Willis Lease Finance Corporation (WLFC) 2026 Q1 法說會逐字稿

Please stand by, we're about to begin. Good day, and welcome to the Willis Lease Finance Corporation first-quarter 2026 earnings call. Today's conference is being recorded.

請稍候，我們即將開始。各位早安，歡迎參加 Willis Lease Finance Corporation 2026 年第一季財報電話會議。本次會議將進行錄音。

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.

我們提醒各位，在本次電話會議中，管理層將發表前瞻性陳述，包括關於我們對財務指引的預期、公司展望，以及我們預期的投資與成長計畫等陳述。請注意，這些前瞻性陳述係基於目前的預期與假設，並可能受到風險與不確定性影響。

These statements reflect WLFC's views only as of today. 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. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

這些陳述僅反映 WLFC 截至今日的觀點。不應被依賴為任何後續日期之觀點代表；且 WLFC 不承擔因新資訊或未來事件而修訂或公開發布任何對該等前瞻性陳述修訂結果之義務。這些陳述受多項風險與不確定性影響，可能導致實際結果與預期出現重大差異。

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 WLFC's website at www.wlfc.global/investor-relations.

如需進一步了解可能影響 WLFC 財務結果之重大風險及其他重要因素，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 Form 10-Q 季度報告、Form 10-K 年度報告及其他定期報告；上述文件可於 WLFC 網站投資人關係專區 www.wlfc.global/investor-relations 查閱。

At this time, I would like to turn the conference over to Mr. Austin Willis, CEO. Please go ahead, sir.

現在，我想把會議交給執行長 Austin Willis 先生。先生，請開始。

Thank you, operator, and thank you all for joining us today to discuss Willis Lease Finance Corporation's first-quarter 2026 financial results. On our call today, I'm joined by Scott Flaherty, our Chief Financial Officer. We have posted an accompanying presentation on our website to give further details supporting our remarks.

謝謝接線員，也感謝各位今天加入我們，一同討論 Willis Lease Finance Corporation 2026 年第一季財務結果。今天與會的還有我們的財務長 Scott Flaherty。我們已在網站上發布隨附簡報，以提供更多細節來支持我們的說明。

This morning, I'd like to start by taking a step back and discussing our industry's macro environment. Since the conflict began in Iran, we haven't seen a material impact on pricing or lease rates. Demand remains robust. We have minimal exposure in the Middle East, where the effects are being felt most acutely. Airlines are reacting to higher fuel prices and the prospect of fuel shortages by reducing capacity, in some cases, flying less frequently and in other cases, parking aircraft. Should high fuel prices persist into the fall, we expect the airlines to feel liquidity pressure.

今天早上，我想先退一步，談談我們產業的總體環境。自伊朗衝突開始以來，我們尚未看到對定價或租賃費率造成重大影響。需求仍然強勁。我們在中東的曝險很小，而該地區正是影響最為明顯之處。航空公司因應燃油價格上升及可能出現燃油短缺的前景而縮減運能；在某些情況下，降低航班頻率；在另一些情況下，則將飛機停放。若高油價持續到秋季，我們預期航空公司將面臨流動性壓力。

Historically, we have been countercyclical in such environments. When airlines are trying to preserve cash, they tend to opt for leasing solutions rather than overhauling engines for $10 million or more, which drives up utilization in our portfolio. We have seen this phenomenon firsthand following prior periods of macro disruption. If fuel prices remain elevated longer than anticipated, some of the parked aircraft will likely be retired, and that could lead to lower lease rates and values for midlife aircraft.

歷史上，在這類環境中我們往往呈現逆週期表現。當航空公司試圖保留現金時，通常會選擇租賃方案，而不是花費 1,000 萬美元或以上進行引擎大修，這會推升我們投資組合的使用率。在先前的總體環境受擾動期間之後，我們已親身見證此一現象。若燃油價格維持高檔的時間超出預期，部分停放的飛機可能會被退役，這可能導致中年期（midlife）飛機的租賃費率與價值下降。

We would expect changes in midlife engine values to be more resilient than aircraft as they will continue to support shop visit avoidance, as I described earlier. However, and even in spite of this, we consider ourselves to be well hedged with over 50% of our engine portfolio in modern technology, specifically the LEAP, GTF and GEnx engine types.

我們預期中年期引擎價值的變動將比飛機更具韌性，因為它們仍將如我先前所述，持續支持「避免進廠維修」（shop visit avoidance）。然而，即便如此，我們認為自身已具備良好避險：我們超過 50% 的引擎投資組合屬於現代技術機型，特別是 LEAP、GTF 與 GEnx 引擎類型。

Another way for airlines to address short-term liquidity concerns is the sale and leaseback transactions for their unencumbered aircraft and engines. Our capital strategy over the past year has positioned us well to capture such opportunities.

航空公司因應短期流動性疑慮的另一種方式，是針對其未設擔保的飛機與引擎進行售後回租交易。我們過去一年的資本策略，使我們能夠很好地把握此類機會。

Turning to the quarter. We ended with $4.1 billion of assets under management, approximately $1.5 billion of capital that is ready to deploy through our discretionary funds and capital through our joint ventures to include a $750 million revolving credit facility. This, combined with undrawn amounts in our recently expanded $1.75 billion revolver and our low net leverage of 2.7 times, we are positioned for significant growth.

