Bristow Group Inc (VTOL) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the December quarter 2022. (Operator Instructions) Please note this call may be recorded.

大家好，歡迎來到 2022 年 12 月季度。（操作員說明）請注意，此通話可能會被錄音。

It is now my pleasure to turn the call over to Red Tilahun. Please go ahead.

現在我很高興將電話轉給 Red Tilahun。請繼續。

Thank you, Mickey. Good morning, everyone, and welcome to Bristow Group's December Quarter and 2022 Earnings Call. I am joined on the call today with our President and Chief Executive Officer, Chris Bradshaw; and Senior Vice President and Chief Financial Officer, Jennifer Whalen.

謝謝你，米奇。大家早上好，歡迎來到 Bristow Group 的 12 月季度和 2022 年財報電話會議。今天，我和我們的總裁兼首席執行官克里斯·布拉德肖 (Chris Bradshaw) 一起參加了電話會議；高級副總裁兼首席財務官 Jennifer Whalen。

Before we begin, I'd like to take this opportunity to remind everyone that during the course of this call, management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on Slide 3 of our investor presentation. You may access our investor presentation on our website. We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A reconciliation of such measures to GAAP is included in the earnings release and our investor presentation.

在我們開始之前，我想藉此機會提醒大家，在本次電話會議期間，管理層可能會做出前瞻性陳述，這些陳述會受到風險和不確定性的影響，這些風險和不確定性在我們投資者介紹的幻燈片 3 中有更詳細的描述.您可以在我們的網站上訪問我們的投資者介紹。我們還將參考某些非 GAAP 財務指標，例如 EBITDA 和自由現金流。這些措施與 GAAP 的對賬包含在收益發布和我們的投資者介紹中。

I will now turn the call over to our President and CEO. Chris?

我現在將把電話轉給我們的總裁兼首席執行官。克里斯？

Thank you, Red, and welcome to the call, everyone. As always, I will begin our prepared remarks with a note on safety, which is Bristow's most important core value and our highest operational priority. The company once again achieved very good safety performance in the December quarter and calendar 2022. Over the recent quarters, the total number of lost workdays has decreased by more than 50%. I want to thank and commend all of our Bristow team members around the world for their continued dedication to our mission and Bristow's Target Zero Safety culture. Thank you.

謝謝你，Red，歡迎大家來電。一如既往，我將以安全說明開始我們準備好的發言，這是 Bristow 最重要的核心價值和我們最高的運營優先事項。該公司在 12 月季度和 2022 日曆年再次取得了非常好的安全績效。在最近幾個季度中，損失工作日總數減少了 50% 以上。我要感謝並讚揚我們在世界各地的所有 Bristow 團隊成員，他們一直致力於我們的使命和 Bristow 的零目標安全文化。謝謝。

Turning now to recent operational highlights. During the fourth quarter, Bristow successfully launched operations on new government contracts to provide search and rescue helicopter services for the Netherlands and separately for the Dutch Caribbean Coastguard. The Netherlands work is a 10-year contract, delivering critical SAR operations, utilizing AW189 helicopters at the Den Helder and Midden-Zeeland airports on behalf of the Netherlands Coastguard. The Dutch Caribbean work is a 10-year contract, delivering critical SAR operations, utilizing AW139 helicopters in the Dutch Antilles, ranging from Curaçao in the south to Saint Martin in the north, on behalf of the Dutch Caribbean Coastguard. We are honored to add these 2 important mandates to our growing government services business.

現在轉向最近的運營亮點。在第四季度，布里斯托成功啟動了新的政府合同業務，為荷蘭和荷蘭加勒比海海岸警衛隊提供搜索和救援直升機服務。荷蘭的工作是一份為期 10 年的合同，代表荷蘭海岸警衛隊在登海爾德和米登澤蘭機場使用 AW189 直升機執行關鍵的搜救行動。荷屬加勒比地區的工作是一份為期 10 年的合同，代表荷屬加勒比海海岸警衛隊，在荷屬安的列斯群島使用 AW139 直升機，從南部的庫拉索島到北部的聖馬丁，開展關鍵的搜救行動。我們很榮幸將這兩項重要任務添加到我們不斷發展的政府服務業務中。

In January, Bristow entered into 2 new equipment financing for an aggregate amount of approximately GBP 140 million. The proceeds from the financing were used to refinance the previous equipment facilities coming due and to support the company's obligation under our SAR contracts in the U.K. The credit facilities have 13-year terms with repayment due in quarterly installments. And they bear interest at a rate equal to SONIA plus 275 basis. We were pleased to complete these transactions as part of our continued approach to protect Bristow's strong balance sheet and liquidity position. And we believe the terms of the financing demonstrate Bristow's industry-leading access to capital.

