INVESTORS WO KITCO MARK BRISTOW MINING // INVESTOR ORE KITCO MARK BRISTOW MINING 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 @michaelmccrae. Share Disclaimer: The views expressed in ...

Core Viewpoint - Bristow Group reported strong second quarter results, exceeding consensus expectations in both revenue and adjusted EBITDA, driven by the offshore energy services segment [1][8] Financial Performance - Revenue for Q2 2023 was $319 million, up from $302 million in Q1 2023, with adjusted EBITDA reaching $39 million, compared to $29 million in Q1 2023 [1] - Adjusted EBITDA margin improved to 12.2% in Q2 2023 from 9.6% in Q1 2023, with cash flow from operations increasing to $18 million from $7 million [1] - Free cash flow was slightly negative at $9 million due to elevated capital expenditures related to new SAR contracts [2][3] Operational Highlights - The offshore energy services segment outperformed expectations, contributing significantly to the overall financial results, while the government business faced penalties [1][8] - One-time items totaling $8.6 million positively impacted Q2 results, including seasonal personnel cost benefits and adjustments for lease payments [2] Future Outlook - The company raised its outlook for 2024 and 2025, anticipating continued profitability increases from new SAR contracts in the UK and Ireland [2][4] - Bristow expects to generate meaningful free cash flow starting next year, which will support potential shareholder returns through buybacks and dividends [3][4] Valuation and Price Target - Adjusted EBITDA estimates for Bristow have been updated to $220 million for 2024, $250 million for 2025, and $310 million for 2026, with a corresponding price target of $45 based on a multiple of 6.5x EV/Adjusted EBITDA [5][6] - The company's net asset value per share is estimated at $44.06, aligning closely with the new price target [7]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2024 was $71.3 million, up from $47.5 million in Q1 2024, representing an increase of approximately $23.8 million [3][4] - Operating revenues increased by $23.1 million, primarily due to higher utilization and increased rates in offshore energy and Fixed Wing services [4] - The effective tax rate decreased to approximately 25% from 86% in the prior year, attributed to positive changes in the global mix of earnings [4][5] - Adjusted EBITDA guidance for 2024 was raised to $210 million to $230 million, and for 2025 to $230 million to $260 million [5][6] Business Line Data and Key Metrics Changes - The Offshore Energy Services (OES) business saw higher rates and utilization, particularly in Africa, which outperformed expectations [6][9] - The Fixed Wing business experienced higher yields in scheduled passenger transport and a short-term increase in charter activity [6] - Government Services faced availability penalties due to supply chain challenges, impacting overall performance [6][7] Market Data and Key Metrics Changes - The African market has shown significant improvement, with increased activity and customer returns, contributing to higher utilization levels [31][32] - The UK OES business benefited from higher ad hoc activity in the first half of 2024, although this is expected to decrease in the second half [6] - Global offshore spending is anticipated to increase significantly over the next several years, driven by positive industry fundamentals [9][10] Company Strategy and Development Direction - The company is in the early stages of a multi-year growth cycle, with a focus on government services and offshore energy [3][9] - Investments in new contracts, particularly for search and rescue operations, are expected to yield attractive long-term cash flow [8][9] - A disciplined capital allocation approach will prioritize maintaining a strong balance sheet while facilitating organic investments and potential shareholder returns [10][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing offshore energy upcycle, with breakeven economic thresholds well below current commodity prices [21] - Supply chain issues are expected to persist, impacting the Government Services business, but management has factored this into their guidance [14][15] - The company anticipates significant cash flows in the latter half of 2025 and beyond, supported by a strong balance sheet and liquidity position [10][26] Other Important Information - The company completed $157 million of a $300 million capital investment related to new search and rescue contracts as of July [7][8] - Available liquidity as of June 30 was $246 million, with adjusted free cash flow of $33 million generated in Q2 [8] Q&A Session Summary Question: Why was guidance not raised higher despite strong Q2 performance? - Management noted one-time items that benefited Q2 results