FTAI Aviation Ltd (FTAI) 2024 Q4 法說會逐字稿

Hello, and welcome to FTAI Aviation fourth-quarter 2024 earnings conference call. (Operator Instructions)

您好，歡迎參加 FTAI Aviation 2024 年第四季財報電話會議。（操作員指令）

I would now like to turn the conference over to Alan Andreini, Head of Investor Relations. You may begin.

現在，我想將會議交給投資者關係主管艾倫·安德烈尼 (Alan Andreini)。你可以開始了。

Thank you, Towanda. I would like to welcome you all to the FTAI Aviation fourth quarter and full-year 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.

謝謝你，托旺達。歡迎大家參加 FTAI Aviation 2024 年第四季和全年財報電話會議。今天與我一起參加會議的還有我們的執行長喬亞當斯 (Joe Adams)；我們的財務長 Angela Nam；以及我們的營運長大衛莫雷諾 (David Moreno)。

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. Also, please note that this call is open to the public in listen-only mode and is being webcast.

我們在網站上發布了投資者介紹和新聞稿，如果您還沒有下載，我們鼓勵您下載。另請注意，本次電話會議以只聽模式向公眾開放，並進行網路直播。

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.

此外，我們將在今天的電話會議上討論一些非 GAAP 財務指標，包括 EBITDA。這些指標與最直接可比較的 GAAP 指標的對帳可以在收益補充報告中找到。

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 disclosures 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.

在我將電話轉給喬之前，我想指出，今天發表的某些聲明將是前瞻性的聲明，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介紹中有關非公認會計準則財務指標和前瞻性聲明的揭露，並查看我們向美國證券交易委員會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，我想將電話轉給喬。

Thank you, Alan. I'm pleased today to announce our 39th dividend as a public company and our 54th consecutive dividend since inception. The dividend of $0.30 per share will be paid on March 24 based on a shareholder record date of March 14.

謝謝你，艾倫。今天我很高興地宣布，我們作為上市公司派發第 39 次股息，這也是我們自成立以來連續派發第 54 次股息。根據 3 月 14 日的股東記錄日期，每股 0.30 美元的股息將於 3 月 24 日支付。

I'd also like to start today by talking about the investor presentation posted to our website. While not going to go slide by slide, we wanted to speak to our market opportunity, the value proposition, scalability and durability of our Aerospace Products business.

今天，我還想先談談我們網站上發布的投資者介紹。雖然我們不會一一介紹，但我們想談談我們的市場機會、價值主張、航空航太產品業務的可擴展性和耐用性。

Starting with the market opportunity. If you look at the total number of operators, the majority of our target customers are small and medium-sized airlines, which have narrow-body fleets powered by CFM56 and V2500 engines, our focus engines. They represent approximately 600 operators worldwide, and 80% of the number of all these engines flown, which creates a large and fragmented addressable market of $22 billion of annual maintenance spend, where FTAI focuses and can provide significant value to the customer.

從市場機會開始。如果從營運商總數來看，我們的目標客戶大多是中小型航空公司，這些航空公司擁有以 CFM56 和 V2500 發動機（我們的重點發動機）為動力的窄體機隊。他們代表著全球約 600 家營運商，佔所有飛行發動機數量的 80%，這創造了一個龐大而分散的潛在市場，每年的維護支出為 220 億美元，而 FTAI 專注於此並能為客戶提供巨大價值。

We offer these customers a lower fixed price with minimal downtime products compared to what our competitors do. This is made possible through our unique maintenance capabilities and expertise and a large-owned engine fleet.

與競爭對手相比，我們為這些客戶提供更低的固定價格和最短的停機時間的產品。這是透過我們獨特的維護能力和專業知識以及大型自有發動機車隊來實現的。

Central to our maintenance approach is green-time optimization, which is how we rebuild modules and engines that require repair. Unlike traditional MROs, FTAI leverages in-house engineering and maintenance capabilities to extract every available cycle from each module. Our scale enables us to optimize module deployment or combine modules to build rightsized engines for our customers.

我們的維護方法的核心是綠燈時間優化，也就是我們重建需要維修的模組和引擎的方式。與傳統 MRO 不同，FTAI 利用內部工程和維護能力從每個模組中提取每個可用循環。我們的規模使我們能夠優化模組部署或組合模組來為我們的客戶建立合適規模的引擎。

You can see a typical example that we detailed on slide 13 in the presentation, but let me take a moment now to explain the process in a little more detail. The CFM56 engine consists of three modules: the fan, the core, and the low-pressure turbine or otherwise called the LPT. Engine maintenance is needed when one of these modules hits their life limit. When this occurs, usually, the other two modules still have remaining life. And the key to our green-time optimization strategy is to acquire and dismantle unserviceable engines, refurbish the viable modules, and sell them individually or reassemble them into rightsized engines for customers. And a rightsized engine is one where the various modules -- three modules, all have a similar remaining useful life.

您可以在簡報的第 13 張投影片中看到我們詳述的典型範例，但現在請允許我花點時間更詳細地解釋這個過程。CFM56 引擎由三個模組組成：風扇、核心機和低壓渦輪（或稱為 LPT）。當其中一個模組達到其壽命極限時，就需要進行引擎維護。當這種情況發生時，通常另外兩個模組仍然有剩餘壽命。我們的綠色時間優化策略的關鍵是獲取和拆卸無法使用的發動機，翻新可用的模組，然後單獨出售或為客戶重新組裝成合適尺寸的發動機。合適尺寸的引擎是指各個模組——三個模組，都有相似的剩餘使用壽命。

Performing module maintenance at scale, in addition to owning the engine throughout the repair cycle, creates significant cost savings opportunities. This allows us to offer significant benefits to customers compared to a traditional shop visit while also generating higher margins than typical MROs. We see a bright future ahead in our unique role in the aftermarket, supported by significant investments we made in 2024 as well as the announcements we made yesterday regarding the new facility -- maintenance facility in Rome, and our strategic capital initiatives, which we call SCI, to accelerate our market share and help sustainably support airlines in their long-term maintenance needs.

大規模執行模組維護，加上在整個維修週期中擁有發動機，可以創造顯著的成本節約機會。與傳統的店內訪問相比，這使我們能夠為客戶提供顯著的利益，同時也產生比典型的 MRO 更高的利潤。我們看到，我們在售後市場的獨特角色前景光明，這得益於我們在 2024 年進行的重大投資以及我們昨天宣布的有關羅馬新設施維修設施以及我們稱之為 SCI 的戰略資本計劃，旨在加速我們的市場份額並幫助以可持續的方式支持航空公司的長期維護需求。

Our new joint venture agreement with IAG Engine Center Europe, which will be rebranded as QuickTurn Europe, complements our existing facilities in Montreal and Miami and will help address the strong demand for FTAI's MRE or maintenance, repair, and exchange services from our global customer base in a critical geographic location.

我們與 IAG Engine Center Europe 達成的新合資協議（將更名為 QuickTurn Europe）對我們位於蒙特利爾和邁阿密的現有設施進行了補充，並將有助於滿足我們全球客戶群在關鍵地理位置對 FTAI 的 MRE 或維護、維修和交換服務的強勁需求。

Secondly, we were excited to announce yesterday that the SCI has received $2.5 billion commitment for asset level debt financing from ATLAS, which is a majority-owned subsidiary of Apollo and Deutsche Bank. The SCI team is currently in the late stages of closing a second round of equity financing, and we believe the market opportunity to deploy capital raise in these SPVs in this way is in the region of more than $4 billion annually.

其次，我們昨天很高興地宣布，SCI 已從 ATLAS 獲得 25 億美元的資產水平債務融資承諾，ATLAS 是阿波羅和德意志銀行的控股子公司。SCI 團隊目前正處於第二輪股權融資的後期階段，我們相信以這種方式在這些 SPV 中部署資本籌集的市場機會每年約為 40 億美元以上。

Turning now to adjusted free cash flow. In 2024, we generated approximately $670 million from business operations, which included $140 million related to the sale of both of our offshore vessels. At the same time, we invested approximately $1.3 billion in major growth initiatives, which range from the purchase of the Montreal maintenance facility, the termination of the management agreement with Fortress, and investments in aviation assets, in particular, engines and parts to support our growth strategy in 2025 and beyond.

現在來談談調整後的自由現金流。2024 年，我們從業務營運中創造了約 6.7 億美元的收入，其中包括與出售兩艘近海船舶相關的 1.4 億美元。同時，我們投資了約 13 億美元用於重大成長計劃，包括購買蒙特利爾維護設施、終止與 Fortress 的管理協議以及投資航空資產（特別是發動機和零件），以支持我們 2025 年及以後的成長策略。

Overall, we feel more confident in our annual business segment EBITDA for 2025 to be between $1.1 billion and $1.15 billion, excluding corporate and other. We're also expecting adjusted free cash flow of approximately $650 million in 2025, which is broken out in more detail on slide 24.

