Good morning, ladies and gentlemen, and welcome to the Chorus Aviation Inc. third quarter 2021 financial results analyst conference call. At this time, all participant lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. As a reminder, this call is being recorded today, November 11, 2021. I would now like to turn the conference over to Nathalie Megann, Vice President of Investor Relations. Please go ahead. Thank you, Michelle. Hello, and thank you everyone for joining us today for our third quarter 2021 conference call and audio webcast. With me today from Chorus are Joe Randell, President and Chief Executive Officer, and Gary Osborne, Chief Financial Officer. We'll start the call by giving a brief overview of the results and then go on to questions from the analyst community. Because some of the discussion in this call may be forward-looking, I direct your attention to the caution regarding forward-looking information and statements which are subject to various risks, uncertainties and assumptions that are included or referenced in our management discussions and analysis of the results and operations of Chorus Aviation Inc. for the period ended September 30th, 2021, the outlook section and other sections of our MD&A where such statements appear. In addition, some of the following discussion involves certain non-GAAP financial measures, including references to EBITDA, adjusted EBITDA, adjusted EBT, and adjusted net income. Please refer to our MD&A for a discussion related to the use of such non-GAAP measures. I'll now turn the call over to Joe. Thank you, Nathalie, and good morning, everyone. Many airlines, including Air Canada, are reporting their strongest results since the onset of the pandemic and are optimistic these positive trends will continue. Our experience is no different. Change is in the air, and our industry has arrived at an important inflection point. Throughout this crisis, we've made significant strides to secure liquidity, strengthen our balance sheet and our customer relationships, and to prepare as best we can to seize opportunities. The regional aviation sector is leading the recovery of domestic air transportation in many parts of the world. Improving market conditions are evidenced this quarter by the significant increases in fleet utilization by both our Air Canada Express operation and our portfolio of leased aircraft. Starting with the CPA operations, all aircraft have been removed from storage and returned to service. In the third quarter, we carried more than double the number of passengers we carried in the first half of this year. For the balance of this year, we are projected to operate approximately 75%-80% of our fourth quarter 2019 flying activity. As such, we're very pleased to have welcomed back substantially all our frontline and administrative staff and are recruiting additional team members. Jazz is compliant with federal COVID-19 vaccination regulations. Approximately 98% of our employees are fully vaccinated. The employees who are not vaccinated or do not have a medical or permitted exemption are on unpaid leave. Additional indicators that regional and domestic air travel is recovering are found in our leasing business, where leasing revenue collections increased to 77%, 10 percentage points over the previous quarter. Our portfolio of leased aircraft, excluding those off lease, operated at approximately 75% of their pre-pandemic average flying hours in the third quarter of this year compared to 2019. A remarkable improvement given the industry was essentially grounded at the height of the pandemic. Since our last report out, we successfully executed agreements to lease eight off-lease aircraft with two new customers. We're pleased to welcome Emerald Airlines of Dublin, Ireland, and Connect Airlines of Boston, Massachusetts, to our portfolio. We now have only two remaining aircraft to be remarketed, and we're in discussions with potential operators. Going forward, we believe airlines will increasingly look to operating leases to finance their fleets, whether to conserve capital or to support their efficiency and sustainability initiatives. Growth in the middle-class markets was driving rapid pre-pandemic growth in emerging markets, and we expect this growth trajectory to resume. Demand for regional aircraft in the 100-150 seat range, primarily the new generation Airbus A220s and the Embraer E2s, now commonly referred to as crossover aircraft, present exciting opportunities. Turboprops continue to be an integral part of regional networks worldwide, given their ability to properly match market demand in unique markets. Where there was flying at the height of the pandemic, it was with turboprops. These aircraft offer greener credentials than jet aircraft, and major airlines are considering how they replace 50-seat jets, and this could be with Dash 8-400s and ATRs. Electric and hydrogen-propelled engines are being explored, and we're watching