FTAI - Earnings call transcript Q1 2024

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Operator

Good day, and thank you for standing by. Welcome to the FTAI Aviation First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Alan Andreini, Investor Relations. Please go ahead.

Alan Andreini

Shannon. you, Thank to First like all the to I XXXX welcome Earnings Aviation Quarter Call. FTAI would you

Joining me David here Officer; today are Joe Adams, our Operating Financial Chief Angela our Chief Officer; our and Moreno, Officer. Nam, Chief Executive

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

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

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

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

Joseph Adams

The Thank based inception. May of XX a dividend start our shareholder May of public will you, announce per paid consecutive today, a as on since Alan. $X.XX To XXth record company XXst XX. dividend I'm to pleased dividend and be on our date share

$XXX.X XX% $XXX.X X% QX $XXX.X which strongly with in adjusted XXXX to key million for QX XXXX. of is year We million the million and EBITDA. began The numbers. let's of EBITDA XXXX, compared the to up is in QX to compared in metric turn Now up adjusted us

$XX.X from the and $XXX.X & was Other. Aerospace from our million $XXX.X from quarter, comprised Leasing Corporate first segment negative number EBITDA XX% of million million segment, our the During Products

at quarter, assets good $XX of of had leasing QX Leasing the The Leasing. pure very QX. of to strong Leasing Hemisphere expect posting in million another excluding component QX Northern year. exceptionally $XXX EBITDA. in EBITDA we remain year, million versus in approximately now With Turning We $XX came sales. meaningful for for $XXX of and of last on million for the confident growth of summer million gains the the commencement $XXX demand asset season, million

Part value million that expectations, approximately slightly million, $XXX and below comfortable the asset assets for EBITDA million $X.X $XX.X more are all we million QX of of asset coming have of the in the $XX.X sales on sold are gains $XX or of million gain Leasing on but our for quarter in of of came book gains year for XXXX. per rest We from assets sales. a assuming and

yet another $XX.X We Products modules EBITDA margin with CFMXX customers. EBITDA Aerospace excellent unique quarter in of XX%. million sold to XX had of QX overall at an XX

our X sold in VXXXX to program. recently through we engine launched X customers Additionally, QX VXXXX engines

generate will Aerospace the potential of in comfortable end the we XXXX, of and range. high see to previous continue in $XXX approximately are We that tremendous million products EBITDA our

or for avoid Our shop commercial by in Maintained savings through aviation module engines produces Repair or the model lessors, most operational and them to widely X Exchange exchanges. allowing and for MRE flexibility cost and used visits airlines engine aircraft

aviation. CFMXX LATAM growing VXXXX activity to recently lessors over illustrates covering agreement and and of FTAI engines, acceptance XX outsource to with power Our perpetual executed this the airlines

continue to annual Overall, aviation & ahead, be to XXXX EBITDA we not expect including Corporate our for approximately million, looking $XXX Other.

Alan. to back call the turn I'll that, With

Alan Andreini

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

Operator

comes of Stanley. Liwag question first the Kristine Our Morgan line Instructions] [Operator from with

Kristine Liwag

what you How this provide of the this Can contract? what -- with LATAM execution announced color Airlines. agreement a power meaningful successful entails? agreement you perpetual is on Yesterday, more

David Moreno

Kristine, this David. is

So to doing that we're It what smaller repair and contract. a shop have visits predominantly is providing visits, and provide engines building component are VXXXX engine a flexibility. and maintenance itself is color for we're offering of LATAM, exchange but deal sale avoiding LATAM does we're leaseback a ahead the related on additional shop to the exchanges

as that's period. exchanged. EBITDA VXXXX As There's soon far a ramp-up to we're going and contribution to engines be up, show to are going as MRE be recognizing how going as

going on So that's there's soon well to the we Aerospace as exchange X on be as about take commence as X smaller side ramp-up close we EBITDA. as expecting engines, to going contribution leasing We're years as ramp-up airplanes. more to a to a there's those

Kristine Liwag

then and of years, agreement. aircraft said this that would ramp XX be you when said X see Can up the of X also of contribution this over parse the you over out could timing EBITDA you part And the I what regarding economics? when are the occur? to deal,

