Good morning, everyone, and welcome to Aircastle Limited's Q3 2021 financial update call. With me today are Mike Inglese, Chief Executive Officer, and Roy Chandran, Chief Financial Officer. Also on the line are other members of the management team who will be available during Q&A. We'll begin the presentation shortly, but I'd like to remind everyone that this call is being recorded, and a replay will be available through our website at www.aircastle.com. There, you can also find the press release and PowerPoint presentation that accompany this call. I would like to point out that statements today, which are not historical facts, may be deemed forward-looking statements. Actual results may differ materially from the estimates or expectations expressed in those statements. Certain facts that could cause actual results to differ materially from Aircastle Limited's expectations are detailed in our SEC filings, which can also be found on our website. I'll direct you to Aircastle Limited's press release for the full forward-looking statement legend. With that, I'll now turn the call over to Mike. Thanks, Jim. Good morning, everyone, and thank you for joining us today. For much of our fiscal third quarter, which ended November 30, 2021, we saw the aviation industry continue a positive, improving trajectory. Strong short-haul travel volumes continued to bolster narrow body aircraft values, and the reopening of transatlantic routes brought optimism that international recoveries may soon be following. While these were positive developments, we now find ourselves challenged by a new COVID-19 Omicron variant. Although it's too early to forecast Omicron's full impact in the near term, we should expect a decrease in global flight volumes, particularly in Europe, due to flight restrictions in the U.S. due to staffing challenges. Traffic is also likely to reduce as per normal winter seasonal trends. Government reactions to the new variant may present a significant risk to aviation, so IATA has recommended coordinated security measures among governments, stressing the need for uniform protocols across borders. If we've learned anything from the past two years, making predictions during the pandemic is difficult. The only assurances I can make today are that Aircastle remains vigilant, nimble, and is focused on collecting cash and supporting our customers. The Omicron variant will pass, and our long-term perspective on the industry remains positive. Although our optimism is guarded as we cautiously watch developments unfold, in our fiscal third quarter, we delivered visibly improved results, which we'd like to briefly share with you this morning. We're pleased to report that total revenues were up 21% versus the second quarter of fiscal 2021. This is primarily the result of a 13% increase in base lease rental revenue. Cash flows have greatly improved, deferral requests are coming down, and deferral repayments are increasing. Year-to-date cash flows from operations are up almost 120% versus fiscal 2020, and our third quarter cash collections represented 100% of lease, rental, and direct financing and sales type lease revenues. There are still significant COVID-19-related challenges for our customers in Southeast Asia. We were notified in September of Garuda Indonesia's intent to enter protective filing and the early return of three aircraft to Aircastle. This produced a $69 million non-cash transactional impairment charge. Despite this, our fundamentals for the third quarter look good, as seen by adjusted EBITDA of $174 million, a 4% increase from the prior year. Now a few words on our investing. The speed of the recovery has brought about a surge in demand for new technology narrow body aircraft. The acquisition market is extremely competitive, for sale leasebacks commanding high purchase prices with challenging lease rate factors. During the year, our team managed through these challenges, and we're proud to report that 10 of the 12 acquisitions we made year-to-date were new tech, fuel-efficient, low-emissions aircraft. In the third quarter, we acquired an A320neo, a Boeing 737 MAX 8, and we've now completed the third and fourth deliveries of our 25-aircraft E2 program with Embraer, with the fourth delivery having occurred in early December. Both E2s were delivered to KLM Cityhopper and feature long leases and industry-leading sustainability benefits. We believe these strategic acquisitions are great investments that align with the industry's natural progression towards more fuel-efficient, low-emissions aircraft. On the financing front, we recently closed a new $100 million revolving credit facility with Mizuho Marubeni Leasing America Corporation, the U.S.-based subsidiary of a joint venture co-owned by our parent companies. This new facility is an outstanding reflection of our partners' commitment to Aircastle's future. Since March 2020, our unique ownership structure has been a strategic strength, bolstering our credit rating and expanding our access to funding channels. Aircastle is known for solution-focused marketing, legal, and technical teams. The depth of our experience and the strength of our relationships have enabled us to steer through difficult lease restructurings towards optimal solutions. In the third quarter, we're pleased to have executed lease extensions with four customers covering 17 aircraft. Aircraft leasing has proven to be a resilient sector over the past two years, as evidenced by the competitive capital inflows. Despite the challenges of this new Omicron variant, Aircastle will focus on maximizing our liquidity, maintaining low on and off-balance sheet financial leverage, keeping our operating cash flow strong, and working creatively with struggling customers. Most importantly, we're moving forward with strategic, sustainable new technology investments. These initiatives continue to position Aircastle well for the long term in a