FTAI Aviation Ltd (FTAI) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the FTAI Aviation third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加FTAI Aviation 2025年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我謹將會議交給今天的第一位發言人，投資者關係主管艾倫·安德雷尼。請繼續。

Thank you, Marvin. I would like to welcome you, all, to the FTAI Aviation third-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，馬文。歡迎各位參加FTAI Aviation 2025年第三季財報電話會議。今天與我一同出席的有：執行長喬·亞當斯；財務長安吉拉·南；以及首席營運長大衛·莫雷諾。

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.

我們已在網站上發布了投資者簡報和新聞稿，如果您尚未下載，我們鼓勵您下載。另外，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 指標的調節情況可在收益補充文件中找到。

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.

在將電話交給喬之前，我想指出，今天所作的某些陳述屬於前瞻性陳述，包括有關未來收益的陳述。這些陳述本質上是不明確的，可能與實際結果有重大差異。

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.

我們建議您查看新聞稿和投資者簡報中有關非GAAP財務指標和前瞻性聲明的免責聲明，並查看我們向美國證券交易委員會提交的季度報告中所包含的風險因素。

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

現在我想把電話交給喬。

Thank you, Alan. 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。安吉拉將提供這些數據的詳細概述。但首先，我想重點介紹幾個關鍵更新。

Number one, we passed a significant milestone this month with the successful close on the final round of equity commitments for SCI, which is Strategic Capital Initiative Number I. We've had tremendous interest from institutional investors in the partnership throughout the year.

首先，本月我們成功完成了SCI（策略資本計畫第一期）最後一輪股權融資，這是一個重要的里程碑。今年以來，機構投資者對該合作項目表現出了極大的興趣。

And given this high level of demand, we have upsized the total equity capital of the 2025 partnership to $2 billion. FTAI will co-invest up to approximately $380 million, including the $152 million we have invested year to date for a 19% minority equity interest compared to our original expectation of 20%.

有鑑於市場需求旺盛，我們將2025年合作計畫的總股本增加至20億美元。 FTAI我們將共同投資至多約 3.8 億美元，其中包括我們今年迄今投資的 1.52 億美元，以獲得 19% 的少數股權，而我們最初的預期是 20%。

With the $500 million increase in equity capital, our new target is now to deploy over $6 billion in capital through the 2025 partnership, up from our previous target of $4 billion and double the original goal of $3 billion we announced in December of last year when we launched SCI. This expanded partnership corresponds to a larger total portfolio size of approximately 375 aircraft, with full deployment of capital now anticipated by mid-2026.

隨著股權資本增加 5 億美元，我們的新目標是透過 2025 年的合作關係部署超過 60 億美元的資本，高於我們先前 40 億美元的目標，也是去年 12 月我們推出 SCI 時宣布的 30 億美元原始目標的兩倍。此次擴大的合作關係意味著總資產規模將擴大至約 375 架飛機，預計到 2026 年年中將全面部署資金。

Today, we now have 190 aircraft either closed or under LOI commitment, and continue to have confidence and visibility from the SCI investments team on sourcing the remaining aircraft through a combination of lessor counterparties and direct sale-leaseback transactions with airlines.

目前，我們已有 190 架飛機完成交易或已簽署意向書，SCI 投資團隊對透過與出租方交易和與航空公司直接進行售後回租交易來獲取剩餘飛機充滿信心，並保持著良好的前景。

The successful $6 billion launch of this partnership creates significant value and positions FTAI for sustained, long-term earnings growth. The MRE agreement, which provides fixed price exchanges for all engines in the SCI portfolio, establishes a multiyear contractual pipeline of demand for rebuilt engines within our Aerospace Products segment.

這項價值 60 億美元的合作項目成功啟動，創造了巨大的價值，並為 FTAI 的持續長期獲利成長奠定了基礎。MRE 協議為 SCI 產品組合中的所有引擎提供固定價格交換，為我們的航空航太產品部門建立了多年期翻新引擎需求合約管道。

Additionally, our role as servicer and 19% minority equity investment is expected to generate attractive returns within our Aviation Leasing segment. For our equity partners, SCI represents a compelling opportunity of enhanced returns relative to the traditional Leasing business model. Through the MRE or maintenance-repair-exchange agreement, LPs benefit from higher, more predictable cash flows combined with lower residual risk across a highly diversified lessee pool.

此外，我們作為服務商的角色以及 19% 的少數股權投資預計將在我們的航空租賃業務領域產生可觀的回報。對於我們的股權合作夥伴而言，SCI 代表著相對於傳統租賃業務模式而言，具有更高的回報的巨大吸引力。透過 MRE 或維護-維修-交換協議，有限合夥人可以從高度多元化的承租人池中獲得更高、更可預測的現金流量以及更低的剩餘風險。

For our airline counterparties, engine exchanges also provide clear, meaningful value by eliminating the financial and operational risk and burden of managing engine shop visits. With this significant value proposition to all parties, FTAI, our equity LP partners, and airlines, we see strong opportunities -- opportunity to launch additional SCI partnerships each year going forward.

對我們的航空公司合作夥伴而言，引擎交換還能帶來清晰、有意義的價值，消除管理引擎維修的財務和營運風險及負擔。鑑於這一對各方（FTAI、我們的股權有限合夥人以及航空公司）都具有重大價值，我們看到了巨大的機會——未來每年都有更多機會推出SCI合作夥伴關係。

Turning now to Q3 results. Aerospace Products delivered another strong performance, generating $180 million in adjusted EBITDA at a 35% margin, up approximately 77% year over year. This positive momentum underscores the strong and accelerating global demand for prebuilt engines and modules in the CFM56 and V2500 aftermarket.

現在來看第三季業績。航空航太產品業務再次取得強勁業績，調整後 EBITDA 達到 1.8 億美元，利潤率為 35%，較去年同期成長約 77%。這一積極勢頭凸顯了全球對 CFM56 和 V2500 售後市場預製引擎和模組的強勁且不斷加速的需求。

We continue to see adoption of our Aerospace Products expanding across both new and existing customers, supplemented by our MRE agreement with the SCI. Airline operators and asset owners increasingly recognize FTAI as the most flexible, cost-efficient alternative to traditional shop visits, which are more expensive, more complex, and more time-consuming than a simple and cost-effective exchange with FTAI.

我們看到，我們的航空航太產品在新舊客戶中的應用不斷擴大，同時，我們與SCI達成的MRE協議也為此提供了支持。航空公司營運商和資產所有者越來越認識到，FTAI 是最靈活、最具成本效益的替代方案，可以取代傳統的現場維修，因為現場維修比使用 FTAI 進行簡單且經濟高效的維修更昂貴、更複雜、更耗時。

A recent example of this is Finnair, with whom we announced a multiyear perpetual power program. Through our scale, asset ownership, and extensive in-house maintenance capabilities, FTAI's engine exchanges help Finnair manage their maintenance costs, improve reliability, and ultimately, deliver a better service to their passengers.

最近的一個例子是芬蘭航空，我們與該公司宣布了一項多年期永續能源計畫。憑藉我們的規模、資產所有權和廣泛的內部維護能力，FTAI 的引擎更換服務幫助芬蘭航空控制維護成本、提高可靠性，並最終為乘客提供更好的服務。

The trend toward longer-term partnerships like Finnair is increasing. And we expect to announce additional new airline perpetual power programs in the future. Overall, we're confident our differentiated business model and competitive advantage places FTAI to be the long-term leader in engine aftermarket maintenance for these engine types. We're well positioned to achieve our goal of reaching 25% market share in the years ahead.

芬蘭航空等企業尋求建立長期合作關係的趨勢正在增強。我們預計未來還會宣布更多新的航空公司永磁動力計畫。總而言之，我們有信心憑藉我們差異化的商業模式和競爭優勢，FTAI 將成為這些引擎類型售後市場維護領域的長期領導者。我們已做好充分準備，在未來幾年內實現市佔率達到 25% 的目標。

Moving over to production, we refurbished 207 CFM56 modules this quarter between our three facilities in Montreal, Miami, and Rome, an increase of 13% versus the last quarter. And we remain on track for our goal of producing 750 modules in 2025.

再來看生產方面，本季我們在蒙特婁、邁阿密和羅馬的三個工廠共翻新了 207 個 CFM56 模組，比上一季成長了 13%。我們仍有望在 2025 年實現生產 750 個模組的目標。

In Montreal, our recently established training academy has also already enrolled over 100 trainees, who are graduating significantly faster than traditional methods; thanks to our technology-driven approach using virtual reality and AI technology protocols.

在蒙特利爾，我們新成立的培訓學院也已經招收了 100 多名學員，他們的畢業速度比傳統方法快得多；這要歸功於我們採用虛擬實境和人工智慧技術協議的技術驅動方法。

Combined with our emphasis on specialization and operational efficiencies, these initiatives are delivering measurable improvements in throughput and productivity. We remain confident in the trajectory of substantial production growth ahead as we scale the Montreal facility to capacity.

結合我們對專業化和營運效率的重視，這些措施正在提高產量和生產力，並帶來可衡量的改善。隨著蒙特婁工廠產能的提升，我們對未來產量大幅成長的前景依然充滿信心。

In Rome, our operations continue to develop at an impressive pace. We have successfully integrated FTAI's MRE operations with the facility and technicians from Rome, have conducted extensive training seminars at our Montreal Training Academy to improve skill development and optimize production efficiency.

