Bristow Group (VTOL) FY2022 results: revenue $1.2 billion, up 435.2% on the year

Bristow Group Inc. (VTOL) reported revenue of $1.2 billion for fiscal 2022, the year ended 31 December 2022, up 435.2% on the year before. Net income was $9 million, and diluted earnings per share $0.32. The figures are the company's own, from the 10-K it filed with the SEC on 6 March 2024.

Revenue

$1.2 billion

+435.2% on the year

FY2013FY2022

Operating margin

2.5%

-1.5% a year earlier

FY2013FY2022

Net income

$9 million

FY2013FY2022

Diluted EPS

$0.32

FY2013FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2019	FY2018	On the year
Revenue	1,210	226	222	+435.2%
Operating income	30.6	-3.3	28.1
Operating margin	2.5%	-1.5%	12.7%
Interest expense	n/a	13.9	15.1
Pre-tax income	n/a	-14.7	14.2
Income tax	10.8	-0.7	2.9
Effective tax rate	n/a	n/a	20.7%
Net income	9.2	-3.6	13.9
Net margin	0.8%	-1.6%	6.3%
Diluted EPS	$0.32	-$0.17	$0.64

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2019	FY2018	On the year
Operating cash flow	-7.7	27.6	54.4
Capital expenditure	n/a	6.6	9.2
Free cash flow	n/a	21.0	45.1
Free cash flow margin	n/a	9.3%	20.4%
Cash from investing	-52.0	48.6	22.8
Cash from financing	-24.6	-9.4	-43.5
Depreciation and amortisation	n/a	37.6	39.5
Share-based compensation	n/a	3.6	2.9
Buybacks	n/a	7.7	0.0
Diluted shares, weighted	28m	21m	21m	+35.2%
Shares outstanding at period end	28m	21m	22m	+31.6%

Balance sheet

$ million	FY2022	FY2019	FY2018	On the year
Shareholders' equity	787	457	463	+72.4%
Non-controlling interest	-0.4	n/a	n/a
Redeemable equity	0.0	2.8	3.3
Debt	511	162	165	+214.9%
Operating lease liabilities	166	7.8	0.0	+2,023.5%
Other liabilities	348	135	133	+158.0%
Total liabilities and equity	1,812	765	765	+137.0%
Fixed assets	915	557	599	+64.3%
Intangible assets	65.8	0.1	1.1	+68,457.3%
Cash and equivalents	160	117	50.8	+36.4%
Receivables	183	n/a	33.3
Inventory	81.9	20.1	20.7	+308.1%
Other assets	406	70.1	59.8	+479.7%
Total assets	1,812	765	765	+137.0%

10-K for the year ended 31 December 2022, filed 6 March 2024: the filing.