and expressed confidence in ending the year strongly, with the new midpoint of guidance approximately 30% over 2023 [12][13] Question: What is driving increased visibility for 2025 guidance? - The primary driver for the 2025 guidance increase is the strong performance in Africa, which is expected to continue [13] Question: How long will availability penalties in Government Services last? - Penalties are driven by supply chain issues and are expected to continue, with management's guidance reflecting this expectation [14] Question: What is the expected cadence of aircraft investments? - Deliveries related to SAR contracts are expected over the next two quarters, with a significant drop-off in 2025 [15] Question: What are the current offshore helicopter utilization rates? - Effective utilization levels for relevant helicopter models are at or near 100%, with some idle airframes awaiting parts [17][18] Question: How significant is the risk of lower energy prices? - Management believes the offshore energy upcycle remains intact, with breakeven prices well below current levels [21] Question: What are the assumptions behind the unchanged 2026 targets? - The wide range for 2026 targets reflects the long-term nature of the business, with potential for bias towards the higher end if current trends continue [24] Question: What is the timing for fleet expansion? - The fleet is expected to grow over the next couple of years, with specific deliveries planned for SAR contracts [27][28] Question: What is the current state of the financing market? - The company has secured attractive financing terms for SAR contracts, with sufficient cash flows to manage capital expenditures [39][40] Question: What are the lead times for helicopter orders? - Lead times for super-medium helicopters are currently around 24 months or more, indicating a tight supply-demand balance [45][46]

HOUSTON, Aug. 6, 2024 /PRNewswire/ -- Total revenues of $359.7 million in Q2 2024 compared to $337.1 million in Q1 2024 Net income of $28.2 million, or $0.96 per diluted share, in Q2 2024 compared to net income of $6.6 million, or $0.23 per diluted share, in Q1 2024 EBITDA adjusted to exclude special items, asset dispositions and foreign exchange losses was $71.3 million in Q2 2024 compared to $47.5 million in Q1 2024(1) Increases 2024 Adjusted EBITDA outlook range to $210 million - $230 million and 2025 ou ...

| --- | --- | |------------------------------|-------| | | | | Investors Bristow Group Inc. | | | Jennifer Whalen | | | [email protected] | | | Media | | | Bristow Group Inc. | | | Adam Morgan | | | [email protected] | | HOUSTON, July 29, 2024 /PRNewswire/ -- Bristow Group Inc. (NYSE: VTOL), the global leader in innovative and sustainable vertical flight solutions, today announced it will release its second quarter 2024 financial results after market close on Tuesday, August 6, 2024. In connection with the ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2024 was $47.5 million, an increase of $1.5 million from $46 million in Q4 2023 [6] - Operating revenues decreased by $200,000 primarily due to lower seasonal activity in the fixed wing business, offset by increases in Offshore Energy Services and Government Services [7] - Available liquidity as of March 31 was $223 million, with adjusted free cash flow of $22 million for the quarter [8] Business Line Data and Key Metrics Changes - Offshore Energy Services accounted for approximately 65% of LTM revenues of $1.3 billion, while Government Services contributed a little more than 25% [12] - The company has a contractual backlog of approximately $4.2 billion, with $3.2 billion from stable Government Services contracts [15][16] Market Data and Key Metrics Changes - The global demand for floating rigs is expected to grow by 32% between 2023 and 2028, driving increased demand for helicopters servicing drilling and exploration activities [25] - Final investment decisions (FIDs) for offshore projects are expected to surpass $100 billion in each of 2024, 2025, and 2026, totaling almost $500 billion between 2023 and 2026 [24] Company Strategy and Development Direction - The company is transitioning to new contracts, including the Irish Coast Guard and UKSAR2G, which will ramp up in 2025 and 2026 [32] - The company aims to maintain a strong balance sheet while investing for growth, particularly in Government Services and Offshore Energy [55][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Offshore Energy Services business, citing a positive inflection point and a multiyear growth cycle [18][26] - The company is focused on enhancing contract terms and conditions in the current market environment, which presents opportunities for better margins [90] Other Important Information - The company has a strong balance sheet with a net