Willis Lease Finance Corp (WLFC) 2025 Q2 法說會逐字稿

Good day, and welcome to the Willis Lease Finance Corporation Q2 2025 earnings call. Today's conference is being recorded. We would like to remind you that during this conference call, management will be making forward-looking statements, including statements regarding our expectations related to financial guidance, outlook for the company and our expected investment and growth initiatives. Please note these forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect WLFC's views only as of today.

大家好，歡迎參加 Willis Lease Finance Corporation 2025 年第二季財報電話會議。今天的會議正在錄製中。我們想提醒您，在本次電話會議期間，管理層將做出前瞻性陳述，包括有關財務指導、公司前景以及預期投資和成長計畫的預期陳述。請注意，這些前瞻性陳述是基於目前的預期和假設，存在風險和不確定性。這些聲明僅反映 WLFC 截至今天的觀點。

They should not be relied upon as representative of views as of any subsequent date, and WLFC undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

它們不應被視為任何後續日期的觀點代表，並且 WLFC 不承擔根據新資訊或未來事件修改或公開發布對這些前瞻性陳述的任何修改結果的義務。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect WLFC's financial results, please refer to its filings with the SEC, including, without limitation, WLFC's most recent quarterly report on Form 10-Q, annual report on Form 10-K and other periodic reports, which are available on the Investor Relations section of the WLFC's website at https://www.wlfc.global/investor-relations. At this time, I would like to turn the conference over to Austin Willis, Chief Executive Officer. Please go ahead.

這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。有關可能影響WLFC財務表現的重大風險及其他重要因素的進一步討論，請參閱其向美國證券交易委員會（SEC）提交的文件，包括但不限於WLFC最新的10-Q表季度報告、10-K表年度報告及其他定期報告，這些報告可在WLFC網站https://www.wlfc.global/investor-relations的「投資者關係」部分獲取的「投資者關係」部分。現在，我想將會議發言權交給執行長Austin Willis。請繼續。

Thank you, operator, and thank you all for joining us today to discuss our second-quarter 2025 financial results. On our call today, I'm joined by Scott Flaherty, our Chief Financial Officer; and Brian Hole, our President.

謝謝接線員，也謝謝大家今天加入我們討論我們的 2025 年第二季財務業績。在我們今天的電話會議上，我們的財務長 Scott Flaherty 和總裁 Brian Hole 也參加了會議。

First and foremost, I'd like to emphasize that this was a record-setting quarter for the company. We achieved our highest ever quarterly total revenue of $195.5 million, an increase of 29.4% over the same period last year. This achievement highlights the continued strength of the aviation marketplace, our platform and our portfolio.

首先，我想強調的是，這是公司創紀錄的一個季度。我們實現了有史以來最高的季度總收入 1.955 億美元，比去年同期成長 29.4%。這項成就凸顯了航空市場、我們的平台和產品組合的持續實力。

Airlines increasingly rely on our leasing, parts and maintenance solutions to avoid costly and time-consuming engine shop visits, helping to drive the recurring revenues that are the foundation of our business.

航空公司越來越依賴我們的租賃、零件和維護解決方案，以避免昂貴且耗時的引擎維修，從而幫助推動作為我們業務基礎的經常性收入。

Our steady performance has enabled us to expand our business while returning capital to our shareholders. One year ago, we announced a policy of paying a common quarterly dividend. And last week, the Board declared our fifth consecutive quarterly dividend of $0.25 per share. Scott will provide a deeper look at our financials.

穩定的業績使我們能夠擴大業務，同時向股東返還資本。一年前，我們宣布了支付季度普通股利的政策。上週，董事會宣布我們連續第五個季度派發每股 0.25 美元的股息。斯科特將深入了解我們的財務狀況。

So I would like to turn to what we accomplished in the quarter. The momentum from the beginning of the year continues despite any lingering concerns related to tariffs and the impact on trade and economic growth. As we've said in the past, we have designed a robust and durable business model that we believe can generate premium returns across the economic cycle and under a wide variety of market conditions.

所以我想談談我們在本季取得的成就。儘管人們對關稅及其對貿易和經濟成長的影響仍存在擔憂，但今年年初以來的勢頭仍在繼續。正如我們過去所說，我們設計了一個強大而持久的商業模式，我們相信它可以在整個經濟週期和各種市場條件下產生優質的回報。

Fundamentally, the increasing expense of new engines makes leasing a compelling strategy for obtaining spare engines, while our maintenance capabilities offer an attractive alternative for airline operators relative to more conventional maintenance solutions.

從根本上說，新引擎費用的不斷增加使得租賃成為獲取備用引擎的一種引人注目的策略，而我們的維護能力為航空公司營運商提供了一種相對於更傳統的維護解決方案而言頗具吸收引力的替代方案。

Additionally, our position as a leading engine-focused lessor is supported by our premium differentiated asset portfolio, coupled with our integrated maintenance and materials capabilities as well as our deep relationships with aviation operators, OEMs and other key market participants.

此外，我們作為領先的引擎租賃商的地位得益於我們優質的差異化資產組合、綜合的維護和材料能力以及與航空運營商、原始設備製造商和其他主要市場參與者的深厚關係。

We continue to see positive trends and strength in our core leasing business. The yield of our portfolio as defined by lease and interest revenue plus maintenance reserve revenue divided by net book value is in the high teens.

我們的核心租賃業務持續呈現正面趨勢和強勁實力。我們的投資組合收益率（以租賃和利息收入加上維護儲備收入除以帳面淨值計算）處於百分之十幾左右。

This is attributable to numerous factors, not least of which is our lease rental factor of 1.01% and the steady growth of our utilization from 82% in the end of June last year to 86% at the end of March 2025 to 88% at the end of June 2025.

這歸因於多種因素，其中最重要的是我們的租賃租金率為 1.01%，以及我們的利用率穩步增長，從去年 6 月底的 82% 增長到 2025 年 3 月底的 86%，再到 2025 年 6 月底的 88%。

Operationally, the quarter's results are a testament to the dedication and expertise of our team and the successful execution of our strategic initiatives. It's been a busy quarter for us. We purchased or sold 31 engines and 4 airframes. We completed our largest ever engine ABS, which also achieved our tightest pricing to date. We did our sixth JOLCO.

從營運角度來看，本季的業績證明了我們團隊的奉獻精神和專業知識以及我們策略舉措的成功執行。對我們來說這是一個忙碌的季度。我們購買或出售了 31 台發動機和 4 架機身。我們完成了迄今為止最大的引擎 ABS，並實現了迄今為止最嚴格的定價。我們舉辦了第六屆 JOLCO。

We began to see results from our lean business system called SOAR. We received over $6 million in grant proceeds from the UK government for our SAF initiative, and we entered into a contract with Safran to build a test cell facility.

