First Quarter FY14 Earnings Presentation Bristow Group Inc. August 6, 2013
First quarter earnings call agenda Introduction Linda McNeill, Director Investor Relations CEO remarks and operational highlights Bill Chiles, President and CEO Current and future financial performance Jonathan Baliff, SVP and…
Chief Executive Officer comments Bill Chiles, President and CEO 4
Operational safety review Total Recordable Injury Rate* per 200,000 Commercial Air Accident Rate* per 100,000 man-hours (cumulative) Flight Hours (Fiscal Year) 1.5 1.26 1 0.74 3 0.50 0.5 0.35 0.31 0.28 0.28 0.26 0.22 0.12 0.10…
Q1 FY14 highlights Q1 operating revenue of 359.5M (12.1% increase from Q1 FY13, 2.5% increase from Q4 FY13) Q1 GAAP EPS of 0.74 (13.8% increase from Q1 FY13, 33.3% decrease from Q4 FY13) Q1 adjusted EPS* of 1.00 (23.5% increase…
Market environment outlook Oil demand expected to steadily increase, driven by international growth, with oil prices expected to remain above 100 per barrel through 2013 2014 client capital expenditures are forecast to increase by…
EC225 fleet update Eurocopter has indicated that the definitive solution to the EC225 gear shaft failure will be a gear shaft redesign with earliest availability expected in mid- CY14 Interim solutions are being implemented pursuant…
Europe (EBU) Europe represented 40% of Bristow operating revenue and 38% of adjusted EBITDAR* in Q1 FY14 Operating revenue increased to 137.2M in Q1 FY14 from 123.2M in Q1 FY13 with the addition of nine large a/c over the…
UK SAR update Four GAP SAR a/c now operational Stornoway started on 7/1/2013 from Sumburgh and Stornoway bases Sumburgh started on 6/1/2013 Since the GAP SAR start date we have Inverness conducted over 50 missions Contracts…
West Africa (WASBU) Nigeria represented 22% of Bristow operating revenue and 21% of adjusted EBITDAR* in Q1 FY14 Operating revenue increased by 14.2% to 75.8M in Q1 FY14 from 66.4M in Q1 FY13 due to increased pricing, ad hoc flying…
North America (NABU) North America represented 17% of Bristow operating revenue and 15% of adjusted EBITDAR* in Q1 FY14 Operating revenue increased 10.7% to 58.2M in Q1 FY14 from 52.6M in Q1 FY13 primarily as a result of the…
Australia (AUSBU) Australia represented 11% of Bristow operating revenue and 6% of adjusted EBITDAR* in Q1 FY14 Operating revenue stayed flat at 38.2M in both Q1 FY14 and Q1 FY13 Adjusted EBITDAR decreased to 6.8M in Q1 FY14 from…
Other International (OIBU) Other International represented 10% of Bristow operating revenue and 20% of adjusted EBITDAR* in Q1 FY14 Operating revenue slightly decreased to 32.9M in Q1 FY14 vs. 33.2M in Q1 FY13 due to the end of…
Financial discussion Jonathan Baliff, SVP and CFO 15
Financial highlights: Adjusted EPS and EBITDAR Summary Q1 FY13 to Q1 FY14 adjusted EPS bridge 0.11 0.02 0.06 0.98 1.00 0.81 0.81 0.87 Q1 FY13 Operations Corporate and Other FX Changes Q1 FY14 Q1 FY13 to Q1 FY14 adjusted…
LACE and LACE rate continue to increase led by new technology a/c and improved utilization/terms Consolidated commerical aircraft Large Aircraft Equivalent (LACE)* 170 10 350 8.78 8.35 7.89 300 290 279 271 8 268 270 7.15…
Quarterly BVA is in line with yearly cyclicality 20 Absolute BVA* Q1 FY12 Q1 FY14 15 13.6 10 9.3 9.4 in millions 5 1.9 2.1 0 1.1 1.5 0 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 -5 -10…
Our progress on BVA yields stronger liquidity for growth . . . Net cash provided by operating activities* Total liquidity 300 450 267 415 402 407 400 250 231 350 160 200 195 300 216 261 262 151 250 in millions 150…
. . . and a new quarterly dividend policy based on payout ratio to provide more predictability Annualized quarterly dividend 1.10 25% policy has been changed to a 23.0% 20-30% of forward adjusted EPS 1.00 payout ratio 23% 0.90…
