HOUSTON, Aug. 6, 2024 /PRNewswire/ --  Total revenues of $359.7 million in Q2 2024 compared to $337.1 million in Q1 2024 Net income of $28.2 million, or $0.96 per diluted share, in Q2 2024 compared to net income of $6.6 million, or $0.23 per diluted share, in Q1 2024 EBITDA adjusted to exclude special items, asset dispositions and foreign exchange losses was $71.3 million in Q2 2024 compared to $47.5 million in Q1 2024(1) Increases 2024 Adjusted EBITDA outlook range to $210 million - $230 million and 2025 outlook to $230 million - $260 million Bristow Group Inc. (NYSE:VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $28.2 million, or $0.96 per diluted share, for its quarter ended June 30, 2024 (the "Current Quarter") on operating revenues of $352.5 million compared to net income attributable to the Company of $6.6 million, or $0.23 per diluted share, for the quarter ended March 31, 2024 (the "Preceding Quarter") on operating revenues of $329.4 million. Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $63.7 million in the Current Quarter compared to $35.8 million in the Preceding Quarter. EBITDA adjusted to exclude special items, losses on asset dispositions and foreign exchange losses was $71.3 million in the Current Quarter compared to $47.5 million in the Preceding Quarter. The following table provides a reconciliation of net income to EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding losses on asset dispositions and foreign exchange losses (in thousands, unaudited). See "Non-GAAP Financial Measures" for further information on the use of non-GAAP financial measures used herein. Three Months Ended, June 30,2024 March 31,2024 Net income $             28,191 $                6,632 Depreciation and amortization expense 16,848 17,169 Interest expense, net 9,385 9,472 Income tax expense 9,245 2,508 EBITDA(1) $             63,669 $              35,781 Special items: PBH amortization 3,725 3,726 Other special items(2) 2,914 1,346 $               6,639 $                5,072 Adjusted EBITDA(1) $             70,308 $              40,853 Losses on disposal of assets 224 113 Foreign exchange losses 749 6,499 Adjusted EBITDA excluding asset dispositions and foreign exchange                                      $             71,281 $              47,465 __________________ (1) EBITDA and Adjusted EBITDA are non-GAAP financial measures. See definitions of these measures and the reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP Financial Reconciliation tables. (2) Other special items include professional services fees that are not related to continuing business operations and other nonrecurring costs. "In conjunction with Bristow's very strong second quarter financial results, we are pleased to raise the Company's Adjusted EBITDA guidance range to $210 - $230 million in 2024 and $230 - $260 million in 2025," said Chris Bradshaw, President and CEO of Bristow Group. "This financial outlook is aligned with our conviction that we are in the early stages of a multi-year growth cycle. The growth and diversification of our government services business, along with an accelerating offshore energy upcycle and tight supply dynamic, are increasing the Company's visibility for significant improvements in margins, free cash flow and capital returns." Sequential Quarter Results Operating revenues in the Current Quarter were $23.1 million higher compared to the Preceding Quarter. Operating revenues from offshore energy services were $17.8 million higher primarily due to higher utilization in the Americas and Africa. Operating revenues from government services were $2.6 million lower in the Current Quarter primarily due to a change in rates and penalties related to lower availability. Operating revenues from fixed wing services were $8.3 million higher in the Current Quarter primarily due to higher utilization and increased rates. Operating expenses were $0.9 million lower than the Preceding Quarter primarily due to lower operating personnel salaries and leased-in equipment costs, partially offset by higher repairs and maintenance, fuel and other operating costs. The lower personnel salaries were primarily due to seasonal personnel cost variations in Norway and an adjustment for tax equalization in Suriname. General and administrative expenses were $1.6 million higher than the Preceding Quarter primarily due to higher professional services fees, partially offset by lower personnel and insurance costs. Earnings from unconsolidated affiliates were $0.7 million in the Current Quarter compared to earnings of $1.4 million in the Preceding Quarter. Other expense, net of $0.1 million in the Current Quarter primarily resulted from foreign exchange losses of $0.7 million, partially offset by government grants to fixed wing services and a favorable interest adjustment to the Company's pension liability. Other expense, net of $6.2 million in the Preceding Quarter resulted from foreign exchange losses of $6.5 million due to the significant devaluation of the Nigerian Naira ("NGN"). Income tax expense was $9.2 million in the Current Quarter compared to $2.5 million in the Preceding Quarter primarily due to the earnings mix of the Company's global operations and changes to deferred tax valuation allowances and deferred tax assets. Liquidity and Capital Allocation As of June 30, 2024, the Company had $178.6 million of unrestricted cash and $67.8 million of remaining availability under its amended asset-based revolving credit facility (the "ABL Facility") for total liquidity of $246.4 million. Borrowings under the ABL Facility are subject to certain conditions and requirements. In the Current Quarter, purchases of property and equipment were $50.4 million, of which $2.2 million were maintenance capital expenditures, and cash proceeds from dispositions of property and equipment were $4.4 million. In the Preceding Quarter, purchases of property and equipment were $64.6 million, of which $4.9 million were maintenance capital expenditures. In June 2024, the Company entered into a long-term equipment financing for an aggregate amount of up to €100.0 million with National Westminster Bank Plc as the original lender and UK Export Finance guaranteeing 80% of the facility ("IRCG Debt", formerly known as "UKEF Debt"). The financing will be used, among other items, to support the Company's acquisition of five new AW189 aircraft to service the Irish Coast Guard contract. As of July 31, 2024, the Company had drawn approximately €46.0 million on the IRCG Debt facility. Increases 2024 and 2025 Outlook Please refer to the paragraph entitled "Forward Looking Statements