在羅馬，我們的業務繼續以驚人的速度發展。我們已成功將 FTAI 的 MRE 營運與羅馬的設施和技術人員整合，並在蒙特利爾培訓學院舉辦了廣泛的培訓研討會，以提高技能發展和優化生產效率。

We're also actively investing in upgrading Rome's infrastructure and component repair capability, enabling heavier and more complex module repairs, which will position us to ramp production next year to double our 2025 target.

我們也積極投資升級羅馬的基礎設施和零件維修能力，從而能夠進行更重、更複雜的模組維修，這將使我們能夠在明年提高產量，實現 2025 年目標的兩倍。

We're also pleased to announce agreement to acquire ATOPS for approximately $15 million, an MRO with extensive CFM56 engine operations, strengthening our presence in Miami. This acquisition will transform our Miami MRE operations by complementing our nearby module and test cell facilities, adding expansion space and adding experienced technical staff to support increased production next year once the integration into our operation is complete.

我們也很高興地宣布，已達成協議以約 1500 萬美元收購 ATOPS，這是一家擁有大量 CFM56 發動機運營的 MRO 公司，這將加強我們在邁阿密的業務。此次收購將透過補充我們附近的模組和測試單元設施，增加擴建空間，並增加經驗豐富的技術人員，從而改變我們在邁阿密的 MRE 業務，並在整合到我們的營運後，支持明年增加產量。

Additionally, the purchase includes an ATOPS facility in Portugal, which will serve as a logistics and field service hub in coordination with our European operations in Rome. We've also made good progress in expanding our component repair capabilities through the launch of a 50/50 joint venture called Prime Engine Accessories with Bauer, Inc., out of Bristol, Connecticut.

此外，此次收購還包括位於葡萄牙的 ATOPS 設施，該設施將作為物流和現場服務中心，與我們在羅馬的歐洲業務協調運作。我們透過與康乃狄克州布里斯託的 Bauer 公司成立一家名為 Prime Engine Accessories 的 50/50 合資企業，擴大了我們的零件維修能力，並取得了良好的進展。

The Bauer team brings tremendous experience and expertise in accessory test equipment. And together, we're building an industry-leading MRE repair facility for accessory parts. Once operational, which we expect by the end of this year, this facility is expected to deliver up to $75,000 in average savings per shop visit.

Bauer 團隊在輔助測試設備方面擁有豐富的經驗和專業知識。我們正在共同打造一個業界領先的 MRE 配件維修設施。該設施一旦投入運作（預計將於今年年底前），預計每次門市服務平均可節省高達 75,000 美元。

Our initial $10 million working capital investment will enable us to redirect FTAI volumes to this facility rather than to outside vendors, driving meaningful cost efficiencies and time savings. This investment, like Pacific Aero which we did last quarter, further differentiates our offering and aids us in both expanding productivity and expanding margins.

我們最初投入的 1000 萬美元營運資金將使我們能夠將 FTAI 業務量轉移到該工廠而不是外部供應商，從而顯著提高成本效益並節省時間。這項投資，就像我們上個季度對太平洋航空​​的投資一樣，進一步使我們的產品和服務脫穎而出，並有助於我們提高生產效率和擴大利潤率。

With a substantial activity in enhancing our facilities and the broader MRE ecosystem, we are now targeting growth in production next year to 1,000 CFM56 modules, an increase of 33% compared to this year's production.

透過在設施和更廣泛的MRE生態系統方面進行大量活動，我們現在的目標是明年將CFM56模組的產量提高到1000個，比今年的產量增加33%。

We also continue to expect Aerospace Products margins to grow to 40%-plus next year as we optimize our parts procurement and repair strategies, including the approval of PMA part number three, which we continue to expect approval of in the very near term.

我們也繼續預計，隨著我們優化零件採購和維修策略，包括 PMA 零件編號 3 的批准（我們繼續預計該零件編號將在近期獲得批准），明年航空航太產品利潤率將增長至 40% 以上。

Next, let's talk about adjusted free cash flow. In the third quarter, we generated $268 million, which includes $88 million from the sale of the final 8 aircraft from the 45-aircraft seed portfolio, which were sold to SCI I. Year to date, we have now generated $638 million in positive free cash flow, positioning us on track to our revised goal of $750 million for all of 2025 prior to our expanded contribution to SCI Number I.

接下來，我們來談談調整後的自由現金流。第三季度，我們創造了 2.68 億美元的收入，其中包括出售 45 架飛機種子投資組合中的最後 8 架飛機所得的 8,800 萬美元，這些飛機已出售給 SCI I。今年迄今為止，我們已創造了 6.38 億美元的正自由現金流，使我們預計在向 SCI Number I 擴大貢獻之前，實現 2025 年全年 7.5 億美元的修訂目標。

As FTAI pivots to an asset-light model focused on Aerospace Products and strategic capital, we continue to expect substantial growth in free cash flow in the years ahead. Our primary use for available cash is to pursue investments in high-impact growth initiatives. And we're seeing, today, a significant number of these opportunities and possibilities.

隨著 FTAI 向專注於航空航太產品和策略資本的輕資產模式轉型，我們繼續預期未來幾年自由現金流將大幅成長。我們利用現有現金的主要目的是投資於具有高影響力的成長項目。如今，我們看到了大量這樣的機會和可能性。

FTAI's targeted, disciplined approach is to identify opportunities complementary to our MRE operations in areas where we can accelerate production, expand margins, and further differentiate our product offerings to customers worldwide.

FTAI 採取有針對性、有紀律的方法，尋找與我們 MRE 業務互補的機會，在我們可以加快生產、擴大利潤率並進一步使我們的產品在全球範圍內脫穎而出的領域。

We do expect surplus cash balance above these investment opportunities. And therefore, we are announcing an increase to the dividend this quarter from $0.30 per quarter to $0.35 per share. The dividend of $0.35 per share will be paid on November 19 based on a shareholder record date of November 10. This marks our 42nd dividend as a public company and our 57th consecutive dividend since inception.

我們預計除這些投資機會外，還將有盈餘現金餘額。因此，我們宣布本季股息從每季 0.30 美元增加到每股 0.35 美元。每股0.35美元的股利將於11月19日支付，股東登記日為11月10日。這是我們作為上市公司派發的第 42 次股息，也是自公司成立以來連續第 57 次派發股息。

Additionally, we will also continue to evaluate future opportunities for capital redistribution to shareholders. And finally, we remain confident in our full-year 2025 estimates of $1.25 billion to $1.3 billion business segment EBITDA for all of 2025, comprised of Aerospace Products EBITDA ranging from $650 million to $700 million and Aviation Leasing EBITDA of $600 million.

此外，我們也將繼續評估未來向股東重新分配資本的機會。最後，我們仍然對 2025 年全年業務部門 EBITDA 的預測充滿信心，預計 2025 年全年業務部門 EBITDA 為 12.5 億美元至 13 億美元，其中包括航空航天產品 EBITDA 為 6.5 億美元至 7 億美元，以及航空租賃 EBITDA 為 6 億美元。

Looking ahead to 2026, for Aerospace Products, we're estimating $1 billion in EBITDA for next year, which represents significant further growth versus the $650 million to $700 million this year and approximately $380 million, which we generated just recently in 2024.

展望 2026 年，我們預計航空航太產品業務明年的 EBITDA 將達到 10 億美元，與今年的 6.5 億至 7 億美元以及我們最近在 2024 年實現的約 3.8 億美元相比，這將帶來顯著的進一步成長。

For Aviation Leasing, we're estimating $525 million in EBITDA in 2026, which is in line with our expected results for 2025, excluding insurance recoveries and gains on sale. Within the Leasing segment, we estimate the growth in servicing fees. And our 19% minority equity investment will offset the decline in on-balance-sheet Leasing revenues from the seed portfolio sold to the SCI, as we continue to pivot to an asset-light growth model.

對於航空租賃業務，我們預計 2026 年的 EBITDA 為 5.25 億美元，這與我們對 2025 年的預期業績一致，不包括保險賠償和出售收益。在租賃領域，我們預測服務費的成長。我們19%的少數股權投資將抵消出售給SCI的種子投資組合的資產負債表租賃收入的下降，因為我們將繼續轉向輕資產成長模式。

Overall, we now anticipate total business segment EBITDA in 2026 of $1.525 billion, up from our original estimate of $1.4 billion. Based on these projections, we expect to generate $1 billion in adjusted free cash flow next year, representing a 33% increase over the $750 million we are targeting in 2025 prior to our expanded contribution to SCI I.

總體而言，我們現在預計 2026 年整個業務部門的 EBITDA 將達到 15.25 億美元，高於我們最初估計的 14 億美元。根據這些預測，我們預計明年將產生 10 億美元的調整後自由現金流，比我們在 2025 年擴大對 SCI I 的貢獻之前設定的 7.5 億美元的目標增長 33%。

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

接下來，我將把發言權交給安琪拉，讓她更詳細地講解這些數字。

Thanks, Joe. The key metric for us is adjusted EBITDA. We maintained our strong momentum this quarter with adjusted EBITDA of $297.4 million in Q3 2025, which is up 28% compared to $232 million in Q3 of 2024 and in line with Q2 2025 results after excluding the one-time benefits from insurance recoveries and seed portfolio gains on sale we recorded last quarter.

