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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 ________________________________________
FORM 10-Q
________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedSeptember 30, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to      

Commission File Number
001-35701
Bristow Group Inc.
(Exact name of registrant as specified in its charter)
Delaware 72-1455213
(State or Other Jurisdiction of
Incorporation or Organization)
 (IRS Employer
Identification No.)
3151 Briarpark Drive, Suite 700 
Houston, Texas 77042
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code:
(713) 267-7600
          None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareVTOLNYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes      No  
The total number of shares of common stock (in thousands), par value $0.01 per share, outstanding as of November 1, 2024 was 28,628. The Registrant has no other class of common stock outstanding.


Table of Contents
BRISTOW GROUP INC. AND SUBSIDIARIES
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATIONPage
Item 1.
Note 5
Note 10
Note 11
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


Table of Contents
PART I. FINANCIAL INFORMATION 
Item 1.     Financial Statements.
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)

Three Months Ended
September 30,
Nine Months Ended
September 30,
  2024202320242023
Revenues:
Operating revenues$356,426 $330,252 $1,038,276 $934,705 
Reimbursable revenues8,696 7,838 23,689 24,790 
Total revenues365,122 338,090 1,061,965 959,495 
Costs and expenses:
Operating expenses262,692 240,682 756,477 708,065 
Reimbursable expenses8,827 7,836 23,730 24,507 
General and administrative expenses42,898 46,256 131,178 137,602 
Merger and integration costs 738  1,854 
Depreciation and amortization expense17,569 17,862 51,586 53,599 
Total costs and expenses331,986 313,374 962,971 925,627 
Gains (losses) on disposal of assets(626)1,179 (963)1,271 
Earnings from unconsolidated affiliates703 3,722 2,773 6,038 
Operating income33,213 29,617 100,804 41,177 
Interest income2,526 2,532 6,652 5,188 
Interest expense, net(9,660)(10,008)(28,517)(30,143)
Reorganization items, net (3) (86)
Other, net10,592 4,844 4,308 (11,619)
Total other income (expense), net3,458 (2,635)(17,557)(36,660)
Income before income taxes36,671 26,982 83,247 4,517 
Income tax expense(8,392)(22,637)(20,145)(3,334)
Net income28,279 4,345 63,102 1,183 
Net income attributable to noncontrolling interests(37)(28)(98)(25)
Net income attributable to Bristow Group Inc.$28,242 $4,317 $63,004 $1,158 
Earnings per common share:
Basic$0.99 $0.15 $2.21 $0.04 
Diluted$0.95 $0.15 $2.14 $0.04 
Weighted average shares of common stock outstanding:
Basic28,620 28,217 28,477 28,088 
Diluted29,719 28,959 29,475 28,742 








See accompanying notes to condensed consolidated financial statements.
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BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited, in thousands)

Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Net income$28,279 $4,345 $63,102 $1,183 
Other comprehensive income (loss):
Currency translation adjustments19,201 (23,784)9,818 2,598 
Pension liability adjustment(2,112)1,697 (1,809)(572)
Unrealized gains (losses) on cash flow hedges, net650 (3,864)(3,248)(4,984)
Total other comprehensive income (loss), net of tax17,739 (25,951)4,761 (2,958)
Total comprehensive income (loss)46,018 (21,606)67,863 (1,775)
Net comprehensive income attributable to noncontrolling interests(37)(28)(98)(25)
Total comprehensive income (loss) attributable to Bristow Group Inc.$45,981 $(21,634)$67,765 $(1,800)







































See accompanying notes to condensed consolidated financial statements.
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BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
September 30,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$200,349 $180,265 
Restricted cash8,232 3,397 
Accounts receivable, net of allowance of $48 and $77, respectively
233,563 234,620 
Inventories111,380 99,863 
Prepaid expenses and other current assets40,843 45,438 
Total current assets594,367 563,583 
Property and equipment, net of accumulated depreciation of $272,092 and $232,107, respectively
1,048,517 927,766 
Investment in unconsolidated affiliates20,830 19,890 
Right-of-use assets279,319 287,939 
Other assets145,276 138,100 
Total assets$2,088,309 $1,937,278 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$92,883 $87,885 
Accrued wages, benefits and related taxes48,951 52,685 
Income taxes payable and other accrued taxes22,503 8,176 
Deferred revenues19,976 20,334 
Accrued maintenance and repairs23,160 24,545 
Current portion of operating lease liabilities78,134 75,288 
Accrued interest and other accrued liabilities21,713 27,629 
Current maturities of long-term debt16,860 13,247 
Total current liabilities324,180 309,789 
Long-term debt, less current maturities612,206 534,823 
Other liabilities and deferred credits14,800 11,820 
Deferred taxes38,012 42,710 
Long-term operating lease liabilities200,351 214,957 
Total liabilities$1,189,549 $1,114,099 
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value, 110,000 authorized; 28,628 and 28,310 outstanding, respectively
315 311 
Additional paid-in capital737,541 725,773 
Retained earnings280,972 217,968 
Treasury stock, at cost; 2,692 and 2,566 shares, respectively
(69,776)(65,722)
Accumulated other comprehensive loss(49,882)(54,643)
Total Bristow Group Inc. stockholders’ equity899,170 823,687 
Noncontrolling interests(410)(508)
Total stockholders’ equity898,760 823,179 
Total liabilities and stockholders’ equity$2,088,309 $1,937,278 



See accompanying notes to condensed consolidated financial statements.