disciplined and profitable growth trajectory, with the strategic support and commitment of our investors, Marubeni Corporation and Mizuho Leasing. With that, I'll pass the call over to Roy, who'll go over our financial results in more detail. Thanks, Mike. As Mike mentioned, we finished the third quarter with a net loss of $62 million and adjusted EBITDA of $174 million. The Garuda bankruptcy results in a net charge of $45 million, which comprised of $69 million revenue of $24 million. For the third quarter, lease rental revenues were $156 million. This increase of $13 million versus the second quarter was primarily due to aircraft acquisitions and improved rent collections. Our third quarter cash collections rate was 100% for lease and finance rentals. That's 13 percentage points higher than the second quarter of this year. Year to date, we reported cash flow from operations of $271 million. This is approximately 120% improvement from the prior year, which was driven primarily by cash collected on rents and deferrals, and $55 million from the proceeds from the sale of the LATAM claims, which we reported in the second quarter. Turning to our capital structure, our net debt-to-equity leverage is now 2.4x, versus 2.6x at the end of fiscal 2020. We have no unsecured notes due until April 2023, and at the end of the third quarter, our total debt was $4.6 billion, of which $3.9 billion or 85% was unsecured. A word on deferral. The number of new deferral requests are down. As of January 7, we have agreed to defer and/or restructure approximately $87 million in lease payments with 19 airlines to repay over time. 83% of these deferrals are part of broader lease restructurings, with repayment terms beyond the next 12 months. It's important to stress that in exchange for any payment accommodation, we strongly pursue the opportunity to amend leases for longer terms, better security packages, or other valuable consideration for the liquidity we're providing. In addition, as of November 30, we held $73 million in security deposits, $499 million in maintenance reserves, and $143 million letters of credit from our lessees. These combined equal $715 million. In terms of our liquidity, we have more than ample coverage with $2.1 billion of liquidity. This is comprised of $1.4 billion of undrawn credit facilities and $0.7 billion of unrestricted cash, contracted asset sales, and projected adjusted operating cash flows through January 1, 2023. As Mike mentioned, there are challenges ahead, but we believe in our strategy, which has now brought us stronger revenues and improved cash flows. We also view our strategic ownership and standalone capital structure as a competitive advantage. We are diversifying our credit base while maintaining a conservative leverage. Most importantly, Aircastle is focusing investments on liquid narrow-body aircraft with great sustainability benefits. This approach with our investment-grade rating and our unique ownership positions us well for the aviation industry's long-term recovery path. With that, operator, we are happy to open up the call to questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, star one to ask a question. We'll pause for just a moment to allow everyone an opportunity to signal. Our first question comes from Mark Streeter with JP Morgan. Your line is open, sir. Please go ahead. Good morning, everyone. A couple of questions. Aaron, the $69 million gross impairment, we always like to know what percentage of sort of prior carrying book value was that impairment? Just any sort of ballpark number. Did you write those aircraft down 10%, 20%, 30%? You know, Mark, I don't have that percentage change in front of me. I would say that, you know, when you look at the kind of fair value change of aircraft and primarily wide-bodies over the past, you know, 12 months, you know, 25%-30% change or decline since, call it pre-COVID levels, is something that you could think about. Okay. Yeah. If you can just follow up with me with what the number was, if you're willing to disclose that would be good. Just a little bit of a housekeeping item. Just as an investor asked me this morning as well, on the $715 million in total deposits, reserves, letters of credit, et cetera, what portion of that, if you will, could you break it into sort of, or tell us what's the amount that is related to lessees that are in default or in restructuring or something like that? You know, to the extent that we wanted to look at how much of that is sort of regular way deposits versus deposits that you're holding in LCs and reserves against problematic situations. Is there a way to look at it that way? Yeah. You know, Mark, that's a good question. We haven't disclosed that breakout individually. You can think about it in aggregate. Obviously, that's a good position to have, $750 million. You know, we've been clear on our revenue recognition policy that we will record revenue up until the security package, so we're covered. I would say that I don't have that specific, you know, percentage in front of me right now, and we haven't been given that out. Okay, no problem. Mike, big picture question for you. I think, you know, some certain appraisers and consultants and so forth started talking about, you know, when there was this controversy about an Airbus going too fast on production rates. In Scotland at the Edinburgh ISTAT EMEA conference, right, there was, you know, an interesting debate about OEM cadence and is there really a single aisle shortage near term, etc. By the time we got to Austin, I think it was picking up steam, and I just read an article this week talking about how there's a very real single aisle aircraft shortage coming, if not already here, over the next couple of years, just because production rates won't be able to increase fast enough, supply chain, whatever, to meet the demand that lessors are seeing and the market's seeing. Again, talking