Air Transport Services Group Inc (ATSG) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Air Transport Services Group Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到航空運輸服務集團 2022 年第四季度收益電話會議。 （操作員說明）請注意今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Joe Payne, Chief Legal Officer. Please go ahead.

我現在想把會議交給今天的發言人，首席法律官 Joe Payne。請繼續。

Good morning, and welcome to our Fourth Quarter 2022 Earnings Conference Call. We issued our earnings release yesterday after the market closed. It's on our website, atsginc.com.

早上好，歡迎來到我們的 2022 年第四季度收益電話會議。昨天收市後，我們發布了收益報告。它位於我們的網站 atsginc.com 上。

Let me begin by advising you that during the course of this call, we will make projections and other forward-looking statements that involve risks and uncertainties. Our actual results and other future events may differ materially from those we describe here. These forward-looking statements are based on information, plans and estimates as of the date of this call. Air Transport Services Group undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions, factors, new information or other changes.

首先讓我告訴您，在本次電話會議期間，我們將做出涉及風險和不確定性的預測和其他前瞻性陳述。我們的實際結果和其他未來事件可能與我們在此描述的大不相同。這些前瞻性陳述基於截至本次電話會議之日的信息、計劃和估計。航空運輸服務集團沒有義務更新任何前瞻性陳述以反映基本假設、因素、新信息或其他變化的變化。

These factors include, but are not limited to, unplanned changes in the market demand for our assets and services; our operating airline's ability to maintain on-time service and control costs; the cost and timing with respect to which we are able to purchase and modify aircraft to a cargo configuration; fluctuations in ATSG's traded share price and in interest rates, which may result in mark-to-market charges on certain financial instruments; the number, timing and scheduled routes of our aircraft deployments to customers; our ability to remain in compliance with key agreements with customers, lenders and government agencies; the impact of current supply chain constraints, both within and outside the U.S., which may be more severe or persist longer than we currently expect; the impact of the current competitive labor market; changes in general economic and/or industry-specific conditions; factors relating to the COVID-19 pandemic, including that the pandemic may continue for a longer period or its effect on commercial and military passenger flying may be more substantial than we currently expect; disruptions in our workforce and staffing capability; disruptions in our ability to access airports and maintenance facilities or adversely impact our customers' creditworthiness; and the continuing ability of our vendors and third-party service providers to maintain customary service levels; and other factors as contained from time to time in our filings with the SEC, including the Form 10-K we will file next week.

這些因素包括但不限於市場對我們資產和服務的需求發生意外變化；我們的運營航空公司維持準時服務和控製成本的能力；我們能夠購買飛機並將其改裝成貨運配置的成本和時間； ATSG 的交易股價和利率波動，這可能導致某些金融工具按市值計價；我們向客戶部署飛機的數量、時間和預定航線；我們有能力遵守與客戶、貸方和政府機構的重要協議；當前美國境內外供應鏈限制的影響可能比我們目前預期的更嚴重或持續時間更長；當前競爭激烈的勞動力市場的影響；一般經濟和/或行業特定條件的變化；與 COVID-19 大流行有關的因素，包括大流行可能持續更長時間或其對商業和軍用客運飛行的影響可能比我們目前預期的更大；我們的勞動力和人員配置能力受到干擾；我們進入機場和維修設施的能力受到干擾或對我們客戶的信譽產生不利影響；以及我們的供應商和第三方服務提供商維持慣常服務水平的持續能力；以及我們向美國證券交易委員會提交的文件中不時包含的其他因素，包括我們將在下週提交的 10-K 表格。

We will also refer to non-GAAP financial measures from continuing operations, including adjusted earnings, adjusted earnings per share, adjusted pretax earnings, adjusted EBITDA and adjusted cash flow. Management believes these metrics are useful to investors in assessing ATSG's financial position and results. These non-GAAP measures are not meant to be a substitute for our GAAP financials. We advise you to refer to the reconciliations to GAAP measures which are included in our earnings release and on our website.

我們還將參考來自持續經營業務的非 GAAP 財務指標，包括調整後收益、調整後每股收益、調整後稅前收益、調整後 EBITDA 和調整後現金流量。管理層認為這些指標有助於投資者評估 ATSG 的財務狀況和業績。這些非 GAAP 措施並不意味著可以替代我們的 GAAP 財務數據。我們建議您參考我們的收益發布和我們網站上包含的 GAAP 措施的對賬。

And now I'll turn the call over to Rich Corrado, our President and CEO, for his opening comments.

現在，我將把電話轉給我們的總裁兼首席執行官 Rich Corrado，聽取他的開場白。

Thanks, Joe. Good morning, everyone. 2022 was an exceptional year for ATSG. Even with rapid inflation and delays at our 767 freighter conversion vendor, your company still exceeded its 2022 financial goals of $640 million in adjusted EBITDA and $2 in adjusted EPS. We also began to invest in new freighter platforms from the Airbus family while maintaining our leadership in Boeing 767 freighter leasing.

謝謝，喬。大家，早安。 2022 年對 ATSG 來說是不平凡的一年。即使我們的 767 貨機改裝供應商出現快速通貨膨脹和延誤，貴公司仍然超過了其 2022 年調整後 EBITDA 6.4 億美元和調整後每股收益 2 美元的財務目標。我們還開始投資空客家族的新貨機平台，同時保持我們在波音 767 貨機租賃領域的領先地位。

I am very proud of the excellent planning and execution throughout the company that drove our considerable success. Many of those efforts are playing into our outlook for 2023. Despite some headwinds, we expect more adjusted EBITDA growth and accelerated growth in 2024 and later years. I'll be back to share more of that perspective after Quint reviews our financial results for 2022.

我為整個公司的出色計劃和執行感到非常自豪，這推動了我們的巨大成功。其中許多努力正在影響我們對 2023 年的展望。儘管存在一些不利因素，但我們預計 2024 年及以後幾年調整後的 EBITDA 增長和加速增長。在 Quint 審查我們 2022 年的財務業績後，我將回來分享更多的觀點。

Quint?

五胞胎？

Thanks, Rich, and welcome to everyone on the call this morning. The next slide in our deck summarizes the strong 2022 results that Rich highlighted. Our consolidated revenues for 2022 grew $311 million to $2 billion, another all-time high for revenues at ATSG. Our adjusted EPS increased by more than 40% to $2.28 compared with $1.61 in 2021. That was well above the $2 target we set a year ago. Adjusted pretax earnings increased 51% and adjusted EBITDA rose 18%.

謝謝，Rich，歡迎大家參加今天早上的電話會議。我們幻燈片中的下一張幻燈片總結了 Rich 強調的強勁的 2022 年結果。我們 2022 年的綜合收入增長了 3.11 億美元，達到 20 億美元，這是 ATSG 收入的又一個歷史新高。與 2021 年的 1.61 美元相比，我們調整後的每股收益增長了 40% 以上，達到 2.28 美元。這遠高於我們一年前設定的 2 美元目標。調整後稅前收益增長 51%，調整後 EBITDA 增長 18%。

Earnings from our airline businesses, along with the momentum of our leasing returns from CAM, produced most of the EPS gain above our target. We are projecting lower EPS for 2023, as Rich will discuss in his remarks, mainly because of increased interest expense on our current fleet additions and inflation effects, particularly in our ACMI Services segment.

我們航空業務的收益，以及我們從 CAM 獲得的租賃回報勢頭，使大部分 EPS 收益超出了我們的目標。我們預計 2023 年的每股收益會降低，正如 Rich 將在他的評論中討論的那樣，這主要是因為我們當前機隊增加的利息支出增加和通貨膨脹的影響，特別是在我們的 ACMI 服務部門。

On the next slide, you can see that versus the 12 months ended in December 2021, our adjusted EBITDA grew a record $100 million or 18% in 2022. That improvement includes a full year of cash flows from the 15 newly converted 767 freighters we deployed in 2021 and more than doubling our earnings from ACMI Services. For adjusted EBITDA, we exclude, among other items, the changes in values of our financial instruments and the benefits of federal pandemic release assistance for our passenger operations under the payroll support programs for the 2021 period.

在下一張幻燈片中，您可以看到與截至 2021 年 12 月的 12 個月相比，我們調整後的 EBITDA 在 2022 年增長了創紀錄的 1 億美元或 18%。這一改善包括來自我們部署的 15 架新改裝的 767 貨機的全年現金流到 2021 年，我們從 ACMI 服務中獲得的收入將增加一倍以上。對於調整後的 EBITDA，除其他項目外，我們不包括我們的金融工具價值的變化以及 2021 年期間工資支持計劃下為我們的客運業務提供的聯邦大流行病釋放援助的好處。

On the next slide, you'll see that our capital spending finished the year at just under $600 million, $25 million less than we projected last quarter. We separate what we call sustaining CapEx, mainly for airframe and engine maintenance, technology and other equipment, from the spending we allocate to fleet expansion. Sustaining CapEx was $187 million for the year, up $4 million.

在下一張幻燈片中，您會看到我們今年的資本支出略低於 6 億美元，比我們上個季度的預期少 2500 萬美元。我們將所謂的維持資本支出（主要用於機身和發動機維護、技術和其他設備）與我們分配給機隊擴張的支出分開。全年維持資本支出為 1.87 億美元，增加了 400 萬美元。

Growth CapEx was $412 million, up $90 million from the prior year, both to convert existing aircraft to freighters and to buy more feedstock passenger aircraft. In 2022, those purchases included 8 Boeing 767s and 6 Airbus A321s. We deployed and leased 6 newly converted 767 freighters last year. Turnaround times at many passenger-to-freighter aircraft conversion houses remain well above pre-pandemic levels despite their efforts to increase throughput. We expect those bottlenecks to lessen this year.

