Bridger Aerospace Announces Second Quarter 2024 Results
Bridger Aerospace (NASDAQ: BAER) reported Q2 2024 results, highlighting full fleet deployment amidst escalating wildfire activity. Key points include:
- Revenue increased 12% to $13.0 million
- Net loss reduced to $10.0 million from $19.0 million in Q2 2023
- Adjusted EBITDA of $0.2 million
- Acquired FMS Aerospace for year-round revenue and expanded capabilities
- Reiterated 2024 guidance: Revenue of $70-86 million, Adjusted EBITDA of $35-51 million
The company secured exclusive-use task orders for multiple aircraft and extended deployments, positioning itself to meet annual guidance. Bridger remains a critical part of the nation's aerial firefighting response network.
Bridger Aerospace (NASDAQ: BAER) ha riportato i risultati del secondo trimestre del 2024, evidenziando il completo utilizzo della flotta in un contesto di crescente attività degli incendi boschivi. I punti chiave includono:
- I ricavi sono aumentati del 12% raggiungendo 13,0 milioni di dollari
- La perdita netta è stata ridotta a 10,0 milioni di dollari rispetto ai 19,0 milioni di dollari nel Q2 2023
- EBITDA rettificato di 0,2 milioni di dollari
- Acquisizione di FMS Aerospace per ricavi durante tutto l'anno e capacità espanse
- Conferma delle previsioni per il 2024: Ricavi tra i 70 e gli 86 milioni di dollari, EBITDA rettificato tra i 35 e i 51 milioni di dollari
La società ha ottenuto ordini di lavoro ad uso esclusivo per più aerei e ha prolungato i dispiegamenti, posizionandosi per rispettare le previsioni annuali. Bridger rimane una parte fondamentale della rete nazionale di risposta a incendi aerei.
Bridger Aerospace (NASDAQ: BAER) reportó los resultados del segundo trimestre de 2024, destacando el despliegue completo de la flota en medio de la creciente actividad de incendios forestales. Los puntos clave incluyen:
- Los ingresos aumentaron un 12% alcanzando 13.0 millones de dólares
- La pérdida neta se redujo a 10.0 millones de dólares desde 19.0 millones de dólares en el Q2 de 2023
- EBITDA ajustado de 0.2 millones de dólares
- Adquisición de FMS Aerospace para ingresos durante todo el año y capacidades ampliadas
- Reiteración de la guía 2024: Ingresos de 70 a 86 millones de dólares, EBITDA ajustado de 35 a 51 millones de dólares
La empresa aseguró órdenes de trabajo de uso exclusivo para múltiples aeronaves y extendió despliegues, posicionándose para cumplir con la guía anual. Bridger sigue siendo una parte crítica de la red nacional de respuesta aérea a incendios.
브리저 항공우주(나스닥: BAER)가 2024년 2분기 실적을 보고하며, 증가하는 산불 활동 속에서 전체 함대 배치를 강조했습니다. 주요 사항은 다음과 같습니다:
- 수익이 12% 증가하여 1,300만 달러에 이르렀습니다.
- 순손실이 2023년 2분기 1,900만 달러에서 1,000만 달러로 줄어들었습니다.
- 조정된 EBITDA는 20만 달러입니다.
- 연중 수익 및 확장된 능력을 위해 FMS Aerospace를 인수했습니다.
- 2024년 지침 재확인: 수익 7천만~8천6백만 달러, 조정된 EBITDA 3천5백만~5천1백만 달러
회사는 여러 항공기 용도의 독점 작업 지시를 확보하고 배치를 연장하여 연간 지침을 충족할 준비를 하고 있습니다. 브리저는 국가의 항공 소방 대응 네트워크의 중요한 부분으로 남아 있습니다.