developments closely. Given the changes to our industry and the emerging opportunities, we continue to believe that we're in the right sector of the business. Our ability to manage the entire life cycle of a regional aircraft is a major strength that differentiates us from the competition. New contracts recently awarded to Voyageur demonstrate the ingenuity and expertise of our team. By the end of this month, we'll be fully operational under the Purolator agreement and we're hopeful to grow this book of business. Our facility in North Bay is extremely busy and we're very pleased with the exciting work happening there. I'm optimistic the worst is behind us, and I couldn't be more grateful to our employees for their steadfast commitment to safety, the well-being of our customers, the company, and one another. The good work we've done together throughout this crisis provides a solid foundation that will deliver value to our stakeholders. Thank you for listening, and I'll now turn the call over to Gary. Thank you, Joe, and good morning. Here's how the third quarter of this year compares to the third quarter of 2020. We generated adjusted EBITDA of CAD 78.1 million, which decreased by CAD 7.8 million related to the 2021 CPA amendments and the reduction in foreign exchange rate from the prior year. Adjusted net income was CAD 15.3 million in the quarter, an increase of CAD 4.4 million, which resulted in adjusted EPS of CAD 0.09 versus CAD 0.07 in the third quarter of 2020. The increase was primarily due to a reduction in interest expense resulting from the repayment of amortizing term loans and lower depreciation expense. The RAL segment adjusted EBITDA was essentially unchanged from the prior quarter due to additional aircraft earning lease revenue offset by lower lease revenue attributable to restructured leases and lower earnings due to lower US dollar exchange rate. The RAS segment's adjusted EBITDA decreased by CAD 7.7 million. The third quarter results were impacted by a decrease in fixed margin of CAD 2.4 million in accordance with the CPA, an increase in stock-based compensation of CAD 1.5 million, an increase in general and administrative expenses attributable to increased operations, and a decrease in incentive revenue of CAD 0.6 million, offset by an increase in capitalization of major maintenance overhauls on owned aircraft of CAD 2.1 million, an increase in other revenue due to an increase in third-party MRO activity and part sales, and an increase in aircraft leasing revenue under the CPA of CAD 0.3 million, primarily due to six incremental CRJ-900s, offset by the removal of the Dash 8-300 fleet and lower earnings of CAD 1.8 million due to lower US dollar exchange rate. Adjusted net income was CAD 15.3 million for the quarter, an increase of CAD 4.4 million due to a decrease of CAD 5.7 million due to changes in foreign exchange, a reduction in net interest costs of CAD 2.8 million, a decrease in depreciation expense of CAD 2.1 million, a CAD 1.3 million decrease in adjusted income tax expense, offset by the aforementioned CAD 7.8 million decrease in adjusted EBITDA. Net income decreased CAD 34.5 million over the prior period due to an increase in net unrealized foreign exchange losses, primarily on long-term debt of CAD 40.8 million, an increase in lease repossession costs of CAD 2.8 million, primarily related to aircraft refurbishments, offset by a decrease in impairment provisions of CAD 4.8 million in the RAL segment, and the previously noted increase in adjusted net income of CAD 4.4 million. Now turning to liquidity. We ended the quarter with CAD 258.1 million in liquidity, which was an increase of CAD 80.2 million over the second quarter of 2021, primarily due to the issuance of the unsecured Series C Debentures for net proceeds of CAD 80.9 million. Of these net proceeds, CAD 29.8 million is currently held in a restricted cash account in exchange for a conditional waiver of the 35% repayment obligation under the unsecured revolving credit facility. The net proceeds from the issuance, including the related restricted cash, will be used to partially redeem or repay existing indebtedness, including the 6% Debentures, which may be redeemed on or after December 31, 2021. Liquidity, excluding the net proceeds from the Series C Debentures and the related restricted cash, increased by CAD 29.1 million over the second quarter of 2021 due to positive operating cash flows of CAD 82.8 million, offset by scheduled debt repayments of CAD 45.5 million and additions to property and equipment of CAD 9 million. In October 2021, Chorus repaid CAD 30 million under its operating credit facility and subsequently entered into a new three-year committed operating credit facility on October 14, 2021. This new facility provides Chorus with a committed limit of CAD 75 million plus a CAD 25 million uncommitted accordion. Other key liquidity movements during the quarter included increased cash of