我們開始看到精實業務系統 SOAR 的成果。我們從英國政府獲得了超過 600 萬美元的資助用於我們的 SAF 計劃，並且我們與賽峰集團簽訂了建造測試單元設施的合約。

Our services are well aligned with the industry's direction of travel as more airlines seek to avoid complexity in favor of a simple operating model to drive efficiency and optimize their businesses. Airlines increasingly rely on our leasing, parts and maintenance solutions to achieve those objectives by avoiding costly and time-consuming shop visits and maintaining large in-house maintenance capabilities.

我們的服務與行業的旅行方向非常一致，因為越來越多的航空公司尋求避免複雜性，採用簡單的營運模式來提高效率並優化業務。航空公司越來越依賴我們的租賃、零件和維護解決方案來實現這些目標，避免昂貴且耗時的進廠維修，並保持強大的內部維護能力。

I'd like to go into more detail on some of these recent accomplishments. Earlier this year, we launched SOAR, our lean business system built around strategy, operations, action and results to ensure we scale efficiently while maintaining the high-quality service and products our customers expect.

我想更詳細地介紹一下最近取得的一些成就。今年早些時候，我們推出了 SOAR，這是我們圍繞策略、營運、行動和結果構建的精益業務系統，旨在確保我們高效擴展，同時保持客戶期望的高品質服務和產品。

As we grow, SOAR helps us expand operating margins, improve delivery timelines and attract and retain top talent. Over the past nine months, we have identified and eliminated waste across critical processes. These efforts have already delivered measurable results.

隨著我們的成長，SOAR 幫助我們擴大營業利潤率、改善交貨時間並吸引和留住頂尖人才。在過去的九個月裡，我們已經發現並消除了關鍵流程中的浪費。這些努力已經取得了顯著成果。

For example, an 85% reduction in time from engine acquisition to lease readiness, and we are starting to see faster lease closings because of simplified workflows. Our quarterly earnings this period were influenced by a few distinct factors, changes in the way we grant stock-based compensation going forward, the increase in our share price and its effect on our 2024 stock-based compensation plan, the transition to a new General Counsel and the sale of our consulting business.

例如，從引擎採購到租賃準備的時間減少了 85%，並且由於工作流程的簡化，我們開始看到更快的租賃結束速度。本季我們的季度收益受到幾個不同因素的影響，包括我們未來授予股票薪酬方式的變化、股價上漲及其對我們 2024 年股票薪酬計劃的影響、向新總法律顧問的過渡以及我們諮詢業務的出售。

As announced earlier in the quarter, we incurred costs related to the departure of our previous General Counsel. Saying that, I'm pleased to announce that Clif Dameron has been appointed GC. Cliff joined us in 2024 from Carlyle Aviation Partners.

正如本季早些時候宣布的那樣，我們因前總法律顧問離職而產生了相關費用。話雖如此，我很高興地宣布 Clif Dameron 已被任命為 GC。克里夫於 2024 年從凱雷航空合夥公司加入我們。

His experience in aviation and private equity and establishing investment vehicles is proving invaluable as we look to grow our assets under management. Collectively, two of these items led to an increase in SG&A in the second quarter, and I highlight these points to help investors look past these one-off impacts that Scott will address in more detail shortly and focus on the continued strength of our underlying operating performance.

當我們尋求增加管理資產時，他在航空和私募股權以及建立投資工具方面的經驗被證明是無價的。總的來說，其中兩項導致第二季銷售、一般及行政費用增加，我強調這些要點是為了幫助投資者忽略這些一次性影響（斯科特將在稍後更詳細地討論），並關注我們持續強勁的基礎經營業績。

Additionally, we sold our consulting and advisory business, Bridgend Asset Management to Willis Mitsui & Company Engine Support Limited, our existing joint venture with Mitsui & Company. We purchased this business in 2016 and have since grown it considerably in revenue and capabilities.

此外，我們還將我們的顧問和顧問業務 Bridgend Asset Management 出售給了我們與三井物產現有的合資企業 Willis Mitsui & Company Engine Support Limited。我們於 2016 年收購了這家公司，此後其收入和能力均大幅成長。

This business is an important part of our differentiated offering and that we rely upon their expertise to guide us on in-sourcing maintenance risk, particularly as it pertains to ConstantThrust, where we recently signed another agreement with Air India for 26 CFM56-7B engines.

這項業務是我們差異化產品的重要組成部分，我們依靠他們的專業知識來指導我們處理內部維護風險，特別是對於 ConstantThrust 而言，我們最近與印度航空簽署了另一項協議，購買 26 台 CFM56-7B 發動機。

We believe our close collaboration with Mitsui & Company strengthens our platform overall and the combined ownership will help drive further growth in both the consulting business and the joint venture more generally.

我們相信，與三井物的密切合作將增強我們整個平台的實力，而合併後的所有權將有助於推動諮詢業務和合資企業的進一步成長。

This allows us to maintain the same strategic benefits we enjoyed as 100% owners of the consulting business in a way that drives a superior return to our shareholders by bringing in third-party equity and fees without diluting shareholders.

這使我們能夠保持作為諮詢業務 100% 所有者所享有的相同策略利益，並透過引入第三方股權和費用在不稀釋股東權益的情況下為股東帶來更高的回報。

Subsequent to the quarter end, in July, we announced that our subsidiary, Willis Aviation Services Limited, secured a commitment from leading leisure airline, Jet2.com, for two base maintenance lines for the upcoming season. Both maintenance lines will be carried out at our KeySight facility, reflecting the demand we referenced earlier and our commitment to serving that demand while creating skilled jobs in the UK aerospace industry.

在本季結束後的 7 月份，我們宣布我們的子公司威利斯航空服務有限公司已獲得領先休閒航空 Jet2.com 的承諾，將在下個季度提供兩條基本維護線路。這兩條維護線都將在我們的 KeySight 工廠進行，這反映了我們之前提到的需求以及我們滿足這一需求的承諾，同時為英國航空航天業創造技術性就業機會。

We look forward to updating you on our expansion in the region in quarters and years to come. A few other positive developments I'd like to touch on are tariffs and taxes. We are encouraged by what appears to be an agreement between the US and the EU to have a zero tariff policy between each for aircraft and aircraft parts, of which engines qualify.

我們期待在未來幾季和幾年向您通報我們在該地區的擴張情況。我想談的其他一些積極發展是關稅和稅收。令我們感到鼓舞的是，美國和歐盟似乎達成了一項協議，對飛機和飛機零件（其中發動機符合條件）實施零關稅政策。

We feel that this is a positive development for the US, and the EU as well as ourselves who historically have benefited from the frictionless movement of assets across borders. Additionally, changes regarding the treatment of depreciation and interest in the Big Beautiful Bill are expected to benefit us over the long term.

