Bristow: First Quarter Fiscal Year 2022 Results Houston, Texas

The following excerpt is from the company's SEC filing.
August 4, 2021
Total revenues of $300.6 million in Q1 FY22 compared to $293.3 million in Q4 FY21
Net loss of $14.2 million, or $0.50 per diluted share, in Q1 FY22 compared to $42.6 million, or $1.47 per diluted share, in Q4 FY21
EBITDA adjusted to exclude special items and asset dispositions was $40.0 million in Q1 FY22 compared to $30.5 million in Q4 FY21
Adjusted Free Cash Flow excluding Net Capex was $38.7 million in Q1 FY22
As of June 30, 2021, unrestricted cash balance was $244.7 million with total liquidity of $298.8 million
In June and July 2021, the Company repurchased 1,480,804 shares at an average price of $27.02
FOR IMMEDIATE RELEASE —
Bristow Group Inc. (NYSE: VTOL) today reported net loss attributable to the Company of $14.2 million, or $0.50 per diluted share, for its fiscal first quarter ended June 30, 2021 (“current quarter”) on operating revenues of $288.4 million compared to net loss attributable to the Company of $42.6 million, or $1.47 per diluted share, in the quarter ended March 31, 2021 (“preceding quarter”) on operating revenues of $281.5 million.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $14.8 million in the current quarter compared to $(32.2) million in the preceding quarter. EBITDA adjusted to exclude special items and gains or losses on asset dispositions was $40.0 million in the current quarter compared to $30.5 million in the preceding quarter. The following table provides a bridge between EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding gains or losses on asset dispositions. See Reconciliation of Non-GAAP Metrics for a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA.
Three Months Ended,
June 30, 2021
March 31, 2021
14,766 
(32,168)
Special items:
Organizational restructuring costs
7,887 
Loss on impairment
21,934 
1,182 
PBH intangible amortization
2,846 
3,964 
Merger-related costs
1,735 
16,475 
Government grants
Early extinguishment of debt fees
28,515 
Bankruptcy related costs
Insurance proceeds
(3,732)
(2,614)
Loss on sale of subsidiaries
2,002 
25,692 
55,441 
40,458 
23,273 
(Gains) losses on asset dispositions, net
7,199 
Adjusted EBITDA excluding asset dispositions
39,959 
30,472 
“Since the commencement of the Board-authorized stock repurchase plan in September 2020, Bristow has repurchased approximately 1.9 million shares for gross consideration of $50 million, representing an average repurchase price of $25.92 per share,” said Chris Bradshaw, President and Chief Executive Officer of Bristow. “We continue to believe that Bristow’s strong balance sheet and robust free cash flow generation provide multiple avenues to create value for shareholders.”
Sequential Quarter Results
Operating revenues in the current quarter were $6.8 million higher compared to the preceding quarter.
Operating revenues from oil and gas services were $4.0 million higher primarily due to higher utilization in the Europe region. Operating revenues from government services were $3.4 million higher primarily due to increased flight hours and the strengthening of the British pound sterling relative to the U.S. dollar. Operating revenues from fixed wing services were $2.6 million higher primarily due to increased utilization in Australia. Other revenues were $3.2 million lower primarily due to the end of a customer contract.
Operating expenses were $3.8 million lower in the current quarter primarily due to lower personnel and maintenance costs, partially offset by higher fuel costs.
General and administrative expenses were $3.2 million lower in the current quarter primarily due to lower compensation expenses and decreased professional services fees.
Merger-related costs, which primarily consist of professional services fees and severance costs, were $1.7 million in the current quarter compared to $16.5 million in the preceding quarter.
Restructuring costs were $0.9 million in the current quarter compared to $7.9 million in the preceding quarter.
Depreciation and amortization expenses were $5.9 million higher in the current quarter primarily due to the addition of existing assets to the depreciation and amortization calculation.
During the current quarter, the Company recognized a loss on impairment of $21.9 million, consisting of $16.0 million related to Petroleum Air Services (“PAS”), an unconsolidated affiliate in Egypt, and $5.9 million in connection with certain helicopters held for sale to reflect the helicopters at expected sales values.
