Bristow Group Inc (VTOL) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to Bristow Group reports third-quarter 2024 earnings call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加 Bristow Group 公佈 2024 年第三季財報的電話會議。今天的通話正在錄音。（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.

現在，我想將電話轉給投資者關係和財務報告高級經理 Red Tilahun。

Thank you, Ravi. Good morning, everyone, and welcome to Bristow Group's third quarter of 2024 earnings call. I'm 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，拉維。大家早安，歡迎參加 Bristow Group 2024 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. You may access the 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 the 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的投資者簡報的幻燈片3 中進行了更詳細的描述。您可以在我們的網站上存取投資者簡報。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投資者介紹中。

I'll 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 thanks, everyone, for joining the call on an otherwise slow news day.

謝謝瑞德，也謝謝大家在新聞緩慢的日子裡加入我們的電話會議。

I want to thank all the Bristow team members around the world for their continued focus on safety, which resulted in very good performance in the third quarter. As always, safety remains Bristow's number one core value and our highest operational priority. In conjunction with the company's strong Q3 financial results, we are pleased to raise Bristow's adjusted EBITDA guidance for full year 2024 to $220 million to $230 million. Positive demand trends, coupled with a tight supply of offshore helicopters support good visibility for significant improvements in the company's margins, free cash flow and capital returns.

我要感謝世界各地的所有布里斯托團隊成員對安全的持續關注，這使得第三季取得了非常好的表現。一如既往，安全仍然是 Bristow 的第一核心價值和我們的最高營運優先事項。結合該公司第三季強勁的財務業績，我們很高興將 Bristow 2024 年全年調整後 EBITDA 指引提高至 2.2 億至 2.3 億美元。正向的需求趨勢，加上海上直升機的供應緊張，為公司利潤率、自由現金流和資本回報率的顯著改善提供了良好的可見度。

I will now hand it over to our CFO for a more detailed review of Q3 results. Jennifer?

我現在將把它交給我們的財務官，對第三季的業績進行更詳細的審查。詹妮弗？

Thank you, Chris. Today, I will begin with the sequential quarter comparison of Bristow's financial results. EBITDA adjusted to exclude special items, asset dispositions and foreign exchange was $60.2 million for the third quarter of 2024 compared to $71.3 million in the preceding quarter. Operating revenues increased $3.9 million, primarily due to higher utilization and favorable foreign exchange rate impacts in Government Services and fixed wing services, partially offset by lower utilization in Americas Offshore Energy Services and the absence of a one-time benefit in the preceding quarter related to a change in accounting treatment for lease revenues received from KUR.

謝謝你，克里斯。今天，我將從布里斯托財務業績的連續季度比較開始。2024 年第三季排除特殊項目、資產處置和外匯的調整後 EBITDA 為 6,020 萬美元，而上一季為 7,130 萬美元。營業收入增加390 萬美元，主要是由於政府服務和固定翼服務的利用率提高以及有利的匯率影響，但部分被美洲海上能源服務的利用率下降以及上一季與相關業務相關的一次性收益所抵銷。

Operating expenses were $16.3 million higher in the current quarter due to higher operating personnel costs, repairs and maintenance and other operating expenses. The increase in operating personnel costs were related to the finalization of a labor agreement in the UK during the current quarter. The absence of seasonal personnel cost variations in Norway, a one-time benefit related to an adjustment for tax equalization in Suriname and insurance reserve adjustments recognized in the preceding quarter, which were noted previously noted in our last earnings call.

由於營運人員成本、維修和保養以及其他營運費用增加，本季營運費用增加了 1,630 萬美元。營運人員成本的增加與本季度英國勞工協議的敲定有關。挪威沒有季節性人員成本變化，蘇利南的稅收平衡調整帶來了一次性收益，以及上一季確認的保險準備金調整，這些都在我們之前在上次財報電話會議中指出過。

Excluding the impact of seasonal and non-recurring items, operating personnel costs would have otherwise been $3 million higher in the current quarter and largely related to increased headcount in support of new contracts. General and administrative expenses were $2 million lower, primarily due to lower professional service fees. As noted in previous earnings calls, the other income and expense line item is primarily comprised of non-cash foreign currency gains and losses, which we exclude from our adjusted EBITDA calculation.