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BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited, in thousands)

 Total Bristow Group Inc. Stockholders’ Equity  
 Common
Stock
Common
Stock
(Shares)
Additional
Paid-in
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Stockholders’
Equity
December 31, 2023$311 28,310 $725,773 $217,968 $(65,722)$(54,643)$(508)$823,179 
Share award amortization1 117 3,519 — — — — 3,520 
Share repurchases— (40)— — (1,016)— — (1,016)
Net income— — — 6,605 — — 27 6,632 
Other comprehensive loss— — — — — (12,105)— (12,105)
March 31, 2024
$312 28,387 $729,292 $224,573 $(66,738)$(66,748)$(481)$820,210 
Share award amortization3 313 4,048 — — — — 4,051 
Share repurchases— (83)— — (2,910)— — (2,910)
Net income— — — 28,157 — — 34 28,191 
Other comprehensive loss— — — — — (873)— (873)
June 30, 2024
$315 28,617 $733,340 $252,730 $(69,648)$(67,621)$(447)$848,669 
Share award amortization— 15 4,201 — — — — 4,201 
Share repurchases— (4)— — (128)— — (128)
Net income— — — 28,242 — — 37 28,279 
Other comprehensive income— — — — — 17,739 — 17,739 
September 30, 2024
$315 28,628 $737,541 $280,972 $(69,776)$(49,882)$(410)$898,760 





















See accompanying notes to condensed consolidated financial statements.
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 Total Bristow Group Inc. Stockholders’ Equity 
 Common
Stock
Common
Stock
(Shares)
Additional
Paid-in
Capital
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Stockholders’
Equity
December 31, 2022
$306 28,009 $709,319 $224,748 $(63,009)$(84,057)$(368)$786,939 
Share award amortization— — 3,311 — — — — 3,311 
Share repurchases— (1)— — (385)— — (385)
Net loss— — — (1,522)— — (3)(1,525)
Other comprehensive income— — — — — 10,127 — 10,127 
March 31, 2023
$306 28,008 $712,630 $223,226 $(63,394)$(73,930)$(371)$798,467 
Share award amortization— 239 5,232 — — — — 5,232 
Share repurchases— (71)— — (1,974)— — (1,974)
Net loss— — (1,637)— — — (1,637)
Other comprehensive income— — — — — 12,866 — 12,866 
June 30, 2023
$306 28,176 $717,862 $221,589 $(65,368)$(61,064)$(371)$812,954 
Share award amortization$— 83 $4,204 $— $— $— $— $4,204 
Share repurchases— (13)— — (354)— — (354)
Net income— — — 4,317 — — 28 4,345 
Other comprehensive loss— — — — — (25,951)— (25,951)
September 30, 2023
$306 28,246 $722,066 $225,906 $(65,722)$(87,015)$(343)$795,198 


















See accompanying notes to condensed consolidated financial statements.
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BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Nine Months Ended
September 30,
 20242023
Cash flows from operating activities:
Net income$63,102 $1,183 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization expense62,761 64,850 
Losses (gains) on disposal of assets963 (1,271)
Earnings from unconsolidated affiliates, net of dividends received(2,398)(5,701)
Deferred income taxes(4,586)(36,398)
Stock-based compensation expense11,768 12,747 
Amortization of deferred financing fees 2,274 2,111 
Amortization of deferred contract costs2,533  
Discount amortization on long-term debt 473 
Increase (decrease) in cash resulting from changes in:
Accounts receivable(2,195)(14,435)
Inventory, prepaid expenses and other assets(32,096)(34,063)
Accounts payable, accrued expenses and other liabilities24,240 52,040 
Net cash provided by operating activities126,366 41,536 
Cash flows from investing activities:
Capital expenditures(171,903)(62,137)
Proceeds from asset dispositions4,461 34,094 
Net cash used in investing activities(167,442)(28,043)
Cash flows from financing activities:
Proceeds from borrowings82,309 169,508 
Debt issuance costs(3,525)(2,714)
Repayments of debt(11,467)(138,735)
Purchase of treasury stock(4,054)(2,713)
Net cash provided by financing activities63,263 25,346 
Effect of exchange rate changes on cash, cash equivalents and restricted cash2,732 7,214 
Net increase in cash, cash equivalents and restricted cash24,919 46,053 
Cash, cash equivalents and restricted cash at beginning of period183,662 163,683 
Cash, cash equivalents and restricted cash at end of period$208,581 $209,736 
Cash paid during the period for:
Interest$38,369 $36,185 
Income taxes, net$16,093 $9,551 











See accompanying notes to condensed consolidated financial statements.