about the single aisle side. I'd love to hear you weigh in on this debate, and I'm really tying it to, you know, the importance of having an order book with the OEMs. You know, is there, 'cause there's so much competition right now on sale leasebacks. I'm reading about, you know, lease rate factors on commodity aircraft getting back below 0.5. Trying to tie into production rates, supply and demand, order book, etc, and how that fits into Aircastle's strategy. Okay. A fair bit to unpack there, but look, clearly there's still quite a few current generation 737NGs and CEOs that'll be looking for homes to get reabsorbed, as demand picks up over the next couple years. Yes, there certainly is an appetite for new tech, NEOs and MAXes. I think you're going to see perhaps if we get through Omicron, maybe this is the last serious variant, which I'm not sure anybody's betting on today. It's not implausible that there'd be some pressure, as that reabsorption of parked capacity occurs, and as Airbus sort of ramps up to start delivering. None of that, to me, is likely to change Aircastle's strategy or approach to the market. We've never been a big order book player. I don't think my shareholders who invested in Aircastle originally because we weren't a big order book player are that prone to looking to change the strategy dramatically over the next year or so. There may be pop-up opportunities with each OEM, which we occasionally are able to take advantage of. I don't see, and I don't think people should be expecting a big shift in the is Aircastle gonna place a big order with Boeing, Airbus or anyone else at this point. Are you in the camp that Boeing and Airbus are going too fast on the ramp-up in production or not fast enough? Look, they're gonna try to go as fast as they can 'cause they have a different business model than I do. Will they be able to ramp to where they say they're going to go in the next two years? I don't think many people who don't work at Airbus or Boeing are believing that, given what's going on in the world, in the context of supply chain and how that can get ramped. I think they're gonna do what they're gonna do. I think they're going to try to ramp up as much as they can. I don't know what they're gonna be doing on the wide body side. That market's gonna take longer to recover. Whether that gives them the opportunity to divert resources and do things faster than people are expecting, I think remains to be seen. Great. Thanks very much. I appreciate the time. Thanks, Mark. Ladies and gentlemen, once again, it was star one, if you had a question. We'll move next to Doug Runte at Deutsche Bank. Your line is open, sir. Please go ahead. Yes, good morning. You mentioned in your presentation that there are 10 aircraft to place in fourth quarter of 2021. I wonder what the relative degree of difficulty of those aircraft types are, and also if you can perhaps discuss what are the placements in your next fiscal year. Yeah, Doug. This is Doug Winter, if you can hear me okay. Yes. As it relates to the 10 aircraft that you refer to that are either currently AOG or who are otherwise scheduled to return between now and the remainder of our current fiscal year, we actually have six of those aircraft already under LOIs. They're in the process of being confirmed and leases being documented. Five of those are placements, and that includes the two Garuda 737s that we have already removed. It also includes one aircraft that is being parked out as end of life aircraft. Also, I should just note that also includes in terms of what we've got under LOI our three remaining ex-South African A330s. That leaves me with four other aircraft, one of which is actually AOG at the moment. The other two of those are actually AOG at the moment. Then there's two more whose leases are scheduled to expire before the end of February. Those are all, you know, mainline A320ceo and 737-800 narrow bodies for which we're working various prospects. Looking ahead to 2022 fiscal year, we currently have 16 scheduled lease expiries coming up during the course of fiscal year 2022. I can tell you in relation to those 16 aircraft, eight or possibly nine are gonna be destined for end of life part-out or sale as those leases conclude. We have two aircraft which we're on the verge of finalizing extensions for. We have another aircraft that I have a high confidence that we will conclude an extension for, and therefore, that leaves me with four to five transitions to execute during the course of fiscal year 2022. That's that does include one wide-body A330 for which we're working various prospects. Now what that count of 16 does not include our A330 that is also with Garuda. For the moment, it remains on lease, but we are contemplating the likelihood that that could come out during the course of 2022 as well, and we will need to find a home for. Great. Thank you for that comprehensive answer. You know, write-offs are never a good thing, but as you highlight, maintenance revenue can offset to some degree the pain. I'm wondering, what percent of your fleet in general are maintenance payers? And in general, do you feel that your most vulnerable customers are in fact maintenance payers, or is the risk that with, I guess, further restructurings, that there could be unameliorated write-offs in the future? Yeah, look, Doug, generally, I would say, you know, maintenance payers versus non-maintenance payers is probably in the neighborhood of half and half today, and that's a gross guess because I honestly don't have the specific data in front of me. Typically, less creditworthy customers are the ones who are making the maintenance payments. It doesn't mean that credits, people that bought prior were better credits didn't turn out to be not so better credits. Right. That certainly has happened a few times in our lifespan of 17 years and probably also during the last few years of COVID. There's never