VTOL - Earnings call transcript Q4 2024

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Operator

Good day, everyone, and welcome to Bristow Group Reports Fourth Quarter and Full Year 2024 Earnings Call. Today's call is being recorded. [Operator Instructions] At this time, I would like to turn the call over to Red Tilahun, Senior Manager of Investor Relations and Financial Reporting.

Redeate Tilahun

Thank you, Angela. Good morning, everyone, and welcome to Bristow Group's Fourth Quarter and Full Year 2024 Earnings Call. the Chris with President Bradshaw; Financial Jennifer on Chief President and joined Officer, Officer, Executive and Whalen. am call our today and Chief I Senior Vice

remind to call, detail this may on in our and make are of this like uncertainties course that management I'd investor statements Slide to begin, during the X we opportunity Before presentation. more to subject everyone forward-looking that that of described take risks are

presentation on our You may access our investor website.

non-GAAP certain cash reference and We measures of such measures free also will presentation. is release and EBITDA financial the flow. such as our investor earnings reconciliation A included to GAAP in

call I'll the over now our Chris? President turn and CEO. to

Christopher Bradshaw

their I all which members Thank safety, Bristow value you, is Bristow's thank to #X want our Red. focus priority. continued highest core operational on world the for and team around the

delivered performance safety, workdays significant year, of HSE workplace in In compared the which to XXXX lost terms XX% prior improvement. the company decrease in a represents a

With safety, as rescue we during Norway air on reminder, respect with crew to tragic on members a and offshore exercise X training board. aviation XX, experienced accident XXXX, search a February a

reports fatality members by preliminary and us crew you X process always. experienced published in result as loss X rescued, accident, the we of investigation the While the and we a this we tragically ongoing, carry is will were with refer to The Norway. will authorities

We the process. time. in fully do have continue We at cooperate material investigation this any not to other updates

I While performance. company's turn and our always now comments will the make, operational a transition to financial to difficult

positive, outlook XXXX. strong Energy up we are in outperformance cycle. continue midst believe which report in we financial to was driven and the remain where full Offshore to a and very year quarter pleased This results, We of QX exceeded our business, fundamentals revised multiyear the upwardly for fourth that industry range Services by growth are strong

in SAR of running complex ongoing to second Guard the UKSARXG. Kingdom. half of Irish the the are projects Ireland XXXX large services Services of through United in Coast focused business, lines and XXXX contract launch In transition on and we our are the UKSARXG time through for Those Government operations the end extended transition for the of with the and

While the we are facing delays, with challenges for challenge governments delivering regulatory and supply commitment chain remains communities successful serve way unexpected to we along the and our outcomes unwavering.

of now guidance. will discussion over to CFO more I Jennifer? our it financial for and hand a results detailed

Jennifer Whalen

results before I of and with results realigned review XXXX Thank financial moving will a consolidated basis. segment you, year quarter to Chris. begin basis an on a full of the Today, business on Bristow's a introduction review segments sequential of on newly our

quarter XXXX million, Revenues third EBITDA availability due lower was $XX.X Adjusted Ireland. Services aircraft the in across segments, in in to of fourth decreased compared $XX.X partially all million exchange quarter. the offset a Government $XX.X new contract unfavorable and commencement of foreign to the impacts million by primarily rate

partially global the new costs, decreased of expenses. Services commencement maintenance higher and to power-by-the-hour in the and the to were as offset of flight U.K. to decreases to finalization or costs labor due decreases due in lower operating the related a costs expenses lower in result prices third primarily a million These fuel of due fuel PBH costs agreement were and Government $X.X repairs contract. Operating lower by the quarter, lower hours personnel fewer

year higher, financial incentive due results. the $X.X General and company's full costs higher administrative compensation expenses related were to primarily million to

a recovery that currency million. our losses favorable from resulted calls, by $X.X gains interest losses an partially million $X.X excluded were exchange of liability as which, $XX.X of pension of and from These adjustment EBITDA insurance offset noncash foreign foreign expenses to exchange of our are $X.X losses calculation. comprises primarily million and noted earnings in adjusted company's million, foreign Other previous

that now will lines dynamics. end Services newly such the jurisdictions, segment, introduction Services segments. to the a realigned segments realigned make to business our business of new each in our of addition brief segments various our from single of quarter a operating reevaluated our expansion of contracts via and fourth Aviation factors unique, responsibility an management to reportable the X the existing to and we on profile, multiple service we customer contract I reportable Government recent as explanation In of move segment. Due XXXX,