我們認為，這對美國、歐盟以及我們自己來說都是一個積極的發展，因為我們歷史上都受益於跨境資產的無摩擦流動。此外，《大美麗法案》中關於折舊和利息處理的變化預計將使我們長期受益。

Lastly, I'd like to especially recognize the great work of our finance department and banks in executing WEST VIII, our most recent and largest ABS, which closed during the second quarter and is priced inside of the other aviation leasing securitizations coming out around the same time.

最後，我要特別表揚我們的財務部門和銀行在執行 WEST VIII 方面所做的出色工作，這是我們最新、規模最大的 ABS，它於第二季度完成，其定價包含在同期推出的其他航空租賃證券化產品中。

This is a testament to the market's confidence in our business and the strength of our platform. As we look ahead, we are confident that our operational excellence and commitment to innovation will continue to position WLFC for further growth and value creation.

這證明了市場對我們的業務和平台實力的信心。展望未來，我們相信，我們卓越的營運和對創新的承諾將繼續幫助 WLFC 實現進一步的成長和價值創造。

And with that, I'll hand it over to Scott Flaherty, our CFO, to discuss our financial performance in greater depth.

接下來，我將把時間交給我們的財務長 Scott Flaherty，更深入地討論我們的財務表現。

Thank you, Austin, and good morning, all. We closed out the first half of 2025 with a solid second quarter performance, where the business produced record quarterly revenues of $195.5 million, up 29% from the comparable period in 2024.

謝謝你，奧斯汀，大家早安。我們以穩健的第二季業績結束了 2025 年上半年，該季度業務收入創下 1.955 億美元的新高，比 2024 年同期成長 29%。

Record earnings before taxes or EBT for the quarter of $74.3 million, up 28.3% from the comparable period in 2024. Net income attributable to common shareholders of $59 million for the quarter, up 41.5% from the comparable period in 2024, and yes, another quarterly record for the business.

本季稅前利潤（EBT）創下 7,430 萬美元的紀錄，比 2024 年同期成長 28.3%。本季歸屬於普通股股東的淨利潤為 5,900 萬美元，較 2024 年同期增長 41.5%，是的，這是該公司的另一個季度紀錄。

Continued strong core lease rent and maintenance reserve revenues, our trading profits, all enhanced by our vertically integrated service offerings as well as the recognized value creation associated through the sale of our Bridgend asset management consultancy business through our Willis Mitsui joint venture were the key drivers to our profitability for the quarter.

持續強勁的核心租賃租金和維護儲備收入、我們的交易利潤、透過我們的垂直整​​合服務產品以及透過我們的 Willis Mitsui 合資企業出售我們的 Bridgend 資產管理諮詢業務而產生的公認價值創造是我們本季度盈利的主要驅動力。

Walking through the P&L, as it relates to the top line, core lease rent revenue for the quarter was $72.3 million, up 29.4% from the prior comparable period. And interest revenue, which reflects interest income on long-term loan-like financing was $3.6 million, up 59.8% from the prior comparable period.

從損益表中可以看出，與營業收入相關的是，本季核心租賃租金收入為 7,230 萬美元，較去年同期成長 29.4%。利息收入（反映長期貸款融資的利息收入）為 360 萬美元，較去年同期成長 59.8%。

The relative growth we see from the comparable quarter in 2024 was driven by an increase in our equipment held for operating lease, which sits at $2.61 billion as of June 30, 2025, as well as growth in our long-term loan-like financing portfolio.

與 2024 年同期相比，我們看到的相對成長是由於我們持有的營業租賃設備增加（截至 2025 年 6 月 30 日為 26.1 億美元）以及我們長期貸款式融資組合的成長。

Our total owned portfolio is reflected on our balance sheet as equipment held for operating lease, maintenance rights, notes receivable and investment in sales type leases, which aggregate to $2.83 billion. Average portfolio utilization was 87.2% for the quarter compared to 83% in the comparable period of 2024.

我們的資產負債表上反映出我們的總自有投資組合為經營租賃持有的設備、維護權、應收票據和銷售型租賃投資，總計 28.3 億美元。本季平均投資組合利用率為 87.2%，而 2024 年同期為 83%。

Utilization has been trending up, and we ended the second quarter at a utilization rate of 88.3%. We discussed on our last earnings call how we were getting our Q4 2024 new GTF purchases on lease, and we are seeing the effects of our efforts in the P&L.

利用率一直呈上升趨勢，第二季末的利用率為 88.3%。我們在上次收益電話會議上討論瞭如何透過租賃購買 2024 年第四季的新 GTF，並且我們在損益表中看到了我們的努力的效果。

Lease rate factors for the portfolio were in line with the comparable period of 2024 at 1.0%. Maintenance reserve revenues for the quarter were $50.7 million, down $12.2 million from the prior comparable period but showing relative strength as you peel back the numbers.

該投資組合的租賃率與 2024 年同期持平，為 1.0%。本季維護儲備收入為 5,070 萬美元，比去年同期下降 1,220 萬美元，但從數字上看，仍顯示出相對強勁的勢頭。

Short-term maintenance reserve revenues associated with the cyclical and hourly usage of our engines came in at $50.2 million, up 9.5% or $4.4 million from the comparable quarter in 2024 as we continue to see more engines, specifically of the current generation vintage out with short-term lease conditions and long-term maintenance revenues associated with engines coming off lease and the associated release of any maintenance reserve liabilities came in at $0.5 million compared to $17 million in the comparable prior period.

與我們的發動機週期性和每小時使用相關的短期維護儲備收入為 5020 萬美元，比 2024 年同期增長 9.5% 或 440 萬美元，因為我們繼續看到更多的發動機，特別是當前一代老式發動機的短期租賃條件和與發動機租賃到期以及相關維護儲備負債的釋放相關的長期維護收入為 50 萬美元，而去年同期為 1700 萬美元。

Spare parts and equipment sales to third parties increased by $24.2 million or 391% to $30.4 million in Q2 2025 compared to $6.2 million in the comparable prior period. This increase was related to equipment sales of $21.1 million in the quarter, representing the sale of one engine where there was no equipment sales in the comparative prior period. Equipment sales represent the pure trading of an asset that has not been placed on lease. These sales are reflected on a gross revenue basis in our P&L. Margin on equipment sales were 6.4%.