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — BASIS OF PRESENTATION, CONSOLIDATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities.
The condensed consolidated financial information for the three and nine months ended September 30, 2024 and 2023, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. The condensed consolidated financial statements on this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Summary of Significant Accounting Policies and Other Accounting Considerations
Basis of Consolidation — The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation.
Reclassification — Certain amounts reported for prior periods in the consolidated financial statements have been reclassified to conform with the current period’s presentation.
Accounting Estimates — The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders’ equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire year.
Recent Accounting Standards — The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed within this Quarterly Report on Form 10-Q were assessed and determined as either not applicable or not material to the Company’s consolidated financial position or results of operations.
In November 2023, the FASB issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU applies to all public entities that are required to report segment information in accordance with Topic 280 and requires the disclosure of significant segment expenses on an annual and interim basis, incremental disclosures of measures of segment profit or loss and the identification of the Company’s chief operating decision maker. This standard will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the potential impact of the adoption of this ASU on its consolidated financial statements.
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 2 — REVENUES
The Company’s customers are primarily major integrated, national and independent offshore energy companies and government agencies. The Company derives its revenues primarily from aviation services generated through two types of contracts: helicopter services contracts and fixed wing services contracts. Revenues are generally recognized when the Company satisfies its performance obligations by providing aviation services to its customers in exchange for consideration.
The following table sets forth the disaggregation of operating revenues by service line for the applicable periods (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Offshore energy services$233,654 $212,990 $692,843 $589,813 
Government services85,229 85,549 246,813 255,203 
Fixed wing services35,543 29,168 91,238 81,535 
Other services2,000 2,545 7,382 8,154 
Total operating revenues$356,426 $330,252 $1,038,276 $934,705 
Reimbursable revenues8,696 7,838 23,689 24,790 
Total revenues$365,122 $338,090 $1,061,965 $959,495 
As of September 30, 2024, the Company had a deferred revenue balance of $20.0 million compared to the December 31, 2023 balance of $20.3 million. Deferred revenues are primarily generated by fixed wing services where customers pay for tickets in advance of receiving the Company’s services, advanced payments from helicopter services customers, and mobilization fees received from customers in connection with new contract commencements. During the nine months ended September 30, 2024 and 2023, revenues recognized that had previously been deferred were $12.1 million and $9.3 million, respectively.
Note 3 — RELATED PARTY TRANSACTIONS
The Company owns a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), an aviation services provider in Canada. The remaining 75% voting interest and 60% economic interest in Cougar are owned by VIH Aviation Group Ltd. (“VIH”). Due to common ownership of Cougar, the Company considers VIH a related party.
The Company and VIH lease certain aircraft and facilities and from time to time purchase inventory from one another. During the three months ended September 30, 2024 and 2023, the Company made payments of $1.0 million and $1.1 million to its related parties, respectively, and also generated total revenues of $6.8 million and $11.5 million from its related parties, respectively. During the nine months ended September 30, 2024 and 2023, the Company made payments of $3.2 million and $4.1 million to its related parties, respectively, and also generated total revenues of $24.0 million and $25.3 million from its related parties, respectively. During the nine months ended September 30, 2023, the Company and VIH entered into resale agreements under which one S92 aircraft was sold in exchange for the purchase of another S92 aircraft in a non-monetary transaction. The exchange did not result in a gain or loss being recognized on the Company’s condensed consolidated statement of operations.
As of September 30, 2024 and December 31, 2023, accounts receivable from related parties included in accounts receivable on the condensed consolidated balance sheets were $3.1 million and $1.2 million, respectively.