1 月，Bristow 簽訂了 2 項總金額約為 1.4 億英鎊的新設備融資。融資所得用於為之前到期的設備設施再融資，並支持公司根據我們在英國的 SAR 合同承擔的義務。信貸設施的期限為 13 年，按季度分期付款。他們的利率等於 SONIA 加上 275 基點。我們很高興完成這些交易，作為我們保護 Bristow 強大的資產負債表和流動性狀況的持續方法的一部分。我們相信融資條款證明了 Bristow 行業領先的資本獲取渠道。

I will now hand it over to our CFO for a review of the quarter's financial results and updated 2023 guidance. Jennifer?

我現在將其移交給我們的首席財務官，以審查本季度的財務業績和更新的 2023 年指導方針。詹妮弗？

Thank you, Chris. As previously announced, we changed our fiscal year-end from March 31 to December 31. Therefore, the discussion today will focus on the fourth quarter of 2022. As a reminder, beginning last quarter, we changed our adjusted EBITDA presentation to exclude foreign currency gains and losses that are reported in other income to present the results of operations of the business more clearly. These foreign exchange gains and losses that are reported in other income are primarily noncash and relate to balance sheet items. Today, I will begin with an analysis of the sequential quarter comparison of Bristow's financial results.

謝謝你，克里斯。正如之前宣布的那樣，我們將財政年度結束日期從 3 月 31 日更改為 12 月 31 日。因此，今天的討論將集中在 2022 年第四季度。提醒一下，從上個季度開始，我們更改了調整後的 EBITDA 列報以排除外幣在其他收入中報告的收益和損失，以更清楚地展示企業的運營結果。這些在其他收入中報告的外匯損益主要是非現金的，與資產負債表項目有關。今天，我將首先分析 Bristow 財務業績的連續季度比較。

EBITDA adjusted to exclude special items, asset dispositions and foreign exchange was $36.3 million for the fourth quarter of 2022 compared to $33.9 million in the third quarter or an increase of approximately $2 million. Operating revenues increased $5 million, primarily due to higher government services revenues due to the commencement of new contracts and higher activity levels in offshore energy.

2022 年第四季度經調整以排除特殊項目、資產處置和外彙的 EBITDA 為 3630 萬美元，而第三季度為 3390 萬美元，增加了約 200 萬美元。營業收入增加了 500 萬美元，這主要是由於新合同的開始和海上能源活動水平的提高導致政府服務收入增加。

Operating expenses were $3.3 million higher, primarily due to subcontractor costs, higher personnel and lease expenses. General and administrative expenses were higher by $0.3 million, primarily due to higher compensation and IT-related costs.

運營費用增加了 330 萬美元，這主要是由於分包商成本、人員和租賃費用增加。一般和行政費用增加了 30 萬美元，這主要是由於薪酬和 IT 相關成本增加。

As noted previously, other income is primarily comprised of noncash foreign currency gains and losses, which we have excluded from our adjusted EBITDA calculation. As we announced last quarter, we have initiated guidance for calendar year 2023 on Slide 14 to 16. As discussed, foreign currency has a significant effect on our financial results. With the strengthening of the British pound sterling relative to the U.S. dollar over the last few months, we've increased our financial outlook.

如前所述，其他收入主要包括非現金外幣損益，我們已將其排除在調整後的 EBITDA 計算之外。正如我們上個季度宣布的那樣，我們已在幻燈片 14 至 16 上啟動了 2023 日曆年的指導。如前所述，外幣對我們的財務業績有重大影響。隨著過去幾個月英鎊兌美元走強，我們提高了財務前景。

We anticipate revenues to be in the range of $1.2 billion to $1.3 billion with adjusted EBITDA excluding asset dispositions and foreign exchange of $150 million to $170 million when using an average British pound to U.S. dollar exchange rate of 1.20. We also increased our 2023 CapEx outlook due to an acceleration of previously announced UKSAR2G spend to ensure successful contract execution and transition. Note that this is a change in timing of cash flows. The total CapEx spend related to SAR2G is not expected to change.

我們預計收入在 12 億至 13 億美元之間，調整後的 EBITDA 不包括資產處置和外匯，使用 1.20 英鎊兌美元的平均匯率計算為 1.5 億至 1.7 億美元。由於之前宣布的 UKSAR2G 支出加速，我們還上調了 2023 年的資本支出展望，以確保合同的成功執行和過渡。請注意，這是現金流量時間的變化。與 SAR2G 相關的總資本支出預計不會改變。

Finally, Bristow continues to benefit from a strong balance sheet and liquidity position. As of December 31, our available liquidity was $240 million after cash outflows of $32 million for the purchase of aircraft and $24 million related to the PBH buy-in. As we have stated before, we still believe that this business model will continue to generate strong cash flows.