排除季節性和非經常性項目的影響，本季度的營運人員成本將增加 300 萬美元，這主要與支持新合約的員工人數增加有關。一般和管理費用減少了 200 萬美元，主要是因為專業服務費降低。正如先前的財報電話會議所指出的，其他收入和費用項目主要由非現金外幣損益組成，我們將其排除在調整後的 EBITDA 計算之外。

Though supply chain challenges continue to impact us, a review of our third quarter's results and 2024 forecast demonstrate signs of continuing strengthening of our business. As such, we have raised our 2024 adjusted EBITDA guidance to $220 million to $230 million. The primary drivers that continue to support our positive outlook and increased guidance include increased utilization and rates in Africa. This region has performed better than expected over the course of this year and is expected to maintain its strong performance through the rest of 2024 and into 2025. Higher ad hoc activity in our Americas and UK OES business, though this is expected to reduce in the remainder of the year and higher yields in our scheduled passenger transport and a short-term increase in charter activity in our fixed wing business.

儘管供應鏈挑戰繼續影響我們，但對第三季業績和 2024 年預測的回顧表明我們業務持續增強的跡象。因此，我們將 2024 年調整後 EBITDA 指引上調至 2.2 億至 2.3 億美元。繼續支持我們積極前景和增加指導的主要驅動因素包括非洲利用率和費率的提高。該地區今年的表現優於預期，預計將在 2024 年剩餘時間和 2025 年保持強勁表現。我們的美洲和英國 OES 業務的臨時活動增加，但預計今年剩餘時間將減少，並且我們的定期客運收益更高，固定翼業務的包機活動短期增加。

Turning now to cash flows. Our operating cash flows were $66 million on positive working capital in the current quarter compared to $34 million in the preceding quarter, illustrating a 96% increase. We have now funded 60% of the capital investments needed for our UK and Irish Coast Guard contracts. The remaining capital investment is expected to largely conclude in the next two quarters. Finally, Bristow continues to benefit from a strong balance sheet and liquidity position. As of September 30, our available liquidity was $260 million, and we believe that our business model will continue to generate strong cash flows.

現在轉向現金流。本季我們的營運現金流為 6,600 萬美元（正營運資本），上一季為 3,400 萬美元，成長了 96%。我們現在已為英國和愛爾蘭海岸警衛隊合約所需的資本投資提供了 60% 的資金。剩餘的資本投資預計將在未來兩個季度大部分完成。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2.6億美元，我們相信我們的商業模式將持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, Bristow's business is performing well today, and we expect the company's growth to accelerate over the next two years. The investments we are making to grow and diversify our leading government services business will result in attractive long-term cash flow yields for the company well into the middle of the next decade. In Offshore Energy Services, the industry fundamentals remain positive, and we continue to believe that we are in the midst of a multiyear up cycle. This is coupled with a tight supply dynamic with limited new helicopter additions over the last eight years and long lead times for new builds. The current effective utilization for the most relevant heavy and super medium helicopter models is at or near 100%.

謝謝。正如珍妮佛所指出的，布里斯託的業務目前表現良好，我們預計該公司在未來兩年內將加速成長。我們為發展和多元化我們領先的政府服務業務而進行的投資將在下一個十年中期為公司帶來有吸引力的長期現金流收益率。在海上能源服務領域，產業基本面依然樂觀，我們仍然相信我們正處於多年的上升週期之中。再加上供應緊張，過去八年新增直升機數量有限，新建直升機的交貨時間較長。目前最相關的重型和超中型直升機型號的有效利用率已達到或接近100%。

As indicated by the company's guidance metrics, we expect to generate positive net cash flows in the latter half of 2025 and beyond. Bristow has a disciplined and focused capital allocation approach that will prioritize the protection of our strong balance sheet, allow for attractive organic investments like the ones driving our increased financial guidance and facilitate the return of capital to shareholders.

正如公司指導指標所示，我們預計在 2025 年下半年及以後將產生正的淨現金流。布里斯托擁有嚴格而集中的資本配置方法，將優先保護我們強大的資產負債表，允許有吸引力的有機投資，例如推動我們增加財務指導的投資，並促進向股東返還資本。

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

接下來，讓我們打開提問熱線。羅比？

(Operator Instructions) Chris Lee, Evercore.

