FTAI Aviation Ltd (FTAI) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to FTAI Aviation's first-quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the call over to Alan Andreini, Investor Relations. Please go ahead.

感謝您的支持，歡迎參加 FTAI Aviation 2025 年第一季財報電話會議。（操作員指示）現在我想將電話轉給投資者關係部的 Alan Andreini。請繼續。

Thank you, Latif. I would like to welcome you all to the FTAI Aviation first-quarter 2025 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，拉蒂夫。歡迎大家參加 FTAI Aviation 2025 年第一季財報電話會議。今天與我一起出席的還有我們的執行長喬·亞當斯 (Joe Adams)、我們的財務長安吉拉·南 (Angela Nam) 和我們的營運長大衛·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.

我們已經在我們的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，本次電話會議以僅收聽模式向公眾開放，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. 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.

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 GAAP 指標的對帳可以在收益補充報告中找到。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。

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.

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陳述的免責聲明，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.

現在我想把電話轉給喬。

Thank you, Alan. I'm pleased to announce our 40th dividend as a public company and our 55th consecutive dividend, since inception. The dividend of $0.30 per share will be paid on May 23 based on a shareholder record date of May 16. Angela is going to take you through the numbers in more detail. But before that, I wanted to highlight a few things.

謝謝你，艾倫。我很高興地宣布，我們作為上市公司已派發第 40 次股息，並且自成立以來已連續派發第 55 次股息。根據 5 月 16 日的股東記錄日期，每股 0.30 美元的股息將於 5 月 23 日支付。安吉拉將向您更詳細地介紹這些數字。但在此之前，我想強調幾件事。

We started the year with momentum, recording another strong quarter in aerospace products with $131 million in adjusted EBITDA at a margin of 36%. With a consistently growing backlog of purchase orders for 2025 and beyond, demand for our aerospace products and services continue to accelerate, strengthening our position as a leader in the engine maintenance aftermarket.

我們以良好的勢頭開啟了新的一年，航空航太產品再創佳績，調整後息稅折舊攤銷前利潤 (EBITDA) 達 1.31 億美元，利潤率為 36%。隨著 2025 年及以後的採購訂單積壓不斷增長，對我們的航空航太產品和服務的需求持續加速，鞏固了我們在引擎維護售後市場的領先地位。

Turning to production. We refurbished 138 CFM56 modules this quarter between our two facilities in Montreal and Miami. We anticipate a significant ramp to occur in Q2, particularly in Montreal, as we execute on our growth initiatives and operational throughput to enhance efficiency. As we expand production of refurbished modules and engines, our core focus is to increase our market share of restorations beyond the current 5% to 25%.

轉向生產。本季度，我們在蒙特婁和邁阿密的兩個工廠翻新了 138 個 CFM56 模組。我們預計第二季將大幅成長，尤其是在蒙特婁，因為我們將實施成長計畫和營運吞吐量來提高效率。隨著我們擴大翻新模組和引擎的生產，我們的核心重點是將我們的修復市場份額從目前的 5% 提高到 25%。

Now let's talk about adjusted free cash flow. In the first quarter, we closed on approximately $234 million of aviation equipment at attractive prices as replacement CapEx for the seed portfolio of aircraft, which are being sold to Strategic Capital Initiative, or SCI.

現在我們來談談調整後的自由現金流。在第一季度，我們以極具吸引力的價格購入了價值約 2.34 億美元的航空設備，作為飛機種子組合的替代資本支出，這些飛機正在出售給戰略資本計劃 (SCI)。

The transition of these aircraft started in Q1, where we sold four aircraft for $59 million, and we are proceeding on plan to have completed the sale of the remaining assets by the end of Q2, generating a significant inflow of approximately $440 million.

這些飛機的轉型始於第一季度，我們以 5,900 萬美元的價格出售了四架飛機，我們正按計劃在第二季度末完成剩餘資產的出售，從而產生約 4.4 億美元的大量流入。

We expect adjusted free cash flow to be in the range of $300 million to $350 million for the first half of the year, which is in line with our target to achieve $650 million in adjusted free cash flow for all of 2025. For the Strategic Capital Initiative or SCI, it was great to announce one investment management as an equity investor to the partnership.

我們預計今年上半年調整後的自由現金流將在 3 億至 3.5 億美元之間，這與我們實現 2025 年全年 6.5 億美元調整後自由現金流的目標一致。對於策略資本計畫 (SCI) 來說，很高興宣布一家投資管理公司成為該合作夥伴關係的股權投資者。

Since then, we have secured an additional equity partner and expect further closings during Q3 of this year. We remain on track to deploy $4 billion plus in capital by the end of the year through a combination of these commitments and our $2.5 billion secured asset-level financing facility with Atlas a wholly-owned affiliate of Apollo and Deutsche Bank.

從那時起，我們又獲得了額外的股權合作夥伴，並預計今年第三季將進一步完成交易。我們仍有望透過這些承諾以及與阿波羅和德意志銀行的全資子公司 Atlas 簽署的 25 億美元擔保資產級融資協議，在年底前部署 40 多億美元的資本。

Finally, we've been working extensively on operational plans with our partner IAG Engine Center, Europe and Rome, and are confident we can ramp up production immediately following the acquisition to support our regional customer base in Europe and the Middle East. We already have five engines in the facility and expect to close the new joint venture very soon.

最後，我們一直在與我們的合作夥伴 IAG 引擎中心、歐洲和羅馬密切合作制定營運計劃，並有信心在收購後立即提高產量，以支援我們在歐洲和中東的區域客戶群。我們的工廠裡已經有五台發動機，預計很快就會關閉新的合資企業。

Therefore, overall, we feel increasingly confident in our business segment EBITDA 2025 goal of between $1.1 billion to $1.15 billion, excluding corporate and other, rising to approximately $1.4 billion in 2026. While tariffs create some challenges and opportunities, we do not currently see tariffs having any material negative effect on our business, and we are reiterating our guidance for both 2025 and 2026, as we continue to see growing and accelerating demand for our proprietary set of aerospace products.

因此，總體而言，我們對我們業務部門 2025 年 EBITDA 目標越來越有信心，該目標將在 11 億美元至 11.5 億美元之間（不包括企業和其他），到 2026 年將增至約 14 億美元。雖然關稅帶來了一些挑戰和機遇，但我們目前認為關稅不會對我們的業務產生任何實質性的負面影響，而且我們重申對 2025 年和 2026 年的指導，因為我們繼續看到對我們專有的航空航天產品的需求不斷增長和加速。

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

說完這些，我會把話題交給安琪拉來討論這些數字。

Thanks, Joe. The key metric for us is adjusted EBITDA. We began the year strongly with adjusted EBITDA of $268.6 million in Q1 2025, which is up 7% compared to $252 million in Q4 2024 and up 64% compared to $164.1 million in Q1 of 2024.

謝謝喬。對我們來說，關鍵指標是調整後的EBITDA。我們以強勁的開局表現，2025 年第一季的調整後 EBITDA 為 2.686 億美元，較 2024 年第四季的 2.52 億美元成長 7%，較 2024 年第一季的 1.641 億美元成長 64%。

During the first quarter, the $268.6 million EBITDA number was comprised of $162 million from our leasing segment, $130.9 million from our aerospace product segment, a negative $17.4 million from corporate and other, excluding intra entity eliminations.

第一季度，2.686 億美元的 EBITDA 包括來自租賃部門的 1.62 億美元、來自航空航天產品部門的 1.309 億美元以及來自企業和其他部門的負 1740 萬美元（不包括實體內部消除）。

Turning now to leasing. Leasing continued to deliver strong results, posting approximately $162 million of EBITDA. The pure leasing component of the $162 million came in at $152 million for Q1 versus $128 million in Q4 2024. Included in the $152 million was a $30 million settlement related to Russian assets written off in 2022, which is an additional settlement to the $11 million the amount we received last quarter.

現在談談租賃。租賃業務持續取得強勁業績，EBITDA 約為 1.62 億美元。1.62 億美元中的純租賃部分在 2024 年第一季為 1.52 億美元，而在 2024 年第四季為 1.28 億美元。這 1.52 億美元中包括與 2022 年註銷的俄羅斯資產相關的 3,000 萬美元和解金，這是我們上個季度收到的 1,100 萬美元和解金之外的額外和解金。

For gains on sales, we began the year of $68 million in book value of assets being sold for a 13% margin gain of $9.8 million, which will significantly increase next quarter as we close out the transition of the seed assets to the SCI.