回到本季。我們期末資產管理規模為 41 億美元，約有 15 億美元資本可透過我們的自主基金以及合資企業資本進行部署，其中包括一筆 7.5 億美元的循環信用額度。再加上我們近期擴增至 17.5 億美元的循環信貸中尚未動用的額度，以及 2.7 倍的低淨槓桿，我們已具備顯著成長的有利位置。

As we have talked about in prior quarters, the aviation market remains increasingly engine-centric, and that dynamic is driving demand across our platform. Engine availability remains a key constraint to both delivering new aircraft and keeping operational aircraft flying. And we continue to see extended maintenance timelines and sustained pressure on spare engine supply. This environment supports strong lease rate dynamics and ongoing demand for our leasing and services offerings.

如同我們在前幾季所談到的，航空市場正日益以引擎為核心，而此一動態正推動我們整個平台的需求。引擎供給仍是新機交付與維持在役飛機持續飛行的關鍵限制因素。我們也持續看到維修時程延長，以及備用引擎供應的持續壓力。此一環境支撐強勁的租賃費率走勢，並帶動對我們租賃與服務方案的持續需求。

Continued strong demand for our products and services helped us deliver first-quarter adjusted EBITDA of $124 million and fully diluted earnings per share of $3.26 as compared to $2.21 during the same period in 2025. We have also seen strong stock price appreciation during the first quarter despite market volatility driven by geopolitical uncertainties.

我們產品與服務的持續強勁需求，協助我們在 2026 年第一季繳出 1.24 億美元的調整後 EBITDA，以及完全稀釋後每股盈餘 3.26 美元；相較之下，2025 年同期為 2.21 美元。儘管地緣政治不確定性帶來市場波動，我們在第一季也看到股價顯著上漲。

We attribute this primarily to the strength of our underlying business as well as investors' confidence in our growth strategy, both on and off balance sheet. This strategy will deliver synergistic benefits through fees and carried interest, along with additional advantages such as a larger asset base that we can service through our two engine MROs, our airframe MRO, our parts business and our consulting business.

我們認為這主要歸因於我們基本面業務的強勁，以及投資人對我們表內與表外成長策略的信心。此策略將透過費用收入與業績分成（carried interest）帶來協同效益，並帶來額外優勢，例如更大的資產基礎，使我們能透過兩座引擎 MRO、機身 MRO、零件業務與顧問業務提供服務。

Let me take a few minutes to discuss the three key areas of our business: Leasing, Willis Aviation Capital and Services.

接下來我將用幾分鐘時間，說明我們業務的三個關鍵領域：租賃、Willis Aviation Capital，以及服務。

First, Leasing. Leasing utilization for the quarter was up to 86% from 80% year over year, and the lease rate factor of our on-lease assets was 1.04%. As mentioned earlier, we continue to modernize the portfolio towards the next generation of assets. And although higher in value, we are experiencing similar lease rate factors as compared to the current generation of assets.

首先是租賃。本季租賃使用率由去年同期的 80% 提升至 86%，而我們在租資產的租賃費率因子（lease rate factor）為 1.04%。如先前所提，我們持續將投資組合現代化，朝向下一代資產。雖然價值較高，但我們所觀察到的租賃費率因子與現有世代資產相近。

These factors led the company to experience an all-time high Lease rent revenue during the first quarter of 2026, totaling $77 million, demonstrating the strength of the aviation market, demand for next-generation assets and improved lease rate dynamics. We are able to effectively optimize asset placement across global customer base through our programs such as ConstantThrust.

這些因素使公司在 2026 年第一季創下歷史新高的租金收入，合計 7,700 萬美元，展現航空市場的強勁、對下一代資產的需求，以及租賃費率動能的改善。我們能透過 ConstantThrust 等方案，在全球客戶基礎間有效最佳化資產配置。

Under ConstantThrust, operators' engines are seamlessly exchanged with fully serviceable replacements from our pool of owned and managed assets as they come off-wing. This program specifically leverages WLFC's global expertise in spare engine provisioning, technical management and maintenance and repair services to ensure uninterrupted operational performance for airlines worldwide.

在 ConstantThrust 方案下，當營運商的引擎自機翼拆下（off-wing）時，會與我們自有及受管理資產池中可立即投入使用的替換引擎無縫交換。此方案特別運用 WLFC 在備用引擎供應、技術管理以及維修與修理服務方面的全球專業能力，以確保全球航空公司營運表現不中斷。

Earlier this year, we expanded our ConstantThrust program by signing a new purchase and leaseback agreement with Nauru Airlines for CFM56-7B engines. The agreement will provide Nauru with reliable ConstantThrust support for the airline's entire fleet of CFM56-7B engines, powering Boeing 737-700 and 800 aircraft for six-plus years.

