Era Group Inc. (NYSE:ERA) Q3 2018 Earnings Conference Call Transcript

Nov 07, 2018 • 10:00 am ET

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Era Group Inc. (NYSE:ERA) Q3 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day and welcome to Era Group Reports Third Quarter 2018 Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Tomas Johnston, Acting General Counsel. Please go ahead.

Executive
Tomas Johnston

Thank you, Ryan; and good morning, everyone. Welcome to Era's third quarter 2018 earnings call. I'm here today with our President and CEO, Chris Bradshaw; our SVP and CFO, Jennifer Whalen; our SVP - Strategy and Corporate Development, Grant Newman; our SVP - Commercial, Paul White; our Corporate Controller, Tricia Schroeder; and our Finance Manager, Seema Parekh. You may access our recent earnings press release and presentation slides on our website: erahelicopters.com. (Forward-Looking Cautionary Statements) I'll now turn the call over to our President and CEO. Chris?

Executive
Chris Bradshaw

Thank you, Tomas; and welcome to the call, everyone. As always, I will begin our prepared remarks with a note on safety, which is Era's most important core value and our highest operational priority. We are pleased to report that Era has achieved our dual goals of zero air accidents and zero recordable workplace injuries through the first 10 months of 2018. I want to commend our entire team for their hard work and dedication in achieving this excellent performance. Turning now to the strength of the Company's financial position. We have total available liquidity of approximately $172 million, including almost $50 million of cash on hand. The Company continues to have a strong balance sheet with limited debt maturities prior to 2021 and manageable fixed charge obligations. In addition, we are not obligated to spend any new capital on helicopter deliveries as our entire order book is cancelable. We have worked hard to achieve and maintain an efficient cost structure, which has proven to be an important competitive advantage. Based on these factors, we believe Era possesses industry-leading financial flexibility and the Company's positive cash flow generation presents multiple opportunities to create value during the expected market recovery. For a review of our Q3 financial results, I will now turn it over to our CFO. Jennifer?