FTAI Aviation Ltd. (FTAI) Q4 2024 Earnings Call Transcript

2025-02-27 13:31:48 ET

FTAI Aviation Ltd. (FTAI)

Q4 2024 Earnings Conference Call

February 27, 2025 8:00 AM ET

Company Participants

Alan Andreini – Head-Investor Relations

Joe Adams – Chief Executive Officer

Angela Nam – Chief Financial Officer

David Moreno – Chief Operating Officer

Conference Call Participants

Kristine Liwag – Morgan Stanley

Sheila Kahyaoglu – Jefferies

Josh Sullivan – Benchmark Company

Giuliano Bologna – Compass Point

Brandon Oglenski – Barclays

Hillary Cacanando – Deutsche Bank

Ken Herbert – RBC Capital Markets

Myles Walton – Wolfe

Stephen Trent – Citi

Andre Madrid – BTIG

Presentation

Operator

Hello, and welcome to FTAI Aviation Fourth Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Alan Andreini, Head of Investor Relations. You may begin.

Alan Andreini

Thank you, Towanda. I would like to welcome you all to the FTAI Aviation fourth quarter and full year 2024 earnings call. Joining me here today are Joe Adams, our Chief Executive Officer; Angela Nam, our Chief Financial Officer; and David Moreno, our Chief Operating Officer. We have posted an investor presentation and our press release on our website, which we encourage you to download if you have not already done so. Also, please note that this call is open to the public in listen-only mode and is being webcast. In addition, we will be discussing some non-GAAP financial measures during the call today, including EBITDA. The reconciliation of those measures to the most directly comparable GAAP measures can be found in the earnings supplement.

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

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

Joe Adams

Thank you, Alan. I’m pleased today to announce our 39th dividend as a public company and our 54th consecutive dividend since inception. The dividend of $0.30 per share will be paid on March 24 based on a shareholder record date of March 14. I’d also like to start today by talking about the investor presentation posted to our website. While not going to go slide by slide, we wanted to speak to our market opportunity, the value proposition, scalability and durability of our Aerospace Products business.

Starting with the market opportunity, if you look at the total number of operators, the majority of our target customers are small and medium-sized airlines, which have narrow-body fleets powered by CFM56 and V2500 engines, our focus engines. They represent approximately 600 operators worldwide, and 80% of the number of all these engines flown, which creates a large and fragmented addressable market of $22 billion of annual maintenance spend, where FTAI focuses and can provide significant value to the customer. We offer these customers a lower fixed price with minimal downtime products compared to what our competitors do. This is made possible through our unique maintenance capabilities and expertise and a large owned engine fleet....

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