EX-99.1 2 ex99w111042010.htm EARNINGS RELEASE ex99w111042010.htm
                                         EXHIBIT 99.1


FOR IMMEDIATE RELEASE
News Release

Linda McNeill
Investor Relations
(713) 267-7622

BRISTOW GROUP REPORTS FINANCIAL RESULTS FOR ITS
2011 SECOND FISCAL QUARTER AND SIX-MONTH PERIOD
ENDED SEPTEMBER 30, 2010

·  
$1.06 DILUTED EPS ON NET INCOME OF $38.9 MILLION, UP APPROXIMATELY 17% OVER THE PRIOR YEAR QUARTER.
 
·  
$312.6 MILLION IN REVENUE, A 7% INCREASE OVER THE PRIOR YEAR QUARTER  DUE TO OPERATIONAL IMPROVEMENT IN AUSTRALIA, WEST AFRICA, EUROPE AND NORTH AMERICA.
 
·  
COMPLETION OF GLOBAL RESTRUCTURING OF BRISTOW’S OPERATIONS AS PART OF THE CONTINUING IMPLEMENTATION OF OUR GLOBAL BUSINESS STRATEGY, SIGNIFICANTLY LOWERING OUR EFFECTIVE TAX RATE.
 
HOUSTON, November 4, 2010 – Bristow Group Inc. (NYSE: BRS) today reported net income for the three months ended September 30, 2010 of $38.9 million, or $1.06 per diluted share, compared to $33.2 million, or $0.92 per diluted share, in the September 2009 quarter.  The quarter benefited from sequential improvement in the underlying operations and a significant reduction in the effective tax rate, which was driven by a global restructuring of Bristow’s operations as part of the continuing implementation of our global business strategy, in addition to a shift of expected earnings for the current fiscal year to lower tax jurisdictions.
 
Revenue for the three months ended September 30, 2010 totaled $312.6 million compared to $291.6 million in same period a year ago.  Earnings before interest, taxes, depreciation and amortization (“EBITDA”) totaled $74.6 million compared to $74.1 million in the September 2009 quarter.  Results benefited from revenue increases in Australia, West Africa, North America and Europe compared to the same quarter a year ago, driven by the addition of new contracts and increases in both price and activity for certain customers.  These increases were partially offset by a lower level of gain on disposal of assets year-over-year and higher compensation costs in Australia and Nigeria.
 
“We are pleased with our higher fiscal second quarter results as we were able to deliver sequential improvement in both revenue and earnings,” said William E. Chiles, President, Chief Executive Officer of Bristow Group.  “The underlying performance of our operations was strong and the operating margins improved sequentially in several of our business units including Europe, West Africa, North America and Other International.  Our global restructuring has also benefited shareholders by aligning our corporate structure with how we do business, significantly lowering our effective tax rate.  The expected amendment to our credit facility improves our liquidity position and increases capital structure flexibility while lowering the overall cost of debt.  These efforts demonstrate the Bristow team’s commitment to lower our cost of capital.
 
 
1
 

“As previously disclosed, we continue to expect revenue and earnings per share for the current fiscal year to be stronger than fiscal year 2010 as additional newer-technology aircraft go to work for our customers and we relentlessly focus on improving returns and lowering our after tax cost of capital.  We continue to anticipate a much stronger second half compared to the first half of fiscal year 2011,” Chiles added.
 
SECOND QUARTER FY2011 RESULTS

·  
Revenue totaled $312.6 million compared to $291.6 million in same period a year ago.
 
·  
Operating income remained flat at $53.6 million.
 
·  
EBITDA totaled $74.6 compared to $74.1 million in the September 2009 quarter.  EBITDA is a measure that has not been prepared in accordance with Accounting Principles Generally Accepted in the United States of America (“GAAP”).  Please refer to disclosures contained at the end of this news release for additional information about EBITDA.
 
·  
Net income totaled $38.9 million, or $1.06 per diluted share, compared to $33.2 million, or $0.92 per diluted share, in the September 2009 quarter.
 
