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

Good day, everyone, and welcome to today's Bristow Group Reports Third Quarter 2023 Earnings Call. Today's call is being recorded.

大家好，歡迎參加今天的 Bristow Group 2023 年第三季財報電話會議。今天的通話正在錄音。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the call over to Red Tilahun, Senior Manager of Investor Relations and Financial Reporting, Red?

現在，我想將電話轉給Red Tilahun，投資者關係和財務報告高級經理，Red？

Thank you, Dan. Good morning, everyone, and welcome to Bristow Group's Third Quarter of 2023 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，丹。大家早安，歡迎參加 Bristow Group 2023 年第三季財報電話會議。今天，我與我們的總裁兼執行長 Chris Bradshaw 一起參加了電話會議。資深副總裁兼財務長 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.

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聲明，這些聲明受到風險和不確定性的影響，這些風險和不確定性在我們的投資者簡報的幻燈片3 中有更詳細的描述。

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.

您可以在我們的網站上存取我們的投資者簡報。我們也將參考某些非公認會計準則財務指標，例如 EBITDA 和自由現金流。這些措施與公認會計準則的協調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執行長。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 #1 core value and our highest operational priority. The company has achieved our target of 0 air accidents through the first 10 months of 2023. With respect to workplace safety, we are pleased that our total recordable incident rate has declined, and we have experienced fewer incidents resulting in lost work time. While this represents excellent safety performance year-to-date, We, of course, understand that our safety record must be earned anew each and every day. I want to thank and commend all our team members around the world for their continued dedication to Bristow's Target Zero safety culture.

謝謝你，Red，歡迎大家來來電。像往常一樣，我將以安全問題開始我們準備好的講話，這是布里斯託的第一核心價值和我們最高的營運優先事項。公司已實現 2023 年前 10 個月零航空事故的目標。在工作場所安全方面，我們很高興看到我們的總可記錄事故率有所下降，並且導致工作時間損失的事故也減少了。雖然這代表了今年迄今為止的出色安全表現，但我們當然明白，我們的安全記錄必須每天重新獲得。我要感謝並讚揚我們世界各地的所有團隊成員對布里斯托零目標安全文化的持續奉獻。

Turning to operational and financial highlights. We are very pleased to announce a significant earnings beat this quarter and guidance raised for full year 2023. Consistent with our outlook that the second half of 2023 would mark the positive inflection point for Bristow's financial results. Q3 adjusted EBITDA of $57 million, excluding asset dispositions and foreign exchange losses, represents a 45% sequential quarter improvement and supports our expectations for stronger financial results in 2024 and beyond. We will have more to share on our future outlook later in this call.

轉向營運和財務亮點。我們非常高興地宣布本季獲利大幅成長，並上調 2023 年全年指引。與我們的預期一致，2023 年下半年將標誌著 Bristow 財務表現的積極拐點。第三季調整後 EBITDA 為 5,700 萬美元（不包括資產處置和外匯損失），季增 45%，支持我們對 2024 年及以後財務業績更加強勁的預期。我們將在本次電話會議稍後分享更多關於我們未來的展望。

For now, I will hand it over to our CFO for a review of the quarter's financial results. Jennifer?

現在，我將把它交給我們的財務長來審查本季的財務表現。詹妮弗？

Thank you, Chris. Today, I will begin with an analysis of the sequential quarter comparison of Bristow's financial results. EBITDA adjusted to special items, asset dispositions and foreign exchange was $56.6 million for the third quarter of 2023 compared to $39 million in the second quarter or an increase of approximately $17.6 million. Operating revenues increased $18.7 million, primarily due to higher utilization in offshore energy and higher lease payments received from Cougar.

謝謝你，克里斯。今天，我將首先分析布里斯托財務業績的連續季度比較。 2023 年第三季經特殊項目、資產處置和外匯調整後的 EBITDA 為 5,660 萬美元，較第二季的 3,900 萬美元增加約 1,760 萬美元。營業收入增加了 1,870 萬美元，主要是由於海上能源利用率的提高以及從 Cougar 收到的租賃付款增加。

Operating expenses were consistent with the prior quarter, higher personnel and fuel costs were offset by lower insurance costs, repairs and maintenance and other operating expenses. General and administrative expenses were $1.6 million higher primarily due to higher professional service fees. Earnings from unconsolidated affiliates were $2.4 million higher due to improved earnings at Cougar.

營運支出與上一季持平，較高的人員和燃料成本被較低的保險成本、維修和保養及其他營運支出所抵消。一般及行政費用增加 160 萬美元，主要是因為專業服務費增加。由於 Cougar 盈利改善，未合併附屬公司的盈利增加了 240 萬美元。

As noted in previous earnings calls, the other income line item is primarily comprised of noncash foreign currency gains and losses, which we have excluded from our adjusted EBITDA calculation. As a result of the third quarter's earnings, we have raised our 2023 adjusted EBITDA guidance to $165 million to $175 million. As we move into Q4 2023, we anticipate the fourth quarter adjusted EBITDA to be somewhat lower than the third quarter, primarily due to seasonality, particularly from Cougar in Canada and our Airline in Australia. This typical seasonality pattern will be somewhat offset by increased activity levels.

如同先前的財報電話會議中所指出的，其他收入項目主要由非現金外幣損益組成，我們已將其排除在調整後的 EBITDA 計算之外。由於第三季的獲利，我們將 2023 年調整後 EBITDA 指引上調至 1.65 億美元至 1.75 億美元。隨著我們進入 2023 年第四季度，我們預計第四季度調整後 EBITDA 將略低於第三季度，這主要是由於季節性因素，特別是加拿大的 Cougar 和澳洲的航空公司。這種典型的季節性模式將在一定程度上被活動水準的增加所抵消。

Therefore, we reaffirm Bristow's 2024 financial outlook that we announced in June of this year. The midpoint for adjusted EBITDA for 2024 is 20% higher than midpoint 2023. This is primarily being driven by growth in our offshore energy line of service. In 2023, we started new projects in Brazil, Norway and the Gulf of Mexico with the full year EBITDA impact of those reflected in 2024.

