Earnings call transcript: Chorus Aviation Q2 2025 sees strategic acquisitions

Chorus Aviation reported its Q2 2025 earnings, showcasing a notable rise in adjusted earnings per share (EPS) to $0.66, a significant increase from $0.59 in Q2 2024. The company also announced strategic acquisitions and partnerships, which are expected to bolster its position in the aviation sector. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics, with net income expected to grow this year. Despite these positive developments, the stock price saw a slight decline of 1.7% in recent trading, closing at $1.84.

Key Takeaways

• Adjusted EPS rose to $0.66, up from $0.59 in the previous year.
• Chorus Aviation acquired Ellison and Associates Inc., boosting its engineering capabilities.
• A new partnership with Metrea aims to innovate in aerial firefighting.
• Stock price dipped by 1.7%, closing at $21.76.

Company Performance

Chorus Aviation demonstrated solid performance in Q2 2025, with adjusted earnings per share increasing to $0.66, indicating robust growth compared to the previous year. The company maintains impressive margins, with InvestingPro data showing a gross profit margin of 72% in the last twelve months. This growth is supported by strategic moves, including the acquisition of Ellison and Associates Inc., which enhances its aerospace engineering capabilities. The company is also focusing on high-margin contracts and expanding its defense and special mission aviation markets, supported by a healthy current ratio of 8.29.

Financial Highlights

• Revenue: Not disclosed for Q2 2025
• Adjusted earnings per share: $0.66, up from $0.59 in Q2 2024
• Adjusted EBITDA: $51.3 million, up $0.8 million from Q2 2024
• Cash flow: $34.6 million, up $6.4 million from Q2 2024
• Leverage ratio: 1.5, within the target range of 1-2

Market Reaction

Chorus Aviation’s stock saw a decline of 1.7% following the earnings report, with the price settling at $1.84. InvestingPro data reveals the stock has experienced significant volatility, trading between $1.00 and $3.45 over the past 52 weeks. This movement is within the broader market trends, as investors weigh the company’s strategic initiatives against current market conditions. While the earnings report was positive, the stock’s year-to-date return of -26.51% reflects broader market challenges. For deeper insights into Chorus Aviation’s valuation and future prospects, investors can access comprehensive Pro Research Reports, available exclusively on InvestingPro.

Outlook & Guidance

Looking ahead, Chorus Aviation has initiated a quarterly dividend of $0.08 per share and plans to distribute approximately 25% of its free cash flow as dividends. The company maintains a strong financial position with an Altman Z-Score of 20.1 and an overall "GOOD" financial health rating from InvestingPro. The company is exploring further mergers and acquisitions in the aviation sector and anticipates growth in defense spending opportunities. For FY2025, the EPS forecast is $5.31, with revenue projected at $262.43 million, supported by a robust return on invested capital of 7%.

Executive Commentary

CEO Colin Kopp emphasized the strategic importance of the Ellison acquisition, stating, "There’s not really anything in Ellison’s scope that they can’t do when it comes to aviation." He also highlighted the potential for growth in defense spending, noting, "We’re seeing more and more focus on this."

Risks and Challenges

• Market volatility could impact stock performance and investor sentiment.
• Changes in defense spending priorities may affect projected growth.
• Potential challenges in integrating new acquisitions smoothly.
• Dependence on high-margin contracts could pose risks if market conditions change.
• Global economic uncertainties might impact aviation sector demand.

Q&A

During the earnings call, analysts inquired about the strategic value of the Ellison acquisition and the company’s plans for aircraft fleet adjustments with Air Canada. Discussions also covered the potential for firefighting aircraft operations and expansion into the defense market.

Full transcript - Chorus Aviation Inc (CHR) Q2 2025:

Conference Operator: Good morning, ladies and gentlemen, and welcome to the Corus Second Quarter twenty twenty five Financial Results Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Wednesday, 08/06/2025. I would now like to turn the conference over to Matt LaPierre.

Please go ahead.

Matt LaPierre, Investor Relations, Corus Aviation: Thank you, operator. Hello, and thank you for joining us today for our second 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 this call, I ask that you refer to the caution regarding forward looking statements and information found in our MD and A.