During the current quarter, the Company recognized losses of $1.5 million from unconsolidated affiliates compared to losses of $0.4 million in the preceding quarter.
During the current quarter, the Company recognized a $2.0 million loss on the sale of its subsidiary in Colombia.
Income tax benefit was $4.8 million in the current quarter compared to $19.1 million in the preceding quarter. The income tax benefit in the current quarter primarily related to changes in the blend of earnings, the tax impact of valuation allowances on the Company’s net operating losses and deductible business interest expense, and the tax impact of the PAS impairment loss.
Calendar Quarter Results
Operating revenues in the current quarter were $26.8 million higher compared to the quarter ended June 30, 2020 (“prior year quarter”).
Operating revenues from oil and gas services were $2.3 million lower. Operating revenues in the Africa region were $15.3 million lower primarily due to the end of customer contracts and lower utilization. Operating revenues in the Europe region were $5.1 million lower primarily due to the end of customer contracts and lower utilization in the U.K., partially offset by the strengthening of the British pound sterling relative to the U.S. dollar and increased revenues in Norway due to the strengthening of the Norwegian krone relative to the U.S. dollar and higher utilization. These decreases were partially offset by a $18.1 million increase in operating revenues in the Americas region primarily due to the impact of the Merger.
Operating revenues from government services were $15.8 million higher in the current quarter primarily due to the impact of the Merger, the strengthening of the British pound sterling relative to the U.S. dollar and an increase in flight hours.
Operating revenues from fixed wing services were $13.1 million higher in the current quarter primarily due to higher utilization.
Operating expenses were $26.9 million higher in the current quarter. Repairs and maintenance costs were $9.6 million higher in the current quarter primarily due to the impact of the Merger, the timing of repairs and higher flight hours. Fuel expense was $8.8 million higher in the current quarter primarily due to higher fuel prices, the impact of
the Merger, higher flight hours and unfavorable foreign exchange impacts. Personnel costs were $5.0 million higher primarily due to the impact of the Merger and unfavorable foreign exchange impacts.
General and administrative expenses were $2.1 million higher in the current quarter primarily due to the impact of the Merger.
Merger-related costs, which primarily consist of professional services fees and severance costs, were $1.7 million in the current quarter compared to $17.4 million in the prior year quarter.
Restructuring costs were $0.9 million in the current quarter compared to $3.0 million in the prior year quarter.
Depreciation and amortization expenses were $6.8 million higher in the current quarter primarily due to the addition of existing assets to the depreciation and amortization calculation and the impact of the Merger.
During the current quarter, the Company recognized a loss on impairment of $21.9 million, consisting of $16.0 million related to PAS and $5.9 million in connection with certain helicopters held for sale. During the prior year quarter, the Company recorded a loss on impairment of its investment in Líder of $18.7 million and an inventory impairment of $0.5 million.
During the current quarter, the Company sold two S76D medium helicopters, one B212 medium helicopter and other equipment resulting in a net gain of $0.5 million. During the prior year quarter, the Company sold one H225 heavy helicopter and other equipment resulting in a net gain of $5.5 million.
Interest expense was $1.9 million lower in the current quarter primarily due to lower debt balances.
During the current quarter, the Company recognized a $2.0 million loss on the sale of its subsidiary in Colombia.
During the prior year quarter, the Company recognized a $15.4 million gain on change in fair value of preferred stock derivative liability.
During the prior year quarter, the Company recognized a bargain purchase gain of $75.4 million related to the Merger.
Other income, net was $6.2 million in the current quarter compared to $4.0 million in the prior year quarter.
Income tax benefit was $4.8 million in the current quarter compared to $3.3 million in the prior year quarter. The income tax benefit in the current quarter primarily related to changes in the blend of earnings, the tax impact of valuation allowances on the Company’s net operating losses and deductible business interest expense, and the tax impact of the PAS impairment loss.
Liquidity and Capital Allocation
As of June 30, 2021, the Company had $244.7 million of unrestricted cash and $54.1 million of remaining availability under its amended asset-based revolving credit facility (the “ABL Facility”) for total liquidity of $298.8 million. Borrowings under the amended ABL Facility are subject to certain conditions and requirements.
