732 million, up 9.7% over the prior period. This increase was driven by a 13.5% increase in our rental revenue, driven by the growth of our fleet, an increase in net lease revenue, and our portfolio yield.

謝謝你，約翰，大家下午好。第二季度，Air Lease 總營收為 7.32 億美元，較上一季成長 9.7%。這一成長得益於我們的租賃收入成長 13.5%，這得益於我們機隊的成長、淨租賃收入的增加以及我們的投資組合收益率。

As we have guided in the past, we continue to expect that our portfolio yield will remain on an upward trajectory due to the roll-off of COVID area leases, the seasoning of our existing fleet, and lease extensions despite the effects of selling aircraft at higher yields, which I'll address in more detail in a few minutes.

正如我們過去的指導一樣，儘管以更高的收益率出售飛機會產生影響，但我們仍然預計，由於 COVID 區域租約的減少、現有機隊的成熟以及租約的延長，我們的投資組合收益率將保持上升趨勢，我將在幾分鐘內更詳細地討論這個問題。

In prior periods, we included maintenance revenue in the rental revenue line item. However, going forward, we will now break out maintenance revenue as a separate line item on our income statement for increased clarity.

在先前的期間，我們將維護收入納入了租金收入項目中。然而，為了更加清晰起見，我們今後將把維護收入作為損益表中的單獨項目列出。

Maintenance revenue in the quarter was up $16 million, driven primarily by end of lease income received during the period. End of lease revenue is highly dependent upon the timing of returns. Given the current high demand environment that we are in, we do not expect to receive significant amounts of end of lease income in the remainder of 2025 as the vast majority of our leases are set to extend with the current operators.

本季度維護收入增加了 1,600 萬美元，主要原因是本期間收到的租賃期結束收入。租賃結束時的收入在很大程度上取決於回報的時間。鑑於我們目前所處的高需求環境，我們預計在 2025 年剩餘時間內不會收到大量的租賃期滿收入，因為我們的絕大多數租約都將與現有營運商續約。

As a reminder, extending leases at market rates further enhances the value of our aircraft and we typically capture the value of end of lease income in the ultimate disposition of the aircraft. Sales proceeds for the quarter totaled $126 million from the sale of four aircraft. This compares to the prior period where we sold 11 aircraft totaling $530 million in proceeds.

提醒一下，以市場價格延長租約進一步提高了我們飛機的價值，並且我們通常會在飛機的最終處置中獲取租約結束時的收入價值。本季透過出售四架飛機共獲得 1.26 億美元的銷售收益。相較之下，上一時期我們共售出 11 架飛機，總收益為 5.3 億美元。

Aircraft sales volumes were down this quarter due to the timing of aircraft sales as we have said in the past, it is difficult to forecast when aircraft sales will ultimately close due to a host of airline customer, legal and jurisdictional matters. However, these sales generated approximately $17 million in gains representing roughly a 16% gain on sale margin, which is at the top end of our performance in recent history. Beyond gains on sales, we also been from an increase in our management fees and other income.

本季飛機銷售量下降是由於飛機銷售時機的問題，正如我們過去所說，由於一系列航空公司客戶、法律和司法問題，很難預測飛機銷售何時最終結束。然而，這些銷售產生了約 1,700 萬美元的收益，相當於銷售利潤率約 16% 的成長，這是我們近期歷史上的最高業績。除了銷售收益外，我們的管理費和其他收入也增加了。

Turning to our aircraft sales pipeline. It currently sits at $1.4 billion with healthy gain on sales margins above our historical average of 8% to 10%. It's also worth noting that the aircraft in our pipeline are carrying asset yields that are significantly lower than where they existed in prior years.

轉向我們的飛機銷售管道。目前銷售額為 14 億美元，銷售利潤率健康成長，高於我們 8% 至 10% 的歷史平均值。還值得注意的是，我們計劃中的飛機的資產收益率明顯低於前幾年的水平。

Therefore, this should help dampen the impact of aircraft sales on our portfolio yield trajectory. This is driven by several factors, including our bases in the aircraft, which directly benefits from our disciplined approach to aircraft investment, the types of aircraft in our fleet, and an improvement in underlying credit quality of our customers as well as improvements in the interest rate environment for our buyers.