Joseph Adams

yet. Well, specific we're that on a giving not number

many Products it's how will ramp on we exchanges will expect that occur how -- needle a X, of -- and such certainty But a X, for bit in occur, that have have engine they up don't be business. function years X, the think mover yet. it we X I a of do our quickly it that Aerospace and we

it to a this the then bit kick going time for So It's little it's and it's But needle at moment all point. that that's really very take to once mover does, in. stable. a we're saying at of

Kristine Liwag

more follow-up If do this. on one I could

MRE. good starting be think additional Is VXXXX you [ contract this we a Any Should sort additional LATAM be contracts? point? a this announced for earlier the helpful. should would MRE we VXX ] of context how proxy this for VXX for what at economics better? Is this With year, as about look the that [ ]

Joseph Adams

love a starting It's great And will. hope of we we these. more would we point. to do And

several are airline requirements specs. have their projects nature. Each their We own has that and own obviously similar

gotten And on this. we by -- bit very airlines. but we've So in be other model they'll operators big all feedback different, the a this is discussions positive hope with little of VXXXXs, we used

So and we more, hope more. we to to do do expect

Operator

next line of Louis Our from comes question Research. from Wolfe the Raffetto

Louis Raffetto

you you quarter. maybe doing swaps, got of capacity you've of but maybe in obviously, said you've Joe, MRE got doing a that rolling last thoughts sort module and should earnings then this XX the the And 'XX, these where How October module you're Any that, limitations number first thought on of point? on swaps, said ahead the kind into for the ballpark precise -- XXX call, think now? or just we shop VXXXX, visits you at about time. not

Joseph Adams

or backlog. XXXX obviously and we this for first have XXX of quarter great on sales path for so between we So is given -- that, recollection on and year a I first we're pretty the indicated my think module point, we swaps strong XXX the and exchange

very about So good we that number. feel

our being We to deliver that. have plan built able around

facility we the facility. have capacity our maintenance the So ample at Montreal and we that Miami X use, facilities

that. substantial we've increase we to years do Obviously, working capacity in upside stay ahead. and we adequate of we're because this, capacity do So ramp and up got to the see to ahead want

deliver So building what but place we're year. to capacity, additional we this in we have need

Louis Raffetto

Joe. go I'm Okay. Great. And -- forward, sorry, then

Joseph Adams

did was What question? Or second I? the

Louis Raffetto

No.

them. You covered both of

one, was just to quick a ask Angela. I Sorry, going

in around any year? think the of commentary about rest flow Just quarter cash how to the and

Eun Nam

Sure.

investing. of can as operations year, the because is our for significantly. improve our flows sitting operating from and believe cash were the this rest neutral, We sales but flows cash see, will proceeds about of you quarter, our So for cash part our that's flow

Operator

comes line Our Josh question with Company. Sullivan from next Benchmark the of The

Joshua Sullivan

savings say the way help want -- that relative past, think understand the you to can you've the addition maybe $X.X versus for of differential ] the I a GEXX about to in GEXX. just for the with some talked us an Just VXXXX? a the there million of VXXXX about the [ is here, on But airline.

Joseph Adams

all is for than same to we've [indiscernible] take $X versus Yes, is the And The the typically cost million set PMA, same because table. we approach engine the $X doing million million It's to better to potentially full with used visit CFMXX. repairs, as have better volume $XX looked front get that -- the on shop of all commitments. hospital and able CFMXX. it's back at to [indiscernible] MROs CFMXX material, being for of V the deals higher we sourcing the probably it's

think price. using all dollar those similar higher can get of albeit on we a savings So out we

So but lower it's percentage, of savings. a still it's the same amount

about So I good very that. feel we think

in program. to working specifics locked this around of the increase build, talking we're we we're all the And as components partners on more haven't be that. will we'll that who We volumes what able -- of give right are and with now that and the to

Joshua Sullivan

then Any versus And have a base at the it. major you changes, all move do point stock, in the investor of year? last the you're sense changes the seeing. this given Got just

Alan Andreini

that May people you're are there that filed the when here. stock XX think I And initiating been. see that before. have seen 'XX, I to There And the names Al. this think for It's on quarter, you've some in never see you are Fs going right

