FTAI Aviation (FTAI) 28 Oct 222022 Q3 Earnings call transcript

Good day, ladies and gentlemen and thank you for standing by. Welcome to the Fortress Transportation and Infrastructure Investors LLC Third Quarter 2022 Earnings Conference Call. [Operator Instructions] At this time, I would like to turn the conference over to your host, Mr. Alan Andreini. Sir, please begin.

Howard. you, Thank to Infrastructure like all the to I quarter welcome XXXX Transportation third earnings Fortress would you call.

CFO Joining me FTAI; FTAI. the of the Adams, of here today and are Angela Joe CEO Nam,

investor have we listen-only open already to call which to done presentation We Also, you webcast. and an and press is note our encourage have release you if in is please the mode our being download so. public website on not this posted that

some most non-GAAP supplement. including be discussing measures GAAP In during of today, addition, be the we can call financial EBITDA. those the will earnings measures in found measures directly reconciliation The to the comparable

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

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

Also, business the the XXth statements. Xst our on a $X.XX date August financial and operations shareholder under and inception. as condition consolidated completed disclosed the The note on related XX, of based the Thanks, per its Historical within prior year. paid Operations please November spinoff XX. pleased FTAI successfully to of dividend the share this consecutive on record dividend to of Alan. I'm financial of been announce business a infrastructure of company spinoff have Discontinued infrastructure results the to of XXth public dividend our since will November be date

quarter, to the and was $XXX.X be $XX.X million Adjusted The in compared separate XX% both for key leasing will QX up we Now, and million and consolidated QX above in going segments XXXX adjusted Starting million, to aerospace let's $XXX.X as aerospace which for to numbers are FTAI us presenting EBITDA is XXXX. XX% turn metric down The includes this numbers. EBITDA. forward. compared leasing products. products

gains approximately quarter, Leasing The of million leasing. pure as the had $XX leasing of with $XX in million down a of $XX EBITDA good as a Part on in million million for asset $XX.X in of of EBITDA million. for expect we the we sales demand We $XXX of EBITDA also expected. confident million start for QX posting from component we value $XX book on approximately Let's campaign the for in in year, QX engines. assets EBITDA. QX at of sold $XX.X from $XX reason came expected. will to of The performed principal QX, the to gain sold $XXX came million some which decline XXXX, and leasing strong value and next for the of we're sales aircraft of assets talk acquisitions in QX very will and X year, $XXX addition was cargo of our which for million to about the assets which And rebound. book very new due XX asset gains million sales. later, excluding sale leasing million attributed With

acquisitions. capital in We invested sales in some XXXX's to have asset of recycle more QX coming larger

from about see of in little million or EBITDA the over very We freighter million $XX EBITDA. think $XX feel continuing tremendous doable. we're quarters of to minus million without aerospace about quarter. any We're million-plus closing have $XX from in XXXX. we estimate the or give-up seeing in to ago to and quarter respect feel million year We quarterly intent at continue to this million EBITDA the good from be pickup $XXX expanding the in $XX capitalize on have per with QX. a market. comfortable new companies, number to we annum X backlog maintenance of $XXX the and asset because per contribution leasing be in started of also letters new or had signed of robust organizations rapidly We quarter in and freighter of all approximately to PMA. very we'll a assets products million $XXX assets leasing continuing assuming in The per sale Aerospace with QX, confident other approximately solid sales million $XX repair $XX gains investments on to these purchase the addition, airlines. net $XXX products XXXX for sales and make last have With $XX In generating potential a EBITDA sales million million activities EBITDA and MROs, business only begun booked million another

the should annum the of services years factors which on trade macro that headwinds, total helping engine buyer X Importantly, million have behalf of $X over annum aircraft sales $XX EBITDA us. X retaining FTAI lease aerospace of approximately greatly term million of After generate asset contract years. the or these per we of are remaining per now macro per involved X

