FTAI Aviation Ltd (FTAI) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the quarter two 2025 FTAI Aviation earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 2025 年第二季 FTAI 航空收益電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Alan Andreini, Head of Investor Relations. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，投資者關係主管艾倫·安德烈尼 (Alan Andreini)。請繼續。

Thank you, Brianna. I would like to welcome you all to the FTAI Aviation's second-quarter 2025 earnings call.

謝謝你，布里安娜。歡迎大家參加 FTAI Aviation 2025 年第二季財報電話會議。

Joining me here today are Joe Adams, our Chief Executive Officer; Angela Nam, our Chief Financial Officer; and David Moreno, our Chief Operating Officer. We have posted an investor presentation and our press release on our website, which we encourage you to download, if you have not already done so. Also, please note that this call is open to the public in listen-only mode and is being webcast.

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)。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.

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。

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

在我將電話轉給喬之前，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 today to announce our 41st dividend as a public company and our 56th consecutive dividend since inception. The dividend of $0.30 per share will be paid on August 19 based on a shareholder record date of August 12. Angela will provide a detailed overview of the numbers. But first, I'd like to highlight a few key updates.

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 41 次股息，這也是我們自成立以來連續派發第 56 次股息。根據股東記錄日期 8 月 12 日，每股 0.30 美元的股息將於 8 月 19 日支付。安吉拉將提供這些數字的詳細概述。但首先，我想強調幾個關鍵的更新。

Aerospace Products delivered another excellent quarter, reporting $165 million in adjusted EBITDA at a margin of 34%. We now estimate we are at 9% market share, approximately double where we were this time last year, with a strong focus on reaching our long-term goal of 25% market share.

航空航太產品部門又交出了一份出色的季度業績，調整後 EBITDA 為 1.65 億美元，利潤率為 34%。我們現在估計我們的市佔率為 9%，約為去年同期的兩倍，我們的長期目標是實現 25% 的市佔率。

We feel confident in this goal due to our large expanding backlog of purchase orders for 2025 and beyond, supplemented by our maintenance, repair, and exchange agreement, or MRE, agreement with the strategic capital initiative, or SCI, to support the portfolio's engine maintenance events over the life of the partnership. Our scale, asset ownership, and unique maintenance capabilities position FTAI as the long-term sustainable leader in engine aftermarket maintenance.

我們對此目標充滿信心，因為我們2025年及以後的採購訂單積壓量不斷增加，再加上我們與戰略資本計劃（SCI）達成的維護、維修和交換協議（MRE），以支持合作期間投資組合的發動機維護活動。我們的規模、資產所有權和獨特的維護能力使 FTAI 成為發動機售後維護領域的長期永續領導者。

Overall, market adoption of our unique MRE solution to engine maintenance continues to accelerate at pace in the CFM56 and V2500 engine markets. There is continued and growing global demand for prebuilt engines and modules for owners and operators of all sizes as a flexible, cost-effective alternative to complicated, time-consuming, and expensive shop visits.

總體而言，在 CFM56 和 V2500 引擎市場中，我們獨特的 MRE 引擎維護解決方案的市場採用率持續加速成長。在全球範圍內，各種規模的業主和營運商對預製發動機和模組的需求持續增長，作為複雜、耗時且昂貴的維修廠上門服務的靈活、經濟高效的替代方案。

To that end, in Q2, we had the opportunity to execute a sizable engine exchange program with a major US airline, albeit at margins below our typical levels. We believe that offering attractive terms to showcase our capabilities with this customer will drive repeat business and higher volumes, ultimately leading to stronger margins.

為此，在第二季度，我們有機會與美國一家大型航空公司執行了一項大規模的發動機交換計劃，儘管利潤率低於我們的正常水平。我們相信，透過提供有吸引力的條款來向該客戶展示我們的能力，將會推動回頭業務和更高的銷量，最終帶來更高的利潤率。

Furthermore, we're implementing several new programs, procurement programs, which we expect to contribute to margin expansion by the end of 2025. With these strategies and with the approval of PMA part number three, we continue to expect Aerospace Products margins to expand to the 40%-plus range in 2026.

此外，我們正在實施幾個新的計劃和採購計劃，預計到 2025 年底這些計劃將有助於提高利潤率。透過這些策略以及 PMA 第三部分的批准，我們繼續預計航空航太產品的利潤率將在 2026 年擴大到 40% 以上。

Turning to production. We refurbished 184 CFM56 modules this quarter between our three facilities in Montreal, Miami, and Rome, an increase of 33% versus last quarter. In Montreal, our largest facility, we have been expanding operations by focusing on developing talent through our newly established training academy as well as the use of specialization and technology to improve efficiency and throughput. We anticipate these measures will contribute to drive significant production growth over the next several quarters.

轉向生產。本季度，我們在蒙特婁、邁阿密和羅馬的三個工廠翻新了 184 個 CFM56 模組，比上一季增加了 33%。在我們最大的工廠蒙特利爾，我們一直在擴大業務，重點是透過新成立的培訓學院培養人才，以及利用專業化和技術來提高效率和產量。我們預計這些措施將有助於推動未來幾季產量的大幅成長。

We're also delighted to close on our 50% joint venture in Rome, now operating under the name v Europe. We've been impressed by how quickly the team have scaled operations to meet FTAI's production pipeline, and we're excited for the plans we have to grow the facility over the coming months to support our regional base in Europe and the Middle East. In addition, we're excited by the opportunity it provides to sell directly to the Chinese market due to the CAAC license, which QuickTurn Europe holds.

我們也很高興在羅馬完成 50% 的合資企業，目前以 v Europe 的名義運作。我們對團隊擴大營運以滿足 FTAI 生產流程的速度印象深刻，並且我們對未來幾個月擴大工廠規模以支持我們在歐洲和中東地區基地的計劃感到興奮。此外，由於 QuickTurn Europe 持有中國民航局許可證，我們很高興有機會直接向中國市場銷售。

Additionally, we're pleased to announce the acquisition of Pacific Aerodynamic, a piece part repair facility based in California, which focuses on highly specialized precision repairs of CFM56 compressor blades and vanes. Under FTAI ownership, this strategic purchase delivers an increase in cost savings, which will lead to further margin expansion.

此外，我們很高興地宣布收購 Pacific Aerodynamic，這是一家位於加州的零件維修廠，專注於 CFM56 壓縮機葉片和輪葉的高度專業化精密維修。在 FTAI 的領導下，此次策略性收購將帶來成本節約的增加，進而進一步提高利潤率。

In addition, it will increase operational efficiencies, further expand our repair capabilities for CFM56 engines and further differentiate our offering. Over the past three years, we've now acquired four facilities across three countries in Europe and North America and have a proven track record of integrating each into our MRE ecosystem, creating significant value. We're actively reviewing other M&A opportunities in the global market and expect additional acquisitions in the near term are a strong possibility to once again further differentiate FTAI's offering.

此外，它還將提高營運效率，進一步擴大我們對 CFM56 引擎的維修能力，並進一步使我們的產品更具差異化。在過去三年中，我們已在歐洲和北美的三個國家收購了四個工廠，並已成功將每個工廠整合到我們的 MRE 生態系統中，創造了巨大的價值。我們正在積極審查全球市場上的其他併購機會，並預計短期內將有很大的可能性進行更多收購，從而進一步使 FTAI 的產品更具差異化。

Next, let's talk about adjusted free cash flow. In the first half of the year, we generated $370 million in free cash flow, above our targeted $350 million. It was driven by over $1.4 billion in gross cash inflows. Included in this number was the sale of 37 of the 45 seed portfolio aircraft, which are being sold through the strategic capital initiative. The transition of these aircraft is almost complete with the sale of the remaining eight expected to close during Q3.

接下來，我們來談談調整後的自由現金流。今年上半年，我們產生了 3.7 億美元的自由現金流，高於 3.5 億美元的目標。這是由超過 14 億美元的總現金流入所推動的。其中包括透過戰略資本計畫出售的 45 架種子組合飛機中的 37 架。這些飛機的過渡已基本完成，剩餘八架飛機的銷售預計將於第三季完成。

We also expect adjusted free cash flow to be in the range of $380 million in the second half of the year, which as a result, we are increasing our overall target from $650 million to now $750 million in adjusted free cash flow for all of 2025. With our pivot to an asset-light business model now nearly complete, we anticipate substantial growth in free cash flow in the coming years.

我們也預計下半年調整後的自由現金流將在 3.8 億美元左右，因此，我們將 2025 年全年調整後自由現金流的總體目標從 6.5 億美元提高到現在的 7.5 億美元。隨著我們向輕資產業務模式的轉型已接近完成，我們預計未來幾年自由現金流將大幅成長。

For capital allocation, a first priority has been to manage debt in order to achieve a strong BB rating with the rating agencies, a goal we expect to reach by the end of this year, given our exceptional financial performance.