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 4 — DEBT
Debt as of September 30, 2024 and December 31, 2023, consisted of the following (in thousands):
September 30,
2024
December 31,
2023
6.875% Senior Notes
$395,251 $394,184 
UKSAR Debt184,014 153,886 
IRCG Debt49,801  
Total debt629,066 548,070 
Less short-term borrowings and current maturities of long-term debt(16,860)(13,247)
Total long-term debt$612,206 $534,823 
6.875% Senior Notes In February 2021, the Company issued $400.0 million aggregate principal amount of its 6.875% senior secured notes due March 2028 (the “6.875% Senior Notes”) and received net proceeds of $395.0 million. The 6.875% Senior Notes are fully and unconditionally guaranteed as to payment by a number of subsidiaries. Interest on the 6.875% Senior Notes is payable semi-annually in arrears on March 1st and September 1st of each year. The 6.875% Senior Notes may be redeemed at any time and from time to time, with sufficient notice and at the applicable redemption prices set forth in the indenture governing the 6.875% Senior Notes, inclusive of any accrued and unpaid interest leading up to the redemption date. The indenture governing the 6.875% Senior Notes contains covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem the Company’s capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of its assets. In addition, upon a specified change of control trigger event, the Company must make an offer to repurchase each noteholder’s notes at an offer price of 101% of the aggregate principal amount, plus accrued and unpaid interest.
As of September 30, 2024 and December 31, 2023, the Company had $4.7 million and $5.8 million, respectively, of unamortized deferred financing fees associated with the 6.875% Senior Notes.
UKSAR Debt In January 2023, the Company entered into two thirteen-year secured equipment financings for an aggregate amount of up to £145 million with National Westminster Bank Plc as arranger, agent and security trustee (“UKSAR Debt”, formerly known as “NatWest Debt”). The credit facilities bear interest at a rate equal to the Sterling Overnight Index Average (“SONIA”) plus 2.75% per annum and mature in March 2036, with repayment due in quarterly installments.
In January 2024, the Company entered into a long-term equipment financing to upsize the UKSAR Debt by an aggregate amount of up to £55 million. The upsizing is being used to support the Company’s capital commitments related to the Second-Generation UK Search and Rescue (“UKSAR2G”) contract. The credit facility has a 15-month availability period and will continue to fund through 2024, subject to delivery of the new search and rescue (“SAR”) configured helicopters. The credit facility bears interest at a rate equal to SONIA plus 2.75% per annum. Bristow's obligations under the additional UKSAR Debt will be secured by four new Leonardo S.p.A AW139 SAR configured helicopters. As of September 30, 2024, the Company had drawn approximately $32.7 million (£26.1 million) under this facility.
During the nine months ended September 30, 2024 and 2023, the Company made principal payments of $11.5 million and $9.7 million, respectively. As of September 30, 2024 and December 31, 2023, the Company had unamortized deferred financing fees, inclusive of amounts related to the upsizing, associated with the UKSAR Debt of $9.8 million and $8.4 million, respectively.
IRCG Debt In June 2024, the Company entered into a long-term equipment financing for an aggregate amount of up to €100.0 million with National Westminster Bank Plc as the original lender and UK Export Finance guaranteeing 80% of the facility (“IRCG Debt”, formerly known as “UKEF Debt”). The financing is being used, among other items, to support the Company’s acquisition of five new AW189 aircraft to fulfill contractual obligations with the Irish Department of Transport to provide SAR services to the Irish Coast Guard (“IRCG”). The credit facility has an availability period of up to two years
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
followed by a five-year term. The IRCG Debt bears interest at a rate equal to the Euro Interbank Offered Rate (“EURIBOR”) plus 1.95% per annum with repayments due in semi-annual installments following the end of the availability period. As of September 30, 2024, the Company had drawn approximately $49.6 million (€46.0 million) and had $1.6 million of unamortized deferred financing fees associated with the IRCG Debt.
ABL FacilityThe Company’s asset-backed revolving credit facility (the “ABL Facility”) provides that amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited, and (ii) are fully and unconditionally guaranteed as to payment by the Company, as a parent guarantor, and each of Bristow Norway AS, Bristow Helicopters Limited (“BHL”), Bristow U.S. LLC and Era Helicopters, LLC. As of September 30, 2024, the ABL Facility provided for commitments in an aggregate amount of $85.0 million with the ability to increase the total commitments up to a maximum aggregate amount of $120.0 million, subject to the terms and conditions therein.
As of September 30, 2024, there were no outstanding borrowings under the ABL Facility nor had the Company made any draws during the nine months ended September 30, 2024. Letters of credit issued under the ABL Facility in the aggregate face amount of $8.7 million were outstanding as of September 30, 2024.
Note 5 — FAIR VALUE DISCLOSURES
Authoritative guidance on fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items.
The Company’s debt was measured at fair value using Level 2 inputs based on estimated current rates for similar types of arrangements using discounted cash flow analysis. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.