Bridger Aerospace (NASDAQ: BAER) a annoncé les résultats du deuxième trimestre 2024, mettant en évidence le déploiement complet de la flotte face à une activité croissante des incendies de forêt. Les points clés comprennent :
- Les revenus ont augmenté de 12% pour atteindre 13,0 millions de dollars
- La perte nette a été réduite à 10,0 millions de dollars contre 19,0 millions de dollars au T2 2023
- EBITDA ajusté de 0,2 million de dollars
- Acquisition de FMS Aerospace pour des revenus toute l'année et des capacités élargies
- Confirmation des prévisions 2024 : Revenus de 70 à 86 millions de dollars, EBITDA ajusté de 35 à 51 millions de dollars
L'entreprise a sécurisé des commandes d'exploitation exclusives pour plusieurs avions et a prolongé les déploiements, se positionnant ainsi pour respecter les prévisions annuelles. Bridger reste une partie essentielle du réseau national de réponse aérienne aux incendies.
Bridger Aerospace (NASDAQ: BAER) berichtete über die Ergebnisse des zweiten Quartals 2024 und hob den vollständigen Einsatz der Flotte inmitten zunehmender Waldbrandaktivitäten hervor. Die wichtigsten Punkte sind:
- Der Umsatz stieg um 12% auf 13,0 Millionen Dollar
- Der Nettverlust wurde auf 10,0 Millionen Dollar reduziert, nachdem er im Q2 2023 bei 19,0 Millionen Dollar lag
- Bereinigtes EBITDA von 0,2 Millionen Dollar
- Erwerb von FMS Aerospace für Jahresumsatz und erweiterte Fähigkeiten
- Bestätigung der Prognose für 2024: Umsatz von 70 bis 86 Millionen Dollar, bereinigtes EBITDA von 35 bis 51 Millionen Dollar
Das Unternehmen sicherte sich exklusive Auftragsarbeiten für mehrere Flugzeuge und verlängerte Einsätze, um sich auf die jährlichen Prognosen einzustellen. Bridger bleibt ein entscheidender Teil des nationalen Luftrettungsnetzwerks bei Waldbränden.
- Revenue increased 12% year-over-year to $13.0 million in Q2 2024
- Net loss decreased from $19.0 million in Q2 2023 to $10.0 million in Q2 2024
- Acquisition of FMS Aerospace expected to bring year-round revenue and expand capabilities
- Secured exclusive-use task orders for majority of fleet, ensuring dedicated wildfire response
- On track to meet 2024 revenue guidance of $70-86 million and Adjusted EBITDA of $35-51 million
- Adjusted EBITDA decreased from $1.0 million in Q2 2023 to $0.2 million in Q2 2024
- Interest expense increased from $5.5 million in Q2 2023 to $5.9 million in Q2 2024
- Cash and restricted cash balance of $22.5 million as of June 30, 2024, potentially indicating liquidity concerns
Insights
Bridger Aerospace's Q2 2024 results show mixed signals. Revenue increased by
The company's full fleet deployment in July and secured exclusive-use contracts are positive signs for future revenue. However, the
The wildfire industry is experiencing heightened activity, with the National Preparedness Level reaching 5 for the first time since 2021. This surge presents both opportunities and challenges for Bridger Aerospace. The company's strategic positioning with exclusive-use contracts for a significant portion of its fleet provides revenue stability and demonstrates market demand for its services.
The acquisition of FMS Aerospace is a smart move, diversifying Bridger's revenue streams beyond seasonal wildfire suppression. This could help mitigate the company's historical Q1 and Q4 losses. However, the integration of FMS and its impact on financials will be important to monitor.
Bridger's international expansion into Spain shows foresight, tapping into global markets as climate change increases wildfire risks worldwide. While this move won't impact 2024 results, it sets the stage for potential long-term growth. Investors should watch for execution risks in this expansion and its effect on capital allocation.
Fleet Fully Deployed as Wildfire Activity Escalates Across the Western U.S.
