Bristow Group, Inc. · NYSE:VTOL
Bristow — Era Group — Q3 2018 Earnings Presentation
14 slides from Bristow's earnings presentation, Nov 6, 2018
Slide 1: Q3 2018 Earnings Presentation
Exhibit 99.2 Q3 2018 Earnings Presentation November 7, 2018
Slide 2: Q3 2018 Earnings Call Agenda
Q3 2018 Earnings Call Agenda I. Introduction Tomas Johnston, Acting General Counsel II. Operational Highlights Chris Bradshaw, President and CEO III. Financial Review Jennifer Whalen, SVP and CFO IV. Conclusion 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 give the Company’s current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking te
Slide 4: 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 (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjus
Slide 5: Safety Update and Financial Flexibility
Safety Update and Financial Flexibility • Era has achieved its dual goals of ZERO air accidents and ZERO recordable workplace injuries YTD 2018 • Total available liquidity as of September 30, 2018 was approximately $172 million – $48 million in cash balances – $124 million of remaining availability
Slide 6: Q3 2018 Highlights – Sequential Quarter Comparison
Q3 2018 Highlights – Sequential Quarter Comparison • Revenues were $3.1 million lower in Q3 2018 Revenues ($000s) – Lower utilization of helicopters in U.S. oil and gas operations and the weakening of the Brazilian real relative to the U.S. dollar $75,000 57,728 54,610 • Operating expenses were $3.8
Slide 7: Q3 2018 Highlights – Calendar Quarter Comparison
Q3 2018 Highlights – Calendar Quarter Comparison • Revenues were $6.8 million lower than Q3 2017 Revenues ($000s) – Primarily due to lower utilization of light and medium helicopters in oil and gas operations, the weakening of $75,000 the Brazilian real relative to the U.S. dollar, and the 61,385 ab
Slide 8: Appendix
Appendix
Slide 9: Fleet Overview
Fleet Overview Average Owned Leased-In Total Age(a) Heavy: S92 4 — 4 2 H225 2 — 2 9 AW189 4 — 4 2 Total Heavy 10 — 10 Medium: AW139 36 — 36 9 S76 C+/C++ 5 — 5 12 B212 5 — 5 39 Total Medium 46 — 46 Light – twin engine: A109 7 — 7 12 EC135 13 2 15 10 BO-105 3 — 3 29 Total Light – twin engine 23 2 25 L
Slide 10: Healthy Leverage Metrics and Liquidity
Healthy Leverage Metrics and Liquidity September 30, 2018 ($000s) • As of September 30, 2018, Era had $48 million in Cash and cash equivalents $ 47,631 cash balances and $124 million of remaining availability under the credit facility for total Credit facility $ — liquidity of approximately $172 mil
Slide 11: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended Revenue ($000s) 30-Sep-17 31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18 (a) Oil and gas: U.S. $ 36,567 $ 35,063 $ 36,536 $ 37,771 $ 35,473 International 16,764 16,163 15,617 14,160 13,665 Total oil and gas $ 53,331 $ 51,226 $ 52,153
Slide 12: Quarterly Reconciliation of Non-GAAP Financial Measures
Quarterly Reconciliation of Non-GAAP Financial Measures Quarterly Historical EBITDA and Adjusted EBITDA (US$ in thousands) 30-Sep-17 31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18 Net Income (Loss) $ (81,215) $ 61,459 $ (1,357) $ (10,516) $ 31,279 Depreciation 12,103 10,101 10,354 10,116 9,541 Interest Inc
Slide 13: Financial Highlights
Financial Highlights Nine Months Ended Fiscal Year September 30, ($ millions) 2013 2014 2015 2016 2017 2017 2018 Revenue $ 299.0 $ 331.2 $ 281.8 $ 247.2 $ 231.3 $ 173.8 $ 169.7 Operating Expenses 186.6 204.4 171.5 169.9 167.4 123.1 114.5 G&A 38.9 44.0 42.8 36.2 42.1 31.2 35.7 Depreciation 45.6 46.3
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures • Adjusted EBITDA reflects special items: – Executive severance adjustments of $2.5 million and $0.6 million in 2014 and Q2 2017, respectively – A one-time charge of $2.0 million related to operating leases on certain air medical helicopters in 2013 – A