就銷售收益而言，我們年初出售的資產帳面價值為 6,800 萬美元，利潤率為 13%，即 980 萬美元，隨著我們完成種子資產向 SCI 的過渡，下個季度的利潤率將大幅增加。

Looking ahead, we remain comfortable assuming leasing EBITDA will be $500 million in 2025 as we pivot our focus towards an asset-light business model. Aerospace products had yet another good quarter with $130.9 million of EBITDA at an overall EBITDA margin of 36%, which is up 12% compared to $117.3 million in Q4 of last year and up 86% compared to $70.3 million in Q1 2024.

展望未來，隨著我們將重點轉向輕資產業務模式，我們仍然有信心假設 2025 年租賃 EBITDA 將達到 5 億美元。航太產品本季表現再創佳績，EBITDA 為 1.309 億美元，整體 EBITDA 利潤率為 36%，較去年第四季的 1.173 億美元成長 12%，較 2024 年第一季的 7,030 萬美元成長 86%。

We continue to see accelerating growth and adoption and 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.

我們繼續看到我們的航空航太產品加速成長、採用和使用，並繼續專注於提高蒙特婁和邁阿密兩家工廠的產量以及在羅馬開始運作。

In 2025, we continue to expect to generate $600 million to $650 million in EBITDA, up from $381 million in 2024 and $160 million in 2023. With that, let me turn the call back over to Alan.

到 2025 年，我們仍預期 EBITDA 將達到 6 億至 6.5 億美元，高於 2024 年的 3.81 億美元和 2023 年的 1.6 億美元。說完這些，讓我把電話轉回給艾倫。

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

謝謝你，安吉拉。拉蒂夫，現在您可以開始問答環節了。

(Operator Instructions) Giuliano Bologna, Compass Point.

（操作員指示）朱利亞諾博洛尼亞，指南針點。

Hello, good morning. Congratulations on other great successful quarter. The first question I had, and it's -- so I wanted to dig into is that we can -- a few questions is that it looks like in the aerospace products segment, you had roughly $100 million of revenue that was related to the 2025 partnership or the SCI program.

你好早安。恭喜您又一個季度取得了巨大的成功。我的第一個問題是——所以我想深入探討的是，我們可以——幾個問題是，看起來在航空航天產品領域，你們有大約 1 億美元的收入與 2025 年合作夥伴關係或 SCI 計劃有關。

And I'm curious when you think about that, my assumption there is that was kind of a selective thing where you're seeding portfolio to help the SCI program launch the program and acquire a lot of assets. And as it relates to the SCI program, maybe good to see and understand the rationale there.

我很好奇，當您想到這一點時，我的假設是，這是一種選擇性的事情，您正在播種投資組合以幫助 SCI 計劃啟動該計劃並獲取大量資產。由於它與 SCI 計劃相關，因此也許可以了解並理解其中的基本原理。

And then it will be good to if you can provide any perspective around the third-party or non-SCI business, because it seems like this is an opportunistic thing to do and that there's actually a tremendous amount of demand from third parties, if not growing pretty materially.

然後，如果您能提供有關第三方或非 SCI 業務的任何觀點，那就太好了，因為這似乎是一個機會主義的事情，而且實際上來自第三方的需求量巨大，即使沒有大幅增長。

And the limitation, as you highlighted before, is capacity at Montreal, and that's expected to increase materially in 2Q and beyond 2Q. So you should have a lot of demand is the assumption. But it would be great to get your perspective around all of that.

正如您之前強調的那樣，限制因素是蒙特利爾的容量，預計該容量將在第二季及以後大幅增加。所以假設你應該有很多需求。但如果能聽取您對這一切的看法就太好了。

Sure, sure. Great question. And let me talk about several points there. First of all, you're correct. Today, there's tremendous demand. And for the next few years, we see tremendous demand for our rebuilt engines across the entire industry.

當然，當然。好問題。讓我來談幾點。首先，你是對的。如今，需求量龐大。在接下來的幾年裡，我們將看到整個產業對我們重建的引擎的需求龐大。

And today, we are constrained by production, which -- what that means is we can sell everything that we produce. So for those engines, we have multiple options to sell to third-party customers, and we could have done so and had no material different financial outcome than selling to the SCI, but we did prioritize SCI for a couple of reasons. One is we're committed to engine exchanges with the partnership. And we also want to see that partnership grow significantly.

今天，我們受到生產的限制，這意味著我們可以銷售我們生產的所有產品。因此，對於那些發動機，我們有多種選擇可以出售給第三方客戶，我們也可以這樣做，並且與出售給 SCI 相比，財務結果沒有實質性的不同，但出於幾個原因，我們確實優先考慮 SCI。一是我們致力於與合作夥伴進行引擎交換。我們也希望看到這種夥伴關係得到顯著發展。

And there are significant benefits in material cost savings for an owner and airline that are achieved through engine exchanges, which is our underlying whole business rationale through the MRE. And that's why demand across the entire industry is growing for these products because you save money -- and you save time and money, and it's very efficient.

透過引擎更換，業主和航空公司可以大幅節省材料成本，這也是我們透過 MRE 實現整體業務的根本原理。這就是為什麼整個行業對這些產品的需求不斷增長，因為您可以節省資金，節省時間和金錢，而且非常有效率。

And so our purpose of creating SCI was to make that entity a better owner of these assets. By confirming those benefits onto that partnership, particularly when there are engine maintenance events in the next few years for engines. And that is for the vast majority of assets out there have engine maintenance events coming up fairly soon.

因此，我們創建 SCI 的目的是讓該實體更好地擁有這些資產。透過確認合作關係中的這些好處，特別是在未來幾年引擎需要維護時。對於絕大多數資產來說，很快就會發生引擎維護事件。

So in return, if SCI becomes a better owner, meaning they make higher returns that means over time, they'll own more assets, which means FTAI will get more committed engine exchanges, which means we will then have more visibility on our future needs for engine rebuilding, which makes us more efficient, which should lower our costs, which means we end up with better margins.

因此，作為回報，如果 SCI 成為更好的所有者，意味著他們獲得更高的回報，這意味著隨著時間的推移，他們將擁有更多的資產，這意味著 FTAI 將獲得更多承諾的引擎交換，這意味著我們將對未來引擎重建的需求有更清晰的了解，這將使我們更有效率，從而降低我們的成本，這意味著我們最終獲得更好的利潤率。

So it's really a virtuous circle, and that was the whole point of why we are setting this up or one of the main points. And if you want, it's roughly about 30% of our activity went to SCI, and that's because we've been lining up assets for the last six months.

所以這確實是一個良性循環，這也是我們建立這個機制的全部目的或主要觀點之一。如果你願意的話，我們大約 30% 的活動都花在了 SCI 上，這是因為我們在過去六個月裡一直在累積資產。

So there was a bit of pent-up demand, since we started closing and we now own 30 aircraft in the partnership. And we expect, overall, it will be about 20% of all of 2025. And we think that 20% number is probably representative for future years, as we see both SCI and the market growing significantly.

因此，自從我們開始結束合作以來，存在一些被壓抑的需求，現在我們在合作夥伴中擁有 30 架飛機。我們預計，總體而言，它將占到 2025 年全年的 20% 左右。我們認為 20% 這個數字可能具有未來幾年的代表性，因為我們看到 SCI 和市場都顯著成長。

As I mentioned in the opening remarks, our goal is to grow our market share from 5% to 25% of the whole industry. So when we look at what happened, this is exactly what we hoped would have happened in Q1, when we set up SCI. And we view this as a huge positive for both the near term and the long term for FTAI and the shareholders.

正如我在開場白中提到的，我們的目標是將我們的市場份額從整個行業的 5% 提高到 25%。因此，當我們回顧所發生的事情時，我們發現這正是我們在第一季成立 SCI 時所希望發生的事情。我們認為，無論從短期或長期來看，這對 FTAI 和股東而言都是一個巨大的利好。

That is extremely helpful. And maybe just a quick follow-up, just to make sure I heard everything exactly right. But kind of just looking at that 20% number, what that kind of implies that implies somewhere in the range of $130 million of EBITDA growth in an EBITDA target basis of $650 million for the year.

這非常有幫助。也許只是一個快速的跟進，只是為了確保我聽到的一切都完全正確。但是，如果只看 20% 這個數字，這意味著在全年 6.5 億美元的 EBITDA 目標基礎上，EBITDA 成長將在 1.3 億美元左右。

And that implies that the non-SCI would be (technical difficulty) high 30%, if not 40% growth in kind of the non-SCI business. So it seems to me, and hopefully, you see it the same way as this is additive and there's no cannibalization happening and it's just that you're filling based on your order book, show on your ability to produce the modules.

