HOUSTON, Feb. 3, 2022 /PRNewswire/ --
- Total revenues of $295.6 million
in Q3 FY22 compared to $301.6 million
in Q2 FY22
- Breakeven earnings and earnings per share in Q3 FY22 compared
to net income of $2.8 million, or
$0.10 per diluted share, in Q2
FY22
- EBITDA adjusted to exclude special items and asset dispositions
was $30.7 million in Q3 FY22 compared
to $44.5 million in Q2 FY22
- Adjusted Free Cash Flow was $41.8
million in Q3 FY22 compared to $19.1
million in Q2 FY22
- Unrestricted cash balance was $274.0
million with total liquidity of $326.4 million
Bristow Group Inc. (NYSE: VTOL) today reported net loss
attributable to the Company of $0.1
million, or $0.00 per diluted
share, for its fiscal third quarter ended December 31, 2021
("Current Quarter") on operating revenues of $285.0 million compared to net income
attributable to the Company of $2.8
million, or $0.10 per diluted
share, in the quarter ended September 30, 2021 ("Preceding
Quarter") on operating revenues of $290.1
million.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") was $26.0 million in the
Current Quarter compared to $45.3
million in the Preceding Quarter. EBITDA adjusted to exclude
special items and gains or losses on asset dispositions was
$30.7 million in the Current Quarter
compared to $44.5 million in the
Preceding Quarter. The following table provides a bridge between
EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding gains or
losses on asset dispositions. See Reconciliation of Non-GAAP
Metrics for a reconciliation of net income, the most directly
comparable GAAP measure, to EBITDA and Adjusted EBITDA.
|
Three Months
Ended,
|
|
December 31,
2021
|
|
September 30,
2021
|
EBITDA
|
$
26,009
|
|
$
45,264
|
Special
items:
|
|
|
|
Restructuring
costs
|
$
17
|
|
$
117
|
Loss on
impairment
|
—
|
|
2,901
|
PBH intangible
amortization
|
3,060
|
|
3,060
|
Merger-related
costs
|
34
|
|
647
|
Government
grants
|
—
|
|
(222)
|
Early extinguishment of
debt fees
|
—
|
|
124
|
Bankruptcy-related
costs
|
29
|
|
103
|
Insurance-related
proceeds, net
|
—
|
|
899
|
Nonrecurring
professional services fees
|
2,253
|
|
817
|
Bankruptcy-related
settlement
|
—
|
|
(9,000)
|
|
$
5,393
|
|
$
(554)
|
Adjusted
EBITDA
|
$
31,402
|
|
$
44,710
|
Gains on asset
dispositions, net
|
(727)
|
|
(162)
|
Adjusted EBITDA
excluding asset dispositions
|
$
30,675
|
|
$
44,548
|
"Bristow's disappointing financial results in Q3 FY22 were due
to a number of factors, including $3.4
million in costs related to the temporary relocation of
operations to alternate base locations in the U.S. Gulf of Mexico due to damage caused by
Hurricane Ida," said Chris Bradshaw,
President and Chief Executive Officer of Bristow. "The decline in
profitability relative to the preceding quarter was also due to
negative variances of $3.1 million
related to the timing of major repairs, $1.1
million related to aircraft lease return costs, a
$3.0 million adverse variance in
foreign currency exchange, and a $1.8
million decline in equity earnings from unconsolidated
affiliates. On the top line, higher revenues in our oil and gas
service line, which were driven by increased utilization in the
Americas region, were offset by reduced flight hours in our UK SAR
contract and reduced revenues from fixed wing services related to
COVID-19 travel restrictions and seasonality. Overall, the
disappointing Q3 results are in contrast to our positive outlook
for the trajectory of demand for our services as spending in the
offshore oil and gas market is expected to increase significantly
over the next few years, which should drive substantial
improvements in Bristow's financial results. Finally, we were
pleased that the Company generated approximately $42 million in Adjusted Free Cash Flow in the
current quarter despite the aforementioned challenges."
Sequential Quarter Results
Operating revenues in the Current Quarter were $5.1 million lower compared to the Preceding
Quarter. Operating revenues from oil and gas services were
$1.3 million higher primarily due to
higher utilization in the Americas region, partially offset by
lower utilization in the Europe
and Africa regions. Operating
revenues from government services were $3.3
million lower primarily due to lower utilization and the
weakening of the British pound sterling relative to the U.S.
dollar. Operating revenues from fixed wing services were
$3.0 million lower primarily due to
COVID-related travel restrictions and seasonality.