CAD 46.9 million due to higher accounts payable resulting from operations and commodity taxes relating to the timing of cash payments. Increased cash of CAD 11.5 million due to the increase in security deposits and maintenance reserves. Decreased cash of CAD 45.5 million due to scheduled debt repayments. Decreased cash of CAD 42.7 million due to an increase in restricted cash, including the aforementioned CAD 29.8 million held for the conditional EDC waiver. Decreased cash of CAD 13.8 million due to an increase in accounts receivable from Air Canada of CAD 4.7 million and an increase in gross lease receivables of CAD 9.1 million. Decreased cash of CAD 9 million due to investments in property, plant, and equipment. As of September 30, 2021, the controllable cost guardrail receivable was CAD 12.7 million over the agreed cap of CAD 20 million and subsequently paid in accordance with the 2021 CPA amendment. As COVID's impact varies by region and our CPA-CAC portfolio is global in nature, we anticipate that CAC's gross lease receivable at $62.3 million at the end of the third quarter could increase up to $65 million by the end of the fourth quarter 2021, which is up from our outlook shared last quarter due to potential delays in payment. Planned capital expenditures in 2021, including capitalized major maintenance overhauls, are estimated to be between CAD 19 million and CAD 29 million. This estimate includes between CAD 7 million and CAD 9 million that will be included in the controllable costs and paid by Air Canada. Planned aircraft related acquisitions are expected to be between CAD 42 million and CAD 50 million in 2021. Actual spend to September 30, 2021 was CAD 42.7 million. While there are no further significant growth capital expenditures forecast for 2021 at this time, we continue to prudently evaluate new transactions while also remarketing our two off-lease CRJ900 aircraft and one Dash 8-400 we expect to be returned at the end of January 2022. With the current recovery in passenger demand for air travel and further improvement expected in 2022, Chorus plans to invest between CAD 300 million and CAD 400 million in aircraft acquisitions in 2022, financed through existing cash resources, capital raises, secured debt financing or combinations thereof. We have continued with our plan to create additional flexibility in our capital structure by paying down our secured and overall adjusted net debt. By the end of the third quarter, we successfully completed another capital raise with gross proceeds of CAD 85 million and reduced our adjusted net debt since the beginning of the year by CAD 194.8 million. We also increased our percentage of unsecured debt to approximately 18% of total debt and brought our unencumbered asset pool to approximately $115 million. We anticipate continuing with our debt reductions while evaluating growth opportunities over the course of this year. Before opening the call to questions from the analyst community, I would like to acknowledge the continued outstanding efforts of our team during 2021 in a challenging and evolving operating environment. That concludes my commentary. Thank you for listening. Operator, we can open the call to questions. Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you would like to ask a question, please press the star followed by the one on your telephone keypad. If you would like to withdraw your question, please press the star followed by the two. Please stand by one moment for your first question. Your first question comes from Cameron Doerksen of National Bank Financial. Please go ahead. Thanks very much. Good morning. Morning, Cameron. Morning. Question on the growth plans for 2022. In the MD&A, you've highlighted that your current expectation is that you may be spending between CAD 300 million and CAD 400 million for additional aircraft acquisitions. Can you talk a little bit about what specific opportunities you're seeing there? Are these buying out of leases or are there maybe new aircraft? I mean, you mentioned A220 and E2 as attractive assets. Maybe just a little more detail around your expectations for next year on the portfolio growth. Sure. Well, what we're seeing now is more activity in the market, with respect to sale and leaseback opportunities specifically. As carriers, you know, the manufacturers are starting to ramp back up. Carriers are, you know, really firming up their commitments in terms of these aircraft deliveries, most especially on the crossover aircraft that I mentioned. Obviously that's an area that, you know, we've been active in previously and now look to, you know, pick up on. During this period as well, you know, we've seen and we expect we will continue to see, some portfolios that may become available as well. We're starting to see more activity, more opportunities. You know, I think the last quarter is when we've really seen it sort of start to pick up, and that's why we have this optimism