2025 年第二季度，對第三方的備件和設備銷售額增加了 2,420 萬美元，即 391%，達到 3,040 萬美元，而去年同期為 620 萬美元。這一增長與本季 2,110 萬美元的設備銷售額有關，這代表著銷售了一台發動機，而去年同期沒有設備銷售。設備銷售代表尚未租賃的資產的純粹交易。這些銷售額反映在我們的損益表的總收入基礎上。設備銷售利潤率為6.4%。

Spare parts sales of $9.2 million were up $3.1 million or 49.3% from the comparable period in 2024. Margins on spare parts sales for the quarter came in at 9.8%. WASI, our spare parts business, provides valuable feedstock in a tight parts market, supporting both the Willis and our customers' fleets.

備件銷售額為 920 萬美元，比 2024 年同期增加 310 萬美元，增幅為 49.3%。本季備件銷售利潤率為 9.8%。我們的備件業務部門 WASI 在緊張的零件市場中提供寶貴的原料，為 Willis 和我們客戶的車隊提供支援。

The recycling of these spare parts often occurs at one of our two engine MRO facilities, which are located in Coconut Creek, Florida and Bridgend, Wales. Gain on sale of leased equipment, a net revenue metric, was $27.6 million in the second quarter, up $13.2 million or 91.2% from the comparable period.

這些備件的回收通常在我們位於佛羅裡達州椰子溪和威爾斯布里真德的兩個引擎 MRO 設施之一進行。第二季租賃設備銷售收益（淨收入指標）為 2,760 萬美元，較去年同期增加 1,320 萬美元，增幅為 91.2%。

This gain was associated with gross equipment sales of $91.1 million, less economic closing adjustments. Included in this gain was the sale of 14 engines and 2 airframes. The 30% margin realized on these sales is reflective of the unrealized value we have in our engine portfolio. Trading is an important part of our business and keeps our portfolio relevant and provides capital to build our portfolio.

這項收益與 9,110 萬美元的總設備銷售額減去經濟收盤調整有關。這項收益包括出售 14 台引擎和 2 架機身。這些銷售實現的 30% 利潤反映了我們引擎產品組合中未實現的價值。交易是我們業務的重要組成部分，它使我們的投資組合保持相關性並為建立我們的投資組合提供資金。

Maintenance services revenue, which represents fleet management, engine and aircraft storage and repair services and revenues related to management of fixed base operator services increased by $1.3 million to $8 million in the second quarter of 2025.

維護服務收入（包括機隊管理、發動機和飛機存儲和維修服務）以及與固定基地運營商服務管理相關的收入在 2025 年第二季度增加了 130 萬美元，達到 800 萬美元。

Gross margins were negative 7% as we are in the build-out stages of our aircraft line and base maintenance business. Our maintenance service offering create lease opportunities for our business and enable a more efficient lease process through vertical integration.

由於我們的飛機航線和基地維護業務正處於建設階段，毛利率為-7%。我們提供維護服務為我們的業務創造了租賃機會，並透過垂直整合實現了更有效率的租賃流程。

On the expense side of the equation, depreciation and amortization was up $5.4 million in Q2 to $27.6 million as compared to the prior year. Growth in depreciation was primarily attributed to portfolio growth and new off-lease assets going on initial lease, which starts their depreciation cycle through the P&L.

在費用方面，第二季的折舊和攤提與去年相比增加了 540 萬美元，達到 2,760 萬美元。折舊成長主要歸因於投資組合的成長和新的租賃資產的首次租賃，這些資產的折舊週期從損益表中開始。

To a lesser extent, this increase was related to the depreciation associated with shop visit investments, which start a slightly more accelerated depreciation schedule as shop visit investments are depreciated over a shorter time frame.

在較小程度上，這種增長與車間參觀投資相關的折舊有關，由於車間參觀投資在較短的時間內折舊，因此折舊計劃開始得稍微加快一些。

Write-down of equipment was $11.5 million for the quarter, representing impairment on six engines, four of which were moved to held for sale. G&A was $50.4 million in the second quarter, up $15.7 million compared to $34.7 million in the comparable period in 2024.

本季設備減損金額為 1,150 萬美元，涉及六台引擎減損，其中四台被轉為持有待售。第二季的 G&A 費用為 5,040 萬美元，較 2024 年同期的 3,470 萬美元增加了 1,570 萬美元。

Increases in the overall G&A spend were mainly related to a $15 million increase to personnel expenses, of which $12.6 million was due to share-based compensation. Of this $12.6 million, $5.3 million was associated with the departure of our former General Counsel and an acceleration in his share vestings, $5.0 million was related to our April 2025 grant, which was awarded under our prior LTEA program and linked to 2024 performance.

整體一般及行政開支的增加主要與人事費用增加 1,500 萬美元有關，其中 1,260 萬美元是由於股權激勵。在這 1,260 萬美元中，530 萬美元與我們前任總法律顧問的離職及其股份歸屬的加速有關，500 萬美元與我們 2025 年 4 月的授予有關，該授予是根據我們之前的 LTEA 計劃授予的，並與 2024 年的業績掛鉤。

For 2025, we have modified the LTEA plan following the significant stock price appreciation in 2024 and have granted awards in January of 2025, which are subject to service and ongoing performance-based metrics.

對於 2025 年，我們根據 2024 年股價大幅上漲的情況修改了 LTEA 計劃，並於 2025 年 1 月授予了獎勵，獎勵取決於服務和持續的績效指標。

And $2.2 million of the increase was related to wage growth due to increased staffing associated with the growth of the business and $2.2 million was due to increased legal fees. These cost increases were partially offset by the receipt of $6.3 million of government grant proceeds associated with our SAF program, which we were awarded in October of 2024.

其中 220 萬美元的成長與業務成長帶來的人員增加導致的工資成長有關，220 萬美元的成長與法律費用增加有關。這些成本增加部分被我們於 2024 年 10 月獲得的與 SAF 計劃相關的 630 萬美元政府補助金所抵銷。

Technical expense, which consists of noncapitalized repairs, engine thrust rental fees, outsourced technical support services sublease engine rental expense, engine storage and freight costs increased by $3 million to $7.5 million in the second quarter compared to $4.5 million in the prior year period. This increase was primarily due to an increased level of engine repair activity. Net finance costs, which were $33.6 million in the second quarter compared to $24.6 million in the comparable period in 2024.

技術費用包括非資本化維修、引擎推力租賃費、外包技術支援服務轉租引擎租賃費、引擎倉儲和運費，第二季增加了 300 萬美元，達到 750 萬美元，而去年同期為 450 萬美元。這一增長主要是由於引擎維修活動水準的提高。淨財務成本：第二季為 3,360 萬美元，而 2024 年同期為 2,460 萬美元。

The increase in costs was primarily related to an increase in indebtedness as total debt obligations increased from $1.95 billion at June 2024 to $2.8 billion at June 2025. A significant portion of the increase in total balance sheet debt was associated with the late Q2 2025 ABS capital raise which will have a temporary effect on leverage as well as restricted cash until such time as the beneficial interests in our engines associated with this transaction are transferred to our new financing.

