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]

Core Insights - Bristow Group Inc. and Leonardo have finalized long-term agreements to enhance global fleet support and training for AW139 and AW189 helicopters, extending into the next decade [2][5] - The agreements aim to improve operational efficiency and maintenance for Bristow's helicopter fleets, particularly in search and rescue and offshore energy services [3][5] Fleet Support and Training Enhancements - The finalized support package includes enhanced Power-by-the-Hour (PBH) agreements for tailored maintenance and operational efficiency [3] - A new AW139 full flight simulator will be introduced in Aberdeen, Scotland, starting in 2026, complementing the existing AW189 simulator [3][4] - The agreements also include a long-term AW189 simulator training agreement in Aberdeen to support critical pilot training needs [3] Strategic Growth and Operational Capability - Bristow plans to add four new AW189 helicopters to its offshore energy services fleet, scheduled to enter service in 2025 and 2026 [4] - These additions are part of a previously announced order and are expected to enhance fleet planning flexibility and diversification [4][5] - The agreements support Bristow's strategic objectives to enhance operational capability and meet contractual demands in both Government Services and Offshore Energy Services [5]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2024 was $60.2 million, down from $71.3 million in the previous quarter [5] - Operating revenues increased by $3.9 million due to higher utilization and favorable foreign exchange impacts [5] - Operating cash flows were $66 million, a 96% increase compared to $34 million in the preceding quarter [9] - Adjusted EBITDA guidance for full year 2024 was raised to $220 million to $230 million [4][8] Business Line Data and Key Metrics Changes - Higher utilization and favorable foreign exchange impacts were noted in government services and Fixed Wing services, while lower utilization was observed in America's offshore energy services [5] - Operating expenses increased by $16.3 million, primarily due to higher operating personnel costs and repairs and maintenance [6][16] - The absence of a one-time benefit from the previous quarter related to lease revenues impacted the current quarter's results [5] Market Data and Key Metrics Changes - The Africa region showed increased utilization and performance, exceeding expectations [8] - Positive demand signals were noted in Suriname and Brazil, with expectations for growth in these areas [14] Company Strategy and Development Direction - The company is focused on growing and diversifying its government services business, which is expected to yield attractive long-term cash flow [11] - The offshore energy services sector is believed to be in a multi-year upcycle, supported by tight supply dynamics and limited new helicopter additions [11] - A disciplined capital allocation approach will prioritize protecting the balance sheet while facilitating organic investments and potential returns to shareholders [11][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth accelerating over the next two years, with strong performance expected in the offshore energy services sector [11] - Supply chain challenges continue to impact operations, but overall business strengthening is evident [8] - The company remains positive about utilization and growth potential in the Americas, particularly in emerging markets [14] Other Important Information - The company finalized a new collective bargaining agreement with UK air crews, which included back pay and is expected to have long-term implications [20] - The company has a strong balance sheet with available liquidity of $260 million as of September 30 [9] Q&A Session Summary Question: Factors behind the decrease in utilization in the Americas - Management noted that the decrease was primarily due to a change in accounting for Cougar and the completion of a project in Suriname [13] Question: Outlook for utilization and growth in the Americas - Management remains positive, citing demand signals in Suriname and Brazil, with expectations for growth in these regions [14] Question: Breakdown of the increase in operating expenses - The increase was largely due to higher personnel costs, repairs, and maintenance related to new contracts [16] Question: Thoughts on maintaining the 2025 outlook - Management indicated that 2025 will see continued operationalization of contracts, with significant increases in adjusted EBITDA expected in 2026 [18] Question: Funding for new government contract CapEx - Funding will primarily come from existing facilities and is expected to increase leverage temporarily [24] Question: Update on capital allocation strategy - No material changes are expected, with a focus on protecting the balance sheet and returning capital to shareholders in the future [25]