最後，布里斯托繼續受益於強勁的資產負債表和流動性狀況。截至 12 月 31 日，我們的可用流動資金為 2.4 億美元，扣除用於購買飛機的 3200 萬美元現金流出和與 PBH 買入相關的 2400 萬美元。正如我們之前所說，我們仍然相信這種商業模式將繼續產生強勁的現金流。

At this time, I'll turn the call back to Chris for further remarks. Chris?

此時，我會將電話轉回給 Chris，以徵求進一步的意見。克里斯？

Thank you, Jennifer. I will now provide some additional highlights on the outlook for Bristow's business. Our leading government services business has continued to grow and now includes SAR services in the U.K., the Falkland Islands, with the Netherlands and the Dutch Caribbean region. 2023 will see the benefit of a full year contribution from each of these contracts. These attractive long-term contracts provide a stable and robust cash flow foundation for the company. In addition, we are currently involved in other active tender processes for government contracts, and we believe Bristow is well positioned to continue the growth of our government services business.

謝謝你，詹妮弗。我現在將提供一些關於 Bristow 業務前景的額外亮點。我們領先的政府服務業務持續增長，現在包括英國、福克蘭群島、荷蘭和荷屬加勒比地區的搜救服務。到 2023 年，這些合同中的每一個都會帶來全年貢獻的好處。這些有吸引力的長期合同為公司提供了穩定而強勁的現金流基礎。此外，我們目前正在參與政府合同的其他積極招標流程，我們相信 Bristow 有能力繼續發展我們的政府服務業務。

The offshore energy services market is in the early innings of a multiyear growth cycle. We have once again included slides in our earnings presentation that summarize data from third-party analysts supporting the outlook for a significant increase in upstream oil and gas spending over the next few years and a tightening market for offshore helicopter.

海上能源服務市場正處於多年增長周期的初期。我們再次在收益報告中加入了幻燈片，這些幻燈片總結了第三方分析師的數據，這些數據支持未來幾年上游石油和天然氣支出顯著增加以及海上直升機市場趨緊的前景。

As noted on Slide 12, Barclays Research expects offshore spending to increase by 24% in 2023, following a 12% increase in '22. They expect this multiyear growth cycle to continue in 2024 and '25. On the next slide, we show current data on the offshore helicopter market from Steve Robertson, who does a tremendous job covering the industry at his firm, Air & Sea Analytics. The increasing activity in offshore energy is driving a very constructive supply-and-demand balance for offshore helicopter. At this time last year, we expected that the market for AW139 medium helicopters as well as the market for super medium helicopters, both the AW189 and H175 models, would be very tight. And we expected that placing idle S-92 heavy helicopter back to work on new contracts would be the best way to meet increased demand.

如幻燈片 12 所述，巴克萊研究公司預計離岸支出將在 22 年增長 12% 之後，在 2023 年增長 24%。他們預計這個多年增長周期將在 2024 年和 25 年繼續。在下一張幻燈片中，我們展示了史蒂夫·羅伯遜 (Steve Robertson) 提供的海上直升機市場的最新數據，他在其公司 Air & Sea Analytics 的行業領域做出了巨大貢獻。海上能源活動的增加正在推動海上直升機實現非常有建設性的供需平衡。去年這個時候，我們預計 AW139 中型直升機市場以及超中型直升機市場，無論是 AW189 還是 H175 型號，都會非常緊張。我們預計，根據新合同將閒置的 S-92 重型直升機重新投入使用將是滿足不斷增長的需求的最佳方式。

Due to supply chain challenges that have delayed parts and repairs for the S-92 helicopters, therefore eliminate the number that are serviceable today, the overall market has tightened even more quickly than expected. As you can see in Steve's utilization start, there is very little available capacity in the market now. This tightness in the equipment market, combined with the constrained global labor force, is resulting in significant net increases in leading-edge rates.

由於供應鏈挑戰導致 S-92 直升機的零件和維修延遲，因此消除了今天可用的數量，整體市場緊縮的速度比預期的更快。正如您在 Steve 的利用率開始時所看到的，現在市場上的可用容量非常少。設備市場的這種緊縮，加上全球勞動力受限，導致前沿利率顯著淨增長。

We expect that the improvement in Bristow's financial results in 2023 will be back-end weighted to the second half of the year. As you will recall, the first quarter of the calendar year is traditionally our weakest quarter due to seasonality as shorter daylight hours and inclement weather adversely impacts operations. In addition to that typical seasonal pattern, first part of the year will see more idle aircraft as we concluded a large contract in Ghana at year-end. We are in the process of transitioning and reconfiguring those and other aircraft for new contracts that have been won on attractive terms in places like the U.S. Gulf of Mexico, Brazil and the North Sea. Those contracts are scheduled to begin later this year, which supports our view that the EBITDA run rate at year-end will be significantly higher than the first half of this year.

