FTAI Aviation Ltd. (FTAI) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first-quarter 2026 FTAI Aviation earnings conference call. (Operator Instructions) Please be advised that today's conference will be recorded. I would now like to hand the conference over to your first speaker today, Alan Andreini, Investor Relations. Please go ahead.

各位早安，感謝您撥冗等候。歡迎參加 FTAI Aviation 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將會錄音。現在我想把會議交給今天的第一位講者，投資人關係 Alan Andreini。請開始。

Thank you, Marvin. I would like to welcome you all to the FTAI Aviation first-quarter 2026 Earnings Call. Joining me here today are Joe Adams, our Chief Executive Officer; David Moreno, our President; Nicholas McAleese, our Chief Financial Officer; and Stacy Kuperus, our Chief Operating Officer. We have posted an investor presentation and our press release on our website, which we encourage you to download if you have not already done so.

謝謝你，Marvin。我想歡迎各位參加 FTAI Aviation 2026 年第一季財報電話會議。今天與我一同出席的有：我們的執行長 Joe Adams、總裁 David Moreno、財務長 Nicholas McAleese，以及營運長 Stacy Kuperus。我們已在網站上發布投資人簡報與新聞稿，若您尚未下載，我們鼓勵您下載查閱。

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

另外，請注意本通話對大眾開放，採僅收聽模式，並同步網路直播。此外，我們今天通話中將討論若干非 GAAP 財務衡量指標，包括 EBITDA。這些指標與最直接可比的 GAAP 指標之調節表，可在財報補充資料中找到。

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

在我把電話交給 Joe 之前，我想指出今天所做的某些陳述將屬於前瞻性陳述，包括關於未來獲利的內容。這些陳述本質上具有不確定性，且可能與實際結果存在重大差異。我們鼓勵您查閱我們新聞稿與投資人簡報中關於非 GAAP 財務衡量指標與前瞻性陳述的免責聲明，並查閱我們向 SEC 提交之季度報告中所載的風險因素。

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

現在我想把電話交給 Joe。

Thank you, Alan. The first quarter was a solid start to the year for us, and we'd like to begin this morning by highlighting the key objectives for each of our businesses in 2026 and the progress we made during this first quarter. Across aerospace products, strategic capital, and power, we are scaling platforms with strong structural demand in a disciplined manner in deploying capital to support growth where we see the most attractive long-term returns.

謝謝你，Alan。第一季對我們而言是今年穩健的開局；今天早上我們想先重點說明 2026 年各項業務的關鍵目標，以及我們在第一季所取得的進展。在航太產品、策略資本與動力業務方面，我們以嚴謹的資本配置方式擴大具備強勁結構性需求的平台，將資本投入到我們認為可帶來最具吸引力長期報酬的成長機會。

I'll start with aerospace products. First, a top priority for us in 2026 is to focus on accelerating our market share growth. As our production capabilities, parts procurement strategies and overall MRE customer adoption reach an inflection point, now is the time for us to take full advantage of our competitive moat and focus on market share growth. As a reminder, we're only five years into building our aerospace products business, and as the business continues to mature and grow, we have the opportunity to leverage our enhanced execution capabilities to take more market share more quickly from traditional engine-maintenance shops.

我先從航太產品開始。首先，我們在 2026 年的首要任務之一，是聚焦加速市占率成長。隨著我們的生產能力、零件採購策略以及整體 MRE 客戶採用度達到拐點，現在正是我們充分運用競爭護城河、專注推動市占成長的時機。提醒各位，我們建立航太產品業務至今僅五年；隨著業務持續成熟與成長，我們有機會運用強化後的執行能力，更快速地從傳統引擎維修廠手中取得更多市占。

Second, as the market for the CFM56 and V2500 engines continues to mature, we've seen a notable increase in demand for leased engine solutions from top-tier airlines, even those with in-house engine MRO capabilities. We offer flexibility, customized pricing, and scale that no one else can fulfill and these large programs are very sticky. It's a key priority for us in 2026 to win more of this business.

第二，隨著 CFM56 與 V2500 引擎市場持續成熟，我們看到頂級航空公司對租賃引擎解決方案的需求顯著增加，即便是那些具備自有引擎 MRO 能力的航空公司亦然。我們提供的彈性、客製化定價與規模，是其他人無法滿足的，而這些大型專案黏著度非常高。在 2026 年，贏得更多此類業務是我們的關鍵優先事項。

Third is production. We've always talked about expanding production capacity well ahead of growth as well as adding maintenance facilities in parts of the world where we see strong traction with our customer base. It's notable today that when you look at the map, we have no major maintenance facilities east of Rome, Italy. I'd expect this to look different when we are in next year's first-quarter call.

第三是生產。我們一直談到要在成長之前就提前擴充產能，同時在我們看到客戶群具有強勁動能的地區增設維修設施。值得注意的是，若你看地圖，我們目前在義大利羅馬以東沒有任何主要維修設施。我預期等到明年第一季電話會議時，這個版圖會有所不同。

Turning to results. Aerospace Products results support the objective I just outlined with top line revenue growth accelerating both year over year and quarter over quarter, up 104% year-over-year and 32% quarter-over-quarter, respectively. First quarter adjusted EBITDA of $223 million is an increase of 70% year over year and up 14% from $195 million in Q4 of 2025.

接著談到業績表現。航太產品的結果支持我剛才概述的目標：營收成長在年增與季增兩個維度皆加速，分別年增 104%、季增 32%。第一季調整後 EBITDA 為 2.23 億美元，年增 70%，並較 2025 年第四季的 1.95 億美元增加 14%。

EBITDA margins for the quarter of 30% are indicative of an increased mix of deals with large airline customers and a larger mix of full-performance restoration shop visits. We expect this to be the trend line going forward as our capabilities have been built out, and we're able to bring volumes to the market that others simply cannot.

本季 EBITDA 利潤率為 30%，反映出與大型航空公司客戶交易占比提高，以及完整性能修復（full-performance restoration）進廠維修占比提升。隨著我們的能力建置完成，且能向市場提供其他人根本無法提供的量能，我們預期未來將延續這樣的趨勢。

Shifting now to strategic capital, where our top priority is completing the deployment of the 2025 SPV or special purpose vehicles. Our deployment pace for the first vehicle has been strong, and our engine maintenance-focused approach to adding value to aircraft ownership has been well received by the market. As we approach the end of the second quarter, the 2025 SPV will be fully invested, and we will shift from the deployment period to the harvest period where quarterly distribution will now begin.

接著轉到策略資本（Strategic Capital），我們的首要任務是完成 2025 年 SPV（特殊目的載體）的資金部署。第一個載體的部署速度強勁，而我們以引擎維修為核心、為飛機所有權創造附加價值的做法，也獲得市場良好回響。隨著我們接近第二季末，2025 年 SPV 將完成全數投資，我們也將從部署期轉入收成期，屆時將開始按季進行分配。

David will share more with you about the goals for adding value to the portfolio during this phase. As an active asset manager, we're always pursuing ways to enhance the returns above what is the contractual lease stream.

David 將在稍後與各位分享，在此階段為投資組合增值的目標。作為主動式資產管理人，我們始終在尋求提升報酬的方法，使其高於合約租賃現金流所提供的回報。

Our second area of focus for strategic capital is the launch of the 2026 SPV. We continue to plan to have a first close at the end of the second quarter, and we'll start acquiring aircraft in the third quarter of this year. The investment strategy, 12- to 15-month deployment period and size of the vehicle will be consistent with the 2025 SPV.

策略資本的第二個重點，是啟動 2026 年 SPV。我們仍計畫在第二季末完成首次交割（first close），並於今年第三季開始收購飛機。投資策略、12 至 15 個月的部署期，以及載體規模，將與 2025 年 SPV 保持一致。

Last, to support the build of the Strategic Capital business we've added to the team and now have over 40 dedicated individuals focused on sourcing, underwriting, and servicing the portfolio across offices in Dublin, Dubai, Cardiff, and New York. The growth ambitions and differentiated strategy around engine maintenance has resonated in the market and we've been able to attract great talent to supplement our existing team and scale the platform.

最後，為支持策略資本業務的建置，我們已擴編團隊，目前有超過 40 位專職人員，分布於都柏林、杜拜、卡地夫與紐約等辦公室，專注於投資來源開發、承銷評估與投資組合服務。我們以引擎維修為核心的成長企圖與差異化策略已在市場引起共鳴，使我們得以吸引優秀人才加入，補強既有團隊並擴大平台規模。

Finally, the FTAI Power business continues to make strong progress towards its commercial launch in the fourth quarter of this year. This week, we signed an important joint venture agreement with the Jereh Group for packaging and customer conversions that are in advanced stages, both of which David will share more details about shortly.

最後，FTAI Power 業務持續朝今年第四季的商業化上市（commercial launch）穩健推進。本週，我們與 Jereh Group 簽署了一項重要的合資協議，涵蓋封裝（packaging）以及已進入後期階段的客戶轉換（customer conversions）；David 稍後也會分享更多細節。

Before I pass it over to David, I want to address the conflict in the Middle East that began at the end of February the broader geopolitical environment our industry is navigating today. We are hopeful for a peace of resolution and a return to more normal energy trading and prices but we're also realistic about some of the challenges of today's environment.

在我把電話交給 David 之前，我想談談二月底開始的中東衝突，以及我們產業目前所面對的更廣泛地緣政治環境。我們期盼能和平解決並回到較正常的能源交易與價格水準，但我們也務實看待當前環境所帶來的一些挑戰。

Beginning with aerospace products, our exposure to the Middle East is limited. Less than 3% of our global current gen narrow-body fleet is based in the region, and we have very little customer exposure. More generally, we've not seen any meaningful change in shop visit demand to date. That said, elevated oil prices and fuel prices do negatively impact our customers' financial situation, and while this can create some volatility, it's the exact environment where our FTAI value proposition becomes even more critical to the customer.

