AirBoss of America Corp.

task questions. To join the question queue, you may press star then one 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. Grinshock, Chief Executive Officer. Please go ahead, sir.

Thank you, operator. Good morning, everyone, and thank you for joining us for the Airbus fourth quarter 2024 results conference call. My name is Gren Schock. I'm the chairman and co-CEO of Airbus. With me today are Chris Bitsakakis, our president and co-CEO, Frank Intilli, our CFO, and Chris Fegel, our EVP and general counsel. Our agenda today will start with a review of the operational highlights for the quarter and year, followed by a discussion of our financial results before we open the conference line to questions. Before we begin, I would like to remind listeners that our remarks today contain forward-looking statements, including our estimates of future developments. We invite listeners to review risk factors related to our business in our annual information forum and our MD&A, both of which are available on CDAR plus on our corporate website. Also, we will discuss certain non-GAAP measures, including EBITDA. Reconciliations of these measures are available in our MD&A. Finally, please note that our reporting currency is in U.S. dollars. Therefore, references today will be in U.S. dollars unless we indicate otherwise. With that, I will now turn the call over to Chris for operational review.

Thank you, Gren, and good morning, everyone. Although 2024 was a challenging year for Airbus, as pronounced economic headwinds impacted each segment to varying degrees, and the company continued to navigate obstacles related to market softness and geopolitical challenges, We are particularly encouraged by ARS, which performed strongly and generated improved margins despite lower sales in 2024 compared to 2023, and by the continued recovery within AMP's defence business. The new Mallow contract awarded in the past quarter, in addition to isolation gown and bandolier awards announced earlier in 2024, are all building upon the growing momentum for this division as we enter 2025 with over $200 million in government contracts awarded. Looking ahead to 2025, in addition to executing on these contracts, management remains focused on the successful conversion of key opportunities to support the future growth aligned with its strategic plan. However, we need to emphasize that any recovery will be subject to the current global geopolitical climate and the escalating threat of tariffs, duties, and other similar restrictions on trade, which could have a profound impact on the global economy and Canada in particular. A significant portion of the products manufactured by the company in Canada are sold into the United States, and in addition, a portion of the company's products could be subject to tariffs given the cross-border nature of the company's business operations. The company is actively evaluating and executing on contingency plans and reviewing all available options to deal with these potential threats, including rebalancing production on sales between the U.S. and Canada in an effort to minimize the impacts to the company and our customers. Shifting back to 2024, in Q4 2024, ARS saw continued softness carried over from the previous quarter as customers continued to reduce orders and shutter production earlier than anticipated as they focused on reducing inventory levels partially driven by lower demand despite strong performance during the earlier part of 2024. ARS, as well as what was reported by our main competitor, experienced volume reductions across most sectors and saw reduced volumes compared to Q4 2023. Despite these challenges and the uncertainties heading into 2025, ARS remains committed to executing on its strategy to deliver strong results with specialized products, expanding production of a broader array of compounds, and enhanced flexibility in attracting and fulfilling new business through identified synergies and margin expansion. Our launch of our new silicone line is a testament to our commitment to expanding margins through specialty compounding. A&P experienced an overall volume reduction in the fourth quarter of 2024, primarily driven by its defense products business and offset by continued softness in the rubber molded products business. The defense business saw improvements in both revenue and gross profit, mainly driven by new business awards that it executed on in the quarter. The rubber-molded products operations were impacted by continued volume softness related to the original equipment manufacturer's shuttering production to rebalance vehicle inventory levels, which has been ongoing throughout 2024. The business continued its focus on managing costs and a commitment to drive efficiencies in best-in-class automation, as well as the diversification of its product lines into adjacent sectors. The defense business experienced positive traction during Q4 2024, which is expected to continue into next year, supported by the commencement of deliveries on several previously announced contracts, including some recent new awards in addition to the overhead reductions carried out earlier this year to help mitigate the volume softness. Management also continued its focus on operational improvements during the quarter and continued to work with its key customers with the goal of leveraging opportunities aligned with its growth initiatives. The company's long-term priorities have remained consistent and include growing the core rubber solution segment by emphasizing rubber compounding as the core driver for sustainable growth and productivity, on diversifying and expanding its range of rubber molded products, and on executing on the strategic alignment of core versus non-core product lines while targeting additional acquisition opportunities with a focus on adding new rubber compounding capacity. With that, I will now pass the call over to Frank for the financial review.