謝謝，喬。對我們來說，關鍵指標是調整後EBITDA。本季我們維持了強勁的成長勢頭，2025 年第三季調整後 EBITDA 為 2.974 億美元，比 2024 年第三季的 2.32 億美元成長了 28%，與 2025 年第二季的業績基本持平（不包括上季獲得的保險賠償和種子投資組合出售一次性收益等收益）。

During the third quarter, the $297.4 million EBITDA number was comprised of $180.4 million from our Aerospace Products segment, $134.4 million from our Leasing segment, and a negative $17.4 million from Corporate and Other, including intersegment eliminations.

第三季度，EBITDA 為 2.974 億美元，其中航空航太產品部門貢獻 1.804 億美元，租賃部門貢獻 1.344 億美元，公司及其他部門（包括部門間抵銷）貢獻負 1,740 萬美元。

As we have predicted, Aerospace EBITDA is now exceeding Leasing EBITDA. Aerospace Products had yet another great quarter, with $180.4 million of EBITDA and an overall EBITDA margin of 35%, which is up 9% compared to $164.9 million in Q2 of 2025 and up 77% compared to $101.8 million in Q3 2024.

正如我們預測的那樣，航空航太業務的 EBITDA 現在超過了租賃業務的 EBITDA。航空航太產品業務又迎來了一個出色的季度，EBITDA 為 1.649 億美元，整體 EBITDA 利潤率為 35%，比 2025 年第二季度的 1.649 億美元增長了 9%，比 2024 年第三季度的 1.018 億美元增長了 77%。

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 recent acquisition in California and our new joint venture launched in Connecticut.

我們持續看到航空航太產品的採用和使用量加速成長，並將繼續專注於提高我們在蒙特婁、邁阿密和羅馬各工廠的產量，以及擴大我們在加州最近收購的工廠和我們在康乃狄克州成立的新合資企業的零件維修業務。

Turning now to Leasing. Leasing continued to deliver strong results, posting approximately $134 million of adjusted EBITDA. For gains on sale, we continued the year with $126.8 million of asset sales proceeds, generating a 7% margin gain of $8.3 million as we closed on the final eight aircraft of the seed portfolio to SCI Number I and divested several noncore assets, including several Pratt & Whitney 4000 and CF6-80 engines.

接下來我們來談談租賃。租賃業務持續取得強勁業績，調整後 EBITDA 約為 1.34 億美元。在出售收益方面，我們繼續保持了 1.268 億美元的資產出售收入，實現了 830 萬美元的 7% 利潤率，這得益於我們完成了對 SCI Number I 種子投資組合中最後八架飛機的收購，並剝離了幾項非核心資產，其中包括幾台普惠 4000 和 CF6-80 發動機。

Overall, the total 45-aircraft seed portfolio contributed an aggregate gains on sale of $50.1 million to 2025 Leasing EBITDA at a margin of 10%. The pure Leasing component of the $134 million of EBITDA came in at $122 million for Q3 versus $152 million in Q2 of 2025. But included in the $152 million last quarter was a $24 million settlement related to Russian assets written off in 2022, as well as Leasing revenue generated from seed portfolio, which we have now sold to the SCI.

整體而言，45架飛機種子資產組合的出售總收益為2025年租賃EBITDA貢獻了5,010萬美元，利潤率為10%。第三季 EBITDA 為 1.34 億美元，其中純粹的租賃部分為 1.22 億美元，而 2025 年第二季為 1.52 億美元。但上個季度的 1.52 億美元中包括一筆 2,400 萬美元的和解金，這筆和解金與 2022 年註銷的俄羅斯資產有關，以及種子投資組合產生的租賃收入，我們現在已經將該投資組合出售給了 SCI。

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

那麼，我把電話轉回給艾倫。

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

謝謝你，安吉拉。馬文，現在可以開始問答環節了。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（操作說明）Sheila Kahyaoglu，傑富瑞集團。

Good morning, guys, and congratulations on upsizing of SCI. It looks like great traction from the investor base in sourcing these aircraft. And I think you have now 375 aircraft target or the size of United Airlines CFM fleet.

各位早安，祝賀SCI規模擴大。看來投資者對購買這些飛機表現出了極大的熱情。我認為你們現在的目標是375架飛機，或者說是聯合航空CFM機隊的規模。

So can you maybe walk us through the financial implications of the upsizing, both from a segment EBITDA and free cash flow perspective?

那麼，您能否從業務部門的 EBITDA 和自由現金流兩個角度，為我們分析此次規模擴大所帶來的財務影響？

Sure. So I mean, the way I think about it is we're increasing the number of aircraft that we'll have in SCI by that amount of going up 33%, 250 up to 375. And we'll probably do it a little bit faster than we had expected given the pace of investing activity. So our plan has always been to do -- continue to do additional SCIs every year.

當然。所以我的意思是，我的想法是，我們將使SCI的飛機數量增加33%，從250架增加到375架。鑑於目前的投資活動節奏，我們可能會比預期更快完成這項工作。所以我們的計劃一直是每年繼續進行更多的脊髓損傷手術。

So I think it really is -- the main impact is just accelerating the growth under SCI. And we originally said we expected the SCI business for FTAI to represent about 20% of the Aerospace Products volume. And probably, with this acceleration of the SCI fundraising, that number might go up to 25%. So 20% to 25% going forward.

所以我認為確實如此——主要影響就是加速了SCI下的成長。我們最初預期FTAI的SCI業務將佔航空航太產品總量的20%左右。而且，隨著 SCI 募款活動的加速，這個數字可能會上升到 25%。所以未來將達到20%到25%。

And the important thing is that that business is -- 100% of all the engines in those partnerships are dedicated -- committed to FTAI Aviation for the duration of the ownership period, which we expect will be five to six years. So it's locked-in volume.

重要的是，這些合作關係中的所有引擎都將 100% 專門用於 FTAI Aviation，在整個所有權期間（我們預計為五到六年）都將如此。所以音量是固定的。

We know -- everything you need to know about the engines we have access to. We can plan our production very efficiently. We can have engines prepositioned. It's just a great -- there's just so many benefits that come out of us having -- being the manager of these capital pools. It also makes us look a lot bigger to the airline customers.

我們了解—您需要了解的關於我們所能接觸到的引擎的一切。我們可以非常有效率地規劃生產。我們可以預先部署引擎。管理這些資金池真是太棒了——我們能從中獲得許多好處。這也會讓航空公司客戶覺得我們規模更大。

So when you go into a visit an airline and you own a significant chunk of their fleet as a lessor, the ability to get business from them on other engine products that we offer is higher, is bigger. So it has cross-selling opportunities that also will benefit FTAI. But I think the main thing is just faster -- what we're pushing for overall as a company is really just faster market share gains in the MRE business and Aerospace Products.

因此，當你去拜訪一家航空公司，而你作為租賃方擁有他們機隊的很大一部分飛機時，你從他們那裡獲得我們提供的其他發動機產品業務的可能性就更高，更大。因此，它具有交叉銷售機會，這也將使FTAI受益。但我認為最重要的是速度——我們公司整體上努力的目標是在 MRE 業務和航空航天產品領域更快地獲得市場份額。

Got it. Thank you. And then maybe, if I could ask one on the ATOPS acquisition, if you could give any color on how that came about, how it adds 150 modules' worth of capacity. And similar to Pacific Dynamic (sic - Pacific Aerodynamic), if you could give color on EBITDA contribution as we think about the savings from that.

知道了。謝謝。然後，如果可以的話，我想問一下關於 ATOPS 收購的問題，您能否詳細介紹一下收購是如何發生的，以及它如何增加了 150 個模組的容量。與 Pacific Dynamic（原文如此 - Pacific Aerodynamic）類似，如果您能詳細說明 EBITDA 的貢獻，以便我們考慮由此節省的成本，那就太好了。

Yup. This is David, and I'll take that, Sheila. So on our M&A strategy, you're really seeing two themes play out, right? We're doing investments to either increase margin or expand our capacity well ahead of our production needs.

是的。這是大衛，我接受這個稱呼，希拉。所以，在我們的併購策略中，您實際上看到了兩個主題在發揮作用，對嗎？我們正在進行投資，以提高利潤率或擴大產能，遠超過我們的生產需求。

So ATOPS specifically is the latter, where we're increasing production well ahead of our production needs. ATOPS, as Joe mentioned earlier in the opening remarks, has two facilities. The main facility is in Medley, Florida, which is very close to our test cell today.

ATOPS 具體來說就是後者，我們的產量遠遠超過了生產需求。正如喬在開場白中提到的那樣，ATOPS 有兩個設施。主要設施位於佛羅裡達州梅德利，距離我們今天的測試中心非常近。

So it immediately creates synergy between our test cell and the facility. It also includes 60 employees, and we have the ability to process 150 modules out of that location. So effectively, that raises our overall production at the company from 1,800 modules to 1,950.