總體而言，我們對 2025 年我們業務部門的年度 EBITDA（不包括企業和其他部分）達到 11 億美元至 11.5 億美元之間更有信心。我們也預計 2025 年的調整後自由現金流約為 6.5 億美元，第 24 頁有更詳細的說明。

We will continue to make strategic reinvestments in the business. However, the launch of our strategic capital initiative will reduce our capital asset acquisition needs in 2025 and beyond. So while we will continue to prioritize growth opportunities, we will also consider capital redistribution to shareholders.

我們將繼續對該業務進行策略性再投資。然而，我們策略資本計畫的啟動將減少我們在 2025 年及以後的資本資產收購需求。因此，在我們繼續優先考慮成長機會的同時，我們也會考慮向股東進行資本再分配。

Finally, as we look at our current pipeline, we now expect our annual aviation EBITDA to rise from our previously projected $1.25 billion to be approximately now $1.4 billion in 2026.

最後，當我們回顧目前的管道時，我們預計到 2026 年，年度航空 EBITDA 將從先前預測的 12.5 億美元上升至現在的約 14 億美元。

With that, I'll hand it over to Angela to talk through the numbers in more detail.

說完這些，我將交給安琪拉來更詳細地討論這些數字。

Thanks, Joe. The key metric for us is adjusted EBITDA. We ended the year strongly with adjusted EBITDA of $252 million in Q4 2024, which is up 9% compared to $232 million in Q3 2024, and up 55% compared to $162.3 million in Q4 of 2023.

謝謝，喬。對我們來說，關鍵指標是調整後的 EBITDA。我們以 2024 年第四季調整後 EBITDA 2.52 億美元的強勁表現結束了這一財年，較 2024 年第三季的 2.32 億美元增長 9%，較 2023 年第四季的 1.623 億美元增長 55%。

During the fourth quarter, the $252 million EBITDA number was comprised of $133.9 million from our Leasing segment, $117.3 million from our Aerospace Products segment and $0.8 million from Corporate and Other, which included $18.7 million related to the gain on sale of both of our offshore vessels.

第四季度，2.52 億美元的 EBITDA 包括來自租賃部門的 1.339 億美元、來自航空航太產品部門的 1.173 億美元以及來自企業及其他部門的 80 萬美元，其中包括與我們兩艘近海船舶出售收益相關的 1,870 萬美元。

Now, let's look at all of 2024 versus all of 2023. Adjusted EBITDA was $862.1 million in 2024, which is up 44% versus $597.3 million in 2023.

現在，讓我們來看看 2024 年全年與 2023 年全年的情況。2024 年調整後 EBITDA 為 8.621 億美元，較 2023 年的 5.973 億美元成長 44%。

Turning now to Leasing. Aviation Leasing continued to deliver strong results, posting approximately $134 million of adjusted EBITDA. The pure leasing component of the $134 million came in at $128 million for Q4 versus $99 million in Q4 2023. Included in the $128 million was $11 million settlement related to Russian assets written off in 2022. Additionally, we ended the year with a $40.4 million book value of assets sold or a 12% margin for a gain of $5.7 million.

現在談談租賃。航空租賃持續取得強勁業績，調整後 EBITDA 約為 1.34 億美元。1.34 億美元中的純租賃部分在第四季為 1.28 億美元，而 2023 年第四季為 9,900 萬美元。這1.28億美元中包括與2022年註銷的俄羅斯資產相關的1,100萬美元和解金。此外，我們在年底出售的資產帳面價值為 4,040 萬美元，利潤率為 12%，收益為 570 萬美元。

Overall, we generated $500 million of adjusted EBITDA for 2024 in Aviation Leasing, in alignment with our original estimates for the year. Looking ahead, we remain comfortable assuming Leasing adjusted EBITDA to remain at $500 million in 2025 as we pivot our focus towards an asset-light business model.

總體而言，我們在 2024 年航空租賃業務中創造了 5 億美元的調整後 EBITDA，與我們對該年度的最初估計一致。展望未來，隨著我們將重點轉向輕資產業務模式，我們仍然確信租賃調整後的 EBITDA 將在 2025 年保持在 5 億美元。

Aerospace Products had yet another excellent quarter with $117.3 million of adjusted EBITDA at an overall EBITDA margin of 34%, which is up 15% compared to $101.8 million in Q3 of this year, and up 115% compared to $54.6 million in Q4 2023.

航空航太產品業務本季又取得了出色的成績，調整後 EBITDA 為 1.173 億美元，整體 EBITDA 利潤率為 34%，較今年第三季的 1.018 億美元增長 15%，較 2023 年第四季的 5,460 萬美元增長 115%。

We continue to see tremendous growth in our adoption and the usage of our Aerospace Products and remain focused on ramping up production in both of our facilities in Montreal and Miami as well as commencing operations in Rome. In 2025, we expect to generate $600 million to $650 million of EBITDA, up from $381 million in 2024 and $160 million generated in 2023.

我們的航空航太產品的採用和使用繼續大幅增長，並繼續專注於提高蒙特利爾和邁阿密工廠的產量以及在羅馬開始運作。到 2025 年，我們預計將產生 6 億至 6.5 億美元的 EBITDA，高於 2024 年的 3.81 億美元和 2023 年的 1.6 億美元。

With that, let me turn the call back over to Alan.

說完這些，讓我把電話轉回給艾倫。

Thank you, Angela. Towanda, you may now open the call to Q&A.

謝謝你，安吉拉。托旺達，現在您可以開始問答環節了。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

(操作員指示) 摩根士丹利的 Kristine Liwag。

Joe, by the way, this investor presentation that you put out is very interesting. And it clearly lays out the value proposition that the FTAI business model provides. But just taking a step back, when you look at the competitive landscape, one of the key investor questions had been like why isn't anybody else doing this? But I thought you had a pretty good layout of where others are like third-party MRO, internal airlines, other aircraft leasing companies. But why is it that nobody else has this vertically integrated model because it really seems like you found a sweet spot? So why aren't others doing it? What's their hurdle? And what do you think -- do you think your true competitive moats are?

喬，順便說一句，你發布的這個投資者簡報非常有趣。它清楚地闡述了 FTAI 商業模式提供的價值主張。但退一步來看，當你審視競爭格局時，投資人的一個關鍵問題是，為什麼沒有其他人這樣做？但我認為您對其他公司（例如第三方 MRO、內部航空公司、其他飛機租賃公司）的佈局已經很好了。但為什麼其他人沒有這種垂直整合模式，因為這看起來確實像是找到了一個最佳點？那為什麼其他人不這麼做呢？他們的障礙是什麼？您認為您真正的競爭護城河是什麼？

Sure. There's a lot of different moats, which maybe put in place over the years. It's taken us seven, eight years to get to this point. So it's not a simple process. It was a sequential number of steps that we took. But basically, to compete -- to do what we do is similar to what United, American and Delta do, which is you have to own a large fleet of the same type of engine and then have your own maintenance capability and facilities. And so there's nothing to stop other people from doing that. But what we did is we've sort of copied the majors and then offer that to the 600 operators around the world that don't have a maintenance facility. So it's -- effectively, it's an outsourcing function for a single engine type.

當然。護城河有很多種，可能是多年來逐漸建立起來的。我們花了七、八年的時間才到達這一點。所以這不是一個簡單的過程。這是我們採取的一系列連續的步驟。但從根本上來說，要競爭——我們所做的事情與聯合航空、美國航空和達美航空所做的事情類似，你必須擁有一支由同類型發動機組成的大型車隊，然後擁有自己的維護能力和設施。所以沒有什麼可以阻止其他人這樣做。但我們所做的是複製主要航空公司的做法，然後將其提供給世界各地沒有維護設施的 600 家營運商。因此，實際上，它是針對單一引擎類型的外包功能。

So when you look around the world, like, well, who could do that? Clearly, people that own maintenance facilities could do that. But oftentimes, they have multiple engines, and they don't own the engine. They're servicing other people's engines. So they have to reorganize their business, set up an asset management team, pick an engine, find a facility that doesn't have third-party work that they have to displace, and then try to assemble all the other parts.

那麼當你環顧世界，你會想，誰能做到這一點？顯然，擁有維護設施的人可以做到這一點。但很多時候，他們擁有多個引擎，但引擎卻不是他們擁有的。他們正在為其他人的引擎提供維修服務。因此，他們必須重組業務，建立資產管理團隊，選擇引擎，找到沒有第三方工作需要取代的設施，然後嘗試組裝所有其他零件。

The other impediment, if you go back where we started, is we invested in PMAs six, seven years ago. And that will be the only PMA product for this engine. So we have an exclusive on that. And many of the companies that I just mentioned that own maintenance facilities, have very strong ties with OEMs, which will commercially likely prohibit them from using PMA to any significant degree. So that advantage is something that nobody can copy.

