HOUSTON, Nov. 4, 2025 /PRNewswire/ --
Third Quarter Highlights
-- Total revenues of $386.3 million in Q3 2025 compared to $376.4 million in
Q2 2025
-- Net income of $51.5 million, or $1.72 per diluted share, in Q3 2025
compared to net income of $31.7 million, or $1.07 per diluted share, in
Q2 2025
-- Adjusted EBITDA(1) in Q3 2025 was $67.1 million compared to $60.7 million
in Q2 2025
-- Updated 2025 Adjusted EBITDA outlook range to $240 - $250 million and
2026 Adjusted EBITDA outlook range to $295 - $325 million
Bristow Group Inc. (NYSE: VTOL) ("Bristow" or the "Company") today reported net income attributable to the Company of $51.5 million, or $1.72 per diluted share, for the quarter ended September 30, 2025 (the "Current Quarter") on total revenues of $386.3 million compared to net income attributable to the Company of $31.7 million, or $1.07 per diluted share, for the quarter ended June 30, 2025 (the "Preceding Quarter") on total revenues of $376.4 million.
The following table provides select financial highlights for the periods reflected (in thousands, except per share amounts). A reconciliation of net income to EBITDA and Adjusted EBITDA, operating income to Adjusted Operating Income and cash provided by (used in) operating activities to Free Cash Flow and Adjusted Free Cash Flow is included in the "Non-GAAP Financial Measures" section herein.
Three Months Ended
September 30, June 30,
2025 2025
---------------- ---------------
Total revenues $ 386,289 $ 376,429
Operating income 50,535 42,640
Net income attributable to Bristow Group
Inc. 51,544 31,748
Basic earnings per common share 1.79 1.10
Diluted earnings per common share 1.72 1.07
Net cash provided by operating activities 23,057 99,039
Non-GAAP(1) :
Adjusted Operating Income $ 62,201 $ 57,330
EBITDA 67,449 79,568
Adjusted EBITDA 67,097 60,700
Free Cash Flow 20,257 94,507
Adjusted Free Cash Flow 21,365 95,293
__________________
(1) See definitions of these non-GAAP financial measures and the
reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP
Financial Measures section further below.
"Bristow continues to have a positive outlook for offshore energy services activity, as deepwater projects are favorably positioned, offering attractive relative returns within the asset portfolios of oil and gas companies," said Chris Bradshaw, President and CEO of Bristow Group. "While the industry is likely amidst a mid-cycle activity plateau that may persist for much of the next 12 months, the tight supply of offshore helicopters supports a more constructive outlook for our sector relative to some other offshore equipment sectors. We are pleased to report another quarter of strong financial performance in Q3 2025, and we continue to have a robust growth outlook for 2026, as evidenced by expected Adjusted EBITDA growth of approximately 27% year-over-year."
Sequential Quarter Results
Offshore Energy Services
Three Months Ended
--------------------------------------------------
September 30, June 30, Favorable
($ in thousands) 2025 2025 (Unfavorable)
------------- ----------- ----------------------
Revenues $ 250,431 $ 252,810 $ (2,379) (0.9) %
Operating income 42,429 43,595 (1,166) (2.7) %
Adjusted Operating
Income 51,236 53,588 (2,352) (4.4) %
Operating income
margin 17 % 17 %
Adjusted Operating
Income margin 20 % 21 %
Revenues from Offshore Energy Services were $2.4 million lower in the Current Quarter. Revenues in Europe and Africa were $6.6 million and $1.5 million lower, respectively, primarily due to lower utilization, while revenues in the Americas were $5.7 million higher primarily due to higher utilization. Operating income was $1.2 million lower in the Current Quarter primarily due to the lower revenues, partially offset by lower general and administrative expenses of $1.4 million primarily due to lower professional services fees. Overall operating expenses were consistent with the Preceding Quarter primarily due to higher personnel costs, offset by lower repairs and maintenance and other operating costs. Personnel costs were $7.3 million higher primarily due to the absence of a seasonal personnel cost benefit in Norway of $4.2 million in the Preceding Quarter, higher benefits costs of $1.8 million in Europe and the U.S. in the Current Quarter, and higher overtime costs of $0.8 million in the U.S and Trinidad. Repairs and maintenance costs were $5.3 million lower primarily due to higher vendor credits. Other operating expenses were $2.3 million lower primarily due to lower subcontractor costs of $1.8 million related to activity in Africa and Norway, and lower reimbursable expenses of $1.6 million in Europe, partially offset by higher freight costs of $0.9 million.
