Bristow Group, Inc. · NYSE:VTOL
Bristow — Era Group — Barclays CEO Energy-Power Conference 2018
20 slides from Bristow's conference presentation, Sep 4, 2018
Slide 1: Barclays CEO Energy-Power Conference September 2018
Exhibit 99.1 Barclays CEO Energy-Power Conference September 2018 0
Slide 2: 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 3: 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 4: Safety Note
Safety Note • Safety is Era’s most important core value and our highest operational priority • Achieved our goals of ZERO air accidents and ZERO TRIR in YTD 2018 ̶ This follows the Company’s best safety performance year on record in 2017 • Robust safety management system (SMS) • Era’s fleet is confi
Slide 5: Why Invest in Era?
Why Invest in Era? Diverse and Differentiated Technologically Strategy Advanced Fleet Offshore Recovery Financial Underway Strength Cash Flow Generation 4
Slide 6: Company Snapshot
Company Snapshot • Founded in Alaska in 1948, Era is the June 2018 LTM Revenue by LOS longest-serving helicopter transport company in the U.S. Emergency Response Flightseeing 5% 1% Dry-leasing • Diverse and well-equipped fleet of 113 5% helicopters(a) • Differentiated strategy as manager of pool of
Slide 7: Areas of Operation
Areas of Operation 1 2 90 2 4 13 Era Helicopters 1 Joint Venture Dry Lease Total Aircraft Note: As of June 30, 2018 6
Slide 8: Fleet Snapshot
Fleet Snapshot Fleet by Type Fleet by Ownership Leased, Heavy, 4 Light Single, 30 10 4% 9% 26% 41% Medium, 24% 46 96% Light Owned, Twin, 27 109 • On a dollar-weighted NBV basis(a): − Heavy and medium helicopters represent 86% of fleet value − Average age of the fleet is 6 years Note: As of 6/30/18 (
Slide 9: Large, Diverse & Technologically Advanced Fleet
Large, Diverse & Technologically Advanced Fleet = Heavy S92 AW189 4 = Medium AS350 4 EC225 17 = Light Twin 2 = Light Single A119 13 AW139 36 BO-105 / BK- 117 5 EC135 15 S76 C+/C++ A109 B212 5 7 5 Note: As of 6/30/18 8
Slide 10: Proven Track Record as Asset Manager
Proven Track Record as Asset Manager • We have consistently sold helicopters Repair and Maintenance ($mm) at a premium to book value 64 57 54 54 56 • Since 2004, Era has disposed of 141 46 aircraft for an aggregate gain of over $86 million • Maintenance and repair costs are fully expensed, as we do
Slide 11: Financial Strength
Financial Strength • Total available liquidity as of August 3, 2018 was approximately $173 million ̶ $49 million in cash balances ̶ $124 million of remaining availability under the Company’s credit facility • Era generated $10 million of cash from asset sales in Q2 2018 ̶ Net cash flows from operati
Slide 12: Primed for Free Cash Flow Generation
Primed for Free Cash Flow Generation Limited Debt Maturities Strong Balance Sheet Efficient Cost Structure prior to 2021 Manageable Fixed No Significant Firm Charge Obligations Capital Commitments Free Cash Flow Generation Illustrative LTM Recurring Adjusted Free Cash Flow was +$22 million(1) (1) No
Slide 13: Efficient Cost Structure
Efficient Cost Structure LTM Adjusted EBITDA(a) per MACE ($000s) LTM Adjusted EBITDA(a) per Employee ($000s) 49 50 399 395 48 47 379 355 42 329 41 309 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Last Twelve Months Ended (In US$000s) Q1 2017 Q2 2017
Slide 14: Efficient Supply Chain Management
Efficient Supply Chain Management • For a helicopter operator, significant money can be lost, or value gained, depending on how efficiently a company manages its supply chain • We believe Era has outperformed our competition in this area Inventory as % of Net PP&E Inventory as % of Total Tangible As
Slide 15: Offshore Market Recovery
Offshore Market Recovery • The offshore oil & gas market recovery has begun – But it will not be linear • Globally, there is record new demand for floating offshore drilling rigs – Currently 55 outstanding tenders for floating rigs – New demand is from combination of exploration and development acti
Slide 16: Regional Market Commentary
Regional Market Commentary • The pace and slope of the offshore oil & gas market recovery will vary by geographic region – Over the last 12 months, we have seen a significant increase in customer activity in the U.S. Gulf of Mexico – In contrast, customer activity in our Latin American operations ha
Slide 17: Appendix
Appendix 16
Slide 18: Fleet Overview
Fleet Overview Average Owned Leased-In(a) Total Age(b) Heavy: S92 4 —42 H225 2 —29 AW189 4 —42 Total Heavy 10 — 10 Medium: AW139 36 — 36 8 S76 C+/C++ 5 —512 B212 5 — 5 39 Total Medium 46 — 46 Light – twin engine: A109 7 — 7 12 EC135 13 2 15 10 BK-117 — 2 2 N/A BO-105 3 — 3 29 Total Light – twin engi
Slide 19: Illustrative LTM Recurring Adjusted Free Cash Flow
Illustrative LTM Recurring Adjusted Free Cash Flow (1) Three Months Ended ($000s) 9/30/2017 12/31/2017 3/31/2018 6/30/2018 LTM Net cash provided by operating activities $ 4,554 $ 2,168 $ (1,030) $ 6,168 $ 11,860 Less: Changes in operating assets and liabilities (2) (758) 97 6,273 (5,950) (338) Plus:
Slide 20: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Quarterly Historical EBITDA and Adjusted EBITDA (US$ in thousands) 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17 31-Dec-17 31-Mar-18 30-Jun-18 Net Income (Loss) $ (4,510) (802) (5,648) (5,787) (3,072) (81,215) 61,459 (1,357) (10,516) Deprec
Era Group — Barclays CEO Energy-Power Conference 2018 on 6ix