AerSale Corp (ASLE) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the AerSale Corp Third Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, (Operator Instructions)

下午好，歡迎參加 AerSale 公司 2025 年第三季財報電話會議。所有參與者將處於唯讀模式。如果您需要協助，（操作說明）

Please note this event is being recorded. I would now like to turn the conference over to Christine Padron, Vice President of the Compliance. Please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給合規副總裁克莉絲汀‧帕德隆。請繼續。

Good afternoon. I'd like to welcome everyone to AerSale's Third Quarter 2025 Earnings Call. Conducting the call today are Nick Finazzo, Chief Executive Officer, and Martin Garmendia, Chief Financial Officer.

午安.歡迎各位參加 AerSale 2025 年第三季財報電話會議。今天主持電話會議的是執行長尼克·菲納佐和財務長馬丁·加門迪亞。

Before we discuss this quarter's results, we want to remind you all the statements made on this call that do not relate to matters of historical fact should be considered for looking statements within the meaning of the Federal securities laws, including statements regarding our current expectations for the business and our financial performance.

在討論本季業績之前，我們想提醒各位，本次電話會議上所有與歷史事實無關的陳述均應被視為聯邦證券法意義上的展望性陳述，包括關於我們目前對業務和財務業績的預期的陳述。

These statements are neither promises nor guaranteed, but involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results.

這些聲明既不承諾也不保證，而是涉及已知和未知的風險、不確定性以及其他重要因素，這些因素可能導致我們的實際結果、績效或成就與任何未來結果有重大差異。

Important factors that could cause actual results to differ materially from forward-looking statements are discussed in the risk factors section of the company's annual report on Form 10k for the year ended December 31st, 2024, filed with the Securities and Exchange Commission SEC on March 11, 2025, and its other filings with the SEC.

可能導致實際結果與前瞻性陳述有重大差異的重要因素，已在公司截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告的風險因素部分中進行了討論，該報告已於 2025 年 3 月 11 日提交給美國證券交易委員會 (SEC)，以及公司向 SEC 提交的其他文件中進行了討論。

These findings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those indicated by the forward-looking statements on this call.

這些發現識別並解決了其他一些重要的風險和不確定性，這些風險和不確定性可能導致實際事件和結果與本次電話會議中前瞻性陳述所指出的情況有重大差異。

We will also refer to non-GAAP measures that we view as important in assessing the performance of our business.

我們也會參考一些我們認為對評估公司績效很重要的非GAAP指標。

A reconciliation of those non-GAAP metrics, the nearest GAAP metric, can be found in the earnings presentation materials made available on the investors section of the AerSale's website at ir.aersale.com.

投資者可以在 AerSale 網站 ir.aersale.com 的投資者關係部分提供的收益演示資料中找到這些非 GAAP 指標與最接近的 GAAP 指標的調整表。

With that, I'll turn the call over to Nick Finazzo.

接下來，我將把電話交給尼克·菲納佐。

Thank you, Christine. Good afternoon and thank you for joining our call today.

謝謝你，克里斯汀。下午好，感謝各位今天參加我們的電話會議。

I'll begin with a brief overview of the quarter, then provide operational updates before turning the call over to Martin to review the numbers in greater detail.

我將首先簡要概述本季度情況，然後提供運營方面的最新信息，之後將電話交給馬丁，讓他更詳細地分析這些數據。

We reported revenue of $71.2 million for the third quarter compared to $82.7 million in the prior year period.

第三季營收為 7,120 萬美元，去年同期為 8,270 萬美元。

The year over year decline was entirely driven by the absence of engine or aircraft sales in the quarter compared to five engine sales in the prior year period.

與去年同期相比，本季發動機和飛機銷量為零，完全是由於本季沒有發動機或飛機銷售，而去年同期則售出了5台發動機。

Excluding whole asset sales, which tend to be lumpy quarter to quarter, the balance of our business grew 18.5% to $71.2 million, driven by a strong inventory position supporting our USM business and higher leasing revenue.

在剔除季度間波動較大的整體資產銷售後，我們業務的其他部分成長了 18.5%，達到 7,120 萬美元，這得益於我們 USM 業務強勁的庫存狀況和更高的租賃收入。

In tech ops, sales were down modestly versus last year as strength in component sales and higher [AerSale] volume partially offset lower services revenue, particularly at our Roswell facility as we've repurposed that site for tear down and decommissioning work that yields higher margins.

在技​​術營運方面，銷售額與去年相比略有下降，因為零件銷售的強勁增長和 [AerSale] 銷量的增加部分抵消了服務收入的下降，尤其是在我們的羅斯威爾工廠，因為我們已經將該場地重新用於拆卸和退役工作，這帶來了更高的利潤率。

As we note, every quarter, due to the nature of our business and the impact of whole asset sales, our revenue levels tend to be volatile quarter to quarter, and we believe our business should be evaluated based on aggregate performance over a longer period of time with a focus on feedstock acquisitions and a value our team is able to extract from those investments.

正如我們所指出的，由於我們業務的性質和整體資產出售的影響，每個季度我們的收入水平往往波動較大，我們認為應該根據較長一段時間內的總體業績來評估我們的業務，重點關注原料收購以及我們的團隊能夠從這些投資中獲得的價值。

Turning to profitability, we delivered solid margin performance despite the absence of whole asset sales in the quarter.

