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 Cotie. 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 Chorus are Colin Copp, 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 Chorus Aviation Inc. for the three months and the year ended December 31st, 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 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 relating to the use of such non-GAAP measures and pro forma figures. I'll now turn the call over to Colin Copp. Thank you, Tyrone, and good morning, everyone. I'm pleased to report on the fourth quarter and our 2024 results. This has been a period in which we have 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 Chorus's 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 growth. At this time, the fourth quarter results were delivered in line with expectations, with strong and steady cash flows reflecting 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, the parts 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 repositioning Voyager for sustained growth well beyond 2025 while achieving our goal of CAD 150 million in revenue over the next year. Notably, in 2024, Voyager meaningfully grew their parts business and successfully built out their special mission support business with the Department of National Defence 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, Jazz welcomed its first class of new-hire pilots from our airline pilot training academy, Cygnet Aviation, in October of 2024. Cygnet team continues to grow the business as planned, having commenced their seventh cohort at the beginning of Q1 2025. Cygnet's pilot training capabilities to train airline-ready pilots from the ground up and 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, Cygnet 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, Chorus 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 NCIB in November of 2022, we've invested CAD 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, Chorus 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 part 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 with significant change for Chorus, and 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. Thank you, Colin, and good morning. As Colin mentioned, we completed a significant milestone in closing the sale of our leasing segment on December 6th. The aggregate consideration from the RAL sale was CAD 2 billion, with net proceeds of $607.7 million, which we used to repay all the outstanding Series A debentures for CAD 86.3 million, redeem all of the outstanding preferred shares for $363 million, including a MWA of $63.3 million. We also repaid the amount outstanding under our operating credit facility. On February 3rd, 2025, Chorus purchased for cancellation CAD 81.6 million of the Series B and C debentures. As we close out 2024, our leverage now sits at 1.4, down from the 3.3 at the end of 2023. As we look forward at the year, we've made significant payments on amortizing aircraft loans, paid off our Series A debentures, and reduced the balance outstanding on our operating credit facility to nil. Our free cash flow generation remains strong, with CAD 27.5 million generated in the fourth quarter of 2024, in line with the same period last year. With our 2024 annual free cash flow coming in at CAD 118.8 million. Moving forward post the RAL sale, we will see improved cash flows related to reduced principal and interest payments on debt and removal of the preferred share dividends. We have been active under our NCIB program, purchasing CAD 10 million in shares since the close of the RAL sale and plan to continue with share buybacks. We are also focused on growing our business, reducing our corporate costs, and improving our earnings. As we look at the fourth quarter, overall, the results for our continuing operations were in line with our expectations. Adjusted EBITDA coming in at CAD 52.7 million for the quarter and CAD 211.6 million for the year. Our adjusted earnings available to common shareholders came in at CAD 0.39 for the quarter and CAD 1.04 for the year. This, of course, does not reflect the full impact of the sale of RAL and repayment of corporate financings, which is outlined in our post-sale pro forma non-GAAP financial measures section of the MD&A. It was a busy quarter with the sale of the RAL segment, redemption of the preferred shares, the repayment of the Series A debentures, and the repayment of the balance on our operating credit facility. In addition, we recorded an impairment provision of CAD 10.5 million on Dash 8-300s that were non-operational in conjunction with our plan to now park these aircraft out. As reported in our MD&A, the actual and forecasted covered aircraft under the CPA for the years 2024 to 2026 goes from 114 to the 80 minimum covered aircraft. Included in this planned fleet reduction is the removal of nine owned Dash 8-400s, which are now in the process of remarketing the nine Q400s. In conclusion, I would like to reiterate what Colin said earlier. A strengthened balance sheet and improved cash flows provide our business with much greater flexibility now, and we are pleased with the progress we made this past quarter and year. We're now ready to answer questions. Thank you, ladies and gentlemen. We will now begin the question and answer session. If you wish to ask a question, please press Star and 1 on your telephone keypad and wait for your name to be announced. Once again, Star and 1 if you wish to ask a question. We will now take our first question. This comes from the line of James McGarragle