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Q1 2014 EARNINGS CALL – Era Helicopters

Era Helicopters · May 7, 2014 · 18 slides

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Slides

  1. Q1 2014 EARNINGS CALL – Era Helicopters – slide 1
    Q1 2014 Earnings Presentation May 7, 20140
  2. Q1 2014 EARNINGS CALL – Era Helicopters – slide 2
    Q1 2014 Earnings Call Agenda I. Introduction Chris Bradshaw, EVP and CFO II. Operational Highlights Sten Gustafson, Chief Executive Officer III. Financial Review Chris Bradshaw, EVP and CFO IV. Closing Remarks Sten Gustafson, Chief…
  3. Q1 2014 EARNINGS CALL – Era Helicopters – slide 3
    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,…
  4. Q1 2014 EARNINGS CALL – Era Helicopters – slide 4
    Operational Highlights 4
  5. Q1 2014 EARNINGS CALL – Era Helicopters – slide 5
    Q1 2014 Highlights Compared to Prior Year Quarter Record Q1 operating revenues of 79.4mm represent a 17% increase over the prior year quarter Total increase of 11.7mm primarily due to strong results from our U.S. Gulf of Mexico…
  6. Q1 2014 EARNINGS CALL – Era Helicopters – slide 6
    Oil and Gas Q1 operating revenues from oil and gas activities of 56.6mm 25% increase from Q1 2013 5% increase from Q4 2013 U.S. Gulf of Mexico operating revenues of 49.1mm 36% increase from Q1 2013 primarily due to an increase in…
  7. Q1 2014 EARNINGS CALL – Era Helicopters – slide 7
    Other Service Lines Dry-leasing revenues of 10.9mm in Q1 2014 22% decrease from Q1 2013 due to fewer helicopters on dry-lease 6% decrease from Q4 2013 Revenues from Aerleo and a customer in India continue to be recognized on a cash…
  8. Q1 2014 EARNINGS CALL – Era Helicopters – slide 8
    Helicopter Order and Options Book Remaining Amount Delivery Class Type Number Firm Cancellable Current Order Book 2014 Medium AW139 1 9.1 2014 Heavy AW189 3 40.4 2015 Heavy AW189 2 14.2 16.8 2016 Heavy AW189 3 51.4 2016…
  9. Q1 2014 EARNINGS CALL – Era Helicopters – slide 9
    Financial Review 9
  10. Q1 2014 EARNINGS CALL – Era Helicopters – slide 10
    Period Over Period Comparison Three Months Ended March 31, 2014 2013 Change % Variance (000s) Operating revenues 79,443 67,727 11,716 17% Operating expenses 49,640 43,116 6,524 (15%) G&A expenses 11,334 9,134 2,200 (24%)…
  11. Q1 2014 EARNINGS CALL – Era Helicopters – slide 11
    Sequential Quarter Comparison Three Months Ended 31-Mar 31-Dec Change % Variance (000s) Operating revenues 79,443 75,998 3,445 5% Operating expenses 49,640 45,213 4,427 (10%) G&A expenses 11,334 10,562 772 (7%) Depreciation 11,287…
  12. Q1 2014 EARNINGS CALL – Era Helicopters – slide 12
    Capitalization and Financial Policy March 31, 2014 (000s) Era continues to generate substantial free cash flow Cash and cash equivalents 25,338(a) Flexibility to fund growth via organic and Revolving credit facility 55,000…
  13. Q1 2014 EARNINGS CALL – Era Helicopters – slide 13
    Net Asset Value 50 45 40 35 30 25 20 15 1/22/13 4/22/13 7/22/13 10/22/13 1/22/14 4/22/14 NAV per Share (excl. deferred taxes) Stock Price NAV per Share (net of deferred taxes) Book Value per Share 13
  14. Q1 2014 EARNINGS CALL – Era Helicopters – slide 14
    Appendix 14
  15. Q1 2014 EARNINGS CALL – Era Helicopters – slide 15
    Fleet Overview Joint Average Owned Ventured Leased-In Managed Total Age(a) Heavy: EC225 9 9 4 Total Heavy 9 9 Medium: AW139 36 1 37 4 B212 10 10 35 B412 6 6 32 S76 A/A++ 2 2 24 S76 C+/C++ 5 1 6 7 Total Medium 59 1 1 61…
  16. Q1 2014 EARNINGS CALL – Era Helicopters – slide 16
    NAV per Share Calculation (as of 3/31/14) (in millions, except share data) + FMV of Helicopters 939 + NBV of Other PP&E 118 + Working Capital 77 + Other Net Tangible Assets 48 - Long-term Debt (282) - Deferred Taxes (211) Net…
  17. Q1 2014 EARNINGS CALL – Era Helicopters – slide 17
    Financial Highlights Fiscal Year 3 Mos. Ended March 31, ( millions) 2009 2010 2011 2012 2013 2013 2014 Revenue 235.7 235.4 258.1 272.9 299.0 67.7 79.4 Operating Expenses 148.0 147.2 162.7 167.2 186.6 43.1 49.6 G&A 21.4 25.8 31.9 34.8…
  18. Q1 2014 EARNINGS CALL – Era Helicopters – slide 18
    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…

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