Barclays CEO Energy Power Conference September 6, 2023 Cautionary Statement Regarding Forward-Looking Statements This presentation contains "forward-looking statements." Forward-looking statements represent Bristow Group Inc.'s (the "Company") current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue," or other simi ...

Core Insights - AAR CORP.'s subsidiary Trax has been selected to modernize Delta TechOps' maintenance and engineering systems, indicating a significant partnership in aviation maintenance technology [1][2] - The modernization will involve replacing legacy systems with Trax's eMRO and eMobility solutions, enhancing efficiency and operational performance for over 6,000 technicians [2][4] - AAR's strategic investments in Trax have positioned the company to support large airlines and diverse fleets, showcasing its growth and capability in the aviation sector [3][4] Company Overview - AAR CORP. is a global aerospace and defense aftermarket solutions provider, operating in over 20 countries and supporting both commercial and government customers through various segments [4] - Trax, as a wholly-owned subsidiary of AAR, specializes in aviation maintenance mobile and cloud products, offering comprehensive software solutions for aircraft maintenance [5] - Delta TechOps, the maintenance division of Delta Air Lines, provides extensive maintenance, repair, and overhaul services, emphasizing safety, quality, and innovation in aviation maintenance [6]

Core Insights - Alex Group Investment's Falcon has been selected by Toll Group to provide hangar services and global flight support in the UAE under a three-year agreement [2][3] - The agreement includes long-term parking for the Saab 340 aircraft, which is commonly used for short-haul flights and government missions [2] - Falcon's hangar, covering 13,705 square meters, is one of the largest private aircraft hangars in the UAE and can accommodate multiple aircraft simultaneously [2] - The partnership allows for centralized management of flight operations, enhancing decision-making speed and reducing delays [2] Company Overview - Falcon is a leading aviation service provider offering comprehensive support for various aviation needs [3] - Toll Group operates in logistics and transportation, employing 14,000 professionals and serving over 20,000 customers across 29 markets [3] - Toll Group has a global operational network covering 150 countries and is a subsidiary of Japan Post [3]

Core Insights - Falcon, a subsidiary of Alex Group Investment, is preparing to participate in EBACE 2025, a premier European business aviation event, from May 20 to 22 in Geneva, Switzerland [2][3] - This marks Falcon's first appearance at a European aviation exhibition, where it will showcase its comprehensive aviation services to the European market [2][3] - The company offers a range of services including Falcon Luxe (private jet charter), Falcon Flight Support, Falcon Elite (private jet terminal), and Falcon Technic (maintenance, repair, and overhaul) [2][3] Company Overview - Falcon is positioned as a leading aviation service provider, offering a one-stop solution for various aviation needs [3] - The Falcon Luxe service features a modern fleet of private jets available for charter globally, ensuring comfort and privacy for travelers [3] - Falcon Elite provides a dedicated private jet terminal (FBO) that offers top-tier services and memorable experiences before boarding [3] - Falcon Technic delivers round-the-clock maintenance, repair, and overhaul (MRO) services for its fleet and third-party aircraft, ensuring optimal performance and safety [3] - Falcon Flight Support offers personalized assistance throughout the travel process, aiming to make journeys seamless and worry-free [3]

Core Viewpoint - TAT Technologies Ltd. is set to release its financial results for Q1 2025 on May 19, 2025, with a subsequent webcast scheduled for May 20, 2025, to discuss these results [1][2]. Company Overview - TAT Technologies Ltd. is a prominent supplier of products and services for the commercial and military aviation and ground defense sectors [1][3]. - The company operates under four segments: Original Equipment Manufacturing (OEM) of heat transfer solutions and aviation accessories, MRO services for heat transfer components, MRO services for aviation components, and overhaul and coating of jet engine components [3]. Segment Activities - The OEM segment focuses on designing, developing, and manufacturing a variety of heat transfer solutions, including pre-coolers, heat exchangers, and environmental control systems for aircraft [4]. - The MRO services for heat transfer components are primarily conducted through the Limco subsidiary, which operates an FAA-certified repair station [5]. - The MRO services for aviation components are provided by the Piedmont subsidiary, which also operates an FAA-certified repair station [6]. - The overhaul and coating segment includes services for jet engine components such as turbine vanes, fan blades, and afterburner flaps [7].

