Bristow Group Inc (VTOL) 2025 Q1 法說會逐字稿

Good day everyone and welcome to Bristol Group reports first-quarter 2025 earnings call. Today's call is being recorded. After the speaker's remarks, there will be a question and answer session. (Operator instructions)

大家好，歡迎參加布里斯托集團 2025 年第一季財報電話會議。今天的通話正在錄音。演講者發言後，將進行問答環節。（操作員指示）

At this time, I'd like to turn over the call to Red Tillahun, 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 Tillahun。

Thank you, Luke. Good morning, everyone, and welcome to Bristow Group's first-quarter 2025 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，盧克。大家早安，歡迎參加布里斯托集團 2025 年第一季財報電話會議。今天我與我們的總裁兼首席執行官克里斯·布拉德肖 (Chris Bradshaw) 以及高級副總裁兼首席財務官詹妮弗·惠倫 (Jennifer Whalen) 一起參加了電話會議。

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的投資者演示文稿的第 3 張幻燈片中進行了更詳細的描述。

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 the GAAP is included in the earnings release and the investor presentation.

您可以在我們的網站上造訪投資者介紹。我們也將參考某些非 GAAP 財務指標，例如 EBITDA 和自由現金流。此類 GAAP 衡量指標的對帳已包含在收益報告和投資者報告中。

I'll now turn the call over for President and CEO, Chris.

現在我將電話轉給總裁兼執行長克里斯。

Thank you, Red. I will begin with a note on safety, which is Bristow's number one core value and our highest operational priority. The company achieved our target of zero air accidents in Q1 2025. In terms of workplace safety, we are -- we experienced fewer recordable injuries and fewer lost work days than the first quarter of 2024, and we are currently on track to achieve the company's workplace safety targets for 2025. I want to thank all the Bristow team members around the world for their continued focus on placing safety first every day.

謝謝你，雷德。首先我想談談安全問題，這是布里斯託的首要核心價值，也是我們的最高營運重點。公司實現了2025年第一季零空難的目標。在工作場所安全方面，與 2024 年第一季相比，我們記錄的傷害和損失的工作日有所減少，目前我們預計將實現公司 2025 年的工作場所安全目標。我要感謝世界各地的布里斯托團隊成員，感謝他們每天堅持把安全放在第一位。

Turning to financial performance and outlook for the company, we are pleased to report very strong first quarter financial results and to affirm Bristow's financial guidance for both 2025 and 2026. We recognize that macroeconomic risks and uncertainty have increased significantly since the beginning of the year. And I want to briefly address the potential impacts on Bristow's business.

談到公司的財務業績和前景，我們很高興地報告第一季非常強勁的財務業績，並肯定布里斯托對 2025 年和 2026 年的財務指導。我們認識到，今年以來宏觀經濟風險和不確定性明顯增加。我想簡要地談談這對布里斯托業務的潛在影響。

Recently implemented US tariffs on steel and aluminum imports, including some aircraft parts, introduced incremental costs and additional complexity into the industry's already complex supply chain. The new tariff regime has negative implications for repairs and maintenance costs on our US-based aircraft fleet and introduces additional uncertainty for component delivery timeline.

美國最近對包括一些飛機零件在內的鋼鐵和鋁進口徵收關稅，這為該行業本已複雜的供應鏈帶來了增量成本和額外的複雜性。新的關稅制度對我們位於美國的飛機機隊的維修和保養成本產生了負面影響，並為零件交付時間帶來了額外的不確定性。

Having said that, in the scope of our overall financial guidance, we do not expect the direct impact of these costs to have a material impact on the company's financial performance. The greater risks relate to concerns about slowing economic activity, which could result in decreased demand for crude oil and natural gas.

話雖如此，在我們的整體財務指導範圍內，我們預計這些成本的直接影響不會對公司的財務表現產生重大影響。更大的風險與對經濟活動放緩的擔憂有關，這可能導致對原油和天然氣的需求下降。

These demand concerns combined with an increased supply of crude oil, as OPEC Plus has announced additional supply increases sooner than previously contemplated have resulted in a significant reduction in the price of oil which has adverse implications for our customers' spending plans.

