12.12.12 Receiving, Extracting, and Sorting | Internal Revenue Service
12.12.12 Receiving, Extracting, and Sorting | Internal Revenue Service | ct 941 form 2016

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HOUSTON, Feb. 8, 2018 /PRNewswire/ — Bristow Group Inc. (BRS) today appear the afterward after-effects for the three and nine months concluded December 31, 2017. All amounts apparent are dollar amounts in bags unless contrarily noted:

12.12
12.12 | ct 941 form 2016

Three Months EndedDecember 31,

Nine Months EndedDecember 31,

2017

2016

% Change

2017

2016

% Change

Operating revenue

$

345,528

$

324,353

6.5

%

$

1,043,249

$

1,024,199

1.9

%

Net accident attributable to Bristow Group

(8,273)

(21,927)

62.3

%

(94,757)

(92,496)

(2.4)

%

Diluted accident per share

(0.23)

(0.62)

62.9

%

(2.69)

(2.64)

(1.9)

%

Adjusted EBITDA (1)

34,964

22,918

52.6

%

82,545

67,397

22.5

%

Adjusted net accident (1)

(18,450)

(10,121)

(82.3)

 

%

(59,198)

(34,415)

(72.0)

%

Adjusted adulterated accident per allotment (1)

(0.52)

(0.29)

(79.3)

 

%

(1.68)

(0.98)

(71.4)

%

Operating banknote flow

26,027

(42,893)

*

(9,307)

(14,098)

34.0

%

Capital expenditures

12,124

17,860

(32.1)

 

%

36,441

119,726

(69.6)

%

Rent expense

42,620

53,652

(20.6)

 

%

158,519

156,890

1.0

%

 

December 31,2017

September 30,

2017

March 31,2017

% Change

September 30, 2017

to December 31, 2017

% Change

March 31, 2017

 to December 31, 2017

Cash

$

117,848

$

97,343

$

96,656

21.1

%

21.9

%

Undrawn borrowing accommodation on Revolving Acclaim Facility

387,584

292,039

260,320

32.7

%

48.9

%

Total liquidity

$

505,432

$

389,382

$

356,976

29.8

%

41.6

%

______________

*

percentage change too ample to be allusive or not applicable

(1)

A abounding adaptation of non-GAAP banking abstracts is included at the end of this account release

“Our third division after-effects abide to authenticate the success of the new Bristow in the face of advancing industry challenges,” said Jonathan Baliff, President and Chief Executive Officer of Bristow Group. “Our adapted EBITDA was bigger than accustomed in the third division led by college acquirement from added aerial action beyond several regions, while additionally benefiting from the operating advantage created by our lower amount hub structure. In addition, the third division benefited decidedly from OEM amount recoveries, which, back accompanying with capex deferrals, acquirement advance and amount ascendancy measures, delivered a cogent access in banknote and liquidity.”

BUSINESS AND FINANCIAL HIGHLIGHTS

“I am abundantly appreciative of our aggregation associates who are carrying on our budgetary 2018 priorities of assurance improvement, amount efficiencies, portfolio administration and added revenue,” said Jonathan Baliff. “While the third division after-effects allegedly authenticate efforts like the OEM amount recoveries, the of budgetary 2018 will abide arduous due to connected crowd of aircraft and bound afterimage into our clients’ appeal for aerodynamics services. Our lower amount anatomy works for our clients, but we charge abide to advance Target Zero assurance as we auspiciously attempt in a abbreviate aeon bazaar that will acceptable abide into budgetary 2019.”

Operating acquirement from alien audience by band of account was as follows:

Three Months EndedDecember 31,

2017

2016

% Change

(in thousands, except percentages)

Oil and gas services

$

236,655

$

232,287

1.9

%

Fixed accession services

52,476

44,811

17.1

%

U.K. SAR services

55,659

45,193

23.2

%

Corporate and other

738

2,062

(64.2)

%

Total operating revenue

$

345,528

$

324,353

6.5

%

The year-over-year access in acquirement was primarily apprenticed by an access in U.K. SAR casework acquirement due to added bases advancing online in budgetary years 2017 and 2018, an access in our anchored accession casework in our Europe Caspian, Asia Pacific and Africa regions and an access in operating acquirement for our oil and gas casework primarily in our Americas and Europe Caspian regions due to an access in activity. The action akin access beyond our business was apprenticed mostly by abbreviate appellation contracts, ad hoc and added aerial on absolute affairs as we abide to see some adherence in assertive markets, abnormally in Norway and in the U.S. Gulf of Mexico.

The year-over-year change in net accident and adulterated accident per allotment was primarily apprenticed by ancient assets tax benefits, college acquirement in the December 2017 division as discussed above, lower hire amount constant from OEM amount recoveries in the December 2017 division and crime accuse on amicableness recorded in the December 2016 division that did not recur in the December 2017 quarter. These favorable changes were partially account by college absorption amount and a college accident on auctioning of assets in the December 2017 quarter.