BELGRADE, Mt., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Bridger Aerospace Group Holdings, Inc. (“Bridger”, “the Company” or “Bridger Aerospace”), (NASDAQ: BAER, BAERW), one of the nation’s largest aerial firefighting companies, today reported results for the second quarter ended June 30, 2024.
Highlights:
- Fleet is fully deployed in July as National Interagency Fire Center (NIFC) elevated the National Preparedness Level (NPL) to 5, its highest level
- Acquired FMS Aerospace which brings year-around revenue as well as additional capabilities in house to grow in mission critical areas including emergency air services, aerospace modifications and defense systems engineering
- Spanish Scooper maintenance work on schedule
- Reiterated 2024 revenue and adjusted EBITDA guidance, supported by increased wildfire activity across multiple geographic areas
“With wildfire activity accelerating in July, including reaching NPL 5 on July 18, 2024, a level not seen since 2021, we have our entire fleet fully engaged,” stated Sam Davis, Interim Chief Executive Officer. “For the first time in our history, we have secured exclusive-use task orders for four out of our six Air Attack aircraft, two Multi-Mission aircraft, and four out of our six Super Scoopers. These aircraft are committed for a guaranteed minimum period, ensuring they remain dedicated to critical wildfire response efforts. Additionally, the task orders for both of our Pilatus PC-12 Multi-Mission Aircraft (“MMA”) have been extended into the fall, marking a record 200+ days of deployment this year, up from the originally scheduled 150 days. Furthermore, all of our Daher Kodiak 100s are under multi-day exclusive-use task orders and are actively deployed in Washington and Alaska. The remaining two light fixed wing aircraft and two Super Scoopers, operating on call-when-needed contracts, have been called out and are actively flying missions. As a result, we remain on budget through the first half of 2024 and are on track to meet our published guidance for the year.”
Davis added, “The Bridger team is a critical piece of the nation’s aerial firefighting responder network, and we are grateful for the hard work and dedication of our aircrews and ground support teams as they fight to protect communities affected by wildfires.”
Second Quarter 2024 Results
Revenue for the second quarter of 2024 was
Cost of revenues was
Selling, general and administrative expenses (“SG&A”) were
Interest expense for the second quarter of 2024 increased to
Income tax benefit increased to
For the second quarter of 2024, Bridger reported a net loss of
Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.
As of June 30, 2024, the Company’s cash and restricted cash balance was
Year to Date Results
Revenue for the first six months of 2024 was
Cost of revenues was
SG&A expenses were
Interest expense for the first six months of 2024 increased to
Income tax benefit increased to
Bridger reported a net loss of
Business Outlook
Supported by earlier than normal flight activity in the first quarter, an acceleration in activity beginning in July and the expected contribution from FMS Aerospace in the second half of the year, Bridger remains on track to report Adjusted EBITDA of
Given the Company’s largely fixed cost structure and seasonality of our business, Bridger typically generates the majority of its Adjusted EBITDA in the third quarter each year, during the bulk of the wildfire season and negative Adjusted EBITDA in the first and fourth quarters, due to fleet maintenance in the winter months coupled with minimal revenue.
Conference Call
Bridger Aerospace will hold an investor conference call on Monday, August 12, 2024, at 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time) to discuss these results, its current financial position and business outlook. Interested parties can access the conference call by dialing 1-800-225-9448 or 1-203-518-9708 and using the ID BRIDGER. The conference call will also be broadcast live on the Investor Relations section of our website at https://ir.bridgeraerospace.com. An audio replay will be available through August 19, 2024, by calling 844-512-2921 or 412-317-6671 and using the passcode 11156648. The replay will also be accessible at https://ir.bridgeraerospace.com.
About Bridger Aerospace
Based in Belgrade, Montana, Bridger Aerospace Group Holdings, Inc. is one of the nation’s largest aerial firefighting companies. Bridger provides aerial firefighting and wildfire management services to federal and state government agencies, including the United States Forest Service, across the nation, as well as internationally. More information about Bridger Aerospace is available at https://www.bridgeraerospace.com.