這意味著非科學技術產業（技術難度）將高達 30%，甚至 40% 的成長。所以在我看來，希望您也以同樣的方式看待它，因為這是附加的，並且不會發生蠶食，而只是根據您的訂單進行填充，顯示您生產模組的能力。

And as that goes up, you'll fill the orders as fast as you can, you have a huge backlog to continue doing that. So this is really additive in the core business, pre-SCI is actually still growing pretty materially at a great pace.

隨著這個數字的上升，您將盡快完成訂單，因為您有大量的積壓訂單需要繼續這樣做。因此，這對核心業務來說確實是一個附加價值，SCI 之前的業務實際上仍然以相當快的速度實現實質成長。

Yes, and I think I agree, I think that we would have had growth even without SCI, but even if we didn't sell the SCI, we would have engines available for someone. So we'll have growth without it, but you can't zero it out because we really do something else for those assets.

是的，我想我同意，我認為即使沒有 SCI 我們也會實現成長，但即使我們不出售 SCI，我們也會為某些人提供引擎。因此，沒有它我們仍會實現成長，但你無法將其歸零，因為我們確實為這些資產做了其他事情。

But no, I agree with the math that you laid out. It's basically right. But we see the entire market growing for the products, and there is no cannibalization. These aircraft that are being acquired in SCI, we would not have been doing these engines on this other than the fact that we now own them in the partnership.

但不，我同意你列出的數學計算。基本上是對的。但我們看到整個產品市場都在成長，並且不存在相互蠶食的情況。對於 SCI 收購的這些飛機，我們原本不會為其配備發動機，除非我們現在透過合夥企業擁有它們。

That's very helpful. I really appreciate it, and I will jump back in the queue.

這非常有幫助。我真的很感激，我會重新回到隊列中。

Thanks.

謝謝。

Sheila Kahy, Jefferies.

傑富瑞的 Sheila Kahy。

Good morning, team, and thank you so much. My first question is maybe on tariffs. If you look at aerospace products, margins improved sequentially to 36% even with a 2 point drag from legacy Montreal in the quarter. So how are you sizing the potential impact and opportunities with tariffs to the business and any work around at your disposal?

早安，團隊，非常感謝你們。我的第一個問題可能是關於關稅的。如果你看一下航空航太產品，即使本季蒙特婁的利潤率拖累了 2 個百分點，利潤率仍較上季提高至 36%。那麼，您如何評估關稅對企業的潛在影響和機遇，以及您可以採取哪些應對措施？

We don't see any material negative effect from tariffs on our business. And I think there's three reasons I would say for that. One is it's the nature of our business, which is to rebuild assets. And we use a lot of used material, and this is not a new asset that's being delivered into a market. So it's typically not the target of tariffs.

我們沒有看到關稅對我們的業務產生任何實質的負面影響。我認為有三個原因。一是這是我們業務的本質，也就是重建資產。我們使用了許多舊材料，這並不是投放到市場上的新資產。因此它通常不是關稅的目標。

The second is we operate in three different geographies. So we have a facility in Canada, one in United States and one in the EU. And effectively, we do essentially the same thing in each one of those jurisdictions. So we could deliver products to different markets from different source location, if we needed to do some optimization. But today, we don't see the need to do that.

第二，我們在三個不同的地區開展業務。我們在加拿大、美國和歐盟各有一個工廠。實際上，我們在每個司法管轄區都做著基本上相同的事情。因此，如果我們需要做一些優化，我們可以從不同的來源向不同的市場運送產品。但今天，我們認為沒有必要這麼做。

And then lastly, we have the ability to pass on price increases to customers, and we see public comments from OEMs and others indicating similar philosophy as if their costs go up, they're going to -- they have the power and they have the capability to flex price and pass it on.

最後，我們有能力將價格上漲轉嫁給客戶，我們看到原始設備製造商和其他方的公開評論也表達了類似的理念，即如果他們的成本上升，他們就會——他們有權力，有能力調整價格並將其轉嫁給客戶。

And if that happens, then we would obviously follow a suit and we feel like we have a similar capability to pass on as well. And then longer term, ultimately, if these tariffs stick for an extended period of time, you should see the price of new assets go higher, which means ultimately the price comparison for used assets, used assets should be more attractive as a result. And that's good for us, ultimately. If prices increase it gives our products more value and also more cost savings.

如果發生這種情況，那麼我們顯然會效仿，我們覺得我們也擁有類似的能力可以傳承下去。從長遠來看，如果這些關稅持續一段時間，你會看到新資產的價格會走高，這意味著二手資產的價格比較最終會更有吸引力。最終這對我們有好處。如果價格上漲，我們的產品就會更有價值，而且成本也會節省更多。

Great, thank you for that answer. And maybe, Joe, when you set -- or Angela, when you set the $650 million free cash flow guide for the year, it was sort of pre-growth CapEx and that you could hit 2026 targets without further investment.

太好了，謝謝你的回答。也許，喬，當你設定——或者安吉拉，當你為今年設定 6.5 億美元的自由現金流指南時，它是一種增長前的資本支出，你可以在沒有進一步投資的情況下實現 2026 年的目標。

You invested $127 million of parts in Q1. So just curious how you're thinking about growth CapEx and opportunities this year, and that how that translates into the aerospace products ramp over the next few years.

您在第一季投資了 1.27 億美元的零件。所以我很好奇您如何看待今年的成長資本支出和機遇，以及這如何轉化為未來幾年航空航太產品的成長。

Yeah, I'll take that. I mean, we are planning to invest about $200 million in parts in the first half of this year as part of our cash flow. And I would characterize this as being heavy on parts inventory. And we view that because we think the cost of having extra parts inventory is way less than the cost of missing a sale. So we don't want to miss a sale.

是的，我會接受的。我的意思是，我們計劃在今年上半年投資約 2 億美元作為我們現金流的一部分。我認為這是由於零件庫存繁重。我們之所以這麼認為，是因為我們認為擁有額外零件庫存的成本遠低於錯過銷售的成本。所以我們不想錯過任何促銷。

And as I mentioned in the beginning, we're production-constrained, and so we are being very heavy leaning towards owning more material than less material at this point. So I think we're taking a view that we're going to -- we're ramping up our production, we're going to ramp-up our inventory as well. That will level off.

正如我在一開始提到的，我們的生產受到限制，因此目前我們非常傾向於擁有更多的材料而不是更少的材料。所以我認為我們的觀點是——我們將提高產量，我們也將增加庫存。那將會趨於平穩。

It's not a continuing item. But I would say, in the next few months, that's what I would expect. And that's in our assumption for 2025 on the cash flow side. So I think we're expecting a roughly $200 million of parts increase in the first half of this year. And even with that, we still generate $350 million approximately of free cash flow.

這不是一個持續的項目。但我想說，在接下來的幾個月裡，這就是我所期望的。這是我們對 2025 年現金流的假設。因此我認為我們預計今年上半年零件銷售額將增加約 2 億美元。即使如此，我們仍然產生約 3.5 億美元的自由現金流。

Great. Thank you.

偉大的。謝謝。

Thanks.

謝謝。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good morning, everyone. And Joe, just want to follow-up on the commentary you made on cash now. So when you said that the inventory step-up $200 million in cash for the first half for aerospace product, and that $350 million of free cash flow, is that at the same time? Or do you mean $350 million of positive free cash flow for the full year?

嘿，大家早安。喬，我只是想跟進一下你對現金的評論。所以當您說上半年航空航太產品庫存增加了 2 億美元現金，並且產生了 3.5 億美元的自由現金流時，這是同時發生的嗎？還是你的意思是全年有 3.5 億美元的正自由現金流？

I guess my question is, ultimately, trying to understand the cash stream with aerospace product, especially if you're trying to grow from 5% to 20%, how much more inventory investment you need to make? And when does that become a positive working capital event?

我想我的問題最終是試圖了解航空航太產品的現金流，特別是如果你想從 5% 成長到 20%，你需要進行多少庫存投資？那什麼時候這會成為積極的營運資本事件？

Sure. Well, let me -- first, I'll walk you through my numbers for the first half of the year in terms of cash flow. I start with operating cash flow, which is effectively EBITDA minus interest and maintenance CapEx of about $450 million for the six months.