debt-to-EBITDA ratio of approximately 2.2 times, expected to return to around 2 times post-investment cycle [57] - The company has ordered 10 AW189 helicopters to meet customer demand and boost profitability [44] Q&A Session Summary Question: What type of uplift should be expected from contract repricing? - Management indicated that leading-edge rates are 25% or more higher than legacy contracts, significantly impacting cash flows [66] Question: Is the industry more disciplined now regarding capacity? - Management noted a more disciplined industry with limited production capacity, contrasting with speculative orders before 2014 [69] Question: What drove the outperformance in Q1? - The outperformance was attributed to the new run rate from contracts that started in Norway and Brazil in the second half of 2023 [71] Question: Why provide longer-term guidance now? - The guidance aims to clarify the new earnings power post-transition of large projects, particularly in Government Services [73] Question: What factors could bias results within guidance ranges? - Factors include foreign exchange exposure, operational execution, and supply chain challenges impacting the S-92 [75][76] Question: What is the confidence level in renewing contracts at current market rates? - Management acknowledged risks but expressed optimism due to strong demand and limited supply [83][85] Question: How far in advance does the company typically negotiate new contracts? - Negotiation timelines vary, with some markets providing longer lead times than others, such as Norway [92]

PART I. Financial Information [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents unaudited condensed consolidated financial statements, including statements of operations, balance sheets, cash flows, and detailed notes [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) | Metric | 3 Months Ended March 31, 2024 (in thousands) | 3 Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :-------------------------------- | :------------------------------------------- | :------------------------------------------- | :------------ | | Total Revenues | $337,094 | $302,022 | +11.6% | | Total Costs and Expenses | $315,571 | $300,329 | +5.1% | | Operating Income | $22,829 | $5,986 | +281.4% | | Income (loss) before income taxes | $9,140 | $(6,619) | N/A (swing to profit) | | Net income (loss) attributable to Bristow Group Inc. | $6,605 | $(1,522) | N/A (swing to profit) | | Basic EPS | $0.23 | $(0.05) | N/A (swing to profit) | | Diluted EPS | $0.23 | $(0.05) | N/A (swing to profit) | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) | Metric | 3 Months Ended March 31, 2024 (in thousands) | 3 Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :------------------------------------------------ | :------------------------------------------- | :------------------------------------------- | :------------ | | Net income (loss) | $6,632 | $(1,525) | N/A (swing to profit) | | Currency translation adjustments | $(8,583) | $11,745 | N/A (swing to loss) | | Total other comprehensive income (loss), net of tax | $(12,105) | $10,127 | N/A (swing to loss) | | Total comprehensive income (loss) attributable to Bristow Group Inc. | $(5,500) | $8,605 | N/A (swing to loss) | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (QoQ) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------------ | | Total Current Assets | $524,444 | $563,583 | -6.9% | | Total Assets | $1,915,776 | $1,937,278 | -1.1% | | Total Current Liabilities | $303,415 | $309,789 | -2.1% | | Total Liabilities | $1,095,566 | $1,114,099 | -1.7% | | Total Stockholders' Equity | $820,210 | $823,179 | -0.4% | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) | Metric | December 31, 2023 (in thousands) | March 31, 2024 (in thousands) | Change (QoQ) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------------ | | Total Bristow Group Inc. Stockholders' Equity | $823,179 | $820,210 | -0.4% | | Retained Earnings | $217,968 | $224,573 | +3.0% | | Accumulated Other Comprehensive Loss | $(54,643) | $(66,748) | -22.1% | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Metric | 3 Months Ended March 31, 2024 (in thousands) | 3 Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :------------------------------------------- | :------------------------------------------- | :------------------------------------------- | :------------ | | Net cash provided by operating activities | $26,679 | $6,615 | +303.3% | | Net cash used in investing activities | $(64,557) | $(8,104) | +696.6% (increased outflow) | | Net cash provided by (used in) financing activities | $(5,108) | $34,148 | N/A (swing to outflow) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(40,744) | $36,860 | N/A (swing to decrease) | | Cash, cash equivalents and restricted cash at end