Willis Lease Finance Corp (WLFC) 2025 Q3 法說會逐字稿

Good day and welcome to the Willis Lease Finance Corporation third quarter 2025 earnings call. Today's call 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. They should not be relied upon as represented representative. Of views as 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. 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 10Q. Annual report on Form 10ks and other periodic reports which are available on the investor relations section of WLFC's website at HTTPS/www.wlfc.global/investor-relations.

大家好，歡迎參加威利斯租賃金融公司2025年第三季財報電話會議。今天的通話將會被錄音。我們想提醒各位，在本次電話會議中，管理層將發表前瞻性聲明，包括有關我們對財務指引、公司前景以及預期投資和增長計劃的聲明。請注意，這些前瞻性陳述是基於目前的預期和假設。這些聲明存在風險和不確定性，僅反映 WLFC 截至今日的觀點。不應依賴他們作為代表。對於任何後續日期的觀點，WLFC 不承擔任何義務根據新資訊或未來事件修訂或公開披露對這些前瞻性聲明的任何修訂結果。這些聲明存在多種風險和不確定因素，可能導致實際結果偏差。結果將與預期有重大差異。有關可能影響 WLFC 財務表現的重大風險和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提交的文件，包括但不限於 WLFC 最新的 10Q 表格季度報告。年度報告（10-k 表格）和其他定期報告可在 WLFC 網站的投資者關係部分獲取，網址為 HTTPS/www.wlfc.global/investor-relations。

At this time I'd like to turn the call over to Austin Willis, CEO of Willis Lease Finance Corporation. Please go ahead,

此時，我想把電話交給威利斯租賃金融公司執行長奧斯汀威利斯。請繼續。

Thank you, operator, and thank you all for joining us today to discuss Willis Lease Finance Corporation's third quarter 2025 financial results.

謝謝接線員，也謝謝各位今天加入我們，共同探討威利斯租賃金融公司2025年第三季的財務表現。

On our call today, I'm joined by Scott Flaherty, our Chief Financial Officer.

今天和我一起參加電話會議的有我們的財務長史考特‧弗萊厄蒂。

In the third quarter, WLSC continued our trend of strong financial performance.

第三季度，WLSC延續了強勁的財務表現趨勢。

We delivered quarterly revenue of $183.4 million a 25.4% increase year over year, reflecting sustained demand for our core leasing business and the strengthening aviation market as airlines continue to rely upon our leasing parts and modules and maintenance services to minimize costly, time-consuming engine shop visits.

我們季度營收達到 1.834 億美元，年增 25.4%，這反映出我們核心租賃業務的持續需求以及航空市場的不斷增強，因為航空公司繼續依賴我們的租賃零件、模組和維護服務來最大限度地減少成本高昂、耗時的發動機維修。

During the third quarter, WLSC purchased 16 engines and 6 aircraft for a lease portfolio.

第三季度，WLSC 為租賃組合購買了 16 台發動機和 6 架飛機。

Totalling approximately $136.4 million.

總計約1.364億美元。

This includes 12 engines from Air India Express. This expansion of our second constant thrust with Air India Group further demonstrates the success and value we have achieved for them as a customer.

其中包括來自印度航空快捷公司的 12 台引擎。我們與印度航空集團的第二次持續合作的擴展，進一步證明了我們作為客戶為他們所取得的成功和價值。

We also purchased 6-8400 aircraft from Porter Aircraft Leasing Corp.

我們也從 Porter Aircraft Leasing Corp. 購買了 6-8400 架飛機。

And 4 PW 1524G engines from RTX Corporation.

還有來自 RTX 公司的 4 台 PW 1524G 引擎。

Our steady performance underscores the strong market we're in and how our platform and portfolio are well positioned to return capital to our shareholders.

我們穩健的業績凸顯了我們所處市場的強勁勢頭，以及我們的平台和投資組合如何能為股東帶來豐厚的回報。

We are declaring our seventh consecutive quarterly dividend, and we are increasing it to $0.40 per share.

我們宣布連續第七個季度派發股息，並將股息提高至每股 0.40 美元。

Symbolic of our ongoing confidence in the strength of our business.

這象徵著我們對自身業務實力的持續信心。

Taking a step back, I'd like to revisit the fundamentals of our business.

退一步講，我想重新審視我們業務的基本原理。

2025 has been an unusual year and that there have been multiple one-time events.

2025年是不尋常的一年，發生了多起一次性事件。

Q1 was impacted by expenses related to our staff project. The sale of our consulting business to a joint venture impacted our revenue in Q2.

第一季受到與員工專案相關的支出影響。我們將諮詢業務出售給合資企業，這影響了我們第二季的收入。

But the third quarter was indicative of the strength of our leasing business without the noise.

但第三季的數據表明，在沒有外界幹擾的情況下，我們的租賃業務表現強勁。

A testament to that strength is the record leasing revenues produced in the third quarter, where leasing, maintenance reserve, and interest revenue totalled $156 million a 32% increase from the same quarter in 2024.

第三季創紀錄的租賃收入證明了這一實力，租賃、維護準備金和利息收入總計 1.56 億美元，比 2024 年同期成長 32%。

At our core, we provide engines and services to our customers to address planning, financing, and maintenance needs.

我們的核心業務是為客戶提供引擎和服務，以滿足其規劃、融資和維護需求。

Demand for our engines remains robust and is evidenced by our average third quarter utilization of approximately 86% and our lease rental factor of over 1%.

市場對我們引擎的需求依然強勁，第三季平均利用率約為 86%，租賃率超過 1%，這就是最好的證明。

Our engine shops continue to operate near capacity, with the biggest limiting factor being engine testing capability, which we are addressing through our engine test cell development in Florida, Willis Global Engine Testing, just down the road from Pratt and Whitney.

我們的引擎車間繼續接近滿載運轉，最大的限制因素是引擎測試能力，我們正在透過在佛羅裡達州開發引擎測試台來解決這個問題，威利斯全球引擎測試公司就在普惠公司附近。

As the cost of engine shop visit 2,500s and CFM56s continue to escalate, we are seeing more airlines considering shop visit avoidance strategies.

隨著 2500 型和 CFM56 型引擎的維修成本不斷攀升，我們看到越來越多的航空公司正在考慮避免送修的策略。

I think this trend will accelerate as the OEMs begin to provide greater clarity on new aircraft delivery dates, giving the airlines more confidence in timing their fleet transitions.

