Bristow (VTOL) 4 Feb 222022 Q3 Earnings call transcript

Company Profile

Participants

Crystal Gordon	SVP, General Counsel
Christopher Bradshaw	President & CEO
Jennifer Whalen	SVP & CFO
Dohyun Cha	MacKay Shields
John Deysher	Pinnacle
Sam Mitchell	Empyrean Capital
Adam Ritzer	Private Investor
Patrick Fitzgerald	Baird

Call transcript

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Operator

00:04 Good day, and welcome to the Bristow Group Reports Third Quarter Fiscal Year 2022 Results Conference Call. Today's conference is being recorded. 00:14 At this time, I'd like to turn the conference over to Crystal Gordon, Senior Vice President and General Counsel. Please go ahead.

Crystal Gordon

00:21 Thank you, Cody and good morning, everyone. third year Group's earnings Bristow to quarter XXXX fiscal call. Welcome Financial with on and and Chief the joined our Senior Jennifer phone President, Bradshaw; I'm Chris today President Whalen. Officer, Chief Vice Officer, Executive me of statements are are our forward-looking described Investor Let may uncertainties detail more risks that remind call, Presentation. subject the XX:XX management during on make in and to that everyone, Slide X

website. access on our may You our investor presentation

A EBITDA also of reference financial and our Presentation. Investor certain to turn free to is such reconciliation Chris. as call and now the GAAP earnings flow. will measures We release the measures cash XX:XX non-GAAP in CEO, I'll President over such our included and

Christopher Bradshaw

Crystal XX:XX and welcome Thank you, call the everyone. to

with Bristow's operational which always, note a As prepared on most our highest core I is value priority. and will begin remarks important safety, our

equipment, around Bristow continued XXXX. you. the significant every their everyone and following and members commend Over thank on efficient in XX:XX and healthy getting with of valued through dedication on the mission dealing integration safety followed Bristow's Thank effects lives. the made protocols, working and home global the personal enhanced dedicated own five reliable They this The continents I implemented safe a of Bristow health men want to have for have world and also personal culture. Bristow our June all two members Era pandemic. day challenges years, dealt focus while merger zero the has with and pandemic and target customers. protective done managing with and to company safety women progress all last COVID-XX adopted operating team delivering and the additional in and stressors new team have service These their our procedures XX:XX to our of

XX:XX in the following aircraft costs and lease to Bristow's another target the representing In completed, which we have synergy damage negative Mexico $X Thanks which captured return XX% million mid-January. extraordinary related Base savings means hard approximately coastline Between the As approximately synergy of of outlined quarter timing of already the unconsolidated U.S. factors. QX the team, related Louisiana Louisiana XX:XX 'XX on in temporary financial with incurred of Super Gulf by million $XX merger. a over currency a to annualized items. variance. operations of we of line variance sequential press million from results subsidiaries, due caused and Hurricane work August into were that in million out in December non-cash losses FY we XX. below full As projects of of disappointing of These in $X major losses operations our release, of projects from QX. our a contributed from negative the $X to sequential totaled XX, to EBITDA this to identified hurricane Bristow equity Ida, costs number costs experienced returned in have been quarter lot Houma, yesterday's foreign repairs addition, relocation slammed The

QX for some I of weeks With financial adverse financial the XX:XX was over there CFO new first year. effect while Jennifer? detailed be QX limited more couple hand review to So, results. this will that, the of results, our to it calendar impact on will of

Jennifer Whalen

quarter, the $XX.X million. million approximately quarter I or the adjusted of a fiscal for million begin will of you, EBITDA sequential items of compared and financial decrease asset quarter comparison dispositions with Thank year Chris. in $XX.X results. was $XX exclude Today, third XXXX special XX:XX to Bristow's second a to

damage policies that of current expenses any to We related to related by results Hurricane facilities. carry affected the quarter Ida. As XX:XX or financial Chris aircraft adversely insurance noted, costs our were cover