先從航太產品來看，我們對中東的曝險有限。我們全球現役新世代窄體機隊中，位於該地區的比例不到 3%，且我們的客戶曝險非常小。更廣泛而言，截至目前我們尚未看到進廠維修需求出現任何顯著變化。不過，油價與燃油價格走高確實會對客戶的財務狀況造成負面影響；雖然這可能帶來一些波動，但也正是在這樣的環境下，我們 FTAI 的價值主張對客戶而言變得更加關鍵。

When an airline is facing a multimillion dollar engine shop visit in comparison to a faster, lower-cost engine exchange with FTAI, the decision is even easier to make when liquidity is top of mind. It's also worth remember that airlines cannot meaningfully change their fleets in response to short-term volatility. New aircraft orders are locked in for the next four to five years, and the current generation aircraft will continue to be a vital part of the global fleet for many, many years. In short, market share gains in aerospace products are much more consequential to us compared to overall market growth.

當航空公司面臨一筆數百萬美元的引擎進廠大修費用時，相較之下，與 FTAI 進行更快速、成本更低的引擎更換方案，在流動性成為首要考量時，這個決策就更容易做出。同時也值得記住的是，航空公司無法因應短期波動而有意義地改變其機隊。新飛機訂單在未來四到五年內已被鎖定，而現役世代的飛機在未來很多很多年仍將是全球機隊中至關重要的一部分。簡而言之，相較於整體市場成長，航太產品的市占率提升對我們而言要重要得多。

Our strategic capital periods of volatility create opportunities -- investment opportunities, when liquidity is tight, sale-leaseback transactions help raise funds and avoid future shop visits. As the only lessor in the world that covers all engine maintenance for its aircraft portfolio, we are uniquely positioned to help airlines in this matter. And lastly, for Power, our business is largely insulated from the geopolitical dynamic today. The MOD 1, our product runs predominantly on natural gas. And to the extent we see additional aviation retirements that will just provide additional feedstock to grow our conversion efforts. So I will now hand it over to David Moreno.

我們的策略性資本在波動期間會創造機會——投資機會；當流動性吃緊時，售後回租交易有助於籌措資金並避免未來的進廠維修。作為全球唯一一家為其航空器投資組合涵蓋所有引擎維護的出租人，我們在協助航空公司處理此事上具備獨特優勢。最後，就 Power 而言，我們的業務在很大程度上不受當前地緣政治態勢影響。MOD 1（我們的產品）主要以天然氣運行。而若我們看到更多航空器退役，這只會提供更多原料，推動我們的改裝（conversion）工作成長。接下來我把時間交給 David Moreno。

Thanks, Joe. I will start by providing an update on aerospace products production. We refurbished 270 CFM56 module this quarter across our four facilities, an increase of 96% compared to Q1 2025. This is a good start to our 2026 production goal of 1,050 modules and continues to reflect the hard work of our fast-growing team.

謝謝，Joe。我先就航太產品的生產情況提供最新進展。本季我們在四個設施共翻修了 270 個 CFM56 模組，較 2025 年第一季增加 96%。這是我們 2026 年 1,050 個模組生產目標的良好開端，也持續反映我們快速成長團隊的辛勤努力。

As Joe mentioned, we have built a strong aerospace products foundation over the last five years, and we are ready to further accelerate our market share growth. From a commercial perspective, we are seeing customer engagements expand to larger, more programmatic partnership as airline adoption accelerates. This is driven by both the overall market tightness as well as FTAI's capabilities continuing to broaden to now include engine and module exchanges, engine leasing, and aircraft leasing.

如 Joe 所提，我們在過去五年建立了堅實的航太產品基礎，並已準備好進一步加速市占率成長。從商業面來看，隨著航空公司採用加速，我們看到客戶互動正擴展為更大型、更具計畫性的合作夥伴關係。這一方面來自整體市場供給緊俏，另一方面也因 FTAI 的能力持續擴展，現已涵蓋引擎與模組更換、引擎租賃以及飛機租賃。

We can't emphasize enough the stickiness that's created as our relationships with airlines and asset owners expand. We become a solution provider that is integrated into the operational plans for the airline's future growth. Our close relationships with airline customers is something we are very proud of, and we believe this will continue to accelerate our market share in the years to come.

我們再怎麼強調也不為過：隨著我們與航空公司及資產持有人的關係擴大，所形成的黏著度非常高。我們成為解決方案提供者，並被整合進航空公司未來成長的營運規劃之中。我們對與航空公司客戶的緊密關係深感自豪，也相信這將在未來幾年持續加速我們的市占率提升。

Next, I'll share a further update on our strategic capital. To support the full deployment of the 2025 SPV, we upsized the vehicle's warehouse debt facility at the end of March, adding $1 billion of committed capacity. This facility is now $3.5 billion in size across 10 lenders, creating a strong roster of partners for our significant debt capital needs in the business going forward.

接下來，我將進一步更新我們的策略性資本。為支持 2025 年 SPV 的全面部署，我們在 3 月底擴大了該載體的倉儲型債務融資額度，新增 10 億美元的承諾額度。該融資目前規模為 35 億美元、共有 10 家貸方，為我們未來業務中龐大的債務資本需求建立了強而有力的合作夥伴陣容。

As we mentioned last quarter, capital deployment for the 2025 is largely complete. We have closed 165 aircraft as of the end of Q1. And after we sign a few LOIs that are in process, all new aircraft will go into the -- all new future aircraft will go into the 2026 SPV. With the 2025 SPV transitioning from investment mode to harvest mode, we are very focused on maximizing the value of potential cash flows for our investors.

如同我們上季提到的，2025 年的資本部署大致已完成。截至第一季末，我們已完成 165 架飛機的交割。在我們簽署幾份正在進行中的 LOI（意向書）之後，所有新飛機——所有未來新增的飛機——都將納入 2026 年 SPV。隨著 2025 年 SPV 從投資模式轉向收成模式（harvest mode），我們非常專注於為投資人最大化潛在現金流的價值。

We do this through active management of maintenance events, both airframe and engines as well as through lease extensions. We continue to see strong desire from our airlines to fly current gen aircraft as long as possible. especially when they do not have to worry about engine shop visits. Our all-in-one solution of combining leasing and engine maintenance has resulted in many lease extensions, and we believe this will continue to be an important trend in the portfolio.

我們透過主動管理維修事件來達成這點，涵蓋機身與引擎，同時也透過延長租約。我們持續看到航空公司強烈希望盡可能長時間使用現役世代飛機，尤其是在他們不必擔心引擎進廠維修的情況下。我們將租賃與引擎維護結合的一站式解決方案，已促成多次租約延長；我們相信這將持續成為投資組合中的重要趨勢。

Finally, on FTAI Power. I want to share updates on the timing of our commercial launch, our packaging integration and progress with customers. First, we remain firmly on track to commercially launch the MOD 1 in the fourth quarter and our prototype testing is actually running ahead of schedule. We have completed all the major mechanical testing milestones, including testing our redesigned Mod-1 fan stage at synchronous speed and we expect to wrap up final testing in the third quarter.

最後，談到 FTAI Power。我想分享我們商業化上市時程、封裝整合（packaging integration）以及客戶進展的最新情況。首先，我們仍堅定按計畫在第四季商業化推出 MOD 1，而我們的原型測試實際上進度超前。我們已完成所有主要機械測試里程碑，包括在同步轉速下測試我們重新設計的 Mod-1 風扇級（fan stage），並預期在第三季完成最終測試。

The results to date have exceeded our expectations. We have been also hosting customers on-site to observe the Mod-1 prototype directly, and that has become an important part of how we sell this product. Second, as Joe mentioned, we signed a joint venture agreement with Jereh Group, one of the leading packagers for mobile gas turbines. This is a foundational step for the program as Jereh will be our primary partner responsible for taking our turbine and combining it with the mobile package that includes the key components like the generator and gearbox.

截至目前的結果超出我們的預期。我們也一直邀請客戶到現場直接觀察 Mod-1 原型機，這已成為我們銷售該產品的重要方式之一。第二，如 Joe 所提，我們與 Jereh Group（移動式燃氣渦輪封裝領域的領先封裝商之一）簽署了合資協議。這是該計畫的基礎性一步，因為 Jereh 將成為我們的主要合作夥伴，負責將我們的渦輪機與包含發電機、齒輪箱等關鍵組件的移動式封裝系統整合。

Through the joint venture, we will draw on Jereh's manufacturing footprint across the United States, the UAE, Canada, and China, which gives us scale, geographic reach, and a clear path to global product rollout. The joint venture derisks our supply chain accelerates our speed to market and align the incentives of both parties across the long-term success of the platform.

透過合資公司，我們將運用 Jereh 在美國、阿聯、加拿大與中國的製造據點，為我們帶來規模、地理覆蓋，以及清晰的全球產品推廣路徑。該合資安排可降低我們供應鏈風險、加速上市速度，並使雙方在平台長期成功上的誘因一致。

Third, we are building a customer base committed to the long-term deployment of the Mod-1. The customer momentum we discussed last quarter has accelerated meaningfully. We are indeed in active negotiations with leader across the energy and digital infrastructure landscrape, and every one of these deals is anchored by long-term service agreement or LTSA on the turbine.

第三，我們正在建立一個承諾長期部署 Mod-1 的客戶基礎。我們上季討論的客戶動能已顯著加速。我們確實正與能源與數位基礎設施領域的領導者進行積極談判，而每一筆交易都以渦輪機的長期服務協議（LTSA）作為核心。

One exciting element is that customers are coming to us with a range of commercial structures in mind from outright purchase to lease, which speaks to the flexibility of our model and the strength of the underlying demand. The interest in lease structure in particular, fits naturally with our strategic capital initiatives and gives us the ability to offer customers a sought-out after leasing solution while preserving capital efficiency. Several of these conversations are framed around multiyear, multi-block deployment plans, which gives us visibility well beyond 2027.