for the saving have quarter. for market creates products parts, double OEMs this parts of engines cost increases parts predominantly And increase service goes costs opportunity instituted replacement increases And correspondingly. for our more value up effective digit to are our shop us. visits share mostly since First, price price percentage

right disassembly and into expensive are not airlines and which light engine increase and to plays many that do Second, products. trying strengths our full visits our swaps module restorations reduce to instead require shop

will years for creating and importantly, to travel demand levels. and, of fourth, in drive strong AXXX aircraft XXXNGs, many almost industry returned And scarcity COs XXXNGs are for AXXX deliveries pre-COVID demand has engines delays come. COs CFMXX for Thirdly, new which to

next by surging proprietary we our an globally, is travel tailwinds. be operating year. with year demand this up parts let includes In throughout followed like that, finally the or available with no for a COVID summary, change in disruptions, full planning With strong cost-saving it managed parts PMA, authorization, there's outstanding airfoil environment portfolio feels of in have XXXX me through our Alan. We becoming the air will Regarding to complement and aerospace manufacturing optimized which call shaping products, combined to turn an end. Russia-Ukraine with by back year. are And

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

Bologna of [Operator the comment Instructions] Our Giuliano from question Compass comes Point. first or line from

to redeployment in be selling a I’d fair Congrats assets when quarter, just of XQ, to for that that fair $XX during Is of range quarter. is numbers more take-up within in some of sold the it quarters call out the then also large back move that and and I’m EBITDA are the another range. in end and to the could $XX capital million fair you’ve XQ? into that of an assume leasing? million you’re core portfolio, million on mapped combination on it great And the the with quarters new sales rate some $XX lease-up million two than the can the, during at that looking $XXX asset you get the of $XX pretty million sales assume last happening were during asset towards it, you one gains recognize that to kind the two around able probably to $XX to demand run been million add-on range that, of you those as curious, above assets sale even to amount higher you impressive of

Yes.

have some assume gains, on I QX delayed it's would say for that into pushed been or targeting were got we to delayed -- pushed yes, the and targeted of and got fair are in asset sales So the QX. for QX

have QX sequencing guided sort and just because upside over So timing. we think I the in the of range do there's the of that,

point So it's from to up an view. sales asset good pretty be quarter of shaping a

the indicated, I million we're of closings those timing when QX leasing $XX the per On function million occur. sort a hitting side, of be comfortable and the year will The next $XXX quarter. really to of very as

there's part maintenance that and can't something delays it in think turn available So sort around, more a there. we a delivered. not there's you every accelerations shop get than of I about get it's today's world, seems time can But or something like possible

promise hesitant because And world that on so a just [indiscernible]. we're I'm in a to little

it it's the with would still and call the cut my on realize remove have curious, science working. others and convert would there -- the -- Hopefully on that Hopefully side. effectively but it's out. wasn't I'd I the coming imperfect But may up that merger still be if are K-X. the an vote

range of of low is to the of if up a impact you've index come I'm around happen may the kind high buying in the index shareholder the done of analysis PFIC. any back inclusion how topics One converting and some the curious base. on could of that's end end that your discussions into need what and

Joe, are you there? Did you Giuliano’s question? hear

long I and closing asset we in a end expected didn't you terms so unfortunately And got to in I'll have hear of it -- But yes. will -- deals gave we close answer pushed sounds of in did, sales, I which the some QX it. delayed like QX. up

we've So we on sale. think there gain of been typical the on rate of expecting run sort is what upside to

expect. little high than the taking I deals So above be right. or sequence We you're end closing potentially think that and of a at the given it, that should longer just number even we is bit

expected. shop little able QX next with a in part to of on I timing really EBITDA, $XXX today's function being hesitant bit some terms -- In delay a little the leasing given longer of said that I'm so or world, year in a It's seems the And acquisitions. delay million maintenance a than a on we're range. these closing everything predict very take to of yet per of either to to comfortable be a new million item. the But it's which quarter that $XX a of

a equipment are these don’t. us little longer because supply and people reality have Now everything seems taking engines ultimately, be But we get that done. chain is other bit today’s available to a to good it world disruptions of for

deployed. will all a the we is quarter. up. be feel to good $XX Question get variable. I we the rate once is the for QX bit So little Definitely or about the total whether not run get million assets

repeat to indexes? didn't the happen if question hear second Joe, relating Giuliano's to did hear you please? Giuliano, you that, can it, Joe

