Bristow Group Reports Second Quarter 2024 Results and Raises Outlook
Bristow Group (NYSE: VTOL) reported strong Q2 2024 results and raised its outlook. Key highlights include:
- Total revenues of $359.7 million in Q2 2024, up from $337.1 million in Q1 2024
- Net income of $28.2 million ($0.96 per diluted share) in Q2 2024, compared to $6.6 million ($0.23 per diluted share) in Q1 2024
- Adjusted EBITDA of $71.3 million in Q2 2024, up from $47.5 million in Q1 2024
- Increased 2024 Adjusted EBITDA outlook to $210-$230 million
- Raised 2025 Adjusted EBITDA outlook to $230-$260 million
The company attributes its strong performance to growth in government services, an accelerating offshore energy upcycle, and tight supply dynamics. Bristow expects significant improvements in margins, free cash flow, and capital returns in the coming years.
Bristow Group (NYSE: VTOL) ha riportato risultati positivi per il secondo trimestre del 2024, aumentando le sue prospettive. I punti salienti includono:
- Ricavi totali di $359,7 milioni nel secondo trimestre del 2024, in aumento rispetto a $337,1 milioni nel primo trimestre del 2024
- Utile netto di $28,2 milioni ($0,96 per azione diluita) nel secondo trimestre del 2024, rispetto a $6,6 milioni ($0,23 per azione diluita) nel primo trimestre del 2024
- EBITDA rettificato di $71,3 milioni nel secondo trimestre del 2024, in aumento rispetto a $47,5 milioni nel primo trimestre del 2024
- Aumento delle prospettive per l'EBITDA rettificato 2024 a $210-230 milioni
- Aumento delle prospettive per l'EBITDA rettificato 2025 a $230-260 milioni
L'azienda attribuisce la sua forte performance alla crescita nei servizi governativi, a un ciclo economico offshore in accelerazione e a dinamiche di offerta restrittive. Bristow prevede significativi miglioramenti nei margini, nel flusso di cassa libero e nei ritorni di capitale nei prossimi anni.
Bristow Group (NYSE: VTOL) reportó resultados sólidos para el segundo trimestre de 2024 y elevó su perspectiva. Los aspectos destacados incluyen:
- Ingresos totales de $359.7 millones en el segundo trimestre de 2024, un aumento desde $337.1 millones en el primer trimestre de 2024
- Ingreso neto de $28.2 millones ($0.96 por acción diluida) en el segundo trimestre de 2024, comparado con $6.6 millones ($0.23 por acción diluida) en el primer trimestre de 2024
- EBITDA ajustado de $71.3 millones en el segundo trimestre de 2024, en aumento desde $47.5 millones en el primer trimestre de 2024
- Perspectiva de EBITDA ajustado para 2024 elevada a $210-$230 millones
- Perspectiva de EBITDA ajustado para 2025 elevada a $230-$260 millones
La compañía atribuye su sólido desempeño al crecimiento en servicios gubernamentales, un ciclo de energía offshore en aceleración y dinámicas de oferta restringidas. Bristow espera mejoras significativas en márgenes, flujo de caja libre y retornos de capital en los próximos años.
브리스토 그룹 (NYSE: VTOL)은 2024년 2분기 우수한 실적을 보고하고 전망을 상향 조정했습니다. 주요 사항은 다음과 같습니다:
- 2024년 2분기 총 수익이 $359.7백만으로, 2024년 1분기 $337.1백만 대비 증가
- 2024년 2분기 순이익이 $28.2백만 ($0.96 희석 주당)으로, 2024년 1분기 $6.6백만 ($0.23 희석 주당) 대비 증가
- 2024년 2분기 조정 EBITDA가 $71.3백만으로, 2024년 1분기 $47.5백만 대비 증가
- 2024년 조정 EBITDA 전망을 $210-$230 백만으로 상향 조정
- 2025년 조정 EBITDA 전망을 $230-$260 백만으로 상향 조정
회사는 정부 서비스의 성장, 빠르게 진행되는 해양 에너지 상향 주기 및 제한된 공급 동력 덕분에 이러한 우수한 실적을 기록했다고 설명했습니다. 브리스토는 향후 몇 년간 마진, 자유 현금 흐름 및 자본 수익에서 상당한 개선이 있을 것으로 기대하고 있습니다.