Government Services
Three Months Ended
--------------------------------------------------
September 30, June 30, Favorable
($ in thousands) 2025 2025 (Unfavorable)
------------- ------------ ---------------------
Revenues $ 100,898 $ 92,499 $ 8,399 9.1 %
Operating income
(loss) 2,586 (1,912) 4,498 nm
Adjusted Operating
Income 10,810 6,036 4,774 79.1 %
Operating income
(loss) margin 3 % (2) %
Adjusted Operating
Income margin 11 % 7 %
__________________
nm = Not Meaningful
Revenues from Government Services were $8.4 million higher in the Current Quarter primarily due to the ongoing transition of the Irish Coast Guard ("IRCG") contract, as an additional base commenced operations in the third quarter. Operating income was $2.6 million in the Current Quarter compared to an operating loss of $1.9 million in the Preceding Quarter primarily due to the higher revenues, partially offset by higher operating expenses of $2.8 million and higher general and administrative expenses of $0.8 million. The increase in operating expenses was primarily due to higher other operating costs of $4.6 million due to higher subcontractor costs, increased amortization of deferred costs, and higher personnel costs of $2.2 million related to new Government Services contracts, partially offset by lower repairs and maintenance costs of $4.0 million due to higher vendor credits and the timing of repairs. The increase in general and administrative expenses was primarily due to higher professional services fees and personnel costs related to contract transitions.
Other Services
Three Months Ended
--------------------------------------------------
September 30, June 30, Favorable
($ in thousands) 2025 2025 (Unfavorable)
------------- ------------ ---------------------
Revenues $ 34,960 $ 31,120 $ 3,840 12.3 %
Operating income 5,463 3,443 2,020 58.7 %
Adjusted Operating
Income 8,121 6,188 1,933 31.2 %
Operating income
margin 16 % 11 %
Adjusted Operating
Income margin 23 % 20 %
Revenues from Other Services were $3.8 million higher in the Current Quarter primarily due to higher activity in Australia of $4.8 million, partially offset by lower revenues of $1.1 million due to the conclusion of a dry-lease contract. Operating income was $2.0 million higher in the Current Quarter primarily due to the higher revenues, partially offset by higher operating expenses of $1.9 million related to the increased activity in Australia.
Corporate
Three Months Ended
---------------------------------------------------------
September 30, June 30, Favorable
($ in thousands) 2025 2025 (Unfavorable)
---------------- ---------------- ---------------------
Corporate:
Total expenses $ 8,188 $ 8,695 $ 507 5.8 %
Gains on disposal
of assets 8,245 6,209 2,036 32.8 %
Operating
income
(loss) 57 (2,486) 2,543 nm
Consolidated:
Interest income $ 2,262 $ 2,039 $ 223 10.9 %
Interest expense,
net (9,962) (10,034) 72 0.7 %
Other, net (3,087) 17,577 (20,664) nm
Income tax
benefit
(expense) 11,843 (20,443) 32,286 nm
Operating income was $0.1 million in the Current Quarter compared to an operating loss of $2.5 million in the Preceding Quarter primarily due to increased gains on asset dispositions of $2.0 million and lower general and administrative expenses of $0.5 million. During the Current Quarter, the Company sold or otherwise disposed of two AW139 medium helicopters resulting in net gains of $8.2 million. During the Preceding Quarter, the Company sold or otherwise disposed of two AW139 medium helicopters resulting in net gains of $6.2 million. General and administrative expenses were lower due to decreased personnel costs.
Other expense, net of $3.1 million in the Current Quarter resulted from foreign exchange losses. Other income, net of $17.6 million in the Preceding Quarter primarily resulted from foreign exchange gains.
Income tax benefit was $11.8 million in the Current Quarter compared to income tax expense of $20.4 million in the Preceding Quarter. The income tax benefit and resulting effective tax rate in the Current Quarter were impacted by a valuation allowance released in Australia, the earnings mix of the Company's global operations and higher deductible business interest expenses, partially offset by the recognition of certain deferred tax assets.