Operating expenses were $3.1
million higher in the Current Quarter primarily due to
higher fuel expenses, maintenance costs and costs incurred to
relocate operations from bases damaged during Hurricane Ida,
partially offset by lower personnel and insurance costs.
General and administrative expenses were $2.0 million higher in the Current Quarter
primarily due to increased nonrecurring professional services
fees.
During the Preceding Quarter, the Company recognized a
$2.9 million loss on the impairment
of H225 helicopter parts inventory.
During the Current Quarter, the Company sold one fixed wing
aircraft and other equipment resulting in a net gain of
$0.7 million. During the Preceding
Quarter, the Company sold four S-76C++ medium helicopters and two
AW109 light-twin helicopters resulting in a net gain of
$0.2 million.
During the Current Quarter, the Company recognized losses of
$0.9 million from unconsolidated
affiliates compared to earnings of $1.0
million in the Preceding Quarter.
Other income, net of $4.0 million
in the Current Quarter was primarily related to government grants
to fixed wing services of $3.2
million and a favorable interest adjustment to the Company's
pension liability of $0.7 million.
Other income, net of $15.3 million in
the Preceding Quarter was primarily related to a bankruptcy-related
legal settlement of $9.0 million,
government grants to fixed wing services of $2.7 million, net foreign exchange gains of
$2.2 million, insurance proceeds of
$0.6 million and a favorable interest
adjustment to the Company's pension liability of $0.6 million.
Income tax benefit was $1.6
million in the Current Quarter compared to expense of
$14.5 million in the Preceding
Quarter. The change in income tax expense in the Current Quarter
was driven by lower pre-tax earnings, the tax impact of valuation
allowances on the Company's net losses and the tax impact of
deductible business interest expense.
Liquidity and Capital Allocation
As of December 31, 2021, the Company had $274.0 million of unrestricted cash and
$52.4 million of remaining
availability under its amended asset-based revolving credit
facility (the "ABL Facility") for total liquidity of $326.4 million. Borrowings under the amended ABL
Facility are subject to certain conditions and requirements.
In the Current Quarter, purchases of property and equipment were
$5.9 million, and cash proceeds from
dispositions of property and equipment were $0.7 million, resulting in net (proceeds from) /
purchases of property and equipment ("Net Capex") of $5.2 million. In the Preceding Quarter, purchases
of property and equipment were $14.3
million, and cash proceeds from dispositions of property and
equipment were $3.2 million,
resulting in Net Capex of $11.2
million. See Adjusted Free Cash Flow Reconciliation for a
reconciliation of Net Capex and Adjusted Free Cash Flow.
Conference Call
Management will conduct a conference call starting at
10:00 a.m. ET (9:00 a.m. CT) on Friday, February 4, 2022,
to review the results for the fiscal third quarter ended
December 31, 2021. The conference call can be accessed as
follows:
All callers will need to reference the access code 1829005.
Within the U.S.: Operator Assisted Toll-Free
Dial-In Number: (800) 289-0720
Outside the U.S.: Operator Assisted International
Dial-In Number: (856) 344-9142
Replay
A telephone replay will be available through February 18, 2022 by dialing 888-203-1112 and
utilizing the access code above. An audio replay will also be
available on the Company's website at
www.bristowgroup.com shortly after the call and will be
accessible through February 18, 2022.
The accompanying investor presentation will be available on
February 4, 2022 on Bristow's website at
www.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 major integrated,
national and independent offshore energy companies. Bristow
provides commercial search and rescue ("SAR") services in several
countries and public sector SAR services in the United Kingdom ("U.K.") on behalf of the
Maritime & Coastguard Agency ("MCA"). Additionally, the Company
offers ad hoc helicopter and fixed wing transportation
services.
Bristow currently has customers in Australia, Brazil, Canada, Chile, Colombia, Guyana, India, Mexico, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and the U.S.