Operator

line question next from Our Bologna Giuliano of comes Point. with Compass the

Giuliano Anderes-Bologna

for about Congrats an with we've on -- we But pushing a and why heard increased do that? agree you happening? about airlines. into I'm have was said, update was on product the curious discussion love you What PMA. asking PMA PMA industry with recently if the segment. obviously think I demand curious outflows to that's that continued of lot that would And the from about being

Joseph Adams

Sure.

the to progress. make next progress estimate to very on of very the and we're parts. be don't first -- but that. And timetable, approval excited the of continue performance the is So on have set giving quality We those on -- we're going terrific, the getting very and on about and parts part, we good a specific not we good

worth said So the it's as consistently, wait. I

or PMA, that's a recent that bad you the so, sole a supply focus of reliability and when I a mean, dynamic. think last source year lot parts, for -- critical chain in On the a the have on people I lot acceptance

if bad and single for I recognizing shop that get in an you savings sitting that in second supplier. And a a a have you they important in product not PMA position. X And a if turn a year, very, you a part of months times can they be people delivers single beyond are can't cost which stretching a now, high-quality tell waiting out very it source and very product, so then delivers have you only shop engine you're you're but think are for

more people a why more just or opportunity. it's recognizing think, maybe becoming I cost that's, are not saving talked that So it's about

Operator

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

Hillary Cacanando

from this had how X So your preferreds have preferred Angela, fixed X and discussions plans X you've Could And you for what go this year, great those Obviously, December. agencies? some are you are floating on returns the rating in your going about to securities. Angela. September talk them? that one for in with

Eun Nam

Hi, Sure. Hillary.

to converting later And we're are So As this before refinancing reset yes, floating those our correct preferreds you're Bs on in Series and those currently planning year. dates.

to continue we So reassess that.

recognizing current sectors. Air In regards cover agencies, those are Aerospace Quest involved rating our is that contribution great the and lessors. rating those to metrics the in that be each getting ] [ we're business different Products agency typically the from But analysts will the that

So ratings. analysts think we Products we discussions are with agencies bringing which our beneficial in the will [indiscernible] year, of each our to Aerospace be this business rating to

Hillary Cacanando

second Leasing just my question side. then And Great. the on is

mentioned assets gains I for remain the You the lumpy. that be demand could these know strong.

second looks should the excited pipeline that year? And you rest about talk segment for like the terms how for think pretty So we it about segment? sounded You just in of the what the about the for of the quarter? pipeline could

Joseph Adams

Sure.

typically quarter and X that is and first back, hours had EBITDA. things airline -- They negative of with airlines those hours X fly the off on off and EBITDA. second that for a pure as in a lease. the of driven And to $X our flying the EBITDA we a impact Vietnamese is first slowest go then in Leasing Leasing million is period don't some are of seasonally So depressed the had a may -- quarter, same last One airplanes impact schedules took recall, lot secondly, you flown. terminated -- about quarter and lease fourth the EBITDA in lease year, the we quarter

our in asset that we of and reaffirming So without the and we're changes QX million gains a quarter, for $XXX all we're little uptick year as on EBITDA starting of expect, I sales. QX, leasing next said, and --

Operator

line Mckenna comes question of with JMP. from the Citizens Brian next Our

Brian Mckenna

beyond. quarter results, million Joe, from prosper I But it run bit the $XXX It rating this sounds Aerospace I EBITDA on a the if of like seems and expected first already comments -- like $XXX heading million. XQ year. appreciate there's [indiscernible] annualize quite of into you're at

assume to growth think continued So I level. the -- I it's quarter would would so reasonable from first

the segment? range So XXXX why end the the for upper not move of for

Joseph Adams

but it good was I of just things one see quarter, the and we XX% quarter. it's year. ahead, a good Well, mean it's

a -- just ready do But million. so $XXX And quarter. we're this not we're with We'll sticking reassess at to that. the point, we're

Brian Mckenna

Got it.