當然。好吧，首先，我將向您介紹今年上半年的現金流數據。我先從營運現金流開始，它實際上是 EBITDA 減去六個月內約 4.5 億美元的利息和維護資本支出。

Then we're going to have $500 million of asset sales mostly to the SCI. So you start with $950 million, we've invested or expect to invest in total replacement CapEx of about $300 million, which was in our previous numbers for 2025. And that will be front-end loaded in the first half of the year.

然後我們將向 SCI 出售價值 5 億美元的資產。因此，從 9.5 億美元開始，我們已經投資或預計將投資約 3 億美元的總替換資本支出，這是我們之前對 2025 年的數字。而這些都將在今年上半年預先加載。

Then equity in the SCI roughly $100 million. So that brings the number to $550 million. And then if you take $200 million in the first half of the year for parts inventory, that gets you to the $350 million of free cash flow for the first half of 2025. So that's kind of the building blocks.

那麼 SCI 的股權就約為 1 億美元。這樣一來，總數就達到了 5.5 億美元。然後，如果您在上半年花費 2 億美元購買零件庫存，那麼到 2025 年上半年，您的自由現金流將達到 3.5 億美元。這就是基礎構件。

As I said, the $200 million of inventory investment is a bit higher than what we would have expected in the first half of the year. But we think it's a good investment, and we still are able to achieve our numbers given the growth in free cash flow and EBITDA from the business. So do you have any thoughts on going forward, the growth rate of parts?

正如我所說，2 億美元的庫存投資比我們上半年的預期要高一些。但我們認為這是一項很好的投資，考慮到業務自由現金流和 EBITDA 的成長，我們仍然能夠實現我們的目標。那麼您對未來零件的成長率有什麼看法？

As we mentioned that we want to provision parts ahead of shop visits. So generally speaking, working capital as far as what we have today, we'd like to maintain that. And we provision ahead for the remainder of the year. So we don't see that growing materially quarter-over-quarter.

正如我們所提到的，我們希望在進店之前提供零件。所以一般來說，就我們目前擁有的營運資金而言，我們希望能維持這一水準。我們也為今年剩餘的時間做好了準備。因此，我們預計這一數字不會逐季出現實質成長。

Great, thanks. And maybe following up just on this parts thing, the $127 million CFM56 that you acquired at opportunistic attractive prices. Can you talk more about how you source that? How you're able to get a deal like that in this environment, where there's a lot of demand, not enough supply.

太好了，謝謝。也許只是跟進零件的事情，你以有利可圖的價格收購了價值 1.27 億美元的 CFM56。你能詳細談談你是如何獲得這些資訊的嗎？在這種需求旺盛、供應不足的環境下，如何達成這樣的交易？

And also, as you provision ahead of time, are you seeing these prices go up more? I mean, in anticipation of the tariff costs, the engine OEMs have been pretty clear that pricing pass-throughs will be part of their strategy to offset some of the pain they could have on tariffs. Thanks.

而且，由於您提前做好準備，您是否看到這些價格進一步上漲？我的意思是，為了預期關稅成本，引擎原始設備製造商已經非常清楚，定價轉嫁將成為其策略的一部分，以抵消關稅可能給他們帶來的部分損失。謝謝。

Yeah, so we're sourcing these parts in a number of fashions, but where we have a competitive advantage is we're sourcing these parts unserviceable from asset owners and airlines. So we're buying, for example, LLPs. And then we have the back shop capabilities in Montreal to repair those.

是的，我們透過多種方式採購這些零件，但我們的競爭優勢在於，我們從資產所有者和航空公司購買這些無法使用的零件。例如，我們正在購買 LLP。然後我們在蒙特利爾有後勤車間來修復這些問題。

Montreal, just to give you kind of overall has repair capability for about 70% of the CFM56 in-house. That includes LLPs, combustors, cases, framings, other fan banes amongst other parts. So we buy these parts as removed and then we have special repairs, where we can repair these parts of bringing back serviceable.

蒙特利爾，只是給你一種總體來說擁有大約 70% 的 CFM56 內部修復能力。其中包括 LLP、燃燒器、機殼、框架、其他風扇葉片等零件。因此，我們購買這些拆下來的零件，然後進行特殊的維修，我們可以修復這些零件，使它們恢復可用狀態。

So by doing so, we're able to really get into them at a much lower cost as well as we have salvage repairs that are able to increase yields. So we're -- again, we're very knowledgeable about scrap rates in specific parts and then we can maximize the value through our repair network.

因此，透過這樣做，我們能夠以更低的成本真正進入這些領域，並且我們能夠進行能夠提高產量的打撈修復。因此，我們非常了解特定零件的廢品率，然後我們可以透過我們的維修網路實現價值最大化。

We are starting to see, yes, parts starting to increase. Again, as they mentioned, manufacturers are going to be passing through certain tariff surcharges. So we're expecting that to flow through like any annual escalation. So we do expect that to increase the parts -- used parts as well.

是的，我們開始看到零件開始增加。再次，正如他們所提到的，製造商將會轉嫁一定的關稅附加費。因此，我們預計這種情況會像任何年度升級一樣持續下去。因此，我們確實希望增加零件數量——二手零件的數量。

I think, generally speaking, we're in a positive position because prices for replacement parts get more expensive for new parts, we can offer more cost savings. So we're starting to see that unfold. It's early days at the moment.

我認為，總體而言，我們處於積極的地位，因為替換零件的價格對於新零件來說更昂貴，我們可以提供更多的成本節約。所以我們開始看到這種情況的發生。目前還處於早期階段。

Thanks. And then a follow-up to that, if I may. On the repair that you're doing in Montreal, it sounds like the tariff duties are on places of manufacture. The value add that you do on repair, does that trigger some sort of tariff piece, when you bring it back to the US? Or is that why you're having a lower expected tariff impact?

謝謝。如果可以的話，我將對此進行跟進。關於您在蒙特婁進行的維修，聽起來關稅是針對製造地點的。當您將維修產品帶回美國時，所增加的價值是否會觸發某種關稅？或者這就是您預期關稅影響較低的原因嗎？

And then as a second question to that, with airlines being more focused on cost, are you seeing more adoption of your PMA parts in engines today?

然後，第二個問題是，隨著航空公司越來越注重成本，您是否看到如今發動機中越來越多地採用 PMA 零件？

Yeah, first part, the answer is no. We don't see a tariff impact on the repair portion. And the second part is, yes, we think the airlines are increasingly focused on engine maintenance costs as they continue to go up in a disproportionate way for all airlines. So there's a lot of focus on cost-saving techniques and people are opening any alternative they have is on the table and PMA being won.

是的，第一部分，答案是否定的。我們認為關稅不會對維修部分產生影響。第二部分是，是的，我們認為航空公司越來越關注發動機維護成本，因為所有航空公司的發動機維護成本都在以不成比例的方式持續上漲。因此，人們非常關注節省成本的技術，並且正在考慮任何可行的替代方案，並爭取 PMA。

So we think that will be -- obviously, we have a huge competitive advantage on PMA and we see that as not really in our numbers yet, but tremendous upside for our margins, and we think industry adoption will be quite good.

因此我們認為這將是——顯然，我們在 PMA 方面擁有巨大的競爭優勢，我們認為這還沒有真正體現在我們的數字上，但對我們的利潤率來說卻是巨大的上升空間，我們認為行業採用率將會相當不錯。

Great, thank you.

太好了，謝謝。

Thanks.

謝謝。

Josh Sullivan, Benchmark Company.

喬許·沙利文 (Josh Sullivan)，Benchmark 公司。

Hey, good morning. Can you just update -- just following up on the PMA conversation there. Can you update us on the approval progress for the remaining PMAs at this point?

嘿，早安。您能否更新一下——只是跟進那裡的 PMA 對話。您能否向我們通報目前剩餘 PMA 的審批進度？

I would say that we continue to make excellent progress, and we are very close on approval on the next part, and that's kind of where I stopped.

我想說的是，我們繼續取得了出色的進展，我們已經非常接近批准下一部分，這就是我停下來的地方。

Got it. And then just on aerospace products in general, on PMAs, how -- obviously a conversation that continues to be out there is how accepting our airlines and lessors of PMA parts? And can you just expand on the adoption and how -- any other metrics you have on how they blend the margins for you?