成本增加主要與債務增加有關，因為總債務從 2024 年 6 月的 19.5 億美元增加到 2025 年 6 月的 28 億美元。資產負債表總債務增加的很大一部分與 2025 年第二季末的 ABS 資本籌集有關，這將對槓桿率以及受限現金產生暫時影響，直到與本次交易相關的引擎的受益權轉移到我們的新融資中。

In the second quarter, the company recognized a $43 million gain on the sale of our Bridgend Asset Management consulting business to our joint venture, Willis Mitsui. This transaction allowed the company to recognize the substantial value created in our consulting business, which we purchased in 2016, build further substance in our JV partnership with Mitsui and free up capital to grow our core leasing business while still maintaining access to the consulting capabilities of the BAML business through our 50% ownership interest in our Willis Mitsui joint venture. Concurrent with this sale, we made an incremental $22.5 million investment in our Willis Mitsui joint venture.

第二季度，該公司將布里真德資產管理顧問業務出售給合資企業 Willis Mitsui，獲得 4,300 萬美元收益。這筆交易使公司認識到我們在 2016 年收購的諮詢業務所創造的巨大價值，進一步鞏固了我們與三井的合資夥伴關係，並釋放了資本來發展我們的核心租賃業務，同時仍然透過我們在 Willis Mitsui 合資企業中的 50% 所有權權益保持對 BAML 業務的諮詢能力的使用權。與此次出售同時，我們對 Willis Mitsui 合資企業追加了 2,250 萬美元的投資。

The company also picked up $3.1 million in ratable earnings from our 50% ownership interest in our Willis Mitsui and CASC Willis joint ventures. EBT for the quarter was $74.3 million, up 28.3% from the comparable period in 2024. Income tax expense was $13.9 million, an ETR of 18.7%, which was influenced by the favorable tax treatment of our gain on the BAML sale to Willis Mitsui.

該公司還從我們在 Willis Mitsui 和 CASC Willis 合資企業中的 50% 所有權權益中獲得了 310 萬美元的應稅收益。本季的息稅前利潤為 7,430 萬美元，較 2024 年同期成長 28.3%。所得稅費用為 1,390 萬美元，實際稅率為 18.7%，這受到我們將 BAML 出售給 Willis Mitsui 所獲收益的優惠稅收待遇的影響。

The company produced $59 million of net income attributable to common shareholders, which factors in GAAP taxes and the cost of our preferred equity. Diluted weighted average income per share was $8.43 in the second quarter of 2025.

該公司實現了 5,900 萬美元的普通股股東淨利潤，其中包括 GAAP 稅和優先股成本。2025 年第二季稀釋加權平均每股盈餘為 8.43 美元。

Net cash provided by operating activities was $145.2 million in the first half of 2025 as compared to $129.7 million in the first half of 2024. The increase was predominantly related to a large disparity in working capital as inventory went from a $40.7 million use to an $8.9 million source of cash, partially offset by a $22 million decrease in payments on sales type leases and a $10.9 million decrease in cash flows from changes in accounts payable and accrued expenses.

2025 年上半年經營活動提供的淨現金為 1.452 億美元，而 2024 年上半年為 1.297 億美元。這一增長主要與營運資本的巨大差異有關，因為庫存從 4,070 萬美元的使用變為 890 萬美元的現金來源，但部分抵消了銷售類型租賃付款減少 2,200 萬美元以及應付帳款和應計費用變動導致的現金流減少 1,090 萬美元。

Cash flows from investing were a negative $2.2 million in the first half of the year. Contributing to this were $155 million of equipment purchases, and $17 million of purchases of PP&E, offset by $142 million of proceeds from the sale of equipment as well as $23.1 million of net proceeds from our sale of the BAML business. On the financing and capital structure side of the business, the company completed its sixth JOLCO financing in April for $19.8 million, bringing total JOLCO financings at quarter end to approximately $125 million.

今年上半年投資現金流為負220萬美元。其中，設備採購金額為 1.55 億美元，PP&E 採購金額為 1,700 萬美元，但設備銷售所得為 1.42 億美元，出售 BAML 業務所得淨收益為 2,310 萬美元。在業務的融資和資本結構方面，該公司於 4 月完成了第六次 JOLCO 融資，融資金額為 1,980 萬美元，使季度末的 JOLCO 融資總額達到約 1.25 億美元。

In June, the company accessed the ABS market and raised its eighth ABS financing, WEST VIII, raising $596 million in aggregate principal amount of fixed rate notes. This transaction was a two-tranche debt offering, representing the largest ABS financing the company has done to date.

6 月份，該公司進入 ABS 市場並籌集了第八筆 ABS 融資 WEST VIII，籌集了總本金金額為 5.96 億美元的固定利率票據。此次交易為兩期債務發行，是該公司迄今為止最大的 ABS 融資。

The transaction was well oversubscribed during its marketing and priced the tightest spread the company has achieved to date, demonstrating the strong demand our business model has generated in the structured debt markets.

此次交易在行銷期間獲得了超額認購，並達到了公司迄今為止最窄的價差，表明我們的商業模式在結構化債務市場中產生了強勁的需求。

Subsequent to quarter end, we amended and extended our $500 million warehouse facility to provide the company with more favorable asset advance rates, reduced borrowing costs and extensions of the commitment period and final repayment date to May 3, 2027, and May 3, 2028, respectively. As a specialty finance company, Willis Lease regularly accesses the capital markets as we look to source competitively priced capital to continue to grow our balance sheet and P&L.

在季末之後，我們修改並延長了 5 億美元的倉儲融資額度，為公司提供更優惠的資產預付利率、降低借貸成本，並將承諾期和最終還款日期分別延長至 2027 年 5 月 3 日和 2028 年 5 月 3 日。作為一家專業金融公司，Willis Lease 定期進入資本市場，尋求具有競爭力的資本，以繼續擴大我們的資產負債表和損益表。

In May, we paid our fourth consecutive regular quarterly dividend of $0.25 per share. Subsequent to quarter end, we declared our fifth consecutive regular quarterly dividend, which is expected to be paid on August 21, 2025, to stockholders of record at the close of business on August 12, 2025.