因此，這應該有助於減輕飛機銷售對我們的投資組合收益率軌跡的影響。這是由多種因素推動的，包括我們在飛機方面的基礎，這直接受益於我們對飛機投資的嚴謹態度、我們機隊中的飛機類型、我們客戶基礎信用質量的提高以及我們買家利率環境的改善。

Moving on to expenses. Interest expense rose by approximately $19 million year over year, driven by a 29 basis point year-over-year increase in our composite cost of funds to 4.28% at quarter end. However, relative to the end of the first quarter, our composite cost of funds rose only 2 basis points.

繼續討論費用。利息支出年增約 1,900 萬美元，原因是本季末綜合資金成本較去年同期增加 29 個基點至 4.28%。不過，相較於第一季末，我們的綜合資金成本僅上漲了2個基點。

Higher financing costs and debt balances were the primary contributors to the year-over-year increase in interest expense. At the end of the second quarter, roughly 77% of our borrowings were at fixed rates versus floating inside our 80% target.

融資成本和債務餘額增加是利息支出較去年同期成長的主要原因。截至第二季末，我們約有 77% 的借款為固定利率，而浮動利率則在我們的 80% 目標範圍內。

We continue to benefit from our largely fixed rate financing structure, which has meaningfully moderated the impact of an elevated interest rate environment at the front end of the curve. Depreciation expense continues to track the growth of our fleet.

我們繼續受益於我們基本上固定利率的融資結構，這有效地緩和了曲線前端高利率環境的影響。折舊費用繼續追蹤我們船隊的增長。

Turning to SG&A and stock comp, we recognize the majority of the nonrecurring expenses related to Steve Házy's retirement in the first quarter, resulting in meaningfully lower SG&A and stock comp expenses this quarter.

談到銷售、一般及行政費用和股票補償，我們確認了與第一季 Steve Házy 退休相關的大部分非經常性費用，導致本季銷售、一般及行政費用和股票補償費用大幅下降。

I do want to point out that this quarter as we previously mentioned, we have an additional $2.2 million in stock-based compensation expense related to Steve Házy's retirement, which is the last of these retirement-related expenses.

我確實想指出，正如我們之前提到的，本季度我們還有額外的 220 萬美元股票薪酬費用，與史蒂夫·哈齊的退休有關，這是最後一筆與退休相關的費用。

SG&A as a percentage of revenue was flat as compared to the first quarter, excluding the nonrecurring retirement expenses and was flat as compared to the prior year's quarter at around 6.8% of revenue. We expect this number to trend lower over time as the fleet continues to expand and legal expenses related to our Russia fleet litigation wind down.

銷售、一般及行政費用佔收入的百分比與第一季相比持平（不包括非經常性退休費用），與去年同期相比持平，約為收入的 6.8%。我們預計，隨著船隊規模不斷擴大以及與俄羅斯船隊訴訟相關的法律費用減少，這一數字將隨著時間的推移而下降。

As John noted earlier, we recognized a net benefit of $344 million in Russia fleet insurance settlements and total representing approximately $2.43 per share in the quarter, which, in addition to the operating results, both boosted our book value per share to $65.53 per share. Combined with legal settlements executed in the third quarter, our recovery of our initial Russia fleet write-off stands at approximately 104%.

正如約翰之前指出的那樣，我們確認了俄羅斯船隊保險結算的淨收益 3.44 億美元，總計約佔本季度每股 2.43 美元，加上經營業績，這兩點都將我們的每股賬面價值提升至每股 65.53 美元。加上第三季執行的法律和解，我們對俄羅斯船隊初始註銷的回收率約為 104%。

Moving on to our financing activities. As we highlighted last quarter, we believe that we are largely able to self-fund our order book with expected operating cash flow and sales activity.

繼續我們的融資活動。正如我們上個季度所強調的那樣，我們相信，透過預期的營運現金流和銷售活動，我們基本上能夠自行籌措訂單資金。

Therefore, the primary financing needs remain -- are related to the refinancing of our existing debt. While the front end of the curve remains elevated, we have seen market financing rates improve measurably on term debt issuances within our typical targeted maturity range. We remain opportunistic in our approach to refinancing needs, so we will continue to monitor the capital markets for attractive entry points.