因此，我們重申今年 6 月宣布的 Bristow 2024 年財務展望。 2024 年調整後 EBITDA 中點比 2023 年中點高 20%。這主要是由我們的海上能源服務線的成長所推動的。 2023 年，我們在巴西、挪威和墨西哥灣啟動了新項目，這些項目的全年 EBITDA 影響將在 2024 年反映出來。

In addition, we have been successful in achieving more favorable rates compared to our expiring contracts, and we expect to benefit from higher flight hours from short-term exploration campaign. Further details are available on Slide 10 of the presentation. Finally, Bristow continues to benefit from a strong balance sheet and liquidity position. As of September 30, our available liquidity was $274 million. As we have noted in our earnings presentation, we have a capital investment of approximately $300 million related to the successful award of contracts with the U.K. and Irish Coast Guard.

此外，與即將到期的合約相比，我們已經成功獲得了更優惠的價格，我們預計將從短期勘探活動中增加的飛行時間中受益。更多詳細資訊請參閱簡報的幻燈片 10。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 9 月 30 日，我們可用的流動資金為 2.74 億美元。正如我們在收益報告中指出的那樣，我們與英國和愛爾蘭海岸警衛隊成功簽訂合約相關的資本投資約為 3 億美元。

Much of this capital investment is expected to happen in 2024 and as we will be adding 11 new helicopters to our fleet. Our search and rescue contracts are long term in nature, typically 10 years with attractive returns. So once we were through with the investment period, we have a long-term cash yield as noted on Slide 16 of our presentation. We plan to fund this investment with cash on hand, operating cash flows, new debt financing of a similar structure to what we currently have with NatWest and/or aircraft leasing. Due to the nature of these long-term cash-generative contracts, we have access to competitive financing and sufficient flexibility in how we structure it. As we've stated before, we believe this business model will continue to generate strong cash flows.

大部分資本投資預計將在 2024 年進行，屆時我們將為我們的機隊增加 11 架新直升機。我們的搜救合約本質上是長期的，通常為 10 年，回報豐厚。因此，一旦我們完成了投資期，我們就獲得了長期現金收益率，如簡報投影片 16 所示。我們計劃用手頭現金、營運現金流、與我們目前 NatWest 和/或飛機租賃結構類似的新債務融資來為這項投資提供資金。由於這些長期現金產生合約的性質，我們可以獲得有競爭力的融資，並且在結構上具有足夠的靈活性。正如我們之前所說，我們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，我會將電話轉回給克里斯以進一步發表意見。克里斯？

Thank you. As Jennifer noted, the midpoint of Bristow's 2024 adjusted EBITDA guidance range of $190 million to $220 million represents a growth rate of 20% over the upwardly revised 2023 midpoint. This demonstrates our very optimistic outlook for the future of Bristow's business. Before expanding upon our positive forecast, I would like to note that there are some headwinds, including the adverse impact of a strong U.S. dollar on Bristow's financial results.

謝謝。正如 Jennifer 指出的那樣，布里斯托 2024 年調整後 EBITDA 指導範圍的中點為 1.9 億至 2.2 億美元，比上調的 2023 年中點增長率為 20%。這顯示我們對布里斯托業務的未來非常樂觀。在擴展我們的正面預測之前，我想指出存在一些不利因素，包括強勢美元對布里斯托財務表現的不利影響。

In addition, we continue to experience supply chain challenges, particularly related to significant parts delays for S-92 helicopters, which is a challenge impacting the entire offshore helicopter industry. With that said, the fundamentals for Bristow's business continue to improve, and our conviction about a multiyear growth cycle has strengthened commensurately.

此外，我們繼續面臨供應鏈挑戰，特別是與 S-92 直升機零件嚴重延誤相關的挑戰，這是影響整個海上直升機產業的挑戰。儘管如此，布里斯托業務的基本面繼續改善，我們對多年成長週期的信念也相應增強。

In our Fixed Wing business, activity levels have recovered from pandemic impacts, and we are seeing benefits from an ongoing fleet enhancement. In our Government Services business, we have grown from the foundational U.K. SAR contract to a larger and more diverse portfolio of government search and rescue contracts in multiple countries, including the recent addition of an important mandate with the Irish Coast Guard, scheduled to commence in late 2024.

在我們的固定翼業務中，活動水平已從大流行的影響中恢復，並且我們看到了持續的機隊增強所帶來的好處。在我們的政府服務業務中，我們已經從基本的英國特別行政區合約發展到多個國家的更大、更多樣化的政府搜救合約組合，包括最近與愛爾蘭海岸警衛隊增加的一項重要任務，計劃於2024 年末。

These are long-term contracts with high credit quality government customers, providing stable, high-returning cash flows for Bristow. In our Offshore Energy business, Q3 results demonstrate that the positive inflection point has occurred, and we continue to believe the offshore market is in the early stages of a multiyear growth cycle. We expect aircraft utilization and rates to continue to increase, which will drive significant improvement in cash flow generation.

這些是與高信用品質政府客戶簽訂的長期合同，為布里斯托提供穩定、高回報的現金流。在我們的海上能源業務中，第三季的業績顯示積極的轉折點已經出現，我們仍然認為海上能源市場正處於多年成長週期的早期階段。我們預計飛機利用率和費率將繼續增加，這將推動現金流產生的顯著改善。

With the largest and most diverse aircraft fleet in the industry, and the largest operational footprint. Bristow is well positioned to benefit from current and future opportunities in this up-cycle. With that, let's open the line for questions. Dan?

擁有業內最大、最多樣化的機隊以及最大的營運足跡。布里斯托處於有利地位，可以從這個上升週期中當前和未來的機會中受益。接下來，讓我們打開提問熱線。擔？

(Operator Instructions)

（操作員說明）

The first question comes from Josh Sullivan The Benchmark Company.

第一個問題來自基準公司 Josh Sullivan。

Congratulations on the strong quarter here. For the first question, I guess I'll just get right to it. But for the remainder of the year, what are the factors to get to the higher end of the '23 outlook versus the lower end?

恭喜本季的強勁表現。對於第一個問題，我想我就直接說吧。但在今年剩餘時間裡，哪些因素會影響 23 世紀展望的高端而不是低端？

Yes. We've provided a range for the full year in terms of what could move that to one end or the other, some of the key variables would be foreign exchange, namely the relative exchange rate between the U.S. dollar and the Great British pound. Another factor would be the supply chain challenges that we referenced. If either one of those situations would deteriorate that would bias results to the lower end of the range. If we get some help, whether it's from foreign exchange or easing in the supply chain challenges, that would bias us more to the higher end of the range or higher.

