Bristow Group, Inc. · NYSE:VTOL
Bristow — Q1 2023 Earnings Presentation
23 slides from Bristow's earnings presentation, May 4, 2023
Slide 1: Q1 2023 Earnings Presentation
Q1 2023 Earnings Presentation May 4, 2023
Slide 2: Q1 2023 Earnings Call
Q1 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 Non-GAAP 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 Fre
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 226 Aircraft $1.2 billion NYSE Customers in (VTOL) 15+ 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) 9% 9% 9% 1% AW189 Africa Fixed Wing Other 30% S92 24% 31% AW139 Americas 25% 7% 226 Asia Pacific $1.2 bn Government $1.2 bn 8% Fixed Wing/ 11% Other Heavy/ 65% UAS Offshore Medium 53% 12% E
Slide 7: Significant Presence in Key Regions
Significant Presence in Key Regions 44 Global Leadership 28 We currently have customers in: • Australia • The Netherlands • Brazil • Nigeria 6 • Canada • Norway 3 • Chile • Spain 3 • Dutch Caribbean • Suriname 69 • Falkland Islands • Trinidad • Guyana • United Kingdom 2 • India • United States 2 11
Slide 8: Key Financial Highlights
Key Financial Highlights $275mm $369mm $136mm Available Liquidity(1),(2) Net Debt(1),(3) LTM Adj. EBITDA Excl. Asset Sales & Foreign Exchange(1),(4) QTD Financial Highlights(1) (4) Adjusted EBITDA excluding $302mm Total Revenues $29mm asset dispositions and FX (1) Amounts shown as of 3/31/2023 (3) S
Slide 9: Quarterly Results – Sequential Quarter Comparison
Quarterly Results – Sequential Quarter Comparison Operating revenues were $11.4 million lower than the Preceding Quarter(1) primarily due to: Operating Revenues • Lower seasonal utilization, the end of a contract in Guyana and lower lease payments received from Cougar, partially offset by; 350 • Hig
Slide 10: Multi-year Growth in Upstream Offshore Energy Spending
Multi-year Growth in Upstream Offshore Energy Spending Upstream Spending 1980 – 2025E ~35-year cycle Beginning of a new cycle… CONTRACTION PHASE: $700 ($bn) From 2014 to 2020 spending fell by 55% GROWTH PHASE: $600 The 2000s up until 2014 were without a doubt the 'golden years' of the offshore energ
Slide 11: Tightening Asset Market in Offshore Helicopters
Tightening Asset Market in Offshore Helicopters “Super-medium offshore types are at near-full utilisation, order books for these aircraft are very thin and new orders will take 18 months (at least) to build. Requirements for additional heavy / super-medium aircraft can therefore only be met by use o
Slide 12: 2023 Outlook Affirmed
2023 Outlook Affirmed 2023E (1) (in USD, millions) Operating revenues: Offshore energy services $755 - $830 Government services $340 - $355 BRISTOW Fixed wing services Other services $95 - $110 $10 - $15 AFFIRMS 2023 Total operating revenues $1,200 - $1,310 OUTLOOK Adjusted EBITDA, excluding asset d
Slide 13: Building Momentum Throughout 2023
4x S92 Q1 2x AW139 Contract ended in Guyana on 12/31/22 The first quarter of the calendar year is traditionally our weakest quarter due to weather-related seasonality(1) Building Q2 1x AW139 1x S92 Momentum Contracts begin late Q2 in U.S. GOM First part of the year will see more idle aircraft as a l
Slide 14: Calendar Year 2023 Outlook By Lines of Service
Calendar Year 2023 Outlook By Lines of Service Offshore Energy Services We believe the offshore energy market has entered a multi-year growth cycle. Given our sector’s late cycle exposure and the lag effect involving new projects, this should become evident in our financial results in 2023. A tighte
Slide 15: Appendix
APPENDIX ⮚ Fleet Overview ⮚ Strong Balance Sheet and Liquidity Position ⮚ UKSAR2G Contract ⮚ Quarterly Revenues, Adjusted EBITDA and Seasonality ⮚ Reconciliation of Adjusted EBITDA ⮚ Adjusted Free Cash Flow Reconciliation ⮚ Operating Revenues and Flight Hours by Line of Service ⮚ LTM Operating Reven
Slide 16: Fleet Overview
Fleet Overview Number of Aircraft(1) Owned Leased Total Average Age Type Aircraft Aircraft Aircraft (years)(2) Heavy Helicopters: S92 38 30 68 13 AW189 17 4 21 7 S61 2 1 3 52 57 35 92 Medium Helicopters: AW139 49 4 53 12 S76 D/C++/C+ 20 — 20 12 AS365 1 — 1 33 70 4 74 Light—Twin Engine Helicopters: A
Slide 17: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Actual Amount Rate Maturity ($mm, as of 3/31/2023) $198.4 million of unrestricted Cash $ 201 cash and total liquidity of $274.9 million(1) ABL Facility ($85mm)(2) — S+200 bps May-27 Senior Secured Notes 400 6.875% Mar-28 NatWest Debt 167 S+275 bps Mar-36 A
Slide 18: 2nd Generation SAR Contract (UKSAR2G) An Effective Transition Plan
2nd Generation SAR Contract (UKSAR2G) An Effective Transition Plan To ensure successful transition of operations and mitigate contract execution risk, Bristow accelerated the capital expenditure timeline related to the new £1.6 billion UKSAR2G contract New contract transitions beginning September 30
Slide 19: Quarterly Revenues, Adjusted EBITDA and Seasonality
Quarterly Revenues, Adjusted EBITDA and Seasonality Certain of our operations are subject to seasonality: Operations in Nigeria are subject to seasonality as the Harmattan, a dry and dusty Our operations in the Americas region are subject to seasonality where fewer hours trade wind, blows between th
Slide 20: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended March 31, December 31, September 30, June 30, ($000s) 2023 2022 2022 2022 LTM Net income (loss) $ (1,525) $ (6,931) $ 16,501 $ 4,015 $ 12,060 Depreciation and amortization expense 17,445 17,000 16,051 16,536 67,032 Interest expense, net 10,264 10,
Slide 21: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended March 31, December 31, September 30, June 30, ($000s) 2023 2022 2022 2022 LTM Net cash provided by (used in) operating activities $ 6,615 $ (18,484) $ (17,570) $ 22,750 $ (6,689) Less: Maintenance capital expenditures (2,952) (1,911) (4,481)
Slide 22: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended March 31, December 31, September 30, June 30, 2023 2022 2022 2022 LTM Operating revenues ($000s) Offshore energy services: Europe $ 85,291 $ 87,321 $ 87,867 $ 90,053 $ 350,532 Americas 70,982 87,164 88,015 84,665 330,826 Afric
Slide 23: LTM Operating Revenues by Region
LTM Operating Revenues by Region Three Months Ended March 31, December 31, September 30, June 30, (in millions) 2023 2022 2022 2022 LTM Revenues Europe $ 164.4 $ 160.9 $ 153.7 $ 155.4 $ 634.4 Americas 79.1 96.0 97.4 94.3 366.8 Africa 28.4 27.4 25.3 23.3 104.4 Asia Pacific 21.0 20.0 22.9 21.2 85.1 To