Financial highlights: FY14 guidance is reaffirmed FY14 adjusted EPS guidance range of 4.20 - 4.50, excluding special items and a/c sales. Other specific items include: LACE (Large AirCraft Equivalent) 173 - 177 Interest expense 30 -…
Conclusions Safety continues to be our 1 core value as we strive to achieve Target Zero Clients are turning to Bristow as their provider of choice, recognizing our size, global reach, and financial and operational safety Continued…
Appendix 23
Organizational chart - as of June 30, 2013 Operated Aircraft Affiliated Aircraft Bristow owned and/or operated Bristow affiliates and joint 353 aircraft as of June 30, 2013 ventures operated 198 aircraft as of June 30, 2013 Key…
Aircraft Fleet Medium and Large as of June 30, 2013 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Large Helicopters Large capacity 18-25 passengers AS332L Super Puma 18 Twin Turbine 20 - 20 - AW189 16 Twin Turbine - - -…
Aircraft Fleet Small, Training and Fixed as of June 30, 2013 (continued) Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Small Helicopters Small capacity 4-7 passengers AS350BB 4 Turbine - 2 2 - Bell 206B 4 Turbine 1 2…
Operating lease strategy: lowering the cost and amount of capital needed to grow Leased aircraft as of June 30, 2013 Small Medium Large Total Leased LACE Total LACE % Leased EBU - 1 17 18 18 57 31% WASBU - 1 - 1 1 21 2% NABU 1 12…
Consolidated fleet changes and aircraft sales for Q1 FY14 Fleet changes Held for sale aircraft in consolidated fleet Small Medium Large Total Q1 FY14 Fleet Count Beginning 351 EBU - - - - Delivered WASBU - - - - Large 3 3 NABU 7…
Operating revenue, LACE and LACE Rate by BU Operating Revenue, LACE, and LACE Rate by BU Q1 FY14 1 2,3 Op revenue LACE LACE Rate EBU 137 57 9.63 WASBU 76 21 14.26 NABU 58 37 6.34 AUSBU 38 19 8.04 OIBU 33 27 4.97 4 Total 353…
Order and options book as of July 11, 2013 ORDER BOOK* OPTIONS BOOK Helicopter Helicopter Class Class Delivery Date Delivery Date Location Contracted 1 Medium March 2014 1 Large September 2013 WASBU 1 of 1 1 Large June 2014 1…
Order and options book as of July 11, 2013 (continued) SAR CONFIGURED ORDER BOOK* Helicopter Class Delivery Date Location Contracted 2 Large June 2014 EBU 2 of 2 4 Large December 2014 EBU 4 of 4 4 Large March 2015 EBU 4 of 4 2…
Adjusted EBITDAR margin* trend 2011 2012 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year EBU 29.8% 31.5% 34.6% 34.4% 32.7% 33.0% 31.4% 30.7% 36.1% 32.9% WASBU 33.7% 36.9% 35.8% 34.3% 35.2% 29.5% 35.5% 37.2% 36.6% 35.0% NABU 20.8% 25.8%…
Adjusted EBITDAR* reconciliation Fiscal year ended, 3/31/2011 3/31/2012 ( in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Net income 20.9 38.8 42.3 31.2 133.3 21.2 3.0 26.5 14.6 65.2 Income tax expense 8.5 3.3 -11.8 7.1…
Bristow Value Added (BVA) Sample calculation for Q1 FY14 and Q1 FY13 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q1 FY14…
Gross cash flow reconciliation (in millions) Gross Cash Flow Reconciliation Q1 FY13 Q1 FY14 Net Income 23.7 26.9 Depreciation and Amortization 21.4 22.8 Interest Expense 8.8 20.4 Interest Income (0.1) (0.1) Rent 16.3 23.1 Other…
GAAP reconciliation Three Months Ended June 30, 2013 2012 (In thousands, except per share amounts) Adjusted operating income ..................................................................... 57,840 47,470 Loss on disposal of…
Leverage reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of June 30, 2013 889.8 1,627.9 2,517.7 35.3% Adjust for: Unfunded Pension Liability 121.5 121.5 NPV of Lease…
Bristow net asset FMV including UK SAR aircraft are expected to remain resilient and higher than current net asset FMV/share 75.00 The UK SAR aircraft are expected to add 71.00 70.00 significant net asset FMV in FY18, even after…
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 41
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