因此，主要的融資需求仍與我們現有債務的再融資有關。雖然曲線前端仍然處於高位，但我們已經看到在我們典型的目標期限範圍內定期債務發行的市場融資利率明顯改善。我們在滿足再融資需求方面仍採取機會主義態度，因此我們將繼續監控資本市場以尋找有吸引力的切入點。

We also remain well-positioned for further normalization of the yield curve. We believe our patents have served us well. Our debt-to-equity ratio declined to just below 2.5 times target following the recognition of additional insurance settlements and our operating results this quarter. We anticipate having more financial and capital flexibility over the next several years. The cancellation of our A350 freighter order further reduces our capital needs for financing new aircraft deliveries in future periods.

我們也仍處於有利地位，可以進一步實現殖利率曲線的正常化。我們相信我們的專利為我們提供了良好的服務。在確認額外的保險賠償和本季的經營業績後，我們的負債權益比率下降至略低於目標的 2.5 倍。我們預計未來幾年將擁有更大的財務和資本彈性。取消 A350 貨機訂單進一步減少了我們未來為新飛機交付提供融資的資金需求。

As always, our strong liquidity position of $7.9 billion, $31 billion of unencumbered assets, and $29 billion of contracted rentals continue to remain key pillars of financial strength for our business. To wrap up, we are very excited about the tailwinds we foresee for our business at present, which we see as propelling us forward with EPS growth and rising profit margins and ROE ahead. With that, I'll turn the call back over to Jason for the question-and-answer section of the call.

像往常一樣，我們強大的流動性狀況（79 億美元、310 億美元的無抵押資產和 290 億美元的合約租金）繼續成為我們業務財務實力的關鍵支柱。總而言之，我們對目前預見的業務順風感到非常興奮，我們認為這將推動我們向前發展，實現每股收益成長、利潤率和淨資產收益率上升。說完這些，我會把電話轉回給傑森，讓他進行電話問答環節。

Thanks, Greg. This concludes our prepared commentary and remarks. For the question-and-answer session, we ask each participant to 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。我們準備好的評論和意見到此結束。對於問答環節，我們要求每位參與者將時間限制在一個問題和一個後續問題上。接線員，請打開線路進行問答。

(Operator Instructions)

（操作員指示）

Terry Ma, Barclays.

巴克萊銀行的馬特里 (Terry Ma)。

I just wanted to start out with lease expirations and maturities. You guys have quantified about $5 billion of lower-yielding leases that are expected to expire in the next two years, and that should help kind of contribute to a 150 to 200 basis point improvement in yield. So I was just hoping maybe for mark-to-market on where you are in that process, how much of that $5 billion has kind of been extended or renewed? And kind of what the trajectory for lease yield is kind of going forward from here?

我只是想從租約到期和到期日開始。你們已經量化了預計未來兩年內到期的約 50 億美元低收益租約，這應該有助於提高收益率 150 至 200 個基點。所以我只是希望，也許根據你所處的流程，以市價計算，這 50 億美元中有多少已經延長或續約？那麼租賃殖利率的未來走勢如何？

Sure, Terry. I'll take it. Right now, we're tracking exactly along the same path that we have set forth back in Q1 when we put forward those numbers. I don't have an updated number of what percentage of the $5 billion roll off where we are currently.

當然，特里。我要買它。目前，我們正沿著第一季提出這些數字時所設定的相同路徑前進。我還沒有掌握目前我們已完成的 50 億美元減支比例的最新數字。

But I will say that our guidance of 150 to 200 basis point improvement is still valid. In fact, actually, with the change in dynamic of our sales pipeline coming in with lower yield on those assets is actually helping. We're going to hold off any further on updating guidance and further yield improvements at the current time.

