Bristow Group Reports Second Quarter 2025 Results, Raises 2025 and 2026 Outlook Ranges
Bristow Group (NYSE:VTOL) reported strong Q2 2025 financial results, with total revenues of $376.4 million, up from $350.5 million in Q1 2025. The company achieved net income of $31.7 million ($1.07 per diluted share), compared to $27.4 million ($0.92 per diluted share) in Q1.
Highlighting improved performance, Bristow raised its 2025 Adjusted EBITDA guidance to $240-$260 million and 2026 Adjusted EBITDA outlook to $300-$335 million. The company initiated accelerated debt payments and commenced share repurchases, buying back 119,841 shares at an average cost of $32.41 per share.
Segment performance showed growth across all divisions, with Offshore Energy Services revenues up 5.4%, Government Services up 7.6%, and Other Services up 25.5%. The company maintained strong liquidity with $316.5 million available, including $251.8 million in unrestricted cash.
Bristow Group (NYSE:VTOL) ha riportato solidi risultati finanziari per il secondo trimestre del 2025, con ricavi totali di 376,4 milioni di dollari, in aumento rispetto ai 350,5 milioni del primo trimestre 2025. L'azienda ha registrato un utile netto di 31,7 milioni di dollari (1,07 dollari per azione diluita), rispetto ai 27,4 milioni (0,92 dollari per azione diluita) del primo trimestre.
In evidenza per la migliore performance, Bristow ha rivisto al rialzo la sua previsione di EBITDA rettificato per il 2025, portandola a 240-260 milioni di dollari, e l'outlook per l'EBITDA rettificato 2026 a 300-335 milioni di dollari. L'azienda ha avviato pagamenti accelerati del debito e iniziato il riacquisto di azioni, acquistandone 119.841 a un costo medio di 32,41 dollari per azione.
Le performance dei segmenti hanno mostrato crescita in tutte le divisioni, con i ricavi dei Servizi Offshore Energy in aumento del 5,4%, quelli dei Servizi Governativi del 7,6% e degli Altri Servizi del 25,5%. L'azienda ha mantenuto una solida liquidità con 316,5 milioni di dollari disponibili, di cui 251,8 milioni in contanti non vincolati.
Bristow Group (NYSE:VTOL) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos totales de 376,4 millones de dólares, frente a 350,5 millones en el primer trimestre de 2025. La compañía logró un ingreso neto de 31,7 millones de dólares (1,07 dólares por acción diluida), en comparación con 27,4 millones (0,92 dólares por acción diluida) en el primer trimestre.
Destacando la mejora en el desempeño, Bristow elevó su proyección de EBITDA ajustado para 2025 a 240-260 millones de dólares y su perspectiva de EBITDA ajustado para 2026 a 300-335 millones de dólares. La empresa inició pagos acelerados de deuda y comenzó recompras de acciones, recomprando 119,841 acciones a un costo promedio de 32,41 dólares por acción.
El desempeño por segmentos mostró crecimiento en todas las divisiones, con ingresos de Servicios de Energía Offshore aumentando un 5,4%, Servicios Gubernamentales un 7,6% y Otros Servicios un 25,5%. La compañía mantuvo una fuerte liquidez con 316,5 millones de dólares disponibles, incluyendo 251,8 millones en efectivo sin restricciones.
Bristow Group (NYSE:VTOL)� 2025� 2분기 강력� 재무 실적� 보고했으�, � 매출액은 3� 7,640� 달러� 2025� 1분기� 3� 5,050� 달러에서 증가했습니다. 회사� 순이� 3,170� 달러(희석 주당 1.07달러)� 달성했으�, 이는 1분기� 2,740� 달러(희석 주당 0.92달러)와 비교됩니�.
개선� 실적� 반영하여 Bristow� 2025� 조정 EBITDA 가이던스를 2� 4,000만~2� 6,000� 달러� 상향 조정하고, 2026� 조정 EBITDA 전망� 3억~3� 3,350� 달러� 제시했습니다. 회사� 가속화� 부� 상환� 시작하고 주식 재매입을 개시하여 평균 주당 32.41달러� 119,841주를 매입했습니다.
부문별 실적은 모든 부문에� 성장세를 보였으며, 해양 에너지 서비� 매출은 5.4%, 정부 서비스는 7.6%, 기타 서비스는 25.5% 증가했습니다. 회사� 3� 1,650� 달러� 유동성을 유지했으�, � � 2� 5,180� 달러� 제한 없는 현금입니�.
