Bristow Group, Inc. · NYSE:VTOL
Bristow — J.P. Morgan 2020 Energy, Power & Renewables Conference
21 slides from Bristow's conference presentation, Jun 23, 2021
Slide 1: J.P. Morgan 2020 Energy, Power & Renewables Conference
J.P. Morgan 2020 Energy, Power & Renewables Conference June 23, 2021 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 b
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: Why Invest in Bristow
6 Why Invest in Bristow 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 Offshore Helicopter Operations
Slide 7: Global Leadership Position in Helicopter Industry
7 Global Leadership Position in Helicopter Industry Aircraft Fleet (2) • Leading global provider of vertical flight solutions, primarily offshore oil and gas personnel transportation, with significant end market diversification from government services contracts • Pro forma FY21 revenues of $1.2 bil
Slide 8: Substantial and Highly Achievable Cost Synergies
8 G&A Savings Other OpEx Savings +$50 Million Annual Run-Rate Savings Fleet Cost Savings Substantial and Highly Achievable Cost Synergies As of March 31th, synergy projects representing ~$30mm of annualized run-rate savings have been completed Elimination of redundant corporate expenses Realizat
Slide 9: Significant Presence in Key Regions
9 Significant Presence in Key Regions Global Presence 1 Attractive Geographic Footprint Significant presence in key offshore regions: U.S. Gulf of Mexico Norway United Kingdom Brazil Nigeria Trinidad, Guyana, Suriname 1) Reflects pro forma 3/31/2021 LTM revenue, see page 21 for reconcili
Slide 10: Enhanced Customer and End-Market Diversification
10 Enhanced Customer and End-Market Diversification Revenue by End-Market 1 Government Services Revenue UK SAR and BSEE contracts provide meaningful diversification from oil price volatility UK SAR Contract Overview UK SAR Revenue Structure In April 2015, Bristow began its UK SAR operations with a
Slide 11: Overview of UK SAR Contract
11 Overview of UK SAR contract • Summer 2021: invitation to tender for new UK SAR 2G contract • Year End 2022: UK SAR 2G contract awarded • Fall 2024: Transition to UK SAR 2G • December 2026: Completion of service transition to 2G contract • Ten year contract expiring 12/31/2026 • Higher margin busi
Slide 12: Key Government SAR Opportunities
12 Key Government SAR Opportunities Country/Client Incumbent Aircraft Required Contract Start (CY) Duration Netherlands/ Coastguard 2x Heavy 2022 10 Years Dutch Antilles/ Coastguard 2x Medium 2022 10 Years Ireland/ Coast Guard 4x - 5x Super Medium 2023(1) 10 Years MCA (UK SAR)/ Coastguard Up to 20 m
Slide 13: Key Financial Highlights
13 • In Q4 FY21, closed debt offering of $400.0 million 6.875% senior secured notes due March 2028, utilizing proceeds and cash to repay approximately $484.7 million in debt • Unfunded capital commitments for aircraft purchases may be canceled without further liability other than forfeiture of previ
Slide 14: Strong Free Cash Flow Generation Since Merger
14 Strong Free Cash Flow Generation Since Merger Bristow generated $141 million of Adj. Free Cash Flow Excluding Net Capex and $185 million of Adj. Free Cash Flow in the nine months since the merger close 1) Quarters ended 9/30/20, 12/31/20 and 3/31/2021. See page 20 for reconciliation
Slide 15: Scheduled Lease Expirations
15 Scheduled Lease Expirations $19mm 15 10 12 8 Lease Roll Off By Year (1) (2) 1) Dollar values reflect annual lease costs of those aircraft; actual lease savings would vary based on return dates; includes UK SAR lease savings 2) Lease roll off savings for FY25 and beyond 3) FY22 includes leases tha
Slide 16: Appendix
Appendix
Slide 17: Fleet Overview
17 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 28 — 63 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 36 2 93 Medium Helicopters: AW1
Slide 18: Strong Balance Sheet and Liquidity Position
18 Strong Balance Sheet and Liquidity Position During Q4 FY21, Bristow issued $400mm of 6.875% Senior Secured Notes due March 2028 and paid off 7.750% Senior Notes, PK and Macquarie debt Bristow has $228.0 million of unrestricted cash and total liquidity of $284.1 million(1) As of March 31, 20
Slide 19: Reconciliation of Pro Forma LTM Adjusted EBITDA
19 Reconciliation of Pro Forma LTM Adjusted EBITDA Old Bristow Era Group Inc. Legacy Era Bristow Group Inc. Pro Forma April 1, 2020 - June 30, 2020 April 1, 2020 - June 11, 2020 June 12 - 30, 2020 July 1, 2020 - March 31, 2021 LTM March 31, 2021 Net income (loss) $ 75,708 $ (18,059) $ (4,305) $ (127
Slide 20: Reconciliation of Free Cash Flow
20 Reconciliation of Free Cash Flow June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 LTM Net cash provided by (used in) operating activities $ (6,866) $ 41,857 $ 25,078 $ 36,776 $ 96,845 Plus: Proceeds from disposition of property and equipment 11,665 40,475 14,361 1,381 67,882 Less
Slide 21: Reconciliation of Pro Forma LTM Operating Revenues
21 Reconciliation of Pro Forma LTM Operating Revenues Quarter Ended June 2020 September 2020 December 2020 March 2021 LTM Revenue Europe Caspian $ 159.6 $ 158.0 $ 152.1 $ 156.0 $ 625.7 Americas 92.8 94.3 99.1 81.4 367.6 Africa 31.5 22.7 24.7 21.1 100.0 Asia Pacific 12.7 20.6 20.8 21.5 75.6 Corp and
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