HOUSTON, May 7, 2024
/PRNewswire/ --
- Total revenues of $337.1 million
in Q1 2024 compared to $337.9 million
in Q4 2023
- Net income of $6.6 million, or
$0.23 per diluted share, in Q1 2024
compared to net loss of $7.9 million,
or $0.28 per diluted share, in Q4
2023
- EBITDA adjusted to exclude special items, asset dispositions
and foreign exchange gains (losses) was $47.5 million in Q1 2024 compared to $46.0 million in Q4 2023(1)
- Affirmed 2024 outlook, issued 2025 financial outlook and set
2026 targets
Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the
"Company") today reported net income attributable to the
Company of $6.6 million, or
$0.23 per diluted share, for its
quarter ended March 31, 2024 (the
"Current Quarter") on operating revenues of $329.4 million compared to net loss attributable
to the Company of $7.9 million, or
$0.28 per diluted share, for the
quarter ended December 31, 2023 (the
"Preceding Quarter") on operating revenues of $329.6 million.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") was $35.8 million in the
Current Quarter compared to $41.8
million in the Preceding Quarter. EBITDA adjusted to exclude
special items, gains or losses on asset dispositions and foreign
exchange gains (losses) was $47.5
million in the Current Quarter compared to $46.0 million in the Preceding Quarter. The
following table provides a reconciliation of net income (loss) to
EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding gains or
losses on asset dispositions and foreign exchange gains (losses)
(in thousands, unaudited). See "Non-GAAP Financial Measures" for
further information on the use of non-GAAP financial measures used
herein.
|
Three Months
Ended,
|
|
March 31,
2024
|
|
December 31,
2023
|
Net income
(loss)
|
$
6,632
|
|
$
(8,103)
|
Depreciation and
amortization expense
|
17,169
|
|
17,007
|
Interest expense,
net
|
9,472
|
|
11,274
|
Income tax
expense
|
2,508
|
|
21,598
|
EBITDA(1)
|
$
35,781
|
|
$
41,776
|
Special
items:
|
|
|
|
PBH
amortization
|
3,726
|
|
3,729
|
Merger and integration
costs
|
—
|
|
347
|
Other special
items(2)
|
1,346
|
|
1,873
|
|
$
5,072
|
|
$
5,949
|
Adjusted
EBITDA(1)
|
$
40,853
|
|
$
47,725
|
Losses on disposal of
assets
|
113
|
|
159
|
Foreign exchange
(gains) losses
|
6,499
|
|
(1,882)
|
Adjusted EBITDA
excluding asset dispositions and foreign exchange
|
$
47,465
|
|
$
46,002
|
__________________
(1)
|
EBITDA and Adjusted
EBITDA are non-GAAP financial measures. See definitions of these
measures and the reconciliation of GAAP to non-GAAP financial
measures in the Non-GAAP Financial Reconciliation
tables.
|
(2)
|
Other special items
include professional services fees that are not related to
continuing business operations and other nonrecurring
costs.
|
"In addition to reporting strong first quarter results and
affirming full-year 2024 financial guidance, we are pleased to
issue Bristow's financial outlook for 2025 and set financial
targets for 2026," said Chris
Bradshaw, President and CEO of Bristow Group. "The mid-point
of our 2026 Adjusted EBITDA target represents a three-year compound
annual growth rate of 21% relative to the Company's 2023 Adjusted
EBITDA. This outlook is consistent with our view that we are in the
early stages of a multi-year growth cycle. The investments that we
are making to grow and diversify our leading government services
business, combined with an accelerating offshore energy upcycle and
a tight supply of offshore-configured helicopters, are increasing
the Company's visibility for significant growth in revenues,
Adjusted EBITDA and free cash flow. The improvements in margins,
capital returns and free cash flow present multiple opportunities
to create value for Bristow's shareholders."
Sequential Quarter Results
Operating revenues in the Current Quarter were $0.2 million lower compared to the Preceding
Quarter. Operating revenues from offshore energy services were
$0.7 million higher primarily due to
increased activity and higher rates in Africa and Norway. Operating revenues from government
services were $0.4 million higher in
the Current Quarter primarily due to the strengthening of the
British Pound Sterling ("GBP") relative to the U.S. dollar.
