Bristow Group, Inc. · NYSE:VTOL
Bristow — Era Group — Barclays CEO Energy-Power Conference 2019
17 slides from Bristow's conference presentation, Sep 4, 2019
Slide 1: Barclays CEO Energy-Power Conference September 2019
Barclays CEO Energy-Power Conference September 2019 0
Slide 2: 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 3: 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 (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjus
Slide 4: Safety Note
Safety Note • Safety is Era’s most important core value and our highest operational priority • Achieved our goals of ZERO air accidents and ZERO recordable workplace incidents in FY2018 and YTD 2019 ̶ ZERO air accidents in trailing three year period ̶ Over 700 consecutive days without a recordable w
Slide 5: Why Invest in Era?
Why Invest in Era? Diverse and Differentiated Technologically Strategy Advanced Fleet Offshore Recovery Financial Underway Strength Free Cash Flow Generation 4
Slide 6: Company Snapshot
Company Snapshot • Founded in Alaska in 1948, Era is the longest-serving helicopter transport June 2019 LTM Revenue by LOS company in the U.S. Emergency Response 5% Dry-leasing • Diverse and well-equipped fleet of 105 6% helicopters(1) • Differentiated strategy as manager of pool of assets / capital
Slide 7: Areas of Operation
Areas of Operation 1 3 78 3 3 3 2 12 Era Operations Dry Lease Total Aircraft Note: As of July 31, 2019 6
Slide 8: Fleet Snapshot
Fleet Snapshot Fleet by Type Fleet by Ownership Light Single, 30 Heavy, 9 9% 28% 100% 44% Medium, 19% 46 Light 96% Owned, Twin, 20 105 • On a dollar-weighted NBV basis: − Heavy and medium helicopters represent 87% of fleet value − Average age of the fleet is 7 years • Own and control 100% of helicop
Slide 9: Diverse & Technologically Advanced Fleet
Diverse & Technologically Advanced Fleet S92 = Heavy AW189 4 = Medium AS350 4 H225 17 = Light Twin 1 = Light Single A119 13 AW139 36 BO-105 3 EC135 10 A109 S76 C+/C++ B212 7 5 5 Note: As of 7/31/19 8
Slide 10: Proven Track Record as Asset Manager
Proven Track Record as Asset Manager • We have consistently sold helicopters at a premium to book value Repair and Maintenance ($mm) • Since 2004, Era has disposed of 145 70 64 aircraft for an aggregate gain of $85 60 54 54 49 49 million 50 46 40 • Repair and maintenance costs are 30 fully expensed,
Slide 11: Financial Strength
Financial Strength Strong Balance Sheet Limited Debt Maturities Efficient Cost Structure (incl. ~$90 Million Cash) prior to 2022 Manageable Fixed No Firm Capital Charge Obligations Commitments Free Cash Flow LTM Adjusted Free Cash Flow was ~$12 million(1) (1) Non-GAAP metric. Please see calculation
Slide 12: Free Cash Flow Profile and Capital Allocation Update
Free Cash Flow Profile and Capital Allocation Update • Era generated $12 million of free cash flow in the last twelve months ended June 30, 2019 – Continues track record of positive free cash flow since 2015 • From June 1 through July 26, 2019, the Company repurchased approximately 1.0 million ERA s
Slide 13: Demonstrated Track Record
Demonstrated Track Record During a time in which Era’s closest competitors witnessed significant negative cash flows and resulting financial distress, the Era management team aggressively managed its cost structure, maintained financial discipline and generated positive cash flow throughout the indu
Slide 14: Appendix
Lt nx Appendix 13
Slide 15: Fleet Overview
Fleet Overview Average Helicopters Age Heavy: S92 4 3 H225 1 11 AW189 4 3 Total Heavy 9 Medium: AW139 36 9 S76 C+/C++ 5 13 B212 5 40 Total Medium 46 Light – twin engine: A109 7 13 EC135 10 11 BO-105 3 30 Total Light – twin engine 20 Light – single engine: A119 13 13 AS350 17 21 Total Light – single
Slide 16: Reconciliation of Free Cash Flow and Yields
Reconciliation of Free Cash Flow and Free Cash Flow Yields ($000s) 2015 2016 2017 2018 LTM Net cash provided by operating activities $ 44,456 $ 58,504 $ 20,096 $ 54,354 $ 59,066 Plus: Proceeds from disposition of property and equipment 25,328 28,609 9,392 29,590 93 Less: Purchases of property and eq
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Quarterly Historical EBITDA and Adjusted EBITDA (US$ in thousands) 30-Jun-18 30-Sep-18 31-Dec-18 31-Mar-19 30-Jun-19 Net Income (Loss) $ (10,516) 31,279 (5,948) (6,085) 4,874 Depreciation 10,116 9,541 9,530 9,450 9,520 Interest Income (346) (732) (818) (
Era Group — Barclays CEO Energy-Power Conference 2019 on 6ix