Bristow Group (NYSE: VTOL) a annoncé de solides résultats pour le deuxième trimestre 2024 et a augmenté ses prévisions. Les points saillants comprennent :
- Chiffre d'affaires total de 359,7 millions de dollars au deuxième trimestre 2024, en hausse par rapport à 337,1 millions de dollars au premier trimestre 2024
- Bénéfice net de 28,2 millions de dollars (0,96 $ par action diluée) au deuxième trimestre 2024, contre 6,6 millions de dollars (0,23 $ par action diluée) au premier trimestre 2024
- EBITDA ajusté de 71,3 millions de dollars au deuxième trimestre 2024, en hausse par rapport à 47,5 millions de dollars au premier trimestre 2024
- Prévisions d'EBITDA ajusté pour 2024 relevées à 210-230 millions de dollars
- Prévisions d'EBITDA ajusté pour 2025 relevées à 230-260 millions de dollars
L'entreprise attribue ses solides performances à la croissance des services gouvernementaux, à un cycle énergétique offshore en accélération et à des dynamiques d'offre tendues. Bristow s'attend à d'importantes améliorations des marges, des flux de trésorerie disponibles et des rendements en capital dans les années à venir.
Bristow Group (NYSE: VTOL) berichtete starke Ergebnisse für das zweite Quartal 2024 und hob seine Prognose an. Zu den wichtigsten Punkten gehören:
- Gesamtumsatz von 359,7 Millionen USD im zweiten Quartal 2024, ein Anstieg von 337,1 Millionen USD im ersten Quartal 2024
- Nettoeinkommen von 28,2 Millionen USD (0,96 USD pro verwässerter Aktie) im zweiten Quartal 2024, verglichen mit 6,6 Millionen USD (0,23 USD pro verwässerter Aktie) im ersten Quartal 2024
- Bereinigtes EBITDA von 71,3 Millionen USD im zweiten Quartal 2024, ein Anstieg von 47,5 Millionen USD im ersten Quartal 2024
- Erhöhung der Prognose für das bereinigte EBITDA 2024 auf 210-230 Millionen USD
- Erhöhung der Prognose für das bereinigte EBITDA 2025 auf 230-260 Millionen USD
Das Unternehmen führt die starken Leistungen auf das Wachstum im Bereich Regierungsdienstleistungen, einen sich beschleunigenden Aufschwung in der Offshore-Energie und enge Angebotsdynamiken zurück. Bristow erwartet in den kommenden Jahren erhebliche Verbesserungen bei Margen, freie Cashflows und Kapitalrenditen.
- Total revenues increased by 6.7% quarter-over-quarter to $359.7 million
- Net income grew by 327% to $28.2 million in Q2 2024
- Adjusted EBITDA rose by 50% to $71.3 million in Q2 2024
- Raised 2024 Adjusted EBITDA outlook to $210-$230 million
- Increased 2025 Adjusted EBITDA outlook to $230-$260 million
- Operating revenues from offshore energy services increased by $17.8 million
- Fixed wing services revenues grew by $8.3 million due to higher utilization and rates
- Operating revenues from government services decreased by $2.6 million due to rate changes and lower availability penalties
- Foreign exchange losses of $0.7 million in Q2 2024
- Income tax expense increased to $9.2 million in Q2 2024 from $2.5 million in Q1 2024
Insights
Bristow Group's Q2 2024 results show significant improvement, with total revenues increasing to
The company's improved performance has led to an increased 2024 Adjusted EBITDA outlook range of
Key drivers include growth in government services, an accelerating offshore energy upcycle and tight supply dynamics. These factors are expected to contribute to improved margins, free cash flow and capital returns. However, investors should note the potential volatility in foreign exchange markets, as evidenced by the
Bristow's Q2 results indicate a strong position in the helicopter services market. The
The offshore energy segment showed the highest growth, aligning with the global trend of increased offshore drilling activities. This uptick is likely driven by higher oil prices and energy security concerns. The fixed-wing services also saw significant improvement, indicating a recovery in regional air travel and logistics.