其中一個令人振奮的面向是，客戶帶著多元的商業架構來與我們洽談，從直接購買到租賃皆有，這反映出我們模式的彈性以及底層需求的強勁。尤其是對租賃架構的興趣，與我們的策略性資本計畫自然契合，讓我們能在維持資本效率的同時，為客戶提供備受追捧的租賃解決方案。其中若干對話是以多年期、多批次（multi-block）的部署計畫為框架，讓我們在 2027 年之後仍具備高度能見度。

Last, what has resonated most with customers is the maintenance model. The ability to swap a turbine in place in just two days rather than taking the unit offline for an extended overhaul is a capability that the industry -- the power industry has not had access to before, and it translates directly into a lower levelized cost of energy or LCOE for the customer.

最後，最能引起客戶共鳴的是維護模式。能夠在僅僅兩天內就地更換渦輪機，而不是讓機組停機進行長時間大修，這是電力產業——整個電力產業——過去從未能取得的能力，並可直接為客戶帶來更低的平準化能源成本（LCOE）。

Based on these conversations stand today, we expect to be mostly sold out of our 2027 target production in the near term with a meaningful portion of 2028 spoken for. Before I hand it over to Nicholas, I want to take a moment to congratulate him on his promotion as CFO; as well as Mike Hasan on his promotion to CIO. Both Nicholas and Mike have been key contributors to our operational success and their new leadership roles they are positioned to have a large impact on our future success.

基於目前這些對話的進展，我們預期在短期內 2027 年目標產量將大多售罄，且 2028 年也已有相當一部分被預訂。在我把時間交給 Nicholas 之前，我想花點時間恭喜他升任 CFO；也恭喜 Mike Hasan 升任 CIO。Nicholas 與 Mike 一直是我們營運成功的關鍵貢獻者；在新的領導職務上，他們將能對我們未來的成功產生重大影響。

With that, I'll now hand it over to Nicholas to talk through the first quarter numbers in more detail.

接下來，我把時間交給 Nicholas，請他更詳細地說明第一季的數字。

Thanks, David. The key metric for us is adjusted EBITDA. We started 2026 with adjusted EBITDA of $325.6 million in Q1 of 2026, which represents a 17% increase compared to $277.2 million in the fourth quarter of 2025. The $325.6 million EBITDA number was comprised of $222.6 million from our Aerospace Products segment, $153 million from our Aviation Leasing segment, and negative $50 million from Corporate and Other, including interest segment eliminations and start-up expenses associated with our power initiatives.

謝謝，David。對我們而言，關鍵指標是調整後 EBITDA。我們在 2026 年第一季的調整後 EBITDA 為 3.256 億美元，較 2025 年第四季的 2.772 億美元成長 17%。這 3.256 億美元的 EBITDA 由以下構成：航太產品事業部 2.226 億美元、航空租賃事業部 1.53 億美元，以及公司與其他為負 5,000 萬美元（包含利息分部抵銷以及與我們電力計畫相關的啟動費用）。

Aerospace Products delivered another good quarter with $222.6 million of EBITDA and an overall EBITDA margin of 30%. This is up 14% sequentially from $195 million in Q4 of 2025 and up 70% year over year compared to $131 million in Q1 of 2025, reflecting continued momentum from production growth and operating leverage.

航太產品再度交出亮眼的一季，EBITDA 為 2.226 億美元，整體 EBITDA 利潤率為 30%。相較 2025 年第四季的 1.95 億美元，季增 14%；相較 2025 年第一季的 1.31 億美元，年增 70%，反映產量成長與營運槓桿帶來的動能持續。

Turning to Aviation Leasing. The segment continued to perform well, generating approximately $153 million of EBITDA in the first quarter. This included $45 million of insurance recoveries, $12 million in gains on sale, $25 million from 2025 SPV management fees and co-investment returns, and $71 million from leasing assets held on our balance sheet.

接著談航空租賃。該事業部持續表現良好，第一季創造約 1.53 億美元的 EBITDA。其中包含 4,500 萬美元的保險理賠回收、1,200 萬美元的出售收益、2,500 萬美元來自 2025 年 SPV 的管理費與共同投資回報，以及 7,100 萬美元來自我們資產負債表上持有的租賃資產。

For insurance recoveries, in addition to the $45 million recognized in the first quarter, we continue to expect approximately $5 million to be settled later this year, consistent with our previously communicated $50 million for 2026.

就保險理賠回收而言，除第一季認列的 4,500 萬美元外，我們仍預期今年稍晚將再結算約 500 萬美元，與我們先前對 2026 年合計 5,000 萬美元的溝通一致。

When combined with the $65 million recovered during 2024 and 2025, this brings total recovery since the outbreak of the war in 2022 to approximately $115 million against the $88 million we rolled off in 2022. For gain on sales, we began the year with $127.5 million in asset sale proceeds, generating a 9% gain or $12.1 million, as we closed the first 9 of 14 aircraft expected to be sold to the 2025 SPV this year and divested several noncore assets during the quarter, including airframes and an Orbi211 engine.

若再加上 2024 與 2025 年期間回收的 6,500 萬美元，自 2022 年戰爭爆發以來的累計回收金額約為 1.15 億美元，對比我們在 2022 年轉出（roll off）的 8,800 萬美元。至於出售收益方面，我們以 1.275 億美元的資產出售款項開局，產生 9% 的收益、約 1,210 萬美元；因為我們完成了今年預計出售給 2025 年 SPV 的 14 架飛機中的前 9 架交割，並在本季處分了數項非核心資產，包括機身以及一具 Orbi211 引擎。

Overall, as we continue to launch new strategic capital vehicles on a programmatic basis, we expect the mix of leasing EBITDA to increasingly shift towards strategic capital-driven earnings as we further pivot away from balance sheet aircraft leasing and toward a more capital-light fee-driven asset management model.

整體而言，隨著我們以計畫性方式持續推出新的策略資本載具，我們預期租賃 EBITDA 的組合將愈來愈多轉向由策略資本驅動的獲利；同時，我們也將進一步從資產負債表上的飛機租賃轉向更輕資本、以費用收入為主的資產管理模式。

This shift in our business model is also driving continued improvement in our financial profile. We began the year at approximately 2.3 times leverage on an annualized basis, now below our targeted range of 2.5 to 3 times agreed with our rating agencies. meaningfully lower than the leverage levels of approximately 5 times in 2022 and 4 times in both 2023 and 2024 before we pivoted to an asset-light strategy.

這項商業模式的轉變也推動我們的財務體質持續改善。我們以年化基礎計算的槓桿倍數年初約為 2.3 倍，現已低於我們與信評機構約定的 2.5 至 3 倍目標區間；也明顯低於我們在 2022 年約 5 倍、以及在轉向輕資產策略之前的 2023 與 2024 年皆約 4 倍的槓桿水準。

In April, we also upsized our revolving credit facility from $400 million to $2.025 billion and extended the maturity of the facility through 2031 on improved pricing terms, providing SPI with a long-term source of liquidity. The facility was significantly oversubscribed and are supported by a diverse syndicate of 15 lenders, including several institutions that also finance the debt facility of our 2025 SPV.

此外在 4 月，我們將循環信用額度由 4 億美元擴大至 20.25 億美元，並在更優惠的定價條件下將到期日延長至 2031 年，為 SPI 提供長期流動性來源。該融資額度獲得大幅超額認購，並由多元的 15 家貸款機構聯貸支持，其中包括數家同時為我們 2025 年 SPV 的債務融資提供資金的機構。

As we continue to scale our asset management platform, this alignment across financing relationships enhances flexibility, lowers our cost of capital, and delivers tangible financial benefits to the public company. Finally, in the first quarter, we generated $158 million of adjusted free cash flow, reflecting several strategic investments made early in the year to position the business for further growth in 2026.

隨著我們持續擴大資產管理平台，這種融資關係上的一致性提升了彈性、降低了資金成本，並為上市公司帶來具體的財務效益。最後，第一季我們產生 1.58 億美元的調整後自由現金流，反映年初為了讓業務在 2026 年進一步成長而進行的多項策略性投資。

These included approximately $75 million in prepayments under our multiyear CFM56 parts agreement with the OEM, approximately $81 million in induction prepayments for V2500 engines, where demand for full performance restoration remains strong, a $19 million of incremental inventory for FTAI Power to build working capital in support of a targeted 100-unit production run in 2027. Excluding these growth investments, adjusted free cash flow for the quarter totaled approximately $333 million, reflecting the strong underlying cash generation capability of the business.

其中包括：依據我們與 OEM 的多年期 CFM56 零件協議所支付的約 7,500 萬美元預付款、針對 V2500 引擎的約 8,100 萬美元進廠（induction）預付款（目前對完整性能恢復的需求仍然強勁），以及為支持 2027 年目標 100 台的生產批次，FTAI Power 增加約 1,900 萬美元的額外庫存以建立營運資金。若排除這些成長投資，本季調整後自由現金流合計約為 3.33 億美元，反映公司強勁的基礎現金創造能力。

With that, I'll hand it back over to Joe for final remarks.

接下來，我把時間交回 Joe 做最後的結語。

Thanks, Nicholas. I'd like to reiterate how encouraged we are by the start of 2026. Despite a dynamic geopolitical backdrop, demand across our customer base remains robust, execution across our three platforms is extremely strong, and the strategic investments we're making today position FTAI well for continued growth in 2027 and beyond.