對於資本配置，首要任務是管理債務，以便在評級機構中獲得強勁的 BB 評級，鑑於我們出色的財務業績，我們預計今年年底將實現這一目標。

Secondly, we will continue to invest in targeted growth opportunities in areas where we can expand our differentiated product offering and further widen our competitive advantage. However, it's very likely there will be a surplus above these two priorities, which means returning capital to shareholders will be part of our financial plan in the near term.

其次，我們將繼續在可以擴大差異化產品供應並進一步擴大競爭優勢的領域投資有針對性的成長機會。然而，這兩個優先事項很可能會有盈餘，這意味著向股東返還資本將成為我們近期財務計畫的一部分。

As to our current estimates for EBITDA for all of 2025, we're raising our outlook for Aviation Leasing from $500 million to $600 million, which includes $54 million in insurance settlements received in the first half of the year. And based on the strength of our current pipeline, we are also increasing our estimated 2025 Aerospace Products EBITDA from the prior range of $600 million to $650 million to a new range of $650 million to $700 million.

至於我們目前對 2025 年全年 EBITDA 的估計，我們將航空租賃的預期從 5 億美元上調至 6 億美元，其中包括上半年收到的 5,400 萬美元的保險賠償。而基於我們目前的產品線實力，我們也將 2025 年航空航太產品 EBITDA 預計值從先前的 6 億至 6.5 億美元提高至 6.5 億至 7 億美元。

Overall, we're updating total estimated 2025 business segment EBITDA from $1.1 billion to $1.15 billion to the new numbers of $1.25 billion to $1.3 billion. For 2026, we're also seeing meaningful upside to our previous estimate of $1.4 billion and plan to provide an update later this year.

整體而言，我們將 2025 年業務部門 EBITDA 總預估從 11 億美元至 11.5 億美元更新為 12.5 億美元至 13 億美元。對於 2026 年，我們還看到先前估計的 14 億美元有顯著上升，並計劃在今年稍後提供更新資訊。

For the SCI, we made great progress this quarter. We closed on additional equity partners and expect to have final closings completed by October this year. Our target is to invest $4 billion through the 2025 partnership, which will be approximately 250 on lease aircraft.

對於 SCI，我們本季取得了巨大進展。我們已找到更多股權合夥人，預計今年 10 月完成最終交割。我們的目標是透過 2025 年的合作投資 40 億美元，其中約 250 架為租賃飛機。

Halfway through the year, we now have 145 aircraft either closed or in an LOI commitment and have good visibility from the SCI investments team on sourcing the remaining aircraft through a combination of lessor counterparties and direct sale-leaseback transactions with airlines.

今年已過半，我們目前有 145 架飛機已關閉或處於意向書承諾階段，SCI 投資團隊已明確表示將透過租賃交易對手和與航空公司直接進行售後回租交易的方式採購剩餘的飛機。

A key component to the SCI's investment strategy is the MRE agreement with FTAI. During the second quarter, we generated $70 million in Aerospace Products revenue by fulfilling orders to SCI, representing approximately 14% of our total sales in Aerospace Products or 20% for the entire first half of 2025.

SCI 投資策略的關鍵組成部分是與 FTAI 簽訂的 MRE 協議。在第二季度，我們透過履行 SCI 的訂單產生了 7,000 萬美元的航空航太產品收入，約占我們航空航太產品總銷售額的 14% 或 2025 年上半年全年銷售額的 20%。

Fixed-price engine exchanges are a great source of enhanced return to our equity partners, providing greater predictable cash flows and lower residual risks compared to peer lessors, while also delivering meaningful value to airline customers who avoid the costs and risks of managing shop visits themselves.

固定價格發動機交換是提高我們股權合作夥伴回報的重要來源，與同行租賃商相比，它提供了更可預測的現金流和更低的剩餘風險，同時也為避免自行管理維修成本和風險的航空公司客戶帶來了有意義的價值。

We continue to believe SCI will be a major additional driver of growth in aerospace products as well as providing a significant contribution to Aviation Leasing through management servicing fees, incentive fees, and our 20% minority ownership.

我們仍然相信，SCI 將成為航空航太產品成長的主要額外驅動力，並透過管理服務費、獎勵費和我們 20% 的少數股權為航空租賃做出重大貢獻。

Overall, in the industry, we see a very long horizon ahead for the life cycle of current technology aircraft and engines. Many airlines today recognize that the economic useful life of 737NGs and A320ceo aircraft has been extended to 30 years versus the previous assumption of 25 years.

總體而言，我們認為目前技術的飛機和引擎的生命週期將持續很長一段時間。如今，許多航空公司認識到 737NG 和 A320ceo 飛機的經濟使用壽命已從先前的 25 年延長至 30 年。

While industry issues of multiyear delays in new aircraft deliveries and the durability of new technology of engines are well known, advancements in CFM56 and V2500 engine maintenance, such as the availability of module swaps, development of new PMA parts is allowing more airlines to economically reinvest in their existing fleets for longer than they originally planned. Programs like FTAI's MRE engine exchanges provide predictable cost and offer airlines a simple, easy way to keep their current aircraft flying profitably.

儘管業界普遍存在新飛機交付多年延遲和新發動機技術耐用性問題，但 CFM56 和 V2500 發動機維護方面的進步（例如模組更換的可用性、新 PMA 部件的開發）使更多航空公司能夠以比原計劃更長的時間對現有機隊進行經濟的再投資。FTAI 的 MRE 發動機交換等計劃可提供可預測的成本，並為航空公司提供一種簡單、輕鬆的方法來保持其現有飛機的盈利飛行。

Thus, an average useful life extension of five years means 20% more engine shop visits, which means greater maintenance spend and a larger opportunity for FTAI to expand our market share and help sustainably support airlines in their long-term maintenance needs.

因此，平均使用壽命延長五年意味著引擎進廠次數增加 20%，這意味著維護支出增加，FTAI 也有更大的機會擴大市場份額，並幫助持續支持航空公司的長期維護需求。

With that, I'll turn it over to Angela.

說完這些，我就把麥克風交給安琪拉。

Thanks, Joe. The key metric for us is adjusted EBITDA. We continued the year positively with adjusted EBITDA of $347.8 million in Q2 of 2025, which is up 30% compared to $268.6 million in Q1 2025 and up 63% compared to $213.9 million in Q2 of 2024.

謝謝喬。對我們來說，關鍵指標是調整後的EBITDA。我們繼續保持積極的成長勢頭，2025 年第二季度的調整後 EBITDA 為 3.478 億美元，較 2025 年第一季的 2.686 億美元增長 30%，較 2024 年第二季度的 2.139 億美元增長 63%。

During the first quarter, the $347.8 million EBITDA number was comprised of $199.3 million from our Leasing segment; $164.9 million from our Aerospace Products segment; and negative $16.4 million from Corporate and Other, including intersegment eliminations.

第一季度，3.478 億美元的 EBITDA 包括來自租賃部門的 1.993 億美元、來自航空航天產品部門的 1.649 億美元以及來自企業及其他部門的負 1640 萬美元（包括部門間抵消）。

Turning now to leasing. Leasing continued to deliver strong results, posting approximately $199 million of EBITDA. The pure leasing component of the $199 million came in at $169 million for Q2 versus $152 million in Q1 2025. Included in the $169 million was a $24 million settlement related to assets in Russia written off in 2022, which is an additional settlement to the $30 million we announced we received last quarter and $11 million we received in Q4 2024.

現在談談租賃。租賃業務持續取得強勁業績，EBITDA 約為 1.99 億美元。1.99 億美元中的純租賃部分在 2025 年第二季為 1.69 億美元，而在 2025 年第一季為 1.52 億美元。這 1.69 億美元中包括與 2022 年註銷的俄羅斯資產相關的 2,400 萬美元和解金，這是我們上個季度宣布收到的 3,000 萬美元和 2024 年第四季度收到的 1,100 萬美元和解金之外的額外和解金。

For gains on sales, we continue the year with $356.2 million of book value of assets sold or an 8% margin gain of $30.7 million as we closed on 33 additional aircraft of the seed portfolio to the SCI with 8 remaining, which we expect to close in Q3. Looking ahead, we're assuming Leasing EBITDA will be $600 million in 2025, including insurance settlements of $54 million as we pivot our focus towards an asset-light business model.

就銷售收益而言，我們今年繼續保持 3.562 億美元的資產帳面價值或 8% 的利潤率收益 3070 萬美元，因為我們向 SCI 出售了另外 33 架種子組合飛機，剩餘 8 架，我們預計將在第三季度完成出售。展望未來，我們假設 2025 年租賃 EBITDA 將達到 6 億美元，其中包括 5,400 萬美元的保險賠付，因為我們將重點轉向輕資產業務模式。

Aerospace Products had yet another good quarter with $164.9 million of EBITDA at an overall EBITDA margin of 34%, which is up 26% compared to $130.9 million in Q1 of 2025 and up 81% compared to $91.2 million in Q2 of 2024.