Operating revenues from fixed wing services were $2.0 million lower in the Current Quarter
primarily due to lower seasonal utilization in Australia and the weakening of the Nigerian
Naira ("NGN") relative to the U.S. dollar. Operating revenues from
other services were $0.6 million
higher primarily due to higher dry-lease revenues.
Operating expenses were $2.2
million lower than the Preceding Quarter primarily due to
lower fuel costs and repairs and maintenance costs, partially
offset by higher insurance and other operating costs.
General and administrative expenses were $0.8 million lower than the Preceding
Quarter primarily due to lower professional services fees and lower
insurance costs, partially offset by higher personnel costs.
Interest income was $1.5 million
lower primarily due to lower investment balances.
Interest expense, net was $1.8
million lower in the Current Quarter primarily due to higher
capitalized interest on aircraft purchases.
Other expense, net of $6.2 million
in the Current Quarter primarily resulted from foreign exchange
losses of $6.5 million due to the
significant devaluation of the NGN. Other income, net of
$1.7 million in the Preceding Quarter
resulted from foreign exchange gains of $1.9
million, partially offset by an unfavorable interest
adjustment to the Company's pension liability of $0.3 million.
Income tax expense was $2.5
million in the Current Quarter compared to $21.6 million in the Preceding Quarter primarily
due to the earnings mix of the Company's global operations and
changes to deferred tax valuation allowances and assets.
Liquidity and Capital Allocation
As of March 31, 2024, the Company had $140.6 million of unrestricted cash and
$81.9 million of remaining
availability under its amended asset-based revolving credit
facility (the "ABL Facility") for total liquidity of $222.5 million. Borrowings under the ABL
Facility are subject to certain conditions and requirements.
In the Current Quarter, purchases of property and equipment were
$64.6 million, of which $4.9 million were maintenance capital
expenditures. In the Preceding Quarter, purchases of property and
equipment were $19.4 million, of
which $4.3 million were maintenance
capital expenditures.
In January 2024, the Company
entered into a long-term equipment financing to upsize its £145
million secured equipment financings with National Westminster Bank
Plc (the "NatWest Debt") by an aggregate amount of up to £55
million. The upsizing will be used to support the Company's capital
commitments related to the Second-Generation UK Search and Rescue
contract. In April 2024, the first
utilization date occurred under the upsized NatWest Debt, and the
Company borrowed approximately £26 million at that time.
Affirmed 2024 Outlook, Issued 2025 Outlook and 2026
Targets
Please refer to the paragraph entitled "Forward Looking
Statements Disclosure" below for further discussion regarding the
risks and uncertainties as well as other important information
regarding Bristow's guidance. The following guidance also contains
the non-GAAP financial measure of Adjusted EBITDA. Please read the
section entitled "Non-GAAP Financial Measures" for further
information.
Select financial outlook for 2024 and 2025 as well as 2026
targets are as follows (in USD, millions):
|
2024E
|
|
2025E
|
|
2026T
|
Operating
revenues:
|
|
|
|
|
|
Offshore energy
services
|
$850 - $970
|
|
$860 -
$1,020
|
|
$965 -
$1,155
|
Government
services
|
$335 - $360
|
|
$405 - $445
|
|
$430 - $460
|
Fixed wing
services
|
$100 - $120
|
|
$120 - $140
|
|
$125 - $150
|
Other
services
|
$5 - $15
|
|
$5 - $10
|
|
$5 - $10
|
Total operating
revenues
|
$1,290 -
$1,465
|
|
$1,390 -
$1,615
|
|
$1,525 -
$1,775
|
|
|
|
|
|
|
Adjusted EBITDA,
excluding asset dispositions and foreign exchange
|
$190 -
$220
|
|
$210 -
$245
|
|
$275 -
$335
|
|
|
|
|
|
|
Cash
interest
|
~$40
|
|
~$45
|
|
~$45
|
Cash taxes
|
$25 - $30
|
|
$20 - $25
|
|
$25 - $30
|
Maintenance capital
expenditures
|
$15 - $20
|
|
$15 - $20
|
|
$20 - $25
|
There are two main ways in which foreign currency fluctuations
impact Bristow's reported financials. The first is primarily
non-cash foreign exchange gains (losses) that are reported in the
Other Income line on the Income Statement. These are related to the
revaluation of balance sheet items, typically do not impact cash
flows, and thus are excluded in the Adjusted EBITDA presentation.