謝謝，Nicholas。我想再次強調，我們對 2026 年的開局感到非常振奮。儘管地緣政治環境多變，我們客戶群的需求仍然強勁，我們三大平台的執行力非常出色，而我們今天所做的策略性投資也讓 FTAI 在 2027 年及更長遠的未來具備持續成長的良好定位。

While developments in the Middle East remain fluid and could present both challenges and opportunities, we continue to see strong underlying fundamentals across our business and a durable competitive advantage in all of our platforms.

雖然中東局勢的發展仍在變動，可能同時帶來挑戰與機會，但我們仍看到整體業務具備強勁的基本面，且在所有平台上都擁有持久的競爭優勢。

Consistent with our view, we reaffirm our 2026 total business segment EBITDA outlook of $1.625 billion, comprised of $1.05 billion from aerospace products and $575 million from aviation leasing supported by growing and accelerating demand across our proprietary aerospace offerings.

與我們的觀點一致，我們重申 2026 年全公司各事業部合計 EBITDA 展望為 16.25 億美元，其中航太產品 10.5 億美元、航空租賃 5.75 億美元；並由我們自有航太產品供給所帶動、持續成長且加速的需求所支撐。

Based on this outlook, we also remain confident in our expectation to generate approximately $915 million of adjusted free cash flow in 2026, which reflects continued execution against our annual production plan of 1,050 CFM56 modules to meet customer demand while prioritizing excess cash flow for reinvestment in high-return growth initiatives, including M&A, minority investments in the 2026 SPV and the continuing development of FTAI Power.

基於此展望，我們也仍對 2026 年可產生約 9.15 億美元的調整後自由現金流充滿信心；這反映我們持續依年度生產計畫執行，生產 1,050 組 CFM56 模組以滿足客戶需求，同時優先將超額現金流用於再投資於高報酬的成長計畫，包括併購（M&A）、對 2026 年 SPV 的少數股權投資，以及持續推進 FTAI Power 的開發。

As a result of this confidence for the third consecutive quarter in a row, we're announcing an increase to our dividend from $0.40 per quarter to $0.45 per share per quarter. The dividend will be paid on May 26 to shareholders of record as of May 13. This marks our 44th dividend as a public company and 59th consecutive dividend since we started. As we look ahead to the rest of 2026, our focus remains on building a durable, scalable, and differentiated platform that delivers value over the long term.

基於這份信心，且已連續第三個季度，我們宣布將股利由每季每股 0.40 美元提高至每季每股 0.45 美元。股利將於 5 月 26 日支付給截至 5 月 13 日的在冊股東。這是我們作為上市公司發放的第 44 次股利，也是自開始以來連續第 59 次發放股利。展望 2026 年剩餘期間，我們的重點仍是打造一個具韌性、可擴張且差異化的平台，以在長期創造價值。

The investments we are making across aerospace products, strategic capital and power are designed to strengthen our competitive position, expand our addressable markets and support sustainable growth for many years to come. And I want to recognize the teams -- fabulous teams across our organization for their continued focus on execution and delivery in a demanding operating environment. And I also want to thank our customers and partners for the trust they place in FTAI as we help them navigate capacity constraints and rising demand and our shareholders for their ongoing support as we continue to scale our business. We are focused on executing against the opportunities in front of us and remain confident in FTAI's ability to deliver.

我們在航太產品、策略資本與電力等領域所進行的投資，旨在強化競爭地位、擴大可服務市場，並支持未來多年可持續的成長。我也要肯定我們組織內各團隊——非常出色的團隊——在具挑戰的營運環境下，仍持續專注於執行與交付。同時也要感謝我們的客戶與合作夥伴對 FTAI 的信任，讓我們能協助他們因應產能限制與需求上升；並感謝股東持續支持我們擴大業務規模。我們將專注把握眼前的機會並持續落實執行，且對 FTAI 的交付能力仍充滿信心。

With that, I will pass it back to Alan.

那麼，我把話交回給 Alan。

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

謝謝你，Joe。Marvin，你現在可以開放電話會議進入問答環節。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

(接線員指示) Sheila Kahyaoglu，Jefferies。

Nice quarter. I have two questions, if that's okay. First one is on Aerospace products. Market share continues to climb higher, up from 10% to 12% while the margin rate is healthy, but has taken a step back. Can you maybe talk about some of the puts and takes? How much came from higher work scope versus the market share in new customers.

本季表現不錯。我有兩個問題，如果可以的話。第一個是關於航太產品。市占率持續攀升，從 10% 提高到 12%，同時毛利率水準仍然健康，但有所回落。你們能否談談其中的一些拉動與抵銷因素？有多少來自更高的工作範疇（work scope），相較於新客戶帶來的市占提升？

Yes. I mean we really don't have a specific breakout of the components. It's really a mix of things that go into it. And as we mentioned previously, as the customers get bigger, the potential orders get bigger, the work scopes get bigger. We are consciously going for a higher market share and to drive faster growth in EBITDA in an absolute dollar amount. And we think that moves the needle much more than anything else and really the opportunity to take advantage of this scale that we have today, and really capture as much of the market as possible is something that we've been working hard to get ourselves in a position to be able to do for years, and we feel like we're there at this point.

是的。我的意思是，我們其實沒有針對各個組成項目做特定拆分。這裡面是多種因素的組合。而且如我們先前提到的，隨著客戶規模變大，潛在訂單會變大，工作範疇也會變大。我們是有意識地追求更高的市占率，並以絕對金額來推動 EBITDA 更快成長。我們認為這比其他任何事情都更能帶來實質影響；而且能夠利用我們目前的規模優勢、盡可能多地掌握市場機會，是我們多年來一直努力讓自己具備能力去做到的事，我們覺得目前已經到位了。

Yes. And this is David to add to that, right? I think as Joe mentioned, the scale is intentional. It's obviously intentional on the aerospace products, but it's also intentional across the value it creates on our -- on the entire business, right, our strategic capital and our power business. So when we look about -- think about the value creation, there's no better lever than increasing market share for us as a top priority.

是的。我是 David，補充一下，對吧？我想如 Joe 所提到的，規模化是刻意為之。這當然是針對航太產品刻意為之，但同時也刻意用在其對我們——對整體業務所創造的價值上，對吧，包括我們的策略資本（strategic capital）以及我們的電力業務。所以當我們談到——思考價值創造時，對我們而言沒有比提升市占率更好的槓桿，而且這是我們的首要優先事項。

Great. And then maybe, David, you mentioned much of the '27, '28 modules should be committed to in the near term. Can you give us some flavor of what your customer set looks like and the underlying assumptions in terms of volumes and packaging capability as you get into the 2028 time frame?

很好。另外，David，你提到 2027、2028 年的模組在短期內應該會大多被承諾（commit）。你能否讓我們更了解一下你們的客戶組合長什麼樣，以及在進入 2028 年時間框架時，對於出貨量與封裝（packaging）能力方面的基本假設？

Yeah. So we've made meaningful progress with customers. As I mentioned, we've had customers on site as well to look at the prototype, understand that. I think that's a very important piece of the sales process. So to give you a little more color, the customers really consist of four types of customers. Number one hyperscalers; number two, data center operators; number 3, gas distributors; and number four, financial sponsors. There's a lot of activity from financial sponsors who are actually -- who are providing a lot of capital in this space.

好的。所以我們在客戶端已取得實質進展。如我提到的，我們也讓客戶到現場看過原型機並理解它。我認為這是銷售流程中非常重要的一環。再多給你一些顏色（補充細節），客戶主要由四種類型構成。第一是超大規模業者（hyperscalers）；第二是資料中心營運商；第三是天然氣經銷商；第四是金融贊助方（financial sponsors）。金融贊助方在這個領域非常活躍，實際上——他們正在為這個領域提供大量資本。

We feel very good about being where we're at and we expect to be, as I mentioned, in a short matter of time sold out of 2027 volumes. The conversations we're having are beyond '27, they're multiyear multi-block conversations. So we're talking about conversations or orders into 2028 and beyond. And I think that's a very important piece is when we built this, we wanted to create a diverse group of customers, really with the intention of having them operate this base load for a long term. And I think we've seen that, and we're very happy with the progress. And as I mentioned, I think we're in the final steps here, and we hope to update you guys shortly.

我們對目前所處的位置感覺非常好，而且如我提到的，我們預期在不久的時間內，2027 年的產能（volumes）就會售罄。我們正在進行的對話已經超越 2027 年，是多年期、分多個區塊（multi-block）的對話。所以我們談的是 2028 年及以後的對話或訂單。我認為非常重要的一點是，當我們打造這個業務時，我們希望建立多元化的客戶群，真正的用意是讓他們長期以基載（base load）的方式運行。我想我們已經看到這一點，對進展非常滿意。而且如我提到的，我認為我們已經進入最後階段，希望很快向各位更新。

Got It. Share in Aerospace and Power, makes sense.

了解。航太與電力的市占提升，說得通。

Ken Herbert, RBC.

Ken Herbert，RBC。

Joe and David and Alan and Nicholas. Maybe, Joe or David, can you just talk a little bit more about the relationship with your JV partner, Jereh Group? And maybe how that came about, why you picked them and the value uniquely they sort of bring to this FTAI Power opportunity? .

Joe、David、Alan、Nicholas，你們好。也許 Joe 或 David，你們能否再多談一點與合資（JV）夥伴 Jereh Group 的關係？以及這段合作是如何促成的、為什麼選他們、以及他們為 FTAI Power 這個機會帶來哪些獨特價值？.

Yeah, this is David, Ken. So I can take that. Yes, we're very excited about our partnership with Jereh Group. They're one of the largest oil and gas equipment manufacturers across the world. And what they're going to be doing with us is they're going to basically handle everything except the turbine, right? What that means is the actual trailer, all the key components on the trailer, including the generator, the gearbox and all the controls. And that will allow us to focus on the Mod-1, which is our -- obviously our specialty around the turbine.

