CAE Inc.

Good day, ladies and gentlemen. Welcome to the CAE Third Quarter Financial Results for Fiscal Year 2025 Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions from analysts. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Mr. Andrew Arnovitz. Please go ahead, Mr. Arnovitz.

Good morning, everyone, and thank you for joining us. Before we begin, I'd like to remind you that today's remarks, including management's outlook and answers to questions, contain forward-looking statements. These forward-looking statements represent our expectations as of today, February 14, 2025, and accordingly are subject to change. Such statements are based on assumptions that may not materialize and are subject to risks and uncertainties. Actual results may differ materially, and listeners are cautioned not to place undue reliance on these forward-looking statements. A description of the risks, factors, and assumptions that may affect future results is contained in CAA's annual MD&A, an MD&A for the three months ended December 31st, 2024, available on our corporate website and on our filings with the Canadian Securities Administrators on CDAR Plus and the U.S. Securities and Exchange Commission on EDGAR. On the call with me this morning are Marc Pellin, SEAS President and Chief Executive Officer, and Constantino Malatesta, our Interim Chief Financial Officer. Nick Liamtidis, SEAS Chief Operating Officer, is on hand for the question period. After remarks from Mark and Constantino, we'll open the call to questions from financial analysts. Before we begin, I'm sure you've all seen the news release we issued yesterday afternoon alongside our Q3 results. It announced the appointment of four new directors to CAA's board, with Kaylin Robinescu as the new chair. The other appointees are Peter Lee, Catherine A. Lehman, and Louis Tétude. These changes come after consultations with our stakeholders, focusing on the board's ongoing review of its composition and a transition towards renewed board leadership. The four appointments are being made in conjunction with the retirement of four directors, Alan N. McGibbon, who has served as chair of the board since 2022 and as a director since 2015, Margaret S. Bilson, Francois Olivier, and David G. Perkins. We extend our gratitude for their exceptional service and valuable contributions during their tenure, and we look forward to welcoming our new board members to CAE. Let me now turn the call over to Mark.

Thank you, Andrew, and good morning to everyone joining us on the call. Let me first say that I certainly echo Andrew's comments, and in particular, I want to express my heartfelt gratitude, Alan, for steadfast leadership and commitment to our shared vision for CAE. I'm also grateful to the other departing board members, Francois, Peg, and David, for their continued support and advice through the years. As we embark on the next chapter, I'm looking forward to working with our new board members in the coming months, and I'm confident that together, we'll continue to build on our success. Before I move to our quarterly results, I also want to take a moment to share how Proud I am that CA has been recognized as one of Canada's top 100 employers for the third consecutive year and has earned a spot on Forbes Canada's best employers list for 2025. These honors reflect the collaborative, innovative, and empowering culture that we've built at CA, made possible by the dedication of our 13,000 employees. This strong foundation of talent and commitment continues to drive our success, as reflected in our outstanding third quarter performance. During this quarter, we generated a record $410 million in free cash flow, while further securing CEE's future with $2.2 billion in new orders, culminating in a record adjusted backlog of $20.3 billion. In several We finalized the purchase of an increased stake in our SimCom joint venture and extended our exclusive long-term training agreement with FlexJet and its affiliates, initiatives that generated more than $500 billion in additional order intake and backlog in our highly desirable business aviation training segment. In total for civil, we booked $1.5 billion in orders for a two times books to sales ratio on revenue that's 21% higher than Q3 of last year. We ended the quarter with a record $8.8 billion total civil adjusted backlog, which is up 44% over year, year over year. In products, we received orders for 15 full flight simulators bringing the total to 42 as of the end of the third quarter. We delivered 20 full-flight simulators this quarter, a notable increase from our first-half cadence and from 13 in the same quarter last year. Combined commercial and business aviation training center utilization reached 76%, consistent with last year's performance, although some softness persisted longer than we expected in commercial aviation training in the Americas. Pilot hiring remained modest in that region, and some of our airline customers deferred their training bookings due to ongoing short-term aircraft supply chain challenges. Partly offsetting this headwind was the continued positive momentum in business aviation training, driven by higher utilization and profitability as we ramped up our newly deployed simulators and training centers. We also continued to make excellent progress in a market for our flight services software solutions. We signed orders for more than $60 million with major airlines in the Americas and Asia, and we just announced Turkish Airlines as another customer who will be adopting SEA's next-generation unified task board and crew management solutions. The market is responding very positively to this SEA innovation, which provides airline operations control centers with enhanced situational awareness and disruption management capabilities. We're also proudly inaugurating our first air traffic services training center in collaboration with NAV Canada. Located in our main campus in Montreal, this newly opened training center extends CAA's core mission of making the world safer. As a pilot, I could personally attest to the vital role that CLEAR Effective communication between flight crews and air traffic control personnel plays in ensuring the safety of every flight. By leveraging SEAS expertise in competency-based train design, advanced instructional delivery, and data-driven technologies, we're helping to prepare the next generation of air traffic professionals for this critical responsibility. In defense, Performance tracked ahead of our expectations as we made more progress towards becoming a low double-digit margin business. This was driven by strong execution, risk reduction, significant backlog growth, and improving backlog quality. During the quarter, we made excellent strides in advancing growth and expanding margins, including successfully completing another legacy contract from our backlog, our second this year. Orders included a contract under the Canadian Future Air Crew Training Program, optional awards to extend our support for U.S. Army fixed-wing training and the KC-135 program for the United States Air Force, as well as ongoing modifications and updates for F-16 fighter training devices. These agreements reinforce our commitment to the long-term success of our defense customers. For the quarter, We recorded a total $707 million in defense orders, achieving a book to sales ratio of 1.5 times, contributing to a record $11.5 billion in defense adjusted backlog, up 104% year over year. Over the last 12 months, the defense book to sales ratio stood at an impressive 2.19 times. With that, I'll turn the call over to Dino, who will provide additional details about our financial performance. Dino?