我認為隨著飛機製造商開始更明確地公佈新飛機的交付日期，這一趨勢將會加速，這將使航空公司在安排機隊更新換代方面更有信心。

During the quarter we also opened our new craft maintenance hangars in Teesside.

本季，我們還在蒂賽德開設了新的飛機維修機庫。

These additional lines will provide us the scale necessary to offer a competitive products to airlines, and our new hangar space is already fully booked through the winter season.

這些新增生產線將為我們提供必要的規模，以便向航空公司提供具有競爭力的產品，而且我們新的機庫空間在整個冬季都已被預訂一空。

Before I hand the call over to Scott to provide more detail on our financial results, I want to briefly welcome Pascal Tocano to our team as senior Vice President of Aircraft leasing and trading.

在我將電話交給 Scott 詳細介紹我們的財務業績之前，我想簡要地歡迎 Pascal Tocano 加入我們的團隊，擔任飛機租賃和交易高級副總裁。

Pascal is an industry veteran with experience in services, aircraft leasing, and most recently at an airline operator.

Pascal 是一位業內資深人士，擁有服務業、飛機租賃業以及最近在航空公司的工作經驗。

Our vision is to be the premier partner in aviation propulsion, helping our customers connect to the world through sustainable flight. The next logical step for us to becoming the best partner for airlines is to grow our aircraft leasing capability, where we can add value to our customers through engines and services.

我們的願景是成為航空推進領域的領先合作夥伴，幫助我們的客戶透過永續飛行與世界連結。要成為航空公司最好的合作夥伴，我們下一步的合乎邏輯的做法是發展我們的飛機租賃能力，透過發動機和服務為客戶創造價值。

Pascal bolsters our intellectual capability on the airframe side to help take our existing aircraft leasing business to the next level.

Pascal 的加入增強了我們在機身方面的技術能力，有助於將我們現有的飛機租賃業務提升到一個新的水平。

As we near the end of 2025, we believe that we continue to be well positioned to fulfil customers' increasing needs for lease engines as well as our own growth as we continue to see good opportunities to deploy capital thanks to our flywheel business model.

隨著 2025 年即將結束，我們相信，憑藉我們的飛輪式商業模式，我們將繼續看到部署資本的良好機會，因此我們將繼續處於有利地位，以滿足客戶對租賃引擎日益增長的需求以及我們自身的成長。

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

接下來，我將把發言權交給我們的財務長史考特‧弗萊厄蒂，讓他更深入地討論我們的財務表現。

Thank you, Austin, and good morning all. Q3 2025 was another quarter of solid performance for Willis Lease as the business produced record core quarterly lease rent revenues of $76.6 million, record maintenance reserve revenue of $76.1 million $16.1 million dollars of gain on sale of leased equipment, continuing to highlight the unrecognized value of our lease portfolio. $43.2 million of earnings before tax or EBT for the quarter up 25%.

謝謝你，奧斯汀，大家早安。2025年第三季度，威利斯租賃公司業績表現依然穩健，核心季度租賃收入創歷史新高，達到7660萬美元；維護儲備金收入也創歷史新高，達到7610萬美元；此外，出售租賃設備獲得1610萬美元收益，進一步凸顯了我們租賃資產組合的潛在價值。該季度稅前利潤（EBT）為4,320萬美元，較去年同期成長25%。

From the comparable period in 2024 and $22.9 million of net income attributable to common shareholders for the quarter, all while continuing to develop and vertically integrate our services platform in order to enhance our customer focused leasing solution and experience.

與 2024 年同期相比，本季歸屬於普通股股東的淨收入為 2,290 萬美元，同時我們將繼續開發和垂直整合我們的服務平台，以增強我們以客戶為中心的租賃解決方案和體驗。

Walking through the P&L as it relates to the top-line, core lease rent revenue for the quarter was $76.6 million, up 17.9% from the prior comparable period, and interest revenue, which reflects interest income on long-term loan-like financing, was $3.4 million.

從損益表來看，本季核心租賃租金收入為 7,660 萬美元，比去年同期成長 17.9%；利息收入（反映長期貸款融資的利息收入）為 340 萬美元。

The relative growth we see from the comparable quarter in 2024 was driven in part by an increase in our equipment held for operating lease, which sits at $2.70 billion as of September 30, 2025, but more so by our average portfolio utilization, which ticked up to 86% for the quarter from 82.9% from the comparable period in 2024. Our total owned portfolio is reflected on our balance sheet as equipment held for operating lease, maintenance rights, notes receivable, and investments in sales type leases which aggregate to $2.89 billion.

與 2024 年同期相比，我們看到的相對成長部分是由於我們用於經營租賃的設備增加，截至 2025 年 9 月 30 日，該設備價值 27 億美元，但更主要的原因是我們的平均投資組合利用率從 2024 年同期的 82.9% 小幅上升至本季度的 86%。我們的資產負債表上反映的自有資產總額為 28.9 億美元，包括用於經營租賃的設備、維護權、應收票據和銷售租賃投資。

Average lease rate factors for on lease operating lease assets in the portfolio were in line with the comparable period of 2024 at 1.04% and slightly up sequentially from the prior quarter. Maintenance reserve revenues for the quarter was $76.1 million, up $26.3 million, or 52.8% from the prior comparable period. As you dissect these numbers, you can see that short-term maintenance reserve revenues associated with the cyclical and hourly usage of our engines came in at $46.6 million, negligibly down from $48.5 million in the comparable period of 2024, continuing to reflect the high level of asset usage by our customer base, which is represented in monthly, hourly, and cyclical related billings, and.

投資組合中租賃經營租賃資產的平均租賃率係數與 2024 年同期持平，為 1.04%，較上一季略有上升。本季維護儲備金收入為 7,610 萬美元，較上年同期成長 2,630 萬美元，增幅達 52.8%。透過分析這些數字，我們可以看出，與引擎的週期性和小時使用相關的短期維護儲備收入為 4,660 萬美元，與 2024 年同期的 4,850 萬美元相比略有下降，繼續反映出我們客戶群的高資產使用率，這體現在每月、每小時和週期性相關的帳單中。

Long-term maintenance revenues generally associated with the release of maintenance reserve liabilities or end of lease payments came in at $29.5 million compared to $1.2 million in the comparable prior period.