增長資本支出為 4.12 億美元，比上一年增加 9000 萬美元，既用於將現有飛機改裝為貨機，也用於購買更多的原料客機。 2022 年，這些採購包括 8 架波音 767 和 6 架空客 A321。去年我們部署和租賃了 6 架新改裝的 767 貨機。儘管他們努力提高吞吐量，但許多客機到貨機改裝廠的周轉時間仍遠高於大流行前的水平。我們預計今年這些瓶頸會減少。

The next slide updates our adjusted free cash flow as measured by our operating cash flow, net of our sustaining CapEx. Adjusted free cash flow of $285 million last year was down $115 million from the year-earlier period and down $88 million for the 12 months ended last September. Cash flows from federal grants in 2021 were $83 million. All of that cash was received in the first half.

下一張幻燈片更新了我們調整後的自由現金流量，該自由現金流量是我們的運營現金流量，扣除我們的持續資本支出。去年調整後的自由現金流為 2.85 億美元，較上年同期減少 1.15 億美元，截至去年 9 月的 12 個月減少 8800 萬美元。 2021 年來自聯邦撥款的現金流為 8300 萬美元。所有這些現金都是在上半年收到的。

Our full year 2022 results reflect the impact of the temporary fourth quarter increase in working capital related to reimbursement of fuel costs from Omni's federal government customers. We project our growth capital investments to exceed adjusted free cash flows until 2025, when we expect that trend to reverse. Through 2024, we expect our debt leverage ratio to remain under 3x and begin to decline in 2025.

我們的 2022 年全年業績反映了與 Omni 聯邦政府客戶的燃料成本報銷相關的第四季度營運資金臨時增加的影響。我們預計我們的增長資本投資將超過調整後的自由現金流，直到 2025 年，屆時我們預計這一趨勢將會逆轉。到 2024 年，我們預計我們的債務槓桿率將保持在 3 倍以下，並在 2025 年開始下降。

You may have already seen the 2023 guidance we provided in the earnings release we issued yesterday. Rich will cover some of the factors that will affect our earnings and cash flow in his remarks. I wanted to provide some color around the significant increase in our CapEx budget of $850 million this year and the strategic decisions and steps that prepare the way for our growth investments in 2023 and 2024.

您可能已經看到我們在昨天發布的財報中提供的 2023 年指引。 Rich 將在他的評論中涵蓋一些會影響我們的收益和現金流的因素。我想圍繞我們今年 8.5 億美元的資本支出預算的顯著增長以及為我們 2023 年和 2024 年的增長投資鋪平道路的戰略決策和步驟提供一些色彩。

The bulk of our CapEx this year and in 2024 will continue to fund the expansion of our leased 767 fleet. The other major driver of our stepped-up growth in spending over the next several years is our decision to begin offering our lease customers to other freighter types, the Airbus A321, a narrow-body midsize freighter designed to replace retiring Boeing 757s; and the A330, a wide-body midsize freighter that will complement our still-expanding fleet of 767s.

我們今年和 2024 年的大部分資本支出將繼續為我們租賃的 767 機隊的擴張提供資金。未來幾年我們支出加速增長的另一個主要驅動因素是我們決定開始向我們的租賃客戶提供其他貨機類型，空客 A321，一種旨在取代退役的波音 757 的窄體中型貨機；以及 A330，這是一種寬體中型貨機，將補充我們仍在擴大的 767 機隊。

We started this freighter platform expansion from a strong financial position. Through 2022, our debt-to-adjusted EBITDA ratio as calculated under our bank agreement was below 2x and well below our average over the last several years. We also acted in 2020 and 2021 to lock in favorable fixed rates by issuing 7-year unsecured notes at a 4.75% coupon rate and amended our senior credit facility to increase our borrowing capacity, free up some collateral, and accommodate the resumption of our stock repurchase program. Available credit under our revolver was $365 million at the end of 2022, with an option for additional capacity subject to bank approvals. To coincide with our increased business with airlines in Europe and Asia, we intend to establish a similar $100 million credit facility in Ireland in the next few days.

我們從強大的財務狀況開始了這個貨機平台的擴張。到 2022 年，我們根據銀行協議計算的債務調整後 EBITDA 比率低於 2 倍，遠低於過去幾年的平均水平。我們還在 2020 年和 2021 年採取行動，通過以 4.75% 的票面利率發行 7 年期無抵押票據來鎖定有利的固定利率，並修改了我們的高級信貸額度以增加我們的借貸能力，釋放一些抵押品並適應我們股票的恢復回購計劃。到 2022 年底，我們的循環貸款下的可用信貸為 3.65 億美元，並可選擇在銀行批准後增加產能。為了配合我們與歐洲和亞洲航空公司的業務增加，我們打算在未來幾天內在愛爾蘭建立類似的 1 億美元信貸額度。

When our fleet development program is at its peak in 2024 and lease revenues from Airbus fleet additions are just beginning, we project that our leverage ratio will still remain less than 3x. After that, we expect to begin delevering in 2025.

當我們的機隊發展計劃在 2024 年達到頂峰並且空客機隊增加帶來的租賃收入才剛剛開始時，我們預計我們的槓桿率仍將低於 3 倍。之後，我們預計將在 2025 年開始去槓桿化。

I also want to note that even with higher CapEx spending, we have the liquidity and cash flow visibility to continue to accommodate opportunistic share repurchases under the $150 million facility the Board created last fall. As we noted in our release, we repurchased 2 million shares or about 3% of those outstanding during the fourth quarter after pandemic grant restrictions on our repurchases expired.

我還想指出，即使資本支出增加，我們也有流動性和現金流可見性，可以繼續適應董事會去年秋天創建的 1.5 億美元融資機制下的機會性股票回購。正如我們在新聞稿中指出的那樣，在對我們回購的大流行贈款限製到期後，我們在第四季度回購了 200 萬股股票，約佔已發行股票的 3%。

With that summary of our financial and operating results, I'll turn it back to Rich for some comments on our operations and outlook. Rich?

有了我們財務和經營業績的總結，我會把它轉回給里奇，就我們的經營和前景發表一些評論。富有的？

Thanks, Quint. The earnings release we issued yesterday listed some key 2022 operating accomplishments that contributed to the financial results that Quint just reviewed. Let me highlight them and share some additional color to give you more insight about how well we performed last year.

謝謝，昆特。我們昨天發布的收益報告列出了 2022 年的一些關鍵運營成就，這些成就促成了 Quint 剛剛審查的財務業績。讓我突出顯示它們並分享一些額外的顏色，讓您更深入地了解我們去年的表現。

Overall, we added 13 767 freighters in 2022, 6 of which were CAM-owned and leased to third-party customers. CAM also re-leased 1 767-200 and extended leases on 4 other 200s. 2 of the 6 newly converted 767-300 freighters leased last year are also being operated by ATSG's airlines under crew, maintenance and insurance agreements.

總體而言，我們在 2022 年增加了 13767 架貨機，其中 6 架為 CAM 自有並租賃給第三方客戶。 CAM 還重新租賃了 1 767-200 並延長了另外 4 架 200 的租賃。去年租賃的 6 架新改裝的 767-300 貨機中有 2 架也由 ATSG 的航空公司根據機組人員、維護和保險協議運營。

We also added 7 other 767-300s to our fleet under asset-light CMI arrangements. Those were assigned to our airlines by customers who obtained them elsewhere but shows our airlines, ABX Air and ATI, to fly them. They joined 6 others we were already operating on the same basis. We expect our customers to assign us 3 more in 2023.

在輕資產 CMI 安排下，我們還在機隊中增加了 7 架 767-300。這些是由客戶分配給我們的航空公司的，他們在其他地方獲得了它們，但向我們的航空公司 ABX Air 和 ATI 展示了它們。他們加入了我們已經在相同基礎上運作的其他 6 個。我們希望我們的客戶在 2023 年再分配給我們 3 個。

These decisions by our customers attest to their confidence in the airline services that we provide.

我們客戶的這些決定證明了他們對我們提供的航空服務的信心。

Our original 2022 plan called for more freighter leases, but both vendor and regulatory issues prevented us from reaching our targets. Our principal 767 conversion vendor, IAI, continues to add conversion capacity but throughput times remain well behind pandemic -- pre-pandemic levels. Anticipating delays, we decided to book several conversion slots with Boeing in 2021 and added more in 2022. Boeing will convert 4 of the 767-300s we expect to deploy this year. We believe that a combination of additional slots and faster throughput will allow us to meet our 2023 fleet expansion goals.

我們最初的 2022 年計劃要求租用更多貨機，但供應商和監管問題阻礙了我們實現目標。我們的主要 767 轉換供應商 IAI 繼續增加轉換能力，但吞吐量時間仍然遠遠落後於大流行——大流行前的水平。由於預計會出現延誤，我們決定在 2021 年向波音公司預訂多個改裝機位，並在 2022 年增加更多機位。波音公司將改裝我們預計今年部署的 767-300 中的 4 架。我們相信，額外的起降時刻和更快的吞吐量相結合，將使我們能夠實現 2023 年的機隊擴張目標。

Another challenge is gaining approvals from the regulatory agencies to put our converted A321-200 freighters into service. 3 of the 6 A321s that CAM intends to lease this year, including CAM's first 2 to ASL Aviation in Ireland, are ready to go with regulatory approval. We expect that to happen by midyear.