is or energy installations which OES, Aviation offshore from between Offshore Services, first Energy The and globally. provides Services to,

provides which support Government and services, government lastly, leasing services, SAR to part wing Services, primarily fixed Other providing comprises and transportation And operators globally. support and or passenger to scheduled The which government second charter search dry aircraft sales. agencies and -- flights through rescue third-party aircraft of is services helicopter Services,

operating have reimbursable and business resulted certain operations to segment of supporting our years Other combining fixed as energy of a presentation the changes our revised with of conform expenses. our Australia been as in the in operating combining for revenues segment, our to wing realignment Africa revenues recast Services segment presented, our The OES ease reimbursable including our that presentation financial and into The well fixed wing comparison. and airline in combining forward-looking guidance, include reclassification

personnel to higher in revenues to to financial $XXX the cover income XXXX rates higher from costs in was $XX.X results Americas contracts $X.X by new revenues OES offset commencement from million new by increased and Brazil, will of operating and $XX in the increase utilization Norway. due This million XXXX. in was I higher parts million repairs costs other Africa, higher were a XXXX the activity. increased million higher our segment. activity maintenance is This operating of and of full now and XXXX. utilization compared in of of Adjusted year the Bristow's commencement attributed OES in partially increase contract and in

lower Caribbean long-term change a transitioning rates SAR Coast the was Irish long-term million primarily or or start-up the income challenges penalties Revenues UK to from related to Guard operating XXXX, lower after and DCCG. the Adjusted Dutch million to due $X.X in in chain aircraft $XX due costs DCCG to to Government IRCG Services primarily for the in availability with were XXXX, SAR, than contract. supply contract transition

the Services contracts However, momentarily. options when note long-term stable strong it and credit XX more that X- generally lasting provides extension of are ramped, reliable is fully flows years will high important these which with margins more discuss once or outlook capital X-year the Government we duration in to operations quality I cover customers, with detail additional to returns cash

from due in to rates. in primarily higher operating were on segment Revenues the Other Moving by and income million. increased Services. of utilization higher this as to $XX.X services consistent $XX.X year higher Adjusted with costs fixing were revenues was operating offset higher million XXXX, prior

As the are for we XXXX. full range year the QX outlook Chris pleased stronger-than-expected with fourth noted, revised and which upwardly quarter, our exceeded

XXXX in in increase performance year. by $XXX financial million, million increasing consolidated is EBITDA the Our a culminated compared increasing prior XX% and adjusted $XX.X to revenues which by

XXXX. now cash in attributed to $XXX in increase in cash improvement The income Turning capital working in flows. million the operating operating to an increase and flows is

to were Additionally, our $XX cash flows $XXX adjusted in in million compared XXXX million XXXX. free

balance strong sheet benefit and liquidity Bristow continues from to position. a

$XXX liquidity million. As approximately of XX, December was our available

first the funded in half expected is XX% investments to have of investment the the our of for We capital IRCG and largely U.K. year. needed contracts. conclude remaining capital now The

continue flows. calls new in we model framework. now, As to business cash allocation evident generate past we that earnings will our have reiterate is becoming our noted and capital more to continue believe strong This through

billion of billion we EBITDA to this in confirming At on of as are guidance XXXX revenues of to and adjusted our $XXX of and guidance as billion $XXX revenues XXXX time, to total to Bristow's $X.X outlook. $X.X billion million target Moving million. million to previously range $XXX $XXX reported million $X.X adjusted range EBITDA our well $X.X

impact of as in and XXXX and we in utilization, continued standout while was our constructive headwinds are markets. year remain segment year supply a to contract during expected with expect of from shortages rates persist to Nigeria conditions year. XXXX, the increased our Brazil market commencements chain And OES full

is contract commence more late such of of contracts our cadence the or the XXXX Additionally, that in XXXX. renewals would

in So the visible will be increases XXXX. more meaningful

long with perform if compared OES XXXX adjusted new to in well, for $XXX current operating and our $XXX However, in given $XXX income range times million reflected our to demand lift in as utilization million we to unmet expect levels, better, million not builds, coupled the lead of XXXX.

