Bristow(US:VTOL)2021-08-04 23:14Share Repurchase and Capital Management - In June 2021, the company repurchased 933,208 shares of common stock for a total of $25.1 million, averaging $26.89 per share, with $39.9 million remaining in the $75.0 million share repurchase program[106]. - An additional 547,596 shares were repurchased in July 2021 for $14.9 million, averaging $27.24 per share, leaving $25.0 million available in the share repurchase program[107]. - A bankruptcy preference claim settlement is expected to result in a $9.0 million cash payment to be recognized in the second fiscal quarter[110]. - The principal debt balance as of June 30, 2021, was $541.6 million, primarily consisting of 6.875% Senior Notes due in March 2028[165]. - The company has unfunded capital commitments of $86.0 million for helicopter purchases, with deliveries scheduled for fiscal year 2022[170]. Financial Performance - Operating revenues for the quarter ended June 30, 2021, were $288.4 million, an increase of 2.4% from $281.5 million in the preceding quarter[121]. - Total revenues for the current quarter were $300.6 million, up 2.5% from $293.3 million in the previous quarter[121]. - Operating revenues increased by $26.8 million, or 10.3%, to $288.4 million in the Current Quarter compared to $261.5 million in the Prior Year Quarter[138]. - Total revenues rose to $300.6 million, up 11.3% from $270.2 million in the Prior Year Quarter[138]. - The company reported a net loss of $14.2 million for the current quarter, a 66.5% improvement from a net loss of $42.4 million in the preceding quarter[121]. - Total revenues for the three months ended June 30, 2021, were $300.6 million, with a net loss attributable to Bristow Group of $5.2 million[175]. Operating Expenses and Losses - Operating expenses decreased by $3.8 million to $214.5 million in the current quarter, primarily due to lower personnel and maintenance costs[127]. - The company recognized a loss on impairment of $21.9 million during the current quarter, including $16.0 million related to Petroleum Air Services[130]. - Operating expenses increased by $26.9 million, or 14.4%, to $214.5 million in the Current Quarter compared to $187.6 million in the Prior Year Quarter[138]. - General and administrative expenses were reduced by $3.2 million in the current quarter, mainly due to lower compensation and professional services fees[128]. - General and administrative expenses rose by $2.1 million in the Current Quarter, mainly due to the impact of the Merger[145]. - Merger-related costs significantly decreased to $1.7 million in the current quarter from $16.5 million in the previous quarter[128]. - Merger-related costs decreased significantly to $1.7 million in the Current Quarter from $17.4 million in the Prior Year Quarter[146]. Cash Flow and Liquidity - Operating activities generated cash flows of $36.4 million in the current quarter, a significant improvement from cash used of $6.9 million in the prior year quarter[157]. - Changes in working capital provided cash flows of $2.5 million in the current quarter, compared to cash used of $29.3 million in the prior year quarter[158]. - Cash paid for interest expense decreased to $1.2 million from $8.3 million in the prior year quarter, while cash paid for income taxes increased to $3.0 million from $2.3 million[159]. - Net cash provided by investing activities was $6.8 million in the current quarter, a decrease from $149.1 million in the prior year quarter[160]. - Net cash used in financing activities was $27.7 million in the current quarter, down from $78.2 million in the prior year quarter[160]. - As of June 30, 2021, the company had $244.7 million in unrestricted cash and $54.1 million available under its asset-backed revolving credit facility, totaling $298.8 million in liquidity[162]. - Approximately 77% of the total cash balance was held outside the U.S. as of June 30, 2021, primarily to meet the liquidity needs of non-U.S. operations[163]. Market and Service Overview - The offshore oil and gas market is highly cyclical, with demand closely tied to oil and gas prices, which fluctuate based on global economic activity and inventory levels[112]. - The company provides SAR services in the U.K. on behalf of the Maritime & Coastguard Agency and aviation services to various government agencies globally[113]. - The company diversifies earnings by leasing helicopters to operators in international markets, allowing access to new markets without significant infrastructure investment[114]. - Revenues from oil and gas services in the Americas increased by $18.1 million, primarily due to the impact of the Merger[142].