Bristow Group, Inc. · NYSE:VTOL
Bristow — Q3 2022 Earnings Presentation
18 slides from Bristow's earnings presentation, Feb 4, 2022
Slide 1: Q3 FY22 Earnings Presentation
Q3 FY22 Earnings Presentation February 4, 2022
Slide 2: Q3 FY22 Earnings Call Agenda
Q3 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 230 aircraft; mostly owne
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 December 31st, ✓ Realization of operational efficiencies in the U.S. Gulf of synergy projects Mexico representin
Slide 7: Current Quarter News Highlights
Current Quarter News Highlights The Netherlands Defence Materiel Organisation (DMO) has awarded Bristow their prestigious contract to provide search and rescue helicopter capacity to the Netherlands Coastguard. The 10-year contract, with two one-year extension options, will commence on November 4, 2
Slide 8: Key Financial Highlights
Key Financial Highlights $326mm $280mm $162mm $146mm 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) $296mm Total revenues $42mm Adjusted Free Cash Flow $31mm Adjusted EBITDA excluding asset dispositions
Slide 9: Q3 FY22 Results – Sequential Quarter Comparison
Q3 FY22 Results – Sequential Quarter Comparison • Operating revenues were $5.1 million lower than Q2 Key Cost Variances (Q3 compared to Q2) FY22 primarily due to lower utilization in government Operating Revenue and fixed wing services, partially offset by higher ($mm) utilization in oil and gas ser
Slide 10: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Bristow generated $173 million of Adj. Free Cash Flow excluding Net Capex and $162 million of Adj. Free Cash Flow during the last twelve months (1) As of 12/31/2021. See page 16 for reconciliation of Adjusted Free Cash Flow 10
Slide 11: Appendix
Appendix ⮚ Fleet Overview ⮚ NAV ⮚ Balance Sheet and Liquidity Position Appendix ⮚ Reconciliation of LTM Adjusted EBITDA ⮚ Reconciliation of Free Cash Flow ⮚ Operating Revenues and Flight Hours by Line of Service ⮚ LTM Operating Revenues 11 11
Slide 12: 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 21 — 57 13 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 29 2 87 Medium Helicopters: AW139
Slide 13: NAV per Share Calculation
NAV per Share Calculation (in $ millions, except share data) 12/31/2021 + FMV of Owned Helicopters $1,284 + NBV of Other PP&E 250 + Working Capital 301 + Other Assets, Net 88 - Total Debt (531) - Deferred Taxes (40) Net Asset Value $1,353 Diluted Share Count 28.2 Current Price % Current Share Price
Slide 14: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Amount Rate Maturity ($mm, as of 12/31/2021) ✓ During Q3 FY22, Bristow made a $0.3 Cash $ 277 million payment to extinguish the Humberside debt ABL ($85mm)(2) — L+250 bps Apr-23 ✓ Bristow has $274.0 million of unrestricted Senior Secured Notes $ 400 6.875%
Slide 15: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended December 31, September 30, June 30, March 31, ($000s) 2021 2021 2021 2021 LTM Net income (loss) $ 164 $ 2,710 $ (14,211) $ (42,438) $ (53,775) Depreciation and amortization 17,223 17,644 23,195 17,254 75,316 Interest expense 10,230 10,426 10,624 1
Slide 16: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Three Months Ended December 31, September 30, June 30, March 31, ($000s) 2021 2021 2021 2021 LTM Net cash provided by operating activities $ 45,083 $ 36,753 $ 36,441 $ 36,776 $ 155,053 Plus: Proceeds from disposition of property and equipment 740 3,188 10,621 1,381 1
Slide 17: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended December 31, September 30, June 30, 2021 2021 2021 March 31, 2021 LTM Operating revenues ($000s) Oil and gas services: Europe $ 88,278 $ 93,420 $ 99,901 $ 93,850 $ 375,449 Americas 91,834 84,207 75,192 72,785 324,018 Africa 14
Slide 18: LTM Operating Revenues
LTM Operating Revenues Three Months Ended December 31, September 30, June 30, March 31, (in millions) 2021 2021 2021 2021 LTM Revenues Europe $ 148.8 $ 157.2 $ 163.5 $ 154.6 $ 624.1 Americas 99.2 91.7 83.2 81.4 355.5 Asia Pacific 16.7 19.9 21.8 21.5 79.9 Africa 17.3 18.4 16.9 21.1 73.7 Corporate and