這些需求擔憂加上原油供應增加，由於歐佩克+組織比之前預想的更早宣布增加供應，導致油價大幅下跌，這對我們客戶的支出計畫產生了不利影響。

Despite these adverse developments, we continue to have a positive outlook for Bristow's offshore energy services business. Deepwater projects remain favorably positioned within oil and gas company portfolios, and the attractive full cycle economic returns from these projects are likely to drive continued investment in offshore activity for the foreseeable future.

儘管有這些不利的發展，我們仍然對布里斯託的海上能源服務業務持樂觀態度。深水項目在石油和天然氣公司的投資組合中仍然佔據有利地位，這些項目帶來的誘人的全週期經濟回報可能會在可預見的未來推動對海上活動的持續投資。

In summary, we are confident in affirming the company's financial guidance. This belief is further supported by the stability of our government services business, the heavy weighting of our offshore energy services business to production support activities and the breadth and diversity of the geographic markets we serve.

綜上所述，我們有信心肯定公司的財務指導。我們的政府服務業務的穩定性、海上能源服務業務對生產支援活動的重視以及我們所服務的地理市場的廣度和多樣性進一步支持了這一信念。

I will now hand it over to our CFO for more detailed discussion of Q1 financial results and our financial outlook. Jennifer?

現在我將把它交給我們的財務官，以便更詳細地討論第一季的財務表現和財務前景。詹妮弗？

Thank you, Chris. Good morning, everyone. I will begin with a review of Bristow's sequential quarter of financial results on a consolidated basis before covering the financial results of each of our segments in more detail.

謝謝你，克里斯。大家早安。我將先回顧布里斯托合併後的連續季度財務業績，然後再更詳細地介紹我們各部門的財務業績。

Revenues decreased $3 million primarily due to lower utilization resulting from seasonality in our other services segments, namely our Fixed Wing operations in Australia, partially offset by higher revenues from new contracts and government services.

收入減少 300 萬美元，主要原因是我們其他服務部門（即澳洲的固定翼業務）的季節性利用率較低，但新合約和政府服務的收入增加部分抵消了這一影響。

Revenues from Offshore Energy Services, or OES remain consistent with last quarter. Adjusted EBITDA was $58 million this quarter consistent with last quarter. While Q1 is generally our seasonally lowest revenues period, our costs were lower, primarily driven by lower operating and administrative expenses, offsetting the lower revenues.

海上能源服務（OES）的收入與上一季保持一致。本季調整後的 EBITDA 為 5,800 萬美元，與上一季持平。雖然第一季通常是我們季節性收入最低的時期，但我們的成本較低，主要是由於營運和管理費用較低，抵消了收入的下降。

Focusing on our OES segment, revenues in Europe decreased $4.5 million due to lower utilization in the UK. Revenues in Africa increased $2.2 million due to additional aircraft capacity and higher utilization and revenues in the Americas increased $1.9 million due to increased utilization of heavy helicopters in the US.

專注於我們的 OES 部門，由於英國的利用率較低，歐洲的收入減少了 450 萬美元。由於飛機容量增加和利用率提高，非洲地區的收入增加了 220 萬美元；由於美國重型直升機利用率提高，美洲地區的收入增加了 190 萬美元。

The $3.1 million increase in adjusted operating income from OES was primarily due to lower repairs and maintenance expenses of $7.1 million, partially offset by $3.2 million of increased expenses due to higher training costs in the current quarter, and the absence of a property tax benefit recognized in the preceding quarter.

OES 調整後營業收入增加 310 萬美元，主要原因是維修和維護費用減少 710 萬美元，但本季培訓成本增加導致費用增加 320 萬美元，且上一季未確認任何財產稅優惠，這部分抵消了這一增加。

Moving on to government services. Revenues were $3.4 million higher, primarily due to the Irish Coast Guard contract, which began its transition in late 2024. Adjusted operating income for the segment was $3.9 million higher this quarter.

