Second Quarter FY14 Earnings Presentation Bristow Group Inc. November 8, 2013
Second 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 Commercial Air Accident Rate* per 100,000 Lost Work Case Rate* per 200,000 flight hours (fiscal year) man hours (cumulative) 1.5 1.26 1 0.59 0.59 0.58 3 0.40 0.44 0.5 0.23 0.21 0.19 0.17 0.16 0.09 0 O…
Q2 FY14 highlights Q2 operating revenue of 378.6M (16.2% increase from Q2 FY13, 5.3% increase from Q1 FY14) Q2 GAAP EPS of 3.01 (267.1% increase from Q2 FY13, 306.8% increase from Q1 FY14) Q2 adjusted EPS* of 1.27 (58.8% increase…
Super Puma fleet update Regulatory approved interim solutions are being implemented, which include aircraft modifications and new maintenance/operating procedures. The new redesigned gear shaft is expected to be available at the…
Europe (EBU) Europe contributed 43% of Bristow operating revenue and 47% of adjusted EBITDAR* in Q2 FY14 Operating revenue increased to 156.4M in Q2 FY14 from 125.0M in Q2 FY13 with the addition of eight new large a/c over the…
SAR update Since the start of the Gap SAR contract, we have conducted over 120 missions and rescued and/or assisted over 110 persons Sumburgh and Stornoway bases generated 11.9M of revenue in Q2 FY14 Construction of first two UK…
West Africa (WASBU) Nigeria contributed 21% of Bristow operating revenue and 20% of adjusted EBITDAR* in Q2 FY14 Operating revenue increased by 16.2% to 75.9M in Q2 FY14 from 65.3M in Q2 FY13 due to increased pricing, ad hoc flying…
North America (NABU) North America contributed 17% of Bristow operating revenue and 16% of adjusted EBITDAR* in Q2 FY14 Operating revenue increased 5.9% to 60.4M in Q2 FY14 from 57.0M in Q2 FY13 primarily as a result of the addition…
Australia (AUSBU) Australia contributed 10% of Bristow operating revenue and 6% of adjusted EBITDAR* in Q2 FY14 Operating revenue decreased to 35.3M in Q2 FY14 from 38.4M in Q2 FY13 due to the ending of short term contracts and the…
Other International (OIBU) Other International contributed 9% of Bristow operating revenue and 11% of adjusted EBITDAR* in Q2 FY14 Operating revenue slightly increased to 32.2M in Q2 FY14 vs. 32.1M in Q2 FY13 due to increased…
Financial discussion Jonathan Baliff, SVP and CFO 14
Financial highlights Q2: Adjusted EPS and EBITDAR summary Q2 FY13 to Q2 FY14 adjusted EPS bridge 0.06 0.08 0.61 1.27 0.80 Q2 FY13 Operations Corporate and Other FX Changes Q2 FY14 Q2 FY13 to Q2 FY14 adjusted EBITDAR bridge…
Financial highlights YTD: Adjusted EPS and EBITDAR summary YTD FY13 to YTD FY14 adjusted EPS bridge 0.09 0.03 0.62 2.28 1.60 YTD FY13 Operations Corporate and Other FX Changes YTD FY14 YTD FY13 to YTD FY14 adjusted…
LACE and LACE rate continue to increase led by new technology a/c and improved utilization/terms 350 Consolidated commercial aircraft Large Aircraft Equivalent (LACE)* 170 LACE* LACE Rate* ( in millions) 9.07 10 290 8.35 300 279…
Combination of revenue growth and capital efficiency drives quarterly BVA improvement Absolute BVA* Q2 FY12 Q2 FY14 25 20.6 20 15 13.6 in millions 10 9.3 9.4 5 1.5 1.1 1.9 2.1 0.0 0 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2…
Our progress on BVA yields stronger liquidity for growth . . . Net cash provided by operating activities* Total liquidity 300 700 267 618 600 250 231 500 in millions 195 in millions 200 314 402 415 400 151 150…
with FY14 guidance increased FY14 adjusted EPS guidance increased to 4.25 - 4.55, excluding special items and a/c sales. Other specific items include: LACE (Large AirCraft Equivalent) 160 - 164 Interest expense 30 - 35M LACE…