Bristow Group (NYSE:VTOL) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec des revenus totaux de 376,4 millions de dollars, en hausse par rapport à 350,5 millions de dollars au premier trimestre 2025. La société a réalisé un bénéfice net de 31,7 millions de dollars (1,07 dollar par action diluée), contre 27,4 millions de dollars (0,92 dollar par action diluée) au premier trimestre.
Met en avant une performance améliorée, Bristow a relevé ses prévisions d'EBITDA ajusté pour 2025 à 240-260 millions de dollars et ses perspectives d'EBITDA ajusté pour 2026 à 300-335 millions de dollars. La société a initié des remboursements accélérés de sa dette et commencé des rachats d'actions, rachetant 119 841 actions à un coût moyen de 32,41 dollars par action.
La performance par segment a montré une croissance dans toutes les divisions, avec des revenus des services énergétiques offshore en hausse de 5,4 %, des services gouvernementaux de 7,6 % et des autres services de 25,5 %. La société a maintenu une forte liquidité avec 316,5 millions de dollars disponibles, dont 251,8 millions en liquidités non restreintes.
Bristow Group (NYSE:VTOL) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit Gesamtumsätzen von 376,4 Millionen US-Dollar, gegenüber 350,5 Millionen US-Dollar im ersten Quartal 2025. Das Unternehmen erzielte einen Nettoertrag von 31,7 Millionen US-Dollar (1,07 US-Dollar je verwässerter Aktie) im Vergleich zu 27,4 Millionen US-Dollar (0,92 US-Dollar je verwässerter Aktie) im ersten Quartal.
Angesichts der verbesserten Leistung erhöhte Bristow seine Prognose für das bereinigte EBITDA 2025 auf 240 bis 260 Millionen US-Dollar und den Ausblick für das bereinigte EBITDA 2026 auf 300 bis 335 Millionen US-Dollar. Das Unternehmen begann mit beschleunigten Schuldenrückzahlungen und dem Rückkauf von Aktien, wobei 119.841 Aktien zu einem durchschnittlichen Preis von 32,41 US-Dollar pro Aktie zurückgekauft wurden.
Die Segmentergebnisse zeigten Wachstum in allen Bereichen, wobei die Umsätze im Bereich Offshore-Energiedienstleistungen um 5,4 %, im Bereich Regierungsdienstleistungen um 7,6 % und im Bereich Sonstige Dienstleistungen um 25,5 % stiegen. Das Unternehmen hielt eine starke Liquidität mit 316,5 Millionen US-Dollar verfügbar, davon 251,8 Millionen US-Dollar in ungebundenen Barmitteln.
- Net income increased 15.9% to $31.7 million in Q2 2025 from $27.4 million in Q1 2025
- Total revenues grew 7.4% to $376.4 million from $350.5 million quarter-over-quarter
- Raised 2025 Adjusted EBITDA guidance to $240-$260 million and 2026 outlook to $300-$335 million
- Strong liquidity position of $316.5 million, including $251.8 million in unrestricted cash
- Revenue growth across all segments: Offshore Energy +5.4%, Government Services +7.6%, Other Services +25.5%
- Initiated share repurchase program and accelerated debt payments, demonstrating financial strength
- Government Services segment reported operating loss of $1.9 million compared to $6.0 million operating income in previous quarter
- Interest expense increased 5.7% to $10.034 million due to accelerated amortization of deferred financing costs
- Income tax expense doubled to $20.4 million from $10.2 million in the previous quarter
Insights
Bristow reports strong Q2 with revenue and earnings growth, raises outlook, and initiates shareholder returns through debt reduction and buybacks.