航空航太產品部門又度過了一個表現良好的季度，EBITDA 為 1.649 億美元，整體 EBITDA 利潤率為 34%，與 2025 年第一季的 1.309 億美元相比增長 26%，與 2024 年第二季度的 9,120 萬美元相比增長 81%。

We continue to see accelerated growth in adoption and usage of our Aerospace Products and remain focused on ramping up production in each of our facilities in Montreal, Miami, and Rome as well as expanding component repair operations at our new acquisition in California.

我們繼續看到航空航太產品的採用和使用加速成長，並繼續專注於提高蒙特婁、邁阿密和羅馬各工廠的產量，以及擴大我們在加州新收購的零件維修業務。

In 2025, we expect to generate Aerospace Products EBITDA of $650 million to $700 million, which is up from $381 million in 2024 and $160 million generated in 2023.

到 2025 年，我們預計航空航太產品 EBITDA 將達到 6.5 億美元至 7 億美元，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. Brianna, you may now open the call to Q&A.

謝謝你，安吉拉。布里安娜，現在您可以開始問答環節了。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（操作員指示） Sheila Kahyaoglu，Jefferies。

Joe or Angela, maybe first question for you guys on EBITDA for Aerospace Products. Just looking at the first half versus the second half, the second half module increase is about 85 units, in line with the EBITDA increase of $85 million at the midpoint.

喬或安琪拉，也許你們第一個問題是關於航空航太產品的 EBITDA。僅對比上半年和下半年，下半年模組數量增加了約 85 個單位，與中期 EBITDA 增加 8,500 萬美元一致。

So it seems the business normalizes to $1 million of EBITDA per module. How do we think about the margin improvements into '26, both including an ex PMA to get to that 40% and as Montreal and [Vroom] ramp?

因此看起來該業務的正常值為每模組 100 萬美元的 EBITDA。我們如何看待 26 年利潤率的提高，包括前 PMA 達到 40% 以及蒙特婁和 [Vroom] 的成長？

So I'll take it initially. I think the margin opportunity improvement is multifaceted. I mean I think we have repairs that we've been developing in Montreal, the acquisition of the Pacific Aerodynamic potentially adds 1 to 2 percentage points. We have new serviceable material that we've been acquiring over the last few months that will flow through in the P&L with core restorations.

所以我首先會接受它。我認為利潤機會的提高是多方面的。我的意思是，我認為我們在蒙特利爾一直在進行修復工作，收購太平洋航空​​動力公司可能會增加 1 到 2 個百分點。我們擁有過去幾個月來一直在獲取的新的可用材料，這些材料將透過核心修復流入損益表。

And then ultimately, we have PMA kicking in. And so we see 5 to 10 percentage points of improvement happening in 2026 from a result of really a lot of those activities. No one is -- PMA is clearly the biggest, but all will contribute positively to the improvement next year.

最後，PMA 開始發揮作用。因此，我們預計到 2026 年，由於開展了大量此類活動，經濟將出現 5 到 10 個百分點的改善。沒有人是——PMA 顯然是最大的，但所有這些都將對明年的改善做出積極貢獻。

Okay. And maybe if I could ask more on that point, Joe, with Pacific Aerodynamics, that deal, $12 million purchase price for $50,000 of savings per shop visit suggests a return within half a year. So given it seems you're pushing more volumes through there, can you talk a little bit more about the business, how it further differentiates FTAI, and how you're thinking about future inorganic opportunities?

好的。也許我可以就這一點多問一些，太平洋空氣動力公司的喬說，這筆交易的購買價格為 1200 萬美元，每次進店可節省 5 萬美元，這意味著半年內就能收回成本。因此，鑑於您似乎正在透過該管道推動更多的業務，您能否再多談談業務狀況、它如何進一步區分 FTAI，以及您如何看待未來的無機機會？

Yeah. So we've been looking at the repair space. We've developed a number of repairs internally in Montreal, but the compressor blades is a fairly specialized repair, and there's only a handful of companies that really have that capability. Pacific had a great technology, great product, and probably just a limited marketing customer base. And so we saw that as an opportunity to combine our volume with their expertise.

是的。所以我們一直在尋找修復空間。我們在蒙特婁內部開發了許多維修方法，但壓縮機葉片的維修是相當專業的，只有少數公司真正具備這種能力。太平洋擁有出色的技術、優質的產品，但行銷客戶群可能有限。因此，我們認為這是一個將我們的數量與他們的專業知識相結合的機會。

And if you think about the -- and we're unique in being able to really deliver that volume. So the company we're acquiring is the acquisition price is roughly about $15 million. And if we can ramp that operation up to, say, I think the physical capacity they have would be roughly handling about 300 shop visits. We can save $50,000 per shop visit. That's about $15 million a year in savings. So it's a one-year payback.

如果你考慮一下——我們是獨一無二的，能夠真正提供如此多的產品。因此，我們收購的公司的收購價格約為 1500 萬美元。如果我們能夠將這項業務規模擴大到，我認為他們的實體容量大約可以處理 300 次店鋪訪問。我們每次購物可以節省 50,000 美元。這意味著每年可以節省約 1,500 萬美元。所以這是一年的回報。

So because of our ability to deliver volume, we have, I think, really enhanced economics, and that's why the vertical integration into products like that is extremely accretive and attractive to us.

因此，由於我們有能力提供大量產品，我認為我們確實提高了經濟效益，這就是為什麼這類產品的垂直整合對我們來說極具增值性和吸引力。

There are others out there, similar nature that we could -- that we're also involved in looking at. And really it is completing the picture going line by line and looking at every item of the cost in a shop visit and trying to figure out if we could build that capability ourselves or acquire it, and we will look at both. So I think it's directionally the kind of thing we really like.

還有其他類似性質的，我們也在參與研究。實際上，這是逐行完成整個過程，查看商店訪問中的每項成本，並試圖弄清楚我們是否可以自己構建該功能或獲取它，我們將同時考慮這兩種功能。所以我認為從方向上來說這是我們真正喜歡的東西。

It's -- obviously, it's a small first acquisition, but there's other parts that we could also develop in partnership with the Pacific Aerodynamic team on other engine parts as well. So we've got some R&D projects, and we can start working on to do that with this team on an organic basis.

顯然，這是首次小規模收購，但我們也可以與太平洋空氣動力團隊合作開發其他引擎零件。因此，我們有一些研發項目，我們可以開始與這個團隊有機地進行這些項目。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Joe, you had 184 CFM56 modules in the quarter, so up 33% sequentially. You've talked about 750 for the full year, which implies that the second half would see another 33% growth versus the first half. So maybe taking a step back, can you talk about what the airline customer reception of the modules have been? I mean, clearly, you're seeing some growth. What's been their opinion of your service?

喬，本季你們有 184 個 CFM56 模組，因此環比成長了 33%。您談到了全年 750 輛，這意味著下半年將比上半年再成長 33%。那麼退一步來說，您能談談航空公司客戶對這些模組的接受程度嗎？我的意思是，顯然你看到了一些成長。他們對您的服務有何看法？

And what are their options? Are you seeing more repeat customers? And can you expand more on the offering that you made for a major US airline? What does that mean? And if that -- if they're happy with your service, what could that mean for growth in the long run?

他們的選擇是什麼？您是否看到更多回頭客？能否進一步介紹一下您為美國一家大型航空公司提供的服務？這意味著什麼？如果他們對您的服務感到滿意，那麼這對長期成長意味著什麼？

Sure. I'll let David start on the production, and then we can take the other parts of the question as they come. So yes.

當然。我會讓大衛開始製作，然後我們再討論問題的其他部分。是的。

Hi, Kristine. This is David. So to start off with production, just kind of give you the story of Q2. So the majority of the increase in production were based on two things.

你好，克里斯汀。這是大衛。因此，先從生產開始，我先跟你說 Q2 的故事。因此，產量的成長主要基於兩件事。

Number one was the growth in Montreal. As we announced in previous quarters, we've focused that facility in specialization. So now we have specific lines focused on module production. So we're able to increase production from 77 in Q1 to 91 in Q2. What that means is turnaround times improved from 83 days in Q1 to 66 days in Q2. So we expect that to continue to improve. Our goal is to get to around 60 days turnaround time per module.

排名第一的是蒙特婁的成長。正如我們在前幾個季度宣布的那樣，我們已將該設施的重點放在專業化上。所以現在我們有專注於模組生產的特定生產線。因此，我們能夠將產量從第一季的 77 輛增加到第二季的 91 輛。這意味著週轉時間從第一季的 83 天縮短到第二季的 66 天。因此我們預計這種情況將繼續改善。我們的目標是每個模組的周轉時間達到約 60 天。

The second catalyst was the introduction of our Rome facility. So we did close that transaction in the beginning of June. However, our transformation efforts started beginning of this year. So we had a deal signed up end of last year, and we started our transformation as we've done with our previous shops, which really focuses on three initiatives.