另一個障礙是，如果回顧我們開始的地方，我們六、七年前就投資了 PMA。這將是這款引擎的唯一 PMA 產品。所以我們對此有獨家報道。我剛才提到的許多擁有維護設施的公司都與 OEM 有著非常密切的聯繫，從商業角度來看，這很可能會禁止他們在任何重大程度上使用 PMA。所以這個優勢是無人可以複製的。

The other advantage is that we built up, people could, but it takes a lot of time and focus. And when we did it, the outcome wasn't all that clear. I mean, it seems today, clear, but when we went down that path and decided not to diversify and to own our own maintenance facilities, nobody else is doing it. So we were -- people looking at us like, what are you doing?

另一個優勢是我們已經建立起來了，人們可以這樣做，但這需要大量的時間和精力。當我們這樣做時，結果就沒那麼明確。我的意思是，今天看來很清楚，但是當我們走上這條道路並決定不進行多元化並擁有自己的維護設施時，沒有其他人這樣做。所以──人們看著我們，就好像在問，你們在做什麼？

So I don't know, it's -- we think about it all the time. We're always paranoid, and we keep putting up other barriers. And I actually think that SCI is yet another barrier because now, we've added institutional quality asset management to the mix, which -- that's a big hurdle for people to -- you can't just go raise a first fund easily. I know because we've done it a couple of times. It takes a lot of work, and so if you put that on top of it, it's -- we're going to try to add something every year to make it harder, frankly.

所以我不知道，這是──我們一直在思考這個問題。我們總是心存偏執，並不斷設置其他障礙。我實際上認為 SCI 是另一個障礙，因為現在，我們已經將機構品質資產管理添加到組合中，這對人們來說是一個很大的障礙——你不能輕易地籌集第一個基金。我知道，因為我們已經做過幾次了。這需要做大量的工作，所以如果你把它放在首位，坦白說，我們每年都會嘗試增加一些東西來讓它變得更難。

That's really helpful, Joe. And maybe a segue to SCI. I mean, your recent announcement, you're putting in $550 million in the form of 46 on lease aircraft, and you've got the $2.5 billion in capital from Apollo to Deutsche Bank -- and Deutsche Bank. You're not at $3 billion, and you're now calling for $4 billion. I mean, what's driving the increase of the previous $3 billion? What's the appetite for further capital into your SCI? And lastly, what would you define as successful for you and your partners for this investment?

這真的很有幫助，喬。或許可以過渡到 SCI。我的意思是，你們最近宣布，將以租賃 46 架飛機的形式投入 5.5 億美元，並且阿波羅計劃將 25 億美元的資本提供給德意志銀行——以及德意志銀行。你還沒有達到 30 億美元，現在卻要求 40 億美元。我的意思是，是什麼推動了之前 30 億美元的成長？您對進一步吸引資本進入 SCI 有什麼興趣？最後，對於您和您的合作夥伴來說，如何定義這項投資是成功的？

Sure. So just in terms of the size, we originally indicated we were targeting $3 billion, and we found that the terms of the debt that we were able to obtain allowed for higher leverage, effectively close to over 70%. So that gives us more capital to invest. And at the same time, we're seeing a very strong deal flow. It's now still February, and we have over $1 billion committed in investments already for SCI.

當然。因此，就規模而言，我們最初表示我們的目標是 30 億美元，但我們發現，我們能夠獲得的債務條款允許更高的槓桿率，實際上接近 70% 以上。這給了我們更多的投資資本。同時，我們看到非常強勁的交易流。現在還是二月，我們已經為 SCI 投入了超過 10 億美元。

So -- and there's -- it's a huge market opportunity. If you look at just the leasing market itself, lessors owned -- if you think there's 14,000 CFM (inaudible), 737 NG, and A320ceos, about half of those are owned by lessors, so 7,000. And roughly 20% of those trade in a given year. There's been a little bit less because people held on longer due to the pandemic and the strong market environment. But we see that ramping up as new deliveries start to pick up and lessors need to manage their average age of their fleet, so they have to sell older assets and buy newer assets.

所以，這是一個巨大的市場機會。如果你只看租賃市場本身，出租人擁有——如果你認為有 14,000 架 CFM（聽不清楚）、737 NG 和 A320ceos，其中大約一半由出租人擁有，所以有 7,000 架。其中約有 20% 在特定年份進行交易。由於疫情和強勁的市場環境，人們堅持的時間更長，所以數量有所減少。但我們看到，隨著新飛機交付量開始回升，租賃公司需要管理其機隊的平均機齡，他們必須出售舊資產併購買新資產，因此這一比例正在上升。

So we think that just the lessor market alone is north of $20 billion a year of investable assets. And then on top of that, you have airlines doing sale leasebacks. And we've seen a number of airlines opting for sale leasebacks because they have a lot of shop visits on engines coming up. And that is a perfect fit for us because we love shop visits. We're one of one in that category. There's no one else that I've ever met that likes to shop visit. So we are very competitive on sale leasebacks when airlines are looking to phase out -- ultimately phase out the fleet but also avoid engine shop visit. So we've got a number of deals lined up in that area.

因此，我們認為，光是租賃市場每年的可投資資產就超過 200 億美元。除此之外，還有航空公司進行售後回租。我們看到許多航空公司都選擇售後回租，因為他們需要對大量引擎進行維修。這對我們來說非常合適，因為我們喜歡逛商店。我們是這一類別的一員。我從未見過像我這樣喜歡逛商店的人。因此，當航空公司希望逐步淘汰飛機機隊但又避免引擎進廠維修時，我們在售後回租方面非常具有競爭力。我們已經在該地區達成了多項交易。

So we really think that there isn't sort of a dominant lessor in the -- in this asset class, which happens to be the largest by account in the world. And we -- our goal is to become that. Now, what the investor wants ultimately is returns. And because we can manage engine exchanges more efficiently, we actually believe we can deliver a higher return and a lower risk. And it's -- when I always think about the investment business, that's the quadrant you're always trying to get to, and we have a product that no one else can offer that we believe generates higher returns and has lower risk for the investors. So there's really nothing not to like about it.

因此，我們確實認為，在這個資產類別中，沒有主導的出租人，而這個資產類別恰好是世界上最大的資產類別。我們的目標就是成為那樣的人。現在，投資者最終想要的是回報。而且由於我們能夠更有效地管理引擎交換，我們實際上相信我們可以提供更高的回報和更低的風險。當我思考投資業務時，這就是你一直試圖進入的象限，我們擁有別人無法提供的產品，我們相信它能為投資者帶來更高的回報並降低風險。因此確實沒有什麼不喜歡它的地方。

Great. I'll leave it at that, and these are really helpful.

偉大的。我就說到這裡，這些確實很有幫助。

Sheila Kahyaoglu, Jefferies.

傑富瑞 (Jefferies) 的 Sheila Kahyaoglu。

Congrats on the great quarter. Joe, maybe two questions for you, both on margins. First, if we could start off with your margins at 35%. If you could go through that a bit because I think there's some misunderstanding on how you generate those margins and how sustainable they are.

恭喜本季取得如此出色的成績。喬，我想問你兩個問題，都是關於利潤的。首先，我們可以從 35% 的利潤率開始算起。如果您可以稍微解釋一下，因為我認為對於如何產生這些利潤以及它們的可持續性存在一些誤解。

And then secondly, it seems like you've upped the bar once again with slide 14, and you're talking about 35% to 50% margin potential EBITDA margins versus the 40% you've talked about previously. Can you walk us through the profit drivers over the course of '25 and beyond, whether it's PMA adding $250 million green-time optimization and just better productivity at your facilities as well? So if you could just touch on those two things.

其次，看起來您在第 14 張投影片中再次提高了標準，您談論的是 35% 到 50% 的潛在 EBITDA 利潤率，而您之前談到的是 40%。您能否向我們介紹 25 年及以後的利潤驅動因素，是 PMA 增加了 2.5 億美元的綠色時間優化，還是提高了您工廠的生產力？所以如果你可以談談這兩件事的話。

Yes. Sure. So when we think about the margins, we break it down into really four different categories, and many of which are additive to one another, but you start with repair. When -- a typical MRO gets paid to fix something for someone. And generally, they're earning 15% margin for repair work. It's like a mechanic. You pay the labor, and you pay the parts. So that's sort of the easy part.

是的。當然。因此，當我們考慮利潤時，我們將其分解為四個不同的類別，其中許多類別是可以相互補充的，但首先要從修復開始。當 — — 典型的 MRO 會得到報酬來為某人修理某物。一般來說，修復工作能為他們帶來 15% 的利潤。就像一個機械師。您支付人工費，也支付零件費。這是比較容易的部分。

The second is green-time optimization, which we've given an example in the slide deck, and David will walk through that in more detail, but that's something unique to us that no one else does. And as I mentioned, it's really -- it's been practiced by major airlines, but if you have to own your fleet and have a maintenance facility and we combine that just so that we don't waste any available cycles -- hours and cycles.