今年稍早，我們透過與 Nauru Airlines 就 CFM56-7B 引擎簽署新的購買與售後回租協議，擴大了 ConstantThrust 方案。該協議將為 Nauru 提供可靠的 ConstantThrust 支援，涵蓋該航空公司整個 CFM56-7B 引擎機隊，為波音 737-700 與 800 機型提供動力，期限超過六年。

Turning to Willis Aviation Capital, or WAC. Last quarter, we announced Willis Aviation Capital, which is a natural extension of our business and enables us to manage third-party capital alongside our balance sheet and significantly expand our addressable market. This creates a flywheel effect where greater scale drives more opportunities to deploy our services across a larger asset base, enhancing returns and accelerating platform growth.

接著談談 Willis Aviation Capital（簡稱 WAC）。上一季，我們宣布成立 Willis Aviation Capital，這是我們業務的自然延伸，使我們能在自身資產負債表之外，同步管理第三方資本，並大幅擴大我們可觸及的市場規模。這將形成飛輪效應：規模越大，帶來更多將我們服務部署到更大資產基礎上的機會，進而提升報酬並加速平台成長。

Through our partnerships with Blackstone Credit & Insurance and Liberty Mutual Investments as well as our existing joint ventures, Black now manages more than $2.7 billion of committed or deployed capital. In the first quarter of 2026, we funded approximately $90 million of finance leases through our Liberty Mutual Fund, which do not generate gain on sale as these were par sales to the fund. In April, we began selling operating lease engines from our balance sheet to the Blackstone fund.

透過與 Blackstone Credit & Insurance 及 Liberty Mutual Investments 的合作夥伴關係，以及我們既有的合資企業，Black 目前管理的已承諾或已投放資本已超過 27 億美元。在 2026 年第一季，我們透過 Liberty Mutual 基金為約 9,000 萬美元的融資租賃提供資金；由於這些是以平價（par）出售給該基金，因此不會產生出售收益（gain on sale）。4 月，我們開始將資產負債表上的營運租賃引擎出售給 Blackstone 基金。

We are encouraged by the early traction we're seeing with a solid pipeline of opportunities as we move through the year. This platform is designed to generate high-quality recurring earnings through the management fees and carried interest while also driving incremental demand for our services capabilities.

隨著我們在今年持續推進，我們對目前看到的早期進展感到鼓舞，並擁有穩健的機會管線。此平台旨在透過管理費與業績分成（carried interest）產生高品質的經常性獲利，同時也帶動對我們服務能力的增量需求。

And finally, Services. Our Services businesses remain a core strength for our platform, reducing both off-wing time across our fleet and turnaround times for our own customers' assets as compared to larger MROs. As I've mentioned before, the outlook for engine shop visits remains strong through the mid-2030s and our services businesses remain a key differentiator, playing a critical role as engine maintenance demand grows.

最後談服務（Services）。我們的服務業務仍是平台的核心強項；相較於大型 MRO，我們能縮短機隊引擎離翼（off-wing）時間，並加快自有客戶資產的周轉時間。如我先前提到的，引擎進廠維修（shop visits）的展望在 2030 年代中期之前仍然強勁；隨著引擎維修需求成長，我們的服務業務仍是關鍵差異化因素並扮演至關重要的角色。

Having multiple geographically distinct hospital shops, we are well positioned to capitalize on demand across those markets since we are the low-cost alternative to more costly full overhauls. To meet growing demand for the technical and maintenance expertise of our engine shops, which contributed revenue of $10 million in the first quarter, exclusive of intercompany sales and to enhance our vertical integration, we continue to invest in deepening our in-house technical capabilities.

由於我們在地理上分布多個「醫院級」維修廠（hospital shops），我們具備良好條件把握各市場需求，因為相較於成本更高的全面大修（full overhauls），我們是低成本替代方案。為了因應市場對我們引擎維修廠技術與維修專業日益增加的需求（該業務在第一季貢獻 1,000 萬美元營收，不含公司間銷售），並強化垂直整合，我們持續投資以深化內部技術能力。

In February, we announced the successful completion of our first core engine restoration of the CFM56-7B in our US-based Willis Engine repair center. We have branded this new capability as Willis Module Shop, allowing us to complete comprehensive core restorations that reduce maintenance cost, improve turnaround time and strengthen the control over our assets. Over time, we believe this capability will be an important driver of both operational efficiency and portfolio returns.

2 月，我們宣布在美國的 Willis 引擎維修中心成功完成首具 CFM56-7B 核心引擎修復（core engine restoration）。我們將這項新能力品牌化為 Willis Module Shop，使我們能完成全面的核心修復，降低維修成本、改善周轉時間，並強化對資產的掌控。隨著時間推進，我們相信這項能力將成為提升營運效率與投資組合報酬的重要驅動因素。

Now to touch briefly on our capital deployment priorities. To support future growth across our platform, we have increased our financial flexibility through an amendment and extension of our revolving credit facility from $1 billion to $1.75 billion. The amended facility positions us with the liquidity and flexibility to further expand our business.