In the current quarter, cash proceeds from dispositions of property and equipment were $10.6 million and purchases of property and equipment were $3.0 million, resulting in net (proceeds from)/purchases of property and equipment (“Net Capex”) of $(7.7) million. In the preceding quarter, cash proceeds from dispositions of property and equipment were $1.4 million and purchases of property and equipment were $3.6 million, resulting in Net Capex of $2.2 million. See Adjusted Free Cash Flow Reconciliation for a reconciliation of Net Capex and Adjusted Free Cash Flow.
Since the commencement of the Board authorized stock repurchase plan on September 16, 2020, the Company has repurchased approximately 1.9 million shares for gross consideration of $50.0 million, representing an average repurchase price of $25.92 per share.
Conference Call
Management will conduct a conference call starting at 10:00 a.m. ET (9:00 a.m. CT) on Thursday, August 5, 2021, to review the results for the fiscal first quarter ended June 30, 2021. The conference call can be accessed as follows:
All callers will need to reference the access code 3116282.
Within the U.S.:
Operator Assisted Toll-Free Dial-In Number: (800) 353-6461
Outside the U.S.:
Operator Assisted International Dial-In Number: (334) 323-0501
Replay
A telephone replay will be available through August 19, 2021 by dialing 888-203-1112 and utilizing the access code above. An audio replay will also be available on the Company’s website at
www.bristowgroup.com
shortly after the call and will be accessible through August 19, 2021. The accompanying investor presentation will be available on August 5, 2021 on Bristow’s website at
For additional information concerning Bristow, contact Jennifer Whalen at (713) 369-4636 or visit Bristow Group’s website at
https://ir.bristowgroup.com/
About Bristow Group
Bristow Group Inc. is the leading global provider of vertical flight solutions. Bristow primarily provides aviation services to a broad base of major integrated, national and independent offshore energy companies. Bristow provides commercial search and rescue (“SAR”) services in several countries and public sector SAR services in the United Kingdom (“U.K.”) on behalf of the Maritime & Coastguard Agency (“MCA”). Additionally, the Company offers ad hoc helicopter and fixed wing transportation services.
Bristow currently has customers in Australia, Brazil, Canada, Chile, Colombia, Guyana, India, Mexico, Nigeria, Norway, Spain, Suriname, Trinidad, the U.K. and the U.S.
Forward-Looking Statements Disclosure
This press release contains “forward-looking statements.” Forward-looking statements represent Bristow Group Inc.’s (the “Company”) current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “project,” or “continue,” or other similar words. These statements are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, reflect management’s current views with respect to future events and therefore are subject to significant risks and uncertainties, both known and unknown. The Company’s actual results may vary materially from those anticipated in forward-looking statements. The Company cautions investors not to place undue reliance on any forward-looking statements.
Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based that occur after the date hereof. Risks that may affect forward-looking statements include, but are not necessarily limited to, those relating to: the COVID-19 pandemic and related economic repercussions have resulted, and may continue to result, in a decrease in the price of and demand for oil, which has caused, and may continue to cause, a decrease in the demand for our services; expected cost synergies and other benefits of the merger (the “Merger”) of the entity formerly known as Bristow Group Inc. (“Old Bristow”) and Era Group Inc. (“Era”) might not be realized within the expected time frames, might be less than projected or may not be realized at all; the ability to successfully integrate the operations, accounting and administrative functions of Era and Old Bristow; managing a significantly larger company than before the completion of the Merger; diversion of management time on issues related to integration of the companies; the increase in indebtedness as a result of the Merger; operating costs, customer loss and business disruption following the Merger, including, without limitation, difficulties in maintaining relationships with employees and customers, may be greater than expected; our reliance on a limited number of customers and the reduction of our customer base as a result of bankruptcies or consolidation; the possibility that we may be unable to maintain compliance with covenants in our financing agreements; fluctuations in worldwide prices of and demand for oil and natural gas; fluctuations in levels of oil and natural gas exploration, development and production activities; fluctuations in the demand for our services; the possibility that we may impair our long-lived assets and other assets, including inventory, property and equipment and investments in unconsolidated affiliates; our ability to implement operational improvement efficiencies with the objective of rightsizing our global footprint and further reducing our cost structure; the possibility of significant changes in foreign exchange rates and controls, including as a result of the U.K. having exited from the European Union (“E.U.”) (“Brexit”);
