Bristow Group, Inc. · NYSE:VTOL
Bristow — FY2022 Earnings Presentation
26 slides from Bristow's earnings presentation, Mar 9, 2023
Slide 1: 2022 Earnings Presentation and Updated 2023 Outlook
2022 Earnings Presentation and Updated 2023 Outlook March 9, 2023
Slide 2: 2022 Earnings Call & CY2023 Outlook
2022 Earnings Call & CY2023 Outlook 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 Presid
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 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: 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 227 Aircraft $1.2 billion NYSE Customers in (VTOL) 15+ 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% 8% 8% 1% AW189 Africa Fixed Wing Other 30% S92 24% 33% AW139 Americas 24% 6% 227 Asia Pacific $1.2 bn Government $1.2 bn 8% Fixed Wing/ 11% Other Heavy/ 67% UAV Offshore Medium 53% 12% E
Slide 7: Significant Presence in Key Regions
Significant Presence in Key Regions 43 Global Leadership 27 We currently have customers in: • Australia • The Netherlands • Brazil • Nigeria 6 • Canada • Norway 3 • Chile • Spain 4 • Dutch Caribbean • Suriname 70 • Falkland Islands • Trinidad • Guyana • United Kingdom 2 • India • United States 2 16
Slide 8: Key Financial Highlights
Key Financial Highlights LTM Adj. EBITDA Excl. $240mm Available Liquidity(1),(2) $366mm Net Debt(1),(3) $137mm Asset Sales & Foreign Exchange(1),(4) QTD Financial Highlights(1) YTD Financial Highlights(5) $314mm Total revenues $923mm Total revenues Adjusted EBITDA excluding Adjusted EBITDA excluding
Slide 9: Recent Quarter Highlights
Recent Quarter Highlights Entry Into Entered into a purchase Commenced Search and Bristow Completed its Long-term Equipment agreement for six new Rescue Helicopter Fiscal Year End Financings up to AW139 medium Services for NLSAR and Transition As of £145 Million helicopters scheduled DCCG December 3
Slide 10: Quarterly Results – Sequential Quarter Comparison
Quarterly Results – Sequential Quarter Comparison Operating revenues were $5.0 million higher than the Preceding Quarter(1) primarily due to: Operating Revenues • Higher government services revenues due to commencement of new contracts 350 • Higher offshore energy activity levels were partially offs
Slide 11: Annual Results – Year To Date Comparison
Annual Results – Year To Date Comparison Operating revenues were $34.4 million higher in the Current Year(1) primarily due to: Operating Revenues(1) • Higher offshore energy activity levels • Higher government services revenues due to commencement of new $1,200 contracts • Higher utilization in fixe
Slide 12: Multi-year Growth in Upstream Offshore Energy Spending
Multi-year Growth in Upstream Offshore Energy Spending Upstream Spending 1980 – 2025E ~35-year cycle Beginning of a new cycle… CONTRACTION PHASE: $700 ($bn) From 2014 to 2020 spending fell by 55% GROWTH PHASE: $600 The 2000s up until 2014 were without a doubt the 'golden years' of the offshore energ
Slide 13: Tightening Asset Market in Offshore Helicopters
Tightening Asset Market in Offshore Helicopters “Super-medium offshore types are at near-full utilisation, order books for these aircraft are very thin and new orders will take 18 months (at least) to build. Requirements for additional heavy / super-medium aircraft can therefore only be met by use o
Slide 14: 2023 Outlook
2023 Outlook 2023E (1) (2) (in USD, millions) Bristow increased its 2023 Operating revenues: outlook based on the Offshore energy services $755 - $830 strengthening of GBP Government services $340 - $355 relative to the USD Fixed wing services $95 - $110 Other services $10 - $15 Total operating reve
Slide 15: Adjusted EBITDA Comparison / Foreign Exchange Impacts