and, you know, and we're seeing the request for proposals out there now from carriers. Okay, that's helpful. I guess my second question is kind of related to the leasing business. I mean, in Q3, I guess before tax, there was a loss in the business. I mean, obviously you haven't got your full portfolio on lease, so presumably that will change. Can you talk about the profitability of that business as it kind of normalizes and given maybe what lease rates have done? I mean, can this business get back to the level of profitability that certainly meets your return objectives, but also is consistent with maybe what you saw pre-pandemic. Yeah so Gary, Cameron, it's Gary here. When you look at the RAL division, certainly we're gonna have a lot of the aircraft or the currently off lease aircraft coming back to work. The other thing is to note is as Aeromexico and others emerge from bankruptcy, they'll get back on the positive side of the ledger as far as, you know, growth and revenue. As they went through the bankruptcy piece, it was a little more challenging. We're gonna see the pickup from the off lease aircraft and plus as some of these leases get restructured, a little bit of a pickup there. We expect things to get a bit better on the revenue line that way. The other side is the interest has been coming down on that side as we've been paying down our debt, so you'll see that make its way through. The other thing is on the ECL, you know, we booked just short of CAD 1 million, I think it was CAD 900,000 in the quarter, and we continue to monitor that. As the health of the lessees has been turning around, you know, we're hoping that that ECL provision will turn around also. From that perspective, I think the core fleet will start to perform better. As we grow, we'll continue to add aircraft into that, and certainly that will start to get the margins back to a much healthier level. The other side is SG&A is a bit high right now as a percentage of revenue, and that's really because of the nature of what we just went through, where we had off lease aircraft and whatnot. As we grow, that'll come down. There'll be a few factors that will start to bring that back to a better margin. I would say, Cameron, in terms of the opportunities in getting back to normal, it's you know, it's sort of bifurcated between two areas. One is, you know, there are still a number of airplanes that are off lease and distressed in terms of the older portfolios, et cetera. The good thing is that we have essentially placed all of our grounded aircraft back on lease. You know, it's something that we don't need to have and see these aircraft coming back in the near term and be under a lot of downward pressure because the market will be absorbing some of these excess assets that are there. That's one part of it. The other side is the actual sale and leaseback side, which, you know, we see recovering very well because these are new assets. They're not really competing against the assets that have been grounded. They're new technology. They're because of the green initiatives, carriers re-fleeting, et cetera. That end of the business, you know, we see, you know, recovering in a very good way. As I mentioned in my comments, you know, with the balance sheets that are there, we think that the penetration of operating leases within the business will actually increase as a percentage of the new production that's coming out. So that's why we're optimistic in terms of that part of the business. It doesn't mean that there won't be competition out there, et cetera, but you know, we believe we can compete in that business and you know, so that will be a focus. Any other portfolios that are out there, you know, should be priced according to the market conditions, et cetera, that exist for those aircraft. So you know, that's why we feel the worst is behind us. We just have these two airplanes left to re-lease that we're optimistic we'll have something there very soon. You know, we'll be focused on the two areas that I just mentioned. Okay. No, that's great. I'll pass the line. Thanks very much. Your next question comes from Alanna Yontef of BMO Capital Markets. Please go ahead. Hi. Thanks for taking my question. I just had a question about the leasing business, specifically, just to build on Cameron's question. As we think about the recovery moving forward, do you think we've seen the worst of the downward revisions to these rates, or are there still pockets of vulnerability in the leasing portfolio? I think, as I mentioned in my comments, I think we've seen now an inflection point. You know, I see as carriers get back up and as passenger travel resumes and as vaccination rates increase because, you know, the vaccination rate is really key here in terms of the recovery of the business. I think as we see that continue to rise, the business itself will rise accordingly in terms of the level of demand as people get back up in the air. You