Good day, everyone, and welcome to the Aircastle Limited Third Quarter 2023 Financial Update Call. Today's conference is being recorded. At this time, I'd like to turn the floor over to James Connelly, SVP of Corporate Communications. Please go ahead, Mr. Connelly. Thank you. Good morning, everyone, and welcome to Aircastle Limited's Third Quarter 2023 Financial Update Call. With me today are Mike Inglese, Chief Executive Officer, and Roy Chandran, Chief Financial Officer. Other members of the management team are also on the line, and they will be available during Q&A. We will begin the presentation shortly, but I would 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 will direct you to Aircastle Limited's press release for the full forward-looking statement legend. With that, I will now turn the call over to Mike. Thanks, Jim. Good morning, everyone, and thank you for joining us today. I'd like to share our key highlights of Aircastle's third quarter, followed by my view of the broader business environment. Roy will then cover our financial results, followed by Q&A. Last quarter, we shared the news that we received the first tranche of a new $500 million equity commitment from our shareholders, Marubeni Corporation and Mizuho Leasing. I'm pleased now to update you on how we've been putting that capital to work for us in the third quarter, in what is a robust and competitive trading market. We acquired six aircraft this quarter for $269 million, which included four A320neo family aircraft. This brings our year-to-date acquisitions to 14 aircraft, 11 of which were new tech. We continue to prioritize these new tech aircraft investments while also responding to the significant market demand for current tech aircraft, which I'll elaborate upon shortly. On the sales side, we sold 8 aircraft with an average age of 19 years for a net gain of $20 million in the quarter. Our transaction teams continue to find success with both new and long-standing trading partners, who appreciate our experienced approach and our ability to close deals efficiently. Year to date through November, Aircastle executed over 100 transactions, and we're excited to be carrying the momentum noted in the third quarter through the end of our fiscal fourth quarter and into fiscal year 2024. With increased trading activity, we're seeing strong financial results. We finished the third quarter with net income of $26 million and Adjusted EBITDA of $213 million. This quarter, Fitch upgraded their rating for Aircastle to BBB+ with outlook stable. We believe this improvement reflects Fitch's view for our unique business model and the outstanding shareholder support that is bolstering our long-term growth initiatives. Looking across the aviation marketplace, we believe optimism is well warranted. Various data points indicate growth in commercial aviation and the important role that leasing plays in aviation finance. Last month, IATA reported their latest projection for global airlines to earn a 2.7% profit margin on record revenues for 2023. A recent update from the IMF projects global GDP sustaining a 3% growth rate through 2028. Global inflation, which was at its height in 2022, fell in 2023 and is projected to fall further in 2024 onwards. Meanwhile, in the United States and many major European markets, unemployment remains relatively low compared to previous cycles. For global aviation, these factors are fueling strong demand for travel on a global basis. It's expected to finally match pre-pandemic levels in 2024. In certain regions, such as the U.S., demand is consistently exceeding 2019 levels. Airlines are profitable despite continuing supply chain and OEM issues, labor shortages, and currency challenges. Airlines have also been able to adapt to the evolution of customers' travel preferences, which business and leisure priorities underwent a rapid change when the travel market reopened after the pandemic. On the subject of supply chain challenges, I'd like to briefly elaborate on the maintenance issues experienced by some new engine types, which have received a fair degree of public coverage. New tech narrow-body passenger aircraft now make up over a third of Aircastle's net book value. These aircraft have 100% utilization, and the leases tied to these aircraft stipulate that the responsibility for routine maintenance lies with the aircraft operators. We're in regular dialogue with customers who operate aircraft with exposure to maintenance events that have been expedited or engines with component recalls. At this time, we have no immediate concerns about the potential exposures these issues may have on our customers, and we believe that they're appropriately managing through the financial and operational process of remediation with the relevant OEM provider. Projected timeline for these engine groundings is expected to peak in 2024, but it will likely extend well into 2026. As a result, we're seeing high demand for current tech narrow-body placements and extensions. That multiyear forecast for new tech engine remediation runs parallel with the global narrow-body shortage, resulting from the recent COVID-era impacts and from enduring production delays at Boeing and Airbus. Looking into the long term, the inflection point when new tech overtakes current tech and global narrow body passenger fleet continues