Bristow Group, Inc. · NYSE:VTOL
Bristow — Q2 FY21 Earnings Presentation
20 slides from Bristow's earnings presentation, Nov 5, 2020
Slide 1: Q2 FY21 Earnings Presentation
Exhibit 99.2 Q2 FY21 Earnings Presentation November 5, 2020
Slide 2: Q2 FY21 Earnings Call Agenda
Q2 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 In
Slide 6: Why Invest in Bristow
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 le >: 27 Bristow PERO
Slide 7: 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 Fleet Cost Savings Realization of operational efficiencies in the U.S. Gulf of Mexico Optimization of aircraft mainten
Slide 8: Strong Balance Sheet and Financial Flexibility
Strong Balance Sheet and Financial Flexibility • Total available liquidity as of September 30, 2020 was $358.6 million $301.4 million in unrestricted cash balances $57.2 million of remaining availability under the Company’s ABL facility • Net debt of $394 million as of September 30, 2020 • Pro F
Slide 9: Q2 FY21 Results – Pro Forma Sequential Quarter Comparison
Q2 FY21 Results – Pro Forma Sequential Quarter Comparison • Operating revenues were $0.9 million lower than pro forma Q1 FY21 (“Q1 FY21”)(1) Operating Revenue(1) Lower revenues from oil and gas services primarily due to a decrease in utilization, partially offset by increased activity in fixed win
Slide 10: Q2 FY21 Results – Pro Forma Calendar Quarter Comparison
Q2 FY21 Results – Pro Forma Calendar Quarter Comparison • Operating revenues were $67.9 million lower than pro Operating Revenue(1) forma Q2 FY20 (“Q2 FY20”) primarily due to lower utilization in oil and gas and fixed wing services(1) • Operating expenses were $44.2 million lower due to decreased ac
Slide 11: Appendix
Appendix 11
Slide 12: Fleet Overview
Fleet Overview (1) Number of Aircraft Operating Aircraft Owned Aircraft Leased Aircraft Aircraft Held For Sale Consolidated Aircraft Heavy Helicopters: S-92A 35 32 — 67 S-92A U.K. SAR 3 7 — 10 H225 — — 2 2 AW189 6 1 — 7 AW189 U.K. SAR 11 — — 11 55 40 2 97 Medium Helicopters: AW139 53 8 — 61 S-76 C+/
Slide 13: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position ($millions, as of 9/30/2020) Amount Rate Maturity Cash $301 Bristow has $301.4 million of unrestricted cash and total liquidity of $358.6 million(1) ABL ($80mm) (2) - L+250 bps Apr-23 PK Air Debt 209 L+500 bps Jan-25 On August 18, 2020, Bristow Macquar
Slide 14: Quarterly Reconciliation of Non-GAAP Financial Measures
Quarterly Reconciliation of Non-GAAP Financial Measures Successor Predecessor Three Months Ended Three Months Ended Adjusted EBITDA reconciliation ($000s) September 30, 2020 June 30, 2020 September 30, 2019 Net income (loss) $ (27,992) $ 71,404 $ (162,919) Depreciation and amortization 18,537 16,356
Slide 15: Pro Forma Q1 FY21 Reconciliation
Pro Forma Q1 FY21 Reconciliation Era Group Old Bristow Inc. Legacy Era Pro Forma Three Months Three Months Ended April 1, 2020 - June 12 - 30, Ended June 30, 2020 June 11, 2020 2020 June 30, 2020 Net income (loss) $ 75,708 $ (18,059) $ (4,305) $ 53,344 Depreciation and amortization 15,914 7,818 443
Slide 16: Pro Forma Q2 FY20 Reconciliation
Pro Forma Q2 FY20 Reconciliation Era Group Old Bristow Inc. Pro Forma Net income (loss) $ (162,919) $ (2,059) $ (164,978) Depreciation and amortization 31,303 9,312 40,615 Interest expense 22,715 3,464 26,179 Income tax (benefit) expense (21,782) 515 (21,267) EBITDA $ (130,683) $ 11,232 $ (119,451)
Slide 17: Reconciliation of Pro Forma LTM Adjusted EBITDA
Reconciliation of Pro Forma LTM Adjusted EBITDA Era Group Bristow Old Bristow Inc. Legacy Era Group Inc. Pro Forma October 1, October 1, QTD LTM 2019 - June 2019 - June June 12 - 30, September September 30, 30, 2020 11, 2020 2020 30, 2020 2020 Net income (loss) $ (289,416) $ (26,159) $ (4,305) $ (27
Slide 18: Reconciliation of Adjusted Free Cash Flow
Reconciliation of Adjusted Free Cash Flow Successor Three Months Ended Three Months September 30, 2020 Ended June 30, 2020 Net cash provided by (used in) operating activities $ 41,857 $ (6,866) Plus: Proceeds from disposition of property and equipment 40,475 11,665 Less: Purchases of property and eq
Slide 19: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service 19
Slide 20: Reconciliation of Pro Forma LTM Operating Revenues
Reconciliation of Pro Forma LTM Operating Revenues 20