從獲利能力來看，儘管本季沒有整體資產出售，但我們仍實現了穩健的利潤率表現。

Adjusted EBITDA was $9.5 million or 13.3% of sales compared to $8.2 million or 10.0% of sales in the prior year period.

調整後 EBITDA 為 950 萬美元，佔銷售額的 13.3%，而去年同期為 820 萬美元，佔銷售額的 10.0%。

This improvement reflects stronger leasing contributions, higher USM activity, and the ongoing benefits from our cost reduction efforts over the past year that have trimmed SG&A expenses and increased MRO profit margins.

這項改善反映了租賃貢獻的增強、USM 活動的增加，以及過去一年來我們持續推進的成本削減工作帶來的效益，這些工作減少了銷售、一般及行政費用，提高了 MRO 利潤率。

By segment and starting with asset management, revenue was $39.2 million in the third quarter compared to $50.4 million in the prior year period.

按業務板塊劃分，首先來看資產管理業務，第三季營收為 3,920 萬美元，而去年同期為 5,040 萬美元。

This year over year decline reflects the absence of engine or aircraft sales this quarter versus five engine sales in the same period last year. Excluding whole asset transactions, segment revenue increased nearly 40.9% year over year to $39.2 million, driven by strong USM volume and higher leasing activity. As we've discussed in past calls, we've made a strategic decision to balance whole asset transactions with assets deployed on lease, which is more in line with our historical operating model. Consequently, we expect more stability in quarterly operating results, which was evident in the quarter.

與去年同期相比，今年的下降反映了本季沒有發動機或飛機銷售，而去年同期則售出了5台發動機。剔除整筆資產交易後，該業務部門營收年增近 40.9%，達到 3,920 萬美元，主要得益於 USM 業務量強勁成長和租賃活動增加。正如我們在先前的電話會議中所討論的那樣，我們做出了一項策略決策，即平衡整體資產交易和租賃資產，這更符合我們以往的營運模式。因此，我們預期季度經營業績將更加穩定，而本季的情況也證實了這一點。

We've continued this effort throughout the year and as of quarter end, we had 15 engines and 1,757 freighter aircraft on lease with a second 757 lease executed at the end of the quarter. During the quarter we remained active on feedstock acquisitions to drive our future growth. We acquired a total of $13.7 million in the quarter, which brings the year-to-date total to $84.2 million.

我們全年都在持續努力，截至季度末，我們租賃了 15 台發動機和 1,757 架貨機，並在季度末簽訂了第二份 757 租賃合約。本季我們持續積極進行原料收購，以推動未來的成長。本季我們共收購了 1,370 萬美元，使今年迄今的總收購達到 8,420 萬美元。

As we've reported for the past few quarters, we're continuing to see opportunities in the market, but overall supply of attractively priced feed stock has been limited as new OEM production has yet to catch up with demand. We remain extremely disciplined not to overpay for feedstock in this highly competitive market, which has been driving up pricing. For the balance of the year, we're in a strong inventory position with more than $371.1 million of feedstock inventory, which includes nine engines that are available for sale or lease and another 10 engines currently undergoing repairs.

正如我們過去幾季所報導的那樣，我們繼續看到市場上的機會，但由於新的OEM生產尚未趕上需求，價格有吸引力的原料總供應量有限。在這個競爭激烈的市場中，我們始終保持高度自律，避免為原料支付過高的價格，因為市場競爭一直在推高價格。今年剩餘時間裡，我們的庫存狀況良好，原料庫存超過 3.711 億美元，其中包括 9 台可供出售或租賃的發動機，以及另外 10 台目前正在維修的發動機。

Turning to our 757 passenger to freighter conversion program, we continued to make steady progress. As I noted, we had one aircraft on lease during the quarter and we placed an additional 757 freighter on lease that will begin generating revenue in the fourth quarter. Customer interest is high and we're in active discussions to place the remaining five 757s we converted across multiple potential customers. While the timing of these transactions is still uncertain and will likely take some time, we're encouraged by the clear improvement in market interest since a low point in 2023.

在我們的 757 客機改貨項目方面，我們繼續穩步推進。正如我之前提到的，本季我們租賃了一架飛機，我們又租賃了一架 757 貨機，該貨機將於第四季開始產生收入。客戶興趣濃厚，我們正在積極洽談，將我們改裝的剩餘五架 757 飛機交付給多個潛在客戶。雖然這些交易的時機仍不確定，而且可能需要一些時間，但自 2023 年的低谷以來，市場興趣明顯改善，這令我們感到鼓舞。

Turning to tech ops, revenue was $32.0 million, down modestly from $32.3 million in the prior year period. During the period, we reported stronger sales of component parts and engineered solutions, which mostly offset a modest aggregate decline in MRO services revenue. At Goodyear, sales have stabilized following the conclusion of a contract encompassing multiple aircraft heavy checks that started to wind down in the second quarter of last year, supported by a strong pipeline of recommissioning work that is expected to keep the facility operating at or near full capacity through 2026. We're also in discussions to secure long-term contracts that would provide greater volume visibility going forward. At our Roswell facility, results were lower but in line with our expectations as we continue transitioning the facility to focus exclusively on tear down and decommissioning activity, which is yielding higher margins.

