Bristow Group, Inc. · NYSE:VTOL
Bristow — Barclays CEO Energy-Power Conference 2020
17 slides from Bristow's conference presentation, Sep 9, 2020
Slide 1: Barclays CEO Energy-Power Conference September 9, 2020
Exhibit 99.1 Barclays CEO Energy-Power Conference September 9, 2020
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation contains “forward-looking statements.” Forward-looking statements give Bristow Group Inc.’s (the “Company”) current expectations or forecasts of future events. Forward-looking statements generally can be identified by the us
Slide 3: 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 expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA furthe
Slide 4: Safety Note
Safety Note • Safety is Bristow’s most important core value and highest operational priority • Robust safety management system (SMS) . With third-party accreditation resulting from numerous external audits • Bristow’s fleet is configured with the latest safety equipment • Bristow is a founding membe
Slide 5: Why Invest in Bristow?
Why Invest in Bristow? Global Leader in Diverse Customer Offshore Helicopter Base and End Operations Markets Meaningful Value Well Positioned for Enhancement from Additional Strategic Achievement of Opportunities Cost Synergies Strong Balance Sheet with Robust Free Cash Flow Generation 5
Slide 6: Global Leadership Position in Helicopter Industry
Global Leadership Position in Helicopter Industry • Bristow and Era merged on June 11, 2020, forming a Revenue by Region(1) larger, more diverse industry leader . Bristow was the accounting acquirer Asia Pacific 6% . The June quarter included 19 days of operating Africa 12% results from legacy Era G
Slide 7: Global leader in offshore helicopter operations with significant presence in key regions
Global leader in offshore helicopter operations with significant presence in key regions, supplemented by stable government services revenue stream Global Presence(1) Attractive Geographic Footprint Asia Pacific 6% Africa 12% Americas Europe 33% 49% Trinidad Significant presence in key offshore regi
Slide 8: Enhanced Customer and End-Market Diversification
Enhanced Customer and End-Market Diversification Revenue by End-Market(1) Government Services Revenue Other UK SAR and BSEE contracts provide meaningful Fixed Wing 2% 6% diversification from oil price volatility . In April 2015, Bristow began its UK SAR Government UK SAR operations with a contractua
Slide 9: Substantial and Highly Achievable Cost Synergies Identified
Substantial and Highly Achievable Cost Synergies Identified Substantial and Highly Achievable Cost Synergies Identified G&A Savings Elimination of redundant corporate expenses Realization of operational efficiencies in the U.S. Gulf of Mexico Optimization of aircraft maintenance programs and f
Slide 10: Strong Balance Sheet and Financial Flexibility
Strong Balance Sheet and Financial Flexibility • Total available liquidity as of June 30, 2020 was approximately $300 million . $260 million in unrestricted cash balances . $39 million of remaining availability under the Company’s ABL facility • Net debt of $440 million as of June 30, 2020 • Bristow
Slide 11: Financial Strength
Financial Strength Strong Free Cash Flow Generation Highly Achievable Cost Synergies (+$45mm Annual Savings) No Firm Capital Commitments Limited Near-term Debt Maturities Strong Balance Sheet & Liquidity (~$300mm of Total Liquidity) 11
Slide 12: Current Equity Market Capitalization
Current Equity Market Capitalization If it was included in the OSX index, Bristow would have the 11th largest equity market capitalization (1) Market capitalization as of 9/8/2020 12
Slide 13: Appendix
Appendix 13
Slide 14: Fleet Overview
Fleet Overview (1) Number of Aircraft Operating Aircraft Owned Aircraft Leased Aircraft Aircraft Held For Sale Consolidated Aircraft Heavy Helicopters: S-92A 35 32 — 67 S-92A U.K. SAR 3 7 — 10 H225 2 — — 2 AW189 6 1 — 7 AW189 U.K. SAR 11 — — 11 57 40 — 97 Medium Helicopters: AW139 53 8 — 61 S-76 C+/
Slide 15: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position June 30, 2020 Amount Rate Maturity ($ in mm) Bristow has $260mm(1) of Cash and Cash Equivalents$ 260 unrestricted cash and total liquidity of $300mm(1) ABL ($75mm) (2) - L+250 bps Apr-23 PK Air Debt 215 L+500 bps Jan-25 Barclays has committed to a new
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Bristow Group Inc. Era Group Legacy Era Pro Forma LTM Inc. 7/1/2019 - 6/12/2020 - LTM Adjusted EBITDA reconciliation ($000s) 6/30/2020 6/11/2020 6/30/2020 6/30/2020 Net income (loss)$ (452,335) $ (28,218) $ (4,305) $ (484,858) Depreciation and amortizati
Slide 17: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Three months ended Successor Predecessor ($000s) June 30, 2020 March 31, 2020 June 30, 2019 Net cash provided by (used in) operating activities $ (6,866) $ 3,932 $ (36,762) Plus: Proceeds from disposition of property and equipment 11,665 13,640 3,204 Less: Purchases
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