FTAI Aviation Ltd (FTAI) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q3 2024 FTAI Aviation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 2024 年第三季 FTAI Aviation 收益電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today. Alan Andreini, Investor Relations. Please go ahead.

現在我想將會議交給今天的第一位發言者。艾倫·安德烈尼，投資者關係。請繼續。

Thank you, Liz. I would like to welcome you all to the FTAI Aviation third-quarter 2024 earnings call. Joining me here today are Joe Adams, our Chief Executive Officer; Angela Nam, our Chief Financial Officer; and David Moreno, our Chief Operating Officer. We have posted an investor presentation and our press release on our website, which we encourage you to download if you have not already done so.

謝謝你，莉茲。歡迎大家參加 FTAI Aviation 2024 年第三季財報電話會議。今天和我一起來的還有我們的執行長喬·亞當斯 (Joe Adams)； Angela Nam，我們的財務長；和我們的營運長大衛·莫雷諾。我們已在我們的網站上發布了投資者簡報和新聞稿，如果您尚未下載，我們鼓勵您下載。

(Event Instructions) In addition, we will be discussing some non-GAAP financial measures during the call today, including EBITDA. The reconciliation of those measures to the most directly comparable GAAP measures can be found in the earnings supplement.

（活動說明）此外，我們將在今天的電話會議中討論一些非 GAAP 財務指標，包括 EBITDA。這些指標與最直接可比較的公認會計原則指標的調節可以在收益補充中找到。

Before I turn the call over to Joe, I would like to point out that certain statements made today will be forward-looking statements, including regarding future earnings. These statements, by their nature, are uncertain and may differ materially from actual results. We encourage you to review the disclaimers in our press release and investor presentation regarding non-GAAP financial measures and forward-looking statements, and to review the risk factors contained in our quarterly report filed with the SEC.

在我把電話轉給喬之前，我想指出，今天發表的某些聲明將是前瞻性聲明，包括有關未來收益的聲明。這些陳述本質上是不確定的，可能與實際結果有重大差異。我們鼓勵您查看我們的新聞稿和投資者簡報中有關非公認會計準則財務措施和前瞻性陳述的免責聲明，並查看我們向 SEC 提交的季度報告中包含的風險因素。

Now I would like to turn the call over to Joe.

現在我想把電話轉給喬。

Thank you, Alan. To start today, I'm pleased to announce our 38th dividend as a public company and our 53rd consecutive dividend since inception. The dividend of $0.30 per share will be paid on November 25 based on a shareholder record date of November 14.

謝謝你，艾倫。從今天開始，我很高興地宣布我們作為一家上市公司的第 38 次股息，也是我們自成立以來連續第 53 次股息。根據股東登記日 11 月 14 日，每股 0.30 美元的股息將於 11 月 25 日支付。

Now let's turn to the numbers. The key metric for us is adjusted EBITDA. We continued our strong performance with adjusted EBITDA of $232 million in Q3 2024, which is up 8% compared to $213.9 million in Q2 of this year and up 50% compared to $154.2 million in Q3 of 2023.

現在讓我們轉向數字。我們的關鍵指標是調整後的 EBITDA。我們持續保持強勁表現，2024 年第三季調整後 EBITDA 為 2.32 億美元，比今年第二季的 2.139 億美元成長 8%，比 2023 年第三季的 1.542 億美元成長 50%。

During the third quarter, the $232.0 million EBITDA number was comprised of $136.4 million from our leasing segment, $101.8 million from our aerospace product segment, and negative $6.2 million from corporate and other.

第三季度，2.32 億美元的 EBITDA 數字包括租賃部門的 1.364 億美元、航空航太產品部門的 1.018 億美元以及企業和其他部門的負 620 萬美元。

Turning now to leasing, leasing at another great quarter posting approximately $136 million of EBITDA. The pure leasing component of that number came in at $122 million for Q3 versus $112 million in Q2 of 2024 and $102 million in Q3 2023. Additionally, we sold $20.7 million book value of assets for a gain of $14.3 million and have more sales coming in the final quarter of this year. With continuing high demand for assets, we remain confident in generating $500 million in leasing EBITDA in 2024, including $50 million in gains on asset sales.

現在轉向租賃，租賃業又一個出色的季度實現了約 1.36 億美元的 EBITDA。第三季度，該數字的純租賃部分為 1.22 億美元，而 2024 年第二季為 1.12 億美元，2023 年第三季為 1.02 億美元。此外，我們還出售了帳面價值 2,070 萬美元的資產，獲得了 1,430 萬美元的收益，並且今年最後一個季度將有更多的銷售。由於對資產的持續高需求，我們仍有信心在 2024 年實現 5 億美元的租賃 EBITDA，其中包括 5,000 萬美元的資產銷售收益。

Aerospace products had yet another excellent quarter with $101.8 million EBITDA and an overall EBITDA margin of 34%, which is up 12% compared to $91.2 million in Q2 of this year and up 135% compared to $43.3 million in Q3 2023. We're seeing tremendous growth in adoption and usage of our aerospace products and are increasing our 2024 estimated EBITDA to $360 million to $375 million up from our previous estimate of $325 million to $350 million.

航空航太產品又一個出色的季度，EBITDA 為1.018 億美元，整體EBITDA 利潤率為34%，與今年第二季度的9,120 萬美元相比增長了12%，與2023 年第三季度的4,330 萬美元相比增長了135%。我們看到航空航太產品的採用和使用量大幅成長，並將 2024 年的預期 EBITDA 從先前的 3.25 億美元至 3.5 億美元提高至 3.6 億至 3.75 億美元。

Overall, we now expect annual aviation EBITDA for 2024 to be between $860 million to $875 million, not including corporate and other, up from $825 million to $850 million that we guided to last quarter. With that, let me turn the call back over to Alan.

總體而言，我們現在預計 2024 年航空業 EBITDA 年度將在 8.6 億至 8.75 億美元之間（不包括企業和其他），高於我們上季度指引的 8.25 億至 8.5 億美元。接下來，讓我把電話轉回給艾倫。

Thank you, Joe. Liz, you may now open the call to Q&A.

謝謝你，喬。 Liz，您現在可以打開問答電話。

Thank you. At this time, we will conduct the question-and-answer session. (Operator Instructions) Sheila Kahyaoglu, Jefferies.