技術營運方面，營收為 3,200 萬美元，比上年同期的 3,230 萬美元略有下降。在此期間，零件和工程解決方案的銷售額大幅成長，基本上抵消了MRO服務收入的小幅下滑。在固特異，隨著一項涵蓋多架飛機大修的合約的完成（該合約於去年第二季開始逐步結束），銷售額趨於穩定。此外，還有大量翻新工作正在進行，預計這將使該工廠在 2026 年之前保持滿載或接近滿載運作。我們目前也在洽談簽訂長期合約，以便更好地了解未來的銷售情況。我們在羅斯威爾的工廠業績有所下滑，但符合我們的預期，因為我們正繼續將工廠轉型為專門從事拆除和退役活動，這帶來了更高的利潤率。

Looking forward, construction of our expansion projects at both our aerostructures and pneumatics facilities are now complete, and we're in the process of transitioning to production in both facilities. We expect this to be a significant driver of revenue growth in 2026 and beyond. In engineered solutions, we saw a strong increase in air safe deliveries year over year, and we anticipate volume will remain at elevated levels for the balance of the year and through 2026 as we get closer to the deadline for compliance with an FAAairworthiness directive which is satisfied by installation of AerSafe. At quarter end, our 2025 deliveries of AerSafe plus current backlog totaled more than $22 million, and we have sufficient orders secured to achieve our 2025 financial plan.

展望未來，我們航空結構和氣動設施的擴建項目現已全部完成，我們正在這兩個設施中逐步過渡到生產階段。我們預計這將成為2026年及以後收入成長的重要驅動力。在工程解決方案方面，我們看到航空安全交付量逐年大幅增長，我們預計在今年剩餘時間和 2026 年期間，隨著我們越來越接近符合 FAA 適航指令的最後期限（安裝 AerSafe 即可滿足該指令），銷量將保持在高位。截至季末，我們 2025 年 AerSafe 的交付量加上目前的積壓訂單總額超過 2,200 萬美元，我們已獲得足夠的訂單來實現我們的 2025 年財務計畫。

Turning to AerAware, we continue to enhance the functionality of the system and engage with potential customers as we work toward a launch order. We believe the ongoing enhancements to the product combined with the increased focus by both operators and the FAA on situational awareness will drive long-term adoption of this advanced technology across the industry. As we've seen throughout the year with several safety incidents, we're now seeing system-wide air traffic control delays as a result of the government shutdown. In each of these scenarios, AerAware could serve to help alleviate air traffic congestion and enhance safety, particularly as we gain ADS-B in functionality to the system. To that end, we're expanding our outreach and education efforts with government authorities, including the FAA and congressional leaders. This will raise awareness of how technologies like AerAware can contribute to addressing industry-wide challenges such as airport congestion, air traffic control staffing shortages, and overall flight safety enhancement.

轉向 AerAware，我們將繼續增強系統的功能，並與潛在客戶互動，以期獲得發布訂單。我們相信，產品的不斷改進，加上營運商和美國聯邦航空管理局對態勢感知的日益重視，將推動這項先進技術在整個產業中得到長期應用。正如我們今年看到的幾起安全事故一樣，由於政府停擺，我們現在也看到了全系統範圍內的空中交通管制延誤。在上述每種情況下，AerAware 都有助於緩解空中交通擁堵並提高安全性，尤其是在我們為系統添加 ADS-B 功能之後。為此，我們正在擴大與政府部門（包括美國聯邦航空管理局和國會領導人）的宣傳和教育工作。這將提高人們對 AerAware 等技術如何能夠幫助解決機場擁堵、空中交通管制人員短缺以及整體飛行安全提升等行業挑戰的認識。

Looking to the balance of the year and into 2026, we're positioned for continued progress. We have ample feedstock availability to support growth across our USM leasing and asset trading activities, providing a solid foundation for our core operations.

展望今年剩餘時間以及2026年，我們已做好準備，繼續取得進展。我們擁有充足的原料供應，以支持我們在 USM 租賃和資產交易業務方面的成長，為我們的核心業務提供了堅實的基礎。

Our lease pool continues to expand, creating a more predictable and recurring revenue stream which will strengthen further as additional 757s are placed. This has been a strategic priority for us in 2025 and demonstrated its effectiveness in the third quarter through EBITDA margin improvement even without the sale of an aircraft or engine.

我們的租賃資產池持續擴大，創造了更可預測和經常性的收入來源，隨著更多 757 飛機的投入使用，這一收入來源將進一步增強。這已成為我們 2025 年的戰略重點，並在第三季度透過 EBITDA 利潤率的提高證明了其有效性，即使沒有出售飛機或發動機。

In tech opps, construction is now complete on our new MRO facilities, and we're in the process of transitioning into operations. These additions will be an important growth driver in 2026, enhancing both capacity and capability.

在技​​術營運方面，我們新的MRO設施建設現已完成，我們正在過渡到營運階段。這些新增項目將成為 2026 年重要的成長動力，提升產能與能力。

Finally, AerSafe remains a steady contributor, and we expect it to continue supporting results through the regulatory compliance deadline in the fourth quarter of 2026. Taken together, these initiatives position Airsale for a stronger, more stable, and more diversified earnings profile as we move into 2026.

最後，AerSafe 仍然是穩定的貢獻者，我們預計它將繼續支持業績，直至 2026 年第四季監管合規期限。綜合來看，這些措施將使 Airsale 在邁向 2026 年之際，擁有更強勁、更穩定、更多元化的獲利能力。

In closing, I want to thank our dedicated team for their continued focus and execution. We're invigorated by the underlying performance of our business and despite the absence of whole asset sales this quarter, we delivered solid margins and made meaningful progress across key initiatives. We're entering the fourth quarter with strong momentum, a growing base of recurring revenue, and a platform that is more diversified and resilient.