impact. challenges primarily million Regarding significant by new XXXX SAR IRCG $X operating segment foreign and penalties our higher outlook adjusted income start-up adverse support million to million to Services expenses to exchange our from segment, due for for of supply Government of million in in UK of due in Services our XXXX, approximately $X Government chain aircraft the $XX $X contract, declined

margins the both XXXX generated and expect segment operating XXXX by Government As XXXX. adjusted approximately to by transition to to income for Service for contracts, operating and levels a progresses in minimum to increase at UKSARXG return our aggregate IRCG relative XX% we adjusted income

next and We provide to stable expect illustrated as long-term the capital the customers will strong Slide quality decade, in reliable results credit on year full the high years into financial flows impacts returns contribute our margins, of subsequent cash meaningfully middle with XX. well will

of Government our XXXX. revenues continue Bristow's growth a as QX evidenced and customers, provide to to We in Services payment believe investors long-term our segment commencement value the in the of will diversification dividend by

further for Chris? this the turn remarks. back Chris to At I'll time, call

Christopher Bradshaw

Thank you.

to that robust in and high-return sustain via include cycles. and framework our new release our allocation balance Offshore withstand the maintain all press largest segment, Understanding earnings pleased opportunities is pursue we sheet Services, balance shareholders growth capital presentation, a capital dividend strategic summarized to volatile, priorities opportunistic buybacks must As that with protect high-impact, and we inherently of market return XX Energy announce Slide payments. strong and a sheet business and position, can Bristow's liquidity are share that quarterly

AWXXX XXXX. government $XXX attractive company the as customer boost by profitability such, introduce a demand down our well as million Energy debt At of debt will continue such on of as we opportunities, As execute the and balance we to the to of gross same approximately Offshore Services SAR compelling meet growth to contracts pay end opportunities time, in to have segment. the intends long-term the new helicopters to

of under capital as initial approach per share per and to or company's a Bristow quarterly multiple provides via payment allocation well committed as opportunistic $X.XXX share for focused new value additional in create with Bristow's share to believe to this We commence buybacks $X.XX avenues XXXX QX to an repurchase annualized dividend program shareholders disciplined million $XXX Furthermore, the capital intended is share new return program. stakeholders. dividend

the for let's that, Angela? With open questions. line

Operator

Evercore. Jason from comes question first Bandel with Our

Jason Bandel

headwinds space seems question, kind headwinds business white Services. The of be start forth. doing and constructive. My to and macro sounds The to quite commodity We're first let's so Offshore well. hearing with used Energy OES, outlook about

So currently? keeping on that can levels by I some in guys, start the highlighting how OES and of expand utilization little so guess, high you're you dynamics on going are bit a

Christopher Bradshaw

Yes. do Jason, to for thanks Happy the so, call. and joining again

a look rig count that drivers So market same follow we mostly that's example. I the indicators, sector, we water think for impact other depths market the we spaces are at those obviously, the especially of lot like serve. as the certainly drillers, of the we And services do offshore impacted our that by offshore floating

really from Our different is that. equipment sector

We have dynamics. our supply-demand own

and out we helicopter near decade if fleet. utilization a relevant coming and into what's there you out the or levels of that high, are into had were very so the had today, And where period aged at Over again, or or medium a models utilization any, that time, deliveries fact end period for really medium available helicopters that is they super of of so about number sold few, heavy, effective market. XXX% other disposed markets were the the otherwise were new keeping

been tightening of supply. the there's So significant a

looking resulted of the the So are And aircraft we've helicopters, times delivered. for last informing this dynamic OEMs X-plus supply-demand tight if importantly, that's very years in today manufacture with has XXX% utilization those very over be at a up effective finite who to as demand picked really you're near years, number new levels. lead or a several

our of the for what next on informs over space years. visibility dynamic So our the couple that's of part supply-demand

Jason Bandel

Chris, around you're drivers or your and that deeper, here, then here and And guess, bit of the go XXXX that key some of on, outlook X if X dig little the maintain I utilization globe Great. pockets or you could growth a kind of note to kind seeing? the in just of X just strength

Christopher Bradshaw

do Happy Sure. to that.

has continue So of our to are markets be West the for the positive been growth I'll our very on Nigeria purposes to of OES Africa. in this, a business. focus where more portion contributor seeing we business. strong The

'XX is Brazil. really helicopters more beyond. that area Also XXXX, contract, well Brazil Petrobras on as we We with and put as an both where independent there. in expect to producers continue

area has an is so driven growth Brazil that So far.

continue, We additional the expect Suriname 'XX now, XXXX. the for demand latter Caribbean is there. half that thinking of namely particularly and triangle, area projects the of purpose for into helicopter seeing an And services to up, where right we're comments, offshore come these in about our additional then