The GAAP net accident and adulterated accident per allotment for the December 2017 division included the afterward appropriate items:

Additionally, we had a accident on auctioning of assets of $4.6 actor ($2.5 actor net of tax), or $0.07 per share, during the December 2017 division primarily accompanying to a accident of $3.0 actor from the auction or auctioning of aircraft and added equipment.

Excluding the aftereffect of appropriate items and the accident on auctioning of assets, the year-over-year change in adapted net accident and adapted adulterated accident per allotment is primarily apprenticed by an adjusted assets tax amount in the December 2017 division compared to an adapted assets tax account in the December 2016 division and an access in absorption expense, partially account by the access in U.K. SAR, anchored accession casework and oil and gas casework acquirement and the account from the OEM amount recoveries discussed above. The year-over-year change in adapted EBITDA was primarily apprenticed by the aforementioned access in acquirement and account from OEM amount recoveries.

The December 2016 division was additionally impacted by appropriate items as reflected in the table at the end of this release.

LIQUIDITY AND FINANCIAL FLEXIBILITY

Don Miller, Chief Vice President and Chief Banking Officer, commented, “Our clamminess bigger decidedly by $116 actor or 30% to $505.4 actor at the end of the December 2017 division primarily due to the accretion of OEM costs and the arising of $143.8 actor of our convertible chief notes. In addition, we paid bottomward $135.4 actor of our coffer appellation loans and concluded the division with $400 actor attainable beneath our revolver, afore $12 actor in belletrist of credit. We are adopting our clamminess advice as of March 31, 2018 to a ambit of $450 actor to $480 actor from $410 actor to $450 actor provided in November 2017 as we booty accomplishments to advance revenue, abate cost, administer alive basic and advantage our absolute assets.”

Story Continues

REGIONAL PERFORMANCE

Europe Caspian

Three Months EndedDecember 31,

2017

2016

% Change

(in thousands, except percentages)

Operating revenue

$

189,910

$

172,844

9.9

%

Operating income

$

5,312

$

(303)

*

Operating margin

2.8

%

(0.2)

%

*

Adjusted EBITDA

$

18,614

$

9,123

104.0

%

Adjusted EBITDA margin

9.8

%

5.3

%

84.9

%

Rent expense

$

29,499

$

34,115

(13.5)

%

_____________

*

percentage change too ample to be allusive or not applicable

The access in operating acquirement from the December 2016 division to the December 2017 division was primarily apprenticed by an access from the start-up of U.K. SAR bases back the December 2016 quarter, an access in Norway primarily due to increases in action and concise affairs and an access in anchored accession revenue. Partially offsetting these increases was a abatement in U.K. oil and gas revenue. Eastern Airways contributed $29.5 actor and $25.1 actor in operating acquirement for the December 2017 division and December 2016 quarter, respectively.

A abundant allocation of our operations in the Europe Caspian arena are apprenticed in the British batter sterling, which attenuated decidedly adjoin the U.S. dollar in the December 2016 division as a aftereffect of Brexit. As a aftereffect of the changes in the British batter sterling, adapted EBITDA was agreeably impacted from adopted barter changes of $0.7 actor during the December 2017 division compared to an abortive appulse of $11.3 actor during the December 2016 quarter.

During the December 2017 quarter, we recorded a account to hire amount aural our Europe Caspian arena after-effects of $7.1 actor accompanying to the OEM amount recoveries. Additionally, during the December 2016 quarter, we recorded an crime of $8.7 actor for the absolute amicableness accompanying to Eastern Airways, which contributed to the operating accident in the December 2016 quarter, but was adapted for in our adding of adapted EBITDA.

Operating income, operating margin, adapted EBITDA and adapted EBITDA allowance added in the December 2017 division primarily due an access in operating acquirement as a aftereffect of added activity, the account to hire amount in the December 2017 division accompanying to the OEM amount recoveries and favorable impacts from changes in adopted bill barter rates, with operating assets and operating allowance additionally convalescent due to the amicableness crime in the December 2016 quarter. These allowances were partially account by added salaries and allowances and aliment amount year-over-year due to the access in activity. Eastern Airways contributed a abrogating $4.1 actor and a abrogating $2.1 actor in adapted EBITDA for the December 2017 division and December 2016 quarter, respectively.

Africa

Three Months EndedDecember 31,

2017

2016

% Change

(in thousands, except percentages)

Operating revenue

$

47,915

$

49,587

(3.4)

%

Operating income

$

10,470

$

10,441

0.3

%

Operating margin

21.9

%

21.1

%

3.8

%

Adjusted EBITDA

$

14,206

$

17,012

(16.5)

%

Adjusted EBITDA margin

29.6

%

34.3

%

(13.7)

%

Rent expense

$

2,048

$

1,767

15.9

12.12
12.12 | ct 941 form 2016

%

Operating acquirement for Africa decreased in the December 2017 division due to an all-embracing abatement in action compared to the December 2016 quarter. Action beneath with assertive audience and assertive affairs ended, which was alone partially account by an access in action with added clients. Additionally, anchored accession casework in Africa generated $2.0 actor and $1.0 actor of operating acquirement for the December 2017 division and December 2016 quarter, respectively.

