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Q2 2015 Earnings Call – Era Helicopters

Era Helicopters · Aug 7, 2015 · 27 slides

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Slides

  1. Q2 2015 Earnings Call – Era Helicopters – slide 1
    Q2 2015 Earnings Presentation August 5, 20150
  2. Q2 2015 Earnings Call – Era Helicopters – slide 2
    Q2 2015 Earnings Call Agenda I. Introduction Harmony Packard, Corporate Communications II. Operational Highlights Chris Bradshaw, President, CEO and CFO III. Financial Review Chris Bradshaw, President, CEO and CFO IV. Questions &…
  3. Q2 2015 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. Q2 2015 Earnings Call – Era Helicopters – slide 4
    Operational Highlights 4
  5. Q2 2015 Earnings Call – Era Helicopters – slide 5
    Q2 2015 Highlights Revenues of 70.7mm Revenues (000s) 15.8mm lower than Q2 2014 primarily due 125,000 to lower utilization of our medium helicopters 18% 5% and sale of our FBO business in Alaska 100,000 86,580 3.3mm higher than Q1…
  6. Q2 2015 Earnings Call – Era Helicopters – slide 6
    Oil & Gas Gulf of Mexico Year-over-year revenues down along with decline in total flight hours Primarily due to lower utilization of medium helicopters Sequential quarter revenue flat, and flight hours increased primarily due to…
  7. Q2 2015 Earnings Call – Era Helicopters – slide 7
    Oil & Gas Alaska Year-over-year revenues down along with Deadhorse decline in total flight hours Primarily due to lower utilization and Alaska reduced fleet count of medium helicopters Denali Sequential quarter revenue and…
  8. Q2 2015 Earnings Call – Era Helicopters – slide 8
    Oil & Gas International Year-over-year revenues decreased due to Barranquilla conclusion of an international contract Cartagena Acquisition of 75% interest in Sicher Helicopters SAS in Colombia completed on Colombia April 9,…
  9. Q2 2015 Earnings Call – Era Helicopters – slide 9
    Expansion into Colombia via Acquisition of Sicher Era has acquired a 75% interest in Sicher Helicopters SAS Consideration was 3.2mm cash and the contribution of an AW139 helicopter Sicher is one of the leading helicopter operators…
  10. Q2 2015 Earnings Call – Era Helicopters – slide 10
    Dry-Leasing Revenues increased year-over-year due to increased cash collections from Aerleo, partially offset by contracts that ended subsequent to the prior year quarter (some where helicopters were sold) Aerleo cash collections…
  11. Q2 2015 Earnings Call – Era Helicopters – slide 11
    Search and Rescue Decrease in revenues over the prior year quarter and sequential quarter primarily due to reduced charter activity In July, Era participated in the U.S. Coast Guard's Arctic Technology Evaluation 2015 Search and…
  12. Q2 2015 Earnings Call – Era Helicopters – slide 12
    Air Medical Year-over-year decline in revenues and flight hours primarily due to the conclusion of contracts subsequent to the prior year quarter Operate with a mix of helicopters owned by Era, leased-in by Era or owned by the…
  13. Q2 2015 Earnings Call – Era Helicopters – slide 13
    Flightseeing Increase in revenues over the prior year quarter due to increased number of passengers flown Seasonal business which operates AS350s out of bases in Juneau and Denali, Alaska from mid-May to mid-September during…
  14. Q2 2015 Earnings Call – Era Helicopters – slide 14