是的。我們提供了全年的一個範圍，說明什麼因素會影響這一結果，其中一些關鍵變數是外匯，即美元和英鎊之間的相對匯率。另一個因素是我們提到的供應鏈挑戰。如果其中任何一種情況惡化，結果就會偏向範圍的下限。如果我們得到一些幫助，無論是來自外匯還是供應鏈挑戰的緩解，這將使我們更偏向該範圍的高端或更高。

And just on those supply chain issues for the S-92, how have you been mitigating those? And have those efforts been effective or...

就 S-92 的供應鏈問題而言，你們是如何緩解這些問題的？這些努力是否有效或......

They've been effective in the sense that we've continued to provide safe and reliable service to our customers, meeting their needs. It's been a multifaceted response to the supply chain challenges which really are the result of significant delays in the delivery of parts and services for the S-92 helicopters. We've mitigated these by in-sourcing parts, leveraging the large global fleet we have to take parts from certain aircraft and move them to others, to keep contracted aircraft working and flying for our customers.

它們是有效的，因為我們繼續為客戶提供安全可靠的服務，滿足他們的需求。這是對供應鏈挑戰的多方面回應，這些挑戰實際上是 S-92 直升機零件和服務交付嚴重延誤的結果。我們透過內購零件來緩解這些問題，利用龐大的全球機隊，我們必須從某些飛機上獲取零件並將其轉移到其他飛機上，以保持合約飛機為我們的客戶正常運作和飛行。

We've also gone out into the secondary market and purchased certain components, brought them into our inventory, which we really should not have to do under the terms of our power-by-the-hour, or PBH support agreement with Sikorsky for the S-92. But we've done that, nevertheless, again, to make sure that we're delivering reliable service. We, along with the rest of the industry, have also, in some instances, sought extensions on life components to keep the helicopters in service.

我們還進入二級市場併購買了某些組件，將它們放入我們的庫存中，根據我們的按小時供電條款或與西科斯基的 PBH 支持協議，我們確實不應該這樣做。S-92。但我們還是再次這樣做了，以確保我們提供可靠的服務。在某些情況下，我們與業內其他公司一起尋求延長零件的使用壽命，以保持直升機的使用壽命。

So it's been a multifaceted approach. I think we have benefited at Bristow because we have -- we do have the largest fleet of S-92s operating globally. So we've been -- we have more resources to self-help through this challenge, but it has been a challenging time and certainly a dynamic one with changes. I want to really thank our and commend our team around the world for continuing to deliver reliable service despite these challenges on the supply chain.

所以這是一個多方面的方法。我認為我們在布里斯托受益匪淺，因為我們確實擁有全球最大的 S-92 機隊。因此，我們有更多的資源來自助應對這項挑戰，但這是一個充滿挑戰的時期，當然也是一個充滿變化的充滿活力的時期。我要衷心感謝並讚揚我們在世界各地的團隊，儘管供應鏈面臨這些挑戰，仍繼續提供可靠的服務。

And then I guess a similar question on the OEM side. What about delivery timelines for the new aircraft on order?

然後我猜 OEM 方面也有類似的問題。訂購的新飛機的交付時間表如何？

Delivery timelines and lead times are significant. On average, it would be about 18 months. It could be a little less than that, it could be more like 24. But we're still looking at about on average in 24 months lead time for new aircraft or the ones that we're bringing in to support our successful wins on the government services side, we have to secured those delivery slots and are moving forward on time to deliver those new contracts for the schedule.

交貨時間表和交貨時間非常重要。平均而言，大約需要18個月。可能比這個少一點，也可能更像是 24 架。但我們仍在考慮新飛機或我們為支持我們在飛機上取得成功而引進的飛機的平均 24 個月交貨時間。政府服務方面，我們必須確保這些交付時段，並按時交付這些新合約。

Got it. And then just on the overall duration of your oil and gas contracting base, is there a way to think about what year is the center point? And then is there a way to think about how much pricing has generally increased since then?

知道了。那麼就你的油氣承包基地的整體期限而言，有沒有辦法思考一下以哪一年為中心點？那麼有沒有辦法考慮自那時以來價格普遍上漲了多少？

There's a pretty wide spectrum in terms of duration of contracts, but to use a rule of thumb, a typical contract may be 5 years in length. So at any given point in time, there may be roughly 2.5 years of maturity left across the portfolio. As contracts are expiring, we are renewing them at significantly higher rates, to your question, that -- those rate increases could be in the mid 20% or higher, depending upon the situation in terms of geography, aircraft type, et cetera.

合約期限的範圍相當廣泛，但根據經驗，典型的合約期限可能是 5 年。因此，在任何給定時間點，整個投資組合可能還剩下大約 2.5 年的到期期限。由於合約即將到期，我們將以更高的費率續約合同，對於您的問題，費率的增幅可能在 20% 左右或更高，具體取決於地理位置、飛機類型等方面的情況。

So these are meaningful increases. We have captured some of those during 2023. 2024 will have a full year impact of those. Also the opportunity to reset new contracts for elsewhere in the portfolio. So we see the benefit of this really being a step change that will compound as we progress through the next couple of years.

所以這些都是有意義的成長。我們在 2023 年捕獲了其中一些。2024 年將產生這些影響的全年影響。還有機會為投資組合中的其他地方重置新合約。因此，我們認為這確實是一個逐步改變的好處，隨著我們在未來幾年的進步，這種改變將會變得更加複雜。

And then just one last one on the higher lease payments in the quarter from Cougar. Can you just provide some color there?

最後一個是關於 Cougar 本季更高的租賃付款。你能在那裡提供一些顏色嗎？

Yes. I'll let Jennifer talk about what we've done on the accounting side, given the situation at Cougar over the last few years during a difficult period of time. But the good news is that their business has improved and trending in a positive direction, which is why we are collecting more cash from them this quarter. Jennifer, do you want to talk about the accounting.

是的。鑑於 Cougar 過去幾年在困難時期的情況，我將讓 Jennifer 談談我們在會計方面所做的工作。但好消息是，他們的業務有所改善，並朝著積極的方向發展，這就是為什麼我們本季從他們那裡收到了更多現金。詹妮弗，你想談談會計問題嗎？

Sure. Just as a reminder, we did place them on a cash basis of accounting when their business deteriorated during and through the pandemic. So that is really truly based on the amount of cash that we received from them. It's how we recognize revenue. So it can be quite lumpy. But yes, as Chris noted, their business has improved which is showing up both as the cash payments as well as in our equity earnings related to Cougar.