Forward-Looking Statements Disclosure
This press release 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 the use
of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe," "project," or
"continue," or other similar words. 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 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. Risks that may affect forward-looking
statements include, but are not necessarily limited to, those
relating to: public health crises, such as pandemics (COVID-19) and
epidemics, and any related government policies and actions;
expected cost synergies and other financial or other benefits of
the merger ("Merger") might not be realized within the expected
time frames, might be less than projected or may not be realized at
all; the ability to successfully integrate the operations,
accounting and administrative functions of Era Group Inc. ("Era")
and the entity formerly known as Bristow Group Inc. ("Old
Bristow"); managing a significantly larger company than before the
completion of the Merger; diversion of management time on issues
related to integration of the Company; the increase in indebtedness
as a result of the Merger; operating costs, customer loss and
business disruption following the Merger, including, without
limitation, difficulties in maintaining relationships with
employees and customers, may be greater than expected; our reliance
on a limited number of customers and the reduction of our customer
base as a result of bankruptcies or consolidation; 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 that
we may impair our long-lived assets and other assets, including
inventory, property and equipment and investments in unconsolidated
affiliates; our ability to implement operational improvement
efficiencies with the objective of rightsizing our global footprint
and further reducing our cost structure; the possibility of
significant changes in foreign exchange rates and controls,
including as a result of the U.K. having exited from the European
Union; potential effects of increased competition and the
introduction of energy efficient alternative modes of
transportation and solutions; the risk of future material
weaknesses we may identify while we work to align policies,
principles, and practices of the combined company following the
Merger or any other failure by us to maintain effective internal
controls; the possibility that we may be unable to re-deploy our
aircraft to regions with greater demand; the possibility of changes
in tax and other laws and regulations and policies, including,
without limitation, actions of the Biden Administration that impact
oil and gas operations or favor renewable energy projects in the
U.S.; the possibility that we may be unable to dispose of older
aircraft through sales into the aftermarket; general economic
conditions, including the capital and credit markets; the
possibility that segments of our fleet may be grounded for extended
periods of time or indefinitely; the existence of operating risks
inherent in our business, including the possibility of declining
safety performance; the possibility of political instability, war
or acts of terrorism in any of the countries where we operate; the
possibility that reductions in spending on aviation services by
governmental agencies could lead to modifications of our search and
rescue ("SAR") contract terms with the UK government, our contracts
with the Bureau of Safety and Environmental Enforcement ("BSEE") or
delays in receiving payments under such contracts; and our reliance
on a limited number of helicopter manufacturers and suppliers
capabilities.. 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 fiscal year
ended March 31, 2021 (the "Annual
Report") 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 share and per share amounts)
|
|
Three Months
Ended
|
|
Favorable/
(Unfavorable)
|
|
December 31,
2021
|
|
September 30,
2021
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Operating
revenues
|
$
285,010
|
|
$
290,120
|
|
$
(5,110)
|
Reimbursable
revenues
|
10,609
|
|
11,464
|
|
(855)
|
Total
revenues
|
295,619
|
|
301,584
|
|
(5,965)
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
Operating
expenses
|
221,875
|
|
218,768
|
|
(3,107)
|
Reimbursable
expenses
|
10,561
|
|
11,188
|
|
627
|
General and
administrative expenses
|
40,966
|
|
38,970
|
|
(1,996)
|
Merger-related
costs
|
34
|
|
647
|
|
613
|
Restructuring
costs
|
17
|
|
117
|
|
100
|
Depreciation and
amortization
|
17,223
|
|
17,644
|
|
421
|
Total costs and
expenses
|
290,676
|
|
287,334
|
|
(3,342)
|
|
|
|
|
|
|
Loss on
impairment
|
—
|
|
(2,901)
|
|
2,901
|
Gain on disposal of
assets
|
727
|
|
162
|
|
565
|
Earnings (losses)
from unconsolidated affiliates, net
|
(860)
|
|
964
|
|
(1,824)
|
Operating
income
|
4,810
|
|
12,475
|
|
(7,665)
|
|
|
|
|
|
|
Interest
income
|
36
|
|
42
|
|
(6)
|
Interest
expense
|
(10,230)
|
|
(10,426)
|
|
196
|
Loss on
extinguishment of debt
|
—
|
|
(124)
|
|
124
|
Reorganization items,
net
|
(29)
|
|
(103)
|
|
74
|
Other, net
