Bristow Group, Inc. · NYSE:VTOL
Bristow — Q4 2024 Earnings Presentation
26 slides from Bristow's earnings presentation, Feb 27, 2025
Slide 1: Q4 2024 Earnings Presentation
Q4 2024 Earnings Presentation February 27, 2025
Slide 2: Q4 2024 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Chris Bradshaw 02 Operational Highlights President and CEO Q4 2024 Earnings Call Jennifer Whalen 03 Financial Review SVP, Chief Financial Officer Chris Bradshaw 04 Concluding Remarks President and CEO 05
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward- looking statements are statement
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, Adjusted Operating Income, Net Debt, Free Cash Flo
Slide 5: Recent Events
Recent Events Business Segments Beats Increased 2024 Announces New Commences Bristow has realigned its business Guidance and Affirms Capital Allocation Operations on New segments. The Company went from a 2025 and 2026 Outlook Framework Government Contracts single reportable segment to three reportab
Slide 6: Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions
Leading Global Provider of Innovative and Sustainable Vertical Flight Solutions Presence on Global Employees 6 Continents Publicly Traded on 3,447 Total Customers in NYSE (VTOL) 899 Pilots 18 Countries 912 Engineers Aircraft Fleet(1) — 80% Owned Revenues by Segment(2) Revenues by Region(3) 11% 9% AW
Slide 7: Global Footprint
Global Footprint Offshore Energy Services 6 AW189 Netherlands 2 Aircraft 51 S92 129 48 AW139 Norway 1 Fixed Wing United 12 Other Canada Kingdom 25 Aircraft Medium 11 Light Twin 5 Aircraft 38 Aircraft Ireland Government Services United States 2 Aircraft 66 Aircraft Dutch 12 S92 Spain 17 AW189 Caribbe
Slide 8: 2024 Consolidated Financial Results
2024 Consolidated Total Revenues Financial Results $375 Quarter $1,450 Full Year $1,400 $ in millions $ in millions $350 $1,350 Revenues were $11.6 million lower than the Preceding Quarter(1) $365 $1,415 $354 $1,300 primarily due to lower utilization, aircraft availability and unfavorable $325 forei
Slide 9: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $247.5 million of unrestricted cash and total liquidity of $311.5 Funded approximately €99 million of previously announced €100 million million(1) IRCG Debt as of February 2025 Unfunded capital commitments of $202.4 million, consisting Funded approximately
Slide 10: Offshore Energy Services
Offshore Energy Services We provide aviation services to a broad base of major integrated, national and independent energy companies Offshore Energy Services (“OES”) revenues primarily from Typical contract duration: transporting personnel to, from and between offshore • 1 – 5 years, depending on th
Slide 11: Offshore Energy Services
Offshore Total Revenues Energy Services $1,000 $950 $ in millions $900 Revenues were $113.1 million higher in the Current Year. $850 $966 Revenues in Africa were $47.4 million higher due to $800 utilization and increased rates. Revenues in the Americas $853 $750 were $36.1 million higher primarily d
Slide 12: Government Services
Government Services Total Revenues Through our Government Services segment we provide Search and Rescue (SAR), military personnel transportation and other $350 Revenues were $7.6 million lower aviation services to various government agencies globally. $325 than the Prior Year primarily due $ in mill
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.
Slide 14: Government SAR – A Timeline of Investment & Returns
Government SAR – A Timeline of Investment & Returns TODAY TIME Contracts 2022 2023 2024 2025 2026 2027-2032 2033-2038 UKSAR-H UKSAR2G NLSAR DCCG Falklands Acquisition Retender IRCG Tender Investment Period Cash Yield Base Contract Option Period 14
Slide 15: Other Services
Other Services Total Revenues $150 We provide Regular Passenger 9% $ in millions Transport (RPT) scheduled airline $100 Percent service with individual ticket sales $120 of Total Revenues and Charter Services through our $50 $107 fixed-wing airline in Australia (“Airnorth”). $0 2023 2024 We also pro
Slide 16: Beats 2024 Increased Outlook
Beats 2024 Increased Outlook 2024 Actuals Vs Increased Outlook Beats High End of Range After further increasing 2024 Adjusted EBITDA range from $210- RAISED REPORTED $230mm to $220-$230mm Revenues (in USD, millions) 2024E(1) 2024A(2) Offshore Energy Services(3) $959 $966 Drivers Include Government S
Slide 17: Affirms 2025 & 2026 Outlook
s Affirms 2025 & 2026 Outlook Affirms Affirms Revenues (in USD, millions) 2025E(1)(2) 2026T(1)(2) Offshore Energy Services $950 - $1,060 $975 - $1,165 Government Services $350 - $425 $430 - $460 Other Services $120 - $130 $120 - $150 Total revenues $1,420 - $1,615 $1,525 - $1,775 Adjusted Operating
Slide 18: Outlook By Segment
Outlook By Segment Offshore Energy Services Government Services Market conditions are expected to remain constructive for our industry in 2025, given current utilization levels coupled with unmet lift 2025 will be a year of transitioning to new contracts demand and long lead-times for new builds. Th
Slide 19: Capital Allocation Framework
Capital Allocation Framework Priority Philosophy Strategic Objectives • Pay down debt to a balance of approximately $500 million • Protect and maintain strong balance sheet and Balance gross debt by the end of 2026 liquidity position Sheet • Return leased S92 helicopters upon contract maturities / •
Slide 20: Appendix
Appendix 1 Fleet Overview 2 NAV 3 Adjusted EBITDA 4 Revenues and Flight Hours by Segment 5 Adjusted Operating Income by Segment 6 Adjusted Free Cash Flow 20
Slide 21: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Heavy Helicopters: S92 34 29 63 15 AW189 19 4 23 8 53 33 86 Medium Helicopters: AW139 48 4 52 14 S76 D/C++ 14 — 14 13 AS365 1 — 1 35 Fleet 63 4 67 Light—Twin Engine Helicopters: AW109 3 — 3 17 Overview EC
Slide 22: NAV per Share Calculation
NAV per Share Calculation (in $ millions, except per share data) 12/31/2024 FMV of Owned Helicopters $ 1,540 NBV of Other PP&E 413 Working Capital 312 Other Assets, Net 131 Total Debt (690) Deferred Taxes, Net (14) Net Asset Value $ 1,692 Diluted Share Count 29.6 NAV per Share (excl. Leased Helicopt
Slide 23: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, ($000s) 2024 2024 2024 2024 2024 2023 Net income (loss) $ 31,768 $ 28,279 $ 28,191 $ 6,632 $ 94,870 $ (6,920) Depreciation and amortization expense 16,701 17,569 16,84
Slide 24: Revenues and Flight Hours by Segment
Revenues and Flight Hours by Segment Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, 2024 2024 2024 2024 2024 2023 Revenues ($000s) Offshore Energy Services: Europe $ 105,686 $ 108,263 $ 106,701 $ 107,089 $ 427,739 $ 398,059 Americas 89,651 92,33
Slide 25: Adjusted Operating Income Reconciliation
Adjusted Operating Income Reconciliation Year Ended December 31, 2024 2023 2022 Offshore Energy Services: Operating income 132,165 45,613 11,500 Depreciation and amortization expense 28,404 30,783 33,353 PBH amortization 12,230 12,377 12,017 Offshore Energy Services Adjusted Operating Income $ 172,7
Slide 26: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, December 31, ($000s) 2024 2024 2024 2024 2024 2023 Net cash provided by operating activities $ 51,054 $ 66,022 $ 33,665 $ 26,679 $ 177,420 $ 32,037 Less: Maintenance capita