最後，我要感謝我們敬業的團隊，感謝他們持續的專注和執行。我們業務的基本面表現令人振奮，儘管本季度沒有整體資產出售，但我們實現了穩健的利潤率，並在關鍵舉措方面取得了實質進展。我們帶著強勁的發展勢頭、不斷增長的經常性收入基礎以及更加多元化和更具韌性的平台進入了第四季度。

Now over to Martin.

現在輪到馬丁了。

Thanks Nick.

謝謝你，尼克。

Our third quarter revenue was $71.2 million compared to $82.7 million in the third quarter of 2024. As Nick mentioned, the prior year included $22.6 millions of flight equipment sales consisting of five engines, while this quarter did not include any whole asset sales. As we've noted in past calls, flight equipment sales can vary significantly from quarter to quarter, and we believe our progress based on asset purchases and sales over the long-term is a more appropriate measure of our progress.

我們第三季的營收為 7,120 萬美元，而 2024 年第三季的營收為 8,270 萬美元。正如尼克所提到的，上一年包括價值 2,260 萬美元的飛行設備銷售額，其中包括五台發動機，而本季不包括任何整體資產銷售。正如我們在先前的電話會議中提到的，飛行設備銷售額每季可能會有很大的波動，我們認為，從長遠來看，基於資產購買和銷售的進展才是衡量我們進展的更合適的指標。

Third quarter gross margin was 30.2% compared to 28.6% in the third quarter of 2024. This year over year improvement reflects stronger execution across the business, including higher lease revenue, sales mix, and cost control measures that we've implemented over the past year that have allowed us to improve MRO margins.

第三季毛利率為 30.2%，而 2024 年第三季毛利率為 28.6%。與前一年相比，這項進步反映了公司各部門執行力的增強，包括更高的租賃收入、銷售組合以及我們在過去一年中實施的成本控制措施，這些措施使我們能夠提高MRO利潤率。

Selling general and administrative expenses totaled $18.6 million compared to $21.7 million in the third quarter of 2024. SG&A included approximately $1.3 million of non-cash stock-based compensation, which is in line with recent quarters. The reduction in total SG&A stems from lower fixed and variable payroll related expenses which benefited from the cost reduction efforts taken over the last 12 months.

銷售一般及行政費用總計 1,860 萬美元，而 2024 年第三季為 2,170 萬美元。銷售、一般及行政費用中包含約 130 萬美元的非現金股票選擇權補償，與最近幾季的情況一致。銷售、一般及行政費用總額的減少源於固定和可變工資相關費用的降低，這得益於過去 12 個月採取的成本削減措施。

Operating income for the quarter was $2.9 million compared to $2 million in the same period last year.

本季營業收入為 290 萬美元，而去年同期為 200 萬美元。

Net loss for the quarter was $0.1 million compared to net income of $0.5 million for the prior year period. Adjusting for stock-based compensation, facility relocation costs, restructuring charges, and other non-recurring items, adjusted net income was $1.5 million compared to an adjusted net income of $1.8 million in the third quarter of 2024.

本季淨虧損為 10 萬美元，而上年同期淨利為 50 萬美元。扣除股票選擇權費用、設施搬遷成本、重組費用和其他非經常性項目後，調整後的淨收入為 150 萬美元，而 2024 年第三季的調整後淨收入為 180 萬美元。

Adjusted EBITA was $9.5 million in the third quarter, up from $8.2 million in the prior year period. This improvement reflects higher leasing revenue, lower operating expenses across the business, and increased monetization of our feedstock inventory, partially offset by the absence of whole asset transactions compared to the prior year.

第三季調整後 EBITA 為 950 萬美元，高於去年同期的 820 萬美元。這項改善反映了租賃收入增加、業務營運費用降低以及原料庫存貨幣化程度提高，但與前一年相比，由於沒有整筆資產交易，部分抵消了這些改善。

Adjusted diluted earnings per share was $0.04, which was flat compared to the third quarter of 2024. We ended the quarter with $58.9 millions of liquidity consisting of $5.3 million of cash and available capacity of $53.6 million on our $180 million revolving credit facility, expandable to $200 million. Subject to conditions and the availability of lender commitments and borrower-based liabilities. Cash used by operating activities year-to-date was $34.3 million primarily due to continued investment in feed stock acquisitions as we continue to grow USM and leasing.

經調整後的稀釋每股收益為 0.04 美元，與 2024 年第三季持平。本季末，我們擁有 5,890 萬美元的流動資金，其中包括 530 萬美元的現金，以及 1.8 億美元循環信貸額度中可用的 5,360 萬美元，該額度可擴展至 2 億美元。需滿足特定條件，並視貸款人承諾及借款人負債情況而定。今年迄今為止，經營活動所用現金為 3,430 萬美元，主要原因是隨著我們 USM 和租賃業務的持續成長，我們繼續投資於原料收購。

Looking to the fourth quarter and full year performance, excluding flight equipment sales, we continue to expect full year revenue in excess of 2024 levels, with a greater increase in EBITDA year over year as a result of more robust lease pool, continued monetization of our USM inventory, and the cost reduction initiatives we've taken over the past 12 months that have improved MRO margins and reduced SG&A expenses.

