Bristow Group, Inc. · NYSE:VTOL
Bristow — Deutsche Bank Leveraged Finance Conference 2020
18 slides from Bristow's conference presentation, Oct 6, 2020
Slide 1: Deutsche Bank's Leveraged Finance Conference
Exhibit 99.1 Deutsche Bank’s Leveraged Finance Conference October 6, 2020
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation contains “forward-looking statements.” Forward-looking statements give Bristow Group Inc.’s (the “Company”) current expectations or forecasts of future events. Forward-looking statements generally can be identified by the us
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 expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA furthe
Slide 4: Safety Note
Safety Note • Safety is Bristow’s most important core value and highest operational priority • Robust safety management system (SMS) ▪ With third-party accreditation resulting from numerous external audits • Bristow’s fleet is configured with the latest safety equipment • Bristow is a founding membe
Slide 5: Why Invest in Bristow?
Why Invest in Bristow? Global Leader in Diverse Customer Offshore Helicopter Base and End Operations Markets Meaningful Value Well Positioned for Enhancement from Additional Strategic Achievement of Opportunities Cost Synergies Strong Balance Sheet with Robust Free Cash Flow Generation 5
Slide 6: Global Leadership Position in Helicopter Industry
Global Leadership Position in Helicopter Industry • Bristow and Era merged on June 11, 2020, forming a Revenue by Region(1) larger, more diverse industry leader ▪ Bristow was the accounting acquirer Asia Pacific 6% ▪ The June quarter included 19 days of operating Africa 12% results from legacy Era G
Slide 7: Global leader in offshore helicopter operations with significant presence in key regions
Global leader in offshore helicopter operations with significant presence in key regions, supplemented by stable government services revenue stream Global Presence(1) Attractive Geographic Footprint Asia Pacific 6% Africa 12% Americas Europe 33% 49% Trinidad Significant presence in key offshore regi
Slide 8: Enhanced Customer and End-Market Diversification
Enhanced Customer and End-Market Diversification Revenue by End-Market(1) Government Services Revenue Other UK SAR and BSEE contracts provide meaningful Fixed Wing 2% 6% diversification from oil price volatility ▪ In April 2015, Bristow began its UK SAR Government UK SAR operations with a contractua
Slide 9: Substantial and Highly Achievable Cost Synergies Identified
Substantial and Highly Achievable Cost Synergies Identified Substantial and Highly Achievable Cost Synergies Identified G&A Savings ✓ Elimination of redundant corporate expenses ✓ Realization of operational efficiencies in the U.S. Gulf of Mexico ✓ Optimization of aircraft maintenance programs and f
Slide 10: Strong Balance Sheet and Financial Flexibility
Strong Balance Sheet and Financial Flexibility • Total available liquidity as of June 30, 2020 was approximately $300 million ▪ $260 million in unrestricted cash balances ▪ $39 million of remaining availability under the Company’s ABL facility o As of September 30, 2020, the availability under the A
Slide 11: Financial Strength
Financial Strength Strong Free Cash Flow Generation Highly Achievable Cost Synergies (+$45mm Annual Savings) No Firm Capital Commitments Limited Near-term Debt Maturities Strong Balance Sheet & Liquidity (+$300mm of Total Liquidity) 11
Slide 12: Current Equity Market Capitalization
Current Equity Market Capitalization If it was included in the OSX index, Bristow would have the 10th largest equity market capitalization (1) Market capitalization as of 9/30/2020 12
Slide 13: 7.75% Senior Notes Trading Performance
7.75% Senior Notes Trading Performance VTOL 7.75% Pricing Price 95.51 YTW 10.06% STW 990 19.0% % YTW% 10.3% 10.1% 6.6% Source: FactSet and Wall Street market data as of September 30, 2020 13
Slide 14: Appendix
Appendix 14
Slide 15: Fleet Overview
Fleet Overview (1) Number of Aircraft Operating Aircraft Owned Aircraft Leased Aircraft Aircraft Held For Sale Consolidated Aircraft Heavy Helicopters: S-92A 35 32 — 67 S-92A U.K. SAR 3 7 — 10 H225 2 — — 2 AW189 6 1 — 7 AW189 U.K. SAR 11 — — 11 57 40 — 97 Medium Helicopters: AW139 53 8 — 61 S-76 C+/
Slide 16: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position June 30, 2020 Amount Rate Maturity ($ in mm) ✓ Bristow has $260mm(1) of unrestricted cash and total liquidity Cash and Cash Equivalents $ 260 of over $300mm(1) ABL ($75mm) (2) - L+250 bps Apr-23 ✓ On August 18, 2020, Bristow PK Air Debt 215 L+500 bps Jan-2
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Bristow Group Inc. Era Group Legacy Era Pro Forma LTM Inc. 7/1/2019 - 6/12/2020 - LTM Adjusted EBITDA reconciliation ($000s) 6/30/2020 6/11/2020 6/30/2020 6/30/2020 Net income (loss) $ (452,335) $ (28,218) $ (4,305) $ (484,858) Depreciation and amortizat
Slide 18: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Three months ended Successor Predecessor ($000s) June 30, 2020 March 31, 2020 June 30, 2019 Net cash provided by (used in) operating activities $ (6,866) $ 3,932 $ (36,762) Plus: Proceeds from disposition of property and equipment 11,665 13,640 3,204 Less: Purchases
Bristow Group — Deutsche Bank Leveraged Finance Conference 2020 on 6ix