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Q4 Fiscal Year 2015 Earnings Call – Bristow Group

Bristow Group · May 21, 2015 · 61 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 1
    Fourth quarter FY15 earnings presentation Bristow Group Inc. May 21, 2015
  2. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 2
    Fourth quarter FY15 earnings call agenda Introduction Linda McNeill, Director Investor Relations CEO remarks and safety review Jonathan Baliff, President and CEO Operational highlights Jeremy Akel, SVP and COO Current and future…
  3. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 3
    CEO remarks and safety review Jonathan Baliff, President and CEO
  4. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 4
    FY15 operational safety review Achieved one full year of global FY15 Air Accident Rate1 (AAR) per 100,000 flight hours (fiscal year) Target Zero in August 2014 and two consecutive years with zero 0.96 air accidents in March 2015…
  5. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 5
    FY15 highlights High reliability and excellent client service led to 13.9% revenue growth to 1.7 billion in FY15 Proactive cost and capital efficiency led to FY15 adjusted EBITDAR* of 474 million, BVA** of 100 million, and…
  6. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 6
    Bristow market perspectives Bristow continues to believe this is not just a supply-oriented decline, but is driven by weaker than expected demand for Overall oil market perspective Bristow believes in a U-shaped recovery that will…
  7. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 7
    Operational highlights Jeremy Akel, SVP and COO 8
  8. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 8
    Europe (EBU) Europe contributed 44% of Bristow operating revenue and 37% of adjusted EBITDAR* in Q4 FY15 Operating revenue increased 3.8% to 177.2M in Q4 FY15 from 170.7M in Q4 FY14 Adjusted EBITDAR decreased 16.6% to 53.1M in Q4…
  9. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 9
    UK SAR update From the start of the Gap SAR contract on June 1, 2013 through March 31, 2015, we have conducted 583 missions and rescued and/or assisted 581 people Sumburgh and Stornoway (Gap SAR) bases generated a total of 11.1M of…
  10. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 10
    West Africa (WASBU) West Africa (Nigeria) contributed 19% of Bristow operating revenue and 25% of adjusted EBITDAR* in Q4 FY15 Operating revenue decreased to 75.3M in Q4 FY15 from 83.8M in Q4 FY14 Adjusted EBITDAR increased to 35.9M…
  11. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 11
    North America (NABU) North America contributed 14% of Bristow operating revenue and 20% of adjusted EBITDAR* in Q4 FY15 Operating revenue increased to 58.3M in Q4 FY15 from 55.6M in Q4 FY14 Adjusted EBITDAR increased to 28.2M in…
  12. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 12
    Australia (AUSBU) Australia contributed 16% of Bristow operating revenue and 12% of adjusted EBITDAR* in Q4 FY15 Operating revenue increased by 55.0% to 62.9M Broome Truscott Darwin BDI provide support to the Republic of in Q4 FY15…
  13. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 13
    Other International (OIBU) Other International contributed 8% of Bristow operating revenue and 5% of adjusted EBITDAR* in Q4 FY15 Operating revenue decreased to 31.8M in Q4 FY15 vs. 38.0M in Q4 FY14 Adjusted EBITDAR decreased to…
  14. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 14
    Lder update Q1 CY15 EBITDAR was 21.9 million, down 25% from Q1 CY14 due to reduced activity with Petrobras Absolute BVA contribution to Bristow from Lder was 2.4M* in Q4 FY15 Adjusted debt to TTM adjusted EBITDAR increased to 3.3x…
  15. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 15
    Current financial performance and guidance for the future John Briscoe, SVP and CFO
  16. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 16
    Financial highlights: Adjusted EBITDAR and adjusted EPS summary year-over-year Q4 FY14 to Q4 FY15 adjusted EBITDAR bridge (in millions) 24.6 7.7 13.5 122.9 126.3 Q4 FY14 Operations Corporate and Other FX Changes Q4 FY15 Q4…