繼續討論政府服務。收入增加了 340 萬美元，主要由於愛爾蘭海岸警衛隊的合同，該合約於 2024 年底開始過渡。本季該部門調整後的營業收入增加了 390 萬美元。

Finally, revenues from other services were $6 million lower as a result of lower seasonal activity in Australia, unfavorable foreign exchange rate impacts, and lower dry leasing revenues. Adjusted operating income was $4.5 million lower this quarter due to these lower seasonal revenues, which were partially offset by a decrease in operating expenses, also related to activity.

最後，由於澳洲季節性活動減少、不利的外匯匯率影響以及乾燥租賃收入減少，其他服務收入減少了 600 萬美元。本季度調整後的營業收入減少了 450 萬美元，原因是季節性收入減少，但部分抵消了與活動相關的營業費用的減少。

Turning now to cash flows. Working capital uses of $56.4 million this quarter primarily resulted from an increase in accounts receivables due to the timing of customer payments, an increase in costs related to the startup of new government services contracts, and increases in inventory to support new contracts and to mitigate risks related to supply chain challenges.

現在談談現金流。本季營運資本使用量為 5,640 萬美元，主要原因是由於客戶付款時間導致應收帳款增加、與啟動新政府服務合約相關的成本增加以及為支持新合約和減輕與供應鏈挑戰相關的風險而增加的庫存。

As a result of these working capital changes, cash used and operating activities was $0.6 million this quarter. Bristow continues to benefit from a strong balance sheet and liquidity position.

由於這些營運資本變化，本季使用的現金和營運活動為 60 萬美元。布里斯托繼續受益於強勁的資產負債表和流動性狀況。

As of March 31, our available liquidity was approximately $254 million and we have now funded 86% of the capital investments needed for our new government services contract, with the remaining capital investments expected to conclude in the coming months.

截至 3 月 31 日，我們可用的流動資金約為 2.54 億美元，目前我們已為新政府服務合約所需的 86% 資本投資提供資金，剩餘的資本投資預計將在未來幾個月內完成。

As we continue to transition on our two new government services contracts and begin to execute on our capital allocation targets, we remain mission focused on maintaining a strong balance sheet and believe that our business model will continue to generate healthy cash flows.

隨著我們繼續過渡到兩個新的政府服務合約並開始執行我們的資本配置目標，我們仍然專注於維持強勁的資產負債表，並相信我們的商業模式將繼續產生健康的現金流。

Moving on to Bristow's financial outlook. Though additional uncertainty has been introduced to the global economy and to the oil and gas industry in recent months, for the reasons Chris noted. We are affirming our previously reported 2025 revenues guidance of $1.4 billion to $1.6 billion, and adjusted EBITDA range of $230 million to $260 million as well as our 2026 guidance of $1.5 billion to $1.8 billion of total revenues, an adjusted EBITDA range of $275 million to $335 million.

繼續討論布里斯託的財務前景。儘管近幾個月來全球經濟以及石油和天然氣行業出現了額外的不確定性，但原因正如克里斯所指出的那樣。我們確認先前報告的 2025 年收入預期為 14 億美元至 16 億美元，調整後的 EBITDA 範圍為 2.3 億美元至 2.6 億美元，以及 2026 年總收入預期為 15 億美元至 18 億美元，調整後的 EBITDA 範圍為 2.75 億美元至 3.35 億美元。

Supply chain dynamics that impact aircraft availability, customer activity levels influenced by global energy demand, and the exchange rates of foreign currencies relative to the US dollar, namely the GBP, and the EUR, are among the primary factors that could bias results to either end of our guidance range.

影響飛機可用性的供應鏈動態、受全球能源需求影響的客戶活動水準以及相對於美元的外幣匯率（即英鎊和歐元）是可能導致結果偏向我們指導範圍兩端的主要因素。

In our OES segment, we expect market conditions to remain supportive in 2025 and to generate adjusted operating income of approximately $190 million to 210 million on revenues of $950 million to $1 billion, a significant improvement in profitability compared to 2024.

