BAER - Earnings call 2 2023 | Bridger Aerospace Group Holdings, Inc. Common Stock

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Operator

Greetings, and welcome to the Bridger Aerospace Second Quarter 2023 Conference Call. At this time, all participants are in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Eric Gerratt, Chief Financial Officer.

Eric Gerratt

Good afternoon, and thank you for joining us today.

call Tim are Officer Sheehy; McAndrew the Founder Executive and on Rudisill. Director, and and me this Chief afternoon Officer, Director, Joining Chief Investment

conference by such expressed differ Factors those certain not materially begin, based Securities or implied are facts Commission, on expectations differ the statements and those from Act cause and could as Private from limited in risks contained including note of to the regarding include, we statements. the results statements filings do discussed expressed uncertainties, that various that in may Litigation are with financial Before in company's describe Exchange assumptions, please XXXX. forward-looking this to actual results materially are Securities call those but for defined historical XXXX. that not forward-looking statements results Reform Since

factors control today. change. and statements, should cause reliance to place or undue predict cannot our developments views Management as ultimately management's many Listeners results. subsequent assessments impact events not anticipate that reflect only forward-looking future on will that which We of

undertake any we forward-looking obligation However, any or other statements. to or to forward-looking statements update no make revise

by today's along can you presentation. joining follow those For webcast, with

website under can you today's those by listening For phone, the tab. presentation at on access Relations our www.bridgeraerospace.com Investor

EBITDA our A reported adjusted over Throughout definition, Tim. as not the is of reported calculation The on EBITDA. and of like this With to believe to EBITDA presentation in financial our useful evaluating earnings financial a release results statements a measure to website. adjusted call that, GAAP. to results turn We call found I'd the supplement available is release, and under to afternoon's and be our and today, substitute non-GAAP for which in earnings our adjusted we refer the can reconciliation Exhibit

Timothy Sheehy

recent company firefighting wins in welcome. progress Thank country. second and January our announcement of joining specialty public to year. and and becoming the quarter today our our acquisition, results aerial to you, our the this everyone, services Good mission-critical be fleet largest contract areas happy first expand afternoon, to in a Eric. aviation I'm and the Including new you discuss wildfire which will of create

entered for update, start we of quarter, different. we typically were season second own which Our the complexion mid-April. no wildfire and season, has quarter year second Each as the this has prepared the starts its been fire

aerial wet our the offset early weeks usual. expanding wildfires by Due approximately firefighting to for to relatively be considerable slow operations record winter Canada, dry spring acreage off our the first this in of began the than With a the and in the in the and later continues in Canada burned impact start to in time day. the winter history. to worked kicked actively X snowpack season U.S. west conditions, We

Our operations States. the allowed despite to slower fleet start Canada United the increase quarter the in Bridger second utilization in during

normal operations Now Bridger of operated that so, in the the going process in that do Canada forward. to we expect Canada regulatory future as in operate gone through will and to continue we've part

force. first of created which in on proud fuel very vegetation did U.S. international most well excess I'm for in the Western result growth, wet so doing U.S. the The in our spring team Mountain operations.

activity incidents supporting active have Today, are fire currently Air all of from U.S. assets quarter As growth. Attack to under and back extreme the towards our hot called and wildfire of human the acceleration end between. dry Scoopers Texas and deployed, strikes saw places ignited activity as conditions of drive lightning this spread West, State Washington the to many and second we through in an and the been

starts the further into pushed the fourth season later with core fire years quarter. oftentimes of previous In the is

when continues firefighting The $XX million we trend XXXX notice to exclusive of result, to benefit up we that worth our for assets, contracts software is we each July, Bridger call a up achievable. one surveillance X-year needed U.S. specialized awarded data remains guidance were industry. the Interior high-resolution redefining and the contracts worth government the In Attack which two which Air using believe based operations Bridger. and on to with architecture the As aerial for received is Department of $XX outsourcing proprietary platforms, million

transmission new the DOI suited aircraft award infrared personnel. of to contract distributed also contracts line fleet to to updates marked decommissioning to ideally a serve help recent real-time situational million the Forces $XX for private the real-time for awareness revenue, larger this is our the fires, modern data detect With the and mission. multiyear contract of U.S. to fires, first in to provide These DOI worth and sector Air up

small the and discuss it software leading-edge Rudisill over business support McAndrew acquisition industry-leading of and and and turn to contract growing will Airways. capabilities Bighorn positioned performance, sensor government historic to are a mapping recently As we our state I clients battle against with capabilities, wildfires. now to announced federal well the

