Bristow Group, Inc. · NYSE:VTOL
Bristow — Q4 FY2021 Earnings Presentation
20 slides from Bristow's earnings presentation, May 27, 2021
Slide 1: Q4 and FY21 Earnings Presentation
Exhibit 99.2 Q4 and FY21 Earnings Presentation May 27, 2021
Slide 2: Q4 and FY21 Earnings Call Agenda
Q4 and FY21 Earnings Call Agenda Crystal Gordon I. Introduction SVP and General Counsel II. Operational Highlights Chris Bradshaw President and CEO III. Financial Review Jennifer Whalen SVP and CFO IV. Concluding Remarks Chris Bradshaw President and CEO V. Questions & Answers 2
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
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: Global Leadership Position in Helicopter Industry
Global Leadership Position in Helicopter Industry • Leading global provider of vertical flight solutions, Revenue by Region (1) primarily offshore oil and gas personnel transportation, with significant end market diversification from government services contracts • Pro forma FY21 revenues of $1.2 bi
Slide 6: Key Financial Highlights
Key Financial Highlights • In Q4 FY21, closed debt offering of $284.1mm Available Liquidity(1) (2) $400.0 million 6.875% senior secured notes due March 2028, utilizing proceeds and cash to repay approximately $484.7 million in debt $346.0mm Net Debt(2) • Repurchased 448,252 shares for gross consider
Slide 7: Substantial and Highly Achievable Cost Synergies
Substantial and Highly Achievable Cost Synergies G&A Savings ✓ Elimination of redundant corporate expenses Fleet Cost Savings ✓ Realization of operational efficiencies in the U.S. Gulf of Mexico ✓ Optimization of aircraft maintenance programs and fleet utilization Other OpEx Savings ✓ Synergies expe
Slide 8: Strong Free Cash Flow Generation Since Merger
Strong Free Cash Flow Generation Since Merger Bristow generated $141 million of Adj. Free Cash Flow Excluding Net Capex and $185 million of Adj. Free Cash Flow in the nine months since the merger close (1) Quarters ended 9/30/20, 12/31/20 and 3/31/2021. See page 18 for reconciliation 8
Slide 9: Q4 FY21 Results – Sequential Quarter Comparison
Q4 FY21 Results – Sequential Quarter Comparison • Operating revenues were $18.8 million lower than Q3 Operating revenues Operating Revenue FY21 primarily due to lower utilization in oil and gas services • Operating expenses were $8.7 million lower primarily due to lower headcount following a reducti
Slide 10: Q4 FY21 Results – Pro Forma Calendar Quarter Comparison
Q4 FY21 Results – Pro Forma Calendar Quarter Comparison • Operating revenues were $49.9 million lower Operating revenue(1) than pro forma Q4 FY2020 (“Q4 FY20”)(1) primarily due to lower utilization in oil and gas services • Operating expenses were $32.0 million lower due to decreased activity and RI
Slide 11: Appendix
Appendix
Slide 12: Fleet Overview
Fleet Overview Number of Aircraft(1) Owned Leased Aircraft Consolidated Average Age Type Aircraft Aircraft Held For Sale Aircraft (years)(2) Heavy Helicopters: S-92 35 28 — 63 12 S-92 U.K. SAR 3 7 — 10 7 H225 — — 2 2 10 AW189 6 1 — 7 6 AW189 U.K. SAR 11 — — 11 5 55 36 2 93 Medium Helicopters: AW139
Slide 13: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Amount Rate Maturity ✓ During Q4 FY21, Bristow issued ($ in mm, as of 3/31/2021) $400mm of 6.875% Senior Cash $ 231 Secured Notes due March 2028 and paid off 7.750% Senior ABL ($85mm)(2) — L+250 bps Apr-23 Notes, PK and Macquarie debt Senior Secured Notes
Slide 14: Quarterly Reconciliation of Adjusted EBITDA
Quarterly Reconciliation of Adjusted EBITDA Three Months Ended ($000s) March 31, 2020 December 31, 2020 March 31, 2021 Net loss $ 291,619 $ (57,260) $ (42,438) Depreciation and amortization 16,312 17,931 17,254 Interest expense 13,290 13,203 12,108 Income tax (benefit) expense (11,118) 13,447 (19,09
Slide 15: Annual Reconciliation of Adjusted EBITDA
Annual Reconciliation of Adjusted EBITDA Twelve Months Seven Months Ended Five Months Ended Ended Fiscal Year Ended October 31, 2019 March 31, 2020 March 31, 2020 March 31, 2021 Predecessor Successor Combined Successor Net loss $ (836,206) $ 139,076 $ (697,130) $ (56,285) Depreciation and amortizati
Slide 16: Pro Forma Q4 FY20 Reconciliation
Pro Forma Q4 FY20 Reconciliation Old Bristow Era Group Inc. Pro Forma Net loss $ 291,619 $ (7,289) $ 284,330 Depreciation and amortization 16,312 9,507 25,819 Interest expense 13,290 3,439 16,729 Income tax benefit (11,118) (831) (11,949) EBITDA $ 310,103 $ 4,826 $ 314,929 Special items (1) (288,937
Slide 17: Reconciliation of Pro Forma LTM Adjusted EBITDA
Reconciliation of Pro Forma LTM Adjusted EBITDA Bristow Group Old Bristow Era Group Inc. Legacy Era Inc. Pro Forma July 1, 2020 - LTM April 1, 2020 - April 1, 2020 - June 12 - 30, March 31, March 31, June 30, 2020 June 11, 2020 2020 2021 2021 Net income (loss) $ 75,708 $ (18,059) $ (4,305) $ (127,68
Slide 18: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow September 30, June 30, 2020 2020 December 31, 2020 March 31, 2021 LTM Net cash provided by (used in) operating activities $ (6,866) $ 41,857 $ 25,078 $ 36,776 $ 96,845 Plus: Proceeds from disposition of property and equipment 11,665 40,475 14,361 1,381 67,882 Less: P
Slide 19: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended March 31, 2020 December 31, 2020 March 31, 2021 Operating revenues ($000s) Oil and gas: Europe Caspian $ 105,195 $ 93,383 $ 94,214 Americas 57,921 97,435 79,862 Africa 35,032 23,055 18,975 Asia Pacific 3,027 3,383 2,825 Total
Slide 20: Reconciliation of Pro Forma LTM Operating Revenues
Reconciliation of Pro Forma LTM Operating Revenues Quarter Ended June 2020 September 2020 December 2020 March 2021 LTM Revenue Europe Caspian $ 159.6 $ 158.0 $ 152.1 $ 156.0 $ 625.7 Americas 92.8 94.3 99.1 81.4 367.6 Africa 31.5 22.7 24.7 21.1 100.0 Asia Pacific 12.7 20.6 20.8 21.5 75.6 Corp and Oth