Bristow Group Inc. (BRS) CEO Jonathan Baliff on Q1 2019 Results - Earnings Call Transcript
Bristow Group Inc. (NYSE:BRS) Q1 2019 Results Earnings Conference Call August 3, 2018 10:00 AM ET
Linda McNeill - Director of Investor Relations
Jonathan Baliff - President and Chief Executive Officer
Don Miller - Senior Vice President and Chief Financial Officer
Rob Phillips - Vice President, Americas Hub
Joe Gibney - Capital One
James West - Evercore ISI
Jim Wicklund - Credit Suisse
Daniel Burke - Johnson Rice
Greetings, and welcome to the Bristow Group First Quarter Fiscal 2019 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation [Operator Instructions]. As a reminder this conference is being recorded.
It is now my pleasure to introduce your host, Linda McNeill, Director of Investor Relations. Thank you. You may begin.
Thank you, Christine, and good morning everyone. Welcome to Bristow Group's first quarter fiscal year 2019 conference call. With me on the call are Jonathan Baliff, President and CEO; Don Miller, Senior Vice President and CFO; Rob Phillips, Vice President of our Americas Hub. We hope you've seen yesterday's earnings release. It is posted in the Investor Relations section of the Web site at bristowgroup.com.
Let me remind everyone that during the call management may make forward-looking statements that are subject to certain risks and uncertainties that are described in more detail on Slide 2 of our presentation.
I will now turn the call over to Jonathan. Jonathan?
Thank you, Linda. Please turn to Slide 4. Good morning. And welcome to our first quarter fiscal year 2019 earnings call as Linda said. We'll begin the call as we always do with a review of safety, our number one core value and with safety improvement, first priority of our fiscal 2019 to drive goals. I am very proud that our first quarter air accident rate remains target zero and more confident than ever that this performance is driven by consistent effort and effective risk management by our global teams on the flight line and in our shops.
It starts with the willingness of our employees to continue to report hazards and concerns that can lead to an accident. And more than ever, I see our operational management teams our supervisors acting on these reports, especially concerning elevated risk events. And they are doing this more effectively and more expeditiously to drive sustained safety improvement. I particularly want to acknowledge and thank our safety and operational teams in Africa, Australia and here in North and Trinidad and U.S. Gulf of Mexico for overall ground and air target zero performance in this first quarter.
Concerning HSE ground events. We’ve had an unacceptable increase in these reportable injuries, primarily in our UK operations this quarter, which is a step back from a very good year we had in fiscal year 2018. Unfortunately, these injuries have been relatively minor but even one incident is one too many. Our global teams have moved swiftly to reverse this inaccessible trend. For example, among other and many efforts, we held a global safety stand-down for a week in June to refocus on ground hazard identification and mitigation. The response to these safety stand-downs by our employees was outstanding with reporting and mitigation now at all-time highs. We are already seeing a reverse of the first quarter trends this July.
Please turn to Slide 5. On our last earnings call, we introduced the fiscal '19 strive priorities as we ended a very successful fiscal year '18. And we’ve had others in this ground HSE safety incidents, which are significant and we’re addressing. We’ve had a really good start to the year and we further refined the objectives of accelerating our commercial operational and financial improvement to strengthen Bristow’s global leadership position really launching off of that FY18 success.
Our first priority remains the same, safety improvement. And I’ve already discussed this on Slide 4. So let me give you a second area, revenue growth. As discussed on our last earnings call, we continue to see an increase in short cycle activity in offshore aviation. Remember, we define short cycle as unforeseen call out requests for contract measured in months not years. Last fiscal year, fiscal year 2018, we saw increased activity in our European hub, particularly in Norway but we also saw in our Americas hub, particularly in U.S. Gulf of Mexico. This work in fiscal year 2018 will be more uneven quarter-to-quarter and geographically than FY18. For example, last year we experienced linear improvements quarter-to-quarter throughout the year. This year we’re seeing increased activity in different markets at different times. This year we’re seeing increased levels of activity, particularly in West Africa above our expectations. We continue to see increased activity in U.S. Gulf of Mexico above our expectations. Our teams in West Africa have worked tirelessly to help offset the previously announced contract that expired in Nigeria. And we had a lot of success. We’re very competitive with our cost there. We recently won a six month contract for one leased aircraft that begins August this year and could even continue and we expect it to continue into the future as deepwater is really start to expand in Nigeria.