Bristow Group delivered a solid Q2 2025 performance with
The company's Adjusted EBITDA reached
Segment performance was mixed but overall positive. Offshore Energy Services (67% of revenue) saw a
Cash flow generation was exceptional, with
The company maintained a strong liquidity position with
Second Quarter Highlights
- Total revenues of
in Q2 2025 compared to$376.4 million in Q1 2025$350.5 million - Net income of
, or$31.7 million per diluted share, in Q2 2025 compared to net income of$1.07 , or$27.4 million per diluted share, in Q1 2025$0.92 - Adjusted EBITDA (as defined herein)(1) in Q2 2025 was
compared to$60.7 million in Q1 2025$57.7 million - Raises 2025 Adjusted EBITDA outlook range to
-$240 and raises 2026 Adjusted EBITDA outlook range to$260 million -$300 $335 million - Initiates accelerated debt payments and share repurchases
Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of
The following table provides select financial highlights for the periods reflected (in thousands, except per share amounts). A reconciliation of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income and cash provided by (used in) operating activities to Free Cash Flow and Adjusted Free Cash Flow is included in the "Non-GAAP Financial Measures" section herein.
Three Months Ended | |||
June 30, | March 31, | ||
Total revenues | $ 376,429 | $ 350,530 | |
Operating income | 42,640 | 33,548 | |
Net income attributable to Bristow Group Inc. | 31,748 | 27,359 | |
Basic earnings per common share | 1.10 | 0.95 | |
Diluted earnings per common share | 1.07 | 0.92 | |
Net cash provided by (used in) operating activities � | 99,039 | (603) | |
Non-GAAP(1): | |||
Adjusted Operating Income | $ 57,330 | $ 54,353 | |
EBITDA | 79,568 | 63,895 | |
Adjusted EBITDA | 60,700 | 57,710 | |
Free Cash Flow | 94,507 | (2,489) | |
Adjusted Free Cash Flow | 95,293 | (1,749) |
____________________ | |
(1) | See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below. |
"We are pleased to report another quarter of strong financial results and to raise 2025 Adjusted EBITDA guidance to
Sequential Quarter Results
Offshore Energy Services
Three Months Ended | ||||||
($ in thousands) | June 30, | March 31, | Favorable | |||
Revenues | $ 252,810 | $ 239,785 | $ 13,025 | 5.4% | ||
Operating income | 43,595 | 37,365 | 6,230 | 16.7% | ||
Adjusted Operating Income | 53,588 | 47,114 | 6,474 | 13.7% | ||
Operating income margin | 17% | 16% | ||||
Adjusted Operating Income margin � | 21% | 20% |
Revenues from Offshore Energy Services were
Government Services
Three Months Ended | ||||||
($ in thousands) | June 30, | March 31, | Favorable | |||
Revenues | $ 92,499 | $ 85,943 | $ 6,556 | 7.6% | ||
Operating income (loss) | (1,912) | 6,011 | (7,923) | nm | ||
Adjusted Operating Income | 6,036 | 13,719 | (7,683) | (56.0)% | ||
Operating income (loss) margin | (2)% | 7% | ||||
Adjusted Operating Income margin � | 7% | 16% |
____________________ |
nm = Not Meaningful |
Revenues from Government Services were
Other Services
Three Months Ended | ||||||
($ in thousands) | June 30, | March 31, | Favorable | |||
Revenues | $ 31,120 | $ 24,802 | $ 6,318 | 25.5% | ||
Operating income (loss) | 3,443 | (622) | 4,065 | nm | ||
Adjusted Operating Income | 6,188 | 2,037 | 4,151 | nm | ||
Operating income (loss) margin | 11% | (3)% | ||||
Adjusted Operating Income margin � | 20% | 8% |
Revenues from Other Services were
Corporate
Three Months Ended | ||||||
($ in thousands) | June 30, | March 31, | Favorable | |||
Corporate: | ||||||
Total expenses | $ 8,695 | $ 8,648 | $ (47) | (0.5)% | ||
Gains (losses) on disposal of assets � | 6,209 | (558) | 6,767 | nm | ||
Operating loss | (2,486) | (9,206) | 6,720 | 73.0% | ||
Consolidated: | ||||||
Interest income | $ 2,039 | $ 2,118 | $ (79) | (3.7)% | ||
Interest expense, net | (10,034) | (9,490) | (544) | (5.7)% | ||
Other, net | 17,577 | 11,388 | 6,189 | 54.3% | ||
Income tax expense | (20,443) | (10,183) | (10,260) | nm |
Total operating losses for Corporate were
Interest expense, net was
Other income, net of
Income tax expense was
Raises 2025 and 2026 Outlook
Please refer to the section 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 contains non-GAAP financial measures. Please read the section entitled "Non-GAAP Financial Measures" for further information.