The second is through impacts to certain revenue and expense items,
which impact the Company's cash flows; these impacts are not
excluded in the Adjusted EBITDA presentation. The primary exposure
is the GBP/USD exchange rate.
|
2024E
|
|
2025E
|
|
2026T
|
(in millions, except
for exchange rates)
|
|
|
|
|
|
Adjusted EBITDA,
excluding asset dispositions and foreign exchange (gains)
losses
|
$190 - $220
|
|
$210 - $245
|
|
$275 - $335
|
Average GBP/USD
exchange rate
|
1.27
|
|
1.27
|
|
1.27
|
Each £0.01 movement in the GBP/USD exchange rate would impact
Adjusted EBITDA by +/- ~$1.5
million.
Conference Call
Management will conduct a conference call starting at
10:00 a.m. ET (9:00 a.m. CT) on Wednesday, May 8, 2024, to
review the results for the first quarter ended March 31, 2024,
and discuss market conditions, industry developments and newly
issued financial outlook for 2025 and 2026. The conference call can
be accessed using the following link:
Link to Access Earnings Call:
https://www.veracast.com/webcasts/bristow/webcasts/VTOL1Q24.cfm
Replay
A replay will be available through May
29, 2024 by using the link above. A replay will also be
available on the Company's website at
www.bristowgroup.com shortly after the call and will be
accessible through May 29, 2024. The accompanying investor
presentation will be available on May 8, 2024, on Bristow's
website at www.bristowgroup.com.
For additional information concerning Bristow, contact
Jennifer Whalen at
InvestorRelations@bristowgroup.com, (713) 369-4636 or visit
Bristow Group's website at https://ir.bristowgroup.com/.
About Bristow Group
Bristow Group Inc. is the leading global provider of innovative
and sustainable vertical flight solutions. Bristow primarily
provides aviation services to a broad base of offshore energy
companies and government entities. The Company's aviation services
include personnel transportation, search and rescue ("SAR"),
medevac, fixed-wing transportation, unmanned systems, and ad hoc
helicopter services.
Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, the Kingdom
of Saudi Arabia, Mexico,
the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the UK and the U.S.
Forward-Looking Statements Disclosure
This press release contains "forward-looking statements."
Forward-looking statements represent the Company's current
expectations or forecasts of future events. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "project," or
"continue," or other similar words and, for the avoidance of doubt,
include all statements herein regarding the Company's financial
outlook and targets for the periods mentioned and operational
outlook. These statements are made under the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995, reflect
management's current views with respect to future events and
therefore are subject to significant risks and uncertainties, both
known and unknown. The Company's actual results may vary materially
from those anticipated in forward-looking statements. The Company
cautions investors not to place undue reliance on any
forward-looking statements. Forward-looking statements (including
the Company's financial outlook and targets for the periods
mentioned and operational outlook) speak only as of the date of the
document in which they are made. The Company disclaims any
obligation or undertaking to provide any updates or revisions to
any forward-looking statement to reflect any change in the
Company's expectations or any change in events, conditions or
circumstances on which the forward-looking statement is based that
occur after the date hereof, except as may be required by
applicable law.
