Core Insights - New dividends are often indicative of a company's commitment to returning value to shareholders, suggesting potential for future increases in payouts [2][3] Group 1: New Dividends Overview - Millrose Properties (MRP) launched with an 8% yield, focusing on residential land development and selling homesites back to homebuilders like Lennar [4][5] - Bristow Group (VTOL) is a global helicopter transportation provider, primarily serving the offshore energy sector, and plans to initiate a dividend of 12.5 cents quarterly starting in February 2026 [10][11][14] - WillScot Holdings (WSC) announced a 7-cent quarterly dividend, despite potential revenue contraction in 2025, indicating room for future dividend growth [15][16][17] - Western Digital (WDC) initiated a 10-cent quarterly dividend after spinning off its NAND flash memory business, despite a history of cyclical losses [18][21][23] - Regeneron Pharmaceuticals (REGN) announced an 88-cent quarterly dividend amid concerns over declining sales of its key drug Eylea, with expectations for stabilization in revenues and profits by 2026 [24][30]

Core Viewpoint - Joby Aviation, Inc. is positioned as a potential leader in the eVTOL industry, likened to the "Uber" of air taxis, due to its first-mover advantage [1] Company Analysis - Joby Aviation was initiated with a buy rating, highlighting its strategic advantage in the emerging air taxi market [1] - The company is viewed as undervalued, presenting investment opportunities based on thorough research and analysis of financial statements and market trends [1] Industry Insights - The eVTOL industry is expected to grow significantly, with Joby Aviation at the forefront of this transformation in urban mobility [1]

Financial Performance and Outlook - Bristow reported LTM operating revenues of $1.2 billion as of June 30, 2023 [14] - The company projects operating revenues between $1.30 billion and $1.47 billion for 2024, representing an approximate 10% increase compared to 2023 guidance [31] - Adjusted EBITDA is projected to be in the range of $190 million to $220 million in 2024, which is more than a 25% increase compared to 2023 guidance [31] - Bristow's unrestricted cash balance was $212 million as of June 30, 2023, with total liquidity of $285.3 million [76] - Total debt was $568 million, resulting in net debt of $356 million as of June 30, 2023 [77] Business Segments and Contracts - Offshore energy services accounted for 64% of operating revenues [34] - Government services represented 26% of operating revenues [48] - Bristow was awarded a 10-year Irish Coast Guard contract worth approximately €670 million, expected to commence in October 2024 [25, 54] - The company is investing between $155 million and $165 million in the UKSAR2G contract and between $135 million and $145 million in the Irish Coast Guard contract [53, 54] Fleet and Operations - Bristow has a diverse fleet of 221 aircraft, including rotary-wing, fixed-wing, and UAS [14] - The company operates in 17 countries across 6 continents [14] - The fleet includes 67 S92 heavy helicopters and 53 AW139 medium helicopters [74]

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing with PricewaterhouseCoopers before transitioning to day trading nearly 20 years ago [2] - Successfully navigated significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Core Insights - Bristow Group Inc. released its 2024 Sustainability Report, emphasizing its commitment to responsible growth and sustainable practices [1][2] Group 1: Safety and Community Impact - The company achieved a 32% reduction in lost workdays in 2024, highlighting its focus on safety as a core value [2] - The UK Search and Rescue (SAR) team rescued 470 individuals during 2,870 missions, showcasing Bristow's role in community safety [2][8] Group 2: Sustainable Aviation Initiatives - Bristow secured an agreement to acquire 10 Leonardo AW189 helicopters, with options for 10 more, aimed at reducing CO₂ emissions and supporting sustainable aviation fuel (SAF) [3][8] - The company signed a letter of intent to participate in Norway's international test arena for zero- and low-emission aviation, indicating a commitment to future aviation innovation [3][8] Group 3: Ethical Leadership and Community Support - A new human rights supplier commitment process was implemented in Norway, with plans for global expansion in 2025, enhancing transparency and ethical standards [4] - Through the Bristow Uplift initiative, the company donated over $600,000 in 2024 to support local communities, reinforcing its corporate social responsibility [5]