This pertains specifically to the results and operations of Corus Aviation Inc. For the six months ended 06/30/2025, as well as the outlook section and other sections of our MD and A where such statements appear. 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 and A for further information relating to the use of such non GAAP measures. I’ll now turn the call over to Colin Kopf.

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Thank you, Matt, and good morning, everyone. I’m happy to report on a strong quarter for Corus with solid performance across all key financial metrics. On June 25, we announced the declaration of our cash dividend of $08 per share payable on August 15, with future dividends to be declared at quarterly report outs. And that as we grow earnings and cash flows, we aim to distribute approximately 25% of our free cash flow after debt repayments as dividends to our shareholders. Through our NCIB program and SIB that we completed in May, we continue to buy back shares, and year to date have repurchased a total of $27,200,000 in core shares.

And on September 30, we will redeem our Series B debentures in the principal amount of $28,700,000 which will further strengthen our balance sheet and position Corus for growth. Additionally, on July 21, we were very pleased to announce the strategic acquisition of Ellison and Associates Inc, a leading provider of aerospace engineering and certification services based in Montreal. This is a business who we have worked with in the past, and we see great potential in. Founded in 1997, Ellison has built a reputation for excellence and innovation, and today sits at the core of Montreal’s aerospace community, renowned for its ability to deliver complex engineering, defense, and sustainable aviation projects. Ellison will be key to growing and enhancing our specialized MRO capabilities, while adding valuable expertise and industry relationships.

We are very pleased that founders and co presidents Stephane Durant and Teif Rahman will continue to lead Ellison, and we look forward to welcoming their entire team. The transaction is expected to close prior to the end of the year, and is a key strategic move to support growth. On the asset sales side, as we discussed last quarter, we’ve had significant interest from buyers for the three Dash eight-400s coming out of the CPA this year, and the six next year. And we anticipate completing a sales agreement on the first three soon. Just turning to the operating side, our businesses have all delivered very well this quarter, providing consistent and strong earnings and securing new contracts.

Let me touch on some of those highlights. Doug and the team generated strong earnings under the CPA with Air Canada, while demonstrating a dedicated focus to operational excellence. A recent proud moment for us was seeing our partner Air Canada ranked first among North American carriers in on time performance for the months of May and June, and we applaud Jazz for its role as an important operational partner in contributing to that achievement. Cory and the team at Voyageur continue to perform very well, and are on track for yet another record year of revenue, EBITDA and income, driven by growth in their parts sales, specialty MRO and defense business. And we continue to expect Voyageur’s twenty twenty five total revenue to come in at approximately $150,000,000 for the year.

In this quarter, we saw an accelerated shift in business mix from the lower margin overseas flying to higher margin flying contracts, such as the Mazor contract with D and D, which will continue to drive improved profitability as we move forward. This shift has been consistent with our long term plan and has been accelerated with pressures and funding constraints resulting from the World Food Programme and United Nations reducing contracted flying operations. On the specialty MRO side of the business, Voyager has partnered with Metrea, a global US based defense and national security company, to develop their Dash eight-three 100 Fire Swift aerial firefighter. The first of two aircraft is currently undergoing flight certification and is expected to be completed by the end of the year. METRE is paying for the program costs and Voyager could potentially operate the aircraft on their behalf.

Depending on the success of the program, there could be future opportunities for Voyager that may include aircraft modifications and operations. At Cygnet, Lynne and the team are making excellent progress towards our pilot training academy, and are preparing to welcome their ninth cohort in the coming weeks. Additionally, Cygnet has recently been awarded the Department of National Defence standing offer, which is valid for up to three years to provide continuation training for pilots. And we’re very pleased to have six pilots from eight Wing Trenton already in the training program. This quarter we have seen strong execution against our plan, which is driving improvements in our free cash flow, net income and adjusted EBITDA.

We’re very focused on improving shareholder returns, and are now well positioned to grow our business going forward. I’d like to thank our shareholders for their ongoing support, and our Board of Directors for their strong guidance, and recognize our employees across all of our first companies for the focus and dedication to our success. I’ll now pass it over to Gary for him to take you through the financials.

