Bristow Group Reports Fourth Quarter and Full Year 2023 Results
Achieves 2023 Increased Outlook and Affirms 2024 Outlook
- Total revenues of
$337.9 million in Q4 2023 compared to$338.1 million in Q3 2023 - Net loss of
$7.9 million , or$0.28 per diluted share, in Q4 2023 compared to net income of$4.3 million , or$0.15 per diluted share, in Q3 2023 - EBITDA adjusted to exclude special items, asset dispositions and foreign exchange gains (losses) was
$46.0 million in Q4 2023 compared to$56.6 million in Q3 2023 - Full year 2023 EBITDA adjusted to exclude special items, asset dispositions and foreign exchange gains (losses) was
$170.5 million compared to the upwardly revised 2023E outlook of$170.0 million
Earnings before interest, taxes, depreciation and amortization ("EBITDA") was
|
Three Months Ended |
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|
|
|
|
Net income (loss) |
$ (8,103) |
|
$ 4,345 |
Depreciation and amortization expense |
17,007 |
|
17,862 |
Interest expense, net |
11,274 |
|
10,008 |
Income tax expense |
21,598 |
|
22,637 |
EBITDA(1) |
$ 41,776 |
|
$ 54,852 |
Special items: |
|
|
|
PBH amortization |
3,729 |
|
3,751 |
Merger and integration costs |
347 |
|
738 |
Reorganization items, net |
— |
|
3 |
Other special items(2) |
1,873 |
|
2,966 |
|
$ 5,949 |
|
$ 7,458 |
Adjusted EBITDA(1) |
$ 47,725 |
|
$ 62,310 |
(Gains) losses on disposal of assets |
159 |
|
(1,179) |
Foreign exchange gains |
(1,882) |
|
(4,541) |
Adjusted EBITDA excluding asset dispositions and foreign exchange |
$ 46,002 |
|
$ 56,590 |
|
|
|
|
|
|
|
|
|
|
(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. |
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(2) |
Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs. |
"On behalf of all Bristow team members around the world, I extend our heartfelt condolences to the family and friends of our dear colleague whose life was lost in the tragic SAR training accident offshore
"Looking back on 2023, I want to thank and commend the Bristow team for delivering many successful outcomes last year," said Bradshaw. "We continued to progress our strategic goal to grow and diversify our leading government services business with the successful award of the €670 million
Sequential Quarter Results
Operating revenues in the
Operating expenses were
General and administrative expenses were
During the
During the
Other income, net of
Income tax expense was
Full Year Results
On
Bristow reported net loss attributable to the Company of
Operating revenues in the Current Year were
Operating expenses were
General and administrative expenses were
During the Prior Year, restructuring costs were
During the Prior Year, the Company recognized a loss on impairment of
During the Current Year, the Company sold or otherwise disposed of eight helicopters and other assets, resulting in net gains of
During the Current Year, the Company recognized earnings of
Interest income was
Other expense, net of
Income tax expense was
2023 and 2024 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 paragraph entitled "Non-GAAP Financial Measures" for further information.
After stronger than expected Q3 results, Bristow raised its 2023 Adjusted EBITDA guidance range from
Select financial results for 2023 and targets for 2023 and 2024 are as follows (in USD, millions):
|
2023 E(1) |
|
2023 A |
|
2024 E |
Operating revenues: |
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|
Offshore energy services |
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Government services |
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|
Fixed wing services |
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Other services |
|
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Total operating revenues |
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Adjusted EBITDA, excluding asset dispositions and FX |
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|
|
|
|
|
|
|
|
|
Cash interest |
|
|
|
|
|
Cash taxes |
|
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|
|
|
Maintenance capital expenditures |
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(1) |
Reflects the mid-point of the previously issued 2023 financial outlook ranges. |
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. The primary exposure is the GBP/USD exchange rate.