第二個催化劑是我們的羅馬工廠的引進。所以我們確實在六月初完成了那筆交易。然而，我們的轉型努力從今年年初就開始了。因此，我們在去年年底簽署了一項協議，並開始了轉型，就像我們對以前的商店所做的那樣，主要關註三個舉措。

Number one is focus, so focusing on CFM56 volume only. So in this case, there was CF6-80 work, and we prioritized the CFM over that. Number two is contributing our volume. So we started putting volume ahead of time before our actual acquisition and started turning engines.

第一是重點，因此只關注 CFM56 的音量。因此在這種情況下，有 CF6-80 工作，我們優先考慮 CFM。第二是貢獻我們的數量。因此，我們在實際收購之前就開始考慮數量，並開始啟動引擎。

And then number three, we're going to copy the specialization that was done in Montreal at that facility in the back half of this year. So we see that ramp-up being significant. 29 modules is what we produced in Q2. We feel very good about 100 for the entire year. So you're going to see a lot of increase in production is going to be from Montreal continuing the specialization, and continuing production turnaround time improvements and then Rome coming online.

第三，我們將複製今年下半年在蒙特婁工廠完成的專業化工作。因此，我們看到產量成長顯著。第二季我們生產了 29 個模組。我們對全年 100 左右感到非常滿意。因此，你會看到產量大幅增加，這要歸功於蒙特婁繼續專業化，繼續改善生產週轉時間，然後是羅馬的上線。

I think on the customer reception question, it's -- obviously, it's quite good. And what we present to the airline, or the engine owner is an alternative to that party managing their own engine maintenance. And what we show them is that we can save them time and money and then we can deliver a lot of flexibility with how they want to have their power delivered to them.

我認為，關於客戶接待問題，顯然，這是相當不錯的。我們向航空公司或發動機所有者提供的是他們自行管理發動機維護的替代方案。我們向他們展示的是，我們可以為他們節省時間和金錢，並且我們可以在他們希望如何獲得電力方面提供很大的靈活性。

So when you go through the advantages, they're significant and most airlines realize that if they manage their own engine maintenance, that it is a very -- it's an exercise that has very little upside and potentially significantly -- significant downside in cost overruns. And every airline we've ever met has had that happen.

因此，當您了解這些優勢時，它們非常顯著，而且大多數航空公司都意識到，如果他們自己管理發動機維護，那麼這將是一項非常 — — 幾乎沒有好處的做法，而且可能會帶來顯著 — — 顯著的壞處，即成本超支。我們遇到的每家航空公司都遇到過這種情況。

So you're presenting something that say, here's a better idea that you save money and you eliminate all the risk of overruns and people nod their heads and say, wow, that's incredible. What am I missing? And the answer is nothing. And so we've pretty much been able to introduce that concept to everybody in the world. And people originally said, well, you're probably not going to do the big airlines, but we found that, yes, we can do the big airlines.

所以你提出一些東西說，這是一個更好的主意，可以省錢，消除所有超支的風險，人們點頭說，哇，這太不可思議了。我錯過了什麼？答案是沒有。因此，我們幾乎已經能夠向世界上的每個人介紹這個概念。人們最初說，你可能不會與大型航空公司合作，但我們發現，是的，我們可以與大型航空公司合作。

And the same advantages can be delivered to any customer really. So as we continue to do that, and I don't think we've ever had a customer that was unhappy with the product or anything delivered has been done at the highest quality and it performs well, and people have all come back for more.

並且確實可以為任何客戶提供相同的優勢。因此，隨著我們繼續這樣做，我認為我們從來沒有遇到過對產品不滿意的客戶，我們交付的任何產品都是以最高品質完成的，並且性能良好，人們都回來購買更多產品。

And so that's our job is to really just now -- now that we've introduced it, get people to try it now is to just keep growing with them to become a bigger and bigger source of their engine requirements as they grow. And in particular, as platforms age, as the 737NGs and A320s age, people are more and more likely to outsource more and more activity.

所以，我們現在的工作就是──既然我們已經推出了它，讓人們嘗試它，就是隨著他們的成長而不斷成長，成為他們引擎需求越來越大的來源。特別是隨著平台老化，隨著 737NG 和 A320 的老化，人們越來越有可能將越來越多的活動外包。

So I've always said that market share is not a static number. It goes up as platforms age. So once you get into the system, and you are an alternative that's always available, we think we're the easy button and people will just keep using us more and more.

所以我一直說市佔率不是一個靜態的數字。隨著平台的老化，這個數字也會上升。因此，一旦你進入系統，你就是一個始終可用的替代方案，我們認為我們是一個簡單的按鈕，人們會越來越多地使用我們。

And look, in hindsight, looking at 2025, you'll get to 750 modules. I mean this is pretty impressive considering this is an initiative you've only started a few years ago. So I guess with the capacity that you've talked about of having 1,800 for the CFM56 module, can you talk about how quickly you could get there? What are the key bottlenecks? Is it labor? I saw you started out your university. How does this -- how quickly can you get there? And then also, once you get to that 1,800 capacity per year, what are the economics of that kind of business model?

現在回想起來，到 2025 年，你將獲得 750 個模組。我的意思是，考慮到這是你幾年前才開始的一項舉措，這已經相當令人印象深刻了。因此，我想，就您所說的 CFM56 模組的產能而言，您能談談多快可以實現這一目標嗎？關鍵瓶頸是什麼？是勞力嗎？我看到你剛開始上大學。這是怎麼回事──你多快能到達那裡？而且，一旦達到每年 1,800 輛的產能，這種商業模式的經濟效益如何？

Hi, Kristine. This is David. I'll take that. So we expect to get to around that 1,800 production in the next two years. The number one constraint for us is technicians, specifically, let's say, the young technician. At each of the facilities, we have a really experienced workforce that has many, many years of experience.

你好，克里斯汀。這是大衛。我會接受的。因此我們預計未來兩年產量將達到 1,800 輛左右。對我們來說，最大的限制因素是技術人員，具體來說，就是年輕的技術人員。在每個工廠，我們都擁有經驗豐富的員工隊伍，他們擁有多年的工作經驗。

However, we do need to continue to hire young technicians. And what we've done proactively is really two things. Number one is we've developed a training academy in Montreal. What that is, is a partnership with the local schools where we take internships, and we have the students graduate and we teach alongside the schools. That provides us a high retention rate to be able to take the best students into offering them full time.

然而，我們確實需要繼續僱用年輕的技術人員。我們主動採取的措施其實有兩件事。首先，我們在蒙特婁建立了一所訓練學院。那就是與當地學校建立合作關係，我們在當地學校實習，學生畢業後，我們與學校一起教學。這為我們提供了較高的保留率，使我們能夠招收最優秀的學生並讓他們全職學習。

The second piece is we've created a training center. And what that is, is effectively we're pulling folks before starting them on the production line, new hires, they go into an immersive learning experience. And with that, we've rolled out an augmented reality. So what technicians are able to do is through an augmented reality. So through an iPad or through an Oculus-type device, they're able to assemble and disassemble engines.

第二部分是我們創建了一個培訓中心。實際上，我們在新員工上生產線之前就對他們進行了培訓，讓他們獲得了沉浸式的學習體驗。由此，我們推出了擴增實境。因此技術人員能夠透過擴增實境來實現。因此，透過 iPad 或 Oculus 類型的設備，他們能夠組裝和拆卸引擎。

The way that, that's done historically is through the manuals. So it's text-based. It's very difficult to pick up the learning curve. Now being able to simulate that, you're able to learn a lot faster. So the curve of learning has improved significantly, and we believe that's a competitive advantage that we have versus anyone else in the world.

從歷史上看，實現這一目標的方法是透過手冊。所以它是基於文本的。掌握學習曲線非常困難。現在能夠模擬這一點，你就能學得更快。因此，學習曲線得到了顯著改善，我們相信這是我們相對於世界任何其他人的競爭優勢。

So we feel very good about our -- having the ability to control our future by being able to hire based on the efforts that we're doing today.

因此，我們感到非常高興——我們能夠根據今天所做的努力來招募人才，從而掌控我們的未來。

And I think particularly the Montreal market and the Rome market are very good markets to hire talent. If you think about -- we've acquired three different maintenance facilities that were formerly airline engine shops that went -- basically, went out of business. It was in Montreal, it was Air Canada. In Miami, it was once the Pan Am shop. And then in Rome, it was Alitalia.

