Bristow Group Inc. (NYSE:VTOL) Q4 2022 Earnings Conference Call June 1, 2022 10:00 AM ET

Company Participants

Crystal Gordon - SVP, General Counsel

Christopher Bradshaw - President and CEO

Jennifer Whalen - SVP and CFO

Conference Call Participants

Oscar Olivas - Allspring Global Investments

Dilip Badlani - SKM

Michael Kaufman - Redwood Capital

Gabriela Perez - MacKay

John Deysher - Pinnacle

Jason Stan - Clayton

Dohyun Cha - MacKay

Operator

Good day, and welcome to the Bristow Group Reports Fourth Quarter and Full Fiscal Year 2022 Results Conference Call. Today's conference is being recorded.

And now at this time, I'd like to turn the conference over to Crystal Gordon, Senior Vice President and General Counsel. Please go ahead, ma'am.

Crystal Gordon

Thank you, Cody, and good morning, everyone. Welcome to Bristow Group's fourth quarter and full fiscal year 2022 earnings call. I'm joined on the phone today with our President and Chief Executive Officer, Chris Bradshaw; and Senior Vice President, Chief Financial Officer, Jennifer Whalen.

Let me remind everyone, during the call management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on Slide 3 of our Investor presentation. You may access our Investor presentation on our website. We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A reconciliation of such measures to GAAP is included in the earnings release and our investor presentation.

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

Christopher Bradshaw

Thank you, Crystal, and welcome to the call, everyone.

As always, I will begin our prepared remarks with a note on safety, which is Bristow's most important core value and our highest operational priority. The company achieved very good safety performance in FY '22, with a 25% year-over-year reduction in lost work days and an 18% reduction in the total recordable injury rate. I want to thank and commend all of our Bristow team members around the world for their continued dedication to our mission and Bristow's Target Zero safety culture. Thank you.

The company also made additional integration progress, following the merger of Era and Bristow in June 2020. As of March 31, synergy projects representing over $53 million of annualized savings have been completed, exceeding the identified synergy targets.

Before turning it over to Jennifer, I want to remind everyone that the March quarter, which is Bristow's fiscal Q4 is traditionally our lowest activity quarter due to seasonality. As inclement weather and fewer daylight hours the suppress flight activity levels.