Helane Becker: Thanks very much, operator. Pete, I was just wondering about the assets held for sale increasing from 296 at the end of the year to 459. Can you just give some color on what those assets are, what families they’re in, et cetera?
Peter Juhas: Sure. Well, it’s mainly aircraft. It’s primarily aircraft and some engines that are included in those assets held for sale. And those are assets that we would plan — I mean, we would expect most of those sales to come through next quarter. Obviously, you never know exactly what the timing of that will be, but I would expect probably over the next two quarters that most of those would be completed.
Helane Becker: Okay. And then my follow-up question is just on the earnings as you think about it, and maybe you’ll talk about this next week. One — we get two major questions. One’s on capital allocation, which you already addressed that you’ll talk about it next week, and the other is on how it gets better from here. And maybe you answered that in Jamie’s question that you’ll speak to it next week. But that’s another question we get from investors. Like, how do you go from 320 in earnings this first quarter to a better number in the first quarter of 25?
Aengus Kelly: Well, Helane, we’ll talk about both of those topics next week. Of course, I would always look to the history of this company, and you’ve seen the tremendous stability of our earnings over a very long period of time through various different issues. But we will talk about the outlook for the business extensively next week. So, once again, I’d encourage you all to be at the pier.
Helane Becker: All right. Thanks, team. I appreciate the time.
Aengus Kelly: Sure. Thanks, Helane.
Operator: We’ll go next to Chris Stathoulopoulos with Susquehanna International Group.
Chris Stathoulopoulos: Good morning. Thanks for taking my question. So, I think in your prepared remarks, you spoke about, I guess, managing the timetable for deliveries. And it’s a question I’ve gotten recently, but I’m pretty sure you’ve addressed this on your last, if not the call before that. So, if you could just kind of walk us through how you’re managing that risk around deliveries. And is there a risk that carriers could potentially cancel orders or defer them as they look to smooth out or derisk their order books? Thank you.
Aengus Kelly: Thanks. The concern with the late delivery, I would say more the concern is more about the unknown delivery. When it’s late and you can trust the date that you’re given, airlines can tend to plan around it. The challenge is when the target is moving and even moving very close in, it can be far more difficult for an airline. For example, if you were expecting to get an aircraft for the summer and now you don’t get it till November, the airline will say, well, I don’t really want it in November. I needed it for the summer. That’s when I make my money. I lose money in the fourth quarter and the first quarter. That’s the real challenge for our airline customer base and to smooth out those late deliveries that fall from the periods of the year where they’re wanted to when they’re unwanted.
Now — and we work with the airline and the OEMs around those issues. The second part of your question, can the airlines cancel the aircraft? Yes, they can after a period of time and certain conditions have been met. However, we have a back to back cancellation right with the manufacturers. So, if that were to come to pass, we would not be exposed. But we would certainly — at the moment, we don’t see that happening. There is a global shortage of aircraft. And we’ll talk about that extensively next week as well and what our outlook is on the supply side of aircraft and also how the MRO situation is affecting the demand for aircraft.
Chris Stathoulopoulos: Okay. Thank you. And then on the $160 million in gains on sale in 1Q, could you just walk us through what you’re seeing in the secondary market? If there’s perhaps certain aircraft that are in vintage that are doing better, any color around the various pieces of the sales in the quarter would be helpful. Thank you.
Aengus Kelly: Well, that’s one area I’m going to tackle in quite a bit of detail next week to try to explain to you all how the different things that are happening in the market are impacting different aircraft values and engine values. So, again, I would encourage you to come along next week where we’ll have a more extensive discussion around that and the factors that are driving aircraft values higher.
Chris Stathoulopoulos: Okay, looking forward to it. Thank you.
Operator: At this time, there are no further questions. I will now turn the call back to Aengus Kelly for closing remarks.
End of Q&A:
Aengus Kelly: Thank you, operator. And thank you everyone for joining us on the call. In closing, AerCap has produced another excellent quarter of earnings and cash flows. And as I referenced, we’re hosting our 2024 Capital Markets Day in New York next week on May, the 8th. And we hope to see as many of you as possible at the event, where you’ll also get a chance to hear from a broad selection of the AerCap management team. So, thank you very much.
Operator: This concludes today’s conference. Thank you for your participation. You may now disconnect.
