I think these should be turned on. All right, folks, All right. The clock has started. Webcast is live. First officer has come back to the cockpit. Thank you. Co-cap. I just- I was gonna say, co-cap. But we're very fortunate, once again, on our stage, to have the Air Lease triumvirate. We've got Greg Willis, we've got John Plueger, and of course, of co-founder Steve Hazy. And, yeah, let's, let's get things started. Great. Steve, you were in the audience this morning. I guess the easiest place to start off, and just to hopefully make it a little exciting, was there anything about Gus Kelly's characterization of the overall market that you would disagree with? I think in essence, we agree with his observations and conclusions, that the biggest single difference is that through his acquisition of ILFC, our former company, which still is a big part of the AerCap fleet, is the ILFC fleet, and then later GECAS, there was a lot of accounting adjustments made- Mm-hmm on how they booked the valuation of aircraft. And so it's, it's not an apples-to-apples comparison. Oh, yeah, we'll click through. I didn't, I didn't realize you guys had- Yeah, I was just gonna say- Spared remarks. Yeah, we have people here don't know who we are. Maybe we ought to go through our intro slides first. Sorry. Thanks, everybody, for coming. No worries. Good to see some nice, familiar faces. Just a few- Hold that thought. That's right. Pause. Never mind, pause. Officer, I'm the purser. Sorry. Just a little bit of introduction on Air Lease Corporation. We're about a $50+ billion aircraft leasing platform. We're the largest in the world, consisting of about a balance sheet of about $30.5 billion in assets. About just about $22 billion of aircraft that we have on order, which gives us a total fleet size between what we have on lease, what we own, and what we have on future order of 875 aircraft. We now have achieved about a $31 billion level in committed rentals, which exceeds our total assets, and we're enjoying about a $6.8 billion high level of liquidity. Our balance sheet is 98% unsecured and unencumbered, and we're currently enjoying about a 12.1% adjusted pre-tax ROE. Our business model is to buy brand-new aircraft from Boeing and Airbus, the most young, technologically advanced aircraft out there, on very large purchase agreements on long, forward deliveries. And through that, we keep our fleet very young. That's a core hallmark of our business model. We also enjoy, because of that, one of the longest average remaining lease terms in the industry of seven years. We're 100% placed in all of our deliveries through 2025, including all of our passenger wide-bodies are all placed. And we enjoy investment-grade ratings of BBB from S&P, Fitch, and Kroll and A-. Our value proposition is actually quite simple. Since inception, we went public in April of 2011, it's very simple. As I mentioned, we buy new assets directly from the OEMs, the most technologically advanced, the most fuel efficient and environmentally friendly assets. We hold them for about the first third of their useful life. Aircraft have a 25-year life, so about a third is about eight or so years. And then we sell those assets and reinvest the capital. And since going public, we've been able to purchase about $40 billion in aircraft. We've generated about twelve, over $12 billion in operating cash flow, $6 billion+ in aircraft sales, and returned about $700 million to our shareholders. We are, as you probably know, benefiting from a very, very strong current leasing environment. The passenger traffic is still robust. Global passenger traffic up 37% year-over-year in 2023. Very strong aircraft demand, as you know, not only from the OEMs, but from Air Lease's side. And as you know, the OEMs are pretty well sold out through 2030, whereas we, at Air Lease Corporation, have nice pre-delivery positions available, 2026, 2027, 2028, 2029. That gives us a huge advantage in a very, very short market that's demanding of aircraft. And now, of course, our aircraft leasing is about 50% of the world market. Projected in 2024, 6 out of 10 new aircraft delivered by Boeing and Airbus will be delivered pursuant to some form of lease. Our fleet, as I mentioned, is the youngest, most technologically advanced, and these are the various aircraft types that we have. If you look at the fine print under each aircraft type, you'll see launch customer on most of these different aircraft types. What does that mean? That means we at Air Lease were the first, one of the first to order that type of aircraft, and for that launch customer status, we get significant benefits in pricing, additional discounts, and the best order position. So most of these aircraft types you're seeing here, we're the launch customer, including the A220-300 high gross weight, the A321LR and XLR, the A330-900neo, the Boeing 787-10, and the A350-900 and then the 1000, and we also have seven A350 freighters on order. That's our backlog- That's our backlog. -going forward. 