因此，它立即在我們測試單元和該設施之間產生了協同效應。該工廠還擁有 60 名員工，我們有能力從該地點處理 150 個模組。因此，這實際上將我們公司的整體產量從 1800 個模組提高到 1950 個模組。

Additionally, the second facility is located in Lisbon, Portugal. That has a small team that we expect to grow. Our goal out of that facility is to run our field service. And those are the employees that actually deliver the module exchanges to customers, specifically out of Europe. And we expect to grow that facility because we see a lot of local talent that we could recruit from.

此外，第二個設施位於葡萄牙里斯本。目前團隊規模較小，我們預期未來會發展壯大。我們從該設施出發的目標是進行現場服務。這些員工負責將模組交換件實際交付給客戶，特別是歐洲的客戶。我們預計會擴大該工廠的規模，因為我們看到了很多可以從中招募的本地人才。

So the ATOPS transaction is mostly focused on increasing capacity. We also did announce the Bauer transaction. That represents the first theme, which is we're looking to increase margin and looking to continue to vertically integrate. So that is a 50/50 joint venture, which we call Prime Engine Accessories based in Bristol.

因此，ATOPS交易主要集中在提高產能方面。我們也宣布了與鮑爾的交易。這代表了第一個主題，即我們希望提高利潤率並繼續進行垂直整合。所以這是一個雙方各佔50%股份的合資企業，我們稱之為Prime Engine Accessories，總部位於布里斯托。

It is for the engine accessories. So that includes fuel pumps, HMUs, actuator, and valves. Those are the components that regulate air, fuel, and oil between the engine and the aircraft. It was a repair that we were lacking that now we're able to in-source.

它是用於引擎附件的。這包括燃油泵、液壓單元、執行器和閥門。這些部件負責調節引擎和飛機之間的空氣、燃料和潤滑油。這是我們之前缺乏的維修能力，現在我們能夠自行完成維修了。

And we're very happy to partner up with Bauer, which is a leading manufacturer of a lot of this -- the test and bench equipment. As Joe mentioned, for that investment specifically, we're expecting to capture around $75,000 of savings per shop visit. And we're expecting to do about 350 engines per year when that starts ramping in 2026.

我們非常高興能與 Bauer 合作，Bauer 是許多此類設備（測試和桌上型設備）的領先製造商。正如喬所提到的，就這項投資而言，我們預計每次到店消費可節省約 75,000 美元。我們預計，從 2026 年開始逐步提高產量時，每年將生產約 350 台引擎。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

（操作員指示）Kristine Liwag，摩根士丹利。

Hey. Good morning, everyone. I just want to follow up on SCI. I mean, you guys are significant buyers of aircraft engine assets now in a time where that there still seems to be a shortage of assets out there.

嘿。大家早安。我只是想跟進一下脊髓損傷的情況。我的意思是，你們現在是飛機引擎資產的重要買家，而目前市場上似乎仍然存在資產短缺的問題。

Can you talk about the availability of assets that you're able to buy, pricing, expected returns? I mean, ultimately, what were your conversations with investors like? What do they like about SCI, and where are areas of potential concern?

您能談談您可以購買的資產的可用性、定價和預期收益嗎？我的意思是，歸根究底，你和投資人的對話是怎麼樣的？他們對 SCI 的哪些面向感興趣？又有哪些方面可能有問題？

Sure. I'll start on that. If you think about the market, there are two different sellers of these narrow-body current tech aircraft. One is lessors, and they own roughly half of the world's fleet. So if you think about 14,000 aircraft that are 737NGs and A320ceo family aircraft, about 7,000 are owned by lessors. And as lessors begin to take delivery of new aircraft into their portfolios, they need to sell off older -- aged equipment.

當然。我先著手做這件事。如果你考慮市場，你會發現目前這些窄體技術飛機的銷售商有兩個不同的群體。其中一類是租賃公司，他們擁有全球約一半的船隊。所以，如果你想想大約 14,000 架 737NG 和 A320ceo 系列飛機，其中大約 7,000 架是租賃公司擁有的。隨著租賃公司開始接收新飛機，他們需要出售較舊的設備。

One of the big drivers of that is just to maintain ratings. Those rating agencies and debt investors and lenders look to that metric of average age of your portfolio as one that they track very carefully. So during COVID, I think a lot of lessors were able to hold on to assets longer. They extended the average life of their portfolio, maybe, for example, from 12 years to 14 years. But now people are saying, you got to sell the older stuff.

其中一個主要原因就是為了維持收視率。評級機構、債務投資者和貸款機構都會非常仔細地追蹤投資組合的平均年齡這一指標。因此，我認為在新冠疫情期間，許多出租人能夠更長時間地持有資產。他們延長了投資組合的平均期限，例如，從 12 年延長到 14 年。但現在人們都說，你得把舊東西賣掉。

So that portion of the market represents north of probably 1,000 aircraft a year that are sold by lessors. So we're buying from that group. And we have a very significant competitive advantage in that we can do engine exchanges. So we're an advantaged buyer, and we're one of the larger pools of capital that are focused really solely on NGs and ceos.

因此，這部分市場每年可能代表超過 1000 架由租賃公司售出的飛機。所以我們正在從該集團採購。我們擁有非常顯著的競爭優勢，因為我們可以進行引擎更換。因此，我們是具有優勢的買家，而且我們是規模較大的、真正專注於非政府組織和執行長的資本池之一。

The second source of deals is airlines. And a lot of airlines had deferred as much of the engine maintenance as possible during COVID. They've kicked the can down the road pretty far. But there are a lot of shop visits coming up in the near future. And airlines are looking to do sale-leasebacks, which allow them to avoid both raise capital today and avoid a shop visit.

第二個交易來源是航空公司。在新冠疫情期間，許多航空公司都盡可能地推遲了引擎維護工作。他們把問題拖延了很久。但近期會有很多店舖拜訪活動。航空公司正在尋求進行售後回租，這既可以避免今天籌集資金，也可以避免去購買店面採購。

So that investment in that shop visit can be a significant amount of their capital for an airline, and they're looking at alternatives for how to do that. And we present the perfect alternative, which is an engine exchange. There's no downtime, no shop visit, and they're back in service. And they totally avoid the capital investment in that engine shop visit. So it's a perfect product.

因此，航空公司在這次門市採購上的投入可能佔其資金的很大一部分，他們正在尋找其他方法來解決這個問題。我們提出了完美的替代方案，那就是引擎更換。沒有停機時間，無需上門維修，他們就恢復服務了。他們完全避免了去發動機修理廠所需的資金投入。所以這是一款完美的產品。

Industry sources have all cited that airlines -- in the maintenance world, there's an increasingly heavy -- orientation on heavier shop visits. The core restoration is the most expensive part. There's more of that that's going to be needed in the next few years. And that plays perfectly into our strengths because that's what we do in our facilities as we rebuild those.

業內人士一致認為，航空公司——在維修領域——越來越傾向於增加維修次數。核心部分的修復是最昂貴的。未來幾年，這類人才的需求還會增加。這正好發揮了我們的優勢，因為這就是我們在重建設施時所做的工作。

So that's the supply side. In terms of the investors, when we look at this compared to a traditional approach, what we show the investors is that we solve problems. MRE, maintain, repair, and exchange, is a better way of doing engine maintenance. And we solve problems and save people money.

以上是供給面的情況。就投資者而言，與傳統方法相比，我們向投資者展示的是我們能夠解決問題。MRE（維護、修理和更換）是一種更好的引擎維護方式。我們解決問題，幫助人們省錢。

And so when you solve problems and you save money, that means higher returns for investors and less risk. And it's actually a very simple explanation; people get it immediately. And who in the credit world doesn't want higher returns with lower risk? So we're finding a high receptivity to that.

因此，當你解決問題並節省資金時，就意味著投資者可以獲得更高的回報和更低的風險。其實解釋起來很簡單，人們很快就能明白。在信貸領域，誰不想在降低風險的同時獲得更高的回報呢？所以我們發現人們對這種做法的接受度很高。

It's relatively -- it's predictable cash flows, relatively short duration, and it's an asset-backed structure that's uncorrelated to public markets. So it really fits in nicely into today's investment world. And we have a terrific group of investors, all of whom will -- as I say, if we deliver the returns that we show people, then we'll be able to raise a lot more capital.

它相對而言具有以下優點：現金流可預測、期限相對較短，而且是與公開市場不相關的資產支持結構。因此，它非常契合當今的投資環境。我們擁有一群非常優秀的投資者，正如我所說，如果我們能夠實現我們向人們展示的回報，那麼我們將能夠籌集更多的資金。

That's super helpful color, Joe. And maybe a follow-up question, it could be for Angela. When we look at your 19% equity portion of SCI, I mean, with the upsized amount, this is a pretty sizable Leasing income.

喬，這個顏色判斷太有用了。或許可以問安琪拉一個後續問題。當我們看一下您在 SCI 的 19% 股權份額時，我的意思是，加上增加的金額，這是一筆相當可觀的租賃收入。

How do we think about that portion? Is that going to be reflected in the adjusted EBITDA in the Leasing segment? Will this be reported in the other line? I mean, ultimately, what's the treatment of SCI in your financials?