Financial Data and Key Metrics Changes - Revenues decreased by $3 million primarily due to lower utilization in the Other Services segment, partially offset by higher revenues from new contracts [9] - Adjusted EBITDA remained consistent at $58 million, reflecting lower operating and administrative expenses that offset the seasonal revenue decline [10] - Available liquidity as of March 31 was approximately $254 million, with 86% of capital investments for new government services contracts funded [12] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues in Europe decreased by $4.5 million due to lower utilization in the UK, while revenues in Africa increased by $2.2 million and in the Americas by $1.9 million [10] - Government Services revenues increased by $3.4 million, primarily due to the Irish Coast Guard contract [11] - Other Services revenues decreased by $6 million due to lower seasonal activity in Australia and unfavorable foreign exchange impacts [11] Market Data and Key Metrics Changes - The company noted macroeconomic risks and uncertainty have increased, particularly due to U.S. tariffs on steel and aluminum imports affecting repair and maintenance costs [6][7] - Despite these challenges, the company maintains a positive outlook for its offshore Energy Services business, particularly for deepwater projects [8] Company Strategy and Development Direction - The company aims to lead in vertical flight solutions, focusing on the ongoing launch of search and rescue services and transitioning operations for government contracts [16][18] - The company is committed to sustainability and minimizing its environmental footprint while maintaining operational resilience [19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in affirming financial guidance for 2025 and 2026, supported by stable cash flows from Government Services and the nature of offshore energy revenues [9][19] - The company anticipates continued investment in offshore activities, particularly in deepwater projects, despite current oil price fluctuations [52] Other Important Information - The company is involved in a project in Norway for zero and low emission aircraft, with demonstration flights expected to begin soon [32][46] - Incremental improvements in supply chain challenges have been noted, particularly for the S-92 fleet [44] Q&A Session Summary Question: Why is the company reaffirming guidance amid market uncertainty? - Management conducted a thorough review of the macro environment and customer conversations, leading to confidence in the guidance due to stable cash flows from Government Services and the nature of offshore energy revenues [25][26] Question: What are the benefits of the new long-term agreement with Sikorsky? - The agreement provides price visibility and stability for a significant portion of the S-92 fleet, enhancing business management capabilities [27] Question: What is the status of helicopter deliveries related to the Irish contract? - There have been supply chain challenges, but the company is confident in receiving the remaining helicopters needed for the contract [28][29] Question: Are there any updates on the EVTOR test arena in Norway? - The project is progressing well, with expectations for positive results leading to potential expansion of operations [46] Question: How is the company managing cost exposure in a higher tariff environment? - The majority of revenues are generated outside the U.S., and while there is some exposure to tariffs, it is not expected to materially impact financial performance [38] Question: What is the outlook for offshore activity given softening oil prices? - Currently, there are no tangible impacts on offshore activity, with deepwater projects well-positioned for continued investment [51][52]

