Bristow Group, Inc. · NYSE:VTOL
Bristow — Era Group — FY2018 Earnings Presentation
16 slides from Bristow's earnings presentation, Mar 8, 2019
Slide 1: Q4 and FY2018 Earnings Presentation
Exhibit 99.2 Q4 and FY2018 Earnings Presentation March 8, 20191
Slide 2: Q4 and FY2018 Earnings Call Agenda
Q4 and FY2018 Earnings Call Agenda I. Introduction Crystal Gordon, SVP, General Counsel and CAO 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 give the Company’s current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking te
Slide 4: 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 (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjus
Slide 5: Safety Update and Financial Flexibility
Safety Update and Financial Flexibility • Era achieved its dual goals of ZERO air accidents and ZERO recordable workplace injuries in FY 2018 • Total available liquidity as of December 31, 2018 was approximately $175 million – $51 million in cash balances – $124 million of remaining availability und
Slide 6: Q4 2018 Highlights – Sequential Quarter Comparison
Q4 2018 Highlights – Sequential Quarter Comparison • Revenues were $2.6 million lower than Q3 2018 Revenues ($000s) – Primarily due to lower utilization of helicopters in oil & gas operations and the conclusion of a search and rescue ("SAR") contract $75,000 – Partially offset by the commencement of
Slide 7: Q4 2018 Highlights – Calendar Quarter Comparison
Q4 2018 Highlights – Calendar Quarter Comparison • Revenues were $5.5 million lower than Q4 2017 Revenues ($000s) – Primarily due to lower utilization of light and medium helicopters in oil and gas operations, the weakening of the Brazilian real relative to the U.S. dollar, and the $75,000 conclusio
Slide 8: Fiscal Year 2018 Highlights
Fiscal Year 2018 Highlights • Revenues were $9.6 million lower than 2017 Revenues ($000s) – Primarily due to lower utilization of light helicopters in oil and gas operations, the absence of flightseeing revenues, the weakening of the Brazilian real relative to the U.S. dollar, the $300,000 recogniti
Slide 9: Appendix
Appendix
Slide 10: Fleet Overview
Fleet Overview Average Helicopters Age Heavy: S92 4 3 H225 1 11 AW189 4 2 Total Heavy 9 Medium: AW139 36 9 S76 C+/C++ 5 12 B212 5 40 Total Medium 46 Light – twin engine: A109 7 13 EC135 13 10 BO-105 3 29 Total Light – twin engine 23 Light – single engine: A119 13 12 AS350 17 21 Total Light – single
Slide 11: NAV per Share Calculation
NAV per Share Calculation (in millions, except share data) 12/31/2018 + FMV of Helicopters (3rd party appraisals) $ 636 + NBV of Other PP&E 45 + Working Capital 89 + Other Net Tangible Assets 48 - Total Debt (162) - Deferred Taxes (108) Net Asset Value $ 548 Diluted Share Count 21.2 Current Price Cu
Slide 12: Healthy Leverage Metrics and Liquidity
Healthy Leverage Metrics and Liquidity December 31, 2018 ($000s) • As of December 31, 2018, Era had $51 million in Cash and cash equivalents $ 50,753 cash balances and $124 million of remaining availability under its credit facility for total liquidity Credit facility $ — of approximately $175 milli
Slide 13: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended Revenue ($000s) 31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 (a) Oil and gas: U.S. $ 35,063 $ 36,536 $ 37,771 $ 35,473 $ 33,876 International 16,163 15,617 14,160 13,665 13,357 Total oil and gas $ 51,226 $ 52,153 $ 51,931
Slide 14: Quarterly Reconciliation of Non-GAAP Financial Measures
Quarterly Reconciliation of Non-GAAP Financial Measures Quarterly Historical EBITDA and Adjusted EBITDA (US$ in thousands) 31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18 Net Income (Loss) $ 61,459 $ (1,357) $ (10,516) $ 31,279 $ (5,948) Depreciation 10,101 10,354 10,116 9,541 9,530 Interest Incom
Slide 15: Financial Highlights
Financial Highlights Fiscal Year ($ millions) 2014 2015 2016 2017 2018 Revenue $ 331.2 $ 281.8 $ 247.2 $ 231.3 $ 221.7 Operating Expenses 204.4 171.5 169.9 167.4 151.5 G&A 44.0 42.8 36.2 42.1 45.1 Depreciation 46.3 47.3 49.3 45.7 39.5 Gains on Asset Dispositions 6.1 6.0 4.8 4.5 1.6 Goodwill Impairme
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures • Adjusted EBITDA reflects special items: – Executive severance adjustments of $2.5 million and $0.6 million in 2014 and 2017, respectively – A pre-tax impairment charge of $2.5 million in 2014 representing a reserve against a note receivable – A pre-tax