Republic Airways Holdings Inc.

Hello, everyone. Thank you for joining us and welcome to ARJET Q1 2026 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Keely Mitchell. Please go ahead.

Thank you, Cara, and thank you, everyone, for joining our earnings call. On with me today are David Grizzle, Chairman and Chief Executive Officer, Matt Koskal, President and Chief Commercial Officer, and Joe Allman, Senior Vice President and Chief Financial Officer. In the investor relations section of our website, you will find the earnings press release and slide presentation to accompany today's discussion. This call is being recorded and will be available for replay on our investor relations website. Today's discussion will include forward-looking statements regarding Republic Airways' future performance, strategic initiatives, and market outlook. These statements reflect our current expectations and beliefs based on information available to us today, but they are subject to various risks and uncertainties that could cause actual results to differ materially from our projections. The aviation industry operates in a dynamic environment with inherent risks, including regulatory changes, economic fluctuations, weather-related disruptions, and evolving market conditions that can significantly impact our operations and financial performance. Additionally, our business is subject to the operational and financial health of our major airline partners. labor market conditions, aircraft availability, and other factors beyond Republic's direct control. For a comprehensive understanding of the specific risks and uncertainties that may affect our business and financial results, I encourage all participants to review the detailed disclosures in our filings with the Securities and Exchange Commission, including our Form 10-K on file with the SEC. These documents provide important context and detailed information that supplement today's discussion and are or will be available on both the SEC's website and in the investor relations section of Republic's website at rjet.com. Throughout this webcast, we will also present and discuss non-GAAP financial measures. Reconciliations of our non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures, to the extent available and without unreasonable effort, appear in today's earnings press release and accompanying presentation, which are available on our investor relations website. And now I will turn the call over to David.

Thank you, Keely, and good evening. Before we get into our prepared remarks, I'd like to update everyone on the anticipated leadership changes. The board promoted Matt to the position of CEO effective June 15. Additionally, effective at the same time, the board promoted both Joe Allman, our CFO, and Paul Kinstead, our chief operating officer, to the position of executive vice president. And I will continue in my role as chairman. This completes our succession plan for Republic. following its merger with Mesa and return to the public markets. We are blessed to have such a seasoned leadership team. I've had a chance to work very closely with these talented executives during the last year. I have tremendous respect for them, and Republic is well positioned for the future. Our people and our culture are the backbone of our success, and we have an outstanding team. The first quarter of 2026 marked a couple of significant milestones for our company. First, this is our first fiscal quarterly reporting period following the merger with Mesa last November. And as a reminder, our quarterly results from Q1 2025 do not include any Mesa results. We reported Q1 2026 adjusted net income per diluted share of 73 cents. Revenues were $527 million and adjusted pre-tax income was $47 million, or an 8.9% pre-tax margin. These strong financial results demonstrate the resiliency of our business model to weather the storm. The first quarter is generally our lowest quarter of block-hour production due to seasonality. This year, our operations were impacted by severe winter weather in January and February. Winter Storms Fern and Hernando had a direct impact on our operations in the Northeast and Mid-Atlantic regions. As an example, during one day of Fern, we were unable to operate 87% of the airline because of weather, which in turn created large crew positioning disruptions. I want to thank our frontline crew members and operations center associates that worked tirelessly through these multi-day disruptions. and still delivered an exceptional product to all of our passengers and partners. While our full-up completion factor was three points lower, or 94%, versus the prior year Q1 result of 97%, our controllable completion rate remained exceptional. And we were still able to achieve 80 days of perfect, that is to say 100%, controllable completion factor performance in the quarter. I am continually impressed by the professionalism and dedication of our team as they serve our partners and passengers. The second significant milestone is the conclusion of our fleet transition efforts at United. We took delivery of the last three new E-175 aircraft to conclude our fleet transition by swapping 38 new E-175s for the 38 E-170s at United. We started this fleet transition program back in November 2022, and we now have all of the new aircraft in position and in service with United. 31 of the 38 E-170s removed from service have been redeployed to another partner, either in revenue service or under long-term leases. The last seven E-170s removed from United are currently unallocated. meaning not assigned to any of our partners and will be used for ad hoc charters and other support. As a reminder, substantially all our revenues are generated from capacity purchase agreements with our three airline partners, American, Delta, and United. Our business model also protects us from fuel price increases as our partners are responsible for fuel, ground handling, and managing the passenger ticket pricing and demand management. We are responsible for providing safe, reliable, and cost-efficient operations. Now, I'd like to turn the call over to Matt to provide an update on our strategic focus and the ongoing integration efforts related to the merger. Matt?