謝謝。這時，我們將進行問答環節。（操作員說明）Sheila Kahyaoglu，Jefferies。

Hi, team. Thank you and congrats on a great quarter. Maybe if we could just level set the playing field here, we often hear from investors the idea that FTAI is only capitalizing on the short-term bottlenecks in the aftermarket. Take the slower growth we've seen reported from some of the larger OEMs on their shop visits as an example this quarter or their aftermarket. When we get to a more normalized world in hopefully a few years' time, what does FTAI's business model look like, and what's your vision, and how do you think about the duration of the CFM56 platform, Joe?

大家好。謝謝並祝賀您度過了一個美好的季度。也許如果我們能夠在這裡創造公平的競爭環境，我們經常聽到投資者認為 FTAI 只是利用了售後市場的短期瓶頸。以我們在一些較大的原始設備製造商在本季度或其售後市場訪問中報告的增長放緩為例。當我們希望在幾年後進入一個更正常化的世界時，FTAI 的商業模式是什麼樣的，您的願景是什麼，以及您如何看待 CFM56 平台的持續時間，Joe？

Sure, great. We think about that all the time also. We are happy that we're in an environment that's so supportive of our business model. And we think it really enhances, or it increases the rate at which we can convert customers to adopting a new way of doing things.

當然，太好了。我們也一直在思考這個問題。我們很高興我們所處的環境非常支持我們的商業模式。我們認為它確實增強了或提高了我們讓客戶採用新的做事方式的速度。

And so as we have worked with many airlines and we're increasing every quarter the number of new customers, we have seen no evidence that once people use our products or change the way they think about engine maintenance, which is letting us do it instead of them doing it, we've seen no evidence of anybody wanting to go back to the old way of doing it once the situation normalizes.

因此，儘管我們與許多航空公司合作，並且每個季度都會增加新客戶的數量，但我們沒有看到任何證據表明，一旦人們使用我們的產品或改變了他們對引擎維護的看法，這就會讓我們這樣做在他們這樣做的過程中，我們沒有看到任何證據表明，一旦局勢正常化，任何人都想回到原來的做法。

And the reason is we're providing a tangible cost savings and time savings benefit to the customers. And it's not like they would three years from now wake up and say, let's go back to the old way of spending more money on engine maintenance. So we don't see any evidence that people will revert.

原因是我們為客戶提供了切實的成本節約和時間節約效益。他們不會在三年後醒來說，讓我們回到在引擎維護上花更多錢的老方法。所以我們沒有看到任何證據表明人們會回歸。

And so this quarter, we'll have the highest number of new customers that will convert to using our products. And David will talk more about that. And so we see the universe expanding as word of mouth spreads and more customers tell other people, hey, this is great, you should try it.

因此，本季度，我們將擁有最多數量的新客戶轉向使用我們的產品。大衛將更多地談論這一點。因此，我們看到，隨著口碑的傳播，越來越多的顧客告訴其他人，宇宙不斷擴大，嘿，這太棒了，你應該嘗試一下。

But more often now today, the question we get is not the original question we got, it was, is this a good product and can I save money? It's, if I go with you, how can I be sure that you'll be able to supply me the engines I need? And that's where we hear more now from the customer, which is a great development. It's like, I get it. I buy that you have a great product now. Can you make sure that I will always have engines available?

但現在更多時候，我們得到的問題不是我們最初得到的問題，而是，這是一個好產品嗎？問題是，如果我和你一起去，我怎麼能確定你能夠提供我需要的引擎？這就是我們現在從客戶那裡聽到更多資訊的地方，這是一個巨大的發展。就像，我明白了。我相信你們現在有一個很棒的產品。您能確保我總是可用的引擎嗎？

And so to that end, the acquisition we made of the Montreal facility, which we now call FTAI Canada, really plays nicely into that. Because if you look back at 2023, for example, we were producing about 30 modules per quarter during that period. We increased that in the first half of 2024 to about 50 modules per quarter.

為此，我們對蒙特利爾工廠（現在稱為 FTAI 加拿大）的收購確實起到了很好的作用。例如，如果回顧 2023 年，我們在此期間每季生產約 30 個模組。我們在 2024 年上半年將其增加到每季約 50 個模組。

Since we took ownership in the third quarter, we've now increased that production rate to about 75 modules per quarter. And we expect in 2025 that we will be up to about 100 modules per quarter at that facility. And we're well on our way to doing that. So we obviously invite customers to go visit, come see what we do. We've changed a lot of the things that a typical MR would do, and we've made it much more of a manufacturing production line.

自從我們在第三季取得所有權以來，我們現在已將生產力提高到每季約 75 個模組。我們預計到 2025 年，該工廠每季的模組產量將達到約 100 個。我們正在努力做到這一點。所以我們顯然邀請客戶來參觀，看看我們在做什麼。我們改變了典型 MR 要做的很多事情，並且讓它更像是一條製造生產線。

We've specialized employees. We've ordered a lot of parts, so we're not at the risk of any supply chain disruptions. So we can take people through the facility and say, this is where your engines are going to come from. And we've got a lot of them, and we have a lot of activity.

我們有專門的員工。我們訂購了很多零件，因此我們不存在任何供應鏈中斷的風險。因此，我們可以帶人們參觀該設施並告訴他們，這就是您的引擎的來源。我們有很多這樣的人，我們有很多活動。

And so that's a point of resistance we love to be able to try to sell through because you've got people almost on the finish line. And so we believe very strongly that the conversion makes sense for people. We believe that it's a very sticky once you do get people converted.

因此，這是我們希望能夠嘗試突破的阻力點，因為人們幾乎已經到達終點了。因此，我們堅信這種轉變對人們來說是有意義的。我們相信，一旦你確實讓人們轉變了，它就會變得非常黏。

And then the only question left is how long do you think people will fly CFM56 engines? And we've obviously made a bet that we think it's a long time, but anybody can have a view on that. But we think that that's the easiest of the points to get comfortable with.

那麼剩下的唯一問題是您認為人們會駕駛 CFM56 引擎多久？顯然，我們打賭我們認為這將是很長一段時間，但任何人都可以對此發表看法。但我們認為這是最容易接受的一點。

I have a lot more questions, but I'll just stick to one more, if it's okay, Joe. You mentioned you onboarded, I think, the most customers you've ever onboarded this quarter, and they are continuing to want more. So how do you think about how that discussion goes when they do convert, or how many customers did you have joined? And when they do first start with you, what are the number of modules they start with and how do you see them ramping?