Financial Data and Key Metrics Changes - Revenues decreased by $3 million primarily due to lower utilization in the Other Services segment, partially offset by higher revenues from new contracts [9] - Adjusted EBITDA remained consistent at $58 million, with lower operating and administrative expenses offsetting the decrease in revenues [10] - Available liquidity as of March 31 was approximately $254 million, with 86% of capital investments for new government services contracts funded [12] Business Line Data and Key Metrics Changes - Offshore Energy Services (OES) revenues in Europe decreased by $4.5 million due to lower utilization in the UK, while revenues in Africa increased by $2.2 million and in the Americas by $1.9 million [10] - Government Services revenues increased by $3.4 million, primarily due to the Irish Coast Guard contract [11] - Other Services revenues decreased by $6 million due to lower seasonal activity in Australia and unfavorable foreign exchange impacts [11] Market Data and Key Metrics Changes - The company noted that macroeconomic risks and uncertainties have increased, particularly due to U.S. tariffs on steel and aluminum imports affecting repair and maintenance costs [6] - Concerns about slowing economic activity could lead to decreased demand for crude oil and natural gas, impacting customer spending plans [7] - Despite these challenges, the company maintains a positive outlook for its offshore Energy Services business, particularly for deepwater projects [7] Company Strategy and Development Direction - The company aims to lead in vertical flight solutions, focusing on the ongoing launch of search and rescue services and transitioning operations for new contracts [15][16] - The company is committed to sustainability and minimizing its environmental footprint while maintaining operational resilience [18] - The strategic focus includes leveraging stable cash flows from Government Services and the diversity of geographic markets served [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in affirming financial guidance for 2025 and 2026, supported by stable cash flows from Government Services and the nature of offshore energy revenues [8][18] - The company anticipates that deepwater projects will continue to attract investment due to their favorable economic returns [15] - Management acknowledged supply chain challenges but noted incremental improvements in component deliveries [37] Other Important Information - The company is involved in a project in Norway for zero and low emission aircraft, with demonstration flights expected to begin soon [29] - A long-term agreement with Sikorsky for S-92 support provides price visibility and stability for a significant portion of the fleet [25] Q&A Session Summary Question: Why is the company reaffirming guidance amid market uncertainty? - Management conducted a thorough review of the macro environment and customer plans, leading to confidence in reaffirming guidance due to stable cash flows from Government Services and the nature of offshore energy revenues [22][24] Question: What are the benefits of the new S-92 agreement with Sikorsky? - The agreement provides price visibility and stability for a large portion of the fleet, enhancing business management capabilities [25] Question: How confident is the company in the remaining CapEx related to the Irish contract? - Management expressed confidence in the remaining CapEx, which is primarily related to infrastructure and modifications rather than airframe deliveries [26][28] Question: Have there been improvements in supply chain challenges? - Management noted incremental improvements in component deliveries for the S-92 fleet, although challenges persist across the broader aviation industry [37][38] Question: What impact have oil prices had on offshore activity? - Currently, there has been no tangible impact on offshore activity, with deepwater projects well-positioned within oil and gas portfolios [43][44]