Net income and earnings per share increased due to a significant reduction in our effective tax rate, which was 7.9% versus 25.0% in the September 2009 quarter.  This reduction was driven by a global restructuring of our operations as part of the continuing implementation of our global business strategy, in addition to a shift of our expected earnings for the current fiscal year to lower tax jurisdictions.  This benefit was partially offset by increased interest expense and lower foreign currency transaction and hedging gains.
 
Our Europe business unit added two new customers and saw an increase in activity over the prior year quarter, which along with higher equity earnings from our military training unconsolidated affiliate, FB Heliservices Limited, increased our operating margin in this market.
 
Our North America business unit continued to benefit during the quarter from contracts with BP in the U.S. Gulf of Mexico, where nine of our aircraft were supporting the well control and spill cleanup efforts at the end of September.  While we can’t predict how long this work will continue, for the past two quarters the new work more than offset lost business from customers stalled by the deep-water moratorium, which has now been lifted.  Subsequent to September 30, 2010, this work has continued to wind down.
 
Our West Africa business unit also benefitted from new contracts and rate escalations on existing contracts in excess of lost work with certain existing customers.  We have also benefitted from a continued effort to reduce aircraft maintenance delays in this market, which reduced the number of days our aircraft were grounded during the quarter.  Despite the revenue improvement, our operating margin remained relatively flat versus the prior year quarter as we incurred severance costs for employees that had been supporting a major contract that finished in September.  We are continuing to seek permanent work to replace the earnings associated with this contract.
 
Our Australia business unit saw a significant increase in revenue over the prior year quarter resulting from new contracts and a favorable impact of change in foreign currency exchange rates.  However, as a result of an increase in annual leave and long service leave provisions in this market, compensation costs have increased contributing to a decrease in operating margin versus the same quarter last year.
 
Our Other International business unit’s operating margin was lower primarily due to reduced earnings in Kazakhstan as we stopped operating in this market in a year ago and the Comparable Quarter included a $2.5 million reversal of a bad debt provision.  Our results for our unconsolidated affiliate in Brazil totaled $1.8 million for the three months ended September 30, 2010, which were also reduced by foreign exchange losses.  These foreign exchange losses partially mask the fact that the normal operations of our affiliate in this market, Líder Aviação Holding S.A. (“Líder”), have shown significant improvement sequentially over the past several quarters from a revenue and EBITDA standpoint.  Excluding the impact of foreign exchange losses, our equity earnings for Líder would have been approximately $3.8 million for the three months ended September 30, 2010.  The improvement in Líder’s normal operations translated into a sequential improvement in quarterly earnings from our investment, which led to higher operating margin for this business unit in the second fiscal quarter compared with the preceding quarter.
 
During the September 2010 quarter we experienced only modest gains on the sale of a few aircraft and these gains during the quarter were $3.0 million lower than those during the same quarter last year; however, we continue to see opportunities for sale of our aircraft in the aftermarket.
 

 
2
 
 
YEAR-TO-DATE RESULTS THROUGH SEPTEMBER 30, 2010

·  
Revenue totaled $604.8 million compared to $582.1 million for the same period a year ago.
 
·  
Operating income was $93.2 million compared to $98.3 million for the six months ended September 30, 2009.
 
·  
EBITDA totaled $134.4 million compared to $135.8 million for the six months ended September 30, 2009.
 
·  
Net income totaled $59.7 million, or $1.63 per diluted share, compared to $56.9 million, or $1.58 per diluted share, for the six months ended September 30, 2009.
 
Our year-to-date results through September 30, 2010 benefitted from revenue increases in Australia, West Africa and North America compared to the same period a year ago, which was driven by the addition of new contracts and increases in rates on existing contracts in excess of reduced activity for certain customers.
 
Despite increased revenue, operating income and EBITDA decreased due to a lower level of gain on disposal of assets and reduced earnings in Kazakhstan.
 
Net income and earnings per share benefitted from a significant reduction in our effective tax rate, which was 16.6% versus 26.4% for the six months ended September 30, 2009.  This reduction was driven by a global restructuring of our operations as part of the continuing implementation of our global business strategy, in addition to a shift of our expected earnings for the current fiscal year to lower tax jurisdictions.  This benefit was partially offset by increased interest expense.
 