Gary Osborne, Chief Financial Officer, Corus Aviation: Thank you, Colin, and good morning. We are pleased to report our Q2 financial results that are in line with our expectations and demonstrate the steady performance across our subsidiaries and continued reduction in corporate operating costs. Looking at the results, adjusted earnings available to common shareholders per share was zero six six dollars an increase of $0.59 per share over Q2 twenty twenty four. This increase is due to the sale of the RAL business and improved financial results attributable to growth at Voyager and lower corporate costs. Adjusted EBITDA came in at $51,300,000 for the quarter, an increase of 800,000.0 over Q2 twenty twenty four.

And finally, cash flow was $34,600,000 an increase of $6,400,000 over Q2 twenty twenty four. Our leverage ratio was 1.5 at June 30, which is in the middle of our targeted operating range of one to two times. This along with existing liquidity of $246,500,000 provides strength and flexibility to support future investments and growth in the business. We continue to work through the sales agreement on our first three Dash eight-four 100 aircraft due to exit the CPA with Air Canada later this year. During the process, we have seen an improvement in current market prices of the Dash eight-four 100 aircraft.

We now expect to achieve average aircraft net proceeds of between $6 and $7,500,000 U. S. Each. We would also expect this range to apply to the remaining six Dash eight-four 100 aircraft exiting the CPA in 2026. Chorus continues to generate predictable free cash flow from its businesses, which allows us to return capital to shareholders and focus on the growth of our company.

As Colin noted, we recently announced the initiation of a quarterly dividend of $08 per common share, beginning with the first payment in the coming weeks. We intend to pay out approximately 25% of our long term free cash flow after debt repayments. This will provide an opportunity to grow the dividend over time, while maintaining capital for investment opportunities. We continue to see Voyager achieving the goal we set out in our twenty twenty three Investor Day of approximately $150,000,000 in total revenue by the end of the year. We have also updated our US to Canadian dollar rate in the outlook section of the MD and A for the remainder of 2025 and 2026 to reflect a forecasted US to Canadian foreign exchange rate of 1.35 from the previous 1.4 related to aircraft leasing under the CPA revenue and US denominated debt.

The underlying lease amounts denominated in US dollars remain unchanged from our last forecast. We are now ready to take your questions.

Conference Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star key followed by the number one on your touch tone phone. Your Your first question comes from Kevin Chiang of CIBC. Your line is now open.

Kevin Chiang, Analyst, CIBC: Hi, good morning everybody. Thanks for all the details in your prepared remarks. Gary, just maybe on some of the comments you made related to the expected aircraft sale, I guess of the nine units, call it about CAD 10,000,000 per unit. Can you remind us what’s the book value for that or what’s the potential gain you’ll earn if you achieve that sales price?

Gary Osborne, Chief Financial Officer, Corus Aviation: Yeah, we’re not getting any gain on it Kevin, but it would be right around our book value.

Kevin Chiang, Analyst, CIBC: It’s around book And value, I’m sure I can quickly do the math here, but I guess if you were to apply, I guess what you see as a market rate versus the rest of your covered fleet, is there upside relative to the current net book value you disclose of $7.61, I guess at the end of Q2 here or is there upside to that number?

Gary Osborne, Chief Financial Officer, Corus Aviation: No, don’t think so Kevin. I think when you look at that, that’s current, know, if you look, those are not all aircraft coming out of the CPA or being sold. So these are at the 12 to 14 years old aircraft, so they’re a little bit different. We have CRJ900s and some Q400s that are, you know, less than ten years old within that. So, but what I would take from it is we’ve seen an improvement in the current values of the Q400s, and as we go through the sales process, we feel pretty good about where it’s been going.

Kevin Chiang, Analyst, CIBC: Okay. And maybe just turning to Voyager here. Thanks for reaffirming the 150,000,000 of revenue this year. If I look at the first half though, we’ve seen a little bit, guess, I’ll call it quarterly volatility and I get it sales of parts can be a little bit transactional here. But as you look at, I guess, the mix of Voyageur’s business changing here, especially as you add in Ellison and some other opportunities.

I think you’ve talked about 25% EBITDA margin as kind of the average rate. Does that does a mix shift impact that margin over the long term? It feels like some of the stuff might be higher margin. So maybe not on a it might not shift that much as we go from quarter to quarter here. But as we look over the next few years, is there upside to that 25% margin as the mix of this business changes or does it all kind of level out at the same rate?

