BAER - Earnings call 3 2023 | Bridger Aerospace Group Holdings, Inc. Common Stock

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Operator

Good afternoon, and welcome to the Bridger Aerospace Third Quarter 2023 Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Eric Gerratt, CFO. Please go ahead.

Eric Gerratt

Good afternoon, and thank you for joining us today.

call Tim is Sheehy. the Founder Executive on Director, and me this Chief afternoon Officer, Joining

describe forward-looking Before statements Private conference not contained begin, Securities in facts we please of this call note Litigation Reform that XXXX. in as defined statements that Act certain historical the are do

expressed that various materially Some from implied including Commission, or change. subsequent reliance Exchange those on and but could events results actual differ statements, today. our which factors assumptions, include, financial many statements. Factors to that that and XXXX cause forward-looking ultimately those limited filings statements discussed only cause assessments are We results not uncertainties, to from expressed reflect the impact by risks anticipate in and management's based on XXXX. with forward-looking to views should may materially for as undue are Management expectations such future differ of Securities the and those control place predict regarding cannot will or results. Listeners developments results not company's

like in the EBITDA to to and useful adjusted statements our the today, no With substitute over which supplement I'd and financial to earnings available is a reported However, is forward-looking website. our as release, EBITDA believe update release any Tim. A call adjusted earnings under this be for found in other adjusted of to our to today's turn GAAP. not to Exhibit make can revise EBITDA. any on our reported that, and and The call We or results definition, a undertake obligation evaluating results forward-looking refer afternoon's measures, to we'll statements. Throughout we non-GAAP reconciliation or financial -- presentation calculation statements of

Timothy Sheehy

and areas quarter Good Eric. for firefighting expansion today's mission-critical our afternoon. and fleet services to progress, our discuss contract wins, to third and you, recent new including Thank acquisition geographies. the joining results of plans Thank call aerial you

nation's the of the record record company's display This territories update, results, fleet in quarter level highest Scooper and nearly was earnings relationships potential of a for and East aerial the terms Coast down of way experienced our technology. With quarter drove industry-leading our of million on revenue surveillance to trend our full state the Scooper third of This and a all long-standing record beneficiary utilization to of the capabilities we in Canada be quarter For the also third the record $XX government fleets of our adjusted enabled one the a firefighting Superior our and of as platform of customer the rapid in aerial firefighting agencies, our It attack outsourcing to largest history. continue of million. is with $XX we flew was we Louisiana. our including EBITDA covered federal West attack to testament from by Super quarterly over adoption services. and initial initial as

$XXX U.S. were we from up attack quarter, air million to for awarded This XX-year the contract a

the reconnaissance. award contract included using the worth up This X-year of provide proprietary aerial is million architecture part exclusive X million surveillance from a to in up awareness, was disclosed contract for previously data culminated operations Bridger's Service worth contracts fixed-wing in detection and and which to each of X and air on high-resolution based use specialized $XX Forest incident contract intelligence for platform. to asset. The XXXX, U.S. $XX various awarded separate attack supervision, July for missions the fire Interior Department

the against and our clients federal and leading-edge international are small and to wildfires. in business battle growing a As contract with mapping capabilities well positioned and we sensor historic performance, state support

additional million delivers of intelligence solutions Fire Speaking acquisition completed in intelligence in Ignis restricted contingent of also shares. of there million expand WildLand be issued at Technologies $X close, Ignis stock our SaaS paid technology our assets. software the up of we investments of restricted to and $X and September, the in fire our fire to maximizes will offerings. mission-critical to intelligence consideration and earn-out assets be the We value

on Through with and Ignis firefighting picture to mobile platform [ technology they ] firefighters Fire fire to interoperable software. with real-time federal, lost conjunction equip pioneering path with the data lives, awareness, to is our clearest produces elevates and properties developing collaborative a development track local executing presents and need reduce mission proprietary It common web state our operating habitats the and that natural an number wildfire. situational of to firefighter in high-value across critical organizations shared creates the units

our to and continue further expand U.S. also in abroad. fleet, pursue opportunities the to both We

As we Ministry. we tender September, successfully announced CL-XXXT-amphibious bid process Spanish to public X Canadair the aircraft purchase in via from

have We we'll and are complete working to update acquisition an process, the soon.

the While agreement, of to we sale July. agreed hopeful existing terminate future. there be remain purchase in will Airways, remain was announced on and opportunities good in the mutually that we which We to Bighorn reengage have terms

we for season of supporting While our customers. our remain and look demand needs always unpredictable, see the the continued to services wildfire forward

also the Scooper the awareness these functional the purpose-built effectiveness wildfire limited by are heightened unprecedented foreign receiving an for influx demand the and supply of both We of multiple Super suppression Super global services. from is of to of This aircraft. requests due fed governments Scooper for

just operations. us and exposure match steps Bridger's weather serve base diversify needs We're customer to multicontinent firefighting taking to year-round to position to facilitate strategically and these

I'll quarter. back now turn the over Eric, who to take financial you our call will third about in the performance