五月份，我們連續第四次支付每股 0.25 美元的定期季度股息。季度結束後，我們宣布了連續第五次定期季度股息，預計將於 2025 年 8 月 21 日支付給 2025 年 8 月 12 日營業結束時登記在冊的股東。

We believe that our ability to pay a recurring dividend speaks to the health of the business and provides our shareholders with a moderate current cash yield on their investment while not degrading the strong cash flow characteristics and equity growth of the business, which supports our overall growth. With respect to leverage, as defined as total debt obligations, net of cash and restricted cash to equity, inclusive of preferred stock, our leverage ticked lower to 2.96 times as compared to 3.48 times at year-end 2024.

我們相信，我們支付經常性股息的能力表明了業務的健康狀況，並為我們的股東提供了適度的當前投資現金收益，同時又不會降低業務強勁的現金流特徵和股權增長，從而支持我們的整體增長。就槓桿率而言，其定義為扣除現金和限制性現金與股權之比（包括優先股），我們的槓桿率小幅下降至 2.96 倍，而 2024 年底為 3.48 倍。

The flexibility of our capital structure, our liquidity due to our $1 billion credit facility and $500 million warehouse facility as well as our current leverage profile provides us the flexibility to quickly and opportunistically access the market as we look to continue to build our lease portfolio and provide the best and most creative solutions to our customers.

我們資本結構的靈活性、10 億美元信貸額度和 5 億美元倉儲額度帶來的流動性以及我們當前的槓桿狀況，使我們能夠靈活地快速、抓住機會進入市場，同時我們希望繼續建立我們的租賃組合，並為我們的客戶提供最佳和最具創意的解決方案。

With that, I will now open the call to questions. Operator?

現在，我開始回答問題。操作員？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Hillary Cacanando, Deutsche Bank.

希拉蕊·卡卡南多，德意志銀行。

Hi, thank you so much for taking my questions. I was just curious with OEM production now starting to improve a little bit, are you seeing any impact on lease rates? I think the lease rates on engines are still very strong but I've heard some investors express some concern about whether lease rates are peaking or when do you -- when that -- when lease rates are expected to peak kind of if you have a feel for that? Any thoughts?

你好，非常感謝您回答我的問題。我只是好奇，現在 OEM 生產開始有所改善，您是否看到對租賃率有任何影響？我認為引擎的租賃率仍然非常強勁，但我聽到一些投資者表達了一些擔憂，他們擔心租賃率是否達到峰值，或者您何時 - 即何時 - 租賃率預計何時達到峰值，您是否對此有感覺？有什麼想法嗎？

Hey Hillary, this is Austin. Thanks for your question. So we've seen lease rates increase about 9% relative to the same period last year and about 2% to 4% over the prior quarter. So I think lease rates are stabilizing, in some cases, a little bit higher, in some cases, about the same. In terms of production, we're hoping that the OEMs are kind of starting to sort things out and are going to be starting to produce the aircraft with more consistency.

嘿希拉里，我是奧斯汀。謝謝你的提問。因此，我們看到租賃率與去年同期相比上漲了約 9%，與上一季相比上漲了約 2% 至 4%。所以我認為租賃率正在趨於穩定，在某些情況下會略高一些，在某些情況下則大致相同。在生產方面，我們希望原始設備製造商能夠開始理清思路，並開始更一致地生產飛機。

And I think that's what we're seeing broadly. We don't expect to see any real negative pressure on lease rates because of that in the near term. But that's also why we've got about 54% of our portfolio in the next-generation equipment.

我認為這就是我們所普遍看到的情況。我們預計短期內租賃率不會受到任何真正的負面壓力。但這也是為什麼我們的投資組合中約有 54% 是投資下一代設備。

So as the pool of GTF and LEAP-powered aircraft increases, that increases our market to lease out those engines. And then also, as we start to see the phaseout of the current generation technology, which we still think is a little ways off.

因此，隨著 GTF 和 LEAP 驅動的飛機數量的增加，我們租賃這些引擎的市場也將擴大。而且，當我們開始看到當前一代技術的逐步淘汰時，我們仍然認為這還有一段距離。

We're pretty well placed to execute or to exploit that with our programs like ConstantThrust that are really designed for aircraft transitions. So in general, we're -- we think the lease rates are good and expect it to be pretty strong for the foreseeable future.

我們完全有能力透過專為飛機過渡而設計的 ConstantThrust 等程式來執行或利用這一點。因此，總的來說，我們認為租賃率很好，並且預計在可預見的未來租賃率會相當強勁。

Okay. So you're not really seeing that peaking as of yet. Okay. And then just a follow-up question. We've been hearing that some very young aircraft like A320neos and A220, younger than 10 years old are now being parted out to engines at spares, which speak to the demand for engines. So are you seeing that? And is that actually good for you guys, that type of environment or not?

好的。因此，到目前為止你還沒有真正看到峰值。好的。然後只是一個後續問題。我們聽說，一些非常年輕的飛機，如 A320neos 和 A220，機齡不到 10 年，現在正被拆解成備用發動機，這說明對發動機的需求很大。那你看到了嗎？那麼，這種環境對你們來說真的好嗎？

Yes. So we are seeing that but it's a bit nuanced. So there are some aircraft that I believe the engines have been pulled off and the airframes are being parted out but I think it's pretty limited. What we're seeing a little bit more of are airlines obtaining the lease or otherwise aircraft where they're pulling the engines off temporarily to support their own fleet.

是的。所以我們看到了這一點，但它有點微妙。所以我相信有些飛機的引擎已經被拆掉，機身也被拆開了，但我認為這種情況非常有限。我們看到更多的是航空公司獲得租賃或以其他方式獲得飛機，並暫時將發動機拆下以支援自己的機隊。

We're acquiring some aircraft, underwriting them on the basis of the engines. So in general, I think it's a positive. I think it goes to the fact that there's so much demand for engines in the marketplace that people are doing whatever they can to obtain lift.

我們正在購買一些飛機，並根據發動機進行承保。所以總的來說，我認為這是積極的。我認為這是因為市場對引擎的需求很大，人們正在盡一切努力來獲得升力。

Okay, thank you, that's very helpful. Thank you very much.

好的，謝謝，這非常有幫助。非常感謝。

You bet. Thanks Hillary.

當然。謝謝希拉里。

(Operator Instructions) Eric Gregg, Four Tree Island Advisory.

（操作員指示）埃里克·格雷格，四樹島諮詢處。

Thanks guys, great quarter. Four quick questions here. First is, you said the end of the quarter utilization rate was 88.3%. What was in the average in the quarter?

謝謝大家，這是一個很棒的季度。這裡有四個簡單的問題。首先，您說本季末的利用率為 88.3%。本季的平均水準是多少？

Scott, do you want to take that?