第二個是綠燈時間優化，我們在幻燈片中給了一個例子，David 將更詳細地介紹這一點，但這是我們獨有的，其他人沒有做過。正如我所提到的，這確實是 - 各大航空公司都在實行這種做法，但如果你必須擁有自己的機隊並擁有維護設施，我們就會將其結合起來，這樣我們就不會浪費任何可用的周期 - 小時和週期。

The third is a part strategy, which is use serviceable material, buying used LLPs, and ultimately PMA, which is the top of the mountain. And we have all of those going. We've been working on our part strategy for many years, and we have the whole team of people. And that's all they do, because a big part of any shop visit is part. And ultimately, we're moving more into piece part repair, which will be further upside on margins as we do more and more of our own repairs.

第三個是零件策略，即使用可使用的材料，購買二手的LLP，最終是PMA，這是山頂。我們已經完成了所有這些工作。我們已經致力於我們的零件策略很多年了，我們擁有整個團隊。這就是他們所做的一切，因為任何商店訪問的很大一部分都是部分。最終，我們將更多地轉向零件維修，隨著我們自己進行越來越多的維修，利潤率將進一步上升。

And then lastly, in many cases, we provide a just-in-time product for the airline, and we help them avoid inducting that engine into a shop. We can do field service work. So we have a white-glove just-in-time product. So we break the margin down that way. None of those components seem out of line. And we're the only party that combines all those activities though. And then when you think about the sustainability, we believe that this is sustainable in any market environment. The repair and the white-glove service or value adds no matter what the economic climate is.

最後，在許多情況下，我們為航空公司提供即時產品，並幫助他們避免將引擎送進維修店。我們可以做現場服務工作。所以我們有白手套的準時產品。因此，我們用這種方式來細分利潤。這些組件看起來都沒有問題。但我們是唯一一個將所有這些活動結合在一起的政黨。當你考慮到永續性時，我們相信這在任何市場環境中都是可持續的。無論經濟狀況如何，維修和白手套服務或加值服務都是如此。

And then numbers two and three, green-time optimization and parts, we believe will grow. And the optimization model, we have a little chart in there, the more engines and the more modules you own, the better you get at optimization. It's just mathematical. So we believe there's further upside in the optimization.

然後，我們相信第二和第三點，即綠燈時間優化和零件將會成長。對於優化模型，我們在裡面有一個小圖表，您擁有的引擎越多、模組越多，您的優化效果就越好。這只是數學。因此我們相信優化還有進一步的上升空間。

You also mentioned the efficiency of your facility that we believe we can -- by standardizing the approach to engines, having mechanics only working on one engine, running it like a factory, we've been able to demonstrate productivity improvements, so we can drive that to higher margins.

您還提到了工廠的效率，我們相信我們可以——透過標準化發動機的方法，讓機械師只操作一台發動機，像工廠一樣運行，我們已經能夠展示生產率的提高，因此我們可以提高利潤率。

And then lastly is PMA, which is not really in the numbers, but we believe that adds 5 to 10 percentage points to the margins when the full complement of PMA is available. It will be somewhat a function of product mix, but we think 5 to 10 percentage points of upside is a reasonable number.

最後是 PMA，這實際上並不在數字中，但我們相信，當 PMA 完全可用時，利潤率會增加 5 到 10 個百分點。這在某種程度上取決於產品組合，但我們認為 5 到 10 個百分點的上漲是一個合理的數字。

David will walk you through the green-time optimization.

David 將引導您完成綠燈時間優化。

Hi, Sheila. Happy to walk everyone through page 13 of the presentation. So this example is meant to bring to life FTAI's secret sauce, which is green-time optimization. So our business is built to monetize every cycle in the engine through maintenance.

你好，希拉。很高興帶領大家瀏覽簡報的第 13 頁。所以這個例子是為了把 FTAI 的秘密武器，也就是綠燈時間優化，變成現實。因此，我們的業務是透過維護將引擎的每個循環轉化為貨幣。

So generally, the starting point is a group of unserviceable engines. So on the left, you'll see three engines that have become unserviceable. In this scenario, the engines are unserviceable because one of its modules has run out of life. These engines are either sourced through exchanging our leasing books, or we can acquire them unserviceable as well. And this example of the acquisition cost of these three engines is $6.5 million.

所以一般來說，起點是一組無法使用的引擎。因此，在左側，您會看到三個已無法使用的引擎。在這種情況下，引擎無法使用，因為其中一個模組已經失去使用壽命。這些引擎要么是透過交換我們的租賃書籍來獲得的，要么我們也可以獲得無法使用的引擎。而這三台引擎的購置成本就高達 650 萬美元。

Next, the engines are then broken down into separate modules. Just to recap, each engine has three modules, so it's a total of nine modules. Maintenance is performed to address durability issues and ensure each of the modules can last until its limiter. In this scenario, we are investing $3.5 million to bring the total investment of these engines to $10 million.

接下來，引擎被分解成單獨的模組。回顧一下，每個引擎都有三個模組，所以總共有九個模組。進行維護是為了解決耐用性問題並確保每個模組都能持續到其限制器為止。在這種情況下，我們將投資 350 萬美元，使這些引擎的總投資達到 1,000 萬美元。

Finally, on the right, you create -- you assemble the modules to create two serviceable engines with consistent life across each of its modules. In this scenario, the third engine is not actually assembled; it's an engine for teardown that we can reuse for future builds via its parts. In total, the total value of these engines is now $16 million. So effectively, we created $6 million of additional value.

最後，在右側，您創建——組裝模組以創建兩個可維修的引擎，每個模組的壽命都一致。在這種情況下，第三台發動機實際上並未組裝；它是一個拆卸引擎，我們可以透過它的零件重新用於未來的建造。總體而言，這些引擎的總價值現為 1600 萬美元。因此，我們實際上創造了 600 萬美元的額外價值。

So this example demonstrates the power of green time optimization, where one plus one is a lot more than two. And as the business continues to grow, the ability to optimize green time only increases. Our strategic capital initiative will further enhance our ability to optimize green time because we'll have a committed backlog and will be in higher volumes. And with insight on what that backlog looks like, we'll be more efficient into actually producing modules and engines more effectively.

這個例子證明了綠燈時間優化的威力，一加一遠大於二。隨著業務的不斷成長，優化綠地時間的能力只會增強。我們的策略資本計劃將進一步增強我們優化綠色時間的能力，因為我們將擁有承諾的積壓訂單，並且數量將會增加。透過了解積壓情況，我們將能夠更有效率地實際生產模組和引擎。

And I think we also illustrate on page 15 that exponential growth that Joe was talking about, which ties into scale in the business.

我認為我們也在第 15 頁說明了喬所說的指數成長，這與業務規模有關。

Josh Sullivan, Benchmark Company.

喬許‧沙利文 (Josh Sullivan)，Benchmark Company。

Can we just dig into the new QuickTurn center Europe? Why was this the right joint venture in Rome? How should we think of the ramp? Maybe what percentage of your customers are already in Europe? And what having a local facility might do for turnaround times or politics or even new capabilities for FTAI?

我們能深入了解新的歐洲 QuickTurn 中心嗎？為什麼這是在羅馬正確的合資企業？我們該如何看待坡道？也許您的客戶中有多少比例已經在歐洲了？那麼，擁有本地工廠是否會對 FTAI 的周轉時間、政治甚至新功能產生什麼影響？

Sure. This is David. I'll take that question. So we're very excited to add Rome to our MRE network. And we're very excited because as you pointed out, the first focus is geography. So about 40% of our customers today are in Europe, as well as Rome has great connectivity to the Middle East, and this specific facility actually has the Chinese certification, which then gives us access into China.

當然。這是大衛。我來回答這個問題。因此，我們非常高興將羅馬添加到我們的 MRE 網路中。我們非常興奮，因為正如您所指出的，第一個重點是地理。因此，我們目前大約 40% 的客戶都在歐洲，而且羅馬與中東的交通十分便利，而且這個特定工廠實際上已獲得中國認證，這使我們能夠進入中國市場。

As the second reason is its capabilities. So this facility has a lot of the similar capabilities to our Miami facility, where it is focused on CFM56. It has MRE maintenance capability, as well as it has access to a test cell. So our plan is to reactivate that test cell in the next two years and bring that test cell online.

第二個原因是它的能力。該工廠與我們的邁阿密工廠有許多類似的能力，邁阿密工廠專注於 CFM56。它具有 MRE 維護能力，並且可以存取測試單元。因此我們的計劃是在未來兩年內重新啟動該測試單元並使其上線。

Where it differs from the Miami facility is it also has access to piece-part repair. Like all our maintenance facilities, they all have a deep history. This one in particular has a history with an airline, Alitalia. It has had investments with Lufthansa, which, at one point, had a partnership. So they developed a lot of capabilities. And that facility has been underutilized.

它與邁阿密工廠的不同之處在於，它還可以進行零件維修。就像我們所有的維護設施一樣，它們都有著悠久的歷史。這家航空公司與義大利航空公司有著特殊的關係。該公司曾與漢莎航空進行投資，並且一度與漢莎航空建立合作關係。所以他們開發了很多能力。但該設施尚未充分利用。

So we're very excited to bring our volume to that facility and grow that. We believe we can start the MRE process immediately after acquisition, and then we can ramp up for the test cell and piece-part capability over time.