Yes.

so those I'll lost was when re-ask it you, questions think quickly. we I

K-X high I but on that that's One and is of guys curious for included and science index vote or was mean the to corporate just up one could change of how perspective or realize end you've approaching what with the imperfect shares? what as that any done any remove of from end time. topics buy the it's to And the November index of the of for a structure if from will about buying you an curious of ranges was sense percentage I'm effectively I over special impact to the have a index reverse ownership X merger of the that come convert questions PFIC. outcome kind analysis and perspective kind the the you low need

Yes.

and some very -- a have in. We structure a And list has the think adopting. was get analysis well might have included very to similar we’re Aircastle we done -- of getting one included obviously that corporate we historically, funds Aircastle might successful the at and some potential with which I

well. XX% range these stock we’re total sure. say -- passive should between there and end that element it totally of up is So capitalization in is all funds. would is would XX% market not qualitative the probably in a I bode our But so applications, But

or from Bank. comes of the from Cacanando Hillary Deutsche comment line next Our question

of assets still the will the the have still for versus operating so, to that Ukraine are I actually for how of expecting recovery wanted -- from your you the recovery that may operational Russia? in have how the is you're And if terms to insurance that you that like still So, understand much planes of in you this much and insurance be much partial how the been claims mentioned destroyed year. -- relates case? are expecting had recovery previously of -- recovery, mentioned in that just

insurance. Yes. talk Happy to about

into we recap, our insurance it of on about to $XXX of we've the that buckets million million And really, value Just as of broken each assets different mentioned claims one. filed. I strategies have before, $XXX of with X book we've

and the would most about is sort that we be think mostly the first million engines. to have. it's I -- that of coverage And pay is one The first the contingent covered insurance that's $XX --

the progress The $XX those And Russian assets give in second on that would plan is third is optimistic airplanes X the about of X and that airplanes, could me enough coverage we've time of $XXX am to Ukraine -- of that shape can made of million. now The I X they assets we which is good definitive a buckets to say definitive destroyed of a are mostly the million. framework we the about plan I as Russia, that is Ukrainian for next not my we X although sort a good contingent have be don't months or that thinking -- on Ukraine we categories, and in And had We X the those hope. the a namely and in a but definition we've assets. tell. progress have means dialogue lost you ground. may line, have could be as may people a far resolve were

don't is they'll out about, a with either But well, Ultimately, on I those. focus think Or that's obfuscation industry have you the of good so sanctions insurance without news canceled working the engage. are companies and AerCap excuses coverage. again all filed run whole think respect for not the it's And you and the Russian and that various us loss; we clearly, and refuse about work that assets participants with that litigation or monetize. I policy those And -- the saw can of it's It's talking insurance a assets, those room is none on bit DAE -- forces a And ultimately will that lawsuits. and frustrating frustrating. issue. just have we're to in priority then the to for are and we insurance the strategies to

three So I take pay, from may said very think the I've will that think the but longest I as it beginning of the

escalation. the question And seeing then price the second obviously all cost, Got is, guess I OEMs. and increase mentioned supply we're the also affecting in Okay. you've cost it. And chain these my issues

and wondering of the little actually of terms on the that impact, could seeing maybe So point in could see quantifying benefit an about engine could the to talk if you if side I the actually from the cost a side was you're that maintenance bit escalation the like business like benefit. we you

Yes.