334 aircraft. So in summary, we built our business model to be very resilient and to succeed long term... The biggest proof of that pudding was how we went through COVID. Because of the young age of our fleet, and the efficiency of those aircraft, we held up very, very well. It was a tough time for sure, but our aircraft were the aircraft that the airlines wanted to keep most and operate most. So in terms of our scale, we're very pleased with where we are, over $50 billion. The asset strategy I've talked to you about, we've got a very clean capital structure. We enjoy great liquidity and strong, great ratings, and they're now just about 120 airlines in about 62 countries, globally. We have a great risk management protocol, as such, that our average customer concentration is only about 1% of our net book value. The team in front of you, including our senior team company-wide, has an average of 30 years of experience. That's it. Thank you. Go ahead. Sorry about cutting off the deck before. No worries. Some of the other presenters today- We'll send you a bill. There you go. So, I'm curious, in light of the fundamental backdrop, and we've heard it echoed, you know, from others, you know, today, I think you said an unprecedented number of your customers are exercising extensions. Is that still the case? I assume so. Mm-hmm. But how has Air Lease changed the way that it thinks about constructing contracts, placing aircraft? I mean, it can't be business as usual for you- No. In light of this brand new, new normal for at least the end of through the end of the decade. No. In many cases, the lease extensions are also tied into additional aircraft commitments from that airline. Okay. For example, we just went through a long negotiation with one of the largest airlines in Europe, where we have Airbus aircraft, we have Boeing single aisle, we have Boeing wide-body aircraft, and they wanted to extend all of their wide-body aircraft. Well, as part of that process, we're also negotiating additional new aircraft that will ultimately replace the aircraft we're extending out to 2028, 2029. So in many cases, the lease extensions are not sort of standalone. They're obviously at very economical rates that reflect today's market conditions, but they also broaden the relationship with that customer. And in many cases, we are the only lessor or the prime lessor at those airlines. Yep. Just to give you an example, in 2024, in our fleet of 435 aircraft that we own, plus 83 that we manage, we only have eight aircraft that are going to have an expiry. Eight. That's it. Wow! The rate of extension of leases is at an all-time high for the various reasons. In addition to Steve's comments, I would just say what you would normally say, what you would normally expect to hear, and that lease rates are, in fact, going up very, very nicely as we do the extensions. When we can maximize the strategic value of the extension, as Steve has pointed out, we will do so. In raw terms, more and more of the extensions that we're getting, and typically, our leases are now all 10, 12 years. So as they come through, we're in a demand environment where we're basically able to extend leases either at or very close to the original lease rate or very, very close there, too. Whereas in the past, pre-COVID, it was probably at 75% or something like that. In many cases, where we're extending leases at a higher rate- Yep —than the original lease rate that was done 7, 8, 9 years ago. The other phenomenon that's changed is since the manufacturer's backlogs are so far out. In other words, if you go to Boeing or Airbus today and say, "I have a $100 million deposit, when can I get airplanes?" You're not going to get the results that you want to hear. So Boeing and Airbus are contacting us several times a week, where they have a campaign to sell new planes to an airline, but the only way they can succeed is if they can get us involved at the front end. And let's say they have a campaign to sell 40 airplanes to a foreign airline, and they come to us and say: Can you guys lease some 5, 6, 7 airplanes between 2026, 2027, and 2028 as a lead-in until they get their own aircraft? And often in those programs, we get additional concessions to act as a market leader or market penetrant. So it puts us in a very unique position. Yeah vis-à-vis the other lessors. The other strength that we get from the lease extensions is that if an aircraft comes to the end of its term and we extend it out at or close to, or in some cases above, the original lease rate. You know, the way this works, we do fixed-rate leases, we don't do floating-rate leases. So when we lease an airplane for $100,000 a month or pick a number, it's that way for 12 years, 13. If we extend at or above or close to that rate, over that time, of course, we depreciate aircraft. So the lease rate is fixed, but the book value of the aircraft goes down and down and down. If we then extend further, it means we're extending at that same fixed