Investor Presentaiton
Favorable Contract Mechanics and Terms
A
Super Scoopers Deployed
Bridger estimates Super Scoopers deployed in
the projection period
Each plane can fly up to a total of 450 hours
per year
Lewis 28%
Super Scoopers per Year
+
B
Adjusted EBITDA per Scooper
Bridger estimates a range of run-rate Adjusted
EBITDA per Scooper based on past performance
There are several key variables that drive Adj.
EBITDA per Scooper including operating costs,
contract rates, standby days and flight hours,
among others
Significant operating leverage from fixed cost
base
Adj. EBITDA per Scooper ($mm)
Fleet Size Is the
Primary Driver of
Bridger's Financial
Performance Given
the Underlying
Revenue Visibility
Afforded by the
Company's Federal
and State Contracts
4
2021A
5 (1)
(2)
6
2022A
2023E
Attractive Contract Dynamics
Kil
Long-term contract nature (avg.
tenor ranges from 1-5 years)
Annual Price Escalators
Source: Bridger management estimates.
(1)
(2)
Bridger currently has five CL-415EAF Super Scoopers, though only four Super Scoopers were active for the majority of the 2022 fire season.
Bridger expects delivery of the 6th Super Scooper in Q1 2023. Bridger also expects to source a 7th Super Scooper or equivalent fire suppression aircraft by Q1 2023 and operational by Q2 2023.
(3)
For Fire Suppression aircraft while on contract.
(4)
Midpoint assumes 125 standby days and 320 flight hours
(5)
See Slide 42 for a reconciliation of Adjusted EBITDA per Scooper to GAAP Net Income per Scooper.
Direct cost pass through
(5)
(1)
$6
$3
$6 $11 (2) (4)
Vige
2021A
2022E
2023E
Complete fuel price protection (3)
Same assets listed for
multiple agency contracts
Flight hours uncapped
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