to move to the right. As a leader in the mid-life aircraft trading, we see this long-term horizon positively supporting our unique and necessary business model. Our new tech acquisitions keep us aligned with the evolving industry technology trajectories. Our diverse fleet of narrow body passenger aircraft meet the needs of our customers, as evidenced by our third quarter's utilization rate of 99%. Lastly, as noted in our earnings release earlier today, we received gross settlement proceeds of approximately $43 million in late December, related to four aircraft formerly on lease to Rossiya and Aurora Airlines that were unrecoverable following Russia's invasion of Ukraine. This settlement serves to mitigate, in part, our losses under our contingent and possessed aviation insurance policies. We continue to have ongoing settlement discussions for the other five remaining aircraft still in Russia. However, there's no assurance that these discussions will result in any settlement, and if so, in what amount. We continue to pursue all legal avenues available to us in respect to insurance, litigation, and recoveries. Before I conclude, I just want to acknowledge the contributions of our team towards delivering a strong fiscal quarter. The unique and diverse perspectives of our global team and their multi-cycle expertise in commercial aviation is what makes Aircastle an extremely reliable, competent, nimble counterparty to airlines and lessors around the world. The equity commitment we received from our shareholders in our second quarter and the additional commitment we expect to receive in fiscal 2024, will enable us to continue to grow profitably while still maintaining our investment grade status. We remain committed to pursuing value-enhancing investments by maintaining a conservative balance sheet while allocating capital effectively and efficiently. We're well positioned for future growth because of our unique business model, along with our improved investment grade rating and the support of shareholders who view us as core to their broader mission. Now I'll pass the call over to Roy, who will go through our third quarter results in more detail. Thanks, Mike. For the third quarter, we reported net income of $26 million on total revenues of $239 million. Our third quarter Adjusted EBITDA was $213 million. This quarter, we also acquired 6 narrow-body passenger aircraft. The net book value of our fleet is $6.8 billion, 80% of which is unencumbered. Our average fleet utilization improved again, achieving 99% during the third quarter. As compared to the third quarter of 2022, the total number of new technology aircraft in our fleet has increased 46%. This quarter, we also sold 8 aircraft with an average age of 19 years, for proceeds of $73 million and gains on sale of $20 million. Turning to funding, last quarter, we issued $650 million unsecured senior notes with a coupon of 6.5%. Those proceeds were used to fund general business purposes, as well as the repayment of $650 million of unsecured senior notes at the stated maturity in the third quarter. We finished the third quarter with net debt to equity of 2.3 times. Over the years, our experience and reputation in the financing community has enabled us to successfully execute transactions in both the secured and unsecured markets. As Mike mentioned, the Fitch upgrade to BBB+ outlook stable, further elevates our IG status, which in turn enhances our ability to source sufficient funding. Finally, just this month, we successfully expanded the size of our Development Bank of Singapore and Asian revolving credit facility from $375 million to $600 million, and extended its maturity from May 2025 to January 2028. As of November 30, 2023, total debt was $4.4 billion, of which 79% was unsecured. The weighted average interest rate on our debt at the end of the third quarter was 4.9%. We continue to keep forward commitments to the minimum, while diverse liquidity sources enable us to competitively execute on transactions. As of January 5, 2024, we had total liquidity of $2.8 billion. This included $1.8 billion undrawn facilities, committed capital of $300 million, unreceived cash of $100 million, and projected twelve-month adjusted operating cash flows and committed sales of $600 million. Moving forward, our plan is to efficiently leverage our additional equity and deliver higher profitability through the acquisition of attractive narrow body aircraft investments. Above all, we are dedicated to maintaining our recently upgraded IG debt ratings with the strong support of Marubeni Corporation and Mizuho Leasing. And with that, operator, we are happy to open the call up to questions. Ladies and gentlemen, we'll now begin the question and answer session. To ask a question, you may press star and then one using a touchtone telephone. If you are using a speakerphone, we do ask that you please pick up your handsets prior to pressing the keys to ensure the best sound quality. To withdraw your questions, you may press star and two. Once again, that is star and then one to join the question queue. At this time, we'll pause momentarily to assemble the roster. Our first question today comes from Douglas Runte from Deutsche Bank. Please go ahead with your question. Yes, good morning, it's Doug Runte from Deutsche Bank. Question on the insurance