of costs. XX% to and payments are are visit all visits maintenance reserve engine indexed shop job our parts. So costs

And parts the so XX% just in you’re increase effectively if reserve getting XX%, up prices a went maintenance payments. our

effect GE, CFM, was Safran coming. had fleet we the November a goes for that that into that X, so And feeling

this as So we’ve been can. much summer as add looking to we acquire more and engines

November. I think we’re positioned -- we’re that -- then, that. EBITDA that in additional then And for well us translate So should starting will translate into starting

Our line Josh next comes the question Company. or comment from of Benchmark Sullivan from

Just question. kind on that of following up

As aircraft gain of as streams customer types should that to that or really which retains the we process in maintenance see FTAI where the drawn these Or arrangement? most aircraft process sales some some traction? far where are

OEM covered It's our is positioning years our maintenance most older to by agreements for the all the XX engines. engines, the the first we're the XX view CFMXX is part. market power under is way for And ourselves in by CFMXX

business. after available. shop really -- not that maybe the the to passed about It's those contracts lot we're XX, a year second are once engine shoppers so us or and not the going But XX is has bid of second looking for or up that are acquire. maintenance And at

the for use life what the do is our that to we want services of be second so OEM effectively And the of our products to and half engine.

can you position derisk your end. we money and won't with can for you save surprise activity, ourselves that we front GE events. like shops can way we on the negative totally the that's much it because any so And have does you MRO take and maintenance airlines is over We

engine expenses of and the overruns to surprise buy it. we case or want provide any out airlines in to are You And fleet that with. deal new looking the won't you you then fleet, phase have can the whenever a

So cost we'll provide you flexibility savings. and liquidity,

that do by way the lot finding every XX%. appeal up, looking a are we're experiencing the And of up potential So went It that going airlines to it. fact are pitch. particularly broad accelerated people, for with and inflation very they cost resonates prices are a just for

is next any come to I So that I think we're savings from incremental which of it we year will. might think that able before expect do all resonating. PMA And

Got geography? some in give No, the just it. helpful. leases by some you thoughts other maybe, seeing changing environment What the this of could are current far us then environment? be as on that And that’s maybe general might leasing on you or duration as features

Yes.

coming NEOs now airlines aircraft that and those over lot seeing years of of the They've receiving the their they around So have a MAX they're plan delayed. built next new fleet and are saying couple orders.

saying, So the CO we're that in NG where I and you show come meaningful numbers. airlines capacity in me anything range add have seeing the could

it's are years those leases very So a in very, willing And they're -- typically, X to to environment. duration. X strong

from one another. do You D check to

of get that quantity term looking the and the the So is broad-based. agreement is very people attractive are to

So in now say -- -- only closed as other robust. but then rates. of mentioned above latest and Asia, growth Europe that's America, is previously, its really to East, outlier. again they're is done coming very that lot or capacity average is China strong. because Middle region obviously, of is I'd but an of was as business recover And world probably I being relatively constrained we've America. still market the Latin omicron Latin is Western well. added Every a the there the Southeast back It's

So market, not that is Obviously, a a But Russia's dynamic. good market global gone of it's very, about I very material. environment. forever it's strong so which think very X%

Our Oglenski comes Barclays. line from comment or the next Brandon from question of

bigger asset then the outlook mean, just the out additions cash the is I set here little we’re you having year? to -- net the question us bit pretty I Could sales your here. of through low. Joe, is closing and good but And appreciate a balance run outlook portfolio guess the the

through in few how quarters? liquidity So, do next the manage expect you to here

Yes.

we end million I up end the of QX. about sales purchases, When look should you million year $XX at we I and drawn asset the sort various had think the revolver. asset at potentially $XX-ish on So the of cash with of think

revolver have fully undrawn available. moment. $XXX at is the million we So that a It's

done liquidity So that's going have the manage we're we as past. how to in

the adding receive close pluses So operations the as the pretty cash flows much well pretty assets it's $XXX and minuses, -- and we're from as to a wash. million mostly effectively of asset sales, will

expect the little all of revolver, with end the year. to available most we very So into with if year not next -- going of it,