知道了。然後就航空航太產品總體而言，關於 PMA，顯然持續存在的討論是如何接受我們的航空公司和 PMA 零件租賃商？您能否詳細說明採用情況以及如何 - 您還有其他指標可以衡量它們如何為您混合利潤嗎？

Yeah, I mean one of -- usually the part in the beginning is getting assets into service and then people want to see how they perform -- and that's what you would hope would happen, right? So people look at the part for the quality of the part and how it performs when they make the decision. And the history is that these parts have performed extremely well.

是的，我的意思是——通常最開始的部分是讓資產投入使用，然後人們想看看它們的表現——而這正是你希望發生的事情，對嗎？因此，人們在做出決定時會考慮零件的品質及其性能。歷史顯示這些部件的表現非常出色。

And that's what we're seeing in the first two parts that are in service. And then from there, once the assets are in service, they have a lot of -- have hours flowing on them, the adoption increases, and we also have the ability to increase that adoption rate significantly through SCI.

這就是我們在投入使用的前兩部分所看到的。然後從那時起，一旦資產投入使用，它們就會有大量的時間投入，採用率就會增加，而且我們也有能力透過 SCI 顯著提高採用率。

So that's a tool that no one ever had. And one of the big reasons that PMA always had struggled or struggled in the early periods was lessors not being willing to take a risk on residual value, but we're over that.

所以這是一個以前沒有人擁有過的工具。PMA 早期一直在苦苦掙扎的其中一個主要原因是出租人不願意承擔殘值風險，但我們已經克服了這個問題。

So -- and we're a pretty big lessor. So that is a different market environment than I think we've ever had before. So I think it's -- I think people are open-minded, particularly if they have data and facts and the parts perform well.

所以 — — 我們是一家相當大的出租人。所以我認為這是一個與我們以前經歷過的市場環境不同的市場環境。所以我認為——我認為人們是思想開放的，特別是如果他們有數據和事實，而且各部分錶現良好。

Great, thank you for the time.

太好了，謝謝你抽出時間。

Thanks.

謝謝。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hey, good morning, everyone. I know we're talking about the free cash flow cadence through the year, and I think this was first mentioned last quarter. But could you give us maybe any more update about how you're thinking about shareholder-friendly capital deployment moving forward?

嘿，大家早安。我知道我們正在談論全年的自由現金流節奏，我認為這是上個季度首次提到的。但是，您能否向我們提供更多關於您如何考慮未來有利於股東的資本配置的最新資訊？

Sure, so the priorities we've set are growth CapEx, number one, debt repayment, number two; and third, shareholder repayments. So we expect by the end of this year to be on the debt side, down close to 3 times debt to total EBITDA, which is kind of the low end of the range of what we set.

當然，我們設定的優先事項是：第一，成長資本支出；第二，償還債務；第三，償還股東款項。因此，我們預計到今年年底，債務方面的水平將下降至債務與 EBITDA 總額之比的近 3 倍，這處於我們設定的低端範圍。

So if we assume we don't have significant growth CapEx opportunities and we've paid down debt to 3 times, then we would move to the third bucket, which is shareholder repayment or dividends or stock buybacks. And I would say probably towards the end of this year was when we achieved that objective.

因此，如果我們假設我們沒有顯著的成長資本支出機會，並且我們已經償還了 3 倍的債務，那麼我們將轉向第三個領域，即股東償還或股息或股票回購。我想說，我們大概在今年底就能實現這個目標。

Got it. I'll keep it in one actually. Thanks.

知道了。實際上我會把它保留在一個裡面。謝謝。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hey, good morning team and thanks for taking the question. Joe, maybe just following up on that, if you guys are -- you just said 3 times net leverage, right, that you're targeting this year?

嘿，大家早安，感謝你們回答這個問題。喬，也許只是想跟進一下這個問題，如果你們——你剛才說今年的目標是 3 倍淨槓桿，對吧？

Yes, well, we've communicated previously our range. We expect it to be in a range of 3 to 3.5, and we think by the end of this year, we will be at 3.

是的，我們之前已經溝通過我們的範圍。我們預計該數字將在 3 到 3.5 之間，並且我們認為到今年年底，該數字將達到 3。

Okay, I mean, maybe this question is really for Angela, but how do we think about the moving pieces with the SCI aircraft out, new assets in impacting the debt profile of the business, and maybe like from a ratings agency perspective too?

好的，我的意思是，也許這個問題真的是問安吉拉的，但我們如何看待 SCI 飛機的變動因素，新資產對企業債務狀況的影響，也許從評級機構的角度來看呢？

Sure. So as Joe mentioned, we had previously said that we're targeting low 3s, 3.5 by under this year. And with the SCI we think can accelerate that and get closer to 3 by the end of the year, which would give us a strong BB with the rating agencies, which Dave, we've communicated that's our goal.

當然。正如喬所提到的，我們之前曾說過，今年我們的目標是低於 3，即 3.5。我們認為，有了 SCI，這一進程可以加速，到年底將接近 3，這將使我們在評級機構中獲得強勁的 BB，戴夫，我們已經表達了這是我們的目標。

And that's possible by the fact that in prior years, we've spent a good amount of acquisition CapEx on bonding aircraft, which with the SCI, we are no longer required to do. And in addition to that, we'll generate about $500 million of proceeds from the sales of our seed assets. So all those things combined, we think we'll definitely be in a position to be the strong BB with the rating agencies by the end of the year.

這是可能的，因為在前幾年，我們在飛機保稅方面花費了大量的收購資本支出，而有了 SCI，我們不再需要這樣做。除此之外，我們還將透過出售種子資產獲得約 5 億美元的收益。因此，綜合考慮所有這些因素，我們認為，到今年年底，我們肯定能夠成為評級機構給予的強勁 BB 評級。

Okay, and Angela, does that give you any opportunity maybe to think about refining things in the future and get your cost --

好的，安吉拉，這是否給你提供了機會，讓你考慮在未來改進產品，並獲得你的成本--

I think that's definitely possible. Yeah, currently our $3.5 billion debt, which is maturing until 2028, we're at weighted average interest rate about 6.5%. So that's something that we can definitely look at, but not something that's a priority given our rates.

我認為這絕對是可能的。是的，目前我們的 35 億美元債務將於 2028 年到期，加權平均利率約為 6.5%。所以這是我們肯定會考慮的事情，但考慮到我們的利率，這並不是優先事項。

Okay, and then Joe, can you talk to -- I know you signed a deal with Pratt last year, but have you put any V2500s through that relationship yet? And what's your initial thoughts on the relationship and the margin, the profitability of that business?

好的，那麼喬，你能談談嗎——我知道你去年與普拉特簽署了一項協議，但是你是否已經通過這種合作關係推出了任何 V2500 呢？您對這筆業務的關係、利潤和獲利能力的初步看法是什麼？

Oh yes, we've put quite a few engines through their network, and we're very happy with the relationship and how it's developed. And the margins, as I said, would not be dilutive to our aerospace products business, and that's been true the actual results.

哦，是的，我們已經透過他們的網路安裝了不少引擎，我們對這種關係及其發展感到非常滿意。正如我所說，利潤率不會稀釋我們的航太產品業務，實際結果也確實如此。

And we see that as a very important part of our product offering because, as I mentioned, we are offering to airlines and owners full coverage of 737NGs and A320ceos no matter what engine they have.

我們認為這是我們產品中非常重要的一部分，因為正如我所提到的，我們為航空公司和所有者提供 737NG 和 A320ceo 的全面保障，無論他們使用什麼引擎。

So it's a very big positive marketing customer relations development for us that we think is going to be in place for many years, and we don't see anybody with the market position that we have coming in at this stage. So we've -- we feel very good about that market for the next 10 years really being the dominant provider for engines in the aftermarket.

因此，這對我們來說是一個非常積極的行銷客戶關係發展，我們認為這種發展將持續很多年，而且我們目前還沒有看到任何人能擁有與我們一樣的市場地位。因此，我們對未來 10 年該市場真正成為售後市場引擎的主要供應商感到非常樂觀。

Thank you.

謝謝。

Thanks.

謝謝。

Hillary Cacanando, Deutsche Bank.

希拉蕊·卡卡南多，德意志銀行。

Thank you. So Joe, I know you had cited to about 100 modules to be sold per quarter. But now that you're significantly ramping up production through the remainder of the year and you have over 100 customers worldwide, why would you be looking for in order to revise that guidance of 100 modules per quarter?