And then it's in we should great see margin ways leverage how the there with sense. seem But and Makes It the just Okay. follow-up, synergies incremental to ramping. infrastructure your to from this the business? a think program VXXXX platform some already would are existing about place. like

So could this the actually to time? be accretive over business segment margin

Joseph Adams

It could.

which I I both or every a solutions And is XXXNG the ] basically VXXXX in engines. think deal to we operates CFMXX example every a an mean, we airline either it's -- [ AXXX family the airline. offer aircraft, world -- the LATAM CO is and where good engine that

we engines single because that that reportedly sell There service. aspects right out -- some demand X, the VXXXX, GTF over are is services. the can and given right which XXX are grounded -- those high, now that there's aircraft pretty powerful in So that transaction, times X,XXX combine them that's now aircraft of so is are a over essentially unique it's powered

demand will and is a And years stay that likely high the X extremely market. for next way for so the smaller VXXXX and the it's

able little not at So all. the to airlines, fearful they VXXXX be a more may are I think, that get

you X MRE, that So creation, sell longer-term as long-term flowing to leases do a value see leads to create we which a put ways. and willing talk If lease, it it value different then asset about can inevitably we can airlines on cash on the right? more product

think we're likely something that is play I So to possibility that seeing now out.

think has do I upside. it So some added

Operator

of Zazula line Our next the Barclays. question from David with comes

David Zazula

and I is high can in understanding managing the CFMXX of with with flexibility guess of balancing maintenance how you type that engine. challenges David, talk have you just operations execute For the demand you're versus you have the VXXXX of bit the VXXXX, some less you little just how And in my that? about overall, and a

David Moreno

Sure.

to you service independent VXXXX, access to access you is MROs, a access complicated new avoid that creates shop the via So OEM little have ways we engine, that from engineering, to expensive The either of which do therefore It the parts you raw PMA. you which have then any discussed, on demand VXXXX, material, a a more as have visit. lot more same visit. have on right, for to components use or more is shop you

wanting of seeing those able So to shop us and product. better we're solutions. a We're integrate with lot and folks a come to those to come not provide to us wanting engines solutions

working in out innovations of all just enough engine are side there's the that. lot because of we coming market. a today that So VXXXXs hospital There's around the that are not through

going innovative we're So our find capabilities -- continue to develop engines. and continue those to to to maintain ways

Joseph Adams

of knew We improvement. we continuous about it's the we when And XX% now. program, that on thing we did what the started same CFMXX know

be a without today. work would that lot going a X, to the tools to on year the still lot we're even market. more in a to -- So But we're great VXXXX or going have a tools, didn't we I have expect it's with

So.

David Zazula

And helpful. the impressive the for Joe Very work Angela, or October notes. XXXX tender on for

balance the to your the consider what via of sheet that what refi at Aerospace plan as leasing funding expanding you you're if be? potentially the for sheet, not those funding. curious And side the looking notes balance is Just a would would plan or from significantly, Product

Joseph Adams

our August, costs. next $X.XX opportunity refi is done. is the think that's the are the opportunity refi -- drops [ for interest ] the coal to that The in the coal I lower Well, price next

would In stock using increased flow And BB we on terms all two, flow look generation, look strong debt. cash repay then will and cash flow to to: investments; at our do; priority to which or on we're three, agencies, we then at and X make cash rating track dividends of is a from buyback. one, obtain

the to making XXX XX of expect at to VXXXX On we end increase up slightly investments expecting engines to for year XXX this now. we're sheet the which side, is the are VXXXX, we year, from the balance that investment

be So this I repaying later paying the some some opportunity slightly increasing that. at year, more debt that off. we and But point think at probably to will comment expensive look will of debt

David Zazula

more squeeze And could Any one or you just if on where in. there? I update insurance stand

Joseph Adams

Yes.

to that somewhat we'll We in million we the work very expecting represents this to think total those they're insurance half this streams middle them companies, get which longer, with year, balance expected we and counterparties, million. separate that But which half $XXX expect have recover. insurance hopefully, think next companies not to middle be which we year they the of of $XXX $XX X around X take expect, are be are about out the million The will middle year. will the and year. going, of negotiations of done we of in of with of the get We and in in the advanced, think next we're other that of middle

Operator

comes Our line Sherif the with from next of BTIG. question Elmaghrabi

Sherif Elmaghrabi

on So exchanges? a wondering lead your capacity, couple you touched for before I'm can the the of it recognize the on engines side, curious revenue? how long time. be but sort prepping on you'd VXXXX deal. said the takes And of I'm on exchange What's the FTAI timing ahead time You LATAM

