| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Beats Top End of 2024 Outlook and Affirms 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 also contains non-GAAP financial measures. Please read the section entitled "Non-GAAP Financial Measures" for further information.
Select financial results for 2024 are as follows (in USD, millions):
| 2024E(1) | 2024A | ||
| Revenues: | |||
| Offshore Energy Services(2) | $959 | $966 | |
| Government Services | $335 | $330 | |
| Other Services | $120 | $120 | |
| Total revenues | $1,414 | $1,416 | |
| Adjusted EBITDA | $225 | $237 | |
| Cash interest | $40 | $43 | |
| Cash taxes | $23 | $21 | |
| Maintenance capital expenditures | $18 | $18 |
| __________________________ | |
| (1) | Reflects the mid-point of the previously issued 2024 financial outlook ranges. 2024E revvenues include approximately $31.0 million of reimbursable revenues due to the change in presentation from operating to total revenues. |
| (2) | OES includes approximately $12.7 million of Africa fixed wing revenues previously included in Other Services. |
In connection with its change in segment reporting, the Company also issued select financial guidance by segment for 2025 and 2026 as follows:
| 2025E | 2026T | ||
| Revenues: | |||
| Offshore Energy Services | $950 - $1,060 | $975 - $1,165 | |
| Government Services | $350 - $425 | $430 - $460 | |
| Other Services | $120 - $130 | $120 - $150 | |
| Total revenues | $1,420 - $1,615 | $1,525 - $1,775 | |
| Adjusted Operating Income: | |||
| Offshore Energy Services | $190 - $210 | $210 - $255 | |
| Government Services | $45 - $55 | $75 - $85 | |
| Other Services | $15 - $20 | $15 - $20 | |
| Corporate | ($30 - $40) | ($30 - $40) | |
| $220 - $245 | $270 - $320 | ||
| Adjusted EBITDA | $230 - $260 | $275 - $335 | |
| Cash interest | ~$45 | ~$45 | |
| Cash taxes | $25 - $30 | $25 - $30 | |
| Maintenance capital expenditures | $15 - $20 | $20 - $25 |
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, net line on the statements of operations. These are related to the revaluation of certain 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.
Each £0.01 movement in the GBP/USD exchange rate would impact 2025E Adjusted EBITDA by +/- ~$1.2 million. The following table shows the GBP/USD exchange rate for each period presented.
| 2024A | 2025E | 2026T | |||
| (in millions, except for exchange rates) | |||||
| Adjusted EBITDA | $237 | $230 - $260 | $275 - $335 | ||
| Average GBP/USD exchange rate | 1.28 | 1.26 | 1.26 |
Posted In: VTOL