與釋放維護儲備負債或租賃結束付款相關的長期維護收入為 2,950 萬美元，而去年同期為 120 萬美元。

Spare parts and equipment sales through our WASI business to third parties was $5.4 million in the third quarter compared to $10.9 million in the prior comparable period. This downtick in revenues is reflective of the fluctuations we see in spare parts sales, as well as the fact that in Q3 2025.

第三季度，我們透過 WASI 業務向第三方銷售的備件和設備收入為 540 萬美元，而去年同期為 1,090 萬美元。收入的下降反映了備件銷售的波動，以及2025年第三季的情況。

There were no discrete equipment sales, and there were $1.0 million of such sales in the comparable prior year period. Q3 margins in spare parts and equipment sales were a negative $1.3 million and not typical of this segment due to a larger scrap expense during the quarter and not reflected in the consolation. Consolidated P&L were sales to our largest customer, Willis Lease, which demonstrates the value of our vertical integration efforts.

沒有獨立設備銷售，而去年同期此類銷售額為 100 萬美元。第三季備件和設備銷售利潤為負 130 萬美元，並非該業務板塊的典型表現，原因是本季廢料支出較大，且未反映在調整後的利潤中。合併損益表顯示的是我們最大的客戶 Willis Lease 的銷售額，這反映了我們垂直整合努力的價值。

Wasee provides valuable feedstock supporting both the Willis and our customers' fleets. 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

Wasee 提供寶貴的原料，為 Willis 和我們客戶的車隊提供支援。這些備件的回收通常在我們位於佛羅裡達州椰溪市的兩家發動機 MRO 設施之一進行。威爾斯布里真德

Gain on sale of lease equipment, a net revenue metric was $16.1 million in the third quarter, up $6.6 million, or 69.5% from the comparable period. This gain was associated with gross sales of $73.7 million. Less economic closing adjustments. Included in this gain was the sale of 10 engines, 1 airframe, and other parts and equipment from the lease portfolio. The implicit margin on these sales was 21.9% and is supportive of our view that there is substantial unrecognized value in our company's lease portfolio. Our trading efforts allow us to recycle capital for growth and maintain portfolio relevance. Maintenance services revenue, which represents our engine and aircraft storage and repair services, and revenues related to the management of fixed base operator services, decreased by $2.3 million to $3.6 million in the third quarter of 2025. 56%, or $1.3 million of this reduction relative to the comparable period was related to the sale of our engine consulting business to our 50% owned joint venture.

第三季租賃設備出售收益（淨收入指標）為 1,610 萬美元，較上年同期成長 660 萬美元，增幅達 69.5%。這一增長與 7,370 萬美元的總銷售額有關。較少的經濟性結算調整。此次收益包括出售租賃組合中的 10 台發動機、1 架機身以及其他零件和設備。這些銷售的隱含利潤率為 21.9%，這印證了我們的觀點，即我們公司的租賃組合中存在大量未確認的價值。我們的交易策略使我們能夠循環利用資本以實現成長，並保持投資組合的相關性。2025 年第三季度，維修服務收入（包括我們的發動機和飛機存儲及維修服務收入，以及與固定基地運營商服務管理相關的收入）減少了 230 萬美元，至 360 萬美元。與去年同期相比，這部分減少的 56%（即 130 萬美元）與我們將發動機諮詢業務出售給我們持股 50% 的合資企業有關。

And we therefore did not directly recognize such revenues in the current period.

因此，我們並未在本期直接確認此類收入。

Willis lease through our 50% investment in our joint venture Willis Mitsui still enjoys and benefits from such services. Gross margins were a negative $1.5 million as we are still in the buildout stage of our aircraft line and base maintenance business.

透過我們在合資企業 Willis Mitsui 中 50% 的投資，Willis 租賃業務仍然能夠享受並受益於此類服務。由於我們的飛機生產線和基地維修業務仍處於建設階段，毛利率為負 150 萬美元。

On the expense side of the equation, depreciation, and amortization of $28.7 million in Q3 increased by $5.0 million as compared to the prior year. Growth and 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.

在支出方面，第三季的折舊和攤提費用為 2,870 萬美元，比去年同期增加了 500 萬美元。成長和折舊主要歸因於投資組合的成長和新的租賃到期資產開始首次租賃，這導致其折舊週期在損益表中開始。

To a lesser extent, accelerated depreciation, which is reviewed on an annual basis, also contributed to the increase in depreciation.

加速折舊（每年審核一次）在某種程度上也導致了折舊的增加。

Write down of equipment was $10.2 million for the quarter, representing impairment on eight engines, Six of which were moved to held for sale. In period write downs generally reflect older and unserviceable engines being positioned for monetization rather than a full performance restoration shop.

本季設備減損損失為 1,020 萬美元，其中包括八台引擎的減損損失，其中六台引擎被轉為待售資產。期間的資產減記通常反映的是老舊且無法使用的引擎被定位為用於變現，而不是用於全面的性能修復。

G&A was $49.2 million in the third quarter, up $9.2 million compared to $40 million in the comparable period in 2024. Increases in the overall G&A spend were mainly related to a $3.5 million increase in consultant fees. Influenced by our sustainable aviation fuel efforts relative to the comparable period in 2024 and $2.8 million of increased personnel costs, including $1.6 million of incentive compensation, which is derivative of business performance and $0.9 million of share based compensation expense.

第三季一般及行政費用為 4,920 萬美元，比 2024 年同期的 4,000 萬美元增加了 920 萬美元。一般及行政費用的增加主要與諮詢費增加 350 萬美元有關。受我們為實現永續航空燃料目標所做的努力的影響（與 2024 年同期相比），以及 280 萬美元的人員​​成本增加（包括 160 萬美元的激勵性薪酬，該薪酬與業務績效掛鉤）和 90 萬美元的股份支付費用。

Technical expense, which consists of non-capitalized repairs, engine thrust rental fees, outsourced technical support services, sublease, engine rental expense, engine storage and freight costs increased by $3.2 million.

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、引擎租賃費用、引擎儲存和運輸成本）增加了 320 萬美元。

To $8.4 million in the third quarter compared to $5.2 million in the prior year period. This increase was primarily due to an increased level of engine repair activity as the portfolio increases in size and utilization.