McAndrew Rudisill

Special carrier. jumping, the that security a the in by approved of Board, The of turboprop Thank low-level X,XXX We certified Review range and smoke the and flights Commercial U.S. DoD the as of Bridger DoD under short is for as well landing. recently customers. CASA-XXX-XXXs of a aircraft for air used with facility signing special of agreement. are and is to pound Airways the family mission of for carriers Bighorn twin X, wildfire Bighorn one XXX-XXX and definitive delivery fleet air capacity X,XXX the takeoff includes the addition XX X Command [Indiscernible] miles Airlift and only operations. you, Bighorn the Bombardier of also Tim. purchase Operations aircraft, announced Wyoming-based Bighorn's fleet X capable featuring few Dornier capability clearance X transport Dash operates the holds government payload

on expected these be XXXX. cost opportunities transaction revenue new of end accretive the as The to in and with as by to $XX results financial well assets, million close incremental September our is synergies to

personnel, of Bighorn's and country. the equipment addition Bridger fleet specialty the With largest will become skills, unique aviation wildfire in the

in opportunity place will and in territories will which will the savings combined with to earnings, to And abroad, continue wildfire further create a we expand the see put second expansion and continue seasons. more initiatives U.S. with company. potential our Eric, fire to XXXX fleet, who it talk We record cost financial for in aggressive maximize flexibility season, year opportunities long the I for cover over quarter. a to additional and be for With expect our geographic to that, about performance to the and to turn the both

Eric Gerratt

million flight million of revenues comprised compared the expenses. cost by quarter second quarter million XXXX a was and XXXX which XXXX, The was for in million maintenance of of XXXX of of of the in This wildfire of expenses expenses million to the compares $XX.X maintenance was in Revenue our XXXX. result McAndrew. start in $XX.X of $X.X Thanks, of which the quarter revenues of to $X.X $X.X fleet was million season, and later of quarter second expenses first utilization Cost offset Canada, operations the second and of flight operation our million international $X.X second of U.S. was partially to $XX.X decline deployment. $X.X the million. of included

impairment $XX.X expenses the to XXXX units charges quarter were and restricted was increased for additional February as quarter related September $X.X into Interest as XXXX, of primarily driven closed of stock loss stock-based to administrative million granted in in were expense the expenses the XXXX. $X.X million increase municipal million to by the aging well from to noncash and million of on aircraft. XXXX second compared million The second expense surveillance primarily in $X.X second compensation for placed bond, in $X.X X higher quarter $X.X XXXX of quarter Selling, service of interest general the disposal increase the to third the million to and noncash to quarter other employees, XXXX. Scooper on that personnel second and which respectively. additional relates in in of Gallatin due The related aircraft Super the XXXX

of reported embedded which of The other million. $X.X and interest company derivative of second quarter, realized of preferred available-for-sale the for of the income million from for securities also million gains equity was $X.X comprised $X.X income

expenses. in wildfire related EBITDA net of quarter mentioned I compensation, other of of second $X.X $X previously, the The in second of season. to second revenue increase loss start was and the depreciation quarter to as losses SG&A interest EBITDA loss XXXX, delayed XXXX. and assets, development amortization, loss quarter the second to offering transactions compared stock-based legal and million expense, fees the $X the of $XX excludes as of XXXX. impact million business For quarter disposal million and a the due on gains Adjusted to U.S. net in primarily increased was million by the net of and well the integration and compared costs financing driven was Adjusted reduced

for months our compared results Looking the X million months revenue was to million of X the in at XXXX. first $XX.X $XX of first XXXX,

to million of other first million compared Interest the of in the months X reported million the $X.X in of the the first by Net $XX.X same first $X.X XXXX. compared for months XXXX. X in compared last $XX.X $XX.X XXXX Bridger loss also $X year. first from compared of compared last in the stock-based income the period were XXXX Adjusted compensation primarily expense. EBITDA of in million year. X was was Cost million $X.X to SG&A revenues months months million same of to $XX.X for months noncash the $XX.X million increased of expense million million of was X with the first period increase to first of in $XX.X in XXXX in $XX.X negative negative million $X.X expenses X X XXXX. million X million to first months XXXX months driven the to

the used increase our million. quarter the excess $XX growth cost guidance XXXX, flow to and further of are and year in activity we place balance cash U.S. which at $XX.X June million Turning balance XX, to in further of million. cash EBITDA of of combined million maximize in XXXX with Current with revenue the second should the Receivables be activity adjusted repay to the put wildfire cash $XX earnings, with months. firefighting cash, to ended from the at million boost Due through $XX balance after short-term stood expected to $XXX.X restricted sheet. the rapid remains coming fleet and initiatives incoming to million We investments savings achievable. CapEx our the expected acceleration quarter to for late of cash believe a $XX to start, season second debt,

fleet July record U.S. and of of is currently entire Bridger's terms was in month a in company revenue. the deployed the

cost close to As Tim the Big results is track the revenue fourth and may further have. core that, fire and included our late anticipate call covers turn our transaction start on XXXX to Bridger opportunities as We We any like Horn for new in of that a believe updates season, mentioned, do about in We've wildfire presentation you incremental being acquisition be investor back into there the late the September. in our well pushed accretive years with synergies. questions will comments. final answer detail website Bighorn to to remain to quarter. the as that season the With I'd Bighorn often on provide to Tim

Timothy Sheehy

to your opportunities battle you, positioned and federal, growing we international a significant in and fleet, support third on to everyone to number wildfires. today's drive our report see clients We against Eric, when in our look growth we joining and while shareholder state our for progress you well November. on for of expand the growing thank Thank returns results call quarter you forward our updating us are and to with supporting

XXth see great be New Aerospace Symposium Gabelli will attending hope Annual some and on of there. X and day. Have also We to September you the in Defense York, a

Operator

you. This today's concludes Thank conference.

you lines Thank your your for participation. at may disconnect You this time.

Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) 10 Aug 232023 Q2 Earnings call transcript