The carrying and fair values of the Company’s debt were as follows (in thousands):
Carrying
Amount
Level 1Level 2Level 3
September 30, 2024
LIABILITIES
6.875% Senior Notes(1)
$395,251 $ $394,794 $ 
UKSAR Debt(2)
184,014  190,947  
IRCG Debt(3)
49,801  51,198  
$629,066 $ $636,939 $ 
December 31, 2023
LIABILITIES
6.875% Senior Notes(1)
$394,184 $ $383,068 $ 
UKSAR Debt(2)
153,886  162,467  
$548,070 $ $545,535 $ 
___________________ 
(1)As of September 30, 2024 and December 31, 2023, the carrying values of unamortized deferred financing fees related to the 6.875% Senior Notes were $4.7 million and $5.8 million, respectively.
(2)As of September 30, 2024 and December 31, 2023, the carrying values of unamortized deferred financing fees related to the UKSAR Debt were $9.8 million and $8.4 million, respectively.
(3)As of September 30, 2024, the carrying value of unamortized deferred financing fees related to the IRCG Debt was $1.6 million.
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 6 — DERIVATIVE FINANCIAL INSTRUMENTS
From time to time, the Company may use derivatives to partially offset its business exposure to foreign currency risks on expected future cash flows. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. The Company does not offset fair value amounts recognized for derivative instruments under master netting arrangements. The derivative agreements do not contain credit-risk-related contingent features. There are no amounts of related financial collateral received or pledged. The Company does not use any of its derivative instruments for speculative or trading purposes.
Cash Flow Hedges
The Company may use foreign exchange options or forward contracts to hedge a portion of its forecasted foreign currency denominated transactions. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions.
These foreign exchange hedge contracts, carried at fair value, have maturities of up to approximately 15 months. As of September 30, 2024 and December 31, 2023, total notional amounts of outstanding cash flow hedges were $113.1 million and $254.7 million, respectively. As of September 30, 2024, the estimated net amount of losses expected to be reclassified from accumulated other comprehensive income into earnings within the next 12 months is $1.6 million. For the nine months ended September 30, 2024, there were no net gains or losses recognized in earnings relating to hedges of forecasted transactions that did not occur.
The Company’s derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. The fair value of the Company’s derivatives is based on valuation methods which project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves and foreign currency rates. The fair value of derivative instruments on the Company’s Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 were as follows, presented on a gross basis (in thousands):
September 30, 2024December 31, 2023
Fair Value Asset DerivativesFair Value Liability DerivativesFair Value Asset DerivativesFair Value Liability Derivatives
Derivatives designated as hedging instruments:
Foreign exchange forward contracts$818 $2,688 $2,557 $1,200 
Note 7 — COMMITMENTS AND CONTINGENCIES
Fleet — The Company’s unfunded capital commitments as of September 30, 2024 consisted primarily of agreements to purchase helicopters and totaled $289.3 million, payable beginning in 2024.
Included in these commitments are orders to purchase ten AW189 heavy helicopters, three AW139 medium helicopters, five AW169 light twin helicopters and five H135 light twin helicopters. The AW189 helicopters are scheduled to be delivered between 2024 and 2026; the AW139 helicopters are scheduled to be delivered in 2024; and the H135 helicopters are scheduled to be delivered between 2024 and 2025. Delivery dates for the AW169 helicopters have yet to be determined. In addition, the Company has outstanding options to purchase up to 10 additional AW189 helicopters and 10 additional H135 helicopters. If these options are exercised, the AW189 helicopters would be scheduled for delivery between 2026 and 2028, and the H135 helicopters would be scheduled for delivery between 2027 and 2028. The Company may, from time to time, purchase aircraft for which it has no orders.
The Company may terminate $35.2 million of its unfunded capital commitments without further liability other than aggregate liquidated damages of approximately $1.1 million.
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
General Litigation and Disputes
The Company operates in jurisdictions internationally where it is subject to risks that include government action to obtain additional tax revenues. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact the Company’s earnings until such time as a clear court or other ruling exists. The Company operates in jurisdictions currently where amounts may be due to governmental bodies that the Company is not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. The Company believes that payment of amounts in these instances is not probable at this time, but is reasonably possible.
In the normal course of business, the Company is involved in various litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its condensed consolidated financial statements related thereto as appropriate. It is possible that a change in its estimates related to these exposures could occur, but the Company does not expect such changes in estimated costs or uninsured losses, if any, would have a material effect on its business, consolidated financial position or results of operations.
Note 8 — INCOME TAXES
During the three months ended September 30, 2024 and 2023, the Company recorded an income tax expense of $8.4 million, resulting in an effective tax rate of 22.9%, and income tax expense of $22.6 million, resulting in an effective tax rate of 83.9%, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded an income tax expense of $20.1 million, resulting in an effective tax rate of 24.2%, and income tax expense of $3.3 million, resulting in an effective tax rate of 73.8%, respectively.