在我們的 OES 部門，我們預計 2025 年市場條件將繼續保持支援性，並將產生約 1.9 億至 2.1 億美元的調整後營業收入，營收為 9.5 億至 10 億美元，獲利能力與 2024 年相比有顯著提高。

In Europe, we expect activity levels to remain mostly stable in 2025. So in general, the North Sea is a mature market with limited growth opportunities. We believe the Americas and African markets will continue to contribute positively to growth in our 2025 results.

在歐洲，我們預計 2025 年的活動水準將基本保持穩定。因此總體而言，北海是一個成熟的市場，但成長機會有限。我們相信美洲和非洲市場將繼續為我們 2025 年的業績成長做出積極貢獻。

In our government services segment, 2025 remains a transition year as we incur startup costs related to the new contracts, while the cadence of revenues is tied to a schedule that commences as each base becomes fully operational.

在我們的政府服務部門，2025 年仍是一個過渡年，因為我們會產生與新合約相關的啟動成本，而收入的節奏與每個基地全面投入運作後開始的時間表掛鉤。

The strong margins and earning potential of this business will not become fully evident until the operations and revenues for these contracts are fully ramped. We expect this segment to contribute meaningfully to our financial results, and the stable long-term cash flows with high credit quality customers will provide valuable diversification and reliable capital returns to our investors well into the middle of the next decade.

只有當這些合約的營運和收入全面提升時，該業務的強勁利潤率和獲利潛力才會充分顯現。我們預計該部門將對我們的財務表現做出有意義的貢獻，而高信用品質客戶的穩定長期現金流將在未來十年中期為我們的投資者提供寶貴的多元化和可靠的資本回報。

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

現在，我將把電話轉回給克里斯，請他進一步評論。克里斯。

Thank you. We continue to believe that Bristol is well positioned as the global leader in vertical flight solutions. The company's current fleet includes 211 aircraft located across six continents in 18 different countries.

謝謝。我們始終相信，布里斯託在垂直飛行解決方案領域處於全球領先地位。該公司目前的機隊包括分佈在六大洲 18 個不同國家的 211 架飛機。

Bristow is the world's largest operator of each of the S-92, AW 189, and AW 139 helicopter models, which remain the most in-demand models for both offshore crew transportation and SAR missions. In our offshore energy services business, we continue to have an optimistic outlook for a long duration of cycle. The fleet status for offshore configured heavy and super medium helicopters remains at or near full effective utilization levels.

布里斯托是 S-92、AW 189 和 AW 139 直升機的全球最大營運商，這些機型仍然是海上人員運輸和搜救任務中最受歡迎的機型。在我們的海上能源服務業務中，我們對長期週期繼續持樂觀態度。海上配置的重型和超中型直升機的機隊狀況保持或接近完全有效利用水平。

With current manufacturing lead times at approximately 24 months, the ability to bring in new capacity is constrained. In our government services business, we are focused on the ongoing launch of SAR services for the Irish Coast Guard and the transition of operations to the UKSAR2G contract in the United Kingdom.

由於目前的製造交付週期約為 24 個月，引入新產能的能力受到限制。在我們的政府服務業務中，我們專注於為愛爾蘭海岸警衛隊推出 SAR 服務，並將業務過渡到英國的 UKSAR2G 合約。

Those are large and complex projects with extended transition timelines running through the beginning of 2026 in Ireland and through the end of 2026 for UK's RTG. While we are facing challenges along the way with unexpected regulatory and supply chain delays, our commitment to delivering successful outcomes for the governments and communities we serve remains unwavering.

這些都是大型而複雜的項目，其過渡時間延長，愛爾蘭項目將持續到 2026 年初，英國 RTG 項目將持續到 2026 年底。儘管我們面臨意想不到的監管和供應鏈延遲等挑戰，但我們為所服務的政府和社區取得成功成果的承諾仍然堅定不移。

Bristow's vision is to lead the world in innovative and sustainable vertical flight solutions, and we are committed to leading responsibly. Bristow's fourth annual sustainability report will be published in the coming weeks, which reaffirms our steadfast dedication, responsible growth and environmental protection for our employees, as well as the diverse communities we take great pride in serving.

