Bristow Group (VTOL) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Good day, everyone, and welcome to Bristol Group Reports First Quarter twenty twenty five Earnings Call. Today's call is being recorded. After the speakers' remarks, there will be a question and answer session. At this time, I'd like to turn over the call to Rhett Tillahunt, Senior Manager of Investor Relations and Financial Reporting. Speaker1 Thank you, Luke. Good morning, everyone, and welcome to Bristow Group's first quarter tw ...

Fleet and Operations - Bristow Group reported a total fleet of 211 aircraft as of March 31, 2025, comprising 194 helicopters, 13 fixed-wing aircraft, and 4 unmanned aerial systems[68]. - The company operates in three segments: Offshore Energy Services (68% of total revenues), Government Services (25%), and Other Services (7%) for the three months ended March 31, 2025[70]. - The average age of the helicopters in the fleet is 15 years, with heavy helicopters like the S92 having a maximum passenger capacity of 19[68]. - The company has 17 aircraft under construction and 5 on order, indicating ongoing fleet expansion efforts[70]. - Bristow's fleet includes 63 heavy helicopters, 67 medium helicopters, and 16 light twin-engine helicopters, showcasing a diverse operational capability[68]. - Bristow's operations are seasonally affected, with the highest activity levels typically from April to September due to increased daylight hours[65]. - The company has customers in multiple countries, including the U.S., Canada, Brazil, and Saudi Arabia, highlighting its global operational reach[64]. Financial Performance - Total revenues for the three months ended March 31, 2025, were $350.53 million, a decrease of 0.8% compared to $353.53 million for the previous quarter[75]. - Offshore Energy Services revenue decreased by $0.4 million, with Europe down $4.5 million due to lower utilization in the UK, while the Americas increased by $1.9 million and Africa by $2.2 million[78]. - Government Services revenue increased by $3.4 million, primarily due to the commencement of the Irish Coast Guard contract[79]. - Other Services revenue decreased by $6.0 million, mainly due to lower seasonal utilization in Australia and unfavorable foreign exchange impacts[80]. - Operating income for the three months ended March 31, 2025, was $33.55 million, an increase of 5.5% from $31.80 million in the previous quarter[75]. - Net income attributable to Bristow Group Inc. was $27.36 million, a decrease of 13.9% from $31.79 million in the previous quarter[75]. - Operating cash flows were negative at $(603,000), a decrease of $27.3 million compared to $26.68 million in the previous quarter[85]. - As of March 31, 2025, total revenues were $186,146 thousand, with an operating income of $17,509 thousand and a net income of $26,653 thousand[102]. Liquidity and Capital Commitments - As of March 31, 2025, total liquidity was $254.3 million, consisting of $191.1 million in unrestricted cash and $63.2 million available under the ABL Facility[92]. - Unfunded capital commitments totaled $169.2 million, primarily for the purchase of helicopters scheduled for delivery in 2025 and 2026[96]. - The company plans to finance future capital expenditures through a combination of cash on hand, operating cash flows, debt financing, and aircraft leasing[94]. - Current assets amounted to $2,483,599 thousand, while non-current assets were $2,392,118 thousand[102]. - Current liabilities were reported at $1,846,003 thousand, and non-current liabilities stood at $695,182 thousand[102]. - The company has non-cancelable operating leases with total undiscounted future payments of $288,087 thousand, including $249,370 thousand for aircraft[99]. Debt and Market Risks - The company issued 6.875% Senior Notes due 2028, which are fully guaranteed by several subsidiaries[100]. - The financial position of the Guarantors indicates the company's ability to meet obligations under the 6.875% Senior Notes[101]. - The company is exposed to market risks related to foreign currency exchange rates, credit risk, and interest rates[105]. - The exposure to market risk has not changed materially since December 31, 2024[106]. Strategic Focus and Risks - The management emphasizes the importance of diversifying government services and advanced air mobility as part of its business strategy[59]. - The company faces risks from supply chain disruptions, reliance on a limited number of helicopter manufacturers, and potential cyberattacks[59]. - There have been no material changes to critical accounting policies and estimates since the last Annual Report[103]. - The company may enter into opportunistic aircraft lease agreements under favorable market conditions[98].

Q1 2025 Earnings Presentation President and CEO Financial Review Jennifer Whalen SVP, Chief Financial Officer 04 Concluding Remarks Chris Bradshaw May 7, 2025 Q1 2025 Earnings Call Introduction Redeate (Red) Tilahun Senior Manager, Investor Relations and Financial Reporting Operational Highlights Chris Bradshaw 02 03 Cautionary Statement Regarding Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, an ...

Exhibit 99.1 BRISTOW GROUP REPORTS FIRST QUARTER 2025 RESULTS AFFIRMS 2025 AND 2026 OUTLOOK RANGES Houston, Texas May 6, 2025 First Quarter Highlights FOR IMMEDIATE RELEASE — Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $27.4 million, or $0.92 per diluted share, for the quarter ended March 31, 2025 (the "Current Quarter") on total revenues of $350.5 million compared to net income attributable to the Company of $31.8 million, or $1.07 p ...