And I portfolio, at do with all guess, especially to -- term, on where higher rates longer as you changed has see interest want that well? leverage the

look Not under of so if B, rating million we'd -- indicated to $XXX or and What the EBITDA consistent want to that that, we next S&P sort A, would want EBITDA we've to agencies have be. all at our year, we in both Moody's, think we'll upgraded much rates. debt BB BB higher Xx. where to pro if under we with either be do Fitch million we of And Xx. of to I that's $XXX you want the we agencies, if -- and range to be And be we and communicated do kind forma is be interest the manage to

next with get terms excess we opportunities to rate bring balance and to lower now. as would And have in a that so some higher the net rating. So think EBITDA We terms cash I in debt flow, of necessarily do I look and year, repay of priority don't some debt it's driven. even down debt to think interest

we're of adding up selling think I I EBITDA. the We're that necessarily of where assets point. and so at buying not So, of assets manage moment. And lot we're think to a this part capital and that's at is the recycling leaning program picking

to targets type level Okay. you Appreciate on achieve than here, of think which greater billion utilization think the then you’ve get that. do And year what portfolio in EBITDA next the need there? $X.X I reiterated you to for

had repositioned Well, price -- think the from at XXX-XXXs to be over which added we XX% to some we've Russia-Ukraine which that been And off-lease. like assets leased. will either we we aircraft, be. still I this or that have a summer attractive are sold we've very We've some bought generally, be we think aircraft I

lease of month those this October. going October, November. X on All in in X in are

say will the that everything So doing for of get of assets those is get or optimized cargo the we're end targeting the be redeployed portfolio those from assets types I -- when year, to Russia-Ukraine, sold. were sale, by we

by total we've of It's be effectively, So utilization the aircraft XX%-plus. always what XX% is the the utilization the hours be XX%. to always And of should should targeted of Engines the I and -- think it. end -- flown number year, is really drives portfolio. for amount

X been off-lease. CFMXX acquired quarters, we've So we've instance, -- for a engines are lot quite the of that last

to So those there environment the utilization that in also a really and we've strong of gone spite doing extremely because increase are think we And was economics could attractive. hasn't we of a market denominator. the adding price because up we engines been will see keep coming

many we as we as add would those So can. of

that sort is the the manage So, same, portfolio what we to of don’t engine EBITDA think manage -- still not having range XX% that’s of total utilization. really We I to the And to optimized. that. XX% target the on

from JMP Securities. or comes line the comment next Mckenna question Our of from Brian

to more accelerating order near slowdown? be think in of about slowing delever term any the to recession business like of next has excess that business a headwinds the more year today pullback navigated the I’m potential years. offensive liquidity more, have even in But maybe the the activity, and in past way you be over or seems would related the asset couldn’t you unexpected investments with it clearly in new couple curious, though, capital for backdrop the some or pace So some sales better.

been Well, year. doing we've this that

gets to this than cargo as sales, like was late. we early cargo and we it consciously we decided the the that felt that decided be it With better good market is early year as maybe

that assets didn't probably engine do We good economic that impact to the was we the the capital. our a feels environment in But have $XXX potential advantage of attractive given just of have, had think substantial economic -- will on flip million sold like generate it -- on cargo the competitive to we've less with had COVID And we and CFMXX idea And side, sitting X I cash, a decision. So of recession think like demand point example. them. did, already the either. I seem good from view, recessions. than for CFMXX And

feel that there there's So a bigger the of an -- is even for than if global we is economic assets those sort driver slowdown recovery the globally, demand and the economy. travel