布里斯託的願景是引領世界創新和可持續的垂直飛行解決方案，我們致力於負責任地引領。布里斯託的第四份年度永續發展報告將在未來幾週內發布，該報告重申了我們對員工以及我們引以為傲的多元化社區的堅定奉獻、負責任的成長和環境保護。

Our overall goal remains consistent. We seek to minimize our environmental footprint while maintaining the resilience of our operations through an inclusive workforce and an active outreach in the places where we work and call home.

我們的整體目標保持一致。我們致力於透過包容性的員工隊伍以及在我們工作和居住的地方積極開展外展活動，最大限度地減少對環境的影響，同時保持我們運營的彈性。

In conclusion, while macroeconomic risk and uncertainty have increased significantly in recent months, the outlook for Bristow's business remains positive, and we are confident in affirming the company's financial guidance for both 2025 and 2026.

總之，儘管近幾個月宏觀經濟風險和不確定性顯著增加，但布里斯託的業務前景依然樂觀，我們有信心肯定公司 2025 年和 2026 年的財務指導。

This competence is supported by the stability of our government services business. The heavy weighting of our offshore energy services business, the more stable production support activities and the breadth and diversity of the geographic markets we serve.

這項能力得益於我們政府服務業務的穩定性。我們的海上能源服務業務佔比巨大，生產支援活動更加穩定，我們所服務的地理市場的廣度和多樣性。

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

現在，讓我們開始回答問題。

(Operator instructions)

（操作員指示）

Josh Sullivan, The Benchmark Company.

喬許·沙利文（Josh Sullivan），基準公司。

Hey, good morning.

嘿，早安。

Morning, Josh.

早安，喬希。

You just, given the uncertainty in the broader market, a lot of companies in the space of suspended guidance, and you guys are reaffirming that in '26 as well. Is this a wait and see approach to tariffs or or what gives you confidence to continue with the outlook here?

鑑於大盤的不確定性，許多公司都暫停了指引，而你們也在 26 年重申了這一點。這是對關稅的觀望態度嗎？還是什麼讓您有信心繼續關注這前景？

Given the factors that you referenced, what's going on in the broader economy, we did take a hard look at our outlook, starting first with a view on the macro and the oil and gas industry with a particular focus on offshore activity, and we're having customer conversations regularly, essentially daily to make sure that we understand our customers' plans and expectations for the aircraft that we have located around the world and all of these factors and the combination gave us the confidence to reaffirm our previously issued guidance for not just this year, but also next year in 2026 as you referenced, and I would say, Josh, that that's further supported by a few factors.

考慮到您提到的因素以及整體經濟形勢，我們確實認真審視了我們的前景，首先從宏觀角度和石油天然氣行業開始，特別關注海上活動，我們定期（基本上每天都）與客戶對話，以確保我們了解客戶對我們在世界各地的飛機的計劃和期望，所有這些因素結合起來使我們有信心重申我們之前發布的指導，不僅是今年，還有您提到的明年，也就是我進一步支持我們的因素，我不僅想得到了明年，還有您2026 年，也就是我的時間進一步支持這一點。

One, the stability that exists in the cash flows from our government services business and those long-term contracts. Two, the fact that 80% of our offshore energy revenues come from production support activities which are more stable in times like these. And three, the broad breadth and diversity of the geographic markets that we serve. So again, that gave us in summary the confidence to reaffirm guidance for this year and next.

一是我們的政府服務業務和長期合約的現金流的穩定性。二是我們的 80% 海上能源收入來自生產支援活動，這些活動在當前時期更加穩定。第三，我們服務的地理市場範圍廣泛且多元。因此，這再次給了我們信心，讓我們重申今年和明年的指導方針。

And then, you guys recently announced a long term S-92 agreement with Sikorsky. Can you just expand on the benefits of of the new agreement and what it entails?

然後，你們最近宣布與西科斯基達成長期 S-92 協議。您能否詳細說明一下新協議的好處及其內容？

Yes, happy to do that. We were very pleased to reach this agreement with Sikorsky for S-92 support for Bristow's global fleet of S-92 helicopters, both search and rescue as well as offshore energy. The primary benefits are that this provides us price visibility and price stability for a large portion of our fleet well into the next decade, which provides again better stability and ability to manage the business that we have from that fleet globally.