好的，Ken，我是 David。我來回答。是的，我們對與 Jereh Group 的合作非常興奮。他們是全球最大的油氣設備製造商之一。他們將與我們一起做的事情，基本上是處理除渦輪之外的所有部分，對吧？也就是實際的拖車平台、拖車上的所有關鍵組件，包括發電機、齒輪箱以及所有控制系統。這將讓我們能專注在 Mod-1，也就是——顯然我們在渦輪方面的專長。

Jereh, we selected Jereh because of their scale in manufacturing. They have manufacturing facilities across the US, Canada, the UAE and in China, so that scale is obviously an important theme, and it's something that we're going to continue to talk about as well as they have a lot of experience with aeroderivative packaging package turbines for, let's say, folks like GE Venova, Baker Hughes, Siemens, and that they can create a lot of value and everything but determined. So I think it's a really good marriage between both companies, and we have shared incentives to continue to work and scale this business together.

我們選擇 Jereh，是因為他們在製造方面的規模。他們在美國、加拿大、阿聯、以及中國都有製造設施，所以規模顯然是一個重要主題；我們也會持續談到這點。此外，他們在航空衍生型（aeroderivative）機組封裝（packaging）方面經驗豐富，能為例如 GE Venova、Baker Hughes、Siemens 等客戶做渦輪封裝，而且他們能在除渦輪本體之外的所有環節創造很大價值。所以我認為這是兩家公司非常好的結合，我們也有共同的激勵機制，持續合作並一起把這個業務規模化。

Does the work with Jereh at all impact sort of your access to the post sales economics, and we think around maintenance and spare parts and other ways to sort of monetize obviously, the FTAI power?

與 Jereh 的合作，是否會在某種程度上影響你們取得售後經濟利益（post sales economics）的能力？例如我們所想的維修保養、備品備件，以及其他將 FTAI Power 變現的方式？

Yeah, I would say there's no real change to how we've talked about economics, right? So the overall unit economics will remain roughly the same in line. right? But obviously, a part of this will come through a joint venture. So the way that I will look on the face of the financials may be a little different, meaning revenue may be slightly lower and then we'll have earnings piece of this earnings through earnings in a joint venture. But overall, the unit economics remain the same.

是的，我會說這不會實質改變我們先前談過的經濟性，對吧？所以整體單位經濟性（unit economics）大致會維持在同一水準，對吧？但顯然其中一部分會透過合資公司來實現。因此在財報呈現上可能會有些不同，也就是營收可能會略低一些，然後我們會透過合資公司的損益來認列這部分的獲利。但整體單位經濟性維持不變。

Obviously, as part of the Jereh Group handling the packaging. That means for us, we'd have to invest less in working capital around the packaging piece of the equation, which is obviously a good part -- but overall, they're best in class. They can package at scale and they're vertically integrated. So they add a lot of value there. So it does not have any impact on our overall margins.

另外，因為由 Jereh Group 來負責封裝（packaging）。這表示對我們而言，在封裝這一塊所需投入的營運資金會更少，這顯然是好事——但整體而言，他們是同級最佳（best in class）。他們能以規模化方式進行封裝，而且是垂直整合的。所以他們在這方面增加了很多價值。因此這不會對我們的整體利潤率造成任何影響。

Yeah. And I think we talked about this on the call, but we're obviously very focused on the long-term service agreement when we talk about economics to FTAI on the turbine. What that is, is effectively customers will pay for us to service the turbine. And I would think of that as very similar type economics as our aerospace business, where effectively, customers will pay us based on usage. And depending on usage, every three to six years, turbines will have to get replaced.

是的。我想我們在電話會議上也談過這點，但當我們與 FTAI 討論渦輪的經濟性時，我們顯然非常聚焦於長期服務協議。其本質是，客戶會付費讓我們為其提供渦輪維修服務。我會把這視為與我們航太業務非常類似的經濟模式，也就是客戶基本上會依使用量付費給我們。而且依使用情況，每三到六年就需要更換渦輪。

And we're going to be handling that through our exchange business, which we're very excited. And what that means is, effectively, we can replace these turbines in two days or less. And we're excited because typically, the lead times of doing maintenance on turbines is actually a bit longer than the aerospace business. So we think that's going to be a huge competitive advantage. as well as a revenue stream, which we're very excited about.

而我們將透過我們的交換（exchange）業務來處理這件事，我們對此非常興奮。這代表我們基本上可以在兩天或更短時間內更換這些渦輪。我們之所以興奮，是因為通常渦輪維護的交期其實比航太業務更長一些。因此我們認為這將是巨大的競爭優勢，同時也是一條我們非常期待的營收來源。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利。

Maybe, David, since you're talking about power, I just want to touch a bit more on some of the things you said. So I just want to clarify, when you said that you're mostly sold out for 2027, does this mean that these things are accounted for and you're just waiting for ink to dry on the orders? That's the first question.

也許，David，既然你在談電力，我想再多觸及一下你提到的一些內容。我想先釐清一下，當你說 2027 年的產能大多已售罄時，這是否表示這些都已經納入規劃，只是在等訂單完成簽署？這是第一個問題。

And also the second question, can you provide more color in terms of how your interactions are with these hyperscalers? What's important to them? When you talk about being able to service these engines these turbines at a shorter period. Is that a key differentiator? Are they valuing this? And ultimately, how competitive is your offering to what they're considering right now?

第二個問題是，你能否更具體說明你們與這些超大規模業者（hyperscalers）的互動情況？他們重視的是什麼？當你提到能在更短時間內維修這些引擎、這些渦輪時，這是否是關鍵差異化因素？他們是否看重這點？最終，你們的方案相較於他們目前正在考量的其他選項，競爭力如何？

Yes, yes. So we're in advanced negotiations. I'd say we're in the final steps, and we expect, let's say, to be sold out imminently. So that's the first question. As far as the second question, what differentiates our product and what's important for our customer really it's three things, right? Number one is speed to power, right? So customers want units now, right? There's really a shortage of equipment out there. And our unit is mobile, and it can be installed in less than two weeks. So that's a big value add, very different than, let's say, an EPC or construction that takes, let's say, could take up to 18 months. Number 2 is scale.

是的，是的。我們正處於深入談判中。我會說我們已進入最後階段，並且預期可以說很快就會售罄。這是第一個問題。至於第二個問題，我們產品的差異化以及客戶真正重視的點，主要是三件事，對吧？第一是快速供電（speed to power），對吧？客戶希望現在就能拿到機組，對吧？市場上確實存在設備短缺。而我們的機組是可移動式的，且可在兩週內完成安裝。這是很大的加值，與例如 EPC 或施工相比非常不同；後者可能需要長達 18 個月。第二是規模（scale）。

Customers want scale. I think now between our ability on the turbines as well as Jereh's ability on the packaging we have really scale that no one has today. And then number three is really reliability of the product, which includes, obviously, the reliability of the turbine. So it's the CFM56, it's the most durable engine ever produced and then as well as the maintenance or the servicing of it, which is a huge advantage, right? Ultimately, if you can service a unit in two days versus six months, that ultimately means you need less units and it's lower operating costs for our customers. So all that's very important, and I think they're very excited about the Mod-1. And again, we we've really been thoughtful about building the customer base, not just thinking about 2027, but thinking about the longevity of this platform.

客戶需要規模。我認為現在結合我們在渦輪方面的能力，以及 Jereh 在封裝（packaging）方面的能力，我們已具備目前沒有人擁有的規模。第三則是產品的可靠性，這當然包括渦輪本身的可靠性。也就是 CFM56，它是史上最耐用的引擎；同時也包括其維護或保養服務，這是一個巨大的優勢，對吧？最終，如果你能在兩天內維修一個機組，而不是六個月，這就意味著客戶需要的機組更少，營運成本也更低。所以這些都非常重要，我認為他們對 Mod-1 非常興奮。再說一次，我們在建立客戶基礎時一直很審慎，不只是著眼於 2027 年，也考量這個平台的長期性。

Super helpful, David. And then you guys have historically talked about the power margins would be better or equal than aerospace products. With your investment now in higher market share for aerospace products within the margin pressure that that's yielding. Can you talk about where you think power margins could be in the long run? I mean, compared to when you guys have talked about the power initiative, this ability to turn around the maintenance in 1 to 2 days, it seems like a very significant opportunity. So does that materialize in better pricing, better margins. Anything to level set us on power margins and what to expect for '27 and '28 8 would be helpful.

非常有幫助，David。另外，你們過去一直提到電力業務的毛利率會優於或至少不低於航太產品。在你們目前加大投資、提高航太產品市占的同時，也帶來一定的毛利壓力。你能談談你認為電力業務長期的毛利率可能落在哪裡嗎？我的意思是，相較於你們先前談電力計畫時的情況，現在能在 1 到 2 天內完成維護周轉，似乎是非常重大的機會。那這是否會反映在更好的定價、更好的毛利率？若能幫我們校準一下電力業務毛利率，以及對 2027、2028 年的預期，會很有幫助。

I would say our margins, right, when we talked about it, are going to be in line to our historical Aerospace margins, right? So I would say there's no changes based on our growth in market share on Aerospace, that has no impact on power. We're obviously going to be providing more color as we progress through the specifics of these contracts.