Select financial outlook for 2025 and 2026 are as follows (in USD, millions):
2025E | 2026E | ||
Revenues: | |||
Offshore Energy Services | |||
Government Services | |||
Other Services | |||
Total Revenues | |||
Adjusted Operating Income: | |||
Offshore Energy Services | |||
Government Services | |||
Other Services | |||
Corporate | ( | ( | |
Adjusted EBITDA | |||
Cash interest | |||
Cash taxes | |||
Maintenance capital expenditures � � |
Capital Allocation and Liquidity
In support of its capital allocation framework, the Company made
In the Current Quarter, purchases of property and equipment were
As of June30, 2025, the Company had
Conference Call
The Company's management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, August6, 2025, to review results for the second quarter ended June30, 2025. The conference call can be accessed using the following link:
Link to Access Earnings Call:
A replay will be available through August27, 2025 by using the link above. A replay will also be available on the Company's website at shortly after the call and will be accessible through August27, 2025. The accompanying investor presentation will be available on August6, 2025, on Bristow's website at .
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. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in
Bristow currently has customers in
Forward-Looking Statements Disclosure
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management; expected actions by us and by third parties, including our customers, competitors, vendors and regulators; and other matters. Some of the forward-looking statements can be identified by the use of words such as "believes," "belief," "forecasts," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "will," "would," "could," "should" or other similar words; however, all statements in this press release, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, "Risk Factors" of such report and those discussed in other documents we file with the Securities and Exchange Commission (the "SEC"). Accordingly, you should not put undue reliance on any forward-looking statements.
You should consider the following key factors when evaluating these forward-looking statements: 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 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; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, immigration and other laws and regulations and policies, including, without limitation, tariffs and 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; disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships between
The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this press release are qualified by these cautionary statements and are only made as of the date thereof. The forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Annual Report on Form 10-K and Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A, "Risk Factors" of the Company's subsequent Quarterly Reports on Form 10-Q. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.
BRISTOWGROUP INC. | |||||
Condensed Consolidated Statements of Operations | |||||
(unaudited, in thousands, except per share amounts) | |||||
Three Months Ended | Favorable/ | ||||
June 30, | March 31, | ||||
Total revenues | $ 376,429 | $ 350,530 | $ 25,899 | ||
Costs and expenses: | |||||
Operating expenses | |||||
Personnel | 88,729 | 87,311 | (1,418) | ||
Repairs and maintenance | 64,788 | 61,315 | (3,473) | ||
Insurance | 6,149 | 6,834 | 685 | ||
Fuel | 20,399 | 18,875 | (1,524) | ||
Leased-in equipment | 26,515 | 26,049 | (466) | ||
Other | 71,911 | 56,801 | (15,110) | ||
Total operating expenses | 278,491 | 257,185 | (21,306) | ||
General and administrative expenses | 44,375 | 43,100 | (1,275) | ||
Depreciation and amortization expense | 17,312 | 16,841 | (471) | ||
Total costs and expenses | 340,178 | 317,126 | (23,052) | ||
Gains (losses) on disposal of assets | 6,209 | (558) | 6,767 | ||
Earnings from unconsolidated affiliates | 180 | 702 | (522) | ||
