Bristow Group, Inc. · NYSE:VTOL
Bristow — Era Group — Q2 2017 Earnings Presentation
14 slides from Bristow's earnings presentation, Aug 8, 2017
Slide 1: Q2 2017 Earnings Presentation
Q2 2017 Earnings Presentation 0August 9, 2017 Exhibit 99.2
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
1 Cautionary Statement Regarding Forward-Looking Statements This presentation contains “forward-looking statements.” Forward-looking statements give the Company’s current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking
Slide 3: Non-GAAP Measures Disclosure
2 This presentation includes EBITDA and Adjusted EBITDA as supplemental measures of the Company’s operating performance. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further a
Slide 4: Safety and H225 Update
• Era achieved its goals of ZERO air accidents and ZERO TRIR in YTD 2017 H225 Update: • Due to an accident in April 2016 involving an Airbus Helicopters H225 (also known as an EC225LP) model helicopter operated by another helicopter operator, the vast majority of the offshore oil and gas fleet of H2
Slide 5: Financial Stability
• Era continued to generate positive operating cash flow of $9.1 million in Q2 2017, raising the year-to- date total to $13.4 million − Subtracting net cash used in investing activities of $2.7 million, YTD net cash flows from operating and investing activities are positive $10.7 million • As of 6/3
Slide 6: Q2 2017 Highlights – Sequential Quarter Comparison
• Revenues were $3.4mm higher than Q1 2017 ̶ Primarily due to lease return charges on helicopters returned to the Company upon conclusion of dry-lease contracts, the start of flightseeing season in Alaska and higher utilization in U.S. oil & gas operations ̶ Partially offset by lower international o
Slide 7: Q2 2017 Highlights – Calendar Quarter Comparison
• Revenues were $5.5mm lower than Q2 2016 ̶ Primarily due to lower utilization of light helicopters in oil & gas operations, fewer SAR subscribers and the end of air medical contracts ̶ Partially offset by increased dry-leasing revenues due to lease return charges on helicopters returned to the Comp
Slide 8: Appendix
7 Appendix
Slide 9: Fleet Overview
8 Owned Leased-In Total Average Age(a) Heavy: S92 3 – 3 1 H225 9 – 9 7 AW189 4 – 4 1 Total Heavy 16 – 16 Medium: AW139 36 – 36 7 S76 C+/C++ 5 – 5 10 B212 6 – 6 38 Total Medium 47 – 47 Light – twin engine: A109 7 – 7 11 EC135 13 2 15 9 EC145 3 – 3 9 BK-117 – 2 2 N/A BO-105 3 – 3 28 Total Light – twin
Slide 10: Healthy Leverage Metrics and Liquidity
9 • In October 2016, Era amended its revolving credit facility to ensure access to liquidity through the downturn • Non-cancelable capital commitments can be funded via combination of cash-on-hand, cash flow from operations and borrowings under the credit facility • Total available liquidity of $162
Slide 11: Operating Revenues and Flight Hours by Line of Service
10 Operating Revenues and Flight Hours by Line of Service Note: Flight hours exclude hours flown by helicopters in the dry-leasing line of service (a) Primarily oil and gas services, but also includes revenues and flight hours from utility services such as firefighting (b) Includes revenues and flig
Slide 12: Financial Highlights
11(a) Adjusted EBITDA is a non-GAAP measure. See next page for Adjusted EBITDA reconciliation to Net Income (Loss) Financial Highlights Fiscal Year ($ millions) 2012 2013 2014 2015 2016 2016 2017 Revenue 272.9$ 299.0$ 331.2$ 281.8$ 247.2$ 125.9$ 112.4$ Operating Expenses 167.2 186.6 204.4 171.5 169.
Slide 13: Adjusted EBITDA Special Items
• Adjusted EBITDA reflects special items: – Executive severance adjustments of $0.7 million, $2.5 million and $0.6 million in 2012, 2014 and Q2 2017, respectively – An adjustment for IPO-related fees and expenses of $2.9 million in 2012 – A pre-tax impairment of $5.9 million related to the Company’s
Slide 14: Quarterly Historical EBITDA and Adjusted EBITDA Reconciliation
13 Quarterly Reconciliation of Non-GAAP Financial Measures (US$ in thousands) 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 Net Loss (4,510)$ (802)$ (5,648)$ (5,787)$ (3,072)$ Depreciation 12,691 12,519 11,339 11,554 11,978 Interest Income (403) (466) 429 (250) (185) Interest Expense 4,130 4,003