我認為蒙特婁市場和羅馬市場是招募人才的絕佳市場。如果你仔細想想——我們已經收購了三家不同的維修廠，它們以前是航空發動機修理廠，基本上都倒閉了。那是在蒙特婁，是加拿大航空。在邁阿密，它曾經是泛美航空的商店。然後在羅馬，是義大利航空公司。

And they had full operations at the peak. They had tooling. They had a good workforce and then they just shut the facilities down. And so what we are unique in that we actually bring volume. So we were able to acquire those facilities at much less than replacement cost and bring our volume immediately, and we become a very attractive opportunity for mechanics in the area because we have the business and many people, for instance, want to rather live in Rome and live in Northern Europe.

他們在巔峰時期就已經全面投入營運。他們有工具。他們擁有優秀的勞動力，但他們卻關閉了工廠。我們的獨特之處在於我們確實帶來了數量。因此，我們能夠以遠低於重置成本的價格收購這些設施，並立即帶來產量，而且我們對該地區的機械師來說是一個非常有吸引力的機會，因為我們有業務，而且許多人寧願住在羅馬或北歐。

So there's a lot of advantages that we offer. I think acquiring additional maintenance capability on a similar basis is very doable. So if we get to the point where we think we need more another facility, I think there'll be good options to do that if we choose to.

所以我們提供了很多優勢。我認為在類似基礎上獲得額外的維護能力是非常可行的。因此，如果我們認為我們需要更多其他設施，我認為如果我們選擇這樣做的話，會有很好的選擇。

Great. And if I could sneak in one last one. Joe, you already mentioned for the acquisition of the Pacific Aerodynamic, it sounds like the return period there is actually a year or maybe even less. So does this mean that you plan to expand out more repair capabilities? Can you expand more regarding your M&A strategy and how we should think about potential deals?

偉大的。如果我能偷偷地再做最後一次。喬，你已經提到了對太平洋航空​​動力公司的收購，聽起來回報期實際上是一年甚至更短。那麼這是否意味著您計劃擴展更多的維修能力？您能否進一步闡述您的併購策略以及我們應該如何看待潛在的交易？

Yeah. I think the answer is yes. And I think filling in some of the holes on piece part and component repairs is a further vertical integration of our strategy. If you think back in the early days, what we decided is our first investment was in PMA manufacturing, then we acquired maintenance facilities. And then we entered into a carve-out venture.

是的。我認為答案是肯定的。我認為填補零件和零件維修方面的一些漏洞是我們策略的進一步垂直整合。如果回想一下早期，我們決定的第一筆投資是 PMA 製造，然後我們收購了維護設施。然後我們進入了一項剝離業務。

So we sort of approached all the various elements of the shop visit. And the last that we've been talking about most recently is piece part repair because a lot of parts go back into an engine, but before they can go back into an engine, somebody has to do something to it. And usually, those are a lot of third-party vendors.

因此，我們處理了商店訪問的各個要素。我們最近一直在談論的是零件修理，因為很多零件都需要重新裝入發動機，但在它們重新裝入發動機之前，必須有人對其進行一些處理。通常，這些都是第三方供應商。

And so that's our focus for M&A. And as I said, because we have a significant advantage that we can deliver, if our goal ultimately is to do 600, 700 shop visits a year, we are the largest user of services in the world for that engine by far.

這就是我們的併購重點。正如我所說的，由於我們擁有顯著的優勢，如果我們的最終目標是每年進行 600 到 700 次維修，那麼我們迄今為止就是該引擎在世界上服務的最大用戶。

David, do you want to add any?

大衛，你想加什麼嗎？

Yes. Just we've previously disclosed that in the Montreal facility, we have repair capability for 70% of the piece parts. So we're looking to fill the gap, the remainder of the 30%. So Pacific Aerodynamic is an example of that. And we think we can do targeted investments to continue to add capabilities, which increase margin and then give us control on the production side.

是的。我們之前曾透露，在蒙特婁工廠，我們擁有 70% 零件的維修能力。因此，我們希望填補剩餘的 30% 的空白。太平洋航空​​動力公司就是一個例子。我們認為，我們可以進行有針對性的投資，繼續增加產能，從而提高利潤率，並讓我們能夠控制生產方面。

Giuliano Bologna, Compass Point.

朱利亞諾·博洛尼亞，指南針點。

Congrats on just the continued incredible performance on the Aerospace Products side. One thing I wanted to kind of pick your brain about is the growth in the Aerospace Products segment is accelerating or reaccelerating at this point. I'm curious what you think is specifically driving that today and how durable those trends are?

恭喜航空航天產品方面繼續取得令人難以置信的表現。我想向您請教的一件事是，航空航太產品領域的成長目前正在加速或重新加速。我很好奇您認為今天具體是什麼推動了這一趨勢以及這些趨勢能持續多久？

And then along the same lines, I'm curious if there's any kind of trigger events out there in the industry that would help accelerate the growth or at least and/or continue the accelerated growth rate, whether it's transitioning midlife aircraft from larger airline to smaller airlines or rolling out the SCI vehicles or anything along those lines?

然後沿著同樣的思路，我很好奇行業中是否存在任何類型的觸發事件，可以幫助加速增長或至少保持加速增長率，無論是將中年飛機從大型航空公司過渡到小型航空公司，還是推出 SCI 車輛或類似的事情？

Yeah. So I would say the underlying dynamic to the adoption is really an airline or an owner avoiding a shop visit, having to manage a shop visit and invest in that maintenance activity when it can go very different than they think at the beginning. So it's -- that's what drives a lot of the customer activity in the front end.

是的。因此，我認為採用這種方案的根本原因實際上是航空公司或業主避免去維修廠，而必須管理去維修廠並投資於維護活動，因為實際情況可能與他們最初的想法大相徑庭。所以這就是推動前端大量客戶活動的因素。

And then everything that happens after that is positive for us in that as platforms age, as big airlines start to sell off older -- the current generation tech to smaller airlines, the fleet gets more spread out, the availability of parts goes down, the interest in investing in full performance restorations decreases. All of those things, those trends that happen as the platform ages will keep driving growth for us because all those trends favor us doing the maintenance as compared to anyone else.

之後發生的一切對我們來說都是積極的，因為隨著平台老化，隨著大型航空公司開始向小型航空公司出售較舊的——當前一代技術，機隊變得更加分散，零件的可用性下降，對投資全面性能恢復的興趣降低。所有這些事情，這些隨著平台老化而出現的趨勢將繼續推動我們的成長，因為與其他任何人相比，所有這些趨勢都有利於我們進行維護。

And this is very much a scale business. I mean, as I've said many times, the bigger you get, the better you get. There's no question about it. And if you can establish the fact that you are the largest vendor, you're the largest supplier, you largest buyer, you're the largest owner, you win and you keep winning more every year because there's less and less in your way.

這是一個規模很大的生意。我的意思是，正如我多次說過的，你越大，你就越好。毫無疑問。如果你能證明自己是最大的供應商、最大的供貨商、最大的買家、最大的業主，你就能獲勝，而且每年都能贏得更多，因為你面臨的障礙越來越少。

And if I could add, the strategic capital is an accelerant to capture market share. So the strategic capital, as we mentioned, represents 20% of our sales in aerospace. However, behind every single one of those sales is an airline. So ultimately, the airline needs to approve the module or the engine. So they're seeing the actual module exchange happen, and they're benefiting from that.

而我可以補充的是，戰略資本是奪取市場份額的加速器。正如我們所提到的，戰略資本占我們航空航太銷售額的 20%。然而，每一筆銷售的背後都有一家航空公司。因此最終，航空公司需要批准該模組或發動機。因此他們看到了實際的模組交換的發生，並且從中受益。

So there's no better sales pitch than actually executing on that exchange. And what we're able to see is a lot of cross-selling that comes about after that. Today, the strategic capital is around 50 customers. As we mentioned, we're about halfway there. So let's say, that would represent -- each vehicle could represent around 100 customers. So we see that all as being an accelerant to growth in our aerospace.

因此，沒有比在該交易所實際執行更好的銷售宣傳了。我們看到的是，此後出現了大量的交叉銷售。如今，策略資本擁有約 50 個客戶。正如我們所提到的，我們已經完成了一半。假設，每輛車可以代表大約 100 名客戶。因此，我們認為這一切都將促進我們航空航太業的發展。

And if you look across our entire business, you count Leasing and Aerospace Products and SCI, we have over 250 customers today, which is a pretty significant number because if you think about the ecosystem of current generation aircraft and engines, that's a significant touch point for us.

如果你看看我們的整個業務，算上租賃和航空航天產品以及 SCI，我們今天有超過 250 個客戶，這是一個相當可觀的數字，因為如果你考慮當前一代飛機和發動機的生態系統，這對我們來說是一個重要的接觸點。

And as David said, once you're doing business with one side of the airline, they look at us as the same entity no matter what pocket the money is in. So to us, it just gets better and better.