    Houma Base Expansion On June 25, 2015, Era hosted the Grand Opening of its new Super Base in Houma, LA, the premier helicopter operating facility in the Gulf Coast area Strategic benefits Customer sustainability, including future…
  15. Q2 2015 Earnings Call – Era Helicopters – slide 15
    Financial Review 15
  16. Q2 2015 Earnings Call – Era Helicopters – slide 16
    Quarter Period Over Period Comparison Three Months Ended June 30, 2015 2014 Change % Variance (000s) Operating revenues 70,738 86,580 (15,842) (18%) Operating expenses 39,784 54,679 (14,895) 27% G&A expenses 10,779 10,065 714 (7%)…
  17. Q2 2015 Earnings Call – Era Helicopters – slide 17
    Sequential Quarter Comparison Three Months Ended 30-Jun 31-Mar Change % Variance (000s) Operating revenues 70,738 67,415 3,323 5% Operating expenses 39,784 43,605 (3,821) 9% G&A expenses 10,779 9,743 1,036 (11%) Depreciation 11,398…
  18. Q2 2015 Earnings Call – Era Helicopters – slide 18
    Year-to-date Comparison Six Months Ended June 30, 2015 2014 Change % Variance (000s) Operating revenues 138,153 166,023 (27,870) (17%) Operating expenses 83,389 104,319 (20,930) 20% G&A expenses 20,522 21,399 (877) 4% Depreciation…
  19. Q2 2015 Earnings Call – Era Helicopters – slide 19
    Healthy Leverage Metrics and Ample Liquidity to Pursue Opportunities Leverage Metrics 7.0x 6.4x 6.1x 6.0x 5.7x 5.9x 5.7x 5.7x 5.5x 5.3x 5.3x 6.0x 5.0x 3.8x 3.4x 3.7x 4.0x 3.3x 3.0x 3.1x 3.1x 3.1x 2.8x 2.6x 3.0x 2.0x 1.0x 0.0x…
  20. Q2 2015 Earnings Call – Era Helicopters – slide 20
    Appendix 20
  21. Q2 2015 Earnings Call – Era Helicopters – slide 21
    Fleet Overview Joint Average Owned(a) Ventured Leased-In Managed Total Age(b) Heavy: H225 9 9 5 Total Heavy 9 9 Medium: AW139 38 1 39 6 B212 8 8 36 B412 3 3 34 S76 A/A++ 2 2 25 S76 C+/C++ 5 1 6 8 Total Medium 56 1 1 58…
  22. Q2 2015 Earnings Call – Era Helicopters – slide 22
    Helicopter Order and Options Book Remaining Amount Current Order Book Delivery Class Type Number Firm Cancellable 2015 Heavy AW189 4 38.4 2015 Heavy S92 2 3.2 2016 Heavy AW189 3 41.6 2016 Heavy S92 2 28.3 2017 Heavy AW189…
  23. Q2 2015 Earnings Call – Era Helicopters – slide 23
    Capitalization and Financial Policy June 30, 2015 (000s) Era continues to generate substantial free cash flow before growth capex Cash and cash equivalents 17,002 Flexibility to deploy capital for attractive Credit facility 80,000…
  24. Q2 2015 Earnings Call – Era Helicopters – slide 24
    Operating Revenues and Flight Hours by Line of Service Three Months Ended (000s) 30-Jun-15 31-Mar-15 31-Dec-14 30-Sep-14 30-Jun-14 Oil and gas:(a) U.S. Gulf of Mexico 41,821 41,913 45,837 52,870 51,715 Alaska 6,009 3,801 6,496 7,984…
  25. Q2 2015 Earnings Call – Era Helicopters – slide 25
    Financial Highlights Fiscal Year 6 Mos. Ended June 30, ( millions) 2010 2011 2012 2013 2014 2014 2015 Revenue 235.4 258.1 272.9 299.0 331.2 166.0 138.2 Operating Expenses 147.2 162.7 167.2 186.6 204.4 104.3 83.4 G&A 25.8 31.9 34.8…
  26. Q2 2015 Earnings Call – Era Helicopters – slide 26
    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…
  27. Q2 2015 Earnings Call – Era Helicopters – slide 27
    Quarterly Reconciliation of Non-GAAP Financial Measures Quarterly Historical EBITDA and Adjusted EBITDA Three Months Ended (USD in thousands) 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 Net Income (Loss) 5,196 4,311 3,140 (239)…

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