David Moreno

Yes.

shop starting as we now, transaction. those in engines deliver to we're soon as have and close will we So the right engines

relatively start time. The soon. will ramp-up take will exchanges engine the So

for right at year on So of years. visits outer next but working still we are -- we we're shop have the schedule it expected this dates in ] now [

that [indiscernible] the soon been have moment. produced ahead receiving those time. and But working engines and them are some and be of producing at engines of to finalizing we're So that those going through

Joseph Adams

in the we X,XXX -- I We that earlier started have shop right mean the VXXXX. started year. We this now,

expect So and requirements be meet some engines we've coming for a time a the out we have them, of able LATAM asking lot of and them got where already we'll to ready. We question. are need they that spend schedule to us when those

through the shortages rigor industry. on the was So, went of criteria That we given one in the that. key their

Sherif Elmaghrabi

deal. asset makes right? generates up potentially the of for future that Is about? it Yes, some sort Leasing multiphase not does airline, on is business? So like that deal something thinking open then Obviously, the a for this side opportunities customer, you're sale/leaseback -- that the that that for LATAM, liquidity a of And does sense. just sales deal under that

Joseph Adams

does. it really I of Yes, as deal. some as airlines Yes. liquidity from a generating in mean, focused situation wasn't this LATAM this lot are much and

for -- amount but it's on they engine up it's a program. deal them, -- being So a always unleased aircraft airlines not it's are every to more ends is huge the different priorities. exchange demand of high again. snowflake. But focused And were a very set but And the --

So into there's money segment come the lot again. that's of a Leasing

a If generate you the activity. that more have a will can we more of that. so -- easily in quarter, we'll -- And second X-year some lease doing cash be cash that airline, more in known you that monetize gains with from and

that. we yes, like do So

Operator

Our the of question Citi. Trent next with line Stephen comes from

Stephen Trent

geographic stake when the where you module answered. my this side, spots you have U.S., turn, Montreal. maybe But well, exposure A you've in When engine couple footprint? about got acquired level, as of good any already facility of you other questions that a you curious high think can XX% very been we think think add I'm in in quick there are believe, about sort your I

David Moreno

a we relatively -- about we growth and early about. will a capacity -- on we that I that we've maintenance ago, with America this lot North of is started good Asia but had relatively Southeast as see market -- huge there job were huge, really it's success significant year, Yes, very had it and be Southeast more would And something there's future a did a not Whether opportunity. And or which X, started X we thinking focus mean, Asia. that we've be but covering see Europe. we and we there intense months it on South and changing opportunity a underrepresented

anything in will look market potentially coming I or So in but partners [indiscernible] don't have own we maintenance conclusive that months. yet, our and would at facilities the

Operator

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

Frank Galanti

differentiation us was Congrats quarter. the the about on engine and those module great full between the varying the exchanges, ask sales to Aerospace swaps, segment businesses? what breakdown understand or given USM margins of wanted and Can I segment. in between the help sales you levels

Joseph Adams

Sure.

Module -- since with per in a X. -- the with So about and $XXX,XXX quarter or about this seeing quarter, what little exchange. from happen That's the either when up X, the module factory. sale -- it's transactions we been or X was we module in starting We we've EBITDA the generate consistent bit started Montreal last really factory.

a just you them And can doing any some is to realize or in because engine. fan whole money save customer choose those turbine with X modules having of to downtime. by either may their a that working rather of to more want. Three could that that exchange and that try engine not have So they airlines is flavors whole low-pressure deal what a than days cases, keep actually they the

out the X modules per transaction So -- average average, transaction. but averages to on

we module And in profitability but X little -- expect the VXXXX. business, probably the engine that MRE of the basis, rest similar. that the the than on higher very CFMXX of the in terms is VXXXX the assuming has so VXXXX equivalent that modules from we a to bit And it's an pretty factory That's on they're equivalent comparable. today, call In remain the the similar. an for