接著簡要說明我們的資本部署優先事項。為支持平台未來成長，我們透過修訂與展期，將循環信用額度由 10 億美元提高至 17.5 億美元，提升財務彈性。修訂後的融資安排使我們具備充足流動性與彈性，以進一步擴展業務。

Additionally, we closed two Japanese operating lease with call option, or JOLCO transactions, totaling approximately $50 million. These transactions reflect the strength of our lender relationships and our ongoing focus on maintaining a well-capitalized flexible balance sheet. Scott will speak to the specifics of these transactions momentarily.

此外，我們完成兩筆日本 JOLCO（附買回選擇權之營運租賃）交易，合計約 5,000 萬美元。這些交易反映我們與放款人之間關係的強度，以及我們持續專注於維持資本充足且具彈性的資產負債表。Scott 稍後將說明這些交易的細節。

We have also continued to invest in top talent where we see growth opportunities, particularly in the Asia Pacific region. We welcomed Marilyn Gan as Head of Origination for the region, strengthening our ability to source and execute opportunities in a key growth market.

我們也持續在看見成長機會之處投資頂尖人才，特別是在亞太地區。我們歡迎 Marilyn Gan 擔任該區域的業務開發主管（Head of Origination），強化我們在關鍵成長市場中發掘並執行機會的能力。

Looking ahead, we remain well positioned to deploy capital across a broad range of opportunities. We see attractive prospects across Leasing and Services, supported by strong long-term fundamentals in the aviation market. We also remain committed to returning capital to our shareholders as evidenced by the quarterly recurring dividend of $0.40 per share that we declared earlier this quarter. Overall, we are confident in our strategy and the progress we are making as we continue to scale our platform and deliver long-term value for our shareholders.

展望未來，我們仍具備良好條件，能在廣泛的機會中部署資本。在航空市場強勁的長期基本面支持下，我們在租賃與服務兩大領域都看到具吸引力的前景。我們也持續致力於回饋股東；本季稍早我們宣布每股 0.40 美元的季度經常性股利，即為明證。整體而言，隨著我們持續擴大平台規模並為股東創造長期價值，我們對自身策略與目前取得的進展充滿信心。

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，請他更深入地說明我們的財務表現。

Thank you, Austin, and good morning, all. Another strong quarter for Willis Lease Finance. Our first quarter experienced record quarterly lease rent revenues of $77.4 million, quarterly adjusted EBITDA of $123.8 million, $36.8 million of quarterly earnings before taxes, or EBT, and $23.7 million of net income attributable to common shareholders or $3.26 of diluted weighted average income per common share.

謝謝你，Austin，各位早安。Willis Lease Finance 再度交出強勁的一季。我們第一季創下單季租賃租金收入 7,740 萬美元的紀錄，單季調整後 EBITDA 為 1.238 億美元，單季稅前盈餘（EBT）為 3,680 萬美元，歸屬普通股股東之淨利為 2,370 萬美元，或每股普通股稀釋加權平均盈餘 3.26 美元。

Walking through the P&L, our strong top-line performance reflected solid growth in nearly every revenue channel, record lease rent revenues of $77.4 million in the quarter. 14.2% quarter-over-quarter growth in lease rent revenues were driven by a combination of increased portfolio size, utilization and lease rates.

從損益表來看，我們強勁的營收表現反映幾乎每個收入管道皆有穩健成長，本季租賃租金收入創紀錄達 7,740 萬美元。租賃租金收入季增 14.2%，主要由投資組合規模擴大、使用率提升與租賃利率上升等因素共同帶動。

Our owned portfolio at the end of the first quarter was $2.86 billion. Our own portfolio is reflected on the balance sheet as equipment held for operating lease, maintenance rights, notes receivable and investment in sales-type leases. Average utilization was up from 79.9% in Q1 of 2025 to 85.8% in Q1 of 2026, a nearly 6-point pickup. Additionally, we continue to see a solid average on-lease lease rate factor across the portfolio of 1.04% compared to 1.0% in the first quarter of 2025.

第一季末，我們自有投資組合規模為 28.6 億美元。我們的自有投資組合在資產負債表上反映為：持作營運租賃之設備、維修權益（maintenance rights）、應收票據，以及銷售型租賃投資（investment in sales-type leases）。平均使用率由 2025 年第一季的 79.9% 上升至 2026 年第一季的 85.8%，提升近 6 個百分點。此外，我們持續看到整體投資組合的平均在租租賃利率因子（on-lease lease rate factor）維持穩健，為 1.04%，高於 2025 年第一季的 1.0%。

Maintenance reserve revenues for the quarter were $55.5 million, up slightly from $54.9 million in the first quarter of 2025. $12.4 million of these maintenance reserve revenues were long-term maintenance reserve revenue associated with engines coming off-lease and the associated elimination of any maintenance reserve liabilities as well as the receipt of end of the lease cash payments.

本季維修準備金收入（maintenance reserve revenues）為 5,550 萬美元，較 2025 年第一季的 5,490 萬美元略增。

$12.3 million of this related to one engine coming off-lease and included both the release of a maintenance reserve and the receipt of an end-of-lease cash payment. The $12.4 million in long-term maintenance reserve revenue compared to $9.6 million in the first quarter of 2025. $43.1 million of our maintenance reserve revenues were short-term maintenance reserves compared to $45.3 million in the prior comparable period.