proceeds. It seems like a very attractive amount relative to the market value of these four aircraft, if they were not inside of Russia. Can you say how this compared to your book value at the time of, I guess, February of 2022? More or less, about the same? ... Yeah, Doug, I don't think we've necessarily sort of disclosed that. I think, you know, the commentary that I'd like to offer is, you know, in terms of recovery, it's relatively attractive from the perspective of, you know, our net impairments. And, you know, and Chris can jump into this, so go. I think we're gonna continue to pursue claims and to see whether we can, you know, sort of realize some further proceeds from Russia. Yeah, Doug, hey, it's Chris. Just to pipe in there as well. We were very satisfied with our settlement. We think it fairly valued our claims against the Russian parties, and we're gonna continue to aggressively pursue claims against our C&P insurers. And as Mike mentioned in his prepared remarks, you know, we are in discussions, and, you know, hopefully can reach some other settlements. But, you know, we'll find out whether that's possible or not. Completely understood, and appreciate the granularity that you can provide. I guess, you know, when you do get these proceeds, it, I think, obviously reduces the potential costs of other insurers. Do they need to explicitly or implicitly sign off that your self-help is reasonable? Because of the litigation, Doug, I'm probably not gonna—I'm not gonna go there, but it does, these settlements, you are right, you know, reduce our claims against our C&P insurers and mitigate the losses. So we're hoping that it'll be viewed favorably. Great. Thank you very much, and congratulations on getting the proceeds. A question on the engine issues that you raised, very important industry issue. I'm wondering, when you have neos, GTFs in particular, LEAPs to a lesser degree, and you're collecting maintenance reserves on an hourly basis, I mean, are you having, I guess, difficulties calculating that? Are they substantially higher amounts than you're collecting on, say, a CFM56, where there's a long history? How are you working on that with the airlines, since even the engine manufacturers themselves don't seem to know what the PBH cost is? How do you accrue maintenance reserves? So, Doug, without getting into too many specifics, I would say the bulk of GTF customers and neo customers are, most of those leases are on a return comp basis, so there's not a lot of near-term impact. Okay. In terms of thinking about the level of maintenance reserve. I guess eventually, as Pratt shows reluctance to provide ongoing service agreements, perhaps it's gonna be more of an issue. Yeah, there, there, there's a lot of to this story that's left to develop and play out over time. Great. Appreciate your level of disclosure. Thanks very much for the call. Thanks, Doug. Once again, if you would like to ask a question, please press Star and then one. To withdraw your questions, you may press Star and two. Again, that is Star and then one to ask a question. Ladies and gentlemen, at this time, it's showing no additional questions. Actually, we do have a question that has just joined. We have Jim Barr from Loomis Sayles. Please go ahead with your question. Mr. Barr, is it possible your phone is on mute? Oh, sorry about that. Thank you for taking my question. I'm looking at the fleet utilization numbers for the quarter, and they've certainly moved up nicely. Maybe you could talk about the expectation of that utilization, as we move forward, given kind of, you know, known lease events. Yeah, look, I think where we are today, Jim, and our utilization throughout last year was somewhat dragged down by the time lag in getting some of our wide-bodies back into service. So with the delivery of those, I would expect our utilization to stay very high and more consistent with our pre-COVID utilization performance than what we've seen in the last couple of years. Okay, and maybe as a follow-up, the cash from operations also has moved up nicely, and I know you've, you've given a number in the liquidity forecast. Maybe if you could sort of comment on anything special there. I think there was a comment in the release about, deferments and, you know, the progress there as well. I don't... Jim, I don't think we specifically commented on it. I think the general commentary is that, you know, deferrals and, you know, it's pretty much of a non-event in this quarter. I think we worked through, like most of our peers, worked through, you know, kind of the various deferrals offered to clients during COVID. Cash flow from ops is picking up. Lease revenue is definitely picked up as we obviously, as people continue to pay on time and as we acquire more assets, right? So I think the trajectory generally is just positive, and we're hoping that it will, you know, it'll continue to stay that way, as we work in additional investments into the fleet. Okay, great. Thank you very much for taking my questions. Thank you, Jim. Ladies and gentlemen, at this time, in showing no additional questions, I'd like to turn the floor back over to management for any closing remarks. I just want to thank everybody for calling today, and, please reach out with any questions. Have a great day. Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.