Bristow Group, Inc. · NYSE:VTOL
Bristow — Q2 FY2023 Earnings Presentation
22 slides from Bristow's earnings presentation, Nov 3, 2022
Slide 1: Q2 FY23 Earnings Presentation and CY2023 Outlook
Q2 FY23 Earnings Presentation and CY2023 Outlook November 3, 2022
Slide 2: Q2 FY23 Earnings Call & CY2023 Outlook
Q2 FY23 Earnings Call & CY2023 Outlook Introduction 01 Redeate (Red) Tilahun Senior Manager, Investor Relations and Financial Reporting Operational Highlights 02 Chris Bradshaw President and CEO Financial Review 03 Jennifer Whalen SVP, Chief Financial Officer Concluding Remarks 04 Chris Bradshaw Pre
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 Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation 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 Fre
Slide 5: Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions
Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions Primarily offshore energy personnel transportation, with significant end market diversification from government services contracts such as search and rescue (“SAR”), fixed wing and other services Presence on Diverse flee
Slide 6: Aircraft and Revenue Mix
Aircraft and Revenue Mix Aircraft Fleet(1) Operating Revenues by Region(2) Operating Revenues by End Market(3) 9% 7% 8% 1% AW189 Africa Fixed Wing Other 29% S92 24% 34% AW139 Americas 24% 6% 230 Asia Pacific $1.2 bn Government $1.2 bn 8% Fixed Wing/ 11% UAV Other heavy/ 67% Medium 53% Oil & Gas 13%
Slide 7: Significant Presence in Key Regions
Significant Presence in Key Regions Global Leadership 46 We currently have customers in: 27 • Australia • The Netherlands • Brazil • Nigeria 6 • Canada • Norway 3 • Chile • Spain • Dutch Caribbean • Suriname 74 • Falkland Islands • Trinidad • Guyana • United Kingdom 2 • India • United States 2 17 •
Slide 8: Key Financial Highlights
Key Financial Highlights LTM Adj. EBITDA Excl. $251mm Available Liquidity(1),(2) $320mm Net Debt(1),(3) $132mm Asset Sales & Foreign Exchange(1),(4) Recent Quarter Highlights(1) During the quarter, Bristow repurchased 267,419 shares for gross $307mm Total revenues consideration of $6.3 million, repr
Slide 9: Q2 FY23 Results – Sequential Quarter Comparison
Q2 FY23 Results – Sequential Quarter Comparison Operating revenues were $5.2 million higher than Q1 FY23 primarily due to: Operating Revenues • Higher fixed wing revenues due to higher utilization • Higher cash collections from Cougar in Canada 350 • Higher oil and gas activity levels were partially
Slide 10: Multi-year Growth in Upstream Oil & Gas Spending
Multi-year Growth in Upstream Oil & Gas Spending Upstream Spending (North America / International) 1980 – 2025E ~35-year cycle Beginning of a new cycle… CONTRACTION: WTI (real – adjusted for inflation) 2014 to 2020 ($bn) WTI (real) breaks through $100/bbl Sept 2007 and WTI (real) breaks through $100
Slide 11: Strengthening Offshore Market Dynamics
Strengthening Offshore Market Dynamics Marketed utilization of offshore drilling rigs has Higher day rates are indicative of a tightening increased significantly offshore equipment market Worldwide Average Working Floaters Worldwide Average Working Jackups Working Contracted But Not Working Working
Slide 12: Improving Offshore Helicopter Market Dynamics
Improving Offshore Helicopter Market Dynamics Effective Utilization of Heavy and Medium Offshore Helicopters Inactive Helicopters Active Helicopters Inactive Helicopters (Total) (Known Stored / Uncontracted) Effective Utilisation S-92 161 41 34 83% AW189 39 3 1 98% H175 32 2 0 100% AW139 258 70 27 9
Slide 13: Calendar Year 2023 Outlook
Calendar Year 2023 Outlook Calendar Year 2023E (1) (in USD, millions) Operating revenues: Oil and gas services $735 - $825 Government services $315 - $330 Fixed wing services $90 - $105 Other services $10 - $15 Total operating revenues $1,150 - $1,275 Adjusted EBITDA, excluding asset dispositions an
Slide 14: Adjusted EBITDA Comparison / Foreign Exchange Impacts
Adjusted EBITDA Comparison / Foreign Exchange Impacts LTM as of CY 2023E 09/30/2022 Note for illustrative purposes: Adjusted EBITDA excluding asset dispositions and foreign If the GBP/USD exchange rate in CY2023E were $140 - $160 $133 exchange losses (gains) equivalent to the average GBP/USD exchang
Slide 15: Calendar Year 2023 Outlook By Lines of Service
Calendar Year 2023 Outlook By Lines of Service Oil and Gas Services Oil and Gas Services Positive signs that offshore oil and gas market is entering a multi-year growth cycle. Given our sector’s late cycle exposure and the lag effect involving new projects, this should become evident in our financia
Slide 16: Appendix
APPENDIX ⮚ Fleet Overview ⮚ Strong Balance Sheet and Liquidity Position ⮚ Reconciliation of LTM Adjusted EBITDA ⮚ Adjusted Free Cash Flow Reconciliation ⮚ Operating Revenues and Flight Hours by Line of Service ⮚ LTM Operating Revenues by Region
Slide 17: Fleet Overview
Fleet Overview Number of Aircraft(1) Owned Leased Consolidated Average Age Type Aircraft Aircraft Aircraft (years)(2) Heavy Helicopters: S-92 39 28 67 13 AW189 17 3 20 6 S-61 2 1 3 51 58 32 90 Medium Helicopters: AW139 50 4 54 12 S-76 D/C++/C+ 22 — 22 12 AS365 1 — 1 33 73 4 77 Light—Twin Engine Heli
Slide 18: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Amount Rate Maturity ($mm, as of 9/30/2022) Cash $ 201 $199.5 million of unrestricted cash and total liquidity ABL Facility ($85mm)(2) $ — S+200 bps May-27 of $251.2 million(1) Senior Secured Notes 400 6.875% Mar-28 Lombard Debt (BULL) 65 S+228 bps Dec-23
Slide 19: Reconciliation of LTM Adjusted EBITDA
Reconciliation of LTM Adjusted EBITDA Three Months Ended September 30, June 30, March 31, December 31, ($000s) 2022 2022 2022 2021 LTM Net income (loss) $ 16,501 $ 4,015 $ (4,376) $ 164 $ 16,304 Depreciation and amortization expense 16,051 16,536 16,919 17,223 66,729 Interest expense 10,008 10,242 1
Slide 20: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation (1) Other special items include professional services fees that are not related to ongoing business operations and other nonrecurring costs. 20
Slide 21: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended September 30, June 30, March 31, December 31, 2022 2022 2022 2021 LTM Operating revenues ($000s) Oil and gas services: Europe $ 87,867 $ 90,053 $ 89,234 $ 88,278 $ 355,432 Americas 88,015 84,665 86,249 91,834 350,763 Africa 21
Slide 22: LTM Operating Revenues by Region
LTM Operating Revenues by Region Three Months Ended September 30, June 30, March 31, December 31, (in millions) 2022 2022 2022 2021 LTM Revenues Europe $ 153.7 $ 155.4 $ 151.5 $ 150.1 $ 610.7 Americas 97.4 94.3 94.6 100.9 387.2 Asia Pacific 22.9 21.2 13.0 16.7 73.8 Africa 25.3 23.3 16.5 17.3 82.4 To