其中 1,230 萬美元與一具引擎退租相關，包含釋放一筆維修準備金以及收取一筆租約期末現金款項。長期維修準備金收入 1,240 萬美元，相較 2025 年第一季的 960 萬美元。短期維修準備金收入為 4,310 萬美元，較前一可比期間的 4,530 萬美元為低。

Spare parts and equipment sales increased by $3.4 million or 18.9% to $21.7 million in the first quarter of 2026 compared to $18.2 million in the first quarter of 2025. Spare parts sales were $10 million and $16 million in Q1 of '26 and 2025, respectively, a decrease of $5.8 million. The decrease in spare parts sales reflects variations in the timing of sales to third parties and were not reflective of $7.5 million of intercompany sales, which was up from the prior comparable period and eliminated in our financial consolidation. These intercompany sales represent the added value of having a vertically integrated parts business.

2026 年第一季備品與設備銷售增加 340 萬美元（或 18.9%）至 2,170 萬美元，相較 2025 年第一季的 1,820 萬美元。備品銷售在 2026 年與 2025 年第一季分別為 1,000 萬美元與 1,600 萬美元，減少 580 萬美元。備品銷售下滑反映對第三方銷售時點的差異，並未反映 750 萬美元的公司間銷售；該金額較前一可比期間增加，且在我們的合併財報中已予以抵銷。這些公司間銷售體現了我們擁有垂直整合備品業務所帶來的附加價值。

Equipment sales in the first quarter of 2026 were $11.4 million, up $9.2 million from the prior comparable period. These revenues reflect the sale of three engines that were not previously leased. The trading profit on sale of these three engines was $5.7 million, representing a 50% margin on these sales, validating the significant discount that exists between the book value and the market value of our portfolio.

2026 年第一季設備銷售為 1,140 萬美元，較前一可比期間增加 920 萬美元。上述收入反映出售三具先前未出租的引擎。出售該三具引擎的交易利潤為 570 萬美元，代表該等銷售的 50% 利潤率，驗證我們投資組合帳面價值與市場價值之間存在顯著折價。

Equipment sales for the three months ended March 31, '25, were $2.2 million for the sale of one engine. Gain on sale of leased equipment, together with our gain on sale of financial assets, a net revenue metric, aggregated to $18.4 million in the first quarter, up $13.6 million from the $4.8 million in the comparable prior period.

截至 3 月 31 日止三個月（'25），設備銷售為 220 萬美元，係出售一具引擎。出租設備出售收益，連同我們出售金融資產的收益（淨收入指標），第一季合計為 1,840 萬美元，較前一可比期間的 480 萬美元增加 1,360 萬美元。

The $18 million gain on leased equipment was associated with the sale of 14 engines for $60 million of gross sales. Included in our engine sales were 5 engines sold to our Willis Mitsui joint venture. The gain on sale represents an effective 30% margin on such sales, further validating the significant discount that exists between the book value and the market value of our portfolio. The company recognized $0.4 million of gain on sale of financial assets where we sold 11 notes receivable and investment in sales-type leases for $87.1 million of gross sales, which generally reflects car sales of these financial assets.

1,800 萬美元的出租設備出售收益與出售 14 具引擎相關，總銷售額為 6,000 萬美元。我們的引擎銷售中包含售予 Willis Mitsui 合資企業的 5 具引擎。該出售收益代表此類銷售的有效 30% 利潤率，進一步驗證我們投資組合帳面價值與市場價值之間存在顯著折價。公司確認出售金融資產收益 40 萬美元，係我們出售 11 筆應收票據及銷售型租賃投資，總銷售額為 8,710 萬美元，通常反映該等金融資產的出售。

Maintenance services revenue, which represents fleet management, engine and aircraft storage and repair services and revenues related to management of fixed base operator services was $9.8 million in the first quarter of 2026, up 74.9% from $5.6 million in the comparable period in 2025. The increase reflects growth in engine and aircraft storage and repair services, especially when factoring the lack of comparable period fleet management revenues in the current period due to the sale of our BAML business in late Q2 2025.

維修服務收入（包括機隊管理、引擎與飛機存放及維修服務，以及與固定基地營運商（FBO）服務管理相關之收入）於 2026 年第一季為 980 萬美元，較 2025 年可比期間的 560 萬美元增加 74.9%。該增幅反映引擎與飛機存放及維修服務的成長，尤其考量到我們於 2025 年第二季末出售 BAML 業務後，本期缺乏可比期間的機隊管理收入。

Gross margins grew to 9.3% from 4.6% in the prior comparable period. Our maintenance service offering enhance our customer program solutions and provide vertical integration to increase the profitability of our owned and managed assets.

毛利率由前一可比期間的 4.6% 提升至 9.3%。我們的維修服務方案強化客戶方案解決能力，並提供垂直整合，以提升我們自有及受管理資產的獲利能力。

Management and advisory fees represent the fees generated through our asset management efforts. These fees include those made from our joint ventures and other managed assets as well as through our new fund strategy announced at the end of 2025.

