Chorus Aviation Inc.

Good morning, ladies and gentlemen. Welcome to the chorus fourth quarter and year-end 2024 financial results. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during the call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, February 20, 2024. I would now like to turn the conference over to Tyrone Cody. Please go ahead, sir.

Thank you, John, and good morning, everyone. I'm pleased to report on the fourth quarter. Hello, and thank you for joining us today for our fourth quarter conference call and audio webcast. With me today from Corus are Colin Kopp, President and Chief Executive Officer, and Gary Osborne, Chief Financial Officer. We will begin today's call with a brief summary of the results, followed by questions from the analyst community. As there may be forward-looking information during the call, I ask that you refer to the caution regarding forward-looking statements and information found in our MD&A. This pertains specifically to the results of operations, of course, Aviation, Inc., for the three months and the year ended, December 31, 2024, as well as the outlook and other sections of our MD&A where such statements appear. As a result of the share consolidation implemented on February 5th, 2025, all per share figures in our disclosures have been disclosed to reflect the impact of the consolidation. Finally, some of the following discussion involves non-GAAP financial measures, including references to adjusted net income, adjusted EBT, adjusted EBITDA, leverage ratio, and free cash flow. Please refer to our MD&A for further information relating to the use of such non-GAAP measures and pro forma figures. I'll now turn the call over to Colin Kopp.

Thank you, Tyrone, and good morning, everyone. I'm pleased to report on the fourth quarter and our 2024 results. There's been a period in which we've taken significant steps to unlock value for our shareholders and reposition the business for success going forward. On December 6th, we closed the sale of our regional aircraft leasing segment and quickly took steps using the proceeds to reduce our debt and corporate financings. This included redeeming all our preferred shares, repaying our Series A debentures, and launching redemption offers for our Series B and C debentures. These actions have resulted in a substantial reduction in our debt servicing costs and further reduced our leverage ratio from 3.3 to 1.4. As per our plan, we have meaningfully strengthened Coors' balance sheet. improved our financial metrics and reduced our corporate costs, providing us greater flexibility and a solid foundation from which to return capital to our shareholders and fund targeted investments in steady. At this time, fourth quarter results were delivered in line with expectations with strong and steady cash flows, collecting consistent execution in each of our businesses. Turning to the operating side, all of our subsidiaries have performed well in 2024 and are on plan to deliver as we move into 2025. The Jazz team has executed very well, delivering consistent, strong contracted earnings from the CPA and notable year-over-year improvements in almost all operational metrics. Jazz was recently recognized as an Award of Excellence winner with Canada's Safest Employers, This was the eighth consecutive year Jazz accepted an award as one of Canada's safest employers. It's a testament to Jazz's commitment to safety. Voyager had another record year, demonstrating their strong position within the special mission, park sales, and specialty MRO space, and they remain solidly on target to hit the 2025 growth plans as previously outlined. Further, we see significant potential in positioning Voyager for sustained growth well beyond 2025, while achieving our goal of $150 million in revenue over the next year. Notably, in 2024, Voyager meaningfully grew their business and successfully built up their special mission support business with the Department of National Defense. for the Manned Airborne Intelligence Surveillance and Reconnaissance Program. They also expanded their air ambulance operations at Grand Manan Island, part of the Ambulance New Brunswick Provincial Air Ambulance Program. On the pilot recruitment side, JEZ welcomed its first class of new hire pilots from our Airline Pilot Training Academy, Cigna Aviation in October of 2024. Cignet team continues to grow the business as planned having commenced their seventh cohort at the beginning of Q1, 2025. Cignet's pilot training capabilities to train airline ready pilots from the ground up in recent additions of top notch talents to its team is helping to generate a solid flow of airline ready first officers. At the same time, Cignan is now moving forward and expanding its industry partnerships with other Canadian airlines and focusing on growing its free agent enrollment. Turning to our shares for a moment, on February 5th, 2025, with strong shareholder support, of course, consolidated its shares on the basis of one post-consolidation share for every seven pre-consolidation shares. The shares began trading on the TSX on a post-consolidation basis on February 10th. We expect the higher price per share resulting from the consolidation will make our shares more attractive for investment for a wider range of potential investors. Since the launch of our NCBE in November of 2022, we've invested $46 million under that program. And we continue to monitor the market conditions and evaluate other opportunities to enhance return for our shareholders. As we look forward, the horse is well positioned, especially during this time of economic uncertainty, with a strong balance sheet, low leverage, and strong contracted cash flows. Our jazz business is anchored by its contract with Air Canada that runs to 2035. Voyager has diversified sales avenues, including its recent growth in parts sales and defense. And we believe the business profile positions us very well and provides flexibility as we work through any future market volatility. And I'd like to reiterate that creating shareholder value remains the key priority for our board and for the management team as we move forward. 2024 was a year of heavy lifting. It was a significant change for Corus. I'd like to close by thanking our employees across all our businesses for their unwavering focus. Thank our shareholders and our board of directors for their support. I'm going to now pass it over to Gary, and he'll take you through the financials.