Is that evolving now, and is that causing changes? I'm trying to understand if FTAI's current advantages will still hold in five or ten years. The industry seems slow to copy them, but I'm wondering if eventually, the industry will catch up and affect FTAI's margins.

It's similar to Amazon. You order something from Amazon, and you know you might find it at Walmart, but you have to search for it. With Amazon, you know you can order a bag and find it there. The ease of delivery is appealing; even if it costs $5 extra, I don't mind. It's more convenient than searching through Walmart aisles. Most items available at Walmart are everywhere, but Amazon offers doorstep delivery, warranties, and more. In terms of engines, FTAI is like an Amazon one-stop shop. You want an LPT? Yes, sir, I'll make it for you. You need a rental or lease engine? I'll provide it. That's what's working for them.

What portion of the market do you think FTAI can capture with this approach? They mentioned an 8% share and aim for 20%. How achievable is that? Why not 90%?

In any MRO, it's not just about acquiring parts; it's about skilled manpower, which they are smartly managing by acquiring key MROs. Their contracts and business arrangements are helping them. For instance, they had an aircraft with engines out of life. Instead of selling it off, they brought the engines into the shop, tore them down, took key parts, and gave them to their USM business unit, which sold them for profit. They intertwine their business units effectively.

What portion of the market do you think FTAI can capture with this approach? They mentioned an 8% share and aim for 20%. How achievable is that? Why not 90%?

Their strategy involves acquiring a customer and offering lucrative options through all business units—leasing, USM, module factory, and sales. Cumulatively, their business units make hefty margins. Compared to competitors, they might sell engines at a lower cost, but they profit through leasing and USM.