In to related coverage operating have from alternate continuity a addition, bases. costs that offset the of we portion business

displacement Hurricane the in extraordinary costs were costs. to operations totaled sequential EBITDA. compared of there QX, $X.X in million operating an following to related variance These QX Ida to $X.X which travel costs the million resulting XX:XX million However, adverse of net prolonged in and included other quarter $X.X hotel,

referenced Additionally, due in relocation to decreased were of COVID-related $X.X administrative and operating XX:XX bases increased Americas. by $X government million million and damage from fees. non-recurring in quarter. the to to due services Earnings XX:XX and professional the losses were gas of million $X.X related and Hurricane quarter previously higher Operating revenues previous affected compared due certain negatively subsidiaries to to $X.X higher expenses increased $X expenses, restrictions General the to by and travel decreased fixed-wing earnings partially also unconsolidated maintenance costs in due due of from in offset third seasonality, in fuel million revenues costs higher due the services primarily utilization Ida. the million, to lower utilization oil higher to expenses activity operations

liquidity In or addition, $X.X from negative we to the strong foreign EBITDA. XX:XX on to effect million $X quarter of Bristow million million $X.X compared a third the continues of in Finally, in on losses sheet experienced position. benefit gains balance currency previous and quarter

generated I'll will the XX, debt-to-LTM approximately to XX:XX as flow free we this we of last million net two in EBITDA As million months, adjusted flow. remarks. strong model back continue further cash stated time, we've to have this Chris cash for and the times. and December was call before, At business turn believe In conclusion, adjusted our $XXX have free $XXX XX in was ratio available liquidity Chris?

Christopher Bradshaw

Thank Jennifer. XX:XX you,

We for the pandemic and capacity averages, the trends demand very product favorable. industry and inventories oil positive are increasing our future refined on effects as for continue below crude gas the a demand limited and fundamentals the With historical market, excess outlook the oil services. recede to have in

market year. believe our enhanced oil we recent cycle. belief, XX:XX significant this improving commodity will a a the earnest We conditions precipice of strength activity that the are to have Indeed, in in that based growth multiyear offshore in broad gas continue on increase prices and and begin

Combined benefit results believe from wind oil increase gas our pleased offshore other and gas both and will Given solutions. in offshore committed Netherlands. a line we exist options leverage Bristow innovative of were take-off and announce also growth in military to well of aircraft Bristow Bristow's leader and with and XX:XX AWXXX leading to electric other in fuels. pleased SAR completion With particular, Europe landing services, dedicated noted, Dutch government for questions. Beyond business, aviation manufacturers offshore recent award be extension expected compelling flight take-off to and qualified contract government we greatly the to advance vertical powered opportunities of operating support Bristow As support landing is an and short We helicopters partnerships farm XX:XX open vehicles, providing early using early We believe to ground were initiatives, November the grow and spending. Americas and to and adoption global we XX-year our flight oil services, additional mobility. inherent the financial is bases from SAR-equipped in tender operated are business. for and and in sustainable in XX:XX in UK the processes currently rescue involve and with announce Bristow air electric intends contracts Operator? one-year by successful a the SAR commence vertical previously XX:XX of in remaining fuel. positioned Bristow. sustainable This that, contract will the leading aviation XXXX the two revenue adopter in and highly with global the our search sustainable two active crews involved let's In of

Operator

Please from from XX:XX Dohyun ahead. Thank first you.[Operator go Our Instructions] question Cha MacKay.

Dohyun Cha

taking Thanks for morning. my Good Hi. questions. XX:XX

I like to to like, come expect so First, million was these kind quarter. of factors items several or should et back? like in just, the kind should we you as the we number the next of EBITDA for we looks it and what FX, back, adjusted extraordinary what related speak, had non-recurring $XX like quarter cost hurricane cetera, if just costs, use quarter a credit wondering

Christopher Bradshaw

XX:XX comment the impacted Well, items quarter. on we that can certainly this

And Hurricane Ida. quarter following the we a million of was prior that of in to this So That impacted form noted in Yes. negative related exchange below-the-line items non-cash in translations. variance the costs also, the current adversely itself foreign about at $X to dislocation as to currency impacted quarter $X.X quarter, there quarter. the was due was from total of the about just least extraordinary cost December in relative million

also noted others lessors costs in the are to themselves It items, return that's we lumpy for our that repair the were non-cash repairs time foreign example, going the such see subsidiary and to some Others and have currency basis. some return that preparing variance We again timing there the we and our of will which on of be a quarter-to-quarter, prior were the future, negative about variance quarter. items some So the the XX:XX timing some have those to relative aircraft lease we two again items we're $X to those of and for in always to million cost vary earnings fleet like unconsolidated ended, repairs. items. will the as hurricane look and maintained costs will and really related are exchange, as from of but of portion at a related little