We are also seeing increased short-term opportunities in joint activity in the U.S. Gulf of Mexico where approximately 34 rigs are currently operating. This is led -- and we also saw 17% increase in flight hours sequentially from Q4 fiscal 2018 to Q1 fiscal 2019. And this was driven by 24% increase in activity sequentially in the Gulf of Mexico. Last quarter as you may recall, we announced a contract with Perenco in the United Kingdom where we continue to be very competitive in our European hub. This quarter, I would like to announce that we signed a letter of intent with Premier Sea Lion for a long-term contract that covers the full lifecycle of the field. And this begins in fiscal 2021 and it’s a 20-year, or up to a 20-year contract. And although this contract can be terminated, we’ve got provisions to protect revenue and cash flow similar to UK SAR.
Three, cost efficiencies. This fiscal year, we’re continuing to work with our OEM partners to create a sustainable business model with further cost efficiencies and maintenance. Last year, we made tremendous of progress with these OEMs, but more is required from other OEMs, especially in the terms and the cost of our power by hour. And this is our long-term service agreement for helicopters. Similar to other industries that use heavy equipment long-term service agreements, a structural change is needed in these contracts. We pay for a kind of insurance concerning our maintenance where currently the costs are too high for the services rendered. Additionally, we are pursuing internal efficiencies to further reduce our maintenance expense.
Similar to fiscal year 2018, we are confident that we can get many of these OEM cost savings and strengthen and improve our fiscal 2019 financial results. Fourth, we’re looking at improved capital returns for the year. We continue to focus on improving our ROIC through the sale of underutilized assets and unutilized, and the return of leased aircrafts. During the quarter, we sold three aircraft proceeds of $7.4 million. Currently, there are 10 aircrafts held for sale and this doesn’t include the Airbus 8225 where sales are being pursued and showing early promise.
This quarter, we returned seven leased aircraft. Don will talk further about this. And we have the ability to return an additional 18 during the remainder of fiscal year 2019. We’ve updated our lease rollout schedule, which can be found on Slide 17 of this earnings presentation, and is important to understand as we go through the next number of years and improve our balance sheet through these lease returns. Similar to last year, we continue to examine all aspects of our businesses, including portfolio management of our assets and businesses in order to reduce our cost structure and increase our ROIC.
Fifth, improved financial flexibility in 2019. Don and his team made tremendous progress over the past 18 months with over $1.2 billion of financing. These are pretty low cost financing that extend our runway. I think it is important to note that these refinancing have also no financial maintenance covenants. And as we mentioned in our last call, I would like to highlight our solid liquidity profile along with our strong operating leverage, which makes us very well positioned to take advantage of the beginning of an offshore investment cycle as we’re seeing from our peers who are reporting increased seismic activity and more exploration rigs going to work, and we’re seeing in areas like Nigeria and Gulf of Mexico.
I’ll talk a little bit after Don speaks. I’m going to hand it over to him for additional insight into our liquidity and guidance as we started this year.
Thank you, Jonathan. As we look at our full year fiscal 2019 financial outlook, we are reaffirming our fiscal 2019 adjusted EBITDA financial guidance range of $90 million to $140 million as originally presented on our May 2018 earnings call. The reaffirms guidance range includes our first quarter fiscal 2019 adjusted EBITDA of $26.8 million, which was up 17% from fourth quarter fiscal 2018 EBITDA with both periods’ EBITDA benefiting from Leonardo and Airbus OEM cost recoveries.
In addition, as we discussed on our first quarter earnings call, our guidance range continues to reflect the dynamic nature of the offshore market due to the uneven nature of short cycle work and the impact of the change in incremental activity has on our bottom line given our higher operating leverage. In addition, our financial guidance range includes the impact of the recent U.S. dollar strengthening, which may serve as a headwind in future quarters and could result in additional foreign exchange volatility, particularly to the pound sterling.
Lastly, as we look at our recent historical performance, our fourth quarter fiscal 2017 continues to be the low point for adjusted EBITDA, global flight hours and lease rates. Market size continue to indicate the demand for our offshore aviation services are broadly stabilizing, primarily driven by short cycle work and expectation for large number of offshore FIDs in the coming years.
