Bristow Group, Inc. · NYSE:VTOL
Bristow — Era Group — Barclays CEO Energy-Power Conference 2017
16 slides from Bristow's conference presentation, Sep 6, 2017
Slide 1: Barclays CEO Energy-Power Conference September 2017
Barclays CEO Energy-Power Conference 0September 2017 Exhibit 99.1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
1 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
Slide 3: Non-GAAP Measures Notice
2 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. Adjusted EBITDA is defined as EBITDA further a
Slide 4: Safety Note
3 Safety Note • Safety is Era’s most important core value and our highest operational priority • Achieved our goals of ZERO air accidents and ZERO TRIR in YTD 2017 • Robust safety management system (SMS), including proprietary quality assurance programs • Era’s fleet is configured with the latest sa
Slide 5: Why Invest in Era?
4 Why Invest in Era? Company Overview Large, Diverse and Technologically Advanced Fleet Differentiated Strategy Financial Stability
Slide 6: Company Snapshot
• Founded in Alaska in 1948, Era is the longest-serving helicopter transport company in the U.S. • Diverse and well-equipped fleet of 133 helicopters(a) • Differentiated strategy as manager of pool of assets / capital – Operate, lease or sell • Asset ownership strategy focused on returns over the fu
Slide 7: Areas of Operation
a7 a Areas of Operat (1s) Canada” e Alaska y Z (1) F cL Norway , Continental” United States ; @ - India Colombia Brazil , @ © oi Argentina 6 Aircraft in Region (# of aircraft) @ Training Center Joint Venture Q corre ventures Note: as of 6/30/2017
Slide 8: Fleet Snapshot
7 Fleet Snapshot • On a dollar-weighted NBV basis(a): − Heavy and medium helicopters represent 86% of fleet value − Average age of the fleet is 6 years Note: As of 6/30/17 (a) Average for owned fleet
Slide 9: Large, Diverse & Technologically Advanced Fleet
8 Large, Diverse & Technologically Advanced Fleet Notes: As of 6/30/17 = Heavy = Medium = Light Twin = Light Single H225 9 S92 3 AW189 4 AW139 36 S76 C+/C++ 5B212 6A109 7 EC135 15 EC145 3 BO-105 / BK-117 5 A119 14 AS350 26
Slide 10: Record as Asset Manager
9 Record as Asset Manager • We have consistently sold helicopters at a premium to book value • Since 2004, Era has disposed of 120 aircraft for an aggregate gain of over $80 million • Maintenance and repair costs are fully expensed, as we do not capitalize maintenance expenditures Historical Gains o
Slide 11: Strong Balance Sheet and Liquidity Position
10 • As of 6/30/17, total available liquidity was $162.9 million − $28.9 million in cash balances − $134.0 million of remaining availability under the Company’s credit facility • Covenant ratios, as defined in the Company’s credit facility, as of 6/30/17: − Senior secured leverage ratio of 1.2x comp
Slide 12: Positive Cash Flow and Minimal Capital Commitments
• Era continued to generate positive operating cash flow of $9.1 million in Q2 2017, raising the year-to-date total to $13.4 million − Subtracting net cash used in investing activities of $2.7 million, YTD net cash flows from operating and investing activities are positive $10.7 million Cash Flow fr
Slide 13: Appendix
12 Appendix
Slide 14: Fleet Overview
13 Owned Leased-In Total Average Age(a) Heavy: S92 3 – 3 1 H225 9 – 9 7 AW189 4 – 4 1 Total Heavy 16 – 16 Medium: AW139 36 – 36 7 S76 C+/C++ 5 – 5 10 B212 6 – 6 38 Total Medium 47 – 47 Light – twin engine: A109 7 – 7 11 EC135 13 2 15 9 EC145 3 – 3 9 BK-117 – 2 2 N/A BO-105 3 – 3 28 Total Light – twi
Slide 15: Financial Highlights
14(a) Adjusted EBITDA is a non-GAAP measure. See next page for Adjusted EBITDA reconciliation to Net Income (Loss) Financial Highlights Fiscal Year ($ millions) 2012 2013 2014 2015 2016 2016 2017 Revenue 272.9$ 299.0$ 331.2$ 281.8$ 247.2$ 125.9$ 112.4$ Operating Expenses 167.2 186.6 204.4 171.5 169.
Slide 16: Adjusted EBITDA special items
• Adjusted EBITDA reflects special items: – Executive severance adjustments of $0.7 million, $2.5 million and $0.6 million in 2012, 2014 and Q2 2017, respectively – An adjustment for IPO-related fees and expenses of $2.9 million in 2012 – A pre-tax impairment of $5.9 million related to the Company’s
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