Company Overview - Air Lease Corporation (ALC) operates as an aircraft leasing platform with approximately $55 billion in assets [9, 11, 133] - The company's aircraft utilization rate was 99.7% in Q4 2022 [10, 14] - ALC maintains investment-grade credit ratings from S&P (BBB), Fitch (BBB), and Kroll (A-) [10, 133] - The company has $6.9 billion in total available liquidity [10, 14, 108] - ALC has a diversified customer base, serving 117 airlines in 62 countries [14, 61, 133] Financial Performance - ALC's adjusted pre-tax return on common equity was 11.0% [10, 137] - The company's total assets amounted to $28.4 billion [10, 77, 133] - ALC's unsecured debt represents 99% of its debt portfolio [10, 96, 105] - The company's fixed-rate debt accounts for 91% of its total debt [10, 98, 105] - Adjusted net income before income taxes was $659.9 million in 2022 [135, 137] Portfolio and Order Book - ALC has commitments to purchase 398 aircraft from Boeing and Airbus for delivery through 2029, with an estimated aggregate commitment of $25.5 billion [10, 11] - The company has $31.4 billion in committed minimum future rentals [10, 61] - 90% of ALC's order book through 2024 is placed on long-term leases [10, 14, 70, 71]

Group 1: Demand Forecast - Boeing expects global demand for air travel to increase by more than 40% by 2030, leading to a need for 43,600 new airliners through 2044, which is similar to last year's forecast of 43,975 new deliveries through 2043 [1][4] - Airbus has revised its 20-year demand forecast up by 2% to 43,420 jets, indicating resilience in the air transport industry despite current trade tensions [2] Group 2: Delivery Projections - Boeing's delivery projection includes approximately 33,300 single-aisle airliners, over 7,800 widebody jets, 955 factory-built freighters, and 1,545 regional jets, with single-aisle jets making up about 80% of current deliveries [3] - Boeing anticipates that 51% of demand for new aircraft over the next 20 years will stem from growth rather than replacing older airplanes, with China and South/Southeast Asia expected to account for half of this additional capacity [10] Group 3: Economic and Traffic Growth Adjustments - Boeing has reduced its 20-year forecast for passenger traffic growth from 4.7% to 4.2%, global economic growth from 2.6% to 2.3%, cargo traffic growth from 4.1% to 3.7%, and fleet growth from 3.2% to 3.1% [4] Group 4: Production Challenges - Airplane production is currently at half or less of pre-pandemic levels, resulting in a shortage of 1,500 to 2,000 airliners [6][12] - Both Boeing and Airbus are facing challenges in returning aircraft production to pre-pandemic levels, with Boeing dealing with production safety concerns that have led to a cap on 737 production [7] Group 5: Recent Incidents - Boeing has improved production quality recently, but the crash of an Air India Boeing 787-8 Dreamliner has put the company back in crisis mode, affecting leadership plans and operations [9]