|
2023A |
|
2024 E |
(in millions, except for exchange rates) |
|
|
|
Adjusted EBITDA, excluding asset dispositions and foreign exchange (gains) losses |
|
|
|
Average GBP/USD exchange rate |
1.24 |
|
1.27 |
Each £0.01 movement in the GBP/USD exchange rate would impact 2024E Adjusted EBITDA by +/-
Outlook by Line of Service
The increasing activity in offshore energy has driven a constructive supply and demand balance for offshore helicopters. Given our sector's late cycle exposure and the lag effect involving new projects, we only recently have begun to see the impacts of a multi-year growth cycle, with the second half of 2023 marking the positive inflection point for Bristow's financial results. A tighter equipment market, constrained global labor force and inflationary cost pressures should further drive meaningful rate increases, which we expect to capture during contract renewal and new project tenders. Headwinds from continued supply chain shortages, particularly those related to the S92 heavy helicopters, are expected to continue through 2024.
The full year impact of the newly commenced offshore energy SAR contract in
The full year impact of expanded operations in
Increased market activity has driven better results in
Government Services:
With operations in the
Fixed wing and other services:
Activity has increased with demand for fixed wing services and charters. Pilot shortages continue to remain a challenge through this upturn. We anticipate the financial performance of this business will remain consistent with 2023.
Liquidity and Capital Allocation
As of
In the
In
Recent Events
On
On
On
Conference Call
Management will conduct a conference call starting at
Link to Access Earnings Call: https://www.veracast.com/webcasts/bristow/webcasts/VTOL4Q23.cfm
Replay
A replay will be available through
For additional information concerning Bristow, contact
About
Bristow currently has customers in
Forward-Looking Statements Disclosure
This press release contains "forward-looking statements." Forward-looking statements represent
Risks that may affect forward-looking statements include, but are not necessarily limited to, those relating to: public health crises, such as pandemics (including COVID-19) and epidemics, and any related government policies and actions; any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; 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; 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
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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts) |
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|
Three Months Ended |
|
Favorable/ |
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Revenues: |
|
|
|
|
|
Operating revenues |
$ 329,593 |
|
$ 330,252 |
|
$ (659) |
Reimbursable revenues |
8,341 |
|
7,838 |
|
503 |
Total revenues |
337,934 |
|
338,090 |
|
(156) |
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Operating expenses |
249,528 |
|
240,682 |
|
(8,846) |
Reimbursable expenses |
8,303 |
|
7,836 |
|
(467) |
General and administrative expenses |
44,143 |
|
46,256 |
|
2,113 |
Merger and integration costs |
347 |
|
738 |
|
391 |
Depreciation and amortization expense |
17,007 |
|
17,862 |
|
855 |
Total costs and expenses |
319,328 |
|
313,374 |
|
(5,954) |
|
|
|
|
|
|
Gains (losses) on disposal of assets |
(159) |
|
1,179 |
|
(1,338) |
Earnings from unconsolidated affiliates |
1,127 |
|
3,722 |
|
(2,595) |
Operating income |
19,574 |
|
29,617 |
|
(10,043) |
|
|
|
|
|
|
Interest income |
3,458 |
|
2,532 |
|
926 |
Interest expense, net |
(11,274) |
|
(10,008) |
|
(1,266) |
Reorganization items, net |
— |
|