因此，我們非常高興將我們的產量帶到該工廠並實現成長。我們相信，我們可以在收購之後立即啟動 MRE 流程，然後隨著時間的推移，我們可以提升測試單元和零件的能力。

Got it. And then just as a second question, I'm going to touch the load stone here and just ask for if there's any updates on the PMA approvals but also maybe how has the PMA part approved late last year performed? Are lessors using that part? Or is there any resistance?

知道了。然後作為第二個問題，我將在這裡觸及重心，只是詢問是否有關於 PMA 批准的更新，但也許去年年底批准的 PMA 部分錶現如何？出租人是否使用那部分？或者有什麼抵抗嗎？

Yes. I'll take the second part first. The part approved last year is being installed in engines. And the prior part, which has been in service now over two years, has flown almost 100,000 hours in our own -- in our engines and is performing extremely well. And ultimately, I mean, that's what matters from PMA is, the part is high quality and durable and lasts a long time, and that's what operators are -- that's what we're seeing, and that's what operators are experiencing. So that's great news.

是的。我先講第二部分。去年批准的零件正在安裝在引擎上。先前的零件已投入使用兩年多了，在我們的引擎上飛行了近 100,000 小時，性能極其良好。最終，我的意思是，PMA 最重要的是，零件品質高、耐用、使用壽命長，這就是操作員所看到的，也是操作員所體驗到的。這真是個好消息。

In terms of the approval, again, we don't forecast when actual part numbers will be issued. We did say that there's been a substantial amount of progress made, and we're very close on the next part. But that's pretty much the same thing we said the last time, but it still stands to be true.

就批准而言，我們再次無法預測何時會發布實際零件編號。我們確實說過我們已經取得了實質的進展，而且下一步我們已經非常接近了。但這與我們上次說的幾乎相同，而且仍然是正確的。

Giuliano Bologna, Compass Point.

朱利亞諾·博洛尼亞，指南針角。

Congratulations on another great quarter and the continued execution fundamentally and also expanding the runway for the business. One of the questions I was curious about asking you was more of a macro question in terms of the evolution of the industry. But as a lot of the legacy operators come out of their midlife legacy assets, what do you think the impact will be on the industry?

恭喜您又一個出色的季度，並從根本上繼續執行並拓展了業務的發展空間。我很好奇想問您的一個問題是關於行業發展的宏觀問題。但隨著許多傳統業者逐漸淘汰其中年遺留資產，您認為這會對產業產生什麼影響？

And will the industry become more fractured and fragmented as some of the larger legacy operators start to sell off some of those assets to smaller operators -- midsized operators globally? And I'm curious how that impacts you in the MRE business, and it creates more opportunities over time for you to expand the MRE platform and even the SCI platform as well.

隨著一些較大的傳統業者開始將部分資產出售給較小的業者——全球的中型業者，這個產業是否會變得更加分散和碎片化？我很好奇這對您的 MRE 業務有何影響，隨著時間的推移，它為您擴展 MRE 平台甚至 SCI 平台創造了更多機會。

Yes. No, it's a great question. And it is an important dynamic in the evolution of that aircraft in that -- today, you have probably about 20% of the engines are operated by those large -- very large carriers that have maintenance facilities and are harder for us to get at because they don't outsource that function the way the others do.

是的。不，這是一個很好的問題。這是該類飛機發展過程中的一個重要動力，因為今天，大概有 20% 的發動機是由那些擁有維護設施的大型——超大型航空公司運營的，我們很難接觸到它們，因為他們不像其他公司那樣將這項功能外包。

But over time, all of those aircrafts are going to come out of those fleets, and they're going to -- or not all of them, but almost all, and they will go into small and medium-sized airlines around the world, which will need our services. So you can think of you probably have a 25% growth opportunity just on that phenomenon coming out of having those airplanes cascade down into second-tier, third-tier operators, cargo operators, charter airlines all around the world. So that's a very important industry dynamic, which has happened in every other aircraft platform.

但隨著時間的推移，所有這些飛機都將從這些機隊中退出，它們——或者不是全部，但幾乎全部——將進入世界各地的中小型航空公司，這些航空公司將需要我們的服務。因此你可以想像，僅憑這一現象，你就可能有 25% 的成長機會，因為這些飛機會逐漸流向世界各地的二級、三級營運商、貨運營運商和包機航空公司。這是一個非常重要的產業動態，這種現像在其他所有飛機平台上都發生過。

The other thing is if you look at the macro on the industry spend, aviation, we just put out new numbers on expected total spend on maintenance for V2500 and CFM56 engines, remaining relatively constant at $22 billion through 2030. And so you've got another five years where they're forecasting the maintenance spend, which is our addressable market. This is going to be relatively constant for those engines. And as we said, we're at 5% of that right now. And so we don't see any reason why we couldn't increase that market penetration to 20%, 25% over time.

另一件事是，如果你看一下航空業支出的宏觀情況，我們剛剛公佈了 V2500 和 CFM56 發動機維護預計總支出的新數據，到 2030 年將保持相對穩定，為 220 億美元。因此，他們還有另外五年的時間來預測維護支出，這是我們的目標市場。對於這些引擎來說，這將是相對恆定的。正如我們所說，目前我們已經達到了 5%。因此，我們認為沒有理由不能隨著時間的推移將市場滲透率提高到 20%、25%。

That's very helpful. And maybe a slight follow-up on that question. But I'd be curious when you think about that opportunity, obviously, there's a lot of midlife aircraft that need to transact. And I'm curious, now that you're scaling out the SCI programs, does that give you a very good opportunity to kind of intercept those assets that would normally maybe be sold to mid-tier operators and then maybe try to capture them and acquire them into the SCI vehicles and lease it out to the mid-tier operators and then recapture all the maintenance?

這非常有幫助。也許可以稍微跟進一下這個問題。但當你想到這個機會時我會很好奇，顯然有很多中年飛機需要交易。我很好奇，既然你們正在擴大 SCI 計劃，這是否給了你們一個很好的機會來攔截那些通常會出售給中層運營商的資產，然後嘗試捕獲它們並將它們納入 SCI 車輛並將其出租給中層運營商，然後重新獲得所有的維護？

I'm curious if there's an opportunity for you to kind of intercept that cycle that typically happens and also become the lessor and the maintenance provider as part of that conversion cycle.

我很好奇，您是否有機會攔截通常發生的這種循環，並在轉換循環中成為出租人和維護提供者。

Yes. And the answer to that is yes. And I think that's only accelerated through the strategic capital initiative where we're well capitalized and we're a fantastic buyer of these assets. Now, we can do the entire service, which is, we can own the aircraft via this strategic capital initiative, we can offer leasing and then we can do the maintenance. So it's the entire program. So that really does accelerate our ability to penetrate aircraft more rapidly.

是的。答案是肯定的。我認為，只有透過策略資本計畫才能加速這一進程，我們資本充足，是這些資產的絕佳買家。現在，我們可以提供全套服務，也就是說，我們可以透過這項戰略資本計畫擁有飛機，我們可以提供租賃，然後我們可以進行維護。這就是整個程序。這確實提高了我們更快穿透飛機的能力。

And the other -- I mean, the other important dynamic is from the eyes of the customer, which is the airline, they don't see any difference between FTAI Aviation and SCI. We are managing the entire relationship. And so from their point of view, that's -- they're dealing with FTAI, and they're going to do -- as many of them have said, they're going to do more engine business with us because we're also doing -- we're becoming one of their biggest owners of their fleet.

另一個——我的意思是，另一個重要的動態是從客戶（即航空公司）的角度來看，他們看不出 FTAI Aviation 和 SCI 之間有什麼區別。我們正在管理整個關係。因此，從他們的角度來看，這就是——他們正在與 FTAI 打交道，他們將會——正如他們中的許多人所說的那樣，他們將與我們開展更多的發動機業務，因為我們也正在——我們正在成為他們機隊的最大所有者之一。

That's very helpful. And congratulations on all the success and raising vehicles and making everything happen quickly. I'll jump back in the queue and move on from there.

這非常有幫助。並祝賀你們所取得的一切成功以及籌集車輛並使一切順利進行。我將重新回到隊列並從那裡繼續。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基 (Brandon Oglenski)。

Congrats on all the developments and obviously surviving the recent volatility here. So onwards and upwards. Joe, I wondered if you could talk -- I appreciate it. Joe, I wonder if you could talk to your customer base, the airlines and how they're thinking about the NG and the A320 prior generation family because I think you just quoted something from Aviation Week that the expectation is that the maintenance is going to remain flat for the next five years? But just given how long it's taken Boeing to get back up and running, is this going to be a platform that runs longer than people think?