但我要說的是，我們提出的 150 至 200 個基點的改善指導仍然有效。事實上，隨著我們的銷售管道動態的變化，這些資產的收益率降低實際上是有幫助的。目前，我們將暫時停止更新指導意見和進一步提高產量。

Got it. Okay. And then maybe just on capital allocation. You guys are now within your leverage target, you expect some additional recoveries in the third quarter, and you also mentioned the additional $1 billion capital kind of freed up from the trader cancellation. Maybe just kind of talk about how you evaluate the relative attractiveness of kind of buybacks to your other kind of opportunities.

知道了。好的。然後也許只是關於資本配置。你們現在已經達到了槓桿目標，預計第三季還會有一些額外的復甦，而且你們還提到了從交易員取消中釋放的額外 10 億美元資本。也許只是談談您如何評估回購相對於其他機會的相對吸引力。

This is John. I'll take that. Yeah, look, buybacks are a very attractive looking form of capital allocation, as I mentioned in the past, our point about just reaching our debt-to-equity ratio is simply that we are building a very, very strong balance sheet with excess capital such that any capital moves or capital deployment we may make will be meaningful. At the same time, give us the ability to retain a very strong balance sheet with no threat at all to our rating -- our investment-grade ratings.

這是約翰。我會接受的。是的，回購是一種非常有吸引力的資本配置形式，正如我過去提到的，我們達到債務權益比率的目的很簡單，就是我們正在建立一個非常強大的資產負債表，擁有過剩的資本，這樣我們進行的任何資本變動或資本部署都將是有意義的。同時，讓我們能夠維持非常強勁的資產負債表，而不會對我們的評級——我們的投資等級——構成任何威脅。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

So one of your peers recently was just noting that with deliveries picking up, airlines capital requirements would be too and they expected there could be more deals that met their return threshold via sale-leaseback channel. I guess, what's your view on that? And how does that figure into the capital allocation strategy? It sounds like shareholder returns are still pretty high on the list, but just we kind of love like the punch list for what looks the most attractive to you guys now and thoughts on if there's more capital to deploy sell-lease back.

因此，您的一位同行最近指出，隨著交付量的增加，航空公司的資本要求也會增加，他們預計可能會有更多交易透過售後回租管道達到其回報門檻。我想，您對此有何看法？這對資本配置策略有何影響？聽起來股東回報在名單上仍然很高，但我們只是喜歡這份對你們來說最有吸引力的清單，以及是否有更多資本來部署售後回租的想法。

Sure. Look, the evolving landscape with customers, and their perspective of own order books are always there, and we always do consider that. However, as I mentioned in my remarks, continued strengthening of our available capital with a view towards our shareholders is equally, if not more so attractive at this time. And so we continue to build capital on that basis.

當然。你看，客戶不斷變化的情況以及他們對自己訂單的看法始終存在，我們始終會考慮到這一點。然而，正如我在演講中提到的那樣，繼續加強我們的可用資本以服務我們的股東，這在目前也同樣具有吸引力，甚至更具吸引力。因此，我們將繼續在此基礎上累積資本。

That makes sense. And then maybe just on Russia, I know you're limited on what you can say. But I guess with the $60 million settlement, is there more or less? Like are you expecting you still need to go to court this fall? Or like, I guess, just trying to get a sense of like what's still outstanding .

這很有道理。然後也許只是關於俄羅斯，我知道你能說的有限。但我猜，6000 萬美元的和解金是多還是少呢？例如，您是否預計今年秋天仍需要出庭？或者，我猜，只是想了解還有什麼事情還沒完成。

John again. Listen, I think we've indicated $60 million for the third quarter, but we are still in litigation in London. And I'm just simply not able to comment further.

又是約翰。聽著，我想我們已經確定第三季的金額為 6000 萬美元，但我們仍在倫敦進行訴訟。我只是無法進一步發表評論。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

And I guess we'll go three talking a little bit about capital. Maybe just to frame the question slightly differently. Your returns are improving, and they're expected to improve. It sounds like they Greg, they could be improving a little faster even if the yield kind of steps up at a faster pace. Can you relate for us how you would think about like how much of the capital or like how much excess capital you could be generating and how to think about that in the context of kind of improving returns.