of period | $142,918 | $200,543 | -28.7% | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Note 1 Basis Of Presentation, Consolidation And Significant Accounting Policies](index=11&type=section&id=Note%201%20Basis%20Of%20Presentation%2C%20Consolidation%20And%20Significant%20Accounting%20Policies) - The financial statements are prepared in accordance with U.S. GAAP and SEC rules for interim reporting[25](index=25&type=chunk) - The Company is evaluating the potential impact of ASU 2023-07 on Segment Reporting, effective for fiscal years beginning after December 15, 2023[30](index=30&type=chunk) [Note 2 Revenues](index=12&type=section&id=Note%202%20Revenues) - The Company's customers are primarily major integrated, national and independent offshore energy companies and government agencies, with revenues derived from helicopter and fixed-wing aviation services[31](index=31&type=chunk) | Service Line | 3 Months Ended March 31, 2024 (in thousands) | 3 Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :---------------------- | :------------------------------------------- | :------------------------------------------- | :------------ | | Offshore energy services | $220,698 | $181,629 | +21.5% | | Government services | $82,108 | $82,334 | -0.3% | | Fixed wing services | $23,708 | $25,919 | -8.5% | | Other services | $2,842 | $3,049 | -6.8% | | Total operating revenues | $329,356 | $292,931 | +12.4% | | Reimbursable revenues | $7,738 | $9,091 | -14.9% | | Total revenues | $337,094 | $302,022 | +11.6% | - Deferred revenue balance increased to **$24.7 million** as of March 31, 2024, from **$20.3 million** as of December 31, 2023[32](index=32&type=chunk) [Note 3 Related Party Transactions](index=12&type=section&id=Note%203%20Related%20Party%20Transactions) - The Company owns a **25% voting interest** and a **40% economic interest** in Cougar Helicopters Inc. ('Cougar'), which is considered a related party[33](index=33&type=chunk) - Payments to related parties were **$1.1 million** for the three months ended March 31, 2024, compared to **$1.5 million** for the same period in 2023[34](index=34&type=chunk) - Revenues from related parties increased to **$7.1 million** for the three months ended March 31, 2024, from **$4.6 million** for the same period in 2023[34](index=34&type=chunk) [Note 4 Debt](index=13&type=section&id=Note%204%20Debt) | Debt Type | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (QoQ) | | :------------------ | :-------------------------------- | :-------------------------------- | :------------ | | 6.875% Senior Notes | $394,539 | $394,184 | +0.1% | | NatWest Debt | $149,531 | $153,886 | -2.9% | | Total Debt | $544,070 | $548,070 | -0.7% | | Total Long-Term Debt | $530,943 | $534,823 | -0.7% | - In January 2024, the Company upsized the NatWest Debt by up to **£55 million** to support capital commitments related to the Second-Generation UK Search and Rescue ("UKSAR2G") contract[40](index=40&type=chunk) - Approximately **£26 million** was borrowed under the upsized NatWest Debt facility in April 2024[40](index=40&type=chunk) - The ABL Facility provides **$85.0 million** in commitments, with no outstanding borrowings as of March 31, 2024[42](index=42&type=chunk)[43](index=43&type=chunk) [Note 5 Fair Value Disclosures](index=14&type=section&id=Note%205%20Fair%20Value%20Disclosures) - The fair values of cash and cash equivalents, accounts receivable, and accounts payable approximate their carrying values due to their short-term nature[44](index=44&type=chunk) - The Company's debt was measured at fair value using Level 2 inputs based on estimated current rates for similar arrangements using discounted cash flow analysis[45](index=45&type=chunk) | Debt Type | Carrying Amount (March 31, 2024) | Fair Value (March 31, 2024) | Carrying Amount (December 31, 2023) | Fair Value (December 31, 2023) | | :------------------ | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | 6.875% Senior Notes | $394,539 | $391,417 | $394,184 | $383,068 | | NatWest Debt | $149,531 | $165,637 | $153,886 | $162,467 | | Total Debt | $544,070 | $557,054 | $548,070 | $545,535 | [Note 6 Derivative Financial Instruments](index=14&type=section&id=Note%206%20Derivative%20Financial%20Instruments) - The Company uses foreign exchange options or forward contracts to hedge a portion of its forecasted foreign currency denominated transactions[48](index=48&type=chunk) - Total notional amounts of outstanding cash flow hedges decreased to **$199.2 million** as of March 31, 2024, from **$254.7 million** as of December 31, 2023[49](index=49&type=chunk) - An estimated net gain of **$2.5 million** is expected to be reclassified from accumulated other comprehensive income into earnings within the next 12 months[49](index=49&type=chunk) [Note 7 Commitments And