Bristow(VTOL)2025-02-26 22:19Financial 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].