Bristow Group, Inc. · NYSE:VTOL
Bristow — Deutsche Bank Leveraged Finance Conference 2021
24 slides from Bristow's conference presentation, Oct 5, 2021
Slide 1: Deutsche Bank's Leveraged Finance Conference
October 5, 2021 Deutsche Bank’s Leveraged Finance Conference Exhibit 99.1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
2 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
Slide 3: Non-GAAP
3 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 Cash Flow. EBITDA and Adjusted EBITDA a
Slide 4: Today's Presenters
4 Today’s Presenters Jennifer Whalen SVP, Chief Financial Officer Chris Bradshaw President and Chief Executive Officer
Slide 5: Safety Note
5 Safety Note • Safety is Bristow’s most important core value and highest operational priority • Robust safety management system (SMS) ▪ With third-party accreditation resulting from numerous external audits • Bristow’s fleet is configured with the latest safety equipment • Bristow is a founding mem
Slide 6: Bristow Investment Highlights
6 Bristow Investment Highlights Diverse Customer Base and End Markets Well Positioned for Additional Strategic Opportunities Strong Balance Sheet with Robust Free Cash Flow Generation Meaningful Value Enhancement from Achievement of Cost Synergies Global Leader in Vertical Flight Solutions
Slide 7: Global Leadership Position
7 Global Leadership Position Aircraft Fleet (2) • Leading global provider of vertical flight solutions; primarily offshore energy personnel transportation, with significant end market diversification from government services contracts • LTM revenues of $1.2 billion(1) • Diverse fleet of 240 aircraft
Slide 8: Significant Presence in Key Regions
8 Significant Presence in Key Regions Operating Revenue Operating Presence Dry Lease/PartnershipBristow Headquarters Trinidad With 13 Air Operating Certificates globally, across both helicopter and fixed wing operations
Slide 9: Substantial Value Creation from Merger Synergies
9 Substantial Value Creation from Merger Synergies As of June 30th, synergy projects representing ~$42mm of annualized run- rate savings have been completed ✓ Elimination of redundant corporate expenses ✓ Realization of operational efficiencies in the U.S. Gulf of Mexico ✓ Optimization of aircraft m
Slide 10: Overview of UK SAR Contract
10 Overview of UK SAR Contract Invitation to tender for new UK SAR 2G contract UK SAR 2G contract awarded Transition to UK SAR 2G begins Completion of service transition to UK SAR 2G contract • Ten-year contract expiring 12/31/2026 • Higher margin business resulting in higher proportional share of C
Slide 11: Key Government SAR Opportunities
11 Key Government SAR Opportunities 1) Pending contract signature with Bristow 2) Existing contract has 2x 1-year options available Over ~$3 billion of potential Government SAR contracts up for competition over the next few years Country/Client Incumbent Aircract Required Contract Start (CY) Duratio
Slide 12: Offshore Wind Energy
12 Offshore Wind Energy • Offshore wind is a significant global opportunity over the next decade+ • Advances in offshore wind turbine technology, wind farm development, and operating costs have improved such that the industry is now cost competitive with other forms of power generation • U.K., Germa
Slide 13: Future of Advanced Air Mobility
13 Future of Advanced Air Mobility • Bristow and Vertical Aerospace Group Ltd to cooperate on the certification, operational planning and potential purchase of electric vertical takeoff and landing (eVTOL) aircraft. Agreement includes: ▪ Pre-order of 25 aircraft, with the option for an additional 25
Slide 14: Future of Advanced Air Mobility (Cont.)
14 Future of Advanced Air Mobility (Cont.) • Bristow and Eve Urban Air Mobility, LLC to cooperate on development of operations, vehicle design, vertiport design, regulatory development for the operating environment and autonomous operation development to meet customer as well as eVTOL certification
Slide 15: Revenues Structure
15 Revenues Structure • Typical payment models include: ▪ Traditional monthly standing charge (MSC) + fixed hourly rate (FHR) ▪ Ad hoc or pay as you use ▪ Block / slot model ▪ Consortium model (like U.S. GoM SAR) • Typical contract types include: ▪ Traditional – a customer contracts for a particular
Slide 16: Key Financial Highlights
16 • Bristow’s leverage ratios as of June 30, 2021 (in thousands, except ratios): Key Financial Highlights (1) Amounts shown as of 6/30/2021 (2) Comprised of $244.7 million in unrestricted cash balances and $54.1 million of remaining availability under ABL Facility (3) See page 21 for reconciliation
Slide 17: Strong Free Cash Flow Generation
17 Strong Free Cash Flow Generation Bristow generated $180 million of Adj. Free Cash Flow excluding Net Capex and $232 million of Adj. Free Cash Flow since the Merger (1) Quarters ended 9/30/20, 12/31/2020, 3/31/2021 and 06/30/2021. See page 23 for reconciliation
Slide 18: Lease Roll Off By Year
18 11 2 10 10 1 4 1 2 2 4 FY 2022 FY 2023 FY 2024 FY 2025 and Beyond N u m b er o f A ir cr af t S92 AW189 AW139 Fixed Wing/UAV Scheduled Lease Expirations 17 10 12 8 Lease Roll Off By Year(1) 1) As of 6/30/21. The timing and amounts shown above do not factor in any potential renewals that managemen
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Slide 20: Fleet Overview
20 Fleet Overview Number of Aircraft(1) Type Owned Aircraft Leased Aircraft Aircraft Held For Sale Consolidated Aircraft Average Age (years)(2) Heavy Helicopters: S-92 35 26 — 61 12 S-92 U.K. SAR 3 7 — 10 7 H225 — — 2 2 10 AW189 6 1 — 7 6 AW189 U.K. SAR 11 — — 11 5 55 34 2 91 Medium Helicopters: AW1
Slide 21: Strong Balance Sheet and Liquidity Position
21 Strong Balance Sheet and Liquidity Position ✓ Bristow has $244.7 million of unrestricted cash and total liquidity of $298.8 million(1) ✓ As of June 30, 2021, the availability under the amended ABL was $54.1 million(2) (1) Balances reflected as of 6/30/2021 (2) As of 06/30/2021, the ABL had $21.3m
Slide 22: Reconciliation of LTM Adjusted EBITDA
22 Reconciliation of LTM Adjusted EBITDA Three Months Ended LTM June 30, 2021 September 30, December 31, March 31, June 30, ($000s) 2020 2020 2021 2021 Net loss $ (27,992) $ (57,260) $ (42,438) $ (14,211) $ (141,901) Depreciation and amortization 18,537 17,931 17,254 23,195 76,917 Interest expense 1
Slide 23: Reconciliation of Free Cash Flow
23 Reconciliation of Free Cash Flow Three Months Ended ($000s) September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 LTM Net cash provided by operating activities $ 41,857 $ 25,078 $ 36,776 $ 36,441 $ 140,152 Plus: Proceeds from disposition of property and equipment 40,475 14,361 1,381 1
Slide 24: LTM Operating Revenues
24 LTM Operating Revenues Three Months Ended (in millions) September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 LTM Revenues Europe $ 158.0 $ 152.1 $ 156.0 $ 164.6 $ 630.7 Americas 94.3 99.1 81.4 84.5 359.3 Africa 22.7 24.7 21.1 16.9 85.4 Asia Pacific 20.6 20.8 21.5 21.8 84.7 Corporate
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