the impact of continued uncertainty surrounding the effects Brexit will have on the British, E.U. and global economies and demand for oil and natural gas; potential effects of increased competition; the risk of future material weaknesses we may identify while we work to align policies, principles, and practices of the combined company following the Merger or any other failure by us to maintain effective internal controls; the possibility that we may be unable to re-deploy our aircraft to regions with greater demand; the possibility of changes in tax and other laws, regulations, and policies, including, without limitation, actions of the Biden Administration that impact oil and gas operations or favor renewable energy projects in the U.S.; the possibility that we may be unable to dispose of older aircraft through sales into the aftermarket; general economic conditions, including the capital and credit markets; the possibility that segments of our fleet may be grounded for extended periods of time or indefinitely; the existence of operating risks inherent in our business, including the possibility of declining safety performance; the possibility of political instability, war or acts of terrorism in any of the countries where we operate; the possibility that reductions in spending on aviation services by governmental agencies could lead to modifications of our search and rescue (“SAR”) contract terms with the U.K. government, our contracts with the Bureau of Safety and Environmental Enforcement or delays in receiving payments under such contracts; and our reliance on a limited number of helicopter manufacturers and suppliers. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control. Our forward-looking statements are based on the information currently available to us and speak only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for us to predict these matters or how they may affect us. We have included important factors in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021 (the “Annual Report”) which we believe over time, could cause our actual results, performance or achievements to differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements. You should consider all risks and uncertainties disclosed in the Annual Report and in our filings with the United States Securities and Exchange Commission (the “SEC”), all of which are accessible on the SEC’s website at
BRISTOW GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share amounts)
Favorable/ (Unfavorable)
Revenues:
288,351 
281,519 
6,832 
Reimbursable revenues
12,251 
11,813 
300,602 
293,332 
7,270 
Costs and expenses:
214,503 
218,295 
3,792 
Reimbursable expenses
12,114 
11,697 
37,483 
40,678 
3,195 
14,740 
7,036 
23,195 
17,254 
(5,941)
Total costs and expenses
289,881 
312,286 
22,405 
(21,934)
(1,182)
(20,752)
Gain (loss) on disposal of assets
(7,199)
7,698 
Loss from unconsolidated affiliates, net
(1,517)
(1,077)
Operating loss
(12,231)
(27,775)
15,544 
Interest income
(10,624)
(12,108)
1,484 
Loss on extinguishment of debt
(28,515)
Reorganization items, net
(2,002)
Other, net
6,184 
7,037 
Total other income (expense), net
(6,822)
(33,755)
26,933 
Loss before benefit for income taxes
(19,053)
(61,530)
42,477 
Benefit for income taxes
4,842 
19,092 
(14,250)
(14,211)
(42,438)
28,227 
Net (income) loss attributable to noncontrolling interests
Net loss attributable to Bristow Group Inc.
(14,197)
(42,590)
28,393 
Basic loss per common share
(0.50)
(1.47)
Diluted loss per common share
Weighted average common shares outstanding, basic
28,669,417 
28,946,945 
Weighted average common shares outstanding, diluted
46,934 
17,185 
9,487 
261,508 
26,843 
8,685 
3,566 
270,193 
30,409 
187,555 
(26,948)
8,648 
(3,466)
35,394 
(2,089)
17,418 
15,683 
3,012 
2,161 
16,356 
(6,839)
268,383 
(21,498)
(19,233)
(2,701)
Gain on disposal of assets
5,522 
(5,023)
(1,978)
(13,879)
1,648 
(12,504)
1,880 
Change in fair value of preferred stock derivative liability
15,416 
(15,416)
Gain on bargain purchase
75,433 
(75,433)
4,001 
2,183 
81,993 
(88,815)
Income (loss) before benefit for income taxes
68,114 
(87,167)
3,290 
1,552 
Net income (loss)
71,404 
(85,615)
Net loss attributable to noncontrolling interests
Net income (loss) attributable to Bristow Group Inc.