展望第四季度和全年業績，不包括飛行設備銷售，我們繼續預計全年收入將超過 2024 年的水平，由於租賃池更加穩健、USM 庫存持續變現以及我們在過去 12 個月中採取的成本削減措施提高了 MRO 利潤率並降低了 SG&A 費用，EBITDA 將同比增長更多。

We remain focused on executing with financial discipline and maintaining a strong balance sheet to support our growth initiatives. This progress we've made in leveraging our strong inventory position, improving operating efficiency, and optimizing working capital is translating into a more resilient business model with greater earning stability. With ample liquidity, a growing base of recurring revenue, and solid demand trends across our end markets, we believe AerSale is well positioned to deliver continued improvement in profitability and shareholder value as we move into 2026.

我們將繼續專注於以嚴謹的財務紀律執行計劃，並保持穩健的資產負債表，以支持我們的成長計劃。我們在利用強大的庫存優勢、提高營運效率和優化營運資本方面取得的進展，正在轉化為更具韌性的商業模式和更高的獲利穩定性。憑藉充足的流動資金、不斷增長的經常性收入基礎以及終端市場強勁的需求趨勢，我們相信，隨著我們邁入 2026 年，AerSale 已做好充分準備，實現盈利能力和股東價值的持續提升。

With that operator we're ready to take questions.

有了這位接線員，我們就準備好回答問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Our first question comes from Steven Strachhaus, RBC Capital. Please go ahead.

我們的第一個問題來自 RBC Capital 的 Steven Strachhaus。請繼續。

Hey Nick. Hey Martin, thanks for taking the question. First question is that you guys have had some nice capacity expansion in your MRO business. And I can appreciate you that you don't want to necessarily give a formal guide, but how should we be thinking about a baseline EBITDA for your MRO business into '26? Is there may be a revenue or margin range that we can kind of get a target from on the nice recurring piece of the business?

嘿，尼克。嗨，馬丁，謝謝你回答這個問題。第一個問題是，你們的MRO業務產能擴張情況如何？我理解您並不想給出正式的指導，但是我們應該如何考慮貴公司 MRO 業務到 2026 年的基準 EBITDA 呢？是否有一個收入或利潤率範圍，我們可以據此確定業務中盈利性經常性收入的目標？

Yeah, as we noted from the three expansion projects that we have, we gave a full year projection of $50 million at full overall capacity. Looking at 2026, we think those numbers will be approximately $25 million of revenue and generating pretty strong margins of $4 million to $5 million. So, we're excited that those facilities will be coming online. We're already seeing progress at our Millington facility, and the two remaining facilities will start generating towards the end of this quarter.

是的，正如我們從我們現有的三個擴建項目中所看到的，我們預計在全面投產的情況下，全年總收入將達到 5000 萬美元。展望 2026 年，我們認為這些數字將達到約 2,500 萬美元的收入，並產生 400 萬至 500 萬美元的相當可觀的利潤。所以，我們很高興這些設施即將投入使用。我們在米靈頓工廠已經看到了進展，其餘兩家工廠將於本季末開始投產。

So, the $50 million in '25, is that an incremental $25 million in '26?

那麼，2025 年的 5,000 萬美元，是否意味著 2026 年將增加 2,500 萬美元？

The $50 million was total capacity. The $50 million, sorry, the $25 million would be our expectations for 2026.

這5000萬美元是總產能。5000萬美元，喔不，是2500萬美元，是我們對2026年的預期。

Got it. Okay. And then, are you maybe be able to just speak on your passenger to freighter conversions. It sounds like you guys got another aircraft on lease, in the quarter. Has the market at all changed there, or has the demand kind of shifted at all, kind of in your favor?

知道了。好的。那麼，您能否談談客貨兩用方面的工作呢？聽起來你們這季又租了一架飛機。那裡的市場有變化嗎？或者說，需求有沒有什麼變化，對你有利？

And we think that due to the lack of availability -- of an aircraft really that provides the same operating performance as a 757 that -- the operating community has paid attention that there really is not a replacement aircraft for the 757 and 767s, which even though they have greater capacity could fly routes at a 757 to fly because it's a longer range aircraft. They're not available. A 330s are really yet to be converted to freighters en masse and so really and the A321 is not a true competitor to the 757. And neither is the 737-800 converted freighter. Those aircraft are much smaller with smaller range and smaller capacity, so there isn't a competitive product really, say, in existence for the 757, and we only have a few lefts. And although we didn't state in this announcement, we do have another two under LOI at this point which we expect to deliver this this quarter and the next quarter which will put us at four aircraft for the year or at least four aircraft under contract for the year, leaving only three left to place, and we're talking to enough operators to take those three and some others, so we feel that things have definitely changed from a low point in 2023 where we saw a little demand and just due to a variety of factors and really the quality of the aircraft, we're very optimistic about our ability to place the balance of these aircraft in the relatively near term.

我們認為，由於缺乏能夠提供與 757 相同營運性能的飛機，營運界已經注意到，757 和 767 實際上並沒有取代飛機，儘管它們的運力更大，但由於航程更遠，它們無法像 757 那樣執飛某些航線。它們不可用。A330 還沒有大規模改裝成貨機，所以 A321 實際上並不是 757 的真正競爭對手。737-800 改裝貨機也不是。這些飛機體積小得多，航程也短得多，載客量也小得多，所以目前還沒有真正能與757競爭的產品，而我們只剩下幾架了。雖然我們在本次公告中沒有提及，但目前我們還有兩架飛機已簽署意向書，預計將在本季度和下季度交付，這將使我們今年的飛機數量達到四架，或者至少有四架飛機已簽訂合同，只剩下三架待交付。我們正在與足夠多的運營商洽談，以接收這三架飛機以及其他一些飛機。因此，我們認為情況已經與2023年的低谷時期截然不同，當時我們看到需求微乎其微。由於各種因素，尤其是飛機本身的質量，我們對在相對較短的時間內交付剩餘飛機的能力非常樂觀。

That sounds great. And then maybe just last one from me. I was hoping you might be able to give us a quick update on your USM strategy. Are there any changes about how you're thinking of its kind of into '26? Are you seeing any better demand signals or maybe any relaxation of the supply at all?