Gulf year, a of SXX size, over standpoint, mature course for So given markets demand incremental a a there from in but our of customer highlight. we that as contract Not see have well. U.S. just for But incremental Mexico, demand growth markets and growth the this we started example. beginning U.S. same is of are the strength rate some of like I here new also the those here the 'XX the would more the 'XX the the in and in rate at We

Jason Bandel

at I'm on hear kind your helpful, of calculation think you and question last trade hear have love net show slide why value. thoughts your appendix, to about a that that presentation Great. your to on a the to kind That's Would stock NAV thoughts asset of slide. get here. the the continues you Chris. And discount In on you in in also to going importance one slide your of

Christopher Bradshaw

fleet. owned the have does Thank in of Bristow's Once you a the question, of year, third-party appraisal do for firm aircraft that we all a an Jason.

any the So include all to this the attributed in not just the fleet. This really focused aircraft is that value leased we on own helicopters. does

So taxes. estimation $XX an this We per fleet, as the where a of is that of value other trading year, which this well done roughly to of third-party their value significant tangible of on over we total aircraft net little stock debt And per as which in premium an of fair basis subtract that, other market liabilities To billion, $X.X the appraisal is overall such is into billion. basis. individual share owned that today. price add about $X.X value asset roll the assets, as net the which up resulted book a deferred on is share a is aggregate NAV, aircraft

market again, higher. think I'll management team, to That's But probably version of why leave speculate. of that is to as be such could terms the disclose that In for there once a other a price Obviously, a stock discount a pleased year. we NAV, given. always NAV, to our participants we year's which we are release this

Operator

will Our next question Bandel come Evercore. at from Jason

Christopher Bradshaw

I we Jason. just had think

Operator

The at Company. Benchmark [indiscernible]

Joshua Sullivan

hear you me? Can

Christopher Bradshaw

Josh. How Hi, you? are

Joshua Sullivan

want I make sure. just to

customers be opportunity you perspective that in Are market? So growth. one mentioned Is At a dislocation. coming for there there Suriname back an as just to seemed point, changing pricing there? their

Christopher Bradshaw

Josh, thanks question. again for the

Energy Services really see to our continue Offshore across we stable So business. positive strong, pricing

demand dynamic. I supply and levels, the utilization tight think or that high is informed the tight by the utilization

we're or it's we're some in are promoting development by later and I as and now, contracts, includes production exploration there looking well this very the incremental So work potentially the seeing right discovered already. you initiation more like other projects that that's or have additional you've successful and consistency looking Suriname, pricing growth -- been to beginning hit have work. promising as that operators sustainability is project as which when new the year in prompting discoveries, sorry, exploration Really, who that -- development those reserves the of to demand market attribute renew would in had to type of the Suriname. bid more and on

Joshua Sullivan

your saw of Okay. the 'XX driver guess compared own at it. What outsized you guidance. end results, what beat the the just looking maybe to then at was you I And Got QX?

Jennifer Whalen

items. we deliver so better-than-expected be the several Josh, Africa a a were quarter. for to driver. has pleased results to There continued were

some and attractive is Africa, the QX, Our help But the that. you Brazil U.K., both opportunities in drive also driver OES business as a well particularly. hoc in in ad to had

Joshua Sullivan

puts guess? to keep takes just And look we and guide it. What at as I I then 'XX, the guess the are 'XX, major Got then? relatedly, current why

Jennifer Whalen

Sure. the Coast We that the be going up. always and Guard UKSARXG both year Irish XXXX with to ramping was transition a contracts knew

do continues OES Our to business well.

I persist. prepared in expect we as supply shortages However, noted my chain do to remarks,

it In commenced of contract impact XXXX addition, the for late so many 'XX, those had those or renewals get guidance of out in our reasons, reflected affirmed we in beyond. we And 'XX put really as the previously. and

Christopher Bradshaw

there, sending space, services that this in the can could I of a see if on it's think positive 'XX hopefully, business. Which for just and 'XX for elsewhere we statement our affirm the outlook message is I and a what's offshore Bristow's for add climate to that think in we make given strength going both I positive light

Joshua Sullivan

I Got then that. guess to And mentioned, take you how But a couple maybe debt just one the priorities, first actually down? quickly allocation expect it. on it. framework. by you on debt, should one Got -- the paying on capital one, new just as the if start we we Congratulations