  17. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 17
    Brazilian real per USD Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 3.4 3.2 3 BRL per USD 2.8 2.6 2.4 2.2 2 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 Source: Factset 18
  18. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 18
    LACE and LACE rate Consolidated commercial aircraft Large Aircraft Equivalent (LACE)* 180 LACE* LACE Rate* ( in millions) 12 300 279 264 261 241 242 9.34 9.21 10 250 170 8.35 7.89 7.15 8 200 166 153 158 158 149 160 6 150 100…
  19. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 19
    Bristow Value Added (BVA) drives improving Gross Cash Flow (GCF) performance 14.0% 70.0 13.0% 13.1% 13.2% 13.2% 12.0% 60.0 12.4% 10.0% TTM GCF reutrn % BVA in millions 50.0 8.0% 40.0 28.7 29.3 6.0% 30.0 24.5 26.1…
  20. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 20
    Our progress on BVA yields stronger operating cash flow for growth, dividends and share repurchases Net cash provided by operating activities1 600 Total liquidity2 300 530 500 250 415 204 402 400 200 370 in millions in…
  21. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 21
    FY16 guidance initiated FY16 adjusted EPS guidance range is initiated at 3.90 - 4.40, excluding special items and aircraft sales. FY16 guidance includes: FY16 guidance as of March 31, 2015 Average LACE (Large AirCraft 170-180…
  22. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 22
    FY16 adjusted EPS guidance bridge from FY15 5.00 0.50 0.88 4.00 3.00 4.15 3.77 2.00 FY15 adjusted EPS FY15 foreign FY16 net oil and gas FY16 adjusted EPS exchange effect decline, partially offset guidance midpoint by new…
  23. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 23
    Bristow remains well positioned for the future Safety is and will remain our number one priority, as we build on two consecutive years of air Target Zero and continue to proactively engage with the industry through HeliOffshore We…
  24. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 24
    Appendix
  25. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 25
    Organizational chart - as of March 31, 2015 Bristow EBU WASBU NABU AUSBU OIBU BRS Academy 42% 18% 14% 15% 8% 3%* UK 85/7 Nigeria 46/6 U.S. GoM 59/6 Australia 40/12 Brazil 8/4 Florida 51/1 Norway 21/4 Canada 9/2 Egypt 0/0…
  26. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 26
    New organizational chart - as of March 31, 2015 Bristow Europe BRS Academy Africa Americas Asia Pacific Caspian 1%* 19% 21% 16% 43% UK 85/7 Nigeria 46/6 U.S. GoM 59/6 Australia 40/12 Florida 51/1 Norway 21/4 Tanzania 3/1…
  27. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 27
    Organizational changes Old business unit New region EBU Europe Caspian Europe, Eastern Airways and UK EBU and Turkmenistan SAR AUSBU Asia Pacific Australia and Airnorth AUSBU, Malaysia and Russia NABU Americas U.S. and Canada…
  28. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 28
    Aircraft fleet medium and large as of March 31, 2015 Aircraft Large capacity 16-25 passengers Type No. of PAX Engine Consl Unconsl Total Ordered Large Helicopters AS332 L Super Puma 18 Twin Turbine 4 - 4 - AW189 16 Twin Turbine 4 - 4…
  29. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 29
    Aircraft fleet small, training and fixed as of March 31, 2015 (continued) Aircraft Small capacity 4-7 passengers Type No. of PAX Engine Consl Unconsl Total Ordered Small Helicopters AW109 6 Twin Turbine - 1 1 AS 350BB 4 Turbine - 2…
  30. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 30
    Operating lease strategy: lowering the cost and amount of capital needed to grow Leased aircraft as of March 31, 2015 Small Medium Large Total Leased LACE Total LACE % Leased EBU - 5 36 41 39 71 54% WASBU - 1 1 2 2 20 8% NABU 1 13…
  31. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 31
    Consolidated fleet changes and aircraft sales for Q4 FY15 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 FY15 Fleet Count Beginning 363 363 363 369 363 Delivered Large 6 2 4 2 14 Medium 3 - 2 2 7 Total Delivered 9 2 6 4 21 Removed Sales (4) (7)…
  32. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 32
