day, and welcome to the Aircastle Q4 2021 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to James Connelly, SVP of Corporate Communications. Please go ahead. Thank you, operator. Good morning, everyone, and welcome to Aircastle Limited's fourth quarter and full- year 2021 financial update call for our fiscal year ended February 28, 2022. With me today are Mike Inglese, Chief Executive Officer, and Aaron Dahlke, 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 today's 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 filing, 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. Our fiscal fourth quarter began with airlines experiencing labor shortages and tighter restrictions caused by the Omicron variant. By the end of the quarter, while Omicron's impact proved transitory, Russia began its invasion of Ukraine. It's difficult to compartmentalize this painful human tragedy on a call where I typically talk about commercial strategies and financial results. Decades of peaceful economic coexistence have enabled global aviation, and especially aircraft leasing, to grow and thrive. Russia's invasion of Ukraine and the international sanctions that followed make it difficult to predict what the future may hold for Eastern Europe. I'd like to start today's call by framing out Aircastle's exposure to Russia and Ukraine. Before the invasion and the resulting sanctions, Aircastle had three wide-body aircraft, which included two 747 freighters on lease to AirBridgeCargo, and nine narrow-body aircraft leased to six customers throughout Russia. These aircraft represented approximately 6% of the net book value of our fleet. We also had one aircraft leased in Ukraine, which we relocated out of Ukraine before the invasion began. Russia was a market where historically we had a lot of success and good customer relationships. In compliance with a broad set of sanctions imposed upon Russia and Russian entities, Aircastle ceased all leasing activities in Russia. Since the imposition of the sanctions, we have and will continue to focus on aircraft repossession. Of the 12 aircraft I mentioned, to date, we have repossessed two aircraft, one wide-body and one narrow-body. As we continue to focus efforts on the reposition of the 10 remaining aircraft, we have already filed claims with various insurance carriers, and we intend to vigorously pursue the favorable conclusion of these. Given the unprecedented nature of these events, the timing and amount of any insurance recovery is, not surprisingly, uncertain at this time. These events required us to evaluate these aircraft for impairment, the result of which was a $252 million net charge in the fourth quarter. This was the primary contributor to Aircastle's net loss for the fiscal year of $278 million, which Aaron will discuss in more detail. I'd like to underscore that because of our conservative leverage and rigorous risk management, our exposure to Russia was contained and manageable. While painful, we can absorb the losses, move on, and return to a disciplined growth strategy. As I mentioned, the tragic events in Ukraine and their impact on aviation are unavoidable points of discussion. We shouldn't lose our global focus because aircraft leasing is a resilient global business. Elsewhere, we're seeing positive recovery in travel volume and decreases in COVID-19 infections and deaths. Domestic markets are especially strong in North America, South America, and Europe, markets where Aircastle draws approximately two-thirds of our revenue. Travel data supports our view of the improving environment we see for customers. TSA throughput data for March and April of 2022 show a daily average of 62% more passengers than 2021. Most recently available RPK data from CAPA shows a 61% improvement versus 2021 within Europe and a 49% improvement in North Atlantic routes. Southeast Asia's recovery has been slower, but even there, domestic travel within the region is starting to improve, and we see recent developments as cause for optimism, such as Singapore's recent reopening for all vaccinated travelers. Despite the numerous and significant challenges in the fourth quarter, our cash collections rate improved to 103%, bringing our overall rate for the year to 95%, net of Russia-related items. Full-year cash flows from operations finished 113% higher than the previous year. Deferral requests are down and now mostly bundled into longer-term restructurings. In the fourth quarter, we acquired four new technology aircraft, finishing off the fiscal year with $763 million of new investments, of which 82% were new tech narrow-body aircraft. In addition, we sold 15 aircraft which had an average age of 16 years, generated proceeds of $211 million, which produced gains on sale of $26 million for the year. We're moving into this new fiscal year with strong conservative broad base of liquidity, with $1.4 billion of undrawn credit facilities, 3.5x coverage of our obligations for the next 12 months. The next major unsecured note redemption won't be until April 2023. Looking ahead to fiscal 2022, we plan to deploy capital, continuing our emphasis on newer narrow body technology aircraft operating in markets with strong domestic and regional footprints. We look forward to growing our fleet of narrow body aircraft across a broad, geographically diverse customer base. Lastly, we're committed to maintaining our investment-grade credit rating with the support of our shareholders. In March, Aircastle