我們如何看待這部分內容？這是否會反映在租賃業務的調整後 EBITDA 中？這則訊息會在其他行報告嗎？我的意思是，歸根結底，在你們的財務報表中，SCI 是如何處理的？

Yeah. On that 19% specifically, as you mentioned, yeah, so it will show up in our equity pickup line. So you'll see that as the equity income line pick up for the 19% that we own from SCI's Leasing returns. But in addition to that, as Joe mentioned, as we are the servicer, we'll also pick up servicing revenue, which is currently in other revenue in the Leasing segment. So that will grow with the asset base also growing.

是的。關於您提到的那19%的具體部分，是的，它將在我們的股權提取行中反映出來。因此，你會看到，我們持有的 SCI 租賃收益的 19% 股權收入線有所上升。但除此之外，正如喬所提到的，由於我們是服務商，我們還將獲得服務收入，目前在租賃部門的其他收入中。因此，隨著資產基礎的成長，它也會成長。

And then we'll also see in our Aerospace Products business, the engine exchanges that are coming through for all the engines that are coming up for exchanges with the SCI at the fixed price that we've already committed to.

然後，我們也將在我們的航空航太產品業務中看到，所有即將與SCI進行交換的引擎都將按照我們已經承諾的固定價格進行交換。

We will include that in adjusted EBITDA. 19% will be included in adjusted EBITDA in Leasing.

我們將把這部分計入調整後的EBITDA。租賃業務的19%將計入調整後的EBITDA。

Yeah.

是的。

Good. Super helpful. And look, sorry, there's just so many things going on. So if I could ask a third question here. Look, I want to take a step back on the module facility.

好的。非常有幫助。你看，抱歉，現在事情太多了。那麼，我可以再問第三個問題嗎？聽著，我想退一步討論模組化設施。

I mean, I think, sometimes, we kind of gloss over the success you've had in the past few years. But ultimately, you're targeting 750 modules by year-end, and you've already gotten 9% of the market share for CFM56 and V2500. I mean, five years ago, you guys were at zero.

我的意思是，我覺得，有時候，我們往往忽略你在過去幾年裡的成功。但最終，你們的目標是到年底達到 750 個模組，並且已經獲得了 CFM56 和 V2500 9% 的市場份額。我的意思是，五年前，你們的起點還是零。

And so this has been a fairly astronomical growth and penetration, especially for what was a financing company to really enter into the wrench-turning MRO business. I wanted to ask you, can you share with us some of the secret sauce and how you were able to execute, I mean, fairly seamlessly with this kind of volume that we've never really seen others be able to accomplish?

因此，對於原本是融資公司的公司來說，這已經是一個相當驚人的成長和滲透率，尤其對於真正進入機械維修業務的公司更是如此。我想問您，您能否和我們分享一些秘訣，以及您是如何如此順利地完成如此龐大的工作量的？我們以前從未見過其他人能夠做到這一點。

Thank you. But I would say two things that we did. I would -- looking back -- that were important. One was focus, which -- most people in the business tend to get into this diversification mode, where every -- they're trying to do a Noah's Ark of aircraft or a fleet of different engine types and diversify -- often, to people, they equate to less risk.

謝謝。但我想說說我們做的兩件事。回首往事，我認為那些事情很重要。一是專注，而大多數業內人士往往會陷入這種多元化模式，他們試圖打造一個像諾亞方舟一樣的飛機隊或不同類型發動機的機隊，以實現多元化——在人們看來，這通常等同於降低風險。

But we consciously decided that with these engines that this was the best opportunity in the industry and that we should do nothing else. And so I would attribute a large part of it was that decision to say, let's get out of the other engine types. So let's just focus on CFM56 and then ultimately V2500. So that was big.

但我們經過深思熟慮後決定，對於這些引擎而言，這是業內最好的機會，我們不應該做其他任何事情。因此，我認為很大一部分原因在於我們決定放棄其他類型的引擎。所以我們先集中精力關注 CFM56，然後再最終關注 V2500。那可是件大事。

And then the second is really people. You have to attract great people and retain them. And we have a terrific team of people across the entire organization. And everybody -- it is always ultimately about that. And to do that, people have to -- you have to sell the vision. And people have to buy into it, and I think people have.

其次，真正重要的是人。你必須吸引優秀人才並留住他們。我們整個組織都擁有一支非常優秀的團隊。而每個人——最終都歸結於此。而要做到這一點，人們就必須──你必須推銷這種願景。人們必須接受這一點，而且我認為人們已經接受了。

When you go out to meet with customers, that's kind of the biggest reinforcement, is when people on the buy side are saying, I really -- I'm not that good at doing shop visits. I've had bad experiences. I want to do anything to not have to do a shop visit. So when you show up and you say, I can solve your problem, that really invigorates people because they feel like they're doing something worthwhile.

當你外出拜訪客戶時，最大的印證莫過於採購方的人說：“我真的——我不太擅長上門拜訪。”我有過不好的經驗。我寧願做任何事也不想去商店。所以當你出現並說「我可以解決你的問題」時，這真的會激勵人們，因為他們覺得自己正在做一些有價值的事情。

Well, great. Thank you very much. I really appreciate the time.

嗯，太好了。非常感謝。我真的很感激你們給我的時間。

Thanks.

謝謝。

Josh Sullivan, JonesTrading.

Josh Sullivan，JonesTrading。

Hey, good morning. Congratulations on the quarter. Just on -- a follow-up on ATOPS. $15 million in equity for $150 million -- sorry -- 150 modules, fantastic trade. How do we understand the calculus in module capacity potential here?

嘿，早安。恭喜你本季取得佳績。最新消息－ATOPS專案後續報道。 1500萬美元股權換取1.5億美元——抱歉，是150個模組，非常棒的交易。我們如何理解這裡模組容量潛力的計算？

Just looking at maybe like the FTAI USA as an example, what are the gating factors to finding these relatively small investments for such a big yield on module capacity increase? Is there a lot of runway to do these relatively small investments? Or do we need a larger investment eventually to drive significant module capacity growth?

以 FTAI USA 為例，在實現組件容量大幅提升方面，有哪些限制因素使得相對較小的投資難以獲得如此巨大的收益？是否有足夠的資金來進行這些相對較小的投資？或者，我們最終是否需要更大規模的投資來推動模組產能的顯著成長？

No, I think it's -- there's a surprising number of -- what I refer to them as almost like empty buildings, that once upon a time, somebody was in the business, and they left their tooling. And there's a building, and somebody is trying to figure out what to do with it. And that's where we have a unique ability to walk in and say, well, we can deliver engines immediately.

不，我認為——數量驚人——我稱它們為幾乎像空置的建築物，曾經有人在那裡經營，但他們留下了工具。那裡有一棟建築物，有人正在想辦法如何處置它。而這正是我們擁有的獨特能力所在：我們可以直接進入市場，然後說，我們可以立即交付引擎。

And so these opportunities do exist. And as you mentioned, the math on them -- because there is no real, vibrant business operating inside of these buildings today, we can acquire them at very low prices and fill them up.

所以，這些機會確實存在。正如您所提到的，從數學角度來看——因為這些建築物現在沒有真正充滿活力的企業在運營，我們可以以非常低的價格收購它們並將其填滿。

And the gating factor is the people. It's the mechanics. That's why we've been talking about -- the training facility in Montreal is a big initiative. Because we found we could hire people, but you couldn't make them productive as fast as we wanted. And sometimes, you have -- people don't actually ever become productive.

而阻礙因素就是人。問題出在機制。這就是我們一直在討論的原因——蒙特婁的訓練設施是一項重大舉措。因為我們發現我們可以招到人，但卻無法讓他們像我們希望的那樣迅速地提高生產力。有時候，你會發現——人們實際上永遠無法變得有效率。

So you have to focus on how do you increase your yield and shorten that time to get people into a mode of being a contributor. So that's where a lot of our energy has gone. I think there are more facilities out there that we can find.

所以你必須專注於如何提高收益，縮短讓人們進入貢獻者狀態所需的時間。所以，我們很多的精力都投入這方面了。我認為我們還能找到更多類似的設施。

There don't seem to be a shortage of that. There are people offering us deals all the time now. So it's really going to be trying to find those ones that are the easiest for us to plug in and have the biggest available pool of mechanics in the nearby area.

似乎不缺乏這種資源。現在總是有人給我們各種優惠。所以，我們真正要做的就是找到那些最容易接入系統，並且在附近地區擁有最多可用維修技工的維修點。

Got it. And then, I guess, similarly, just on the JV of Bauer, $75,000 cost saving per visit. Is the capability more about improving turnaround times for your customers or margin in-sourcing at FTAI? And I guess, were customers pushing you to add this capability, which might lead to additional new MRE customers? Or is it just a good asset to have in-source to drive margin?

知道了。然後，我想，同樣地，僅就 Bauer 的合資企業而言，每次就診可節省 75,000 美元的成本。這項能力更多的是為了提高客戶的周轉時間，還是為了提高FTAI的利潤率？我猜想，是不是客戶敦促你們添加這項功能，而這可能會帶來更多的 MRE 新客戶？或者說，擁有這種內部資源只是提高利潤率的良好資產？

For a multiple-choice question, I would choose E, all of the above. I mean, it's really phenomenal. These -- the engine is so complicated in some ways and so simple in other ways. But these accessories are very complicated, and the know-how that people with Bauer have is phenomenal.