第三季達 840 萬美元，而去年同期為 520 萬美元。這一成長主要是由於隨著產品組合規模和利用率的增加，引擎維修活動水準也隨之提高。

Net finance costs were up $9.3 million to $37.1 million in the third quarter compared to $27.8 million in the comparable period in 2024. The increase in costs was primarily related to an increase in indebtedness as total debt obligations increased from $1.99 billion at September. 30th, 2024 to $2.24 billion at September 30th, 2025 and indebtedness throughout the third quarter was temporarily inflated due to our late Q2 West eight financing which had a delayed paydown of refinanced debt which is typical characteristic of this type of financing.

第三季淨融資成本增加 930 萬美元，達到 3,710 萬美元，而 2024 年同期為 2,780 萬美元。成本增加主要與債務增加有關，總債務從 2024 年 9 月 30 日的 19.9 億美元增加到 2025 年 9 月 30 日的 22.4 億美元。第三季債務暫時膨脹，原因是我們在第二季末完成了西部八區融資，該融資中再融資債務的償還有所延遲，這是此類融資的典型特徵。

$3.0 million of the increase was non-cash in nature and related to the early paydown of indebtedness of our West four and West seven transactions. Another $3 million was related to the contractual unwind of interest rate swap transactions on the back end of warehouse facility reductions associated with our late Q2 West eight ABS capital raise. Offsetting the increase was a $3 million increase in interest income driven by the larger restricted cash balances over the last quarter associated with our West eight ABS financing.

新增的 300 萬美元為非現金性質，與我們提前償還 West Four 和 West Seven 交易的債務有關。另外 300 萬美元與第二季末西部八區 ABS 資本募集相關的倉儲融資減少的後端利率互換交易的合約解除有關。抵銷這一成長的是利息收入增加 300 萬美元，這主要得益於上個季度與 West Eight ABS 融資相關的較大受限現金餘額。

Income from operations was $38 million up 12.8% from the comparable prior period.

營業收入為 3,800 萬美元，比上年同期成長 12.8%。

The company also picked up $5.2 million in radical earnings from our 50% ownership interest in our Willis Mitsui and Casseck Willis joint ventures.

公司也從我們在 Willis Mitsui 和 Casseck Willis 合資企業中 50% 的股權中獲得了 520 萬美元的巨額收益。

EBT for the quarter was $43.2 million, up 25.4% from the comparable period in 2024. Income tax expense was $18.9 million, and ETR of 43.7%. The company's ETR differed from the 21% federal statutory rate, primarily due to section 162m compensation treatment, And recent tax law changes. The company's favourable tax position provides a significant cash tax shield for our business.

本季 EBT 為 4,320 萬美元，比 2024 年同期成長 25.4%。所得稅費用為 1,890 萬美元，有效稅率為 43.7%。該公司的 ETR 與 21% 的聯邦法定稅率不同，主要是由於第 162m 節補償處理以及最近的稅法變更。本公司有利的稅收政策為我們的業務提供了可觀的現金稅盾。

The company produced $22.9 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 $3.25.

公司實現歸屬於普通股股東的淨利潤為 2,290 萬美元，其中已計入 GAAP 稅收和優先股成本。稀釋後加權平均每股收益為 3.25 美元。

Net cash provided by operating activities was $209.1 million through the third quarter of 2025 as compared to $216.4 million in the comparable period of 2024. The $7.4 million or 3.4% decrease in operating cash flows was primarily driven by a $23.2 million decrease in payments on sales type leases. A period over period, $28.1 million decrease in cash flow from changes in accounts receivable and a period over a period of $24.0 million decrease in cash flows from changes in accounts payable and accrued expenses. Partially offsetting the decreases was a period over period $52.1 million increase in cash flows from changes in inventory.

截至 2025 年第三季度，經營活動產生的淨現金為 2.091 億美元，而 2024 年同期為 2.164 億美元。經營現金流減少 740 萬美元或 3.4%，主要是因為銷售型租賃付款減少 2,320 萬美元所致。與上期相比，應收帳款變動導致現金流量減少 2,810 萬美元；與上期相比，應付帳款和應計費用變動導致現金流量減少 2,400 萬美元。部分抵銷這些下降的是，庫存變動帶來的現金流量較上期增加了 5,210 萬美元。

Cash flows used in investing activities. Were $108.2 million for the nine months ended September 30, 2025, and primarily reflected $310 million for the purchase of equipment held for operating lease, partially offset by proceeds from sale of equipment, net of the selling expenses of $194.3 million. Cash flows used in investing activities were $455 million for the nine months ended September 30th, 2024.

用於投資活動的現金流量。截至 2025 年 9 月 30 日的九個月，淨利潤為 1.082 億美元，主要反映了用於購買經營租賃設備的 3.1 億美元，部分被出售設備的收益（扣除 1.943 億美元的銷售費用）所抵消。截至 2024 年 9 月 30 日的九個月內，投資活動使用的現金流量為 4.55 億美元。

On a year-to-date basis, cash flows from financing activities were a net $62.4 million use of proceeds as compared to $175.6 million source of proceeds in the comparable period of 2024, as the company was in a net pay down position of debt for the quarter given the strong cash flow characteristics of the business.

截至目前，融資活動產生的現金流量淨流出 6,240 萬美元，而 2024 年同期則為資金來源 1.756 億美元，這是因為鑑於公司強勁的現金流特性，該公司本季處於淨償還債務的狀態。

On the financing and capital structure side of the business, during the quarter, the company unwound several swap positions for contractual requirements under its warehouse facility. At quarter end, 89% of our indebtedness was fixed rate, and our weighted average cost of debt was 5.11%. We amended and extended our $500 million warehouse facility to provide the company with more favourable asset advance rates, reduced borrowing costs, and extensions of the commitment period and final repayment date to May 3, 2027, and May 3, 2030 respectively. Subsequent to quarter end, we paid off our West four ABS financing. The company continues to assess the broader capital markets to lower our cost of capital.

在業務的融資和資本結構方面，本季度公司根據其倉儲融資安排的合約要求，解除了幾個互換頭寸。截至季末，我們 89% 的債務為固定利率，加權平均債務成本為 5.11%。我們修改並延長了 5 億美元的倉儲融資安排，為公司提供更優惠的資產預付款利率、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 2030 年 5 月 3 日。季度末之後，我們償還了西部四家ABS公司的融資款項。公司將繼續評估更廣泛的資本市場，以降低我們的資本成本。

Spread refinance risk and diversify our capital sources.