另一個挑戰是獲得監管機構的批准，將我們改裝的 A321-200 貨機投入使用。 CAM 今年打算租賃的 6 架 A321 中的 3 架，包括 CAM 租賃給愛爾蘭 ASL Aviation 的前 2 架，已準備好獲得監管部門的批准。我們預計這將在年中發生。

To prepare for our step-up in fleet investments starting this year, CAM was active in the feedstock market in 2022. Through purchases and other commitments, CAM now controls all of the passenger aircraft it requires for our anticipated 20 freighter leases in 2023 and nearly all of those that we'll lease in 2024.

為了準備從今年開始增加機隊投資，CAM 在 2022 年活躍於原料市場。通過採購和其他承諾，CAM 現在控制著我們預計在 2023 年租賃 20 架貨機所需的所有客機，以及近我們將在 2024 年租賃的所有這些。

Please go to the next slide. Quint noted that the scale of our fleet investments will be much larger over the next few years and that we have the financial backing to complete them.

請轉到下一張幻燈片。 Quint 指出，未來幾年我們的車隊投資規模將大得多，而且我們有資金支持來完成這些投資。

To those who might be concerned about whether customers will be ready to make long-term lease commitments for those aircraft as they complete conversion, it's important to understand that the surge in U.S. e-commerce activity that preceded and soared during the pandemic is only now beginning to surge in other parts of the world. The e-commerce portion of retail sales is still growing rapidly elsewhere, including Eastern Europe, Asia, Africa and Latin America as air networks expand.

對於那些可能擔心客戶是否準備好在這些飛機完成轉換後做出長期租賃承諾的人來說，重要的是要了解美國電子商務活動在大流行之前和期間飆升的激增只是現在開始在世界其他地區激增。隨著航空網絡的擴張，零售額中的電子商務部分仍在其他地方快速增長，包括東歐、亞洲、非洲和拉丁美洲。

Accordingly, more than 80% of CAM's leased freighter deployments over the next several years will be to airlines operating outside North America. And many of them will operate in networks established by DHL and other integrators who lease our freighters themselves but where rules limit where they can operate directly.

因此，在未來幾年內，CAM 80% 以上的租賃貨機部署將提供給在北美以外運營的航空公司。他們中的許多人將在 DHL 和其他集成商建立的網絡中運營，這些集成商自己租賃我們的貨輪，但規則限制了他們可以直接運營的地方。

Turning to our airlines. Some of the continuing growth in e-commerce fulfillment in the U.S. last year led to expansions of their fleets and more operating block hours. ABX Air and ATI added 9 767 freighters, including 7 assigned to them. Block hours of flying for all 3 airlines increased 8%, with a 9% increase in cargo operations and a 4% gain in passenger operations. Even with 1 fewer 767 in its fleet, Omni still completed a strong schedule of passenger airline missions for government customers. Also, the Department of Defense restored our full combi schedule, including our longest route in the fourth quarter.

轉向我們的航空公司。去年美國電子商務實現的一些持續增長導致他們的車隊擴張和更多的營業時間。 ABX Air 和 ATI 增加了 9 767 架貨機，其中 7 架分配給他們。所有 3 家航空公司的輪擋飛行小時數均增加了 8%，貨運業務增長了 9%，客運業務增長了 4%。即使其機隊中的 767 減少了一架，Omni 仍然完成了為政府客戶提供的大量客運航班任務。此外，國防部恢復了我們的完整組合時間表，包括我們在第四季度的最長路線。

We are also proud to note that a year ago, DHL agreed once again to extend and expand the long-standing commercial relationship we've enjoyed with them since the inception of ATSG as an independent public company in 2003. The agreement extended our airline service in support of DHL's U.S. Express network for 6 years and included the lease of 3 more 767-300 freighters from CAM. Our deployment schedules include still more 767s, plus some A330s for DHL's global network.

我們還自豪地註意到，一年前，DHL 再次同意延長和擴大自 ATSG 於 2003 年作為獨立上市公司成立以來我們與他們之間的長期商業關係。該協議擴展了我們的航空公司服務支持 DHL 的美國快遞網絡 6 年，包括從 CAM 租賃另外 3 架 767-300 貨機。我們的部署計劃包括更多的 767 飛機，以及用於 DHL 全球網絡的一些 A330 飛機。

Please go on to the next slide. Those were a few of the operating and commercial successes that helped us generate record revenues, adjusted EBITDA and adjusted EPS in 2022, and will contribute to our results for several years to come.

請轉到下一張幻燈片。這些是一些運營和商業上的成功，幫助我們在 2022 年創造了創紀錄的收入、調整後的 EBITDA 和調整後的每股收益，並將為我們未來幾年的業績做出貢獻。

In 2023, ATSG expects to generate between $650 million and $660 million in adjusted EBITDA and between $1.85 and $2 in adjusted earnings per share. Those targets reflect the record pace of 20 freighter lease deployments I mentioned a moment ago and which we announced to the market on February 6. Four of the international companies we will lease freighters to in 2023 and 2024 are new customers, supporting air express networks in other regions.

到 2023 年，ATSG 預計將產生 6.5 億美元至 6.6 億美元的調整後 EBITDA 和 1.85 美元至 2 美元的調整後每股收益。這些目標反映了我剛才提到的 20 架貨機租賃部署的創紀錄速度，我們於 2 月 6 日向市場宣布了這一點。我們將在 2023 年和 2024 年租賃貨機的四家國際公司是新客戶，支持航空快遞網絡其他地區。

Several years ago, we began to expand our sales and marketing outreach to customers where e-commerce is just beginning to take hold, and those efforts are paying off in record demand for our freighters today.

幾年前，我們開始將我們的銷售和營銷範圍擴大到電子商務剛剛起步的客戶，這些努力在今天對我們的貨機創紀錄的需求中取得了回報。

Later in the year, CAM will begin the passenger-to-freighter conversions of our first A330-300 for lease delivery in 2024. CAM expects to convert and lease 30 such aircraft by 2028, 2/3 of which are already backed by customer commitments. CAM will also begin conversion of a projected 16 767-300 freighters it expects to lease in 2024, most of which have customers awaiting them.

今年晚些時候，CAM 將開始對我們的第一架 A330-300 進行客機改裝，以便於 2024 年交付租賃。CAM 預計到 2028 年將改裝和租賃 30 架此類飛機，其中 2/3 已經得到客戶承諾的支持. CAM 還將開始改裝預計在 2024 年租賃的 16 767-300 架貨機，其中大部分都有客戶在等待。

ATSG's 2023 outlook also includes the return of 8 of the 12 767-200 freighters that ATSG leased to Amazon in 2016. The remaining 8 will be re-leased, sold or harvested, with their engines added to the power-by-cycle pool for 767-200 lease customers.

ATSG 的 2023 年展望還包括歸還 ATSG 在 2016 年租賃給亞馬遜的 12 767-200 架貨機中的 8 架。其餘 8 架將被重新租賃、出售或收割，其發動機將添加到按循環功率池中767-200 租賃客戶。

ATSG also expects inflationary and schedule reduction impacts on our airlines in 2023, when we expect fewer hours of flying for our ACMI and CMI customers. We remain positive on ATSG's long-term growth opportunities with our major U.S. air network customers and expect to add 3 customer-provided aircraft this year.

ATSG 還預計 2023 年我們的航空公司會受到通貨膨脹和航班減少的影響，屆時我們預計 ACMI 和 CMI 客戶的飛行時間會減少。我們對 ATSG 與美國主要航空網絡客戶的長期增長機會保持樂觀，並預計今年將增加 3 架客戶提供的飛機。

We expect that 2024 and 2025 will bring the resumption of strong earnings and cash flow growth from today's investments, with year-over-year growth of about 10% in adjusted EBITDA and even stronger growth in our leasing segment.

我們預計，到 2024 年和 2025 年，今天的投資將恢復強勁的收益和現金流增長，調整後的 EBITDA 同比增長約 10%，我們的租賃業務增長更為強勁。

Few companies have customers committed to long-term agreements that will generate the kind of cash flow visibility that ATSG enjoys. We have a strong balance sheet, a leadership position in the midsized freighter leasing market and the strong backing of investors in our credit facility and debt securities, who regard the feedstock aircraft we are acquiring as prime assets.

很少有公司的客戶承諾會產生 ATSG 享有的那種現金流可見性的長期協議。我們擁有穩健的資產負債表、在中型貨機租賃市場的領導地位以及投資者對我們信貸額度和債務證券的大力支持，他們將我們收購的原料飛機視為主要資產。

Our employees are also prepared to execute all of our 2023 plans with a goal to turn exciting opportunities into long-term superior returns for shareholders.

我們的員工還準備執行我們所有的 2023 年計劃，目標是將激動人心的機會轉化為股東的長期卓越回報。

That concludes our prepared remarks. Quint and I, along with Mike Berger, our Chief Strategy Officer, are ready to answer questions. May we have the first question, operator?

我們準備好的發言到此結束。 Quint 和我以及我們的首席戰略官 Mike Berger 已準備好回答問題。接線員，我們可以問第一個問題嗎？

(Operator Instructions) Our first question comes from Jack Atkins with Stephens.