(3) |
|
3 |
Other, net |
1,737 |
|
4,844 |
|
(3,107) |
Total other income (expense), net |
(6,079) |
|
(2,635) |
|
(3,444) |
Income before income taxes |
13,495 |
|
26,982 |
|
(13,487) |
Income tax expense |
(21,598) |
|
(22,637) |
|
1,039 |
Net income (loss) |
(8,103) |
|
4,345 |
|
(12,448) |
Net loss (income) attributable to noncontrolling interests |
165 |
|
(28) |
|
193 |
Net income (loss) attributable to |
$ (7,938) |
|
$ 4,317 |
|
$ (12,255) |
|
|
|
|
|
|
Basic earnings (losses) per common share |
$ (0.28) |
|
$ 0.15 |
|
|
Diluted earnings (losses) per common share |
$ (0.28) |
|
$ 0.15 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, basic |
28,289 |
|
28,217 |
|
|
Weighted average common shares outstanding, diluted |
28,289 |
|
28,959 |
|
|
|
|
|
|
|
|
EBITDA |
$ 41,776 |
|
$ 54,852 |
|
$ (13,076) |
Adjusted EBITDA |
$ 47,725 |
|
$ 62,310 |
|
$ (14,585) |
Adjusted EBITDA excluding asset dispositions and foreign exchange |
$ 46,002 |
|
$ 56,590 |
|
$ (10,588) |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts) |
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|
Year Ended
|
|
Favorable (Unfavorable) |
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|
2023 |
|
2022 |
|
|
Revenues: |
|
|
|
|
|
Operating revenues |
$ 1,264,298 |
|
$ 1,173,462 |
|
$ 90,836 |
Reimbursable revenues |
33,131 |
|
36,506 |
|
(3,375) |
Total revenues |
1,297,429 |
|
1,209,968 |
|
87,461 |
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Operating expenses |
957,593 |
|
908,402 |
|
(49,191) |
Reimbursable expenses |
32,810 |
|
35,873 |
|
3,063 |
General and administrative expenses |
181,745 |
|
164,685 |
|
(17,060) |
Merger and integration costs |
2,201 |
|
1,818 |
|
(383) |
Restructuring costs |
— |
|
2,113 |
|
2,113 |
Depreciation and amortization expense |
70,606 |
|
66,506 |
|
(4,100) |
Total costs and expenses |
1,244,955 |
|
1,179,397 |
|
(65,558) |
|
|
|
|
|
|
Loss on impairment |
— |
|
(5,187) |
|
5,187 |
Gains (losses) on disposal of assets |
1,112 |
|
(521) |
|
1,633 |
Earnings from unconsolidated affiliates |
7,165 |
|
1,136 |
|
6,029 |
Operating income |
60,751 |
|
25,999 |
|
34,752 |
|
|
|
|
|
|
Interest income |
8,646 |
|
1,668 |
|
6,978 |
Interest expense, net |
(41,417) |
|
(40,948) |
|
(469) |
Reorganization items, net |
(86) |
|
(142) |
|
56 |
Other, net |
(9,882) |
|
33,386 |
|
(43,268) |
Total other income (expense), net |
(42,739) |
|
(6,036) |
|
(36,703) |
Income before income taxes |
18,012 |
|
19,963 |
|
(1,951) |
Income tax expense |
(24,932) |
|
(10,754) |
|
(14,178) |
Net income (loss) |
(6,920) |
|
9,209 |
|
(16,129) |
Net loss attributable to noncontrolling interests |
140 |
|
6 |
|
134 |
Net income (loss) attributable to |
$ (6,780) |
|
$ 9,215 |
|
$ (15,995) |
|
|
|
|
|
|
Basic earnings (losses) per common share |
$ (0.24) |
|
$ 0.33 |
|
|
Diluted earnings (losses) per common share |
$ (0.24) |
|
$ 0.32 |
|
|
|
|
|
|
|
|
Weighted average common stock outstanding, basic |
28,139 |
|
28,104 |
|
|
Weighted average common stock outstanding, diluted |
28,139 |
|
28,406 |
|
|
|
|
|
|
|
|
EBITDA |
$ 130,035 |
|
$ 127,417 |
|
$ 2,618 |
Adjusted EBITDA |
$ 160,915 |
|
$ 157,721 |
|
$ 3,194 |
Adjusted EBITDA excluding asset dispositions and foreign exchange |
$ 170,504 |
|
$ 137,352 |
|
$ 33,152 |
REVENUES BY LINE OF SERVICE (unaudited, in thousands) |
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|
Three Months Ended |
|
Year Ended |
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Offshore energy services: |
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|
|
|
|
|
|
|
|
|
|
|
$ 99,066 |
|
$ 94,346 |
|
$ 87,331 |
|
$ 85,291 |
|
$ 366,034 |
|
$ 354,475 |
|