Operating income | 42,640 | 33,548 | 9,092 | ||
Interest income | 2,039 | 2,118 | (79) | ||
Interest expense, net | (10,034) | (9,490) | (544) | ||
Other, net | 17,577 | 11,388 | 6,189 | ||
Total other income (expense), net | 9,582 | 4,016 | 5,566 | ||
Income before income taxes | 52,222 | 37,564 | 14,658 | ||
Income tax expense | (20,443) | (10,183) | (10,260) | ||
Net income | 31,779 | 27,381 | 4,398 | ||
Net income attributable to noncontrolling interests | (31) | (22) | (9) | ||
Net income attributable to Bristow Group Inc. | $ 31,748 | $ 27,359 | $ 4,389 | ||
Basic earnings per common share | $ 1.10 | $ 0.95 | |||
Diluted earnings per common share | $ 1.07 | $ 0.92 | |||
Weighted average common shares outstanding, basic | 28,824 | 28,667 | |||
Weighted average common shares outstanding, diluted � | 29,788 | 29,867 | |||
Adjusted Operating Income | $ 57,330 | $ 54,353 | $ 2,977 | ||
EBITDA | $ 79,568 | $ 63,895 | $ 15,673 | ||
Adjusted EBITDA | $ 60,700 | $ 57,710 | $ 2,990 |
BRISTOWGROUP INC. | ||||||
REVENUES BY SEGMENT | ||||||
(unaudited, in thousands) | ||||||
Three Months Ended | ||||||
June 30, | March 31, | Favorable | ||||
Offshore Energy Services: | ||||||
$ 107,625 | $ 101,218 | $ 6,407 | 6.3% | |||
95,230 | 91,569 | 3,661 | 4.0% | |||
49,955 | 46,998 | 2,957 | 6.3% | |||
Total Offshore Energy Services � | $ 252,810 | $ 239,785 | $ 13,025 | 5.4% | ||
Government Services | 92,499 | 85,943 | 6,556 | 7.6% | ||
Other Services | 31,120 | 24,802 | 6,318 | 25.5% | ||
$ 376,429 | $ 350,530 | $ 25,899 | 7.4% | |||
FLIGHT HOURS BY SEGMENT | ||||||
(unaudited) | ||||||
Three Months Ended | ||||||
June 30, | March 31, | Favorable | ||||
Offshore Energy Services: | ||||||
8,838 | 8,749 | 89 | 1.0% | |||
10,700 | 10,002 | 698 | 7.0% | |||
4,931 | 4,680 | 251 | 5.4% | |||
Total Offshore Energy Services � � | 24,469 | 23,431 | 1,038 | 4.4% | ||
Government Services | 4,868 | 3,941 | 927 | 23.5% | ||
Other Services | 3,684 | 3,400 | 284 | 8.4% | ||
33,021 | 30,772 | 2,249 | 7.3% |
BRISTOWGROUP INC. | |||||||||
Second Quarter Segment Statements of Operations | |||||||||
(unaudited, in thousands) | |||||||||
Offshore Services | Government | Other | Corporate | Consolidated | |||||
Three Months Ended June 30, 2025 | |||||||||
Revenues | $ 252,810 | $ 92,499 | $ 31,120 | $ � | $ 376,429 | ||||
Less: | |||||||||
Personnel | 55,047 | 27,271 | 6,411 | � | 88,729 | ||||
Repairs and maintenance | 48,078 | 13,369 | 3,341 | � | 64,788 | ||||
Insurance | 3,824 | 1,948 | 377 | � | 6,149 | ||||
Fuel | 12,865 | 2,681 | 4,853 | � | 20,399 | ||||
Leased-in equipment | 15,204 | 9,699 | 1,612 | � | 26,515 | ||||
Other segment costs | 43,640 | 21,717 | 6,554 | � | 71,911 | ||||
Total operating expenses | 178,658 | 76,685 | 23,148 | � | 278,491 | ||||
General and administrative expenses | 23,813 | 10,230 | 1,850 | 8,482 | 44,375 | ||||
Depreciation and amortization expense | 6,924 | 7,496 | 2,679 | 213 | 17,312 | ||||
Total costs and expenses | 209,395 | 94,411 | 27,677 | 8,695 | 340,178 | ||||
Gains on disposal of assets | � | � | � | 6,209 | 6,209 | ||||
Earnings from unconsolidated affiliates | 180 | � | � | � | 180 | ||||
Operating income (loss) | $ 43,595 | $ (1,912) | $ 3,443 | $ (2,486) | $ 42,640 | ||||
Non-GAAP(1): | |||||||||
Depreciation and amortization expense | 6,924 | 7,496 | 2,679 | 213 | 17,312 | ||||
PBH amortization | 3,069 | 452 | 66 | � | 3,587 | ||||
Gains on disposal of assets | � | � | � | (6,209) | (6,209) | ||||
Adjusted Operating Income (Loss) | $ 53,588 | $ 6,036 | $ 6,188 | $ (8,482) | $ 57,330 | ||||
Offshore Services | Government | Other | Corporate | Consolidated | |||||
Three Months Ended March 31, 2025 | |||||||||
Revenues | $ 239,785 | $ 85,943 | $ 24,802 | $ � | $ 350,530 | ||||
Less: | |||||||||
Personnel | 56,766 | 24,473 | 6,072 | � | 87,311 | ||||
Repairs and maintenance | 46,907 | 11,361 | 3,047 | � | 61,315 | ||||
Insurance | 4,029 | 2,437 | 368 | � | 6,834 | ||||
Fuel | 12,702 | 2,082 | 4,091 | � | 18,875 | ||||
Leased-in equipment | 14,933 | 9,693 | 1,423 | � | 26,049 | ||||