Investor Contact
Alison Ziegler
Darrow Associates
201-220-2678
aziegler@darrowir.com
Forward Looking Statements
Certain statements included in this press release are not historical facts but are forward-looking statements, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “poised,” “positioned,” “potential,” “seem,” “seek,” “future,” “outlook,” “target,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, (1) anticipated expansion of Bridger’s operations, including references to Bridger’s acquisition of FMS Aerospace and the anticipated benefits therefrom, and increased deployment of Bridger’s aircraft fleet, including references to Bridger’s acquisition of and/or right to use the four Spanish Scoopers, including the expected closing timings thereof, the anticipated benefits therefrom, and the ultimate structure of such acquisitions and/or right to use arrangements and anticipated operational and revenue growth in Spain; (2) Bridger’s business and growth plans and future financial performance; (3) current and future demand for aerial firefighting services, including the duration or severity of any domestic or international wildfire seasons; and (4) anticipated investments in additional aircraft, capital resources, and research and development and the effect of these investments. These statements are based on various assumptions and estimates, whether or not identified in this press release, and on the current expectations of Bridger’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bridger. These forward-looking statements are subject to a number of risks and uncertainties, including: Bridger’s ability to identify and effectively implement any current or future anticipated cost reductions, including any resulting impacts to Bridger’s business and operations therefrom; the duration or severity of any domestic or international wildfire seasons; changes in domestic and foreign business, market, financial, political and legal conditions; Bridger’s failure to realize the anticipated benefits of any acquisitions; Bridger’s successful integration of any aircraft (including achievement of synergies and cost reductions); Bridger’s ability to successfully and timely develop, sell and expand its services, and otherwise implement its growth strategy; risks relating to Bridger’s operations and business, including information technology and cybersecurity risks, loss of requisite licenses, flight safety risks, loss of key customers and deterioration in relationships between Bridger and its employees; risks related to increased competition; risks relating to potential disruption of current plans, operations and infrastructure of Bridger, including as a result of the consummation of any acquisition; risks that Bridger is unable to secure or protect its intellectual property; risks that Bridger experiences difficulties managing its growth and expanding operations; Bridger's ability to compete with existing or new companies that could cause downward pressure on prices, fewer customer orders, reduced margins, the inability to take advantage of new business opportunities, and the loss of market share; the ability to successfully select, execute or integrate future acquisitions into Bridger's business, which could result in material adverse effects to operations and financial conditions; and those factors discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” included in Bridger’s Annual Report filed with the U.S. Securities and Exchange Commission on March 20, 2024, as amended by Amendment No. 1 to Bridger’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission on July 12, 2024. If any of these risks materialize or Bridger management's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The risks and uncertainties above are not exhaustive, and there may be additional risks that Bridger presently does not know or that Bridger currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Bridger’s expectations, plans or forecasts of future events and views as of the date of this press release. Bridger anticipates that subsequent events and developments will cause Bridger’s assessments to change. However, while Bridger may elect to update these forward-looking statements at some point in the future, Bridger specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Bridger’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements contained in this press release.
