Bristow Group (VTOL) Earnings Call Presentation

Financial Performance and Outlook - Bristow reported LTM operating revenues of $1.2 billion as of June 30, 2023 [14] - The company projects operating revenues between $1.30 billion and $1.47 billion for 2024, representing an approximate 10% increase compared to 2023 guidance [31] - Adjusted EBITDA is projected to be in the range of $190 million to $220 million in 2024, which is more than a 25% increase compared to 2023 guidance [31] - Bristow's unrestricted cash balance was $212 million as of June 30, 2023, with total liquidity of $285.3 million [76] - Total debt was $568 million, resulting in net debt of $356 million as of June 30, 2023 [77] Business Segments and Contracts - Offshore energy services accounted for 64% of operating revenues [34] - Government services represented 26% of operating revenues [48] - Bristow was awarded a 10-year Irish Coast Guard contract worth approximately €670 million, expected to commence in October 2024 [25, 54] - The company is investing between $155 million and $165 million in the UKSAR2G contract and between $135 million and $145 million in the Irish Coast Guard contract [53, 54] Fleet and Operations - Bristow has a diverse fleet of 221 aircraft, including rotary-wing, fixed-wing, and UAS [14] - The company operates in 17 countries across 6 continents [14] - The fleet includes 67 S92 heavy helicopters and 53 AW139 medium helicopters [74]