|
3,969
|
|
15,330
|
|
(11,361)
|
Total other income
(expense), net
|
(6,254)
|
|
4,719
|
|
(10,973)
|
Income (loss) before
benefit (expense) for income taxes
|
(1,444)
|
|
17,194
|
|
(18,638)
|
Income tax benefit
(expense)
|
1,608
|
|
(14,484)
|
|
16,092
|
Net income
|
164
|
|
2,710
|
|
(2,546)
|
Net (income) loss
attributable to noncontrolling interests
|
(220)
|
|
65
|
|
(285)
|
Net income (loss)
attributable to Bristow Group Inc
|
$
(56)
|
|
$
2,775
|
|
$
(2,831)
|
|
|
|
|
|
|
Basic income (loss)
per common share
|
$
—
|
|
$
0.10
|
|
|
Diluted income (loss)
per common share
|
$
—
|
|
$
0.10
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding, basic
|
28,214,650
|
|
28,233,527
|
|
|
Weighted average
common shares outstanding, diluted
|
28,214,650
|
|
28,684,660
|
|
|
|
|
|
|
|
|
EBITDA
|
$
26,009
|
|
$
45,264
|
|
$
(19,255)
|
Adjusted
EBITDA
|
$
31,402
|
|
$
44,710
|
|
$
(13,308)
|
Adjusted EBITDA
excluding asset dispositions
|
$
30,675
|
|
$
44,548
|
|
$
(13,873)
|
Bristow Group Inc. Lines of Service
Beginning in fiscal year 2022, the revenues by line of service
tables have been modified to more accurately reflect how management
views the Company's lines of service. These changes include the
addition of a Government services line of service which includes
revenues from U.K. SAR, the U.S. Bureau of Safety and Environmental
Enforcement ("BSEE"), and other government contracts. In addition,
our Other activities and services ("other" services) will now
reflect revenues derived from leasing aircraft to non-governmental
third party operators, oil and gas contracts that do not materially
fit into one of the three major oil and gas operating regions and
other services as they arise. As such, operating revenues from
Asia Pacific oil and gas services
are now shown under other services following the exit of that line
of service in the Asia Pacific
region. Prior period amounts will not match the previously reported
amounts by individual lines of service. Management believes this
change provides more relevant information needed to understand and
analyze the Company's current lines of service.
BRISTOW GROUP
INC
REVENUES BY LINE
OF SERVICE
(unaudited, in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
December 31,
2021
|
|
September 30,
2021
|
Oil and gas
services:
|
|
|
|
Europe
|
$
88,278
|
|
$
93,420
|
Americas
|
91,834
|
|
84,207
|
Africa
|
14,822
|
|
16,054
|
Total oil and gas
services
|
194,934
|
|
193,681
|
Government
services
|
66,435
|
|
69,742
|
Fixed wing
services
|
20,509
|
|
23,501
|
Other
services
|
3,132
|
|
3,196
|
|
$
285,010
|
|
$
290,120
|
FLIGHT HOURS BY
LINE OF SERVICE
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
December 31,
2021
|
|
September 30,
2021
|
Oil and gas
services:
|
|
|
|
Europe
|
10,701
|
|
11,189
|
Americas
|
11,263
|
|
10,376
|
Africa
|
1,935
|
|
2,258
|
Total oil and gas
services
|
23,899
|
|
23,823
|
Government
services
|
3,581
|
|
4,212
|
Fixed wing
services
|
3,428
|
|
3,687
|
|
30,908
|
|
31,722
|
BRISTOW GROUP
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands)
|
|
December 31,
2021
|
|
March 31,
2021
|
ASSETS
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
277,462
|
|
$
231,079
|
Accounts
receivable
|
177,102
|
|
215,620
|
Inventories
|
88,487
|
|
92,180
|
Assets held for
sale
|
5,432
|
|
14,750
|
Prepaid expenses and
other current assets
|
27,981
|
|
32,119
|
Total current
assets
|
576,464
|
|
585,748
|
Property and
equipment
|
1,086,177
|
|
1,090,094
|
Accumulated
depreciation
|
(133,595)
|
|
(85,535)
|
Net property and
equipment
|
952,582
|
|
1,004,559
|
Investment in
unconsolidated affiliates
|
18,596
|
|
37,530
|
Right-of-use
assets
|
213,840
|
|
246,667
|
Other
assets
|
103,307
|
|
117,766
|
Total
assets
|
$
1,864,789
|
|
$
1,992,270
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
60,305
|
|
$
69,542
|
Accrued
liabilities
|
214,997
|
|
219,613
|
Short-term borrowings
and current maturities of long-term debt
|
13,125
|
|
15,965
|
Total current
liabilities
|
288,427
|
|
305,120
|
Long-term debt, less
current maturities
|
517,687
|
|
527,528
|
Deferred
taxes
|
39,883
|
|
42,430
|
Long-term operating
lease liabilities
|
140,841
|
|
167,718
|
Deferred credits and
other liabilities
|
33,639
|
|
50,831
|
Total
liabilities
|
1,020,477
|
|
1,093,627
|
|
|
|
|
Redeemable
noncontrolling interests
|
—
|
|
1,572
|
Stockholders'
investment
|
|
|
|
Common
stock
|
303
|
|
303
|
Additional paid-in
capital
|
696,092
|
|
687,715
|
Retained
earnings
|
215,533
|
|
227,011
|
Treasury shares, at
cost
|
(51,083)
|
|
(10,501)
|
Accumulated other
comprehensive loss
|
(16,142)
|
|
(6,915)
|
Total Bristow Group
Inc. stockholders' investment
|
844,703
|
|
897,613
|
Noncontrolling
interests
|
(391)
|
|
(542)
|
Total stockholders'
investment
|
844,312
|
|
897,071
|
Total liabilities,
and stockholders' equity
|
$
1,864,789
|
|
$
1,992,270
|
Reconciliation of Non-GAAP Metrics
The Company's management uses EBITDA and Adjusted EBITDA to
assess the performance and operating results of its business.