（操作員說明）Chris Lee，Evercore。

I guess my first question is, I was just kind of curious to know if you could elaborate on the factors behind the recent decrease in utilization within the Americas region. Additionally, as you raise your 2024 adjusted EBITDA guidance, can you provide insight into your underlying assumptions for the Americas specifically and discuss how you expect utilization to trend in the region through the remainder of the year and into 2025?

我想我的第一個問題是，我只是想知道您是否可以詳細說明近期美洲地區利用率下降背後的因素。此外，當您提高 2024 年調整後 EBITDA 指導時，您能否具體深入了解您對美洲的基本假設，並討論您預計該地區在今年剩餘時間和 2025 年的利用率趨勢如何？

Chris, glad you could join us. As I noted in my prepared remarks, there are really two primary drivers for the utilization and lower utilization in the Americas in Q3. Really, first is the change in accounting for Kouger. If you recall, last quarter, we changed from a cash basis of accounting to accrual basis accounting, which had a benefit in that quarter that didn't recur. Now that should be fairly stable going forward. And also, there is a project in Suriname that completed over the last quarter that also contributed to the lower utilization.

克里斯，很高興你能加入我們。正如我在準備好的發言中指出的那樣，第三季美洲的利用率和利用率較低實際上有兩個主要驅動因素。確實，首先是庫格會計的變化。如果您還記得，上個季度，我們從收付實現制會計改為權責發生製會計，該會計在該季度帶來了收益，但沒有重現。現在，未來應該相當穩定。此外，蘇利南的一個項目於上個季度完成，這也導致利用率較低。

In terms of outlook, we remain positive on utilization and growth potential in our Americas business. The performance of that business for us this year has been consistent with our internal expectations. As we look throughout the region, there are positive demand signals certainly in Suriname, which Jennifer mentioned, which is an area that's a young basin, but's had extremely promising exploration plans, and we'll be transitioning to a development and production mode here along with additional exploration going forward.

就前景而言，我們對美洲業務的利用率和成長潛力保持樂觀。我們今年該業務的表現與我們的內部預期一致。當我們縱觀整個地區時，詹妮弗提到的蘇利南肯定存在積極的需求信號，這是一個年輕的盆地地區，但有著非常有前途的勘探計劃，我們將在此過渡到開發和生產模式未來還將進行更多探索。

So good demand for helicopters expected in that region of the world. Also, Brazil is an area that we expect to grow as fast or faster than any other offshore basin in the world with the number of drilling rigs that are coming into the market as well as the number of FPSOs that are expected to be installed in Brazil over the next few years. And even in the more mature markets in the region, such as Trinidad and the US Gulf of Mexico, we have positive demand signals from our customers. So we remain very optimistic about the utilization and outlook for our Americas business the rest of this year, 2025 and beyond.

預計世界該地區對直升機的需求將非常旺盛。此外，我們預計巴西的成長速度將與世界上任何其他近海盆地一樣快或更快，無論是進入市場的鑽機數量還是預計在巴西安裝的 FPSO 數量在接下來的幾年裡。即使在該地區更成熟的市場，例如特立尼達和美國墨西哥灣，我們也收到了來自客戶的積極需求訊號。因此，我們對今年剩餘時間、2025 年及以後美洲業務的利用率和前景仍然非常樂觀。

Really appreciate the color. I think my follow-up question is, I know that you touched on the operating expenses, Jennifer. The increase of $16 million this quarter, it seems like there's other key factors at play as well. So I was kind of wondering if you could break down the remaining components of this expense increase and kind of provide the guidance on how we should think about these costs as we move forward.

真的很欣賞這個顏色。我想我的後續問題是，我知道你談到了營運費用，珍妮佛。本季增加了 1600 萬美元，似乎還有其他關鍵因素在起作用。因此，我想知道您是否可以分解此費用增加的其餘組成部分，並為我們在前進時應如何考慮這些成本提供指導。

Sure. So outside of the personnel costs, which we talked about, which is about $13 million of the $16 million increase in operating expenses, the other two drivers are repairs and maintenance and our other expense. Repairs and maintenance will fluctuate with flight hours and the type of flight hour. Not every flight hour is created equal as it relates to which aircraft are flying. Also, there is a part of the variation is timing of repairs for some of our aircraft that don't fall under power by the hour agreement. So that can vary from cycles from when we're doing major repairs. On the other expense side, that really is related to new contracts. We have new contracts starting for our search and rescue business, particularly. So as we put on new contracts, that other costs will also increase.

