Industry leaders look to the future with multi-year deal STRATFORD, Conn. and HOUSTON, April 24, 2025 /PRNewswire/ -- Sikorsky, a Lockheed Martin company (NYSE: LMT), and Bristow Group Inc. (NYSE: VTOL), the global leader in innovative and sustainable vertical flight solutions, today announced a long-term agreement to provide enhanced support for Bristow's S-92® helicopter fleet. Sikorsky, a Lockheed Martin company, and Bristow Group Inc. announced a long-term agreement to support Bristow's S-92® helico ...

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Financial Data and Key Metrics Changes - Adjusted EBITDA in Q4 2024 was $57.8 million, a decrease from $60.2 million in Q3 2024 [11] - Revenues decreased by $11.6 million primarily due to lower aircraft availability and unfavorable foreign exchange impacts [12] - Consolidated revenues increased by $118 million in 2024, with adjusted EBITDA rising by $66.3 million, representing a 39% increase compared to the prior year [22] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues increased by $113 million in 2024 compared to 2023, driven by higher utilization and increased rates in Africa and new contracts in Brazil [17] - Government Services revenues decreased by $7.6 million compared to 2023, primarily due to a change in rates after transitioning to a long-term contract with the Dutch Caribbean Coast Guard [18] - Other Services revenues increased by $12.6 million in 2024, primarily due to higher utilization and increased rates [21] Market Data and Key Metrics Changes - Strong growth was noted in West Africa, particularly Nigeria, and Brazil, with expectations for continued growth in these markets [41][42] - The Caribbean triangle, specifically Surinam, is also seeing increased demand for offshore helicopter services [43] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet while pursuing high-impact growth opportunities and returning capital to shareholders through share buybacks and dividends [31] - A new capital allocation framework was introduced, aiming to pay down debt to approximately $500 million by the end of 2026 [32] - The company anticipates stable long-term cash flows from government services contracts, with a dividend payment expected to commence in Q1 2026 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the offshore energy services market, citing a multiyear upcycle and strong demand [9] - Challenges include supply chain shortages and regulatory issues, but the company remains committed to delivering successful outcomes [10] - The outlook for 2025 is cautious due to expected headwinds from supply chain shortages, with more significant contract renewals occurring in late 2025 or 2026 [26] Other Important Information - The company reported a 32% decrease in lost workdays in 2024, indicating improved workplace safety [6] - A tragic air accident occurred during a training exercise, resulting in one fatality, which the company is cooperating with authorities to investigate [7] Q&A Session Summary Question: Dynamics in Offshore Energy Services - Management highlighted that high utilization levels are maintained due to a decade of limited new deliveries and a tightening supply-demand dynamic [36][37] Question: 2025 Growth Drivers - Key growth markets identified include Nigeria, Brazil, and Surinam, with expectations for continued demand [41][42] Question: Net Asset Value Importance - The net asset value was appraised at approximately $1.7 billion, significantly higher than the current stock price, indicating a potential undervaluation [47][48] Question: Government Services Outlook - Management expects continued government spending efficiency and potential growth opportunities, particularly in the US [83] Question: Advanced Mobility Market - The company is exploring opportunities in advanced air mobility, particularly in regions with fewer regulatory hurdles, such as the Middle East and Africa [85][86] Question: Impact of Tariffs on New Aircraft - Management is actively monitoring tariff impacts but noted that new aircraft deliveries are at fixed prices, insulating them from tariff fluctuations [101]

(Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________ FORM 10-K ___________________________________________________ ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Delaware 72-1455213 (State or Other Jurisdiction of Inco ...

Q4 2024 Earnings Presentation February 27, 2025 Introduction Redeate (Red) Tilahun Senior Manager, Investor Relations and Financial Reporting Q4 2024 Earnings Call 02 2 01 03 Cautionary Statement Regarding Forward-Looking Statements Operational Highlights Chris Bradshaw President and CEO Financial Review Jennifer Whalen SVP, Chief Financial Officer Concluding Remarks Chris Bradshaw 04 President and CEO 05 Question & Answer This presentation includes "forward-looking statements" within the meaning of Section ...