from RBC Capital Markets. Your line is now open. Please go ahead. Good morning, everyone, and thanks for having me on. I was asking a question on the medium and longer-term strategy here. So any opportunities outside of the CPA, any potential M&A you might be looking at, or any organic opportunities right now that you're looking at as being attractive? Any color you can provide there. Yeah, good morning, James. It's Colin. Look, it's a good question, and that's one of the key questions we've been getting really on the growth side, I think, is one of the key ones, and the other is on the capital side as far as returning capital and what are we doing with our cash. So great question. Look, we've just gotten through the sale transaction, really getting the balance sheet cleaned up. So we've been very focused on making sure we execute well on that. We've done a great job of it, as we said we would. We were pretty clear on where we were headed. So we've got that done. We're focused on the cash side here and making sure we've got a plan on the capital side, which we've said all along we will get to, and that's coming. On the growth side, we are really, on the short term, we're focused on the existing businesses and really looking at shoring them up and doing what we can to ensure they are very strong. So that'll be the very near-term focus. On the longer term, we're starting to think about the growth side and where do we see acquisition opportunities. We're in the market looking. We have nothing really to report or to give you, but that is our long-term growth. Our long-term plan is to see some growth as we stabilize and get everything done that we've committed to here. So pretty much on track, just we're maybe a little early to start talking about that as we've just kind of got things cleaned up. I think the timing of it has been good for us, for sure. Thank you. you. Thanks for the color there. And then just on the Air Canada, their investor day, they mentioned they were focusing on the A220s and the ERJs. Did you see any impact to you guys longer term there or any risk to the use of the Q400s? And after that, I can turn the line over. Thank you. Yeah. Yeah. Another good question. Look, yeah. The A220 is a pretty big airplane, right? And we have a history with Air Canada and moving us around, and we've been on different routes. It's always kind of we can't speak for Air Canada at all, but it's always been this ideation about the right size airplane at the right time on the right route. So it's a significantly bigger airplane. Sure, there will be movement. There always has been movement and flexibility with us. That's one of the great advantages that we provide is the ability to move aircraft around the country and do different flying depending on where the need is. So absolutely, a few things could change, but we don't see any impact or reduction in any way as far as the fleet goes. Routes are going to be flexible, and there may be some advantages coming out of it for us as well as they grow markets. So look, we're excited that Air Canada continues to grow, and I don't see anything from an impact perspective there at all. Thank you. Thank you. The next question comes from the line of Konark Gupta from Scotiabank. Your line is now open. Please go ahead. Hi, this is Ellie Fellingham for Konark. Good morning, everyone. Good morning. My first question is on the CPA. What do you plan to do with any incremental unused aircraft if some or all CPA leases don't extend? Yeah. Look, we've had that question a few times, and look, we're going to optimize the value of those assets. There's a whole bunch of options that could happen. We could extend some airplanes with Air Canada. We could sell the aircraft. We could use them in other operations, so we're looking at really optimizing the value, doing what's best for the shareholder from a return perspective with those assets. Obviously, if Air Canada is, if they can stay in the fleet, we will do that, but if not, there's lots of opportunities to get value out of those assets. They're great assets, and so it's going to depend, and it's really speculation to say what might happen to those aircraft over time. That makes sense. Thank you. And maybe just one last one. As far as your growth aspirations, do you see an opportunity to expand Voyager operations geographically on the West Coast or even in the U.S. through M&A or organically? Yeah, absolutely. There's growth opportunities there. We've set a target that we talked about, the 150. We're working through that to make sure we're on track for that this year, and we're continuing, as I said in my script there, we're continuing to now look at the next phase. How do we continue the growth path here? We see lots of opportunities. Exactly where they are and what they look like, I don't want to comment on because, again, it's kind of speculating on what might happen, but for sure, growth there, we see beyond where we're at today and what we've given guidance on, for sure, and there could be opportunities in the U.S., could be in the West, could be in Central Canada, could be in a lot of different locations. Okay. Thanks, guys. Appreciate the time. That's all my questions. Thank you. The next question comes from the line of David Ocampo from Cormark Securities. Your line is now open. Please go ahead. Thanks. Good morning, everyone. Just wanted to follow up on the Voyager line of questioning there, but maybe ask it a little bit differently. I think if you go back to your 2023 investor day, you guys laid out that CAD 150 