（操作員說明）我們的第一個問題來自 Jack Atkins 和 Stephens。

This is Grant on for Jack. I just wanted to dig in a little bit on the 2023 guidance really on the ACMI side and kind of how you're expecting that to play out maybe first half versus second half. And you mentioned in your fleet update that the first half would see a year-over-year decrease in block hours with your larger customers. And today, you talked about a full year block hour decrease year-over-year in cargo and passenger. Just maybe any color on how you're thinking about ACMI over the course of the full year would be great.

這是傑克的格蘭特。我只是想深入了解 ACMI 方面的 2023 年指南，以及您對上半年和下半年的預期結果。你在車隊更新中提到，上半年你的大客戶的輪班時間將同比減少。今天，您談到了貨運和客運的全年輪擋小時同比減少。在一整年中，關於您如何看待 ACMI 的任何顏色都可能很棒。

Yes. Thanks for the question. In terms of ACMI, the block hour decrease that we talked about, remember, we had the resumption for ATI of a combi route in the fourth quarter of '21, so we'll have that for the full year in -- or excuse me, fourth quarter '22. And we'll have it for the full year of '23. And we consider that as passenger. But of course, the other passenger hours being flown by Omni primarily for its governmental and -- the DoD and governmental customers.

是的。謝謝你的問題。就 ACMI 而言，我們談到的減少輪班時間，請記住，我們在 21 年第四季度為 ATI 恢復了一條組合路線，所以我們將在全年都有——或者對不起, 22 年第四季度。我們將在 23 年全年使用它。我們認為這是乘客。但是，當然，Omni 主要為其政府以及國防部和政府客戶飛行的其他客運時間。

We expect passenger and cargo hours to be down. They will be down less than 5%, we would anticipate, year-over-year for the full year. And I think really in terms of differentiating, it's -- we do expect perhaps in the second half to see, as we typically do, and you see a lot of the forecasts, some recovery, particularly on the cargo side, where hours may pick up seasonally.

我們預計客運和貨運時間將會減少。他們將下降不到 5%，我們預計，全年同比下降。而且我認為真正在差異化方面，它是 - 我們確實希望在下半年看到，就像我們通常所做的那樣，你會看到很多預測，一些復甦，特別是在貨運方面，時間可能會選擇季節性上漲。

But on the pax side, it's more of we expect sort of a steady environment. Those are sometimes a little tougher to forecast, as you know. Some of those hours, you don't have as much notice on. We've had events happen in the world that can affect the demand particularly for Omni on the military side.

但在 pax 方面，我們更希望有一種穩定的環境。如您所知，這些有時更難預測。其中一些時間，您沒有太多注意。我們在世界上發生過一些事件，這些事件可能會影響對 Omni 的需求，尤其是在軍事方面。

We do anticipate, I believe, in the -- based on what we've seen in the first quarter, we may see some reduced hours in flying for Omni on the governmental side, if that helps any. But basically, that part, the pax line, we're assuming pretty much steady state in the absence of having any specific information about the second half.

我相信，我們確實預計——根據我們在第一季度看到的情況，如果有幫助的話，我們可能會看到政府方面 Omni 的飛行時間有所減少。但基本上，在沒有關於下半場的任何具體信息的情況下，我們假設那部分，即 pax 線，幾乎處於穩定狀態。

And if I could just follow up on one more thing. So you mentioned the strength internationally in e-commerce and what you're hearing for your customers. Maybe if you could just talk a little bit on your U.S. customers. And maybe is there any more negative commentary you've heard from them? Any calls for concern as you maybe think about trying to re-lease those 767-200s as you mentioned?

如果我能再跟進一件事。所以你提到了電子商務在國際上的實力以及你從客戶那裡聽到的消息。也許你可以談談你的美國客戶。也許你從他們那裡聽到過更多的負面評論？當您考慮嘗試重新租賃您提到的那些 767-200 時，是否有任何擔憂？

Yes, no. Thanks, Grant, for the call. It's Mike Berger. From a U.S. perspective, as Rich mentioned, just to go back to Rich's remarks, our order book for the next couple of years, '23 and '24, has really been dominant, over 80% leased outside the U.S. from an international perspective.

是的，不。謝謝格蘭特的來電。我是邁克·伯格。從美國的角度來看，正如 Rich 提到的那樣，回到 Rich 的言論，我們未來幾年的訂單，'23 和 '24，確實占主導地位，從國際角度來看，超過 80% 是在美國以外租賃的。

So our strategy to move forward further globally that we started several years ago now really is taking hold and will continue to. So we -- while we continue to look for opportunities within the U.S., and we'll continue to support our customers' growth where needed, our opportunities have really been greater outside the U.S., and we continue to push that way.

因此，我們幾年前開始的在全球範圍內進一步發展的戰略現在確實正在站穩腳跟，並將繼續下去。所以我們——雖然我們繼續在美國尋找機會，我們將繼續在需要的地方支持我們客戶的增長，但我們在美國以外的機會確實更大，我們將繼續推動這一方向。

Our next question comes from Helane Becker with Cowen.

我們的下一個問題來自 Helane Becker 和 Cowen。

Let's see, I have 2 questions. The 1 question, Quint, can you -- when you talk about aircraft that you have placed or that are going to customers or where you have customers signed up, can you talk about it in terms of committed revenue over that time frame? Like can you say, "We've already had committed revenue of X billions of dollars over the next X number of years?" Are you able to say that?

讓我們看看，我有2個問題。第一個問題，昆特，你能不能——當你談論你已經放置或將要交付給客戶或你有客戶註冊的飛機時，你能談談那個時間段內的承諾收入嗎？你可以說，“我們已經承諾在接下來的 X 年內實現 X 億美元的收入嗎？”你能這麼說嗎？

Yes. I mean, it's a good question, Helane. We talk about the 20 aircraft, for example, that we're looking -- that we are targeting for deployment in '23. On an annualized basis, you're talking about around $70 million of revenue for those placements. And if you look at 2024, it's probably more like about $85 million to $90 million on an annualized on top of that. And we have, as Rich said, excellent visibility on that. On those placements, we've got customer commitments, I think, for all but 2 or 3 of those.

是的。我的意思是，這是個好問題，Helane。例如，我們談論的是我們正在尋找的 20 架飛機——我們的目標是在 23 年部署。按年率計算，您談論的是這些展示位置的收入約為 7000 萬美元。而且，如果您看一下 2024 年，除此之外的年化收入可能更像是 8500 萬到 9000 萬美元。正如 Rich 所說，我們對此有很好的了解。在這些展示位置上，我認為除了其中的 2 或 3 個之外，我們都有客戶承諾。

Okay. That's hugely helpful. And then my follow-up question is, I think -- I don't know if it was you or Rich who said in your prepared remarks that you have inflationary cost pressure in some of your ACMI businesses. Is that reimbursable by your customers, those cost pressures?

好的。這非常有幫助。然後我的後續問題是，我想——我不知道是你還是里奇在你準備好的發言中說你的一些 ACMI 業務面臨通脹成本壓力。您的客戶可以報銷那些成本壓力嗎？

Well, certainly, there's escalators that are built into our customer contracts. We've all seen inflation in the recent years that has outpaced, I think, what most folks would have in their contracts. But having said that, I mean, I think it's important to say that when you look at ACMI Services, I mean, it's made tremendous progress throughout the pandemic for ATSG's airlines. And what we have projected in '23, for example, their contribution in terms of adjusted EBITDA is about 12% higher than it was in 2021 in 2023.

嗯，當然，我們的客戶合同中包含自動扶梯。我認為，近年來我們都看到通貨膨脹率超過了大多數人在合同中的預期水平。但是話雖如此，我的意思是，我認為重要的是，當您查看 ACMI 服務時，我的意思是，它在整個大流行期間為 ATSG 的航空公司取得了巨大進步。例如，我們在 23 年的預測是，他們在調整後 EBITDA 方面的貢獻比 2021 年到 2023 年高出約 12%。

Now 2022 was an excellent year, right? They had -- there were some opportunities for -- where customers needed charter flights and things that were higher margin than we might see in '23 due to the macroeconomic environment.

現在 2022 年是非常棒的一年，對吧？由於宏觀經濟環境，他們有——有一些機會——客戶需要包機和比我們在 23 年看到的更高利潤的東西。

And then of course in '23, with perhaps less commercial opportunities, you may see some of the airlines who participate in the government flying, the CRAF program, they may fly their -- more of their entitlements. Some of those airlines may have been opting to fly commercial trips. When the rates being offered for those types of trips were really high on the -- and now there may be less of those in a slower economy in '23.

然後當然在 23 年，商業機會可能更少，你可能會看到一些參與政府飛行的航空公司，CRAF 計劃，他們可能會飛行他們的 - 更多他們的權利。其中一些航空公司可能一直選擇進行商業旅行。當為這些類型的旅行提供的費率真的很高時 - 現在在 23 世紀經濟放緩的情況下可能會更少。

So we anticipate that Omni, while it's going to do well in '23, but it may not have as many opportunities to fly and clean up some of the entitlement not flown by some of the other carriers.

所以我們預計 Omni，雖然它在 23 年會做得很好，但它可能沒有那麼多機會飛行和清理一些其他航空公司沒有飛行的權利。

Helane, the things that -- there are reimbursables in those ACMI agreements, things like permits, like landing fees, those types of things. Fuel is a big reimbursement. But the things that have impacted us on an inflationary basis are things like travel cost because we have to position pilots all over the world, maintenance costs for maintenance technicians or maintenance contractors. Those costs have been rising over the past few years. And those are built into the rates.

