Bristow Group, Inc. · NYSE:VTOL
Bristow — Q1 2025 Earnings Presentation
24 slides from Bristow's earnings presentation, May 7, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation May 7, 2025
Slide 2: Q1 2025 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Q1 2025 Chris Bradshaw Earnings Call 02 Operational Highlights President and CEO Jennifer Whalen 03 Financial Review SVP, Chief Financial Officer Chris Bradshaw 04 Concluding Remarks President and CEO 05
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements
Slide 4: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation 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, Adjusted Operating Income, Net Debt, Free Cash Flo
Slide 5: Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions
Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions Presence on Global Employees 6 Continents Publicly Traded on 3,469 Total Customers in NYSE (VTOL) 906 Pilots 18 Countries 917 Engineers Aircraft Fleet(1) Revenues by Segment(2) Revenues by Region(3) 11% 8% AW189 Other 13
Slide 6: Aircraft Fleet Mix
Aircraft Fleet Mix Bristow Fleet by Segment 6 AW189 47 AW139 51 S92 129 20% Offshore Energy Services 1 Fixed Wing Leased 11 Other 13 Light Twin Medium 12 S92 17 AW189 62 211 Government Services 20 Single Engine 3 AW139 3 Light Twin 3 Other Medium 4 UAS 5 Single Engine 3 AW139 80% 20 Other Owned Serv
Slide 7: Q1 2025 Consolidated Financial Results
Q1 2025 Consolidated Financial Results Total Revenues Adjusted EBITDA(2) $400 $75 Revenues were $3.0 million lower in the Current Quarter(1) primarily due to lower utilization resulting from seasonality in Other Services, partially offset $340 by higher revenues from new contracts in $ in millions G
Slide 8: Offshore Energy Services
Offshore Total Revenues Energy Services $250 $200 $ in millions $240 $240 Revenues were $0.4 million lower in the Current $150 Quarter. Revenues in Europe were $4.5 million lower due to lower utilization in the UK. Revenues in the $100 Americas were $1.9 million higher primarily due to Q4 2024 Q1 20
Slide 9: Government Services
Government Total Revenues Services $100 $80 $ in millions $60 Revenues were $3.4 million higher in the Current Quarter primarily due to the Irish Coast Guard ("IRCG") $40 $83 $86 contract which began its transition in late 2024. $20 $0 Q4 2024 Q1 2025 Adjusted Operating Income Adjusted Operating Inc
Slide 10: Other Services
Total Revenues Other Services $40 $30 $ in millions $20 $31 $25 Revenues from Other Services were $6.0 million $10 lower than the Preceding Quarter primarily due to $0 lower utilization resulting from seasonality in Q4 2024 Q1 2025 Australia, unfavorable foreign exchange rate impacts and lower dry-l
Slide 11: Affirms 2025 And 2026 Outlook
s Affirms 2025 And 2026 Outlook Affirms Affirms Revenues (in USD, millions) 2025E(1)(2) 2026E(1)(2) Offshore Energy Services $950 - $1,060 $975 - $1,165 Government Services $350 - $425 $430 - $460 Other Services $120 - $130 $120 - $150 Total revenues $1,420 - $1,615 $1,525 - $1,775 Adjusted Operatin
Slide 12: Outlook By Segment
Outlook By Segment Offshore Energy Services Government Services Market conditions are expected to remain constructive for our industry in 2025, given current utilization levels coupled with unmet lift 2025 will be a year of transitioning to new contracts demand and long lead-times for new builds. Th
Slide 13: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $191.1 million of unrestricted cash and total liquidity of $254.3 No material near-term debt maturities. Additionally, amortizing equipment million(1) (3) financings include flexible early pre-payment terms Unfunded capital commitments of $169.2 million, c
Slide 14: Contractual Backlog
Contractual Backlog ~$4.2Bn Total Backlog by End Market Expected Backlog By Year 4,500 Millions $0.6bn 4,000 $0.6bn 3,500 $0.5bn 3,000 $0.3bn Offshore 2,500 $2.2bn 27% Energy 2,000 $4.2bn Services Government Services $1.1bn 1,500 73% $3.1bn 1,000 500 0 Total 2025 2026 2027 2028 Thereafter (1) As of
Slide 15: Offshore Helicopter Capacity Remains Tight
Offshore Helicopter Capacity Remains Tight “In a year and a half the number of uncontracted S-92s has fallen from 34 to just 7. Effective utilisation has moved from 83% to 96% on the S-92 and super-medium types are at full utilisation.” “Overall size of the fleet has gradually reduced as a function
Slide 16: ~58% of OES Contracts Yet to Reset
Legacy OES Contracts Continuing to Reset ~58% of OES Contracts Yet to Reset OES Contracts Contracts Reset Tight aircraft supply due to: • Assets retired or sold to other markets during the last downturn • Lack of new helicopter deliveries in the last decade • Long lead-times for new builds • Complex
Slide 17: Advancing Government SAR
Advancing Government SAR 2nd Generation UK SAR Irish Coast Guard Contract (UKSAR2G) Contract (IRCG) Plans to fund the investment with cash on An Effective Transition Plan Significant Addition to Bristow’s hand, operating cash flows, Government Services Offering Investing capital to ensure debt finan
Slide 18: Capital Allocation Framework
Capital Allocation Framework Priority Philosophy Strategic Objectives • Pay down debt to a balance of approximately $500 million • Protect and maintain strong balance sheet and Balance gross debt by the end of 2026 liquidity position Sheet • Return leased S92 helicopters upon contract maturities / •
Slide 19: Appendix
1 Fleet Overview Appendix 2 Adjusted EBITDA 3 Revenues and Flight Hours by Segment 4 Adjusted Operating Income by Segment 5 Adjusted Free Cash Flow 19
Slide 20: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Heavy Helicopters: Fleet S92 AW189 34 19 29 4 63 23 15 8 Overview Medium Helicopters: AW139 53 49 33 4 86 53 14 S76 D/C++ 13 — 13 13 AS365 1 — 1 35 63 4 67 1. As of 3/31/2025. Does not include certain air
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended March 31, December 31, September 30, June 30, ($000s) 2025 2024 2024 2024 LTM Net income $ 27,381 $ 31,768 $ 28,279 $ 28,191 $ 115,619 Depreciation and amortization expense 16,841 16,701 17,569 16,848 67,959 Interest expense, net 9,490 9,064 9,660 9,
Slide 22: Revenues and Flight Hours by Segment
Revenues and Flight Hours by Segment Three Months Ended March 31, December 31, September 30, June 30, 2025 2024 2024 2024 LTM Revenues ($000s) Offshore Energy Services: Europe $ 101,218 $ 105,686 $ 108,263 $ 106,701 $ 421,868 Americas 91,569 89,651 92,331 97,782 371,333 Africa 46,998 44,827 45,718 4
Slide 23: Adjusted Operating Income Reconciliation
Adjusted Operating Income Reconciliation Three Months Ended March 31, 2025 December 31, 2024 Offshore Energy Services: Operating income $ 37,365 $ 34,346 Depreciation and amortization expense 6,870 6,776 PBH amortization 2,879 3,061 Offshore Energy Services Adjusted Operating Income $ 47,114 $ 44,18
Slide 24: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended March 31, December 31, September 30, June 30, ($000s) 2025 2024 2024 2024 LTM Net cash provided by (used in) operating activities $ (603) $ 51,054 $ 66,022 $ 33,665 $ 150,138 Less: Maintenance capital expenditures (1,886) (2,739) (8,041) (2,2