史考特，你想接受這個嗎？

The average utilization rate for the quarter -- the average utilization rate for the quarter was 87.2%. At the end of the quarter, that was quoted by Austin, the utilization rate was the 88%. Your question what was the utilization rate average for the quarter or the end of the last quarter? Could you repeat your question? Looks like we dropped. It looks like Eric dropped. Maybe you can get back to operator.

本季的平均利用率為 87.2%。奧斯汀表示，本季末的利用率為 88%。您的問題是本季或上一季末的平均使用率是多少？你能重複一下你的問題嗎？看起來我們掉下去了。看起來埃里克掉下去了。也許您可以回覆操作員。

Eric is in the queue. Okay, we can hear you now, Eric.

埃里克 (Eric) 在排隊。好的，我們現在可以聽到你的聲音了，艾瑞克。

Okay. Sorry. Yes, I was -- I think you said it was 88.3% at the end of the quarter. I just wanted to know if that was the high point and if it was lower, that's great. I guess my other question sort of locked out here (multiple speakers) --

好的。對不起。是的，我想您說過本季末的比例是 88.3%。我只是想知道那是不是最高點，如果是較低點，那就太好了。我想我的另一個問題在這裡被鎖定了（多位發言者）——

Yeah, sorry, Eric, not to interrupt you. I think why -- the reason we quoted is we try to quote the average utilization in the period as well as the end to just kind of speak to the trends. Over the last year, we've seen going back to when we picked up a lot of GTS in the fourth quarter, we had a higher off-lease percentage. And I think if you kind of looked at the end of last year, we were in the high 70s.

是的，抱歉，艾瑞克，我沒有打擾你。我認為為什麼——我們引用的原因是我們試圖引用該期間以及結束時的平均利用率，只是為了說明趨勢。在過去的一年裡，我們看到當我們在第四季度獲得大量 GTS 時，我們的租賃到期百分比有所上升。我認為，如果你看一下去年年底的情況，我們的收入已經達到了 70 多億美元。

As we've gotten those assets on lease, we've seen our utilization go up. So we just wanted to highlight that the average utilization in the quarter was lower than the utilization at the end of the quarter, and the business is trending well in that regard.

隨著我們租賃這些資產，我們的利用率上升了。因此，我們只想強調，本季的平均利用率低於季末的利用率，而且在這方面業務趨勢良好。

Great. Great. My other questions are these. What was the employee count at the end of the quarter? How is the Bridgend sale going to impact income on a quarterly basis? And my final question is (technical difficulty) is it revenues is that the cost of maintenance services is also inclusive of your internal client as well as third party. So those are my remaining questions. Thanks.

偉大的。偉大的。我的其他問題是這些。本季末的員工人數是多少？布里真德的出售將如何影響季度營收？我的最後一個問題是（技術難題），它的收入是否包括維護服務的成本，包括內部客戶和第三方。這些就是我剩下的問題。謝謝。

Sure. So I'll try to tick through those, and you were a little choppy there. So I'll try to get as many as possible.

當然。所以我會嘗試解決這些問題，但你在那裡有點不順暢。所以我會盡力獲取盡可能多的信息。

Scott, if you don't mind, let me jump in on that. I -- we lost some of your later questions. But in terms of employee count, we're around 420. And I think one of your questions was asking for a little bit of color on the transaction between ourselves and the joint venture selling the consulting business. Is that correct?

史考特，如果你不介意的話，讓我加入討論。我——我們失去了您後面的一些問題。但就員工人數而言，我們大約有 420 人。我認為您的一個問題是詢問我們與出售諮詢業務的合資企業之間的交易情況。對嗎？

Yeah. I was wondering what's the ongoing revenue and operating income impact of selling that business?

是的。我想知道出售該業務對持續收入和營業收入有何影響？

Okay. So it's the P&L from that business hasn't been particularly material to our own business. But I think the P&L impact to us now having that additional infusion of roughly $40 million of equity is going to have a pretty positive impact when you take into account our ability to leverage it and buy profit-making equipment over time.

好的。因此，該業務的損益對我們自己的業務來說並不是特別重要。但我認為，如果考慮到我們利用這筆額外資金並隨著時間的推移購買獲利設備的能力，那麼現在對我們的損益表的影響將非常積極。

Great. And just to repeat in case you didn't, I was jumbled. The maintenance service revenues this quarter were less than the cost of maintenance services. I assume that the maintenance service revenues line item is a third-party revenues. Is the cost of maintenance services third-party plus internal client-related costs? Or is it the case that you're losing money on third-party maintenance services on a gross margin?

偉大的。如果您沒聽懂的話，我再重複一遍，我當時很困惑。本季的維護服務收入低於維護服務成本。我認為維護服務收入項目是第三方收入。維護服務費用是第三方加上內部客戶相關費用嗎？或者說，您在第三方維修服務的毛利率上是否處於虧損狀態？

Sure. So, I'll answer part of the question. And then from the accounting side, I'll hand it over to Scott. So the margin -- the difference in the margin for the maintenance services business is really attributable to the additional labor that we picked up during the period, and that's largely driven by the airframe business, WASL. I think I mentioned in my prepared remarks that we secured a contract with Jet2 for two additional lines.

當然。因此，我將回答部分問題。然後從會計方面來說，我會把它交給斯科特。因此，維護服務業務利潤率的差異實際上歸因於我們在此期間招募的額外勞動力，而這主要是由機身業務 WASL 推動的。我想我在準備好的發言中提到過，我們與 Jet2 簽訂了另外兩條航線的合約。

And in order to secure that contract, we had to show that we had the labor force in place that was capable of servicing their aircraft. So that's really -- a lot of it is the buildup of that labor to support that contract with Jet2. And Scott, did you want to touch on the other parts?

為了獲得該合同，我們必須證明我們擁有能夠為他們的飛機提供服務的勞動力。所以這其實 —— 其中很大一部分是為了支持與 Jet2 簽訂的合約而累積的勞動力。史考特，你想談談其他部分嗎？

Yeah. No, I think you answered it, Austin. I think that Eric, it's you're definitely seeing a little bit of the cost of the growth of that business in the early stages. So that's why you've seen the change in margin. But obviously, you've seen also some growth in the top line there as well.

是的。不，我想你回答了這個問題，奧斯汀。我認為艾瑞克，你肯定會看到該業務在早期階段成長的一些成本。這就是您看到利潤率變化的原因。但顯然，您也看到了那裡的營業額有所增長。

Thank you very much. Great quarter.

非常感謝。很棒的一個季度。

Thanks, Eric.

謝謝，埃里克。

Will Waller, M3F Inc.

Will Waller，M3F 公司

Hi, thanks for taking my question. It, You mentioned the maintenance reserve revenue was $50.7 million in the current quarter, and that was $50.2 million of that was short-term maintenance reserve revenue. I'm kind of curious, the long-term maintenance revenue that you mentioned is only $500,000.