89,200 |
|
91,099 |
|
80,884 |
|
70,982 |
|
332,165 |
|
346,093 |
|
31,695 |
|
27,545 |
|
26,979 |
|
25,356 |
|
111,575 |
|
79,513 |
Total offshore energy services |
$ 219,961 |
|
$ 212,990 |
|
$ 195,194 |
|
$ 181,629 |
|
$ 809,774 |
|
$ 780,081 |
Government services |
81,714 |
|
85,549 |
|
87,320 |
|
82,334 |
|
336,917 |
|
283,267 |
Fixed wing services |
25,697 |
|
29,168 |
|
26,448 |
|
25,919 |
|
107,232 |
|
96,758 |
Other |
2,221 |
|
2,545 |
|
2,560 |
|
3,049 |
|
10,375 |
|
13,356 |
|
$ 329,593 |
|
$ 330,252 |
|
$ 311,522 |
|
$ 292,931 |
|
$ 1,264,298 |
|
$ 1,173,462 |
|
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|
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FLIGHT HOURS BY LINE OF SERVICE (unaudited) |
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|
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|
Three Months Ended |
|
Year Ended |
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|
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|
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|
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|
Offshore energy services: |
|
|
|
|
|
|
|
|
|
|
|
|
10,412 |
|
10,783 |
|
10,532 |
|
10,298 |
|
42,025 |
|
42,559 |
|
10,105 |
|
9,767 |
|
8,676 |
|
8,129 |
|
36,677 |
|
40,115 |
|
3,938 |
|
3,572 |
|
3,241 |
|
2,905 |
|
13,656 |
|
10,663 |
Total offshore energy services |
24,455 |
|
24,122 |
|
22,449 |
|
21,332 |
|
92,358 |
|
93,337 |
Government services |
4,477 |
|
5,232 |
|
5,008 |
|
3,944 |
|
18,661 |
|
17,194 |
Fixed wing services |
2,889 |
|
2,956 |
|
2,691 |
|
2,533 |
|
11,069 |
|
12,172 |
|
31,821 |
|
32,310 |
|
30,148 |
|
27,809 |
|
122,088 |
|
122,703 |
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) |
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|
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|
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|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 183,662 |
|
$ 163,683 |
Accounts receivable, net |
234,620 |
|
215,131 |
Inventories |
99,863 |
|
81,886 |
Prepaid expenses and other current assets |
45,438 |
|
32,425 |
Total current assets |
563,583 |
|
493,125 |
Property and equipment, net |
927,766 |
|
915,251 |
Investment in unconsolidated affiliates |
19,890 |
|
17,000 |
Right-of-use assets |
287,939 |
|
240,977 |
Other assets |
138,100 |
|
145,648 |
Total assets |
$ 1,937,278 |
|
$ 1,812,001 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ 87,885 |
|
$ 89,610 |
Accrued liabilities |
208,657 |
|
184,324 |
Short-term borrowings and current maturities of long-term debt |
13,247 |
|
11,656 |
Total current liabilities |
309,789 |
|
285,590 |
Long-term debt, less current maturities |
534,823 |
|
499,765 |
Deferred taxes |
42,710 |
|
48,633 |
Long-term operating lease liabilities |
214,957 |
|
165,955 |
Deferred credits and other liabilities |
11,820 |
|
25,119 |
Total liabilities |
1,114,099 |
|
1,025,062 |
|
|
|
|
Stockholders' equity: |
|
|
|
Common stock |
311 |
|
306 |
Additional paid-in capital |
725,773 |
|
709,319 |
Retained earnings |
217,968 |
|
224,748 |
|
(65,722) |
|
(63,009) |
Accumulated other comprehensive loss |
(54,643) |
|
(84,057) |
|
823,687 |
|
787,307 |
Noncontrolling interests |
(508) |
|
(368) |
Total stockholders' equity |
823,179 |
|
786,939 |
Total liabilities stockholders' equity |
$ 1,937,278 |
|
$ 1,812,001 |
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, 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
The Company is unable to provide a reconciliation of forecasted Adjusted EBITDA for 2023 and 2024 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 to net income (GAAP) for 2023 or 2024.