Other segment costs | 37,656 | 12,871 | 6,274 | � | 56,801 | ||||
Total operating expenses | 172,993 | 62,917 | 21,275 | � | 257,185 | ||||
General and administrative expenses | 23,259 | 9,729 | 1,595 | 8,517 | 43,100 | ||||
Depreciation and amortization expense | 6,870 | 7,286 | 2,554 | 131 | 16,841 | ||||
Total costs and expenses | 203,122 | 79,932 | 25,424 | 8,648 | 317,126 | ||||
Losses on disposal of assets | � | � | � | (558) | (558) | ||||
Earnings from unconsolidated affiliates | 702 | � | � | � | 702 | ||||
Operating income (loss) | $ 37,365 | $ 6,011 | $ (622) | $ (9,206) | $ 33,548 | ||||
Non-GAAP(1): | |||||||||
Depreciation and amortization expense | 6,870 | 7,286 | 2,554 | 131 | 16,841 | ||||
PBH amortization | 2,879 | 422 | 105 | � | 3,406 | ||||
Losses on disposal of assets | � | � | � | 558 | 558 | ||||
Adjusted Operating Income (Loss) � | $ 47,114 | $ 13,719 | $ 2,037 | $ (8,517) | $ 54,353 |
____________________ | |
(1) | See definitions of these non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Measures section further below. |
BRISTOWGROUP INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(unaudited, in thousands) | |||
June 30, | December 31, | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 255,854 | $ 251,281 | |
Accounts receivable, net | 226,692 | 211,590 | |
Inventories | 135,567 | 114,509 | |
Prepaid expenses and other current assets | 52,060 | 42,078 | |
Total current assets | 670,173 | 619,458 | |
Property and equipment, net | 1,163,152 | 1,076,221 | |
Investment in unconsolidated affiliates | 23,306 | 22,424 | |
Right-of-use assets | 259,961 | 264,270 | |
Other assets | 171,434 | 142,873 | |
Total assets | $ 2,288,026 | $ 2,125,246 | |
LIABILITIES AND STOCKHOLDERS' EQUITY � | |||
Current liabilities: | |||
Accounts payable | $ 109,192 | $ 83,462 | |
Deferred revenue | 24,262 | 15,186 | |
Current portion of operating lease liabilities | 81,155 | 78,359 | |
Accrued liabilities | 131,744 | 130,279 | |
Current maturities of long-term debt | 24,779 | 18,614 | |
Total current liabilities | 371,132 | 325,900 | |
Long-term debt, less current maturities | 680,412 | 671,169 | |
Other liabilities and deferred credits | 25,062 | 8,937 | |
Deferred taxes | 49,850 | 39,019 | |
Long-term operating lease liabilities | 177,582 | 188,949 | |
Total liabilities | 1,304,038 | 1,233,974 | |
Stockholders' equity: | |||
Common stock | 319 | 315 | |
Additional paid-in capital | 750,421 | 742,072 | |
Retained earnings | 371,772 | 312,765 | |
Treasury stock, at cost | (78,274) | (69,776) | |
Accumulated other comprehensive loss | (59,868) | (93,669) | |
Total Bristow Group Inc. stockholders' equity | 984,370 | 891,707 | |
Noncontrolling interests | (382) | (435) | |
Total stockholders' equity | 983,988 | 891,272 | |
Total liabilities and stockholders' equity | $ 2,288,026 | $ 2,125,246 |
Non-GAAP Financial Measures
The Company's management uses EBITDA, Adjusted EBITDA and Adjusted Operating Income 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
EBITDA and Adjusted EBITDA
EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash gains and losses on the sale of assets, non-cash foreign exchange gains (losses) related to the revaluation of certain balance sheet items, and certain special items that occurred during the reported period, such as the amortization of PBH maintenance agreements that are non-cash within the period, gains on insurance claims, non-cash nonrecurring insurance adjustments and other special items which include professional service fees related to unusual litigation proceedings and other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed mergers and acquisitions ("M&A") transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company's ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income the most directly comparable GAAP measure, as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.
The following tables provide a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (unaudited, in thousands).