我會說我們的毛利率，對吧，按照我們先前的說法，將會與我們歷史上的航太毛利率一致，對吧？所以我會說，基於我們在航太市占成長，電力業務並沒有任何變化；那對電力沒有影響。隨著我們在這些合約細節上持續推進，我們顯然會提供更多說明。

But you're right, the long-term service agreement is a key differentiator. It's really value add for the customer. And for us, it's recurring revenue, right? It really sets up a long-term base. Typically, the type of contracts we're going to enter are going to be long term in nature. so let's say, 10 years-plus. And I think that's a very important piece because it's not only the day one sale, but it's also the ability to provide services on that equipment, which is a huge differentiator for our customers and something they prioritize when talking to us.

不過你說得對，長期服務協議是一個關鍵差異化因素。它對客戶而言確實是加值。而對我們來說，這是經常性收入，對吧？它確實建立起長期的基礎。通常我們將要簽訂的合約性質會是長期的，比如說 10 年以上。我認為這非常重要，因為不僅是第一天的銷售，還包括為該設備提供服務的能力；這對客戶而言是巨大的差異化，也是他們在與我們洽談時優先考量的事項。

Giuliano Bologna, Compass Point.

Giuliano Bologna，Compass Point。

Congratulations on the continued impressive results in the scaling of the business. The one thing I'd like to focus on is the real acceleration in the module count in producing 270 this quarter. Can you tell us more about what's driving that acceleration in the module production because it seems like a pretty impressive acceleration in your production volumes. And be curious about the durability and where things should go from there because it very well versus your stated targets for the year.

恭喜你們在業務規模化方面持續交出令人印象深刻的成果。我想聚焦的一點是，本季模組數量大幅加速，產出達到 270。你能否多談談是什麼在推動模組產量的加速？因為看起來你們的產量增速相當驚人。我也想了解這樣的動能是否具持續性，以及接下來應該如何發展，因為這看起來相較於你們今年的目標表現得非常好。

Yes. No, no, we're proud of the execution from the team, right? And as we said all along, right, we've been really focused on execution, and that includes adding the capacity, which we've done. Number two is the people, right? We've been focusing on adding the right people and we've talked about the trading academy so that continues to be humming. And then obviously, number three is execution. So we're very excited. I think that's playing out in the numbers. As you mentioned, we went from 138 modules in Q1 in 2025 to 270. So pretty dramatic increase year over year.

是的。不，不，我們為團隊的執行力感到自豪，對吧？而且正如我們一路以來所說，我們一直非常專注於執行，其中包括我們已經完成的產能擴充。第二是人才，對吧？我們一直專注於引進合適的人才，也談過交易學院（trading academy），所以那部分持續運作良好。然後顯然第三就是執行。所以我們非常興奮。我認為這也反映在數字上。如你所提，我們從 2025 年第一季的 138 個模組提升到 270 個。所以年對年增幅相當顯著。

And I would point out that Rome and Lisbon are still ramping up. So I think we see a lot of momentum from those facilities and a lot of growth coming. So we're very excited. I think Joe also mentioned this earlier, we continue to look for additional capacity east of Rome. I think that's a key priority for the business. We want to get ahead -- well ahead of capacity as we continue to go for market share.

我想指出的是，羅馬與里斯本的產能仍在持續爬坡提升。因此我認為我們看到這些設施帶來很強的動能，且未來將有大量成長。所以我們非常興奮。我想 Joe 先前也提到，我們仍在尋找羅馬以東的額外產能。我認為這是業務的一項關鍵優先事項。隨著我們持續爭取市占率，我們希望在產能上超前——大幅超前。

And I think also having a part supply deal from the OEM helps us scale as well, and that's a huge provider of parts, you need parts people and facilities to build an engine. And so we've really concentrated the last year on all three of those. And the result is we're able to double production year over year.

我也認為，與 OEM 的零件供應協議也有助於我們擴大規模，而那是一個非常重要的零件供應來源；要打造一具引擎，你需要零件、人員與設施。因此過去一年我們確實把重點放在這三個面向。結果就是，我們能夠讓產量年對年翻倍。

Josh Sullivan, JonesTrading.

Josh Sullivan，JonesTrading。

Just wanted to touch base on the conflicts in the Middle East? I know your exposures be limited. But if this is a projected broader event, given the cost saving tools that FA offers, are you seeing any early conversations with new customers who might feel they're exposed to preparing?

想請教一下中東的衝突？我知道你們的曝險應該有限。但如果這被預期會演變成更廣泛的事件，考量到 FA 所提供的節省成本工具，你們是否已經看到一些來自新客戶的初步對話，他們可能覺得自己有曝險、因此開始準備？

Well, I think -- I mean, when you get into these environments, liquidity becomes number one, two and three for airlines to focus on. And so any time that happens, you start having increased on sale-leaseback opportunities, asset sales avoiding engine shop visits. So yes, it's a direct result of when you get into these environments, the priorities change for the airlines customers, and we're there to partner with it.

我想——我的意思是，當你進入這種環境時，流動性會成為航空公司關注的第一、第二與第三要務。因此每當發生這種情況，你就會看到更多售後回租（sale-leaseback）機會、資產出售，以及透過避免引擎進廠維修（shop visit）來節省支出。所以是的，這是直接結果：當處於這種環境時，航空公司客戶的優先順序會改變，而我們就在那裡與他們合作、成為夥伴。

We're always offering help. We've done this in other past crisis. If you think about COVID or back when airlines have been -- the Russian situation. So we're always flexible, and we have a lot of access to capital. and we can save -- so we really go in and try to sit down and work with the clients to figure out what they want -- what they need and what we can do and how to how to help them as opposed to an adversarial relationship. It's really a partnering approach, which has worked very well.

我們一直都在提供協助。我們在過去其他危機中也做過這些。如果你想到 COVID，或是更早之前航空公司受到——俄羅斯情勢的影響。所以我們一向很有彈性，而且我們有很強的資本取得能力；我們也能節省——因此我們真的會深入，嘗試坐下來與客戶一起討論，弄清楚他們想要什麼——他們需要什麼、我們能做什麼、以及如何幫助他們，而不是採取對立的關係。這是一種真正的夥伴合作方式，而且一直運作得非常好。

And then I guess kind of relatedly, are you seeing any acceleration in engine assets for sale in the Middle East or Europe becoming available as a result of the conflict. And I guess it's really a question on the retirement dynamic and how that's playing out in your view.

那我想延伸相關地問一下，你們是否看到因衝突而導致中東或歐洲有引擎資產加速釋出、可供出售？我想這其實是在問退役（retirement）的動態，以及你們怎麼看它的發展。

Yeah. No, it's early. So we're not seeing that yet. As Joe mentioned, obviously, for us, we want airlines to do well, the entire aviation industry is better when airlines are doing well, but we're well prepared with the tools that we have, right? I mean, Joe covered it, but the ability for us to do a sale leaseback with engine management really has two benefits. day one, you create liquidity; and day two, you avoid the expensive shop visits. So we're really one of one that can execute at that scale. So it's still early, but we're prepared to help when the time is right.

是的。不，現在還太早。所以我們還沒有看到那種情況。如 Joe 所提，顯然對我們而言，我們希望航空公司經營得好；當航空公司表現良好時，整個航空產業都會更好，但我們也已經用我們擁有的工具做好充分準備，對吧？我的意思是，Joe 已經說過了，但我們能夠做結合引擎管理的售後回租，確實有兩個好處：第一天就能創造流動性；第二天則能避免昂貴的進廠維修。所以我們確實是唯一一家能以那樣的規模執行的公司。因此現在仍然很早，但當時機成熟時，我們已準備好提供協助。

I mean the only thing you see in the beginning are if people were flying A340s or 747s or sometimes some regional jets that are either high -- really high cost or low revenue those can be taken out of operation, and that's sort of what you see in the early periods. But core fleets that people need to operate their schedule and they plan over multiple years and you can't get replacement capacity. It's been such a tight market. We don't expect to see much, if anything, on that changing in the next few months, even if this goes on.

我的意思是，一開始你唯一會看到的是：如果有人在飛 A340 或 747，或有時一些區域型噴射機——這些機型要嘛成本非常高、要嘛收入偏低——它們可能會被停飛退場，這就是你在早期階段會看到的情況。但那些人們需要用來維持航班時刻、且以多年為期規劃的核心機隊——而且你也無法取得替代運能。市場一直非常吃緊。即使這件事持續下去，我們也不預期未來幾個月會看到太多變化，甚至可能完全不會有變化。

Brandon Oglenski, Barclays.

Brandon Oglenski，Barclays。

Joe, can you speak maybe a little bit more on the customer profile of these larger airlines that you had in the quarter? And looking forward, as you seek to get more market share here. I think this might actually be very much a validation of the model that you have here. But I don't know, maybe you want to elaborate?

Joe，你能否多談一點本季你們合作的這些大型航空公司的客戶輪廓？以及往前看，當你們在這裡尋求取得更多市占率時。我想這其實很可能是在驗證你們的商業模式。但我不確定，你或許可以再多做一些說明？

Yeah. I mean it's a great question because I mentioned last time that if I was talking to some of the big airlines 12 or 18 months ago, they would have been somewhat -- we don't need this product, and we're a little bit more dismissive. But now we talk to airlines, virtually everyone in the world is a potential customer, if not an actual customer today. And the reason is, you can go to an airline and say, you tell me what you think you're going to spend to rebuild an engine, and I'll match that price or beat that price for you. And I'll get rid of all of the expenses you have to incur to manage that event like spare engines, engineering departments and the risk that the cost becomes -- you have a negative surprise in the cost overrun, all that goes away.