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 13,014 | $ | 11,616 | $ | 18,521 | $ | 11,981 | ||||||||
| Cost of revenues: | ||||||||||||||||
| Flight operations | 5,106 | 6,299 | 10,115 | 10,032 | ||||||||||||
| Maintenance | 4,761 | 4,212 | 8,958 | 7,727 | ||||||||||||
| Total cost of revenues | 9,867 | 10,511 | 19,073 | 17,759 | ||||||||||||
| Gross income (loss) | 3,147 | 1,105 | (552 | ) | (5,778 | ) | ||||||||||
| Selling, general and administrative expense | 7,902 | 15,187 | 19,512 | 48,416 | ||||||||||||
| Operating loss | (4,755 | ) | (14,082 | ) | (20,064 | ) | (54,194 | ) | ||||||||
| Interest expense | (5,854 | ) | (5,541 | ) | (11,777 | ) | (11,206 | ) | ||||||||
| Other income | 144 | 601 | 1,303 | 1,693 | ||||||||||||
| Loss before income taxes | (10,465 | ) | (19,022 | ) | (30,538 | ) | (63,707 | ) | ||||||||
| Income tax benefit | 484 | - | 470 | - | ||||||||||||
| Net loss | $ | (9,981 | ) | $ | (19,022 | ) | $ | (30,068 | ) | $ | (63,707 | ) | ||||
| Series A Preferred Stock – adjustment for deemed dividend upon Closing | - | - | - | (48,300 | ) | |||||||||||
| Series A Preferred Stock – adjustment to eliminate | - | - | - | 156,362 | ||||||||||||
| Series A Preferred Stock – adjustment to maximum redemptions value | (6,196 | ) | (5,806 | ) | (12,385 | ) | (10,080 | ) | ||||||||
| (Loss) earnings attributable to Common stockholders - basic | $ | (16,177 | ) | $ | (24,828 | ) | $ | (42,453 | ) | $ | 34,275 | |||||
| Change in fair value of embedded derivative | - | - | - | 224 | ||||||||||||
| Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic | - | - | - | (97,982 | ) | |||||||||||
| Loss attributable to Common stockholders - diluted | $ | (16,177 | ) | $ | (24,828 | ) | $ | (42,453 | ) | $ | (63,483 | ) | ||||
| (Loss) earnings per share - basic | $ | (0.33 | ) | $ | (0.55 | ) | $ | (0.89 | ) | $ | 0.77 | |||||
| Loss per share - diluted | $ | (0.33 | ) | $ | (0.55 | ) | $ | (0.89 | ) | $ | (0.84 | ) | ||||
| Weighted average Common Stock outstanding – basic | 48,327 | 45,389 | 47,964 | 44,444 | ||||||||||||
| Weighted average Common Stock outstanding – diluted | 48,327 | 45,389 | 47,964 | 75,603 | ||||||||||||
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| As of June 30, 2024 | As of December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 8,526 | $ | 22,956 | |||
| Restricted cash | 14,019 | 13,981 | |||||
| Investments in marketable securities | - | 1,009 | |||||
| Accounts and note receivable | 12,690 | 4,113 | |||||
| Aircraft support parts | 742 | 488 | |||||
| Prepaid expenses and other current assets | 2,937 | 2,648 | |||||
| Total current assets | 38,914 | 45,195 | |||||
| Property, plant and equipment, net | 195,391 | 196,611 | |||||
| Intangible assets, net | 6,366 | 1,730 | |||||
| Goodwill | 24,741 | 13,163 | |||||
| Other noncurrent assets | 16,293 | 16,771 | |||||
| Total assets | $ | 281,705 | $ | 273,470 | |||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 4,516 | $ | 3,978 | |||
| Accrued expenses and other current liabilities | 16,183 | 17,168 | |||||
| Operating right-of-use current liability | 2,153 | 2,153 | |||||
| Current portion of long-term debt, net of debt issuance costs | 2,074 | 2,099 | |||||
| Total current liabilities | 24,926 | 25,398 | |||||
| Long-term accrued expenses and other noncurrent liabilities | 8,951 | 10,777 | |||||
| Operating right-of-use noncurrent liability | 5,017 | 5,779 | |||||
| Long-term debt, net of debt issuance costs | 203,586 | 204,585 | |||||
| Total liabilities | $ | 242,480 | $ | 246,539 | |||
| COMMITMENTS AND CONTINGENCIES | |||||||
| MEZZANINE EQUITY | |||||||
| Series A Preferred Stock | 367,225 | 354,840 | |||||
| STOCKHOLDERS’ DEFICIT | |||||||
| Common Stock | 6 | 5 | |||||
| Additional paid-in capital | 114,623 | 84,771 | |||||
| Accumulated deficit | (443,740 | ) | (413,672 | ) | |||
| Accumulated other comprehensive income | 1,111 | 987 | |||||
| Total stockholders’ deficit | (328,000 | ) | (327,909 | ) | |||