CAPITAL AND LIQUIDITY
 
For the six months ended September 30, 2010, net cash generated by operating activities was $69.2 million and net cash used in investing activities was $44.5 million.  At September 30, 2010, we had:
 
·  
$1.4 billion in stockholders’ investment and $720.6 million of indebtedness,
 
·  
$108.5 million in cash and a $100 million undrawn revolving credit facility, and
 
·  
$154.2 million in aircraft purchase commitments for 12 aircraft.
 
In addition, we are currently negotiating an amendment to our existing bank credit facility to extend the facility for five years and increase the amount financed to $375 million. The facility is expected to consist of a $200 million term loan and a $175 million revolver at an initial expected rate of Libor+250. We expect to use proceeds for general corporate purposes, including repayment of existing indebtedness. Completion of the amendment is subject to reaching agreement on the definitive documentation and satisfaction of customary closing conditions.

 
3
 

CONFERENCE CALL

Management will conduct a conference call starting at 9:00 a.m. ET (8:00 a.m. CT) on Friday, November 5, 2010, to review financial results for the 2011 second quarter.  This release and the most recent investor slide presentation are available in the investor relations area of our web page at www.bristowgroup.com.  The conference call can be accessed as follows:
 
Via Webcast:
·  
Visit Bristow Group’s investor relations Web page at www.bristowgroup.com
·  
Live: Click on the link for “Bristow Group Fiscal 2011 Second Quarter Earnings Conference Call”
·  
Replay: A replay via webcast will be available approximately one hour after the call’s completion and will be accessible for approximately 90 days
 
Via Telephone within the U.S.:
·  
Live: Dial toll free 1-877-941-9205
·  
Replay: A telephone replay will be available through November 19, 2010 and may be accessed by calling toll free 1-800-406-7325, passcode: 4330736#
 
Via Telephone outside the U.S.:
·  
Live: Dial 480-629-9866
·  
Replay: A telephone replay will be available through November 19, 2010 and may be accessed by calling 303-590-3030, passcode: 4330736#

ABOUT BRISTOW GROUP INC.

Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated and one of two helicopter service providers to the offshore energy industry with global operations.  The Company has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Alaska,  Australia, Brazil, Mexico, Russia and Trinidad.  For more information, visit the Company’s website at www.bristowgroup.com.

FORWARD-LOOKING STATEMENTS DISCLOSURE

Statements contained in this news release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements.  These forward-looking statements include statements regarding the impact of activity levels including the amendment to our credit facility and use of proceeds therefrom, business performance, fiscal 2011 results and other market and industry conditions.  It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements.  Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including but not limited to the Company’s quarterly report on Form 10-Q for the quarter and six months ended September 30, 2010 and annual report on Form 10-K for the fiscal year ended March 31, 2010.  Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.

 (financial tables follow)

 
4
 

BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)

 
   
Three Months Ended
September 30,
    
Six Months Ended
September 30,
  
     
2010
    
2009
      
2010
    
2009
  
     
Gross revenue:
                            
 
Operating revenue from non-affiliates
  
$
270,053
  
$
247,642
    
$
524,647
  
$
496,533
  
 
Operating revenue from affiliates
    
16,484
    
17,460
      
33,899
    
32,062
  
 
Reimbursable revenue from non-affiliates
    
25,933
    
24,746
      
45,996
    
50,599
  
 
Reimbursable revenue from affiliates
    
89
    
1,767
      
255
    
2,873
  
       
312,559
    
291,615
      
604,797
    
582,067
  
Operating expense:
                            
 
Direct cost
    
189,110
    
173,392
      
372,274
    
354,069
  
 
Reimbursable expense
    
25,020
    
26,304
      
45,198
    
52,961
  
 
Depreciation and amortization
    
20,968
    
18,470
      
40,299
    
36,656
  
 
General and administrative
    
30,515
    
29,686
      
61,417
    
58,488
  
         
265,613
    
247,852
      
519,188
    
502,174
  
                               
Gain on disposal of assets 
    
1,897
    
4,880
      
3,615
    
10,889
  
Earnings from unconsolidated affiliates, net of losses
    
4,716
    
4,924
      
4,014
    
7,557
  
 
Operating income
    
53,559
    
53,567
      
93,238
    
98,339
  
                             
Interest income
    
168
    
210
      
460
    
432
  
Interest expense
    
(11,452
)
  