Financial Performance - Revenue for Q1 2025 reached $1436 million, a 16% increase year-over-year[15, 27] - Adjusted EBITDA for Q1 2025 was $198 million, up 20% year-over-year[15, 27] - Adjusted EBITDA margin increased by 40 basis points year-over-year, reaching 138%[15, 27] - Free Cash Flow for Q1 2025 was negative $(64) million, a $38 million improvement year-over-year[27] Segment Performance - Engine Services revenue for Q1 2025 was $1268 million, a 16% increase year-over-year[29] - Component Repair Services revenue for Q1 2025 was $167 million, a 21% increase year-over-year[32] - Component Repair Services Adjusted EBITDA margin increased by 240 basis points year-over-year, reaching 283%[32] Outlook and Strategy - The company is absorbing tariff impacts estimated at ~$15 million[18] - The company is raising the full year 2025 revenue guidance to $5950 million, representing a 11%-14% increase year-over-year[43] - The company is reiterating the full year 2025 Free Cash Flow guidance of $155 million to $175 million[36] - The company's net debt to Adjusted EBITDA leverage ratio improved to 31x in Q1 2025, with a target of 20-30x[40]

Group 1 - Gogo Inc. is set to release its first-quarter earnings results on May 9, with analysts expecting earnings of 8 cents per share, a decrease from 16 cents per share in the same period last year [1] - The company is projected to report quarterly revenue of $214.44 million, significantly up from $104.32 million a year earlier [1] - Gogo appointed Oakleigh Thorne as Executive Chairman last month [1] Group 2 - Gogo shares increased by 0.5% to close at $7.57 on Thursday [2] - Analysts have provided various ratings for Gogo, with Roth MKM maintaining a Buy rating and lowering the price target from $15.5 to $13 [7] - Morgan Stanley and JP Morgan have also adjusted their ratings and price targets for Gogo, with Morgan Stanley maintaining an Equal-Weight rating and reducing the target from $12 to $11, and JP Morgan maintaining a Neutral rating with a target cut from $11 to $10 [7]

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $65.8 million, down from $90.5 million in the prior year period, reflecting a decline in whole asset sales [6][17] - Adjusted EBITDA for Q1 2025 was $3.2 million compared to $9 million in the prior year, primarily due to lower whole asset transactions [7][20] - First quarter gross margin decreased to 27.3% from 31.8% in Q1 2024, attributed to lower whole asset sales which typically carry higher margins [18] Business Line Data and Key Metrics Changes - Asset management segment sales declined by 33.8%, entirely due to lower whole asset sales; however, excluding whole assets, segment revenue increased by 81.7% to $37.5 million, driven by stronger USM sales and a larger active lease pool [7][22] - Tech Ops segment revenue decreased by 15.1% to $26.6 million, anticipated due to the conclusion of a maintenance check line with a large customer [10][22] - The engineered solutions unit saw an increase in AirSafe deliveries, with a backlog totaling $11 million at quarter end [11] Market Data and Key Metrics Changes - The availability of favorably priced feedstock improved significantly in Q1, allowing the company to acquire $43.4 million of feedstock, leading to a 10.4% win rate [8] - The company noted a strong demand for engines, with every engine type in high demand, despite a lack of supply [31] Company Strategy and Development Direction - The company is balancing lease pool expansion against quicker turn whole asset transactions to generate cash and EBITDA [9] - Strategic decisions are being made to pursue longer-term, more predictable contracts in MRO services to better match staffing levels with volume [10] - The company expects to generate new incremental revenue from component MRO facility expansion projects within the next 30 to 60 days [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying fundamentals of the business, despite lower whole asset sales, and expects EBITDA growth to outpace revenue growth for the year [15][21] - The company anticipates a strong recovery in the second half of the year, driven by a robust air safe backlog and efficiency measures implemented [15][22] Other Important Information - The company ended the quarter with $48.9 million in liquidity, consisting of $4.7 million in cash and $44.2 million available on its revolving credit facility [20] - Management emphasized the importance of monitoring progress based on asset purchases and sales over the long term rather than quarterly fluctuations [17] Q&A Session Summary Question: Whole asset sales outlook for 2025 - Management indicated it is difficult to predict whole asset sales but noted they have 21 engines available for trading or leasing, with expectations for a higher amount in the second half of the year [25][27] Question: Demand shifts from airline customers - Management reported that there is currently high demand for engines, with a lack of supply affecting the ability to meet that demand [30][31]

