Chorus Aviation Inc.

Good morning, ladies and gentlemen, and welcome to the Corus Aviation Inc. first quarter 2025 financial results. At this time, all lines are in listen-only mode, and following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, May 7th, 2025. I would now like to turn the conference call over to Mr. Tyrone Cody, VP of Treasury Relations. Please go ahead.

Thank you, Kelsey. Hello, and thank you for joining us today for our first quarter conference call and audio webcast. With me today from Chorus 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 some forward-looking discussion during the call, I ask that you refer to the caution regarding forward-looking statements and information found in the MD&A. This pertains specifically to the results and operations of Corus Aviation Inc. for the three months ended March 31st, 2025, as well as the outlook section and other sections of the 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 adjusted 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 related to the use of such down gap measures in pro forma figures. I'll now turn the call over to Colin Kopp.

Thank you, Tyrone, and good morning, everyone. Thanks for joining us as we discuss our 2025 first quarter results. This is our first full quarter after the sale of Felco and the RAL business. I'm pleased to report on our strong financial results, which are consistent with our plan and in line with expectations. And at the same time, we've made tangible progress in a number of aspects of our business. As per our plan, following the completion of the RAL sale last year, we quickly took steps using the proceeds of the transaction to significantly reduce our debt and corporate financings. This provided us with a substantial reduction in our leverage ratio improved liquidity position, and ultimately has given us a much stronger balance sheet to build with going forward. Additionally, we've completed our cost realignment, of course, and are seeing the corporate cost reductions positively reflect in our results. These fundamental changes in combination with our focus on strengthening our existing businesses has provided for strong performance and earnings. As per our plan, this has led to improvements in our free cash flow, as well as growth in our net income and adjusted EBITDA during the quarter. As you're going to hear from Gary, we've seen meaningful improvements in practically every financial metric. And at the same time, Forrest now has a solid foundation from which to steadily grow our business and enhance returns for shareholders. Now turning to the operating side, our businesses performed very well this quarter, contributing both to improved earnings as well as seeing Voyager reaching new milestones in their growth trajectory. I'll touch on some of the highlights now. Doug and the team at Jazz have once again delivered strong earnings under the CPA with Air Canada and have performed very well on all operational measures. I'm happy to report that the work has now commenced on the initial phase of an extensive cabin refurbishment program for the Jazz fleet of aircraft operated under the Air Canada Express brand. This program includes a range of improvements as agreed upon with Air Canada and covered by the CPA, including upgraded Wi-Fi connectivity, enhanced overhead storage, and a variety of improvements to cabin interiors. These upgrades will enhance the overall flying experience for our customers. On the pilot recruitment side, Jazz continues to successfully fill all new hire pilot vacancies and is seeing experience levels of new hire candidates increasing, which is a positive indicator of an improved pilot supply in the industry. Corey and the team at Voyager continue to hit record growth with increases in part sales, contract flying, and specialty MRO work, strengthening their financial results and keeping Voyager on track to achieve its revenue target of $150 million for 2025. Voyager continues to strengthen and grow its position in part sales business, specialty operations, and defense contract streams. and has now fully operationalized its major contract with the Department of National Defense as of February. Lynn and the team at Cignet are making great progress on growing the pilot training academy on all fronts, establishing new industry partners to enhance free agent enrollment, welcoming its eighth cohort of pilot trainees this week, and developing additional in-house capabilities and program offerings. While we executed on our financial, operational, and strategic goals this quarter, we also took a meaningful step to follow through on our commitment to return value to shareholders. With the announcement of a substantial issuer bid, which is currently active for investors to consider, the offer to buy back up to 25 million shares in value is in addition to the 53 million in shares already purchased since we commenced our NCIB program in 2022. Altogether, these two streams represent a meaningful effort to address the undervaluation of our shares. I want to reiterate that we are very focused on shareholder value and the fact that we prioritize the SIB offered during this time is a reflection of that focus. I'd also like to note that as the markets deal with ongoing volatility, our results highlight the predictable and defensive nature of our business overall. Our strong balance sheet and low leverage contracted cash flows of the jazz business combined with the diversified sales avenues of Voyager positions us very well during this time of economic uncertainty. In summary, our strong results reflect our commitment to remaining focused and executing on our plan. We're well positioned to continue to strengthen and grow the business while delivering on our commitment to prioritize shareholder value. I'd like to close by thanking our employees across all our businesses for their unwavering focus during a time of change and realignment for our company and for their daily contributions to customers and communities we serve. I'll now pass it over to Gary to take you through the financials.