是的，我很樂意這麼做。我們非常高興與西科斯基達成這項協議，為布里斯託的全球 S-92 直升機機隊提供 S-92 支持，包括搜救和海上能源。主要的好處是，這為我們未來十年的大部分船隊提供了價格可見性和價格穩定性，這再次為我們在全球範圍內管理該船隊業務提供了更好的穩定性和能力。

And just as far as the CapEx investment, the search and rescue Irish opportunity, how helicopter OEMs then with deliveries at this point, what's left in that, I guess 14% of the CapEx related to the contract. Are you confident in that 86% at this point?

就資本支出投資而言，愛爾蘭的搜救機會，直升機原始設備製造商目前的交付情況如何，其中還剩下多少，我猜 14% 的資本支出與合約有關。您現在對這 86% 有信心嗎？

Sure, yeah, I mean the helicopter deliveries there have been some supply chain challenges for the OEMs as well as, as we've experienced, but we have been receiving the helicopters, we have a couple left to receive and so we're fairly confident in that number based on the couple of helicopters we have left to receive.

當然，是的，我的意思是直升機交付對於原始設備製造商來說也面臨著一些供應鏈挑戰，正如我們所經歷的，但我們一直在接收直升機，我們還剩下幾架直升機沒有收到，因此根據我們還剩下幾架直升機沒有收到的情況，我們對這個數字相當有信心。

And I'd say the remaining amount of CapEx probably is more related to the infrastructure and modifications, not necessarily the the (Inaudible - microphone inaccessible).

我想說剩餘的資本支出可能更多是與基礎設施和改造有關，不一定與（聽不清楚 - 麥克風無法使用）。

Then I guess just one last one, in regard to the advanced air mobility opportunity, Norway moving along with EC [tall] flights, any updates there?

那麼我想只剩最後一個問題了，關於先進的空中機動機會，挪威正在與 EC [高] 航班一起前進，有什麼最新消息嗎？

In Norway specifically, we are happy to be part of an important new project there. Last year, Avinor and the Norwegian Civil Aviation Authority entered into a new collaboration agreement to establish Norway as an international test arena for zero and low emission aircraft. And in March of this year, the first formal agreement for demonstration flights was signed with US-based aircraft manufacturer Beta Technologies and us Bristow as the operator.

具體來說，在挪威，我們很高興能夠參與那裡一個重要的新計畫。去年，Avinor 與挪威民航局達成了一項新的合作協議，將挪威打造為零排放和低排放飛機的國際測試場地。今年3月，雙方簽署了第一份正式的示範飛行協議，協議由美國飛機製造商Beta Technologies和美國Bristow公司作為營運商簽署。

The goal of this new test arena is to demonstrate it on a real world basis and gain knowledge from operations and learning to prepare the ecosystem for the foundation of this future industry. Those demonstration flights will begin with cargo flights, so no passengers on board will begin with cargo.

這個新測試領域的目標是在現實世界中進行演示，並從營運和學習中獲得知識，為未來產業的基礎準備生態系統。這些示範航班將從貨運航班開始，因此機上不會搭載任何乘客。

They're going to be conducted using Beta's [Aliya] aircraft with Bristow, Norway as the operator. So again, we're excited to be part of what is really one of the first real world applications of these new aircraft and technologies.

演習將使用 Beta 公司的 [Aliya] 飛機進行，由挪威布里斯托負責營運。因此，我們非常高興能夠參與這些新飛機和技術的首批實際應用之一。

Great. Thank you for the time.

偉大的。感謝您抽出時間。

Thanks, Josh.

謝謝，喬希。

Steve Silver, Argus Research.

史蒂夫·西爾弗（Steve Silver），阿格斯研究公司（Argus Research）

Thanks, operator, and thanks for taking my questions. My first question is, given the majority of Bristow's businesses outside the US, I was hoping you could provide a little color on maybe some of the specifics of the potential cost exposure in a higher tariff environment.