Helane，那些 ACMI 協議中有可償還的東西，比如許可證，比如著陸費，這些類型的東西。燃料是一筆很大的報銷。但是，在通貨膨脹的基礎上影響我們的是差旅成本，因為我們必須在世界各地安置飛行員，維護技術人員或維護承包商的維護成本。在過去幾年中，這些成本一直在上升。這些都包含在費率中。

They do get escalated, as Quint said, in the general agreements year-to-year, but it's just a matter of whether that escalation keeps up with where the inflationary pressure may be in those different cost items.

正如 Quint 所說，在每年的總協議中，它們確實會升級，但這只是升級是否與這些不同成本項目中的通脹壓力保持一致的問題。

And on the military and the DoD type flying, those contracts are more akin to cost-plus. And so rates are adjusted. There's a look-back, though there's usually a lag, right? In the year the inflation is occurring, you may not get the reimbursement. But when rates are reset in subsequent years, those adjustments are made. So that's a risk mitigator, but it creates a dislocation.

在軍事和國防部類型的飛行中，這些合同更類似於成本加成。因此調整了利率。有回頭看，雖然通常會有滯後，對吧？在發生通貨膨脹的那一年，您可能無法獲得報銷。但是，當隨後幾年重新設置利率時，就會進行這些調整。所以這是一種風險緩解措施，但它會造成混亂。

Okay. Could I squeeze in one more question? I think, Rich, you said that you were going to use Boeing to do more conversions than IAI. Why are they going to be faster to do conversions or turnarounds, given all the supply constraint issues they have?

好的。我能再插一個問題嗎？我想，里奇，你說過你打算使用波音公司進行比 IAI 更多的轉換。考慮到他們面臨的所有供應限制問題，為什麼他們會更快地進行轉換或周轉？

Yes. I didn't say that we were going to use more Boeing, but we do have 8 slots from Boeing and we're still using a lot of IAI. We have 5 lines operating there pretty much at all times. The difference between IAI and Boeing really is that Boeing has a full production line still going of factory freighters and factory tankers. And so I think they've got a sturdier supply chain than some of the other converters and some of the other lines of business.

是的。我並沒有說我們要使用更多的波音，但我們確實有 8 個來自波音的插槽，而且我們仍在使用大量的 IAI。我們有 5 條線路幾乎一直在那裡運營。 IAI 和波音之間的真正區別在於，波音擁有完整的工廠貨機和工廠油輪生產線仍在運轉。因此，我認為他們擁有比其他一些加工商和其他一些業務線更堅固的供應鏈。

Now we're under the A321, the A330. We've got multiple vendors on the A321 on the conversion side. And of course, we do our own. And then we've got the 2 on the 767. So we get a good view into what's going on in some of these supply chains.

現在我們在 A321、A330 之下。我們在轉換端的 A321 上有多家供應商。當然，我們自己做。然後我們在 767 上得到了 2。因此我們可以很好地了解其中一些供應鏈中正在發生的事情。

And I think we mentioned it in the prepared remarks that we saw some delays from IAI, and a lot of that was related to fabrication and parts vendors that they use in other countries. And I think Boeing just has a more captive supply chain just because they've got -- I believe, because they've got that large production line, and that supports their conversion line as well.

我想我們在準備好的評論中提到過，我們看到 IAI 的一些延遲，其中很多與他們在其他國家/地區使用的製造和零件供應商有關。而且我認為波音只是因為他們擁有 - 我相信，因為他們擁有那條大型生產線，並且也支持他們的轉換線，所以他們擁有更多的專屬供應鏈。

And Helane, it's Mike. They tend to be a little bit more, like I put it this way, cookie-cutter. So the work scopes that go into the conversions up front are well defined and they're just more cookie-cutter approach, so the changes don't impact the actual delivery times.

海蘭，是邁克。他們往往會多一點，就像我這樣說，千篇一律。因此，預先進入轉換的工作範圍是明確定義的，它們只是更千篇一律的方法，所以這些變化不會影響實際的交付時間。

Another way to say that is they're less flexible.

另一種說法是它們不太靈活。

Our next question comes from Michael Ciarmoli with Truist.

我們的下一個問題來自 Truist 的 Michael Ciarmoli。

Just I guess, Rich or Quint, just looking at the EBITDA guidance next year, the run rate, I mean, you have -- it's basically the second half '22 EBITDA run rate, basically puts you at the low end of that range. You're going to have more planes in service. Is all of this pressure just coming from ACMI? Or can you just elaborate a little bit?

我猜，Rich 或 Quint，看看明年的 EBITDA 指導，運行率，我的意思是，你有 - 它基本上是 22 年下半年的 EBITDA 運行率，基本上使你處於該範圍的低端。你將有更多的飛機投入使用。所有這些壓力都來自 ACMI 嗎？或者你能詳細說明一下嗎？

I was always operating under the impression of playing out there is maybe $4 million to $5 million of EBITDA. But just maybe can you provide some color as to the EBITDA, why the run rate just kind of holds from third quarter, fourth quarter, all the way through?

我一直以為 EBITDA 可能有 400 萬到 500 萬美元。但也許你能提供一些關於 EBITDA 的顏色，為什麼運行率從第三季度、第四季度一直保持不變？

Yes. I mean, Michael, it's Quint. You're correct that the -- in terms of the, I guess, the more of the headwind in '23 is ACMI Services. Even though, as I mentioned, ACMI Services in '23 is projected to be up versus, for example '21, and certainly way up since the pre-pandemic period. I mean, ACMI Services has been a great contributor.

是的。我的意思是，邁克爾，這是昆特。你是對的——我猜，23 年的逆風更多的是 ACMI 服務。儘管，正如我所提到的，23 年的 ACMI 服務預計會比 21 年有所上升，而且自大流行前時期以來肯定會有所上升。我的意思是，ACMI Services 做出了巨大的貢獻。

But there is, as we've always said, a little bit more volatility. Our business model has a great deal of stability with the CAM piece, but there's always a little bit of volatility on the ACMI Services side. Now we like that because it's an asset-light business, and generally, it's been a great contributor in terms of overall cash flow. And as I said, it has made progress every year except comparing to '22 as we look at '23, it's going to be down but still up versus prior periods. So there's some volatility around the margins on ACMI Services. That has to do with what we said earlier about where the opportunities might lie for military flying and commercial flying.

但是，正如我們一直所說的那樣，波動性更大一些。我們的業務模型在 CAM 部分具有很大的穩定性，但在 ACMI 服務方面總是存在一些波動。現在我們喜歡它，因為它是一項輕資產業務，而且總的來說，它在整體現金流方面做出了巨大貢獻。正如我所說，它每年都取得進展，除了與我們看到的 23 年的 22 年相比，它將會下降，但與之前的時期相比仍然上升。因此，ACMI 服務的利潤率存在一些波動。這與我們之前所說的軍用飛行和商業飛行的機會所在有關。

But on the CAM piece, we talked about in our pre-release, there will be some aircraft coming back, we believe. That will create a pause, I guess, in terms of revenue stream on those 767-200s that we put the earlier release out on. CAM, certainly in terms of their earnings margins, they're impacted by the rise in interest cost, which is certainly a factor. And of course, inflation also can affect the investments, what it takes to put an aircraft on the ramp and lease it.

但在 CAM 部分，我們在預發布中談到，我們相信會有一些飛機回歸。我想，就我們發布早期版本的 767-200 的收入流而言，這將造成暫停。 CAM，當然就他們的利潤率而言，他們受到利息成本上升的影響，這當然是一個因素。當然，通貨膨脹也會影響投資，將飛機放在坡道上並租賃它需要什麼。

The lease rate has held up nicely, but similar to comment earlier, sometimes there's a little bit of a lag there when inflation moves really quickly because we have a lot of our growth already programmed in, just like we talked about our pipeline, in '23 and '24, with what, 40-some aircraft coming out and being leased. We have a lot of that pipeline locked in 18, 24 months prior to when the asset comes out. So sometimes, that inflation can impact the end-of-service cost, and that's something CAM has to deal with.

租賃率保持得很好，但與之前的評論類似，當通貨膨脹非常快時，有時會有一點滯後，因為我們已經計劃了很多增長，就像我們談到我們的管道一樣，在' 23 和 24 年，有 40 多架飛機問世並被出租。在資產出來之前的 18、24 個月，我們有很多管道被鎖定。所以有時，通貨膨脹會影響服務終止成本，而這是 CAM 必須處理的事情。

But it's -- we're hitting our return margins there. The businesses looks to be positioned, as Rich said, to be the engine that will drive again in '24 and '25, we believe, double-digit EBITDA growth year-over-year. But in '23, you have those -- you have some returns coming back and you have that higher interest cost, so there's a little bit of a headwind there.

但它是——我們在那里達到了我們的回報率。正如 Rich 所說，這些業務看起來被定位為將在 24 和 25 年再次推動的引擎，我們相信，EBITDA 同比增長兩位數。但是在 23 年，你有那些 - 你有一些回報，你有更高的利息成本，所以那裡有一點逆風。

I don't know, Mike, if there's anything you...

我不知道，邁克，如果有什麼事你...

Yes, we view it as a divestment investment year. And the line of sight, as Quint mentioned, in terms of our order book in 2023 and '24, and quite honestly into 2025 on the 767 side, is fabulous. And as we look at the engine, the e-commerce engine and what drives that, retail sales as a whole from now to 2026 are going to grow -- are scheduled to grow by $4.6 trillion, and $2.2 trillion of that is going to be in e-commerce.