Risks that may affect forward-looking statements include, but
are not necessarily limited to, those relating to: the impact
of supply chain disruptions and inflation and our ability to recoup
rising costs in the rates we charge to our customers; our reliance
on a limited number of helicopter manufacturers and suppliers and
the impact of a shortfall in availability of aircraft components
and parts required for maintenance and repairs of our helicopters,
including significant delays in the delivery of parts for our S92
fleet; our reliance on a limited number of customers and the
reduction of our customer base as a result of consolidation and/or
the energy transition; public health crises, such as pandemics
(including COVID-19) and epidemics, and any related government
policies and actions; our inability to execute our business
strategy for diversification efforts related to government services
and advanced air mobility; the potential for cyberattacks or
security breaches that could disrupt operations, compromise
confidential or sensitive information, damage reputation, expose to
legal liability, or cause financial losses; the possibility that we
may be unable to maintain compliance with covenants in our
financing agreements; global and regional changes in the demand,
supply, prices or other market conditions affecting oil and gas,
including changes resulting from a public health crisis or from the
imposition or lifting of crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries (OPEC) and other producing countries;
fluctuations in the demand for our services; the possibility of
significant changes in foreign exchange rates and controls;
potential effects of increased competition and the introduction of
alternative modes of transportation and solutions; the possibility
that portions of our fleet may be grounded for extended periods of
time or indefinitely (including due to severe weather events); the
possibility of political instability, civil unrest, war or acts of
terrorism in any of the countries where we operate or elsewhere;
the possibility that we may be unable to re-deploy our aircraft to
regions with greater demand; the existence of operating risks
inherent in our business, including the possibility of declining
safety performance; the possibility of changes in tax,
environmental and other laws and regulations and policies,
including, without limitation, actions of the governments that
impact oil and gas operations, favor renewable energy projects or
address climate change; any failure to effectively manage, and
receive anticipated returns from, acquisitions, divestitures,
investments, joint ventures and other portfolio actions; the
possibility that we may be unable to dispose of older aircraft
through sales into the aftermarket; the possibility that we may
impair our long-lived assets and other assets, including inventory,
property and equipment and investments in unconsolidated
affiliates; general economic conditions, including interest rates
or uncertainty in the capital and credit markets; the possibility
that reductions in spending on aviation services by governmental
agencies where we are seeking contracts could adversely affect or
lead to modifications of the procurement process or that such
reductions in spending could adversely affect search and rescue
("SAR") contract terms or otherwise delay service or the receipt of
payments under such contracts; and the effectiveness of our
environmental, social and governance initiatives.
If one or more of the foregoing risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. You should not place undue reliance
on our forward-looking statements because the matters they describe
are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond our control. Our
forward-looking statements are based on the information currently
available to us and speak only as of the date hereof. New risks and
uncertainties arise from time to time, and it is impossible for us
to predict these matters or how they may affect us. We have
included important factors in the section entitled "Risk Factors"
in the Company's Annual Report on Form 10-K for the year ended
December 31, 2023 which we believe
over time, could cause our actual results, performance or
achievements to differ from the anticipated results, performance or
achievements that are expressed or implied by our forward-looking
statements. You should consider all risks and uncertainties
disclosed in the Annual Report and in our filings with the United
States Securities and Exchange Commission (the "SEC"), all of which
are accessible on the SEC's website at www.sec.gov.
BRISTOW GROUP
INC
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in
thousands, except per share amounts)
|
|
Three Months
Ended
|
|
Favorable/
(Unfavorable)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Operating
revenues
|
$
329,356
|
|
$
329,593
|
|
$
(237)
|
Reimbursable
revenues
|
7,738
|
|
8,341
|
|
(603)
|
Total
revenues
|
337,094
|
|
337,934
|
|
(840)
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
Operating
expenses
|
247,364
|
|
249,528
|
|
2,164
|
Reimbursable
expenses
|
7,691
|
|
8,303
|
|
612
|
General and
administrative expenses
|
43,347
|
|
44,143
|
|
796
|
Merger and integration
costs
|
—
|
|
347
|
|
347
|
Depreciation and
amortization expense
|
17,169
|
|
17,007
|
|
(162)
|
Total costs and
expenses
|
315,571
|
|
319,328
|
|
3,757
|
|
|
|
|
|
|
Losses on disposal of
assets
|
(113)
|
|
(159)
|
|
46
|
Earnings from
unconsolidated affiliates
|
1,419
|
|
1,127
|
|
292
|
Operating
income
|
22,829
|
|
19,574
|
|
3,255
|
|
|
|
|
|
|
Interest
income
|
1,984
|
|
3,458
|
|
(1,474)
|
Interest expense,
net
|
(9,472)
|
|
(11,274)
|
|
1,802
|
Other, net
|
(6,201)
|
|
1,737
|
|
(7,938)
|
Total other income
(expense), net
|
(13,689)
|
|
(6,079)
|
|
(7,610)
|
Income before
income taxes
|
9,140
|
|
13,495
|
|
(4,355)
|
Income tax
expense
|
(2,508)
|
|
(21,598)
|
|
19,090
|
Net income
(loss)
|
6,632
|
|
(8,103)
|
|
14,735
|
Net loss (income)
attributable to noncontrolling interests
|
(27)
|
|
165
|
|
(192)
|
Net income (loss)
attributable to Bristow Group Inc.