恭喜所有進展，顯然也度過了最近的動盪。所以繼續前進，不斷進步。喬，我想知道你是否可以談談——我很感激。喬，我想知道您是否可以與您的客戶群、航空公司談談，他們如何看待 NG 和 A320 上一代系列，因為我認為您剛剛引用了《航空周刊》的一篇文章，其中提到預計未來五年維護費用將保持不變？但考慮到波音公司恢復營運所花的時間，這個平台的運行時間是否會比人們想像的更長？

That's our bet. Yes. And the two points you mentioned, this lack of new deliveries, there's a hole in people's expected growth from that, that means they're going to hold on to these current generation assets longer.

這是我們的賭注。是的。您提到的兩點是，缺乏新的交付，人們預期的成長有缺口，這意味著他們將更長時間地持有這些現有的發電資產。

And then secondly, there's still durability issues on the new technology that are causing higher operating costs in the industry and a requirement in some cases where airlines have to have more aircraft of the new type to fly the same schedule as the old type because the engine is coming off earlier than they expected.

其次，新技術仍然存在耐用性問題，這導致了該行業運營成本的上升，並且在某些情況下，由於發動機故障比預期的要早，航空公司必須擁有更多新型飛機來按照與舊型飛機相同的時間表飛行。

So those are dynamics that I don't think are going to change anytime soon. So David can speak to the operators, but we think they're going to hold on.

所以我認為這些動態不會很快改變。因此大衛可以與接線員通話，但我們認為他們會堅持下去。

Yes. We're seeing a lot of airlines extend, let's say, five to eight years. So we're seeing that the longevity of this platform go further and further. As Joe mentioned, these 737NG and A320ceos are just a very durable product. So you know exactly what the costs are going to be. It's very predictable. So a lot of airlines are holding on to these aircraft as long as possible.

是的。我們看到很多航空公司的飛行期限都延長了五至八年。因此我們看到這個平台的壽命越來越長。正如喬所提到的，這些 737NG 和 A320ceos 只是非常耐用的產品。因此您確切地知道成本是多少。這是可以預見的。因此，許多航空公司都盡可能長時間地保留這些飛機。

Appreciate that response. And then can you talk to your customer base during the quarter? I know you guys are doing, I think, a lot of one-off transactions. But how successful have you been, giving folks to contracts for forward engine events in the future?

感謝您的回覆。那麼您可以在本季與您的客戶群進行交談嗎？我知道你們正在進行很多一次性交易。但是，您在為人們提供未來前向引擎事件的合約方面有多成功？

Yes. So we're -- it's a combination of, let's say, spot transactions, and then we have programs with a lot of large airlines. And these programs, we're seeing as far as, let's say, three years. So for example, we'll have an airline come in to say, we want to do fan exchanges for the next three years. So those are effectively contracted in our backlog.

是的。因此，我們—它是現貨交易的結合，並且我們與許多大型航空公司有合作計劃。我們認為這些計劃將持續三年。舉個例子，有一家航空公司來找我們，說我們想在未來三年內進行粉絲交流。因此，這些實際上已經在我們的積壓訂單中縮減了。

As we mentioned, the strategic capital initiative is going to give us a contractual backlog. So I think that's also going to give us greater access to the future. And those leases typically are anywhere from two to, let's say, seven years but the average duration being around four years. So we're going to have a four-year duration backlog on those leases.

正如我們所提到的，戰略資本計劃將為我們提供合約積壓。所以我認為這也將使我們更容易走向未來。這些租約的期限通常為兩年到七年，但平均期限約為四年。因此，這些租約的積壓期限將為四年。

And as far as working -- again, I think we've said this in a few calls, but every customer who has bought the product, who has tried the product, has come back to buy more. So as I mentioned, it's a product that offers cost savings, time savings, and it's a predictable product versus shopping your engine.

至於工作原理——我想我們已經在幾次電話中提到過這一點，但是每個購買過該產品、嘗試過該產品的顧客都會回來購買更多產品。正如我所提到的，這是一款可以節省成本和時間的產品，而且與購買引擎相比，這是一款可預測的產品。

Hillary Cacanando, Deutsche Bank.

德意志銀行的希拉蕊·卡卡南多。

Could you go over the structure of the strategic capital initiative? For example, who owns the asset? Is it the special purpose vehicle? And who ultimately takes the residual value risk of those assets? Is it the LP investor of the special purpose vehicle that takes the residual value risk? And then if you could just talk about what type of returns the LP investor could expect from investing in those assets in the current market?

能否介紹一下策略資本計畫的結構？例如，誰擁有該資產？它是特殊目的公司嗎？那麼誰最終承擔這些資產的殘值風險？承擔殘值風險的是特殊目的公司的LP投資者嗎？那麼，您能否談談 LP 投資者在當前市場投資這些資產可以期望獲得什麼樣的回報？

Sure. I can do everything except the last part. But in terms of the structure, just to lay it out sort of simply, if we assume it's $4 billion of total capital, approximately 70% of that will be provided by the debt providers that we announced yesterday, so call that $2.8 billion. Then $1.2 billion is the remaining number, which will be equity. And those are, call it, a partnership. SCI is effectively a partnership. And there will be third-party investors for 80% of that capital and FTAI Aviation will put up 20% of that capital, so call it $240 million from FTAI Aviation.

當然。除了最後一部分，我都可以做。但就結構而言，簡單地說，如果我們假設總資本為 40 億美元，其中約 70% 將由我們昨天宣布的債務提供者提供，所以這個數字是 28 億美元。那麼剩下的數字就是 12 億美元，也就是股權。這些就可以說是合作關係。SCI 其實是一種合作關係。其中 80% 的資本將來自第三方投資者，而 FTAI Aviation 將出資 20%，因此 FTAI Aviation 將出資 2.4 億美元。

And the owner of that asset is the partnership, and the residual value risk of that asset lies with the partnership. FTAI Aviation is the general partner, and we'll manage the partnership. So we'll make investment decisions and asset management decisions. And as I mentioned, we'll manage relationships with the airlines, but the legal owner of it will be the partnership. And we're not in --

該資產的所有者為合夥企業，該資產的殘值風險由合夥企業承擔。FTAI Aviation 是普通合夥人，我們將管理合夥關係。因此我們將做出投資決策和資產管理決策。正如我所提到的，我們將管理與航空公司的關係，但其合法所有者將是合夥企業。我們不在--

Got it. That's very helpful. The returns, okay. Got you. That makes sense.

知道了。這非常有幫助。回報還好。明白了。這很有道理。

And then I guess, staying on SCI, I guess you'll probably get new revenue items tied to SCI. I guess you'll get management fees and incentive fees as well as earnings from minority interest. Could you just go over like how these fees were? For example, what are the criteria to receive incentive fees? How much are you charging for management fees? And yes, how do they work?

然後我想，繼續使用 SCI，我想你可能會獲得與 SCI 相關的新收入項目​​。我想你會獲得管理費、激勵費以及少數股權收益。能簡單介紹一下這些費用是多少嗎？例如，獲得激勵費的標準是什麼？你們收多少管理費？是的，它們是如何運作的？

Sure, Hillary. I'll take that. So on a high level, we expect to be a minority LP interest holder in the SCI. So on the balance sheet, you'll see it presented as one line as our investment. And then from an earnings perspective, from the partnership, we'll get pro rata equity earnings on the P&L.

當然，希拉蕊。我接受。因此，從高層來看，我們希望成為 SCI 的少數 LP 權益持有者。因此，在資產負債表上，您會看到它以一行的形式呈現為我們的投資。然後從收益角度來看，從合作關係中，我們將獲得損益表上的按比例分配的股權收益。

In addition to that, as you mentioned, we'll get a management fee for the assets that the partnership owns as a percentage. And in addition to that, based on hurdle calculation, we'll also be able to earn incentives.

除此之外，正如您所說，我們將按一定比例獲得合夥企業所擁有的資產的管理費。除此之外，根據障礙計算，我們還可以獲得獎勵。

So like what's the percentage you're charging for management fees? And like what are -- do you have to meet some sort of criteria to get incentive fees?

那你們收取的管理費比例是多少？並且，您是否必須滿足某種標準才能獲得獎勵費用？

Yes. But we're not disclosing the content at this point, but I would just say it's in line with market for this type of investment partnership.

是的。但我們目前還不透露具體內容，我只想說這符合此類投資夥伴關係的市場需求。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場部的肯‧赫伯特 (Ken Herbert)。

Joe, maybe just to start, the Montreal facility was a headwind to margins in the third quarter. Seems like you had some recovery there in the fourth quarter. What are you seeing with some of the legacy third-party contracts there? Have they completely rolled off? And how much of a headwind was that in the fourth quarter? And how do we think about that into 2025?

喬，也許只是開始，蒙特利爾工廠對第三季的利潤率造成了阻力。看來你們在第四季有所恢復。您在那裡看到了一些怎樣的遺留第三方合約？它們已經完全滾落了嗎？那麼第四季的阻力有多大呢？那我們該如何看待 2025 年的情況呢？

Yes. There were still some of it in the fourth quarter. I think it was sort of impacted the margins by 1 to 2 percentage points. So we had, I think, a little under $20 million of legacy business, and it was at below 10% margin. So it was a drag on margins in the fourth quarter. And as I said, without that, we would have been 35%, 36% margins.