當然。提醒一下，當他們的業務在大流行期間和整個過程中惡化時，我們確實將他們置於現金會計基礎上。所以這確實是基於我們從他們那裡收到的現金金額。這就是我們確認收入的方式。所以它可能會很凹凸不平。但是，正如克里斯指出的那樣，他們的業務有所改善，這不僅體現在現金支付上，也體現在我們與 Cougar 相關的股權收益中。

The next question comes from Eddie Kim from Barclays.

下一個問題來自巴克萊銀行的艾迪金。

Just wanted to ask what your outlook is on the offshore energy market in the Gulf of Mexico. Just based on commentary we've been hearing from the offshore drillers, it seems like the incremental demand that they're seeing is coming out of Brazil and Africa mostly. So just curious what your outlook is based on your conversations in the U.S. and Gulf of Mexico.

只是想問一下您對墨西哥灣海上能源市場的前景如何。根據我們從海上鑽探商聽到的評論，他們看到的增量需求似乎主要來自巴西和非洲。因此，我只是好奇根據您在美國和墨西哥灣的談話，您的看法如何。

Thank you for the question. As you referenced, we are seeing significant growth rates in places like Brazil, where the overall market is increasing and our share of it has increased with the addition of some new contracts in the last couple of quarters. And also, West Africa, we do see a good growth rate there, a strong recovery from some of the lows during the pandemic and the oil downturn. We've benefited from that. We've also benefited from an increasing share in Nigeria.

感謝你的提問。正如您所提到的，我們看到巴西等地的成長率顯著，那裡的整體市場正在成長，隨著過去幾個季度一些新合約的增加，我們的份額也有所增加。此外，在西非，我們確實看到了良好的成長率，從大流行和石油衰退期間的一些低點強勁復甦。我們從中受益匪淺。我們也受益於尼日利亞市場份額的不斷增加。

So that market has really improved significantly for us, and we continue to have a positive outlook going forward. Specific to your question about the Gulf of Mexico, we are seeing growth in the Gulf of Mexico. It's obviously a very large market. So from a growth rate standpoint, the rate won't be as high as some others, whether that's West Africa or the Caribbean. But in terms of the addition of the number of units, we have started some new contracts recently in the Gulf of Mexico, one being an AW139, another being an S-92 that started during Q3 for us.

因此，這個市場對我們來說確實有了顯著改善，我們繼續對未來抱持正面積極的前景。具體到你關於墨西哥灣的問題，我們看到墨西哥灣的成長。顯然這是一個非常大的市場。因此，從成長率的角度來看，成長率不會像其他一些國家那麼高，無論是西非還是加勒比地區。但就單位數量的增加而言，我們最近在墨西哥灣開始了一些新合同，其中一個是 AW139，另一個是我們在第三季度開始的 S-92。

I would say aircraft availability is a challenge for us in the Gulf of Mexico. If we had, for example, more serviceable S-92s today, we'd be able to put them on contract and we'd be generating more revenue and cash flows. So while certainly the rates aren't as high as other regions, we are seeing a growth in demand for helicopters to support Gulf of Mexico activity.

我想說飛機的可用性對我們在墨西哥灣的一個挑戰。例如，如果我們今天擁有更耐用的 S-92，我們就能夠將它們簽訂合同，並且我們將產生更多的收入和現金流。因此，雖然這一比率肯定不如其他地區那麼高，但我們看到對直升機支援墨西哥灣活動的需求不斷增長。

And my follow-up is just on on kind of higher pricing you mentioned in response to the prior question, higher pricing on renewals with pricing up in the mid-20% range or even higher in some cases. Are you seeing this incentivized new aircraft to enter the market? Or if you're not, is it something you expect to take place in the next 12 to 18 months?

我的後續行動只是關於您在回答之前的問題時提到的更高的定價，更高的續訂定價，定價在 20% 的中間範圍內，在某些情況下甚至更高。您是否看到這種激勵性的新飛機進入市場？或者，如果您沒有，您預計這會在未來 12 到 18 個月內發生嗎？

The order book right now for offshore configured helicopters is quite small. There are not many on order from the various participants in the industry. In terms of where we see that trending, I would expect it to increase. Pricing levels are -- have increased in certain areas, an increasing number of areas to levels that would support new build economics. And I think importantly, because of the tight supply chain -- or sorry, supply and demand balance in the industry for particularly heavy and medium helicopters, there's going to need to be more aircraft that come in to meet the existing demand.

目前海上配置直升機的訂單量相當少。來自行業各個參與者的訂單並不多。就我們看到的趨勢而言，我預計它會增加。某些地區的定價水準有所提高，越來越多的地區達到了支持新經濟的水平。我認為重要的是，由於供應鏈緊張——或者抱歉，行業中特別重型和中型直升機的供需平衡，將需要更多的飛機來滿足現有需求。

You will have some attrition of some S-92s that will naturally age out. It's likely that super mediums otherwise known as light twins will be a big part of the solution to both replace 92s that are currently working, but also to meet the future growth that we're seeing in the market.

有些 S-92 會自然磨損，並會自然老化。超級介質（也稱為 light twin）很可能將成為解決方案的重要組成部分，以取代目前正在使用的 92，同時滿足我們在市場上看到的未來​​成長。

The next question comes from [Savi Syth] from Raymond James.

下一個問題來自 Raymond James 的 [Savi Syth]。

I just had a slight slightly longer-term question. In regard to the advanced air mobility, I was curious what your expectation was on like the timelines of taking delivery and launching operations, depending on kind of when certification time -- certification happens at your partners?

我只是有一個稍微長期一點的問題。關於先進的空中機動性，我很好奇您的期望是什麼，例如接收交付和啟動操作的時間表，具體取決於認證時間（認證在您的合作夥伴進行）？

Thank you for the question because we are -- we remain very excited about the potential for advanced air mobility. And we think that for Bristow who has been a global leader in vertical flight for the last 75 years. There's a big opportunity for us to remain a leader in the adoption of new technologies like advanced air mobility. And we see a number of opportunities where they can be complementary and really additive to what we do with our business. So we don't see them substituting existing missions with current aircraft, but really is additive to our business. In terms of time lines, specific to your question, we would expect to take the first delivery in 2025 is what we anticipate from both a certification and production standpoint.