Christopher Bradshaw

Thank Josh. that, you on the comments for

are that out We to introduce and and start that. roll look pleased to implementing

On pay end $XXX debt balance expect and a in looking payments by we this down beginning the debt year. to of advanced initiate we of approximately next debt, are those QX the to year, of million to gross

of couple months, So just advanced initiate over we payments. the debt should those next

Joshua Sullivan

just And then growth on on the outlets. second priority,

at U.K. few require outlets years? next helicopters contract what growth over With coming the the might point, the end associated other and with the some that Irish being SAR that the are to capital some

Christopher Bradshaw

couple sector the rescue that expect support as where in we And additional may Middle pace more be that activity. there think existing in an we're those launch defense exist. on right there market. to potential keep do come interest in the in to to be Australia we that There's tender Europe, years. security around probably where some opportunities include for Nothing of the services there's private some to those although to Europe and with as training of looking some identified, government well seeing services for Australia, will obviously increased to over services I to necessary privatize the There come immediately Those now. will think East, might that some military the next the support in interest a search training opportunities high help could and communities opportunities focus SAR

that identified at be highlight. the So that time over we nothing this few impact you But would frame those a again, time would areas would CapEx referenced.

Joshua Sullivan

Got on it. just new And expect you're following? the metric we a when dividend strategy the or then buybacks, go the should is to policy, I begin? what there And there? Is those that ratio on

Christopher Bradshaw

as Thank that you well. question for

On the take approach buybacks, shares. repurchase we are to an deployment opportunistic planning of capital to to

market So conditions. there's about for and situation on nothing the will timing programmatic depend It prevailing cadence or those. the

On share annualized the to initiating the our quarterly We're QX informed dividends, intention at and generate. Government Services stability $X.XXX company XXXX. in to the that of the the payment really quarterly size is initially. That's by of $X.XX expected initiate or of per -- share that the flows dividend that beginning per is cash

intend of ambition that really, QX Government do sizing dividend time. 'XX. over of able as amount in being again, that the But So have on being to to think Services business. I a grow function a the we initiate that's We about payout long-term would our

Joshua Sullivan

one then And one. it. just Got last

on international it players the operating next advanced globally. got or operations. year markets about how your guys being the and you the of over certificates some some develop have areas some talking so? right mobility What's for the good the first eVTOL now On might very market perspective of Obviously, market, you've

Christopher Bradshaw

you're and mobility, several analyzing aware, audience, but Yes. developed the them. a understanding of understanding the Josh, the are We've the benefit spent of to time between that last we the that broader in We discussions air variances studying, the as teams the space, lot really technology, come years now resources some over behind been are just for have being may -- different those. products market, that with and advanced

those. of some announced with some partnerships have We

demand in are new from potential as how We existing new to can customers. the set as be well technology meet our base customer interested of deployed a

those In those It's certification terms really, uncertain aircraft of lines what timing, be. still time exactly stage. are will in the

be Western we'll with a will there's regulatory that there's relevant are authorities uncertainty lot on think will those going be time I what's Obviously, some this of that the mobility air optimism But year. here. lines the certified particularly advanced with optimistic first around later that products that, advance.

announce but one products, testing namely a publicly operating of in a and that a be We will takeoff eCTOL those partnership just BETA, later that in government real-world, there. conventional where regulatory exercise in landing in basis, were first-of-its-kind pleased aircraft year sandbox we participating this Norway not with betas Norway, be or will real-life to Bristow in technology the on also really

opportunity and forward. So some the hopefully to clarify to out help these technologies operations assumptions prove exciting commercial more that's real-world think moving I for of cases data, an and path demonstrate some use visible a

Operator

Our next Raymond question James. from with will come Syth Savi

Savi Syth

Just couple of had questions. follow-up actually a

kind Services side, of concerns contracts, and government to spending Government little be that of recognize those gives term you're kind terms or have a anything clearly, reason in of this optimistic the Just was if are of And things? a in today mentioned of bit you on you U.S. more there's lot But Europe. kind I U.S. longer wondering around noise on the side that of just I seeing the

Christopher Bradshaw

the Obviously, certainly. thanks heavy the question. in there's flow for there, follow U.S., -- lot news a to There's

view being is our opportunities same to some incremental the look government model incremental potentially some sector we opportunity. opportunities adopt That how those continuation for actively continue private focused over think they of or those could can is a of now Bristow. glean some we see on growth news an to flow to of will expect more where and and capture particularly optimism time, for we efficiencies. But and a the be work of more with thinking I efficient right about the can potential if with monitor

