Core Insights - Bristow Group Inc. reported a net income of $27.4 million, or $0.92 per diluted share, for Q1 2025, a decrease from $31.8 million, or $1.07 per diluted share, in Q4 2024, with total revenues of $350.5 million compared to $353.5 million in the previous quarter [1][7][29] Financial Performance - Total revenues for Q1 2025 were $350.5 million, down 0.8% from $353.5 million in Q4 2024 [7][31] - Operating income increased to $33.5 million in Q1 2025 from $31.8 million in Q4 2024 [3][29] - Adjusted EBITDA for Q1 2025 was $57.7 million, consistent with Q4 2024 [7][30] - Free Cash Flow was negative at $(2.5) million in Q1 2025, compared to $48.3 million in Q4 2024 [3][30] Segment Performance - Offshore Energy Services revenues were $239.8 million, slightly down from $240.2 million in the previous quarter, with operating income rising to $37.4 million from $34.3 million [6][8][31] - Government Services revenues increased to $85.9 million from $82.6 million, with operating income significantly improving to $6.0 million from $2.3 million [9][33] - Other Services revenues decreased to $24.8 million from $30.8 million, with an operating loss of $(0.6) million compared to a profit of $3.6 million in the previous quarter [10][33] Guidance and Outlook - The company affirmed its 2025 Adjusted EBITDA outlook range of $230 million to $260 million and 2026 outlook range of $275 million to $335 million [7][15] - Expected total revenues for 2025 are projected between $1.42 billion and $1.615 billion, with Offshore Energy Services contributing $950 million to $1.06 billion [15][17] Liquidity and Capital Allocation - As of March 31, 2025, Bristow had $191.1 million in unrestricted cash and $63.2 million available under its asset-based revolving credit facility, totaling $254.3 million in liquidity [18][19] - Capital expenditures for property and equipment were $52.1 million in Q1 2025, down from $83.5 million in Q4 2024 [19][29] Tax and Other Income - Income tax expense for Q1 2025 was $10.2 million, compared to a tax benefit of $13.0 million in Q4 2024 [13][14] - Other income for Q1 2025 was $11.4 million, primarily due to higher foreign exchange gains [12][29]

Core Viewpoint - Bristow Group Inc. will release its first quarter 2025 financial results on May 6, 2025, followed by a conference call on May 7, 2025, at 10:00 a.m. ET [1] Company Overview - Bristow Group Inc. is a leading global provider of innovative and sustainable vertical flight solutions, primarily serving offshore energy companies and government entities [3] - The company offers a range of aviation services, including personnel transportation, search and rescue (SAR), medevac, fixed-wing transportation, unmanned systems, and ad hoc helicopter services [3] - Bristow operates through three segments: Offshore Energy Services, Government Services, and Other Services [3] Customer Base - Bristow has a diverse customer base across multiple countries, including Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, Saudi Arabia, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the UK, and the US [4]

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® helicop ...

Core Viewpoint - Sikorsky and Bristow Group have announced a long-term agreement to enhance support for Bristow's S-92 helicopter fleet, reflecting a commitment to operational efficiency and cost control in the offshore energy sector [1][3][5]. Company Overview - Sikorsky, a Lockheed Martin company, is focused on providing innovative solutions in the aviation sector, particularly for commercial markets [5][13]. - Bristow Group Inc. is a leading global provider of vertical flight solutions, primarily serving offshore energy companies and government entities with a range of aviation services [14][15]. Agreement Details - The agreement includes Sikorsky's Total Assurance Program (TAP), which offers Bristow continued aftermarket support for its fleet of over 60 S-92 aircraft [3][4]. - The TAP package covers over 90% of replacement costs for parts and provides enhanced global fleet support through Sikorsky's network [8]. Operational Enhancements - Sikorsky has introduced a new main gearbox for the S-92, featuring an auxiliary lubrication system that enhances safety and operational reliability [5]. - Scheduled inspection intervals for the S-92 have been increased, allowing operators to extend aircraft service life by up to 1,200 hours or 24 months [6]. Market Position - Bristow is the largest operator of the S-92 globally, emphasizing the importance of this agreement in maintaining high service levels while controlling operational costs [4].

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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].