我們預計 Bristow 2023 年財務業績的改善將後端加權到下半年。正如您所記得的那樣，歷年的第一季度傳統上是我們最疲軟的季度，這是由於季節性因素，因為較短的日照時間和惡劣的天氣對運營產生不利影響。除了這種典型的季節性模式外，由於我們年底在加納簽訂了一份大合同，因此今年上半年將有更多閒置飛機。我們正在對這些飛機和其他飛機進行過渡和重新配置，以便在美國墨西哥灣、巴西和北海等地以有吸引力的條款贏得新合同。這些合同計劃於今年晚些時候開始，這支持了我們的觀點，即年底的 EBITDA 運行率將大大高於今年上半年。

In summary, we are very encouraged by the improved fundamentals and outlook for Bristow's business in 2023. While the strong U.S. dollar is somewhat masking the full magnitude of this improvement, we are confident that increasing offshore energy activity, a growing government services business and a recovering fixed wing business will drive robust cash flow generation going forward.

總而言之，我們對 2023 年 Bristow 業務的基本面改善和前景感到非常鼓舞。雖然強勢美元在某種程度上掩蓋了這種改善的全部程度，但我們有信心增加離岸能源活動、不斷增長的政府服務業務和恢復固定翼業務將推動強勁的現金流產生。

With that, let's open the line for questions. Mickey?

有了這個，讓我們打開問題熱線。米奇？

(Operator Instructions) We'll take our first question from Chris Lee with Evercore ISI.

（操作員說明）我們將從 Chris Lee 和 Evercore ISI 提出我們的第一個問題。

This is Chris Lee from Evercore ISI filling in for James West. I have a couple of quick questions here. So my first question is, given all the discussion around the multiyear growth cycle in offshore energy services, what is the timing and the ramp-up of revenues for Bristow?

我是來自 Evercore ISI 的 Chris Lee，代替 James West。我在這裡有幾個簡單的問題。所以我的第一個問題是，考慮到圍繞海上能源服務多年增長周期的所有討論，布里斯託的收入增長時機和增長是什麼時候？

Chris, thanks for the question. So we have already entered into new contracts that have been won and secured by Bristow. A number of them are scheduled to start throughout the course of this year, some of them being back-end weighted. For example, in Brazil, we've been successful in recent tender rounds with Petrobras in securing a number of new contracts for AW139 helicopters. They are scheduled to start in the second half of this year. We're currently in the process of preparing those aircraft for their desired configuration and then transitioning them down to Brazil.

克里斯，謝謝你的提問。因此，我們已經簽訂了由 Bristow 贏得併獲得保護的新合同。其中一些計劃在今年全年啟動，其中一些是後端加權的。例如，在巴西，我們在最近與 Petrobras 的招標中成功獲得了 AW139 直升機的多項新合同。他們計劃於今年下半年開始。我們目前正在為這些飛機準備所需的配置，然後將它們轉移到巴西。

Also, as we announced towards the end of last year, we were successful in winning a new large contract to provide search and rescue services to Equinor for the southern part of Norway. That contract begins in September of this year. We're also currently in the process of ramping up for additional contract support in Nigeria as well as the U.S. Gulf of Mexico. So throughout the course of this calendar year, we're going to continue to see better utilization of the fleet, driving higher revenues and stronger cash flows out of our offshore energy services.

此外，正如我們在去年年底宣布的那樣，我們成功贏得了一份新的大型合同，為 Equinor 提供挪威南部的搜救服務。該合同於今年 9 月開始。我們目前還在增加在尼日利亞和美國墨西哥灣的額外合同支持。因此，在本日曆年的整個過程中，我們將繼續看到船隊的更好利用，推動我們的海上能源服務產生更高的收入和更強勁的現金流。

Got you. My follow-up question is, you mentioned the tightening in the equipment market, combined with the constrained global labor force, is kind of like resulting in significant net increases in leading-edge rates. But what about the company costs that are also increasing, specifically in the labor and like supply chain perspective? And what does this mean for Bristow's bottom line?