[Part I. Financial Information](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides Bristow Group's financial statements, management's discussion and analysis, and disclosures on market risk and internal controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) For the quarter ended March 31, 2025, Bristow Group reported total revenues of **$350.5 million**, a **4.0% increase** year-over-year, with net income surging to **$27.4 million** | Financial Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $350,530 | $337,094 | +4.0% | | **Operating Income** | $33,548 | $22,829 | +47.0% | | **Net Income Attributable to Bristow** | $27,359 | $6,605 | +314.2% | | **Diluted EPS** | $0.92 | $0.23 | +300.0% | | Balance Sheet Item | March 31, 2025 (in thousands) | Dec 31, 2024 (in thousands) | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $191,127 | $247,503 | -22.8% | | Total Assets | $2,172,192 | $2,125,246 | +2.2% | | Total Liabilities | $1,240,889 | $1,233,974 | +0.6% | | Total Stockholders' Equity | $931,303 | $891,272 | +4.5% | | Cash Flow Activity | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net cash from operating activities | $(603) | $26,679 | | Net cash used in investing activities | $(52,023) | $(64,557) | | Net cash used in financing activities | $(1,695) | $(5,108) | | **Net decrease in cash** | **$(57,352)** | **$(40,744)** | [Note 2: Revenues](index=9&type=section&id=Note%202.%20REVENUES) Revenues are primarily generated from Offshore Energy Services and Government Services, both showing year-over-year growth in Q1 2025 | Revenue by Segment | Q1 2025 (in thousands) | Q1 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Offshore energy services | $239,785 | $229,895 | +4.3% | | Government services | $85,943 | $82,172 | +4.6% | | Other services | $24,802 | $25,027 | -0.9% | | **Total revenues** | **$350,530** | **$337,094** | **+4.0%** | [Note 4: Debt](index=10&type=section&id=Note%204.%20DEBT) As of March 31, 2025, total debt stood at **$701.9 million**, primarily composed of Senior Notes, UKSAR Debt, and IRCG Debt | Debt Component | March 31, 2025 (in thousands) | | :--- | :--- | | 6.875% Senior Notes | $395,960 | | UKSAR Debt | $201,988 | | IRCG Debt | $104,000 | | **Total debt** | **$701,948** | - As of March 31, 2025, there were **no outstanding borrowings** under the ABL Facility, though letters of credit totaling **$8.8 million** were outstanding[33](index=33&type=chunk) [Note 7: Commitments and Contingencies](index=12&type=section&id=Note%207.%20COMMITMENTS%20AND%20CONTINGENCIES) The company has significant capital commitments totaling **$169.2 million** for the purchase of 14 new helicopters scheduled for delivery in 2025 and 2026 - Unfunded capital commitments for helicopter purchases totaled **$169.2 million** as of March 31, 2025[41](index=41&type=chunk) - Commitments include seven AW189, two AW139, and five AW169 helicopters, with options to purchase ten additional AW189 and ten H135 helicopters[42](index=42&type=chunk) [Note 11: Segment Performance](index=14&type=section&id=Note%2011.%20SEGMENTS) In Q1 2025, the Offshore Energy Services segment significantly drove profitability, with operating income increasing by **76%** year-over-year to **$37.4 million** | Operating Income (Loss) by Segment | Q1 2025 (in thousands) | Q1 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Offshore Energy Services | $37,365 | $21,199 | +76.3% | | Government Services | $6,011 | $9,290 | -35.3% | | Other Services | $(622) | $878 | -170.8% | | Corporate | $(9,206) | $(8,538) | -7.8% | | **Total Operating Income** | **$33,548** | **$22,829** | **+47.0%** | [Management's Discussion and Analysis (MD&A)](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **5.5% sequential increase** in operating income to **$33.5 million** to improved performance in the Offshore Energy and Government Services segments, maintaining strong liquidity of **$254.3 million** [Fleet Information](index=19&type=section&id=Fleet%20Information) As of March 31, 2025, Bristow's fleet comprised **211 aircraft**, including **194 helicopters** and **13 fixed-wing aircraft**, with active expansion plans | Aircraft Type | Owned | Leased | Total | | :--- | :--- | :--- | :--- | | Total Helicopters | 156 | 38 | 194 | | Fixed Wing | 9 | 4 | 13 | | Unmanned Aerial Systems | 4 | 0 | 4 | | **Total Fleet** | **169** | **42** | **211** | - The company has **17 aircraft under construction** (10 heavy, 5 medium, 2 light-twin) and **5 light-twin helicopters on order**, with options for **20 additional helicopters**[70](index=70&type=chunk) [Results of Operations (QoQ)](index=21&type=section&id=Results%20of%20Operations) Comparing Q1 2025 to Q4 2024, total operating income increased by **5.5%** to **$33.5 million**, driven by gains in Offshore Energy and Government Services segments | Metric by Segment | Q1 2025 (in thousands) | Q4 2024 (in thousands) | QoQ Change | | :--- | :--- | :--- | :--- | | **Revenues** | | | | | Offshore Energy | $239,785 | $240,164 | -0.2% | | Government Services | $85,943 | $82,558 | +4.1% | | Other Services | $24,802 | $30,804 | -19.5% | | **Operating Income** | | | | | Offshore Energy | $37,365 | $34,346 | +8.8% | | Government Services | $6,011 | $2,266 | +165.3% | | Other Services | $(622) | $3,623 | nm | - The increase in Government Services revenue and operating income was primarily due to the commencement of the Irish Coast Guard (IRCG) contract in late 2024[79](index=79&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company reported total liquidity of **$254.3 million** as of March 31, 2025, with plans to fund **$169.2 million** in capital commitments through cash, operating cash flow, and financing - Total liquidity as of March 31, 2025, was **$254.3 million**[92](index=92&type=chunk) - The company has unfunded capital commitments of **$169.2 million** for new helicopters, with deliveries scheduled for 2025 and 2026[96](index=96&type=chunk) - Total debt was **$701.9 million** with no significant near-term maturities, other than the current portion of **$19.2 million**[92](index=92&type=chunk)[93](index=93&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states that its exposure to market risks has not materially changed since its 2024 year-end report - There have been **no material changes** to the company's market risk exposure since December 31, 2024[106](index=106&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of March 31, 2025[107](index=107&type=chunk) - No material changes were made to internal controls over financial reporting during the quarter[108](index=108&type=chunk) [Part II. Other Information](index=26&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other important disclosures, including risk factors and details on share repurchase programs [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) The company indicates no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - The report refers to the detailed risk factors in the Annual Report on Form 10-K, noting **no significant updates**[110](index=110&type=chunk) [Share Repurchases](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company repurchased **77,466 shares** for employee tax withholding, and the Board approved a new **$125.0 million** stock repurchase program - A new **$125.0 million** stock repurchase program was approved by the Board of Directors on February 26, 2025[111](index=111&type=chunk) - The company repurchased **77,466 shares** in connection with employee tax withholding obligations, which are separate from the publicly announced repurchase program[111](index=111&type=chunk)

Q1 2025 Earnings Presentation President and CEO Financial Review Jennifer Whalen SVP, Chief Financial Officer 04 Concluding Remarks Chris Bradshaw May 7, 2025 Q1 2025 Earnings Call Introduction Redeate (Red) Tilahun Senior Manager, Investor Relations and Financial Reporting Operational Highlights Chris Bradshaw 02 03 Cautionary Statement Regarding Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, an ...

[First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Bristow Group reported Q1 2025 revenues of $350.5 million and net income of $27.4 million, affirming its financial outlook [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Bristow Group reported Q1 2025 revenues of $350.5 million and net income of $27.4 million, affirming its financial outlook Q1 2025 Key Financial Metrics vs. Q4 2024 | Metric | Q1 2025 (Current Quarter) | Q4 2024 (Preceding Quarter) | | :--- | :--- | :--- | | Total Revenues | $350.5 million | $353.5 million | | Operating Income | $33.5 million | $31.8 million | | Net Income | $27.4 million | $31.8 million | | Diluted EPS | $0.92 | $1.07 | | Adjusted EBITDA | $57.7 million | $57.8 million | | Net Cash (used in) Operating Activities | ($0.6 million) | $51.1 million | - The company affirmed its Adjusted EBITDA outlook ranges