你好，謝謝你回答我的問題。您提到本季的維護儲備收入為 5,070 萬美元，其中 5,020 萬美元是短期維護儲備收入。我有點好奇，你提到的長期維護收入只有50萬美元。

If I look back at last quarter, that was $9.6 million. If I look back a year ago, the same quarter, it was $17 million. When I look at the maintenance reserve liability, that grew from last quarter being about $104.4 million up to $113.1 million.

如果我回顧一下上個季度，這個數字是 960 萬美元。如果回顧一年前，同一季度，這個數字是 1700 萬美元。當我查看維護儲備負債時，發現該負債從上一季的約 1.044 億美元增長至 1.131 億美元。

Can you kind of walk through what's going on with extensions of leases and if there's an above normal number of extended leases and if that's affecting how that's accounted for and then eventually how that maintenance reserve liability, if that eventually some of that runs through the income statement and sort of the timing of that?

您能否介紹一下租約延長的情況，以及延長租約的數量是否超出正常水平，這是否會影響其核算方式，以及最終維護儲備負債將如何計入損益表，以及其時間安排？

Hey, thanks, Will. Thanks for the question. I think your -- the way you're thinking about the long-term maintenance revenue relative to lease extensions and long-term leases is generally correct. So for the benefit of other investors, long-term maintenance reserve recognition generally occurs when we have an engine that comes off of long-term lease. Now part of that is lumpy and part of that is due to extensions.

嘿，謝謝，威爾。謝謝你的提問。我認為您對長期維護收入與租約延期和長期租約的關係的看法總體上是正確的。因此，為了其他投資者的利益，當我們擁有一台長期租賃的引擎時，通常會確認長期維護儲備。現在，部分原因是塊狀的，部分原因是由於擴展。

I'd say we have seen a reasonable amount of extensions but I think the bigger factor in the second quarter was more just to do with timing than anything else. We had some long-term reserves come in a little bit later and some come in a little bit earlier. So I would be cautious to focus too much on lease extensions and more just the timing more than anything else. Scott, do you want to add to that?

我想說我們已經看到了合理數量的延期，但我認為第二季更大的因素更多的是與時機有關，而不是其他任何因素。我們的部分長期儲備到帳稍晚，而有些則到帳稍早。因此，我會謹慎行事，不要過度關注租約延長，而要更專注於時機。史考特，你想補充一下嗎？

Yeah. No, I think the only thing I would add is that if you look at the core short-term recurring maintenance reserve revenue, you've seen that increase approaching 10%. And really, as you know, the long-term piece is always associated with those engines coming off lease.

是的。不，我想我唯一要補充的是，如果你看看核心短期經常性維護儲備收入，你會發現增幅接近 10%。事實上，正如您所知，長期問題總是與租賃到期的引擎有關。

So less engines with those conditions off lease. I think you noted the point that we build a maintenance reserve. So we're still obviously pulling dollars in on that front as well, not recognizing them yet through the P&L but ultimately, we will be. And we're very happy with the yields that are getting generated by the portfolio.

因此，符合這些條件的租賃引擎較少。我想你注意到了我們建立維護儲備這一點。因此，我們顯然仍在這方面賺取美元，雖然尚未透過損益表確認這些美元，但最終我們會確認的。我們對投資組合產生的收益感到非常滿意。

Okay, great, thanks. And then my question was probably kind of confusing but you answered it exactly what I was -- basically what I'm asking, I think you understood it. And then my last question is related to the sustainable fuel project. You had the expenses that were associated with some of the plans in the first quarter.

好的，太好了，謝謝。然後我的問題可能有點令人困惑，但你回答了我所想問的問題——基本上我想你明白了。我的最後一個問題與永續燃料項目有關。您在第一季產生了與某些計劃相關的費用。

It sounded like you got some of that grant revenue in the second quarter. And then I think there was a release that you got another grant that was awarded. But just kind of curious on how the timing of that will work and if that's reported on the income statement and where that would flow through if it does or if it has?

聽起來你在第二季獲得了部分補助收入。然後我認為有消息稱你獲得了另一項資助。但我只是有點好奇這個時間是如何運作的，如果在損益表中報告，如果確實如此或已經報告，它將流向哪裡？

Sure. So yes, correct. We had -- and as we said in the -- in our last call, we mentioned that the lion's share of the cost that we would incur and that you'd see in the P&L would be what happened in that first quarter of the year.

當然。是的，正確。正如我們在上次電話會議中所說的那樣，我們提到，我們將承擔的大部分成本以及您將在損益表中看到的成本將是今年第一季發生的成本。

And we did receive a grant. We were awarded the grant in October of last year, and we received the proceeds for that grant, slightly in excess of $6 million in the second quarter, and we recognized that through the P&L in the quarter.

我們確實獲得了一筆補助金。我們在去年 10 月獲得了這筆贈款，並在第二季度收到了略高於 600 萬美元的收益，我們在該季度的損益表中確認了這一點。

The other grant that you're referring to similarly was awarded in this quarter in dollars, it's a little north of $4 million, and that will be recognized in the P&L upon receipt. So we don't have a color for you now on the receipt, but we stand by what we've said in the past that we've seen the lion's share of material costs on the SAF side come through, and those were predominantly in the first quarter.

您所提及的另一筆贈款同樣是本季以美元形式授予的，金額略高於 400 萬美元，將在收到後計入損益表。因此，我們現在無法在收據上為您提供顏色，但我們堅持過去的說法，即我們已經看到 SAF 方面的大部分材料成本已經到位，而且這些成本主要發生在第一季。

And just to add to that briefly, we're thrilled that the UK government has decided to give us another grant. And it's really just a testament to the project and their confidence in our ability to execute.

簡單補充一下，我們很高興英國政府決定再給我們一筆補助。這實際上證明了該專案以及他們對我們執行能力的信心。

Great. Thank you very much.

偉大的。非常感謝。

Thank you, Will.

謝謝你，威爾。

And it appears there are no further telephone questions at this time. I'd like to turn the conference back to our presenters for any additional or closing comments.

目前看來沒有其他電話提問。我想將會議交還給我們的演講者，請他們發表任何補充或結束評論。

Thank you all for joining us today. We're thrilled with another great quarter, and we look forward to talking to you next quarter. Bye, bye.

感謝大家今天的參與。我們對又一個出色的季度感到非常高興，並期待下個季度與您交談。再見，再見。

And that does conclude today's conference. We thank you all for your participation. You may now disconnect.

今天的會議到此結束。我們感謝大家的參與。您現在可以斷開連線。