Operating assets remained collapsed while adapted EBITDA and adapted EBITDA allowance decreased in the December 2017 division primarily due to the appulse of changes in adopted bill barter rates, which abnormally impacted adapted EBITDA by $2.2 actor compared to the December 2016 quarter.

Americas

Three Months EndedDecember 31,

2017

2016

% Change

(in thousands, except percentages)

Operating revenue

$

60,345

$

53,024

13.8

%

Earnings from unconsolidated affiliates

$

2,097

$

831

152.3

%

Operating income

$

5,308

$

2,226

138.5

%

Operating margin

8.8

%

4.2

%

109.5

%

Adjusted EBITDA

$

12,689

$

10,039

26.4

%

Adjusted EBITDA margin

21.0

%

18.9

%

11.1

%

Rent expense

$

6,295

$

5,638

11.7

%

Operating acquirement added in the December 2017 division primarily due to an access in action from our U.S. Gulf of Mexico oil and gas operations and added acquirement from the chase and accomplishment bunch in the U.S. Gulf of Mexico, partially account by a decrease in operating acquirement in Trinidad and Brazil due to lower activity.

Earnings from unconsolidated affiliates, net of losses, added $1.3 actor primarily due to an access in balance from our advance in Líder in Brazil due to bargain salaries and allowances and beneath of an abortive change in barter ante which decreased our balance from our advance in Líder by $0.8 actor in the December 2017 division and decreased our balance from our advance in Líder by $1.2 actor in the December 2016 quarter.

The increases in operating income, operating margin, adapted EBITDA and adapted EBITDA allowance were apprenticed by the access in acquirement and balance from unconsolidated affiliates discussed above, partially account by an access in hire expense.

Asia Pacific

Three Months EndedDecember 31,

2017

2016

% Change

(in thousands, except percentages)

Operating revenue

$

50,248

$

49,092

2.4

%

Operating loss

$

(941)

$

(9,012)

89.6

%

Operating margin

(1.9)

%

(18.4)

%

89.7

%

Adjusted EBITDA

$

4,797

$

(5,027)

*

Adjusted EBITDA margin

9.5

%

(10.2)

%

*

Rent expense

$

2,807

$

10,247

(72.6)

%

_____________

*percentage change too ample to be allusive or not applicable

Operating acquirement added in the December 2017 division primarily due to an access from our anchored accession operations as Airnorth contributed $21.0 actor and $18.7 actor in operating acquirement for the December 2017 division and December 2016 quarter, respectively.

Operating loss, operating margin, adapted EBITDA and adapted EBITDA allowance bigger in the December 2017 division primarily due to a account to hire amount of $6.0 actor recorded in the December 2017 division accompanying to the OEM amount recoveries and the access in operating acquirement discussed above. Airnorth contributed $2.2 actor and $1.1 actor in adapted EBITDA for the December 2017 division and December 2016 quarter, respectively.

Corporate and other

Three Months EndedDecember 31,

2017

2016

% Change

(in thousands, except percentages)

Operating revenue

$

743

$

2,099

(64.6)

%

Operating loss

$

(19,055)

$

(21,575)

11.7

%

Adjusted EBITDA

$

(15,342)

$

(8,229)

(86.4)

%

Rent expense

$

1,971

$

1,885

4.6

%

Operating acquirement decreased in the December 2017 division primarily due to a abatement in Bristow Academy acquirement due to the auction of Bristow Academy on November 1, 2017.

Operating accident was lower for the December 2017 division primarily due to the auction of Bristow Academy, which incurred beneath of an operating accident in the December 2017 division compared to the December 2016 quarter.  Adapted EBITDA decreased primarily due to adopted bill transaction losses of $0.3 actor recorded in the December 2017 division adjoin adopted bill transaction assets of $10.7 actor in the December 2016 quarter.

GUIDANCE

Guidance for called banking measures is included in the tables that follow.

CONFERENCE CALL

Management will conduct a appointment alarm starting at 10:00 a.m. ET (9:00 a.m. CT) on Friday, February 9, 2018 to analysis banking after-effects for the budgetary year 2018 third division concluded December 31, 2017.  This absolution and the best contempo broker accelerate presentation are attainable in the broker relations breadth of our web folio at www.bristowgroup.com.  The appointment alarm can be accessed as follows:

Via Webcast:

Via Telephone aural the U.S.:

Via Telephone alfresco the U.S.:

ABOUT BRISTOW GROUP INC.