聽起來不錯。然後，也許這是我的最後一個問題了。我希望您能簡單介紹一下您的USM策略。對於「26 年」這個概念，你的想法有什麼改變嗎？你看到需求好轉的訊號了嗎？或者供應方面有任何放鬆的跡象嗎？

Yeah, so I'm not sure if we followed that question. Could you.

是的，所以我不確定我們是否回答了那個問題。您可以...嗎。

I apologize. Could you state that again because I didn't really follow it. Neither Mark and I really followed your question.

我道歉。你能再說一次嗎？因為我沒太聽懂。我和馬克都沒真正理解你的問題。

Sorry about that. Just trying to understand your, availability of USM, how you anticipate USM to maybe kind of grow as we kind of get into 2026.

抱歉。我只是想了解USM的可用性，以及您預計USM在2026年左右的發展。

Okay, good, I understood that, availability of USM as we mentioned, we've got a substantial amount of USM that we've had in work and is becoming available for sale and we're selling it, even though the market is very tight for USM, we still buy USM we're disciplined we could buy a lot more if we weren't as disciplined, but we're not going to do that. So, we remain disciplined and making sure we hit our target margin and IRR profiles when we acquire inventory. We're still acquiring it. We've got ample inventory to carry us, I think, all the way through '26 without buying much more, but we expect to continue to buy more. So you know we think that it's because of the way we can extract value out of feedstock that allows us to win deals and so that even though it's tough to buy things in an overheated market where pricing has gone up, if you can extract greater value out of it than somebody else because you can do more than just sell parts, you can sell parts, you can sell engines, you could lease engines, you could put a whole airplane together, you can use pieces to put other airplanes together that you have. It's the it's really the multi dimensional integrated business model we have that I think is allowing us to win deals so we're optimistic that even in a really tough, buying market that we'll be able to continue to acquire feedstock to grow the business in the future.

好的，我明白了。正如我們之前提到的，USM 的供應情況，我們有大量的 USM 已經投入使用，現在可以出售了，我們正在出售它們。儘管 USM 的市場供應非常緊張，但我們仍然會購買 USM，我們很自律。如果我們不那麼自律，我們可以買更多，但我們不會那麼做。因此，我們在採購庫存時，會保持嚴謹的態度，確保達到目標利潤率和內部報酬率。我們仍在收購中。我認為，我們目前的庫存充足，足以支撐到 2026 年，無需再大量進貨，但我們預計會繼續進貨。所以，我們認為，正是因為我們能夠從原料中提取價值，才能贏得交易。即使在過熱的市場中，價格上漲，購買商品很困難，但如果你能從中提取比其他人更高的價值，因為你不僅可以出售零件，還可以出售發動機，還可以租賃發動機，還可以組裝整架飛機，還可以用零件組裝你擁有的其他飛機。我認為正是我們擁有的多維一體化商業模式，才使我們能夠贏得交易，因此我們樂觀地認為，即使在競爭激烈的採購市場中，我們也能繼續獲得原料，從而在未來發展業務。

I appreciate the details to all my questions. I'll hop back in with you.

非常感謝您詳細解答我的所有問題。我這就跳回去跟你一起上去。

Our next question comes from Sam Struhsaker, Truist Securities. Please go ahead.

下一個問題來自 Truist Securities 的 Sam Struhsaker。請繼續。

Hey guys, appreciate you taking the questions. Just trying to, I guess, clarify for my sake as much as anything on the Roswell and Goodyear facilities, do you have any, I guess, line of sight to when those facilities would kind of be fully transitioned to, the new scope of work and operating at the level that you guys would ideally like either in timeline or just any thoughts there in terms of visibility?

各位，感謝你們回答問題。我只是想澄清一下，主要是為了我自己，關於羅斯威爾和固特異的設施，你們有沒有大致的計劃，這些設施什麼時候才能完全過渡到新的工作範圍，並達到你們理想的運營水平？無論是時間安排還是其他方面，你們有什麼想法？

In our Roswell facility we have substantially transitioned that away from heavy maintenance work and to be more focused on storage and part out and tear down of aircraft so we're substantially there now there's still opportunity for significant growth even doing that work and there are other opportunities that if we fill up at Goodyear and Millington that we may have no choice but to put some heavy maintenance work back into Roswell and there are some programs that are under consideration right now where we may do that, but at this time we don't want to develop any additional overhead necessary to support heavy maintenance in Roswell until we fill up completely our Goodyear and Millington facilities. Now progress on those is outstanding in Goodyear, although we've yet to conclude. A substantial number of long-term contracts. We, we're almost full. I think we have seven out of our eight days, operating right now with transition work from the 70 or so, A320 NO -- NEOs and CEOs that have been parked there that are transitioning to new less source. Those airplanes are requiring seat checks and paint jobs and. And other transitioning work, engine work because the A320neo, half the airplanes out there, I take it back, most of the airplanes that are parked there don't have engines, so we have lots of activity going on surrounding the engine problem on the A320neo that problem is being resolved and those aircraft are being returned to service, so that's creating a fantastic opportunity for us while we also, while we have that work.

