Chris Lee's questions to Bristow Group Inc (VTOL) leadership • Q3 2024
Question
Chris Lee inquired about the factors behind the recent decrease in utilization in the Americas region and the underlying assumptions for this segment within the raised 2024 adjusted EBITDA guidance. He also asked for a breakdown of the recent $16 million increase in quarterly operating expenses.
Answer
SVP and CFO Jennifer Whalen explained that lower Americas utilization was due to a non-recurring prior-quarter accounting benefit and the completion of a project in Suriname. President and CEO Christopher Bradshaw added that the outlook for the Americas remains positive, citing demand signals in Suriname, Brazil, Trinidad, and the U.S. Gulf of Mexico. Regarding expenses, Whalen attributed $13 million of the increase to personnel costs, with the remainder driven by fluctuations in repairs and maintenance and other costs tied to new search and rescue contracts.