Bristow(US:VTOL)2025-11-04 21:30Financial Performance - Total revenues for Q3 2025 were $386.3 million, an increase of 2.3% from $376.4 million in Q2 2025[5] - Net income attributable to Bristow Group Inc. was $51.5 million, or $1.72 per diluted share, compared to $31.7 million, or $1.07 per diluted share, in the previous quarter, representing a 62.7% increase in net income[2] - Adjusted EBITDA for Q3 2025 was $67.1 million, up from $60.7 million in Q2 2025, indicating a 17.6% increase[5] - Operating income increased to $50,535,000 for the three months ended September 30, 2025, compared to $42,640,000 in the prior quarter, reflecting a favorable change of $7,895,000[26] - Net income attributable to Bristow Group Inc. was $51,544,000 for the three months ended September 30, 2025, up from $31,748,000 in the previous quarter, representing an increase of 62.1%[26] - Adjusted EBITDA for the three months ended September 30, 2025, was $67,097,000, an increase of 10.5% from $60,700,000 in the prior quarter[26] - Revenues for Q3 2025 reached $386.289 million, a 2.5% increase from $376.429 million in Q2 2025[29] - Operating income for Q3 2025 was $50.535 million, compared to $42.640 million in Q2 2025, reflecting a significant improvement[29] - Adjusted Operating Income for Q3 2025 was $62.201 million, up from $57.330 million in Q2 2025[29] - Net income for Q3 2025 was reported at $51.591 million, a significant increase from $31.779 million in Q2 2025[35] - Adjusted EBITDA for Q3 2025 was $67.097 million, compared to $60.700 million in Q2 2025, indicating strong operational performance[35] Revenue Breakdown - Revenues from Government Services increased by $8.4 million to $100.9 million in Q3 2025, a 9.1% increase compared to Q2 2025[9] - Revenues from Other Services rose by $3.8 million to $35.0 million, a 12.3% increase from the previous quarter[11] - Offshore Energy Services revenue totaled $250,431,000, a slight decrease of 0.9% from $252,810,000 in the previous quarter[27] - Government Services revenue increased by 9.1% to $100,898,000 for the three months ended September 30, 2025, compared to $92,499,000 in the prior quarter[27] - The Americas segment saw a revenue increase of 6.0%, reaching $100,945,000 compared to $95,230,000 in the prior quarter[27] - Offshore Energy Services contributed 67% to total revenues, while Government Services accounted for 25%[44] Liquidity and Assets - The company reported total liquidity of $313.4 million as of September 30, 2025, consisting of $245.5 million in unrestricted cash and $67.9 million available under its asset-based revolving credit facility[18] - Total current assets increased to $678.342 million as of September 30, 2025, from $619.458 million at the end of 2024, indicating strong liquidity[31] - Cash and cash equivalents slightly decreased to $250.705 million from $251.281 million[31] - Accounts receivable increased to $233.639 million, up from $211.590 million, suggesting improved sales performance[31] - Total assets grew to $2.269 billion as of September 30, 2025, compared to $2.125 billion at the end of 2024[31] - Total liabilities remained stable at approximately $1.234 billion, showing effective management of debt[31] Cash Flow and Debt Management - The Company reported Free Cash Flow of $20,257,000 for the three months ended September 30, 2025, compared to $94,507,000 for the previous quarter, reflecting a decrease of 78.6%[38] - Adjusted Free Cash Flow for the same period was $21,365,000, down from $95,293,000 in the prior quarter, indicating a decline of 77.6%[38] - The company made $24.8 million in accelerated principal payments on its UKSAR Debt facility during the current quarter[16] - The Company reported a net cash provided by operating activities of $23,057,000 for the three months ended September 30, 2025[38] Operational Insights - Flight hours for Offshore Energy Services decreased by 2.0% to 23,990 hours in the three months ended September 30, 2025, down from 24,469 hours in the previous quarter[28] - The Company’s total fleet consists of 213 aircraft, including 195 helicopters, with an average age of 15 years[42] - The Company has 12 aircraft under construction and 20 options for future aircraft purchases[44][45] Future Outlook - The company updated its 2025 Adjusted EBITDA outlook to a range of $240 million to $250 million and for 2026 to a range of $295 million to $325 million[5] - The company anticipates a year-over-year Adjusted EBITDA growth of approximately 27% for 2026[6] - Offshore Energy Services Adjusted Operating Income decreased by 4.4% to $51,236,000 from $53,588,000 in the prior quarter[41] - Government Services Adjusted Operating Income surged by 79.1% to $10,810,000, compared to $6,036,000 in the previous quarter[41] - The Company is unable to provide a reconciliation of projected Adjusted EBITDA to projected net income due to unpredictability of certain components[36]