我們在羅斯威爾的工廠已經大幅調整了業務重心，不再主要從事重型維修工作，而是更專注於飛機的儲存、零件拆解和拆卸。目前我們已經基本完成了這些工作，即使只做這些，仍然有很大的成長空間。此外，如果固特異和米靈頓的工廠全部投入使用，我們可能別無選擇，只能將一些重型維修工作重新投入羅斯威爾。目前我們正在考慮一些相關的項目，但在此之前，我們不希望在羅斯威爾增加任何額外的開支來支持重型維修工作，直到固特異和米靈頓的工廠完全投入使用為止。目前，固特異在這方面取得了顯著進展，儘管我們尚未最終完成。大量長期合約。我們幾乎滿員了。我認為我們八天中有七天都在進行過渡工作，目前停放在那裡的大約 70 架 A320 NO – NEO 和 CEO 飛機正在過渡到新的、更少的資源。這些飛機需要進行座椅檢查和噴漆。還有其他過渡工作，例如發動機工作，因為A320neo飛機，現在停在那裡的飛機有一半，不，應該說大部分飛機都沒有發動機，所以我們圍繞A320neo的發動機問題做了很多工作，這個問題正在得到解決，這些飛機正在恢復運營，所以這為我們創造了一個絕佳的機會，同時，在我們進行這項工作的同時。

We also have, we also are generating repetitive work from some of the customers that we've historically dealt with and we've got 757s in work and we've had leasing company aircraft in work and 767s in work so.

我們也有一些來自我們過去合作過的客戶，他們為我們帶來了重複性的工作，我們有757飛機的維修工作，也有租賃公司飛機的維修工作，還有767飛機的維修工作等等。

You know we're in a much different position than we were in six to eight months ago where we had just completed a heavy check line on multiple aircraft heavy check line for a major airline and had to backfill all that work. Now as we move into 2026 with the amount of work that we see.

你知道，我們現在的處境與六到八個月前截然不同，當時我們剛剛為一家大型航空公司完成了多架飛機的繁重檢查工作，不得不填補所有這些空缺。現在，隨著我們進入2026年，我們看到了大量的工作要做。

We, it's going to be tough for us to take much long-term revenue in there because there'd be so much short-term revenue so the key for us is to make sure that we make available enough, slots of work so that we can attract long-term customers and then have a variety of, between the eight days we have in Goodyear to have a variety of long-term customers and short-term customers that we can satisfy that that come in and out and provide a nice mix of revenue opportunity, one being a little more steady, the other being maybe a little bit higher margin, the shorter term business that's in respect to Goodyear. With regard to Millington, we've intentionally not done anything in Millington up until now. I mean at this point and when we said until we fill up Goodyear, we're not going to commit resources to Millington until we feel like we need to. Well, we need to now, and we've had a customer come to us that has initially indicated to us we signed an LOI. It's a regional carrier that has agreed to give us a number of their aircraft to start and based on our performance do their entire fleet. That's a program that will run anywhere from six months if it's just an initial program to as long as three years covering over 100 regional aircraft.

我們很難在那裡獲得大量的長期收入，因為短期收入會非常多。所以對我們來說，關鍵是要確保提供足夠的工作機會，以便吸引長期客戶，然後在我們在固特異的八天時間裡，接待各種類型的長期客戶和短期客戶，滿足他們的需求，從而提供良好的收入組合，一種收入更穩定，另一種利潤率可能更高，即與固特異相關的短期業務。至於米靈頓，我們至今為止一直有意不在米靈頓進行任何活動。我的意思是，就目前而言，正如我們所說，在固特異礦填滿之前，我們不會向米靈頓投入資源，除非我們覺得有必要這樣做。嗯，我們現在確實需要這樣做，而且已經有一位客戶來找我們，最初表示他們已經簽署了意向書。這是一家區域性航空公司，他們同意先給我們一些飛機作為啟動資金，然後根據我們的表現，逐步過渡到使用他們的整個機隊。該計劃的運行時間從六個月（如果只是一個初始計劃）到長達三年（涵蓋 100 多架支線飛機）不等。

So, we feel pretty optimistic about Millington at this point. So, if you look across our on-airport facilities, we feel like we're in an excellent position. To start filling those facilities up and generating significant revenue that we haven't seen is which is we haven't seen to date, this amount of revenue that we're looking at today and in '26 across those facilities.

所以，目前我們對米靈頓的前景相當樂觀。所以，縱觀我們機場內的各項設施，我們感覺自己處於非常有利的地位。要讓這些設施開始投入使用，並產生我們迄今為止從未見過的顯著收入，就是我們今天和 2026 年在這些設施中看到的這種收入水平。

That's really great call. I appreciate it and that sounds great. I guess you, kind of touched sort of on this topically, in terms of engines. You guys mentioned you have, I think, nine available and I guess 10 under repair, and I was just curious if, you have any sort of line of sight or kind of how you're feeling about demand for that in general and maybe timeline on converting those 10 engines that are undergoing repair before they're actually available for, they're fully ready to go. Thanks.