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. Neither EBITDA nor Adjusted EBITDA is a
recognized term under generally accepted accounting principles in
the U.S. ("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 following table provides a reconciliation of net income, the
most directly comparable GAAP measure, to EBITDA and Adjusted
EBITDA (in thousands).
|
Three Months
Ended
|
|
December 31,
2021
|
|
September 30,
2021
|
Net income
|
164
|
|
2,710
|
Depreciation and
amortization
|
17,223
|
|
17,644
|
Interest
expense
|
10,230
|
|
10,426
|
Income tax (benefit)
expense
|
(1,608)
|
|
14,484
|
EBITDA
|
$
26,009
|
|
$
45,264
|
Special items
(1)
|
5,393
|
|
(554)
|
Adjusted
EBITDA
|
$
31,402
|
|
$
44,710
|
Gains on asset
dispositions, net
|
(727)
|
|
(162)
|
Adjusted EBITDA
excluding asset dispositions
|
$
30,675
|
|
$
44,548
|
|
(1) Special items
include the following:
|
|
|
Three Months
Ended
|
|
December 31,
2021
|
|
September 30,
2021
|
Restructuring
costs
|
$
17
|
|
$
117
|
Loss on
impairment
|
—
|
|
2,901
|
PBH intangible
amortization
|
3,060
|
|
3,060
|
Merger-related
costs
|
34
|
|
647
|
Government
grants(2)
|
—
|
|
(222)
|
Early extinguishment
of debt fees
|
—
|
|
124
|
Bankruptcy-related
costs
|
29
|
|
103
|
Insurance-related
proceeds, net
|
—
|
|
899
|
Nonrecurring
professional services fees
|
2,253
|
|
817
|
Bankruptcy-related
settlement
|
—
|
|
(9,000)
|
|
$
5,393
|
|
$
(554)
|
|
|
|
|
(2) COVID-19 related government
relief grants
|
Adjusted Free Cash Flow Reconciliation
Free Cash Flow represents the Company's net cash provided by
operating activities plus proceeds from disposition of property and
equipment, less expenditures related to purchases of property and
equipment. Adjusted Free Cash Flow is Free Cash Flow adjusted to
exclude nonrecurring professional services fees, costs paid in
relation to the Merger, the Chapter 11 Cases and government grants
related to the Company's fixed wing services. Management
believes that the use of Adjusted Free Cash Flow is meaningful as
it measures the Company's ability to generate cash from its
business after excluding cash payments for special items.
Management uses this information as an analytical indicator to
assess the Company's liquidity and performance. However, 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 Adjusted Free Cash Flow may differ from the
methods used by other companies to calculate their free cash
flow.
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).