    Held for sale and leased fleet as of Q4 FY15 Held for sale aircraft in consolidated fleet Small Medium Large Training Total EBU - - 2 - 2 WASBU - 3 - - 3 NABU - 3 - - 3 AUSBU - - - - - OIBU - 4 - - 4 Academy - - - - - Total -…
  33. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 33
    Leased aircraft by region as of Q4 2015 Leased aircraft as of March 31, 2015 Small Medium Large Total Leased LACE Total LACE % Leased Europe Caspian - 5 36 41 39 72 54% Africa - 1 1 2 2 21 7% Americas 1 13 5 19 12 45 26% Asia Pacific…
  34. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 34
    Held for sale and leased fleet by region as of Q4 2015 Held for sale aircraft in consolidated fleet Small Medium Large Training Total Europe Caspian - - 2 - 2 Africa - 3 - - 3 Americas - 7 - - 7 Asia Pacific - - - - - Academy - -…
  35. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 35
    Operating revenue, LACE and LACE rate by BU Operating revenue, LACE, and LACE rate by BU as of March 31, 2015 FY15 op revenue1 LACE LACE Rate2,3,4 EBU 633 71 8.91 WASBU 296 20 14.99 NABU 234 33 7.04 AUSBU 197 22 9.18 OIBU 136 21…
  36. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 36
    Operating revenue, LACE and LACE rate by region Operating revenue, LACE, and LACE rate by region as of March 31, 2015 FY15 op revenue1 LACE LACE Rate2,3,4 Europe Caspian 642 72 8.97 Africa 316 21 14.88 Americas 348 45 7.77 Asia…
  37. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 37
    Historical LACE by BU LACE FY10 FY11 FY12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBU 45 45 45 42 42 43 48 46 44 46 46 45 WASBU 23 23 24 25 24 24 21 22 23 22 22 22 NABU 39 36 36 36 39 35 34 29 30 29 30 30 AUSBU 20 20 22 22 20 23 24 20 19…
  38. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 38
    Historical LACE by region LACE FY13 FY14 FY15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Europe Caspian 48 46 52 56 58 60 60 57 62 68 70 72 Africa 23 23 21 21 21 22 23 24 24 24 22 21 Americas 48 46 53 52 51 48 48 47 47 45 46 45 Asia Pacific…
  39. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 39
    Historical LACE rate by BU LACE Rate1,2 FY10 FY11 FY12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBU 8.36 8.28 8.40 8.76 8.20 8.50 7.90 8.40 9.80 9.60 9.63 10.09 WASBU 9.08 8.81 8.66 8.34 9.70 9.40 10.70 9.90 9.10 10.30 11.17 11.46 NABU…
  40. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 40
    Historical LACE rate by region LACE Rate1,2 FY13 FY14 FY15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Europe Caspian 10.50 10.94 9.70 9.12 9.63 9.96 10.31 10.86 10.57 9.77 9.38 8.97 Africa 11.54 11.70 13.06 13.28 14.26 13.95 13.25 13.34…
  41. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 41
    Flight hours by BU Flight hours by BU FY13 FY14 Q1 Q2 Q3 Q4 FY13 Q1 Q2 Q3 Q4 FY14 EBU 17,236 15,900 14,399 13,807 61,342 16,294 16,871 16,428 19,537 69,130 WASBU 10,754 10,635 11,060 10,941 43,390 11,716 11,396 11,485 10,984 45,581…
  42. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 42
    Flight hours by region Flight hours by region FY13 FY14 Q1 Q2 Q3 Q4 FY13 Q1 Q2 Q3 Q4 FY14 Europe Caspian 17,354 16,062 14,610 14,111 62,137 16,457 17,056 16,597 19,706 69,816 Africa 10,754 10,634 11,061 10,941 43,390 11,716 11,395…
  43. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 43
    Order and options book as of March 31, 2015 ORDER BOOK1 OPTIONS BOOK Helicopter Helicopter Class Delivery Date Location Contracted Class Delivery Date 3 Medium June-15 Africa 1 Large June-16 1 Medium June-15 Americas 1 of 1 3…
  44. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 44
    Order and options book as of March 31, 2015 (continued) UK SAR CONFIGURED ORDER BOOK Helicopter Class Delivery Date Location Contracted 5 Large June-15 Europe Caspian 5 of 5 2 Large June-15 Europe Caspian 2 of 2 2 Large…
  45. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 45
    Total net asset FMV with and without leased aircraft FMV 95 Net asset FMV per share Book value of equity per share Average stock price 85 78.43 75 65 57.42 55 49.85 45 46.02 35 NOTE: The gray shaded area…
  46. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 46