Our first quarter adjusted EBITDA results of $26.8 million were in line with internal expectations, even after considering the negative impact of $3 million of FX transaction losses in the quarter. As expected, our UK SAR business first quarter results and full year guidance reflect the positive impact of having all 10 SAR facilities operational on a full UK SAR basis, and include the $8.7 million positive financial impact of OEM cost recoveries with an additional $2.3 million benefit from these recoveries to come over the remainder of fiscal 2019. Also as expected, we saw a decline in flight hours and lease rates in Nigeria with the contract that ended on March 31, 2018. However, strong short cycle activity in this market replaced some of this lost revenue.
During the first quarter of fiscal 2019, we returned seven leased helicopters to lessors. Total rent in first quarter was $50.1 million, flat with fourth quarter fiscal 2018, what is projected to trend lower through fiscal 2019, benefiting from our ability to return upto 18 leased helicopters during the remainder of this fiscal year and in line with our full-year total rent guidance range of $185 million to $195 million. We are lowering Airnorth’s full year projected adjusted EBITDA range by $5 million to a range of breakeven to $5 million compared to fiscal 2018’s $7 million in adjusted EBITDA. This revision reflects Airnorth’s anticipated cost for higher aircraft engine maintenance expense. These costs contributed to the increase in our guidance expectations for full-year non-aircraft CapEx as certain of these costs are capitalized.
On the positive side for our fixed wing businesses, we are raising Eastern’s full year projected adjusted EBITDA range by $5 million to range of breakeven to $5 million compared to fiscal 2018’s negative $7 million in adjusted EBITDA. In the first quarter of fiscal 201, Eastern generated breakeven EBITDA, which reflects the ongoing successful execution of a restructuring of Eastern drought system and cost structure. Bristow's consolidated adjusted EBITDA is anticipated to be higher in the second half of this fiscal year compared to the first half, primarily reflecting continued improvements to our cost structure inclusive of lease roll-offs throughout the year.
As you know, we continue to focus on maintaining a strong and appropriate liquidity position, and during the quarter, closed on our $75 million five year ABL facility, which adds additional liquidity to our June 30 cash balance of approximately $317 million, bringing our total liquidity to almost $350 million at quarter end. As of last Friday, July 27th, our total liquidity stood at approximately $355 million, including cash on deposit of $321 million. And lastly to remind you, Slide 33 has the complete listing of our debt repayment and amortization schedule as of June 30, 2018.
With that, I'll turn the call over to Jonathan for closing comments.
Thank you, Don. I appreciate it. Just to sum it up, FY19’s beginning capitalizes on the successes of FY18, and that focus on those FY18 strive priorities will continue into FY19. The new Bristow, the Bristow that we transformed last year, is more responsive, it’s more regional, it’s lowered our overhead and other costs. We’ve also gotten at our OEM costs and continue and will do that in FY18. That's part of the transformation elements of the FY19 strive priorities. But there is also consolidation nature to FY19 also.
This industry needs to consolidate and we’re looking at all opportunities to be able to do that, both internally and externally. And then finally, a part of FY19 strive priorities includes pursuing diversification and continuing to do excellent work with the United Kingdom UK and looking at continuing expanding those services to other countries, so that's a big part too.
When we look at what we’ve achieved in FY19's in first quarter, it indicates a significant return to offshore, especially in Nigeria and we see a lot of those indications happening. But I have to tell you, FY19 will be uneven in its performance, because of the nature of the short cycle, less visibility of the work, we’re just seen an uneven nature to these quarters, both on a quarter to quarter basis and geographically. But on top of it, we’re actually seeing a significant amount of demand in asks for our services beyond FY19.
So with that, I want to thank the global teams for achieving what we needed to do in FY19 first quarter, get at that ground HSE improvement, that's a very big focus for the Company. And now we'll take questions.
Thank you. We will now be conducting a question-and-answer session [Operator Instructions]. Our first question comes from the line of Joe Gibney with Capital One. Please proceed with your question.
Just had a question on regional results, it sounds like clearly a nice pick up in flight hours in Gulf of Mexico, you referenced some activity there. But you also have some drop offs, at least you referenced it in your release to some Caribbean works in Trinidad. Just trying to understand is the adjusted EBITDA there for the Americas is still pretty challenged. So just trying to overlay that with the pickup in flight hours with the GoM with the EBITDA trend line will be helpful.
I’m going to let Don answer that, and I’ll follow up.