管理及顧問費係指透過我們資產管理工作所產生的費用收入。該等費用包括來自我們合資企業及其他受管理資產的費用，以及透過我們於 2025 年底宣布的新基金策略所產生的費用。

Management and advisory fees increased by $5.9 million to $7.9 million for the three months ended March 31, 2026, from $2 million for the three months ended March 31, 2025. This increase was primarily driven by $4.9 million of fees earned from our LMI, or Liberty Mutual Fund, in the company's role as general partner. The LMI fund commenced operations in March of '26 and reimbursed formation and other costs to the company, which flowed through both revenue and the G&A lines of our P&L.

截至 2026 年 3 月 31 日止三個月，管理及顧問費增加 590 萬美元至 790 萬美元，較截至 2025 年 3 月 31 日止三個月的 200 萬美元為高。此增幅主要由公司以普通合夥人身分自 LMI（Liberty Mutual Fund）賺取的 490 萬美元費用所帶動。LMI 基金於 '26 年 3 月開始營運，並向公司償付設立及其他成本，該等金額同時反映於我們損益表的收入與一般及行政（G&A）項目。

On the expense side of the equation, depreciation in the first quarter increased by $5.2 million or 20.6% to $30.2 million as compared to $25 million in the prior comparable quarter. The increase is primarily due to an increase in the size of our lease portfolio and the timing of placing acquired engines on lease, which starts their depreciation through the P&L.

在費用方面，第一季折舊較前一可比季度增加 520 萬美元（或 20.6%）至 3,020 萬美元，前一可比季度為 2,500 萬美元。該增幅主要由於我們租賃投資組合規模擴大，以及將收購引擎投入租賃的時點所致；一旦投入租賃，即開始透過損益表計提折舊。

Write-down of equipment was $1.1 million in the first quarter, reflecting the write-down of one engine. There was $2.1 million of write-downs of equipment for the three months ended March 31, 2025, reflecting the write-down of five engines.

第一季設備減記為 110 萬美元，反映一具引擎的減記。截至 2025 年 3 月 31 日止三個月，設備減記為 210 萬美元，反映五具引擎的減記。

G&A expenses increased by $8.9 million or 18.6% to $56.6 million in the first quarter of 2026 compared to $47.7 million for the first quarter of the prior comparable period. The increase primarily reflects a $12.5 million increase in personnel costs, which included an increase of $6.9 million in share-based compensation and an increase of $4.1 million in wages. The increase in share-based compensation reflects appreciation of the market value of the company's equity as well as share awards to new personnel to support the continued growth of the company.

2026 年第一季一般及行政（G&A）費用增加 890 萬美元（或 18.6%）至 5,660 萬美元，較前一可比期間第一季的 4,770 萬美元為高。該增幅主要反映人員成本增加 1,250 萬美元，其中包括以股份為基礎之酬勞增加 690 萬美元，以及薪資增加 410 萬美元。以股份為基礎之酬勞增加，反映公司股權市場價值上升，以及為支持公司持續成長而對新進人員授予股份獎勵。

In January of '25, the company modified its share-based compensation program due to the significant rise in our stock price. The nearly 300% increase in the company's stock price since mid-2024 had a P&L effect as the company's historical plan was structured with predetermined share grants occurring after the achievement of specified goals or performance metrics.

於 '25 年 1 月，由於股價大幅上升，公司調整其以股份為基礎之酬勞計畫。自 2024 年年中以來公司股價近 300% 的漲幅對損益表產生影響，因公司過往計畫係在達成特定目標或績效指標後，按預先設定的股份授予方式進行。

Generally, the share grants had a three-year vesting, which created a noncash P&L effect over the vesting period. Our new share-based compensation plan will reduce share-based compensation expense savings, but such savings will not be fully realized until prior grants flow through the P&L.

一般而言，股份授予採三年歸屬期，於歸屬期間形成非現金的損益表影響。我們新的以股份為基礎之酬勞計畫將降低以股份為基礎之酬勞費用的節省幅度，但在先前授予的股份完全反映於損益表之前，該等節省尚無法完全實現。

The $4.1 million increase in wages was driven by higher headcount to support the company's growth. Also contributing to the higher G&A cost was $4.9 million of costs, which were recharged to the LMI fund, with the associated revenue of $4.9 million included in management and advisory fees.

薪資增加 410 萬美元係由於為支持公司成長而增加人力編制所致。推升 G&A 成本的另一因素為 490 萬美元成本，該等成本已向 LMI 基金轉收，而相對應的 490 萬美元收入則列入管理及顧問費。

Lastly, G&A also included $2 million increase in acquisition, financing and divestiture-related expenses as compared to the prior period. Partially offsetting these increases was an $11.7 million reduction in project expense due to our decision to cease investment in and pursue strategic alternatives for the sustainable aviation fuels project.

最後，G&A 亦包含與前期相比增加 200 萬美元的併購、融資及處分相關費用。部分抵銷上述增幅的是專案費用減少 1,170 萬美元，係因我們決定停止對永續航空燃料專案的投資並尋求策略性替代方案。

Technical expense was $9.7 million in the first quarter, up from $6.2 million in the comparable period of 2025. Technical expense generally relates to unplanned maintenance, whereas engine performance restorations tend to be planned and capitalized events.