我想我們會繼續討論一下資本問題。也許只是以稍微不同的方式來提出問題。您的回報正在提高，並且預計還會提高。聽起來，格雷格，即使收益率以更快的速度上升，他們的進步可能會更快一些。您能否告訴我們，您如何考慮可以產生多少資本或多少過剩資本，以及如何在提高回報的背景下考慮這一點。

Yeah. I don't think we can -- we're not prepared to give a number of how much excess capital we have over the next several years. I mean very clearly, a lot of it is dependent upon our sales activities, which currently are very strong. I think you're going to want to see us continue to execute on our sales pipeline as well as source new additional sales around those levels to create more capital. But as a reminder, we just got back down to our debt-to-equity target.

是的。我認為我們不能——我們還沒有準備好透露未來幾年我們有多少過剩資本。我的意思很明顯，這很大程度上取決於我們的銷售活動，而目前的銷售活動非常強勁。我想你會希望看到我們繼續執行我們的銷售管道，並在這些水平上尋找新的額外銷售來創造更多的資本。但提醒一下，我們剛剛回到了債務權益比目標。

And I think it just takes a little bit of time to build the capital to be in a position to evaluate what to do with that excess capital that everybody is foreseeing is having.

我認為只需要一點時間來累積資本，以便評估如何處理每個人都預見的過剩資本。

Well, let me just reiterate one of my comments in that, one of the most important considerations when you're asking sort of directly about size, is that whatever we do in capital deployment, it's meaningful, whether it to shareholders or anything else.

好吧，讓我重申我的一個評論，當你直接詢問規模時，最重要的考慮因素之一是，無論我們在資本配置方面做什麼，它都是有意義的，無論是對股東還是其他任何事情。

And at the same time, to be able to, as I said, retain a very strong balance sheet and a review of our bondholders and the rating agencies. So just we're trying to exercise our best judgment, but anything we do is going to be meaningful.

同時，正如我所說，我們能夠維持非常強勁的資產負債表，並獲得債券持有人和評級機構的評估。因此，我們只是盡力做出最佳判斷，但我們所做的任何事情都將是有意義的。

I certainly appreciate that. Maybe to kind of follow up on the comments about aircraft sales. The sales this quarter were lighter, but you've got an expectation of that picking up. You did cancel some orders as well. And so like maybe just if you sort of -- could you outline for us how you're thinking about how much of the fleet you will put up for sale.

我當然很感激。也許是為了跟進有關飛機銷售的評論。本季的銷售額較低，但預計會回升。您確實也取消了一些訂單。所以也許您能為我們概述一下您考慮出售多少艦隊嗎？

Obviously, we know what your plans are for the back half of this year. But as you think about it in 2026, is there a way to kind of dimension that for us.

顯然，我們知道您今年下半年的計劃是什麼。但當你想到 2026 年時，我們是否有辦法實現這一目標。

Yeah. I mean we're targeting $1.5 billion this year, and I think we're targeting about the same level for the next several years, which should create additional capital. And I will point out the A350 freighter cancellation mainly impacted '27 and '28 in terms of CapEx needs. So I think those all are coming together, and we'll continue to execute and update you on where we are from an access capital perspective.

是的。我的意思是，我們今年的目標是 15 億美元，而且我認為我們未來幾年的目標大致相同，這應該會創造額外的資本。我要指出的是，A350 貨機的取消主要影響了 27 年和 28 年的資本支出需求。所以我認為所有這些都將結合在一起，我們將繼續執行並從資本獲取的角度向您通報我們的現狀。

In other words, just keeping the same pace, Moshe, where we've been. We're very comfortable with that. We think we can execute it from a sales perspective. And the bottom line, it just maximizes our opportunities. So we don't see accelerating sales beyond that. Circumstances could change, but I certainly don't see it. But at the same time, we love the building of capital from that level of sales. So just expect that to continue.

換句話說，Moshe，我們只要保持同樣的步伐就行了。我們對此感到非常滿意。我們認為我們可以從銷售角度來執行它。最重要的是，它最大限度地增加了我們的機會。因此，我們預期銷售額不會再加速成長。情況可能會改變，但我肯定沒有看到它。但同時，我們也喜歡從這種銷售水準來累積資本。所以，只能期待這種情況會持續下去。

Hillary Cacanando, Deutsche Bank.