謝謝接線員，謝謝您回答我的問題。我的第一個問題是，鑑於布里斯託的大部分業務都在美國境外，我希望您能稍微介紹一下在較高關稅環境下可能產生的成本風險的具體細節。

Hey, good morning, Steve, and thank you for the question. As you noted, the vast majority of our revenues, about 85% are generated from activities outside the US. For the portion that is generated here in the US, we do have some exposure on the import of some aircraft parts from foreign countries, namely Europe into the US to support the ongoing repairs and maintenance of those US-based aircraft. But in the context of our overall financial results and our overall financial outlook, we do not expect this to have a material impact on our financial.

嘿，早上好，史蒂夫，謝謝你的提問。正如您所說，我們的絕大部分收入（約 85%）來自美國以外的活動。對於在美國產生的部分，我們確實從國外（即歐洲）進口一些飛機零件到美國，以支持這些美國飛機的持續維修和保養。但從我們的整體財務表現和整體財務前景來看，我們預計這不會對我們的財務產生重大影響。

Great. And one more if I may. It sounds like the use of cash in the quarter was more of a timing issue. I'm just curious as to whether you expect anywhere near the current levels of working capital uses throughout the rest of the year.

偉大的。如果可以的話，我還要再說一句。聽起來本季的現金使用更多的是一個時間問題。我只是好奇，您是否預計今年剩餘時間的營運資金使用量將接近目前的水平。

Thank you, Steve, good morning. The short answer is no, but a little more detail you're right, it is really timing there, particularly with our customers and really this was on the government services side not not related to delinquent accounts just the timing on that.

謝謝你，史蒂夫，早安。簡短的回答是否定的，但更詳細地說，您說得對，這確實是一個時機問題，特別是對於我們的客戶而言，而且這實際上是在政府服務方面，與拖欠賬戶無關，只是時間問題。

We do have some pre-operation costs for those contracts, the government services contracts that will continue, but at more muted levels, and we will continue to invest in inventory where need be to protect us on the supply chain side, but again, the short answer is no, we shouldn't see the same levels going forward.

我們確實有一些這些合約的預運營成本，政府服務合約將繼續，但水平會更低，我們將繼續在需要的地方投資庫存，以保護我們的供應鏈方面，但同樣，簡短的回答是，不，我們不應該看到未來同樣的水平。

Great. Thanks so much for the extra color.

偉大的。非常感謝你提供的額外顏色。

Laura Li, Deutsche Bank.

德意志銀行的 Laura Li。

Hey, thank you for taking my question. And, I think you mentioned some like supply chain challenges and the constraints. So have you seen any changes or improvements in the recent months?

嘿，謝謝你回答我的問題。而且，我認為您提到了一些類似供應鏈挑戰和限制的問題。那麼，最近幾個月您看到任何變化或改進了嗎？

Yes, we have fortunately. There have been some incremental improvements that relate specifically to the S-92 fleet where Sikorsky has addressed some of the delays related to certain components. We are still experiencing delays on other components both for the S-92 fleet as well as some of our other helicopter fleets.

是的，我們很幸運。西科斯基公司已經針對 S-92 機隊做出了一些漸進式改進，解決了與某些零件相關的一些延誤問題。我們的 S-92 機隊以及其他一些直升機機隊的其他零件仍然延誤。

That's a challenge we've been dealing with for a few years now. It's not unique to us in this space. It's one that is really impacting the broader overall aviation industry, but we have seen some incremental improvements in recent months.

這是我們幾年來一直在應對的挑戰。在我們這個領域，這並不是獨一無二的。它確實對整個航空業產生了影響，但近幾個月來我們已經看到了一些漸進的改善。

Okay. Got it. And also we talked about like the (inaudible) test arena in Norway later this year. So are you expecting to like expand the scope?