當然。因此，除了我們談到的人員成本（即營運費用增加的 1,600 萬美元中的約 1,300 萬美元）之外，另外兩個驅動因素是維修和保養以及我們的其他費用。維修和保養會隨著飛行時間和飛行時間類型的不同而有所不同。並非每個飛行小時都是一樣的，因為它與飛行的飛機有關。此外，還有一個變化是我們的一些飛機的維修時間，這些飛機不按小時協議供電。因此，這可能會因我們進行大修時的周期而有所不同。另一方面，這確實與新合約有關。特別是我們的搜救業務已經開始簽訂新合約。因此，當我們簽訂新合約時，其他成本也會增加。

(Operator Instructions) Joshua Sullivan, The Benchmark Company.

（操作員說明）Joshua Sullivan，基準公司。

Congratulations on the quarter here, especially in the face of the slow news day. But just given the momentum and the raise last quarter, this quarter on '24 as that plays out, what are the current thoughts on '25? Anything to infer on maintaining the '25 outlook here?

恭喜這個季度，尤其是在新聞緩慢的日子裡。但考慮到上個季度的勢頭和加薪，以及本季 24 日的表現，目前對 25 日的想法是什麼？關於維持 25 年的前景有什麼可以推論的嗎？

Sure. Thank you for the question. As a reminder, we did increase the 2025 guidance last quarter, and that really was to reflect some of the things that we were seeing in '24. '25 will be a year where we are still operationalizing the Irish Coast Guard and the UK SAR2G contracts. while continuing to perform on the offshore energy side of the business. And that year really will then transition into 2026, where you see the more significant increase in adjusted EBITDA as those contracts are fully operationalized.

當然。謝謝你的提問。提醒一下，我們上個季度確實提高了 2025 年指導，這實際上是為了反映我們在 2024 年看到的一些事情。 25 年我們仍在實施愛爾蘭海岸防衛隊和英國 SAR2G 合約。同時繼續進行海上能源業務。那一年實際上將過渡到 2026 年，隨著這些合約全面投入運營，您會看到調整後的 EBITDA 出現更顯著的增長。

Got it. And then you have something like $125 million to go on your new government contract CapEx here. Is that feasible to do in two quarters? Is there capacity to execute on that?

知道了。然後你就有大約 1.25 億美元的資金用於你的新政府合約資本支出。兩個季度內可以完成嗎？有能力執行嗎？

I mean the short answer is yes. These aircraft deliveries are really primarily aircraft deliveries, and it's for these two contracts I mentioned, UK SAR2G and Irish Coast Guard, which the contracts are beginning to start. So we'll take delivery of those and get those ready and get flying.

我的意思是簡短的回答是肯定的。這些飛機交付實際上主要是飛機交付，是針對我提到的這兩個合同，即英國 SAR2G 和愛爾蘭海岸警衛隊，這些合同已經開始啟動。因此，我們將接收這些並準備好並起飛。

And then just one on the labor settlement in the UK. What did that entail? Any long-term implications there?

然後是關於英國勞工安置的一篇。這意味著什麼？有什麼長期影響嗎？

We've been in extended negotiations with our air crews in the United Kingdom going back some time. In Q3, we were pleased to finalize and announce a new agreement, new collective bargaining agreement with that workforce, the pilots and tech crews in the UK. As part of finalizing that agreement, we did recognize some back pay, so some pay related to prior periods, including prior years to catch up. So there was a back pay amount that is one time. That's why you see the larger impact and call out that we noted in Q3 results. But moving forward, we now have a multiyear agreement with that portion of our workforce and pleased to have an agreement that we think works for both our employee base as well as the company.

一段時間以來，我們一直在與英國的機組人員進行長期談判。在第三季度，我們很高興與英國的勞動力、飛行員和技術人員敲定並宣布了一項新協議、新的集體談判協議。作為最終敲定協議的一部分，我們確實確認了一些欠薪，因此一些與前期相關的薪酬，包括前幾年的補薪。因此，存在一次性拖欠工資的情況。這就是為什麼您會看到更大的影響並指出我們在第三季的結果中註意到的。但展望未來，我們現在與這部分員工達成了一項多年協議，並且很高興達成一項我們認為對我們的員工基礎和公司都有效的協議。

And then Lockheed made some changes on the S-92 gearbox life cycle. How has that helped with capacity? Any other increase in availability of parts in the supply chain in the future that you see coming?