Dohyun Cha

Thanks. you. Got XX:XX

costs fuel wondering how pressuring be about seasonality you. last thinking then a Can also, cash I of to expect question margins being thinking just to you And on what I'm that. is working about that quarter. guidance a had last related this Thank should quarter? upon next continuation your the of touched if if we capital, the you some or give quarter could Now, -- bit. you've seen think you source my

Jennifer Whalen

due settlement accrued our timing we earlier I'll some payments by and We cash interest from came $X had with This quarter. quarter. that last did customers some Sure. for notes benefit from cash lower as offset we the have capital start XX:XX was results legal higher partially a working flow. to working flow operating well for million really outstanding, that our that as capital, this the of

working quarter. capital, of bigger we So, our this it's the receivable we on will make the and payment accounts timing from payments quarter interest did on next driver have based and

it time time. will fluctuate to from So

on question was first The pricing.

airline a in our prices, but do So, to generally an fuel to on fuel Australia little that's and based we bit passed It pass-through primarily we on ticket have is customers. on pass a our is different through our costs customer.

Dohyun Cha

typically through understanding just the Is some instant just trying and get the to of XX:XX it better quarter I'm can lag that? next pass is expect. Thank should you. we or again, model just, a

Jennifer Whalen

lag. that month. formula prices on fuel a XX:XX really based It's that on It's average a not based use, we

be catches between itself So there it disconnect can typically some two, but up. the

of month last you little have the So, quarter, it's could a but same quarter. generally that the in bit in

Dohyun Cha

XX:XX you Okay. very Thank much.

Operator

you. Thank XX:XX

will with John our next from take We question Deysher Pinnacle.

John Deysher

XX:XX subsidiary Good question. in you taking do swing on unconsolidated for -- did just morning, I where income, everyone. was what my that Thanks attribute to? curious the the

Jennifer Whalen

XX:XX in It there, only through John, the thing that's going Cougar. is our investment really,

investment So Canada. in that's our

they last income not had some quarter fluctuation, they quarter. had and So some this

John Deysher

in Is to that still Okay. you that Airnorth XX:XX by Airnorth? prior the year this be to the of by going reconfigured mentioned on call, think track And completed I year. the was get end end the of for fleet this

Christopher Bradshaw

XX:XX Good morning, Yeah. John.

So we end 'XX. the that FY complete transition, be by our to fleet Airnorth expect of

which a from on EXXXs, smaller will regional lease as be larger terms. little we will be into favorable some slightly it transition work some more a will also year aircraft to Embraer now So, over

Airnorth think in travel as leases we economics in the picks on Australia customers Australia those aircraft, following will back in following capacity to that as as a the especially business So pandemic, up carry well much place the better the on the put more both transition.

John Deysher

the That's just decline Cougar or good -- cougar less less hours revenue what the coming Was to of the decline profit? back result second. Okay. basis And hear. for or for for a was to in was in XX:XX the

JenniferWhalen

XX:XX So, up just Cougar. I'll back on a bit little

helicopters and have leased and into -- we do lease So just Cougar. we've remind to facilities you

because today So economics It's we basis been a Cougar. have not out of results on great. have their do coming cash

previous some had settlements they So, -- the contributed to but in unusual didn't that the continue that the revenue into period next in last more quarter.

John Deysher

say you exactly? settlements does XX:XX refer that to not when Sorry, what clear revenue, into I'm

Jennifer Whalen

ending to noted that that XX:XX of quarters They received received this which in a that costs they contracts for for had didn't they of end due previous some impairment contract an had we previous some happens, the quarter. end and that we quarter, in the the recur in current contract settlement

John Deysher

XX:XX got I you.

some said of for you're you was give professional too? million you And color -- Okay. Fine. up types us professional the on as to by expenses. SG&A, professional referring expenses Could $X it what

Jennifer Whalen

part rate what matter. primarily G&A our Other XX:XX an to going run will it's forward. not legal ongoing normal of be than that, This related is of

John Deysher

the XX:XX Do through expect continue you quarter? that fourth to

Jennifer Whalen

to see XX:XX we some matter, may We additional may. this costs related legal

John Deysher

see, in XX:XX this the legal or matter may XX-K Is the You okay. disclosed XX-Q?

Christopher Bradshaw

No. John. not, XX:XX It's

that a evolve the our to claim this We think it's disputes to company's will this as often case is rights. in over is pursuing we're protect the So, is as of against this not important the this say, part how Jennifer noted, time, Hard nature, but obviously SG&A. of recurring vendor.