know, I think that's evidenced by the increased utilization we're seeing in the fleet, both the ones, the aircraft we lease, we monitor that closely, and of course, our Air Canada Express operation, which has rebounded quite significantly. Great. Just one quick question about the regional aviation services. Just wondering what about the necessary resources that are being brought back to support the recovery, and are you seeing any bottlenecks that you're seeing in that recovery there? You know, we're very busy training people and, you know, we've gone through our list and in fact, we're hiring flight attendants now, et cetera. You know, we don't see anything in the near term at all that is going to create any pressure for us. You know, we look at the industry going forward, just like coming into the pandemic, you know, everyone was looking at the pipeline of staff, et cetera. You know, relative to others in the industry, I think we're really in a good position. We have this flow-through agreement with Air Canada. As Air Canada comes back, you know, they will be hiring a lot of our pilots, but that helps us hire pilots ourselves because they see a career path through Jazz as being a long-term career path in the industry. You know, that's why we're such a, I think, a very good part of the supply chain, very strong with the relationship with Air Canada. You know, it's something that we have to keep our eye on going forward for sure, is the availability of human resources. Great. Thank you so much. You're welcome. Your next question comes from Kevin Chiang of CIBC. Please go ahead. Hi, thanks for taking my question. I did get on the call a little bit late, so maybe you did address this. Just wondering, when you look at the leasing business or Chorus Aviation Capital specifically, just wondering, you know, I guess the potential changes to the taxes in that jurisdiction, given the broader global tax mandates being put out by major economies. Does that materially change the returns you would see within CAC, or is it or does it just end up kind of being a rounding error? Yes. Gary here. Good morning, Kevin. No, we don't see it as really changing the equation. You know, the minimum tax going from really 12.5% in Ireland to 15% wouldn't have a material impact because there's a couple things at play. In Ireland, the way the tax regime works is really your income is deferred really till the end, and as a result, it's at the back end. When you look at returns, it'll affect that, and it's pretty nominal, the difference as far as that goes. We don't see it as being immaterial to the business and not changing the value equation. Okay. That's helpful. I guess just on the refocus on growth here within leasing, you know, it sounds like you feel you've turned a corner on lease rates. You're willing to put some capital to work here on the sale-leaseback. Presumably, you know, these lease rates probably aren't where they were, at least pre-pandemic, even if they've inflected positively. You know, to get the returns you're typically targeting, does that suggest you're able to get these assets at a lower price to kind of drive that mid-teens ROE or to at least, you know, push through your hurdle ROIC percentage? Gary again. On the lease rate factors, obviously they'll be commensurate with the metal value and also the interest rates and whatnot. Certainly they're a little bit lower, I would say, on some of the larger equipment, but the financing is much more competitive and much more, you know, dynamic that way. From that perspective, the return should be, you know, in good stead for that metal. We're not really that concerned that we won't be able to at least be competitive in that space. Okay. Maybe just last one for me. You know, 75% of your leased aircraft are or your leased aircraft are running about 75% utilization from pre-pandemic levels. Is there a way to think of how that's bifurcated? You know, is it a pretty wide range, like some people are at 100% and some people are at 50%, and you kind of average out at 75%, or is it pretty tight around that 75% range? There's some variation among the carriers, and generally it's pretty much correlated to what's going on in the country with respect to COVID in that geography. It's variable. Mm-hmm. You know, like, we don't speak to the individual operators, but there is variation. Okay. Maybe if I could just ask a last one. I know this is probably difficult to just answer on the fly. I look at, like, your, let's say 2019, you know, cash flow from operations. I'll take out working capital because I know that can swing around for you guys. Actually, if I look at 2018 and 2019, you're kind of hovering around CAD 270 million on an annualized basis. Just wondering, you know, based on what you're seeing today and the recovery in the lease portfolio, where lease rates are, where, you know, you've renegotiated the Air Canada contract. You know, I guess what, I guess how