Greetings, and welcome to the Bridger Aerospace First Quarter Fiscal 2024 Investor Conference Call. As a reminder, today's call is being recorded. It is now my pleasure to introduce your host, Mr. Eric Gerratt, Chief Financial Officer. Mr. Gerratt, you may begin.

Good afternoon, and thank you for joining us today. Joining me on the call this afternoon is Chief Executive Officer, Founder and Director, Tim Sheehy. Before we begin, please note that certain statements contained in this conference call that do not describe historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Some forward-looking statements are based on various assumptions, risks and uncertainties actual results may differ materially from those expressed or implied by such statements. Factors that could cause results to differ materially from those expressed include, but are not limited to, those disclosed in the company's filings with the Securities and Exchange Commission, including expectations regarding financial results for 2024. Management cannot control or predict many factors that ultimately impact future results. Listeners should not place undue reliance on forward-looking statements, which reflect management's views only as of today. We anticipate that subsequent events and developments will cause our assessments to change. However, we undertake no obligation to revise or update any forward-looking statements or to make any other forward-looking statements. Throughout this afternoon's earnings release and our call today, we refer to the non-GAAP financial measure of adjusted EBITDA. The definition, calculation and a reconciliation to the financial statements of adjusted EBITDA can be found in Exhibit A of our earnings release, which is available on our website. We believe adjusted EBITDA is useful in evaluating our reported results as a supplement to and not a substitute for the reported results under GAAP. With that, I'd like to turn the call over to Tim.

Thanks, Eric. Good afternoon, and thanks for joining the call today. Our first quarter, while the most capital intensive is critical to allow us to finish winter maintenance on our fleet and complete flight training and agency carding so that we are ready to mobilize when the North American wildfire season begins, historically in late May or early June. Each fire season has its own complexity and regional fluctuations. While last year, we saw a late start due to heavy snowpack in the slowest wildfire season in 20 years, this year with the dry and arid weather in Oklahoma and Texas, we experienced the earliest seasonal deployment in company history with many predicting a more active 2024 fire season. In February, we deployed one of our Pilatus PC-12 multi-mission aircraft or MMA to Oklahoma to provide aerial intelligence for early season wildfires with a second PC-12 deployed in April. Our MMA program, a critical component of incident planning, decision-making and tactical firefighting leverages the architecture of our proprietary data platform and leading-edge sensor and mapping capabilities. Our two multi-mission aircraft operate under a five-year contract with the Department of Interior and Bureau of Indian Affairs, and both remain on Task Order today. In early March, we received a Task Order for 2 CL-415EAF Super Scoopers aircraft from the US Forest Service at the request of the State of Texas, which is battling the largest wildfire in state history. This is the earliest seasonal deployment of our Scoopers in history -- in our history, our Scoopers were deployed in Texas for six weeks before recently returning to Montana. This early wildfire activity and operational activity led to the highest first quarter revenue in our company history at $5.5 million. Looking at 2024 early indications for the US due drier and warmer…

Thank you, Tim. Looking at our results for the first quarter of 2024, revenue was a record $5.5 million compared to $365,000 in the first quarter of 2023. First quarter revenue benefited this year from the early deployment of Super Scooper and surveillance aircraft to Texas and Oklahoma. Typically, first quarter revenue was minimal due to seasonality, while we complete our annual fleet maintenance activities in preparation for the start of the US wildfire season. This year, first quarter revenue also included approximately $1 million related to return to service work performed on the Spanish Super Scoopers by our Spanish subsidiary, Albacete Aero as part of our partnership agreement with Marathon Asset Management and Avenue Sustainable Solutions Fund. We expect to realize similar amounts in future quarters. Cost of revenues was $9.2 million in the first quarter of 2024, up 27% over $7.2 million in the first quarter last year. Cost of revenues for the first quarter of 2024 was comprised of flight operation expenses of $5 million and maintenance expenses of $4.2 million. This compares to $3.7 million of flight operations expenses and $3.5 million of maintenance expenses in the first quarter of 2023. The increase relates to higher flight operation expenses related to the earlier than typical fleet deployment as well as higher employee labor and other expenses associated with an additional Super Scooper aircraft that was placed into service in February of 2023. Selling, general and administrative expenses were $11.6 million in the first quarter of 2024 compared to $33.2 million in the first quarter of 2023. The decrease was primarily attributable to lower noncash stock-based compensation expense in the first quarter of 2024 when compared to the first quarter of 2023 as a result of the restricted stock units issued in connection with the January 2023…

Thanks, Eric, and thanks, everyone, for joining us on today's call. I'm incredibly proud of our team and our performance with the jump start to the season in the first quarter, a profitable business model and strong fundamentals a more efficient operating structure and a seasoned management team, we are well positioned to report another record quarter -- another record year in 2024. We are also excited to welcome two new seasoned executives to our Board this past quarter. They each bring a wealth of experience, which we believe will prove them valuable to help guide the continued growth and value creation to Bridger Aerospace. We look forward to updating you on our progress when we report our second quarter results in August. And if anyone has any follow-up questions, please reach out to our Investor Relations contact found on the IR section of our website. Thank you.

Thank you. This does conclude today's presentation. We appreciate your participation. You may disconnect at any time.