Slide 1: Q3 2023 Earnings Presentation
Q3 2023 Earnings Presentation November 2, 2023
Slide 2: Q3 2023 Earnings Call
Q3 2023 Earnings Call 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 President and CEO 05
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 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 Free Cash Fl
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 219 Aircraft $1.2 billion NYSE Customers in (VTOL) 17 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) 10% 9% 8% 1% AW189 Africa Fixed Wing Other 31% S92 24% 30% AW139 Americas 27% 7% 219 Asia Pacific $1.2 bn Government $1.2 bn 8% Fixed Wing/ 8% 64% UAS Other Heavy/ Offshore Medium 54% Energ
Slide 7: Recent Quarter Highlights
Recent Quarter Highlights Increased 2023 Signed the €670 million Agreement to Advancing Bristow’s Adjusted EBITDA Irish Coast Guard Purchase H135 Light- AAM Strategy Outlook and Reaffirmed Aviation Service Twin Helicopters for 2024 Outlook Contract Offshore Energy Bristow and Elroy Air Services Secu
Slide 8: Key Financial Highlights
Key Financial Highlights QTD Financial Highlights $338mm Total Revenues(1) 6% increase QoQ $161mm $274mm $360mm LTM Adj. EBITDA Excl. Available Liquidity(1),(2) Net Debt(1),(3) Adj. EBITDA Excl. Asset Asset Sales & Foreign $57mm Sales & Foreign Exchange(1),(4) Exchange(1),(4) 45% increase QoQ (1) Am
Slide 9: Quarterly Results – Sequential Quarter Comparison
Quarterly Results – Sequential Quarter Comparison Operating revenues were $18.7 million higher than the Preceding Quarter (1) Operating Revenues primarily due to higher utilization in Offshore Energy Services, higher lease payments received from Cougar Helicopters Inc. and higher revenues from Fixed
Slide 10: A Positive Outlook
A Positive Outlook REPORTED UPDATED AFFIRMED Operating revenues (in USD, millions)(1) (2) 2022A 2023E 2024E Offshore energy services $780 $795 - $810 $850 - $970 Government services $283 $330 - $340 $340 - $365 Fixed wing services $96 $105 - $110 $95 - $115 Other services $13 $10 - $12 $10 - $15 Tot
Slide 11: Strong Momentum in 2024
Full Year Impact of contracts that commenced in Brazil, Norway and GOM in 2023 expected to contribute to a stronger 2024 Strong Attractive Momentum in Rates new and renewing contracts expected to be at more 2024 favorable rates compared to expiring contracts Higher Flight Hours from short-term campa
Slide 12: Offshore project FIDs are expected to remain at elevated levels in 2023 and increase
Offshore project FIDs are expected to remain at elevated levels in 2023 and increase by 22% y/y in 2024 to nearly $170bn Offshore floater rig count Barclays Offshore Floater Rig Count Forecast All-time peak 300 (2014 Q1): 265 Forecast 250 (2025 Q4): 142 Forecast 200 (2024 Q4): 136 Current 150 (Oct 2
Slide 13: Reactivations and Lead Times – Offshore Floating Drilling Rigs
Reactivations and Lead Times – Offshore Floating Drilling Rigs The area between the “Contracted” line and the “Under Contract” area represents actual and expected lead times for reactivation, contract preparation, and mobilization, with a median time of ~13 months for drillships. Demand Increase Rea
Slide 14: Tightening Asset Market in Offshore Helicopters
Tightening Asset Market in Offshore Helicopters “Super-medium offshore types are at full utilisation… new orders will take 18 months (at least) to build.” “Requirements for additional heavy / super-medium aircraft can therefore only be met by use of inactive S92s. The ability to reactivate AOG will
Slide 15: 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 T
Slide 16: Government SAR – A Timeline of Investment & Returns
Government SAR – A Timeline of Investment & Returns Time Contracts 2022 2023 2024 2025 2026 2027-2032 2033-2038 UKSAR-H UKSAR2G NLSAR DCCG Falklands Acquisition Retender IRCG Tender Investment Period Base Contract Option Period Cash Yield 16
Slide 17: APPENDIX
APPENDIX Fleet Overview Strong Balance Sheet and Liquidity Position Reconciliation of Adjusted EBITDA Adjusted Free Cash Flow Reconciliation Operating Revenues and Flight Hours by Line of Service LTM Operating Revenues by Region
Slide 18: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Heavy Helicopters: S92 38 29 67 14 AW189 17 4 21 7 S61 2 1 3 52 57 34 91 Medium Helicopters: AW139 49 4 53 13 S76 D/C++ 15 — 15 12 Fleet AS365 1 65 — 4 1 69 34 Overview Light—Twin Engine Helicopters: AW10
Slide 19: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Actual Amount Rate Maturity ($mm, as of 9/30/2023) $207.5 million of unrestricted Cash $ 210 cash and total liquidity of $274.4 million(1) ABL Facility ($85mm)(2) — S+200 bps May-27 Senior Secured Notes 400 6.875% Mar-28 NatWest Debt 168 S+275 bps Mar-36 A
Slide 20: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended September 30, June 30, March 31, December 31, ($000s) 2023 2023 2023 2022 LTM Net income (loss) $ 4,345 $ (1,637) $ (1,525) $ (6,931) $ (5,748) Depreciation and amortization expense 17,862 18,292 17,445 17,000 70,599 Interest expense, net 10,008 9
Slide 21: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended September 30, June 30, March 31, December 31, ($000s) 2023 2023 2023 2022 LTM Net cash provided by (used in) operating activities $ 16,711 $ 18,210 $ 6,615 $ (18,484) $ 23,052 Less: Maintenance capital expenditures (4,656) (2,533) (2,952) (1,
Slide 22: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended September 30, June 30, March 31, December 31, 2023 2023 2023 2022 LTM Operating revenues ($000s) Offshore energy services: Europe $ 94,346 $ 87,331 $ 85,291 $ 87,321 $ 354,289 Americas 91,099 80,884 70,982 87,164 330,129 Afric
Slide 23: LTM Operating Revenues by Region
LTM Operating Revenues by Region Three Months Ended September 30, June 30, March 31, December 31, (in millions) 2023 2023 2023 2022 LTM Revenues Europe $ 176.8 $ 170.7 $ 164.4 $ 160.9 $ 672.8 Americas 99.7 89.9 79.1 96.0 364.7 Africa 29.9 29.9 28.4 27.4 115.6 Asia Pacific 23.9 21.0 21.0 20.0 85.9 To