FLYHT Aerospace Solutions Ltd.

Thank you for standing by. This is the conference operator. Welcome to the Flight Aerospace Solutions fourth quarter and year-end 2022 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there'll be opportunity to ask 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. Due to the volume of questions expected on today's call, we ask that you please limit your questions to three to allow time for others in the queue. If there are any outstanding questions at the end of the call, the company will be happy to take them by email to investors at flight.com. I would now like to turn the conference over to Matt Chesler, Investor Relations. Please go ahead, Matt.

Thank you for joining our fourth quarter and full year 2022 earnings call. On the call with me today are Kent Jacobs, President and Interim CEO of Flight, and Alana Forbes, Flight's Chief Financial Officer. On our website, flight.com, we've posted a press release covering the information we'll review today. as well as a webcast of today's conference call. An archived version of the call will be posted on the investor relations section of our website as soon as it is available from the conference call provider. Before we start, I'd like to remind everyone to read the forward-looking statements and non-GAAP financial and other information that we have included in our 2022 annual report. Searching of the statements made today may constitute forward-looking statements, and these statements are our present expectations. Relevant factors that could cause actual results to differ materially are listed in our earnings materials and in our CEEDAR filings, including our annual report, which should be filed today, which is already filed. During the course of today's call, we will also discuss certain non-GAAP financial measures. You can find the reconciliation of these to the nearest comparable GAAP measures in the 2022 annual report. With that, I would now like to turn the call over to Kent.

Thank you, Matt. Kent Jacobs, Good morning, everyone, and thank you for joining us today. My name is Kent Jacobs and late in 2022 I was appointed to the expanded role of President and interim CEO of Flight. Kent Jacobs, Bill Tempany, our CEO passed away unexpectedly on December 20 of last year. It is with both a heavy heart and an unwavering commitment to his vision and legacy that I speak to you on this regular earnings call. Bill is deeply missed by everyone at Flight and by me as a colleague, a mentor, and a friend. When Bill returned to Flight as our CEO in 2020, he set the tone for our software-focused vision and formed the team that successfully continues his work today. I am proud to leave that to you. But this is no ordinary time for Flight. 2022 was a year of exciting accomplishments and opportunities. As I consider my 20 years at flight, I have never been more optimistic about our current state and future opportunities. With the strong execution of our strategy, we delivered record revenue of nearly $24 million, representing a doubling of our 2021 revenues, while also generating positive EBITDA in the second half of 2022 and on a full year basis. The continued recovery of the airline industry Coupled with Slythe's approach has placed us in a strong position to benefit from the ongoing robust demand for our legacy products and surging interest for our new and innovative solutions. Slythe's vision to become a global force in providing innovative aviation and environmental solutions for our customers is coming to fruition. We are on the verge of obtaining the initial supplemental type certificates of our newest innovation, the AFERS Edge. The 5G-enabled AFERS Edge utilizes cellular, Iridium Certus, and Wi-Fi capabilities to provide powerful situational awareness by delivering data in real time. Its lightweight form and versatility bridge the end-to-end digital divide to make narrow-body connectivity a reality. Our FTC rollout strategy is to first address the Airbus A320 and Boeing 737 fleets around the world. By focusing on these narrow-body fleets, we're targeting roughly 70% of the commercial aircraft worldwide. We envision an adjustable market of approximately 25,000 aircraft with the edge poised to become the dominant avionics of choice for wireless quick access recorders and aircraft interface device functions, thereby enabling operations in finite airspace and in a progressively carbon-free environment. Building upon the AFERS Edge infrastructure, weather and environmental services are becoming an increasingly important component of our staff operating model. As presented in FLIGHT's recent testimony to the Subcommittee on Environment of the United States House of Representatives Committee on Science, Space and Technology, FLIGHT's WVSF-2 water vapor sensor system installed on aircraft with an AFERS Edge is a critical component of weather aircraft-based observations for meteorologists and airlines. Weather is constantly changing, making real-time ABOs a prime source of recurring revenue in support of weather forecasting models and aviation operations. As part of the global focus on environmental impacts of aviation, researchers have projected that clouds formed from contrails, that's contrails there as clouds, are responsible for approximately half of aviation's climate effect, making contrail detection and avoidance programs a priority. The flight WVSS2 sensor provides accurate water vapor detection, thus providing valuable data and services regarding aircraft-induced cloudiness and contrail avoidance. Initially, these services are expected to support the research community and governments, with airline and military operational applications to follow. Validation of FLIGHT's environmental strategy was received last year as the United Kingdom's meteorological office announced their intent to purchase FLIGHT's WVSS2 water vapor sensor system. While the Acres Edge is our new flagship offering, demand for the complimentary Acres 228 SATCOM remains at an all-time high. In 2022, FLIGHT landed and fulfilled our single largest licensing order, totaling more than $7 million. The success of the Airbus' A220, A320, and A330 aircraft means we fully expect additional orders to continue from our licensing agreement with L3 Air. Additionally, with its proven track record, the Acres 228 has allowed us to maintain our base of loyal customers. Over the years, we have developed a library of more than 100 SCCs, which we continue to expand in concert with new airliner development, including the Airbus Neo and Boeing Max fleet. In addition to the AFERS 228 and the AFERS Edge both supporting all our products and services, we have also developed standalone FAS offerings as part of our recurring revenue strategy. The recent introduction of Clearport, our aircraft turn management tool, represents flight's latest standalone FAS product. As we expand into artificial intelligence and machine learning models and further develop into our data warehouse capabilities, we look forward to reaching our full FAS revenue potential. As in any year, 2022 is all about the people who make it happen. As we move forward from development to market introduction, we brought on board four new members with a combined 75 plus years of skill and experience in the aviation industry. These team members bring with them a sterling track record of success and an elite professional network, thereby enhancing flight's reputation and improving our time to market. Our innovative technologies and vision were paramount in attracting such talent to our organizations. Their impact has been immediately felt and will be reflected in future results. I'd also like to highlight key changes to our board of directors, which we announced this morning. I am privileged to announce that Captain Mary McMillan, a current independent director on the board, has been named as non-executive chairman of the board. Captain McMillan succeeds Nina Johnson, who is ceding the role of chair due to external commitments. Based in Virginia, Mary is a true pioneer of women in aviation, with decades of leadership experience at major companies such as Inversat. Her knowledge of airlines, aircraft products, and aviation safety makes her a key part of the flight family in helping steer us to solutions that are attractive to airlines and related service providers. She is currently president of Cashel Aviation, a consulting company dedicated to the development and implementation of aviation safety and environmental strategies. Captain McMillan began flying in 1982 and has over 12,000 hours flight time under her belt. I also want to extend my heartfelt gratitude to longtime board member Jack Wolcott, who has stepped down after 15 years of service. Through periods of rapid growth and challenges such as COVID-19, his deep understanding of business aviation and steady guidance to build company, and more recently to me, have helped to build flight into the leader that it is today. Thank you, Jack. As we accelerate out of COVID-19 and honour Bill's legacy, we remain steadfast in our execution of flight's vision. I would like to thank our dedicated staff for their hard work and perseverance, our loyal shareholders for your continued support, and our customers for allowing us to continue to provide service and value. I'd now like to turn the call over to Alanna for a review of our financial performance.