Financial Data and Key Metrics Changes - Consolidated revenue for the first quarter was $65.8 million compared to $90.5 million in the prior year period, reflecting a decline due to fewer whole asset sales [5][15] - Adjusted EBITDA was $3.2 million in the first quarter, down from $9 million in the prior year, primarily due to lower whole asset transactions [6][18] - First quarter gross margin was 27.3%, down from 31.8% in the first quarter of the previous year, attributed to lower whole asset sales [16] Business Line Data and Key Metrics Changes - Asset management segment sales declined 33.8%, entirely related to lower whole asset sales, but excluding whole assets, segment revenue increased 81.7% to $37.5 million driven by stronger USM sales [6][19] - Tech Ops segment revenue declined 15.1% to $26.6 million, anticipated due to the conclusion of a maintenance check line with a large customer [9] - Component MRO facility expansion projects are expected to generate new incremental revenue within the next 30 to 60 days [10] Market Data and Key Metrics Changes - The availability of favorably priced feedstock improved considerably, allowing the company to acquire $43.4 million of feedstock during the quarter [7] - The company achieved a 10.4% win rate in feedstock acquisitions, indicating a favorable market position [7] Company Strategy and Development Direction - The company is balancing lease pool expansion against quicker turn whole asset transactions to generate cash and EBITDA [8] - There is a focus on pursuing longer-term, more predictable contracts in MRO services to better match staffing levels with volume [9] - The company anticipates building a robust AirSafe backlog as it approaches the 2026 compliance deadline [12] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand for engines, with a lack of supply affecting the market, and emphasized the importance of managing cash flow expectations [28][29] - The company expects significantly improved results incrementally each quarter, with full-year growth in sales and EBITDA growth expected to exceed revenue growth [11][13] Other Important Information - The company ended the quarter with $48.9 million of liquidity, consisting of $4.7 million in cash and $44.2 million available on its revolving credit facility [18] - The company has made efficiency measures to enhance profitability, which are expected to yield results in the second half of the year [20] Q&A Session Summary Question: Can whole asset sales be at 2024 levels this year? - Management indicated it is difficult to predict exact whole asset sales but noted they have enough whole assets on hand and expect a higher amount of engines to become available in the second half of the year [23][25] Question: Have there been any shifts in demand from airline customers? - Management stated that there is high demand for nearly every engine type owned, but a lack of supply is creating challenges [28]

Core Insights - Bristow Group Inc. reported a net income of $27.4 million, or $0.92 per diluted share, for Q1 2025, a decrease from $31.8 million, or $1.07 per diluted share, in Q4 2024, with total revenues of $350.5 million compared to $353.5 million in the previous quarter [1][7][29] Financial Performance - Total revenues for Q1 2025 were $350.5 million, down 0.8% from $353.5 million in Q4 2024 [7][31] - Operating income increased to $33.5 million in Q1 2025 from $31.8 million in Q4 2024 [3][29] - Adjusted EBITDA for Q1 2025 was $57.7 million, consistent with Q4 2024 [7][30] - Free Cash Flow was negative at $(2.5) million in Q1 2025, compared to $48.3 million in Q4 2024 [3][30] Segment Performance - Offshore Energy Services revenues were $239.8 million, slightly down from $240.2 million in the previous quarter, with operating income rising to $37.4 million from $34.3 million [6][8][31] - Government Services revenues increased to $85.9 million from $82.6 million, with operating income significantly improving to $6.0 million from $2.3 million [9][33] - Other Services revenues decreased to $24.8 million from $30.8 million, with an operating loss of $(0.6) million compared to a profit of $3.6 million in the previous quarter [10][33] Guidance and Outlook - The company affirmed its 2025 Adjusted EBITDA outlook range of $230 million to $260 million and 2026 outlook range of $275 million to $335 million [7][15] - Expected total revenues for 2025 are projected between $1.42 billion and $1.615 billion, with Offshore Energy Services contributing $950 million to $1.06 billion [15][17] Liquidity and Capital Allocation - As of March 31, 2025, Bristow had $191.1 million in unrestricted cash and $63.2 million available under its asset-based revolving credit facility, totaling $254.3 million in liquidity [18][19] - Capital expenditures for property and equipment were $52.1 million in Q1 2025, down from $83.5 million in Q4 2024 [19][29] Tax and Other Income - Income tax expense for Q1 2025 was $10.2 million, compared to a tax benefit of $13.0 million in Q4 2024 [13][14] - Other income for Q1 2025 was $11.4 million, primarily due to higher foreign exchange gains [12][29]