| Total liabilities, mezzanine equity, and stockholders’ deficit | $ | 281,705 | $ | 273,470 | |||
| BRIDGER AEROSPACE GROUP HOLDINGS, INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in thousands) | |||||||
| (Unaudited) | |||||||
| For the six months ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Cash Flows from Operating Activities: | |||||||
| Net loss | $ | (30,068 | ) | $ | (63,707 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities, net of acquisition: | |||||||
| Depreciation and amortization | 3,288 | 4,986 | |||||
| Stock based compensation expense | 10,350 | 32,046 | |||||
| Amortization of debt issuance costs | 442 | 484 | |||||
| Loss on disposal of fixed assets | 237 | 392 | |||||
| Deferred tax benefit | (490 | ) | - | ||||
| Impairment of long-lived assets | - | 627 | |||||
| Change in fair value of the Warrants | (2,132 | ) | (533 | ) | |||
| Change in fair value of freestanding derivative | - | 51 | |||||
| Change in fair value of earnout consideration | 207 | - | |||||
| Realized gain on investments in marketable securities | (16 | ) | (408 | ) | |||
| Change in fair value of embedded derivative | (885 | ) | (224 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (5,893 | ) | (11,787 | ) | |||
| Aircraft support parts | 11 | 1,326 | |||||
| Prepaid expense and other current and noncurrent assets | 1,245 | (3,339 | ) | ||||
| Accounts payable, accrued expenses and other liabilities | 1,146 | (13,359 | ) | ||||
| Net cash used in operating activities | (22,558 | ) | (53,445 | ) | |||
| Cash Flows from Investing Activities: | |||||||
| Proceeds from sales and maturities of marketable securities | 1,055 | 42,724 | |||||
| Purchases of property, plant and equipment | (1,948 | ) | (12,528 | ) | |||
| Sale of property, plant and equipment | 505 | 814 | |||||
| Expenditures for capitalized software | (756 | ) | - | ||||
| Investments in construction in progress – buildings | - | (2,445 | ) | ||||
| Cash acquired through acquisition | 2,592 | - | |||||
| Net cash provided by investing activities | 1,448 | 28,565 | |||||
| Cash Flows from Financing Activities: | |||||||
| Repayments on debt | (1,466 | ) | (880 | ) | |||
| Payment of issuance costs for Common Stock in offerings | (674 | ) | - | ||||
| Payment of finance lease liability | (13 | ) | (16 | ) | |||
| Restricted stock units settled in cash | (466 | ) | - | ||||
| Proceeds from issuance of Common Stock in the at-the-market offering | 168 | - | |||||
| Proceeds from issuance of Common Stock in the registered direct offering | 9,169 | - | |||||
| Proceeds from the Closing | - | 3,194 | |||||
| Costs incurred related to the Closing | - | (6,794 | ) | ||||
| Net cash provided by (used in) financing activities | 6,718 | (4,496 | ) | ||||
| Effects of exchange rate changes | - | 1 | |||||
| Net change in cash, cash equivalents and restricted cash | (14,392 | ) | (29,375 | ) | |||
| Cash, cash equivalents and restricted cash – beginning of the period | 36,937 | 42,460 | |||||
| Cash, cash equivalents and restricted cash – end of the period | $ | 22,545 | $ | 13,085 | |||
| Less: Restricted cash – end of the period | 14,019 | 12,240 | |||||
| Cash and cash equivalents – end of the period | $ | 8,526 | $ | 845 | |||
EXHIBIT A
Non-GAAP Results and Reconciliations
Although Bridger believes that net income or loss, as determined in accordance with GAAP, is the most appropriate earnings measure, we use EBITDA and Adjusted EBITDA as key profitability measures to assess the performance of our business. Bridger believes these measures help illustrate underlying trends in our business and use the measures to establish budgets and operational goals, and communicate internally and externally, for managing our business and evaluating its performance. Bridger also believes these measures help investors compare our operating performance with its results in prior periods in a way that is consistent with how management evaluates such performance.