分散再融資風險並實現資金來源多元化。

In August we paid our fifth consecutive regular quarterly dividend of $0.25 per share. Subsequent to quarter end, we declared our sixth consecutive regular quarterly dividend at an increased $0.40 per share rate, which is expected to be paid on November 26, 2025 to stockholders of record at the close of business on November 17, 2025.

8 月份，我們連續第五年派發了季度常規股息，每股 0.25 美元。季度末之後，我們宣布連續第六個季度派發常規股息，每股增加 0.40 美元，預計將於 2025 年 11 月 26 日支付給 2025 年 11 月 17 日營業結束時登記在冊的股東。

We believe that our ability to pay an increased 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 characteristic 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, as leverage ticked lower to 2.90 times as compared to 3.48 times. At year-end 2024, 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. With that, I will now open the call to questions operator.

我們相信，我們有能力支付不斷增長的經常性股息，這反映了公司的健康狀況，並為股東提供了適度的當前現金收益，同時又不損害公司強勁的現金流特性和股權增長，從而支撐了我們的整體增長。就槓桿率而言（定義為總負債義務減去現金和受限現金，再減去優先股），槓桿率從 3.48 倍小幅下降至 2.90 倍。截至 2024 年底，我們靈活的資本結構、10 億美元的信貸額度和 5 億美元的倉儲額度帶來的流動性，以及我們目前的槓桿水平，使我們能夠靈活地快速抓住市場機遇，繼續拓展租賃業務，並為客戶提供最佳、最具創意的解決方案。接下來，我將開啟問答環節。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

We'll go first to Luis Raffato with Wolfe Research.

我們首先採訪沃爾夫研究公司的路易斯·拉法托。

Hey good morning Austin, Scott, how are you?

嘿，奧斯汀，早安，史考特，你們好嗎？

Hey Louis, good how you Doing?

嘿，路易斯，你好嗎？

Good, Scott, first, thanks for the clarification on the spares margin. I noted, noticed that, earlier I guess it seems like the demand backdrop remains really strong. Austin, you mentioned about how the improving, new aircraft delivery rates may help airlines get a better sense of how to sort of manage their current fleets. I think this will benefit you guys and your services offerings as airlines look to push out some of their, full shop visits, but how do you see that potentially impacting, legacy engine values, if at all?

好的，史考特，首先感謝你對備件餘量的澄清。我注意到，早些時候，需求背景似乎依然非常強勁。奧斯汀，你提到過，不斷提高的新飛機交付率可能會幫助航空公司更了解如何管理他們現有的機隊。我認為這對你們以及你們的服務產品是有利的，因為航空公司正在尋求推遲一些全面的維修保養，但是你們認為這可能會對傳統發動機的價值產生怎樣的影響（如果有的話）？

Yeah, thanks. So it's there's a few things at play, but if.

嗯，謝謝。所以，這裡面有幾個因素在起作用，但是如果。

You know if the OEMs are able to increase aircraft at the rates that they're authorized to do, we think it's certainly going to provide some additional supply to the market, but it's still coming from a pretty big aircraft deficit. You know. Keep in mind that there is something like 5,000 aircraft that are never going to be built between 2018 and 2030. That's a pretty big hole to dig out of if you take that and divide it by the number of months between now and 2030, I think it's something like 80 some aircraft per month.

你知道，如果飛機製造商能夠以授權的速度增加飛機產量，我們認為這肯定會為市場提供一些額外的供應，但這仍然彌補了相當大的飛機缺口。你知道。請記住，從 2018 年到 2030 年，大約有 5000 架飛機永遠不會被製造出來。如果把這個數字除以從現在到 2030 年的月份數，那將是一個相當大的缺口，我認為大約每月需要修復 80 多架飛機。

So that's a long way to go. Now that being said, if the airlines are able to ramp up significantly, that will add additional supply to the market, and I think it will hasten the retirement of the current generation aircraft. Which could have some downward pressure on values, but it's also going to really play well into our services businesses and also the programs that we offer, like you mentioned, constant thrust for us where we do a sale lease back and, when an engine becomes unserviceable we just replace it with one from our portfolio. Programs like that are really custom designed. To help the airlines avoid having to make big expensive shop visits when they might only have a few years remaining on a lease so I think that's a big part of it and then you know we've also made ourselves ready for when that transition does come, we think it's still a pretty long way. Way out but you know it's not a coincidence that we've got a little over 53 -54% of our portfolio is in future generation equipment so that's leaps GTF GEN X. So, the goal is really to ensure we always have the most in demand asset types for our customers long-term.

所以還有很長的路要走。話雖如此，如果航空公司能夠大幅提高運力，這將增加市場的供應量，我認為這將加速當前一代飛機的退役。這可能會對價值造成一些下行壓力，但也會真正有利於我們的服務業務以及我們提供的項目，就像你提到的那樣，不斷推動我們進行售後回租，當發動機無法使用時，我們就用我們產品組合中的發動機替換它。這類程式都是專門訂製設計的。為了幫助航空公司避免在租賃合約只剩幾年的時候不得不進行昂貴的大修，我認為這是很重要的一部分，而且我們也為這種轉變的到來做好了準備，我們認為這還有很長的路要走。雖然有點誇張，但我們投資組合中超過 53% 到 54% 都是未來世代設備（例如 GTF GEN X）並非巧合。因此，我們的目標是確保我們始終擁有客戶長期最需要的資產類型。

Great I appreciate it.

太好了，謝謝。

Thank you. We will take our next question from Will Waller with M3F.

謝謝。接下來，我們將回答來自 M3F 的 Will Waller 提出的問題。

Yeah, I have got a few questions. First, the common equity increased by $32.3 million based on my calculation but reported earnings for common shareholders were only $22.9 million. You also paid out a $1.7 million dividend during the third quarter. So just curious if you could reconcile the difference there for me.