|
$
6,605
|
|
$
(7,938)
|
|
$
14,543
|
|
|
|
|
|
|
Basic earnings (losses)
per common share
|
$
0.23
|
|
$
(0.28)
|
|
$
0.51
|
Diluted earnings
(losses) per common share
|
$
0.23
|
|
$
(0.28)
|
|
$
0.51
|
|
|
|
|
|
|
Weighted average common
shares outstanding, basic
|
28,332
|
|
28,289
|
|
|
Weighted average common
shares outstanding, diluted
|
29,239
|
|
28,289
|
|
|
|
|
|
|
|
|
EBITDA
|
$
35,781
|
|
$
41,776
|
|
$
(5,995)
|
Adjusted
EBITDA
|
$
40,853
|
|
$
47,725
|
|
$
(6,872)
|
Adjusted EBITDA
excluding asset dispositions and foreign exchange
|
$
47,465
|
|
$
46,002
|
|
$
1,463
|
BRISTOW GROUP
INC
OPERATING REVENUES
BY LINE OF SERVICE
(unaudited, in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
2024
|
|
December 31,
2023
|
Offshore energy
services:
|
|
|
|
Europe
|
$
99,530
|
|
$
99,066
|
Americas
|
88,515
|
|
89,200
|
Africa
|
32,653
|
|
31,695
|
Total offshore energy
services
|
220,698
|
|
219,961
|
Government
services
|
82,108
|
|
81,714
|
Fixed wing
services
|
23,708
|
|
25,697
|
Other
|
2,842
|
|
2,221
|
|
$
329,356
|
|
$
329,593
|
FLIGHT HOURS BY LINE
OF SERVICE
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
March
31, 2024
|
|
December 31,
2023
|
Offshore energy
services:
|
|
|
|
Europe
|
9,488
|
|
10,412
|
Americas
|
10,048
|
|
10,105
|
Africa
|
3,683
|
|
3,938
|
Total offshore energy
services
|
23,219
|
|
24,455
|
Government
services
|
4,493
|
|
4,477
|
Fixed wing
services
|
3,138
|
|
2,889
|
|
30,850
|
|
31,821
|
BRISTOW GROUP
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(unaudited, in
thousands)
|
|
March 31,
2024
|
|
December 31,
2023
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
142,918
|
|
$
183,662
|
Accounts receivable,
net
|
234,914
|
|
234,620
|
Inventories
|
102,358
|
|
99,863
|
Prepaid expenses and
other current assets
|
44,254
|
|
45,438
|
Total current
assets
|
524,444
|
|
563,583
|
Property and equipment,
net
|
951,806
|
|
927,766
|
Investment in
unconsolidated affiliates
|
20,325
|
|
19,890
|
Right-of-use
assets
|
280,306
|
|
287,939
|
Other assets
|
138,895
|
|
138,100
|
Total
assets
|
$ 1,915,776
|
|
$ 1,937,278
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
86,960
|
|
$
87,885
|
Accrued
liabilities
|
203,328
|
|
208,657
|
Short-term borrowings
and current maturities of long-term debt
|
13,127
|
|
13,247
|
Total current
liabilities
|
303,415
|
|
309,789
|
Long-term debt, less
current maturities
|
530,943
|
|
534,823
|
Deferred
taxes
|
41,587
|
|
42,710
|
Long-term operating
lease liabilities
|
208,916
|
|
214,957
|
Deferred credits and
other liabilities
|
10,705
|
|
11,820
|
Total
liabilities
|
1,095,566
|
|
1,114,099
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
312
|
|
311
|
Additional paid-in
capital
|
729,292
|
|
725,773
|
Retained
earnings
|
224,573
|
|
217,968
|
Treasury stock, at
cost
|
(66,738)
|
|
(65,722)
|
Accumulated other
comprehensive loss
|
(66,748)
|
|
(54,643)
|
Total Bristow Group
Inc. stockholders' equity
|
820,691
|
|
823,687
|
Noncontrolling
interests
|
(481)
|
|
(508)