rate or very close to it, but the book value continues to go down, which then allows us to sell the aircraft to a buyer under very, very good terms. And it's one of the main reasons why we've been able to extract very, very healthy gains this year from our aircraft sales. We've been doing it this way for a long time. So that extension is a kicker as well for aircraft sales. It makes the aircraft more financeable if it has, say, five or six years to go. The new buyer can get more attractive financing than if it only had two or three years to go. So two things. First off, I'll have many more after these two, but on the order book- I thought you're only the copilot? Yeah, exactly. I'm still allowed to grab the stick. The order book, does it go out to 2028, but then you have postponements into 2029, or does the order book go out to 2029? Goes out to November 28. Okay. Based on the behavioral performance of Airbus and Boeing. Right. You're anticipating it'll extend into 2029. We think that some of our 27 deliveries may slip into 28. Mm-hmm. Some of our second half 2028 positions- Twenty-nine. We are highly confident that those will slip into first half of 2029. And it- Go ahead. Is that why we haven't seen any more recent orders from you? Well, that was my question, which is, if the order book technically expires at the end of 2028 and maybe goes into 2029, right? There are other lessors that have raised their hand and have gotten in line for 2030, 2031, 2032 deliveries. Given how important the order book strategy is for Air Lease, does that mean... I mean, you're always talking to Boeing and Airbus, of course. We're five years. We've got our asset acquisitions covered for the next five years. Mm-hmm. There's always gonna be pop-ups and circumstances where an airline might step aside from an order they have- Mm-hmm in order to then take that airplane from us. So, it's not a static order book. Mm-hmm. It could change. We may convert certain aircraft to other types, and we're talking to the manufacturers almost on a daily basis, so- But don't you- I wouldn't use 2029 as sort of a cliff. Right. Don't you think that there's gonna be an opportunity over the next five years, that there'll be some softness in the market? Yep. I think that's where we're banking on. I think the last time you saw us order was in 2021, when we ordered $7 billion in new airplanes. Mm-hmm. Correct. At great price, and that was fantastic for us. Mm-hmm. I think you just have to trust the process that I think our team is gonna find the right opportunities along that way to continue to build the order book, but also keeping in mind capital allocation on the back. Well, that's sort of the debate. If the next rest of the decade is the next six years, if it's as strong as we think it could be, will you get those opportunities to step in? Is it inevitable? Because the industry is so big and it's so cyclical on the airline side, that it just inevitably happens. Let me, let me answer it this way: We've been doing this for 40 years. Mm-hmm. This is nothing new. In all the time that we've had in this industry, despite the robustness that we have now, and it looks like it will continue for several years to come, the world changes. We're very comfortable with going out at five years, and we don't think we're leaving anything on the table, certainly not pricing. Right. By being prudent and waiting. We've done this in the past, by the way. Mm-hmm. We've also been accused the other way, maybe we went too early. We order when we think the timing and the circumstances are right, and I will guarantee you one thing, there's holes in those order books. At some point in time, there's gonna be holes. Airlines are gonna run into problems. God forbid, there's more geopolitical problems in the world, but I would be willing to bet an awful lot of money, in fact, we are making a forward bet, that 5, 6, 7 over the course of 5, 6, 7 years, things will change. And to Steve's point, our competitive edge in campaigns with airlines is tied in with the manufacturers. So if we need more positions to do something that they want to do, our history would show many times over that we're able to get it. And we had JetBlue here yesterday talking about how they deferred and- Deferred ... pushed out- Exactly. And so forth. Well, for example, when LATAM went through their reorganization- Mm-hmm. They had some A321s on order. Mm-hmm. They came to us and said, "Look, Steve, we can't make these progress payments, so either we're gonna default, or can we ask Airbus to cancel our contract and let you- Mm-hmm Step in under your contract provisions? Yeah. We did exactly that. Yeah. These were A321s that were scarce. So one thing that's very notable in the industry and with Air Lease, right? Gus has had a lot of success at AerCap at recycling capital, right? Selling planes, buying back his stock, et cetera. Air Lease, slightly different twist, right? You've stepped up your disposition program over the last couple of