我還有很多問題，但如果可以的話，我會再問一個，喬。我認為您提到您在本季度吸引了最多的客戶，而且他們仍然想要更多。那麼，您如何看待當他們進行轉換時討論的進展情況，或者您加入了多少客戶？當他們第一次從你開始時，他們開始的模組數量是多少？

Hey, Sheila, this is David. I'll take that question. So this quarter was our record quarter for new customers. We onboarded 19 new customers. Typically, a new customer places an order between one to two modules. And as you can imagine, the first sale is usually the toughest sale with a new customer because once you go through the process, they understand that the time saving, cost savings -- and as Joe mentioned, it is a very sticky product.

嘿，希拉，這是大衛。我來回答這個問題。因此，本季是我們新客戶數量創紀錄的季度。我們吸引了 19 位新客戶。通常，新客戶會訂購一到兩個模組。正如你可以想像的那樣，第一次銷售通常是與新客戶最困難的銷售，因為一旦你完成了這個過程，他們就會明白節省時間、節省成本——正如喬提到的，這是一個非常有黏性的產品。

At the same time, we also are starting to see strong repeat customers come in and request about 5 to 10 modules at a time. That's typically what a repeat customer will do. And what actually happens in practice is they open up and they provide a full schedule of shop visits for the next five years.

同時，我們也開始看到大量的回頭客進來並一次請求大約 5 到 10 個模組。這通常是回頭客會做的事情。實踐中實際發生的是，他們開放並提供了未來五年的完整的商店訪問時間表。

Our product -- demand on that product is event driven, meaning we want to know the shop visits. We want to match the modules with the shop visits. And once they convert to a repeat customer, we have those discussions of understanding the fleet, the fleet plans, and how to maximize their cost savings and timing.

我們的產品－對該產品的需求是事件驅動的，這意味著我們想知道商店的訪問情況。我們希望將模組與商店訪問相匹配。一旦他們轉變為回頭客，我們就會討論了解機隊、機隊計劃以及如何最大限度地節省成本和時間表。

An additional thing that we've done also is we're getting a lot of demand for field service. So what we've been doing in the past is we've been distributing modules on field with a lot of third-party field service team. We're getting customers who want us to do everything, the full white glove service. So at quick turn, which is now FTAI USA, we built a field service team that now is being deployed worldwide to actually do the installation and to offer the complete service. So we're very excited about offering that service, and we think that's going to improve the overall experience even further and try further repeat business.

我們所做的另一件事是我們收到了大量的現場服務需求。因此，我們過去一直在與許多第三方現場服務團隊一起在現場分發模組。我們的客戶希望我們包辦一切，提供全面的白手套服務。因此，在 Quick Turn（現在的 FTAI USA）中，我們建立了一個現場服務團隊，該團隊目前正在全球部署，以實際進行安裝並提供完整的服務。因此，我們對提供這項服務感到非常興奮，我們認為這將進一步改善整體體驗並嘗試進一步開展重複業務。

Great. Thank you so much.

偉大的。太感謝了。

Jason Holcomb, Morgan Stanley.

傑森‧霍爾科姆，摩根士丹利。

Good morning, Joe. Joe, on the V2500, in the past, you've mentioned you had inducted around 40 engines this year. Can you provide an update on how that is progressing. Are any engines beginning to come out of the shop yet? And then maybe if you could touch on the customer demand you've been seeing for the V2500. You've called out LATAM Airlines in the past, but are there any other large customer agreements we should be thinking about? Thank you.

早安，喬。 Joe，關於 V2500，您過去曾提到今年已引進了大約 40 台引擎。能否提供最新進展？商店裡有引擎開始出廠了嗎？然後您是否可以談談您所看到的 V2500 的客戶需求。您過去曾提到 LATAM 航空公司，但我們還有其他大客戶協議值得考慮嗎？謝謝。

Thank you, Jason. I can take this. This is David. So on the MRE, we're very excited with the progress so far on the V2500. On the production side, as we mentioned, the engines are in the shop. We're experiencing turnaround times that are on target, so 90 to 120 days. And those engines now have provided a strong pipeline that are 100% committed to customers.

謝謝你，傑森。我可以接受這個。這是大衛。因此，在 MRE 方面，我們對 V2500 迄今為止的進展感到非常興奮。在生產方面，正如我們所提到的，引擎在車間裡。我們的周轉時間達到了目標，即 90 到 120 天。這些引擎現在已經提供了強大的管道，100% 致力於客戶。

So those engines are coming out of shop. The LATAM program has now officially started. So we've started exchanging engines today. Additionally, we've secured two large North American airlines on MRE for about 20-plus engines in the next few years. So that's -- we're very excited about that and further growing that business.

所以這些引擎即將下線。LATAM計劃現已正式啟動。所以我們今天開始更換引擎。此外，我們已在未來幾年內為兩家大型北美航空公司提供了約 20 多台發動機的 MRE。所以，我們對此感到非常興奮，並進一步發展該業務。

Those should be strong contributors starting next quarter or Q4 2024 and more even in 2025. I think we're seeing tremendous opportunity worldwide in many different regions. So we're hoping to expand into Asia sometime very soon on a new deal as well.

從下個季度或 2024 年第四季開始，這些應該會成為強有力的貢獻者，甚至在 2025 年也會有更多貢獻。我認為我們在全球許多不同地區看到了巨大的機會。因此，我們希望很快就能透過一項新協議擴展到亞洲。

Thank you very much for the color, David. I'm going to ask a quick follow up. Are you guys able to share with us the number of CFM56 models you've sold during the quarter and just provide an update on that side? Thank you.

非常感謝你的顏色，大衛。我會要求快速跟進。你們能否與我們分享你們在本季銷售的 CFM56 型號數量，並提供這方面的最新情況？謝謝。

No. We've stopped providing that level of detail. We think it's commercially not a great idea. And so we think we give enough information without that.

不。我們已經停止提供這種程度的詳細資訊。我們認為這在商業上不是一個好主意。因此，我們認為即使沒有這些，我們也能提供足夠的資訊。

Okay, thank you.

好的，謝謝。

Josh Sullivan, Benchmark Company.

