Bristow Group, Inc. · NYSE:VTOL
Bristow — Era Group — Q1 2019 Earnings Presentation
14 slides from Bristow's earnings presentation, May 7, 2019
Slide 1: Q1 2019 Earnings Presentation
Exhibit 99.2 Q1 2019 Earnings Presentation May 8, 2019
Slide 2: Q1 2019 Earnings Call Agenda
Q1 2019 Earnings Call Agenda I. Introduction Crystal Gordon, SVP, General Counsel and CAO 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 give the Company’s current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking te
Slide 4: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation This presentation includes EBITDA and Adjusted EBITDA as supplemental measures of the Company’s operating performance. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjus
Slide 5: Safety Update and Financial Flexibility
Safety Update and Financial Flexibility • Era achieved its dual goals of ZERO air accidents and ZERO recordable workplace incidents YTD 2019 – ZERO air accidents in trailing three year period – Over 590 consecutive days without a recordable workplace incident • Total available liquidity as of March
Slide 6: Q1 2019 Highlights – Sequential Quarter Comparison
Q1 2019 Highlights – Sequential Quarter Comparison • Revenues were $0.7 million lower than Q4 2018 Revenues ($000s) – Primarily due to lower utilization of medium and single engine helicopters in U.S. oil and gas operations $75,000 – Partially offset by increased dry-leasing revenues 52,016 51,293 •
Slide 7: Q1 2019 Highlights – Calendar Quarter Comparison
Q1 2019 Highlights – Calendar Quarter Comparison • Revenues were $6.0 million lower than Q1 2019 Revenues ($000s) – Primarily due to lower utilization of medium and light helicopters in oil and gas operations and the $75,000 conclusion of a search and rescue contract 57,322 – Partially offset by hig
Slide 8: Appendix
Appendix
Slide 9: Fleet Overview
Fleet Overview Average Helicopters Age Heavy: S92 4 3 H225 1 11 AW189 4 3 Total Heavy 9 Medium: AW139 36 9 S76 C+/C++ 5 12 B212 5 40 Total Medium 46 Light – twin engine: A109 7 13 EC135 13 11 BO-105 3 30 Total Light – twin engine 23 Light – single engine: A119 13 12 AS350 17 21 Total Light – single
Slide 10: Healthy Leverage Metrics and Liquidity
Healthy Leverage Metrics and Liquidity March 31, 2019 ($000s) • As of March 31, 2019, Era had $50 million in cash Cash and cash equivalents $ 49,612 balances and $124 million of remaining availability under the credit facility for total liquidity of Credit facility $ — approximately $174 million Pro
Slide 11: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended Revenue ($000s) 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19 (a) Oil and gas: U.S. $ 36,536 $ 37,771 $ 35,473 $ 33,876 $ 32,466 International 15,617 14,160 13,665 13,357 13,616 Total oil and gas $ 52,153 $ 51,931 $ 49,138
Slide 12: Quarterly Reconciliation of Non-GAAP Financial Measures
Quarterly Reconciliation of Non-GAAP Financial Measures Quarterly Historical EBITDA and Adjusted EBITDA (US$ in thousands) 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19 Net Income (Loss) $ (1,357) $ (10,516) $ 31,279 $ (5,948) $ (6,085) Depreciation 10,354 10,116 9,541 9,530 9,450 Interest Incom
Slide 13: Financial Highlights
Financial Highlights Three Months Ended Fiscal Year March 31 ($ millions) 2014 2015 2016 2017 2018 2018 2019 Revenue $ 331.2 $ 281.8 $ 247.2 $ 231.3 $ 221.7 $ 57.3 $ 51.3 Operating Expenses 204.4 171.5 169.9 167.4 151.5 37.7 36.7 G&A 44.0 42.8 36.2 42.1 45.1 12.1 8.9 Depreciation 46.3 47.3 49.3 45.7
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures • Adjusted EBITDA reflects special items: – Executive severance adjustments of $2.5 million and $0.6 million in 2014 and 2017, respectively – A pre-tax impairment charge of $2.5 million in 2014 representing a reserve against a note receivable – A pre-tax