|
Total stockholders'
equity
|
820,210
|
|
823,179
|
Total liabilities and
stockholders' equity
|
$ 1,915,776
|
|
$ 1,937,278
|
Non-GAAP Financial Measures
The Company's management uses EBITDA and Adjusted EBITDA to
assess the performance and operating results of its business. Each
of these measures, as well as Free Cash Flow and Adjusted Free Cash
Flow, each as detailed below are non-GAAP measures, have
limitations, and are provided in addition to, and not as an
alternative for, and should be read in conjunction with, the
information contained in the Company's financial statements
prepared in accordance with generally accepted accounting
principles in the U.S. ("GAAP") (including the notes), included in
the Company's filings with the SEC and posted on the Company's
website. EBITDA is defined as Earnings before Interest expense,
Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as
EBITDA further adjusted for certain special items that occurred
during the reported period, as noted below. The Company includes
EBITDA and Adjusted EBITDA to provide investors with a supplemental
measure of its operating performance. Management believes that the
use of EBITDA and Adjusted EBITDA is meaningful to investors
because it provides information with respect to the Company's
ability to meet its future debt service, capital expenditures and
working capital requirements and the financial performance of the
Company's assets without regard to financing methods, capital
structure or historical cost basis. Neither EBITDA nor Adjusted
EBITDA is a recognized term under GAAP. Accordingly, they should
not be used as an indicator of, or an alternative to, net income as
a measure of operating performance. In addition, EBITDA and
Adjusted EBITDA are not intended to be measures of free cash flow
available for management's discretionary use, as they do not
consider certain cash requirements, such as debt service
requirements. Because the definitions of EBITDA and Adjusted EBITDA
(or similar measures) may vary among companies and industries, they
may not be comparable to other similarly titled measures used by
other companies.
The Company is unable to provide a reconciliation of forecasted
Adjusted EBITDA (non-GAAP) for 2024, 2025 and 2026 included in this
release to projected net income (GAAP) for the same periods because
components of the calculation are inherently unpredictable. The
inability to forecast certain components of the calculation would
significantly affect the accuracy of the reconciliation.
Additionally, the Company does not provide guidance on the items
used to reconcile projected Adjusted EBITDA due to the uncertainty
regarding timing and estimates of such items. Therefore, the
Company does not present a reconciliation of forecasted Adjusted
EBITDA (non-GAAP) to net income (GAAP) for 2024, 2025 or 2026.
The following tables provide a reconciliation of net income
(loss), the most directly comparable GAAP measure, to EBITDA and
Adjusted EBITDA (in thousands, unaudited).