years. Steve, something you said was very interesting, right? Which is that when you extend aircraft, right, at the end of that first lease, they're more saleable. Yes. Is that one of the reasons why you've stepped up so much activity selling airplanes? That's what I said, yes. is because there are... you just have so many more extensions attached to them, and is that something that we think can continue? Should we expect more capital recycling from Air Lease because of that phenomenon? Yes. with the extensions? The answer is yes. And also, we felt that selling too many aircraft when the market was sort of in a- Mm-hmm relatively difficult period right after the pandemic was not the ideal time to optimize the valuations of those assets. Now, with the airline demand, we can achieve much better pricing, and we were willing and able to ride out that cycle. We achieved an all-time record in our aircraft sales in 2023, $1.5 billion gross. We entered 2024, as we stated in our earnings call about 3 or 4 weeks ago, with a pipeline of $1.5 billion. We have never entered into a year with anything close to that level of a pipeline, and we still, as we are going, have many buyers approaching us. So for the foreseeable future, 2024, 2025, probably into 2026, it does give us that ideal to harvest the exact benefit, what we've done in buying the aircraft right and having the leases right. And these are very attractive assets. They're still young assets for most buyers. So we do see that as a huge opportunity. By the way, if we make the determination at some point in time, now or in the future, that that harvesting of that capital is better bought in stock, even though we really haven't done it so much in the past- Mm-hmm ... we're very open to looking at that. But we'll make that determination as things go on. And we still have a lot of potential in the fleet. We will maximize and harvest that capital and use it to its best advantage. And don't forget, you're looking at two of the largest shareholders up here. We did have a stock buyback. Yeah, it was a while back. It was small. Small one. Yeah, $150 million. We do pay out almost $100 million in common dividends- Mm-hmm. which is different than AerCap's strategy, and I think a lot of our long-term holders appreciate that. Mm-hmm. But look, once we have total clarity on the final outcome of our stolen planes behind the Iron Curtain, in terms of recoveries from those airlines, the Russian insurance companies, the carriers that covered our war insurance, we're gonna have a lot more clarity- Mm-hmm On how we allocate those recoveries, toward buybacks, toward debt reduction, or buying more planes. And my gut is, it's gonna be probably a combination of all three. Okay. And back to the order book for a moment, and we appreciate the clarity that you added in response to the question. How much greater is the probability of an order than purchasing an existing platform? Infinitely greater? I mean, you talk about buyers coming to you. Mm-hmm. What about sellers? We're always looking for sellers. Depends on their degree of desperation. No, no, of course. But you know- But you made it sound like you're waiting for the next downturn. No, if there's a great opportunity- The next downturn may very well be platform- Absolutely. For, you know, afforded growth as opposed to- It's nice to have some dry powder available for that sort of thing. Yeah. Okay. It's something we look at regularly. We evaluate opportunities all the time, not only on, you know... There's more to life than just ordering at this point in time, but right now, values are strong, and momentum is strong within the leasing community. So whether or not there's assets there that make sense, we have a, I'll call it a higher threshold of what we think is a good deal. We've been buying airplanes for a very long period of time, and what another boutique portfolio player might have paid for their- Mm ... you know, portfolio, we might not find attractive. That's a lot of times what we're seeing- Yeah is that we just buy better. And so we would have to buy. We would have to find something that's really compelling, cheaper than what we bought it at, and a really good story. And if we do, we've got it. Yeah, just to add to that, I think we want to get down to our debt-to-equity target first- Yeah Before we do anything, and I think that's the biggest thing, right? I mean, Russia set us back a little bit, but we've been making steady progress to get down towards that 2.5-to-1 target. While AerCap can brag that they're a bigger company than we are, we've bought a lot more airplanes in our careers than AerCap and GECAS put together. John and I have bought more than 3,000 new airplanes from McDonnell Douglas, Fokker, Airbus, Embraer, ATR, Boeing. So we're not shy that we don't have enough track record on what to buy, when to buy it. To answer your question on M&A, if we ever did buy another leasing company, I think there's a high probability we would basically