it and you then, And it some look the you quarters, Would Is shareholders, from of Helpful. the next color paying some down your how one if that. purchases? over about of appreciate some to on But you see put these debt windfall asset I the what’s would for Just couple I would you claims pay priority incremental capital? claims. back incremental some number curious of which down if to that insurance even to so guess first? you’re into maturities or dividend it thinking maybe were

the we'll repayment the I I And infrastructure, issues. the the we've probably of from think next due. the debated we maturity XXXXs of dividend mean, as at is which debt. look part all repaid various

more million. could of that down to We do that. we $XXX brought So

when accretive The down the more you which more debt. can it's other would more cost you highest the has also be pay expensive -- attractive debt -- that investment

think focus think that the would be I but to those So repay our two be choices would I debt. --

comes comment next of Stifel. Our Frank line Galanti question from from the or

is This Can Frank. hear me? you

Yes.

actually do provides I trying who talk you level your of I through quick what does Who change? of you’re that start on where competitors guess factory from secondarily, the it think to sort sort module down -- this? then going factory. Great. in perspective? how a around value people as does can And And you see against? up module does first, compare the to it this customer’s I the wanted landscape approval is road to high guess big and only Just and the the materials, engine PMA X-year far. kick progress and at business to that a just so advantage. the maintenance a there. Like visit? with minimal competitive Obviously the PMA that’s of But a from the service cost going a parts used with be there’s point find sort

dig specifically. just that of wanted So business sort to on in

Sure.

customers for would categories how they module the be the them of I One sort X divide the optimizing. of into factory, you think see So benefit. different would

So engine you that of visit an a the rest have shop needs LTT might doesn't. but the

that And that that we have so engine don't optimize in Lufthansa. and cycles that parts with WestJet you similar was visit. and do of And the through to your shop And that. swap maintenance the for significantly a -- number and deal put a hours the won whole the that a was there's cost module cost savings up can with and if reduce a you can illustrated for benefit other you match of engine, because

So customer would optimizing. be that's one

second module totally. The by exchanges -- doing engine visit avoiding is that shop

meaning at part every MRO a disassemble saying, a the in you So then an their into to have what lots total of CFMXX gets engine often airlines looked today, particularly as in at significant restoration, shop, and engine look full induct can avoid increase in whole up I to and do suite cost. they that it ends it are

the LPT and and and have in to touch those. a swap So the exchange a not core fan the and the LPT would to you or keep allow fan new put module

perfectly number of for We've reduce it's that the met fit try full into they many achieve market and over objective. airlines target the substantial. sort that to with to to was modules X of the them product that's and So restorations last And it's do. months X for to their being goal able stated

do that so question airlines at in shop MRO And that? their industry so the this you is, internally. who look does the big have the if today, And own

shop. could And I an it an now I no American. fleet hundreds. have MRO market and are said, if be from, can So today manage it's that there or have own but in a Delta, which of out airlines doesn't other They module they you all airplanes from fan their can because have to The United, enough of they LPT a access exchanges right who is and us. buy that buy who went terms one

the very opportunity. And we're about of airlines that people can where that. these create a for to storefront just the are lot this learning So powerful first do it's of sort

or And it compensation X to so seeing business. X do maintenance trying shops are are trying to that minimize companies airlines to and leasing we're who start win with return modules,

is offering ecosystem product. open entire else this the So one this. to there's no And today,

beneficial beneficial it's think have that in up the airlines, opens maintenance whole we to shops, very the it capability. industry beneficial to and everybody to So very

first so But that delayed. line And Okay, that's super then on Appreciate when was gone can may through call. today? contemplated second second around got for walk sort through remaining that. part apologize; in from you obviously the getting late then you getting approval on to time that's question, wanted part, so in parts. a little you this beginning my reiterate I the bit the us delayed. relative kind the on been I have great. And Yes, of PMA the sick of been the on. dig why that's And I I've helpful. changed kids, of of parts What's approval? specifically Sort

Yes.

think, I there's on. as [indiscernible]. design mentioned process the There's two previously, going I of things natural