Adjusted EBITDA Comparison / Foreign Exchange Impacts LTM as of 2023E 12/31/2022 For illustrative purposes: Adjusted EBITDA excluding asset dispositions and foreign $150 - $170 $137 Each £0.01 movement in the GBP/USD exchange rate exchange losses (gains) would impact CY2023E Adjusted EBITDA by +/- ~
Slide 16: Calendar Year 2023 Outlook By Lines of Service
Calendar Year 2023 Outlook By Lines of Service Offshore Energy Services We believe the offshore energy market has entered a multi-year growth cycle. Given our sector’s late cycle exposure and the lag effect involving new projects, this should become evident in our financials in 2023. A tighter equip
Slide 17: 2nd Generation SAR Contract (UKSAR2G) An Effective Transition Plan
2nd Generation SAR Contract (UKSAR2G) An Effective Transition Plan To ensure successful transition of operations and mitigate contract execution risk, Bristow will accelerate its previously announced capital expenditure timeline related to the new £1.6 billion UKSAR2G contract New contract transitio
Slide 18: Appendix
APPENDIX ⮚ Fleet Overview ⮚ NAV ⮚ Strong Balance Sheet and Liquidity Position ⮚ Reconciliation of LTM Adjusted EBITDA ⮚ Adjusted Free Cash Flow Reconciliation ⮚ Operating Revenues and Flight Hours by Line of Service ⮚ LTM Operating Revenues by Region
Slide 19: Fleet Overview
Fleet Overview Number of Aircraft(1) Owned Leased Consolidated Average Age Type Aircraft Aircraft Aircraft (years)(2) Heavy Helicopters: S92 38 29 67 13 AW189 18 3 21 7 S61 2 1 3 51 58 33 91 Medium Helicopters: AW139 49 4 53 12 S76 D/C++/C+ 22 — 22 13 AS365 1 — 1 33 72 4 76 Light—Twin Engine Helicop
Slide 20: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $160.0 million of unrestricted cash and total As of December 31, 2022, the availability under the liquidity of $239.7 million(1) amended ABL facility was $79.7 million(2) Actual Amount Rate Maturity Illustrative Annual Debt Maturity Profile ($mm, as of 12/
Slide 21: NAV per Share Calculation
NAV per Share Calculation (in $ millions, expect share data) 12/31/2022 FMV of Owned Helicopters $ 1,325 NBV of Other PP&E 218 Working Capital 219 Other Assets, Net 118 Total Debt (511) Deferred Taxes, Net (30) Net Asset Value $ 1,339 Diluted Share Count 28.0 NAV per Share (excl. Leased Helicopters
Slide 22: Reconciliation of LTM Adjusted EBITDA
Reconciliation of LTM Adjusted EBITDA Three Months Ended December 31, September 30, June 30, March 31, ($000s) 2022 2022 2022 2022 LTM Net income (loss) $ (6,931) $ 16,501 $ 4,015 $ (4,376) $ 9,209 Depreciation and amortization expense 17,000 16,051 16,536 16,919 66,506 Interest expense, net 10,457
Slide 23: Reconciliation of YTD Adjusted EBITDA
Reconciliation of YTD Adjusted EBITDA Nine Months Ended December 31, 2022 ($000s) 2022 2021 Net income (loss) $ 13,585 $ (11,338) Depreciation and amortization expense 49,587 58,062 Interest expense, net 30,707 31,280 Income tax expense 7,494 8,034 EBITDA $ 101,373 $ 86,038 Special items (1) 20,466
Slide 24: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended December 31, September 30, June 30, March 31, ($000s) 2022 2022 2022 2022 LTM Net cash (used in) provided by operating activities $ (18,484) $ (17,570) $ 22,750 $ 5,577 $ (7,727) Plus: Proceeds from disposition of property and equipment 1,344
Slide 25: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended December 31, September 30, June 30, March 31, 2022 2022 2022 2022 LTM Operating revenues ($000s) Offshore energy services: Europe $ 87,321 $ 87,867 $ 90,053 $ 89,234 $ 354,475 Americas 87,164 88,015 84,665 86,249 346,093 Afric
Slide 26: LTM Operating Revenues by Region
LTM Operating Revenues by Region Three Months Ended December 31, September 30, June 30, March 31, (in millions) 2022 2022 2022 2022 LTM Revenues Europe $ 160.9 $ 153.7 $ 155.4 $ 151.5 $ 621.5 Americas 96.0 97.4 94.3 94.6 382.3 Africa 27.4 25.3 23.3 16.5 92.5 Asia Pacific 20.0 22.9 21.2 13.0 77.1 Tot