喬許·沙利文，基準公司。

Hey, good morning.

嘿，早安。

Good morning.

早安.

With Chromalloy announcing it's now received FAA approval for a V2500 blade recently, what do you think the implications for the industry and then for FAA are going to be?

Chromalloy 宣布其 V2500 刀片最近已獲得 FAA 批准，您認為這對行業以及 FAA 有何影響？

Well, I would take it as a positive. When you think about the most complex part of the entire engine, it's the high-pressure turbine blades. And the fact that that got approved and -- is evidence that the FAA is confident. They have an extremely rigorous process, as we all know, and it's been a great -- has a great track record of success in the US and the worldwide. And getting that approved is a great sign for future parts, including the CFM56 parts that we're working on. So I take it as a great step and the process is working as it did before COVID and it's working now post-COVID.

嗯，我會把它視為正面的一面。當你想到整個引擎中最複雜的部分時，那就是高壓渦輪葉片。事實上，這項計劃得到了批准，證明了美國聯邦航空局有信心。眾所周知，他們有一個極其嚴格的流程，而且這是一個偉大的——在美國和世界範圍內擁有良好的成功記錄。獲得批准對於未來的零件（包括我們正在開發的 CFM56 零件）來說是一個很好的標誌。所以我認為這是一個偉大的步驟，這個過程就像新冠疫情之前一樣有效，現在在新冠疫情之後也同樣有效。

And do you think lessors will be willing to use the product?

您認為出租人會願意使用該產品嗎？

Well, we're a lessor. I can't speak for everyone else. But I think it's -- look, we use data when we make decisions, and our data is -- we have evidence that many of the parts are performed extremely well, and they cost less. So we just think about that when we make decisions about what we do.

嗯，我們是出租人。我不能代表其他人說話。但我認為，看，我們在做出決策時使用數據，而我們的數據是——我們有證據表明許多部件的性能非常好，而且成本更低。因此，當我們做出做什麼決定時，我們就會考慮這一點。

Good, thanks for the time.

好的，謝謝你的時間。

It's Hillary from Deutsche Bank ready to ask a question.

德意志銀行的希拉蕊準備提問。

Yes, sorry, I couldn't hear you. Okay, yes. (multiple speakers) Thanks for taking my questions and congrats on a great quarter. So, Joe, in the aerospace segment, the EBITDA margin was 34% versus 37% last quarter. So I was wondering if you could just provide a little more detail around that.

是的，抱歉，我聽不到你的聲音。好吧，是的。（多名發言者）感謝您提出我的問題，並祝賀您度過了一個美好的季度。Joe，在航空航太領域，EBITDA 利潤率為 34%，而上季為 37%。所以我想知道你是否可以提供更多細節。

Yes. This is the first quarter that we incorporated FTAI Canada in the numbers, and there are some legacy contracts for third parties that we inherited when we acquired the company. And that had a negative effect because there are low or no margin contracts that are running off.

是的。這是我們將 FTAI Canada 納入數字的第一季度，我們在收購該公司時繼承了一些第三方遺留合約。這產生了負面影響，因為保證金很低或沒有保證金的合約正在流失。

And so if you adjust for that, that would have normalized the margin at 200 to 300 basis points higher than the number we reported. And those contracts have a very short life. So we expect there will be some impact in Q4, and then we'll be finished with that by the end of the year. So it was just an impact from the acquisition that we had to assume those obligations, but they're running off.

因此，如果對此進行調整，利潤率將比我們報告的數字高出 200 到 300 個基點。這些合約的有效期限很短。因此，我們預計第四季度會產生一些影響，然後我們將在年底前完成。因此，這只是收購的影響，我們不得不承擔這些義務，但它們正在消失。

That's great. So then I guess as a follow up, when those contracts roll off at the end of the year, will you be expanding your capacity, I guess, when those roll off? And then when you said earlier that you could do 100 modules per quarter in 2025, are you including potential additional capacity available when those contracts roll off or would that be additional modules that you referred to earlier?

那太棒了。那麼我想作為後續行動，當這些合約在年底到期時，我想，當這些合約到期時，您會擴大產能嗎？然後，當您之前說過到 2025 年每個季度可以生產 100 個模組時，您是否包括了這些合約到期時可用的潛在額外產能，或者這是否是您之前提到的額外模組？

Yes, it is. We're gaining on our productivity for the CFM56 by taking employees who are doing other things at the facility that we need them to do and repurposing or giving them CFM56-oriented jobs. So we're able to increase the productivity that I mentioned, the 30 to 50, the 75 to 100, with essentially the same workforce.

是的。透過讓那些在工廠做我們需要他們做的其他事情的員工重新調整用途或為他們提供針對 CFM56 的工作，我們正在提高 CFM56 的生產力。因此，我們能夠在勞動力基本上相同的情況下提高我提到的生產力，從 30 人增加到 50 人，從 75 人增加到 100 人。

So you're tripling -- more or less tripling the productivity with a very similar headcount. So it's -- as I mentioned earlier, it was a massively underutilized facility from our point of view, and we're able to take the highest return anywhere in the company that we could get is focusing on increasing the productivity there, which we're doing, and it's well underway even though we're only a month into it.

因此，在人員數量非常相似的情況下，您的生產力將增加兩倍。所以，正如我之前提到的，從我們的角度來看，這是一個嚴重未充分利用的設施，我們能夠在公司的任何地方獲得最高的回報，我們可以獲得的回報是專注於提高那裡的生產力，我們'正在做，而且進展順利，儘管我們只花了一個月的時間。

Got it. So you are assuming -- so within that 100 modules number, you are assuming that you'll be using the employees that were working on those contracts and be focusing them to your module?

知道了。所以您假設——在這 100 個模組數量內，您假設您將使用負責這些合約的員工並將他們集中到您的模組？

Yes.

是的。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Thanks.

謝謝。

Thank you. And everyone, I do apologize for the interruption earlier. We will proceed with our Q&A. Giuliano Bologna, Compass Point.

謝謝。各位，我為之前的打擾表示歉意。我們將繼續進行問答。朱利亞諾·博洛尼亞，指南針點。

Congratulations on another incredible quarter wrap performance. Something I was curious about was you've obviously done a great job on the product segment, continuing to scale and grow the platform. I'm curious where you see a lot of the growth coming from at this point, and if there's been any distribution between new customer growth or volume growth and how those trends continue to evolve.