of **$230 - $260 million for 2025** and **$275 - $335 million for 2026**, signaling confidence in its business despite macroeconomic risks[5](index=5&type=chunk)[6](index=6&type=chunk) - Working capital used **$56.4 million in cash** during the quarter, primarily due to an increase in accounts receivable from the timing of customer payments and higher inventory levels to support new contracts[4](index=4&type=chunk) [Sequential Quarter Results by Segment](index=2&type=section&id=Sequential%20Quarter%20Results%20by%20Segment) Government Services revenue grew due to the new Irish Coast Guard contract, while Offshore Energy Services revenue was flat, and Other Services revenue decreased due to seasonality [Offshore Energy Services](index=2&type=section&id=Offshore%20Energy%20Services) Offshore Energy Services revenue was nearly flat at $239.8 million, with regional shifts, and operating income rose by $3.0 million due to reduced maintenance expenses Offshore Energy Services Performance (Q1 2025 vs Q4 2024) | Metric | Q1 2025 | Q4 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $239.8M | $240.2M | -0.2% | | Operating Income | $34.3M | $37.4M | +8.8% | | Adjusted Operating Income | $44.2M | $47.1M | +6.6% | - Revenue changes by region: - **Europe:** Down **$4.5 million** due to lower UK utilization - **Americas:** Up **$1.9 million** from higher heavy helicopter utilization in the U.S - **Africa:** Up **$2.2 million** due to increased aircraft capacity and utilization[7](index=7&type=chunk) [Government Services](index=2&type=section&id=Government%20Services) Government Services revenue increased by 4.1% to $85.9 million, primarily driven by the new Irish Coast Guard contract, leading to a $3.7 million increase in operating income Government Services Performance (Q1 2025 vs Q4 2024) | Metric | Q1 2025 | Q4 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $85.9M | $82.6M | +4.1% | | Operating Income | $6.0M | $2.3M | +$3.7M | | Adjusted Operating Income | $13.7M | $9.8M | +40.7% | - The primary driver for the revenue and operating income growth was the ramp-up of the Irish Coast Guard (IRCG) contract, which began its transition in late 2024[8](index=8&type=chunk) [Other Services](index=2&type=section&id=Other%20Services) Revenue from Other Services declined by 19.5% to $24.8 million due to lower seasonal utilization and unfavorable foreign exchange rates, resulting in an operating loss of $0.6 million Other Services Performance (Q1 2025 vs Q4 2024) | Metric | Q1 2025 | Q4 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $24.8M | $30.8M | -19.5% | | Operating Income (Loss) | ($0.6M) | $3.6M | -$4.2M | | Adjusted Operating Income | $2.0M | $6.6M | -69.0% | [Corporate and Other Financial Items](index=3&type=section&id=Corporate%20and%20Other%20Financial%20Items) Corporate operating loss widened slightly due to higher G&A and asset disposal losses, while foreign exchange gains significantly boosted "Other, net" income, and income tax shifted to an expense - Other income, net was **$11.4 million** in the current quarter, a significant reversal from a **$6.2 million expense** in the preceding quarter, primarily due to higher foreign exchange gains[10](index=10&type=chunk)[11](index=11&type=chunk) - Income tax expense was **$10.2 million** compared to a benefit of **$13.0 million** in the prior quarter, reflecting changes in the geographic mix of earnings[12](index=12&type=chunk) [Financial Outlook for 2025 and 2026](index=4&type=section&id=Financial%20Outlook%20for%202025%20and%202026) Bristow affirmed its 2025 and 2026 financial guidance, projecting total revenues of $1.42-$1.62 billion for 2025 and $1.53-$1.78 billion for 2026, with Adjusted EBITDA growth and sensitivity to GBP/USD exchange rates 2025 & 2026 Financial Outlook (in millions) | Metric | 2025E | 2026E | | :--- | :--- | :--- | | Total Revenues | $1,420 - $1,615 | $1,525 - $1,775 | | Adjusted Operating Income | $220 - $245 | $270 - $320 | | Adjusted EBITDA | $230 - $260 | $275 - $335 | | Cash Interest | ~$45 | ~$40 | | Cash Taxes | $25 - $30 | $25 - $30 | | Maintenance Capex | $15 - $20 | $20 - $25 | - The company's financial outlook is sensitive to foreign currency fluctuations, particularly the GBP/USD exchange rate, with