While government services revenue slightly decreased, the overall outlook remains positive. The Irish Coast Guard contract and associated aircraft acquisition demonstrate Bristow's ability to secure long-term, high-value contracts. This diversification strategy could provide stable cash flows and mitigate risks associated with cyclical energy markets.
From a legal perspective, Bristow's financial report presents several noteworthy aspects. The company's use of non-GAAP financial measures, such as EBITDA and Adjusted EBITDA, is properly disclosed and reconciled to GAAP measures, complying with SEC regulations. This transparency is important for investor understanding and regulatory compliance.
The equipment financing agreement with National Westminster Bank Plc, guaranteed by UK Export Finance, demonstrates Bristow's ability to secure favorable financing terms. This €100 million facility not only provides capital for growth but also indicates government support for the company's operations, potentially reducing regulatory risks.
Investors should note the ongoing tax considerations, particularly the impact of global operations on the company's effective tax rate. The mention of "changes to deferred tax valuation allowances and deferred tax assets" suggests active tax management, which could affect future earnings reports.
- Total revenues of
in Q2 2024 compared to$359.7 million in Q1 2024$337.1 million - Net income of
, or$28.2 million per diluted share, in Q2 2024 compared to net income of$0.96 , or$6.6 million per diluted share, in Q1 2024$0.23 - EBITDA adjusted to exclude special items, asset dispositions and foreign exchange losses was
in Q2 2024 compared to$71.3 million in Q1 2024(1)$47.5 million - Increases 2024 Adjusted EBITDA outlook range to
-$210 million and 2025 outlook to$230 million -$230 million $260 million
Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of
Earnings before interest, taxes, depreciation and amortization ("EBITDA") was
Three Months Ended, | |||
June 30, | March 31, | ||
Net income | $ 28,191 | $ 6,632 | |
Depreciation and amortization expense | 16,848 | 17,169 | |
Interest expense, net | 9,385 | 9,472 | |
Income tax expense | 9,245 | 2,508 | |
EBITDA(1) | $ 63,669 | $ 35,781 | |
Special items: | |||
PBH amortization | 3,725 | 3,726 | |
Other special items(2) | 2,914 | 1,346 | |
$ 6,639 | $ 5,072 | ||
Adjusted EBITDA(1) | $ 70,308 | $ 40,853 | |
Losses on disposal of assets | 224 | 113 | |
Foreign exchange losses | 749 | 6,499 | |
Adjusted EBITDA excluding asset dispositions and foreign exchange | $ 71,281 | $ 47,465 |
__________________ | |
(1) | EBITDA and Adjusted EBITDA are non-GAAP financial measures. See definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Reconciliation tables. |
(2) | Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs. |
"In conjunction with Bristow's very strong second quarter financial results, we are pleased to raise the Company's Adjusted EBITDA guidance range to
Sequential Quarter Results
Operating revenues in the Current Quarter were
Operating expenses were
General and administrative expenses were
Earnings from unconsolidated affiliates were
Other expense, net of
Income tax expense was
Liquidity and Capital Allocation
As of June 30, 2024, the Company had
In the Current Quarter, purchases of property and equipment were
In June 2024, the Company entered into a long-term equipment financing for an aggregate amount of up to
Increases 2024 and 2025 Outlook
Please refer to the paragraph entitled "Forward Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow's guidance. The following guidance also contains the non-GAAP financial measure of Adjusted EBITDA. Please read the section entitled "Non-GAAP Financial Measures" for further information.