是的。第四季仍存在一些這種情況。我認為這對利潤率產生了 1 到 2 個百分點的影響。所以我認為，我們的遺留業務價值略低於 2,000 萬美元，利潤率低於 10%。因此，這對第四季的利潤率造成了拖累。正如我所說，如果沒有這個，我們的利潤率會是 35% 到 36%。

It's the most, if not -- a lot of that is gone at the end of December, there still are a couple of tag-ins, but it's probably -- it's less of an impact in Q1, and it should be totally gone by the end of Q1.

這是最多的，如果不是——很多都在 12 月底消失了，仍然有幾個標籤，但它可能——它對第一季度的影響較小，並且應該在第一季末完全消失。

Okay. Perfect. And last quarter, you called out sort of the new customer additions. As you think about the sort of 600 fleet operators, can you comment on how many customers maybe you added in the fourth quarter? Or any assumptions sort of underlying penetration of, obviously, fleets you're not working with today from an MRE standpoint?

好的。完美的。上個季度，您宣布增加了新客戶。當您考慮 600 家車隊營運商時，您能否評論一下第四季度可能增加了多少客戶？或者從 MRE 的角度來看，是否有任何假設表明您目前沒有與之合作的車隊存在滲透？

Yes. It was -- we're not going to do that every quarter. As I said, you can only be a new customer once. That's my fear of this. It gets harder. But it was double digits in terms of new customer adds, and we're now more focused, I think, on market penetration and market share and looking at that.

是的。是的——我們不會每個季度都這樣做。正如我所說，您只能成為一次新客戶。這就是我的恐懼。這變得越來越難。但新客戶數量增加了兩位數，我認為，現在我們更加關注市場滲透率和市場份額。

With the $22 billion of spend, our revenues are about $1 billion in 2024, so we're under 5%. And we're targeting ultimately over a period of much higher market penetration. And so we're going to be measuring off -- more off of that on a go-forward basis.

由於支出了 220 億美元，因此到 2024 年我們的收入約為 10 億美元，因此成長率低於 5%。我們最終的目標是在一段時間內實現更高的市場滲透率。因此，我們將在未來的基礎上進行更多的衡量。

But there are, as we said, 600 operators out there. People don't realize how fragmented and virtually every airline in the world owns or operates an A320 or a 737. It's like -- it's the core of everyone's fleet, and they're highly reliable, dependable. They're great cargo airplanes. So it's going to -- there's going to be a long, long tail on this fleet.

但正如我們所說，那裡有 600 名運營商。人們沒有意識到這一市場有多麼分散，幾乎世界上每家航空公司都擁有或經營一架 A320 或 737。就像——它是每個人艦隊的核心，而且它們非常可靠、值得信賴。它們是出色的貨機。所以這支艦隊的後勤支援將會非常充足。

Yes. Perfect. I agree.

是的。完美的。我同意。

Myles Walton, Wolfe.

邁爾斯·沃爾頓，沃爾夫。

Joe, I just wanted to clarify on the SCI, I think you said that you're moving on to your second partner in that relationship. And just curious if you can clarify, is the first partner you have currently at a larger equity stake than you are? Just how far you are in closing that the 80% outside yourselves of the equity partnership?

喬，我只是想澄清一下 SCI，我認為你說過你正在轉向那段關係中的第二個伴侶。我很好奇，您能否澄清一下，您第一位合夥人目前的股權是否比您還多？你們距離完成你們以外的 80% 股權合作還有多遠？

Yes. So what -- it's not just a partner. It was the first closing that we had at the end of December. And what I've said is that was a substantial amount of the total equity that we're seeking. It is greater than what we've invested -- what we're planning to invest. And we are in the process of organizing a second closing, which we expect to occur in the next couple of months.

是的。那又怎樣——它不僅僅是一個合作夥伴。這是我們在 12 月底進行的第一次結案。我說過，這佔了我們所尋求的總股權的很大一部分。它比我們已經投資的以及我們計劃投資的還要多。我們正在組織第二次收尾工作，預計將在接下來的幾個月內完成。

It's possible that there may not be a third closing, but we could also have a third closing in -- probably in the third quarter with some smaller investors to fill out the group. But that's our plan and where we are in the capital raise on the equity.

有可能不會進行第三次交割，但我們也可能會進行第三次交割——可能是在第三季度，與一些較小的投資者一起填補這個空缺。但這是我們的計劃，也是我們在股權融資方面的現狀。

Okay. Perfect. And then you mentioned $1 billion of investments that you're seeing now in one of your remarks, is that in addition to the $550 million that you're seeding the portfolio with?

好的。完美的。然後您在一次演講中提到了現在看到的 10 億美元投資，這是除了您為投資組合注入的 5.5 億美元之外的資金嗎？

No, it includes that.

不，它包括那個。

Okay. Okay. And I mean, the other question I had is -- and thanks for the color on the cash flow that you're presenting for 2025. In there is, I guess, replacement CapEx of $310 million, and I know that the SCI part of it is to go to a more capital-light approach. Is that replacement CapEx something you'd expect on a go-forward basis? Or is that more of replacement CapEx relative to the [seeding] of the aircraft you're putting in?

好的。好的。我的意思是，我的另一個問題是 - 感謝您對 2025 年現金流的詳細描述。我猜其中的替代資本支出為 3.1 億美元，而且我知道 SCI 部分將採用更輕資本的方式。您未來會期待這種替代資本支出嗎？或者，相對於您投入的飛機的[播種]而言，這更多的是替代資本支出？

Yes. It's meant to be that replacement. So it's not a go-forward number. And we look at the same thing last year, if you sell -- to be clear, if you sell $200 million of assets in order to keep the business going, you should buy $200 million of assets. That's the intellectually honest way to look at that number. And so we are selling assets from the balance sheet, and we would expect to invest some of that money in engines, some of the same types of opportunistic purchases we've done historically. We could buy aircraft that have engines that we might scrap the airframe and put the engines in our MRE. So there's a lot of deals that would not fit into SCI that we would continue to be eligible to do at FTAI Aviation.

是的。它本來就是那個替代品。因此這不是一個前進的數字。去年我們也看到了同樣的事情，如果你出售——明確地說，如果你出售 2 億美元的資產以維持業務運轉，你就應該購買 2 億美元的資產。這是從理智誠實的角度來看這個數字。因此，我們正在出售資產負債表中的資產，並且我們預計將其中的一部分資金投資於發動機，這與我們過去所做的機會性購買類型相同。我們可以購買有發動機的飛機，然後拆除機身，將發動機放入我們的 MRE 中。因此，有許多交易不適合 SCI，但我們仍有資格在 FTAI Aviation 進行。

Okay. Okay. And then last one, if I could. The slide 13, David, you went through on the green-time optimization. It didn't look like you were adding cycles in that exercise, but the margins were quite high. I'm just curious, how often are you not adding cycles and getting that kind of margin return, which is obviously a lot larger than the margins implied on the next slide?

好的。好的。如果可以的話，還有最後一個。大衛，在第 13 張投影片中，您介紹了綠燈時間優化。看起來你並沒有在那次練習中加入循環，但是利潤率相當高。我只是好奇，您多久沒有增加週期並獲得那種利潤回報，這顯然比下一張幻燈片中暗示的利潤要大得多？

Yes. So that was an illustration where we were not adding cycles. We had cycles often, that's happening via performance restorations that we'll do on each of its modules. So every asset, every module is unique. And depending on what the build is, we're going to be doing different work on it, right? So we are adding cycles, and that's via performance restoration LLP replacements.

是的。這就是我們沒有添加循環的一個例子。我們經常有循環，這是透過對每個模組進行效能恢復來實現的。因此每項資產、每個模組都是獨一無二的。並且根據構建的內容，我們將對其進行不同的工作，對嗎？因此，我們正在增加週期，這是透過效能恢復 LLP 替換來實現的。

We're also doing repairs on those modules to make sure that they last as long as the limiter lasts. So there is work being done on it.

我們也對這些模組進行維修，以確保它們的使用壽命與限制器一樣長。因此，我們目前正在進行這方面的工作。

Stephen Trent, Citi.

花旗銀行的史蒂芬‧特倫特 (Stephen Trent)。

Yes. I believe that Angela had mentioned earlier that you guys received, I believe, $11 million-some-odd from insurance claims from your equipment that got stuck in the Russian Federation. Could you refresh my memory sort of where the rest of your outstanding claims stand?

是的。我相信安吉拉之前提到過，你們因設備滯留在俄羅斯聯邦而獲得了約 1100 萬美元的保險索賠。您能否讓我回憶一下您其餘未決索賠的情況？

Yes. Good question and good positive developments on the insurance side in that. We did receive $11 million in the fourth quarter. We've also received over $22 million in this -- in the first quarter of this year, already with one of our major insurers, and insurers are moving to settle now. And I think it -- once that starts, it typically accelerates because whoever is left that doesn't settle, it ends up with the big legal bill. So we expect the remaining claims to settle out fairly quickly.

