Bristow Group, Inc. · NYSE:VTOL
Bristow — Q1 FY2021 Earnings Presentation
16 slides from Bristow's earnings presentation, Aug 7, 2020
Slide 1: Q1 FY21 Earnings Presentation
Exhibit 99.2 Q1 FY21 Earnings Presentation August 7, 2020
Slide 2: Q1 FY21 Earnings Call Agenda
Q1 FY21 Earnings Call Agenda I. Introduction Crystal Gordon, SVP and 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 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 Bristow Group Inc.’s (the “Company”) current expectations or forecasts of future events. Forward-looking statements generally can be identified by the us
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 expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA furthe
Slide 5: Global Leadership Position in Helicopter Industry
Global Leadership Position in Helicopter Industry • Bristow and Era merged on June 11, 2020, forming a Revenue by Region(1) larger, more diverse industry leader . Bristow was the accounting acquiror Asia Pacific 6% . The current quarter includes 19 days of Africa 12% operating results from legacy Er
Slide 6: Substantial and Highly Achievable Cost Synergies Identified
Substantial and Highly Achievable Cost Synergies Identified Substantial and Highly Achievable Cost Synergies Identified G&A Savings Elimination of redundant corporate expenses Realization of operational efficiencies in the U.S. Gulf of Mexico Optimization of aircraft maintenance programs and f
Slide 7: Strong Balance Sheet and Financial Flexibility
Strong Balance Sheet and Financial Flexibility • Total available liquidity as of June 30, 2020 was approximately $300 million . $260 million in unrestricted cash balances . $39 million of remaining availability under the Company’s ABL facility • Net debt of $440 million as of June 30, 2020 • Bristow
Slide 8: Q1 FY21 Results – Sequential Quarter Comparison
Q1 FY21 Results – Sequential Quarter Comparison • Operating revenues were $12.9 million lower than Q4 FY20 Operating revenue . Lower utilization in fixed wing services $300 $274 . Lower revenues from oil and gas services $262 primarily due to lower utilization, partially offset $200 by the addition
Slide 9: Q1 FY21 Results – Calendar Quarter Comparison
Q1 FY21 Results – Calendar Quarter Comparison • Operating revenues were $55.1 million lower than Q1 FY20 Operating revenue . Lower utilization in oil and gas and fixed wing services and the absence of revenues from businesses sold . Negative impact from foreign exchange . Partially offset by the add
Slide 10: Appendix
Appendix 10
Slide 11: Fleet Overview
Fleet Overview Number of Aircraft Operating Aircraft Owned Aircraft Leased Aircraft Aircraft Held For Sale Consolidated Aircraft Heavy Helicopters: S-92A 35 32 — 67 S-92A U.K. SAR 3 7 — 10 H225 2 — 10 12 AW189 6 1 — 7 AW189 U.K. SAR 11 — — 11 57 40 10 107 Medium Helicopters: AW139 53 8 — 61 S-76 C+/
Slide 12: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position June 30, 2020 Amount Rate Maturity ($ in mm) (1) Bristow has $260mm of Cash and Cash Equivalents $ 260 unrestricted cash and total liquidity of $300mm(1) ABL ($75mm) (2) - L+250 bps Apr-23 PK Air Debt 215 L+500 bps Jan-25 Barclays has committed to a ne
Slide 13: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended Successor Predecessor Operating revenues ($000s) June 30, 2020 March 31, 2020 June 30, 2019 Oil and gas: Europe Caspian $ 105,724 $ 105,105 $ 111,891 Americas 58,160 57,920 56,036 Africa 30,015 35,032 42,835 Asia Pacific 2,703
Slide 14: Quarterly Reconciliation of Non-GAAP Financial Measures
Quarterly Reconciliation of Non-GAAP Financial Measures Three months ended Successor Predecessor Adjusted EBITDA reconciliation ($000s) June 30, 2020 March 31, 2020 June 30, 2019 Net income (loss) $ 71,404 $ 291,619 $ (169,088) Depreciation and amortization 16,356 16,312 31,339 Interest expense 12,5
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Bristow Group Inc. Era Group Legacy Era Pro Forma LTM Inc. 7/1/2019 - 6/12/2020 - LTM Adjusted EBITDA reconciliation ($000s) 6/30/2020 6/11/2020 6/30/2020 6/30/2020 Net income (loss) $ (452,335) $ (28,218) $ (4,305) $ (484,858) Depreciation and amortizat
Slide 16: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Three months ended Successor Predecessor ($000s) June 30, 2020 March 31, 2020 June 30, 2019 Net cash provided by (used in) operating activities $ (6,866) $ 3,932 $ (36,762) Plus: Proceeds from disposition of property and equipment 11,665 13,640 3,204 Less: Purchases