Gary Osborne, Chief Financial Officer, Corus Aviation: On the EBITDA margin, it’s probably around the same, know, that 24%, 25% has been consistent. I think what we find with the overseas flying, Kevin, is the profitability, so your net income is a little more challenged because it has a bit more depreciation on it. So what we see is the overall profitability coming up as we shift away.

Kevin Chiang, Analyst, CIBC: Okay, so kind of like maybe an EBIT margin might look a little bit better even if EBITDA margin staying Okay. You know what, I’ll leave it there and I’ll pass along. Thank you very much for taking my questions.

Conference Operator: Our next question comes from James McGargle of RBC Capital Markets. Your line is open.

James McGargle, Analyst, RBC Capital Markets: Hey, good morning. Thanks for having me on. Just wanted to ask a question on the Allison, some of the expansion opportunities there. It seems to provide some exposure to verticals beyond some of your typical regional markets. So, can you just kind of talk about your role in potentially getting a foothold in some of the adjacency tiers and any broader strategic expansion opportunities you’re exploring in some of these categories?

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Hi James, this is Colin. Yeah, it’s a good question. I mean, the acquisition, as you’re alluding to, is very strategic for us. We’re looking for opportunities for them to continue to grow out their business. There’s a lot of different things they work on, but there’s, I would say probably, you know, a big chunk of what they do is very much aligned with Voyager on the defense side and special mission side, as far as modifying aircraft.

So when you start looking at some of the other stuff they do, they touch on with other customers, like they do touch on some rotary stuff, they’ve done different things, different helicopter type projects. It gives us a lot of different kind of potential as we move forward with them to look at a broader spectrum of aviation side of things. But most of what they do is fairly aligned with what we’re operating or what we do in our current businesses.

James McGargle, Analyst, RBC Capital Markets: Okay, thanks for the color. And then just on the guidance, there’s a slight change to guide with the quarter. Can you just talk about what drove that? It seems like FX probably was a little bit of a headwind, but any additional factors at play there that you can call out?

Gary Osborne, Chief Financial Officer, Corus Aviation: Yeah James, Gary. There’s no other factors other than The US to Canadian dollar. I think generally speaking we’ve all seen a drop in The US to Canadian dollar rate. It’s been forecasted by all the major banks that you’re going to see a weaker US dollar and that’s probably the policy going on down south. So what we’ve done is reflected at 01/1935 versus the previous 140 more just a forecast around that.

It makes a bit of a difference on the revenue line, but when you look at the net after debt payments, it doesn’t really make a material difference, but we just wanted to get that updated because we are seeing the US dollar below $1.40 consistently down. So moving ahead, we moved it to $1.35.

James McGargle, Analyst, RBC Capital Markets: I appreciate the color, and I’ll turn the line over. Thank you.

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Thank you. Thanks, James.

Conference Operator: Your next question comes from Cameron Doerksen from National Bank Financial. Your line is now open.

Tim James, Analyst, TD Cowen: Yes, thanks. Good morning. Just want

Cameron Doerksen, Analyst, National Bank Financial: to follow-up, I guess, on the M and A question. I guess, what else are you seeing out there as far as potential acquisition targets? I guess, has anything changed since the last quarter on potential opportunities that might be available to you?

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Hi, Cameron, it’s Colin. Look, know, like I think we’ve alluded to it a little bit in the last couple of calls, know, we really had, we had a lot of work to do to get the organization kind of ready and posed for acquisitions. We’ve done that work. You know, we’ve talked a lot about that as far as balance sheet and all those good things. So as we’ve been doing that, the pipeline’s been growing, and we’ve been working quite hard on that, and behind the scenes, with a lot of focus on various aviation opportunities.

So that list is growing, and we’re starting to go through that quite aggressively now. Ellison was one of the, you know, the first ones that popped out. It was an obvious one. It made a lot of sense, very strategic, but there are several that are obviously bigger and larger that allow for more diversification that we’re working on right now. Can’t get into any of the specifics, but they’re definitely there’s a good pipeline there and we’re working through it.

We’re hopeful we’ll have more to talk about as we get in towards the end of the year or next year for sure.