對於多選題，我會選擇 E，以上全部。我的意思是，這真是太棒了。這台引擎在某些方面非常複雜，在其他方面又非常簡單。但這些配件非常複雜，而鮑爾公司員工所擁有的專業知識非常了不起。

I mean, they make all the test equipment that everyone uses. And so we are partnering with them, and we've already had interactions with our engineers and their engineers. And there's a sharing of experiences, and we think they'll make us better. And we hope we can contribute and make them a little better.

我的意思是，他們生產了大家使用的所有測試設備。因此，我們正在與他們合作，並且我們已經與我們的工程師和他們的工程師進行了交流。而且大家還會分享經驗，我們認為這會讓我們變得更好。我們希望能夠貢獻一份力量，讓他們的生活變得更好。

But it's really just widening -- expanding circle with people that have specialized knowledge and intellectual property in areas that are incredibly expensive to fix. The engine is full of them. It's -- every time you look, there's something else that is also very high cost and very specialized knowledge.

但實際上，這只是範圍擴大——擴大了擁有專業知識和智慧財產權的人員範圍，而這些領域的修復成本極其高昂。引擎裡到處都是它們。每次你去看，都會發現還有一些東西同樣成本很高，而且需要非常專業的知識。

So it's -- we feel like we found a phenomenal partner that works -- the math works well for both of us. And we think it's going to continue just to -- as you said, it makes our margins better. It makes our people smarter. It shortens the turnaround time.

所以——我們感覺找到了一個非常棒的合作夥伴，這對我們雙方都很有利。我們認為這種情況還會繼續下去，正如你所說，這會提高我們的利潤率。它使我們的人民更聰明。它縮短了周轉時間。

And if you send accessories out now to a third party, you're beholding upon that third party to get it back to you so you can keep producing. In this way, we have more control over our -- the whole process.

如果你現在把配件寄給第三方，你就得指望第三方把配件寄回來，這樣你才能繼續生產。這樣一來，我們就能更能掌控整個過程。

Got it. Thank you for the time.

知道了。感謝您抽出時間。

Thanks.

謝謝。

Giuliano Bologna, Compass Point.

Giuliano Bologna，指南針點。

Good morning. Congratulations on the continued great execution on all fronts here. As a first question, you mentioned in several conferences and on some calls that we should think about FTAI as being in the spread business. Can you expand on that and as it relates -- and especially as it relates to both weak and strong markets?

早安.恭喜你們在各方面都繼續保持出色的執行力。第一個問題，您在幾次會議和一些電話會議中提到，我們應該把 FTAI 看作是價差交易公司。您能否詳細闡述這一點，以及它與疲軟和強勁市場之間的關係？

Yes. So when you -- increasingly, we think about our business as being really in two different areas. One is the manufacturing business, where we buy run-out engines, rebuild them, and sell them. And the other is the asset management business, which we raise capital and buy airplanes. And that gets committed volume to FTAI Aviation.

是的。所以，我們越來越認為我們的業務實際上處於兩個不同的領域。一是製造業務，我們購買報廢發動機，進行翻新，然後出售。另一項業務是資產管理業務，我們透過這項業務籌集資金併購買飛機。這樣一來，FTAI Aviation就能獲得穩定的貨運量。

So if you think about the two businesses, the first business is buying an engine at a price in the market and then rebuilding it. And you're adding basically hours and cycles to that engine, and then you're selling it for whatever people will pay for hours and cycles on a rebuild basis. And so that's the spread. It's the buy and then the build, and we can control the cost of the build and then the sell.

所以，如果你仔細想想這兩種生意，第一種生意是以市場價格購買一台發動機，然後進行翻新。你實際上是在增加引擎的使用時間和循環次數，然後你以人們願意為翻新引擎的使用時間和循環次數支付的價格出售它。這就是價差情況。先買後建，我們可以控制建造成本，再賣掉。

And so we're -- basically, like in the manufacturing business, I say, isn't that what Apple does when they make an iPhone? They buy parts and people. They put them together, and they sell it. So that's our core business. And in a soft market, you're going to buy cheaper on the run-out side. And you'll maybe sell a little bit cheaper, but usually not for long.

所以，基本上，就像在製造業一樣，我說，蘋果公司製造 iPhone 時不也是這樣做的嗎？他們購買零件和人員。他們把它們組合起來，然後出售。這就是我們的核心業務。在疲軟的市場中，清倉甩賣的商品會更便宜。價格或許會稍微便宜一些，但通常不會持續太久。

And so I think the market is very strong. The price of rebuild engine is driven primarily by the OEM list prices on those parts because that's your alternative. And as long as people are flying aircraft, they're going to need to replace hours and cycles on those engines. And so that's what drives it.

所以我認為市場非常強勁。引擎翻新的價格主要取決於原廠配件的標價，因為這是你的唯一選擇。只要人們還在駕駛飛機，就需要更換引擎的運轉時間和循環次數。這就是它的驅動力。

If we were to hit a period where there's excess availability of engines -- and that's happened in the past in other engine types, not this one in recent history -- well, if you go back to COVID. But what happens is, I would look at that as a three- to six-month window to accelerate market share gains for us because it always rebounds.

如果我們遇到引擎供應過剩的時期——這種情況過去在其他類型的引擎中發生過，但最近幾年這種引擎還沒有出現過——那麼，如果你回顧一下新冠疫情。但我認為，這可以看作是我們加速市佔率成長的三到六個月窗口期，因為市佔率總是會反彈的。

So if there's an opportunity to pick up some inventory at a lower price or build our capacity, then when it rebounds, you'll be in a better position at the end of that. And we've really done that consistently over our entire careers.

所以，如果有機會以較低的價格購買一些庫存或擴大產能，那麼當市場反彈時，你最終會處於更有利的地位。而且在我們整個職業生涯中，我們一直堅持這樣做。

That's very helpful, and I appreciate that. Maybe the next question for Angela. I see the new slide on slide 39 of the supplement that details the way that the cash flow statement would change and the reporting would change using industrial accounting versus lease accounting.

這很有幫助，非常感謝。或許接下來要問安琪拉的問題是：我在補充資料第 39 頁看到了新的幻燈片，詳細說明了使用工業會計與租賃會計時現金流量表和報告方式的變化。

Is the right way to think about it that, effectively, all of the gains on sale or economics that were flowing through cash spread by investing activities would effectively move into operating cash flow when you change to industrial accounting because of a more streamlined methodology there?

正確的理解方式是，當採用工業會計方法時，所有透過投資活動產生的現金流轉的銷售收益或經濟效益，都會因為工業會計方法的簡化而有效地轉移到經營現金流中嗎？

Yeah, no, that's the right way to think about it. So as you mentioned, we did include the pro forma cash flow statement on slide 39 of our supplement. And what you will see is that for nine months ended 9/30, we would essentially be moving about $722 million in cash proceeds from our sales assets from investing to operating activities.

沒錯，就是這樣想的。正如您所提到的，我們在補充資料的第 39 頁包含了預測現金流量表。您將會看到，截至 9 月 30 日的九個月內，我們將把銷售資產的約 7.22 億美元現金收益從投資活動轉移到經營活動。

And we've outlined the line items that was specifically changed, but you've hit on them where it would include the gain of assets and the proceeds from asset sales. And starting in third quarter, we have classified all of our inventory purchases going through operating. So you will see a transition of that aligning with our GAAP cash flow statement going forward.

我們已經列出了具體更改的項目，但您提到的正是其中涉及資產收益和資產出售所得的部分。從第三季開始，我們已將所有庫存採購歸類為經營活動。因此，您會看到這種情況逐漸與我們的 GAAP 現金流量表保持一致。

That is very helpful. I appreciate it. And I think that will make things a lot simpler considering line going forward. Thank you very much, and I'll jump back in the queue.

這非常有幫助。謝謝。我認為這將使未來的生產線建設變得更加簡單。非常感謝，我會重新排隊。

Hillary Cacanando, Deutsche Bank.

希拉蕊·卡卡南多，德意志銀行。

Thank you. Thank you for the time. Could you unpack the guidance for 2026? Was the upside driven by new customers, repeat customers, new contacts from Finnair, or the acquisition of ATOPS and the launch of JV, et cetera? I'm assuming it's a combination of all of those. But if there's anything that stands out, if you could just kind of detail. Thank you.

謝謝。感謝您抽出時間。能否詳細解讀2026年的指導方針？成長是由新客戶、回頭客、芬蘭航空的新客戶、收購 ATOPS 和成立合資企業等因素所推動的嗎？我猜想是以上所有因素的綜合作用。但如果有什麼特別突出的地方，可以詳細說明一下嗎？謝謝。

Yes. Well, I think if you break it into two parts, it's volume and margin. And so on the volume side, the MRE product, as we mentioned, continues to grow. Our production is expected to grow 33% next year. And it's a mix of new customers and existing customers. And I would also highlight that there's bigger volumes coming from existing customers.

是的。我認為如果把它分成兩部分，那就是銷量和利潤率。因此，正如我們所提到的，MRE 產品在銷售方面持續成長。預計明年我們的產量將成長33%。其中既有新客戶，也有老客戶。我還想強調的是，現有客戶的訂單量更大。

So where we've gotten the foot in the door and we've enabled people to try the product and say, this is really how it works, it works terrifically, and they experience that, then we are seeing customers come back with larger orders for their engines going forward.