隨後洛克希德公司對S-92變速箱的生命週期進行了一些改變。這對容量有何幫助？您認為未來供應鏈中零件的可用性還會增加嗎？

Yes. The extension that you noted is helpful, and we're pleased to see that development. It will facilitate the return of some of our S-92s to service over the coming quarters. So again, pleased about that. On the other side of the coin, unfortunately, there are other components for which we're still seeing significant delays in both delivery and/or repairs, which is causing still a number of S-92 airframes to remain idle on the ground. So hopefully, continued progress can be made on those components as well.

是的。您提到的擴充很有幫助，我們很高興看到這項進展。這將有助於我們的一些 S-92 在未來幾季恢復服役。再次，對此感到高興。不幸的是，另一方面，我們仍然看到其他組件的交付和/或維修嚴重延誤，這導致仍然有許多 S-92 機身閒置在地面上。因此，希望這些組件也能持續取得進展。

And then just one last one just on you know as far as election implications. I mean, do you think or do you believe that any increased availability of or reduced regulation is going to increase activity for any of your customers in the near short-term?

最後一項是關於選舉的影響。我的意思是，您是否認為或相信任何增加的可用性或減少的監管都會在短期內增加您的任何客戶的活動？

First of all, I'd like to share my congratulatory sentiments with all those who are elected to public office yesterday. From a business standpoint, we will actively monitor any changes in policy or other tangible developments that might have an impact on our business. I would remind everyone that while we are a US-based company with 15% of our revenues generated in the US, we do earn 85% of our revenues from other countries. So we are a multinational company with multinational considerations that include foreign exchange rates, also a complicated supply chain. So any changes in the tariff or trade regime that might impact the supply chain are also developments that we will monitor.

首先，我謹向昨天當選公職的所有人士表示祝賀。從業務角度來看，我們將積極監控可能對我們業務產生影響的政策或其他有形發展的任何變化。我想提醒大家的是，雖然我們是一家美國公司，15%的收入來自美國，但我們確實有85%的收入來自其他國家。所以我們是一家跨國公司，有跨國的考慮，包括匯率，還有複雜的供應鏈。因此，任何可能影響供應鏈的關稅或貿易制度的變化也是我們將監控的發展。

Specifically here to the US and the Gulf of Mexico, supply chain problems, which we spoke about in the prior question, have been our biggest challenge. Related to your question about the MGB for the S-92, we're pleased to share the news that we do have an idle S-92 that's been unserviceable for some time here in the US, waiting parts that we are in the process of returning to service at the beginning of the year. So that will be a positive benefit for the company in 2025 for our US business. But again, from a global perspective, the business is performing well. We had a very positive outlook for Bristow's business yesterday, and we have a very positive outlook for Bristow's business today.

特別是在美國和墨西哥灣，我們在上一個問題中談到的供應鏈問題一直是我們面臨的最大挑戰。關於您關於 S-92 的 MGB 的問題，我們很高興地告訴大家，我們確實有一架閒置的 S-92，它在美國已經無法使用一段時間了，正在等待我們正在處理的零件於年初恢復服務。因此，這將在 2025 年為我們的美國業務帶來積極的好處。但同樣，從全球角度來看，該業務表現良好。昨天我們對布里斯託的業務前景非常樂觀，今天我們對布里斯託的業務前景也非常樂觀。

(Operator Instructions) Steve Silver, Argus.

（操作員說明）Steve Silver，阿格斯。

Congratulations to the team on the increased guidance. With the new star contract investments being 60% funded at this point and most of the balance expected to be funded over the next couple of quarters. I was hoping you could provide some color on how that funding is going to take shape, whether it's expected to come from the company's free cash flow or from additional debt and what impact that might have on near-term liquidity and leverage?