第一季技術費用為 970 萬美元，高於 2025 年可比期間的 620 萬美元。技術費用通常與非計畫性維修相關，而引擎性能恢復（performance restorations）則傾向屬於計畫性且資本化的事項。

Net finance costs were up $7.6 million to $39.7 million in the first quarter compared to $32.1 million in the comparable period in 2025. The increase in costs was predominantly related to $7 million in loss on debt extinguishment related to refinancings completed in the quarter. Less than $1 million of the $7 million was a cash expense as the lion's share was related to an acceleration of previously incurred capitalized issuance costs.

第一季淨財務成本增加 760 萬美元至 3,970 萬美元，較 2025 年可比期間的 3,210 萬美元為高。成本增加主要與本季完成再融資所產生的 700 萬美元債務清償損失相關。該 700 萬美元中，現金費用不到 100 萬美元，主要部分係先前已資本化之發行成本加速攤銷所致。

Total indebtedness remained relatively flat at $2.25 billion as compared to $2.23 billion in the comparable period of 2025. Our weighted average cost of debt capital, inclusive of swap agreements was 5.12%. The company also picked up $3 million in ratable earnings from our investments, which include our joint ventures and fund interests. Income from investments was up 126% and most significantly influenced by our Willis Mitsui joint venture.

總負債維持相對持平，為 22.5 億美元，較 2025 年可比期間的 22.3 億美元略高。我們的加權平均債務資本成本（含交換合約）為 5.12%。公司亦自投資中認列 300 萬美元按期攤提收益，該等投資包括我們的合資企業及基金權益。投資收益增加 126%，其中最主要的影響因素為我們的 Willis Mitsui 合資企業。

The company produced $23.7 million of net income attributable to common shareholders, which factors in GAAP taxes and the cost of our preferred equity, which was up 52.9% from the comparable period in 2025. Diluted weighted average income per share was $3.26 per share in the first quarter, up 47.5% from the $2.21 in the first quarter of 2025.

公司產生歸屬於普通股股東的淨利為 2,370 萬美元，該數字已納入 GAAP 所得稅以及我們優先股權的成本，較 2025 年同期成長 52.9%。第一季稀釋後加權平均每股盈餘為每股 3.26 美元，較 2025 年第一季的每股 2.21 美元成長 47.5%。

Adjusted EBITDA for the quarter of 2026 was $123.8 million, up 19.9% from $103.3 million in the first quarter of 2025. We believe that our adjusted EBITDA reflects the normalized cash flow generation of the Willis enterprise. Our adjusted EBITDA makes adjustments to our net income attributable to common shareholders for income tax expense, interest expense, preferred stock dividends and costs, loss on debt extinguishment, depreciation and amortization expense, stock-based compensation expense, write-down of equipment, acquisition financing and divestiture-related expenses and other discrete gains and expenses.

2026 年第一季調整後 EBITDA 為 1.238 億美元，較 2025 年第一季的 1.033 億美元成長 19.9%。我們認為，我們的調整後 EBITDA 反映了 Willis 企業常態化的現金流創造能力。我們的調整後 EBITDA 會就歸屬於普通股股東的淨利進行調整，調整項目包括所得稅費用、利息費用、優先股股利及成本、債務清償損失、折舊與攤銷費用、以股份為基礎之酬勞費用、設備減記、併購融資及與處分相關費用，以及其他一次性收益與費用。

Net cash provided by operating activities was up 38.3% to 56.7% in the first quarter of 2026 as compared to $41 million in the first quarter of 2025. The increase was predominantly related to increased net income, the noncash effects of stock-based compensation, depreciation and the loss on debt extinguishment expenses, and a period-over-period $10 million increase in cash flows from changes in other assets.

2026 年第一季營業活動提供之淨現金較 2025 年第一季的 4,100 萬美元增加 38.3% 至 56.7%。該增加主要與淨利提升、以股份為基礎之酬勞與折舊等非現金影響、債務清償損失費用，以及其他資產變動所帶來之現金流較前期增加 1,000 萬美元有關。

On the financing and capital structure side of the business, the company completed its seventh and eighth JOLCO financings in the first quarter, bringing total JOLCO financings at quarter end to approximately $170 million.

在融資與資本結構方面，公司於第一季完成第七與第八筆 JOLCO 融資，使季末 JOLCO 融資總額約達 1.70 億美元。

In March of 2026, the company amended and extended its existing revolving credit facility, increasing total commitments from $1 billion to $1.75 billion and extending the maturity out to April of 2031. The expansion of our credit facility provides Willis with increased liquidity and flexibility to pursue our growth strategy. Concurrent with the $750 million expansion of our credit facility, we terminated our $500 million warehouse facility.

