Bristow Group, Inc. · NYSE:VTOL
Bristow — Q2 2024 Earnings Presentation
18 slides from Bristow's earnings presentation, Aug 7, 2024
Slide 1: Q2 2024 Earnings Presentation
Q2 2024 Earnings Presentation August 7, 2024
Slide 2: Q2 2024 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Chris Bradshaw 02 Operational Highlights President and CEO Q2 2024 Jennifer Whalen Earnings Call 03 Financial Review SVP, Chief Financial Officer Chris Bradshaw 04 Concluding Remarks President and CEO 05
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’s”) current expectations or forecasts of future events. Forward-looking statements generally can be identified by
Slide 4: Non-GAAP Financial Measures Reconciliation
Non-GAAP Financial Measures Reconciliation 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 Fl
Slide 5: Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions
Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions Presence on Global Employees 6 Continents Publicly Traded on 3,328 Total Customers in NYSE (VTOL) 855 Pilots 18 Countries 845 Mechanics Aircraft Fleet(1) — 81% Owned Operating Revenues by Region(2) Operating Revenues by
Slide 6: Q2 2024 Results – Sequential Quarter Comparison
Q2 2024 Results – Sequential Quarter Comparison Operating revenues were $23.1 million higher than the Operating Revenues Preceding Quarter(1) primarily due to higher utilization and increased rates in offshore energy services (“OES”) and fixed wing services, partially offset by lower revenues in gov
Slide 7: Increases Outlook
RAISED RAISED UNCHANGED Operating revenues (in USD, millions) 2024E(1) 2025E(1) 2026T(1)(2) Offshore energy services $900 - $930 $910 - $1,020 $965 - $1,155 Increases Government services $330 - $345 $405 - $445 $430 - $460 2024 and 2025 Fixed wing services $120 - $130 $120 - $140 $125 - $150 Other s
Slide 8: 2024E Increased Outlook Drivers
2024E Increased Outlook Drivers Africa OES Increased rates and utilization. Upside expected (Adjusted EBITDA, $mm) to endure, absent additional supply chain headwinds UK OES Higher ad hoc activity on attractive rates during H1 2024. Expected to reduce in H2 2024 Fixed Wing Higher yields in scheduled
Slide 9: Investments and Accelerating Upcycle Driving Long-Term Growth
Investments and Accelerating Upcycle Driving Long-Term Growth Full Year Impacts (Adjusted EBITDA, $mm) of new contracts commenced in prior year Investment in Fleet Added capacity from new aircraft deliveries will be deployed on contracts with attractive terms and better pricing $305 Additional Activ
Slide 10: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Entered into a long-term equipment financing for up to €100 million at $178.6 million of unrestricted cash and total liquidity of attractive rates. The credit facility is expected to fund during 2024 and will $246.4 million(1) support obligations under the
Slide 11: Offshore Capex Forecast
OFFSHORE E&P CAPEX BY REGION ($ BILLION), 2014-2028E Africa Asia-Pacific Europe Middle East North America Russian and Caspian Latin America 300 Offshore 250 Capex Forecast 200 Global upstream capex is 150 expected to remain robust 100 in 2024, primarily driven by offshore spending, which is 50 antic
Slide 12: Advancing Government SAR
Advancing Government SAR 2nd Generation UK SAR Contract (UKSAR2G) Irish Coast Guard Contract (IRCG) Significant Addition to Bristow’s An Effective Transition Plan Government Services Offering Investing capital to ensure a successful transition of operations to the new £1.6 billion UKSAR2G contract T
Slide 13: Appendix
Appendix 1 Fleet Overview 2 Reconciliation of Adjusted EBITDA 3 Adjusted Free Cash Flow Reconciliation 4 Operating Revenues and Flight Hours by Line of Service 5 LTM Operating Revenues by Region 13
Slide 14: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Heavy Helicopters: S92 37 29 66 14 AW189 17 4 21 8 54 33 87 Medium Helicopters: AW139 49 4 53 13 S76 D/C++ 15 — 15 13 AS365 1 — 1 35 Fleet Light—Twin Engine Helicopters: AW109 65 4 4 — 69 4 17 Overview EC
Slide 15: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended June 30, March 31, December 31, September 30, ($000s) 2024 2024 2023 2023 LTM Net income (loss) $ 28,191 $ 6,632 $ (8,103) $ 4,345 $ 31,065 Depreciation and amortization expense 16,848 17,169 17,007 17,862 68,886 Interest expense, net 9,385 9,472
Slide 16: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended June 30, March 31, December 31, September 30, ($000s) 2024 2024 2023 2023 LTM Net cash provided by (used in) operating activities $ 33,665 $ 26,679 $ (9,499) $ 16,711 $ 67,556 Less: Maintenance capital expenditures (2,215) (4,949) (4,277) (4,
Slide 17: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended June 30, March 31, December 31, September 30, 2024 2024 2023 2023 LTM Operating revenues ($000s) Offshore energy services: Europe $ 99,741 $ 99,530 $ 99,066 $ 94,346 $ 392,683 Americas 97,752 88,515 89,200 91,099 366,566 Afric
Slide 18: LTM Operating Revenues by Region
LTM Operating Revenues by Region Three Months Ended June 30, March 31, December 31, September 30, (in millions) 2024 2024 2023 2023 LTM Revenues Europe $ 177.4 $ 178.9 $ 177.3 $ 176.8 $ 710.4 Americas 105.5 96.9 97.4 99.7 399.5 Africa 45.2 34.2 34.2 29.9 143.5 Asia Pacific 24.3 19.4 20.7 23.9 88.3 T