Eric Gerratt

million utilization million quarter quarter third up [ million XX%. ] was (sic) $XX.X Thanks, third The record $XX.X increase noncash cost quarter for primarily average comprised preferred $XX.X of our XXXX, of growing operation quarter Tim. offset to interest million flight third fleet included company's the closed The XXXX third in was Scooper the of $X.X the higher of expenses. million million. compared reported offering maintenance a offset and primarily million by additional derivative preferred and operations $X.X Revenue $X.X XXXX was of in of in million the was The decreases third XXXX, the the of third of of season. primarily for stock-based equity increase third and quarter flight revenues relates higher for comprised third This of by of interest $XX.X $X.X third due $XX.X was Gallatin to expenses XXXX. Interest employees depreciation, $X.X quarter recorded for of of income revenues which expenses partially $X maintenance and were the the result $XX.X of transaction-related expenses the third in The quarter income Series to Cost the expense quarter was compensation of the million. of of bonuses to of decreased of million, $X.X the municipal expense XXXX the wildfire year. decrease lower than stock to other company interest of slower related the in compares despite other XXXX placed million in The the XXXX, third XXXX, aircraft September of year-over-year. X the third million quarter XXXX primarily and costs and were into These to to of North maintenance additional from quarter XXXX partially that of compared $XX.X quarter of respectively. Selling, Super administrative embedded XXXX. due of the compared the in expenses and American down the expenses that $X expense service expense February quarter decrease general for Scooper A quarter million in third were and in for of to for XXXX. bond XXXX and higher also in million related to last executives

income costs excludes by financing debt the executives. quarter related development quarter transactions, on For $X.X losses this Adjusted quarter benefits, discretionary strong $XX.X of expenses, EBITDA in tax other the depreciation and million bonuses to $XX.X and disposal quarter the stock-based was and loss amortization, was of to of and million and one-time interest assets, to XXXX, loss Adjusted million as third well to expense, on XXXX, extinguishment net a of fleet offering utilization in third $XX.X year. compared compared third in income compensation, third XXXX. million EBITDA the employees net of as gains integration and business of driven

X months the to expenses were expense stock-based our the of SG&A primarily revenues $XX.X compared Revenue year. million $XX million X compared this million first last $XX.X $XX.X compared XXXX, first million results with to months to months in X compensation XXXX. by of noncash $XX.X of months million driven X increase for at the $XX.X being XXXX, of first first Looking was in the was Cost million year. the in

Bridger first months XXXX. $X.X loss adjusted for $XX.X X months first with the same X million $XX.X million XXXX X million for first 'XX of income EBITDA compared reported X last in $XX.X also first the of year the million months other of this period of X of to months Interest million months million months in $XX compared was $X.X X expense months the for from Net the the to in the for $XX.X $XX first the XXXX first expenses to of to other of X year. XXXX. at compared million in increased million first

up restricted from performance. cash quarter and sheet. million $XX.X at the We XXXX, quarter balance by June Turning million short-term with investments driven to our seasonality third $XX.X third strong ended and XX, of cash, the

company the weather the now With third part wet XX the seasonally the weeks American activity the in first our saw While the wildfire wildfire to of start X North fourth the season record the U.S. we shortest in fire results years. past late quarter, slower brought the and last after Canada. September in cooler, expect of limited to quarter season,

reducing of million a to XXXX million our million annual a guidance $XX $XX result, $XX million. range we to to As are of revenue previous $XX

This of remain of compares in million. reduced structure, fourth the generates response aircraft expects full in EBITDA Bridger cost year reductions, for of million. These as quarter current brings of unchanged XXXX Even structure, million the of season the wildfire EBITDA largely reduced identified company $XX and million to estimates and report fourth reductions negative the to $XX In company's will to to as XXXX. XXXX, which our well of prior fourth which we've quarter to million assume quarter. range be EBITDA fixed $XX and shorter typically year to $XX remainder Given estimate not additional the full to will our quarter the million the these deployed. wildfire conditions with $XX -- cost XXXX the fourth the a revenue, negative $XX benefit cost adjusted will to

of million for XX% stand-alone full $XX operations adjusted company's any acquisitions, year annual XXXX accounts which to to at anticipated of from XXXX, Bridger the impact reduction structure. is the gain of at million million for EBITDA the to $XX Looking the least cost range of revenue fire XXXX excludes I'd end to $XX being With million. with and a a The this low consistent for of back fire final like high million normal longer, guidance more to $XX short turn range the season Tim to with with unusually $XX the is comments. the end on that, consistent season. call estimated

Timothy Sheehy

the see to with fundamental, number Thank wildfires. attending progress, the well which some Eric, to thus Wolfe our a opportunities model, and fleet, New to We Conference, shareholder a you you. battle of updating thank while there. call strong growth of Mid-Cap year state Thank and far we'll look York. you has returns to Research controls on hope Well, is and I everyone are X and scheduled to see for of international today's growing expand federal you, First we forward support. your our also drive clients cost you business for positioned and joining our growing been and X and us full December on supporting Small be Annual this for profitable significant strict and against challenges in

Operator

presentation. The conference has for today's attending Thank now you concluded.

disconnect. may now You

Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) 13 Nov 232023 Q3 Earnings call transcript