celebrated the two-year anniversary of our acquisition by Marubeni Corporation and Mizuho Leasing. To say the least, these two years have most certainly not been what our shareholders envisioned for their investment. Nonetheless, their resilient support has not wavered during these challenging times. We value our unique ownership as a strategic strength, and we look forward to continuing our partnership as the global aviation market continues to recover. In closing, the aviation environment is still experiencing challenges such as rising fuel prices, supply chain issues, and inflation concerns. Just as in the past, our customers will work through these challenges, and Aircastle will proactively manage through any issues the airline industry faces. We do this through our commitments to a strong conservative balance sheet with minimal contractual commitments and maintaining a diversified base of customers and assets while partnering for solutions with our customers. I want to recognize one more item before I turn the call over to Aaron. As soon as the tragic events in Ukraine began, our employees quickly rallied a fundraiser with our partner, Airlink, which is doing outstanding work with the refugee crisis in Eastern Europe. Since 2010, Aircastle has been a proud support partner of Airlink, which connects first responders, medical care, and NGOs to vital aviation resources they need in times of crisis. I would encourage everyone to learn more about Airlink's mission and give it your support. Now, Aaron will provide an update on our financial results in more detail. Thanks, Mike. For the fourth quarter, we had a net loss of $216 million, primarily as a result of $262 million net non-cash impairment charge for our Russian aircraft. Excluding impacts from Russian sanctions and the related tax effect, we had net income of $16 million. We had total revenues of $255 million and adjusted EBIT of $232 million. Customer collections for the fourth quarter represented 103% of lease and finance rentals, excluding one-time Russia-related items. For the full- year, we had a net loss of $278 million and total revenues for the year of $770 million, including $26 million gains on sale of aircraft. Adjusted EBIT for the full- fiscal- year was $752 million. Customer collections for the full- year represented 95% of lease and finance rentals, excluding one-time Russia-related items. Looking at our expenses for the fiscal year, interest expense was down $21 million, primarily because of lower average interest rate when compared to fiscal 2020. SG&A was $66 million. We had no share-based comp expense in 2021 and continue to benefit from lower travel-related costs compared to historical levels. We will see SG&A increase slightly as global travel resumes. The increase in maintenance and other costs is primarily related to expenses incurred for unscheduled aircraft transitions and transition delays. Transitions were up in fiscal year 2021, resulting from new leases and the transition of certain aircraft on the ground for an extended period of time due to lease terminations. Lastly, we had other income of approximately $55 million from proceeds received from LATAM bankruptcy claims. Turning to our balance sheet. This year, we acquired 18 narrow body aircraft for $763 million. Fourteen of these 18 acquired, or 82%, were new technology aircraft, furthering our commitment to procure the most attractive, sustainable aircraft for our customers. We entered into 2022 with approximately $590 million of committed aircraft investments to continue our disciplined growth strategy. After impairment charges, the collective net book value of the 12 aircraft initially operating in Russia and the one aircraft formerly then in Ukraine represents approximately net book value of 1%. As Mike mentioned, the Russian invasion and consequent sanctions imposed on our leasing activities in Russia constituted a triggering event for our aircraft recoverability test. As a result, we recorded impairment on these assets, offset by security deposits and maintenance reserves, netting to approximately $252 million. Since the end of the fiscal year 2021, we have collected approximately half of the $50 million in letters of credit that we held for terminated Russian leases. We believe the collection of the remaining letters of credit are not impacted by sanctions, and we expect to collect those, even if we have to pursue those collections through both legal and regulatory channels. With regard to impairment charges, it's important to note that under US GAAP, any estimates of future insurance claims are specifically excluded in the undiscounted cash flows used for recoverability analysis. Expected insurance recoveries will be recognized in the future when these claims are settled and paid. Turning to our capital structure at year-end, our total debt was $4.5 billion, of which $3.8 billion or 85% was unsecured. Despite the hit we took on earnings in the fourth quarter, a result of the Russian sanctions, our net debt-to-equity ratio finished the year at only 2.8x. In fiscal 2021, we diversified our funding with a $400 million issuance of preference shares and a new two-year $100 million senior unsecured revolving credit facility with Mizuho Marubeni Leasing Americas Corporation. In addition, during 2021, we expanded the size of existing facilities by a $165 million. The weighted average rate on our debt declined to 4% at the end of fiscal 2021 versus 4.12% at the end of