謝謝。喬，我知道你提到每季要銷售大約 100 個模組。但是，既然你們將在今年剩餘時間內大幅提高產量，並且在全球擁有超過 100 個客戶，那麼為什麼還要修改每季 100 個模組的指導方針呢？

Well, the original 100 modules per quarter was only Montreal. So when you add in Miami and then soon to be Rome, that total capacity will be, what do you think?

嗯，原來每季100個模組只有蒙特婁有。那麼，當你加上邁阿密和即將到來羅馬時，總容量會是多少，你認為呢？

200 plus.

200多。

200 modules per quarter. Yes, production. Yes, capacity. Now that doesn't mean that we have enough mechanics to produce 200 yet, but we are moving as fast as we can to fill up that capacity. And if you look across -- when I talk about a 25% market share, if you think roughly 3,000 engines a year, that's about 700 to 800 engines. I'm shifting now to engines for modules. So excuse my convention change.

每季 200 個模組。是的，生產。是的，容量。現在，這並不意味著我們有足夠的機械師來生產 200 台，但我們正在盡快填補這一產能。如果你看一下——當我談到 25% 的市場份額時，如果你考慮每年大約 3,000 台發動機，那就大約有 700 到 800 台發動機。我現在正在轉向模組引擎。所以請原諒我改變慣例。

But that's about 750. We currently have capacity -- physical capacity across the network of about 600. So we're pretty well equipped to have the physical capacity, we need to build up the manpower and all of the related assets, but we're doing that as fast as we can, and David can talk about Montreal more.

但那大約是 750。我們目前的容量——整個網路的實體容量約為 600。因此，我們已經具備了相當好的物理能力，我們需要建立人力和所有相關資產，但我們正在盡快做到這一點，大衛可以更多地談談蒙特利爾的情況。

Yeah, we're keenly focused on output in Montreal. For Q1, we produced 77 modules, which is in line with our plan of 100 modules per quarter on average. It's been just to recap, it's been 6 months since our acquisition. We acquired the facility in September, really focused on specialization as well as moving out any non-CFM56 work.

是的，我們非常關注蒙特婁的產出。第一季度，我們生產了 77 個模組，符合我們平均每季 100 個模組的計畫。回顧一下，自從我們收購以來已經 6 個月了。我們在 9 月收購了該工廠，真正專注於專業化以及轉移任何非 CFM56 工作。

We're very proud of all the work that's been done in Montreal, and we've officially now completed the specialization effort, which we're going to see significant benefits going into Q2 and the remainder of the year.

我們對在蒙特婁所做的所有工作感到非常自豪，現在我們已正式完成專業化工作，我們將在第二季和今年剩餘時間內看到顯著的效益。

Just to give you a little more color. For Q2, we're expecting between 90 to 100 modules in Montreal, and we're expecting to grow thereafter. So we're very happy of all the process with the team and where we're at right now.

只是為了給你多一點色彩。對於第二季度，我們預計蒙特利爾將有 90 到 100 個模組，我們預計此後還會成長。因此，我們對團隊的整個進程以及目前的狀況感到非常滿意。

So the 90 to 100 module produced, right, as a production number?

那麼生產了 90 到 100 個模組，對嗎，作為生產編號？

Correct. This is production. Yeah, 90 to 100 and that's just in Montreal.

正確的。這就是生產。是的，90 到 100，這只是在蒙特利爾。

Just Montreal.

只是蒙特婁。

Got it. Great. That's helpful. Thank you very much. And then just on insurance. You recovered $30 million this quarter, $11 million last quarter. Could you just remind us how much more you expect recover this year versus how much was written originally and where you are in the settlement process?

知道了。偉大的。這很有幫助。非常感謝。然後就保險而言。本季您收回了 3000 萬美元，上個季度收回了 1100 萬美元。您能否提醒我們，您預計今年的恢復額與最初計劃的恢復額相比有多少，以及您目前處於解決流程的哪個階段？

Yes, we'll have another -- yeah, thanks. We did have $30 million recovery in Q1. We have agreements -- I don't know, if we've actually closed but $24 million in Q2, this is committed. And then remaining claims are roughly $100 million. And we don't have necessarily clear visibility on the timing of that.

是的，我們會再來一個——是的，謝謝。我們在第一季確實收回了 3000 萬美元。我們有協議——我不知道，我們是否真的完成了，但第二季的 2400 萬美元是承諾的。剩餘的索賠金額約為 1 億美元。但我們對於這一時間安排並不清楚。

So we will have collected in excess of what we wrote off with that $100 million. So we're in a pretty good position net-net. But that $100 million is still to be settled, recovered and litigated, but we'll have $54 million in this year.

因此，我們收回的金額將超過我們註銷的 1 億美元。因此，我們的整體狀況相當有利。但這 1 億美元仍有待解決、追回和訴訟，但今年我們將獲得 5,400 萬美元。

Oh, that's great. Thank you very much.

噢，那太好了。非常感謝。

Thanks.

謝謝。

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

Thanks. Good morning all. It's great to see that the module factory now has over 100 customers globally. I'm curious though, is there a way to think about the usage or consumption per third-party customer on average at the module factory today, and then where this ultimately goes over the next couple of years.

謝謝。大家早安。很高興看到該模組工廠目前在全球擁有超過 100 個客戶。不過，我很好奇，有沒有辦法計算出目前模組工廠每個第三方客戶的平均使用量或消耗量，以及未來幾年最終會如何發展。

Well, we originally go way back, we were doing about four modules per customer and then that increased to about six, and we think it's probably closer to eight now, which was our original number. And it's what we've always expected and hoped is that you get somebody to try it. Our pitch is always just try it once. And if you don't like it, don't do it again. And we find that people like it. So they do it again. And then they do it for more of their fleet, and that's our goal.

嗯，我們最初是為每個客戶做大約四個模組，然後增加到大約六個，我們認為現在可能更接近八個，這是我們最初的數字。我們一直期待、希望的是能有人來嘗試。我們的主張永遠只嘗試一次。如果你不喜歡，就不要再這樣做了。我們發現人們喜歡它。所以他們又這麼做了。然後他們為更多的船隊這樣做，這就是我們的目標。

So we have some customers who've done 25, 30 modules in a year. And we ultimately would love to get 100% of their business, but we're only shooting for 25% of market share. So we won't -- we're not going to get that. But we do see usage per customer going up and numbers of customers continuing to go up, which is a great multiplier. And then as we have more cost savings from PMA we'll see margins per module go up.

因此，我們的一些客戶在一年內就完成了 25 到 30 個模組。我們最終希望能獲得他們 100% 的業務，但我們只爭取 25% 的市佔率。所以我們不會——我們不會得到這個。但我們確實看到每個客戶的使用量在上升，客戶數量也持續上升，這是一個巨大的乘數。然後，隨著我們從 PMA 中節省更多成本，我們將看到每個模組的利潤上升。

So that's how you get to the original algorithm was if you double the modules per customer, you double the customers and you double the margin as a factor of 2 cube is 8. So it's a great multiplier effect, and that's why we think this is just such a great business.

因此，這就是您得到原始演算法的方式：如果您將每個客戶的模組數加倍，則客戶數量加倍，利潤率也加倍，因為 2 的立方是 8。因此，這具有巨大的乘數效應，這也是我們認為這是一項偉大的事業的原因。

Okay, great, that's helpful. And then maybe just a governance question for you, Joe. You're still a Chairman of the Board of FTAI Infrastructure. So do you plan on being the Chairman of FIP longer term? Or should we expect that role to transition to someone like Ken over time?

好的，太好了，這很有幫助。喬，也許我只是想問你一個關於治理的問題。你仍然是 FTAI 基礎設施董事會主席。那麼您打算長期擔任 FIP 主席嗎？或者我們應該期待隨著時間的推移，這個角色會轉變為像肯這樣的人？

We haven't really discussed any changes. So I mean, Ken and I have worked together for 20 years, and we have a great relationship. And I don't -- we don't have any intention of changing that to my knowledge at this point. It's controlled by Fortress. So I don't -- just the Fortress is the managers, so they could change that equation. But I don't -- I don't intend to.

我們實際上還沒有討論過任何變化。我的意思是，肯和我已經合作了 20 年，我們的關係非常好。據我所知，我們目前沒有改變這一點的打算。它由 Fortress 控制。所以我不知道——只是 Fortress 是管理者，所以他們可以改變這個等式。但我不會——我也不打算這麼做。

Yeah, got it. That's helpful. I'll leave it there, and congrats on another great quarter.

是的，明白了。這很有幫助。我就講到這裡，恭喜你又度過了一個美好的季度。

Thanks.

