Bristow Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bristow Group Inc. has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Bristow Group Inc. (VTOL) filed a Annual Report (10-K) with the SEC on March 6, 2024. Bristow Group Inc. filed its 2023 Form 10-K on March 6, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Air Transportation, Nonscheduled (SIC 4522). Bristow Group Inc. was formerly known as ERA GROUP INC. The filing includes financial data for the fiscal years ending December 31, 2023, December 31, 2022, and March 31, 2021.

Why It Matters

For investors and stakeholders tracking Bristow Group Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bristow Group's financial health, operational activities, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, expenses, and potential challenges in the air transportation sector, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — Bristow Group Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately signal significant positive or negative deviations from typical reporting, placing its immediate risk assessment at a medium level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand Bristow Group's performance drivers and identify any emerging risks or opportunities.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-03-06 — Filing Date (Date the 10-K was filed)
• 2023-01-01 — Reporting Period Start (Start date of the reporting period)
• 2023-12-31 — Reporting Period End (End date of the reporting period)

Key Players & Entities

• Bristow Group Inc. (company) — Filer name
• ERA GROUP INC. (company) — Former company name
• 3151 BRIARPARK DRIVE, SUITE 700 (address) — Business and mailing address
• HOUSTON (location) — City for business and mailing address
• TX (location) — State for business and mailing address
• 77042 (postal_code) — ZIP code for business and mailing address
• 713-369-4700 (phone_number) — Business phone number

FAQ

Industry Context

Bristow Group Inc. operates in the air transportation sector, specifically nonscheduled air transport, which includes services like offshore helicopter transport for the energy industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations annually.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review the 'Risk Factors' section for potential challenges and uncertainties affecting the company's operations.
3. Examine management's discussion and analysis (MD&A) for insights into strategic initiatives and performance drivers.

Key Dates

• 2024-03-06: 10-K Filing — Annual report filed for fiscal year 2023

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 31, 2023. Previous filings may have different fiscal year ends or reporting structures.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share VTOL NYSE Indicate by check

Filing Documents

• vtol-20231231.htm (10-K) — 2494KB
• exhibit211.htm (EX-21.1) — 6KB
• ex233_2023kpmgconsent.htm (EX-23.3) — 1KB
• a202310-k12312023ex311.htm (EX-31.1) — 11KB
• a202310-k12312023ex312.htm (EX-31.2) — 10KB
• a202310-k12312023ex321.htm (EX-32.1) — 7KB
• a202310-k12312023ex322.htm (EX-32.2) — 7KB
• ex97bristowgroupincexecu.htm (EX-97) — 17KB
• ex233_2023kpmgconsent001.jpg (GRAPHIC) — 65KB
• ex97bristowgroupincexecu001.jpg (GRAPHIC) — 180KB
• ex97bristowgroupincexecu002.jpg (GRAPHIC) — 209KB
• ex97bristowgroupincexecu003.jpg (GRAPHIC) — 189KB
• ex97bristowgroupincexecu004.jpg (GRAPHIC) — 223KB
• ex97bristowgroupincexecu005.jpg (GRAPHIC) — 250KB
• ex97bristowgroupincexecu006.jpg (GRAPHIC) — 36KB
• ex97bristowgroupincexecu007.jpg (GRAPHIC) — 126KB
• exhibit211001.jpg (GRAPHIC) — 126KB
• exhibit211002.jpg (GRAPHIC) — 130KB
• exhibit211003.jpg (GRAPHIC) — 95KB
• vtol-20231231_g1.jpg (GRAPHIC) — 141KB
• 0001525221-24-000011.txt (&nbsp;) — 15023KB
• vtol-20231231.xsd (EX-101.SCH) — 79KB
• vtol-20231231_cal.xml (EX-101.CAL) — 118KB
• vtol-20231231_def.xml (EX-101.DEF) — 356KB
• vtol-20231231_lab.xml (EX-101.LAB) — 951KB
• vtol-20231231_pre.xml (EX-101.PRE) — 701KB
• vtol-20231231_htm.xml (XML) — 1990KB

Business

Item 1. Business 3 General 3 Segment, Markets and Seasonality 3 Equipment and Services 6 Customers and Contractual Arrangements 7 Competitive Conditions 8 Environmental, Social and Governance 8 Safety, Industry Hazards and Insurance 9 Human Capital Management 10 Government Regulation 12 Executive Officers 15 Where You Can Find More Information 16

Risk Factors

Item 1A. Risk Factors 17

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 41

Cybersecurity

Item 1C. Cybersecurity 41

Properties

Item 2. Properties 43

Legal Proceedings

Item 3. Legal Proceedings 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 43 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44 Holders of Record 44 Table of Contents Company Purchases of Equity Securities 44 Performance Graph 45

Reserved

Item 6. Reserved 46

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Overview 46 Market Outlook 47 Components of Revenues and Expenses 48 Lines of Service 49 Results of Operations 50 Liquidity and Capital Resources 53 Contingencies 57 Critical Accounting Estimates 57 Recent Accounting Pronouncements 58

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 58

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 60

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 60

Controls and Procedures

Item 9A. Controls and Procedures 60

Other Information

Item 9B. Other Information 61 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 61

Executive Compensation

Item 11. Executive Compensation 61

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 61

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 61

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 61 Table of Contents PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 62

Form 10-K Summary

Item 16. Form 10-K Summary 64 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes "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. 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 Annual Report on Form 10-K, 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 Annual Report on Form 10-K 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 Annual Report on Form 10-K, and in particular, the risks discussed in Part I, 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: p

BUSINESS

ITEM 1. BUSINESS Unless the context indicates otherwise, the terms "we," "our," "ours," "us" and the "Company" refer to Bristow Group Inc. and its consolidated subsidiaries. Bristow Group Inc. was incorporated in 1999 in Delaware. References herein to "Old Bristow" refer to the entity formerly known as Bristow Group Inc. and now known as Bristow Holdings U.S. Inc., together with its subsidiaries prior to the consummation of the merger between Era Group Inc. and Bristow Group Inc. on June 11, 2020 (the "Merger"). References herein to "Era" refer to the entity formerly known as Era Group Inc. and which was renamed to Bristow Group Inc. in connection with the consummation of the Merger. Our common stock, par value $0.01 per share (the "Common Stock"), is traded on the New York Stock Exchange ("NYSE") under the symbol "VTOL". Bristow Group's principal executive office is located at 3151 Briarpark Drive, Suite 700, Houston, Texas 77042, and our telephone number is (713) 267-7600. Our website address is www.bristowgroup.com . The reference to our website is not intended to incorporate the information on the website into this Annual Report on Form 10-K. General 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, search and rescue ("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 cu

View Full Filing

View this 10-K filing on SEC EDGAR