Contingencies](index=15&type=section&id=Note%207%20Commitments%20And%20Contingencies) - Unfunded capital commitments totaled **$349.3 million** as of March 31, 2024, primarily for agreements to purchase helicopters[51](index=51&type=chunk) - Commitments include orders for **12 AW189**, **4 AW139**, **5 AW169**, and **5 H135** helicopters, with deliveries scheduled between 2024 and 2026[52](index=52&type=chunk) - The Company has outstanding options to purchase up to **ten additional AW189** helicopters and **ten additional H135** helicopters[52](index=52&type=chunk) - **$34.0 million** of unfunded capital commitments can be terminated with aggregate liquidated damages of approximately **$1.1 million**[53](index=53&type=chunk) - The Company is involved in various litigation matters but does not expect such changes in estimated costs or uninsured losses to have a material effect on its business, consolidated financial position or results of operations[55](index=55&type=chunk) [Note 8 Income Taxes](index=16&type=section&id=Note%208%20Income%20Taxes) | Metric | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | | :-------------------- | :---------------------------- | :---------------------------- | | Income Tax Expense (Benefit) | $2.5 million | $(5.1) million | | Effective Tax Rate | 27.4% | 77.0% | - The effective tax rate for the three months ended March 31, 2024, was impacted by the Company's global mix of earnings and adjustments to valuation allowances[58](index=58&type=chunk) [Note 9 Stockholders' Equity](index=16&type=section&id=Note%209%20Stockholders%27%20Equity) | Metric | December 31, 2023 (in thousands) | March 31, 2024 (in thousands) | Change (QoQ) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------------ | | Accumulated Other Comprehensive Loss | $(54,643) | $(66,748) | -22.1% | | Currency Translation Adjustments | $(21,601) | $(30,184) | -39.7% | | Unrealized (losses) on cash flow hedges | $1,899 | $(1,944) | N/A (swing to loss) | [Note 10 Earnings Per Share](index=17&type=section&id=Note%2010%20Earnings%20Per%20Share) | Metric | 3 Months Ended March 31, 2024 | 3 Months Ended March 31, 2023 | | :------------------------------------------- | :---------------------------- | :---------------------------- | | Net income (loss) attributable to Bristow Group Inc. | $6,605 | $(1,522) | | Basic EPS | $0.23 | $(0.05) | | Diluted EPS | $0.23 | $(0.05) | | Weighted average shares outstanding – basic | 28,332 | 27,983 | | Weighted average shares outstanding – diluted | 29,239 | 27,983 | [Note 11 Segment Information](index=17&type=section&id=Note%2011%20Segment%20Information) - The Company conducts business in one segment: aviation services, across four regions: Europe, the Americas, Africa, and Asia Pacific[61](index=61&type=chunk) | Region | 3 Months Ended March 31, 2024 (in thousands) | 3 Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :----------- | :------------------------------------------- | :------------------------------------------- | :------------ | | Europe | $186,441 | $173,008 | +7.8% | | Americas | $97,015 | $79,184 | +22.5% | | Africa | $34,252 | $28,708 | +19.3% | | Asia Pacific | $19,386 | $21,122 | -8.2% | | Total region revenues | $337,094 | $302,022 | +11.6% | | Region | 3 Months Ended March 31, 2024 (in thousands) | 3 Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :----------- | :------------------------------------------- | :------------------------------------------- | :------------ | | Europe | $14,503 | $11,579 | +25.3% | | Americas | $19,674 | $9,298 | +111.6% | | Africa | $8,650 | $4,522 | +91.3% | | Asia Pacific | $(761) | $2,868 | N/A (swing to loss) | | Total consolidated operating income | $22,829 | $5,986 | +281.4% | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial performance, condition, and outlook, highlighting key drivers and changes [Forward-Looking Statements](index=19&type=section&id=Forward-Looking%20Statements) - This report contains forward-looking statements regarding future business, strategy, operations, capabilities, and financial projections[67](index=67&type=chunk) - These statements involve significant known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results to differ materially[68](index=68&type=chunk) - Key risk factors include supply chain disruptions, inflation, reliance on limited manufacturers and customers, cyberattacks, compliance with financing agreements, and fluctuations in oil and gas demand[69](index=69&type=chunk)[72](index=72&type=chunk) [Overview](index=21&type=section&id=Overview) - Bristow Group Inc. is a leading global provider of innovative and sustainable vertical flight solutions, primarily serving offshore energy companies and government entities[73](index=73&type=chunk) - The Company's aviation services include personnel transportation, Search