HOUSTON, May 6, 2025 /PRNewswire/ -- First Quarter Highlights Total revenues of $350.5 million in Q1 2025 compared to $353.5 million in Q4 2024 Net income of $27.4 million, or $0.92 per diluted share, in Q1 2025 compared to net income of $31.8 million, or $1.07 per diluted share, in Q4 2024 Adjusted EBITDA (as defined herein)(1) for Q1 2025 was $57.7 million, consistent with Q4 2024 Affirms 2025 Adjusted EBITDA outlook range of $230 - $260 million and 2026 Adjusted EBITDA outlook range of $275 - $335 millio ...

HOUSTON, April 29, 2025 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL), the global leader in innovative and sustainable vertical flight solutions, today announced it will release its first quarter 2025 financial results after market close on Tuesday, May 6, 2025. In connection with the release, Bristow has scheduled a conference call for Wednesday, May 7, 2025, to begin at 10:00 a.m. ET (9:00 a.m. CT).Investors may participate in the call by using the following link, which is now open for early registratio ...

Core Viewpoint - Sikorsky and Bristow Group have announced a long-term agreement to enhance support for Bristow's S-92 helicopter fleet, reflecting a commitment to operational efficiency and cost control in the offshore energy sector [1][3][5]. Company Overview - Sikorsky, a Lockheed Martin company, is focused on providing innovative solutions in the aviation sector, particularly for commercial markets [5][13]. - Bristow Group Inc. is a leading global provider of vertical flight solutions, primarily serving offshore energy companies and government entities with a range of aviation services [14][15]. Agreement Details - The agreement includes Sikorsky's Total Assurance Program (TAP), which offers Bristow continued aftermarket support for its fleet of over 60 S-92 aircraft [3][4]. - The TAP package covers over 90% of replacement costs for parts and provides enhanced global fleet support through Sikorsky's network [8]. Operational Enhancements - Sikorsky has introduced a new main gearbox for the S-92, featuring an auxiliary lubrication system that enhances safety and operational reliability [5]. - Scheduled inspection intervals for the S-92 have been increased, allowing operators to extend aircraft service life by up to 1,200 hours or 24 months [6]. Market Position - Bristow is the largest operator of the S-92 globally, emphasizing the importance of this agreement in maintaining high service levels while controlling operational costs [4].

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Financial Data and Key Metrics Changes - Adjusted EBITDA in Q4 2024 was $57.8 million, a decrease from $60.2 million in Q3 2024 [11] - Revenues decreased by $11.6 million primarily due to lower aircraft availability and unfavorable foreign exchange impacts [12] - Consolidated revenues increased by $118 million in 2024, with adjusted EBITDA rising by $66.3 million, representing a 39% increase compared to the prior year [22] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues increased by $113 million in 2024 compared to 2023, driven by higher utilization and increased rates in Africa and new contracts in Brazil [17] - Government Services revenues decreased by $7.6 million compared to 2023, primarily due to a change in rates after transitioning to a long-term contract with the Dutch Caribbean Coast Guard [18] - Other Services revenues increased by $12.6 million in 2024, primarily due to higher utilization and increased rates [21] Market Data and Key Metrics Changes - Strong growth was noted in West Africa, particularly Nigeria, and Brazil, with expectations for continued growth in these markets [41][42] - The Caribbean triangle, specifically Surinam, is also seeing increased demand for offshore helicopter services [43] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet while pursuing high-impact growth opportunities and returning capital to shareholders through share buybacks and dividends [31] - A new capital allocation framework was introduced, aiming to pay down debt to approximately $500 million by the end of 2026 [32] - The company anticipates stable long-term cash flows from government services contracts, with a dividend payment expected to commence in Q1 2026 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the offshore energy services market, citing a multiyear upcycle and strong demand [9] - Challenges include supply chain shortages and regulatory issues, but the company remains committed to delivering successful outcomes [10] - The outlook for 2025 is cautious due to expected headwinds from supply chain shortages, with more significant contract renewals occurring in late 2025 or 2026 [26] Other Important Information - The company reported a 32% decrease in lost workdays in 2024, indicating improved workplace safety [6] - A tragic air accident occurred during a training exercise, resulting in one fatality, which the company is cooperating with authorities to investigate [7] Q&A Session Summary Question: Dynamics in Offshore Energy Services - Management highlighted that high utilization levels are maintained due to a decade of limited new deliveries and a tightening supply-demand dynamic [36][37] Question: 2025 Growth Drivers - Key growth markets identified include Nigeria, Brazil, and Surinam, with expectations for continued demand [41][42] Question: Net Asset Value Importance - The net asset value was appraised at approximately $1.7 billion, significantly higher than the current stock price, indicating a potential undervaluation [47][48] Question: Government Services Outlook - Management expects continued government spending efficiency and potential growth opportunities, particularly in the US [83] Question: Advanced Mobility Market - The company is exploring opportunities in advanced air mobility, particularly in regions with fewer regulatory hurdles, such as the Middle East and Africa [85][86] Question: Impact of Tariffs on New Aircraft - Management is actively monitoring tariff impacts but noted that new aircraft deliveries are at fixed prices, insulating them from tariff fluctuations [101]

(Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________ FORM 10-K ___________________________________________________ ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Delaware 72-1455213 (State or Other Jurisdiction of Inco ...