明白了我的後續問題是，你提到設備市場的緊縮，加上全球勞動力受限，有點像導致前沿利率的顯著淨增長。但是公司成本也在增加，特別是在勞動力和供應鏈方面？這對布里斯託的底線意味著什麼？

Yes. So we are seeing some inflationary pressures in our cost structure. You referenced labor. That's something that, obviously, we always have to be mindful of. It's important for us to maintain a competitive compensation and benefit structure. We do have fairly good visibility on that because a number of our workforces around the globe are unionized. And so we have, in some cases, multiyear union agreements. So we do have some visibility on what those amounts are.

是的。因此，我們在成本結構中看到了一些通脹壓力。你提到了勞動力。顯然，這是我們必須時刻注意的事情。保持具有競爭力的薪酬和福利結構對我們來說很重要。我們確實對此有很好的了解，因為我們在全球的許多員工都加入了工會。因此，在某些情況下，我們有多年的工會協議。因此，我們確實對這些金額有一些了解。

Supply chain is another area, which fortunately with our long-term Power By the Hour or PBH support agreement, we do have some visibility and security of what that cost structure will be. It's definitely the case that the rate increases we're seeing are net increases, so well above the inflationary costs that we're experiencing. And that's, again, driven by the tight supply-demand balance in the market.

供應鍊是另一個領域，幸運的是，憑藉我們的長期按小時供電或 PBH 支持協議，我們確實對成本結構有一定的可見性和安全性。毫無疑問，我們看到的加息是淨增長，遠遠高於我們正在經歷的通脹成本。這再次受到市場供需緊張平衡的推動。

Got you. Okay. So one more question, if that's okay. From my understanding, you're currently doing a small bit of offshore wind work in Europe. Do you see the growth potential here in the U.S. or anywhere in the world? And what would need to happen in the offshore wind industry space for it to be a viable and lucrative space for Bristow and the overall offshore helicopter industry?

明白了好的。那麼還有一個問題，如果可以的話。據我了解，您目前正在歐洲從事少量海上風電工作。您是否看到美國或世界任何地方的增長潛力？海上風電行業需要發生什麼才能成為布里斯托和整個海上直升機行業的可行且有利可圖的空間？

You're correct that we are supporting on a small-scale offshore wind activity in the U.K. today. Overall, we believe that the offshore wind industry will be an important and growing component of the energy transition that's taking place globally. It's already a fairly mature market in Northwest Europe and parts of Asia. It's really a nascent market here in the U.S. However, there have been a handful of large projects that have been approved to proceed in future years here in the United States. There are others that are in the pipeline for evaluation up to a final investment decision.

你是對的，我們今天正在支持英國的小規模海上風電活動。總體而言，我們認為海上風電行業將成為全球正在發生的能源轉型的一個重要且不斷增長的組成部分。它在西北歐和亞洲部分地區已經是一個相當成熟的市場。這在美國確實是一個新興市場。但是，已經有一些大型項目獲准在未來幾年在美國進行。還有其他一些正在等待評估，直至做出最終投資決定。

So again, we think that market overall will grow. I think the question is how much of a role that will be for offshore helicopters to support the industry and what the opportunity will be for Bristow there. Again, if we look to Northwest Europe, which is already a more mature market, there are currently a number of smaller helicopter companies who specialize in that segment. And so we can look to them and evaluate what they're doing and also consider that as an opportunity to enter the market. Here in the U.S., just to underscore where we are in the evolution of the industry, as of now, there's no -- there are no offshore helicopters supporting offshore wind in the U.S. because the projects aren't there yet. But we do believe they will be coming.

因此，我們再次認為市場整體將會增長。我認為問題是海上直升機在支持該行業方面將發揮多大作用，以及布里斯託在那裡的機會是什麼。同樣，如果我們看看已經是一個更成熟市場的西北歐，目前有許多專門從事該領域的小型直升機公司。因此，我們可以關注他們並評估他們正在做的事情，並將其視為進入市場的機會。在美國，為了強調我們在行業發展中所處的位置，截至目前，美國還沒有支持海上風電的海上直升機，因為這些項目還沒有。但我們確實相信他們會來。

So overall, it will be a growing market. I think there's an open question as to how much that will lead to offshore helicopter demand. And then specifically for Bristow, we obviously are going to evaluate it and need to determine in conversations with customers -- potential customers whether the rates and financial returns are enough to meet our expectations for the current threshold.

所以總的來說，這將是一個不斷增長的市場。我認為這將導致海上直升機需求有多大，這是一個懸而未決的問題。然後專門針對 Bristow，我們顯然要對其進行評估，並需要在與客戶的對話中確定——潛在客戶的費率和財務回報是否足以滿足我們對當前門檻的預期。

We will take our next question from Josh Sullivan with The Benchmark Company.

