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大家好 欢迎参加生物航员教育飞机供需周期持续研议关注头部航空苏宁公司目前所有参会者均处于静音状态下面开始播报免责声明 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家晚上好我是千万交易团队的刘一云今天晚上我和大家分享一下我们航空团队这边最新的一篇深度报告以及航空这边的最新的观点那我们这篇报告的话主要是围绕着航空租赁这样一个板块去做了一个深度的框架分析那我们其实之前也出了多篇报告去回顾市场上飞机供应链的一个情况也对这个市场上航空的一个需求和供给做出了一些判断 那在上周二的时候我们也是在最新动画会中又更新了一下这个飞机供应链的一些情况那今天的话我们是想进一步的去延伸讨论一下这个飞机租赁行业的一个目前的一个现状 那这本报告的话我们认为从现在这个市场飞机的供需角度去看其实在这个制造商的产能供给下行然后飞机的需求依然在增长的一个情况下那不光是航空公司其实航空租赁商作为中间商的一个角色也是直接受益于这样一个市 ...

Air Lease Corporation (AL) reported lower-than-expected first-quarter 2024 results, wherein both earnings and revenues lagged the Zacks Consensus Estimate.  AL’s quarterly earnings per share (excluding 44 cents from non-recurring items) of $1.31 fell short of the Zacks Consensus Estimate of $1.49. Results were hurt by high expenses. Quarterly earnings, however, improved 23.6% on a year-over-year basis. Total revenues of $663.3 million lagged the consensus mark of $682.4 million. However, the top line improv ...

Air Lease Corporation. (NYSE:AL) Q1 2024 Earnings Conference Call May 6, 2024 4:30 PM ET Company Participants Jason Arnold - Head of Investor Relations Steven Hazy - Executive chairman John Plueger - Chief Executive Officer and President Gregory Willis - Executive Vice President and Chief Financial Officer Conference Call Participants Helane Becker - TD Cowen Hillary Cacanando - Deutsche Bank Jamie Baker - JPMorgan Stephen Trent - Citigroup Ronald Epstein - Bank of America Operator Ladies and gentlemen, goo ...

