Q4 and FY2014 Earnings Presentation March 11, 20150
Q4 and FY2014 Earnings Call Agenda I. Introduction Harmony Packard, Corporate Communications II. Operational Highlights Chris Bradshaw, CEO and CFO III. Financial Review Chris Bradshaw, CEO and CFO IV. Questions & Answers 1
Non-GAAP Financial Measures Reconciliation This presentation includes EBITDA and Adjusted EBITDA as supplemental measures of the Companys operating performance. EBITDA is defined as Earnings before Interest (includes interest income,…
Operational Highlights 4
HeliOffshore and Safety Update In October 2014, together with four other major helicopter operators, we officially launched the new industry association HeliOffshore HeliOffshore intends to use cross-industry cooperation as a platform…
Fiscal Year 2014 Highlights Record revenues Revenues (000s) Strong results from our U.S. Gulf of 400,000 Mexico operations primarily due to our 11% 331,222 EC225 heavy helicopters operating for the 300,000 298,959 full year in…
Q4 2014 Highlights Revenues of 74.7mm Revenues (000s) 1.3mm lower than Q4 2013 due to 125,000 conclusion of contracts in international oil & 2% 17% gas and air medical service lines 100,000 90,510 15.8mm lower than Q3 2014 due to…
Oil & Gas Gulf of Mexico Year-over-year revenues up modestly despite decline in total flight hours Primarily due to increased utilization of heavy helicopters Sequential quarter decline primarily due to normal seasonal pattern and…
Oil & Gas Alaska Decline in revenues compared to the prior year quarter primarily due to lower rebillable expenses Sequential quarter decline primarily due to normal seasonal pattern Revenues (000s) Flight Hours 10,000 6% 19%…
Oil & Gas International Year-over-year and sequential quarter revenues decreased due to conclusion of an international contract Revenues (000s) 2,000 85% 88% 1,514 1,228 1,000 183 183 Q4 2013 Q4 2014 Q3 2014 Q4…
Dry-Leasing Revenues relatively consistent due to decreased cash collections from Aerleo offset by increased cash collections from a customer in India Aerleo cash collections decreased 1.1mm over prior year quarter and 2.6mm over…
Search and Rescue Increase in revenues over the prior year quarter due to higher subscription rates Sequential quarter revenues unchanged Operate AW139 SAR helicopters out of Galveston, TX and Fouchon, LA providing 24/7 emergency…
Air Medical Decline in revenues primarily due to the conclusion of a contract Currently operate three contracts with a mix of helicopters owned by Era, leased-in by Era or owned by the hospitals being serviced New England Maine…
FBO Decline in revenues primarily due to decreased fuel sales Era operates a fixed based operation (FBO) at Ted Stevens Anchorage International Airport that sells fuel on an ad-hoc basis and leases hangar and office space…
Brazil Update By the end of March, Aeroleos existing helicopters are expected to be fully utilized for the first time Aeroleo was the low bidder on multiple lots in Petrobras recent tender for heavy and medium helicopters 4 x EC225…
Helicopter Order and Options Book Remaining Amount Delivery Class Type Number Firm Cancellable Current Order Book 2015 Heavy AW189 5 42.1 14.8 2015 Heavy S92 2 11.7 2016 Heavy AW189 3 45.4 2016 Heavy S92 2 45.3 2017 Heavy…
Houma Base Expansion Houma, LA base expansion project progressing When completed, it will be the premier helicopter operating facility in the Gulf Coast area Expected total cost of 22mm 16mm incurred to date (customers funding…
Financial Review 18
FY Period Over Period Comparison Twelve Months Ended December 31, 2014 2013 Change % Variance (000s) Operating revenues 331,222 298,959 32,263 11% Operating expenses 204,373 186,612 17,761 (10%) G&A expenses 43,987 38,924 5,063…
Q4 Period Over Period Comparison Three Months Ended December 31, 2014 2013 Change % Variance (000s) Operating revenues 74,689 75,998 (1,309) (2%) Operating expenses 45,772 45,213 559 (1%) G&A expenses 9,647 10,562 (915) 9%…
Fleet Overview Joint Average Owned Ventured Leased-In Managed Total Age(a) Heavy: EC225 9 9 5 Total Heavy 9 9 Medium: AW139 38 1 39 5 B212 9 9 36 B412 6 6 33 S76 A/A++ 2 2 25 S76 C+/C++ 5 1 6 8 Total Medium 60 1 1 62 Light…
Capitalization and Financial Policy December 31, 2014 (000s) Era continues to generate substantial free cash flow before growth capex Cash and cash equivalents 40,867 Subsequent to December 31, 2014, Era Credit facility 85,000…
Net Asset Value 50 45 40 35 30 25 20 15 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 NAV per Share (excl. deferred taxes) Stock Price NAV per Share (net of deferred taxes) Book Value per Share…
NAV per Share Calculation (in million, except share data) 9/30/14 12/31/14 Comments + FMV of Helicopters 927 912 New annual appraisal as of 12/31/14 + NBV of Other PP&E 128 164 Progress payments for S92s + Working Capital 78 80 +…
Operating Revenues and Flight Hours by Line of Service Three Months Ended Revenue (000s) 31-Dec-14 30-Sep-14 30-Jun-14 31-Mar-14 31-Dec-13 Oil and gas:(a) U.S. Gulf of Mexico 45,837 52,870 51,715 49,141 45,435 Alaska 6,496 7,984…
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 to more accurately reflect Eras…
Quarterly Reconciliation of Non-GAAP Financial Measures Quarterly Historical EBITDA and Adjusted EBITDA Three Months Ended (USD in thousands) 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 Net Income (Loss) 1,677 4,374 5,196…
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