As a result of the second quarter earnings and a review of the forecast for the remainder of the year, the Company raised its Adjusted EBITDA guidance ranges from
Select financial outlook for 2024 and 2025 as well as 2026 targets are as follows (in USD, millions):
2024E | 2025E | 2026T | |||
Operating revenues: | |||||
Offshore energy services | |||||
Government services | |||||
Fixed wing services | |||||
Other services | |||||
Total operating revenues | |||||
Adjusted EBITDA, excluding asset dispositions and foreign exchange | |||||
Cash interest | |||||
Cash taxes | |||||
Maintenance capital expenditures |
Conference Call
Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, August 7, 2024, to review the results for the second quarter ended June 30, 2024. The conference call can be accessed using the following link:
Link to Access Earnings Call: https://www.veracast.com/webcasts/bristow/webcasts/VTOL2Q24.cfm
Replay
A replay will be available through August 28, 2024 by using the link above. A replay will also be available on the Company's website at www.bristowgroup.com shortly after the call and will be accessible through August 28, 2024. The accompanying investor presentation will be available on August 7, 2024, on Bristow's website at www.bristowgroup.com.
For additional information concerning Bristow, contact Jennifer Whalen at InvestorRelations@bristowgroup.com, (713) 369-4636 or visit Bristow Group's website at https://ir.bristowgroup.com/.
About Bristow Group
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. The Company's aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems, and ad hoc helicopter services.
Bristow currently has customers in
Forward-Looking Statements Disclosure
This press release contains "forward-looking statements." Forward-looking statements represent the Company's 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 similar words and, for the avoidance of doubt, include all statements herein regarding the Company's financial outlook and targets for the periods mentioned and operational outlook. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, reflect management's current views with respect to future events and therefore are subject to significant risks and uncertainties, both known and unknown. The Company's actual results may vary materially from those anticipated in forward-looking statements. The Company cautions investors not to place undue reliance on any forward-looking statements. Forward-looking statements (including the Company's financial outlook and targets for the periods mentioned and operational outlook) speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based that occur after the date hereof, except as may be required by applicable law.
Risks that may affect forward-looking statements include, but are not necessarily limited to, those relating to: the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers; our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 fleet; our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition; public health crises, such as pandemics (including COVID-19) and epidemics, and any related government policies and actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses; the possibility that we may be unable to maintain compliance with covenants in our financing agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries; fluctuations in the demand for our services; the possibility of significant changes in foreign exchange rates and controls; potential effects of increased competition and the introduction of alternative modes of transportation and solutions; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the existence of operating risks inherent in our business, including the possibility of declining safety performance; the possibility of changes in tax, environmental and other laws and regulations and policies, including, without limitation, actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change; any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; general economic conditions, including interest rates or uncertainty in the capital and credit markets; the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue ("SAR") contract terms or otherwise delay service or the receipt of payments under such contracts; and the effectiveness of our environmental, social and governance initiatives.
If one or more of the foregoing risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our forward-looking statements are based on the information currently available to us and speak only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for us to predict these matters or how they may affect us. We have included important factors in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 which we believe over time, could cause our actual results, performance or achievements to differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements. You should consider all risks and uncertainties disclosed in the Annual Report and in our filings with the United States Securities and Exchange Commission (the "SEC"), all of which are accessible on the SEC's website at www.sec.gov.