surgically cut that into three pieces. A, we would sell off some of the less desirable aircraft. B, we would put some of those assets into a managed platform and collect management fees and servicing fees, and the gold-plated stuff we'd keep for ourselves. Right. Mm-hmm. I cannot see us buying another company and just keeping everything and taking all their employees. That's not our style of doing business. Well, there's a lot of leasing companies that aren't doing all that well right now either, right? You have some large players that have, like, a, say, a 3% ROE. You have other players that have short-term private equity owners. But at the end of the day, I don't see a whole lot of desperation out there to really do something that would be overly accretive to us. It has to be accretive. Well, we don't need scale. We're very straightforward. So we're not gonna do anything just to get bigger because we don't need to be bigger. We want to just see- We have scale. Right. We've got plenty of scale, and so it comes down to the right opportunity, and so far, the stars haven't aligned. Mm-hmm. But I hope from this commentary, you can, you know, take comfort in the fact that we are always evaluating any and all possibilities. And in the past, we made some a few tries here and there, hasn't panned out. But we're focused on the assets. We are top buyers, and that's how we make our money, and that's gonna rise above everything. I think our track record with the sales is a testament to that. That's the real report card, right? I mean, last quarter, we reported 14% gain on sale, 11% for the year. We had 11% last year, and we have an increasing ROE. All of those things, I think, are testament to how well we're buying. That includes wide-body aircraft sales- Yeah. which were considered really depressed Yeah in 2022, 2023. So let's switch to engines for a second. Are you trying to give me a migraine? John? No, but I was thinking, I've... You know, Mark and I are very talented, albeit youthful associates in the front row, and now I'm gonna have to explain- Mm-hmm -that list of manufacturers that you rattled off, because there were some, you know, names in there that- Like Fokker. Yeah, they think... Fokker 100, Fokker 70. I thought it was a movie. Meet the Fokkers, right? Yeah. So on engines- A Dutch company that made planes in World War I. So, John- It was meant to be off-color. We've, we've- Yeah talked about new engine programs in the past. Right, right. And certainly on your earnings call- Yeah Calls, you've been, in my opinion, very, you know, fair and balanced. And I don't want to put words in your mouth- Mm-hmm But you've pointed out that every engine, you know, back to the JT9Ds, I mean, there- Mm-hmm There have always been issues. This will get worked out. It just seems to be getting worse, though. I mean, are you still, I don't want to say complacent, but is your mood on this topic as benign as it's publicly been in the past? Well, no, look- Are you starting to lose patience? What, what's the alternative? I mean, the bottom line is that, yes, we have pushed technology to the point where initially reliability has suffered probably more than in the past from prior engines. You may remember when the International Aero Engines V2500, there was an A1-powered engine. Yeah. That gave a lot of problems, and then that morphed into the A5, and that turned out to be a pretty good engine over time. But I think what's become clear is, as we've pushed the boundary of physics and high temperatures and metals and that sort of thing, the margins have decreased. And so, across the board, whether it's GE, CFM, Pratt, Rolls-Royce, it's a common phenomenon that not all of the materials have been as resilient in terms of reliability as before. So I would say, generally speaking, this, in this quest for environmental sustainability, to maximize fuel burn, the industry has taken a hit, and the engine manufacturers, I think, would freely admit that it's been a tough physical exercise to get the physics right, to get these sort of fuel burns. When they work, great, but we have had more than at any time in the past. But I just simply say to you, what's the choice? Right. I mean, they're at this point all the engine manufacturers have get well programs, which are taking longer. But we are at this point because of technology and this focus on sustainability. But does that even further push out technologies- Absolutely. like SAF and carbon and electric- Hydrogen and all of that? So- Or, is that mutually- So- -independent R&D? Airbus, Steve and I were just with Guillaume and Christian a few days ago, with some other European airline CEOs. Airbus is committed to a 100-seat, hydrogen-powered aircraft by the year 2035. That's a pretty ambitious commitment, but they are absolutely dedicated to it. In Europe, it's a huge focus. SAF is obviously the go-to for most all platforms, and just about everybody, Boeing and Airbus, is migrating to the point where the aircraft can burn