So when you think about Americas is really embedded Americas there’s four business lines at play there, one is leader. The trend there wasn’t helpful with the strong dollar and the real. We have about $2.5 million negative FX there. So that was in that headline negative EBITDA that’s there as we highlighted in the release and the Q. We also saw a drop off in some of our Cougar revenue as well. And so that was another headwind that hopefully has stabilized now going forward quarter-to-quarter. As we again highlighted Trinidad, some activity was pushed the right and also there was some maintenance expense that came through. So I’m hitting the challenging areas.
And then in America -- in the Gulf of Mexico, we actually did see a nice pickup in flight hours detail behind the detail is those flight hours are up about 25% quarter-to-quarter in the GoM only, a lot of small ship activity. So those are the pieces. So the GoM actually again held up well. But when you roll out the business together in the Americas quarter-to-quarter it was down pretty significantly.
Some of that Joe -- our own expectations for the quarter were beat in the Gulf of Mexico, but a lot of the work for example in Trinidad and also in candidates just it’s getting pushed to the right. It’s not that -- ironically that visibility we have, that’s why I’m talking about, it being somewhat uneven but move to the right we’ve got some pretty good line of sight on what we’re doing with contracts that have already been signed. And I would say also that we’re able to capture some market share. This new Bristow, this ability to be fast, lot of the aircraft -- some of the aircraft at least that came out of Nigeria ended up being turned around very quickly for the demand that we’re seeing in the small ships in Gulf of Mexico, and able to capture some market share gains, which is great. And then also just -- again, we got a structure where our regional supervisors and leadership really are pretty close to the client in serving number of clients that we hadn’t really served in the past just because we’re available, we have good relations with our labor. And frankly also we have, I wouldn’t say from a standpoint of I am happy with everything about our balance sheet, but I really do like the liquidity profile that we have to be able to go after new business.
And Don, just one question for you, just working capital. Is this a typical calendar build cycle here and we ramped down into 2Q? Just trying to understand some of the mechanics there, it was a little bit more sizable year-over-year working capital adjustments. Just some color there would be helpful for modeling. I appreciate it.
It’s a good question and pretty sizable given the negative operating cash flow for Q1, so two things at play there. One was DSOs did step up five or six days from year end into Q1, heavily influenced obviously by -- we have a couple of large customers, particularly one in the UK and that can be moved around -- I mean that can move our DSOs around quite a bit. But we've actually as you -- I updated you on the liquidity, we’ve actually seen some of that already turn a bit. But we saw more work to do there, the same bright spot. Nigeria continues to be -- you get paid in lumpy chunks, if you will, and that can move your DSOs around quite a bit as well.
So yes on the working capital side, although, I’d say in Q1 as well on the payable side, obviously, Q1 is always a tough. We pay our fixed in the quarters in April and then we had as part of the restructuring in Nigeria, we paid out $7 million, $8 million severance and then we also Q1 is when some of our incentive comps and bonuses hit up as well. So those two opposing forces at work there that led. So I think going forward you should see that stabilize to hopefully improve on the working capital side, that’s our target.
Our next question comes from the line of James West with Evercore. Please proceed with your question.
Jonathan, as you turn uneven recovery gets underway here. Are you starting to test pricing in certain markets where you’re seeing market strength?
Well, first, we’re always very careful to talk about pricing on our earnings call. So let me just try and give you something that’s meaningful for you and the rest of our investors. I’d say first and foremost the market is starting to come in balance. I wouldn’t call it imbalance there is still an oversupply of aircraft. But compared to last year, there is a heck of a lot more S-92s going to work. And so that’s the first sign to being able to get some level of improved pricing and returns on invested capital. So I think that’s the good news. I do want to say that there is still an oversupply.
There are certain types of helicopters, like the AW139 and others that are very much in balance. And so for us, I wouldn’t say that we’re going to be buying any for sure. And one thing I want to emphasis is that this industry does not need any new CapEx and we’re looking at our CapEx even long dated. That being said, we are going back to our client base where we feel it’s both appropriate given that our discussions with them early on in this downturn was cyclical and that was really oil price driven downturn.
Now we have somewhat of a secular on downturn in the offshore, but we’re going back to now and say there were prices and other things that we wanted to help them. And now there's an element, not even -- I wouldn’t call it, help that they need to give this industry but that with the imbalancing, we need to be able to go back and tell them that this service cost has acceleration due to a number of different labor and other agreements that we need to get recoveries on. And I think that those discussions have been constructive but I would say they’re early days yet.