and Rescue (SAR), medevac, fixed-wing transportation, unmanned systems, and ad-hoc helicopter services[73](index=73&type=chunk) - In January 2024, the NatWest Debt facility was upsized by up to **£55 million** to support capital commitments related to the Second-Generation UK Search and Rescue ("UKSAR2G") contract[77](index=77&type=chunk) [Fleet Information](index=21&type=section&id=Fleet%20Information) - As of March 31, 2024, the total fleet comprised **218 aircraft**, including **201 helicopters**, **13 fixed-wing aircraft**, and **4 Unmanned Aerial Systems (UAS)**[78](index=78&type=chunk)[80](index=80&type=chunk) - The fleet includes **90 heavy**, **69 medium**, **14 light-twin**, and **28 light-single engine** helicopters[78](index=78&type=chunk)[80](index=80&type=chunk) - The Company has **16 aircraft under construction**, **12 on order**, and options for **20 additional helicopters**[78](index=78&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) - Management believes comparing the most recently completed quarter to the immediately preceding quarter provides more relevant information for business analysis[82](index=82&type=chunk) | Metric | 3 Months Ended March 31, 2024 (in thousands) | 3 Months Ended December 31, 2023 (in thousands) | Change (QoQ) | | :------------------------------------------- | :------------------------------------------- | :------------------------------------------- | :------------ | | Total Revenues | $337,094 | $337,934 | -0.2% | | Total Costs and Expenses | $315,571 | $319,328 | -1.2% | | Operating Income | $22,829 | $19,574 | +16.6% | | Income before income taxes | $9,140 | $13,495 | -32.3% | | Net income (loss) attributable to Bristow Group Inc. | $6,605 | $(7,938) | N/A (swing to profit) | - Operating revenues from offshore energy services increased by **$0.7 million** QoQ, driven by additional aircraft on contract in Africa and increased ad hoc activity and rates in Europe[86](index=86&type=chunk)[87](index=87&type=chunk) - Total operating expenses decreased by **$2.2 million** QoQ, primarily due to a **$3.8 million** decrease in fuel costs from lower seasonal flight hours and decreased global fuel prices[90](index=90&type=chunk) - Other expense, net, was **$6.2 million** in the Current Quarter, primarily due to **$6.5 million** in foreign exchange losses from the significant devaluation of the Nigerian Naira (NGN)[93](index=93&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) - Primary sources of liquidity are cash balances and cash flows from operations; additional liquidity may be obtained through equity or debt issuance or asset sales[95](index=95&type=chunk) | Cash Flow Activity | 3 Months Ended March 31, 2024 (in thousands) | 3 Months Ended March 31, 2023 (in thousands) | Change (YoY) | | :------------------------------------------- | :------------------------------------------- | :------------------------------------------- | :------------ | | Operating activities | $26,679 | $6,615 | +303.3% | | Investing activities | $(64,557) | $(8,104) | +696.6% (increased outflow) | | Financing activities | $(5,108) | $34,148 | N/A (swing to outflow) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(40,744) | $36,860 | N/A (swing to decrease) | - Net cash used in investing activities increased significantly to **$64.6 million**, primarily due to **$64.6 million** in capital expenditures for aircraft and equipment[98](index=98&type=chunk) - As of March 31, 2024, total liquidity was **$222.5 million**, comprising **$140.6 million** of unrestricted cash and **$81.9 million** of remaining availability under the ABL Facility[104](index=104&type=chunk) - Unfunded capital commitments totaled **$349.3 million** as of March 31, 2024, primarily for helicopter purchases, with aggregate undiscounted future payments under non-cancelable operating leases totaling **$332.1 million**[107](index=107&type=chunk)[110](index=110&type=chunk) [Critical Accounting Estimates](index=28&type=section&id=Critical%20Accounting%20Estimates) - There have been no material changes to the Company's critical accounting policies and estimates since the Annual Report on Form 10-K[114](index=114&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Company is exposed to market risks from financial instruments, primarily foreign currency, credit, and interest rates, with no material changes - The Company is subject to market risks from financial instruments, primarily due to potential changes in foreign currency exchange rates, credit risk, and interest rates[116](index=116&type=chunk) - The Company's exposure to market risk has not changed materially since December 31, 2023[117](index=117&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated disclosure controls and procedures, concluding they were effective as of March 