Updated 2025 and 2026 Outlook
Please refer to the section 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 contains non-GAAP financial measures. Please read the section entitled "Non-GAAP Financial Measures" for further information.
Select financial outlook for 2025 and 2026 are as follows (in USD, millions):
2025 E 2026 E
--------------------------------- --------------- ---------------
Revenues:
Offshore Energy Services $970 - $1,010 $1,010 - $1,080
Government Services $370 - $390 $440 - $460
Other Services $115 - $125 $130 - $150
--------------- ---------------
Total Revenues $1,455 - $1,525 $1,580 - $1,690
Adjusted Operating Income:
Offshore Energy Services $200 $225 - $235
Government Services $40 - $45 $70 - $80
Other Services $20 - $25 $20 - $25
Corporate ($35 - $30) ($35 - $30)
--------------- ---------------
$225 - $240 $280 - $310
Adjusted EBITDA $240 - $250 $295 - $325
Cash interest $45 $40
Cash taxes $25 - $30 $25 - $30
Maintenance capital expenditures $12 - $15 $20 - $25
Capital Allocation and Liquidity
Consistent with its capital allocation framework, the Company made an additional $24.8 million (GBP18.4 million) of accelerated principal payments on its UKSAR Debt facility in the Current Quarter.
In the Current Quarter, purchases of property and equipment were $29.2 million, of which $2.8 million were maintenance capital expenditures, and cash proceeds from the sale of assets were $28.6 million. In the Preceding Quarter, purchases of property and equipment were $31.6 million, of which $4.5 million were maintenance capital expenditures, and cash proceeds from the sale of assets were $24.1 million.
As of September 30, 2025, the Company had $245.5 million of unrestricted cash and $67.9 million of remaining availability under its asset-based revolving credit facility (the "ABL Facility") for total liquidity of $313.4 million. Borrowings under the ABL Facility are subject to certain conditions and requirements.
Conference Call
The Company's management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Wednesday, November 5, 2025, to review results for the third quarter ended September 30, 2025. The conference call can be accessed using the following link:
Link to Access Earnings Call: https://www.veracast.com/webcasts/bristow/webcasts/VTOL3Q25.cfm
A replay will be available through November 26, 2025 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 November 26, 2025. The accompanying investor presentation will be available on November 5, 2025, on Bristow's website at www.bristowgroup.com.
For additional information concerning Bristow, contact Jennifer Whalen at InvestorRelations@bristowgroup.com, (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. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.
Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom ("UK") and the United States ("U.S.")
Forward-Looking Statements Disclosure
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management; expected actions by us and by third parties, including our customers, competitors, vendors and regulators; and other matters. Some of the forward-looking statements can be identified by the use of words such as "believes," "belief," "forecasts," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "will," "would," "could," "should" or other similar words; however, all statements in this press release, other than statements of historical fact or historical financial results, are forward-looking statements. Our forward-looking statements reflect our views and assumptions on the date hereof regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K, and in particular, the risks discussed in Part I, Item 1A, "Risk Factors" of such report and those discussed in other documents we file with the Securities and Exchange Commission (the "SEC"). Accordingly, you should not put undue reliance on any forward-looking statements.
You should consider the following key factors when evaluating these forward-looking statements: 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 and AW189 fleet and aircraft in general; 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 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 effects of the ongoing U.S. government shutdown on our Government Services business; 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; labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements; the possibility of changes in tax, environmental, trade, immigration and other laws and regulations and policies, including, without limitation, tariffs and 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; disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships between the United States and other countries; 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.
The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this press release are qualified by these cautionary statements and are only made as of the date thereof. The forward-looking statements in this press release should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Annual Report on Form 10-K and Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A, "Risk Factors" of the Company's subsequent Quarterly Reports on Form 10-Q. We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.
BRISTOW GROUP INC.
Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
Three Months Ended
------------------------------------ -----------------
September 30, June 30, Favorable/
2025 2025 (Unfavorable)
----------------- ----------------- -----------------
Total revenues $ 386,289 $ 376,429 $ 9,860
Costs and
expenses:
Operating expenses
Personnel 98,581 88,729 (9,852)
Repairs and
maintenance 55,537 64,788 9,251
Insurance 5,778 6,149 371
Fuel 21,396 20,399 (997)
Leased-in
equipment 26,714 26,515 (199)
Other 75,047 71,911 (3,136)
----------------- ----------------- -----------------
Total operating
expenses 283,053 278,491 (4,562)
General and
administrative
expenses 43,205 44,375 1,170
Depreciation and
amortization
expense 17,739 17,312 (427)
----------------- ----------------- -----------------
Total costs and
expenses 343,997 340,178 (3,819)
Gains on disposal
of assets 8,245 6,209 2,036
Earnings (losses)
from
unconsolidated
affiliates (2) 180 (182)
----------------- ----------------- -----------------
Operating
income 50,535 42,640 7,895
Interest income 2,262 2,039 223
Interest expense,
net (9,962) (10,034) 72
Other, net (3,087) 17,577 (20,664)
----------------- ----------------- -----------------
Total other
income
(expense),
net (10,787) 9,582 (20,369)
----------------- ----------------- -----------------
Income before
income taxes 39,748 52,222 (12,474)
Income tax benefit
(expense) 11,843 (20,443) 32,286
----------------- ----------------- -----------------
Net income 51,591 31,779 19,812
Net income
attributable
to
noncontrolling
interests (47) (31) (16)
----------------- ----------------- -----------------
Net income
attributable
to Bristow
Group Inc. $ 51,544 $ 31,748 $ 19,796
================= ================= =================
Basic earnings per
common share $ 1.79 $ 1.10
Diluted earnings
per common share $ 1.72 $ 1.07
Weighted average
common shares
outstanding,
basic 28,867 28,824
Weighted average
common shares
outstanding,
diluted 29,932 29,788
Adjusted Operating
Income $ 62,201 $ 57,330 $ 4,871
EBITDA $ 67,449 $ 79,568 $ (12,119)
Adjusted EBITDA $ 67,097 $ 60,700 $ 6,397
BRISTOW GROUP INC.
REVENUES BY SEGMENT
(unaudited, in thousands)
Three Months Ended
---------------------------------------------------
September 30, June 30, Favorable
2025 2025 (Unfavorable)
--------------- -------------- ------------------
Offshore Energy
Services:
Europe $ 101,026 $ 107,625 $ (6,599) (6.1) %
Americas 100,945 95,230 5,715 6.0 %
Africa 48,460 49,955 (1,495) (3.0) %
--------------- -------------- ---------
Total Offshore
Energy Services $ 250,431 $ 252,810 $ (2,379) (0.9) %
Government Services 100,898 92,499 8,399 9.1 %
Other Services 34,960 31,120 3,840 12.3 %
--------------- -------------- ---------
$ 386,289 $ 376,429 $ 9,860 2.6 %
=============== ============== =========
FLIGHT HOURS BY SEGMENT
(unaudited)
Three Months Ended
September 30, June 30, Favorable
2025 2025 (Unfavorable)
------------- -------- ----------------
Offshore Energy Services:
Europe 8,471 8,838 (367) (4.2) %
Americas 11,104 10,700 404 3.8 %
Africa 4,415 4,931 (516) (10.5) %
------------- -------- ------
Total Offshore Energy Services 23,990 24,469 (479) (2.0) %
Government Services 5,016 4,868 148 3.0 %
Other Services 3,942 3,684 258 7.0 %
------------- -------- ------
32,948 33,021 (73) (0.2) %
============= ======== ======
BRISTOW GROUP INC.