正如大衛所說，一旦你與航空公司的一方做生意，他們就會把我們視為同一個實體，無論錢在哪個口袋裡。所以對我們來說，情況只會越來越好。

Josh Sullivan, The Benchmark Company.

喬許·沙利文（Josh Sullivan），基準公司。

Congratulations for the quarter. Joe, just following up on a strategic capital question. Now that the first one is off and running, how should we be thinking about SCI 2 at this point? And then maybe beyond, what's your sense on how the SCI model is evolving into a repeatable relationship at this point?

恭喜本季。喬，我只是想問一下戰略資本問題。現在第一個已經啟動並運行，我們現在應該如何考慮 SCI 2 呢？然後也許除此之外，您認為 SCI 模型目前如何演變為可重複的關係？

I mean we couldn't be happier about where we are right now. It was -- obviously, when you start something new, there's a bit of an unknown. It felt like a big number and it felt like ambitious, but we're executing very well. We're -- as we mentioned, 145 aircraft owned or under LOI, 50 customers, a big pipeline of activity, returns in line with what we hoped, if not better. So it checks all the boxes.

我的意思是我們對現在的處境感到非常高興。顯然，當你開始做一件新的事情時，總是會有一些未知的東西。這個數字看起來很大，而且雄心勃勃，但我們執行得非常好。正如我們所提到的，我們擁有 145 架自有或意向書 (LOI) 下的飛機、50 個客戶、大量的活動管道，回報符合我們的預期，甚至更好。所以它檢查了所有的箱子。

So we will most likely decide on SCI 2 in the third quarter or fourth quarter this year, we'll make a decision about going ahead on that. But as I said as it sits today, it looks sort of much higher probability that will happen given where we are today. So I think it just not there yet, but obviously, it's on a really, really good path.

因此，我們很可能會在今年第三季或第四季就 SCI 2 做出決定，我們將決定是否繼續推進這項計畫。但正如我今天所說，考慮到我們目前的狀況，發生這種情況的可能性似乎要高得多。所以我認為它還沒有達到那個程度，但顯然，它正走在一條非常非常好的道路上。

I think we laid out, we sort of said if -- just do the math, if you can do $4 billion a year, 250 aircraft a year, in four or five years, you're going to own over 1,000 airplanes. Now there's 14,000 of them out there in that universe. So it's not -- it doesn't seem like that's a huge percent, but that's a lot of airplanes, and that would make us the biggest owner of current generation aircraft in the world, including any airline that I can think of.

我想我們已經制定好了計劃，我們說過——只要算一下，如果你每年可以投入 40 億美元，每年生產 250 架飛機，那麼在四五年內，你將擁有超過 1,000 架飛機。現在宇宙中已經有 14,000 個這樣的星係了。所以，這似乎不是一個很大的百分比，但飛機數量卻很多，這將使我們成為世界上最大的當代飛機擁有者，包括我能想到的任何航空公司。

So you then become the largest counterparty for all that activity, and it's going to direct a lot of business that we can control and other things around the airplane and the aircraft. So the concentric circles get bigger, and I think it just keeps giving you more and more sort of leverage in the marketplace. And so we're very excited. We see it as on track with that goal, and we're able to achieve that goal. It's phenomenal.

因此，您就成為所有這些活動的最大交易對手，並且它將指導我們可以控制的許多業務以及與飛機和航空器相關的其他事務。因此同心圓變得越來越大，我認為這只會給你在市場上越來越大的影響力。因此我們非常興奮。我們認為我們正在朝著這個目標前進，而且我們能夠實現這個目標。這真是太驚人了。

Got it. And then maybe another forward-looking perspective. I guess what's your view on when you might entertain starting to really earnestly look into assets either around the LEAP or GTF engine?

知道了。然後也許還有另一個前瞻性的觀點。我想問一下，您何時會開始認真考慮研究 LEAP 或 GTF 引擎周圍的資產？

I think it's still 2028, 2029. Both engines have new parts that are -- have been -- either have been introduced or being introduced this year and next year. So obviously, you want to see those platforms stabilize before you start acquiring assets because you're changing parts, you'd rather not own the previous version. That's one.

我認為還是2028年、2029年。這兩款引擎都配備了新零件，這些零件要么已經推出，要么將在今年和明年推出。因此，顯然，您希望在開始收購資產之前看到這些平台穩定下來，因為您正在更換零件，您寧願不擁有以前的版本。那是一個。

And then secondly, it's the number of engines that come off of the power by the hour programs is an important metric. So you want to have enough engines available to do what we do, which is to manage our own shop visits.

其次，以小時計算的引擎斷電數量是一個重要指標。因此，您希望擁有足夠的引擎來完成我們的工作，即管理我們自己的店鋪訪問。

And then thirdly, it's just going to be economics. You're going to look at where is the price, where can you enter. And usually, it happens around the time when a new engine -- another new engine is introduced or at least announced that tends to drive secondary market prices down. So those are the kind of the three things we would be looking at, but I think it's tight 2028, 2029.

第三，這只是經濟學問題。你要看看價格在哪裡，你可以從哪裡進入。通常，這種情況發生在新引擎推出或至少宣布新引擎推出時，這往往會拉低二級市場價格。所以這些就是我們要考慮的三件事，但我認為 2028 年、2029 年是比較緊張的。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Joe, I was wondering if you could give us an update on PMA because I feel we've been waiting for a while for the third and fourth and fifth parts to come out here. Is there anything you can talk about there?

喬，我想知道您是否可以向我們提供有關 PMA 的最新消息，因為我覺得我們已經等待第三、第四和第五部分發布有一段時間了。那裡有什麼可以談的嗎？

Yeah. So -- but I've always said it's worth the wait. I think Chromalloy has said publicly now that the third part, which is the most expensive part in the shop visit is the final application was submitted to the FAA by May 1.

是的。所以——但我一直說這是值得等待的。我認為 Chromalloy 現在已經公開表示，第三部分，也就是此次維修中最昂貴的部分，是最終申請，已於 5 月 1 日提交給 FAA。

So they've disclosed that. And when asked what that means for their expectation of approval, they indicated that the previous hot section blade that they had approved was a V2500 T2 blade took six months from final application approval.

所以他們披露了這一點。當被問及這對他們的批准預期意味著什麼時，他們表示，他們之前批准的熱段葉片是 V2500 T2 葉片，從最終申請批准到現在花了六個月的時間。

So they've sort of guided people to think October. And so that's very specific. As we mentioned, the third part is the most significant contributor to savings for us. So that's kind of the bright line of that. The fourth and fifth parts will be 2026, no specific guidance on those yet, and they're -- I would say they're nice to have, but less important. The big one is the next is the blade.

所以他們引導人們思考十月。這是非常具體的。正如我們所提到的，第三部分是我們節省開支的最重要因素。這就是一條光明的界線。第四部分和第五部分將在 2026 年發布，目前還沒有關於這些方面的具體指導，我想說，有它們很好，但不太重要。最大的一個是下一個是刀片。

Okay. And then I wanted to come back to the US airline deal that you mentioned, Joe, because I think you commented that maybe it's a little bit lower margin, but is there like a recurring element to this and maybe a structure of a deal that you can replicate more globally?

好的。然後我想回到你提到的美國航空公司交易，喬，因為我認為你評論說也許利潤率會低一點，但這其中是否存在一個重複出現的因素，或者一個你可以在全球範圍內複製的交易結構？

We have several structures. This particular deal was probably full performance restorations, large ticket exchanges. So it was a little bit of one part of it. But we have other products, could be module swaps, could be engine programs powered by sort of perpetual power deals, all of which are in mix. I think this is probably -- it's a high dollar contributor, but it's a lower margin contributor. So I think that the -- to the extent that the mix becomes a more normal mix, the margins will revert to more normal margins.

我們有幾種結構。這項特別的交易可能是全面的性能恢復和大額票務交換。所以這只是其中一小部分。但是我們還有其他產品，可能是模組交換，可能是由永久電力交易驅動的引擎程序，所有這些都是混合的。我認為這可能是——它是一個高美元貢獻者，但它是一個低利潤貢獻者。所以我認為，當組合變得更加正常時，利潤率將恢復到更正常的水平。

Myles Walton.

邁爾斯·沃爾頓。

Wolfe Research. Given the paydown of the revolver, the expectation for further positive free cash flow, Joe, you alluded to returning capital as something you'd look forward to. Can you maybe size how share repurchase fits in that scheme, where your leverage comfort levels are and what the quantum might be and timing?

沃爾夫研究。考慮到循環貸款的償還，以及對進一步的正自由現金流的預期，喬，你提到返還資本是你期待的事情。您能否確定股票回購在該計劃中如何適用，您的槓桿舒適度是多少，以及數量和時間是多少？

Yeah. So I think -- what we indicated is we expect to achieve our goal with the rating agencies this year given the financial performance. So we hope to check that box very soon. I think anything under 3x debt to total EBITDA is a perfectly comfortable acceptable level for us in terms of leverage and should sustain that kind of rating.