2026 年 3 月，公司修訂並展延既有循環信用額度，將總承諾額由 10 億美元提高至 17.5 億美元，並將到期日延長至 2031 年 4 月。信用額度的擴增為 Willis 提供更高的流動性與彈性，以推進我們的成長策略。在將信用額度擴增 7.5 億美元的同時，我們終止了 5 億美元的倉儲融資額度。

We regularly access the capital markets as we endeavor to source competitively priced capital to help continue to grow our balance sheet and P&L. In February, we paid our seventh consecutive regular quarterly dividend of $0.40 per share. Subsequent to quarter end, our Board of Directors declared our eighth consecutive recurring quarterly dividend of $0.40 per share, payable to holders at May 11, 2026, on May 22, 2026. Our recurring dividend provides shareholders with a moderate current cash yield on their investment while not degrading the strong cash flow of our business.

我們經常進入資本市場，致力於取得具競爭力成本的資金，以協助持續擴大我們的資產負債表與損益表。2 月，我們支付了連續第七次的例行季度股利，每股 0.40 美元。於季末後，我們董事會宣告連續第八次的經常性季度股利，每股 0.40 美元，將於 2026 年 5 月 22 日支付予 2026 年 5 月 11 日之股東名冊所載持有人。我們的經常性股利在不削弱本業強勁現金流的前提下，為股東投資提供適度的當期現金殖利率。

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 2.68 times at the end of the first quarter of 2026. We have made significant strides over the last several years to reduce leverage to position Willis to be able to access market opportunities when they become available.

就槓桿而言（定義為總債務義務扣除現金與受限制現金後，相對於權益，並包含優先股），我們的槓桿於 2026 年第一季末小幅下降至 2.68 倍。過去幾年我們在降低槓桿方面取得顯著進展，使 Willis 能在市場機會出現時把握機會。

With that, I will hand the call back to Austin.

接下來，我把電話交回給 Austin。

Thank you, Scott. Q1 set in motion great momentum for the year ahead as we track towards our long-term strategy, growing our portfolio on balance sheet and managed assets through Willis Aviation Capital while bringing exciting opportunities to the entire Willis platform.

謝謝你，Scott。第一季為接下來一年的良好動能奠定基礎；我們正依循長期策略前進，透過 Willis Aviation Capital 擴大資產負債表上的投資組合與受管理資產，同時為整個 Willis 平台帶來令人振奮的機會。

Thank you for joining us on our call today. And with that, I will let the operator open up to Q&A.

感謝各位今天參與我們的電話會議。接下來我請接線員開放問答。

(Operator Instructions) Will Waller, M3F.

(接線員指示) Will Waller，M3F。

Excellent looking quarter. I was wondering if you could comment a bit more on the asset management business, like the Blackstone funds and so on. What the management fee and incentive fee will look like, if there's kind of any general parameters that you could give out as it relates to that?

這一季表現非常出色。我想請你們再多談一些資產管理業務，例如 Blackstone 的基金等等。管理費與績效費大概會是什麼樣子？就相關事項是否有一些可供分享的一般性參數？

Will, thanks for the question. So in terms of the funds, we're not disclosing what the specific management fees are. But I can tell you that they're roughly in line with what's standard for discretionary funds, a percentage of the value of the assets managed and then a percentage of the profitability via carried interest. We started deploying capital into Liberty Mutual in the first quarter, and you're really going to start to see the fees from that come in when we deploy more capital over time.

Will，謝謝你的提問。就基金而言，我們不揭露具體的管理費率。但我可以告訴你，大致與全權委託基金的市場慣例一致：一部分是按受管理資產價值的一定比例收取，另一部分則是透過附帶權益（carried interest）按獲利的一定比例收取。我們在第一季開始向 Liberty Mutual 部署資本，隨著時間推移、我們部署更多資本後，你將會真正開始看到相關費用進帳。

And with respect to Blackstone, I think you'll start to see fees kicking in here in the next quarter. And as I mentioned earlier on my prepared remarks, we started to deploy capital there in April, so just subsequent to the quarter. I think we're probably going to see about $200 million from our balance sheet into the Blackstone portfolio. So that's a good starting point and then hopefully get the remainder deployed in relatively short order.

至於 Blackstone，我認為你會在下一季開始看到費用開始入帳。如我先前在準備好的發言中提到，我們在 4 月開始在那邊部署資本，也就是在本季之後。我想我們大概會從資產負債表投入約 2 億美元到 Blackstone 的投資組合。這是個不錯的起點，之後希望能在相對短的時間內把剩餘資金部署完成。

Great. That's super useful to hear, and we think it's a very wise strategy and that you're using all your knowledge to the fullest. So we really think highly of that strategy. So thanks for that additional information.

很好。這些資訊非常有幫助，我們認為這是一個非常明智的策略，而且你們把所有知識都發揮到極致。所以我們非常看好這個策略。謝謝你補充這些資訊。

With no other questions holding, I'll turn the conference back for any additional or closing remarks.

如果沒有其他問題，我將把電話會議交回去，看看是否有任何補充或結語。

Thank you very much. We appreciate everybody giving us their time today. And I guess we answered all the questions in our lengthy prepared remarks. So thank you very much. Take care.

非常感謝。我們感謝大家今天撥冗參與。我想我們在冗長的事先準備發言中已回答了所有問題。再次非常感謝。保重。

Thank you. Ladies and gentlemen, that will conclude today's call. We thank you for your participation. You may disconnect at this time.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。