11/4/2021

speaker
Anna
Conference Operator

Thank you, Anna, and good morning, everyone. Welcome to Bristol Group's second quarter fiscal year 2022 earnings call. I'm joined on the phone today with our President and Chief Executive Officer,

speaker
Crystal
Head of Investor Relations

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 three 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 pre-cash flows. 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.

speaker
Chris Bradshaw
President and Chief Executive Officer

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. We have achieved our target of zero air accidents thus far in fiscal year 2022. We are also continuing last year's progress on delivering fewer lost time incidents in the workplace. I want to thank and commend everyone on the Bristow team for their hard work and dedication to place safety first every day. The company continues to make significant integration progress following the merger of Aira and Bristow last year. As of September 30th, Energy projects representing approximately $46 million of annualized savings have been completed, which means that we have already captured over 90% of the target synergy projects identified with the merger. This progress is made possible by a dedicated group of Bristow team members who have worked diligently to analyze, design, and execute on a plan to deliver a more efficient cost structure for the company and our stakeholders. As previously disclosed, in July of this year, Crystal repurchased approximately 550,000 shares for gross consideration $15 million, representing an average purchase price $27.24 per share. In addition, during the quarter, we paid approximately $5 million to extinguish debt on our Air North business in Australia. We continue to believe that our strong balance sheets and Robust Free Cash Flow Profile present multiple opportunities for great value for Bristow shareholders. With that, I will hand it over to our CFO for a more detailed review of financial results. Jennifer.

Disclaimer

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Investor presentation