希拉蕊·卡卡南多，德意志銀行。

So you mentioned that you're not expecting much end of this revenue this year due to higher expansion rates. So in terms of model next year, are you expecting under lease revenues to kind of go down again next year due to higher extension rate? Or do you expect it to like reverse next year or after like how you're thinking about that?

所以您提到由於擴張率較高，您預計今年的收入不會有太大成長。那麼就明年的模型而言，您是否預期由於續約率較高，明年租賃收入會再次下降？或者您預計明年或之後會出現逆轉，就像您想像的那樣？

I think you probably should expect the sort of the same levels that you saw in '25 is in '26, assuming the environment still remains strong. I think that's probably a fair number and not every single lease will extend because maybe we don't want to extend with the underlying carrier. In that case, we take the airplane back and take end of lease income. So I think it's a bit of a balance, but I think probably what we've done this year is probably fair for next year.

我認為，假設環境仍然強勁，那麼 2026 年的水準可能與 2025 年的水準相同。我認為這可能是個公平的數字，並不是每個租約都會延長，因為也許我們不想與基礎承運人延長租約。在這種情況下，我們收回飛機並獲得租賃期結束時的收入。所以我認為這有點平衡，但我認為我們今年所做的可能對明年來說是公平的。

Probably a similar level. Okay. And then I think last quarter, you mentioned that obviously, you mentioned it again that the rates on the extension were higher than the original rate. And then last quarter, you actually said there were some as much as 50% higher than the original rate, are you still seeing like high extension rates like that? Are you still seeing that level? And then in terms of like the silent, are they five or six years? Or are they much shorter.

大概是類似的水平。好的。然後我想上個季度，您明顯提到，您再次提到延期利率高於原始利率。然後上個季度，您實際上說有些延期利率比原始利率高出 50％，您是否仍然看到像這樣的高延期利率？您還看到那個水平嗎？那麼就無聲電影而言，有五年還是六年了？或者它們更短。

The extension rates that we're doing, again, this quarter were higher than what the previously carried. So we're still feeling very good about that, and that's why we're still feeling very good about our overall portfolio yield trajectory. The market remains really robust, especially as we take out a lot of these COVID era leases.

我們本季的延期率再次高於先前的延期率。因此，我們對此仍然感覺非常良好，這就是為什麼我們對我們的整體投資組合收益率軌跡仍然感覺非常良好。市場仍然保持強勁，尤其是在我們簽訂了大量 COVID 時代的租約之後。

And are they long in terms -- are they like five or six years in length or --

它們的長度是五、六年嗎？--

Your standard extensions from four to six years, sometimes longer, sometimes shorter, but on average, they're in that area.

您的標準延期時間為四至六年，有時更長，有時更短，但平均而言，都是在這個範圍內。

Just what is good to see is that the wide-body extensions are pointing a little further to longer extensions in the four to five area range. That's pretty much a slam dunk for single vial, but the widebodies are now at that longer extended term length as well.

值得高興的是，寬體延伸指向四到五個區域範圍內的更長延伸。對於單瓶裝飛機來說，這幾乎是輕而易舉的事，但現在寬體飛機的使用壽命也更長了。

Jamie Baker, JPMorgan.

摩根大通的傑米貝克。

So just one question from us. And I guess it sort of builds on Catie's question, you referenced the AerCap call. the topic of sale leasebacks came up. And obviously, there haven't been a ton of transactions in that space as of late and what recent deals have gotten done. It sounds like the economics are skewed more in favor of the airlines rather than the sponsoring lessors.

我們只想問一個問題。我想這在某種程度上是基於 Catie 的問題，您提到了 AerCap 電話會議，其中談到了售後回租的話題。顯然，最近該領域的交易並不多，而且最近達成的交易也不多。聽起來，經濟效益更有利於航空公司，而不是贊助租賃商。

So basically, AerCap's view is that as OEM production rates increase, it could actually improve to strengthen economics. So that's the basis of our question. As production rates begin to rise, I guess how do you try to angulate the impact that, that will have on the sale-leaseback market, the extension of current leases, and your order book dynamics at Air Lease?

