Bristow Group, Inc. · NYSE:VTOL
Bristow — Era Group — Q1 2017 Earnings Presentation
17 slides from Bristow's earnings presentation, May 2, 2017
Slide 1: Q1 2017 Earnings Presentation
Q1 2017 Earnings Presentation 0May 3, 2017 Exhibit 99.2
Slide 2: Q1 2017 Earnings Call Agenda
I. Introduction Shefali Shah, SVP and General Counsel II. Operational Highlights Chris Bradshaw, President and CEO III. Financial Review Andy Puhala, SVP and CFO IV. Concluding Remarks Chris Bradshaw, President and CEO V. Questions & Answers Q1 2017 Earnings Call Agenda 1
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
2 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
Slide 4: Non-GAAP Measures: EBITDA and Adjusted EBITDA
3 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. Adjusted EBITDA is defined as EBITDA further a
Slide 5: Operational Highlights
4 Operational Highlights
Slide 6: Operational Highlights: Safety and H225 Suspension
• Era achieved its goal of ZERO air accidents and ZERO TRIR YTD 2017 • Due to an accident in April 2016 involving an Airbus Helicopters H225 (also known as a EC225LP) model helicopter operated by another helicopter company, the vast majority of the offshore oil and gas fleet of H225 and AS332 L2 mod
Slide 7: Financial Stability
• Against the very challenging industry conditions and during what is historically our weakest seasonal quarter, Era continued to generate positive operating cash flow of $4.3 million in Q1 2017 • As of 3/31/17, total available liquidity was $147.5 million − $26.3 million in cash balances − $3.8 mil
Slide 8: Financial Review
7 Financial Review
Slide 9: Q1 2017 Highlights – Quarter-over-Quarter Comparison
• Revenues of $54.5mm ̶ $8.1mm lower than Q1 2016 primarily due to lower utilization in U.S. oil & gas operations, fewer search and rescue (“SAR”) subscribers and the end of certain dry-leasing contracts ̶ Partially offset by increased international oil and gas revenues primarily due to the strength
Slide 10: Q1 2017 Highlights – Sequential Quarter Comparison
• Revenues were $1.8mm lower than Q4 2016 ̶ Primarily due to lower utilization of light helicopters in U.S. oil and gas operations, the loss of a SAR subscriber and the end of air medical contracts ̶ Partially offset by increase in international oil and gas revenues primarily due to higher utilizati
Slide 11: Appendix
10 Appendix
Slide 12: Fleet Overview
11 Owned(a) Leased-In Managed Total Average Age(b) Heavy: S92 2 – – 2 1 H225 9 – – 9 7 AW189 2 – – 2 1 Total Heavy 13 – – 13 Medium: AW139 36 – – 36 7 S76 C+/C++ 5 – – 5 10 B212 7 – – 7 37 Total Medium 48 – – 48 Light – twin engine: A109 7 – – 7 11 EC135 13 2 – 15 9 EC145 3 – 1 4 8 BK-117 – 2 – 2 N/
Slide 13: Healthy Leverage Metrics and Liquidity
12 • In October 2016, Era amended its revolving credit facility to ensure access to liquidity through the downturn • Non-cancelable capital commitments can be funded via combination of cash-on-hand, cash flow from operations and borrowings under the credit facility • Total available liquidity of $14
Slide 14: Operating Revenues and Flight Hours by Line of Service
13 Operating Revenues and Flight Hours by Line of Service Note: Flight hours exclude hours flown by helicopters in the Dry-leasing line of service (a) Primarily oil and gas services, but also includes revenues and flight hours from utility services such as firefighting (b) Includes revenues and flig
Slide 15: Financial Highlights
14(a) Adjusted EBITDA is a non-GAAP measure. See next page for Adjusted EBITDA reconciliation to Net Income (Loss) Financial Highlights Fiscal Year ($ millions) 2012 2013 2014 2015 2016 2016 2017 Revenue 272.9$ 299.0$ 331.2$ 281.8$ 247.2$ 62.6$ 54.5$ Operating Expenses 167.2 186.6 204.4 171.5 169.9
Slide 16: Adjusted EBITDA Special Items
• Adjusted EBITDA reflects special items: – Executive severance adjustments of $0.7 million and $2.5 million in 2012 and 2014, respectively – An adjustment for IPO-related fees and expenses of $2.9 million in 2012 – A pre-tax impairment of $5.9 million related to the Company’s investment in Aeróleo
Slide 17: Quarterly Reconciliation of Non-GAAP Financial Measures
16 Quarterly Reconciliation of Non-GAAP Financial Measures (US$ in thousands) 31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 Net Loss (3,950)$ (4,510)$ (802)$ (5,648)$ (5,787)$ Depreciation 12,766 12,691 12,519 11,339 11,554 Interest Income (301) (403) (466) 429 (250) Interest Expense 4,748 4,130