eventually 100%- Some mixture. SAF or 100%. So those boundaries are being pushed. I would say that Airbus is pushing a little farther, a little, you know, further down the road, especially on the hydrogen side. The yield on hydrogen in terms of its energy output, let's say 30,000, however it's measured, in heat output on hydrogen versus 20,000 on regular fuel. So that's why they're focusing on that. Time will tell, but currently the power plants are about the maximum point that they can be. So I'll ask this question with the disclosure that, John, you're on the board of Spirit AeroSystems. So Steve, maybe you want to answer this, but the question is: Is Boeing, and is what you're hearing from Boeing, do you think they are on the right path at this point in time? Look, Boeing has to fix their problems independently of Spirit. Mm-hmm. They can't deflect all of their quality, production, manufacturing issues on Spirit, and Spirit itself has to make the appropriate changes. What's complicated is that Spirit builds a lot of structures on the airframes for Airbus, on the A220, on the A350. Mm-hmm. So it's not a company that's basically just supporting one OEM. So all this talk on Wall Street about Boeing's gonna buy them and this and that, look, it's a lot more complicated. Mm-hmm. It will probably involve some kind of a multi-party solution, but that's not gonna be easy. But do you think what you're hearing from Seattle, that they're finally sort of getting on the right path, outside of even Spirit, right, in terms of the changes they're making? Boeing told us they're getting the right path when they recertify the MAX to go back into operation. And since then, we've seen a cascading events of delays- Mm-hmm. complexities, non-conformities, quality problems. So we haven't seen the kind of progress that Boeing promised us. Yet. We hope that they can reverse that. I do have confidence over time that Boeing will address these issues. As they stabilize production. I have never seen as much intensity- Mm-hmm. -focus, work, 24-hour war rooms, whatever you wanna call it. I now think that these matters are receiving the attention they well deserve, and that over time, these things will be worked out, but there's a lot of work to be done. But they finally got the message. Yep. I think they have- Yeah seen what Congress is talking about, FAA, NTSB, EASA. I think they've all come down very hard on them, and I think they have no other solution now to correct their imperfections. So, one thing that's more directly related to Air Lease, we had Ben here yesterday from Alaska- Mm-hmm. And we talked about when he did the Virgin deal, how he partnered with you to help streamline the fleet. Yes. He has the- Good example of the- He has the Hawaiian deal- Mm-hmm. -that's forthcoming. We think it gets approved. As well. And is that a situation where, obviously, you can't get into all the details, but are you already having discussions with them hypothetically? "Hey, if it goes through, and you have these three thirtys, then maybe we'll figure out a way to help you streamline this fleet." I mean, you have the relationship there. Well, there's really three components of the fleet at Hawaiian that they have to address- Mm-hmm At some point, provided they get regulatory approval. One is the inter-island services. Mm-hmm where they are still flying the Boeing 717, which was really the Douglas MD-95. Okay, so those airplanes are gonna get older and older. They work very well on inter-island short flights, most of which are between 20 and 30 minutes. Then they have the A330s that fly from the mainland to Hawaii, and also to Asia and Australia, and Tahiti, and places like that. And then they've got the A321neos with the GTF engines. So all those three have to be addressed, and the only new aircraft they have on the order are 787s. Mm-hmm. Will they eventually replace their A321s with, say, MAX 9s? Or do they take more A321s? Mm-hmm. Do they have a one type of 787 wide body, or do they keep the A330s because they'll also be in this cargo side business? These are all things that we're going to be talking to Ben and the team about, a great deal. I'll give you another example, a similar situation on the other side of the Pacific, where you have in South Korea the Korean Air-Asiana merger. We have aircraft on lease to both. Our relationship goes back with both airlines 30 years. And we are very actively involved in discussions of if should that go through how they can maximize and streamline their fleet. We can provide some aircraft, get some pruning going on, et cetera. But this is something we've done for decades. Right. When two airlines come together, there's always room to optimize their fleets and their networks, and that's where Air Lease and previously, ILFC, plays a very active role, much more than just an aircraft financing provider. That's the question. And that's a big differentiation between us and somebody of the lessor sort. We have time for a question or