The effective tax rate during the nine months ended September 30, 2024 was impacted by the Company’s global mix of earnings in the current year, adjustments to valuation allowances against future realization of losses and deductible business interest expense, partially offset by the recognition of certain deferred tax assets. The effective tax rate during the nine months ended September 30, 2023 was impacted by the Company’s global mix of earnings, adjustments to valuation allowances against future realization of deductible business interest expense, partially offset by the recognition of certain deferred tax assets.
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 9 — STOCKHOLDERS’ EQUITY
Accumulated Other Comprehensive Income (Loss)
The following table shows the changes in balances for accumulated other comprehensive income (loss), net of tax (in thousands):
 Currency Translation AdjustmentsPension Liability AdjustmentsUnrealized gains (losses) on cash flow hedgesTotal
Balance as of December 31, 2023$(21,601)$(34,941)$1,899 $(54,643)
Other comprehensive loss(8,267) (4,496)(12,763)
Reclassified from accumulated other comprehensive loss 5 625 630 
Income tax benefit  28 28 
Net current period other comprehensive income (loss)(8,267)5 (3,843)(12,105)
Foreign exchange rate impact(316)316   
Balance as of March 31, 2024
$(30,184)$(34,620)$(1,944)$(66,748)
Other comprehensive income (loss)(823) 609 (214)
Reclassified from accumulated other comprehensive loss 5 (677)(672)
Income tax benefit  13 13 
Net current period other comprehensive income (loss)(823)5 (55)(873)
Foreign exchange rate impact23 (23)  
Balance as of June 30, 2024
$(30,984)$(34,638)$(1,999)$(67,621)
Other comprehensive income17,084  232 17,316 
Reclassified from accumulated other comprehensive loss 5 482 487 
Income tax expense  (64)(64)
Net current period other comprehensive income (loss)17,084 5 650 17,739 
Foreign exchange rate impact2,117 (2,117)  
Balance as of September 30, 2024
$(11,783)$(36,750)$(1,349)$(49,882)
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Note 10 — EARNINGS PER SHARE
Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share excludes options to purchase common stock and restricted stock units and awards which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share (in thousands, except per share amounts):
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Income (loss):
Net income attributable to Bristow Group Inc.$28,242 $4,317 $63,004 $1,158 
Shares of common stock:
Weighted average shares of common stock outstanding – basic28,620 28,217 28,477 28,088 
Net effect of dilutive stock1,099 742 998 654 
Weighted average shares of common stock outstanding – diluted(1)
29,719 28,959 29,475 28,742 
Earnings per common share - basic$0.99 $0.15 $2.21 $0.04 
Earnings per common share - diluted$0.95 $0.15 $2.14 $0.04 
__________________
(1)Excludes weighted average shares of common stock of 20,000 and 1,181,738 for the three months ended September 30, 2024 and 2023, respectively, and 20,000 and 1,293,579 for the nine months ended September 30, 2024 and 2023, respectively, for certain share awards as the effect of their inclusion would have been antidilutive.
Note 11 — SEGMENT INFORMATION
The Company conducts business in one segment: aviation services. The aviation services global operations include four regions as follows: Europe, the Americas, Africa and Asia Pacific. The Europe region comprises all of the Company’s operations and affiliates in Europe, including the Dutch Caribbean, the Falkland Islands, the Netherlands, Norway and the United Kingdom (“UK”). The Americas region comprises all of the Company’s operations and affiliates in North America and South America, including Brazil, Canada, Suriname, Trinidad and the U.S. Gulf of Mexico. The Africa region comprises all of the Company’s operations and affiliates on the African continent, including Nigeria. The Asia Pacific region comprises all of the Company’s operations and affiliates in Australia.
The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Region revenues:
Europe$191,346 $184,524 $562,222 $536,048 
Americas100,150 99,688 302,768 268,847 
Africa45,716 29,933 125,178 88,439 
Asia Pacific27,910 23,945 71,797 66,161 
Total region revenues$365,122 $338,090 $1,061,965 $959,495 
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BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Consolidated operating income:
Europe$10,543 $16,324 $43,713 $41,181 
Americas19,301 21,702 64,323 45,222 
Africa18,677 6,780 45,480 17,085 
Asia Pacific4,387 4,854 6,014 10,704 
Other(19,069)(21,222)(57,763)(74,286)
Gains (losses) on disposal of assets(626)1,179 (963)1,271 
Total consolidated operating income$33,213 $29,617 $100,804 $41,177 
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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes, included elsewhere herein, as well as our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2024 (the “Annual Report on Form 10-K”). Unless the context otherwise indicates, in this MD&A, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities.
In the discussions that follow, the terms “Current Quarter” and “Preceding Quarter” refer to the three months ended September 30, 2024 and June 30, 2024, respectively, and “Current Year” and “Prior Year” refer to the nine months ended September 30, 2024 and 2023, respectively.