Conclusions Safety continues to be our 1 core value as we strive to achieve Target Zero Bristow is positioned in the major markets that have high growth for helicopter services required for offshore drilling, production and SAR…
Appendix 22
Organizational chart - as of September 30, 2013 Operated Aircraft Affiliated Aircraft Bristow owned and/or operated 350 Bristow affiliates and joint aircraft as of September 30, 2013 ventures operated 127 aircraft as of September…
Aircraft Fleet Medium and Large as of September 30, 2013 Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Large capacity 16-25 passengers Large Helicopters AS332 L Super Puma 18 Twin Turbine 20 - 20 - AW189 16 Twin Turbine…
Aircraft Fleet Small, Training and Fixed as of September 30, 2013 (continued) Aircraft Type No. of PAX Engine Consl Unconsl Total Ordered Small capacity 4-7 passengers Small Helicopters AS350BB 4 Turbine - 2 2 - Bell 206B 4…
Operating lease strategy: lowering the cost and amount of capital needed to grow Leased aircraft as of September 30, 2013 Small Medium Large Total Leased LACE Total LACE % Leased EBU - 1 20 21 21 59 35% WASBU - 1 - 1 1 21 2% NABU…
Consolidated fleet changes and aircraft sales for Q2 FY14 Fleet changes Held for sale aircraft in consolidated fleet Small Medium Large Training Total Q1 FY14 Q2 FY14 YTD Fleet Count Beginning 351 353 351 EBU - - - - - Delivered -…
Operating revenue, LACE and LACE Rate by BU Operating Revenue, LACE and LACE Rate by BU as of September 30, 2013 Op revenue1 LACE LACE Rate2,3 EBU 294 59 9.95 WASBU 152 21 14.62 NABU 119 33 7.13 AUSBU 74 19 7.74 OIBU 65 28…
Order and options book as of September 30, 2013 ORDER BOOK* OPTIONS BOOK Helicopter Helicopter Class Delivery Date Location Contracted Class Delivery Date 1 Medium December 2013 OIBU 1 of 1 3 Medium December 2014 3 Medium December…
Order and options book as of September 30, 2013 (continued) SAR CONFIGURED ORDER BOOK Helicopter Class Delivery Date Location Contracted 1 Large June 2014 EBU 1 of 1 3 Large September 2014 EBU 3 of 3 2 Large December 2014 EBU 2 of…
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%…
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…
Net asset fair market value (FMV) per share calculation as of September 30, 2013 (in millions) (+) FMV of a/c 1,896 (+) FMV of leased a/c 753 (+) NBV of PPE w/o a/c 446 (+) Working capital 521 (-) LT debt (824) (-) Leased imputed…
Bristow Value Added (BVA) Sample calculation for Q2 FY14 and Q2 FY13 Bristow Value Added = Gross Cash Flow (Gross Operating Assets X Capital Charge) BVA = GCF - ( GOA X 10.5%** ) Bristow Value Added calculation for Q2 FY14…
Gross cash flow reconciliation (in millions) Gross Cash Flow Reconciliation Q2 FY13 Q2 FY14 Net Income 29.7 110.6 Depreciation and Amortization 23.3 23.9 Interest Expense 8.6 9.1 Interest Income (0.3) (0.8) Rent 15.3 23.3 Other…
Adjusted gross operating assets reconciliation (i n mi l l i ons) Adjusted Gross Operating Assets Reconciliation Q2 FY13 Q2 FY14 Total Assets 2,785 3,166 Accumulated Depreciation 464 518 Capitalized Operating Leases 225 373 Cash…
GAAP reconciliation Three Months Ended Six Months Ended September 30, September 30, 2013 2012 2013 2012 (In thousands, except per share amounts) Adjusted operating income 59,087 46,274 117,752 93,276 Loss on disposal of assets…
Leverage reconciliation Debt Investment Capital Leverage (a) (b) (c) = (a) + (b) (a) / (c) (in millions) As of September 30, 2013 831.1 1,760.5 2,591.6 32.1% Adjust for: Unfunded Pension Liability 127.3 127.3 NPV of Lease…
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 42
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