    Net asset FMV reconciliation as of March 31, 2015 March 31, 2015 (in millions) Including leases Excluding leases (+) FMV of aircraft 1,968 1,968 (+) FMV of leased aircraft 1,645 - (+) NBV of PPE without aircraft 528 528 (+)…
  47. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 47
    Adjusted EBITDAR margin* trend by BU FY12 FY13 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year EBU 33.0% 31.4% 30.7% 36.1% 32.9% 32.2% 34.6% 39.5% 38.3% 36.2% WASBU 29.5% 35.5% 37.2% 36.6% 35.0% 31.9% 26.5% 35.0% 31.8% 31.5% NABU 14.3%…
  48. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 48
    Adjusted EBITDAR margin* trend by region FY13 FY14 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Europe Caspian 31.9% 34.4% 39.1% 35.6% 35.3% 30.3% 35.2% 35.4% 37.7% 34.9% Africa 31.5% 26.5% 35.0% 32.0% 31.4% 34.1% 30.1% 31.7% 36.6%…
  49. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 49
    Adjusted EBITDAR* reconciliation Fiscal year ended, 3/31/2012 3/31/2013 ( in millions) Q1 Q2 Q3 Q4 FY12 Q1 Q2 Q3 Q4 FY13 Net income 21 3 26 15 65 24 30 37 40 132 Income tax expense 7 -2 7 2 14 6 8 8 13 35 Interest expense 9 9 10…
  50. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 50
    Bristow Value Added (BVA) Sample calculation for Q4 FY15 and Q4 FY14 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF (GOA x 10.5%**) Bristow Value Added calculation for Q4 FY15 29.3 =…
  51. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 51
    Bristow gross cash flow reconciliation (in millions) Gross cash flow reconciliation Q4 FY14 Q4 FY15 Net income 30 15 Depreciation and amortization 26 37 Interest expense 8 8 Interest income (0) (0) Rent 31 50 Other…
  52. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 52
    Bristow adjusted gross operating assets reconciliation (in millions) Adjusted gross operating assets reconciliation Q4 FY14 Q4 FY15 Total assets 3,398 3,231 Accumulated depreciation 523 509 Capitalized operating leases 428 623 Cash…
  53. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 53
    Lder Bristow Value Added (BVA) Sample calculation for Q4 FY15 and Q4 FY14 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF (GOA x 10.5%** ) Bristow Value Added calculation for Q4 FY15 2.4…
  54. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 54
    Lder gross cash flow reconciliation ( in millions) Gross cash flow reconciliation Q4 FY14 Q4 FY15 Net income (loss) (35) (0) Depreciation and amortization 3 3 Rent 7 7 Interest expense 4 2 Interest income (1) 2 FX (gains)…
  55. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 55
    Lder adjusted gross operating assets reconciliation ( in millions) Adjusted gross operating assets reconciliation Q4 FY14 Q4 FY15 Total assets 580 588 Cash and cash equivalents (73) (69) Accumulated depreciation 74 76 Capitalized…
  56. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 56
    Lder's adjusted EBITDAR* reconciliation ( in millions) Q1 CY14 Q2 CY14 Q3 CY14 Q4 CY14 Q1 CY15 Gross revenue 121.2 113.7 116.4 100.9 80.2 (-) Revenue deductions (5.9) (7.3) (7.7) (6.1) (4.5) Net operating revenue 115.3 106.4 108.7…
  57. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 57
    GAAP reconciliation Three months ended Fiscal year ended March 31, December 31, 2015 2014 2015 2014 (In thousands, except per share amounts) Adjusted operating income 49,261 68,401 210,564 217,348 Gain (loss) on disposal of assets…
  58. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 58
    Bristow leverage reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of March 31, 2015 864.4 1,618.8 2,483.2 34.8% Adjust for: Unfunded Pension Liability 99.6 99.6 NPV of Lease…
  59. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 59
    Lder leverage reconciliation (in millions) Mar-14 Mar-15 Total book debt 296 300 NPV of leases 63 41 Total adjusted debt 359 341 TTM adjusted EBITDAR 120 104 Adjusted debt / TTM adj. EBITDAR 3.0x 3.3x 60
  60. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 60
    We are Bristow 61
  61. Q4 Fiscal Year 2015 Earnings Call – Bristow Group – slide 61
    Contact us Bristow Group Inc. (NYSE: BRS) 2103 City West Blvd., 4th Floor Houston, Texas 77042 t 713.267.7600 f 713.267.7620 bristowgroup.com 62

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