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements about our future business, strategy, operations, capabilities and results; financial projections; plans and objectives of our management; expected actions by us and by third parties, including our customers, competitors, vendors and regulators, and other matters. Some of the forward-looking statements can be identified by the use of words such as “believes”, “belief”, “forecasts”, “expects”, “plans”, “anticipates”, “intends”, “projects”, “estimates”, “may”, “might”, “will”, “would”, “could”, “should” or other similar words; however, all statements in this Quarterly Report on Form 10-Q, other than statements of historical fact or historical financial results, are forward-looking statements.
Our forward-looking statements reflect our views and assumptions on the date we are filing this Quarterly Report on Form 10-Q regarding future events and operating performance. We believe that they are reasonable, but they involve significant known and unknown risks, uncertainties, assumptions and other factors, many of which may be beyond our control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and factors that could cause or contribute to such differences, include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed in Part II, Item 1A, “Risk Factors” of this report and those discussed in other documents we file with the SEC. Accordingly, you should not put undue reliance on any forward-looking statements.
You should consider the following key factors when evaluating these forward-looking statements:
the impact of supply chain disruptions and inflation and our ability to recoup rising costs in the rates we charge to our customers;
our reliance on a limited number of helicopter manufacturers and suppliers and the impact of a shortfall in availability of aircraft components and parts required for maintenance and repairs of our helicopters, including significant delays in the delivery of parts for our S92 fleet;
our reliance on a limited number of customers and the reduction of our customer base as a result of consolidation and/or the energy transition;
public health crises, such as pandemics (including COVID-19) and epidemics, and any related government policies and actions;
our inability to execute our business strategy for diversification efforts related to government services and advanced air mobility;
the potential for cyberattacks or security breaches that could disrupt operations, compromise confidential or sensitive information, damage reputation, expose to legal liability, or cause financial losses;
the possibility that we may be unable to maintain compliance with covenants in our financing agreements;
global and regional changes in the demand, supply, prices or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries (OPEC) and other producing countries;
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fluctuations in the demand for our services;
the possibility of significant changes in foreign exchange rates and controls;
potential effects of increased competition and the introduction of alternative modes of transportation and solutions;
the possibility that portions of our fleet may be grounded for extended periods of time or indefinitely (including due to severe weather events);
the possibility of political instability, civil unrest, war or acts of terrorism in any of the countries where we operate or elsewhere;
the possibility that we may be unable to re-deploy our aircraft to regions with greater demand;
the existence of operating risks inherent in our business, including the possibility of declining safety performance;
labor issues, including our inability to negotiate acceptable collective bargaining or union agreements with employees covered by such agreements;
the possibility of changes in tax, environmental and other laws and regulations and policies, including, without limitation, actions of the governments that impact oil and gas operations, favor renewable energy projects or address climate change;
any failure to effectively manage, and receive anticipated returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions;
the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket;
the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates;
general economic conditions, including interest rates or uncertainty in the capital and credit markets;
the possibility that reductions in spending on aviation services by governmental agencies where we are seeking contracts could adversely affect or lead to modifications of the procurement process or that such reductions in spending could adversely affect search and rescue (“SAR”) contract terms or otherwise delay service or the receipt of payments under such contracts; and
the effectiveness of our environmental, social and governance initiatives.
The above description of risks and uncertainties is by no means all-inclusive, but is designed to highlight what we believe are important factors to consider. All forward-looking statements in this Quarterly Report on Form 10-Q are qualified by these cautionary statements and are only made as of the date of this Quarterly Report on Form 10-Q. The forward-looking statements in this Quarterly Report on Form 10-Q should be evaluated together with the many uncertainties that affect our businesses, particularly those discussed in greater detail in Part I, Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Annual Report on Form 10-K, Part II, Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q and Part II, Item 1A, “Risk Factors” of the Company’s subsequent Quarterly Reports on Form 10-Q.
We disclaim any obligation or undertaking, other than as required by law, to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, whether as a result of new information, future events or otherwise.
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Overview
Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, SAR, medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations.
Our core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity that helps mitigate risks associated with a single market or customer. We currently have customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, India, Ireland, the Kingdom of Saudi Arabia, Mexico, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the UK and the U.S.
Certain of our operations are subject to seasonal factors. For example, operations in the U.S. Gulf of Mexico are often at their highest levels from April to September, as daylight hours increase, and are at their lowest levels from December to February, as daylight hours decrease. Our North Sea operations also are subject to seasonality as drilling activity is lower during the winter months due to harsh weather and shorter days. See “Segment, Markets and Seasonality” in Part I, Item 1, “Business” of our Annual Report on Form 10-K for further discussion on seasonality.
