Bristow(US:VTOL)2025-02-27 21:30Revenue Performance - Total revenues for 2024 reached $1,415.5 million, an increase of 9.1% compared to $1,297.4 million in 2023[237] - Offshore Energy Services segment generated revenues of $966.1 million, up 13.3% from $853.0 million in 2023, with significant growth in Africa by 38.6%[239] - Other Services revenues increased by 11.7% to $119.8 million, up from $107.2 million in 2023[237] - Total revenues for the year ended December 31, 2023, were $1,297.4 million, a 7.2% increase from $1,210.0 million in 2022[249] - Offshore Energy Services revenues increased by $24.2 million, with Africa and Europe contributing $29.8 million and $9.2 million, respectively, while the Americas saw a decrease of $14.8 million[252] - Government Services revenues rose by $53.6 million, driven by new contracts, but operating income fell by $9.3 million due to increased operating expenses of $54.5 million[253] Operating Income and Expenses - Operating income for Offshore Energy Services surged to $132.2 million, a 189.8% increase from $45.6 million in the previous year[237] - The Government Services segment's operating income decreased by 28.8% to $21.1 million from $29.6 million in 2023[237] - Other Services revenues increased by $12.6 million primarily due to higher utilization and increased rates, but operating income decreased by $1.7 million due to higher operating costs[243] - Total expenses for Corporate increased by $4.9 million, mainly due to the full-year impact of increased headcount and higher non-cash stock compensation[255] Net Income and Financial Position - Net income attributable to Bristow Group Inc. was $94.8 million, a significant turnaround from a net loss of $6.8 million in 2023[237] - For the twelve months ended December 31, 2024, total revenues were $773.3 million, with an operating income of $81.7 million and a net income of $64.1 million[285] - Cash flows from operating activities increased by $145.4 million, primarily due to higher operating income and improved working capital[262] - Interest income for the year was $8.6 million, significantly higher than $1.7 million in 2022, attributed to higher investment balances and interest rates[257] - Income tax expense decreased to $24.9 million from $10.8 million in the prior year, influenced by the earnings mix and tax benefits[259] Debt and Capital Expenditures - The total debt balance, net of deferred financing fees, was $689.8 million, primarily comprised of 6.875% Senior Notes due in March 2028 and other debts maturing in March 2036 and June 2031[271] - Capital expenditures totaled $255.4 million, primarily for aircraft and equipment, offset by proceeds of $9.4 million from asset disposals[267] - The company plans to fund future capital expenditures through a combination of cash on hand, operating cash flows, and debt financing[272] - The company had unfunded capital commitments of $202.4 million for the purchase of helicopters, with deliveries scheduled between 2025 and 2028[274] Cash and Liquidity - As of December 31, 2024, the company had a total cash balance of $311.5 million, consisting of $247.5 million in unrestricted cash and $64.0 million available under its ABL Facility[268] - As of December 31, 2024, the company had approximately £52.0 million drawn under the UKSAR Debt facility, with no further amounts available to be drawn[269] - The company entered into a long-term equipment financing for up to €100.0 million, with approximately €93.4 million drawn as of December 31, 2024[270] Future Outlook - The company expects positive financial impacts from new government contracts commencing in 2025, with full operational ramp-up anticipated by 2026[224] Pension and Lease Obligations - The employer contributions for defined benefit pension plans for the year ended December 31, 2024, were $5.0 million, down from $15.7 million in 2023[281] - Aggregate undiscounted future payments under non-cancelable operating leases were approximately $310.4 million as of December 31, 2024[278]