Savi Syth

mobility initiate world. follow-up on of advanced that operations? there you it's you be across. of early some will it demand to to But or very think where do your the if look a realize easier kind still just I And globally, of be days these might more at operations of side initiate where that. Appreciate kind

Christopher Bradshaw

Yes.

that outside be of Our and could some view is it major bodies. the of countries regulatory

the lot maybe Europe, the where in but like you first actually Middle a would fewer of to that have sponsorship these places the that heavy be at this or some can U.S. interest, nature. Africa, very East, not of or there things in you can to put of quickly places work like happen make operations state maybe perhaps where, So again, hurdles there's where scale launching

players -- the than and or move quickly the our could we're either So are that more things the some aircraft with partnership other others to in do of those manufacturers in view. with areas space, looking directly in that

Operator

will from come Securities. Tørnfeldt Our with next Nicolai question Fearnley

Nicolai Tørnfeldt

So been question I final my of from most believe side. questions covered. my already just have one But

of that these contract and being the sort With full of, anticipate -- phase, the when believe will the you call it, with potential ramp-up sort Guard transition UKSARXG we earnings that see you the we in full the contracts? do Coast and Irish do when

Christopher Bradshaw

the given years have transition a extended scale these be We and we going period year, do to and this be That complexity will really. a in services. of perfectly cleaner and start pretty XXXX, were beyond. That start-up we've both But to operations. that always won't a were XXXX You'll costs of 'XX clean one, XXXX. picture time those launching be of see known as

be potential costs bit even margins. of part from on Ireland particularly certainly, our the a the we carry should 'XX drag the to some those from earnings and of of cleaner well expect and which that the next should and profitability a profitability decade. both 'XX view think, from impacting middle an a again, start-up But potential, business, we be, then 'XX, 'XX cleaner beyond on and earnings of of So picture into

Operator

Our come will Colby ] question Fassa. from final [

Unknown Analyst

When Multiples about the in for more growth months. opportunities multiple levered compression the offshore your multiples business, seen any compressed in given last you have -- become XX offshore opportunities energy for energy think have equities for available you space? in the the

Christopher Bradshaw

sector, that the our relatively able there Nevertheless, were with similar understand opportunities they're XXXX. to for of business. to the really they're acquisition We a which be M&A could via is potential our there. the Era meet So out business that some the merger way ones private. reference to in did to multiples actionable, direct finite are number today, not the value-added since since expanded the will In to really there's of become you only if we for right? Thank But could a dynamics Government for directly public Bristow Bristow at see a question. MOD the prevail, shareholders. Services, to company we our and a analyze spend add think parameters M&A and time U.K. them opportunities. our other nature only space. what question, look implement those There's that also us into Falklands be and few for I continue certainly in Certainly, players to we'll public And

are So them believe, record near the opportunities any monitor there, a to and of actionable track continue them able when we execute and the being medium of if to become do we'll to over see term. have, I

Unknown Analyst

follow-up, you're for next know little this about no are be to Perfect. impact tariffs new the if a And over concrete already as the again, a quick on to off but U.S. on seems bit, But answer. and there again, I I you've touched potential and the years ask you planning at aircraft how given you're have some impact build coming to wanted all? company, few your government thinking

Christopher Bradshaw

actively definitely That's monitoring. something that Yes. we're important an question,

a we have supply operator, do international an chain. As and large very aviation complex

to uncertainty really Canada, We comes potential we a of our business. components. introduces portion our chain that that's And a of our and are heavy through portion other supply issue that of be tariffs chain have coming for anything chain that So supply supply a do engines out have would Europe.

So an issue monitor. that important this we is definitely

now new the we're whether we the or of fleet, twins it light to that that firm place, into relates right HXXX prices. that deliveries we're and fixed those are taking the As in it's have orders bringing the AWXXX delivery

be So we by tariffs. not impacted will

Operator

[Operator hands I closing back Instructions] We time. raised over turn for will remarks. no have now at this it

Christopher Bradshaw

everyone, you, call. the speaking quarter. for well. I next to again time and and thanks, Thank safe Angela, joining and Stay appreciate look the forward

Operator

you. has Please free feel call disconnect. concluded. Thank to The now

Bristow (VTOL) 27 Feb 252024 Q4 Earnings call transcript