恭喜您再次取得令人難以置信的季度業績。我很好奇的是，你們顯然在產品領域做得很好，繼續擴展和發展平台。我很好奇你現在看到的大量成長來自哪裡，新客戶成長或數量成長之間是否有任何分佈以及這些趨勢如何繼續發展。

Yes, I mean, it is more organic growth. As we've said, we're focusing on the two largest engine markets in the world. Virtually, every airline in the world operates a V2500 or a CFM56 engine, and we're still under 5% market share. So our focus is organic growth. And as I mentioned, as an example, with using the facility at FTAI Canada, we're able to triple the productivity with the same number of people. So the organic growth opportunity for us is right in front of us and it's extraordinary. And so we're not really focusing on anything other than that.

是的，我的意思是，這是更有機的成長。正如我們所說，我們專注於世界上兩個最大的引擎市場。事實上，世界上每家航空公司都使用 V2500 或 CFM56 發動機，但我們的市佔率仍低於 5%。所以我們的重點是有機成長。正如我所提到的，作為一個例子，透過使用加拿大 FTAI 的設施，我們能夠在相同數量的人員的情況下將生產力提高兩倍。因此，我們的有機成長機會就在我們面前，而且是非同尋常的。所以我們並沒有真正關注除此之外的任何事情。

That's very helpful. I appreciate it and I'll jump back in queue.

這非常有幫助。我很感激，我會重新排隊。

Thanks.

謝謝。

Ken Herbert, RBC Capital Markets.

肯‧赫伯特，加拿大皇家銀行資本市場。

Yeah, hi. Good morning, everybody. Maybe, Joe, just to start off, or David, you've obviously you called out you're not seeing any supply chain issues in terms of executing some of the business today on the parts side. It seems to be a major issue for the industry. Can you talk a little bit about how you've effectively managed to de-risk? It sounds like your CFM56 and now V2500, availability to parts and the extended lead times there, that a lot of other MRO shops continue to talk about.

是的，嗨。大家早安。也許，喬，只是開始，或者大衛，你顯然已經說過，在今天執行零件方面的一些業務方面，你沒有看到任何供應鏈問題。這似乎是該行業的一個重大問題。您能談談您是如何有效降低風險的嗎？這聽起來就像你的 CFM56 和現在的 V2500，零件的可用性和延長的交貨時間，這是許多其他 MRO 商店繼續談論的。

Yes, and you probably noticed our working capital number increased from -- by roughly about $120 million from Q2 to Q3. And there's two reasons for that. One is we picked up about $50 million of inventory with the FTAI Canada acquisition. But secondly, we are purchasing a lot of parts to be able to enable our ramp up in productivity, as I mentioned, the 30 to 50 to 75 to 100.

是的，您可能注意到我們的營運資金從第二季到第三季增加了約 1.2 億美元。這有兩個原因。一是我們透過收購 FTAI Canada 獲得了約 5,000 萬美元的庫存。但其次，我們正在購買大量零件，以便能夠提高生產力，正如我所提到的，從 30 到 50 到 75 到 100。

The best way to avoid supply chain disruptions is to pre-order and have a lot of inventory. And so there might be other ways, but that is the route we've chosen. We think it has a very high return on capital. Customers are very focused on -- the question, as I mentioned earlier, we get the most often is can you actually get me the engines that I need, and how can I be sure of that?

避免供應鏈中斷的最佳方法是預訂並擁有大量庫存。所以可能還有其他方法，但這就是我們選擇的路線。我們認為它的資本報酬率非常高。客戶非常關注——正如我之前提到的，我們最常遇到的問題是你們能否真正為我提供我需要的發動機，以及我如何確定這一點？

And so we're buying more parts as an insurance policy effectively, and we think it's low-cost insurance and high payoff. So that's part of the thought process, and I think we're well prepared going into 2025 to be able to really execute the best we can.

因此，我們正在購買更多零件作為有效的保險單，我們認為這是低成本的保險和高回報。所以這是思考過程的一部分，我認為我們已經做好了充分準備，進入 2025 年，能夠真正做到最好。

Okay, that's very helpful. And then on just the -- since the LATAM deal, which I think obviously was playing out very well for you, what's the pipeline look like of other potential opportunities of that size? Or should we be thinking maybe smaller opportunities or are there still some perhaps chunkier opportunities out there as we think about exiting this year in 2025?

好的，這非常有幫助。然後，自拉丁美洲交易以來，我認為這顯然對您來說效果很好，那麼這種規模的其他潛在機會的管道是什麼樣的？或者，當我們考慮在 2025 年退出時，我們是否應該考慮較小的機會，或者是否仍然存在一些可能更大的機會？

Hey, Ken, this is David. I'll take that question. So we're seeing many similar opportunities of that size, let's say 20 to 30 airplanes. And again, the real thesis around is not that the airline wants to raise capital through a sale lease back, it's they don't want to do maintenance. So that's really the thesis. So we're actively working those programs. And we expect to have some advancement probably this quarter, Q4 of this year.

嘿，肯，這是大衛。我來回答這個問題。因此，我們看到了許多類似規模的機會，例如 20 到 30 架飛機。再說一次，真正的論點不是航空公司想透過售後回租來籌集資金，而是他們不想進行維護。這就是真正的論文。所以我們正在積極開展這些計劃。我們預計今年第四季可能會取得一些進展。

Great. Thanks, David.

偉大的。謝謝，大衛。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hey, good morning, everyone. And thanks for taking the question and congrats on a good quarter. Joe, I think you mentioned a pipeline or backlog in the release last night. So can you maybe give us some idea of how much contractual business you are attracting in the products segment?

嘿，大家早安。感謝您提出問題並祝賀本季表現良好。喬，我想你在昨晚的發布中提到了管道或積壓。那麼您能否告訴我們您在產品領域吸引了多少合約業務？

And then maybe longer term as well, how sustainable is your margin profile in the business? Because if we just simply look at other MRO providers, obviously, a totally different profit profile.

然後也許從長遠來看，您的業務利潤狀況的可持續性如何？因為如果我們只看其他 MRO 提供者，顯然，利潤狀況完全不同。

Hey, Brandon, this is David. I can take that question. So as far as the backlog, the way that we think about that is that's heavily correlated with the repeat customers. Today, on average, about 66% of our volume is on repeat customers. And the more that you engage customers, by nature, you're going to have a higher volume. So we expect that to continue to grow.