謝謝。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

Yeah, hi, good morning, Joe and team. Thanks for the time. I wanted to maybe first ask Joe, with all the uncertainty, just not only from tariffs, but the macro backdrop, can you comment on what you've seen in lease rates on either aircraft or engines in the first quarter around either sort of absolute lease rates year-over-year, what you're seeing there?

是的，嗨，早安，喬和團隊。謝謝你的時間。我想先問喬，考慮到所有的不確定性，不僅僅是關稅，還有宏觀背景，您能否評論一下第一季度飛機或發動機的租賃率與去年同期相比的情況？

And I guess also as part of that lease extensions, which had been running incredibly high for the last few years, have you seen any softening in either of these metrics? And can you level set us on just what you're seeing there in terms of the underlying demand?

而且我想，作為過去幾年租約延長的一部分，租約延長的幅度一直非常高，您是否看到這兩個指標有任何下降？您能否就潛在需求方面向我們介紹一下您所看到的情況？

Sure, so no, we haven't seen any softening. I think rates are pretty relatively stable, no deterioration. And modest increases. We do see tremendous demand for extensions. When you go talk to airlines, virtually every airline in the world is -- would take a 15 year old 737NG, if you could find it for them. So the demand is very high.

當然，我們沒有看到任何軟化。我認為利率相對穩定，沒有惡化。並適度增加。我們確實看到了對擴展的巨大需求。當你與航空公司交談時，你會發現，如果你能找到的話，幾乎世界上每家航空公司都會接受一架 15 年歷史的 737NG。所以需求很高。

The number that I always watch in terms of market strength or weakness is the percentage of fleet that's in storage. And so I track how many narrow bodies are stored, and a very strong market is 5% and a weaker market is 10%. And it kind of tends to move between those two numbers. And I think today, the last summer, I saw were a little bit under 5%. So it's a very, very strong market.

在衡量市場強弱方面，我始終關注的數字是儲存的車隊百分比。因此，我追蹤了窄體飛機的儲存數量，非常強勁的市場是 5%，較弱的市場是 10%。而且它傾向於在這兩個數字之間變動。我認為今天，也就是去年夏天，我看到的比例略低於 5%。所以這是一個非常非常強大的市場。

And you can see traffic weakness in the United States, which tends to get a disproportionate amount of headlines and United might retire some A319s, but those assets are probably going to go to Indonesia or Philippines or the Middle East or 20 other places they could go.

您會發現美國的客運量疲軟，這往往會成為新聞頭條的焦點，美聯航可能會退役一些 A319 飛機，但這些飛機可能會被運往印尼、菲律賓、中東或其他 20 個他們可以去的地方。

So that ultimately is good for us, if they go out of the hands of the majors into the second, third tier operators, which is what usually happens. So I think there's a very strong bid globally for assets, and that's kind of what we look at as the most important indicator of strength. These are the most easily repositioned assets in the world. So that's the beauty of it. It's a global market.

所以，如果這些公司從主要營運商手中轉而進入二、三級營運商手中，這最終對我們來說是有利的，而這種情況通常都會發生。因此我認為全球對資產的競購非常強勁，而這正是我們所看到的最重要的實力指標。這些是世界上最容易重新定位的資產。這就是它的美妙之處。這是一個全球市場。

That's helpful. And coming out of the first quarter, can you just remind us, either in terms of aerospace products, any discrepancies or any underlying geographic exposures, we should think about; I know, obviously, now with the geographic footprint, it helps offset tariff risk from a delivery standpoint. But are you over-indexed to any part of the world as we think about the aerospace products segment?

這很有幫助。在第一季度，您能否提醒我們，無論是在航空航天產品方面，任何差異或任何潛在的地理風險，我們都應該考慮；我知道，顯然，現在有了地理覆蓋，它有助於從交付的角度抵消關稅風險。但是當我們考慮航空航天產品領域時，您是否對世界任何地方都進行了過度索引？

No, I think we've been indicating over the last few quarters, we see probably the biggest growth in our portfolio will be Southeast Asia, but that's just because we were underrepresented there previously. So we don't see any weakness or change significantly.

不，我認為我們在過去幾季中已經指出，我們的投資組合中成長最快的可能是東南亞，但這只是因為我們之前在那裡的代表性不足。因此，我們沒有看到任何弱點或重大變化。

We have talked about China because originally, we thought of China as kind of zero for us. But increasingly, we see that as potentially a big upside in that China has significantly under ordered for the last four years, really and which means to keep their flying levels, you're going to have to maintain and keep assets -- older assets longer and older assets longer flying in China need engines, and so we have the ability to do engine exchanges into China.

我們之所以談論中國，是因為最初我們認為中國對我們來說是零。但我們越來越多地看到，這可能是一個巨大的好處，因為中國在過去四年中訂單嚴重不足，這意味著要保持他們的飛行水平，就必須維護和保留資產——在中國飛行時間較長的老舊飛機需要發動機，因此我們有能力與中國進行發動機交換。

We have the Rome facility that we just are acquiring has a CAAC, which is the Chinese equivalent of the FAA for China license. So we see China as a potential wildcard on the upside. We have virtually no exposure at all or very little, but it's all upside from our point of view, and it could be significant.

我們剛收購的羅馬工廠擁有中國民航局頒發的執照，相當於中國聯邦航空總署頒發的中國執照。因此，我們認為中國是一個潛在的上升機會。我們幾乎沒有任何曝光或曝光很少，但從我們的角度來看，這都是好處，而且可能意義重大。

Great, thanks Joe. I'll pass it back there.

太好了，謝謝喬。我會轉告你的。

Yeah.

是的。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Good morning. Joe, was wondering if you could comment on the SCI ownership assets. And of the 98, you have either now owned or under MOUs, about what percentage is powered by these versus CFM56? And is that similar to the 30 aircraft you had in the first quarter?

謝謝。早安.喬，想知道您是否可以對 SCI 所有權資產發表評論。在你們現在擁有或簽署了諒解備忘錄的 98 架飛機中，大約有多少比例是由這些飛機提供動力，而是由 CFM56 提供動力？這和你們第一季的 30 架飛機數量相似嗎？

So we currently own in the partnership like 30 aircraft, 98 under OI. It's probably 90% CFM, right?

因此，我們目前在合夥企業中擁有 30 架飛機，其中 OI 擁有 98 架。大概是 90% CFM，對嗎？

Yeah, the vast majority of CFM.

是的，絕大多數 CFM。

Okay, and in terms of your target customer base to acquire the assets from in the $250 million for the year, can you give us some color as to airlines, lessors, other financial sponsors or buyers or owners what's the target audience and where you're seeing the most activity?

好的，關於您今年 2.5 億美元資產收購的目標客戶群，您能否向我們介紹航空公司、出租人、其他金融贊助商或買家或所有者，目標受眾是誰，以及您看到最多的活動在哪裡？

Yeah, we're sourcing from two avenues. The first are from lessors, where there are large lessors looking to keep their fleet young, they're motivated by maintaining rating agency, by maintaining investment grade. So as part of that, they have mandates to sell older equipment.

是的，我們從兩個管道採購。第一類是租賃商，大型租賃商希望保持其機隊年輕化，他們的動機是維持評級機構、維持投資等級。因此，作為其中的一部分，他們有義務出售舊設備。

So we're a fantastic buyer, and we're buying quite a bit. So we have the ability to do bilaterals. So over the last few months, we've been executing on bilaterals with large lessors. We expect that to continue for the remainder of the year.

所以我們是一個出色的買家，而且我們購買了相當多的產品。因此我們有能力進行雙邊談判。因此，在過去的幾個月裡，我們一直在與大型租賃公司執行雙邊協議。我們預計今年剩餘時間這種情況將持續下去。

The second avenue is direct from airlines. So airlines -- many airlines had expected, let's say, receiving new orders. So now, let's say, Tier 1 airline, you have engines that are tired, and they need to continue to operate these aircraft for longer. So here, we're really a source for them to offload maintenance. So we've entered into numerous sale leasebacks with airlines, where we take on the maintenance.

第二種途徑是直接向航空公司購買。因此，許多航空公司都期望收到新的訂單。現在，假設一級航空公司的發動機已經磨損，他們需要繼續運營這些飛機更長時間。因此，在這裡，我們實際上是他們卸載維護的來源。因此，我們與航空公司簽訂了多份售後回租協議，由我們承擔維護工作。

So effectively, we power everything through engine exchanges. In those type of transactions, we're really one of one because the airline really is focused on the counterparty's ability to execute on engine exchanges.