John Deysher

there past dispute? this to Was in related XX:XX quarters anything Okay.

Christopher Bradshaw

amounts we over million It then was disclosed and XX:XX million $X.X this in $X.X a little the in quarter. the up preceding that million quarter $X --

John Deysher

XX-K? disclose into for in and will the fourth All guess not XX:XX you I right. basis continues if it complaint resolved, quarter the it's would that

Christopher Bradshaw

XX:XX hard particular predict exactly on will evolve that. dispute, impact it's it Yeah. active so an it dynamic we But has yes, to business, it's any a within I think Again will how situation, disclose our as a quarter.

John Deysher

XX:XX Okay. Fair good luck. Thanks and very much enough.

Christopher Bradshaw

Thanks, John. XX:XX

Operator

you. Thank XX:XX

Capital. We question our Mitchell will take from with Sam Empyrean next

Sam Mitchell

the Thank questions. for taking XX:XX you Hi.

Just three from me.

realization do out First, tone upbeat you. given additional you overall share announcing to resuming on to the price environment leverage strength then before offshore you hit commentary merger. third, in EBITDA specific $XXX a see the forward? where repurchases? Second, going comment Bristow you Thank the a on is you the And of potential can you Era there and very can provide pricing million the target quarter have laid relative target the market, when on

Christopher Bradshaw

Sam. for thank you and Hi, XX:XX morning Good the question.

the would at on from of shares we additional nothing I current repurchases, remain time. with us the and leverage there that share preclude our situation So say, would very is comfortable current company about the this repurchasing leverage

at. don't discuss would business cycle for that other the as drive in We're XX:XX I the this revenue On impact but way really What this company cash most there or material is would one specifics is, say a idle flow an standpoint are the I our increase from is still around with pricing, not pricing, there. utilization. we time. capacity. is we're improvement in Where and comfortable been So, where has say, while we case is now some point will the at right an been not what the driver in significant for

time will additional So, a the oil to have As itself aircraft it go positive. any we and large for future. XX:XX variance company's our we to impact expect back contract, but the biggest in it financial do on immediate that as on do pricing be recent the results, offshore activity, been has nor relates outlook remain not in gas quite necessarily

Americas revenues through were now the including that's region, flow quarter gas Americas, consistently And to we and to see in is a be from consistent have we cycle. to U.S. in the in you're three hearing the significant We've really oil in I Gulf Americas expecting think starting the a our we beginning be triangle Brazil green increase. activity would that were you'll are our of up players year that multi-year Caribbean offshore from and with outlook expect gas increases activity the recent in our that that you're earliest space, over calls note spoken revenues other the this about which what the large some Mexico. last quarters, that support companies sequential indeed, fact shoots and their and on spending XX:XX up been X% we to that seeing oil this on growth to

increase XX:XX that began. specific when at that will outlook XX:XX said and this pandemic. only spending a where think to positive have the on guidance, we not within we timing XXXX, early what that still We've activity will market fiscal to unlikely referenced, levels levels it's think as target early of to it. will it's noted starts noted. we levels, certainly to XXXX within return pandemic that is not but offshore prior So, to run we No to or the mentioned, quarter that do return did to again, ever do of also return helicopter we'll before think activity, time, we back the overall again. you that do we oil think predictions a believe will activity year overall and reiterate pre-XXXX rate respect exact gas we'll the the we but the but level surpass to that that will this of the providing the as industry With quarter financial to and of XXXX happen, we're overall what have get activity return So, you that but we prior the saw existed we here, surpass

Sam Mitchell

XX:XX Perfect. guys. Thank you,

Operator

We [Operator you. Investor. Private from Instructions] Adam Thank hear XX:XX Ritzer, will next

Adam Ritzer

outlook? Hi. XX:XX little specifically? a Europe, Norway maybe strong. give give Thanks about Americas more the Can you've my of, us and in little about like call. the on Africa, talk for more us color I morning. and coming you a more little that know a in Good global taking between Can you talked a what's on UK back going that's

Christopher Bradshaw

XX:XX Adam. Yeah. morning, Good

seeing in some level come those not the know regions, you been as The Nigeria, of contracted has in the of began pandemic market markets activity other more significantly early again quite since specifically in Africa and of has this hit back Americas hardest at of terms that In the overall there. one XXXX. the we're time.