fiscal 2020. Our average maturity decreased to 3.1 years versus 3.7 years at the end of 2020. Our liquidity position remains robust. Cash flow from operations were $373 million for fiscal year 2021, a 113% improvement versus last year. As of April first, we had total liquidity of $2.1 billion. This includes $1.4 billion of undrawn revolving credit, unrestricted cash of $200 million, contracted asset sales of $100 million, and projected 12 months adjusted operating cash flows of $400 million. We hold $460 million of reserves, $69 million of security deposits, as well as an additional $142 million in letters of credit from our lessees. With that, I'll turn the call back to Mike for closing comments. Thanks, Aaron. Having addressed the financial impact of our Russian aircraft, we look forward to making progress towards disciplined growth in fiscal 2022 as our fleet of liquid narrow-body aircraft enable us to serve customers in a diverse range of markets. We strongly believe that air traffic volumes will accelerate their post-pandemic recovery in regions where this has been lagging to date. Aircastle's conservative balance sheet, broad access to capital, strong liquidity position, and investment grade ratings position us well. With a seasoned management team, solutions-focused global employees, and our long-term focused investment grade-rated owners, we're optimistic about the future. With that, operator, we're happy to open up the call for questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We'll take our first question from Ian Snyder with J.P. Morgan. Well, actually you get Mark Streeter as well. Ian, dive in for me. Mike and Aaron, a couple questions. The 2.8x debt-equity leverage, obviously that's enough to maintain ratings. Rating agencies are going to give you flexibility and so forth. But did you think about with the Russian write-down whether or not you wanted to go to your parents and say, "Let's top up a little bit of an equity infusion here to get leverage back down to sort of where it was, so you have some more dry powder." How are you sort of thinking about sort of managing the slightly elevated leverage going forward and how you're thinking about playing offense in here? Yeah. Mark, I think we think we still have some room where we are, but clearly it's not as much as we had before Russia. I think the conversations around the construct of the balance sheet, and what it would take to grow, beyond where we would like to get with what's left is a conversation that's ongoing with our shareholders. I don't have a lot more to say about that at this time, but clearly nobody's in a capital-intensive business looking to just stand still. We believe the industry is gonna continue to grow, and we believe our shareholders are committed to finding ways to fund the business so we can participate in the growth in the industry. Is it fair to say that 2.8, though, you say you have a little bit of room, but would you really, I mean, if there's a good opportunity, would you drive leverage higher, or should we think about if there was a good opportunity, that's maybe where your shareholders would put in some equity and help you sort of finance it to keep the balance sheet kind of where it is or, you know, get it back towards where it's going. I just want to make sure directionally, we know which way leverage is headed here. Well, if there's a big opportunity, what makes sense for funding that big opportunity in the short term could be either one of the things you just mentioned. Okay, great. We wouldn't look to raise leverage unless we believed we could bring it back down in the context of whatever we did that made it move the needle. Okay. Just one more sort of follow-up topic here. You mentioned in the release, right, you still have some net Russia exposure is down to 1%. What I'm just trying to make sure I'm clear sort of what sort of remains on the balance sheet that hasn't been written down that's in Russia. Is it some of those aircraft that are sort of in transition or that were already out of Russia? Just trying to understand what's the remainder part. I think that you should think of the remainder part as largely composed of the mark on 747 freighters. Everything else that came out of Russia or is stuck in Russia has been essentially written down to pretty close to zero. When you say the market on the 747 freighters, forgive me, I just want to make sure I understand that. We wrote down all the planes. The value against those 747 freighters still, there's still 747 freighter value on my balance sheet. If I get those planes back, a probability assessment that we made is possible, then I'll be fine. If they never come back to me, I'll write off that remaining amount of those two freighters in a future period. Okay, great. That gets to really the last part of my question, which is: How do you think this plays out? Obviously, you, AerCap, Air Lease now others, everyone's gonna take the big write down here, the writing's on the wall with the auditors or whatever. Obviously, part of this plays into your ability to go to the insurance companies and say, "See, we've written everything down." Is there a scenario here where you can be, you kind of alluded to it, like, reunited with aircraft down the road and maybe the insurance proceeds are really more for a value diminution here? Or, you know, do you fully expect, you know, full insurance company payouts, the insurance companies to step into the sort of ownership