可以。我的意思是，這是個很好的問題，因為我上次提到，如果我在 12 或 18 個月前跟一些大型航空公司談，他們可能會覺得——我們不需要這個產品，態度也會比較不以為然。但現在我們跟航空公司談，幾乎全世界每一家都是潛在客戶，即使不是今天就已經是實際客戶。原因是，你可以對一家航空公司說：你告訴我你認為重建一具引擎要花多少錢，我會用同樣的價格，甚至更低的價格提供給你。而且我會把你為了管理這件事必須承擔的所有費用都拿掉，例如備用引擎、工程部門，以及成本變成——出現成本超支的負面意外風險，這些都會消失。

And it's like who wouldn't want to do that. So it is a great pit. So when airlines hear that, and they think about it and say, why shouldn't I -- particularly if I'm moving into the new technology that believe and even if I have my own maintenance capabilities, why shouldn't I begin to use this product, at least for a portion. And then ultimately, a conversation becomes or if you like it for 10% of your fleet, why not 100% of your fleet.

這就像是，誰會不想這麼做？所以這是一個很棒的推介。因此當航空公司聽到這些、再仔細想一想，就會說，我為什麼不——尤其當我正在轉向我相信的新技術時；即使我有自己的維修能力，我為什麼不至少先在一部分機隊上開始使用這個產品。然後最終對話會變成：如果你喜歡把它用在你機隊的 10%，那為什麼不把它用在你機隊的 100%。

And we have conversations now where we go into an airline and we might have acquired some aircraft on lease to an airline through SCI, and the airline says, we go in and say, great news, you never have to do another engine shop visit on that fleet ever again. So you don't have to fight with our lessor, and you don't have to manage the engine shop visit and end up spending a lot more money, and they like, that's fantastic. Why don't you go try to buy all of my other leased aircraft from other lessors and convert those?

而且我們現在有一些對話是：我們走進一家航空公司，我們可能透過 SCI 收購了一些以租賃方式租給該航空公司的飛機，航空公司就會說——我們進去並說，好消息，你在那個機隊上再也不需要做任何一次引擎進廠維修了。所以你不需要跟我們這個出租人周旋，你也不需要管理引擎進廠維修，最後還花了更多錢；他們會說，這太棒了。那你為什麼不去把我其他向別的出租人租的飛機也都買下來，然後把它們也轉成這種模式？

And so they're actually helping us to expand the relationship. And ultimately, the goal is to manage for an airline -- their entire fleet. And once you get to the level of comfort, like why wouldn't they want to do that? So I would say virtually every airline in the world, I can't think of maybe a handful that might not, but almost everybody in the world is an actual or potential customer. So --

所以他們其實是在幫助我們擴大合作關係。而最終目標是為一家航空公司——管理他們的整個機隊。一旦達到那種舒適與信任的程度，他們為什麼不想這麼做呢？所以我會說，幾乎全世界每一家航空公司——我想不出也許只有少數幾家可能不會，但幾乎全世界所有航空公司都是實際或潛在客戶。所以--

And Nicholas, I think you -- congrats on the new role, but you improved liquidity with a larger revolver, but I think also enhanced the warehousing facility on SCI. Is that correct?

Nicholas，我想你——恭喜你升任新職務。不過你透過更大額度的循環信貸（revolver）改善了流動性，同時我也認為你們在 SCI 上也強化了倉儲融資額度（warehousing facility）。這樣說對嗎？

Yeah. Thanks, Brandon. So I think it's probably important to clarify first, they are two independent facilities from each other. So the revolver is related to the public company and is the primary source of liquidity. The warehouse upside was all related to closing out the deployment of capital for SEI One as we tracked about $6 billion number.

是的。謝謝你，Brandon。我想先澄清一點很重要：這兩個是彼此獨立的融資安排。循環信貸是與上市公司相關，且是主要的流動性來源。倉儲融資額度的上調則完全是為了完成 SEI One 的資金投放收尾，我們追蹤的規模大約是 60 億美元。

But said that, we do have lenders in both facilities. across them. And then so as we become a bigger and bigger player on the SCI, we're able to see financial benefits. And we're both very pleased with the outcome of this is that we're able to improve terms on the public company given we're becoming a much larger player on the SCI.

不過話雖如此，兩個融資安排之間確實有一些放款人是重疊的。因此，隨著我們在 SCI 上成為越來越大的參與者，我們能看到財務上的效益。我們對這次結果都非常滿意，因為在我們成為 SCI 上更大型的參與者之後，我們得以改善上市公司層級的條款。

And can you just put that in context of your expected capital commitments or capital cost at the corporate level looking out the next year or two?

你能否把這點放在你們未來一到兩年、公司層級預期的資本承諾或資金成本的脈絡下說明一下？

Yeah. So for the first SCI, we did -- we have 19% of the $2 billion that we closed earlier in the year. The capital call for that, there's approximately $95 million remaining from that as of 3/31. We do expect that to be closed by Q2, and that will fully close that. As a reminder, SCI 1 is a closed-end fund -- so once we commit that capital, we'll then switch from being in investment mode to harvest mode. And at that point, we'll start doing distributions back to all of the institutional LPs, including FTAI for its 19%. Related to SCI 2, we are actively now in the equity fundraising mode. So from that, we will expect to deploy capital in the second half of the year. but the timing of that will ultimately relate to the cadence of when we first do our equity closing.

好的。就第一支 SCI 而言，我們持有今年稍早完成募集的 20 億美元中的 19%。截至 3/31，該筆資本催繳（capital call）尚餘約 9,500 萬美元。我們預期會在第二季完成到位，屆時就會完全結清。提醒一下，SCI 1 是封閉式基金——因此一旦我們承諾並到位該筆資本，我們就會從投資期切換到收成期（harvest mode）。到那個時點，我們會開始對所有機構 LP 進行分配（distributions），包括 FTAI 其 19% 的份額。至於 SCI 2，我們目前正積極進行股權募資。因此，我們預期會在今年下半年開始投放資本，但時間點最終仍取決於我們首次股權交割（equity closing）的節奏。

Brian McKenna, Citizens.

Brian McKenna，Citizens。

Okay. Great. So there's clearly a lot of noise across private credit today, although most of that is within corporate direct lending. But what are your dialogues like today for SCI 2? We've been hearing that institutional allocators continue to deploy capital in a big way across private credit despite all the rhetoric out there, specifically into ABF opportunities. So I'm curious what you're seeing on this front. And then from your seat, what's ultimately driving such strong demand for your product?

好的。很好。目前私募信貸領域顯然雜音很多，雖然多數集中在企業直接放貸。但你們現在針對 SCI 2 的對話情況如何？我們聽到的是，儘管外界言論很多，機構配置者仍持續大舉在私募信貸部署資金，尤其是投入 ABF（資產基礎融資）機會。所以我想了解你們在這方面看到的情況。另外，從你們的角度看，究竟是什麼在驅動市場對你們產品如此強勁的需求？

Well, I would say, ultimately, it's returns. And these are -- we're not seeing any impact from whatever the private credit side is experienced in withdrawals or redemptions because our investors are all committed into private equity style vehicles and nonredeemable structures. So it has no impact on our ability. And really what people like is an uncorrelated asset-based return that has high contractual cash flows. And that's a sweet spot in the market. It always has been. It is -- and we hit that perfectly.

我會說，歸根結底是報酬。而且——我們沒有看到私募信貸那邊所經歷的提款或贖回對我們造成任何影響，因為我們的投資人都是承諾投入私募股權式的載體，且是不可贖回的結構。所以這對我們的能力沒有影響。大家真正喜歡的是一種與市場相關性低（uncorrelated）的資產基礎型報酬，並且具有高度契約化的現金流。這在市場上是一個甜蜜點。一直都是。而我們正好完美切中這個點。

So -- and what we're able to show people is a higher return with lower risk, which is another thing that every investor I've ever met is always trying to find that. So we're able to show better returns than a traditional approach given our engine maintenance exchange program, and lower risk because we have less residual value exposure.

另外，我們能向投資人展示的是：更高的報酬、同時更低的風險——這也是我見過的每一位投資人都在尋找的組合。相較於傳統做法，憑藉我們的引擎維修交換計畫（engine maintenance exchange program），我們能呈現更好的報酬；而風險更低，則是因為我們承擔的殘值（residual value）曝險更少。

So there's really nothing -- what we offer is a great product in today's world. And all of the investors in the first SPV or -- we're doing this with an idea that it would be a program and they would be able to do this over multiple funds over the next few years, and they're seeing great returns. And so they're very happy with what we've been able to do and are very committed to continuing to invest.

所以我們提供的，在當今環境下確實是一個很好的產品。第一個 SPV 的所有投資人——我們在設計時就把它當作一個可延續的計畫，讓他們未來幾年能跨多支基金持續參與，而他們也看到了很好的報酬。因此他們對我們目前的成果非常滿意，也非常願意持續投入。

That's helpful. And then you're clearly building a great network here of alternative asset managers and large institutional allocators for SCI, but I'm curious. A lot of these large investors also own or are invested in data centers and energy-related infrastructure. I think you guys alluded to this a little bit, but is there an opportunity to leverage some of these relationships on the SCI side to further enhance the adoption and distribution of your power product over time?

這很有幫助。另外，你們顯然正在為 SCI 建立一個很強的另類資產管理人與大型機構配置者網絡，但我很好奇。這些大型投資人中，很多也擁有或投資於資料中心與能源相關基礎設施。我想你們稍早有提到一點，但是否有機會利用 SCI 這邊的關係，進一步提升你們電力產品隨時間的採用與分銷？

Yes, this is David. And the answer is absolutely. So we're -- we've talked about the demand being -- a lot of demand for leasing, long-term leasing. And we're thinking about it very similar to the way that we thought if you think about our Aviation business, where we can create these long-term contracted cash flows. And then our capital partners are very much wanting to invest in these type of assets. So we feel very good about being able to scale that. And I think that's a very capital-efficient way to do so. So absolutely.