我們將從 The Benchmark Company 的 Josh Sullivan 那裡回答下一個問題。

Can you just expand on the need to accelerate CapEx as it relates to the new U.K. government SAR contract and then what you mean by contract execution risk?

您能否僅擴展與新的英國政府 SAR 合同相關的加速資本支出的需求，然後您所說的合同執行風險是什麼意思？

Sure. Happy to address that. First thing we'll state is that the aggregate amount of CapEx needed for that contract has not changed. It's the same. We have pulled forward the timing of the capital expenditure. Looking at the time line to start-up of the contracts, we saw an opportunity to bring the aircraft in earlier, which will give us better assurance that we'll be able to complete the modifications and final configuration in time to ensure the successful start-up on time for that important UKSAR2G contract. So really what it is, is, again, no change in the aggregate amount of capital, a pull forward on timing and an enhancement of the assurance that we'll be able to start on time successfully.

當然。很高興解決這個問題。我們要聲明的第一件事是，該合同所需的資本支出總額沒有改變。一樣的。我們已經提前了資本支出的時間。查看合同啟動的時間線，我們看到了提前引進飛機的機會，這將給我們更好的保證，我們將能夠及時完成修改和最終配置，以確保成功啟動- 準時完成重要的 UKSAR2G 合同。因此，它的真正含義是，資本總量沒有變化，時間提前，我們能夠按時成功啟動的保證得到加強。

Got it. And then as far as the recent structural change announcement and the addition of 2 COOs, I think, in order to increase scale and drive growth in government services, how is that going to drive new opportunities? I think the Irish SAR tender is coming up. But outside of that, what other opportunities should we be thinking about as it relates to that structural change?

知道了。然後就最近的結構變化公告和增加 2 位首席運營官而言，我認為，為了擴大規模並推動政府服務的增長，這將如何推動新的機遇？我認為愛爾蘭特別行政區招標即將進行。但除此之外，我們還應該考慮哪些與結構變化相關的其他機會？

Sure. Thank you for the question. One thing I want to clarify upfront is that this is really a realignment of the existing team. So not a change in overall spend or G&A but realigning the existing team around the core end markets of government services and offshore energy services. I think what it will allow us to do is to get closer to our customers in each one of those key markets and hopefully be able to adapt and address their needs in a better way in a timely fashion.

當然。感謝你的提問。我想預先澄清的一件事是，這實際上是對現有團隊的重新調整。因此，不是整體支出或 G&A 的變化，而是圍繞政府服務和海上能源服務的核心終端市場重新調整現有團隊。我認為這將使我們能夠做的是在每個關鍵市場更接近我們的客戶，並希望能夠及時以更好的方式適應和滿足他們的需求。

Specific to government services, one of the things that's really drove the internal management realignment there is that our government services has increased significantly in scale and complexity now operating in a number of different jurisdictions. So we think the focus is warranted. I think it will better allow us to pursue the additional opportunities that you mentioned by having that type of focus in the team.

具體到政府服務，真正推動內部管理調整的因素之一是我們的政府服務在規模和復雜性上顯著增加，現在在許多不同的司法管轄區運作。所以我們認為重點是有必要的。我認為這將更好地讓我們通過在團隊中獲得這種關注來尋求你提到的額外機會。

Irish Coast Guard is an opportunity that we're actively participating in today. While we don't know the exact date, the expectation is that the winner of that important and sizable new contract will be announced sometime over the next few months, by this summer. We believe we're well positioned there but obviously not taking anything for granted.

愛爾蘭海岸警衛隊是我們今天積極參與的一個機會。雖然我們不知道確切的日期，但預計這份重要且規模龐大的新合同的獲勝者將在未來幾個月的某個時候，即今年夏天宣布。我們相信我們在這方面處於有利地位，但顯然不會認為任何事情都是理所當然的。

Beyond that, we are participating currently in a couple of smaller government services tender processes in Europe. And then looking further down the line, we believe there may be additional nationwide search and rescue support opportunities in places like Norway and Australia. But again, those time lines are not yet set. But we think that the opportunity portfolio in the government services realm will continue to grow.

除此之外，我們目前正在歐洲參與幾個較小的政府服務招標過程。然後再往下看，我們相信在挪威和澳大利亞等地可能會有更多的全國性搜索和救援支持機會。但同樣，這些時間線尚未確定。但我們認為政府服務領域的機會組合將繼續增長。

And then the chart you have in there for the helicopter utilization for 2022, it looks like you still have about 10 that are not on lease yet. What's the strategy for those off-lease aircraft? Are you waiting for better pricing? Are they part of the use of the current growth plan?