Fleet Information
The chart below presents the number of aircraft in our fleet and their distribution among the regions in which we operate, the number of helicopters we had on order or under construction and the percentage of operating revenues each of our regions provided for the three months ended September 30, 2024:
 Percentage
of Current
Quarter
Operating
Revenues
HelicoptersFixed WingUAS 
 HeavyMediumLight TwinLight SingleTotal
Europe51 %61 — — 71 
Americas28 %21 53 11 25 — — 110 
Africa13 %11 — — 19 
Asia Pacific%— — — 12 — 13 
Total100 %86 68 14 28 13 213 
Aircraft not currently in fleet:
Under construction(1)
— — — 19 
On order(2)
— — — — 
Options(3)
10 — 10 — — — 20 
______________________
(1)Under construction reflects new aircraft that the Company has either taken ownership of and are undergoing additional configuration before being put into service or are currently under construction by the Original Equipment Manufacturer (“OEM”) and pending delivery. Includes eight AW189 heavy helicopters (of which two were delivered and are undergoing additional configuration), six AW139 medium helicopters (of which three were delivered and are undergoing additional configuration) and five H135 light-twin helicopters.
(2)On order reflects aircraft that the Company has commitments to purchase but construction has not yet begun. Includes four AW189 heavy helicopters and five AW169 light-twin helicopters.
(3)Options include 10 AW189 heavy helicopters and 10 H135 light-twin helicopters.
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As of September 30, 2024, the aircraft in our fleet were as follows:
 Number of Aircraft
Type
Owned
Aircraft(1)
Leased
Aircraft
Total AircraftMax Pass.
Capacity
Avg Age (yrs)(2)
Heavy Helicopters:
S9236 29 65 19 15 
AW18917 21 16 
53 33 86 
Medium Helicopters:
AW13948 52 12 13 
S76 D/C++15 — 15 12 13 
AS365— 12 35 
64 68 
Light—Twin Engine Helicopters:
AW109— 17 
EC13510 15 
13 14 
Light—Single Engine Helicopters:
AS35015 — 15 26 
AW11913 — 13 18 
28 — 28 
Total Helicopters158 38 196 15 
Fixed Wing13 
Unmanned Aerial Systems (“UAS”)— 
Total Fleet171 42 213 
______________________
(1)Does not include certain aircraft shown in the under construction line in the fleet table. Upon completion of additional configuration, the newly delivered aircraft will appear in the fleet table above when put into service.
(2)Reflects the average age of helicopters that are owned by the Company.
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Results of Operations
The following table presents our operating results and other statement of operations information for the Current Quarter and the Preceding Quarter (in thousands, except percentages):
Three Months Ended Favorable
(Unfavorable)
 September 30,
2024
June 30,
2024
Revenues:
Operating revenues$356,426 $352,494 $3,932 1.1 %
Reimbursable revenues8,696 7,255 1,441 19.9 %
Total revenues365,122 359,749 5,373 1.5 %
Costs and expenses:
Operating expenses
Personnel90,919 77,913 (13,006)(16.7)%
Repairs and maintenance70,254 69,143 (1,111)(1.6)%
Insurance6,217 6,212 (5)(0.1)%
Fuel22,861 22,876 15 0.1 %
Leased-in equipment25,702 25,449 (253)(1.0)%
Other46,739 44,828 (1,911)(4.3)%
Total operating expenses262,692 246,421 (16,271)(6.6)%
Reimbursable expenses8,827 7,212 (1,615)(22.4)%
General and administrative expenses42,898 44,933 2,035 4.5 %
Depreciation and amortization expense17,569 16,848 (721)(4.3)%
Total costs and expenses331,986 315,414 (16,572)(5.3)%
Losses on disposal of assets(626)(224)(402)nm
Earnings from unconsolidated affiliates703 651 52 8.0 %
Operating income33,213 44,762 (11,549)(25.8)%
Interest income2,526 2,142 384 17.9 %
Interest expense, net(9,660)(9,385)(275)(2.9)%
Other, net10,592 (83)10,675 nm
Total other income (expense), net3,458 (7,326)10,784 nm
Income before income taxes36,671 37,436 (765)(2.0)%
Income tax expense(8,392)(9,245)853 9.2 %
Net income28,279 28,191 88 0.3 %
Net income attributable to noncontrolling interests(37)(34)(3)(8.8)%
Net income attributable to Bristow Group Inc.$28,242 $28,157 $85 0.3 %
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Revenues by Service Line. The table below sets forth the operating revenues earned by service line for the applicable periods (in thousands):
Three Months EndedFavorable
(Unfavorable)
September 30,
2024
June 30,
2024
Offshore energy services:
Europe$99,858 $99,741 $117 0.1 %