Bristow Group, Inc. · NYSE:VTOL
Bristow — Q3 FY2021 Earnings Presentation
20 slides from Bristow's earnings presentation, Feb 3, 2021
Slide 1: Q3 FY21 Earnings Presentation
Exhibit 99.2 Q3 FY21 Earnings Presentation February 3, 2021
Slide 2: Q3 FY21 Earnings Call Agenda
Q3 FY21 Earnings Call Agenda Crystal Gordon I. Introduction SVP and General Counsel Chris Bradshaw II. Operational Highlights President and CEO Jennifer Whalen III. Financial Review SVP and CFO Chris Bradshaw IV. Concluding Remarks 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 and Pro Forma Financial Measures
Non-GAAP and Pro Forma Financial Measures 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 Free
Slide 5: Global Leadership Position in Helicopter Industry
Global Leadership Position in Helicopter Industry • Bristow and Era merged on June 11, 2020, forming a Pro Forma LTM Revenue by Region 1 larger, more diverse industry leader Bristow was the accounting acquirer Periods prior to the merger only include operating results of legacy Bristow Group Inc
Slide 6: Substantial and Highly Achievable Cost Synergies Identified
Substantial and Highly Achievable Cost Synergies Identified G&A Savings Increased synergy run rate from $45mm to $50mm Fleet Cost Savings Elimination of redundant corporate expenses Realization of operational efficiencies in the U.S. Gulf of Mexico Optimization of aircraft maintenance progra
Slide 7: No Material Impact From Recent Executive Order
No Material Impact From Recent Executive Order • The new U.S. administration recently issued an executive order pausing new oil and natural gas leases in federal waters • Bristow does not expect a material impact to the Company’s business Globally, drilling and exploration activities account for l
Slide 8: Strong Balance Sheet and Financial Flexibility
Strong Balance Sheet and Financial Flexibility • Total available liquidity as of December 31, 2020 was $345.0 million $293.5 million in unrestricted cash balances $51.5 million of remaining availability under the Company’s ABL facility • Net debt of $370 million as of December 31, 2020 • Bristow
Slide 9: Q3 FY21 Results – Sequential Quarter Comparison
Q3 FY21 Results – Sequential Quarter Comparison • Operating revenues were $4.6 million higher than Q2 FY21 Operating Revenue Higher revenues from oil and gas services in the Americas region were partially offset by a decrease in utilization in other regions; and Higher other revenues due to part
Slide 10: Q3 FY21 Results – Pro Forma Calendar Quarter Comparison
Q3 FY21 Results – Pro Forma Calendar Quarter Comparison • Operating revenues were $55.1 million lower than pro Operating Revenue(1) forma Q3 FY20 (“Q3 FY20”) primarily due to lower utilization in oil and gas and fixed wing services(1) • Operating expenses were $49.9 million lower due to decreased ac
Slide 11: Appendix
Appendix 11
Slide 12: Fleet Overview
Fleet Overview Number of Aircraft(1) Operating Aircraft Type Owned Leased Aircraft Consolidated Average Age Aircraft Aircraft Held For Sale Aircraft (years)(2) Heavy Helicopters: S-92A 35 28 — 63 11 S-92A U.K. SAR 3 7 — 10 6 H225 — — 2 2 10 AW189 6 1 — 7 5 AW189 U.K. SAR 11 — — 11 4 55 36 2 93 Mediu
Slide 13: NAV per Share Calculation
NAV per Share Calculation (in $ millions, except share data) 12/31/2020 + FMV of Owned Aircraft $1,595 + NBV of Other PP&E 274 + Working Capital 398 + Other Net Tangible Assets 234 - Total Debt (616) - Deferred Taxes (65) Net Asset Value $1,819 Diluted Share Count 30.8 Current Price % Current Share
Slide 14: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Amount Rate Maturity ($ in mm, as of 12/31/2020) Cash $ 298 Bristow has $293.5 million of ABL ($75mm)(2) — L+250 bps Apr-23 unrestricted cash and total liquidity PK Air Debt 204 L+500 bps Jan-25 of $345.0 million(1) Macquarie Debt 152 L+535 bps Mar-23
Slide 15: Quarterly Reconciliation of Non-GAAP Financial Measures
Quarterly Reconciliation of Non-GAAP Financial Measures Successor Predecessor Three Months Ended Three Months Ended Two Months Ended One Month Ended December 31, 2020 September 30, 2020 December 31, 2019 October 31, 2019 Adjusted EBITDA reconciliation ($000s) Net loss $ (57,260) $ (27,992) $ (152,54
Slide 16: Pro Forma Q3 FY20 Reconciliation
Pro Forma Q3 FY20 Reconciliation Old Bristow Era Group Inc. Pro Forma Net loss $ (656,742) $ (811) $ (657,553) Depreciation and amortization 20,148 9,337 29,485 Interest expense 88,909 3,517 92,426 Income tax benefit (2,289) (1,052) (3,341) EBITDA $ (549,974) $ 10,991 $ (538,983) Special items (1) 5
Slide 17: Reconciliation of Pro Forma LTM Adjusted EBITDA
Reconciliation of Pro Forma LTM Adjusted EBITDA Bristow Group Old Bristow Era Group Inc. Legacy Era Inc. Pro Forma January 1, January 1, July 1, 2020 - 2020 - June 30, 2020 - June 11, June 12 - 30, December 31, LTM December 2020 2020 2020 2020 31, 2020 Net income (loss) $ 367,326 $ (25,348) $ (4,305
Slide 18: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Successor Three Months Ended Three Months Ended December 31, 2020 September 30, 2020 Net cash provided by (used in) operating activities $ 25,078 $ 41,857 Plus: Proceeds from disposition of property and equipment 14,361 40,475 Less: Purchases of property and equipmen
Slide 19: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Successor Predecessor Three Months Ended Three Months Ended Two Months Ended One Month Ended December 31, 2020 September 30, 2020 December 31, 2019 October 31, 2019 Operating revenues ($000s) Oil and gas: Europe Caspian $ 93,383 $ 98,495 $ 71,88
Slide 20: Reconciliation of Pro Forma LTM Operating Revenues
Reconciliation of Pro Forma LTM Operating Revenues Quarter Ended March 2020 June 2020 September 2020 December 2020 LTM Revenue Europe Caspian $ 161.1 $ 159.6 $ 158.0 $ 152.1 $ 630.8 Americas 113.1 92.8 94.3 99.1 399.3 Africa 38.5 31.5 22.7 24.7 117.4 Asia Pacific 18.5 12.7 20.6 20.8 72.6 Corp and Ot