Third Quarter Segment Statements of Operations
(unaudited, in thousands)
Offshore
Energy Government Other
Services Services Services Corporate Consolidated
-------------- --------------- --------------- ----------------- --------------
Three Months
Ended September
30, 2025
Revenues $ 250,431 $ 100,898 $ 34,960 $ -- $ 386,289
Less:
Personnel 62,304 29,507 6,770 -- 98,581
Repairs and
maintenance 42,777 9,365 3,395 -- 55,537
Insurance 3,486 1,950 342 -- 5,778
Fuel 13,162 2,794 5,440 -- 21,396
Leased-in
equipment 15,446 9,572 1,696 -- 26,714
Other segment
costs 41,325 26,271 7,451 -- 75,047
-------------- --------------- --------------- ----------------- --------------
Total
operating
expenses 178,500 79,459 25,094 -- 283,053
General and
administrative
expenses 22,451 11,007 1,781 7,966 43,205
Depreciation
and
amortization
expense 7,049 7,846 2,622 222 17,739
-------------- --------------- --------------- ----------------- --------------
Total costs
and
expenses 208,000 98,312 29,497 8,188 343,997
Gains on
disposal of
assets -- -- -- 8,245 8,245
Losses from
unconsolidated
affiliates (2) -- -- -- (2)
-------------- --------------- --------------- ----------------- --------------
Operating
income
(loss) $ 42,429 $ 2,586 $ 5,463 $ 57 $ 50,535
Non-GAAP(1) :
Depreciation
and
amortization
expense 7,049 7,846 2,622 222 17,739
PBH
amortization 1,758 378 36 -- 2,172
Gains on
disposal of
assets -- -- -- (8,245) (8,245)
-------------- --------------- --------------- ----------------- --------------
Adjusted
Operating
Income
(Loss) $ 51,236 $ 10,810 $ 8,121 $ (7,966) $ 62,201
-------------- --------------- --------------- ----------------- --------------
Offshore
Energy Government Other
Services Services Services Corporate Consolidated
-------------- ---------------- --------------- ----------------- --------------
Three Months
Ended June 30,
2025
Revenues $ 252,810 $ 92,499 $ 31,120 $ -- $ 376,429
Less:
Personnel 55,047 27,271 6,411 -- 88,729
Repairs and
maintenance 48,078 13,369 3,341 -- 64,788
Insurance 3,824 1,948 377 -- 6,149
Fuel 12,865 2,681 4,853 -- 20,399
Leased-in
equipment 15,204 9,699 1,612 -- 26,515
Other segment
costs 43,640 21,717 6,554 -- 71,911
-------------- ---------------- --------------- ----------------- --------------
Total
operating
expenses 178,658 76,685 23,148 -- 278,491
General and
administrative
expenses 23,813 10,230 1,850 8,482 44,375
Depreciation
and
amortization
expense 6,924 7,496 2,679 213 17,312
-------------- ---------------- --------------- ----------------- --------------
Total costs
and
expenses 209,395 94,411 27,677 8,695 340,178
Gains on
disposal of
assets -- -- -- 6,209 6,209
Earnings from
unconsolidated
affiliates 180 -- -- -- 180
-------------- ---------------- --------------- ----------------- --------------
Operating
income
(loss) $ 43,595 $ (1,912) $ 3,443 $ (2,486) $ -- $ 42,640
Non-GAAP(1) :
Depreciation
and
amortization
expense 6,924 7,496 2,679 213 17,312
PBH
amortization 3,069 452 66 -- 3,587
Gains on
disposal of
assets -- -- -- (6,209) (6,209)
-------------- ---------------- --------------- ----------------- --------------
Adjusted
Operating
Income
(Loss) $ 53,588 $ 6,036 $ 6,188 $ (8,482) $ 57,330
-------------- ---------------- --------------- ----------------- --------------
________________
(1) See definitions of these non-GAAP financial measures and the
reconciliation of GAAP to non-GAAP financial measures in the Non-GAAP
Financial Measures section further below.
BRISTOW GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
September 30, December 31,
2025 2024
----------------- -----------------
ASSETS
Current assets:
Cash and cash equivalents $ 250,705 $ 251,281
Accounts receivable, net 233,639 211,590
Inventories 135,379 114,509
Prepaid expenses and other current
assets 58,619 42,078
----------------- -----------------
Total current assets 678,342 619,458
Property and equipment, net 1,145,399 1,076,221
Investment in unconsolidated
affiliates 23,304 22,424
Right-of-use assets 251,371 264,270
Other assets 171,336 142,873
----------------- -----------------
Total assets $ 2,269,752 $ 2,125,246
================= =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 90,838 $ 83,462
Deferred revenue 26,001 15,186
Current portion of operating lease
liabilities 80,118 78,359
Accrued liabilities 136,199 130,279
Current maturities of long-term debt 22,147 18,614
----------------- -----------------
Total current liabilities 355,303 325,900
Long-term debt, less current
maturities 652,807 671,169
Other liabilities and deferred credits 28,150 8,937
Deferred taxes 27,806 39,019
Long-term operating lease liabilities 169,537 188,949
----------------- -----------------
Total liabilities 1,233,603 1,233,974
Stockholders' equity:
Common stock 321 315
Additional paid-in capital 756,161 742,072
Retained earnings 423,316 312,765
Treasury stock, at cost (78,915) (69,776)
Accumulated other comprehensive loss (64,399) (93,669)
----------------- -----------------
Total Bristow Group Inc.