this a previously percentage USM, XX% about Aerospace as is as in at to that EBITDA a because -- it of up than ramped continue that's down less the Products, -- decline it's business On going it XX% percentage have we MRE roughly not high-growth to but indicated business. been that from where the EBITDA And past of we we've point. was we'll

that hopefully, helps. So

Frank Galanti

Thanks. does. That

engine digging in whole onto sales. the of sort X CFM so And

the the sell X segment. segment, last on quarter's the when sale CFMXX segment full [indiscernible] from VXXXX gain on Aviation with the up So and my of gain understanding, of into based Leasing you shows sort that So modules result that a right? it's of Aerospace sale reclassification on engine,

for And engines correct. for full that's how modules so those of just engines? of those engines them sort me then that of did So had that, the you confirm with sold, you many X how many X And of those same modules purchased with? setting sell

Joseph Adams

I no a have we buy engine, X do as I to whole when can modules, wanted sell it's they that. I said, idea. only take don't the off customer's and If choice. fan they their

So it we business it a of -- don't relevant not us way. that differently any don't think we really from operation. as to and break It's out

So I on numbers don't that. have any

Frank Galanti

But When no it, did up an EBITDA? you no it's [indiscernible], like on Okay. showing work. in and work of purchased if engine you is that COVID sort value-added just Aerospace in

Joseph Adams

X Well, there's for around no to that sits engine such X saying years. as an

It's repaired, an buy engine, facility put it happen. down it's split X an reassembled or either we into the into engine. modules. and doesn't When torn we into that So combined

that doesn't So happen.

Frank Galanti

Okay.

some then goes factory the CFMXX just clear, every engine module to So through in be capacity?

Joseph Adams

bought engine I doesn't doesn't the factory. module require go the directly. leased If into airplanes, No. airframe mean we've work, it the sold engines and

Operator

the comes with of line Raymond Our next question from Dodd James. Robert

Robert Dodd

flow the funds, debt. all down and about quarter. the on cash potential pay et Thanks of cetera, Congrats detail use for

about stock I this a mean would the you're there flow Is view the FAD is thinking? maybe from dividend the you're I what mean, S&P think mentioned there -- to But the about way cash the You coverage Xx did the now. mention are whole -- more given back used Is the there the rule to yielding the you're with year the you mean, do metrics XXX Obviously, you different there the than I'm to barely in to increasing generate. should the necessary I dividend dividend. now? right performance. dividend. later comfort as about a going thumb we'll to thumb going we of be ask of dividend. I rule what think increase past, a

Joseph Adams

No, the the it for have we're have Yes, excess waterfall. we necessarily the X history. years, strong then today you're the more we'll -- That's is a recently it cash, way We that's it's haven't investments. coverage about to right. really the shareholders X We have or somehow. thought have And years last to want BB. we don't kind think but when return you approaching calculation I of

Robert Dodd

Got one it. can. more, I And if

to opportunistic any able are On unutilized find you on you question, you intensive? going and facility capacity necessitate we and COVID the of being as-needed term. right? it available? to very be was expansion Lockheed going those underutilized, an capital an kind for to really facilities being do you're up -- Are -- when to is backlogs be Or the more basis, Are capacity be locking Or it opportunities of going capacity, going long is capacity be to joined in kind aren't the opportunistic kind those added be that example, -- or is going think? to an of acquisition were now, There's everywhere.

Joseph Adams

at have do, in the we lots to and different is it that other which world. sort them of the we -- they are very shops have there There's are either many busy large turbofan and -- out they shops squeezing capacity out in see, some there. to do successful or now that have There the of work partners and mean, facilities of and also look I out -- have capacity. shops parts But that the are of want some world other geared

ahead more always trying it's it. of looking the side, we for and to it's have right a opportunity available, but stay the we -- So maintenance and are of plenty in front now, of capacity

maybe opportunities, a big There's COVID still out industry, So of it's and lots there's yes, during there. but players same it's there's not smaller the and -- medium-sized global. as

Operator

back time. like at call the I'm no remarks. closing this over to And Alan to currently Andreini for questions further I'd showing hand

Alan Andreini

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

Operator

concludes your for Thank you This call. conference participation. today's

disconnect. now may You

FTAI Aviation (FTAI) 26 Apr 242024 Q1 Earnings call transcript