因此，AerCap 的觀點基本上是，隨著 OEM 生產率的提高，它實際上可以改善並增強經濟效益。這就是我們問題的基礎。隨著生產力開始上升，我想您如何嘗試衡量其對售後回租市場、現有租約的延長以及 Air Lease 的訂單動態的影響？

Well, I think the most important fundamental, Jamie, to consider is that even with production rate increases, even with those increases, which have not all been achieved by any assortment, there is still a shortfall in supply for the next three to four years. And that assumes those production rate increases.

嗯，傑米，我認為需要考慮的最重要的基本因素是，即使生產力提高了，即使這些成長並不是透過任何產品組合實現的，但未來三到四年仍然會出現供應短缺。並且這假設生產率會增加。

So we do fully expect those production rate increases to go into effect as to how it will impact the sale-leaseback market remains a little unclear, but our litmus test really is very fundamental and hasn't changed. We know what we pay for aircraft. We know what we get for leases. We're happy to take a look at any sale-leaseback opportunities. But I don't think, at least sitting here today, it's hard to see that there's going to be a material shift in that marketplace versus the order book marketplace.

因此，我們確實完全預計這些生產率的提高將會生效，至於它將如何影響售後回租市場仍然有點不清楚，但我們的試金石確實非常基本並且沒有改變。我們知道我們為飛機支付了多少錢。我們知道租賃能帶來什麼。我們很樂意考慮任何售後回租機會。但我不認為，至少今天坐在這裡，很難看出該市場與訂單市場相比會發生實質轉變。

I think that sale lease side marketplace will still tend to be overly competitive and we'll probably still return to lower lease. Having said that, we are completely open on that aspect as well. If we find a unique opportunity with an airline perhaps to do a sale leaseback on a certain percentage of its orders in connection with placing our orders. We're very happy to do that.

我認為銷售租賃市場仍將趨於過度競爭，我們可能仍會回到較低的租賃水準。話雖如此，我們對此也完全持開放態度。如果我們發現與某家航空公司合作的獨特機會，也許我們可以在下訂單時，對該航空公司一定比例的訂單進行售後回租。我們非常樂意這麼做。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

Maybe just a quick one and then a quick follow-up. Are you starting to see reasonable production stability out of the OE.

也許只是一個快速的，然後是一個快速的跟進。您是否開始看到 OE 的合理生產穩定性。

Ron this is John. Well, I would say, yes, in the following sense. November of '24, we got our last delivery projection outlook from Boeing. I must say that they have lived up to that and the quality has been good and high. Now clearly, they've not stepped to 42.

羅恩，這是約翰。嗯，我想說是的，從以下意義上來說。24 年 11 月，我們從波音公司獲得了最後的交付預測。我必須說，他們確實做到了這一點，而且品質很高。現在很明顯，他們還沒有邁入 42 強。

I think that they had projected that for the end of the year. I think they will do so on that time frame if they are ready. But I also think that if they are not ready, they will not. Airbus, there has been no further slippage since February, March where we were notified quite much to our surprise of another year's delivery in most of our single aisles going on in '26 and '27.

我認為他們已經預測到今年年底就會實現這一目標。我認為，如果他們準備好了，他們會在那個時間範圍內這樣做。但我也認為，如果他們還沒準備好，他們就不會這麼做。空中巴士方面，自 2 月和 3 月以來，沒有再出現任何延誤，令我們驚訝的是，當時我們接到通知，稱我們的大多數單通道飛機將在 2026 年和 2027 年繼續交付。

There has been no change there either. But I would just remind you that Airbus today at a single while production rate is at a much higher rate than Boeing. So just by that, I would say that there perhaps is still a bit more risk in the Airbus production rate. I could be wrong. This is just -- I'm just giving you my gut feel here. So that's the best way I can answer it.