|
Three Months
Ended
|
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
June 30,
2023
|
|
LTM
|
Net income
(loss)
|
$
6,632
|
|
$
(8,103)
|
|
$
4,345
|
|
$
(1,637)
|
|
$
1,237
|
Depreciation and
amortization expense
|
17,169
|
|
17,007
|
|
17,862
|
|
18,292
|
|
70,330
|
Interest expense,
net
|
9,472
|
|
11,274
|
|
10,008
|
|
9,871
|
|
40,625
|
Income tax expense
(benefit)
|
2,508
|
|
21,598
|
|
22,637
|
|
(14,209)
|
|
32,534
|
EBITDA
|
$
35,781
|
|
$
41,776
|
|
$
54,852
|
|
$
12,317
|
|
$ 144,726
|
Special
items(1)
|
5,072
|
|
5,949
|
|
7,458
|
|
10,487
|
|
28,966
|
Adjusted
EBITDA
|
$
40,853
|
|
$
47,725
|
|
$
62,310
|
|
$
22,804
|
|
$ 173,692
|
(Gains) losses on
disposal of assets
|
113
|
|
159
|
|
(1,179)
|
|
3,164
|
|
2,257
|
Foreign exchange
(gains) losses
|
6,499
|
|
(1,882)
|
|
(4,541)
|
|
13,021
|
|
13,097
|
Adjusted EBITDA
excluding asset dispositions
and foreign exchange
|
$
47,465
|
|
$
46,002
|
|
$
56,590
|
|
$
38,989
|
|
$ 189,046
|
|
|
(1)
|
Special items include
the following:
|
|
Three Months
Ended
|
|
|
|
|
March 31,
2024
|
|
|
December 31,
2023
|
|
|
September
30,
2023
|
|
|
June 30,
2023
|
|
|
LTM
|
PBH
amortization
|
$
3,726
|
|
|
$
3,729
|
|
|
$
3,751
|
|
|
$
3,697
|
|
|
$
14,903
|
Merger and integration
costs
|
—
|
|
|
347
|
|
|
738
|
|
|
677
|
|
|
1,762
|
Reorganization items,
net
|
—
|
|
|
—
|
|
|
3
|
|
|
39
|
|
|
42
|
Non-cash insurance
adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
3,977
|
|
|
3,977
|
Other special
items(2)
|
1,346
|
|
|
1,873
|
|
|
2,966
|
|
|
2,097
|
|
|
8,282
|
|
$
5,072
|
|
|
$
5,949
|
|
|
$
7,458
|
|
|
$
10,487
|
|
|
$
28,966
|
______________________
(2)
|
Other special items
include professional services fees that are not related to
continuing business operations and other nonrecurring
costs
|
Reconciliation of Free Cash Flow and Adjusted
Free Cash Flow
Free Cash Flow represents the Company's net cash provided by
operating activities less maintenance capital expenditures.
Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs
paid in relation to reorganization items, costs associated with
recent mergers, acquisitions and ongoing integration efforts, as
well as other special items which include nonrecurring professional
services fees and other nonrecurring costs or costs that are not
related to continuing business operations. Management believes that
Free Cash Flow and Adjusted Free Cash Flow are meaningful to
investors because they provide information with respect to the
Company's ability to generate cash from the business. The GAAP
measure most directly comparable to Free Cash Flow and Adjusted
Free Cash Flow is net cash provided by operating activities. Since
neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized
term under GAAP, they should not be used as an indicator of, or an
alternative to, net cash provided by operating activities.
Investors should note numerous methods may exist for calculating a
company's free cash flow. As a result, the method used by
management to calculate Free Cash Flow and Adjusted Free Cash Flow
may differ from the methods used by other companies to calculate
their free cash flow. As such, they may not be comparable to other
similarly titled measures used by other companies.
The following table provides a reconciliation of net cash
provided by operating activities, the most directly comparable GAAP
measure, to Free Cash Flow and Adjusted Free Cash Flow (in
thousands, unaudited).