Go Adams. Ladies gentlemen, Mr. please ahead, lost We stand by. connection. and

So where I off? drop did

the of question. the sort of Just PMA beginning

Okay.

that in part come test there's occurs in so that's tweaked of process designs and of these. of process natural and in every one where there's all these are modifications made, results So a are the

of part the delay. that's So

having answers, been filled. personnel time. back And people people to that the in unusually slow The second right have responding, has the of been They meeting. with responsiveness is FAA turnaround vacancies the have and terms not in FAA getting

is that our So out part of and before. happened never control unusual. it of It's way that

are in the doing all So are -- mentioned, submitted the proceeding. parts all year I delays. those development They're be process approval parts will that X as for the well. all expected next remaining reasons But XXXX. very those for that it's under And are and

but of be the from to or effect an where we is bit Veritas process for you CFMXX-XB/XB -- I to perspective. of sort buying if got question, duration helpful. this in the advantage about the the is what of second that's guys a I engine, kind talk given PMA stand of going operations perspective it's competitive advantage of FTAI maybe a And got Because Okay, with approval around just and competitive that FTAI but years? I business company. do premature from the is only And PMA on sort that wanted can confirm you in stand sort out around the another no the could, if or business? looking then that Chromalloy. can PMA is

Yes.

provision, So there's effect working termination I and with the to venture. can confirm in that no Veritas. no joint the right Chromalloy forward look control change the -- no in There is on we agreements

future very a significant robust opportunities. very it's think on think I I and the of reflects team It positive was which well quite management the Chromalloy. a the and quality for price auction

and point that. our from think it's that the to a positive we I happens forward look of transaction So view

In the CFX-XX a a partnership And Chromalloy our more in duration, started great really that on we is -- so with becoming there a on CFMXX working engine exclusively. reducing terms exposure mature. of on we've are that. engine We CFX-XX been and engine, we've is the had focused

So view think, of is to the out. And have are from of the point probably really sweet also unknown. technology of these engine this been by visits might coming XXXX new that from of runs an maintenance still of new delivery of the total a And it number delays well spot some a XXXX. minimum extended, CFMXX I as by cost shop

having not which a for we year XXXX, terms years, yet. But After opportunity. at X is to new huge, the feel huge ideas. We the least ideas shop like we very drawing on of X,XXX-plus market a I feel good So quite I'm time visits lot have X next have about to some year some in with already next come up a [indiscernible]. board sure

by. stand Please

questions. you -- something said that question. additional taking had the drawing answers of any had you Appreciate sort on but board you if sure the Not my

I'm you back. me? Can hear

you. can we Yes, hear

things about You something had on said drawing we had the board.

Yes.

some year. products We developing next other ideas have we're maintenance-related that for about

wait going sit going and So be think nothing. to static. do until not We're I and XXXX not to it's

for time more have We question. one

Mr. line of Lewis BTIG. Greg Our last from question the come today will for from

assets. to C early a just Yes, But FTAI’s Joe, heard get clearly this it’s about days. conversion. got guess, bigger I deploy a that to for lot right had continuing to like about think the Corp We discount one Realizing peers. I now, as nice question. still picture, we trading cash I at its

do on a thinking to at dividend. back certain start buying need we the You point, mean, the about stock? I did touch

Sure.

decision or alternatives we all back when look dividend with the down we're I increase flow, debt, cash going X pay have think the think at is excess which stock. to I buy

are, I a the the have trading. any what So to securities the preset be function It'll what outlook don't where are of various opportunities is, that. answer

we'll all of that. So look a at take

to Thank closing any Andreini the you. At Mr. turn this to I'd time, back like over remarks. conference for

you. for all forward conference Howard. today's look QX. to call. We after you, participating updating Thank Thank you Thank you in

thank program. Ladies concludes conference. and gentlemen, you for in the This today's participating

stand have You Speakers, a by. may Everyone, wonderful day. now disconnect.