Bristow Group, Inc. · NYSE:VTOL
Bristow — Q1 FY23 Earnings Presentation
20 slides from Bristow's earnings presentation, Aug 5, 2022
Slide 1: Q1 FY23 Earnings Presentation
Q1 FY23 Earnings Presentation August 5, 2022
Slide 2: Q1 FY23 Earnings Call Agenda
Q1 FY23 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 222 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 = +$60mm ANNUAL RUN-RATE SAVINGS ✓ Elimination of redundant corporate expenses As of June 30th, synergy ✓ Realization of operational efficiencies in the U.S. Gulf of projects representing Mexico ~$
Slide 7: Key Financial Highlights
Key Financial Highlights $318mm $277mm $162mm LTM Adj. EBITDA Excl. Available Liquidity(1)(2) Net Debt(1)(3) Asset Sales(1)(4) Current Quarter Highlights(1) • In June and July 2022, Bristow repurchased 425,938 shares of common stock for gross consideration of $10.0 million, representing $302mm Total
Slide 8: Q1 FY23 Results – Sequential Quarter Comparison
Q1 FY23 Results – Sequential Quarter Comparison • Operating revenues were $18.6 million higher than Q4 FY22 Operating Revenues primarily due to: Operating Revenue • Higher fixed wing revenues due to higher utilization related to the reopening of borders in Australia • Higher oil and gas revenues pri
Slide 9: Recent Highlights
Recent Highlights UK Awarded new 10-year, £1.6 billion contract combining existing rotary and fixed wing services into a fully integrated, SAR2G innovative solution led by Bristow Acquired British International Helicopter Services Limited for £10.4 million, further enhancing leading government servi
Slide 10: Second-Generation Search and Rescue Contract (UKSAR2G)
Second-Generation Search and Rescue Contract (UKSAR2G) Bristow awarded a £1.6 billion, 10-year contract for the Second-Generation Search and Rescue Aviation ("UKSAR2G") program by the Maritime and Coastguard Agency (MCA) in the U.K. • New contract transitions beginning September 30, 2024, through De
Slide 11: Multi-year Growth in Upstream Oil & Gas Spending is Underway
Multi-year Growth in Upstream Oil & Gas Spending is Underway “…we think the growth rate will likely be much steeper with a longer duration than we initially thought, creating the best investment environment for Energy Services in almost 20 years.” “We have never seen $100/bbl oil at the trough of a
Slide 12: Strengthening Offshore Market Dynamics
Strengthening Offshore Market Dynamics “Despite the risk of a global recession, we believe fundamentals for E&P upstream spending are strong…Fueled by years of under-investment and energy security and reliability concerns, E&P upstream spending growth is being driven by ambitions to grow spare produ
Slide 13: Improving Offshore Helicopter Market Dynamics
Improving Offshore Helicopter Market Dynamics “Overall utilization of Heavy and Super-Medium O&G Crew Transfer helicopters has recovered sharply” “Super-medium offshore types are at near-full utilization, order books for these aircraft are very thin and new orders will take 18 months (at least) to b
Slide 14: Appendix
Appendix ⮚ Fleet Overview ⮚ Strong Balance Sheet and Liquidity Position ⮚ Reconciliation of LTM Adjusted EBITDA ⮚ Reconciliation of Free Cash Flow ⮚ Operating Revenues and Flight Hours by Line of Service ⮚ LTM Operating Revenues 14 11
Slide 15: Fleet Overview
Fleet Overview Number of Aircraft(1) Owned Leased Aircraft Consolidated Average Age Type Aircraft Aircraft Held For Sale Aircraft (years)(2) Heavy Helicopters: S-92 39 27 — 66 13 H225 — — 1 1 14 AW189 17 1 — 18 6 56 28 1 85 Medium Helicopters: AW139 51 4 — 55 11 S-76 D/C++/C+ 22 — — 22 12 73 4 — 77
Slide 16: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Amount(1) Rate Maturity ($mm, as of 6/30/2022) Cash $ 258 ✓ $255.0 million of unrestricted cash ABL Facility ($85mm) — S+200 bps May-27 and total liquidity of $318.0 million(1) Senior Secured Notes $ 400 6.875% Mar-28 Lombard Debt (BULL) 72 S+225 bps Dec-2
Slide 17: Reconciliation of LTM Adjusted EBITDA
Reconciliation of LTM Adjusted EBITDA Three Months Ended June 30, March 31, December 31, September 30, ($000s) 2022 2022 2021 2021 LTM Net income (loss) $ 4,015 $ (4,376) $ 164 $ 2,710 $ 2,513 Depreciation and amortization 16,536 16,919 17,223 17,644 68,322 Interest expense 10,242 10,241 10,230 10,4
Slide 18: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Three Months Ended June 30, March 31, December 31, September 30, ($000s) 2022 2022 2021 2021 LTM Net cash provided by operating activities $ 22,750 $ 5,577 $ 45,083 $ 36,753 $ 110,163 Plus: Proceeds from disposition of property and equipment 7,558 — 740 3,188 11,486
Slide 19: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended June 30, March 31, December 31, September 30, 2022 2022 2021 2021 LTM Operating revenues ($000s) Oil and gas services: Europe $ 90,053 $ 89,234 $ 88,278 $ 93,420 $ 360,985 Americas 84,665 86,249 91,834 84,207 346,955 Africa 20
Slide 20: LTM Operating Revenues
LTM Operating Revenues Three Months Ended June 30, March 31, December 31, September 30, (in millions) 2022 2022 2021 2021 LTM Revenues Europe $ 155.4 $ 151.5 $ 150.1 $ 158.0 $ 615.0 Americas 94.3 94.6 100.9 93.8 383.6 Asia Pacific 21.2 13.0 16.7 19.9 70.8 Africa 23.3 16.5 17.3 18.4 75.5 Total $ 294.