Bristow Group, Inc. · NYSE:VTOL
Bristow — Q2 FY22 Earnings Presentation
16 slides from Bristow's earnings presentation, Nov 4, 2021
Slide 1: Q2 FY22 Earnings Presentation
Q2 FY22 Earnings Presentation November 4, 2021
Slide 2: Q2 FY22 Earnings Call Agenda
Q2 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 234 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 = +$50mm ANNUAL RUN-RATE SAVINGS ✓ Elimination of redundant corporate expenses As of September 30th, ✓ Realization of operational efficiencies in the U.S. Gulf of synergy projects Mexico representi
Slide 7: Key Financial Highlights
Key Financial Highlights $288mm $320mm $158mm $162mm LTM Adjusted Free Cash LTM Adj. EBITDA Excl. Available Liquidity(1)(2) Net Debt(1)(3) Flow(1)(4) Asset Sales(1)(5) Current Quarter Highlights(1) $302mm Total revenues $3mm Net income $45mm Adjusted EBITDA excluding asset dispositions (1) Amounts s
Slide 8: Q2 FY22 Results – Sequential Quarter Comparison
Q2 FY22 Results – Sequential Quarter Comparison Operating Revenues • Operating revenues were $1.8 million higher than Q1 FY22 primarily due to higher utilization in oil and gas services in the Operating Revenue Americas and Africa regions • Operating expenses were $4.3 million higher primarily due t
Slide 9: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Bristow generated $153 million of Adj. Free Cash Flow excluding Net Capex and $158 million of Adj. Free Cash Flow during the last twelve months (1) As of 9/30/2021 9
Slide 10: Appendix
Appendix ⮚ Fleet Overview ⮚ Balance Sheet and Liquidity Position ⮚ Reconciliation of LTM Adjusted EBITDA ⮚ Reconciliation of Free Cash Flow Appendix ⮚ Operating Revenues and Flight Hours by Line of Service ⮚ LTM Operating Revenues 10 11
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 36 23 — 59 12 S-92 U.K. SAR 3 7 — 10 7 H225 — — 2 2 11 AW189 6 1 — 7 6 AW189 U.K. SAR 11 — — 11 5 56 31 2 89 Medium Helicopters: AW139
Slide 12: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position ✓ During Q2 FY22, Bristow made a $4.6 Amount Rate Maturity million payment to extinguish the Airnorth ($mm, as of 9/30/2021) debt Cash $ 239 ✓ During Q2 FY22, Bristow repurchased 547,576 shares for gross consideration of ABL ($85mm)(2) — L+250 bps Apr-23 $
Slide 13: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended September 30, June 30, March 31, December 31, ($000s) 2021 2021 2021 2020 LTM Net loss $ 2,710 $ (14,211) $ (42,438) $ (57,260) $ (111,199) Depreciation and amortization 17,644 23,195 17,254 17,931 76,024 Interest expense 10,426 10,624 12,108 13,2
Slide 14: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Three Months Ended September 30, June 30, March 31, December 31, ($000s) 2021 2021 2021 2020 LTM Net cash provided by operating activities $ 36,753 $ 36,441 $ 36,776 $ 25,078 $ 135,048 Plus: Proceeds from disposition of property and equipment 3,188 10,621 1,381 14,36
Slide 15: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended September 30, June 30, March 31, December 31, 2021 2021 2021 2020 LTM Operating revenues ($000s) Oil and gas services: Europe $ 93,420 $ 99,901 $ 93,850 $ 93,072 $ 380,243 Americas 84,207 75,192 72,785 89,898 322,082 Africa 16
Slide 16: LTM Operating Revenues
LTM Operating Revenues Three Months Ended September 30, June 30, March 31, December 31, (in millions) 2021 2021 2021 2020 LTM Revenues Europe $ 157.2 $ 163.5 $ 154.6 $ 150.9 $ 626.2 Americas 91.7 83.2 81.4 99.1 355.4 Africa 18.4 16.9 21.1 24.7 81.1 Asia Pacific 19.9 21.8 21.5 20.8 84.0 Corporate and