Bristow Group, Inc. · NYSE:VTOL
Bristow — Era Group — Q1 2018 Earnings Presentation
14 slides from Bristow's earnings presentation, May 1, 2018
Slide 1: Q1 2018 Earnings Presentation
Q1 2018 Earnings Presentation May 2, 2018 Exhibit 99.2
Slide 2: Q1 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. Concluding Remarks Chris Bradshaw, President and CEO V. Questions & Answers Q1 2018 Earnings Call Agenda 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: EBITDA and Adjusted EBITDA definitions
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. Adjusted EBITDA is defined as EBITDA further adj
Slide 5: Q1 2018 Highlights – Safety Update and Financial Stability
Q1 2018 Highlights – Safety Update and Financial Stability • Era has achieved its dual goals of ZERO air accidents and ZERO recordable workplace injuries YTD 2018 • Era generated $19.5 million of cash from asset sales in Q1 2018 – Net cash flows from operating and investing activities were positive
Slide 6: Q1 2018 Highlights – Sequential Quarter Comparison
Q1 2018 Highlights – Sequential Quarter Comparison • Revenues were comparable to Q4 2017 – Higher oil and gas revenues offset by lower dry- leasing revenues • Operating expenses were $6.7 million lower, primarily due to: – Lower repairs and maintenance expenses related to the timing of repairs and t
Slide 7: Q1 2018 Highlights – Calendar Quarter Comparison
• Revenues were $2.8 million higher than Q1 2017 – Primarily due to higher utilization of medium and heavy helicopters in oil and gas operations – Partially offset by lower emergency response and dry-leasing revenues • Operating expenses were comparable to Q1 2017 • G&A expenses were $1.7 million hi
Slide 8: Appendix
Appendix
Slide 9: Fleet Overview
Fleet Overview Owned Leased-In Total Average Age(a) Heavy: S92 4 — 4 2 H225 9 — 9 8 AW189 4 — 4 2 Total Heavy 17 — 17 Medium: AW139 36 — 36 8 S76 C+/C++ 5 — 5 11 B212 6 — 6 39 Total Medium 47 — 47 Light – twin engine: A109 7 — 7 12 EC135 13 2 15 10 BK-117 — 2 2 N/A BO-105 3 — 3 28 Total Light – twin
Slide 10: Healthy Leverage Metrics and Liquidity
Healthy Leverage Metrics and Liquidity March 31, 2018 ($000s) Cash and cash equivalents $ 16,553 Credit facility $ 27,000 Promissory notes 21,088 Total secured debt 48,088 7.750% Senior Notes 144,828 Other 1,239 Total debt $ 194,155 Net debt $ 177,602 Shareholders' Equity $ 445,716 Total capitalizat
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) 31-Mar-18 31-Dec-17 30-Sep-17 30-Jun-17 31-Mar-17 Oil and gas: (a) U.S. $ 36,536 $ 35,063 $ 36,566 $ 32,060 $ 30,287 International 15,617 16,163 16,764 14,284 17,167 Total oil and gas $ 52,153 $ 51,226 $ 53,330
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) 31-Mar-17 30-Jun-17 30-Sep-17 31-Dec-17 31-Mar-18 Net Income (Loss) $ (5,787) $ (3,072) $ (81,215) $ 61,459 $ (1,357) Depreciation 11,554 11,978 12,103 10,101 10,354 Interest In
Slide 13: Financial Highlights
Financial Highlights Fiscal Year Three Months Ended March 31, ($ millions) 2013 2014 2015 2016 2017 2017 2018 Revenue $ 299.0 $ 331.2 $ 281.8 $ 247.2 $ 231.3 $ 54.5 $ 57.3 Operating Expenses 186.6 204.4 171.5 169.9 167.4 37.7 37.7 G&A 38.9 44.0 42.8 36.2 42.1 10.4 12.0 Depreciation 45.6 46.3 47.3 49
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