謝謝你提出這個問題，因為我們仍然對先進空中機動的潛力感到非常興奮。我們認為布里斯託在過去 75 年裡一直是垂直飛行領域的全球領導者。我們有很大的機會在先進空中交通等新技術的採用方面保持領先地位。我們看到了許多機會，它們可以與我們的業務相輔相成，真正起到補充作用。因此，我們不認為它們會用現有飛機取代現有任務，但確實對我們的業務有所補充。就時間表而言，針對您的問題，從認證和生產的角度來看，我們預計將於 2025 年進行首次交付。

So that 2025, late '25 timeframe would be the first time that we're probably operating them in the real world in Bristow's fleet generating revenues.

因此，到 2025 年，即 25 年末的時間框架，我們可能第一次在現實世界中在布里斯託的機隊中運作它們並產生收入。

That's super helpful. And just a follow-up to that. Just do you have any thoughts on geographically where you might be deploying those, first? And what the considerations are in thinking through where you will deploy those?

這非常有幫助。這只是後續行動。您對首先在哪裡部署這些設備有什麼想法嗎？在考慮將這些部署在哪裡時，您會考慮哪些因素？

Yes. We do. And it's been -- it's really been interesting to watch the developments of this from a regulatory and certification standpoint in the different jurisdictions. Our current view is that we see Europe will likely approve these aircraft types and certify them prior to the U.S. market. So we think that Europe may be the first place that we at Bristow are deploying them in real-world missions.

是的。我們的確是。從不同司法管轄區的監管和認證的角度來看這方面的發展確實很有趣。我們目前的觀點是，歐洲可能會先於美國市場批准這些飛機類型並對其進行認證。因此，我們認為歐洲可能是我們布里斯託在現實世界任務中部署它們的第一個地方。

And just from a regulation standpoint and infrastructure, is that where you see kind of the most progress as well, obviously, regulation, but maybe on the infrastructure side?

僅從監管和基礎設施的角度來看，您是否也看到了最大進步的地方，顯然是監管，但也許是在基礎設施方面？

Yes. I mean, infrastructure still has a long way to go, I think, in really all jurisdictions to be fair. But Europe is taking some prudent steps to think about how they'll actually be introduced and operated in the real world. We think you're going to see eVTOL aircraft flying in Paris at the Olympics next year. So this is coming. Preparations are being made. But still in terms of infrastructure, broadly speaking, a lot of work and capital and time to still be invested for the infrastructure.

是的。我的意思是，公平地說，我認為在所有司法管轄區，基礎設施還有很長的路要走。但歐洲正在採取一些謹慎的步驟來考慮如何在現實世界中實際引入和運作它們。我們認為您將在明年的奧運會上看到 eVTOL 飛機在巴黎飛行。所以這就要來了。準備工作正在進行中。但就基礎設施而言，從廣義上講，仍需要為基礎設施投入大量工作、資金和時間。

The next question comes from David Smith from Pickering Energy Partners.

下一個問題來自 Pickering Energy Partners 的 David Smith。

Congratulations on the strong quarter. Was hoping to start, just considering the strong Q3 results and the better '23 outlook, I'm curious why your '24 guidance wasn't biased higher. If this was more about some positive second half '23 surprise? Or if maybe we should talk this up to a little bit of conservatism?

恭喜季度表現強勁。希望開始，只是考慮到強勁的第三季業績和更好的 23 年前景，我很好奇為什麼你的 24 年指導沒有偏高。如果這更多的是關於 23 年下半年的一些正面驚喜？或者我們應該把這個問題歸結為一點保守主義？

Yes, thank you for the question, David. We did affirm our guidance range for 2024, including adjusted EBITDA of $190 million to $220 million. Some of the factors that would drive results in 2024 to one end of the spectrum or the other would include foreign exchange. So since we initially published the guidance range when the pound-to-dollar exchange rate was about 1.27. The dollar strengthened considerably versus the pound. And so that's probably eroded about $10 million or so of EBITDA just mark-to-market on the FX side. So depending on what happens with the pound-to-dollar exchange rate in 2024, that could bias to the lower end of the range, or if there is some recovery in the pound, that would push us more to the higher end of the range.

是的，謝謝你的提問，大衛。我們確實確認了 2024 年的指導範圍，包括 1.9 億至 2.2 億美元的調整後 EBITDA。影響 2024 年業績的一些因素包括外匯。因此，自從我們最初發布指導範圍時，英鎊兌美元匯率約為1.27。美元兌英鎊大幅走強。因此，在外匯方面，按市值計價的 EBITDA 可能會被侵蝕約 1000 萬美元左右。因此，根據 2024 年英鎊兌美元匯率的變化，這可能會偏向該區間的下限，或者如果英鎊有所復甦，這將推動我們進一步向該區間的高端移動。

Supply chain is another consideration that we're dealing with in the business. As I noted earlier, there are markets, for example, in the Gulf of Mexico, U.K., North Sea would be others where if we had more serviceable S-92s, we would be able to put them to work today on revenue-generating contracts. So depending on what happens with some of those supply chain challenges, again, could buy us us more to one end of the range versus the other.

供應鏈是我們在業務中處理的另一個考慮因素。正如我之前指出的，例如，在墨西哥灣、英國、北海等市場，如果我們擁有更多可用的 S-92，我們今天就能夠讓它們透過創收合約投入使用。因此，根據供應鏈挑戰中的一些情況，我們可能會再次陷入這個範圍的一端而不是另一端。

But if we can get some help on the foreign exchange side, some help in easing of some of the supply chain challenges, again, that biases us more to the higher end of the range as we look into 2024.

但如果我們能夠在外匯方面獲得一些幫助，緩解供應鏈的一些挑戰，那麼在我們展望 2024 年時，這會讓我們更傾向於區間的高端。

Yes, makes a lot of sense. I appreciate the color. And a follow-up, if I may. I think there's a lot of investor focused around the increasing deepwater rig count on the offshore energy side. I wanted to ask about the production support side of the business. And maybe specifically, how has production-related demand looked for you over the past year or so? And maybe any color on how that demand factors into the '24 outlook?

是的，很有道理。我很欣賞它的顏色。如果可以的話，還有後續行動。我認為很多投資者都關注海上能源方面不斷增加的深水鑽井平台數量。我想詢問一下業務的生產支援方面的情況。也許具體來說，在過去一年左右的時間裡，與生產相關的需求如何？也許對這種需求如何影響 24 世紀的前景有什麼看法？

Yes. It's been quite stable for us. The production support over the last 12 months. We tend to, on the production side, have more visibility in what's going to be required once the platforms are producing and online, they tend to produce for a very long period of time. There can be variations in the number of people that are working on that particular platform, and that will drive some variations in flight hours. But for the most part, our production-related support is quite stable to provide some visibility.

