AAR Corp (NYSE:AIR) Q4 2022 Earnings Conference Call July 21, 2022 8:30 AM ET

Company Participants

Sean Gillen - VP & CFO

John Holmes - CEO, President & Director

Conference Call Participants

Kenneth Herbert - RBC Capital Markets

Joshua Sullivan - The Benchmark Company

Michael Ciarmoli - Truist Securities

Operator

Good Day, and thank you for standing by. Welcome to the AAR Corp. Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to AAR. Please go ahead.

Unidentified Company Representative

Thank you. Good morning, ladies and gentlemen, and welcome to AAR's Fiscal '22 Fourth Quarter Earnings Call. We're joined today by John Holmes, President and Chief Executive Officer; and Sean Gillen, Chief Financial Officer.

Before we begin, I would like to remind you that the comments made during the call may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Accordingly, these statements are no guarantee of future performance. These risks and uncertainties are discussed in the company's earnings release and the Risk Factors section of the company's Form 10-K for the fiscal year ended May 31, 2021, and Form 10-Q for the fiscal quarter ended February 28, 2022.

In providing the forward-looking statements, the company assumes no obligation to provide updates to reflect future circumstances or anticipated or unanticipated events. Certain non-GAAP financial information will be discussed on the call today. A reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in the company's earnings release.

At this time, I'd like to turn the call over to AAR's President and CEO, John Holmes.

John Holmes

Thank you, and good morning, everyone. I appreciate you joining us today to discuss our fourth quarter and full year fiscal 2022 results. Before I comment on the results, I would like to take a moment to reflect on the last fiscal year. We entered the year with optimism that the increasing demand for domestic leisure travel we saw in early summer last year would be a leading indicator for business and international travel.

Shortly thereafter, the Delta and Omicron variants emerged and those markets did not rebound at nearly the same rate. In addition, the U.S. withdrawal from Afghanistan as well as the natural conclusion of certain of other of our government programs, created headwinds in our government business, which had been an important source of strength during the pandemic.