Bristow(VTOL)2025-05-06 23:23Fleet 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 353.53 million for the previous quarter[75]. - Offshore Energy Services revenue decreased by 4.5 million due to lower utilization in the UK, while the Americas increased by 2.2 million[78]. - Government Services revenue increased 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 31.80 million in the previous quarter[75]. - Net income attributable to Bristow Group Inc. was 31.79 million in the previous quarter[75]. - Operating cash flows were negative at 27.3 million compared to 186,146 thousand, with an operating income of 26,653 thousand[102]. Liquidity and Capital Commitments - As of March 31, 2025, total liquidity was 191.1 million in unrestricted cash and 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 2,392,118 thousand[102]. - Current liabilities were reported at 695,182 thousand[102]. - The company has non-cancelable operating leases with total undiscounted future payments of 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].