Bristow Group Inc. is the arch all-around automated aerodynamics casework provider alms helicopter transportation, chase and accomplishment (SAR) and aircraft abutment casework to government and civilian organizations worldwide. Bristow has above operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in best of the added above adopted oil and gas bearing regions of the world, including Australia, Brazil, Canada, Russia and Trinidad. Bristow provides SAR casework to the clandestine area accustomed and to the accessible area for all of the U.K. on account of the Maritime and Coastguard Agency. For added information, appointment bristowgroup.com.

FORWARD-LOOKING STATEMENTS DISCLOSURE

Statements absolute in this account absolution that accompaniment the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the approaching are advanced statements. These advanced statements accommodate statements apropos balance and clamminess guidance, accustomed arrangement revenue, basic deployment strategy, operational and basic performance, accustomed amount administration activities, aboriginal accessories architect recoveries, accustomed basic amount deferrals and, bazaar and industry conditions. It is important to agenda that the Company’s absolute after-effects could alter materially from those projected in such advanced statements. Risks and uncertainties accommodate after limitation:  fluctuations in the appeal for our services; fluctuations in accustomed prices of and accumulation and appeal for oil and accustomed gas; fluctuations in levels of oil and accustomed gas production, analysis and development activities; the appulse of competition; accomplishments by audience and suppliers; the accident of reductions in spending on automated aerodynamics casework by authoritative agencies; changes in tax and added laws and regulations; changes in adopted barter ante and controls; risks associated with all-embracing operations; operating risks inherent in our business, including the achievability of crumbling assurance performance; accustomed bread-and-er altitude including the basic and acclaim markets; our adeptness to access financing; the accident of accomplishments of segments of our agile for continued periods of time or indefinitely; our adeptness to re-deploy our aircraft to regions with greater demand; our adeptness to access added aircraft and actuate of earlier aircraft through sales into the aftermarket; the achievability that we do not accomplish the advancing account of our agile advance program; availability of employees; and political instability, war or acts of agitation in any of the countries area we operate. Added advice apropos factors that could account absolute after-effects to alter materially from those in the advanced statements is absolute from time to time in the Company’s SEC filings, including but not bound to the Company’s anniversary address on Anatomy 10-Q for the division concluded September 30, 2017 and anniversary address on Anatomy 10-K for the budgetary year concluded March 31, 2017. Bristow Group Inc. disclaims any ambition or obligation to alter any advanced statements, including banking estimates, whether as a aftereffect of new information, approaching contest or otherwise.

Linda McNeillInvestor Relations(713) 267-7622

(financial tables follow)

BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per allotment amounts and percentages)

(Unaudited)

Three Months EndedDecember 31,

Nine Months EndedDecember 31,

2017

2016

2017

2016

Gross revenue:

Operating acquirement from non-affiliates

$

328,944

$

305,789

$

991,655

$

969,779

Operating acquirement from affiliates

16,584

18,564

51,594

54,420

Reimbursable acquirement from non-affiliates

15,207

13,090

43,271

40,109

360,735

337,443

1,086,520

1,064,308

Operating expense:

Direct cost

271,864

260,343

842,128

831,516

Reimbursable expense

14,725

12,206

42,365

38,096

Depreciation and amortization

31,682

29,768

94,119

93,054

General and administrative

43,366

45,409

138,695

149,278

361,637

347,726

1,117,307

1,111,944

Loss on impairment

(8,706)

(1,192)

(16,278)

Loss on auctioning of assets

(4,591)

(874)

(12,418)

(13,077)

Earnings from unconsolidated affiliates, net of losses

1,996

766

3,394

4,777

Operating loss

(3,497)

(19,097)

(41,003)

(72,214)

Interest expense, net

(19,093)

(12,179)

(53,677)

(34,533)

Other assets (expense), net

(766)

1,668

147

(1,518)

Loss afore accouterment for assets taxes

(23,356)

(29,608)

(94,533)

(108,265)

Benefit (provision) for assets taxes

13,419

3,560

(2,546)

11,038

Net loss

(9,937)

(26,048)

(97,079)

(97,227)

Net accident attributable to noncontrolling interests

1,664

4,121

2,322

4,731

Net accident attributable to Bristow Group

$

(8,273)

$

(21,927)

$

(94,757)

$

(92,496)

Loss per accustomed share:

Basic

$

(0.23)

$

(0.62)

$

(2.69)

$

(2.64)

Diluted

$

12.12
12.12 | ct 941 form 2016

(0.23)

$

(0.62)

$

(2.69)

$

(2.64)

Non-GAAP measures:

Adjusted EBITDA

$

34,964

$

22,918

$

82,545

$

67,397

Adjusted EBITDA margin

10.1

%

7.1

%

7.9

%

6.6

%

Adjusted net loss

$

(18,450)

$

(10,121)

$

(59,198)

$

(34,415)

Adjusted adulterated accident per share

$

(0.52)

$

(0.29)

$

(1.68)

$

(0.98)

 

BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

December 31,2017

March 31,2017

ASSETS

Current assets:

Cash and banknote equivalents

$

117,848

$

96,656

Accounts receivable from non-affiliates

202,141

198,129

Accounts receivable from affiliates

12,638

8,786

Inventories

133,993

124,911

Assets captivated for sale

31,038

38,246

Prepaid costs and added accustomed assets

43,668

41,143

Total accustomed assets

541,326

507,871

Investment in unconsolidated affiliates

211,115

210,162

Property and accessories – at cost:

Land and buildings

241,792

231,448

Aircraft and equipment

2,511,322

2,622,701

2,753,114

2,854,149

Less – Accumulated abrasion and amortization

(673,930)

(599,785)

2,079,184

2,254,364

Goodwill

20,299

19,798

Other assets

115,233

121,652

Total assets

$

2,967,157

$

3,113,847

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ INVESTMENT

Current liabilities:

Accounts payable

$

87,428

$

98,215

Accrued wages, allowances and accompanying taxes

55,652

59,077

Income taxes payable

5,320

15,145

Other accrued taxes

6,095

9,611

Deferred revenue

17,922

19,911

Accrued aliment and repairs

28,468

22,914

Accrued interest

6,292

12,909

Other accrued liabilities

72,292

46,679

Deferred taxes

830

Short-term borrowings and accustomed maturities of abiding debt

93,136

131,063

Total accustomed liabilities

372,605

416,354

Long-term debt, beneath accustomed maturities

1,102,765

1,150,956

Accrued alimony liabilities

54,291

61,647

Other liabilities and deferred credits

37,768

28,899

Deferred taxes

141,904

154,873

Redeemable noncontrolling interest

3,859

6,886

Stockholders’ investment:

Common stock

381

379

Additional paid-in capital

844,825

809,995

Retained earnings

894,684

991,906

Accumulated added absolute loss

(307,353)

(328,277)

Treasury shares

(184,796)

(184,796)

Total Bristow Group stockholders’ investment

1,247,741

1,289,207

Noncontrolling interests

6,224

5,025

Total stockholders’ investment

1,253,965

1,294,232

Total liabilities, redeemable noncontrolling absorption and stockholders’ investment

$

2,967,157

$

3,113,847

 

BRISTOW GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Nine Months EndedDecember 31,

2017

2016

Cash flows from operating activities:

Net loss

$

(97,079)

$

(97,227)

Adjustments to accommodate net accident to net banknote acclimated in operating activities:

Depreciation and amortization

94,119

93,054

Deferred assets taxes

(14,665)

(20,991)

Write-off of deferred costs fees

1,138

Discount acquittal on abiding debt

343

1,314

Loss on auctioning of assets

12,418

13,077

Loss on impairment

1,192

16,278

Deferral of charter payment

2,423

Stock-based compensation

8,776

9,508

Equity in balance from unconsolidated affiliates in balance of assets received

(3,185)

(4,294)

Increase (decrease) in banknote constant from changes in:

Accounts receivable

(3,785)

15,787

Inventories

(4,618)

(2,912)

Prepaid costs and added assets

10,250

(4,359)

Accounts payable

(14,540)

(7,395)

Accrued liabilities

(5,528)

(19,891)

Other liabilities and deferred credits

3,434

(6,047)

Net banknote acclimated in operating activities

(9,307)

(14,098)

Cash flows from advance activities:

Capital expenditures

(36,441)

(119,726)

Proceeds from asset dispositions

48,547

14,344

Proceeds from OEM amount recoveries

94,463

Deposits accustomed on aircraft captivated for sale

290

Net banknote provided by (used in) advance activities

106,569

(105,092)

Cash flows provided by (used in) costs activities:

Proceeds from borrowings

548,768

360,240

Debt arising costs

(11,653)

(3,883)

Repayment of debt

(609,667)

(243,677)

Purchase of 4½% Convertible Chief Addendum alarm option

(40,393)

Proceeds from arising of warrants

30,259

Partial accommodation of put/call obligation

(36)

(38)

Dividends paid to noncontrolling interest

(2,533)

Payment of accidental consideration

12 12 form - Kivan.yellowriverwebsites
12 12 form – Kivan.yellowriverwebsites | ct 941 form 2016

(10,000)

Common banal assets paid

(2,465)

(7,366)

Repurchases for tax withholdings on vesting of disinterestedness awards

(591)

(762)

Net banknote provided by (used in) costs activities

(85,778)

91,981

Effect of barter amount changes on banknote and banknote equivalents

9,708

(5,942)

Net access (decrease) in banknote and banknote equivalents

21,192

(33,151)

Cash and banknote equivalents at alpha of period

96,656

104,310

Cash and banknote equivalents at end of period

$

117,848

$

71,159

 

BRISTOW GROUP INC. AND SUBSIDIARIES

SELECTED OPERATING DATA

(In thousands, except flight hours and percentages)

(Unaudited)

Three Months EndedDecember 31,

Nine Months EndedDecember 31,

2017

2016

2017

2016

Flight hours (excluding Bristow Academy and unconsolidated affiliates):