好的。知道了。我們也討論了今年稍晚在挪威舉行的（聽不清楚）測試賽。那麼您是否希望擴大範圍？

We certainly are hoping that will be the case. Excited to be a part of that project, which is really one of the first of its kind anywhere in the world. It's a well structured project in our view and that you have the government and the regulatory authorities there in a way really sponsoring this international test arena. You have Beta as the OEM coming in with the aircraft to provide that level of support and then an opportunity for us at Bristow to operate the aircraft and demonstrate in a real world what they're able to do prove out some of the assumptions that have existed in the development of the aircraft and factor in some of the real world things that happen around weather and other environmental conditions.

我們當然希望情況會如此。我很高興能參與這個項目，這確實是世界上第一個此類項目。我們認為這是一個結構良好的項目，並且政府和監管機構在某種程度上真正贊助了這個國際測試領域。Beta 作為原始設備製造商，為飛機提供這種程度的支持，然後我們布里斯託也有機會操作飛機，在現實世界中展示他們的能力，證明飛機開發過程中存在的一些假設，並考慮到現實世界中天氣和其他環境條件下發生的一些事情。

We expect that the results from these test flights will be positive and we think if that is truly the case that we're likely to see an expansion of these sort of operations both in Norway and elsewhere in the world.

我們預計這些試飛的結果將是正面的，我們認為如果真是這樣，我們很可能會看到此類行動在挪威和世界其他地方的擴展。

Okay. Got it. I appreciate it.

好的。知道了。我很感激。

Thank you.

謝謝。

Alex Wessel, Arctic Securities.

北極證券公司的亞歷克斯‧韋塞爾 (Alex Wessel)。

Hey guys, thanks for taking my question. I just wanted to go back to the offshore energy piece a little bit, and, obviously, oil prices have continued to soften this year. Could you give sort of any indication on what price you're going to start seeing like impact on the business and the outlook.

嘿夥計們，謝謝你們回答我的問題。我只是想稍微回顧一下海上能源部分，顯然，今年油價持續走軟。您能否透露一下什麼價格將開始對業務和前景產生影響？

Yeah, good morning, Alex, and thank you for the question. Today we're not seeing any tangible impacts on offshore activity as we look at the projects we're supporting for our customers and their plans for upcoming quarters. So no impact as of now. We're fortunate in that Deepwater projects are really well positioned within the portfolios of these oil and gas companies.

是的，早上好，亞歷克斯，謝謝你的提問。今天，當我們審視我們為客戶支持的項目及其未來幾季的計劃時，我們並沒有看到對海上活動的任何實際影響。所以目前沒有影響。我們很幸運，深水計畫在這些石油和天然氣公司的投資組合中佔據著非常有利的地位。

We believe that they offer attractive full cycle economic returns relative to some of the other investment opportunities they have within their portfolios. So we believe that the level of investment will continue for the foreseeable future really at a rent price at or above $60 a barrel, we don't anticipate any material impact on activity or our business.

我們相信，相對於其投資組合中的其他一些投資機會，它們能夠提供有吸引力的全週期經濟回報。因此，我們相信，在可預見的未來，如果租金價格達到或超過每桶 60 美元，投資水準將持續下去，我們預計不會對活動或業務產生任何重大影響。

All right, great. So it's fair to say there hasn't been any impact on the offshore activity so far.

好的，太好了。因此可以公平地說，到目前為止，海上活動還沒有受到任何影響。

Correct. As of today, we haven't seen any tangible impact on the level of offshore activity that we're supporting today or expected support in the coming quarters.

正確的。截至今天，我們尚未看到對我們目前支援的離岸活動水平或未來幾季的預期支援產生任何實際影響。

All right. Thank you. I appreciate it.

好的。謝謝。我很感激。

Thank you.

謝謝。

This concludes the question and answer session. I'll now turn the call back over to Christopher Bradshaw for closing remarks.

問答環節到此結束。現在我將把電話轉回給克里斯多福·布拉德肖，請他作最後發言。

Thank you, Luke, and thanks to everyone for joining the call. We look forward to connecting again next quarter. In the meantime, stay safe and well.

謝謝你，盧克，也謝謝大家參加電話會議。我們期待下個季度再次聯繫。同時，請保持安全和健康。

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。