是的。對我們來說已經相當穩定了。過去 12 個月的生產支持。在製作方面，我們傾向於更清楚地了解一旦平台開始製作並上線後將需要什麼，它們往往會製作很長一段時間。在該特定平台上工作的人數可能會有所不同，這將導致飛行時間出現一些變化。但在大多數情況下，我們與生產相關的支援相當穩定，可以提供一定的可見性。

And to the second part of your question, what that means looking into 2024 is we expect a similar level of production-related support as what we're doing here in the later part of 2023. So that provides some nice stability to the business. growth really coming more from the exploration and development activity, which, as you referenced, we have seen an increase in the rig count and expect to see a further increase in the rig count over the next year and 2-year period.

對於你問題的第二部分，這意味著展望 2024 年，我們期望獲得與我們在 2023 年下半年所做的類似水平的生產相關支持。因此，這為業務提供了一些良好的穩定性。成長實際上更多來自勘探和開發活動，正如您所提到的，我們已經看到鑽機數量的增加，並預計在未來一年和兩年期間鑽機數量將進一步增加。

Which gives a great segue, if I can slip one more in. I did like the slide in your investor presentation showing the long lead times for reactivations of the cold stack deepwater rig. I wanted to ask, as operators are signing contracts for rigs with longer and longer lead times stretching out to '25 and '26 start date. When does Bristow get brought into the planning or maybe said differently, or are you seeing your contract lead times extend as well.

如果我可以再插入一張的話，這會提供一個很好的延續。我確實喜歡您的投資者演示中的幻燈片，該幻燈片顯示了冷堆疊深水鑽井平台重新啟動的漫長準備時間。我想問一下，因為運營商正在簽署的鑽機合約的交貨時間越來越長，一直延伸到 '25 和 '26 的開始日期。布里斯托何時被納入計劃，或者可能有不同的說法，或者您是否看到您的合約交付時間也延長了。

Yes, that's a great question, David. Typically, we are contracted well after the rig is lined up. The offshore drilling rig is -- tends to be a much higher percentage of spend for the end customer, so they typically line that up first before looking into other services, whether that be boats, helicopters, other services. I would say that the industry as a whole, the customers maybe got a little too comfortable during the downturn that the aircraft would be available when they needed it, that's changed.

是的，這是一個很好的問題，大衛。通常，我們會在鑽孔機安裝完畢後簽訂合約。海上鑽井平台往往在最終客戶的支出中所佔的比例要高得多，因此他們通常會先考慮這一點，然後再考慮其他服務，無論是船隻、直升機或其他服務。我想說的是，整個行業，客戶在經濟低迷時期可能有點太舒服了，認為飛機在他們需要時就可以使用，但情況已經改變了。

And I think a much higher percentage of the customer base now understands. It's fundamentally changed. We have a supply -- a very tight supply-demand balance for the aircraft now. And people, I think, are pushing out their planning now realizing that the helicopter is not just going to be there. They need to line it up in advance to make sure that they have the support because you're not going to be very effective or productive on the rig if you can't get your people to and from the rig. So we are seeing an increase in the lead times for the planning and contracting activity.

我認為現在理解的客戶群比例要高得多。它已經從根本上改變了。我們現在有供應——飛機的供需平衡非常緊張。我認為，人們現在正在推出他們的計劃，因為他們意識到直升機不僅會在那裡。他們需要提前做好準備，以確保獲得支持，因為如果您無法讓員工進出鑽孔機，那麼您在鑽孔機上的效率或生產力就不會很高。因此，我們看到規劃和承包活動的交付時間增加。

The next question is from Chris Lee from Evercore ISI.

下一個問題來自 Evercore ISI 的 Chris Lee。

Just curious if you could provide more details on the newly initiated offshore energy contracts in Brazil and Norway. And how are things going with the operations?

只是好奇您是否可以提供有關巴西和挪威新啟動的海上能源合約的更多詳細資訊。營運情況如何？

Yes. Thank you for the question, Chris. We were very pleased to start up a significant new contract in Norway, supporting Ecuador's search and rescue needs in the Southern part of Norway. That started at the beginning of September. The team there through a lot of work was able to start on time, safely and reliably, and we've gotten a lot of positive feedback from the customer there in Norway for that.

是的。謝謝你的提問，克里斯。我們很高興在挪威簽訂一份重要的新合同，支持厄瓜多爾在挪威南部的搜救需求。那是從九月初開始的。那裡的團隊經過大量工作，能夠按時、安全、可靠地啟動，為此我們從挪威客戶那裡得到了很多正面的回饋。

In Brazil, a significant increase in scale in our operations there in Q3. We opened up 2 new bases. We launched new contracts for AW139 helicopters. And again, I want to thank and commend the team there for doing that safely and reliably. And we think there are going to be more opportunities as Petrobras and others in the Brazilian market have an increase in activity and demand for aircraft over the next few years.

在巴西，第三季我們的業務規模顯著增加。我們開設了兩個新基地。我們啟動了 AW139 直升機的新合約。我要再次感謝並讚揚那裡的團隊安全可靠地做到了這一點。我們認為，隨著巴西國家石油公司和巴西市場上的其他公司在未來幾年內對飛機的活動和需求增加，將會有更多的機會。

My follow-up question is with regards to your agreement with Airbus to purchase 5 new H135 helicopters. Can you provide us some color on contrary economics for H135s and potentially incremental EBITDA per fleet basis.

我的後續問題是關於你們與空中巴士公司購買 5 架新 H135 直升機的協議。您能否為我們提供一些有關 H135 的相反經濟效益以及每機隊潛在增量 EBITDA 的資訊。

Yes. Thank you for the question. So those H135 Light Twin helicopters to be delivered from Airbus are for -- one of our largest oil and gas customers for an identified need that they have. They're increasing the scope and demand that they have for the services that are needed to support their levels of activity. In terms of directionally, again, a significant increase in rates relative to historicals. And that is providing the returns that make it attractive for us to bring in these aircrafts.

