Bristow Group, Inc. · NYSE:VTOL
Bristow — Q1 FY22 Earnings Presentation
19 slides from Bristow's earnings presentation, Aug 5, 2021
Slide 1: Q1 FY22 Earnings Presentation
Q1 FY22 Earnings Presentation August 5, 2021
Slide 2: Q1 FY22 Earnings Call Agenda
Q1 FY22 Earnings Call Agenda Crystal Gordon I. Introduction 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 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: Global Leadership Position in Helicopter Industry
Global Leadership Position in Helicopter Industry • Leading global provider of vertical flight solutions; Revenue by Region (1) primarily offshore energy personnel transportation, with significant end market diversification from government services contracts • LTM revenues of $1.2 billion(1) • Diver
Slide 6: Key Financial Highlights
Key Financial Highlights $299mm Available Liquidity(1)(2) • Over the last twelve months, Bristow has repurchased over 1.9 million shares for gross consideration of $50 million, representing an average price of $25.92 per share Number of Average Amount $325mm Net Debt(1)(3) Shares Price ($mm) June -
Slide 7: Substantial Value Creation from Merger Synergies
Substantial Value Creation from Merger Synergies G&A Savings Fleet Cost Savings Other OpEx Savings ✓ Elimination of redundant corporate expenses As of June 30th, synergy ✓ Realization of operational efficiencies in the U.S. Gulf of Mexico projects representing ~$42mm of annualized run- ✓ Optimizatio
Slide 8: Strong Free Cash Flow Generation
Strong Free Cash Flow Generation Bristow generated $180 million of Adj. Free Cash Flow excluding Net Capex and $232 million of Adj. Free Cash Flow since the Merger (1) Quarters ended 9/30/20, 12/31/2020, 3/31/2021 and 06/30/2021. See page 17 for reconciliation 8
Slide 9: Q1 FY22 Results – Sequential Quarter Comparison
Q1 FY22 Results – Sequential Quarter Comparison • Operating revenues were $6.8 million higher than Q4 OperatingRevenues Operating Revenue FY21 primarily due to higher utilization in oil and gas and government services • Operating expenses were $3.8 million lower primarily due to lower personnel and
Slide 10: Q1 FY22 Results – Pro Forma Calendar Quarter Comparison
Q1 FY22 Results – Pro Forma Calendar Quarter Comparison • Operating revenues were $8.3 million lower than pro Operating Revenue(1) forma Q1 FY2021 (“Q1 FY21”)(1) primarily due to lower utilization in oil and gas services, partially offset by increased revenues in government services and fixed wing s
Slide 11: Appendix
Appendix
Slide 12: Fleet Overview
Fleet Overview Number of Aircraft(1) Owned Leased Aircraft Consolidated Average Age Type Aircraft Aircraft Held For Sale Aircraft (years)(2) Heavy Helicopters: S-92 35 26 — 61 12 S-92 U.K. SAR 3 7 — 10 7 H225 — — 2 2 10 AW189 6 1 — 7 6 AW189 U.K. SAR 11 — — 11 5 55 34 2 91 Medium Helicopters: AW139
Slide 13: Strong Balance Sheet and Liquidity Position
Strong Balance Sheet and Liquidity Position ✓ Repurchased 933,208 shares for gross Amount Rate Maturity consideration of $25.1 million in June ($mm, as of 6/30/2021) 2021 Cash $ 249 – Repurchased additional 547,596 ABL ($85mm)(2) — L+250 bps Apr-23 shares for gross consideration of Senior Secured No
Slide 14: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended ($000s) June 30, 2021 March 31, 2021 June 30, 2020 Net loss $ (14,211) $ (42,438) $ 71,404 Depreciation and amortization 23,195 17,254 16,356 Interest expense 10,624 12,108 12,504 Income tax benefit (4,842) (19,092) (3,290) EBITDA $ 14,766 $ (32,1
Slide 15: Reconciliation of LTM Adjusted EBITDA
Reconciliation of LTM Adjusted EBITDA Three Months Ended September 30, December 31, March 31, June 30, LTM ($000s) 2020 2020 2021 2021 June 30, 2021 Net loss $ (27,992) $ (57,260) $ (42,438) $ (14,211) $ (141,901) Depreciation and amortization 18,537 17,931 17,254 23,195 76,917 Interest expense 13,4
Slide 16: Pro Forma Q1 FY21 Reconciliation
Pro Forma Q1 FY21 Reconciliation Old Bristow Era Group Inc. Legacy Era Pro Forma Three Months Three Months Ended April 1, 2020 - June 12 - 30, Ended ($000s) June 30, 2020 June 11, 2020 2020 June 30, 2020 Net income (loss) $ 75,708 $ (18,059) $ (4,305) $ 53,344 Depreciation and amortization 15,914 7,
Slide 17: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Three Months Ended September 30, December 31, March 31, June 30, ($000s) 2020 2020 2021 2021 LTM Net cash provided by operating activities $ 41,857 $ 25,078 $ 36,776 $ 36,441 $ 140,152 Plus: Proceeds from disposition of property and equipment 40,475 14,361 1,381 10,6
Slide 18: Operating Revenues and Flight Hours by Line of Service
Operating Revenues and Flight Hours by Line of Service Three Months Ended June 30, 2021 March 31, 2021 June 30, 2020 Operating revenues ($000s) Oil and gas services: Europe $ 99,901 $ 93,850 $ 105,029 Americas 75,003 72,785 56,893 Africa 14,692 18,976 30,015 Total oil and gas services 189,596 185,61
Slide 19: LTM Operating Revenues
LTM Operating Revenues Three Months Ended September 30, December 31, March 31, June 30, (in millions) 2020 2020 2021 2021 LTM Revenue Europe $ 158.0 $ 152.1 $ 156.0 $ 164.6 $ 630.7 Americas 94.3 99.1 81.4 84.5 359.3 Africa 22.7 24.7 21.1 16.9 85.4 Asia Pacific 20.6 20.8 21.5 21.8 84.7 Corporate and