Europe Caspian

22,909

20,921

68,762

65,703

Africa

7,417

7,145

22,561

22,869

Americas

7,954

5,337

23,810

17,504

Asia Pacific

6,672

6,691

19,991

19,759

Consolidated

44,952

40,094

135,124

125,835

Operating revenue:

Europe Caspian

$

189,910

$

172,844

$

570,983

$

548,070

Africa

47,915

49,587

146,523

153,055

Americas

60,345

53,024

178,884

168,578

Asia Pacific

50,248

49,092

153,365

155,144

Corporate and other

743

2,099

3,912

7,917

Intra-region eliminations

(3,633)

(2,293)

(10,418)

(8,565)

Consolidated

$

345,528

$

324,353

$

1,043,249

$

1,024,199

Consolidated operating loss:

Europe Caspian

$

5,312

$

(303)

$

19,610

$

18,468

Africa

10,470

10,441

28,353

19,954

Americas

5,308

2,226

11,535

5,790

Asia Pacific

(941)

(9,012)

(19,374)

(24,480)

Corporate and other

(19,055)

(21,575)

(68,709)

(78,869)

Loss on auctioning of assets

(4,591)

(874)

(12,418)

(13,077)

Consolidated

$

(3,497)

$

(19,097)

$

(41,003)

$

(72,214)

Operating margin:

Europe Caspian

2.8

%

(0.2)

%

3.4

%

3.4

%

Africa

21.9

%

21.1

%

19.4

%

13.0

%

Americas

8.8

%

4.2

%

6.4

%

3.4

%

Asia Pacific

(1.9)

%

(18.4)

%

(12.6)

%

(15.8)

%

Consolidated

(1.0)

%

(5.9)

%

(3.9)

%

(7.1)

%

Adjusted EBITDA:

Europe Caspian

$

18,614

$

9,123

$

58,716

$

43,273

Africa

14,206

17,012

40,206

39,350

Americas

12,689

10,039

33,430

34,317

Asia Pacific

4,797

(5,027)

502

(10,513)

Corporate and other

(15,342)

(8,229)

(50,309)

(39,030)

Consolidated

$

34,964

$

22,918

$

82,545

$

67,397

Adjusted EBITDA margin:

Europe Caspian

9.8

%

5.3

%

10.3

%

7.9

%

Africa

29.6

%

34.3

%

27.4

%

25.7

%

Americas

21.0

%

18.9

%

18.7

%

20.4

%

Asia Pacific

9.5

%

(10.2)

%

0.3

%

(6.8)

%

Consolidated

10.1

%

7.1

%

7.9

%

6.6

%

Three Months EndedDecember 31,

Nine Months EndedDecember 31,

2017

2016

2017

2016

Depreciation and amortization:

Europe Caspian

$

12,771

12 form 12 - Kivan.yellowriverwebsites
12 form 12 – Kivan.yellowriverwebsites | ct 941 form 2016

$

11,185

$

36,789

$

33,594

Africa

3,664

4,007

10,330

12,680

Americas

6,909

7,060

20,906

25,669

Asia Pacific

4,479

4,973

15,347

13,586

Corporate and other

3,859

2,543

10,747

7,525

Consolidated

$

31,682

$

29,768

$

94,119

$

93,054

Rent expense:

Europe Caspian

$

29,499

$

34,115

$

102,803

$

100,007

Africa

2,048

1,767

6,424

6,101

Americas

6,295

5,638

18,480

16,258

Asia Pacific

2,807

10,247

24,356

28,803

Corporate and other

1,971

1,885

6,456

5,721

Consolidated

$

42,620

$

53,652

$

158,519

$

156,890

 

BRISTOW GROUP INC. AND SUBSIDIARIES

AIRCRAFT COUNT

As of December 31, 2017

(Unaudited)

Percentage

of Current

Period

Operating

Revenue

Aircraft in Consolidated Fleet

Helicopters

Fixed

Wing (1)

Unconsolidated

Affiliates (4)

Small

Medium

Large

Total (2)(3)

Total

Europe Caspian

54

%

16

79

32

127

127

Africa

14

%

9

28

5

5

47

48

95

Americas

17

%

16

41

16

73

66

139

Asia Pacific

15

%

10

21

14

45

45

Total

100

%

25

95

121

51

292

114

406

Aircraft not currently in fleet: (5)

On order

27

27

Under option

4

4

_____________

(1)

Eastern Airways operates a absolute of 32 anchored accession aircraft in the Europe Caspian arena and provides abstruse abutment for three anchored accession aircraft in the Africa region. Additionally, Airnorth operates a absolute of 14 anchored accession aircraft, which are included in the Asia Pacific region.