XX:XX a Europe, as quite Norway fast up I in to quarter the UK, fairly competitive not be that bit has also, In think there it been challenging been landscape personally I recall, particularly September. Norway. there more as back increase will little our Adam, the is in in relative market will activity has given UK by sequentially the the impacted there. activity an activity again of as think was a In decline activity U.S. online competitors in overall stable, coming the number there but the actually December expectation, and you in

impacted whereas that's a increase benefits We oil the be are we broader just back more time. say, spending over business. we're offshore already do think regions our on gas there see come global think the that longer to We little will the I So a and based would to in outlook. will positive again, take other online. Americas Americas probably moving and is in quickly the these in starting also spending

Adam Ritzer

at Got I And have pointed going, on past, there with anything what you in seen [indiscernible] Can CHC out mean XX:XX to -- back just touching on you effects the been have just any it's it. the mentioned, has talk improving Babcock positive get you taking all? revenue. contracts out you competition, guys if going almost the about

Christopher Bradshaw

the UK XX:XX to regulatory There the together. yet should Well, really mentioned, to not you we or benefit the it's that review the from scheduled that is North will is, the integrate going market and merger needed that consolidation. that them review sector able completed, continue Sea not North particular and coming believe consolidation particularly a completed months, of on a be is determine that will and businesses to Sea those whether be actually run we over is which

sustainable to interest. a more consolidation in needed change needed that follow particular to again, market get place. we that, think But developments really and there with So, we will structural

Adam Ritzer

are Ireland you that Right. And EU, can UK talk to trying at you about deal, also know about there's contracts of the in couple in you Americas the all? talked Americas, a contracts you there new when the the I there the guys large SAR is are obviously renew but and mentioned XX:XX SAR business,

Christopher Bradshaw

XX:XX Yes.

actively Dutch Coastguard for participating contract. We in the are a Caribbean tender

the determination, to pleased designated region see period be people that search provider that that Caribbean So and a this can contract secure into our support of the is where as government winner secure through that structured challenges provided for to launch the that ultimate best expansion search but to contract. geographic and is for best of going contract. here the of Actually preliminary the a in the future -- rescue happy rescue and Americas. we the We award was Southern It were determined business soon Bristow hope and government Americas. really the to Bristow provided government the

Adam Ritzer

maybe all could With activity there point daily, everybody is Guyana reads XX:XX time? there that was Will SAR there some ever is almost and in there that Suriname. business be that about anything at in or develop

Christopher Bradshaw

services not Suriname. of and some There the active and there. We outsourcing do Trinidad, rescue and time our We and to provide community customers, the search drilling to of customers each throughout any region, support government oil XX:XX provide Guiana Caribbean SAR is our this and we contract up gas our that's least commercial customers for bid. at search at commercial the oil are But gas support there. through provision our rescue in

Adam Ritzer

XX:XX Okay.

or your generating but So more I do do left the need government back besides guys have to look then seems Why from in months amount capital. about question right maybe doesn't either not active in you guys there point now stock do have there's much you a the way paying like It last this we in liquidity scenes, of liquidity. months. ton anything of just and how you at providing behind to at balance the And going down like your are It haven't this notes or okay. from working last too business, six all on sheet, cash you consolidation significant time? you obviously time, bought the the is we cash had this five not debt to and/or be can the a customers, is

Christopher Bradshaw

Yeah. XX:XX

Bristow balance with including do a strong are think We position. is have robust availability. to create that fortunate there to sheet, we opportunities value liquidity a think So, multiple

about few ones that you those reference a alternatives, I'll mentioned. we think As to

own And paid locally in UK we just the related paid up merger have that we to in had Australia we all, of of and off, quarters, a debt in we the an the that couple First lot airport closed. cleaned since there. down of last debt

So, nearly right a after merger then the a favorable very now publicly senior UK with we case structure traded related the notes the debt, rate. which much cleaner and SAR have we have we capital at than is have the when and

that's of side So, capital up that the cleaning the as of priority, we're debt With principal the shareholders capital cash. back pleased share been closed we're the uses alternative for the return with structure. available the has going made and progress continue a look to at to really to merger since respect on repurchases, of to been XX:XX the one of the

We think considerations stakeholders. cash million share approximately could cash the could have of there creation our stock be also continue the late We since That cash. with for the opportunities program us related and the some that approved case was We of And there SAR company for a out available for be repurchase one primary $XX do some long-term needs opportunities Era in our use have other of business. the and be that to indeed growing is potential as value our for Bristow best consolidation think will we would be M&A attractive well. are that XX:XX some the be of consolidation and available merger that consolidation repurchased potential and XXXX. was of think we again, the to will that