嘿，布蘭登，這是大衛。我可以回答這個問題。就積壓而言，我們認為這與回頭客密切相關。如今，平均而言，我們約 66% 的銷售來自回頭客。本質上，您與客戶的互動越多，您的銷售就會越高。因此，我們預計這一數字將繼續增長。

And as I mentioned earlier, what we're working with is airline scheduling. So we're working on trying to understand when events are coming in, which gives us extreme visibility into future quarters and future years as far as engines and then module matches. So if you're very good about -- as the business grows, we're going to get more and more visibility long term on backlog.

正如我之前提到的，我們正在研究的是航班時刻表。因此，我們正在努力了解事件何時發生，這使我們能夠對未來季度和未來幾年的引擎和模組匹配有極高的了解。因此，如果您非常擅長——隨著業務的成長，我們將獲得越來越多的積壓訂單的長期可見性。

The second question as far as margin, right, again, we expect margins to continue to increase inherently as the business grows. The reason for that is the same dynamic. It's that the manufacturer is going to be increasing pricing year over year. So inherently, that is the pricing umbrella that we operate under.

關於利潤率的第二個問題，我們預期利潤率將隨著業務的成長而繼續固有地增加。其原因是相同的。製造商將逐年提高定價。從本質上講，這就是我們營運的定價保護傘。

And then the second piece is we're focused on driving costs down every year or every quarter more and more. So we're rolling in new repairs. We're thinking about creative ways to use assets to drive further value. So our entire business is focused on driving costs down, and that's why we feel very good about our margin expansion.

第二點是我們專注於每年或每季越來越降低成本。所以我們正在進行新的維修。我們正在考慮利用資產來推動更多價值的創意方法。因此，我們的整個業務都專注於降低成本，這就是為什麼我們對利潤率擴張感到非常滿意。

But when you think about the difference between our business and an MRO business, one of the big differences is that we own the engine. And we own and work on our own engines. We don't do work on other people's engines. So the typical traditional MRO model is to get a customer to put their engine in your shop and then you mark up labor and parts and supply that engine back to them.

但當你思考我們的業務和 MRO 業務之間的差異時，最大的區別之一是我們擁有引擎。我們擁有並使用我們自己的引擎。我們不會在別人的引擎上工作。因此，典型的傳統 MRO 模式是讓客戶將他們的引擎放在您的商店中，然後您標記勞動力和零件並將引擎供應給他們。

And in many cases, you might expand the work scope, so you get a little bit more money, but that's a very different business. What we've done is said, we don't want to do any third-party business. We only want to work on our own engines. We want to streamline that. We want to have the single work scope. We want to be able to run it like a manufacturing operation as efficiently as possible and in high volume.

在很多情況下，你可能會擴大工作範圍，因此你會得到更多的錢，但這是一個非常不同的業務。我們所做的就是說，我們不想做任何第三方業務。我們只想在我們自己的引擎上工作。我們希望簡化這一過程。我們希望有單一的工作範圍。我們希望能夠像製造業務一樣盡可能有效率、大量地運作它。

So it's a different construct, and as I've said many times, the key difference is that it is our engine. We own it. We build it, we put it on the shelf, airline comes in. And our pitch is like, do you want it or not? Don't tell me what work scope you want to do or how you want to rearrange it. It's there, it's available, they're very fungible, so it's your call.

所以這是一個不同的構造，正如我多次所說的，關鍵的區別在於它是我們的引擎。我們擁有它。我們製造它，我們把它放在貨架上，航空公司進來。我們的想法是，你想要還是不想要？不要告訴我你想要做什麼工作範圍或你想要如何重新安排它。它就在那裡，可用，它們非常可替代，所以這是你的決定。

Appreciate the response, both of you. And then I guess on the capital side, maybe this one for Angela, but where do you see funding needs for the business now that you guys did some transactions here in the third quarter? And I think you have some offshore assets as well in the leasing business. Can you maybe give an outlook for them?

感謝你們倆的回應。然後我想在資本方面，也許是安吉拉的資本，但是既然你們在第三季度在這裡進行了一些交易，那麼您認為該業務的資金需求在哪裡？我認為你們在租賃業務中也擁有一些離岸資產。您能給他們展望一下嗎？

So on the offshore, we're very close on the sale of those, both those vessels, which -- it's not 100% done, so I don't want to jinx it, but I would be very surprised if it didn't close in the fourth quarter. And it's on target with previous guidance we've given about the dollar amount. So we expect that to be concluded this year. And then on other capital needs, Angela can (technical difficulty)

因此，在近海方面，我們非常接近出售這些船隻，這兩艘船，這還沒有 100% 完成，所以我不想給它帶來厄運，但如果沒有的話，我會感到非常驚訝第四季度結束。它符合我們之前給出的有關美元金額的指導目標。因此，我們預計這將在今年結束。然後在其他資本需求上，安琪拉可以（技術難度）

Yeah. On other capital needs, one of the redemptions that are coming up is on our Series B preferred, which reset to our floating rate on December 15. So that's something that we'll be looking to redeem similarly as we did for our Series A this quarter. So besides that and continuing to finish our plan on the V2500 engine purchases through the end of the year, we don't have any other purchases that we need capital for yet.

是的。在其他資本需求方面，即將進行的贖回之一是我們的 B 系列優先股，該優先股將於 12 月 15 日重置為浮動利率。因此，我們將尋求與本季 A 輪融資類似的贖回方式。因此，除此之外，並繼續完成我們在年底之前購買 V2500 引擎的計劃，我們還沒有任何其他需要資金的採購。

And our next maturity is until 2028.

我們的下一個成熟期要等到 2028 年。

That's right.

這是正確的。

Thank you.

謝謝。

Thanks.

謝謝。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究中心。

Hey, good morning. Lou on for Myles.

嘿，早安。盧換下邁爾斯。

Good morning.

早安.

Good morning.

早安.

Joe, can you give us an idea of the average green time on the engines you've been buying and if it's the same as the last couple of years? Is there also any difference between the CFM56 and the V2500?

喬，您能否告訴我們您所購買的引擎的平均綠燈時間以及是否與過去幾年相同？CFM56和V2500之間也有什麼差別嗎？

David will answer that.