(10,640
)
    
(22,490
)
  
(20,652
)
Other income (expense), net
    
(111
)
  
1,809
      
404
    
328
  
 
Income before provision for income taxes
    
42,164
    
44,946
      
71,612
    
78,447
  
Provision for income taxes
    
(3,316
)
  
(11,236
)
    
(11,856
)
  
(20,746
)
 
Net income
    
38,848
    
33,710
      
59,756
    
57,701
  
 
Net income attributable to noncontrolling interests
    
32
    
(540
)
    
(68
)
  
(808
)
 
Net income attributable to Bristow Group
    
38,880
    
33,170
      
59,688
    
56,893
  
 
Preferred stock dividends
    
—
    
(3,163
)
    
—
    
(6,325
)
 
Net income available to common stockholders
  
$
38,880
  
$
30,007
    
$
59,688
  
$
50,568
  
                             
Earnings per common share:
                            
 
Basic
  
$
1.07
  
$
0.98
    
$
1.66
  
$
1.70
  
 
Diluted
  
$
1.06
  
$
0.92
    
$
1.63
  
$
1.58
  



 
5
 

BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)

   
September 30,
  
March 31,
  
   
2010
  
2010
  
   
(Unaudited)
      
       
ASSETS
Current assets:
              
 
Cash and cash equivalents
  
$
108,501
  
$
77,793
  
 
Accounts receivable from non-affiliates
    
231,351
    
203,312
  
 
Accounts receivable from affiliates
    
19,812
    
16,955
  
 
Inventories
    
193,017
    
186,863
  
 
Prepaid expenses and other current assets
    
41,759
    
31,448
  
   
Total current assets
    
594,440
    
516,371
  
Investment in unconsolidated affiliates
    
205,779
    
204,863
  
Property and equipment – at cost:
              
 
Land and buildings
    
95,998
    
86,826
  
 
Aircraft and equipment
    
2,093,105
    
2,036,962
  
         
2,189,103
    
2,123,788
  
 
Less – Accumulated depreciation and amortization
    
(436,769
)
  
(404,443
)
         
1,752,334
    
1,719,345
  
Goodwill
    
32,185
    
31,755
  
Other assets
    
22,187
    
22,286
  
       
$
2,606,925
  
$
2,494,620
  
                   
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
              
 
Accounts payable
  
$
61,545
  
$
48,545
  
 
Accrued wages, benefits and related taxes
    
36,049
    
35,835
  
 
Income taxes payable
    
952
    
2,009
  
 
Other accrued taxes
    
5,575
    
3,056
  
 
Deferred revenues
    
6,904
    
19,321
  
 
Accrued maintenance and repairs
    
15,663
    
10,828
  
 
Accrued interest
    
6,429
    
6,430
  
 
Other accrued liabilities
    
20,680
    
14,508
  
 
Deferred taxes
    
10,714
    
10,217
  
 
Short-term borrowings and current maturities of long-term debt
    
23,798
    
15,366
  
   
Total current liabilities
    
188,309
    
166,115
  
Long-term debt, less current maturities
    
696,779
    
701,195
  
Accrued pension liabilities
    
112,551
    
106,573
  
Other liabilities and deferred credits
    
28,636
    
20,842
  
Deferred taxes
    
148,021
    
143,324
  
               
Stockholders’ investment:
              
 
Common stock
    
362
    
359
  
 
Additional paid-in capital
    
684,464
    
677,397
  
 
Retained earnings
    
879,033
    
820,145
  
 
Accumulated other comprehensive loss
    
(137,414
)
  
(148,102
)
       
1,426,445
    
1,349,799
  
 
Noncontrolling interests
    
6,184
    
6,772
  
         
1,432,629
    
1,356,571
  
       
$
2,606,925
  
$
2,494,620
  

 

 
6
 

 
BRISTOW GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
   
Six Months Ended
September  30,
  
   
2010
  
2009
    
         
Cash flows from operating activities:
                