Netherlands. For new support to SAR the in example, bring the a Dutch award in delivery of we helicopter contract the will

government talked as already in this SAR about opportunities other following on we've call. contracts are We

some our sheet the it we're strength to as are also relates of balance big of bids pursuing. are mindful We that

of government credit awards some these look balance situation. at providers the example, contract For will and sheet large service

So, going we're into that always take to consideration.

do think there put value now. to We that Adam, position to in multiple favorable are multiple all we're think So, say, is of work. alternatives to availability. available we have create cash a We to which opportunities, using

Adam Ritzer

and XX:XX appreciate of you. Okay. to it Great. I luck best really

Christopher Bradshaw

XX:XX Thank you.

Operator

XX:XX Thank you.

Patrick our Baird. with next take question will We from Fitzgerald

Patrick Fitzgerald

Yeah. drilling like somewhat you're incremental hours from percent XX:XX increase I versus know production say be? that would expecting of difficult What your oil gas and activity? flight to in it's

Christopher Bradshaw

Patrick. morning, Good Sure. XX:XX

exploration our and business our look more at oil the today than support. minority. you production side, coming side the XX% If on revenues gas is The from are of

lot will from. However, where come a that's the likely growth of

a flight address that directly will related So, in some to there because is to your oil elective. production activities of increase some depending they hours price and when question, an gas their They for capital production can on be that major production or customers aspect facility, upon support are it's for they major want to may do there choose plans. the defer commodity or environment projects, whether upgrade a repair example,

to some new cash flight aircraft Bristow's hours customers kind that support the will in as projects. of will So or even need work expansion really drive need more are flows. work elective activities their to but that more flight put more that getting in helicopters growth, on support will more our of side increased production contraction as for think we about floating as will it's flight really of increase drive completion increase drilling and than exploration hours, we whether just demand, or so activity again change seismic to those hours, to or It's go to support more to and the activities, support rigs customer it's transportation those contract revenues

Patrick Fitzgerald

Okay. XX:XX

is of then more I you're so helpful? customers, that'd and I significantly some to increased be -- expecting on like expecting it's whole just provide production if the purse you're not some expect, at color could a a drilling extent So kind wouldn't your up volume because as strings like increase that, you of mean of or loosening and

Christopher Bradshaw

Sure. XX:XX

of will additional it's be the board, new the likely activities. of at related -- projects baseline will the completion well. production from go growth or on on some be increase number activity, we're today, in where driven by that support to exploration as will again the most So, either There drilling personnel seismic people

production note there drilling exploration completion to I on it seismic will spending. But that where especially purely either, is baseline that. the the or is that side be from helicopters in contract, activity -- that back at we're just what new So not either activity flex on mention additional drives I today, static getting

Patrick Fitzgerald

power. pricing that of What gives you're terms that upside is historically there, bumping guys mean with against level it in I or... then a confidence And up Okay. XX:XX utilization has provided rates like you

Christopher Bradshaw

competitive longstanding been pursuant I a our the pricing fleet Well, for really XXXX, we more on downturn. and XXXX time, that it's XX:XX our specific a case but the business pricing comments big since reasons, the in to that's don't really been driver policy, about utilization for long of has make been would not note

contracting, it's the utilization. So, so, the we time, term, in certainly hope pricing on now right will really near over immediate increasing increase about but aircraft more getting

Patrick Fitzgerald

then just And just to do, SAR you X.X, UK remind you to with could expect can have us -- hear? respect what what we Thanks. where Okay. the XX:XX you to stand

Christopher Bradshaw

XX:XX to do that. happy Yes,

So There it's a process. two the late submitted in competition. our public There, year, companies, other left ourselves we are and last one fairly bid.

the will We think XXXX. they final the secure that XG will not on this negotiation announce determination the which the by the year, contract very to a to there October of this for the granted. with their win. but as provider, and they Government we're They've month want entering winner stated they taking XG award anything Obviously We later UK later contract of make positioned phase be continue to. work well

Patrick Fitzgerald

you. Thank right. All XX:XX

Christopher Bradshaw

Thank XX:XX you.

Operator

Thank XX:XX you.