|
Three Months
Ended
|
|
December 31,
2021
|
|
September 30,
2021
|
Net cash provided by
operating activities
|
$
45,083
|
|
$
36,753
|
Plus: Proceeds from
disposition of property and equipment
|
740
|
|
3,188
|
Less: Purchases of
property and equipment
|
(5,920)
|
|
(14,338)
|
Free Cash
Flow
|
$
39,903
|
|
$
25,603
|
Plus: Restructuring
costs
|
92
|
|
178
|
Plus: Merger-related
costs
|
8
|
|
2,212
|
Plus:
Bankruptcy-related costs
|
108
|
|
244
|
Plus: Nonrecurring
professional services fees
|
1,764
|
|
—
|
Less:
Bankruptcy-related settlement
|
—
|
|
(9,000)
|
Less: Government
grants
|
(61)
|
|
(161)
|
Adjusted Free Cash
Flow
|
$
41,814
|
|
$
19,076
|
Net (proceeds
from)/purchases of property and equipment ("Net Capex")
|
5,180
|
|
11,150
|
Adjusted Free Cash
Flow excluding Net Capex
|
$
46,994
|
|
$
30,226
|
BRISTOW GROUP
INC
FLEET
COUNT
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Aircraft
|
|
|
|
|
Type
|
|
Owned
Aircraft
|
|
Leased
Aircraft
|
|
Aircraft
Held For
Sale
|
|
Consolidated
Aircraft
|
|
Max
Pass
Capacity
|
|
Average
Age
(years)(1)
|
Heavy
Helicopters:
|
|
|
|
|
|
|
|
|
|
|
|
|
S-92
|
|
36
|
|
21
|
|
—
|
|
57
|
|
19
|
|
13
|
S-92 U.K.
SAR
|
|
3
|
|
7
|
|
—
|
|
10
|
|
19
|
|
7
|
H225
|
|
—
|
|
—
|
|
2
|
|
2
|
|
19
|
|
11
|
AW189
|
|
6
|
|
1
|
|
—
|
|
7
|
|
16
|
|
6
|
AW189 U.K.
SAR
|
|
11
|
|
—
|
|
—
|
|
11
|
|
16
|
|
5
|
|
|
56
|
|
29
|
|
2
|
|
87
|
|
|
|
|
Medium
Helicopters:
|
|
|
|
|
|
|
|
|
|
|
|
|
AW139
|
|
51
|
|
6
|
|
—
|
|
57
|
|
12
|
|
11
|
S-76
C+/C++
|
|
16
|
|
—
|
|
—
|
|
16
|
|
12
|
|
14
|
S-76D
|
|
8
|
|
—
|
|
—
|
|
8
|
|
12
|
|
8
|
B212
|
|
2
|
|
—
|
|
—
|
|
2
|
|
12
|
|
40
|
|
|
77
|
|
6
|
|
—
|
|
83
|
|
|
|
|
Light—Twin Engine
Helicopters:
|
|
|
|
|
|
|
|
|
|
|
|
|
AW109
|
|
4
|
|
—
|
|
—
|
|
4
|
|
7
|
|
15
|
EC135
|
|
10
|
|
—
|
|
—
|
|
10
|
|
6
|
|
13
|
|
|
14
|
|
—
|
|
—
|
|
14
|
|
|
|
|
Light—Single
Engine Helicopters:
|
|
|
|
|
|
|
|
|
|
|
|
|
AS350
|
|
17
|
|
—
|
|
—
|
|
17
|
|
4
|
|
24
|
AW119
|
|
13
|
|
—
|
|
—
|
|
13
|
|
7
|
|
15
|
|
|
30
|
|
—
|
|
—
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Helicopters
|
|
177
|
|
35
|
|
2
|
|
214
|
|
|
|
13
|
Fixed wing
|
|
6
|
|
8
|
|
—
|
|
14
|
|
|
|
|
UAV
|
|
—
|
|
2
|
|
—
|
|
2
|
|
|
|
|
Total
Fleet
|
|
183
|
|
45
|
|
2
|
|
230
|
|
|
|
|
|
|
(1) Reflects
the average age of helicopters that are owned.
|
The chart below presents the number of aircraft in our fleet and
their distribution among the regions in which we operate as of
December 31, 2021 and the percentage of operating revenue that
each of our regions provided during the Current Quarter.
|
|
Percentage
of
Current
Quarter
Operating
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UAV
|
|
Fixed
Wing
|
|
|
|
|
Heavy
|
|
Medium
|
|
Light
Twin
|
|
Light
Single
|
Total
|
Europe
|
|
54
|
%
|
|
63
|
|
12
|
|
—
|
|
3
|
|
2
|
|
—
|
|
80
|
Americas
|
|
35
|
%
|
|
20
|
|
57
|
|
14
|
|
27
|
|
—
|
|
—
|
|
118
|
Asia
Pacific
|
|
6
|
%
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
12
|
|
12
|
Africa
|
|
5
|
%
|
|
4
|
|
14
|
|
—
|
|
—
|
|
—
|
|
2
|
|
20
|
Total
|
|
100
|
%
|
|
87
|
|
83
|
|
14
|
|
30
|
|
2
|
|
14
|
|
230
|
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SOURCE Bristow Group