那裡也沒有任何變化。但我只想提醒你，今天空中巴士的單機生產率比波音高很多。因此，我認為空中巴士的生產力可能仍存在一些風險。我可能是錯的。這只是——我只是在這裡告訴你我的直覺。這是我能給的最好回答方式。

Got it. And then maybe if we just sort of focus a little bit more on the quarter. And when we think about kind of the recovery here, understanding that the COVID contracts pressure deals, and they last for a while. But I think you guys guided forward yields to trend higher over the course of the year, and it does seem like you backtrack a little bit in the quarter. And is that just because some aircraft with some higher yields on them more sold or how should we think about that?

知道了。然後也許我們只是稍微關註一下本季。當我們思考這裡的復甦時，我們會明白，新冠疫情給交易帶來了壓力，而且這種壓力會持續一段時間。但我認為你們引導遠期殖利率全年呈現上升趨勢，但在本季似乎出現了小幅回落。這是否只是因為一些收益更高的飛機賣得更多，或者我們應該如何看待這一點？

Ron, I think actually yields increased during the quarter. That's the numbers we're seeing, and we're happy to share with you the details. But if you look at it on an average asset basis, they actually increased this quarter, and we expect them to continue to track upward over the next several quarters.

羅恩，我認為本季的收益率實際上有所增加。這就是我們看到的數字，我們很高興與您分享詳細資訊。但如果從平均資產的角度來看，本季度它們實際上有所增加，我們預計未來幾季它們將繼續呈上升趨勢。

Catherine O'Brien, Goldman Sachs.

高盛的凱瑟琳·奧布萊恩。

I just wondering, so can you just give us an update on demand from airline customers? Obviously, the extension rate in some of the commentary you made for some of the strong results of European carriers in the prepared remarks. It sounds like it's business as usual. Was there basically no impact around the tariffs outside of maybe the US that you've seen over the last couple of months?

我只是想知道，您能否根據航空公司客戶的需求向我們提供最新消息？顯然，您在準備好的評論中針對一些歐洲航空公司的強勁業績發表了一些評論，其中的延伸率有所提高。聽起來一切如常。過去幾個月來，您是否發現美國以外的地區基本上沒有受到關稅的影響？

I just guess, I'd love to hear like how conversations about growth and taking new deliveries and demand for orders are sounding with the airline versus where they were in January and April if there was a difference between January and April and now.

我只是猜測，如果一月和四月與現在有區別的話，我很想听聽關於增長、接收新交付和訂單需求的談話與一月和四月相比如何。

Well, very clearly, I can say that as to the passenger commercial aircraft, there's really no change at all in the positive momentum that we're seeing and aircraft demand overall. In fact, it's the same or perhaps even a little greater in certain aircraft types, such as the A321neo. Where I do think there has been an impact though from tariffs has been in the cargo markets. I think the freighter markets have had a little bit more fluctuation in this era that we're in the last several months in the tariff era, as I would call it.

嗯，非常清楚的是，我可以說，就商用客機而言，我們看到的積極勢頭和整體飛機需求實際上沒有任何變化。事實上，在某些飛機類型中，例如 A321neo，它是相同甚至可能更大。我確實認為關稅確實對貨運市場產生了影響。我認為，在最近幾個月我們進入關稅時代後，貨輪市場波動會更大一些，我是這麼認為的。

And that kind of remains to be seen. And for example, that was one of the things that we thought about referencing our A350 freighter order. So I would say, again, there has been a little bit of tempering, but primarily, it's been on the cargo side. Not that we are a huge provider of cargo aircraft that need to be very clear. But our sense is there has been a little bit of caution on the cargo markets, but really not the passenger aircraft demand.

而這還有待觀察。例如，這是我們參考 A350 貨機訂單時會考慮的事情之一。所以我想說，再次，出現了一些緩和，但主要是在貨物方面。並不是說我們是大型貨機供應商，這一點需要非常清楚。但我們的感覺是，貨運市場有點謹慎，但客機需求卻並非如此。

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

目前沒有其他問題。阿諾德先生，我把電話轉回給您。

Thank you all for participating in our second quarter call. We look forward to speaking to you again next quarter. Regina, thank you very much for your help and please disconnect the line.

感謝大家參加我們的第二季電話會議。我們期待下個季度再次與您交談。里賈納，非常感謝您的幫助，請斷開線路。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。