是的。所以我認為——我們表明的是，根據財務表現，我們預計今年我們將與評級機構實現我們的目標。因此我們希望很快就能實現這一目標。我認為，就槓桿率而言，債務與 EBITDA 總額之比低於 3 倍的任何水平對我們來說都是完全可以接受的水平，並且應該能夠維持這種評級。

And then you look to what's out there in terms of growth CapEx. As we've said before, we are first and foremost, have been a growth company. And to the extent that we can accelerate going from our goal of 25% market share with good acquisitions or good investments, we will prioritize that. So that will be the second thing we would look at.

然後你再看看成長資本支出方面的狀況。正如我們之前所說，我們首先是一家成長型公司。如果我們能夠透過良好的收購或投資來加速實現 25% 的市佔率目標，那麼我們將優先考慮這一點。所以這是我們要考慮的第二件事。

And then beyond that, I think share buybacks would be top of the list. And the question is how much cash and liquidity do you need to maintain in the company, and it's probably around the levels where we are right now. So anything incremental will become available for that for share buybacks.

除此之外，我認為股票回購將是最重要的。問題是你需要在公司維持多少現金和流動性，這可能與我們目前的水平差不多。因此，任何增量都將用於股票回購。

Okay. So conceptually, the second half of the year's free cash flow is sort of unspoken for at this point and could be looked at in that regard?

好的。那麼從概念上來說，今年下半年的自由現金流目前還沒有被提及，可以從這個角度來看嗎？

Yeah.

是的。

Okay. One other question, which alludes to it is it sounds like you're running a lighter capital portfolio. The SCI is working. The CFM56 engine target portfolio has been reduced to 350 to 400 engines. That's the same level of engine activity that -- or ownership you had when you were a quarter the size you are today. Is this 350 to 400 CFM56 engines more of a multiyear look? Or is it a current year look that grows into '26?

好的。另一個問題暗示了這一點，聽起來您正在管理一個較輕的資本投資組合。SCI 正在發揮作用。CFM56引擎目標組合已減少至350至400台。這與你們規模只有現在的四分之一時的引擎活動水準或所有權水準相同。這 350 至 400 台 CFM56 引擎看起來更像是多年引擎嗎？或者它是今年的風格，並延續到 26 年？

I think it feels sustainable in that we also have the benefit of the engines that are in SCI, which are effectively under management. So we thought about how many engines do you need to have availability to show your customers that you can always deliver one.

我認為它是可持續的，因為我們也受益於 SCI 中的引擎，這些引擎得到了有效的管理。因此，我們考慮需要多少台引擎可用才能向客戶表明您始終可以交付一台。

And we feel that because the SCI is managed by FTAI and those engines are under contracts, once they run out to be turned, it effectively gives us more an extended inventory, one step removed from owned, but pretty close to owned. So I think that's what's given us the opportunity to be even a little bit less capital intensive.

我們認為，由於 SCI 由 FTAI 管理，並且這些發動機都簽訂了合同，因此一旦它們用完即可進行維修，這實際上為我們提供了更多的擴展庫存，距離自有庫存還有一步之遙，但非常接近自有庫存。所以我認為這給了我們機會，讓我們的資本密集度更低一些。

Brian Mckenna, Citizens Bank.

布萊恩·麥肯納，公民銀行。

Okay. Just a follow-up on SCI. I'm curious what the feedback has been over the last quarter or so from the alternative asset management industry, given the early success of the vehicle? I'm assuming some of these managers took a wait-and-see approach in terms of investing in the vehicle. But given that they're all focused on delivering excess return for their investors and that industry is really short high-quality assets.

好的。只是 SCI 的後續。鑑於該工具早期的成功，我很好奇過去一個季度左右另類資產管理行業的反饋如何？我猜測其中一些經理在投資該工具方面採取了觀望態度。但考慮到他們都專注於為投資者帶來超額回報，而該行業確實缺乏優質資產。

I'm curious what you're hearing from them in terms of FTAI's ability to drive excess returns for them, given your set of capabilities here and then what this could ultimately mean for demand for SCI longer term?

我很好奇，考慮到您在這方面的能力，您從他們那裡聽到了什麼關於 FTAI 為他們帶來超額回報的能力的消息，那麼這最終對 SCI 的長期需求意味著什麼？

I mean it's very positive. And I think the -- every investor has a different time line for how long it takes to get things approved. So I don't feel like anybody is taking a wait-and-see approach. I think they were basically operating within the constraints of what their system allows. And there are vastly different time lines to get approvals for people.

我的意思是這是非常積極的。我認為，每個投資者對於獲得批准所需的時間都有不同的時間表。因此我覺得沒有人採取觀望態度。我認為他們基本上是在其係統允許的限制範圍內運作的。而且，人們獲得批准的時間安排也有很大差異。

But we have a great group of investors, great names. All of them, to my knowledge, want to be repeat investors. And to the extent we deliver the returns that we've forecast, then they'll be in for SCI 2 and SCI 3 and SCI 4. So we feel like the backdrop is great. The demand for the supply of capital is significant. It's diversified, and it's exactly what we really hoped for.

但我們擁有一群優秀的投資者，他們的名字都很大聲。據我所知，他們都想成為重複投資者。如果我們實現了所預測的回報，那麼這些回報將會出現在 SCI 2、SCI 3 和 SCI 4 中。所以我們覺得背景很棒。資本供應的需求很大。它是多樣化的，這正是我們真正希望的。

Okay. That's helpful. And then with respect to your debt capital, I know you don't have any maturities until 2028, but a few of the tranches of your notes still have coupons at or above 7%. Given that these are trading north of 100 today, I mean, is there an opportunity to refinance these in the coming quarters and further reduce the cost of capital? And then what could this ultimately mean for your bond ratings over time?

好的。這很有幫助。關於您的債務資本，我知道您的債券直到 2028 年才到期，但您的部分票據的票面利率仍然達到或超過 7%。鑑於這些股票今天的交易價格已超過 100，我的意思是，是否有機會在未來幾季內對其進行再融資並進一步降低資本成本？那麼，這對您的長期債券評級最終意味著什麼？

Well, I think the bond raise, as we said, we want to get to BB, strong BB. I mean, we could argue or I have argued that it could be investment grade, but we don't really see doing anything operational that would compromise the way we run our business to get there.

嗯，我認為債券發行，正如我們所說的，我們希望達到 BB，強勁的 BB。我的意思是，我們可以爭辯說或者我已經爭辯說它可能是投資級的，但我們確實不認為採取任何行動會損害我們經營業務的方式來實現這一目標。

So I think we effectively will trade close to investment grade. There could be some opportunities to reduce debt. Right now, nothing is callable. So it would be an exercise in math. It's probably -- it may not be worth the fees that you have to invest to do at the moment, but we obviously definitely will look at that as cost of debt is coming down for us.

因此我認為我們的交易實際上將接近投資等級。可能存在一些減少債務的機會。目前，還沒有任何可以調用的東西。所以這將是一項數學練習。這可能——目前可能不值得您投資費用，但隨著債務成本的下降，我們顯然會考慮這一點。

Ken Herbert, RBC CM.

肯·赫伯特 (Ken Herbert)，RBC CM。

Maybe a question for Joe or David. I'm just curious for the increased throughput and efficiency you saw in the shops in the second quarter. What are you seeing in terms of material availability or lead times on spare parts into the shop? And how much of an improvement was that in the efficiency or productivity?

這可能是針對喬或大衛的一個問題。我只是好奇您在第二季度看到的商店的產量和效率的提高。就材料供應情況或備件進入車間的交貨時間而言，您看到的情況如何？那麼效率或生產力的提升有多大呢？

Ken, I'll take this. This is David. So our inventory strategy is unique to anyone else in the world and where we're procuring parts in advance, and we're not idling for parts to come back from shops. So what that means is that we're effectively kitting modules ahead of time, and then we're providing the replacement kits. And then the off parts go for repair and then they come back into the pool of inventory.

肯，我要這個。這是大衛。因此，我們的庫存策略在世界上是獨一無二的，我們提前採購零件，並且不會閒著等待零件從商店回來。這意味著我們會提前有效地組裝模組，然後提供替換套件。然後，損壞的零件就會被送去修理，然後重新回到庫存池中。

So we've been very proactive of buying the right parts at the right time. I'd say moreover, specifically, we've seen a trend where there's a lot of demand for core modules. We see that continuing in the back half of this year into next year. So we've been very opportunistic in the last, I'd say, three to four years buying specific core LLPs to be able to build engines. So we feel very good about our inventory levels.