a perfect match in that context. Well, since Mark was so brief, maybe I'll ask a couple of other questions. It looks like we're poised for record ABS issuance potentially in 2022. Obviously, in the past, you were an early player in that space. Is there any role for aircraft ABS, given your ownership structure, given your fleet, given your inclinations? It's probably not the top couple priorities around capital activities for the current year, but it's certainly a market we keep an eye on. If we do pursue it would more likely be pursued in the context perhaps of a sale transaction. I'm, you know, the sort of E-note market for ABS hasn't reappeared just yet. Right. I don't think that necessarily, you know, is a permanent change, so. Okay. I guess lastly, since your own strategic transaction, there's been one very large, one announced medium-size, and potentially a speculated further strategic transaction coming. How do you see Aircastle playing in what seems to be the start of the long-awaited consolidation of the space? What are the inclinations of your owners? What are the opportunities? What are you seeing in the space globally and for yourself? Sure. Look, we keep an eye on the M&A marketplace in the context of what it could mean for growing the business and franchise. It’s a much harder thing to predict and transactions to pull off. I think in time we will see more consolidation in the lessor space as the industry grows and matures over the balance of this decade, and I think we'll be positioned to play in it if and when we find the right opportunity. Great. Thanks very much for all the comprehensive answers. Thanks, Doug. We'll take our next question from Robert Smalley with UBS. Your line is open. Please go ahead. Hi. Good morning. Thanks for doing the call. A lot of questions asked and answered. Just two. Mm-hmm. One, on cargo, several years ago, this is a business that you decreased your activity in, and I think that helped underpin the improvement in the perception of your credit. Given the state of the world and the need for more of that now, is there any institutional hesitancy about getting more back into that line? Number one. Then number two, following up on one of your comments, in terms of capital priorities, what are they for 2022? How do your hybrids fit in? Given your ownership structure, et cetera, do you even need them at all at this point? Thanks. Sure. Let me cover the freighter question, and then maybe I'll ask Roy Chandran to jump in on the capital topic. Yes, a number of years ago, freight was a much bigger percentage of our portfolio. It frankly didn't work out as well as we had hoped. Given our own experience, we still see that there may be some opportunities in the freight sector in the context of passenger-to-freighter conversions. For us, we will look at that in the context of basically what I own today, and is there an opportunity to maximize value of an asset where a passenger-to-freighter conversion is the best path for us. There was an announcement in the fall that we've signed up for a handful of P2F conversions on some 737-800s. It's, you know, modest. It's four aircraft. It's reasonably near-term slots with AEI. We think we will have a good outcome. We're in discussions with a number of prospective lessees on those four aircraft today. Not much else to report on that. We are also looking at some opportunities for a few, and I emphasize a few, potential A330 conversions. Again, it's asset value maximization. It's not really drifting into or, you know, zigging back to build up freighter exposure in a big way for Aircastle. That's probably the best way to think about what we're doing and how we're evaluating those freight opportunities in the context of the broader market. Hi. Roy, you want to. Good morning. Yes. Yeah, sure. I just wanted to comment on your question on liquidity. I think from our perspective, you know, near-term liquidity requirements are pretty much met. If you look at our maturity stack, our next real maturities come next year. Historically, we've always raised financing, you know, in advance of it. I think you know we'll continue to kind of look at the markets and decide when it makes sense to go back in and you know look at refinancing opportunities. Obviously, to the extent acquisition opportunities pick up and we need to you know build some liquidity to fund those, we'll look at that as well. I think the general takeaway is, you know, it'll be opportunistic. It will be driven by, you know, economics. If it makes sense, we'll go earlier than we traditionally do. Typically, kind of six months out before maturity, you know, we'll start thinking about when the best time to get back in. Related to your question about the hybrid, the hybrid trade really was, you know, I would view as a defensive trade. You know, our shareholders are very focused on making sure that we remain investment grade. Traditionally, the agencies have always held us to a higher standard given our secondary market outlook, and, you know, slightly older fleet. That transaction was executed with making sure that we firmly met all the credit criteria to remain investment grade. Also done at a time where the spread between hybrid capital and unsecured capital was, you know, smaller than traditional premiums, and so it was an attractive transaction from our perspective. I think going forward, we'll continue to look at that space if it makes sense to raise efficient capital to maintain our investment grade status, we will. That has to be coupled with, you know, accretive acquisition opportunities. Makes sense. Thanks for that, and thanks again for doing the call. Our pleasure. Thanks, Robert. With no further questions holding, that will conclude the Q&A session as well as today's Aircastle third quarter earnings conference call. We thank you for your participation. You may now disconnect and have a great day. Thanks, everyone.