I would say almost as important as a discussion around your ability to push pricing or pricing in general is the underlying nature and term of the contract. As you all know, the helicopter industry grew up on contracts that were very different compared to how the rigs have evolved over time to take or pay. And so I think there is a real appreciation in the industry by the operators, the lessors and others that we really need to address underlying terms given what is now a very hot cost of capital or capital cost asset. So that's an important I think recognition by almost everybody in the industry. The underlying terms of contract are critically important as well as we take this into the next cycle, if you will.
Our clients recognize that this is a critical service. As you’ve seen over the last two weeks, they’ve started to make money at $70, because their own cost structures are based on lifting costs and oil be much lower than today’s $70 Brent. And so we've had to adjust to help them. But on the other hand, the nature of the cash they're generating now will -- you always want your clients to make money, and that's what they're doing and we’re glad we’re contributing to that success and we’ll continue to do that. That being said, the nature of this service, this aviation service, has a very high fixed costs and those fixed costs need to be covered if we’re going to ever attract any more money into the space for new investment. And so I think our clients are beginning to recognize that and we’re starting to actually push that with them as we go forward in different markets.
Okay, fair point…
I can’t say that that was the case last year, James. I want to emphasize that. This year with the new conversations that was the not the case last year. This is I think a new conversation and its starting to be constructive.
And then your liquidity position right now is very, very strong, actually relative to where it was in the depth of the downturn. There's lot of companies out there, smaller players, regional players that do not have the joy at that level of liquidity. Do you see in M&A cycle kicking off anytime soon?
Our next question comes from the line of Jim Wicklund with Credit Suisse. Please proceed with your question.
After West last question, I’m kind of less start to -- for the follow-up. Good job, James. I was going to ask a little bit about something similar. You’ve got the helicopters getting returned, held for sale. Then there was the commentary of your diversification and you have lots of cash, James’ point. Are you looking at a new shift? Though after James’ question I realized you’ll consolidate the industry instead of diversify. But can you talk about potential diversification and what you guys consider to be diversification?
First, I do need to address as Don is next to me leaning forward pretty heavily that we have $350 million and that’s important to us. And that liquidity is critical as we continue to pursue a company that’s going to generate free cash flow, which we’re not there right now. So we want to recognize that. There is work to be done. But again, we have confidence from last year that there -- we have plenty of things to do to be able to make so. So that $350 million is our shareholders and our stakeholders, so we protect that in many ways as we think about improving the base business. Consolidation will help that, but I want to actually address the concept of diversification.
For us diversification always has to go off and adjacency. It’s trying to start new businesses in downturns when your core business is not exactly functioning perfectly or even well is problematic. And we’re not -- I think we’re conservative management team and we recognize that. That being said, we have a fantastic capability in serving governments and taking this embedded capability to serve governments with search and rescue and other mission-critical services and logistics. And so we would look to do, but we also can look to do partnering so that the capital doesn’t have to be all ours. And we’re looking at a number of different things to pivot off both UK SAR but also in other geographies where the capability has expanded.
If you know, Jim, we expanded our search and rescue capability pretty significantly since starting UK SAR, both in areas like the Gulf of Mexico and Canada. And so for us, that’s just going to be a natural place. But we do look at partnering the people who want to take advantage of our global capability but they don’t have unique characteristics, both from the standpoint of client base and also operations that we would look at. But we’re very cautious in doing that with this significant liquidity position we have, which we’re going to be protecting and using only really to be able to look at businesses that both help us and are accretive from a free cash flow and earnings standpoint, but also help from the balance sheet standpoint.
As a follow-up, you were talking about the short cycle contracts. And they are happening more and more and we understand they’re going to be lumpy and not terribly consistent. But then on the other hand, you talk about how your customers are realizing the need -- your critical service and if they don't pay an adequate price then we won't be able to have helicopters in a couple of years or whatever the asset is. Can you talk about, is this early stages of starting to move toward contract to short cycle work? Does activity pickup first and then roll to longer term contracts? Can you talk about how you expect that to evolve considering where you are today?