大衛會回答這個問題。

Sure. So the way that we invest in engines is we're looking at value on cost per cycle basis. So I'd say the composition of engines that we acquire today are a little different than they were two years ago. Right now, we're focused on acquiring assets that need shop visits, so assets that are completely run out that we can add value, and then we can offer them for exchange or for lease.

當然。因此，我們投資引擎的方式是根據每個週期的成本來考慮價值。所以我想說，我們今天購買的引擎的組成與兩年前略有不同。目前，我們的重點是收購需要實地考察的資產，因此我們可以對完全用完的資產進行增值，然後我們可以將它們提供交換或租賃。

So we're really targeting value-add activity on the engine side. As you can imagine, green time is more expensive today than it was, let's say, two years ago. So that's really the focus.

因此，我們真正的目標是引擎方面的增值活動。正如您可以想像的那樣，今天的綠燈時間比兩年前要貴。所以這才是真正的焦點。

The V2500 is also a very tight engine as well. So the same strategy at the moment is we're buying run-out engines to refurbish those engines and offer them for programs. So that's really the focus at the moment.

V2500 也是一款非常緊湊的引擎。因此，目前我們採取的策略是購買耗盡的引擎來翻新這些引擎並將其提供給專案。所以這確實是目前的焦點。

All right, great. Thank you. And maybe just to follow up on that and earlier question on the V2500, you mentioned the MRE and everything going on there. I'm just curious, are you guys doing the work there through the MRE, the original MRE? Or is it really all being done by Pratt at this point with the relationship there?

好吧，太好了。謝謝。也許只是為了跟進這個問題以及之前有關 V2500 的問題，您提到了 MRE 以及那裡發生的一切。我只是好奇，你們是透過 MRE（最初的 MRE）在那裡做工作的嗎？或者這一切真的都是普拉特在這一點上透過那裡的關係所做的嗎？

Yeah, so the way I divide the responsibilities up is three things. First is acquiring the run-out engine, second is doing the performance restoration, and then third is taking it to market for sale, lease, or exchange. We do number one and three. And under the Pratt program, Pratt manages number two, and they put all new parts, rebuild the engine to a full 20, 000 cycles. There's certain other upgrades of thrust and potential from pre-select to select one that are available. In that Pratt contract, there are things they could do that no one else could do that we saw a lot of value in.

是的，所以我劃分責任的方式是三件事。首先是獲取耗盡的發動機，其次是進行性能恢復，然後第三是將其帶到市場上出售、租賃或交換。我們做第一和第三。在 Pratt 計劃下，Pratt 管理著第二名，他們安裝了所有新零件，將引擎重建為完整的 20, 000 個循環。從預選到選擇，還有一些其他的推力和潛力升級可用。在普拉特的合約中，有一些他們可以做而其他人無法做到的事情，我們看到了很大的價值。

So at this point, number two is managed by Pratt. We have had discussions with Pratt about potentially having Montreal, FTAI Canada become a V2500 shop, but we don't have a conclusion on that. We would like to ultimately have that capability in Montreal, but that's something we haven't finalized the discussion on yet.

所以現在，第二名是由普拉特管理的。我們已經與 Pratt 討論過讓加拿大 FTAI 蒙特利爾成為 V2500 商店的可能性，但我們還沒有就此得出結論。我們希望最終在蒙特利爾擁有這種能力，但我們還沒有最終確定這一點。

All right, great. Thank you. Just one quick follow up. I guess PMA was originally $15 million to $20 million in this year, not sure if that's still included or been pushed. Just a way to think about that for 2025 at this point?

好吧，太好了。謝謝。只需一個快速跟進。我猜今年 PMA 最初是 1500 萬到 2000 萬美元，不確定是否仍然包括在內或已推後。現在只是思考一下 2025 年的情況嗎？

We're probably going to come up short on that this year, given that it's -- we don't have approvals yet. So I would say that we might have missed on that one.

今年我們可能會達不到這個目標，因為我們還沒有獲得批准。所以我想說我們可能錯過了這一點。

And nothing on '25 yet, I guess, to think about?

我想，25 歲還沒有什麼值得考慮的呢？

We've not given real guidance on 2025 at this point, so that's something we'll consider early next year.

目前我們還沒有給出 2025 年的真正指導，因此我們將在明年初考慮這一點。

All right. Thank you very much.

好的。非常感謝。

Thanks.

謝謝。

Stephen Trent, Citi.

史蒂芬‧特倫特，花旗銀行。

Good morning, and thanks very much for taking my questions. Just some quick ones for you. Could you give us an update where you are with respect to insurance settlements as some of your competitors seem to be moving ahead in the court? So we'd just love to hear how that's going. Thank you.

早上好，非常感謝您回答我的問題。只是給你一些快速的。您能否向我們介紹一下您在保險和解方面的最新情況，因為您的一些競爭對手似乎在法庭上取得了進展？所以我們很想聽聽看進展如何。謝謝。

Yes, so I divided into three different lawsuits if you use the word. The first one, we have an agreed deal with the counterparty. That's the smallest one. It's probably about $10 million to $11 million, which we think will close here shortly. The second one is an umbrella contingent policy, and we've had some, I would say, some overtures of discussing potential settlements on that one. And then the third one is the all-risk policies that are being run through on the London court cases, which will probably be the last to settle.

是的，所以如果你使用這個詞的話，我分成三個不同的訴訟。第一個，我們與交易對手達成了協議。這是最小的一個。它可能約為 1000 萬至 1100 萬美元，我們認為很快就會結束。第二個是一項傘式緊急政策，我想說，我們已經提出了一些討論該政策的潛在解決方案的提議。第三個是倫敦法院案件中正在執行的所有風險政策，這可能是最後一個解決的案件。

But there are individual insurers that are discussing early settlements, and it typically starts to happen around the time when you get in front of the courthouse and you're facing potentially a bad outcome so that the insurers start to realize they've run out the clock as far as they can, and now it's time to move on.

但有些個體保險公司正在討論早期和解，通常當你到達法院前並且你面臨著潛在的糟糕結果時，保險公司就會開始意識到他們已經用完了賠償金。了。

So we do see that coming, and how much of that we'll get in 2025 is not hard. It's hard to forecast at this point. But I do expect, ultimately, total recoveries in the neighborhood of about $150 million, which is all net income to us since we have written all of that off. So I think we'll ultimately get there, and it's starting to move in that direction.