BRISTOW GROUP INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts)
| |||||
Three Months Ended | Favorable/ | ||||
June 30, | March 31, | ||||
Revenues: | |||||
Operating revenues | $ 352,494 | $ 329,356 | $ 23,138 | ||
Reimbursable revenues | 7,255 | 7,738 | (483) | ||
Total revenues | 359,749 | 337,094 | 22,655 | ||
Costs and expenses: | |||||
Operating expenses | 246,421 | 247,364 | 943 | ||
Reimbursable expenses | 7,212 | 7,691 | 479 | ||
General and administrative expenses | 44,933 | 43,347 | (1,586) | ||
Depreciation and amortization expense | 16,848 | 17,169 | 321 | ||
Total costs and expenses | 315,414 | 315,571 | 157 | ||
Losses on disposal of assets | (224) | (113) | (111) | ||
Earnings from unconsolidated affiliates | 651 | 1,419 | (768) | ||
Operating income | 44,762 | 22,829 | 21,933 | ||
Interest income | 2,142 | 1,984 | 158 | ||
Interest expense, net | (9,385) | (9,472) | 87 | ||
Other, net | (83) | (6,201) | 6,118 | ||
Total other income (expense), net | (7,326) | (13,689) | 6,363 | ||
Income before income taxes | 37,436 | 9,140 | 28,296 | ||
Income tax expense | (9,245) | (2,508) | (6,737) | ||
Net income | 28,191 | 6,632 | 21,559 | ||
Net income attributable to noncontrolling interests | (34) | (27) | (7) | ||
Net income attributable to Bristow Group Inc. | $ 28,157 | $ 6,605 | $ 21,552 | ||
Basic earnings per common share | $ 0.99 | $ 0.23 | $ 0.76 | ||
Diluted earnings per common share | $ 0.96 | $ 0.23 | $ 0.73 | ||
Weighted average common shares outstanding, basic | 28,476 | 28,332 | |||
Weighted average common shares outstanding, diluted | 29,462 | 29,239 | |||
EBITDA | $ 63,669 | $ 35,781 | $ 27,888 | ||
Adjusted EBITDA | $ 70,308 | $ 40,853 | $ 29,455 | ||
Adjusted EBITDA excluding asset dispositions and foreign exchange | $ 71,281 | $ 47,465 | $ 23,816 | ||
BRISTOW GROUP INC OPERATING REVENUES BY LINE OF SERVICE (unaudited, in thousands) | |||||
Three Months Ended | |||||
June 30, | March 31, | ||||
Offshore energy services: | |||||
$ 99,741 | $ 99,530 | ||||
97,752 | 88,515 | ||||
40,998 | 32,653 | ||||
Total offshore energy services | 238,491 | 220,698 | |||
Government services | 79,476 | 82,108 | |||
Fixed wing services | 31,987 | 23,708 | |||
Other | 2,540 | 2,842 | |||
$ 352,494 | $ 329,356 | ||||
FLIGHT HOURS BY LINE OF SERVICE (unaudited) | |||||
Three Months Ended | |||||
June 30, | March 31, | ||||
Offshore energy services: | |||||
9,826 | 9,488 | ||||
11,028 | 10,048 | ||||
4,594 | 3,683 | ||||
Total offshore energy services | 25,448 | 23,219 | |||
Government services | 4,875 | 4,493 | |||
Fixed wing services | 3,390 | 3,138 | |||
33,713 | 30,850 | ||||
BRISTOW GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands)
| |||||
June 30, | December 31, | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ 181,835 | $ 183,662 | |||
Accounts receivable, net | 239,284 | 234,620 | |||
Inventories | 103,092 | 99,863 | |||
Prepaid expenses and other current assets | 46,366 | 45,438 | |||
Total current assets | 570,577 | 563,583 | |||
Property and equipment, net | 984,211 | 927,766 | |||
Investment in unconsolidated affiliates | 20,501 | 19,890 | |||
Right-of-use assets | 264,319 | 287,939 | |||
Other assets | 137,647 | 138,100 | |||
Total assets | $ 1,977,255 | $ 1,937,278 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Accounts payable | $ 83,628 | $ 87,885 | |||
Accrued liabilities | 206,599 | 208,657 | |||
Short-term borrowings and current maturities of long-term debt | 15,886 | 13,247 | |||
Total current liabilities | 306,113 | 309,789 | |||
Long-term debt, less current maturities | 578,321 | 534,823 | |||
Other liabilities and deferred credits | 15,683 | 11,820 | |||
Deferred taxes | 36,923 | 42,710 | |||
Long-term operating lease liabilities | 191,546 | 214,957 | |||
Total liabilities | 1,128,586 | 1,114,099 | |||
Stockholders' equity: | |||||
Common stock | 315 | 311 | |||
Additional paid-in capital | 733,340 | 725,773 | |||
Retained earnings | 252,730 | 217,968 | |||
Treasury stock, at cost | (69,648) | (65,722) | |||
Accumulated other comprehensive loss | (67,621) | (54,643) | |||