position, whether they get the aircraft back is to be debated. I'm just sort of trying to understand, you know, keeping a little bit of value on the balance sheet, saying you may get the aircraft back and how that plays into the insurance negotiations. Thanks. That's it for me. In simple terms, the insurance situation will be complicated. Everyone's filing claims for assets that they believe they will not be getting back. How that plays out, whether planes, in fact, come back to lessors, will have an impact on their discussions with their insurers. Everyone's policies, you know, are specific to them, and I can't speak to anyone's but our own. I don't know if I'm getting those two planes back, but I think, and our assessment at the end of the fiscal year was, given the nature of the assets, given the nature of the owner, there was a reasonable chance that we could get them back. Time will tell whether that proves to be true or not. Okay. It's interesting that you made that assessment just on those airplanes and not on the passenger aircraft, and it'll be interesting to see if others make any sort of differentiation. I'll just leave it at that. Thanks, Mike, very much. Appreciate the call. No worries. Thanks, Mark. We'll go to our next question from Robert Smalley with UBS. Hi, good morning, and thanks for taking my question. Hey, Robert. Hi. I've got a couple. First, on Russia, what's the go-forward income statement impact in foregone income from these aircraft? How do we look at that? Were these leases higher margin than other leases you might have on the books? Then, going back to the earlier question, on leverage, could you just talk about how you evaluate cost of capital versus what you might get from parent company versus raising capital in the market? Should we look at possibility of another preferred deal? Yeah, Robert. On your first question, the assets that effectively have become non-earning in Russia were providing about $3.5 million a month of lease rentals. I wouldn't say they were higher yielding or lower yielding, you know, specifically than any other part of my portfolio. That lost income is already baked into the expectation of a little over $400 million of operating cash flow going forward that Aaron mentioned in his remarks. Understood. On the second part of the question, Roy, maybe you can touch on the- Hi, Robert. It's Roy. I think, you know, the broad question really, you know, response to your answer is that generally, the overriding principle is, you know, investment grade is very important to us. In some ways, it's sacrosanct. Anything that we do really takes that into consideration. Obviously, to Mike's earlier point, if there's a growth opportunity, we'll look at it, bearing in mind that, you know, we wanna make sure that we can try and keep IG, you know, in place. Ultimately, access to the credit markets is very important to us. I think it really is gonna be a balance between, you know, what does the opportunity look like? What does it do vis-à-vis pressure on IG and, you know, what's the trade-off, right? Key for us really is, you know, trying to operate within the boundaries of the agency criteria, and ultimately, more importantly, making sure that the credit markets believe that, you know, we have IG credit metrics and continue to prioritize it. If you look at an opportunity like that and financing an opportunity like that, is it cheaper for you to get capital from your parents or cheaper for you to go to the preferred market? Well, I think it's a question also ultimately on, you know, macro conditions, right? To the extent there's a robust preferred market, which is pricing at a very attractive rate, then, you know, we would consider that. Given that the agencies and you know, you tell me whether the credit investors think differently. The agencies do tend to give us some credit for from a debt-to-equity perspective of issuing a pref. You know, I think ultimately it's, you know, what's the inherent yield on investment versus the cost of a pref versus the cost of common equity. Mm-hmm. Well, your current prefs are yielding over 8%, so assuming that, you know, a deal would come at 8% +, then it would seem to me that you'd wanna get money from the parent company at a much more attractive rate. In a perfect world, that'd be true. I'm sorry? I said in a perfect world, that would be true. I come back to my point. I think it really is a question of what is the underlying investment, and do we see, you know, the equity as, you know, temporary sort of bridging equity or is it long-term equity? I think our shareholders have, you know, a commitment to try and support the business, and I think any equity investment that they make is really a long-term investment in the business. Whereas if you look at, you know, the pref market, you know, we would see it as more of sort of bridging equity, right? Unless you are a perpetual, you know, pref issuer. Right. Understood. Thank you. That's very helpful, and thanks for the call. You're welcome. Thanks, Robert. Again, if you would like to ask a question, please press star one. Again, that is star one for questions. It appears there are no further questions at this time. Mr. Connelly, I'll turn the call back to you for any additional or closing remarks. Thanks, everybody. Thanks for calling in and reach out if you have any further questions. Thanks so much. This concludes today's call. Thank you for your participation. You may now disconnect.