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SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters

Era Helicopters · Mar 17, 2015 · 22 slides

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Slides

  1. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 1
    Sidoti 19th Annual Emerging Growth Forum March 17, 20150
  2. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 2
    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,…
  3. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 3
    Company Overview Founded in Alaska in 1948, Era is the longest-serving LTM Revenue by End Market helicopter transport company in the U.S. Air Medical FBO Flightseeing Services 4% 2% 3% Spin-off from SEACOR effective January 31, 2013…
  4. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 4
    Areas of Operation 23 Canada 1 Norway 2 Alaska 3 Sweden UK 104 10 Continental Spain United States 3 India 14 Brazil Australia Australia Aircraft in Region ( of aircraft) Training Center Joint Venture Joint Ventures…
  5. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 5
    Fleet Snapshot Fleet by Type Fleet by Ownership Heavy, 9, Managed, 7, 6% Leased, 4, 4% 3% Joint EC225 Ventured, 1, Light Single, 1% 52, 32% A119 AW139 AS350 Bell 212 Bell 412 Medium, 62, S76A++ 39% S76C+/C++ A109…
  6. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 6
    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…
  7. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 7
    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…
  8. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 8
    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…
  9. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 9
    Investment Highlights Stable and Growing Strong Customer End Markets Relationships Sound Industry Residual Value Structure Retention Substantial Attractive Growth Net Asset Value Profile 9
  10. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 10
    Sound Industry Structure Significant Barriers to Entry Limited Production 4 OEMs: AgustaWestland, Airbus Helicopters, Sikorsky, Bell Capacity Lead time for new technology offshore-class helicopters can be anywhere from 12-24 months…
  11. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 11
    Residual Value Retention Given helicopters retain significant value Helicopter Value Retention over their useful lives, Era has (Indexed Resale Value) 100 consistently sold helicopters at a premium to book value 80 Since 2004,…
  12. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 12
    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…
  13. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 13
    Historical Financial Performance Fiscal Year ending December 31 Hurricane Macondo Incident Hurricane EC225 Suspension Ike (6 month deepwater Issac (25% of Era fleet 350 drilling moratorium) value on ground for 331 45% 9 months)…
  14. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 14
    Healthy Leverage Metrics and Ample Liquidity to Pursue Opportunities Leverage Metrics 7.0x 6.4x 6.0x 6.1x 5.7x 5.9x 5.5x 5.3x 5.3x 6.0x 5.0x 4.0x 3.3x 3.1x 3.1x 3.1x 3.4x 2.8x 3.0x 2.6x 3.0x 2.0x 1.0x 0.0x Mar-13 Jun-13 Sep-13…
  15. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 15
    Appendix 15
  16. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 16
    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…
  17. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 17
    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…
  18. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 18
    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 +…
  19. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 19
    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…
  20. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 20
    Financial Highlights Fiscal Year ( millions) 2010 2011 2012 2013 2014 Revenue 235.4 258.1 272.9 299.0 331.2 Operating Expenses 147.2 162.7 167.2 186.6 204.4 G&A 25.8 31.9 34.8 38.9 44.0 Depreciation 43.4 42.6 42.5 45.6 46.3 Gains…
  21. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 21
    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…
  22. SIDOTI 19TH ANNUAL EMERGING GROWTH FORUM – Era Helicopters – slide 22
    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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