是的，我們將其視為撤資投資年。正如 Quint 提到的那樣，就我們 2023 年和 24 年的訂單，以及 767 方面到 2025 年的訂單而言，視線非常棒。當我們審視引擎、電子商務引擎以及推動它的因素時，從現在到 2026 年的整體零售額將增長——預計增長 4.6 萬億美元，其中 2.2 萬億美元將是在電子商務中。

As Rich mentioned in his early remarks, we're still seeing very, very strong growth in the areas that -- around the world that we are seeing success in. Southeast Asia, Africa, the Middle East, for example, are areas that we're seeing great success with new customers as well as our existing customers in those areas.

正如里奇在他早期的發言中提到的那樣，我們仍然看到在世界範圍內我們取得成功的地區非常非常強勁的增長。例如，東南亞、非洲、中東是我們取得成功的地區在這些領域看到新客戶和我們現有客戶的巨大成功。

As we progress in '24 and '25, we'll be right in the midst of our deliveries on the A330, and that investment for the A330 is taking place now. So we're really keen on what the future specifically lies in our EBITDA growth and getting back to that 10-plus percent, as Quint talked about, in the upcoming years.

隨著我們在 24 年和 25 年取得進展，我們將正處於 A330 的交付過程中，而對 A330 的投資現在正在進行中。因此，我們非常熱衷於未來具體取決於我們的 EBITDA 增長，並在未來幾年恢復到 Quint 所說的 10% 以上。

The other piece that I'll just talk about, just from the strength standpoint, is retirements. During the pandemic, about 15 freighters were being retired a year. On a normal year, it's about 70. What does that mean? That means that the demand for cargo freighters around the world is just going to continue to add strength. So we continue to be real positive.

從實力的角度來看，我要談的另一件事是退役。在大流行期間，每年大約有 15 艘貨輪退役。在正常年份，大約是 70。這是什麼意思？這意味著全球對貨機的需求將繼續增加。所以我們繼續保持積極態度。

Okay. Just on the capital intensity of business. I mean, that sustaining CapEx guidance is going to be up 40% to $260 million. I mean, is there anything unique happening this year? I mean, presumably, maintenance, parts, overall kind of shop visits are getting more expensive. But how should we think about this sustaining CapEx going forward?

好的。就企業的資本密集度而言。我的意思是，持續的資本支出指導將增長 40% 至 2.6 億美元。我的意思是，今年有什麼特別的事情發生嗎？我的意思是，大概是維護、零件、整體的實體店訪問費用越來越高。但是我們應該如何看待這種持續的資本支出呢？

Yes. Thanks, Michael. It's Quint. The -- we've kind of said, because maintenance CapEx can move based on the timing of scheduled maintenance from year-to-year, I think we've kind of said it's around a couple of hundred million dollars of our CapEx in any given year. But you're right, '23 is a little bit higher. Now '22 was, I think what we said, $187 million. So you can see it came in a little lower.

是的。謝謝，邁克爾。是昆特。 - 我們有點說過，因為維護資本支出可以根據每年定期維護的時間進行調整，我想我們已經說過，我們的資本支出在任何情況下都在幾億美元左右給定的年份。但你是對的，'23 有點高。現在'22 是，我想我們說過，1.87 億美元。所以你可以看到它稍微低了一點。

'23 is higher than that $200 million sort of trend, long-term trend line, mainly because of the timing of some engine overhauls. We maintain a pool of engines for some of the lessees, one of the engine types. And it's just based upon their shop visits, their expected shop visit timing. We've got more of those this year.

'23 高於 2 億美元的趨勢，長期趨勢線，主要是因為一些發動機大修的時間。我們為一些承租人維護一個引擎池，其中一種引擎類型。這只是基於他們的實體店訪問，以及他們預期的實體店訪問時間。今年我們有更多這樣的人。

I mean, you are correct. Inflation, as we said, I don't think any of us can probably think of any cost that it doesn't affect. But it has more to do with the timing of scheduled maintenance as to why we're looking at a higher number for maintenance CapEx in '23.

我的意思是，你是對的。通貨膨脹，正如我們所說，我認為我們中的任何人都不可能想到不受它影響的任何成本。但它更多地與定期維護的時間有關，為什麼我們要在 23 年尋找更高數量的維護資本支出。

Okay, that makes sense. And then just the last one, if I may. Any update on your kind of contracts with your pilots? Just kind of watching the news here, seeing what's going on at FedEx. How are you kind of handicapping or thinking about that risk?

好的，這是有道理的。然後是最後一個，如果可以的話。關於您與飛行員的合同類型有任何更新嗎？只是在這裡看新聞，看看 FedEx 發生了什麼。你是如何阻礙或考慮這種風險的？

Yes. So we've got pilot contracts open -- or amendable, I should say, with both ATI on the cargo side and on -- in our passenger operator, Omni. And both those contracts are -- have been in negotiation. And the both sides are meeting multiple times per month now and trading information and going forward. And so the things are progressing, just based on where they are individually, and they're both in different places. But we don't believe that we'll get to anything very quickly.

是的。因此，在我們的客運運營商 Omni 中，我們已經與 ATI 在貨運方面和其他方面簽訂了試點合同——或者說是可以修改的。這兩份合同都在談判中。雙方現在每月會面多次，交換信息並繼續推進。因此，事情正在取得進展，只是基於他們各自所在的位置，而且他們都在不同的地方。但我們不相信我們會很快完成任何事情。

We have always taken the position that we need a pilot contract that pays the pilots well enough that we can retain and attract pilots, but also gives us the cost structure required that we compete for business. And we've always been able to make those 2 positions meet at some point, and we'll continue to pursue the contract negotiations with that perspective.

我們一直採取的立場是，我們需要一份飛行員合同，該合同能為飛行員支付足夠豐厚的報酬，以便我們能夠留住和吸引飛行員，同時也為我們提供競爭業務所需的成本結構。我們總是能夠讓這兩個立場在某個時候相遇，我們將繼續從這個角度進行合同談判。

Our next question comes from Frank Galanti with Stifel.

我們的下一個問題來自 Stifel 的 Frank Galanti。

I wanted to follow up on that last question on pilots. Can you sort of talk about availability of pilots? Have you -- considering the kind of new EBITDA guidance and expectations for low block hours, does that sort of alleviate some of the pressure from a pilot perspective? And can you talk about how variable that cost is with block hours?

我想跟進關於飛行員的最後一個問題。你能談談飛行員的可用性嗎？你有沒有 - 考慮到新的 EBITDA 指導和對低輪班時間的期望，從飛行員的角度來看，這是否減輕了一些壓力？您能談談該成本隨出塊時間的變化有多大嗎？

So a couple of things. One is that we've been able to attract pilots without a problem over the past year. And any attrition that we've had, we've been able to stay ahead of the curve in terms of getting the training done and getting them able to be able to fly and preserve all our schedules and et cetera, et cetera. So that's been a good thing. Our average hours are way over the minimum of the new pilots coming in, so we're in good shape as far as the pilot situation goes.

所以有幾件事。一個是我們在過去一年中能夠毫無問題地吸引飛行員。我們已經有任何減員，我們已經能夠在完成培訓和讓他們能夠飛行和保留我們所有的日程安排等等方面保持領先地位。所以這是一件好事。我們的平均工作時間遠遠超過新飛行員的最低時數，因此就飛行員情況而言，我們的狀況良好。

But in terms of the variability of pilot cost as it relates to block hours. I mean, the pilot cost is really -- it's under contract. So it's -- the pilots will go through the -- increase their pay as they go through scales. It doesn't really change that much on an average cost basis per block hour. And the contracts that we have, there are escalations that address cost on an annual basis.

但就飛行員成本的可變性而言，因為它與輪班時間有關。我的意思是，試點成本確實是——它是根據合同規定的。所以它 - 飛行員將通過 - 在他們通過秤時增加他們的工資。在每塊小時的平均成本基礎上，它並沒有真正改變那麼多。我們擁有的合同每年都會升級解決成本問題。

But Frank, as we look forward at the placements for aircraft, as Mike commented, most all of these are going internationally. So we don't anticipate operating those through the airline. So I think, what, over 80% or something are international placements in '23, '24.

但是弗蘭克，當我們期待飛機的安置時，正如邁克評論的那樣，大多數這些都是國際化的。所以我們預計不會通過航空公司運營這些。所以我認為，23 年和 24 年，超過 80% 或更多的是國際展示。

82%.

82%。

And so that will, to your point, it won't drive a demand for additional pilots. It's more about keeping pace with that attrition that Rich mentioned.

因此，就您而言，這不會推動對額外飛行員的需求。更多的是跟上 Rich 提到的那種消耗。

And if you look at -- I mean, just the next 2 years are going to be 40 airplanes we're putting out. And you look at the diversification, we're getting away from some of our larger lessees, it's a great story because we've got stability, we've got visibility to cash flows, and we've got a differentiated business model going forward into different parts of the world.

如果你看看——我的意思是，在接下來的兩年裡，我們將推出 40 架飛機。你看看多元化，我們正在擺脫一些較大的承租人，這是一個很好的故事，因為我們有穩定性，我們對現金流有可見性，並且我們有一個差異化的商業模式向前發展到世界的不同地方。

That's helpful. So I wanted to ask about the 767-200s. Can you kind of talk about -- so in the press release, you had an expectation of, at the end of '23, being down 8 planes. Can you sort of talk about the age and efficiency interest in that platform?