所以，當我們已經打開了這扇門，讓人們有機會試用產品，並讓他們體驗到產品的實際效果後，我們就會看到客戶在未來會再次訂購更大的引擎。

So that's a great -- that's exactly what we have hoped would happen with those initial orders. So we're seeing continued adding new customers. We highlighted Finnair last quarter, and we're seeing existing customers get bigger.

所以這真是太好了——這正是我們希望首批訂單能夠達到的效果。所以我們看到新客戶數量持續成長。我們上個季度重點介紹了芬蘭航空，我們看到現有客戶的規模越來越大。

On the margin side, we've indicated next year, we expect to see 40% margins. And it's really driven off of the parts acquisitions strategy that we've been implementing and repairs. And so we've highlighted that PMA is one of those contributors where we expect imminently to have approval of the third part.

在利潤率方面，我們已經表示，預計明年的利潤率將達到 40%。這實際上是由我們一直在實施的零件採購策略和維修工作所推動的。因此，我們強調，PMA 是那些我們預計很快就能獲得第三方批准的貢獻者之一。

And then we've also had acquisitions of used serviceable material that we've been implementing. And then on the repair side, we've highlighted we have capability in Montreal, which we've been adding. But we also specifically added Pacific Aerodynamic and now Bauer.

此外，我們也收購了一些可用的二手材料，並一直在進行應用。在維修方面，我們已經強調了我們在蒙特婁具備維修能力，而且我們一直在增加這方面的能力。但我們也特別增加了 Pacific Aerodynamic，現在又增加了 Bauer。

Great. Thank you. That's really helpful. And then just on Finnair, how should we think about the margin impact or EBITDA contribution from that contract? I mean, are they [market rate] or -- how should we think about that?

偉大的。謝謝。這真的很有幫助。那麼就芬蘭航空而言，我們應該如何看待該合約對利潤率或 EBITDA 的貢獻呢？我的意思是，它們是市價嗎？還是──我們該怎麼看待這個問題？

Hey, Hillary. This is David. Yes, they're in line with a large program that we have with customers. I would say they're largely in line. But just to give you a little more flavor on the Finnair program, we're covering their entire fleet, so 36 engines. And we're prepositioning engines ahead of shop visits. We effectively provide them a serviceable engine and then take the unserviceable engine back.

嘿，希拉蕊。這是大衛。是的，這符合我們與客戶共同開展的大型專案。我認為他們的觀點基本上一致。但為了讓您更深入地了解芬蘭航空的計劃，我們將涵蓋他們的整個機隊，即 36 台發動機。我們會提前將引擎部署到位，以便進行後續的維修保養。我們有效地為他們提供一台可用的發動機，然後把無法使用的發動機收回去。

So it provides cost savings for the airline. It lowers maintenance costs and then provides, more importantly, flexibility for the airline. So we're -- as Joe mentioned earlier, we're focused with airlines on winning large programs that cover their entire maintenance. And this is an example of one that we won, and we expect others to happen soon after.

因此，這可以為航空公司節省成本。它降低了維護成本，更重要的是，它為航空公司提供了靈活性。所以，正如喬之前提到的，我們專注於與航空公司合作，爭取贏得涵蓋其全部維護工作的大型專案。這是我們贏得的一個例子，我們預計很快就會有其他例子出現。

Great. Thank you, David and Joe.

偉大的。謝謝大衛和喬。

Thanks.

謝謝。

Brian McKenna, Citizens.

Brian McKenna，市民。

Thanks. Good morning, everyone. Just one more here on SCI. Have you disclosed what FTAI will be earning in terms of management and performance fees for managing the SCI vehicles?

謝謝。大家早安。SCI上還有一篇。您是否曾揭露FTAI在管理SCI投資工具方面將獲得多少管理費和績效費？

I asked this because Leasing assets have declined 30% year to date. And that's really just from one SCI vehicle that's not even fully deployed yet. So with a couple more vehicles, most or all of these assets will likely move into third-party asset management vehicles that you're managing.

我之所以這麼問，是因為租賃資產今年迄今下降了30%。而且這只是一輛尚未完全部署的SCI車輛的數據。因此，再增加幾輛車，這些資產中的大部分或全部很可能會轉移到你管理的第三方資產管理工具。

Maybe I spend too much time covering alternative asset managers and private credit more broadly. But it would seem like Leasing, ultimately, turns into an asset management business over time. And if that's the case, you have two high-multiple earnings streams, not one. So any thoughts here would be appreciated.

或許我花了太多時間報道另類資產管理公司和更廣泛的私募信貸領域。但從長遠來看，租賃業務最終似乎會演變成資產管理業務。如果真是這樣，你就擁有了兩個高倍數收益來源，而不是一個。所以，歡迎大家提出任何想法。

Yes, Brian, we think alike. I mean, it's very much what we've been -- how we've been repositioning the business. I would say that first of all, the fees are market-based. And so the asset management fee that FTAI earns is on total assets.

是的，布萊恩，我們想法一致。我的意思是，這正是我們一直在做的事情——我們一直在重新定位業務。首先，我認為費用是根據市場情況而定的。因此，FTAI 收取的資產管理費是按總資產計算的。

So that would be on the $6 billion. And 1% or higher is typically market for that type of structure. And then the incentive compensation will be low double digits for -- provided that the returns exceed a hurdle. But it's meaningful, those numbers.

所以那應該是60億美元。而這類結構的市場價格通常為 1% 或更高。然後，如果收益超過一定門檻，激勵性薪酬將達到兩位數的低水準。但這些數字是有意義的。

As we've mentioned, we always try to have an aspiration. And we initially said, why not manage $20 billion in this way in some point? So we started out, we were at $3 billion. And now we're at $6 billion. So we may -- it may not be that crazy that we get there.

正如我們之前提到的，我們始終努力建立遠大的目標。我們最初的想法是，為什麼不在某個時候用這種方式管理 200 億美元呢？創業之初，我們的資金是30億美元。現在我們已經達到60億美元了。所以，我們或許──或許我們能達到那個目標並沒有那麼瘋狂。

And it is a much better way to own assets in a private capital structure, a partnership like this, than in a public company. So increasingly, as I said, we look at -- that we have two businesses. One is a factory that makes engines, and the other is an asset manager that manages the money that owns the aircraft that has the engine on it.

而且，在私人資本結構（例如合夥企業）中擁有資產，比在上市公司中擁有資產要好得多。所以正如我所說，我們越來越意識到——我們有兩個業務。一家是製造發動機的工廠，另一家是管理擁有裝有該發動機的飛機的資金的資產管理公司。

Got it. That's super helpful. And then maybe just a related follow-up. So it's pretty minor, but FTAI's ownership in the first vehicle, SCI vehicle, came down to 19% from 20%.

知道了。這非常有幫助。然後或許可以做一個相關的後續調查。雖然幅度很小，但FTAI在第一輛車（SCI車輛）的所有權從20%下降到了19%。

I mean, if demand remains elevated -- and it feels like it's pretty robust here, just given the upsized commitments, et cetera -- I mean, is there an opportunity for your ownership or essentially the GP stake to decline to something lower than that and then, essentially, it creates an even more capital-light model? Like, I'm just trying to take through that a little bit more moving forward.

我的意思是，如果需求持續高漲——而且鑑於增加的承諾等等，感覺這裡的需求相當強勁——我的意思是，你的所有權或者說GP股份有沒有可能下降到低於目前的水平，然後，從本質上講，這會創建一個更加輕資本的模式？例如，我只是想在接下來的日子裡多理解和運用這一點。

Yeah, it's possible. I mean, we wanted to make the first -- I mean, as you can imagine, one of the concerns that investors always have is, are you aligned? Do you have the same interest that I have as the manager?

是的，有可能。我的意思是，我們想成為第一個——我的意思是，正如你所能想像的，投資者始終關心的問題之一是，你們的利益是否一致？你跟我一樣對經理這個職位有興趣嗎？

And obviously, that equity commitment is -- goes a long way to answering that question. But over time, if you demonstrate a track record and you show people repeatedly good numbers, everything is negotiable.

顯然，這種股權承諾在很大程度上可以回答這個問題。但隨著時間的推移，如果你能展現出良好的業績記錄，並反覆向人們展示亮眼的數據，那麼一切都可以商量。

Okay, that's helpful. Thanks, Joe.

好的，這很有幫助。謝謝，喬。

Yeah.

是的。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hi, this is Ned Morgan, on for Andre this morning. I just wanted to ask, how should we think about the pace of long-term partnerships to materialize? In terms of scale, will future deals be more in line with the major US carrier deal or the Finnair deal? I guess -- and also if you're able to comment on the margin impact of these partnerships, what that could look like?

大家好，我是內德摩根，今天早上替安德烈主持節目。我想問的是，我們該如何看待長期合作關係的建立速度？從規模來看，未來的交易會更接近美國大型航空公司的交易，還是芬蘭航空的交易？我想——另外，如果您能夠就這些合作關係對利潤率的影響發表一下看法，那會是什麼樣的呢？

Well, the pace of investing -- as I said, we started the first partnership really at the beginning of this year. And we have under LOI or closed about $3.5 billion. And it's -- next week is November, I guess. So we're -- our original thought was we could invest $4 billion in the first year.