Total Bristow Group Inc. stockholders' equity | 849,116 | 823,687 | |||
Noncontrolling interests | (447) | (508) | |||
Total stockholders' equity | 848,669 | 823,179 | |||
Total liabilities and stockholders' equity | $ 1,977,255 | $ 1,937,278 |
Non-GAAP Financial Measures
The Company's management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of its business. Each of these measures, as well as Free Cash Flow and Adjusted Free Cash Flow, each as detailed below are non-GAAP measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company's financial statements prepared in accordance with generally accepted accounting principles in the
There are two main ways in which foreign currency fluctuations impact Bristow's reported financials. The first is primarily non-cash foreign exchange gains (losses) that are reported in the Other Income line on the Income Statement. These are related to the revaluation of balance sheet items, typically do not impact cash flows, and thus are excluded in the Adjusted EBITDA presentation. The second is through impacts to certain revenue and expense items, which impact the Company's cash flows; these impacts are not excluded in the Adjusted EBITDA presentation. The primary exposure is the GBP/USD exchange rate.
The Company is unable to provide a reconciliation of forecasted Adjusted EBITDA (non-GAAP) for 2024, 2025 and 2026 included in this release to projected net income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of forecasted Adjusted EBITDA (non-GAAP) to net income (GAAP) for 2024, 2025 or 2026.
The following tables provide a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands, unaudited).
Three Months Ended | |||||||||
June 30, | March 31, | December 31, | September 30, | LTM | |||||
Net income (loss) | $ 28,191 | $ 6,632 | $ (8,103) | $ 4,345 | $ 31,065 | ||||
Depreciation and amortization expense | 16,848 | 17,169 | 17,007 | 17,862 | 68,886 | ||||
Interest expense, net | 9,385 | 9,472 | 11,274 | 10,008 | 40,139 | ||||
Income tax expense | 9,245 | 2,508 | 21,598 | 22,637 | 55,988 | ||||
EBITDA | $ 63,669 | $ 35,781 | $ 41,776 | $ 54,852 | $ 196,078 | ||||
Special items(1) | 6,639 | 5,072 | 5,949 | 7,458 | 25,118 | ||||
Adjusted EBITDA | $ 70,308 | $ 40,853 | $ 47,725 | $ 62,310 | $ 221,196 | ||||
(Gains) losses on disposal of assets | 224 | 113 | 159 | (1,179) | (683) | ||||
Foreign exchange (gains) losses | 749 | 6,499 | (1,882) | (4,541) | 825 | ||||
Adjusted EBITDA excluding asset dispositions and foreign exchange | $ 71,281 | $ 47,465 | $ 46,002 | $ 56,590 | $ 221,338 | ||||
(1) Special items include the following: | |||||||||
Three Months Ended | |||||||||
June 30, | March 31, | December 31, | September 30, | LTM | |||||
PBH amortization | $ 3,725 | $ 3,726 | $ 3,729 | $ 3,751 | $ 14,931 | ||||
Merger and integration costs | — | — | 347 | 738 | 1,085 | ||||
Reorganization items, net | — | — | — | 3 | 3 | ||||
Other special items(2) | 2,914 | 1,346 | 1,873 | 2,966 | 9,099 | ||||
$ 6,639 | $ 5,072 | $ 5,949 | $ 7,458 | $ 25,118 |
______________________ |
(2) Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs |
Reconciliation of Free Cash Flow and Adjusted Free Cash Flow
Free Cash Flow represents the Company's net cash provided by operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to reorganization items, costs associated with recent mergers, acquisitions and ongoing integration efforts, as well as other special items which include nonrecurring professional services fees and other nonrecurring costs or costs that are not related to continuing business operations. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company's ability to generate cash from the business. The GAAP measure most directly comparable to Free Cash Flow and Adjusted Free Cash Flow is net cash provided by operating activities. Since neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP, they should not be used as an indicator of, or an alternative to, net cash provided by operating activities. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies.