Three Months Ended | |||||||||
June 30, | March 31, | December 31, | September 30, | LTM | |||||
Net income | $ 31,779 | $ 27,381 | $ 31,768 | $ 28,279 | $ 119,207 | ||||
Depreciation and amortization expense � | 17,312 | 16,841 | 16,701 | 17,569 | 68,423 | ||||
Interest expense, net | 10,034 | 9,490 | 9,064 | 9,660 | 38,248 | ||||
Income tax expense (benefit) | 20,443 | 10,183 | (12,952) | 8,392 | 26,066 | ||||
EBITDA | $ 79,568 | $ 63,895 | $ 44,581 | $ 63,900 | $ 251,944 | ||||
(Gains) losses on disposal of assets | (6,209) | 558 | 82 | 626 | (4,943) | ||||
Foreign exchange (gains) losses | (17,435) | (11,045) | 12,581 | (10,904) | (26,803) | ||||
Special items(1) | 4,776 | 4,302 | 596 | 6,558 | 16,232 | ||||
Adjusted EBITDA | $ 60,700 | $ 57,710 | $ 57,840 | $ 60,180 | $ 236,430 | ||||
(1)Special items include the following: | |||||||||
Three Months Ended | |||||||||
June 30, | March 31, | December 31, | September 30, | LTM | |||||
PBH amortization | $ 3,587 | $ 3,406 | $ 3,727 | $ 3,723 | $ 14,443 | ||||
Gain on insurance claim | � | � | (4,451) | � | (4,451) | ||||
Other special items | 1,189 | 896 | 1,320 | 2,835 | 6,240 | ||||
$ 4,776 | $ 4,302 | $ 596 | $ 6,558 | $ 16,232 |
The Company is unable to provide a reconciliation of projected Adjusted EBITDA (non-GAAP) for the outlook periods 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 projected Adjusted EBITDA (non-GAAP) to net income (GAAP) for the outlook periods.
Free Cash Flow and Adjusted Free Cash Flow
Free Cash Flow represents the Company's net cash provided by (used in) operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed M&A transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. 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. Neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP. Accordingly, these measures should not be used as an indicator of, or an alternative to, net cash provided by operating activities, the most directly comparable GAAP measure. 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 ofnet cash provided by (used in) operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (unaudited, in thousands).
Three Months Ended | |||||||||
June 30, | March 31, | December 31, | September 30, | LTM | |||||
Net cash provided by (used in) � | $ 99,039 | $ (603) | $ 51,054 | $ 66,022 | $ 215,512 | ||||
Less: Maintenance capital | (4,532) | (1,886) | (2,739) | (8,041) | (17,198) | ||||
Free Cash Flow | $ 94,507 | $ (2,489) | $ 48,315 | $ 57,981 | $ 198,314 | ||||
Plus: Special items | 786 | 740 | (2,580) | 1,539 | 485 | ||||
Adjusted Free Cash Flow | $ 95,293 | $ (1,749) | $ 45,735 | $ 59,520 | $ 198,799 |
Adjusted Operating Income by Segment
Adjusted Operating Income (Loss) ("Adjusted Operating Income") is defined as operating income (loss) before depreciation and amortization (including PBH amortization) and gains or losses on asset dispositions that occurred during the reported period. The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segment's operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segment's ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies.
The following table provides a reconciliation of operating income (loss), the most directly comparable GAAP measure, to Adjusted Operating Income for each segment and Corporate (unaudited, in thousands).