然後你那裡有 2022 年直升機利用率的圖表，看起來你還有大約 10 架尚未出租。那些退租飛機的策略是什麼？您在等待更好的價格嗎？它們是當前增長計劃的一部分嗎？

So we do have some orders, some of which are flexible to bring new aircraft into the company. In terms of what's firm right now, we have orders out for 6 new AW139, so our configured helicopters. That will become part of the UKSAR2G fleet. We also have the ability to bring in more AW189 helicopters if we need them to support either SAR opportunities or offshore energy services opportunities. So that's specific to the Bristow fleet.

所以我們確實有一些訂單，其中一些可以靈活地將新飛機帶入公司。就目前確定的情況而言，我們已經訂購了 6 架新的 AW139，因此我們配置了直升機。這將成為 UKSAR2G 艦隊的一部分。如果我們需要它們來支持 SAR 機會或海上能源服務機會，我們也有能力引進更多 AW189 直升機。所以這是布里斯托艦隊特有的。

In terms of the market data that was presented on Slide 13 of the presentation, that comes from Steve Robertson at Air & Sea Analytics. This is looking at the entire global fleet of offshore configured helicopters. Some of the data, specifically that for AW139 and then the super medium aircraft, the 189 and the H175, will look very similar to where it was kind of middle of calendar 2022. The bigger change on this graph, which again is for the whole industry, is really on that S-92 line, where you've seen a significant increase in the effective utilization. That's reflective of the tight equipment market that we discussed earlier and really, again, an input into what is certainly a meaningful increase in leading-edge rates for the industry.

就演示文稿幻燈片 13 上顯示的市場數據而言，這些數據來自 Air & Sea Analytics 的 Steve Robertson。這是在著眼於整個全球海上配置直升機機隊。一些數據，特別是 AW139 和超中型飛機 189 和 H175 的一些數據，看起來與 2022 年中期的數據非常相似。這張圖上更大的變化也是針對整個工業，實際上是在 S-92 生產線上，您已經看到有效利用率的顯著提高。這反映了我們之前討論過的緊張的設備市場，實際上，再次投入到行業領先率肯定有意義的增長中。

Got it. And then maybe one on the fixed wing operations. Where are you in the fleet upgrades? Any market dynamics on the demand side you can reveal for us?

知道了。然後也許是固定翼操作。你在艦隊升級中的什麼位置？您能為我們透露一下需求方面的市場動態嗎？

Yes. In Australia, we're still working through that. We're looking at bringing in some additional leased E190s for the Airnorth business. Those market opportunities really dissolved with the lessor. So we're going to keep some 170s for a little bit longer than we expected. We actually purchased 2 of those E170s last year to facilitate the time line we're going to need to complete the transition. Overall, I think we are still looking to bring in the larger aircraft on attractive terms moving forward, but it's going to take a little more time to complete the transition from the E170 to E190s in the Airnorth business.

是的。在澳大利亞，我們仍在努力解決這個問題。我們正在考慮為 Airnorth 業務引入一些額外的租賃 E190。那些市場機會真的隨著出租人而消失了。所以我們將保持 170s 的時間比我們預期的要長一點。實際上，我們去年購買了其中 2 台 E170，以加快我們完成過渡所需的時間表。總的來說，我認為我們仍然希望以有吸引力的條款引進更大的飛機，但要完成北方航空業務從 E170 到 E190 的過渡還需要更多時間。

We'll take our next question from Steve Silver with Argus Research.

我們將接受來自 Argus Research 的 Steve Silver 的下一個問題。

I noticed in your presentation, you guys included a net asset value slide, and it suggests that the shares are currently trading at a significant discount. Just broadly speaking, I was just curious how you guys view the current value of the stock and to what you might attribute the current disconnect to NAV.

我注意到在你們的演講中，你們包括了一個淨資產價值下滑，這表明這些股票目前的交易價格有很大的折扣。從廣義上講，我只是很好奇你們如何看待股票的當前價值，以及您可能將當前的脫節歸因於資產淨值。

Steve, thanks for the question. For our long-standing practice, we did publish our annual NAV disclosure this year. Again, a little bit of background on how this is derived. So once a year, we receive a third-party appraisal for all of the owned helicopters and aircraft that we have in the fleet. That's what's reflected in the $1.325 billion of aircraft value, is that third-party appraised value. We then take the net book value of the other assets in the company less the liabilities to get to the aggregate net asset value, which is again that $1.3 billion number, which translates on a per share number to roughly $48 per share NAV today, again, based upon the third-party appraisals for the fleet. That obviously is a significant difference. The current share price is trading at a substantial discount to that.

