First Quarter 2013 Earnings Presentation May 15, 2013 0
First Quarter 2013 Earnings Call Agenda I. Introduction Chris Bradshaw, EVP and CFO II. Brief Company Overview Sten Gustafson, Chief Executive Officer III. Q1 Operational Highlights Sten Gustafson, Chief Executive Officer IV. Financial…
NonGAAP Financial Measures Reconciliation This presentation includes EBITDA, Adjusted EBITDA and Adjusted EBITDAR as supplemental measures of Era Groups operating performance. EBITDA is defined as Earnings before Interest (includes…
Brief Company Overview 4
Business Summary Founded in Alaska in 1948, Era is the longest-serving LTM Revenue by End Market helicopter transport company in the U.S. Other Air Medical 6% Spin-off from SEACOR effective January 31, 2013 6% Contract- NYSE: ERA…
End Market Era Services Independent, major integrated and national oil & gas Offshore transport companies primarily serving drilling rigs and platforms Operations in key deepwater regions: the U.S. Gulf of Mexico and Brazil…
Areas of Operation 24 Canada 1 Norway 2 Alaska 1 3 Sweden UK 102 20 Continental United States Spain 3 2 12 India Mexico 2 Brazil Indonesia 1 Uruguay Australia Australia Aircraft in Region ( of aircraft) Training…
Fleet Overview Joint Average Owned Ventured Leased-In Managed Total Age(a) Heavy: EC225 9 9 3 Total Heavy 9 9 3 Medium: AW139 34 1 35 4 Bell 212 11 11 34 Bell 412 6 6 31 S76 A/A++ 5 1 6 27 S76 C/C++ 8 1 9 6 Total Medium 64 1…
Residual Value Retention Given helicopters retain significant value over Helicopter Value Retention their useful lives, Era has consistently sold (Indexed Resale Value) 100.0 helicopters at a premium to book value 80.0 Since 2004,…
Q1 Operational Highlights 11
Q1 2013 Highlights Strong operating performance in Q1 2013 reflected by record Q1 operating revenues of 67.7mm (11% increase from Q1 2012) Q1 net income attributable to Era Group Inc. of 6.7mm, compared to Q1 2012 net loss of 4.6mm Q1…
Global Suspension of EC225s On October 22, 2012, following the second ditching of an EC225 in the North Sea, Era and the other large operators decided to suspend operations of the EC225 globally until a root cause is determined and a…
Oil and Gas Q1 operating revenues from oil and gas activities of 48.4mm (29% increase from Q1 2012) U.S. Gulf of Mexico operating revenue of 39.4mm (15% increase from Q1 2012) Newly delivered medium helicopters placed in service and…
Market Environment Outlook Current and Potential Offshore Rigs Current and Planned Platforms 1000 191 975 8,000 1,287 7,389 102 354 692 20 784 69 933 800 6,102 6,000 338 585 24% growth 21% growth 600 483 4,000 6,697…
Other Service Lines Contract-leasing revenues of 13.9mm in Q1 2013 (7% decrease from Q1 2012) Primarily due to the deferral of revenues from Aeroleo and a customer in India Partially offset by new contract-leases that commenced after…
Financial Review 17
Historical Financial Performance Fiscal Year ending December 31 First Quarter ending March 31 300 45% 100 45% Hurricane Ike Macondo Incident 273 258 41% 249 40% 40% 250 236 235 80 215 35% 68 35% 34% 200 61 31% 60 30% ( in…
Period Over Period Comparison Three Months Ended March 31, 2013 2012 Change % Variance (000s) Operating revenues 67,727 61,052 6,675 11% Operating expenses 43,116 39,676 3,440 (9%) G&A expenses 9,134 9,677 (543) 6% Depreciation…
Q1 2013 Asset Dispositions Type Class Proceeds Gain Description Two light twins which had previously been removed from BO-105 (2) Light Twin 0.7 million 0.6 million service BH-212 (2) Medium 4.0 million 3.6 million Two BH-212s sold…
Quarterly Adjusted EBITDAR Growth Given the seasonality in the business, the 2nd and 3rd quarters are generally stronger than 1st and 4th quarters Longer days mean more potential flight hours Alaska flightseeing business runs from May…
Future Capital Commitments Remaining Amount(a) Current Order Book Delivery Class Type Number Firm Cancellable 2013 Medium AW139 1 8.3 2014 Heavy AW189 2 32.2 2015 Heavy AW189 3 49.8 TBD Light Twin AW169 5 40.4 11 8.3…
Net Asset Value 40 35 30 25 20 15 4-Feb 11-Feb 18-Feb 25-Feb 4-Mar 11-Mar 18-Mar 25-Mar 1-Apr 8-Apr 15-Apr 22-Apr 29-Apr 6-May 13-May Book Value per Share NAV per Share Stock Price 23
Capitalization and Financial Policy As of March 31, 2013 (000s) Capital structure decisions are evaluated on: Actual Liquidity sufficient to support business in all Cash and cash equivalents 25,032 operating conditions Revolving credit…
Reconciliation of Non-GAAP Financial Measures Historically, SEACOR charged its corporate costs and overhead charges to all of its operating divisions These charges have been excluded from Adjusted EBITDA and Adjusted EBITDAR to more…
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