這真是個絕妙的主意。非常感謝，聽起來很棒。我想你剛才在引擎方面也稍微提到這個話題。你們提到有九台發動機可用，還有十台正在維修，我只是好奇你們對市場需求有什麼看法，或者說感覺如何，以及在十台發動機完全準備好投入使用之前，你們是否有計劃完成這十台發動機的改裝。謝謝。

I don't know that I know. I don't know that I know specifically how long each of the 10 engines will take, but my guess is there we've got engines that are becoming available in the next month or so and probably not longer than several months after that. So, I would guess that those 10 engines will all be out by the end of the first quarter of '26, but then there'll be more that'll go in as we continue to acquire engines to repair.

我不確定我是否真的知道。我不知道這 10 台引擎每台具體需要多長時間才能交付，但我估計其中一些引擎將在接下來的一個月左右交付，可能不會超過幾個月。因此，我估計到 2026 年第一季末，這 10 台引擎都將全部更換完畢，但隨著我們繼續購買引擎進行維修，還會有更多的引擎安裝到位。

What's going on with the engine shops today it's taking a ridiculously long time to get anything through the shop, and so we're having to, we're just having to bear through that. It doesn't change the fact that when we need an engine to get work, we're going to put it in the shop. If we feel we can get higher value out of it as a whole engine, we're going to put it through the shop.

今天引擎維修店的情況是，任何東西要花很長時間才能送到店裡，所以我們只能忍受這種情況。但這並不能改變這樣一個事實：當我們的引擎需要運轉時，我們會把它送到修理廠。如果我們認為從整個引擎中榨取更高的價值，我們就會把它送到修理廠進行檢修。

What was the other part of that?

那件事的另一部分是什麼？

Suspicion.

懷疑。

I think just general like kind of I guess demand trends you guys might be seeing within, yeah, okay, yeah.

我覺得就是像你們可能看到的那種整體需求趨勢，嗯，好的，嗯。

Yeah, demand is demand is insatiable at this point. The, if whether we're talking about a narrow body engine whether it be on a 737 NG and A320, there is more demand that there are available engines at this point. So if you've got a good engine or and then even on the wide body side.

是的，目前的需求簡直是永無止境。如果說的是窄體飛機發動機，無論是737 NG或A320，目前的需求量都大於可用發動機的數量。所以，如果你有一台性能優良的發動機，甚至是寬體車型。

PW 4 Pratt and Whitney PW 4000s that go on 767s and 747s.

PW 4 普惠 PW 4000 發動機，用於 767 和 747 飛機。

And on some Airbus aircraft and same thing with GEC of 680s.

一些空中巴士飛機和GEC 680也存在同樣的問題。

We can't get them, the issue we have is as we get them through the shop and we want to put them out on lease, we have customers that are coming up to us and they want to buy them for cash and so we're having to weigh, wait a minute, do we take, do we sell this for cash or do we put it on a long-term lease? The preference would be to put it on a long-term lease. So the issue we face is not a lack of demand, but what do we do with that? So it's difficult to answer the question. So how do you view your engine situation on a go forward basis? Are you going to have more trading opportunities and more leasing opportunities? And the answer is we have opportunities for both. The question is where are we going to put the asset and where will we get the highest margin.

我們拿不到貨，問題是，當我們把貨運到店裡，想出租的時候，有些顧客過來想用現金買走，所以我們不得不權衡一下，等等，我們是收下，是賣掉換現金，還是長期出租？最好是簽訂長期租賃合約。所以，我們面臨的問題不是需求不足，而是我們該如何因應？所以這個問題很難回答。那麼，您如何看待您未來的引擎狀況？你們會有更多的交易機會和更多的租賃機會嗎？答案是，我們兩者都有機會。問題是我們要把資產放在哪裡，以及在哪裡可以獲得最高的利潤率。

On a risk adjusted basis.

經風險調整後。

Sounds like a good problem to have at least fair enough. Appreciate the time, guys.

聽起來至少算是個甜蜜的煩惱吧。感謝各位抽出時間。

Okay, no problem. You're welcome.

好的，沒問題。不客氣。

Once again, if you have a question (Operator Instructions)

再次提醒，如果您有任何疑問（操作說明）

I would like to turn the conference back over to Nick Finazzo for any closing remarks.

我謹將會議交還給尼克·菲納佐，請他作總結發言。

All righty, thank you.

好的，謝謝。

As we've explained, even without any whole asset trades, AerAware sales, or incremental revenue from our facilities expansion projects, our operating margins have continued to grow. I believe this validates our unique multi-dimensional and fully integrated business model, and as our businesses continue to develop, will put us in an excellent position to achieve substantial growth in the years ahead.

正如我們所解釋的那樣，即使沒有任何整體資產交易、AerAware 銷售或設施擴建項目帶來的增量收入，我們的營業利潤率也持續成長。我相信這驗證了我們獨特的多維度、完全一體化的商業模式，隨著我們業務的不斷發展，這將使我們在未來幾年內處於實現大幅增長的絕佳位置。

As always, I want to thank Stephen and Sam for their questions, which I believe provide additional insight into our business model and progress to date.

像往常一樣，我要感謝 Stephen 和 Sam 提出的問題，我相信這些問題能讓我們更深入地了解我們的商業模式和迄今為止的進展。

I very much appreciate your interest in listening to our call today and look forward to bringing you up to date during our next earnings call.

非常感謝您今天收聽我們的電話會議，期待在下次財報電話會議上向您報告最新情況。

I wish you all a good evening.

祝大家晚安。

Thank you.

謝謝。

This conference has now concluded.

本次會議已經結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。