Financial Performance - For the three months ended September 30, 2024, Bristow Group reported total revenues of $XX million, with Europe contributing 51% of the operating revenues[71]. - Operating revenues for the current quarter were $356,426 thousand, an increase of $3,932 thousand or 1.1% compared to the preceding quarter[76]. - Total revenues increased to $365,122 thousand, up $5,373 thousand or 1.5% from the previous quarter[76]. - Operating income fell to $33,213 thousand, down $11,549 thousand or 25.8% compared to the previous quarter[76]. - Operating revenues increased by $103.6 million, or 11.1%, to $1,038.3 million in the Current Year compared to the Prior Year[92]. - Total revenues reached $1,061.9 million, reflecting a 10.7% increase from $959.5 million in the Prior Year[92]. - Operating income surged to $100.8 million, a significant increase from $41.2 million in the Prior Year[92]. - Total revenues for the nine months ended September 30, 2024, were $579.6 million, with an operating income of $47.8 million and a net income of $54.9 million[119]. - The company reported a net income of $63.1 million, a substantial increase from $1.2 million in the Prior Year[92]. Operating Expenses - Operating expenses rose to $262,692 thousand, an increase of $16,271 thousand or 6.6% compared to the preceding quarter[76]. - Operating expenses rose by $48.4 million, primarily driven by higher repairs and maintenance costs of $17.6 million and personnel costs of $13.8 million[96]. - Personnel costs increased by $13,006 thousand or 16.7% primarily due to a labor agreement finalization in the UK[83]. Cash Flow and Liquidity - Cash flows from operating activities increased by $84.8 million, totaling $126.4 million in the Current Year[102]. - As of September 30, 2024, the company had $200.3 million in unrestricted cash and $59.6 million available under its ABL Facility, totaling $259.9 million in liquidity[108]. - As of September 30, 2024, current assets were $1.89 billion, while current liabilities were $1.98 billion, indicating a potential liquidity concern[122]. Debt and Capital Commitments - As of September 30, 2024, the total principal debt balance was $629.1 million, primarily consisting of 6.875% Senior Notes due in March 2028 and other debts maturing in March 2036 and July 2031[111]. - The company had unfunded capital commitments of $289.3 million, including agreements to purchase ten AW189 helicopters and other aircraft, with deliveries scheduled between 2024 and 2028[113]. - The company entered into long-term equipment financing for an aggregate amount of up to £55 million and €100 million, with approximately £26.1 million and €46 million drawn as of September 30, 2024[109][110]. Aircraft Fleet and Operations - The fleet consisted of 213 aircraft, including 86 heavy helicopters, 68 medium helicopters, and 14 light-twin helicopters as of September 30, 2024[74]. - The average age of the helicopters in the fleet is 15 years, with the S92 having a maximum passenger capacity of 19[74]. - The company has 19 aircraft under construction, including 8 AW189 heavy helicopters and 6 AW139 medium helicopters[70]. - Bristow Group's operations are geographically diverse, serving customers in 15 countries, including Australia, Brazil, and the U.S.[68]. - The North Sea operations are subject to seasonal fluctuations, with peak activity typically from April to September[69]. - The company has options to purchase up to 10 additional AW189 helicopters and 10 additional H135 helicopters, with potential delivery dates extending to 2028[113]. Business Strategy and Market Outlook - The company anticipates continued demand for its services, particularly in the offshore energy sector, despite potential supply chain disruptions and inflation[62]. - Bristow Group is focused on diversifying its business strategy, including efforts related to government services and advanced air mobility[62]. - Future performance may be impacted by global economic conditions, including changes in oil and gas market demand and pricing[63]. - The company has a reliance on a limited number of helicopter manufacturers, which poses risks related to the availability of aircraft components[62]. Internal Controls and Compliance - The company’s disclosure controls and procedures were deemed effective as of September 30, 2024, following evaluation by the Chief Executive Officer and Chief Financial Officer[127]. - There were no material changes in internal control over financial reporting during the quarter ended September 30, 2024[128].

HOUSTON, Nov. 5, 2024 /PRNewswire/ -- Total revenues of $365.1 million in Q3 2024 compared to $359.7 million in Q2 2024 Net income of $28.2 million, or $0.95 per diluted share, in Q3 2024 compared to net income of $28.2 million, or $0.96 per diluted share, in Q2 2024 EBITDA adjusted to exclude special items, asset dispositions and foreign exchange gains (losses) was $60.2 million in Q3 2024 compared to $71.3 million in Q2 2024(1) Increases 2024 Adjusted EBITDA outlook range to $220 - $230 millionBristow Gro ...

HOUSTON, Oct. 28, 2024 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL), the global leader in innovative and sustainable vertical flight solutions, today announced it will release its third quarter 2024 financial results after market close on Tuesday, November 5, 2024. In connection with the release, Bristow has scheduled a conference call for Wednesday, November 6, 2024, to begin at 10:00 a.m. ET (9:00 a.m. CT). Investors may participate in the call by using the following link, which is now open for early r ...

| --- | --- | |-------------|--------------| | "WE | TIKE \nSTR | | | | | MINING CM B | MARK BRISTOW | | | | | MINING | MARK BRISTOW | Michael McCrae Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was cofounder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @m ...