Three Months Ended | ||||||
June 30, | March 31, | Increase | ||||
Offshore Energy Services: | ||||||
Operating income | $ 43,595 | $ 37,365 | $ 6,230 | 16.7% | ||
Depreciation and amortization expense | 6,924 | 6,870 | 54 | 0.8% | ||
PBH amortization | 3,069 | 2,879 | 190 | 6.6% | ||
Offshore Energy Services Adjusted Operating Income � | $ 53,588 | $ 47,114 | $ 6,474 | 13.7% | ||
Government Services: | ||||||
Operating income (loss) | $ (1,912) | $ 6,011 | nm | |||
Depreciation and amortization expense | 7,496 | 7,286 | 210 | 2.9% | ||
PBH amortization | 452 | 422 | 30 | 7.1% | ||
Government Services Adjusted Operating Income | $ 6,036 | $ 13,719 | (56.0)% | |||
Other Services: | ||||||
Operating income (loss) | $ 3,443 | $ (622) | $ 4,065 | nm | ||
Depreciation and amortization expense | 2,679 | 2,554 | 125 | 4.9% | ||
PBH amortization | 66 | 105 | (39) | (37.1)% | ||
Other Services Adjusted Operating Income | $ 6,188 | $ 2,037 | $ 4,151 | nm | ||
Total Segment Adjusted Operating Income | $ 65,812 | $ 62,870 | $ 2,942 | 4.7% | ||
Corporate: | ||||||
Operating loss | $ (2,486) | $ (9,206) | $ 6,720 | 73.0% | ||
Depreciation and amortization expense | 213 | 131 | 82 | 62.6% | ||
Losses (gains) on disposal of assets | (6,209) | 558 | (6,767) | nm | ||
Corporate Adjusted Operating Loss | $ (8,482) | $ (8,517) | $ 35 | 0.4% | ||
Consolidated Adjusted Operating Income | $ 57,330 | $ 54,353 | $ 2,977 | 5.5% |
The Company is unable to provide a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) for the outlook periods included in this release to projected operating 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 Operating Income by segment due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) to operating income (GAAP) for the outlook periods.
BRISTOWGROUP INC. | |||||||||
FLEET COUNT | |||||||||
Number of Aircraft | |||||||||
Type | Owned Aircraft | Leased Aircraft | Total | Maximum Passenger Capacity | Average Age | ||||
Heavy Helicopters: | |||||||||
S92 | 34 | 29 | 63 | 19 | 15 | ||||
AW189 | 19 | 4 | 23 | 16 | 8 | ||||
53 | 33 | 86 | |||||||
Medium Helicopters: | |||||||||
AW139 | 49 | 5 | 54 | 12 | 14 | ||||
S76 D/C++ | 13 | � | 13 | 12 | 13 | ||||
AS365 | 1 | � | 1 | 12 | 36 | ||||
63 | 5 | 68 | |||||||
Light—Twin Engine Helicopters: | |||||||||
AW109 | 3 | � | 3 | 7 | 18 | ||||
H135/EC135 | 11 | � | 11 | 6 | 9 | ||||
14 | � | 14 | |||||||
Light—Single Engine Helicopters: � | |||||||||
AS350 | 12 | � | 12 | 4 | 26 | ||||
AW119 | 13 | � | 13 | 7 | 19 | ||||
25 | � | 25 | |||||||
Total Helicopters | 155 | 38 | 193 | 15 | |||||
Fixed Wing | 9 | 5 | 14 | ||||||
Unmanned Aerial Systems ("UAS") | 4 | � | 4 | ||||||
Total Fleet | 168 | 43 | 211 |
____________________ | |
(1) | Reflects the average age of helicopters that are owned by the Company. |
The table below presents the number of aircraft in our fleet and their distribution among the segments in which we operate as of June30, 2025 and the percentage of revenues that each of our segments provided during the Current Quarter.
Percentageof Total Revenues | Helicopters | Fixed Wing | UAS | ||||||||||||
Heavy | Medium | LightTwin | LightSingle | Total | |||||||||||
Offshore Energy Services | 68% | 57 | 60 | 11 | � | 1 | � | 129 | |||||||
Government Services | 25% | 29 | 7 | 3 | 20 | � | 4 | 63 | |||||||
Other Services | 7% | � | 1 | � | 5 | 13 | � | 19 | |||||||
Total | 100% | 86 | 68 | 14 | 25 | 14 | 4 | 211 | |||||||
Aircraft not currently in fleet: � | |||||||||||||||
Under construction(1) | 10 | 4 | 1 | � | � | � | 15 | ||||||||
Options(2) | 10 | � | 10 | � | � | � | 20 |
____________________ | |
(1) | Under construction reflects new aircraft that the Company has either taken ownership of and are undergoing additional configuration before being placed into service or are currently under construction by the Original Equipment Manufacturer ("OEM") and pending delivery. Includes ten AW189 heavy helicopters (of which three were delivered and are undergoing additional configuration), four AW139 medium helicopters (of which three were delivered and are undergoing additional configuration) and one H135 light-twin helicopter which has been delivered and is undergoing additional configuration. |
(2) | Options include 10 AW189 heavy helicopters and 10 H135 light-twin helicopters. |
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SOURCE Bristow Group