Bristow Group, Inc. · NYSE:VTOL
Bristow — Q2 2023 Earnings Presentation
21 slides from Bristow's earnings presentation, Aug 3, 2023
Slide 1: Q2 2023 Earnings Presentation
Q2 2023 Earnings Presentation August 3, 2023
Slide 2: Q2 2023 Earnings Call
Q2 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 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 Diverse fleet of LTM operating revenues of Publicly Traded on 6 Continents 221 Aircraft $1.2 billion NYSE Customers in (VTOL) 17 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) 10% 9% 9% 1% AW189 Africa Fixed Wing Other 30% S92 24% 30% AW139 Americas 26% 7% 221 Asia Pacific $1.2 bn Government $1.2 bn 8% Fixed Wing/ 9% 64% UAS Other Heavy/ Offshore Medium 54% Energ
Slide 7: Recent Quarter Highlights
Recent Quarter Highlights Bristow Announced as Preferred Bolstering Presence in Brazil Bristow Releases Second Issued 2024 Bidder on Irish Coast Guard with the Launch of Two New Sustainability Report Financial Guidance Contract (IRCG) Operating Bases The 10-year, approximately €670 Bristow expands i
Slide 8: Key Financial Highlights
Key Financial Highlights $285mm $356mm $138mm 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 $319mm Total Revenues $39mm asset dispositions and FX 6% increase QoQ 35% increase QoQ (1) Am
Slide 9: Quarterly Results – Sequential Quarter Comparison
Quarterly Results – Sequential Quarter Comparison Operating revenues were $18.6 million higher than the Preceding Quarter(1) Operating Revenues primarily due to higher utilization and higher lease payments received from Cougar Helicopters Inc. 350 300 $312 $ in millions Operating expenses were $13.9
Slide 10: Building Momentum Throughout 2023
4x S92 2x AW139 Q1 Contract ended in Guyana on The first quarter of the calendar year is traditionally our 12/31/22 weakest quarter due to weather-related seasonality First part of the year saw more idle aircraft as a large contract in Guyana concluded at year end, and we are in the Q2 1x S92 proces
Slide 11: …and well into 2024
Full Year Impact of contracts noted on the previous slide is expected to contribute to a stronger 2024 …and well into Attractive 2024 Rates new and renewing contracts expected to be at more favorable rates compared to expiring contracts Higher Flight Hours from short-term campaigns and offshore ener
Slide 12: 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 13: Government SAR – A Timeline of Investment & Returns
Government SAR – A Timeline of Investment & Returns Time Contracts 2022 2023 2024 2025 2026 2027-2032 2033-2038 UKSAR-H UKSAR2G NLSAR DCCG Falklands Acquisition Retender IRCG(1) Tender Investment Period Base Contract Option Period Cash Yield (1) Bristow was announced as the preferred bidder on the I
Slide 14: Appendix
APPENDIX Financial Outlook Fleet Overview Strong Balance Sheet and Liquidity Position Reconciliation of Adjusted EBITDA Adjusted Free Cash Flow Reconciliation Operating Revenues and Flight Hours by Line of Service Carl Brady, Founded Bristow’s parent LTM Operating Revenues by Region company, Era Hel
Slide 15: A Positive Outlook
A Positive Outlook REPORTED AFFIRMED NEW Operating revenues (in USD, millions)(1) (2) 2022A 2023E 2024E Offshore energy services $780 $755 - $830 $850 - $970 Government services $283 $340 - $355 $340 - $365 Fixed wing services $96 $95 - $110 $95 - $115 Other services $13 $10 - $15 $10 - $15 Total op
Slide 16: Fleet Overview
NUMBER OF AIRCRAFT(1) AVERAGE AGE TYPE OWNED AIRCRAFT LEASED AIRCRAFT TOTAL AIRCRAFT (YEARS)(2) Heavy Helicopters: S92 38 29 67 14 AW189 17 4 21 7 S61 2 1 3 52 57 34 91 Medium Helicopters: AW139 49 4 53 12 Fleet S76 D/C++ 17 — 17 12 AS365 1 — 1 33 67 4 71 Overview Light—Twin Engine Helicopters: AW10
Slide 17: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position Actual Amount Rate Maturity ($mm, as of 6/30/2023) $212.0 million of unrestricted Cash $ 216 cash and total liquidity of $285.3 million(1) ABL Facility ($85mm)(2) — S+200 bps May-27 Senior Secured Notes 400 6.875% Mar-28 NatWest Debt 168 S+275 bps Mar-36 A
Slide 18: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended June 30, March 31, December 31, September 30, Special items include the following: (1) 2023 2023 2022 2022 LTM PBH amortization $ 3,697 $ 3,803 $ 3,700 $ 3,238 $ 14,438 Merger and integration costs 677 439 335 291 1,742 Reorganization items, net 3
Slide 19: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended June 30, March 31, December 31, September 30, ($000s) 2023 2023 2022 2022 LTM Net cash provided by (used in) operating activities $ 18,210 $ 6,615 $ (18,484) $ (17,570) $ (11,229) Less: Maintenance capital expenditures (2,533) (2,952) (1,911)
Slide 20: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended June 30, March 31, December 31, September 30, 2023 2023 2022 2022 LTM Operating revenues ($000s) Offshore energy services: Europe $ 87,331 $ 85,291 $ 87,321 $ 87,867 $ 347,810 Americas 80,884 70,982 87,164 88,015 327,045 Afric
Slide 21: LTM Operating Revenues by Region
LTM Operating Revenues by Region Three Months Ended June 30, March 31, December 31, September 30, (in millions) 2023 2023 2022 2022 LTM Revenues Europe $ 170.7 $ 164.4 $ 160.9 $ 153.7 $ 649.7 Americas 89.9 79.1 96.0 97.4 362.4 Africa 29.9 28.4 27.4 25.3 111.0 Asia Pacific 21.0 21.0 20.0 22.9 84.9 To