這很有幫助。所以我想問一下 767-200s。你能不能談談——所以在新聞稿中，你期望在 23 年底下降 8 架飛機。您能談談該平台的年齡和效率興趣嗎？

And then kind of second part of that, last year, you took in-house the engine services for that plane. You sort of talked about $45 million of EBITDA contribution from that. Where does that sort of stack relative to what you expected in '22 versus '23 with sort of the changes in that platform?

然後是第二部分，去年，你為那架飛機提供了內部發動機服務。你大概談到了 4500 萬美元的 EBITDA 貢獻。那種堆棧相對於你在 22 年和 23 年的預期以及該平台的變化在哪裡？

Yes. In terms of the last part of that question, and I don't know, Mike, he might jump in the first part on the 200s.

是的。關於這個問題的最後一部分，邁克，我不知道，他可能會跳到 200 年代的第一部分。

But your question about the engine piece. Yes, for '22, it was right around the $40 million that we talked about at the beginning of the year when we gave guidance in terms of that EBITDA contribution. Remember, there was kind of a step-up there because we ended a long-time PBC agreement with a provider, and we went to the pooling structure that we have now, where we essentially -- we overhaul, we maintain that pool of engines and make it available to lessees who operate the aircraft.

但是你關於發動機部件的問題。是的，對於 22 年，我們在年初就 EBITDA 貢獻給出指導時談到的 4000 萬美元左右。請記住，那裡有某種升級，因為我們結束了與供應商的長期 PBC 協議，我們進入了我們現在擁有的池結構，我們基本上 - 我們大修，我們維護那個引擎池並提供給運營飛機的承租人。

So on a '23 versus '22, there won't be much of a change. In other words, it's not a big driver of incremental EBITDA. That was sort of that changing that structure from '21 to -- late '21 to '22 that drove that $40 million increase in '22. So pretty much a stable contribution in '23 versus '22 from the engine piece.

所以在 23 年和 22 年的比賽中，不會有太大的變化。換句話說，它不是增量 EBITDA 的主要驅動力。這有點改變了結構，從 21 年到 21 年末到 22 年，推動了 22 年 4000 萬美元的增長。引擎部件在 23 年和 22 年的貢獻相當穩定。

In regards to the first part of your question about the demand for the 767-200. We've seen still very, very good demand for the airframe. And as Rich has mentioned in his opening remarks, we certainly will have some opportunities to sell some of those airframes as well as re-lease them out to the marketplace.

關於您關於 767-200 需求的問題的第一部分。我們看到對機身的需求仍然非常非常好。正如里奇在開場白中提到的那樣，我們當然會有機會出售其中一些機身並將它們重新出租給市場。

So as we view those opportunities and we'll kind of have our choice, if I could put it that way, to pick and choose what's best for us as we get those returns; couple that with the engine program, the pool of engines that Quint mentioned, that we still feel that the -- or still not only feel, but see, strong requests and strong demand for that airframe.

因此，當我們看到這些機會時，我們將有我們的選擇，如果我可以這樣說的話，在我們獲得這些回報時挑選最適合我們的東西；將其與發動機計劃相結合，Quint 提到的發動機庫，我們仍然認為 - 或者仍然不僅感覺到，而且看到對該機身的強烈要求和強烈需求。

(Operator Instructions) Our next question comes from Howard Rosencrans with VA.

（操作員說明）我們的下一個問題來自 VA 的 Howard Rosencrans。

I guess I just want to understand the -- I mean, obviously, the market is having a different reaction to what you're saying in terms of one of the prior speakers commented on "great story."

我想我只是想了解 - 我的意思是，很明顯，市場對你所說的話有不同的反應，其中一位發言者對“偉大的故事”發表了評論。

So I just -- to simplify in terms of the growth CapEx, you've got $600 million in '23 and it sort of implies about $600 million in '24. Is that sort of related to -- again, just to oversimplify without the breakdown between BA and the Airbus equipment. Ostensibly, we're talking about the $27 million, $30 million per?

所以我只是 - 為了簡化增長資本支出，你在 23 年有 6 億美元，這意味著在 24 年有大約 6 億美元。這是否與 - 再一次，只是為了在 BA 和空中客車設備之間沒有故障的情況下過度簡化。從表面上看，我們談論的是 2700 萬美元、3000 萬美元？

I'm sorry, Howard, you cut off there. You still...

對不起，霍華德，你打斷了。你還在...

Yes. No, no. I had completed the question.

是的。不，不。我已經完成了問題。

Ostensibly, are we talking about $27 million to $30 million per aircraft? That's -- again, whether it flows in as working capital or flows in as -- but basically in terms of the CapEx, is that what we're effectively talking about?

從表面上看，我們是在談論每架飛機 2700 萬到 3000 萬美元嗎？那是——再次，無論它是作為營運資金流入還是作為——但基本上就資本支出而言，這就是我們有效談論的內容嗎？

And then I want to ask you the follow-on.

然後我想問你後續問題。

Well, we talked about that range in terms of the 767-300s, to what investments look like to put them on the ramp in leasable shape.

好吧，我們討論了 767-300 的範圍，以及將它們以可出租的形式放在斜坡上的投資。

Right. Okay. And it's pretty much the same ballpark for the Airbus, right? Is that fair to say?

正確的。好的。對於空中客車來說，這幾乎是一樣的，對吧？這樣說公平嗎？

Yes. In terms of -- it depends on the Airbus type. And as Rich just said in the past, think of the narrow-body 321 as about 2/3 the size and about 2/3 the content. And then the 330 is about 20% larger than the 767-300s. So it's going to be a...

是的。就——這取決於空中客車的類型。正如 Rich 過去所說的那樣，將窄體 321 想像成大約 2/3 的尺寸和大約 2/3 的內容。然後 330 比 767-300 大了大約 20%。所以這將是一個...

So at the end of the day, it all washes out to about the same thing. So that leads me to my real question here. So the market is suggesting -- or the investment community, or however you want to look at it, is suggesting that now the returns that you're going to generate are not going to be the returns that you have generated historically.

所以在一天結束的時候，一切都變成了同樣的事情。所以這引出了我真正的問題。所以市場在暗示——或者投資界，或者不管你怎麼看，都在暗示你現在要產生的回報不會是你過去產生的回報。

And I guess, just to speculate, there's a lack of comfort with the customers vis-à-vis the customers like Amazon and DHL and FedEx and the ones that have been part of your fleet. So how do you give us the comfort level that the customers that you have on the horizon, where you're going to do these placements, are going to -- have the same fortitude, let's say for the sake of conversation, the e-comm growth on an international basis is not as pronounced exactly.

我想，只是推測一下，與亞馬遜、DHL 和 FedEx 等客戶以及已經成為你們車隊一部分的客戶相比，客戶缺乏安慰。那麼，您如何讓我們的客戶感到舒適，您將在地平線上進行這些展示，您將要在何處進行這些展示-具有相同的毅力，讓我們為了談話的緣故說，電子-國際範圍內的通信增長並不那麼明顯。

That's going to impact that, we assume, more your ACMI, which is the ACMI, which is more the volatility side of the business. But as long as we get the CAM placements there and as long as they're taking them, then we get the return on the CAM side. And let's face it, that's the lion's share of the cash flow.

我們假設，這將影響到更多的 ACMI，即 ACMI，這更多是業務的波動性方面。但只要我們在那裡獲得 CAM 展示位置並且只要他們接受它們，我們就會在 CAM 方面獲得回報。讓我們面對現實吧，這是現金流的最大份額。

Since your debt is going up so much over the ensuing couple of years, to me, I just want to -- and I think for others, we just want to get a higher level of comfort that the varied buyers that we're now going to be doing business with are sharply accelerated, will be able to comfortably perform in line with the way your Goliath, let's say, domestic or global players have performed.

由於在接下來的幾年裡你的債務增加了很多，對我來說，我只是想 - 我想對其他人來說，我們只是想獲得更高水平的安慰，而不是我們現在要去的不同買家與之做生意的速度急劇加快，將能夠輕鬆地按照您的歌利亞，比方說，國內或全球玩家的表現方式進行操作。

Yes, Howard. No, it's a good question. I'm glad you asked it because we've made this -- we've handled a similar question in the past about some of the smaller lessees that we have.

是的，霍華德。不，這是個好問題。我很高興你問這個問題，因為我們已經做到了——我們過去處理過一個類似的問題，涉及我們擁有的一些較小的承租人。

There's a couple of things. One is, is that several of the lessees that are prominently positioned to take, whether it's A321, 767s or A330s, also fly for express companies or fly an express network that multiple companies may participate in. For example, Cargojet up in Canada.

有幾件事。一個是，一些處於顯著位置的承租人，無論是 A321、767 還是 A330，也都為快遞公司飛行或飛行多個公司可能參與的快遞網絡。例如，Cargojet up 在加拿大。

We've also got some large companies in this portfolio that will be taking airplanes internationally. DHL is in line for both 767s and A330s from now through 2026. You've got a company, ASL, that's based in Ireland but has several AOCs all over Europe. They're the largest ACMI operator in Europe, and they fly for multiple express companies and they have very strong agreements. And so -- and then you've got a company like Raya in Malaysia, which is going to be taking A321s and they are currently a 767 customer. They fly for DHL.

我們在這個投資組合中也有一些大公司將在國際上乘坐飛機。從現在到 2026 年，DHL 為 767 和 A330 提供服務。您有一家公司 ASL，總部位於愛爾蘭，但在歐洲各地擁有多個 AOC。他們是歐洲最大的 ACMI 運營商，他們為多家快遞公司提供服務，並且簽訂了非常牢固的協議。所以 - 然後你在馬來西亞有一家像 Raya 這樣的公司，它將採用 A321，他們目前是 767 的客戶。他們為 DHL 飛行。

So when you look at these lessees, they're diversifying us globally. And although they may not be your household name of DHL, UPS or FedEx, they fly for those people. So the credits that they represent are very strong in relation to just the general airline that's out there.