Each of the profitability measures described below are not recognized under GAAP and do not purport to be an alternative to net income or loss determined in accordance with GAAP as a measure of our performance. Such measures have limitations as analytical tools and you should not consider any of such measures in isolation or as substitutes for our results as reported under GAAP. EBITDA and Adjusted EBITDA exclude items that can have a significant effect on our profit or loss and should, therefore, be used only in conjunction with our GAAP profit or loss for the period. Bridger’s management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these measures may not be comparable to other similarly titled measures of other companies.
Bridger does not provide a reconciliation of forward-looking measures where Bridger believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts, such as acquisition costs, integration costs and loss on the disposal or obsolescence of aging aircraft. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Bridger’s control or cannot be reasonably predicted. For the same reasons, Bridger is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
EBITDA and Adjusted EBITDA
EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of the interest expense, income tax expense (benefit) and depreciation and amortization of property, plant and equipment and intangible assets. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting financing expenses), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense).
Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we exclude from Adjusted EBITDA certain costs that are required to be expensed in accordance with GAAP, including non-cash stock-based compensation, business development and integration expenses, offering costs, gains on disposals of fixed assets, non-cash adjustments to the fair value of earnout consideration, and non-cash adjustments to the fair value of Warrants issued in connection with the Reverse Recapitalization. Our management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.
The reconciliation of Net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023 is as follows:
| (in thousands) | For the three months ended June 30, | For the six months ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (9,981 | ) | $ | (19,022 | ) | $ | (30,068 | ) | $ | (63,707 | ) | |||
| Income tax benefit | (484 | ) | - | (470 | ) | - | |||||||||
| Depreciation and amortization | 1,998 | 3,235 | 3,288 | 4,986 | |||||||||||
| Interest expense | 5,854 | 5,541 | 11,777 | 11,206 | |||||||||||
| EBITDA | (2,613 | ) | (10,246 | ) | (15,473 | ) | (47,515 | ) | |||||||
| Stock-based compensation(1) | 4,477 | 7,547 | 10,350 | 33,144 | |||||||||||
| Business development & integration expenses(2) | 149 | 354 | 460 | 873 | |||||||||||
| Offering costs(3) | (149 | ) | 1,184 | (149 | ) | 3,268 | |||||||||
| Loss on disposal(4) | - | 1,054 | - | 1,052 | |||||||||||
| Change in fair value of earnout consideration(5) | 192 | - | 207 | - | |||||||||||
| Change in fair value of Warrants(6) | (1,865 | ) | 1,066 | (2,132 | ) | (533 | ) | ||||||||
| Adjusted EBITDA | $ | 191 | $ | 959 | $ | (6,737 | ) | $ | (9,711 | ) | |||||
| 1 | Represents non-cash stock-based compensation expense associated with employee and non-employee equity awards. | |
| 2 | Represents expenses related to potential acquisition targets and additional business lines. | |
| 3 | Represents one-time costs for professional service fees related to the preparation for potential offerings that have been expensed during the period. | |
| 4 | Represents loss on the disposal of an aging aircraft and the non-cash impairment charges on a retired aircraft. | |
| 5 | Represents the non-cash fair value adjustment for earnout consideration issued in connection with the acquisition of Ignis Technologies, Inc. | |
| 6 | Represents the non-cash fair value adjustment for Warrants issued in connection with the Reverse Recapitalization. |
FAQ
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