(2)

Includes 9 aircraft captivated for auction and 102 busy aircraft as follows:

 

Held for Auction Aircraft in Consolidated Fleet

Helicopters

Small

Medium

Large

Fixed

Wing

Total

Europe Caspian

2

2

Africa

1

1

2

Americas

4

4

Asia Pacific

1

1

Total

7

2

9

Leased Aircraft in Consolidated Fleet

Helicopters

Small

Medium

Large

Fixed

Wing

Total

Europe Caspian

6

40

14

60

Africa

1

2

2

5

Americas

3

14

6

23

Asia Pacific

3

7

4

14

Total

3

24

55

20

102

(3)

The boilerplate age of our agile was about nine years as of December 31, 2017.

(4)

The 114 aircraft operated by our unconsolidated affiliates do not accommodate those aircraft busy from us. Includes 44 helicopters (primarily medium) and 22 anchored accession aircraft endemic and managed by Líder Táxi Aéreo S.A. (“Líder”), our unconsolidated associate in Brazil included in the Americas region, and 41 helicopters and seven anchored accession aircraft endemic by Petroleum Air Casework (“PAS”), our unconsolidated associate in Egypt included in the Africa region.

(5)

This table does not reflect aircraft which our unconsolidated affiliates may accept on adjustment or beneath option.

 

BRISTOW GROUP INC. AND SUBSIDIARIES

FY18 GUIDANCE

FY18 advice as of December 31, 2017 (1)

Operating acquirement 2

Adjusted EBITDA2,3

Rent2

Oil and gas

~$875M – $975M

~$40M – $50M 4

~$130M – $140M 4

U.K. SAR

~$215M – $230M

~$55M – $60M 4

~$45M – $50M

Eastern

~$105M – $115M

~$(5M) – $0M 4

~$10M – $12M

Airnorth

~$80M – $90M

~$5M – $10M

~$10M – $12M

Total

~$1.3B – $1.4B

~$100M – $115M 4

~$205M – $215M 4

G&A expense

~$170M – $190M

Depreciation expense

~$120M – $130M

Total aircraft hire 4, 5

~$180M – $185M

Total non-aircraft hire 5

~$25M – $30M

Interest amount 4

~$65M – $75M

Non-aircraft capex

~$40M annually

_____________

(1) 

FY18 advice assumes FX ante as of December 31, 2017.

(2) 

Operating revenue, adapted EBITDA and hire for oil and gas includes accumulated and added acquirement and the appulse of accumulated aerial expenses.

12 12 form - Kivan.yellowriverwebsites
12 12 form – Kivan.yellowriverwebsites | ct 941 form 2016

(3)

Adjusted EBITDA for U.K. SAR and anchored accession (Eastern/Airnorth) excludes accumulated aerial allocations constant with banking reporting. Adapted EBITDA is a non-GAAP admeasurement of which the best commensurable GAAP admeasurement is net assets (loss). We accept not provided a adaptation of this non-GAAP advanced advice to GAAP. The best commensurable GAAP admeasurement to adjusted EBITDA is net assets (loss) which is not affected at this lower akin of our business as we do not admeasure assertive costs, including accumulated and added aerial costs, absorption amount and assets taxes aural our accounting system. Providing this abstracts would crave absurd efforts in the anatomy of allocations of added costs beyond the organization.

(4)

Updated from advice provided in November 2017.

(5) 

Total aircraft hire and absolute non-aircraft hire are across-the-board of the corresponding apparatus of hire amount for U.K. SAR, Eastern, Airnorth added oil and gas.

 

BRISTOW GROUP INC. AND SUBSIDIARIES

GAAP RECONCILIATIONS

These banking measures accept not been able in accordance with about accustomed accounting attempt (“GAAP”) and accept not been audited or advised by our absolute auditor.  These banking measures are accordingly advised non-GAAP banking measures.  A description of the adjustments to and reconciliations of these non-GAAP banking measures to the best commensurable GAAP banking measures is as follows:

Three Months EndedDecember 31,

Nine Months EndedDecember 31,

2017

2016

2017

2016

(In thousands, except

 per allotment amounts)

Net loss

$

(9,937)

$

(26,048)

$

(97,079)

$

(97,227)

Loss on auctioning of assets

4,591

874

12,418

13,077

Special items

2,810

9,537

16,352

34,361

Depreciation and amortization

31,682

29,768

94,119

93,054

Interest expense

19,237

12,347

54,189

35,170

(Benefit) accouterment for assets taxes

(13,419)

(3,560)

2,546

(11,038)

Adjusted EBITDA

$

34,964

$

22,918

$

82,545

$

67,397

Benefit (provision) for assets taxes

$

13,419

$

3,560

$

(2,546)

$

11,038

Tax accouterment (benefit) on accident on auctioning of assets

(2,130)

(1,953)

8,061

(5,858)

Tax accouterment (benefit) on appropriate items

(15,448)

5,227

(1,272)

10,227

Adjusted (provision) account for assets taxes

$

(4,159)

$

6,834

$

4,243

$

15,407

Effective tax amount (1)

57.5

%

12.0

%

(2.7)

%

10.2

%

Adjusted able tax amount (1)

(26.1)

%

37.9

%

6.5

%

29.9

%

Net accident attributable to Bristow Group

$

(8,273)