因此，我們實際上透過引擎交換為一切提供動力。在這類交易中，我們實際上是其中之一，因為航空公司真正關注的是交易對手執行引擎交換的能力。

And based on our capabilities and our assets, we're the only folks that can deliver that service. So we've seen tremendous opportunities from the sale-leaseback side, and we expect that to continue. So quite a bit of that 98 aircraft related to sale leaseback as well.

基於我們的能力和資產，我們是唯一可以提供該服務的人。因此，我們從售後回租方面看到了巨大的機遇，我們預計這種情況將會持續下去。因此，這 98 架飛機中相當一部分也與售後回租有關。

Okay, got it. And maybe one for Angela. The $7 million of profit elims is that simply your 20% stake on the $100 million of sales to the SCI or about 35% margins? And then what should we expect from the full year corporate and elims sort of contra account to total reported EBITDA?

好的，明白了。也許還有一個給安琪拉。700 萬美元的利潤扣除額只是您對 SCI 1 億美元銷售額的 20% 的份額，還是約 35% 的利潤率？那麼，我們應該對全年公司和消除類帳戶與報告的 EBITDA 總額的對銷帳戶有何期待？

Yeah, sure, yeah, that's correct. The $7 million elims is the intra entity profit on the $100 million on aerospace products that we're eliminating. On the corporate and other, I think included in that is, are these elims also included about a little over $3 million in costs that we've incurred this quarter related to the (inaudible) report, so that is also not included in the run rate, so I would incorporate both of those items.

是的，當然，是的，沒錯。700 萬美元的抵銷金額是我們正在抵銷的 1 億美元航空航太產品的內部利潤。關於公司和其他方面，我認為其中包括，這些消除還包括我們本季度與（聽不清楚）報告相關的約 300 萬美元的成本，所以這也沒有包括在運行率中，所以我會把這兩項都納入其中。

Okay, got it. And the last one, Joe, just to square it for me. Sorry for the question on cash flow again. Slide 9, you have sort of two different cash flows. You've got on adjusted cash flow on one, cash flow from operations less investing. When you talk about the $350 million for the first half, is that comparable to the $54 million of cash flow or the $73 million of cash flow listed on the slide 9.

好的，明白了。最後一個，喬，幫我解決這個問題。抱歉，再次詢問現金流問題。投影片 9，您有兩種不同的現金流。您得到的是調整後的現金流，也就是經營活動產生的現金流減去投資產生的現金流。當您談到上半年的 3.5 億美元時，這是否與幻燈片 9 上列出的 5,400 萬美元現金流或 7,300 萬美元現金流相當。

$73 million.

7300萬美元。

Okay, got it, understood. Thanks so much.

好的，知道了，明白了。非常感謝。

Yeah.

是的。

Stephen Trent, Citi.

花旗銀行的史蒂芬‧特倫特。

Good morning, everybody, and thanks for taking my question. The first one from me, just sort of keen to follow-up on the geographic color you mentioned Southeast Asia, and I believe in the past, you may have even been considering potential acquisitions in that region. And I'm kind of curious whether the noise from tariffs has accelerated or decelerated the extent to which you might still be looking for targets in that market. Thank you.

大家早安，感謝您回答我的問題。我首先想問的是，您提到的東南亞地理特徵，我相信您過去可能甚至考慮過在該地區進行潛在的收購。我有點好奇，關稅的噪音是否加速或減緩了你在該市場尋找目標的程度。謝謝。

Sure. So I think long term, that is an option, and it's something we'll look at. Short term, though, we're in the process of acquiring Rome. We want to make sure we get that set up embedded down and manage that. So I would say, in the near term, I wouldn't -- that's not a corporate priority for us.

當然。所以我認為從長遠來看，這是一個選擇，我們會考慮的。不過，短期內我們正在收購羅馬。我們希望確保該設定能夠嵌入並管理。所以我想說，在短期內，我不會——這不是我們的公司優先事項。

And we will be able to serve that market pretty efficiently from Rome. And as I mentioned just a few minutes ago, it also has a CAC license, so we could serve Rome into China as well.

我們將能夠從羅馬有效地服務該市場。正如我幾分鐘前提到的，它還擁有 CAC 許可證，因此我們也可以為中國客戶提供羅馬服務。

So for the near term, I would say we're good on what we've got. Longer term, if you look out a few years and you said, where would you think you might end up with a facility, I would say it's probably likely it would be Southeast Asia.

因此就短期而言，我想說我們對現有的狀況感到滿意。從長遠來看，如果你展望幾年，你會在哪裡設立工廠，我會說很可能是東南亞。

What we've done in acquiring these facilities, though is interesting in that we -- if you think about our facilities, they're all former airline engine shops. So in Montreal, it was an ex-Air Canada shop, in Miami, it was the ex-Pan Am engine shop and in Rome it's an ex-Alitalia engine shop.

然而，我們在收購這些設施時所做的事情很有趣，如果你想想我們的設施，它們以前都是航空發動機車間。因此，在蒙特利爾，它是一家前加拿大航空公司的修理廠；在邁阿密，它是一家前泛美航空公司的發動機修理廠；在羅馬，它是一家前意大利航空公司的發動機修理廠。

And the characteristics they all had is they had tremendous physical capacity and no business. And so we're able to acquire these facilities at less than replacement cost and then fill them with our own engines. And that's a unique capability that we bring.

他們都有一個共同的特點，就是擁有巨大的體力，但沒有生意。因此，我們能夠以低於重置成本的價格收購這些設施，然後用我們自己的引擎來填充它們。這是我們帶來的獨特能力。

No other party can come in and say, I am going to deliver engines to this facility immediately because most people are relying on getting third-party customers to give them business and then move the engines in, we bring our own business. So we're a great buyer for assets at very low cost, low price because we bring our own business to the table.

沒有其他方可以進來說，我要立即向該工廠交付發動機，因為大多數人都依靠第三方客戶給他們做生意，然後將發動機運進來，而我們則帶來自己的業務。因此，我們是一個優秀的資產買家，可以以非常低的成本、低的價格收購資產，因為我們將自己的業務帶到了談判桌上。

That's super helpful. Joe, I appreciate that. And maybe just a quick sort of accounting follow-up for Angela maybe. When we think about the partnership you guys have the SCI from an iconic perspective longer term, should we think about eventual equity method and inclusion of those earnings or am I thinking about that incorrectly. Thank you.

這非常有幫助。喬，我很感激。也許只是對安吉拉進行快速的會計跟進。當我們從長期標誌性的角度考慮你們與 SCI 的合作關係時，我們是否應該考慮最終的權益法和納入這些收益，或者我對此的想法是否錯誤。謝謝。

I think you're asking, currently, we do pick up our equity income related to the SCI partnership now. So, if you asking will we include earnings of that going forward, it depends on materiality that we'll do every quarter and if it meets the materiality threshold for that equity investment then, yes, you're required to include the earnings and assets related to that equity investment, if that's your question.

我想您問的是，目前，我們確實獲得了與 SCI 合作夥伴關係相關的股權收入。因此，如果您詢問我們是否會將未來的收益包括在內，這取決於我們每季都會做的實質工作，如果它滿足該股權投資的實質門檻，那麼，是的，您需要包括與該股權投資相關的收益和資產，如果這是您的問題。

Yes, yes, and if I have anything further, I'll maybe follow up with you guys offline, but that's very helpful. Thanks very much.

是的，是的，如果我有進一步的信息，我可能會在線下跟進你們，但這非常有幫助。非常感謝。

I would just add on that as that business grows, the asset side of the business, the management fees from that will grow, and we will break that out as a separate line item and once a certain level of materiality, but that could become a significant source of income for us.

我想補充一點，隨著業務的成長，業務的資產方面，管理費用也會成長，我們會將其作為單獨的項目列出，一旦達到一定的重要性，它就會成為我們重要的收入來源。

Very helpful. Thank you very much.

非常有幫助。非常感謝。

Thanks.

謝謝。

Thank you. I would now like to turn the conference back to Alan Andreini for closing remarks. Sir?

謝謝。現在我想請艾倫·安德烈尼致閉幕詞。先生？

Thank you, Latif, and thank you all for participating in today's conference call. We look forward to updating you after Q2.

謝謝你，拉蒂夫，也謝謝大家參加今天的電話會議。我們期待在第二季之後向您更新最新情況。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。