PART I—FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents Air Lease Corporation's unaudited consolidated financial statements, showing total assets of **$30.9 billion** and net income of **$107.9 million** for Q1 2024 [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets increased to **$30.91 billion**, driven by flight equipment, with total liabilities at **$23.68 billion** and shareholders' equity at **$7.23 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$30,912,435** | **$30,452,252** | | Flight equipment subject to operating leases, net | $26,544,503 | $26,231,208 | | **Total Liabilities** | **$23,680,564** | **$23,292,214** | | Debt financing, net | $19,479,961 | $19,182,657 | | **Total Shareholders' Equity** | **$7,231,871** | **$7,160,038** | [Consolidated Statements of Income and Other Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Other%20Comprehensive%20Income) For Q1 2024, total revenues increased **4.3%** to **$663.3 million**, but net income attributable to common stockholders decreased to **$97.4 million** due to higher interest expenses Q1 2024 vs Q1 2023 Income Statement (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $663,310 | $636,142 | | Total Expenses | $527,981 | $477,876 | | Interest Expense | $194,703 | $164,686 | | Net Income | $107,866 | $128,720 | | Net Income Attributable to Common Stockholders | $97,441 | $118,295 | | Diluted EPS | $0.87 | $1.06 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, net cash from operating activities was **$371.3 million**, investing activities used **$630.3 million**, and financing activities provided **$350.4 million**, ending with **$555.9 million** in cash Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $371,330 | $348,490 | | Net cash used in investing activities | ($630,324) | ($1,273,376) | | Net cash provided by financing activities | $350,427 | $846,406 | | **Net increase/(decrease) in cash** | **$91,433** | **($78,480)** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's business, **$19.7 billion** debt, **$20.9 billion** aircraft acquisition commitments for **320 aircraft**, and updates on Russian aircraft litigation - As of March 31, 2024, the company owned **472 aircraft**, managed **73**, and had an order book for **320 new aircraft**[23](index=23&type=chunk) - Total debt financing stood at **$19.7 billion** as of March 31, 2024, with the majority being senior unsecured securities[29](index=29&type=chunk) - The company has commitments to purchase **320 aircraft** from Airbus and Boeing for an estimated **$20.9 billion**, with deliveries scheduled through 2029[46](index=46&type=chunk)[54](index=54&type=chunk) - The company is pursuing insurance claims and litigation to recover losses for aircraft detained in Russia, with a trial date set for April 17, 2025, in its suit against its own insurers[40](index=40&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 performance, highlighting a **4.3%** revenue increase driven by fleet growth, challenges from delivery delays and higher interest rates, and a strong **$6.5 billion** liquidity position [Overview](index=21&type=section&id=MD%26A_Overview) In Q1 2024, ALC's owned fleet reached **472 aircraft** with **$26.5 billion** net book value, revenues increased **4.3%** to **$663.3 million**, but net income fell to **$97.4 million** due to higher interest expenses Q1 2024 Financial Highlights | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $663.3M | $636.1M | | Net Income (Common) | $97.4M | $118.3M | | Diluted EPS | $0.87 | $1.06 | - The company ended Q1 with **472 owned aircraft**, a weighted average fleet age of **4.7 years**, and a weighted average remaining lease term of **7.0 years**[88](index=88&type=chunk) - Total liquidity was **$6.5 billion**, and the composite cost of funds was **4.03%** at quarter-end[89](index=89&type=chunk) [Our Fleet and Commitments](index=23&type=section&id=MD%26A_Our_Fleet) The fleet's net book value grew to **$26.5 billion** with **472 owned aircraft**, and **320 aircraft** on order, but delivery delays are expected, particularly for the 737 MAX Fleet Portfolio Metrics | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net book value | $26.5 billion | $26.2 billion | | Owned fleet | 472 | 463 | | Managed fleet | 73 | 78 | | Aircraft on order | 320 | 334 | Geographic Fleet Distribution (by Net Book Value) | Region | % of Total (Mar 2024) | | :--- | :--- | | Europe | 39.0% | | Asia Pacific | 38.4% | | Central/South America & Mexico | 9.0% | | The Middle East and Africa | 7.7% | | U.S. and Canada | 5.9% | - The company expects further delivery delays on its 737 MAX orders due to FAA-imposed production constraints on Boeing[109](index=109&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=MD%26A_Liquidity_and_Capital_Resources) The company ended Q1 with **$6.5 billion** in liquidity, **$19.7 billion** total debt (83.3% fixed-rate), and a composite cost of funds at **4.03%**, prioritizing fleet investment and shareholder returns - Available liquidity stood at **$6.5 billion** at the end of Q1 2024[125](index=125&type=chunk) Debt Profile Comparison | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Debt | $19.7 billion | $19.4 billion | | % Fixed-Rate | 83.3% | 84.7% | | % Unsecured | 98.5% | 98.4% | | Composite Interest Rate | 4.03% | 3.77% | - In April 2024, the company amended and extended its revolving credit facility, increasing commitments to approximately **$7.8 billion** and extending the maturity to May 2028[143](index=143&type=chunk) [Results of Operations](index=36&type=section&id=MD%26A_Results_of_Operations) Q1 2024 total revenues increased to **$663.3 million** driven by aircraft sales, but net income fell to **$97.4 million** due to a **$30.0 million** rise in interest expense from a higher composite cost of funds - Rental revenue decreased slightly, primarily due to recognizing **$12.7 million** in end-of-lease revenue from **two aircraft**, compared to **$33.6 million** from **ten aircraft** in the prior-year period[160](index=160&type=chunk) - Aircraft sales, trading, and other revenue increased to **$49.0 million** from **$18.4 million** YoY, mainly from gains on the sale of **five aircraft**[161](index=161&type=chunk) - Interest expense increased by **$30.0 million** YoY, driven by a rise in the composite cost of funds to **4.03%** from **3.42%**[162](index=162&type=chunk) - The effective tax rate increased to **20.3%** from **18.7%** YoY, partly due to the implementation of the Pillar Two global minimum tax[166](index=166&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk, where a **1.0%** increase would add **$32.9 million** to annual interest expense, and limited foreign exchange risk, as most transactions are in U.S. dollars - As of March 31, 2024, the company had **$3.29 billion** in floating-rate debt outstanding[173](index=173&type=chunk) - A hypothetical **1.0%** increase in the composite interest rate on floating-rate debt would increase annual interest expense by approximately **$32.9 million**[173](index=173&type=chunk) - Foreign exchange risk is limited as most contracts are in U.S. dollars, however, a strong U.S. dollar poses a risk to foreign lessees' payment capacity[176](index=176&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of March 31, 2024, the Certifying Officers concluded that the company's disclosure controls and procedures were effective[178](index=178&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[179](index=179&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is pursuing legal proceedings in California and England to recover losses for aircraft detained in Russia, but does not expect a material adverse effect as assets were written off in 2022 - The company filed suit against its aviation insurance carriers in California, with a trial date set for April 17, 2025, to recover losses for aircraft detained in Russia[181](index=181&type=chunk) - In January 2024, a separate lawsuit was filed in England against the Russian airlines' insurers and reinsurers[182](index=182&type=chunk)[184](index=184&type=chunk) - The company believes these legal matters will not have a material adverse effect, as the related aircraft were fully written off in 2022[185](index=185&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes in risk factors were reported since the last Annual Report on Form 10-K[187](index=187&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) None - None[188](index=188&type=chunk) [Defaults Upon Senior Securities](index=45&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None - None[189](index=189&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) None - None[190](index=190&type=chunk) [Other Information](index=45&type=section&id=Item%205.%20Other%20Information) None - None[191](index=191&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, capital stock descriptions, and amendments to credit and aircraft purchase agreements - Filed exhibits include amendments to the A320 NEO and A220 purchase agreements with Airbus[193](index=193&type=chunk) - The Ninth Amendment and Extension Agreement to the Second Amended and Restated Credit Agreement was filed as an exhibit[193](index=193&type=chunk)

Exhibit 99.1 Air Lease Corporation Announces First Quarter 2024 Results Los Angeles, California, May 6, 2024 — Air Lease Corporation (ALC) (NYSE: AL) announces financial results for the three months ended March 31, 2024. "With aircraft in short supply and values rising, we benefit from continued fleet expansion and sales activity in an industry backdrop that remains positive. We see this environment continuing for the near to medium term future," said John L. Plueger, Chief Executive Officer and President, ...

Here are three stocks with buy rank and strong value characteristics for investors to consider today, May 2:Air Lease Corporation (AL) : This aircraft leasing company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 11% over the last 60 days.Air Lease Corporation has a price-to-earnings ratio (P/E) of 7.52 compared with 14.50 for the industry. The company possesses a Value Score of A.Minerals Technologies Inc. (MTX) : This analog semiconductor ...

Air Lease (AL) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on May 6, 2024, might help the stock move higher if these key numbers are better than expectatio ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Cheniere Energy Partners, L.P. (CQP) : This owner and operator of natural gas liquefaction and export facilities has seen the Zacks Consensus Estimate for its current year earnings increasing 17.1% over the last 60 days.Air Lease Corporation (AL) : This company that leases commercial jet aircrafts to airlines has seen the Zacks Consensus Estimate for its current year earnings increasing 25.8% over the last 60 days.Fortuna Silver Mines I ...