 
Net income
  
$
59,756
  
$
57,701
    
Adjustments to reconcile net income to net cash provided by operating activities:
                
 
Depreciation and amortization
    
40,299
    
36,656
    
 
Deferred income taxes
    
4,385
    
13,340
    
 
Discount amortization on long-term debt
    
1,565
    
1,462
    
 
Gain on disposal of assets
    
(3,615
)
  
(10,889
)
  
 
Gain on sale of joint ventures
    
(572
)
  
—
    
 
Stock-based compensation
    
8,019
    
6,611
    
 
Equity in earnings from unconsolidated affiliates less than (in excess of) dividends received
    
(890
)
  
(3,846
)
  
 
Tax benefit related to stock-based compensation
    
(179
)
  
(433
)
  
Increase (decrease) in cash resulting from changes in:
                
 
Accounts receivable
    
(24,940
)
  
13,707
    
 
Inventories
    
(3,000
)
  
(13,243
)
  
 
Prepaid expenses and other assets
    
(14,363
)
  
(10,391
)
  
 
Accounts payable
    
9,774
    
2,528
    
 
Accrued liabilities
    
(2,917
)
  
(10,303
)
  
 
Other liabilities and deferred credits
    
(4,138
)
  
10,709
    
Net cash provided by operating activities
    
69,184
    
93,609
    
Cash flows from investing activities:
                
 
Capital expenditures
    
(63,943
)
  
(136,145
)
  
 
Deposits on assets held for sale
    
1,000
    
—
    
 
Proceeds from sale of joint ventures
    
1,291
    
—
    
 
Proceeds from asset dispositions
    
17,178
    
71,238
    
 
Acquisition, net of cash received
    
—
    
(178,961
)
  
Net cash used in investing activities
    
(44,474
)
  
(243,868
)
  
Cash flows from financing activities:
                
 
Proceeds from borrowings
    
10,012
    
—
    
 
Repayment of debt
    
(7,630
)
  
(8,858
)
  
 
Distribution to noncontrolling interest owners
    
(637
)
  
—
    
 
Partial prepayment of put/call obligation
    
(28
)
  
(37)
    
 
Acquisition of noncontrolling interest
    
(800
)
  
—
    
 
Preferred stock dividends paid
    
—
    
(6,325
)
  
 
Issuance of common stock
    
111
    
1,089
    
 
Tax benefit related to stock-based compensation
    
179
    
433
    
Net cash provided by (used in) financing activities
    
1,207
    
(13,698
)
  
Effect of exchange rate changes on cash and cash equivalents
    
4,791
    
6,193
    
Net increase (decrease) in cash and cash equivalents
    
30,708
    
(157,764
)
  
Cash and cash equivalents at beginning of period
    
77,793
    
300,969
    
Cash and cash equivalents at end of period
  
$
108,501
  
$
143,205
    




 
7
 

 
BRISTOW GROUP INC. AND SUBSIDIARIES
SELECTED OPERATING DATA
(In thousands, except flight hours and percentages)
(Unaudited)
 
 
Three Months Ended
    
Six Months Ended
  
 
September 30,
    
September 30,
  
 
2010
    
2009
    
2010
    
2009
  
Gross revenue:
                              
Europe
$
117,595
    
$
113,913
    
$
219,286
    
$
228,978
  
North America
  
55,281
      
48,737
      
108,092
      
98,593
  
West Africa
  
58,110
      
51,452
      
117,206
      
106,269
  
Australia
  
37,364
      
30,333
      
72,655
      
58,496
  
Other International
  
36,295
      
37,007
      
69,114
      
70,001
  
Corporate and other
  
8,421
      
11,362
      
19,263
      
23,178
  
Intrasegment eliminations
  
(507
)
    
(1,189
)
    
(819
)
    
(3,448
)
Corporate and other
$
312,559
    
$
291,615
    
$
604,797
    
$
582,067
  

Operating income (loss):
                              
Europe
$
21,612
    
$
19,063
    
$
39,911
    
$
38,841
  
North America 
  
8,904
      
4,716
      
14,212
      
9,142
  
West Africa
  
17,158
      
15,064
      
32,794
      
28,727
  
Australia
  
6,094
      
7,011
      
14,046
      
12,667
  
Other International
  
11,102
      
12,978
      
13,367
      
20,190
  
Corporate and other
  
(13,208
)
    