是的，我還有幾個問題。首先，根據我的計算，普通股權益增加了 3,230 萬美元，但報告的普通股股東收益僅為 2,290 萬美元。第三季度，你們還派發了170萬美元的股息。所以，我只是好奇您能否幫我解釋一下這其中的差異。

Sure. I think that, walking through the different components that we have, well on the rec table that we have. I think that,

當然。我認為，仔細查看我們擁有的不同組件，以及我們現有的娛樂表格。我認為，

The different pieces that we have are obviously the net income that we have of 2024 $24 million then we're then we're also going to have.

我們擁有的不同部分顯然包括我們 2024 年的淨收入 2400 萬美元，然後我們還有。

Different components of paid in capital, such as stock based compensation, expense.

實收資本的不同組成部分，例如股票選擇權、費用等。

And When you kind of when you aggregate those as well as the other small changes we'll get to the number that that you're referring to. Will I could walk you through if you want on a very detailed basis in the in our schedule of our queue that comes out a little bit later today all of those on a line by line item basis if that's helpful.

當你把這些以及其他一些小的變化匯總起來，我們就能得到你提到的數字。如果您願意，我可以非常詳細地為您講解一下我們今天稍後公佈的隊列安排，逐項講解，如果這有幫助的話。

Okay, great. It might be helpful in the future to issue your 10Q before you have this call because I think a lot of numbers you went through, there were so many of them, it's very hard to understand them. But my next question is on the general and administrative expense, it was $49.2 million versus if I just look at last quarter, second quarter of 2025, it was $50.4 million. So, it was down by about $1.2 million.

好的，太好了。未來或許可以在這次電話會議之前提交 10Q 表格，因為我覺得你提到的很多數字太多了，很難理解。但我接下來的問題是關於一般及行政費用，該費用為 4920 萬美元，而如果我只看上個季度，也就是 2025 年第二季度，該費用為 5040 萬美元。所以，它下降了大約 120 萬美元。

But last quarter included in that was the severance related to your general counsel of $6.8 million and if I recall correctly, the reimbursement of the grant related to the SAF project of $6.2 million. So, there was a fairly substantial increase in G&A costs. You walked through a couple of those items, but quite Honestly, I was pretty confused by the numbers.

但上個季度其中包括與你的總法律顧問相關的 680 萬美元遣散費，如果我沒記錯的話，還有與 SAF 項目相關的 620 萬美元撥款的償還款。因此，一般及行政費用出現了相當大的成長。你講解了其中的一些內容，但說實話，我對這些數字感到非常困惑。

Can you walk through and, kind of walk us through what the compensation component line item of that was this quarter?

能否詳細介紹本季薪酬組成部分的具體內容？

Sure.

當然。

When you look at the compensation line on them, I think, if you reflect on the numbers that I discussed on the call, I was really comparing quarter over quarter numbers. So Q3 2024 as compared to Q3 2025. I think when you look at those numbers for the third quarter. Incentive compensation.

當你查看他們的薪酬數據時，我認為，如果你回顧一下我在電話會議上討論的數字，我實際上是在比較季度之間的數字。所以，2024 年第三季與 2025 年第三季相比。我認為當你查看第三季度的那些數據時，你會發現這一點。激勵性薪酬。

Which is derivative of the company's performance was up about $1.6 million to $7.5 million.

該公司業績的衍生性商品成長了約 160 萬美元，達到 750 萬美元。

As looking at Q3 2025 compared to Q3 2024.

對比 2025 年第三季和 2024 年第三季。

Share-based compensation, which as you know we've made changes to how we do share-based compensation earlier this year to reflect the increased share price that we have and as we've discussed in the past, the effect of those changes in share-based compensation will wean off over the next several years, but they are non-cash basis. They are non-cash basis. Share based compensation was $11.2 million or $11.3 million in the third quarter of 2025, up $900,000 from $10.3 million in the same quarter of the prior year and then all in personnel expenses, right, which those numbers were a part of because we've increased, headcount as we've built out the business.

如您所知，我們今年稍早對股份支付方式進行了調整，以反映股價上漲的情況。正如我們過去討論過的，這些股份支付方式的調整的影響將在未來幾年逐漸減弱，但它們是非現金形式的。它們都是非現金交易。2025 年第三季度，股權激勵支出為 1,120 萬美元或 1,130 萬美元，比去年同期的 1,030 萬美元增加了 90 萬美元，此外還有全部人事費用，對吧？這些數字都包含在人事費用中，因為隨著業務的拓展，我們的員工人數也增加了。

Was $32 million in the in the third quarter of 2025 compared to $29.2 million in the third quarter of 2024, so up $2.7 million.

2025 年第三季為 3,200 萬美元，而 2024 年第三季為 2,920 萬美元，因此增加了 270 萬美元。

Hey, Will, if I can add something to what Scott said, and forgive me for being a little bit redundant, but the stock based comp is, it appears a little bit high because of the way we used to deliver our long-term equity awards, and I know Scott kind of touched on this, but historically we would fix the quantity of shares but not grant them until the end of the performance period.

嘿，威爾，如果我可以補充斯科特所說的，請原諒我有點重複，但是基於股票的薪酬似乎有點高，因為我們過去發放長期股權獎勵的方式，我知道斯科特已經稍微提到了這一點，但從歷史上看，我們會確定股票數量，但直到業績期結束才會授予。

And this resulted in increased expense if the stock price appreciated before that grant date very much like it did in 2024. So even though it's not a cash expense, it will still take a few years to run off the P&L and as Scott mentioned, we have since rectified this by. Actually, granting our shares at the beginning of the performance period, allowing them to be cancelled if targets are not met, which we understand is more commonplace. So, I hope that helps.

如果股票價格在授予日期之前上漲，就像 2024 年一樣，這將導致費用增加。所以即使這不是現金支出，也需要幾年時間才能從損益表中消除，正如 Scott 所提到的，我們已經透過以下方式糾正了這個問題。實際上，在業績期間開始時授予我們股份，如果未達到目標則允許取消這些股份，我們了解到這種情況更為常見。希望這能有所幫助。

And will, and not to just maybe give you a little bit more because you mentioned the sequential performance. If you looked at the personnel expenses that I referenced on a quarter over quarter basis sequentially.

而且，不只是因為你提到了順序效能，所以才給你多一點資訊。如果你按季度順序查看我提到的各項人員費用。

Those personnel expenses went down a little over $8 million.