嗯，投資速度——正如我所說，我們今年年初才真正開始第一個合作關係。我們已經簽署了意向書或完成了約 35 億美元的交易。下週就到十一月了，我想。所以我們——我們最初的想法是第一年可以投資 40 億美元。

And I expect that that will go up as we get -- we have more of a backlog than we had when we launched the first partnership. So I think the pace of investment, I'm pretty optimistic. This is a $300 billion market that we should be able to deploy that type of capital regularly.

而且我預計隨著我們工作的推進，這個數字還會上升——我們現在的積壓訂單比我們啟動第一個合作項目時要多。所以我認為投資步伐相當樂觀。這是一個規模達 3000 億美元的市場，我們應該能夠定期部署這種規模的資本。

And the margins -- the SCI is treated like any other third-party customer from a pricing point of view. The only difference is it's contracted. So it is 100% committed. So the margins and the profitability from SCI business for FTAI are very similar to the other third-party customers.

至於利潤率——從定價角度來看，SCI 與其他第三方客戶一樣受到對待。唯一的區別是它是縮減版的。所以這是百分之百的承諾。因此，FTAI 從 SCI 業務中獲得的利潤率和獲利能力與其他第三方客戶非常相似。

And as I indicated next year, we expect an improvement in margins to 40%. And we are seeing an increase in larger orders from existing customers. So that trend, we expect to continue to get more engines from third-party customers per customer as they experience the benefits of the product.

正如我之前所說，我們預計明年利潤率將提高到 40%。我們看到現有客戶的大額訂單也在增加。因此，我們預計隨著第三方客戶體驗到產品的優勢，每位客戶購買的引擎數量將繼續增加。

Got it. Thank you very much.

知道了。非常感謝。

Yup.

是的。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

Hey, good morning, everyone. Thanks for taking the question. Joe, I guess, can we come back to the $1 billion cash flow outlook for next year? That's pretty impressive just given where this business has been.

嘿，大家早安。感謝您回答這個問題。喬，我想，我們能再回到明年10億美元的現金流預期上來嗎？考慮到這家公司過去的發展歷程，這確實令人印象深刻。

How much should M&A factor into your outlook for capital deployment looking forward? I think you got asked the question a little bit previously. But do you see like long-term needs for build-out of incremental capacity here?

展望未來，併購應該在您的資本部署計畫中佔據多大比重？我想你之前好像被問過這個問題。但您認為這裡有長期逐步擴容的需求嗎？

Well, I would turn it around a little bit differently. We expect to continue to expand our capacity, but we're doing so in a way that's not -- it doesn't cost a lot of money.

嗯，我會稍微換個角度來看這個問題。我們預計會繼續擴大產能，但我們這樣做的方式並不——它不需要花費很多錢。

So if you look at the other -- the deals we've done in Rome or in Miami, we're adding a meaningful amount of capacity, but the total investment is like $20 million or $30 million. So that -- I have to apologize that it's not bigger, but it's not -- we're not trying to invest more capital. We're trying to get more capacity at the best price. So we will continue to do that.

所以，如果你看看其他項目——我們在羅馬或邁阿密完成的交易，我們增加了相當可觀的產能，但總投資只有 2000 萬美元或 3000 萬美元。所以——我不得不道歉，它規模不夠大，但事實並非如此——我們並沒有試圖投入更多資金。我們正在努力以最優價格獲得更多產能。所以我們會繼續這樣做。

On the M&A repair side, equally, we've -- the deals we've done are fairly -- are extremely accretive and then not a lot of dollars invested to get in the business. And when we look at a part for a repair activity, we try to evaluate all the different ways we could get into that. We look at the companies that could be for sale. We look at building it organically in Montreal or Rome. We look at partnering with other people.

在併購修復方面，同樣地，我們所做的交易也相當具有增值潛力，而且進入該業務所需的投資並不多。當我們查看某個部件以進行維修活動時，我們會嘗試評估所有可能的切入方式。我們考察那些可能被出售的公司。我們考慮在蒙特利爾或羅馬以有機的方式進行建造。我們考慮與其他公司合作。

And we've done all of the above. We just try to find the best way in and the way that has the most accretive effect on our business. So we're sort of very flexible. But thus far, the opportunities we found have been extremely attractive from a return perspective and not require a lot of capital.

以上所有步驟我們都已完成。我們只是想找到最佳切入點，以及對我們業務最具增值作用的方式。所以我們相當靈活。但到目前為止，我們發現的投資機會從回報角度來看都非常有吸引力，而且不需要大量資金。

Okay. I appreciate that, Joe. And, Angela, can you walk us through what you think is like the right sustainable level of maintenance CapEx and maybe reinvestment in the Leasing business as we look forward?

好的。謝謝你，喬。安吉拉，你能否給我們講講，你認為未來租賃業務中合適的、可持續的維護資本支出水平以及可能的再投資應該是多少？

Yeah. As mentioned, as you can see, our maintenance CapEx this year is targeted to about $125 million. And going forward, we expect that it will maintain similar levels. And the replacement CapEx, we don't expect that to increase as well.

是的。如前所述，正如您所看到的，我們今年的維護資本支出目標約為 1.25 億美元。展望未來，我們預計它將保持類似的水平。而更換資本支出，我們預計也不會增加。

As we've mentioned, most of all of our SCI work that we'll do with the engines are structured as exchanges, where we will give a serviceable engine and get an unserviceable engine back. So the replacement CapEx, we don't expect to be expensive going forward either.

正如我們之前提到的，我們與發動機進行的大部分 SCI 工作都是以交換的形式進行的，我們會提供一台可用的發動機，然後取回一台不可用的發動機。因此，我們預期未來的替換資本支出也不會很高。

Okay, thank you.

好的，謝謝。

Ken Herbert, RBC CM.

Ken Herbert，RBC CM。

Yeah, hi, good morning. Joe, maybe to start, can you just provide an update on where you are on the V2500 program? I know you'd initially committed to or procured access to, I think, 100 full-performance restoration shop visits? How is that going, and where are you on that pipeline?

是啊，你好，早安。喬，或許可以先請你報告V2500專案的進度嗎？我知道你最初承諾或安排了大約 100 次全方位性能修復車間的參觀？進展如何？你們在這條管道上走到哪一步了？

Yeah. We're about halfway through. And what are we? A year, two years into it now? Two years in with a five-year deal, and we're about halfway in terms of the volume. And it's going quite well. I mean, that engine is -- it's a more expensive engine to do a performance restoration on, as we all know and by design. But the demand is incredible because of the continuing saga of the GTF grounding.

是的。我們已經完成了一半左右。那我們是什麼？現在一年、兩年過去了？五年合約已經履行兩年，銷量大約完成了一半。一切進展順利。我的意思是，眾所周知，這款引擎的性能修復成本更高，而且它的設計初衷就是如此。但由於GTF飛機停飛事件持續發酵，需求量非常大。

So there's been a huge life extension. We have a lot of operators that are very eager to avoid the shop visit, and that's exactly what we deliver to them. So we expect that it will continue. And at some point in the next couple of years, we'll talk about an extension or other alternatives. But we're going to stay in that engine.

所以壽命大大延長了。我們有許多業者非常希望避免親自到店，而這正是我們為他們提供的服務。因此我們預計這種情況還會持續。未來幾年內，我們會討論延期或其他替代方案。但我們會繼續使用這套系統。

Okay. That's helpful. And I know the percentage of work that has flown through or the revenues within Aerospace Products dedicated to the SCI has bounced around. And I can appreciate timing is a piece of that.

好的。這很有幫助。我知道航空航天產品部門中用於支援 SCI 的工作量百分比或收入一直在波動。我明白時機也是其中的一部分。

But as you think out a couple of years and SCI subsequent versions continue to attract capital, how much of the Aerospace Products segment or revenue do you think eventually is SCI-related? And how do you view sort of a natural cap on that?

但展望未來幾年，隨著 SCI 後續版本不斷吸引資本，您認為最終航空航太產品部門或收入中有多少與 SCI 相關？那麼，您如何看待這種自然而然的上限呢？

Well, the way you have a natural cap is to continue to grow third-party business. Because the SCI business will grow, but we're also expanding the third-party business at really a very similar clip. So I expect it to be roughly 20% to 25% of FTAI Aviation's business for the foreseeable future. And the answer is we grow both of them.

嗯，實現自然成長上限的方法就是繼續發展第三方業務。因為 SCI 業務將會成長，但我們也以非常相似的速度拓展第三方業務。因此，我預計在可預見的未來，它將佔FTAI Aviation業務的20%至25%左右。答案是，我們兩者都要種植。

Okay, thank you.

好的，謝謝。

Yup.

是的。

Thank you. This concludes the question-and-answer session. I'll now turn it back to Alan Andreini for closing remarks.

謝謝。問答環節到此結束。現在我將把發言權交還給艾倫·安德雷尼，請他作總結發言。

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

謝謝馬文，也謝謝各位參加今天的電話會議。我們期待在第四季結束後向您報告最新情況。

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

感謝您參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。