Bristow Group, Inc. · NYSE:VTOL
Bristow — Q4 FY2022 Earnings Presentation
18 slides from Bristow's earnings presentation, Jun 1, 2022
Slide 1: Q4 and FY22 Earnings Presentation
Q4 and FY22 Earnings Presentation June 1, 2022
Slide 2: Q4 FY22 Earnings Call Agenda
Q4 FY22 Earnings Call Agenda I. Introduction Crystal Gordon, SVP and General Counsel II. Operational Highlights Chris Bradshaw, President and CEO III. Financial Review Jennifer Whalen, SVP and CFO IV. Concluding Remarks Chris Bradshaw, President and CEO V. Questions & Answers 2
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation contains “forward-looking statements.” Forward-looking statements represent Bristow Group Inc.’s (the “Company”) current expectations or forecasts of future events. Forward-looking statements generally can be identified by t
Slide 4: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation Non-GAAP In addition to financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP measures including EBITDA, Adjusted EBITDA, Net Debt, Free Cash Flow and Adjusted Fre
Slide 5: Global Leadership Position in Helicopter Industry
Global Leadership Position in Helicopter Industry • Leading global provider of vertical flight solutions; primarily Aircraft Fleet (1) offshore energy personnel transportation, with significant end market diversification from government services contracts • Diverse fleet of 229 aircraft; primarily o
Slide 6: Substantial Value Creation from Merger Synergies
Substantial Value Creation from Merger Synergies G&A Savings + Fleet Cost Savings + Other OpEx Savings = +$53mm ANNUAL RUN-RATE SAVINGS Elimination of redundant corporate expenses As of March 31st, synergy projects Realization of operational efficiencies in the U.S. Gulf of Mexico representing ~
Slide 7: Q4 FY22 Results – Sequential Quarter Comparison
Q4 FY22 Results – Sequential Quarter Comparison • Operating revenues were $9.4 million lower than Q3 Operating Revenues FY22 primarily due to lower utilization in oil and gas services in the Americas and Africa regions and lower revenues from fixed wing services due to seasonality and utilization •
Slide 8: FY22 Results – Fiscal Year Comparison
FY22 Results – Fiscal Year Comparison • Operating revenues were consistent with FY2021. Operating Revenues Operating revenues from oil and gas services were lower due to lower utilization in the Africa and Europe regions, Operating Revenue partially offset by higher utilization in the Americas, gove
Slide 9: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Bristow generated $107 million of Adj. Free Cash Flow during the last twelve months 9 Note: LTM as of 3/31/2022. See page 16 for reconciliation
Slide 10: Appendix
Appendix ⮚ Fleet Overview ⮚ Balance Sheet and Liquidity Position ⮚ Reconciliation of LTM Adjusted EBITDA Appendix ⮚Reconciliation of Annual Adjusted EBITDA ⮚ Reconciliation of Pro Forma FY21 ⮚ Reconciliation of Free Cash Flow ⮚ Operating Revenues and Flight Hours by Line of Service ⮚ LTM Operating R
Slide 11: Fleet Overview
Fleet Overview Number of Aircraft(1) Owned Leased Aircraft Consolidated Average Age Type Aircraft Aircraft Held For Sale Aircraft (years)(2) Heavy Helicopters: S-92 39 27 — 66 12 H225 — — 2 2 11 AW189 17 1 — 18 6 56 28 2 86 Medium Helicopters: AW139 51 6 — 57 11 S-76 C+/C++ 16 — — 16 14 S-76D 8 — —
Slide 12: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Amount Rate Maturity ($mm, as of 3/31/2022) Cash $ 266 $264mm of unrestricted cash and total liquidity of $319mm including the ABL availability of $55mm(1) ABL Facility ($85mm)(1) — L+250 bps Apr-23 Senior Secured Notes $ 400 6.875% Mar-28 In May 2022,
Slide 13: Reconciliation of LTM Adjusted EBITDA
Reconciliation of LTM Adjusted EBITDA Three Months Ended March 31, December 31, September 30, June 30, ($000s) 2022 2021 2021 2021 LTM Net income (loss) $ (4,376) $ 164 $ 2,710 $ (14,211) $ (15,713) Depreciation and amortization 16,919 17,223 17,644 23,195 74,981 Interest expense 10,241 10,230 10,42
Slide 14: Reconciliation of Annual Adjusted EBITDA
Reconciliation of Annual Adjusted EBITDA Fiscal Year Ended March 31, ($000s) 2022 2021 Net income (loss) $ (15,713) $ (56,285) Depreciation and amortization 74,981 70,078 Interest expense 41,521 51,259 Income tax (benefit) expense 11,294 (355) EBITDA $ 112,083 $ 64,697 Special items (1) 40,369 104,2
Slide 15: Pro Forma FY2021 Reconciliation
Pro Forma FY2021 Reconciliation Bristow Group Old Bristow Era Group Inc. Legacy Era Inc. Pro Forma April 1, 2020 - June April 1, 2020 - July 1, 2020 - LTM ($000s) 30, 2020 June 11, 2020 June 12 - 30, 2020 March 31, 2021 March 31, 2021 Net income (loss) $ 75,708 $ (18,059) $ (4,305) $ (127,689) $ (74
Slide 16: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Three Months Ended December 31, September 30, June 30, ($000s) March 31, 2022 2021 2021 2021 LTM Net cash provided by operating activities $ 5,577 $ 45,083 $ 36,753 $ 36,441 $ 123,854 Plus: Proceeds from disposition of property and equipment — 740 3,188 10,621 14,549
Slide 17: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended March 31, December 31, September 30, June 30, 2022 2021 2021 2021 LTM Operating revenues ($000s) Oil and gas services: Europe $ 89,234 $ 88,278 $ 93,420 $ 99,901 $ 370,833 Americas 86,249 91,834 84,207 75,192 337,482 Africa 13
Slide 18: LTM Operating Revenues
LTM Operating Revenues Three Months Ended March 31, December 31, September 30, June 30, (in millions) 2022 2021 2021 2021 LTM Revenues Europe $ 150.3 $ 148.8 $ 157.2 $ 163.5 $ 619.8 Americas 93.3 99.2 91.7 83.2 367.4 Asia Pacific 13.0 16.7 19.9 21.8 71.4 Africa 16.5 17.3 18.4 16.9 69.1 Corporate and