million target, and I think pretty healthy margins on that. That was two years ago. So I'm just curious how much visibility you guys have going forward. Is it a business where you could start to project that in another two years? Maybe you're not comfortable laying out a number today, but just wanted to see how much visibility there is in that business as it is kind of. Yeah. Okay. Good question. Look, we're working on. With a decision on guidance as to what we'll provide you guys. And I think that's an important element. I appreciate that that's something you need to see. But there's no question that we see growth on a go-forward basis for Voyager beyond that 150. We'll be able to figure out, hopefully, in the months ahead here what that looks like and how far that guidance goes out. I can't really comment on that. I don't know. Yeah. I appreciate it. Gary had some color there. Yeah, no, I think we're very comfortable with the CAD 150 million this year for Voyager, and we still see them growing, but as far as guidance goes, as Colin said, we'll make a decision on that in the future, but they're continuing to grow. That's the main thing. I guess, Gary, what gives you that confidence in the 150, a number two years ago, is it all just based on contracted business? And there's really no hiccups or places where it could go wrong? It's contracted business, for sure. They have a lot of that within their business. They work for the United Nations and others. They also have a lot of aircraft part sales, as you know. They've been building that business, and that continues to build. So we feel comfortable with that. And it's just the general momentum they've built over the last year or two. And they continue, and based on our forecast, we're still expecting CAD 150 million. So we're feeling pretty good about it. Gotcha. And then on the aircraft that are coming off lease with Air Canada over the next few years, Gary, are you able to provide how much of a net book value that is? I think you guys provide an overall number. Just curious where that stands and. Yes. We're not providing a net book value number, but we do expect to achieve net book. In the past, we've given some guidance to the market that somewhere between an average Q400 is worth today somewhere between $5-$7 million USD. So that's still a good number to use, but we're not disclosing the book values. Okay. And there's no debt associated with that as the lease is expiring, right? That's right. Those nine aircraft have no debt. Yes. Okay. That's it for me. I'll turn the call over. Thank you. And the next question comes from the line of Tim James from TD Cowen. Your line is now open. Please go ahead. Thanks. Good morning, everyone. Just returning to Voyager, if I could, revenue growth, obviously very strong in the quarter, and I realize you don't want to get into specifics around margin, but could you just talk sort of generally about the moving parts within Voyager that would have impacted sort of the margin and profitability in that business? I know you've characterized it as around 25% EBITDA margins, if I'm not mistaken. I'm just wondering if with that kind of revenue growth, one would reach the obvious conclusion that maybe there's been some margin expansion, but just help me sort of realize if that's a good assumption or what are the drivers there. Yeah. Tim and Scotia. Tim and Tim and Scotia here. Yeah. On the revenue side, they've been achieving those margins. I think they were around 24% this year, and that's consistent with what I think we had on the investor day. So they're continuing to see their margins as they expand the revenue base they're holding. And they're seeing it in a lot of bases. Parts is one of them. There's no question that the parts are doing very well, but they've also been improving their operations and expanding in their contracts. They've got the major contract. I think that Colin talked about earlier and others that have kicked in. So they're doing well on the contracts, part sales, and executing on their business. Okay. That's helpful. Thank you. Then maybe just a more general question. Is there anything you can provide in terms of opportunities, whether it's specifics or just general in terms of more part sales or operating aircraft or medevac contracts, just anything in terms of sort of as you look forward at future potential business development at Voyager, what types of opportunities are out there for that business? Yeah. And there is the one reason why we're so bullish on them is because there are such a wide variety of opportunities that exist in all of those areas that you just mentioned, including the parts side. We still see big potential in the parts side. And all of those things really align well with the strengths that Voyager has as far as their capability. So I wouldn't say that there's one specific area. I think all three of those areas, even on the defense side, the vast opportunities to bid on contracts that make a lot of sense for us and give us the capability to execute on. So I think all those areas are all growth areas, and they'll be part of the plan as we continue to push Voyager to the next level, for sure. Okay. Great. Thank you very much. Thank you, and there are no further questions at this time. I would now like to hand the call over back to Tyrone Cotie. Please go ahead, sir. Thank you, John. Thank you all for taking part in today's call. Thank you for the questions. Have a good day. Thank you. This concludes our conference for today. Thank you all for participating. You may now disconnect.