因此，我們一直非常積極地在正確的時間購買正確的零件。此外，我想說的是，具體來說，我們已經看到了對核心模組的需求很大的趨勢。我們認為這種情況將在今年下半年和明年持續下去。因此，我想說，在過去的三到四年裡，我們一直抓住機會，購買特定的核心 LLP 來製造引擎。因此，我們對我們的庫存水準感到非常滿意。

It's probably going to be -- this is probably the highest it will be. We see that probably coming down over time. But again, we were procuring parts in advance for this core module production that we expect in the back half of this year into next year. A lot of that is because of capabilities that we're adding in the core as well as our PMA that we hope to come online soon. And then --

這可能是——這可能是最高的。我們認為這一數字可能會隨著時間的推移而下降。但是，我們提前採購了這個核心模組的零件，預計生產將在今年下半年到明年進行。這在很大程度上是因為我們正在核心中添加的功能以及我們希望很快上線的 PMA。進而--

Go ahead, sorry.

繼續吧，抱歉。

Yes. One thing that I did allude earlier was turnaround time on -- and that also is going to contribute to lower inventory levels. Just to repeat those numbers, we went from 83 days of turnaround time in Q1 to 66 in Q2. So that was a pretty strong improvement quarter over quarter.

是的。我之前提到的一件事是周轉時間——這也有助於降低庫存水準。重複這些數字，我們的周轉時間從第一季的 83 天縮短到了第二季的 66 天。因此，與上一季相比，這是一個相當強勁的進步。

Was that turnaround time comment specific to Montreal? Or is that across the network?

這個週轉時間評論是專門針對蒙特利爾的嗎？還是透過網路？

That's specific to Montreal.

這是蒙特婁特有的。

Okay. And if I could, just as a follow-up, one of the primary dynamics of the market over the last few years has been the surge in value of both the new generation and legacy generation engines. As you think about your business model over the next couple of years, as we see value on the CFM56 and the V25, maybe the rate of growth slow or even potentially start to come in a little bit.

好的。如果可以的話，作為後續問題，過去幾年市場的主要動態之一是新一代和傳統一代引擎價值的飆升。當您考慮未來幾年的商業模式時，我們看到了 CFM56 和 V25 的價值，也許成長率會放緩，甚至可能開始下降一點。

I can appreciate that will have a lot of impacts on your business. But how are you thinking about value of the legacy engines in particular, over the next one to two years? And what does that imply for your business as we start to maybe see that rate of growth slow or certainly eventually start to come down?

我知道這會對您的業務產生很大影響。但是，您如何看待未來一到兩年內傳統引擎的價值？當我們開始看到成長率放緩或最終開始下降時，這對您的業務意味著什麼？

We fully expect it to the rate of growth to slow and for it to come down. I think that's perfectly normal. And our business is really a spread relative value business. So what we do is we buy run out engines, we rebuild them and then we go to market to sell lease or exchange. And so we don't need an increase in price to keep generating the business and the growth that we're forecasting.

我們完全預計成長率將會放緩並下降。我認為這是完全正常的。我們的業務實際上是利差相對價值業務。因此，我們的做法是購買廢棄發動機，對其進行翻新，然後到市場上進行租賃或交換。因此，我們不需要提高價格來維持業務和我們預測的成長。

It's perfectly normal that, that would happen. There are two mitigants to that. One is that OEMs tend to raise prices regularly. So even if you have the same build on an engine, it's going to cost 7% more every succeeding year. So we do have replacement costs of assets tend to go up.

發生這種情況是完全正常的。有兩種方法可以緩解這個問題。一是OEM廠商往往會定期提高價格。因此，即使引擎的結構相同，其成本每年也會增加 7%。因此我們的資產重置成本確實趨於上升。

And then secondly, what I mentioned is that market share isn't a static number. It goes up as platforms age. So we fully expect parts price increases and market share gains to drive our growth, not price increases in secondary markets.

其次，我提到的市佔率不是一個靜態的數字。隨著平台的老化，這個數字也會上升。因此，我們完全預期零件價格上漲和市佔率成長將推動我們的成長，而不是二級市場的價格上漲。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Could you maybe break out a bit more what you're thinking around the Chinese opportunity through Rome?

您能否更詳細地闡述您對透過羅馬獲得中國機會的看法？

Yeah. This is David. I'll take that question. So we think that Chinese opportunity for us is a growth market. Just to give you some data around it.

是的。這是大衛。我來回答這個問題。因此我們認為，中國對我們來說是一個成長市場。只是為了給你一些相關數據。

So as far as the current 737 and A320ceo fleet, they represent about 20% of the world's fleet. However, if you look at their order book, their order book is around 4% of the total order book today. So what that means is these aircraft are going to operate much longer. And what that means is there's going to be more engine shop visits. So we see this as a growth opportunity.

就目前的 737 和 A320ceo 機隊而言，它們約佔全球機隊的 20%。然而，如果你看看他們的訂單簿，你會發現他們的訂單簿約佔今天總訂單簿的 4%。這意味著這些飛機的運行時間將會更長。這意味著需要更多次去引擎修理廠。因此，我們將此視為一個成長機會。

We're very excited about having the license because that allows us to be able to perform engine exchanges within China. And we've already started capturing some customers. So we're very excited about this opportunity. And again, it's a growth market for us.

我們對獲得許可證感到非常興奮，因為這使我們能夠在中國境內進行引擎交換。我們已經開始吸引一些客戶。所以我們對這個機會感到非常興奮。對我們來說，這是一個成長市場。

It's a perfect market for engine exchanges and module exchanges because they're going to want replacements on a regular basis, and there's not the capacity to do those shop visits locally. So it's a perfect setup for our model.

這是引擎交換和模組交換的完美市場，因為他們需要定期更換，而當地沒有能力進行這些維修到店。所以這對我們的模型來說是一個完美的設定。

Do you think you can maybe parse out exactly how material this could eventually be? Like are you targeting a specific percentage of mix overall? I mean, are the margins in any way accretive to overall mix? How should we think about that from the numbers?

您認為您能否分析出這最終會成為怎樣的實質問題？例如，您是否針對整體混合的特定百分比？我的意思是，利潤率是否會以某種方式增加整體組合？我們該如何從數字角度思考這個問題？

I think that we probably need another quarter or two to be able to intelligently address the market. We've just started doing business this year, and we have a pretty good list of prospects. And so I think that rather than sort of force a number too early, I think we need another quarter or two to answer that. I think the margins are fine. I mean, they're going to be great.

我認為我們可能還需要一兩個季度才能明智地應對市場。我們今年才剛開始做生意，我們有相當不錯的潛在客戶名單。因此，我認為我們不需要過早給出一個數字，而是需要再花一兩個季度的時間來回答這個問題。我認為利潤率很好。我的意思是，他們會變得很棒。

It's not a price-sensitive market. So I think that that's an easy one. But the size of the market, and I think it would be -- we'd be better served if we have a little more granularity into which customers we think can do what. But there's some very, very big customers there that need lots of engines. So it's not a small number. It's just a question of how big.

這不是一個對價格敏感的市場。所以我認為這很簡單。但就市場規模而言，我認為——如果我們能夠更詳細地了解哪些客戶可以做什麼，我們就能得到更好的服務。但那裡有一些非常大的客戶需要大量的引擎。所以這不是一個小數目。這只是規模有多大的問題。

Yeah. Yeah. No, that makes sense. And then if I could squeeze in another. Looking at the margin step down at AP, I mean, it's very clear that this was associated more one-off with a large North American order. But how should we expect the progression moving forward for AP as we go through the second half of '25 and into '26? I mean, are the prior targets that you've outlined in terms of step-up there still in play?

是的。是的。不，這很有道理。然後我是否可以再擠一點進去。從 AP 的利潤率下降來看，很明顯，這與北美的一筆大訂單有關。但是，當我們進入 25 年下半年併步入 26 年時，我們應該如何期待 AP 的發展？我的意思是，您之前提出的加強目標是否仍然有效？

Yeah. No, I think that for the rest of this year, I would -- we'll continue to be around the -- I think historically, we've been between 34% and 38%, somewhere in that range for the rest of 2025. And then I think 2026 is what I indicated in my remarks is we expect that margins to go to 40% plus next year and feel very good about that.

是的。不，我認為在今年剩餘時間內，我們會繼續保持在 - 我認為從歷史上看，我們的成長率一直在 34％ 到 38％ 之間，在 2025 年剩餘時間內將保持在這個範圍內。然後我認為 2026 年就是我在演講中所指出的，我們預計利潤率明年將達到 40% 以上，對此我們感到非常滿意。

I am showing no further questions at this time. I would now like to turn it back to Alan for closing remarks.

我目前沒有其他問題。現在我想請艾倫做最後發言。

Thank you, Brianna, and thank you all for participating in today's conference call. We look forward to updating you after Q3.

謝謝你，布莉安娜，也謝謝大家參加今天的電話會議。我們期待在第三季之後向您更新最新情況。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。