因此，當您查看這些承租人時，他們正在使我們在全球範圍內多樣化。儘管它們可能不是您家喻戶曉的 DHL、UPS 或 FedEx，但它們為這些人提供服務。因此，與那裡的一般航空公司相比，它們所代表的信用非常強大。

So we have a lot of confidence. We do a lot of vetting of airlines in terms of what they're going to do with the airplane. And so we have a general understanding.

所以我們很有信心。我們對航空公司進行了大量審查，以了解他們將如何處理這架飛機。這樣我們就有了一個大致的了解。

Another one I forgot to mention was Maersk is taking -- will end up with 5 airplanes from us. They've already taken 3. There's 2 more to be delivered to them. And of course, Maersk is one of the largest, if not the largest, ocean company in the world.

另一個我忘了提到的是馬士基正在接受——最終將從我們這裡獲得 5 架飛機。他們已經拿了 3 個。還有 2 個要交付給他們。當然，馬士基即使不是世界上最大的海運公司，也是最大的海運公司之一。

And so those are the types of customers we've got. And so we're very confident in the cash flows that we'll be receiving from these customers.

這些就是我們擁有的客戶類型。因此，我們對將從這些客戶那裡獲得的現金流量充滿信心。

I just -- just to bring a little bit more color to it, Howard. Our partner -- one of our partners in Africa, Astral Airways, was just named Cargo Airline of the Year for that region. Rich mentioned Raya. They were named E-commerce Airline of the Year in Southeast Asia. And just a little bit further detail on Merstar, they've been the provider of UPS in the European network for literally for over 30 years.

我只是 - 只是為了給它增添一點色彩，霍華德。我們的合作夥伴——我們在非洲的合作夥伴之一 Astral Airways 剛剛被評為該地區年度最佳貨運航空公司。里奇提到了開齋節。他們被評為東南亞年度電子商務航空公司。關於 Merstar 的更多細節，他們在歐洲網絡中作為 UPS 供應商已經 30 多年了。

So the vetting goes -- the vetting is very diligent, and understanding their business plans and how they're going to succeed is also very important. But as Rich said as well, DHL specifically is in line to take several aircraft over the next few years on the 767 side as well as the 330.

所以審查開始了——審查非常勤奮，了解他們的商業計劃以及他們將如何取得成功也非常重要。但正如 Rich 所說，DHL 特別準備在未來幾年內購買幾架 767 和 330 飛機。

And so Howard, you mentioned how the market views it in contrast with what we're saying. And of course, we don't -- we're not second-guessing anybody or the market, but it is a little frustrating. I mean, like when we look at somebody looking just at a quarter, for example.

所以霍華德，你提到了市場如何看待它與我們所說的形成對比。當然，我們不會——我們不會事後猜測任何人或市場，但這有點令人沮喪。我的意思是，例如，當我們看著某人只看四分之一時。

And even this quarter, I think we had a tax item where we adjusted our state tax apportionment based on where the aircraft fly, which states they fly over, because they have different tax rates. So you run that. So we had something that was probably $0.03 to $0.05 in the fourth quarter. Well, that's kind of the difference between the consensus and our $0.53.

甚至在這個季度，我認為我們有一個稅收項目，我們根據飛機飛過的地方調整了我們的州稅收分配，因為它們有不同的稅率。所以你運行它。所以我們在第四季度的價格可能是 0.03 美元到 0.05 美元。好吧，這就是共識與我們的 0.53 美元之間的差異。

We hit our target that we set in February of last year for full year EBITDA. And of course, we've talked at length about the visibility we have to sustainable structural growth in our leasing business, which is, as you point out, the source of the majority of our cash flows, and we'll be under long-term agreements for many, many years.

我們達到了去年 2 月設定的全年 EBITDA 目標。當然，我們已經詳細討論了我們對租賃業務可持續結構性增長的可見性，正如您指出的那樣，這是我們大部分現金流的來源，我們將長期處於 -很多很多年的長期協議。

And so we feel very fortunate to have that in front of us. As I mentioned, there's a little volatility around the edges with our asset-light ACMI flying, but even they have made tremendous progress since the pre-pandemic period and even since '21.

因此，我們很幸運能將它擺在我們面前。正如我所提到的，隨著我們的輕資產 ACMI 的飛速發展，邊緣會出現一些波動，但即使他們自大流行前時期甚至自 21 世紀以來也取得了巨大進步。

CapEx-wise, the leasing business requires CapEx. There's -- that comes with that territory we get. But with the placements of 20 aircraft this year and more than that in '24, and the first of the 330s, we essentially have locked in growth for 3 years forward. Because even if you pull your -- pull back on investments after '24, the placements you make in '24 are going to drive substantial EBITDA growth in '25.

在資本支出方面，租賃業務需要資本支出。有 - 我們得到的那個領域。但隨著今年 20 架飛機的部署，以及 24 年和 330 年代的第一架飛機的部署，我們基本上已經鎖定了未來 3 年的增長。因為即使你在 24 年後撤回投資，你在 24 年所做的配售也會推動 25 年的 EBITDA 大幅增長。

And so we feel very fortunate about that. And we hope that investors focus on that long term and recognize that we've now demonstrated that our model performs well under different economic cycles, having gone through the pandemic, coming out of it.

因此，我們對此感到非常幸運。我們希望投資者關注長期並認識到我們現在已經證明我們的模型在不同的經濟周期下表現良好，經歷了大流行並從中走出來。

And even the slower growth that we've guided to in '23, contrast that with other transportation companies, and you can see that there truly is a stable base here that we feel very fortunate to have as part of our business model. [I gave you...]

甚至我們在 23 年引導的增長放緩，與其他運輸公司相比，你可以看到這裡確實有一個穩定的基礎，我們很幸運能夠擁有它作為我們商業模式的一部分。 [我給了你...]

And I appreciate it. Thank you for all the incremental color. I think you need to dedicate more time to discussing the international customers in slides, et cetera, because clearly, there has been a significant transition that was underappreciated by the investment community, number one.

我很感激。感謝您提供所有增量顏色。我認為你需要花更多時間在幻燈片等方面討論國際客戶，因為很明顯，投資界沒有充分認識到這一重大轉變，第一。

And number two, clearly, things have changed just in terms of the Boeing fleet because 6 months ago, those were not your expectations, that those were going to come off or that you were going to -- which was going to extensively lead to, as somebody else commented, a flat run rate of the base core EBITDA.

第二，很明顯，就波音機隊而言，情況已經發生了變化，因為 6 個月前，這些並不是你的期望，那些將要起飛或者你將要起飛——這將廣泛導致，正如其他人評論的那樣，基本核心 EBITDA 的運行率持平。

So I think there's a greater understanding, and I can assure you that the market commentary is not based on whether or not you made or missed the fourth quarter by $0.01 here or there.

所以我認為有更深入的理解，我可以向你保證，市場評論不是基於你是否在第四季度在這里或那裡賺了或錯過了 0.01 美元。

I'm not showing any further questions at this time. I'd like to turn the call back over to Rich Corrado for any closing remarks.

我現在不顯示任何進一步的問題。我想將電話轉回 Rich Corrado 以聽取任何結束語。

Thank you, Kevin. We've long discussed the resiliency of our business model with freighter leasing as the foundation and value-added services that make us unique and differentiated from any other competitor in the world.

謝謝你，凱文。長期以來，我們一直在討論以貨輪租賃為基礎和增值服務的商業模式的彈性，這使我們在世界上任何其他競爭對手中脫穎而出。

We have no peers in what we do. Many air transport services companies have struggled through the pandemic trying to get back to a 2019 baseline. Since 2019, ATSG had delivered 38% revenue growth and 42% growth in adjusted EBITDA. And our guidance today continues on that growth trend, although slowed by the same economic headwinds impacting all companies.

我們的工作沒有同行。許多航空運輸服務公司在大流行中苦苦掙扎，試圖回到 2019 年的基線水平。自 2019 年以來，ATSG 的收入增長了 38%，調整後的 EBITDA 增長了 42%。我們今天的指引繼續保持這種增長趨勢，儘管受到影響所有公司的相同經濟逆風的影響。

Still, the visibility we have to cash flows from our freighter investments, with waiting customers over the next 3 years, gets us right back on to a 10% EBITDA growth trajectory in 2024 and 2025, just based on the leasing commitments alone. More fortunate market conditions could also lift our other services, delivering even higher returns.

儘管如此，我們對貨機投資現金流的可見性以及未來 3 年的等待客戶，使我們僅基於租賃承諾就可以在 2024 年和 2025 年回到 10% 的 EBITDA 增長軌跡。更幸運的市場條件也可以提升我們的其他服務，帶來更高的回報。

Once again, ATSG's resiliency is demonstrated through the most challenging of times. As we drive our results for 2023 and beyond, we remain a great investment for stability, growth and high visibility of future returns. Thank you all for your interest in ATSG, and please stay safe.

再一次，ATSG 的彈性在最具挑戰性的時期得到了證明。在我們推動 2023 年及以後的業績時，我們仍然是一項對穩定、增長和未來回報的高可見性的巨大投資。感謝大家對 ATSG 的關注，請注意安全。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。