stockholders' equity 1,036,484 891,707
Noncontrolling interests (335) (435)
----------------- -----------------
Total stockholders' equity 1,036,149 891,272
----------------- -----------------
Total liabilities and
stockholders' equity $ 2,269,752 $ 2,125,246
================= =================
Non-GAAP Financial Measures
The Company's management uses EBITDA, Adjusted EBITDA and Adjusted Operating Income to assess the performance and operating results of its business. Each of these measures, as well as Free Cash Flow and Adjusted Free Cash Flow, each as detailed below, are non-GAAP measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in the Company's financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") (including the notes), included in the Company's filings with the SEC and posted on the Company's website.
EBITDA and Adjusted EBITDA
EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash gains and losses on the sale of assets, non-cash foreign exchange gains (losses) related to the revaluation of certain balance sheet items, and certain special items that occurred during the reported period, such as the amortization of PBH maintenance agreements that are non-cash within the period, gains on insurance claims, non-cash nonrecurring insurance adjustments and other special items which include professional service fees related to unusual litigation proceedings and other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed mergers and acquisitions ("M&A") transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Management believes that the use of EBITDA and Adjusted EBITDA is meaningful to investors because it provides information with respect to the Company's ability to meet its future debt service, capital expenditures and working capital requirements and the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis. Neither EBITDA nor Adjusted EBITDA is a recognized term under GAAP. Accordingly, they should not be used as an indicator of, or an alternative to, net income the most directly comparable GAAP measure, as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.
The following tables provide a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (unaudited, in thousands).
Three Months Ended
September 30, June 30, March 31, December 31,
2025 2025 2025 2024 LTM
---------------- ---------------- ---------------- ---------------- ------------
Net income $ 51,591 $ 31,779 $ 27,381 $ 31,768 $ 142,519
Depreciation
and
amortization
expense 17,739 17,312 16,841 16,701 68,593
Interest
expense,
net 9,962 10,034 9,490 9,064 38,550
Income tax
expense
(benefit) (11,843) 20,443 10,183 (12,952) 5,831
---------------- ---------------- ---------------- ---------------- ------------
EBITDA $ 67,449 $ 79,568 $ 63,895 $ 44,581 $ 255,493
(Gains)
losses on
disposal of
assets (8,245) (6,209) 558 82 (13,814)
Foreign
exchange
(gains)
losses 2,946 (17,435) (11,045) 12,581 (12,953)
Special
items(1) 4,947 4,776 4,302 596 14,621
---------------- ---------------- ---------------- ---------------- ------------
Adjusted
EBITDA $ 67,097 $ 60,700 $ 57,710 $ 57,840 $ 243,347
================ ================ ================ ================ ============
(1) Special items include the following:
Three Months Ended
---------------------------------------------------------------------------
September 30, June 30, March 31, December 31,
2025 2025 2025 2024 LTM
----------------- ----------------- ----------------- ------------------ -------------
PBH
amortization $ 2,172 $ 3,587 $ 3,406 $ 3,727 $ 12,892
Gain on
insurance
claim -- -- -- (4,451) (4,451)
Other special
items 2,775 1,189 896 1,320 6,180
----------------- ----------------- ----------------- ------------------ -------------
$ 4,947 $ 4,776 $ 4,302 $ 596 $ 14,621
================= ================= ================= ================== =============
The Company is unable to provide a reconciliation of projected Adjusted EBITDA (non-GAAP) for the outlook periods included in this release to projected net income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted EBITDA due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (GAAP) for the outlook periods.