$

(21,927)

$

(94,757)

$

(92,496)

Loss (gain) on auctioning of assets

2,461

(1,079)

20,479

7,219

Special items

(12,638)

12,885

15,080

50,862

Adjusted net loss

$

(18,450)

$

(10,121)

$

(59,198)

$

(34,415)

Diluted accident per share

$

(0.23)

$

(0.62)

$

(2.69)

$

(2.64)

Loss (gain) on auctioning of assets

0.07

(0.03)

0.58

0.21

Special items

(0.36)

0.37

0.43

1.45

Adjusted adulterated accident per share

(0.52)

(0.29)

(1.68)

(0.98)

_____________

(1)

Effective tax amount is affected by adding account (provision) for assets tax by pretax net loss. Adapted able tax amount is affected by adding adapted account (provision) for assets tax by adapted pretax net loss. Tax accouterment (benefit) on accident on auctioning of assets and tax accouterment (benefit) on appropriate items is affected application the approved amount of the article recording the accident on auctioning of assets or appropriate item.

 

Three Months EndedDecember 31, 2017

AdjustedEBITDA

Adjusted

Net Loss

Adjusted

Diluted

Loss

Per

Share

(In thousands, except per allotment amounts)

Organizational restructuring costs (1)

$

(2,810)

$

(2,501)

(0.07)

Tax items (2)

15,139

0.42

Total appropriate items

$

(2,810)

$

12,638

0.36

Three Months EndedDecember 31, 2016

AdjustedEBITDA

Adjusted

Net Loss

Adjusted

Diluted

Loss

Per

Share

(In thousands, except per allotment amounts)

Organizational restructuring costs (1)

$

(831)

$

(583)

(0.02)

Additional abrasion amount constant from agile changes (3)

(761)

(0.02)

Goodwill crime (4)

(8,706)

(7,857)

(0.22)

Tax appraisal allowances (2)

(3,684)

(0.10)

Total appropriate items

$

(9,537)

$

(12,885)

(0.37)

Nine Months EndedDecember 31, 2017

AdjustedEBITDA

AdjustedNet Loss

AdjustedDilutedLossPerShare

(In thousands, except per allotment amounts)

Organizational restructuring costs (1)

$

(15,160)

$

(11,337)

(0.32)

Inventory impairment

(1,192)

(775)

(0.02)

Tax items (2)

(2,968)

(0.08)

Total appropriate items

$

(16,352)

$

(15,080)

(0.43)

Nine Months EndedDecember 31, 2016

AdjustedEBITDA

AdjustedNet Loss

AdjustedDilutedLossPerShare

(In thousands, except per allotment amounts)

Organizational restructuring costs (1)

$

(18,083)

$

(12,171)

(0.35)

Additional abrasion amount constant from agile changes (3)

(6,122)

(0.17)

Goodwill crime (4)

(8,706)

(7,857)

(0.22)

Inventory impairment

(7,572)

(5,372)

(0.15)

Tax appraisal allowances (2)

(19,340)

(0.55)

Total appropriate items

$

(34,361)

$

(50,862)

(1.45)

_____________

(1)

Organizational restructuring costs accommodate severance amount included in absolute costs and accustomed and authoritative amount from our autonomous and automatic break programs.

(2)

Relates to a ancient non-cash aftereffect from tax items including a $75.6 actor account accompanying to the revaluation of net deferred tax liabilities to a lower tax amount constant from the achievement of the Tax Cuts and Jobs Act in December 2017 and advancing appulse of appraisal of deferred tax assets and contempo financings of $1.0 million, partially account by the appulse of accounted repatriation of adopted balance beneath the Act of $61.5 actor for the three months concluded December 31, 2017. Relates to a ancient non-cash aftereffect from tax items including a $75.6 actor account accompanying to the revaluation of net deferred tax liabilities to a lower tax amount constant from the achievement of the Tax Cuts and Jobs Act in December 2017, partially account by the appulse of accounted repatriation of adopted balance beneath the Act of $61.5 million, the advancing appulse of appraisal of deferred tax assets of $14.7 actor and a ancient non-cash tax aftereffect from repositioning of assertive aircraft from one tax administration to addition accompanying to contempo costs affairs constant in added assets tax amount of $2.4 actor for the nine months concluded December 31, 2017. Relates to a tax appraisal allowance of $3.7 actor adjoin net operating losses in assertive adopted jurisdictions for the three months concluded December 31, 2016 and a tax appraisal allowance of $11.0 actor adjoin adopted tax credits and $8.3 actor adjoin net operating losses in assertive adopted jurisdictions for the nine months concluded December 31, 2016.

(3)

Relates to added abrasion amount due to agile changes.

(4)

Relates to crime of amicableness of Eastern Airways in our Europe Caspian region.

Form 12 Instructions  - ct 941 form 2016
Form 12 Instructions – ct 941 form 2016 | ct 941 form 2016

 

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