each **£0.01 movement** estimated to impact Adjusted EBITDA by approximately **+/- $1.2 million**[13](index=13&type=chunk)[14](index=14&type=chunk) [Liquidity and Capital Allocation](index=5&type=section&id=Liquidity%20and%20Capital%20Allocation) As of March 31, 2025, Bristow had total liquidity of $254.3 million, consisting of $191.1 million in unrestricted cash and $63.2 million available under its ABL facility, while investing $52.1 million in property and equipment - Total liquidity stood at **$254.3 million** as of March 31, 2025, composed of **$191.1 million in cash** and **$63.2 million in ABL facility availability**[16](index=16&type=chunk) - Purchases of property and equipment in Q1 2025 totaled **$52.1 million**, significantly higher than the cash proceeds from dispositions of less than **$0.1 million**[17](index=17&type=chunk) [Company Overview and Events](index=5&type=section&id=Company%20Overview%20and%20Events) Bristow Group is a global provider of vertical flight solutions, primarily serving offshore energy companies and government entities, with a conference call scheduled for May 7, 2025, to discuss Q1 results - Bristow's business is structured into three operating segments: Offshore Energy Services, Government Services, and Other Services[20](index=20&type=chunk) - The company operates in numerous countries, including Australia, Brazil, Canada, Ireland, Nigeria, Norway, the UK, and the U.S[21](index=21&type=chunk) - A conference call to review the Q1 2025 results was scheduled for **10:00 a.m. ET on May 7, 2025**[18](index=18&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) The company's financial statements provide detailed insights into its operational performance, financial position, and segment-specific contributions [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company's statement of operations for Q1 2025 shows total revenues of $350.5 million and total costs and expenses of $317.1 million, leading to an operating income of $33.5 million, with net income attributable to the company at $27.4 million Q1 2025 Income Statement Highlights (vs Q4 2024) | Line Item | Q1 2025 ($ thousands) | Q4 2024 ($ thousands) | | :--- | :--- | :--- | | Total Revenues | 350,530 | 353,526 | | Total Operating Expenses | 257,185 | 261,911 | | General & Administrative | 43,100 | 44,372 | | Operating Income | 33,548 | 31,804 | | Other, net | 11,388 | (6,173) | | Income Before Taxes | 37,564 | 18,816 | | Net Income | 27,359 | 31,793 | [Segment Performance Data](index=8&type=section&id=Segment%20Performance%20Data) Detailed segment data shows Offshore Energy Services revenue driven by the Americas and Africa, offsetting a decline in Europe, while Government Services revenue grew 4.1%, and Other Services fell 19.5%, with total flight hours decreasing by 3.7% sequentially Revenues by Segment (Q1 2025 vs Q4 2024, $ thousands) | Segment | Q1 2025 | Q4 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Offshore Energy Services | 239,785 | 240,164 | (0.2)% | | Government Services | 85,943 | 82,558 | 4.1% | | Other Services | 24,802 | 30,804 | (19.5)% | | **Total** | **350,530** | **353,526** | **(0.8)%** | Flight Hours by Segment (Q1 2025 vs Q4 2024) | Segment | Q1 2025 | Q4 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Offshore Energy Services | 23,431 | 24,139 | (2.9)% | | Government Services | 3,941 | 4,242 | (7.1)% | | Other Services | 3,400 | 3,585 | (5.2)% | | **Total** | **30,772** | **31,966** | **(3.7)%** | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Bristow Group's balance sheet showed total assets of $2.17 billion, a slight increase from $2.13 billion at the end of 2024, with cash and cash equivalents decreasing while accounts receivable increased, and total liabilities remained stable at $1.24 billion Balance Sheet Summary (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $193,929 | $251,281 | | Total current assets | $615,001 | $619,458 | | Property and equipment, net | $1,129,679 | $1,076,221 | | **Total assets** | **$2,172,192** | **$2,125,246** | | Total current liabilities | $334,678 | $325,900 | | Long-term debt | $682,764 | $671,169 | | **Total liabilities** | **$1,240,889** | **$1,233,974** | | **Total stockholders' equity** | **$931,303** | **$891,272** | [Non-GAAP