Free Cash Flow and Adjusted Free Cash Flow
Free Cash Flow represents the Company's net cash provided by (used in) operating activities less maintenance capital expenditures. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude costs paid in relation to certain special items which primarily include (i) professional service fees related to unusual litigation proceedings and (ii) other nonrecurring costs related to strategic activities. The professional services fees are primarily attorneys' fees related to litigation and arbitration matters that the Company is pursuing (where no gain contingency has been recorded or identified) that are unusual in nature and outside of the normal course of the Company's continuing business operations. The other nonrecurring costs related to strategic activities are costs associated with financing transactions and proposed M&A transactions. These special items are related to various pursuits that are not individually material to the Company and, as such, are aggregated for presentation. The Company views these matters and their related financial impacts on the Company's operating performance as extraordinary and not reflective of the operational performance of the Company's core business activities. In addition, the same costs are not reasonably likely to recur within two years nor have the same charges or gains occurred within the prior two years. Management believes that Free Cash Flow and Adjusted Free Cash Flow are meaningful to investors because they provide information with respect to the Company's ability to generate cash from the business. Neither Free Cash Flow nor Adjusted Free Cash Flow is a recognized term under GAAP. Accordingly, these measures should not be used as an indicator of, or an alternative to, net cash provided by operating activities, the most directly comparable GAAP measure. Investors should note numerous methods may exist for calculating a company's free cash flow. As a result, the method used by management to calculate Free Cash Flow and Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow. As such, they may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (unaudited, in thousands).
Three Months Ended
------------------------------------------------------------------------
September 30, June 30, March 31, December 31,
2025 2025 2025 2024 LTM
---------------- ---------------- ------------------ ---------------- ---------------
Net cash
provided by
(used in)
operating
activities $ 23,057 $ 99,039 $ (603) $ 51,054 $ 172,547
Less:
Maintenance
capital
expenditures (2,800) (4,532) (1,886) (2,739) (11,957)
---------------- ---------------- ------------------ ---------------- ---------------
Free Cash
Flow $ 20,257 $ 94,507 $ (2,489) $ 48,315 $ 160,590
Plus: Special
items 1,108 786 740 (2,580) 54
---------------- ---------------- ------------------ ---------------- ---------------
Adjusted
Free Cash
Flow $ 21,365 $ 95,293 $ (1,749) $ 45,735 $ 160,644
================ ================ ================== ================ ===============
Adjusted Operating Income by Segment
Adjusted Operating Income (Loss) ("Adjusted Operating Income") is defined as operating income (loss) before depreciation and amortization (including PBH amortization) and gains or losses on asset dispositions that occurred during the reported period. The Company includes Adjusted Operating Income to provide investors with a supplemental measure of each segment's operating performance. Management believes that the use of Adjusted Operating Income is meaningful to investors because it provides information with respect to each segment's ability to generate cash from its operations. Adjusted Operating Income is not a recognized term under GAAP. Accordingly, this measure should not be used as an indicator of, or an alternative to, operating income (loss), the most directly comparable GAAP measure, as a measure of operating performance. Because the definition of Adjusted Operating Income (or similar measures) may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies.
The following table provides a reconciliation of operating income (loss), the most directly comparable GAAP measure, to Adjusted Operating Income for each segment and Corporate (unaudited, in thousands).