Core Viewpoint - Bristow Group Inc. reported strong financial results for Q4 and the full year 2024, exceeding its revised outlook, and announced a new capital allocation framework aimed at maintaining a strong balance sheet, pursuing growth opportunities, and returning capital to shareholders through dividends and share buybacks [6][22][36]. Financial Performance - For Q4 2024, Bristow reported net income of $31.8 million, or $1.07 per diluted share, on total revenues of $353.5 million, compared to $28.2 million, or $0.95 per diluted share, on revenues of $365.1 million in Q3 2024 [2][5]. - For the full year 2024, net income was $94.8 million, or $3.21 per diluted share, on total revenues of $1.4 billion, a significant recovery from a net loss of $6.8 million in 2023 [3][47]. - Adjusted EBITDA for 2024 was $236.8 million, surpassing the previously revised outlook of $220 million to $230 million [7][22]. Segment Performance - Offshore Energy Services generated revenues of $966.1 million in 2024, up 13.3% from $853.0 million in 2023, with operating income increasing significantly to $132.2 million [14][15]. - Government Services revenues decreased slightly to $329.7 million in 2024 from $337.3 million in 2023, with operating income declining to $21.1 million [16]. - Other Services saw revenues rise to $119.8 million in 2024, up 11.7% from $107.2 million in 2023, although operating income decreased slightly [17]. Capital Allocation Framework - The new capital allocation framework includes priorities to protect the balance sheet, pursue high-return growth opportunities, and return capital to shareholders through a $125 million share repurchase program and a quarterly dividend program starting in Q1 2026 [6][36]. - The company aims to reduce gross debt to approximately $500 million by the end of 2026 [36]. Outlook - The company expects continued constructive market conditions in Offshore Energy Services due to high utilization rates and unmet demand, despite supply chain challenges [27]. - For 2025 and 2026, Bristow has provided revenue guidance of $1.42 billion to $1.62 billion and $1.53 billion to $1.78 billion, respectively [23].

Financial Performance - Net income for Q4 2024 was $31.8 million, or $1.07 per diluted share, compared to $28.2 million, or $0.95 per diluted share in Q3 2024[2]. - Total revenues for the full year 2024 were $1.4 billion, an increase of $118.1 million from $1.3 billion in 2023[3]. - Adjusted EBITDA for 2024 was $236.8 million, exceeding the revised outlook range of $220 million - $230 million[6]. - Total revenues for 2024 were reported at $1,416 million, slightly above the guidance of $1,414 million[23]. - Adjusted EBITDA for 2024 was $237 million, exceeding the guidance of $225 million[23]. - The company reported a net income of $94,870,000 for the year ended December 31, 2024, compared to a net loss of $6,920,000 in 2023[47]. - For the year ended December 31, 2024, total revenues increased to $1,415,491,000, up 9.1% from $1,297,429,000 in 2023[47]. - Adjusted Operating Income for the year ended December 31, 2024, was $216,841,000, a significant increase of 49.3% from $145,225,000 in 2023[47]. - EBITDA for the year ended December 31, 2024, was $207,931,000, compared to $130,035,000 in 2023, representing a growth of 60%[47]. - The company reported a net cash provided by operating activities of $177.4 million for the full year 2024, up from $32.0 million in 2023[5]. - The Free Cash Flow for the year ended December 31, 2024, was $159.5 million, up from $17.6 million in 2023, indicating improved cash generation capabilities[58]. - Adjusted Free Cash Flow for the year ended December 31, 2024, was $160.9 million, compared to $27.8 million in 2023, highlighting strong operational performance[58]. Revenue Segments - Offshore Energy Services revenues increased by $113.1 million, or 13.3%, to $966.1 million in 2024 compared to 2023[15]. - Revenues from Government Services decreased by $7.6 million, or 2.3%, to $329.7 million in 2024 compared to 2023[16]. - Offshore Energy Services segment revenues for 2024 were $966 million, with a forecast of $950 - $1,060 million for 2025[24]. - Government Services segment revenues for 2024 were $330 million, with a projected range of $350 - $425 million for 2025[24]. - Total Offshore Energy Services revenue for Q4 2024 was $240,164,000, a decrease of 2.3% from $246,312,000 in Q3 2024[48]. - Government Services revenue for Q4 2024 was $82,558,000, down from $85,346,000 in Q3 2024[48]. Operating Income - Operating income for Offshore Energy Services increased by 189.8% to $132.2 million in 2024 compared to 2023[15]. - Operating income for Q4 2024 was $31,804,000, down from $33,213,000 in Q3 2024, reflecting a decrease of 4.2%[46]. - Adjusted Operating Income for 2024 was $216,841, up from $145,225 in 2023, indicating a growth of 49.2%[50]. - The Offshore Energy Services segment generated an operating income of $132.2 million for the year ended December 31, 2024, compared to $45.6 million in 2023[61]. - The total Adjusted Operating Income for all segments combined was $216.8 million for the year ended December 31, 2024, compared to $145.2 million in 2023[61]. Debt and Liquidity - The company plans to reduce gross debt to approximately $500 million by the end of 2026 while pursuing growth opportunities[7]. - The company expects to maintain a strong liquidity position with total liquidity of $311.5 million as of December 31, 2024[36]. - A new $125 million share repurchase program has been approved, to be executed on an opportunistic basis[38]. - The company aims to reduce gross debt to approximately $500 million by the end of 2026[38]. Dividends and Shareholder Returns - A new quarterly dividend program is set to commence in Q1 2026 with an initial payment of $0.125 per share, annualized to $0.50[7]. - The company plans to initiate a quarterly dividend program starting in Q1 2026, with an initial payment of $0.125 per share[38]. Assets and Liabilities - Total assets increased to $2,125,246 as of December 31, 2024, from $1,937,278 in 2023, representing a growth of 9.7%[51]. - Cash and cash equivalents rose to $251,281 in 2024, compared to $183,662 in 2023, marking an increase of 37%[51]. - Total liabilities increased to $1,233,974 in 2024, up from $1,114,099 in 2023, reflecting a rise of 10.7%[51]. - The company’s retained earnings increased to $312,765 in 2024, up from $217,968 in 2023, indicating a growth of 43.4%[51]. Strategic Initiatives - The company plans to continue focusing on operational improvements and strategic initiatives to enhance future performance[52]. - The transition to new contracts in the Government Services segment is expected to conclude by the end of 2026, with significant capital expenditures in the first half of 2025[33]. - The company has commitments to purchase 7 aircraft that are on order, which includes two AW189 heavy helicopters and five AW169 light-twin helicopters[64]. - The company does not provide guidance on projected Adjusted EBITDA for 2025 and 2026 due to inherent unpredictability of certain components[56]. Exchange Rate Impact - Each £0.01 movement in the GBP/USD exchange rate would impact 2025E Adjusted EBITDA by approximately $1.2 million[27].