(10,145
)
    
(24,707
)
    
(22,117
)
Gain on disposal of other assets
  
1,897
      
4,880
      
3,615
      
10,889
  
Consolidated total
$
53,559
    
$
53,567
    
$
93,238
    
$
98,339
  

Operating margin:
                              
Europe
  
18.4
 %
  
16.7
 %
  
18.2
%
  
17.0
%
North America
  
16.1
 %
  
9.7
 %
  
13.1
%
  
9.3
%
West Africa
  
29.5
 %
  
29.3
 %
  
28.0
%
  
27.0
%
Australia
  
16.3
 %
  
23.1
 %
  
19.3
%
  
21.7
%
Other International
  
30.6
 %
  
35.1
 %
  
19.3
%
  
28.8
%
Consolidated total
  
17.1
 %
  
18.4
 %
  
15.4
%
  
16.9
%

Flight hours (excludes Bristow Academy and unconsolidated affiliates):
                              
Europe
  
14,432
      
14,242
      
27,399
      
29,097
  
North America
  
23,279
      
21,215
      
44,683
      
43,332
  
West Africa
  
9,572
      
8,470
      
19,332
      
17,420
  
Australia
  
3,318
      
2,794
      
6,558
      
5,674
  
Other International
  
12,577
      
11,810
      
24,055
      
22,935
  
Consolidated total
  
63,178
      
58,531
      
122,027
      
118,458
  


 
8
 

BRISTOW GROUP INC. AND SUBSIDIARIES
AIRCRAFT COUNT
AS OF SEPTEMBER 30, 2010

   
Aircraft in Consolidated Fleet
          
   
Helicopters
                  
   
Small
  
Medium
  
Large
  
Training
  
Fixed   Wing
  
Total (1)
 
Unconsolidated Affiliates (2)
  
Total
Europe
  
—
  
14
  
37
  
—
  
—
  
51
  
63
    
114
North America
  
72
  
27
  
6
  
—
  
—
  
105
  
—
    
105
West Africa
  
12
  
33
  
5
  
—
  
3
  
53
  
—
    
53
Australia
  
3
  
14
  
18
  
—
  
—
  
35
  
—
    
35
Other International
  
5
  
42
  
12
  
—
  
—
  
59
  
136
    
195
Corporate and other
  
—
  
—
  
—
  
76
  
—
  
76
  
—
    
76
Total
  
92
  
130
  
78
  
76
  
3
  
379
  
199
    
578
Aircraft not currently in fleet: (3)
                                
On order
  
—
  
5
  
7
  
—
  
—
  
12
        
Under option
  
—
  
25
  
10
  
—
  
—
  
35
        
_________

(1)
Includes 12 aircraft held for sale.
   
(2)
The 199 aircraft operated or managed by our unconsolidated affiliates are in addition to those aircraft leased from us.
   
(3)
This table does not reflect aircraft which our unconsolidated affiliates may have on order or under option.


BRISTOW GROUP INC. AND SUBSIDIARIES
GAAP RECONCILIATIONS
 
EBITDA is a measure that has not been prepared in accordance with GAAP and has not been audited or reviewed by our independent auditors.  EBITDA is therefore considered a non-GAAP financial measure.  A description of adjustments and a reconciliation to net income, the most comparable GAAP financial measure to EBITDA, is as follows (in thousands):
 
 
Three Months Ended
    
Six Months Ended
  
 
September 30,
    
September 30,
  
 
2010
    
2009
    
2010
    
2009
  
 
(Unaudited)
  
Net income 
$
38,848
    
$
33,710
    
$
59,756
    
$
57,701
  
Provision for income taxes
  
3,316
      
11,236
      
11,856
      
20,746
  
Interest expense
  
11,452
      
10,640
      
22,490
      
20,652
  
Depreciation and amortization
  
20,968
      
18,470
      
40,299
      
36,656
  
EBITDA
$
74,584
    
$
74,056
    
$
134,401
    
$
135,755
  


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