是的。感謝你的提問。因此，空中巴士公司交付的 H135 輕型雙聯直升機是為了滿足我們最大的石油和天然氣客戶之一的明確需求。他們正在擴大支持其活動水平所需的服務範圍和需求。就方向而言，利率相對於歷史數據再次顯著增加。這提供了回報，使我們對引進這些飛機具有吸引力。

So it will be a positive improvement to EBITDA on a high-returning contract with a very large and important customer for us. The need for light twin is really being driven by the size of the platform that they're going to serve. So can't support the weight of the heavy or medium. So the 135 that we're bringing in which is really a category leader globally in the light twin category in the helicopter industry is the right aircraft for this mission.

因此，對我們來說，與一個非常大且重要的客戶簽訂高回報合同，這將是 EBITDA 的積極改善。對輕量級雙胞胎的需求實際上是由他們將要服務的平台的規模所驅動的。所以無法支撐重型或中型的重量。因此，我們引進的 135 確實是直升機行業輕型雙體飛機類別中的全球領先者，它是執行此任務的正確飛機。

The next question is from Silver Steve from Argus Research.

下一個問題來自阿格斯研究中心的西爾弗·史蒂夫。

I'd just like to offer my congratulations on the quarter as well and on the team finalizing the Irish Coast Guard contract. While 2024 is primarily going to be a period of capital investment towards this project as well as in the U.K. Could you remind us if the 2024 EBITDA outlook includes any impact from the implementation of these contracts in the second half of the year or whether these will pretty much begin in 2025.

我也想對本季以及球隊敲定愛爾蘭海岸警衛隊合約表示祝賀。雖然 2024 年主要是對該專案以及英國進行資本投資的時期，但您能否提醒我們 2024 年 EBITDA 前景是否包括下半年實施這些合約的任何影響，或者這些影響是否會幾乎從 2025 年開始。

Thanks for that question, and thank you for the congrats. We are very excited about the addition of this important search and rescue contract with the Irish Coast Guard it's going to be the second largest contract that we have at the company, globally, behind only U.K. SAR. So it's certainly a significant win for Bristow. In terms of timing, the contract does not commence until late 2024.

謝謝你的提問，也謝謝你的祝賀。我們非常高興與愛爾蘭海岸警衛隊簽訂這份重要的搜救合同，這將是我們公司在全球範圍內簽訂的第二大合同，僅次於英國特別行政區。因此，這對布里斯托來說無疑是一次重大勝利。就時間而言，合約要到 2024 年底才會開始。

So it's really a de minimis impact on '24. That small impact is contemplated in the guidance range we provided. But again, really de minimis in next year. it's really 2025 and beyond the next 10 to 13 years that we'll see the benefit from the addition of the Irish Coast Gaurd contract.

所以這對 24 世紀的影響確實微乎其微。這種微小的影響是在我們提供的指導範圍內考慮的。但同樣，明年的情況確實微乎其微。到 2025 年以及未來 10 到 13 年，我們將看到愛爾蘭海岸警衛隊合約的增加帶來的好處。

Great. That's helpful. And one more, if I may. The prepared remarks mentioned the potential for additional financing over time. Just curious as to whether there are any target levels for net debt to EBITDA that we should be thinking about as you contemplate these kind of options.

偉大的。這很有幫助。如果可以的話，再來一張。準備好的評論提到了隨著時間的推移可能獲得額外融資的可能性。只是好奇，當您考慮此類選擇時，我們應該考慮 EBITDA 淨負債是否有任何目標水準。

Sure. Thank you, Steve. As noted, high credit quality customers with attractive long-term contracts, so it gives us a lot of flexibility in financing. We've been advancing discussions with the banks, and we do expect something in place in the next few quarters, something similar to what we have with NatWest. Our net debt-to-EBITDA ratios today are in the 2.6-ish range. I mean we like where we're at today. We will always continue to protect our balance sheet and we'll be conservative in what we -- what our target net debt-to-EBITDA numbers are.

當然。謝謝你，史蒂夫。如前所述，信用品質高的客戶具有有吸引力的長期合同，因此它為我們提供了很大的融資靈活性。我們一直在推進與銀行的討論，我們確實預計在接下來的幾季會有所進展，類似於我們與 NatWest 的討論。目前我們的淨債務與 EBITDA 比率約為 2.6 左右。我的意思是我們喜歡今天的處境。我們將始終繼續保護我們的資產負債表，並且我們對淨債務與 EBITDA 的目標數字持保守態度。

The next question comes from [Esen] from Deutsche Bank.

下一個問題來自德意志銀行的[Esen]。

I wanted to ask a bit on the UAM strategy you've obviously interacted with many of the upcoming players. And I'm curious if you could elaborate on why you chose Volocopter and what kind of potential routes in the future or use cases you may use that to aircraft for.

我想問一些關於 UAM 策略的問題，您顯然已經與許多即將加入的玩家互動了。我很好奇您是否能詳細說明為什麼選擇 Volocopter 以及未來的潛在航線或您可以將其用於飛機的用例。

Thank you for the question. As you noted, over the last several years, we've spent a lot of time analyzing the various companies that are developing these new generation of aircraft, tried to assess them in terms of the capabilities of the aircraft itself, the team, the management team, their track record, experience and capabilities. Their access to financing because it does take a lot of money, as you know, to certify and bring into production a new aircraft type.

感謝你的提問。正如您所指出的，在過去的幾年裡，我們花了很多時間分析正在開發這些新一代飛機的各個公司，試圖從飛機本身、團隊、管理層的能力來評估它們團隊、他們的業績記錄、經驗和能力。他們之所以能夠獲得融資，是因為如您所知，驗證新機型並將其投入生產確實需要大量資金。

So we've evaluated those factors. That's all informed the different companies that we've decided to partner with There is a spectrum of companies that we've decided to partner with. Much like in our fleet today, there's different aircraft pipes that perform certain missions well. We see that being the case for these new type of aircraft as well. And that's why this partnership range -- can range from a piloted fully electric eVTOL to an unmanned, autonomous hybrid-powered aircraft. It just depends on the mission that we're looking to perform which brings me specifically to your question on Volocopter. Volocopter really has been and remains one of the leaders in the advancement of the design, development and certification of electric vertical takeoff and landing aircraft.