much can you get back to that CAD 270 million level, or how much of that is just, let's say, just totally impaired because, you know, you'd have to renegotiate some of these agreements. Maybe if you kind of get to 90% of that's kind of as good as you can get with the existing portfolio, and then to grow above that, you're obviously investing in your asset base. Is there a way to kind of frame that just based on all the stuff you've done over the past couple of years? Yeah. Sorry, it's Gary here. If you look at, you know, prior to COVID or, you know, pre the 2019, 2020 levels, there's some changes obviously that have occurred on the RAL side with leasing, but also with the CPA piece that, you know, we've had to, you know, a bit of a step down in the fixed fee and whatnot and remove the Dash 8-300. Certainly there's some changes there. The one thing is, you know, the steadiness of the cash flow is still there. As you look forward, it should grow a little bit, hopefully as RAL and that starts to kick in and Voyageur, you know, with the growth they're seeing. You know, the levels you're seeing with a bit, you know, at today's level are, you know, certainly good basis to move forward without giving a big prediction as to where it's moving. Certainly it's a great base to move ahead with and you and you'll probably see some growth from it as we get aircraft re-leased and Voyageur does a bit more. Okay. That's fair, and that's helpful. You know, good progress in the third quarter on the recovery there. I'll leave it there. Thank you for taking my questions. Yeah. Your next question comes from Walter Spracklin of RBC Capital Markets. Please go ahead. Hi, this is Ryall Stroud on for Walter. Good morning, and thanks for taking my questions today. Good morning. Good morning. I just wanted to start off and was wondering if you could provide us with some more context on what you're seeing on the domestic recovery front. You know, it's moving from 55% recovered in Q3 to 75%-80% recovered in Q4. That's a fairly significant jump. Maybe looking ahead, how far away do you think you are from fully returning to normal from a capacity perspective? Well, you know, considering in terms of our Air Canada Express flying and the level of flying, that is actually determined by Air Canada. You know, we do not determine that. You know, in terms of predicting it, you know, the indication that we have now with respect to the fourth quarter is the plan that we have from Air Canada. You know, I think with this trend continuing, you can certainly see with this type of trajectory that getting back close to full operations in the, you know, probably latest second quarter, could be very achievable. It depends. It depends on the demand on the Air Canada front. It depends on, you know, the border. I know that there's a lot of pressure these days to make crossing the border easier. You know, I think our operation really benefits from things like that because we do a lot of transborder flying for Air Canada as they open the transborder markets and travel increases. You know, we are seeing on the flights that we operate very good demand in the domestic market. You know, I think it's looking pretty good. Of course, we're on the right side of the business because the demand for the smaller aircraft really is the first to come back. You know, that's why our 76-seat aircraft or jet aircraft are very busy these days, flying throughout North America for Air Canada. That same sort of pattern is existing in other parts of the world. You know, we've seen Europe now, you know, there have been a few fits and starts there, but you know, headed in the same direction. Got it. That makes sense. That's a very helpful color. Then just lastly here, you know, you mentioned that the Purolator agreement kicks in later this month. I was wondering if you could provide us with any color on how material this is expected to be to the top line and if there's any additional CapEx spend associated with this partnership. Sorry, it's Gary here. On the CapEx. I can answer the CapEx. CapEx is minimal. It's in our forecast and it's certainly not significant. And then on the revenue line, it's not overly material to Chorus at this point in time, but it continues to grow. As the relationship grows, it'll continue to make its way through. We've also had the Purolator arrangement in place now for two or three quarters, you know, 'cause it started out as a trial. A lot of that, you know, revenue bump up, you've seen at least off the existing fleet, but we are hoping to grow that relationship. What I would say is that, you know, we've converted these Dash 8-100s at Voyageur into freighters. You know, we had temporarily aircraft operating in there for Purolator that were not the fully converted freighters that we now have in there operating for Purolator. We do have a number of these airplanes available to convert. You know, the conversion cost is quite reasonable. You