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 |
|
Year Ended |
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|
|
|
|
|
2023 |
|
2023 |
|
|
|
|
Net income (loss) |
$ (8,103) |
|
$ 4,345 |
|
$ (1,637) |
|
$ (1,525) |
|
$ (6,920) |
|
$ 9,209 |
Depreciation and amortization expense |
17,007 |
|
17,862 |
|
18,292 |
|
17,445 |
|
70,606 |
|
66,506 |
Interest expense, net |
11,274 |
|
10,008 |
|
9,871 |
|
10,264 |
|
41,417 |
|
40,948 |
Income tax expense (benefit) |
21,598 |
|
22,637 |
|
(14,209) |
|
(5,094) |
|
24,932 |
|
10,754 |
EBITDA |
$ 41,776 |
|
$ 54,852 |
|
$ 12,317 |
|
$ 21,090 |
|
$ 130,035 |
|
$ 127,417 |
Special items (1) |
5,949 |
|
7,458 |
|
10,487 |
|
6,986 |
|
30,880 |
|
30,304 |
Adjusted EBITDA |
$ 47,725 |
|
$ 62,310 |
|
$ 22,804 |
|
$ 28,076 |
|
$ 160,915 |
|
$ 157,721 |
(Gains) losses on disposal of assets |
159 |
|
(1,179) |
|
3,164 |
|
(3,256) |
|
(1,112) |
|
521 |
Foreign exchange (gains) losses |
(1,882) |
|
(4,541) |
|
13,021 |
|
4,103 |
|
10,701 |
|
(20,890) |
Adjusted EBITDA excluding asset dispositions and foreign exchange |
$ 46,002 |
|
$ 56,590 |
|
$ 38,989 |
|
$ 28,923 |
|
$ 170,504 |
|
$ 137,352 |
|
|
|
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(1) Special items include the following: |
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Three Months Ended |
|
Year Ended |
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|
|
|
|
|
2023 |
|
2023 |
|
|
|
|
PBH amortization |
$ 3,729 |
|
$ 3,751 |
|
$ 3,697 |
|
$ 3,803 |
|
$ 14,980 |
|
$ 13,291 |
Merger and integration costs |
347 |
|
738 |
|
677 |
|
439 |
|
2,201 |
|
1,818 |
Reorganization items, net |
— |
|
3 |
|
39 |
|
44 |
|
86 |
|
142 |
Restructuring costs |
— |
|
— |
|
— |
|
— |
|
— |
|
2,113 |
Loss on impairment |
— |
|
— |
|
— |
|
— |
|
— |
|
5,187 |
Non-cash insurance adjustment |
— |
|
— |
|
3,977 |
|
— |
|
3,977 |
|
— |
Other special items(2) |
1,873 |
|
2,966 |
|
2,097 |
|
2,700 |
|
9,636 |
|
7,753 |
|
$ 5,949 |
|
$ 7,458 |
|
$ 10,487 |
|
$ 6,986 |
|
$ 30,880 |
|
$ 30,304 |
|
|
|
|
|
|
|
|
|
|
(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. In prior periods, the Company's Free Cash Flow was calculated as net cash provided by (used in) operating activities plus proceeds from disposition of property and equipment less purchases of property and equipment. Management believes that the change in the Company's free cash flow calculation, as presented herein, better represents the Company's cash flow available for discretionary purposes, including growth capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to a PBH maintenance agreement buy-in, 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 |