所以我們評估了這些因素。這些都通知了我們決定與之合作的不同公司。我們決定與一系列公司合作。就像我們今天的機隊一樣，有不同的飛機管道可以很好地執行某些任務。我們看到這些新型飛機也是如此。這就是為什麼這個合作夥伴範圍可以從有人駕駛的全電動電動垂直起降飛機到無人駕駛的自主混合動力飛機。這只取決於我們想要執行的任務，這讓我特別想到您關於 Volocopter 的問題。 Volocopter 確實一直是電動垂直起降飛機設計、開發和認證的領導者之一。

But early on, their thought was that they would be vertically integrated, so they would both develop, manufacture, but then also operate these aircrafts, but over the course of our discussions with them over the last few years, I think that they've seen the value of partnering with an operator like Bristow and what we bring to the table in our 75 years of operating vertical aircraft safely, efficiently and reliably. And that's really led to this partnership.

但早期，他們的想法是垂直整合，因此他們既要開發、製造，又要運營這些飛機，但在過去幾年我們與他們的討論過程中，我認為他們已經我們看到了與Bristow 這樣的運營商合作的價值，以及我們在安全、有效率和可靠地運作垂直飛機75 年來所帶來的成果。這確實促成了這次合作。

So the type of mission for Volocopter and the current aircraft specifically would be that the movement of people over short distances which can be done more efficiently, certainly faster than a lot of ground transportation options and with the low carbon or 0 operating emission profile that electric aircraft operates. We see potential to launch with them in Europe, but we're also discussing partnerships in certain regions of the U.S.

因此，Volocopter 和當前飛機的任務類型具體是人員短距離移動，這可以更有效地完成，當然比許多地面交通選擇更快，並且具有低碳或零運行排放特徵，電動飛機飛機運行。我們看到了在歐洲與他們合作的潛力，但我們也在討論在美國某些地區的合作關係。

So a really strong, capable aircraft developer there and one where we think that it could be a nice partnership between Volocopter and Bristow as these aircraft are certified and come into the market.

因此，那裡是一家非常強大、有能力的飛機開發商，我們認為隨著這些飛機獲得認證並進入市場，Volocopter 和 Bristow 之間可能會成為良好的合作夥伴關係。

One follow-up on that. In terms of the cargo market, and I know you have a relation with Elroy how do you sort of see the size of the opportunity, I think from our end, we have difficulty sometimes kind of quantifying that. Do you think this is a potentially as big an opportunity? Is it going to be smaller, naturally? Or how do you think about that?

對此進行了一項後續行動。就貨運市場而言，我知道您與埃爾羅伊有關係，您如何看待機會的大小，我認為從我們的角度來看，我們有時很難量化這一點。您認為這可能是個巨大的機會嗎？自然會變小嗎？或者你對此有何看法？

Yes, directionally, we think it could be as big of an opportunity there are a lot of uses for an aircraft like Elroy which, obviously, you know well, but for the benefits of others on the call, this is an autonomously operated, hybrid powered. So both conventional as well as electric aircraft that has a high payload for this type of aircraft platform, which could really be effective in moving cargo and a number of instances.

是的，從方向上看，我們認為這可能是一個很大的機會，像埃爾羅伊這樣的飛機有很多用途，顯然，你很清楚，但為了通話中其他人的利益，這是一架自主操作的混合動力飛機供電。因此，對於這種類型的飛機平台來說，傳統飛機和電動飛機都具有高有效載荷，這在運輸貨物和許多情況下確實可以有效。

So we think it's a potentially huge market for disaster relief and response, huge market for servicing military and government customers as well as commercial customers, whether that be middle mile logistics, any companies, whether retail operations, et cetera, that have big logistics needs and particularly middle mile ones. For us at Bristow, we actually think the first application of these aircraft will be for our existing, large oil and gas customer base.

因此，我們認為這是一個潛在的巨大救災和響應市場，一個為軍事和政府客戶以及商業客戶提供服務的巨大市場，無論是中英里物流，還是任何有大量物流需求的公司，無論是零售業務等尤其是中英里。對於布里斯託的我們來說，實際上我們認為這些飛機的首次應用將是針對我們現有的大型石油和天然氣客戶群。

So the large oil companies that we service around the world have massive logistical needs. Currently, we're servicing the need to transport their people from onshore bases to offshore platforms and back. But they also have huge logistical needs onshore, whether that's regional movement of people, for example, to get them from, say, a major international airport to the Heliport from which we operate or the movement of cargo.

因此，我們在世界各地服務的大型石油公司都有龐大的物流需求。目前，我們正在滿足將他們的人員從陸上基地運送到海上平台並返回的需求。但他們在陸上也有巨大的物流需求，無論是人員的區域流動，例如將他們從主要國際機場運送到我們運營的直升機場，還是貨物的流動。

Today, they rely mostly upon 18-wheelers or lorries to move this cargo from, again, major points of access to distribution out to ports that will eventually make it to the offshore platform. In our discussions with them, they're very keen to have a more efficient solution what these type of aircraft could provide. And they also have very ambitious ESG targets that they've announced in terms of when they want to get to net 0 on their carbon emissions.

如今，他們主要依靠 18 輪卡車或卡車將這些貨物從主要的配送點運送到港口，最終到達海上平台。在我們與他們的討論中，他們非常渴望為這類飛機提供更有效的解決方案。他們還制定了非常雄心勃勃的 ESG 目標，並宣布了他們希望何時實現碳排放淨零的目標。

So anything that we can do as a service provider to help them meet those initiatives, they have a lot of time to talk about and are really keen to hear what these new aircraft can do for their logistical needs. So we do see a great amount of potential for products like Elroy.

因此，作為服務提供者，我們可以做任何事情來幫助他們實現這些舉措，他們有很多時間討論，並且非常渴望聽到這些新飛機可以滿足他們的後勤需求。因此，我們確實看到了像 Elroy 這樣的產品的巨大潛力。

There are no further questions in the queue. I will now turn the call back over to Christopher Bradshaw for the closing remarks.

隊列中沒有其他問題。現在我將把電話轉回給克里斯托弗·布拉德肖 (Christopher Bradshaw) 作結束語。

Thank you, Dan, and thanks for everyone for taking the time on the call today. We appreciate the questions. Look forward to speaking again next quarter. And in the meantime, I hope you all stay safe and well.

謝謝丹，也謝謝大家今天抽空參加電話會議。我們感謝您提出的問題。期待下個季度再次發言。同時，我希望你們都保持安全和健康。

This concludes today's call. You may now disconnect at any time.

今天的電話會議到此結束。您現在可以隨時斷開連線。