know, from what we understand, the aircraft are performing very well. They have a very good payload on, you know, especially transporter services, et cetera. You know, the interesting thing is that the demand because of the online purchasing that's going on in smaller communities and remote areas and that sort of thing, you know, I think that puts us in a pretty good place. I think Purolator has a very strong position in that market as well. We'll continue to work with them to identify new opportunities and ways of growing that business. We're optimistic that, you know, positive things will continue to occur there. It's an interesting business to us, and we're very focused on the relationship and growing it. Okay. That's great. Good to hear, and thanks for the color, and thanks for taking my questions. I'll pass the line now. Thank you. Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star one on your telephone keypad now. Your next question comes from Konark Gupta of Scotiabank. Please go ahead. Thank you, operator, and good morning, everyone. Good morning. Morning. Morning, guys. Maybe just digging into CapEx here a little bit for next year. I think you guys mentioned CAD 300 million-CAD 400 million in aircraft acquisitions next year, perhaps. That seems like an opportunity base, more like more than sort of a committed CapEx at this point. Let's say you do CAD 300 million- CAD 400 million next year on aircraft. Like if you look historically and like that could be possibly six to eight larger aircraft, like A220s, or if you go smaller, it's probably 10-15 regional aircraft. Can you give us some sense, like is there going to be a mix of both maybe 8-20 kind of aircraft and smaller aircraft? We are anywhere between, you know, call it 8-10 or 12 aircraft possibly. Is that the size that you are anticipating next year? It's Gary here. There will be a mix of those types of aircraft. We're not giving specific guidance on the aircraft, but giving a range for the CapEx. To your point, it will depend on the deals that we focus in on and we're able to complete. You know, your ranges weren't off, I don't believe. Yeah. Yeah, the opportunities, you know, I mentioned the crossover aircraft with respect to the E2s and the A220s. Of course now ATR is starting to pick up in terms of their manufacturing rate as well. You know, ATR 72 potentially could be in the mix. You know, the manufacturing of the Dash 8-400s has been suspended, so there's not a lot of activity in that regard. In terms of new metal, those are the three aircraft types. Of course, they vary quite a bit in terms of their acquisition cost. It's hard to say exactly what the mix will be. You're right, you know, the number of airplanes is clearly, you know, it has to be reflected in the mix and of the CAD 300 million- CAD 400 million. Okay. No, that makes sense, and that kind of probably puts you back somewhere toward your pre-pandemic kind of goal for 20 aircraft or so annually. It seems like it's heading there. Now with respect to non-aircraft CapEx, and I know it's still a bit premature, but like we have seen perhaps not a significant variation this year versus 2020 and maybe before. Is it fair to expect the non-aircraft CapEx is more or less similar in 2022? Or is there any incremental ramp up you expect? It's Gary here. Can't really give you a good flavor for that at this point in time. As the operation ramps up, though, one would expect that would ramp up a bit. The, you know, if you look at, particularly for Jazz, things have changed with the Embraers coming in play, too. You know, I think it's a little early to give you guidance on for next year. Okay. No, not a problem. Thank you so much for that. Lastly for me, with respect to the remarketed aircraft, I think you have done about 11 of those so far and the two are coming out shortly as well. I think if I'm reading it correctly, you mentioned somewhere in the disclosures the six, I think, ATRs are spreading over the next 12 months or so, essentially. Can you provide any sense as to, you know, should we expect the ramp of remarketed aircraft placed into the leasing revenue to be linear over the next three to four quarters starting from Q4? Should we expect like a big bump in one or two quarters? It's Gary here. I think it would be more linear, but it could change. I know the deliveries and the time frames have moved around a little bit with Emerald and other carriers. It could be a spike or it could be more linear. For modeling, I would probably use more of a linear approach. Okay. That makes sense. Thank you so much. Thanks, guys. Yeah. There are no further questions from the phone lines. At this point, I will turn the conference back over to Nathalie Megann for closing remarks. Thank you, Michelle, and thank you everyone for being present on this call, and we look forward to speaking with you all soon. Have a great day. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.