71,477 
(85,674)
Basic earnings (loss) per common share
18.41 
Diluted earnings (loss) per common share
11,102,611 
38,988,528 
96,974 
(82,208)
49,780 
(9,322)
44,258 
(4,299)
(1) For the three months ended June 30, 2020, EPS takes into account the impact of the Merger.
Beginning in fiscal year 2022, the revenues by line of service tables have been modified to more accurately reflect how management views the Company’s lines of service. These changes include the addition of a Government services line of service which includes revenues from U.K. SAR, the U.S. Bureau of Safety and Environmental Enforcement (“BSEE”), and other government contracts. In addition, our Other activities and services (“other” services) will now reflect revenues derived from leasing aircraft to non-governmental third party operators, oil and gas contracts that do not materially fit into one of the three major oil and gas operating regions and other services as they arise. As such, operating revenues from Asia Pacific oil and gas services are now shown under other services following the exit of that line of service in the Asia Pacific region in the Current Quarter. Prior period amounts will not match the previously reported amounts by individual lines of service. Management believes this change provides more relevant information needed to understand and analyze the Company’s current lines of service.
REVENUES BY LINE OF SERVICE
(unaudited, in thousands)
Oil and gas services:
99,901 
93,850 
105,029 
75,003 
72,785 
56,893 
14,692 
18,976 
30,015 
Total oil and gas services
189,596 
185,611 
191,937 
70,436 
67,032 
54,611 
Fixed wing services
24,654 
22,013 
11,559 
Other services
3,665 
6,863 
3,401 
Includes revenues of approximately $7.8 million and $2.0 million related to government services that were previously included in the oil and gas and other service lines for the three months ended March 31, 2021 and June 30, 2020, respectively.
Includes Asia Pacific and certain Europe revenues of approximately $3.2 million and $3.5 million that were previously included in the oil and gas service line for the three months ended March 31, 2021 and June 30, 2020, respectively.
FLIGHT HOURS BY LINE OF SERVICE
(unaudited)
11,833 
11,207 
12,438 
8,777 
8,237 
4,807 
2,078 
2,180 
1,457 
22,688 
21,624 
18,702 
3,925 
3,240 
2,468 
3,296 
3,458 
2,164 
(2)(3)
29,918 
28,432 
23,419 
Includes flight hours of approximately 953 and 299 hours related to government services that were previously included in the oil and gas and other service lines for the three months ended March 31, 2021 and June 30, 2020, respectively.
Consists of Asia Pacific flight hours that were previously included in the oil and gas service line for the three months ended March 31, 2021 and June 30, 2020, respectively.
Does not include hours flown by helicopters in third party leasing contracts
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents
248,674 
231,079 
Accounts receivable
198,144 
215,620 
Inventories
92,894 
92,180 
Assets held for sale
7,432 
14,750 
Prepaid expenses and other current assets
30,251 
32,119 
Total current assets
577,395 
585,748 
Property and equipment
1,082,116 
1,090,094 
Accumulated depreciation
(107,459)
(85,535)
Net property and equipment
974,657 
1,004,559 
Investment in unconsolidated affiliates
19,416 
37,530 
Right-of-use assets
226,970 
246,667 
Other assets
115,215 
117,766 
Total assets
1,913,653 
1,992,270 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
63,844 
69,542 
Accrued liabilities
214,039 
219,613 
Short-term borrowings and current maturities of long-term debt
16,043 
15,965 
Total current liabilities
293,926 
305,120 
Long-term debt, less current maturities
525,571 
527,528 
Deferred taxes
33,801 
42,430 
Long-term operating lease liabilities
152,258 
167,718 
Deferred credits and other liabilities
45,939 
50,831 
Total liabilities
1,051,495 
1,093,627 
Redeemable noncontrolling interests
1,572 
Stockholders’ investment
Common stock
Additional paid-in capital
690,041 
687,715 
Retained earnings
212,814 
227,011 
Treasury shares, at cost
(35,700)
(10,501)
Accumulated other comprehensive income
(4,749)
(6,915)
Total Bristow Group Inc. stockholders’ investment
862,709 
897,613 
Noncontrolling interests
Total stockholders’ investment
862,158 
897,071 
Total liabilities, and stockholders’ equity
The Company’s management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of its business. EBITDA is defined as Earnings before Interest expense, Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occurred during the reported period, as noted below. The Company includes EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of its operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. (“GAAP”). Accordingly, they should not be used as an indicator of, or an alternative to, net income as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definitions of EBITDA and Adjusted EBITDA (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.