31, 2024, with no material changes to internal control - Disclosure controls and procedures were evaluated and deemed effective as of March 31, 2024[118](index=118&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2024[119](index=119&type=chunk) PART II. Other Information [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The Company is involved in various litigation matters, with management recording reserves and not expecting material effects on financial position or operations - The Company is involved in various litigation matters, including claims by third parties for alleged property damages and personal injuries[121](index=121&type=chunk) - Management has used estimates to determine potential exposure and recorded reserves, not expecting a material effect on consolidated financial position or results of operations[121](index=121&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the detailed discussion of risk factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 - For a detailed discussion of risk factors, refer to Part I, Item 1A, "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2023[122](index=122&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20and%20Issuer%20Repurchases%20of%20Equity%20Securities) The Company repurchased shares during the quarter, primarily for employee tax withholding, with the **$40.0 million** stock repurchase program remaining active - The Company repurchased **39,473 shares** during the three months ended March 31, 2024, primarily in connection with the surrender of stock by employees to satisfy tax withholding obligations[123](index=123&type=chunk)[124](index=124&type=chunk) - These repurchases are not part of the publicly announced **$40.0 million** stock repurchase program, which has no expiration date and may be suspended or discontinued at any time[123](index=123&type=chunk)[124](index=124&type=chunk) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value Remaining Under Program | | :----------------------------------- | :------------------------------- | :--------------------------- | :----------------------------------------------- | | January 1, 2024 - January 31, 2024 | 367 | $28.18 | $40,000,000 | | February 1, 2024 - February 29, 2024 | 1,730 | $27.41 | $40,000,000 | | March 1, 2024 - March 31, 2024 | 37,376 | $25.63 | $40,000,000 | [Item 3. Defaults Upon Senior Securities](index=29&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - No defaults upon senior securities were reported[125](index=125&type=chunk) [Item 4. Mine Safety Disclosures](index=29&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - Mine Safety Disclosures are not applicable to the Company[126](index=126&type=chunk) [Item 5. Other Information](index=29&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended March 31, 2024 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended March 31, 2024[127](index=127&type=chunk) [Item 6. Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including corporate documents, agreements, and certifications - The exhibits filed include Amended and Restated Certificate of Incorporation, Bylaws, Facility Agreements, and Rule 13a-14(a) Certifications by the Chief Executive Officer and Chief Financial Officer[128](index=128&type=chunk) [Signatures](index=31&type=section&id=Signatures) The report was signed by Jennifer D. Whalen, SVP and CFO, and Donna Anderson, VP and CAO, on May 7, 2024 - The report was signed by Jennifer D. Whalen, Senior Vice President, Chief Financial Officer, and Donna Anderson, Vice President, Chief Accounting Officer, on May 7, 2024[132](index=132&type=chunk)

Exhibit 99.1 PRESS RELEASE BRISTOW GROUP REPORTS FIRST QUARTER 2024 RESULTS AND ISSUES NEW FINANCIAL OUTLOOK Houston, Texas May 7, 2024 FOR IMMEDIATE RELEASE — Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $6.6 million, or $0.23 per diluted share, for its quarter ended March 31, 2024 (the "Current Quarter") on operating revenues of $329.4 million compared to net loss attributable to the Company of $7.9 million, or $0.28 per diluted shar ...

Bristow Group Inc. (NYSE:VTOL) Q4 2023 Earnings Conference Call March 6, 2024 9:00 AM ET Company Participants Red Tilahun - Senior Manager of IR and Financial Reporting Christopher Bradshaw - President and CEO Jennifer Whalen - SVP and CFO Conference Call Participants Josh Sullivan - The Benchmark Company Steve Silver - Argus Research Operator Good day, everyone, and welcome to the Bristow Group Reports Fourth Quarter and Full Year 2023 Earnings Conference Call. Today's call is being recorded. [Operator Ins ...

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 (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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 72-1455213 (State or Other Jurisdiction of Incorporation or ...