是的，我是 David。答案是絕對有。我們談到需求——市場對租賃、長期租賃的需求很大。我們的思考方式非常類似於航空業務：如果你想想我們的 Aviation 業務，我們可以創造這些長期合約化的現金流。而我們的資本夥伴也非常希望投資這類資產。因此我們對於能夠擴大規模非常有信心。而且我認為這是一種非常資本效率高的擴張方式。所以，絕對是。

It also further differentiates our product because most equipment sellers don't offer financing. And so we -- when we go to the customer, we say like we did in aviation on the power side, you can either buy it and you can lease it or you can have a power purchase agreement. You tell us what you want. And that flexibility is hugely beneficial to today's world where there's a lot of demand for capital, as you can see. And people are trying to figure out how to make it go farther. So the flexibility that we can offer on the financing is extremely well received, and it's a perfect structure for an SCI power vehicle.

這也進一步讓我們的產品更具差異化，因為大多數設備賣方並不提供融資。因此當我們面對客戶時，我們會像在航空業務、以及在電力端一樣告訴他們：你可以選擇買下來、也可以選擇租賃，或是簽訂購電協議（power purchase agreement）。你告訴我們你想要哪一種。在當今資本需求很高的環境下，這種彈性非常有價值，你也看得到。大家都在想辦法讓資本發揮更大的效益。因此，我們在融資上能提供的彈性非常受市場歡迎，而且這也是 SCI 電力載體（power vehicle）的完美結構。

Shannon Doherty, Deutsche Bank.

Shannon Doherty，德意志銀行（Deutsche Bank）。

First one for Nicholas, and congratulations on your new role. After the additional $5 million of expected insurance proceeds this year, will you be completely finished with the insurance claims?

第一題給 Nicholas，也恭喜你擔任新職務。在今年預期額外 500 萬美元的保險理賠款入帳之後，你們的保險理賠案件是否就會全部結束？

Thanks, Shannon. Yes, that's correct. So we settled on $44.6 million in Q1, of which we received $20 million -- $27 million of that -- the balance of that will be received in Q2 from cash proceeds. And then remaining that $5 million is consistent with our original guidance of $50 million. After that, that will be ultimately it and closed.

謝謝你，Shannon。是的，沒錯。我們在第一季就 4,460 萬美元達成和解，其中我們已收到 2,000 萬美元——其中 2,700 萬美元的那部分餘額，將在第二季以現金理賠款方式收取。而剩下的 500 萬美元也與我們原先 5,000 萬美元的指引一致。之後就會全部結束並結案。

Great. And for my second question, any update on the progress of getting the remaining PMA parts approval with the [FAA]. We all know that parts inflation is an issue for everyone in the industry right now. So maybe you can provide us with some more color on levers that you can pull to manage costs?

很好。第二題，關於向[FAA] 取得剩餘 PMA 零件核准的進度，有沒有更新？我們都知道零件通膨目前是整個產業共同面臨的問題。所以也許你們可以多分享一些，你們有哪些槓桿可以用來管理成本？

Sure. So -- I mean, just to recap, there are five parts in total that (inaudible) has been working on three are approved. Those three represent about 80% of the total cost savings. So the last two parts are in process to getting approved. But the majority of the cost savings is already with parts that are already available in the market. So -- but they are in the works in terms of getting approval for those last two.

好的。所以——我的意思是，簡單回顧一下，總共有五個部分，（聽不清）一直在推進，其中三個已獲核准。這三個約占總成本節省的80%。因此，最後兩個部分正在核准流程中。但大部分的成本節省已經來自那些目前市場上已可取得的部分。所以——不過，就最後兩個部分的核准而言，它們仍在推進中。

Myles Walton, Wolfe Research.

Wolfe Research 的 Myles Walton。

This is [Greg Dalberg] on for Myles. I just had a quick follow-up on Giuliano's question regarding module production. I wanted to focus more on Miami and Montreal specifically just because looks like Montreal is down sequentially in 1Q in Miami was well above the full-year run rate. So can you just talk about the dynamics specifically in 1Q and kind of how those play out through the year?

我是代替 Myles 的 [Greg Dalberg]。我想就 Giuliano 關於模組生產的問題做個簡短追問。我想更聚焦在邁阿密和蒙特婁，主要是因為看起來蒙特婁在第一季（1Q）較前一季下滑，而邁阿密則明顯高於全年運行率。所以你能否談談第一季（1Q）具體的動態，以及這些情況在全年會如何發展？

Yes, I can take that. So Montreal is our most mature shop which that means they're going to handle the heaviest work scopes. So the product production mix is based on -- truly on work scope. So Montreal is doing, let's say, heavier shop visits while Miami is doing a bit lighter and then Rome today and Lisbon are doing the lightest work scopes.

是的，我可以回答。蒙特婁是我們最成熟的廠區，這表示他們會處理最繁重的工作範疇。因此，產品生產組合是依據——真正是依據工作範疇來決定。所以蒙特婁在做，例如較重度的進廠維修（shop visits），而邁阿密做的相對較輕，至於目前的羅馬與里斯本則處理最輕的工作範疇。

Got it. And then a quick one for Nicholas. Just given the corporate expense in 1Q was embedded with some of the power costs. Can you talk about the full year expectation?

了解。接著有個問題想問 Nicholas。鑑於第一季（1Q）的公司費用中包含了一些 Power 的成本。你能談談全年預期嗎？

Yeah. So we had approximately $10 million in incremental expenses-related to power, that's R&D expense, and that's -- but that's also incremental head count from building out the teams of engineers, technicians, and support staff. So decomposing that you can assume that we will be approximately slightly less on an annualized level related stuff for 2026. But as in the future years, we plan on growing this into 100-unit production growth, we will be increasing headcount.

可以。我們約有1,000萬美元與 Power 相關的增量費用，那是研發（R&D）費用；此外——也包含因擴編工程師、技術人員與支援人員團隊而增加的人力。拆解來看，你可以假設在2026年，相關項目的年化水準大約會略低一些。但在未來年度，隨著我們計畫把產能成長到100台的生產規模，我們將會增加人力。

So in outer years, you can expect that our expenses for Power will continue to grow. But ultimately, there is some onetime expenses in Q1, Q2, Q3 as we do or indeed that will immediately hit our P&L rather than being capitalized.

所以在更長期的年度，你可以預期我們在 Power 的費用會持續成長。但最終來說，第一季、第二季、第三季會有一些一次性費用，因為我們在做（或確實會做）的項目將會直接反映在損益表（P&L）上，而不是資本化。

But probably in 2027, it will be a segment, and we will not have it in corporate. It will be a sizable business, and we'll set it up as a separate reporting segment. And so all those expenses will be attributed -- allocated to the Power business at that point.

但大概在2027年，它會成為一個事業部門，我們就不會把它放在公司層級。它會是一個規模可觀的業務，我們會把它設為獨立的申報部門。因此，屆時所有這些費用都會歸屬——分攤到 Power 業務上。

Andre Madrid, BTIG.

BTIG 的 Andre Madrid。

This is the first quarter in a while that I can remember at least that we didn't see some kind of acquisition being announced. Obviously, still remains a capital deployment priority. I guess just could you give more color as to what the M&A pipeline looks like? Maybe obviously not too deep in the details, but color around scale and maybe geographic location and capability.

這是我記憶中至少一段時間以來，第一次看到我們沒有宣布任何收購。顯然，資本部署仍然是優先事項。我想請你多分享一些併購（M&A）管線目前看起來如何？也許不用太深入細節，但能否談談規模、可能的地理位置，以及能力面向？

Yeah. I didn't realize we've built an expectation. We have an M&A every quarter. But it is hard to control that. But I would say, on M&A, the activity is in two different categories. This one is adding capacity to the overhaul business. And we did allude to the fact that we expect by this time next year, that we'll have another facility somewhere east of Royal, Middle East.

好的。我沒意識到我們已經建立了某種期待。我們每一季都會有一筆併購。但這件事很難控制。不過我會說，在併購方面，我們的活動分成兩大類。第一類是為大修（overhaul）業務增加產能。我們也確實提到過，我們預期到明年這個時候，會在 Royal 以東的某個地方、在中東地區再有一座設施。

So we are -- we do have some candidates. We're working on that. it's often hard to control the timing of M&A. So -- but we've been very disciplined and we found great assets to add. And when we get the right structure and the right asset, we can move quickly. So we -- we're working on deals in that category. And then the second area where we've been active is in piece part repair and part manufacturing. And we have several deals that we're looking at in that space as well.

所以我們——確實有一些候選標的。我們正在推進；但併購的時點往往很難掌控。所以——不過我們一直非常自律，也找到了很好的資產可以納入。當我們取得合適的架構與合適的資產時，我們可以很快行動。所以我們——正在推進這一類的交易。第二個我們一直積極的領域是零件維修（piece part repair）與零件製造。在這個領域我們也在看好幾筆交易。

So we'll continue to vertically integrate in our product offering. Anytime we can undertake an activity to reduce the cost of overhauling and building an engine. We're going to be very aggressive about that. And we've added -- last year, we added Pacific Aerodynamic and prime through the Bauer partnership. So we'll keep looking and hopefully add additional capability in the repair and piece-part manufacturing business in the future.

因此，我們會持續在產品供應上進行垂直整合。只要我們能承接任何活動來降低引擎大修與製造的成本，我們就會非常積極地去做。而且我們已經新增——去年我們透過與 Bauer 的合作夥伴關係，加入了 Pacific Aerodynamic 和 prime。所以我們會持續尋找，並希望未來在維修與零件製造業務上增加更多能力。

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

目前沒有進一步的提問。我現在想把時間交回給 Alan Andreini 作結語。

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

謝謝你，Marvin，也謝謝各位參與今天的電話會議。我們期待在第二季（Q2）之後向各位更新。

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

感謝各位參與今天的會議。本節目到此結束。您現在可以掛線。