Bristow Group, Inc. · NYSE:VTOL
Bristow — Q4 2023 Earnings Presentation
22 slides from Bristow's earnings presentation, Mar 6, 2024
Slide 1: Q4 and Full Year 2023 Earnings Presentation
Q4 and Full Year 2023 Earnings Presentation March 6, 2024
Slide 2: Q4 2023 Earnings Call
Q4 2023 Earnings Call 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 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”) 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 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 Diverse fleet of LTM operating revenues of Publicly Traded on 6 Continents 220 Aircraft $1.3 billion NYSE Customers in (VTOL) 18 Countries Lines of Services: 4 Aircraft Type Global Employees Headquartered in
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% 10% 8% 1% AW189 Africa Fixed Wing Other 31% S92 24% 29% AW139 Americas 27% 6% 220 Asia Pacific $1.3 bn Government $1.3 bn 8% Fixed Wing/ 9% 64% UAS Other Heavy/ Offshore Medium 55% Energ
Slide 7: Recent Events
Recent Events S92 Accident in Norway Agreement to Strategic Partnership 2023 Results In-Line with Purchase New AW189s with The Helicopter Increased Guidance One of Bristow’s SAR helicopters, registration LN-OIJ with six crew and Jet Company Beats Revenues Bristow signed an agreement with members onb
Slide 8: Key Financial Highlights
Key Financial Highlights $251mm $382mm Available Liquidity(1),(2) Net Debt(1),(3) QTD Financial Highlights(1) YTD Financial Highlights(1)(5) $338mm Total revenues $1,297mm Total revenues Adjusted EBITDA excluding Adjusted EBITDA excluding $46mm asset dispositions and FX(4) $171mm asset dispositions
Slide 9: Quarterly Results – Sequential Quarter Comparison
Quarterly Results – Sequential Quarter Comparison Operating revenues were $0.7 million lower than the Preceding Quarter(1) Operating Revenues primarily due to lower revenues from government services and fixed wing, partially offset by higher revenues from offshore energy services due to the commence
Slide 10: Annual Results – Year Over Year Comparison
Annual Results – Year Over Year Comparison Operating revenues were $90.8 million higher in the Current Year(1) Operating Revenues(1) primarily due to: • Higher government services revenues due to commencement of new contracts • More offshore energy activity $1,600 • Increased utilization in fixed wi
Slide 11: Exceeds 2023 Increased Outlook & Affirms 2024 Outlook
Exceeds 2023 Increased Outlook & Affirms 2024 Outlook UPDATED REPORTED AFFIRMED Operating revenues (in USD, millions)(1) 2023E(1) 2023A 2024E(2)(3) Offshore energy services $803 $810 $850 - $970 Government services $335 $337 $335 - $360 Fixed wing services $108 $107 $100 - $120 Other services $11 $1
Slide 12: Outlook By Lines of Service
Outlook By Lines of Service Offshore Energy Services Government Services We believe the offshore energy market has entered a Business expanding based on new contract awards multi-year growth cycle. Full year impact of operations in the Falkland Islands, the Dutch Caribbean and the Netherlands Given
Slide 13: 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 14: Government SAR – A Timeline of Investment & Returns
Government SAR – A Timeline of Investment & Returns Time Contracts 2022 2023 2024 2025 2026 2027-2032 2033-2038 UKSAR-H UKSAR2G NLSAR DCCG Falklands Acquisition Retender IRCG Tender Investment Period Base Contract Option Period Cash Yield 14
Slide 15: Appendix
APPENDIX NAV Fleet Overview Strong Balance Sheet and Liquidity Position Reconciliation of Adjusted EBITDA Adjusted Free Cash Flow Reconciliation Operating Revenues and Flight Hours by Line of Service LTM Operating Revenues by Region
Slide 16: NAV per Share Calculation
NAV per Share Calculation (in $ millions, expect share data) 12/31/2023 FMV of Owned Helicopters $ 1,313 NBV of Other PP&E 183 Working Capital 267 Other Assets, Net 135 Total Debt (548) Deferred Taxes, Net (32) Net Asset Value $ 1,318 Diluted Share Count 28.14 NAV per Share (excl. Leased Helicopters
Slide 17: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Heavy Helicopters: S92 38 30 68 14 AW189 17 4 21 8 S61 2 1 3 52 57 35 92 Medium Helicopters: AW139 49 4 53 13 S76 D/C++ 15 — 15 12 Fleet AS365 1 65 — 4 1 69 34 Overview Light—Twin Engine Helicopters: AW10
Slide 18: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Moody's Investors Service changed Bristow Group Inc.'s rating outlook to $180.3 million of unrestricted cash and total liquidity of $251.2 million(1) positive from stable In January 2024, the Company entered into a long-term equipment financing for up to £
Slide 19: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, ($000s) 2023 2023 2023 2023 2023 2022 Net income (loss) $ (8,103) $ 4,345 $ (1,637) $ (1,525) $ (6,920) $ 9,209 Depreciation and amortization expense 17,007 17,862
Slide 20: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended December 31, September 30, June 30, March 31, ($000s) 2023 2023 2023 2023 LTM Net cash provided by (used in) operating activities $ (9,499) $ 16,711 $ 18,210 $ 6,615 $ 32,037 Less: Maintenance capital expenditures (4,277) (4,656) (2,533) (2,9
Slide 21: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, 2023 2023 2023 2023 2023 2022 Operating revenues ($000s) Offshore energy services: Europe $ 99,066 $ 94,346 $ 87,331 $ 85,291 $ 366,034 $ 354,4
Slide 22: LTM Operating Revenues by Region
LTM Operating Revenues by Region Three Months Ended December 31, September 30, June 30, March 31, ($ in millions) 2023 2023 2023 2023 LTM Revenues Europe $ 177.3 $ 176.8 $ 170.7 $ 164.4 $ 689.2 Americas 97.4 99.7 89.9 79.1 366.1 Africa 34.2 29.9 29.9 28.4 122.4 Asia Pacific 20.7 23.9 21.0 21.0 86.6