two from the audience. Can we see some hands go up? We've answered all the questions. Well, I have one for Greg. Okay. Which is- I've got one to close with. We have equity and credit investors in the room here, Greg. So you mentioned the deleveraging, sort of, and getting down to the target and so forth. What's sort of your anticipated timing of sort of arriving there? And how should we think about where you stand, sources and uses wise? Obviously, you're at a point where you're doing multiple bond deals per year. How are you thinking about just accessing the market for the rest of this year? Yeah, I think we'll probably do about $3 billion-$4 billion. I mean, we did a little bit of CAD, we've done some US. We try to diversify our access points around the world- Mm-hmm. to various unsecured capital providers. I think that's helped us provide a lot of leverage and helped our bonds trade really well here in the U.S., keeping everybody honest. That's one answer. We haven't given guidance as to when we're going to get down to the 2.5 to 1. We're working really hard with the sales program, working on additional recoveries out of Russia, which, you know, we'll see how that goes. Mm-hmm. Hopefully, in the near term, we'll be able to get to a position where we're back to our target, and then we'll have full flexibility from a capital allocation standpoint. When you get to— One variability on that, I was to say, is our CapEx this year. Yeah. With the production rate freeze at Boeing on the MAX, we are still not sure of what our CapEx profile is going to be, which is why, by the way- We take the under. Yeah, we gave an outlook. Is more realistic than an outcome. We gave a pretty broad outlook in our new aircraft acquisitions for 2024, $4.5-$5.5, and some people thought that's a big range. Well, it's a big range for a reason. Yeah. We did that, by the way, before the FAA announced a production rate freeze with Boeing. So that also plays into it. We could have $1 billion in variation in what we buy this year. You got to remember, we're buying $20+ billion of airplanes over the next 4-5 years. That's larger than most leasing companies. So I guess, your question about M&A, I think we have a nice pipeline of attractively priced assets coming our way. Well, just one last question. I'll let Jamie wrap up then. Greg, to you. When you get that 2.5x leverage target, are you going to be knocking on the door? You may already be knocking on the door and pushing for a BBB+ rating from- A-minus rating. Well, you already have an A-minus rating, but pushing for your mid triple B ratings for upgrades. Across the board. I know you want A-minus. I'm asking you, first, do you want triple B plus? We have a double A-minus before the financial crisis at ILFC, and we were levered 4 to 1. Mm-hmm. The company was making $1 billion a year in profit. Betsy, you're shaking your head yes. So we had a double A-minus. Mm-hmm. How many banks have a double A-minus? So an A-minus, a single A-minus, is not out of the realm of reality. Okay, that answers that question. Did we have a question in the last row, or was that- Why settle? Oh, maybe it was somebody just fidgeting. Last question. If an A320 came back to you in a typical low-cost carrier configuration- CEO or NEO? We'll make it a two-part question. All right. If either aircraft came back to you- Yes. Fairly standard configuration. What color? You want... Can I ask the question? Sorry. Sorry. Sorry. He knows what I think. Yellow. You were going to transition that to another low-cost carrier. Mm-hmm. So not the Singapore Airlines, where you'd have- Minimal- transition costs. Yeah. How minimal is minimal, and how much time is time? Look, in today's environment, there would be very little time, and we could probably dump all of the reconfiguration costs on the lessee. Okay, perfect. Well, in fact- If somebody buying a house and saying: "I don't like that kitchen appliance. I don't like the window in my little girl's bedroom." Okay, if you buy the house, you can do that yourself. Perfect. That's our attitude today. Okay. Well, in fact, we have a transition effect. Just a pretty exciting example. We have an example of that. We have several CEOs and 737 aircraft coming out of China over the next year or two. We have one carrier, and given the desperation for aircraft these days, that basically we put out a fairly robust number- Mm-hmm. At least in commercial terms, taking the aircraft as is, where is, they'll do every all the work. We don't do a thing. Perfect. And so that wasn't the norm, but it's becoming more a part of the deal of, if you're short of aircraft, you take this- Right. -not us. When you have five or six airlines fighting and arguing and positioning to get the same one airplane we have, we have the luxury of being a little more tough- Right In terms of what we're willing to absorb as additional capital expenditure to customize the aircraft. Got it. Gentlemen, thank you very much. Thank you. Absolutely. Take care.