祝賀團隊增加了指導。目前，新明星合約投資已完成 60% 的融資，其餘大部分預計將在接下來的幾個季度內完成。我希望你能提供一些關於資金將如何形成的信息，預計資金是否來自公司的自由現金流或額外債務，以及這可能對近期流動性和槓桿率產生什麼影響？

Sure. Steve, good to hear from you. So we announced very early this year that we had upsized our facility that we have for our UKSAR operations. And really, that was to help fund the UKSAR2G part of the contract. And then midyear, we announced this new facility for the Irish Coast Guard contract at very favorable rates that we were able to achieve based on that contract. And again, that's going to help fund the Irish Coast Guard contract. So that will be primarily how we fund the rest of that, how we have been funding this CapEx and how we will continue to fund it. So it will increase the leverage some over the next couple of quarters, and then we expect that to then level out to -- we won't have the significant CapEx anymore and the financings will be in place.

當然。史蒂夫，很高興收到你的來信。因此，我們今年稍早宣布，我們擴大了英國特別行政區營運設施的規模。實際上，這是為了幫助資助合約中的 UKSAR2G 部分。然後在年中，我們以非常優惠的價格宣布了愛爾蘭海岸警衛隊合約的這項新設施，我們能夠根據該合約實現這一目標。再說一遍，這將有助於為愛爾蘭海岸警衛隊合約提供資金。因此，這將主要是我們如何為其餘部分提供資金、我們如何為該資本支出提供資金以及我們將如何繼續為其提供資金。因此，它將在接下來的幾個季度增加槓桿率，然後我們預計槓桿率將趨於平穩——我們將不再有大量的資本支出，融資也將到位。

Great. And one more, I guess, on a related follow-up. Given the fact that this investment phase is almost behind you and these contracts are on their way to becoming fully implemented. Is there any update in your thinking about the capital allocation strategy as you start to look a little further out down the road?

偉大的。我想還有一個相關的後續行動。鑑於這一投資階段幾乎已經過去，並且這些合約即將全面實施。當您開始放眼未來時，您對資本配置策略的看法是否有任何更新？

Thank you for the question, Steve. No material changes to our capital allocation strategy, although I think it is a good opportunity to reemphasize how we do think about our capital allocation framework. So number one, we're going to be in a position to generate positive net cash flows in the latter half of 2025 and beyond, as you just referenced and Jennifer commented on once we finish the funding of these large government projects. So we're going to continue to prioritize the protection of our strong balance sheet. We do have still a lot of exposure to the oil and gas markets, which can be volatile. We want to make sure that we have a balance sheet, which is strong enough to withstand any and all market conditions.

謝謝你的提問，史蒂夫。我們的資本配置策略沒有重大變化，儘管我認為這是一個很好的機會來重新強調我們如何看待我們的資本配置框架。因此，第一，一旦我們完成這些大型政府項目的融資，我們將能夠在 2025 年下半年及以後產生正的淨現金流，正如您剛才提到的和詹妮弗評論的那樣。因此，我們將繼續優先考慮保護我們強大的資產負債表。我們確實仍然對石油和天然氣市場有很大的敞口，而該市場可能會波動。我們希望確保我們的資產負債表足夠強大，能夠承受任何和所有市場條件。

Number two, we want to make sure that we have the flexibility to fund organic growth opportunities like the ones that are driving the significant increases in the financial guidance that we've provided. And then third, while doing all of that, we do believe that the company will be in a position to return capital to shareholders, and we're evaluating whether that might include opportunistic share repurchases and/or a potential dividend strategy. We expect as we get into next year, again, and complete the funding of these big government contracts, which should largely be concluded in Q1 of 2025, that at that time, we'll be in a position to further crystallize that capital allocation approach.

第二，我們希望確保我們能夠靈活地為有機成長機會提供資金，例如那些推動我們提供的財務指導大幅增加的機會。第三，在完成所有這些工作的同時，我們確實相信公司將能夠向股東返還資本，我們正在評估這是否可能包括機會性股票回購和/或潛在的股利策略。我們預計，當我們再次進入明年並完成這些大型政府合約的融資（這些合約大部分應在 2025 年第一季完成）時，我們將能夠進一步具體化資本配置方法。

There are no further questions in the queue. I will now turn the call back over to Christopher Bradshaw for 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, Ravi, and thanks again, everyone, for joining the call, especially with everything else going on today. We appreciate your interest in Bristow. In the meantime, I hope everyone stays safe and well. Take care.

謝謝拉維，再次感謝大家加入這次電話會議，特別是在今天發生的其他事情的情況下。我們感謝您對布里斯託的興趣。同時，我希望每個人都保持安全和健康。小心。

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。