The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands).
10,624 
12,108 
12,504 
Income tax (benefit) expense
(4,842)
(19,092)
(3,290)
Special items
(47,194)
(5,522)
Special items include the following:
3,011 
19,233 
5,136 
17,420 
(1,760)
Bargain purchase gain
___________________________ 
COVID-19 related government relief grants
Pro Forma Q1 FY21 Reconciliation
Pro Forma EBITDA and Pro Forma Adjusted EBITDA reflect EBITDA and Adjusted EBITDA of Old Bristow and Era Group Inc. before the Merger for the period beginning April 1, 2020 through June 11, 2020, plus EBITDA and Adjusted EBITDA for the post-Merger period through June 30, 2020. The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to Pro Forma EBITDA and Pro Forma Adjusted EBITDA for the three months ended June 30, 2020 (in thousands).
Legacy Era
April 1, 2020 - June 11, 2020
June 12 - 30, 2020
75,708 
(18,059)
(4,305)
53,344 
15,914 
7,818 
24,175 
11,755 
2,650 
15,154 
(3,798)
(2,467)
(5,757)
99,579 
(10,058)
(2,605)
86,916 
(49,696)
13,744 
2,502 
(33,450)
49,883 
3,686 
53,466 
(5,527)
(5,381)
44,356 
3,827 
48,085 
Loss on impairments
15,103 
13,575 
2,317 
30,995 
4,951 
5,305 
  COVID-19 related government relief grants
Free Cash Flow represents the Company’s net cash provided by operating activities plus proceeds from disposition of property and equipment, less expenditures related to purchases of property and equipment. Adjusted Free Cash Flow is Free Cash Flow adjusted to exclude professional services fees and other costs paid in relation to the Merger, fresh-start accounting and the Chapter 11 Cases.  Management believes that the use of Adjusted Free Cash Flow is meaningful as it measures the Company’s ability to generate cash from its business after excluding cash payments for special items. Management uses this information as an analytical indicator to assess the Company’s liquidity and performance. However, investors should note numerous methods may exist for calculating a company’s free cash flow. As a result, the method used by management to calculate Adjusted Free Cash Flow may differ from the methods used by other companies to calculate their free cash flow.
The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow (in thousands).
Three Months Ended  June 30, 2021
Three Months Ended  March 31, 2021
Net cash provided by operating activities
36,441 
36,776 
Plus: Proceeds from disposition of property and equipment
10,621 
1,381 
Less: Purchases of property and equipment
(2,968)
(3,612)
44,094 
34,545 
Plus: Organizational restructuring costs
1,939 
Plus: Merger-related costs
1,853 
18,827 
Less: Government grants
46,310 
54,936 
Net (proceeds from)/purchases of property and equipment (“Net Capex”)
(7,653)
2,231 
38,657 
57,167 
FLEET COUNT
Number of Aircraft
Leased
Held For Sale
Consolidated Aircraft
Max Pass.
Capacity
Average Age (years)
Heavy Helicopters:
S-92A
S-92A U.K. SAR
AW189 U.K. SAR
Medium Helicopters:
S-76 C+/C++
Light—Twin Engine Helicopters:
Light—Single Engine Helicopters:
Total Helicopters
Total Fleet
Reflects the average age of helicopters that are owned.
The chart below presents the number of aircraft in our fleet and their distribution among the regions in which we operate as of June 30, 2021 and the percentage of operating revenue that each of our regions provided during the current quarter.
Percentage
of Current
Light Twin
Light Single

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

8 Significant Presence In Key Regions Operating Revenue Operating Presence Dry Lease/Partnershipbristow Headquarters Trinidad With 13 Air Operating Certificates Globally, Across Both Helicopter And Fi - Oct. 5, 2021

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