Cameron Doerksen, Analyst, National Bank Financial: Okay. No, that’s great. And maybe second question, I guess, just on the firefighting opportunity here. I mean, you’ve announced this, I guess, the first of two aircraft that you’ve modified. I’m just wondering if you can maybe go in a little more detail on how operating those aircraft might work.

Are there, I guess, other companies out there that this product could be useful for that might be a potential contract for you to operate the aircraft on their behalf? Just any details on how you see that opportunity evolving.

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Sure. I can I can give you a little bit more clarity beyond what we provided there, but not a lot? I mean, you know, the the modification of the aircraft and and the the product itself is a Metrea product. So we did the work under contract for them at Voyager, and there’s an opportunity, what we’re alluding to there, that’s quite good, and we’re excited about, and we’re hopeful we can deliver on, is an opportunity for us to operate for them. So we would be flying the aircraft on their behalf.

And we have that capability in house at Voyager. They obviously needed some of that expertise to do flight testing and various things. So we’re well set up to essentially engage in operating those aircraft on their behalf, anywhere in the world that might make sense. So, I can’t give you any specifics on what that looks like, because we’re still working through all that with them, but we’ll have more to say about it as time progresses here in the coming weeks.

Cameron Doerksen, Analyst, National Bank Financial: Okay. No, that’s great. I’ll pass the line. Thanks very much.

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Thank you.

Conference Operator: Your next question comes from Tim James of TD Cowen. Please go ahead.

Tim James, Analyst, TD Cowen: Thanks very much. Good morning. My first question, are you seeing any specific opportunities coming to light as a result of a push to ramp up Canadian defense spending?

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Hi, Tim, it’s Colin. Yeah, I mean, obviously, you you guys are reading what we’re putting out where we’ve been careful on how much emphasis we put on things because, you know, our focus is to make sure that we deliver, not just talk about stuff, but there is a absolutely several opportunities that are starting to come together there. We’re seeing more and more focus on this. Clearly, you know, we read everything you guys read in the papers on the defense spending opportunities. Voyager’s been building their business in that area, as as we know, we have a office in Trenton and we’re we’re running the Maser aircraft on the on the support side.

So there’s definitely a focus from our perspective to see growth there. Allison ties in very well with that as well, as far as, you know, needs and having that ability to not only, you know, be able to do the engineering, but also be able to do the execution of, you know, the modifications and operate the aircraft. So it’s kind of having that capability from our perspective is very important. So we’re excited about opportunities that definitely we’re going to be involved in and looking at and trying to secure in that area going forward. Definitely a growth area for us to be looking at.

Tim James, Analyst, TD Cowen: Great, thank you. My second question, there were just in terms of fleet in the covered aircraft, there were five Dash eight-400s, I believe, that were scheduled to come out of the fleet or have been removed from the table in 2025. And those aircraft now appear to be staying in the table until 2026. I’m just wondering what sort of precipitated that change and I assume relates to sort of Air Canada’s demands. Could you provide any color on that front?

Gary Osborne, Chief Financial Officer, Corus Aviation: Yeah, Tim, it’s Gary here. It’s really just Air Canada moving around its fleet a little bit within the 80 aircraft, and I think that’s really the key. They extended those aircraft a little bit, and there’s really no change to the 80.

Tim James, Analyst, TD Cowen: And it has no impact, does it, on sort of revenue EBITDA that know flying those aircraft more this year than than previously anticipated?

Gary Osborne, Chief Financial Officer, Corus Aviation: Yeah. It wouldn’t affect our EBITDA. Those are third party leased aircraft. Know, they’re they’re basically a flow through with Air Canada. We earn our same fixed fee, so no change to any of our our guidance numbers if we just have the aircraft around for little longer.

Tim James, Analyst, TD Cowen: Is it if I can sorry. Just to follow on on that. I mean, are you somewhat encouraged by the fact, I assume, that Air Canada said, hey. Let’s, know, fly fly five five additional aircraft more this year than previously expected. I mean, is that correct me if I’m wrong, is that not a sort of an encouraging sign?

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Hi, Tim. It’s Pauline. Yes. Absolutely. We’re look.

We’re keen to to operate and do as much as we can with Air Canada. As as you know, we’re proud supporter of them in in many ways, and we’d love to operate a few more aircraft. But, you know, we can’t really speak for them as far as what the plan is gonna look like and what they’re doing. So we’re here to support them and and do as much as we can at Jazz, and that’s kind of all I can give you, really.