|
Three Months
Ended
|
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
September
30,
2023
|
|
June 30,
2023
|
|
LTM
|
Net cash provided by
(used in) operating activities
|
$
26,679
|
|
$
(9,499)
|
|
$
16,711
|
|
$
18,210
|
|
$
52,101
|
Less: Maintenance
capital expenditures
|
(4,949)
|
|
(4,277)
|
|
(4,656)
|
|
(2,533)
|
|
(16,415)
|
Free Cash
Flow
|
$
21,730
|
|
$
(13,776)
|
|
$
12,055
|
|
$
15,677
|
|
$
35,686
|
Plus: Merger and
integration costs
|
—
|
|
347
|
|
712
|
|
488
|
|
1,547
|
Plus: Reorganization
items, net
|
—
|
|
—
|
|
25
|
|
58
|
|
83
|
Plus: Other special
items(1)
|
595
|
|
3,195
|
|
1,580
|
|
1,650
|
|
7,020
|
Adjusted Free Cash
Flow
|
$
22,325
|
|
$
(10,234)
|
|
$
14,372
|
|
$
17,873
|
|
$
44,336
|
__________________________
(1)
|
Other special items
include professional services fees that are not related to
continuing business operations and other nonrecurring
costs
|
BRISTOW GROUP
INC
FLEET
COUNT
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Aircraft
|
|
|
|
|
Type
|
Owned
Aircraft
|
|
Leased
Aircraft
|
|
Total
Aircraft
|
|
Max
Pass
Capacity
|
|
Average Age
(years)(1)
|
Heavy
Helicopters:
|
|
|
|
|
|
|
|
|
|
S92
|
38
|
|
29
|
|
67
|
|
19
|
|
14
|
AW189
|
17
|
|
4
|
|
21
|
|
16
|
|
8
|
S61
|
2
|
|
—
|
|
2
|
|
19
|
|
53
|
|
57
|
|
33
|
|
90
|
|
|
|
|
Medium
Helicopters:
|
|
|
|
|
|
|
|
|
|
AW139
|
49
|
|
4
|
|
53
|
|
12
|
|
13
|
S76 D/C++
|
15
|
|
—
|
|
15
|
|
12
|
|
12
|
AS365
|
1
|
|
—
|
|
1
|
|
12
|
|
34
|
|
65
|
|
4
|
|
69
|
|
|
|
|
Light—Twin Engine
Helicopters:
|
|
|
|
|
|
|
|
|
|
AW109
|
4
|
|
—
|
|
4
|
|
7
|
|
17
|
EC135
|
9
|
|
1
|
|
10
|
|
6
|
|
14
|
|
13
|
|
1
|
|
14
|
|
|
|
|
Light—Single Engine
Helicopters:
|
|
|
|
|
|
|
|
|
|
AS350
|
15
|
|
—
|
|
15
|
|
4
|
|
25
|
AW119
|
13
|
|
—
|
|
13
|
|
7
|
|
17
|
|
28
|
|
—
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Helicopters
|
163
|
|
38
|
|
201
|
|
|
|
15
|
Fixed Wing
|
8
|
|
5
|
|
13
|
|
|
|
|
Unmanned Aerial Systems
("UAS")
|
4
|
|
—
|
|
4
|
|
|
|
|
Total
Fleet
|
175
|
|
43
|
|
218
|
|
|
|
|
______________________
(1)
|
Reflects the average
age of helicopters that are owned by the Company.
|
The chart below presents the number of aircraft in our fleet and
their distribution among the regions in which we operate as of
March 31, 2024 and the percentage of operating revenue that
each of our regions provided during the Current Quarter
(unaudited).
|
Percentage
of
Current
Quarter
Operating
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
Wing
|
|
UAS
|
|
|
|
Heavy
|
|
Medium
|
|
Light
Twin
|
|
Light
Single
|
Total
|
Europe
|
55 %
|
|
63
|
|
3
|
|
—
|
|
3
|
|
—
|
|
4
|
|
73
|
Americas
|
29 %
|
|
23
|
|
53
|
|
11
|
|
25
|
|
—
|
|
—
|
|
112
|
Africa
|
10 %
|
|
4
|
|
11
|
|
3
|
|
—
|
|
2
|
|
—
|
|
20
|
Asia Pacific
|
6 %
|
|
—
|
|
2
|
|
—
|
|
—
|
|
11
|
|
—
|
|
13
|
Total
|
100 %
|
|
90
|
|
69
|
|
14
|
|
28
|
|
13
|
|
4
|
|
218
|
View original
content:https://www.prnewswire.com/news-releases/bristow-group-reports-first-quarter-2024-results-and-issues-new-financial-outlook-302138741.html
SOURCE Bristow Group