I’m going to answer that initially, and I actually would like to give Rob Phillips a chance to talk a little bit what he is seeing. But the short answer is, yes. There is a little bit of an irony of FY19. FY18 saw a very, very -- almost a significant pop in our performance on what our expectations were, because we had that initial increase. And it does take much increase in revenue in certain areas, because our costs got down. I would say this year the concept is we’re going to be uneven for FY19, but we’re just seeing much higher levels of demand. They’re taking the form of short cycle. But as the market gets tighter and tighter that will turn into longer contracts.
And the perfect example of that is the contract we won with Premier Sea Lion. Today, we’re trying to give you examples of what we’re seeing, it’s short cycle, it’s going to be uneven, both geographically and quarter wise. But for example Nigeria is really beating our expectations and we’re winning contracts like the very long contract in the Falklands. And so that gives you these two ideas of an uneven FY19, but really some more benefits using the asset and then getting better pricing as we move into FY20. Rob, I talked a little bit longer.
So Jim, I think last year, we talked about the 90 and 120 day in drilling programs that we’re seeing. I think this year we’ve seen some continuation of those programs, where last year we saw those programs end at the 120 day mark that was a continuing roll over. And we’re starting to see some -- and I’m speaking for the Americas. Some of those contracts rollover to year long and we’ve also had some three to five year programs startup. So we are starting to see the length extend as the market starts to recover.
[Operator Instructions] Our next question comes from the line of Daniel Burke with Johnson Rice. Please proceed with your question.
Not too many things left, but I did want to maybe spend a little bit too much time on Sea Lion given its pre-FID and it’s still in LOI phase. But is there anything about that -- that contract structure seems to be unusual. Is it really unique to Sea Lion or is there potential to shift to more long dated contract structures in instances with your customers that you're exploring now?
I wouldn’t say it’s unusual, I would just say there are fewer contracts of that length and that nature than we’ve seen. We were seeing a significant number of those types of contracts. You generally see them in Arctic regions. You’ll see them in very remote areas. In Australia, we had a contractor there that was going to be very, very multiyear to start getting some work done in the southern part of Australia. So there's no doubt that our clients want to, for the bigger contracts for the bigger resources, want to lock in on a level of helicopter service that they believe is both unique and Bristow provides a lot of that unique nature, because it combined a lot of our transport services, logistics with obviously our search and rescue.
So there’s some unique nature to some of these contracts that provide them some length to them. I think this is also, this Premier Sea Lion contract is a lot of partnership, because it’s a very bespoke resource. We've been in the area where Sea Lion before; we’ve operated search and rescue there; we’ve operated in transport for Premier. So we’ve been there before, it’s a unique area. But I would say more importantly also it’s a recognition that the environment is getting tighter for assets. We’re going to be using existing assets here.
And so to be able to contribute those level of assets and if they need more is important. But I wouldn't say it’s unusual, but I also would say that it’s not something that’s, what I call, a bread-and-butter work. Bread-and-butter, historically as you know, depending on region is always been the two to five year contract. I think the thing we want to do in the future is making sure a two to five year is a two to five year contract with even though the contract need some flexibility for clients termination payments and other things that are embedded in Sea Lion -- Premier, we will also start see in our contracts as we move forward.
And then last one just pretty straightforward one here. But just for my scorecard, maybe to Don. Can you give me the total dollar value of OEM credits that now are expected as we sit here today during fiscal year 19, cash in Q1 plus perspective for this year? I tried to read the Q, it was tough…
So as I think about, if you want to do this for full year FY19, there is a - just doing the math, so 19.7 in total for the full year of which we've gotten so far this quarter, and I am doing math and I have here 12.3.
So 7-ish to go…
We still got 4 -- in two different buckets from two different OEMs, 4.4 and 2.3 to go for the rest of the year.
Daniel, remember we’re going back to the OEMs for a number of things. So you have to understand that the nature of what we want to do is continue -- these credits have a nature of one-off. And we’re continuing to work with our OEMs and having pretty constructive dialogue without having to lower the overall cost here. Again, we are not promising anything at this point. But similar to last year, we’re looking to have fairly constructive meaningful dialog and action and results to lower these costs for us and the industry.
Thank you. We have reached the end of the question-and-answer session. I would now like to turn the floor back over to management for closing comments.
No comments. We will be talking to you, I think next at Barclays and then we look forward to talking to you in three months as we continue working, especially to improve safety for Bristow and our clients. Thank you.
Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day.
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