Financial Measures](index=11&type=section&id=Non-GAAP%20Financial%20Measures) The company provides reconciliations for non-GAAP financial measures, including EBITDA, Free Cash Flow, and Adjusted Operating Income by segment, to offer a clearer view of underlying performance [EBITDA and Adjusted EBITDA Reconciliation](index=11&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) For Q1 2025, Net Income of $27.4 million reconciled to EBITDA of $63.9 million and Adjusted EBITDA of $57.7 million, with adjustments primarily for foreign exchange gains and special items Reconciliation of Net Income to Adjusted EBITDA (Q1 2025, $ thousands) | Line Item | Amount | | :--- | :--- | | Net income | $27,381 | | Depreciation and amortization | $16,841 | | Interest expense, net | $9,490 | | Income tax expense | $10,183 | | **EBITDA** | **$63,895** | | Losses on disposal of assets | $558 | | Foreign exchange (gains) | ($11,045) | | Special items | $4,302 | | **Adjusted EBITDA** | **$57,710** | [Free Cash Flow and Adjusted Free Cash Flow Reconciliation](index=12&type=section&id=Free%20Cash%20Flow%20and%20Adjusted%20Free%20Cash%20Flow%20Reconciliation) Bristow reported negative Free Cash Flow of ($2.5) million for Q1 2025, a significant decrease from the prior quarter, driven by a sharp drop in net cash from operating activities, resulting in Adjusted Free Cash Flow of ($1.7) million Reconciliation to Adjusted Free Cash Flow (Q1 2025, $ thousands) | Line Item | Amount | | :--- | :--- | | Net cash (used in) operating activities | ($603) | | Less: Maintenance capital expenditures | ($1,886) | | **Free Cash Flow** | **($2,489)** | | Plus: Special items | $740 | | **Adjusted Free Cash Flow** | **($1,749)** | [Adjusted Operating Income by Segment Reconciliation](index=13&type=section&id=Adjusted%20Operating%20Income%20by%20Segment%20Reconciliation) Consolidated Adjusted Operating Income for Q1 2025 was $54.4 million, up from $52.3 million in the prior quarter, with growth driven by the Offshore Energy and Government Services segments after adjusting for depreciation, amortization, and PBH amortization Adjusted Operating Income by Segment (Q1 2025 vs Q4 2024, $ thousands) | Segment | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Offshore Energy Services | $47,114 | $44,183 | | Government Services | $13,719 | $9,750 | | Other Services | $2,037 | $6,573 | | Corporate (Loss) | ($8,517) | ($8,192) | | **Consolidated** | **$54,353** | **$52,314** | [Fleet Information](index=14&type=section&id=Fleet%20Information) Bristow's fleet composition and distribution across segments highlight its operational capabilities and strategic asset allocation [Fleet Composition](index=14&type=section&id=Fleet%20Composition) As of March 31, 2025, Bristow's total fleet consisted of 211 aircraft, including 194 helicopters, 13 fixed-wing aircraft, and 4 unmanned aerial systems, with a significant pipeline of new aircraft under construction or on order Total Fleet Count by Type | Aircraft Type | Owned | Leased | Total | | :--- | :--- | :--- | :--- | | Heavy Helicopters | 53 | 33 | 86 | | Medium Helicopters | 63 | 4 | 67 | | Light-Twin Engine Helicopters | 15 | 1 | 16 | | Light-Single Engine Helicopters | 25 | 0 | 25 | | **Total Helicopters** | **156** | **38** | **194** | | Fixed Wing | 9 | 4 | 13 | | Unmanned Aerial Systems (UAS) | 4 | 0 | 4 | | **Total Fleet** | **169** | **42** | **211** | - The company has a pipeline of new aircraft, including **17 under construction**, **5 on order**, and options to purchase an additional **20 helicopters**[43](index=43&type=chunk)[44](index=44&type=chunk) [Fleet Distribution by Segment](index=14&type=section&id=Fleet%20Distribution%20by%20Segment) The Offshore Energy Services segment operates the largest portion of the fleet with 129 aircraft, accounting for 68% of total revenue, while Government Services operates 62 aircraft (25% of revenue), and Other Services operates 20 aircraft (7% of revenue) Aircraft Distribution and Revenue by Segment (Q1 2025) | Segment | Percentage of Total Revenues | Total Aircraft | | :--- | :--- | :--- | | Offshore Energy Services | 68% | 129 | | Government Services | 25% | 62 | | Other Services | 7% | 20 | | **Total** | **100%** | **211** |