Three Months Ended
--------------------------------------------------------
September 30, June 30, Increase
2025 2025 (Decrease)
----------------- ---------------- -------------------
Offshore Energy
Services:
Operating
income $ 42,429 $ 43,595 $ (1,166) (2.7) %
Depreciation
and
amortization
expense 7,049 6,924 125 1.8 %
PBH
amortization 1,758 3,069 (1,311) (42.7) %
Offshore Energy
Services
Adjusted
Operating
Income $ 51,236 $ 53,588 $ (2,352) (4.4) %
Government
Services:
Operating
income (loss) $ 2,586 $ (1,912) $ 4,498 nm
Depreciation
and
amortization
expense 7,846 7,496 350 4.7 %
PBH
amortization 378 452 (74) (16.4) %
Government
Services
Adjusted
Operating
Income $ 10,810 $ 6,036 $ 4,774 79.1 %
Other Services:
Operating
income $ 5,463 $ 3,443 $ 2,020 58.7 %
Depreciation
and
amortization
expense 2,622 2,679 (57) (2.1) %
PBH
amortization 36 66 (30) (45.5) %
Other Services
Adjusted
Operating
Income $ 8,121 $ 6,188 $ 1,933 31.2 %
Total Segment
Adjusted
Operating
Income $ 70,167 $ 65,812 $ 4,355 6.6 %
Corporate:
Operating
income (loss) $ 57 $ (2,486) $ 2,543 nm
Depreciation
and
amortization
expense 222 213 9 4.2 %
Gains on
disposal of
assets (8,245) (6,209) (2,036) (32.8) %
----------------- ---------------- ---------
Corporate
Adjusted
Operating Loss $ (7,966) $ (8,482) $ 516 6.1 %
Consolidated
Adjusted
Operating
Income $ 62,201 $ 57,330 $ 4,871 8.5 %
The Company is unable to provide a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) for the outlook periods included in this release to projected operating income (GAAP) for the same periods because components of the calculation are inherently unpredictable. The inability to forecast certain components of the calculation would significantly affect the accuracy of the reconciliation. Additionally, the Company does not provide guidance on the items used to reconcile projected Adjusted Operating Income by segment due to the uncertainty regarding timing and estimates of such items. Therefore, the Company does not present a reconciliation of projected Adjusted Operating Income by segment (non-GAAP) to operating income (GAAP) for the outlook periods.
BRISTOW GROUP INC.
FLEET COUNT
Number of Aircraft
------------------------------
Maximum
Owned Leased Total Passenger Average Age
Type Aircraft Aircraft Aircraft Capacity (years)(1)
-------------- -------- --------- --------- --------- -----------
Heavy
Helicopters:
S92 33 29 62 19 15
AW189 20 4 24 16 8
53 33 86
Medium
Helicopters:
AW139 49 6 55 12 14
S76 D/C++ 13 -- 13 12 13
AS365 1 -- 1 12 36
-------- --------- ---------
63 6 69
Light--Twin
Engine
Helicopters:
AW109 3 -- 3 7 18
H135/EC135 12 -- 12 6 9
-------- --------- ---------
15 -- 15
Light--Single
Engine
Helicopters:
AS350 12 -- 12 4 26
AW119 13 -- 13 7 19
-------- --------- ---------
25 -- 25
-------- --------- ---------
Total
Helicopters 156 39 195 15
-------- --------- ---------
Fixed Wing 9 5 14
Unmanned
Aerial
Systems
("UAS") 4 -- 4
-------- --------- ---------
Total Fleet 169 44 213
======== ========= =========
______________________
(1) Reflects the average age of helicopters that are owned by the Company.
The table below presents the number of aircraft in our fleet and their distribution among the segments in which we operate as of September 30, 2025 and the percentage of revenues that each of our segments provided during the Current Quarter.
Helicopters
---------- ----------------------------- ----- ---
Percentage
of
Total Light Light Fixed
Revenues Heavy Medium Twin Single Wing UAS Total
---------- ----- ------ ----- ------- ----- --- -----
Offshore Energy
Services 67 % 56 61 12 -- 1 -- 130
Government
Services 25 % 30 8 3 20 -- 4 65
Other Services 8 % -- -- -- 5 13 -- 18
---------- ----- ------ ----- ------- ----- --- -----
Total 100 % 86 69 15 25 14 4 213
========== ===== ====== ===== ======= ===== === =====
Aircraft not
currently in
fleet:
Under
construction(1) 9 3 -- -- -- -- 12
Options(2) 10 -- 10 -- -- -- 20
(1) Under construction reflects new aircraft that the Company has either
taken possession of and are undergoing additional configuration before
being placed into service or are currently under construction by the
Original Equipment Manufacturer ("OEM") and pending delivery. Includes
nine AW189 heavy helicopters (of which two were delivered and are
undergoing additional configuration) and three AW139 medium helicopters
(all three of which were delivered and are undergoing additional
configuration).
(2) Options include 10 AW189 heavy helicopters and 10 H135 light-twin
helicopters.
View original content:https://www.prnewswire.com/news-releases/bristow-group-reports-third-quarter-2025-results-302604699.html
SOURCE Bristow Group
(END) Dow Jones Newswires
November 04, 2025 16:30 ET (21:30 GMT)