是的。這個問題問得好，這對保險方面來說也是一個積極的進展。我們確實在第四季度收到了 1100 萬美元。今年第一季度，我們已經從一家主要保險公司獲得了超過 2,200 萬美元的賠償，目前保險公司正在著手和解。我認為，一旦開始，糾紛通常會加速，因為無論誰不和解，最終都會面臨巨額的法律費用。因此我們預計剩餘的索賠將很快得到解決。

We wrote off, in total, back in 2022, at about $88 million in assets that were lost in Russia. I think we've recovered $38 million to date, and we expect to recover more than the $88 million in total, and it should all be this year, I expect, I hope.

到 2022 年，我們總共核銷了在俄羅斯損失的約 8,800 萬美元資產。我認為我們迄今為止已經收回了 3800 萬美元，我們預計收回總額將超過 8800 萬美元，而且我預計、我希望這應該在今年就全部收回。

Okay. That's great color. Really appreciate that. And just one other thinking about the industry. I know there's very little detail at this point. What might happen with import tariffs here and what have you. But I asked one of your competitors a couple of weeks ago. Do you think that tariffs do get enacted, that it could actually push airlines to do more aircraft and engine leasing rather than direct purchases?

好的。顏色真棒。真的很感激。這是我對這個行業的另一個想法。我知道目前細節還很少。這裡的進口關稅可能會出現什麼變化？您有何舉措？但我幾週前就問過你們的一個競爭對手。您是否認為關稅確實會實施，從而實際上推動航空公司更多地進行飛機和發動機租賃而不是直接購買？

So sort of pushing the tariffs into, whatever, a few more basis points of long-term leases versus the onetime impact of paying a tariff at the point of purchase? Maybe I'm oversimplifying this, but would just love to hear your thoughts.

那麼，將關稅推高到長期租賃的幾個基點，還是在購買時支付一次性關稅的影響？我可能把這個問題過於簡單化了，但我還是想聽聽您的想法。

No. Well, there's so many theories about what tariffs actually are going to do. That's what I hadn't even heard, but that we hope that happens is sort of good -- if it's good for leasing, it's good for us. But it's really hard to know what impacts are going to hit yet.

不。嗯，關於關稅的實際影響有很多理論。這是我以前從未聽說過的，但我們希望這種情況發生，這是一種好事——如果它對租賃有好處，那麼對我們也有利。但目前還很難知道會產生什麼影響。

And in aerospace, as an industry is going to be affected on new deliveries. So that to me is more immediate. If it becomes more expensive to buy new aircraft and new parts, we have an advantage there because we're not buying new.

而對於航空航太業來說，新產品的交付也將受到影響。所以對我來說這更為迫切。如果購買新飛機和新零件的成本變得更加昂貴，那麼我們就有優勢，因為我們不會購買新的。

Andre Madrid, BTIG.

安德烈馬德里，BTIG。

To address the elephant in the room, I guess, it's good to see the audit successfully concluded. But looking at the current accounting and the fact that leasing is becoming an increasingly smaller portion of mix, are there any plans to pivot the accounting model to more of a COGS format, I mean, and away from the way you currently account for the acquisition of leasing equipment? Any color there? Super helpful.

為了解決這個問題，我想，很高興看到審計順利結束。但是，縱觀當前的會計處理以及租賃在財務組合中所佔的比例越來越小的事實，是否有計劃將會計模型轉變為更多的 COGS 格式，我的意思是，遠離目前對租賃設備購置的核算方式？有什麼顏色嗎？超有幫助。

Yes. I'll take that, Andre. Yes, I definitely think that the move that we already have started making end of 2024 and we'll continue to make in 2025 as more of our business is shifting over to industrial manufacturing aerospace products business, so I think that's absolutely fair. It's not something that will change overnight.

是的。我接受，安德烈。是的，我確實認為我們已經在 2024 年底開始採取這一舉措，並且我們將在 2025 年繼續採取這一舉措，因為我們的更多業務正在轉向工業製造航空航天產品業務，所以我認為這絕對公平。這不是一夕之間就能改變的事。

But as you've seen with additional disclosures we've added in our filings and color that we've added on our cash flow presentation, I do think that that's something that we are working through diligently, and you should see more of operating outflow related to our purchases over the next year.

但是，正如您所看到的，我們在文件中添加了額外的披露內容，並在現金流量表中增加了色彩，我確實認為這是我們正在努力解決的事情，您應該會在明年看到更多與我們採購相關的經營性流出。

Our goal is to convert the whole company to industrial accounting. And hopefully, we can do that once the aerospace products business is more than half the EBITDA of the company.

我們的目標是讓整個公司轉為工業會計。希望一旦航空航太產品業務占公司 EBITDA 的一半以上，我們就能做到這一點。

Got it. Got it. Super helpful. And then I guess another one for both of you. I mean, looking at the EBITDA outlook for the coming year, I mean, how should we expect it to play out? What would the cadence look like? And maybe what are some of the moving pieces that might drive things upward or downward as we go through the balance of the year?

知道了。知道了。超有幫助。然後我想你們兩個還會再有一個。我的意思是，展望未來一年的 EBITDA 前景，我們應該預期它會如何發展？節奏是什麼樣的？也許，在我們度過這一年的剩餘時間時，有哪些因素可能會推動事態上升或下降？

Well, if you look back over the last, what, two years, it's -- I mean, you can kind of use a ruler, but it's not, there's no -- we don't see any change in the cadence.

好吧，如果回顧過去兩年，我的意思是，你可以用尺子來衡量，但事實並非如此，沒有——我們沒有看到節奏有任何變化。

So the typical seasonality in the first quarter, then kind of contributing to a step up through the balance of the next three?

那麼第一季的典型季節性是否會對接下來三個季度的平衡產生一定影響？

Yes, that's not -- we haven't detected any seasonality really in this business. Historically, there was an argument that airlines tried to avoid doing maintenance in the third quarter of the year and they try to do it in the first quarter. But we provide something that is an immediate just-in-time solution.

是的，我們並沒有發現這個行業有任何季節性。從歷史上看，有一種觀點認為，航空公司試圖避免在第三季進行維護，而是嘗試在第一季進行維護。但我們提供的是即時解決方案。

And if an engine -- if an airline needs an engine in August, we'll have an engine in August for them. So they don't have any downtime if they use our product. So so far, we haven't -- and obviously, we've been on a pretty rapid growth rate. We're up -- EBITDA is up 100% year over year. So we don't see an effect of seasonality in the business at this point.

如果某家航空公司在八月需要發動機，我們就會在八月為他們提供發動機。因此，如果他們使用我們的產品，就不會出現任何停機時間。所以到目前為止，我們還沒有——而且顯然我們的成長速度非常快。我們的 EBITDA 年成長了 100％。因此，我們目前還沒有看到季節性對業務的影響。

And I think we're more focused on overall production, right? So I think we outlined in 2025 for targets, an average of 100 modules per quarter in the Montreal facility. So we're extremely focused on ramping up Montreal. I think we finished the year at Q4 at 75 modules. I think that's in the earnings supplement. So that is our focus, right?

我認為我們更關注整體生產，對嗎？因此，我認為我們在 2025 年制定了目標，即蒙特利爾工廠每季平均生產 100 個模組。因此，我們非常重視蒙特婁的發展。我認為我們在第四季度完成了 75 個模組。我認為這是在收益補充。所以這就是我們的重點，對嗎？

And as we mentioned, really kind of have three initiatives around ramping up, right? It's specialization, where we have the workforce that touches a specific module, let's say, an LPT module. They're going to do that all day every day. So that's going to bring up a lot of efficiency.

正如我們所提到的，我們確實有三個關於提升的舉措，對嗎？它是一種專業化，我們的勞動力專門負責某個特定的模組，比如說 LPT 模組。他們每天都會這樣做。這將大大提高效率。

The second is standardization, which means that we have a doctrine on work scopes, meaning, when we get modules, we know exactly what to do depending on what we find.

第二是標準化，這意味著我們對工作範圍有一個原則，也就是說，當我們獲得模組時，我們根據發現的內容確切地知道該做什麼。

And then number three is we've launched -- since we've acquired in September, we've launched an incentive program for employees, that's based on quality and production metrics. So for us, we're strictly -- we're very focused on production at that facility as well as Miami. I think Rome is going to increase the capacity that we have overall in the facility in our MRE network.

第三，自從我們九月收購以來，我們就推出了一項基於品質和生產指標的員工激勵計劃。因此對我們來說，我們嚴格——我們非常專注於該工廠以及邁阿密的生產。我認為羅馬將增加我們 MRE 網路設施的整體容量。

Ladies and gentlemen, at this time, I would now like to turn the call back over to Alan for closing remarks.

女士們、先生們，現在我想將發言時間交還給艾倫，請他作結束語。

Thank you, Towanda, and thank you all for participating in today's conference call. We look forward to updating you after Q1.

謝謝你，托萬達，也謝謝大家參加今天的電話會議。我們期待在第一季之後向您更新情況。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，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。