Cha from We follow-up will with Dohyun take MacKay. a

Dohyun Cha

higher. you currently leverage abiding times, annualized XX:XX kind comments on when leverage With latest earlier I'm by potential what to are basis your opportunities, on considering just it's metrics M&A regards LTM X basis about quarter an Hi. Thanks. about wondering an M&A? your is of maybe

Jennifer Whalen

good be into leverage where for where And the say transaction, combined today, go at we depending this are comfortable up of that forward. we're we're question. as let however have as we at the Thank going the -- a business willing on in cash from visibility flows to would new long we perspective, XX:XX you

Dohyun Cha

looking a XX:XX both or potentially to be Okay. equity you transaction cash it And cash? would with with such balance and potential primarily is

Christopher Bradshaw

Well, XX:XX situations, street. a with it M&A two-way is

there some as from looking priorities buyers will our be with form of have we particular may our the standpoint, So, Obviously, well. situations own consideration. for

blanket basis, will So situation. really hard depend to answer on to it a situation

strongest global balance are I sheet. do addition We we think because favorable today being in in the position the Bristow, a the as largest in to have player. industry we're

also access financing, debt to whether that's the cash, So best additional use or ability equity. have the ability we to

world. traded publicly We left in operator only are the the helicopter

So, I are favorable more a in than favorable more -- consolidation think effect anyone flexibility we else. to a and more have position we

Dohyun Cha

XX:XX Got wind you. question One farms. last regarding

just almost of now about progress you relative to see for you could wanted you. how that substitute in you're a forms and market been positioned a you've or transportation? other were Thank think measuring I year to I bit talking and if how competition little discuss

Christopher Bradshaw

doesn't exist helicopter on Thank XX:XX support question market contract -- that. a wind in the very for you U.S. Offshore is from really here Sure. today. the market nascent

tender the in support participating in processes new Here farm we're be right now active to projects. actively will U.S., two what wind

in U.S. would these helicopter that work for really industry. offshore So, support first the the be

we're work really supporting of to wind So win to an optimistic and support grow and several some that years. Northwest the that next in there, we're the to hope today some of project position but with currently of provided in out the helicopters. offshore right amount limited expect UK over wind now offshore meaningfully a XX:XX doesn't In exist, have we Europe, market be grow again we to

looked of business today both a Europe. in that can be offshore projects ways today we supporting been a scale, space We've to Bristow's noted offshore had helicopter build and that. in will options again business before Pleased wind at and projects have this Europe In to offshore to North wind support Post-merger, the at broader those ways penetrate at penetrate Sea. support actively Northwest terms looking we grow buy wind historically. we further look part we're our of for not

Dohyun Cha

you. Got XX:XX

any specs of that wind I better that the farm to understanding just your wanted support a of versus or offshore suited of So for required kinds get better in aspect it? fleet. are is difference there

Christopher Bradshaw

XX:XX Yeah. and It’s a yes good question. The answer is no.

So crude -- So, change the projects. there farm the two and it the profile down Those the initial for generation really that the aircraft crews whether that that are the an that then that and scheduled mission we running, right of manufactured typically out for whether hoisting mission support that really maintenance new or helicopter or a XX:XX but customers wind for those stage models mission unscheduled Once helicopters common turbines, maintenance mature top same work done their wind AWXXX is same an of in by the to we in and phase offshore larger most whether crew would helicopter, aircraft for by transitions oil life would really twin are XX:XX go is the more personnel and the for light involve two the needs and wind of and phase, the HXXX fleet project. into than and the on really the farms, be that like operations to that Airbus space construction for operations maintenance the up in our conduct stages [indiscernible] to of manufactured is aircraft support farm, on work think today. you maintenance using type on larger today you're conducting the be be aircraft medium will construction about about that talking do wind to few in In different a types our There the decades, markets a it changes. mission transportation you're of Northwest what the used Europe. gas needs. an profiles and have today the about which the does

look in some to contracts, we bring some would to And so as we need aircraft. those participate in of new

Dohyun Cha

you XX:XX very helpful. very much. you. That's Got Thank

Christopher Bradshaw

you. Thank XX:XX

Operator

turn remarks. back the closing today's for XX:XX conference additional Thank any session. or question-and-answer management you. like to conclude That to I'd over does

Christopher Bradshaw

well. stay call XX:XX Take today. speaking the look forward I again quarter. I to In safe meantime, and thank the everyone care. want joining next everyone for to

Operator

conclude you for That disconnect. today's Thank participation XX:XX all may Thank your you. and conference. you now does

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