Tim James, Analyst, TD Cowen: Yeah. That’s helpful. Okay. Thank you.

Konark Gupta, Analyst, Scotiabank: Thanks.

Conference Operator: Your next question comes from Konark Gupta of Scotiabank. Please go ahead.

Konark Gupta, Analyst, Scotiabank: Thanks, and good morning, everyone. Maybe just to follow-up quick on Allison. I don’t think you guys disclosed the financials there, the transaction value or the revenue EBITDA contributions. Any sense to that? I know it seems minor, but like, is it how meaningful would it be or could it be to the bottom line?

Gary Osborne, Chief Financial Officer, Corus Aviation: Yeah, mean, I think it’s less than, you know, the purchase price was less than $5,000,000. Pretty minor in the grand scheme of things from that side, but the capability side as Colin alluded to, the engineering talent that we’ve acquired is very significant, and you know they’ve been involved with Voyager in the past, they were also involved with the Matrea project that we just talked about, so the capability on that and the defense side they have is quite immeasurable.

Colin Kopp, President and Chief Executive Officer, Corus Aviation: And they’re profitable today, there’s no question about that. They’re definitely profitable, Konark. It’s, you know, we’re just not getting into Gary’s not getting into any disclosure around those numbers, but, you know, we’re more excited about the upside than anything and the potential of what we can do with them and work with them and having that in house capability tied to Voyager and their defense business is pretty exciting. And I think the only other comment I’ll make on this is, you know, isn’t many of these types of engineering firms left in Canada that have the type of capabilities that we’re talking about. There’s lots of engineering firms, but they have very limited scope and limited capabilities.

Ellison is a broad scope capability engineering firm with everything from being able to build aircraft, man know, like, right back to the manufacturing side of things, all the way to, you know, all kinds of special mission stuff. So there’s not really anything in Ellison’s scope that they they can’t do when it comes to aviation. So that’s the exciting part for us.

Konark Gupta, Analyst, Scotiabank: Great. No. Makes sense. Makes sense. And to understand the the philosophy, I guess, there a bit more, when you pitch your, you know, products and services to to different verticals, the special mission or defense or whatever, I mean, would Ellison help you to go out as, I don’t know, call it, more capacity proposition to customers along with Voyager, obviously, or would it be more like an expanded product offering or service offering to customer?

And you’re like, I mean, are you horizontally expanding with this acquisition, or are you vertically expanding?

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Yeah. We are. You know, when we look at our team, when we look across our organization, the way I look at it anyways is, you know, we have expertise in all of these businesses, it’s quite deep. We’ve been very focused on, you know, all of our businesses having long term deep expertise, And whenever we go out to any kind of customer, we’re always involving the team. So they would absolutely, if there’s something that’s involved engineering or project oriented that would involve modifications or changing aircraft, they would be definitely part of that from our perspective.

And they’re integrated with us from a call perspective. You know, we’re always talking about new business opportunities. They will, once we close, they will become part of that team across Voyager and Jazz and and Chorus.

Konark Gupta, Analyst, Scotiabank: Okay. Thanks for that. And just a final one for me for turnovers. On the asset sales side, the three q four hundreds are coming up this year, then the six next year, I think. Besides these nine dash eights, do you have any other assets you have identified either for sale or part out or something in terms of monetizing them?

Gary Osborne, Chief Financial Officer, Corus Aviation: Nothing at this time, Konark, but we continue to review our fleet at Voyager and and whatnot to make sure that it’s all, you know, needed for the activities we have, but nothing that would be of significance.

Konark Gupta, Analyst, Scotiabank: Okay. Thanks, Gary, for that. I appreciate the time. Thanks.

Colin Kopp, President and Chief Executive Officer, Corus Aviation: Thanks, Gunnar.

Conference Operator: There are no further questions at this time. I will now turn the call over to Matt Lapierre. Please continue.

Matt LaPierre, Investor Relations, Corus Aviation: Thank you, everyone, for joining today’s call, and please have a good day.

Conference Operator: Ladies and gentlemen, that concludes today’s conference call. Thank you for your participation. You may now disconnect.

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