Core Insights - Bristow Group Inc. will release its fourth quarter and full year 2024 financial results on February 26, 2025, after market close [1] - A conference call is scheduled for February 27, 2025, at 10:00 a.m. ET to discuss the financial results [1] - Investors can register for the call and access a replay until March 20, 2025 [2] Company Overview - Bristow Group Inc. is a leading global provider of innovative and sustainable vertical flight solutions [3] - The company primarily offers aviation services to offshore energy companies and government entities, including personnel transportation, search and rescue, medevac, fixed-wing transportation, unmanned systems, and ad hoc helicopter services [3] - Bristow serves customers in various countries, including Australia, Brazil, Canada, and the U.S. [4]

Core Insights - The article provides an overview of Paul Harris, a seasoned professional in the mining sector with over 20 years of experience, particularly in investor relations and communications [2] Group 1 - Paul Harris has extensive experience in the mining sector, specifically in Colombia's gold sector, where he has worked for over 16 years [2] - He founded the CGS Copper and Gold Symposium in Colombia, showcasing his influence in the industry [2] - Harris has been a contributor to the Mining Journal since 2015 and has served as a Kitco Mining anchor since 2022, indicating his established presence in mining journalism [2] Group 2 - His previous experience includes five years in Chile, focusing on the copper sector for CRU and Metal Bulletin, highlighting his regional expertise [2] - Harris holds a BA in Business Administration from the University of the West of England and a MA in International Relations from the University of Chile, reflecting a strong academic background [2] - He is fluent in both English and Spanish, which enhances his communication capabilities in the mining sector [2]

Group 1 - The focus has shifted from primarily tech stocks to include offshore drilling, supply industry, and shipping sectors such as tankers, containers, and dry bulk [1] - There is an emerging interest in the fuel cell industry, which is still in its nascent stage [1] Group 2 - The individual has a background in auditing with PricewaterhouseCoopers and transitioned to day trading nearly 20 years ago [2] - The experience includes navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]