Bristow(US:VTOL)2021-11-03 22:39Fleet and Operations - For the quarter ended September 30, 2021, Bristow Group Inc. reported a total fleet of 234 aircraft, including 218 helicopters and 14 fixed-wing aircraft[114]. - The average age of the owned helicopters in the fleet is 13 years, with the oldest being the B212 at 40 years[114]. - The company operates in multiple regions including Australia, Brazil, Canada, and the U.K., providing geographic and customer diversity to mitigate risks[104]. - The company has a total of 179 operating helicopters, with 56 heavy helicopters and 79 medium helicopters in its fleet[114]. - As of September 30, 2021, Bristow had 10 S-92 U.K. SAR helicopters, with an average age of 7 years[114]. Financial Performance - Operating revenues for the current quarter were $290,120,000, an increase of $1,769,000 or 0.6% compared to the preceding quarter[119]. - Total revenues for the current quarter were $301,584,000, up by $982,000 or 0.3% from the preceding quarter[119]. - Operating income for the current quarter was $12,475,000, compared to an operating loss of $12,231,000 in the preceding quarter[119]. - Net income attributable to Bristow Group Inc. was $2,775,000, a significant improvement from a net loss of $14,197,000 in the preceding quarter[119]. - Operating revenues for the six months ended September 30, 2021, were $602.2 million, an increase of $27.4 million or 4.8% compared to $574.8 million in the same period of 2020[136]. - Operating income was $0.2 million, a significant improvement from an operating loss of $36.5 million in the prior year[150]. - The company reported a net loss attributable to Bristow Group Inc. of $11.4 million, compared to a net income of $43.6 million in the prior year[136]. Expenses and Costs - Operating expenses increased by $4,265,000 or 2.0% in the current quarter, totaling $218,768,000[119]. - Personnel costs rose by $2,341,000, primarily due to vacation accruals and labor union-related payments[125]. - Total operating expenses rose to $577.2 million, an increase of $5.7 million or 1.0% compared to $571.6 million in the prior year[136]. - The company recognized a loss on impairment of $24.8 million during the current period, compared to a loss of $36.8 million in the prior year[147]. - Operating lease expenses recognized during the three and six months ended September 30, 2021, were $27.2 million and $54.7 million, respectively[164]. Revenue Sources - The company has modified its revenue reporting by adding a government services line, which includes revenues from U.K. SAR and other government contracts[108]. - Operating revenues from oil and gas services increased by $3,896,000 or 2.1% in the current quarter[120]. - Operating revenues from oil and gas services decreased by $12.9 million, with Africa experiencing a decline of $20.5 million primarily due to the end of customer contracts and lower utilization[139]. - Operating revenues from government services increased by $20.0 million, driven by the benefits of the Merger and an increase in flight hours[141]. Cash Flow and Liquidity - Cash flows provided by operating activities were $73.2 million, compared to $35.0 million in the prior year, reflecting improved operational performance[157]. - Total liquidity as of September 30, 2021, was $287.6 million, consisting of $237.0 million in unrestricted cash and $50.6 million available under the ABL Facility[160]. - Approximately 78% of the total cash balance was held outside the U.S. as of September 30, 2021[161]. - Principal debt balance as of September 30, 2021, was $531.8 million, primarily comprised of 6.875% Senior Notes due in March 2028[163]. - Net cash used in investing activities was $4.3 million in the Current Year, a significant decrease from $168.4 million provided in the Prior Year[159]. Impact of COVID-19 - The COVID-19 pandemic has significantly impacted global economic activity, with demand for services not yet returning to pre-pandemic levels[106]. - Bristow continues to face uncertainties related to the COVID-19 pandemic, including potential impacts from virus variants on logistics and business operations[107]. Other Income and Tax - Other income, net for the current quarter was $15,330,000, significantly higher than $6,184,000 in the preceding quarter[133]. - Income tax expense for the current quarter was $14,484,000, compared to a tax benefit of $4,842,000 in the preceding quarter[134]. - Other income, net was $21.5 million, an increase from $14.6 million in the prior year, primarily due to a bankruptcy-related legal settlement and government grants[153]. Capital Expenditures and Commitments - Capital expenditures amounted to $17.3 million, with cash transferred from the sale of a subsidiary at $0.9 million, and proceeds from the sale of aircraft and equipment at $13.8 million[162]. - Unfunded capital commitments totaled $85.4 million, primarily for the purchase of helicopters scheduled for delivery from fiscal year 2023 through 2025[169].