The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (in thousands, unaudited).
Three Months Ended | |||||||||
June 30, | March 31, | December 31, | September 30, | LTM | |||||
Net cash provided by (used in) operating activities | $ 33,665 | $ 26,679 | $ (9,499) | $ 16,711 | $ 67,556 | ||||
Less: Maintenance capital expenditures | (2,215) | (4,949) | (4,277) | (4,656) | (16,097) | ||||
Free Cash Flow | $ 31,450 | $ 21,730 | $ (13,776) | $ 12,055 | $ 51,459 | ||||
Plus: Merger and integration costs | — | — | 347 | 712 | 1,059 | ||||
Plus: Reorganization items, net | — | — | — | 25 | 25 | ||||
Plus: Other special items(1) | 1,881 | 595 | 3,195 | 1,580 | 7,251 | ||||
Adjusted Free Cash Flow | $ 33,331 | $ 22,325 | $ (10,234) | $ 14,372 | $ 59,794 |
__________________________ |
(1) Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs |
BRISTOW GROUP INC FLEET COUNT (unaudited) | |||||||||
Number of Aircraft | |||||||||
Type | Owned Aircraft | Leased Aircraft | Total Aircraft | Max Pass Capacity | Average Age | ||||
Heavy Helicopters: | |||||||||
S92 | 37 | 29 | 66 | 19 | 14 | ||||
AW189 | 17 | 4 | 21 | 16 | 8 | ||||
54 | 33 | 87 | |||||||
Medium Helicopters: | |||||||||
AW139 | 49 | 4 | 53 | 12 | 13 | ||||
S76 D/C++ | 15 | — | 15 | 12 | 13 | ||||
AS365 | 1 | — | 1 | 12 | 35 | ||||
65 | 4 | 69 | |||||||
Light—Twin Engine Helicopters: | |||||||||
AW109 | 4 | — | 4 | 7 | 17 | ||||
EC135 | 9 | 1 | 10 | 6 | 15 | ||||
13 | 1 | 14 | |||||||
Light—Single Engine Helicopters: | |||||||||
AS350 | 15 | — | 15 | 4 | 26 | ||||
AW119 | 13 | — | 13 | 7 | 18 | ||||
28 | — | 28 | |||||||
Total Helicopters | 160 | 38 | 198 | 14 | |||||
Fixed Wing | 9 | 3 | 12 | ||||||
Unmanned Aerial Systems ("UAS") | 4 | — | 4 | ||||||
Total Fleet | 173 | 41 | 214 |
______________________ |
(1) Reflects the average age of helicopters that are owned by the Company. |
The chart below presents the number of aircraft in our fleet and their distribution among the regions in which we operate as of June 30, 2024 and the percentage of operating revenue that each of our regions provided during the Current Quarter (unaudited).
Percentage of Current Quarter Operating Revenue | |||||||||||||||
Fixed Wing | UAS | ||||||||||||||
Heavy | Medium | Light Twin | Light Single | Total | |||||||||||
51 % | 62 | 3 | — | 3 | — | 4 | 72 | ||||||||
29 % | 21 | 53 | 11 | 25 | — | — | 110 | ||||||||
13 % | 4 | 11 | 3 | — | 1 | — | 19 | ||||||||
7 % | — | 2 | — | — | 11 | — | 13 | ||||||||
Total | 100 % | 87 | 69 | 14 | 28 | 12 | 4 | 214 |
View original content:https://www.prnewswire.com/news-releases/bristow-group-reports-second-quarter-2024-results-and-raises-outlook-302215935.html
SOURCE Bristow Group
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