Disclosure" below for further discussion regarding the risks and uncertainties as well as other important information regarding Bristow's guidance. The following guidance also contains the non-GAAP financial measure of Adjusted EBITDA. Please read the section entitled "Non-GAAP Financial Measures" for further information. As a result of the second quarter earnings and a review of the forecast for the remainder of the year, the Company raised its Adjusted EBITDA guidance ranges from $190 - $220 million to $210 - $230 million for 2024 and from $210 - $245 million to $230 - $260 million for 2025. The Company's targets for 2026 remain unchanged. Select financial outlook for 2024 and 2025 as well as 2026 targets are as follows (in USD, millions): 2024E 2025E 2026T Operating revenues: Offshore energy services $900 - $930 $910 - $1,020 $965 - $1,155 Government services $330 - $345 $405 - $445 $430 - $460 Fixed wing services $120 - $130 $120 - $140 $125 - $150 Other services $5 - $10 $5 - $10 $5 - $10 Total operating revenues $1,355 - $1,415 $1,440 - $1,615 $1,525 - $1,775 Adjusted EBITDA, excluding asset dispositions and foreign exchange $210 - $230 $230 - $260 $275 - $335 Cash interest ~$40 ~$45 ~$45 Cash taxes $20 - $25 $20 - $25 $25 - $30 Maintenance capital expenditures $15 - $20 $15 - $20 $20 - $25 Conference Call Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, August 7, 2024, to review the results for the second quarter ended June 30, 2024. The conference call can be accessed using the following link: Link to Access Earnings Call: https://www.veracast.com/webcasts/bristow/webcasts/VTOL2Q24.cfm Replay A replay will be available through August 28, 2024 by using the link above. A replay will also be available on the Company's website at www.bristowgroup.com shortly after the call and will be accessible through August 28, 2024. The accompanying investor presentation will be available on August 7, 2024, on Bristow's website at www.bristowgroup.com.  For additional information concerning Bristow, contact Jennifer Whalen at (713) 369-4636 or visit Bristow Group's website at https://ir.bristowgroup.com/. About Bristow Group Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. The Company's aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems, and ad hoc helicopter services.  Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, the Kingdom of Saudi Arabia, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the UK and the U.S. Forward-Looking Statements Disclosure This press release contains "forward-looking statements." Forward-looking statements represent the Company's current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue," or other similar words and, for the avoidance of doubt, include all statements herein regarding the Company's financial outlook and targets for the periods mentioned and operational outlook. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, reflect management's current views with respect to future events and therefore are subject to significant risks and uncertainties, both known and unknown. The Company's actual results may vary materially from those anticipated in forward-looking statements. The Company cautions investors not to place undue reliance on any forward-looking statements. Forward-looking statements (including the Company's financial outlook and targets for the periods mentioned and operational outlook) speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based that occur after the date hereof, except as may be required by applicable law.  Risks that may affect forward-looking statements include, but are not necessarily limited to, those relating to: the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers; our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 fleet; our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition; public health crises, such as pandemics (including COVID-19) and epidemics, and any related government policies and actions; our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility; the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses; the possibility that we may be unable to maintain compliance with covenants in our financing agreements; global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries; fluctuations in the demand for our services; the possibility of significant changes in foreign exchange rates and controls; potential effects of increased competition and the introduction of alternative modes of transportation and solutions; the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events); the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the existence of operating risks inherent in our business, including the possibility of declining safety performance; the possibility of changes in tax, environmental and other laws and regulations and policies, including, without limitation, actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change; any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; general economic conditions, including interest rates or uncertainty in the capital and credit markets; the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue ("SAR") contract terms or otherwise delay service or the receipt of payments under such contracts; and the effectiveness of our environmental, social and governance initiatives. If one or more of the foregoing risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our forward-looking statements are based on the information currently available to us and speak only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for us to predict these matters or how they may affect us. We have included important factors in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 which we believe over time, could cause our actual results, performance or achievements to differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements. You should consider all risks and uncertainties disclosed in the Annual Report and in our filings with the United States Securities and Exchange Commission (the "SEC"), all of which are accessible on the SEC's website at www.sec.gov. BRISTOW GROUP INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts)     Three Months Ended Favorable/ (Unfavorable) June 30,2024 March 31,2024 Revenues: Operating revenues $         352,494 $         329,356 $           23,138 Reimbursable revenues 7,255 7,738 (483) Total revenues 359,749 337,094 22,655 Costs and expenses: Operating expenses 246,421 247,364 943 Reimbursable expenses 7,212 7,691 479 General and administrative expenses 44,933 43,347 (1,586) Depreciation and amortization expense 16,848 17,169