所以我們確實看到了這一點，而且到 2025 年我們能得到多少並不難。目前很難預測。但我確實預計最終總回收額約為 1.5 億美元左右，這就是我們的全部淨收入，因為我們已經註銷了所有這些。所以我認為我們最終會實現這一目標，並且它已經開始朝這個方向發展。

Okay, that's really helpful. Appreciate it. And one more quick one for you. I mean, over the last year and change, your stock has done so well. And have you given any thought to entertaining the idea of a stock split? And I know the retail shareholder might not be your number one priority, but just thinking about high level, how you may reach out to these other elements of the market that may balk at today's price per share? Thank you.

好的，這真的很有幫助。欣賞它。還有一份快給你的。我的意思是，在過去的一年和變化中，你的股票表現得很好。您是否考慮過股票分割的想法？我知道散戶股東可能不是您的首要任務，但只要考慮一下高層，您如何接觸到可能對今天的每股價格猶豫不決的市場其他要素？謝謝。

Yeah, I've had one or two people recently bring that up, and it's something I hadn't really looked at for a while. And so I've asked people for any data they might have to support whether that's something that increases and enhances value. And if we can get something that convinces us that it's a good idea, we'll consider it. But so far, what I've seen is it didn't seem very conclusive, but I'm open. Anytime anyone wants to present something which says they can make our stock go up, I'm open to talking about it.

是的，最近有一兩個人向我提出了這個問題，而我已經有一段時間沒有真正關注這個問題了。因此，我向人們詢問了他們可能需要的任何數據，以支持這是否會增加和增強價值。如果我們能得到一些讓我們相信這是個好主意的東西，我們就會考慮它。但到目前為止，我所看到的似乎並不是很有結論，但我持開放態度。任何時候有人想要提出一些東西，說他們可以讓我們的股票上漲，我都願意談論它。

Very helpful. Thank you very much.

非常有幫助。非常感謝。

Thanks.

謝謝。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hey, everyone. Good morning, and thanks for the time. Earlier, you spoke about the rising demand for field services. Could you maybe explain the margin differential there, if any, between field and non-field? And is there any read on how much of the broader mix this could become the AP mix?

嘿，大家。早上好，感謝您抽出時間。早些時候，您談到了對現場服務不斷增長的需求。您能否解釋一下現場和非現場之間的利潤差異（如果有）？是否有任何關於這可能成為 AP 組合的更廣泛組合的內容？

Sure. This is David. I can take that question. So the way to think about field service is it's an additional distribution channel to move velocity on modules. I would think about it less as a margin play, although the margin is quite good because it's just labor in this scenario. But typically, a field service event is about $50,000 to $70,000, so they're small dollars.

當然。這是大衛。我可以回答這個問題。因此，考慮現場服務的方法是，它是一個額外的分銷管道，可以提高模組的速度。我不會將其視為利潤遊戲，儘管利潤相當不錯，因為在這種情況下它只是勞動力。但通常情況下，一次現場服務活動的費用約為 50,000 至 70,000 美元，因此金額很小。

But what it does do is it enhances the entire module experience, right, where you can line up the module, you can line up the team, and you can go execute that immediately, which really helps airlines that are in a pinch and able to bring back an aircraft really back into service very quickly. So I would think about it more as an instrument to increase velocity of modules versus, let's say, an individual margin play.

但它的作用是增強了整個模組的體驗，對吧，你可以在其中排列模組，你可以排列團隊，你可以立即執行，這確實有助於那些處於緊要關頭並且能夠讓飛機真正快速恢復使用。因此，我更傾向於將其視為提高模組速度的工具，而不是個人利潤遊戲。

Got it. And then I know you outlined previously about $60 million to $80 million in maintenance CapEx moving forward, but where exactly is this being deployed and what are the priorities there?

知道了。然後我知道您之前概述了未來約 6000 萬至 8000 萬美元的維護資本支出，但具體部署在哪裡以及那裡的優先事項是什麼？

That's a number that we would invest -- that we invest to keep our engines in our leasing portfolio in service. So when an engine needs a performance restoration or a shop is in our leasing portfolio, that's what we spend annually to keep those engines flying.

這是我們要投資的數字——我們投資的目的是為了讓我們的租賃組合中的引擎保持正常運作。因此，當引擎需要恢復性能或我們的租賃組合中有一家商店時，我們每年都會花費這些費用來保持這些引擎的運作。

Got it, and one more if I could squeeze in. I mean, I know we were talking about the V2500 PMA part from Chromalloy that got approved and the read through from that, but I feel like we danced around it. It didn't really necessarily attack the conversation of when you guys are expecting. I know it said through end of '24, but could you give any color there if it's sooner as opposed to later?

明白了，如果我能擠進去的話，再來一張。我的意思是，我知道我們正在談論來自 Chromalloy 的 V2500 PMA 部件，該部件已獲得批准並從中進行了通讀，但我覺得我們圍繞著它跳舞。它並不一定會攻擊你們期待時的對話。我知道它說到 24 年底，但是如果是早點而不是晚點，你能給出任何顏色嗎？

I love the use of the word attack, sounds ferocious. But we don't give guidance on expectations of when parts will be approved. We've only said that we're very pleased with the progress that's been made, and we are happy with the product itself, but we don't specifically forecast when approvals will be obtained.

我喜歡使用「攻擊」這個詞，聽起來很兇猛。但我們不會就零件何時獲得批准的預期提供指導。我們只是說我們對所取得的進展非常滿意，對產品本身也很滿意，但我們沒有具體預測何時獲得批准。

Got it. Had to give a shot, but thank you, appreciate it.

知道了。不得不試一試，但謝謝你，很感激。

Thank you. And that does conclude our question-and-answer session for today's conference. I'd now like to turn the conference back over to Alan Andreini for any closing remarks.

謝謝。今天會議的問答環節到此結束。現在我想將會議轉回艾倫安德烈尼 (Alan Andreini) 進行閉幕致詞。

Thank you, Crystal. And thank you all for participating in today's conference call. We look forward to updating you after Q4.

謝謝你，水晶。感謝大家參加今天的電話會議。我們期待在第四季度後為您提供最新消息。

Thank you. This does conclude today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。