史蒂夫，謝謝你的提問。根據我們的長期做法，我們確實在今年發布了年度資產淨值披露。同樣，關於這是如何得出的一些背景知識。因此，每年一次，我們都會收到對機隊中所有自有直升機和飛機的第三方評估。這就是 13.25 億美元的飛機價值所反映的第三方評估價值。然後，我們將公司其他資產的賬面淨值減去負債，得到總資產淨值，這也是 13 億美元的數字，換算成每股資產淨值，今天的每股資產淨值約為 48 美元。 ，基於車隊的第三方評估。這顯然是一個顯著差異。目前的股價較此大幅折讓。

I would note that as we sold aircraft over time, including over the last couple of years, as you'll see in our current financial disclosures, they tend to be much closer to the amounts we're carrying them on the balance sheet with relatively small gains and losses on a net basis recognized over the last few periods as you've seen in our 10-K.

我要指出的是，隨著時間的推移，包括過去幾年，我們出售飛機，正如您在我們當前的財務披露中看到的那樣，它們往往更接近我們在資產負債表上持有的金額，相對而言正如您在我們的 10-K 中看到的那樣，在過去幾個時期確認的淨收益和損失很小。

In terms of the question or the aspect of the question of how we think about the fleet value, really referencing back to that discussion that we had on the current fleet utilization for the newer generation, most in-demand helicopters today, which are those AW139 medium, the super medium and then the S-92s, given the tightness in the equipment market, we are seeing a constructive trend in terms of secondary values for those helicopters, a number of them being in such short supply that helps support values in the market.

就我們如何看待機隊價值的問題或問題的方面而言，真的可以參考我們對當前機隊利用率的討論，即當今最需要的新一代直升機，即 AW139中型、超中型，然後是 S-92，鑑於設備市場的緊張，我們看到這些直升機的次要價值出現建設性趨勢，其中一些供應如此短缺，有助於支撐價值市場。

Great. That's helpful. And you guys have mentioned the accelerated near-term CapEx expenses. Can you discuss just whether the recent debt financing you guys just did play any role in Bristow's capacity to move those expenses forward?

偉大的。這很有幫助。你們提到了加速的近期資本支出。你能討論一下你們最近的債務融資是否對布里斯托推動這些開支的能力發揮了任何作用嗎？

Happy to address that. So we have the ability to fund all of our UKSAR2G capital needs with the existing resources that we had, both the cash already on the balance sheet as well as cash that we expect to generate over the coming months and years. However, in order to optimize the capital structure, we did take an opportunity to slightly upsize the equipment financing facilities. So there's roughly an incremental after refinancing and paying transaction fees, roughly an incremental GBP 30 million that we brought into the company in January when we completed that financing.

很高興解決這個問題。因此，我們有能力利用我們擁有的現有資源為我們所有的 UKSAR2G 資本需求提供資金，包括資產負債表上已有的現金以及我們預計在未來幾個月和幾年內產生的現金。不過，為優化資本結構，我們確實趁機小幅加大了設備融資額度。因此，在再融資和支付交易費用後大致有增量，大約在 1 月份我們完成融資時為公司帶來了 3000 萬英鎊的增量。

Again, that's more of just looking at an optimal capital structure. We're confident we know we have the ability to finance the needs to support the UKSAR2G and look forward to starting up what is really an attractive long-term contract that will see us continue to provide this important service to the people of the United Kingdom well into the middle of the next decade.

同樣，這更多的只是著眼於最佳資本結構。我們相信我們知道我們有能力為支持 UKSAR2G 的需求提供資金，並期待著啟動真正有吸引力的長期合同，我們將繼續為英國人民提供這項重要服務進入下一個十年的中期。

And that concludes our call. I will now turn the call over to Chris for closing remarks.

我們的電話到此結束。我現在將把電話轉給克里斯作結束語。

Thank you, Mickey, and thanks, everyone, for joining the call. As you can see, we have a very optimistic outlook for Bristow's business. The fundamentals have improved significantly. We're seeing that across our government services business, which has been growing. We're also seeing that as a much more productive market for the offshore energy business, which has really better fundamentals than we've seen certainly in the last 8 years. So a lot of reason for optimism for improved results for the company as we move through the course of 2023 and beyond. Appreciate your participation and look forward to speaking again next quarter. Thank you.

謝謝米奇，也謝謝大家加入電話會議。如您所見，我們對 Bristow 的業務前景非常樂觀。基本面明顯改善。我們在我們的政府服務業務中看到了這一點，該業務一直在增長。我們還認為，對於離岸能源業務來說，這是一個生產力更高的市場，它的基本面確實比我們在過去 8 年中看到的要好。因此，在我們走過 2023 年及以後的過程中，有很多理由對公司業績的改善感到樂觀。感謝您的參與，期待下個季度再次發言。謝謝。

And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接。