|
|
||||||
|
|
|
|
|
|
|
2023 |
|
LTM |
Net cash provided by (used in) operating activities |
$ (9,499) |
|
$ 16,711 |
|
$ 18,210 |
|
$ 6,615 |
|
$ 32,037 |
Less: Maintenance capital expenditures |
(4,277) |
|
(4,656) |
|
(2,533) |
|
(2,952) |
|
(14,418) |
Free Cash Flow |
$ (13,776) |
|
$ 12,055 |
|
$ 15,677 |
|
$ 3,663 |
|
$ 17,619 |
Plus: Merger and integration costs |
347 |
|
712 |
|
488 |
|
571 |
|
2,118 |
Plus: Reorganization items, net |
— |
|
25 |
|
58 |
|
20 |
|
103 |
Plus: Other special items(1) |
3,195 |
|
1,580 |
|
1,650 |
|
1,509 |
|
7,934 |
Adjusted Free Cash Flow |
$ (10,234) |
|
$ 14,372 |
|
$ 17,873 |
|
$ 5,763 |
|
$ 27,774 |
|
|
|
|
|
|
|
|
(1) |
Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs |
FLEET COUNT (unaudited) |
||||||||||
|
||||||||||
|
|
Number of Aircraft |
|
|
|
|
||||
Type |
|
Owned Aircraft |
|
Leased Aircraft |
|
Total Aircraft |
|
Capacity |
|
Average |
|
|
|
|
|
|
|
|
|
|
|
S92 |
|
38 |
|
30 |
|
68 |
|
19 |
|
14 |
AW189 |
|
17 |
|
4 |
|
21 |
|
16 |
|
8 |
S61 |
|
2 |
|
1 |
|
3 |
|
19 |
|
52 |
|
|
57 |
|
35 |
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AW139 |
|
49 |
|
4 |
|
53 |
|
12 |
|
13 |
S76 D/C++ |
|
15 |
|
— |
|
15 |
|
12 |
|
12 |
AS365 |
|
1 |
|
— |
|
1 |
|
12 |
|
34 |
|
|
65 |
|
4 |
|
69 |
|
|
|
|
Light—Twin Engine Helicopters: |
|
|
|
|
|
|
|
|
|
|
AW109 |
|
4 |
|
— |
|
4 |
|
7 |
|
17 |
EC135 |
|
9 |
|
1 |
|
10 |
|
6 |
|
14 |
|
|
13 |
|
1 |
|
14 |
|
|
|
|
Light—Single Engine Helicopters: |
|
|
|
|
|
|
|
|
|
|
AS350 |
|
15 |
|
— |
|
15 |
|
4 |
|
25 |
AW119 |
|
13 |
|
— |
|
13 |
|
7 |
|
17 |
|
|
28 |
|
— |
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
163 |
|
40 |
|
203 |
|
|
|
15 |
Fixed Wing |
|
8 |
|
5 |
|
13 |
|
|
|
|
Unmanned Aerial Systems ("UAS") |
|
4 |
|
— |
|
4 |
|
|
|
|
Total Fleet |
|
175 |
|
45 |
|
220 |
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Percentage of Operating Revenues |
|
|
|
|
|
|
||||||||
|
|
Helicopters |
|
Fixed Wing |
|
UAS |
|
|
||||||||
|
|
Heavy |
|
Medium |
|
Light |
|
Light |
|
Total |
||||||
|
|
55 % |
|
64 |
|
7 |
|
— |
|
3 |
|
— |
|
4 |
|
78 |
|
|
29 % |
|
24 |
|
50 |
|
11 |
|
25 |
|
— |
|
— |
|
110 |
|
|
10 % |
|
4 |
|
10 |
|
3 |
|
— |
|
2 |
|
— |
|
19 |
|
|
6 % |
|
— |
|
2 |
|
— |
|
— |
|
11 |
|
— |
|
13 |
Total |
|
100 % |
|
92 |
|
69 |
|
14 |
|
28 |
|
13 |
|
4 |
|
220 |
View original content:https://www.prnewswire.com/news-releases/bristow-group-reports-fourth-quarter-and-full-year-2023-results-302080613.html
SOURCE