這些人事開支減少了800多萬美元。

Okay, I'll study it a bit more in the 10Q. There just is not enough information in the press release to, the numbers to seem extremely high as they have for several quarters now. And then could you also walk through again the income tax expense of $18.9 million? Could you walk through what the Section 162 compensation treatment is that and how that affected the tax levels?

好的，我會在10Q部分再仔細研究一下。新聞稿中提供的資訊不足以解釋為何這些數字像過去幾季那樣高得驚人。那麼，您能否再詳細解釋一下1890萬美元的所得稅支出？您能否詳細解釋一下第 162 條補償處理的具體內容以及它如何影響稅收水準？

Sure, well, it's actually several items that affected the tax. So, I think if you look at the third quarter, you are going to see a higher tax rate. Now that higher tax rate is temporary and it was affected by as it has been in the past by 162m, but it was also affected by tax law changes. So the one big beautiful bill, which had its benefits, has long-term benefits, but it had a negative effect in the quarter, on a net basis.

當然，實際上影響稅收的因素有很多。所以，我認為如果你觀察第三季度，你會看到更高的稅率。現在，較高的稅率是暫時的，它像過去一樣受到了 1.62 億人的影響，但也受到了稅法變更的影響。所以，這項龐大而美好的法案雖然帶來了好處，也帶來了長期的好處，但從淨收益來看，它在本季產生了負面影響。

So the long-term benefits are the bonus depreciation which it which it introduced and we are taking advantage of in the quarter, but it also had, and I don't want to get too nuanced on tax, but with respect to the guilty and the $250 deductions, it had a negative effect in the quarter, and that was because the one big beautiful bill was implemented.

因此，長期的好處是它引入的額外折舊，我們在本季度正在利用它，但它也帶來了一些負面影響，我不想在稅收方面做太多細緻的討論，但就稅負和 250 美元的扣除而言，它在本季度產生了負面影響，這是因為一項龐大的法案實施了。

In July, so in Q3 of this year, I think as you look at the rest of the year and how the year will play out on a tax basis. You will see more of a reversion to where we are on a year-to-date basis on a tax rate as opposed to where we were in Q3. Q3 is an anomaly, and I would say the anomalous characteristics of Q3 were more geared towards the tax law change rather than the 162ms nuance.

7 月份，也就是今年的第三季度，我認為，當你展望今年剩餘的時間以及今年在稅務方面將如何發展時，就會明白這一點。你會看到，從年初至今的稅率來看，稅率將更多地回歸到我們目前的水平，而不是像第三季那樣。第三季是一個異常情況，我認為第三季的異常特徵與稅法變化有關，而不是與 162ms 的細微差別有關。

Okay, thanks. And then one last question, you guys have about $650 million of stated common equity.

好的，謝謝。最後一個問題，你們的已公佈普通股股本約為 6.5 億美元。

At the end of 2024, you had about $600 million in value of engines that's not reflected.

到 2024 年底，大約有價值 6 億美元的引擎尚未反映在內。

In stated equity, and I would assume that's probably gone higher since the end of 2024. So, if I just add the two of those together, I get well above $1.2 billion in value. If I look at the value of the company in the market today, it is about $850 million. So, what are your views on share repurchases?

就已公佈的權益而言，我估計自 2024 年底以來，這個數字可能已經上升了。所以，如果我把這兩者加起來，總價值就遠遠超過 12 億美元。如果我看一下該公司目前的市場價值，大約是 8.5 億美元。那麼，您對股票回購有什麼看法？

Yeah, so, well, I, I'll just say what I've said in the past with this, we're always looking at ways to maximize shareholder value. Share repurchases are something that we have done in the past and we would consider doing in the future.

是的，嗯，我只想重申我過去說過的話，我們一直在尋找最大化股東價值的方法。股票回購是我們過去做過的事情，我們將來也會考慮這樣做。

But we do appreciate that you acknowledge the inherent value in our portfolio relative to market we agree.

但我們很欣賞您認可我們投資組合相對於市場的內在價值，這一點我們同意。

Great, yeah, and that doesn't factor in. You have got an also an order book that should have quite a bit of value to it seems like. So I've seen AerCap and some others that have really walked through the math and then executed on it, and it seems like the market's really rewarded them for doing such.

太好了，是的，那不影響結果。你還有一本訂單簿，看起來應該很有價值。我看到 AerCap 和其他一些公司認真地進行了數學計算，然後付諸行動，市場似乎也確實對他們的做法給予了獎勵。

So, thanks a lot.

非常感謝。

Thank you will.

謝謝你，威爾。

We'll take our next question from Eric Greig with Four Tree Island Advisory.

接下來，我們將回答來自 Four Tree Island Advisory 的 Eric Greig 提出的問題。

Congratulations on the strong top-line and pre-tax earnings results for the quarter. I have three questions. The first one, I will start with is for you, Scott. This is the third quarter in a row of a multi-million-dollar write-down. Year-to-date, the write-downs are up. I think if my math's right, 26X the same year-to-date period in 2024.

恭喜公司本季營收和稅前利潤均取得強勁成長。我有三個問題。我先從給你的開始，史考特。這是連續第三個季度出現數百萬美元的資產減值。今年迄今為止，資產減損額有所增加。我認為如果我的計算沒錯，2024 年同期將是 26 倍。

Keeping in context and what Will just said, a $24 million write-down is not a lot compared to, $200 million higher appraised value you talked about at the beginning of the year on the, on the year end revaluation of the portfolio, but it, we've, it's three quarters in a row, multi-million dollar write-downs. Is this just the new norm, what, or why is it really so much higher this year, just from a higher level, and why are we seeing these write-downs so frequently?

結合上下文以及威爾剛才所說的話，2400萬美元的減值與年初你提到的年末投資組合重新估值時增加的2億美元相比並不算多，但是，我們已經連續三個季度進行了數百萬美元的減值。這只是新的常態嗎？還是說，為什麼今年的水準如此之高？為什麼我們如此頻繁地看到資產減記？

So Erica. Good to hear from you and I appreciate the question. This is Austin, by the way. Let me jump in and field it quickly and then I can provide a bit more colour, but write downs are a little bit different in the engine space than they are in in the aircraft space as it pertains to, assets coming off of, long-term lease and just how, reserves are treated and how impairments are treated in this last quarter, we had a handful of engines. Coming off lease, the majority of which were in China, I believe, and we took some write downs as we moved those to held for sale, as we look to take those assets and deploy them elsewhere. So that's a lot of what it is, but Scott, would you like to add to that?

