Bristow Group, Inc. · NYSE:VTOL
Bristow — Q3 2024 Earnings Presentation
18 slides from Bristow's earnings presentation, Nov 6, 2024
Slide 1: Q3 2024 Earnings Presentation
Q3 2024 Earnings Presentation November 6, 2024
Slide 2: Q3 2024 Earnings Call
Redeate (Red) Tilahun 01 Introduction Senior Manager, Investor Relations and Financial Reporting Chris Bradshaw 02 Operational Highlights President and CEO Q3 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 contains “forward-looking statements.” Forward-looking statements represent Bristow Group Inc.’s (the “Company’s”) current expectations or forecasts of future events. Forward-looking statements generally can be identified by
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 Global Employees 6 Continents Publicly Traded on 3,410 Total Customers in NYSE (VTOL) 884 Pilots 18 Countries 898 Mechanics Aircraft Fleet(1) — 81% Owned Operating Revenues by Region(2) Operating Revenues by
Slide 6: Q3 2024 Results – Sequential Quarter Comparison
Q3 2024 Results – Sequential Quarter Comparison Operating revenues were $3.9 million higher than the Preceding Quarter(1) primarily due to higher utilization and favorable foreign exchange rate Operating Revenues impacts in government services and fixed wing services, partially offset by lower reven
Slide 7: Increases 2024 Outlook
RAISED UNCHANGED UNCHANGED Operating revenues (in USD, millions) 2024E(1) 2025E(1) 2026T(1)(2) Offshore energy services $900 - $930 $910 - $1,020 $965 - $1,155 Increases Government services $330 - $340 $405 - $445 $430 - $460 2024 Fixed wing services $120 - $130 $120 - $140 $125 - $150 Outlook Other
Slide 8: 2024E Increased Outlook Drivers
2024E Increased Outlook Drivers Africa OES Increased utilization and rates. Upside expected (Adjusted EBITDA, $mm) to endure, absent additional supply chain headwinds UK OES Higher ad hoc activity on attractive rates Fixed Wing Higher yields in scheduled passenger $225 transport and a short-term inc
Slide 9: Investments and Accelerating Upcycle Driving Long-Term Growth
Investments and Accelerating Upcycle Driving Long-Term Growth Full Year Impacts (Adjusted EBITDA, $mm) of new contracts commenced in prior year Investment in Fleet Added capacity from new aircraft deliveries will be deployed on contracts with attractive terms and better pricing $305 Additional Activ
Slide 10: Further Tightening of Asset Market in Offshore Helicopters
Further Tightening of Asset Market in Offshore Helicopters “Market has flipped quickly from substantial excess capacity in early 2022 to near full utilisation at the end of 2023.” “Overall size of the fleet has gradually reduced as a function of part-outs and movement of aircraft to other markets.”
Slide 11: 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 12: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position $200.3 million of unrestricted cash and total liquidity of $259.9 Funded approximately €46 million of previously announced €100 million million(1) IRCG Debt Unfunded capital commitments of $289.3 million, consisting Funded approximately £26 million of prev
Slide 13: Appendix
Appendix 1 Fleet Overview 2 Reconciliation of Adjusted EBITDA 3 Adjusted Free Cash Flow Reconciliation 4 Operating Revenues and Flight Hours by Line of Service 5 LTM Operating Revenues by Region 13
Slide 14: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Heavy Helicopters: S92 36 29 65 15 AW189 17 4 21 8 53 33 86 Medium Helicopters: AW139 48 4 52 13 S76 D/C++ 15 — 15 13 AS365 1 — 1 35 Fleet 64 4 68 Light—Twin Engine Helicopters: AW109 4 — 4 17 Overview EC
Slide 15: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended September 30, June 30, March 31, December 31, ($000s) 2024 2024 2024 2023 LTM Net income (loss) $ 28,279 $ 28,191 $ 6,632 $ (8,103) $ 54,999 Depreciation and amortization expense 17,569 16,848 17,169 17,007 68,593 Interest expense, net 9,660 9,385
Slide 16: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended September 30, June 30, March 31, December 31, ($000s) 2024 2024 2024 2023 LTM Net cash provided by (used in) operating activities $ 66,022 $ 33,665 $ 26,679 $ (9,499) $ 116,867 Less: Maintenance capital expenditures (8,041) (2,215) (4,949) (4
Slide 17: 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, 2024 2024 2024 2023 LTM Operating revenues ($000s) Offshore energy services: Europe $ 99,858 $ 99,741 $ 99,530 $ 99,066 $ 398,195 Americas 92,301 97,752 88,515 89,200 367,768 Afric
Slide 18: LTM Operating Revenues by Region
LTM Operating Revenues by Region Three Months Ended September 30, June 30, March 31, December 31, (in millions) 2024 2024 2024 2023 LTM Revenues Europe $ 182.8 $ 177.4 $ 178.9 $ 177.3 $ 716.4 Americas 100.1 105.5 96.9 97.4 399.9 Africa 45.6 45.2 34.2 34.2 159.2 Asia Pacific 27.9 24.3 19.4 20.7 92.3