所以，艾麗卡。很高興收到你的來信，謝謝你的提問。順便說一下，這是奧斯汀。讓我先快速回答一下，然後再提供更多細節。發動機領域的減損與飛機領域的減損略有不同，因為涉及資產到期、長期租賃以及準備金和減損處理方式的不同。上個季度，我們有一些引擎減值。租賃到期後，其中大部分資產（我相信）都位於中國。我們將這些資產轉移到待售狀態，並提列了一些減損準備，以便將這些資產部署到其他地方。以上就是大致狀況，史考特，你還有什麼要補充的嗎？

Yeah, I mean, I don't think there's that much to add to that other than, obviously as you see increased.

是的，我的意思是，除了顯而易見的成長之外，我想不出還有什麼要補充的了。

Utilization and increased run rate of these engines and short-term maintenance reserves as well.

提高這些引擎的利用率和運轉率，並增加短期維護儲備。

Your engines are being utilized more and you know at the end of the lease, quite often as we move an engine to the extent we're not moving it to a full performance shop visit restoration, you could see some, incremental, write down, but the incremental write-downs pale in comparison to the short-term maintenance and long-term maintenance reserves that you're seeing.

您的引擎使用率越來越高，您也知道，在租賃期結束時，我們通常會將引擎進行一些調整，但不會將其送到性能改裝店進行全面修復，因此可能會出現一些增量減值，但這些增量減值與您看到的短期維護和長期維護儲備相比微不足道。

Yeah, and again, oftentimes at the end of the lease you'll have EOL comp which will go to long-term reserves and go to revenue and then oftentimes you'll also have commensurate, write downs associated with the value of the asset.

是的，而且，通常在租賃期結束時，會有 EOL 補償金，這筆錢將計入長期儲備金和收入，然後通常還會有與資產價值相關的相應減值。

Thanks for that. My other two questions, I will just give them both right now. Austin, you talked about taking aircraft leasing to the next level with Pascal's hire. Is the plan to ramp up, investment in aircraft and this your aircraft leasing and start tilting more that way than engines. And so that's one question. Then the second question is, about your staff efforts, saw the press release about Wilton International being chosen for your SAF project, because I understand that building out a 14,000-ton SAF facility would cost a few $100 million. And the question is, what is, what is Willis's intention in terms of funding that? Is it, having third parties providing the bulk of that? And if that's the case, how are those conversations going?

謝謝。我的另外兩個問題，我現在就直接問吧。奧斯汀，你曾說過，聘用帕斯卡爾將把飛機租賃業務提升到一個新的水平。計劃是加大對飛機的投資，並開始更多地轉向飛機租賃而不是發動機。所以，這是其中一個問題。第二個問題是，關於你們員工的努力，我看到了關於威爾頓國際公司被選中承建你們的SAF項目的媒體稿，因為據我了解，建造一座14000噸的SAF設施將耗資數億美元。問題是，威利斯在資助這件事上的意圖是什麼？是不是大部分工作都由第三方提供？如果真是這樣，那這些對話進行得怎麼樣了？

Thank you.

謝謝。

Yeah thanks so, On the aircraft leasing front, we are looking to get more involved in aircraft leasing but we've been in aircraft leasing for a long time you know we're certainly not looking to change the strategy it's really just taking our existing strategy and expanding it, so you know right now we've got I believe 20 aircraft, and we'd like to grow that but it's. You know we've got no intention of becoming sort of the next AerCap or Air Lease or name your big aircraft lease want to get more into aircraft leasing where we can add value to the customers and constant thrust which I mentioned earlier is a great example of that you know it's really it's an aircraft lease but what we're really doing is leasing engines and managing the maintenance of those engines. Within the context of an aircraft lease,

是的，謝謝。在飛機租賃方面，我們正尋求更多地參與飛機租賃業務，但我們從事飛機租賃已經很久了，我們當然不打算改變策略，只是在現有策略的基礎上進行擴展。目前我們有20架飛機，我們希望增加飛機數量。你知道，我們無意成為下一個 AerCap 或 Air Lease 之類的大型飛機租賃公司，我們更想涉足飛機租賃領域，為客戶創造價值。我之前提到的 Constant Thrust 就是一個很好的例子。你知道，它本質上是一家飛機租賃公司，但我們真正做的是租賃引擎並管理這些引擎的維護。在飛機租賃的背景下，

So that's what we are planning to do, we will invest more heavily in this, but again I wouldn't see it as a divorce from what we have done in the past. It's really just growing what we already do, in a more thoughtful way,

所以這就是我們的計劃，我們將加大這方面的投資，但我並不認為這會與我們過去的做法背道而馳。實際上只是以更周全的方式拓展我們已經在做的事情。

On the staff side, yes, we did, we did sign the lease for Wilton, and we are excited about that. It's a good site that's got a lot more infrastructure to be able to support the plant when we do get to the point of final investment decision and look to start developing it. We have got stage gates that we have in place that kind of take us from where we are now to really considerable additional expense for when the development does happen, but the intent. Is to invest not just on behalf of ourselves as equity but to solicit third-party equity as well you know I can't tell you exactly what that percentage or ratio is going to look like yet but it's going to be on a you know a conservative risk basis I'll put it that way.

在員工方面，是的，我們已經簽署了威爾頓的租賃合同，我們對此感到非常興奮。這是一個不錯的選址，擁有更完善的基礎設施，能夠在我們最終做出投資決定並開始開發時為工廠提供支援。我們已經制定了一些階段性目標，這些目標將帶領我們從現在的位置走向發展真正發生時需要花費的相當可觀的額外費用，但我們的意圖是這樣的。我們不僅要以自有資金進行投資，還要尋求第三方資金。你知道，我現在還不能確切地告訴你這個百分比或比例會是多少，但會以保守的風險為基礎，我這麼說吧。

Thank you very much.

非常感謝。

Thank you. That will conclude our Q&A session and the Willis Lease Finance Corporation's third quarter 2025 earnings conference call. We appreciate your participation. You may now disconnect.

謝謝。問答環節到此結束，威利斯租賃金融公司 2025 年第三季財報電話會議也將結束。感謝您的參與。您現在可以斷開連線了。