Bridger Aerospace Group Holdings, Inc. Common Stock (NASDAQ:BAER) Q3 2023 Earnings Call Transcript November 17, 2023
Operator: Good afternoon, and welcome to the Bridger Aerospace Third Quarter 2023 Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Eric Gerratt, CFO. Please go ahead.
Eric Gerratt: Good afternoon, and thank you for joining us today. Joining me on the call this afternoon is Chief Executive Officer, Founder and Director, Tim Sheehy. Before we begin, please note that certain statements contained in this conference call that do not describe historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Some forward-looking statements are based on various assumptions, risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. Factors that could cause results to differ materially from those expressed include, but are not limited to those discussed in the company’s filings with the Securities and Exchange Commission, including expectations regarding financial results for 2023 and 2024.
Management cannot control or predict many factors that ultimately impact future results. Listeners should not place undue reliance on forward-looking statements, which reflect management’s views only as of today. We anticipate that subsequent events and developments will cause our assessments to change. However, we undertake no obligation to revise or update any forward-looking statements or to make any other forward-looking statements. Throughout today’s — this afternoon’s earnings release and our call and presentation today, we’ll refer to non-GAAP financial measures, adjusted EBITDA. The definition, calculation and reconciliation to the financial statements of adjusted EBITDA can be found in Exhibit A of our earnings release, which is available on our website.
We believe adjusted EBITDA is useful in evaluating our reported results as a supplement to and not a substitute for reported results under GAAP. With that, I’d like to turn the call over to Tim.
Tim Sheehy : Thank you, Eric. Good afternoon. Thank you for joining today’s call to discuss our third quarter results and recent progress, including contract wins, fleet acquisition plans and the expansion of our aerial firefighting services to new mission-critical areas and geographies. For our third quarter update, the earnings potential of our Scooper fleet was on full display in the third quarter as we experienced the highest level of utilization in the company’s history. This drove our record results, including record quarterly revenue of over $50 million and record adjusted EBITDA of nearly $39 million. It was also a record quarter in terms of our territories covered as we flew from East to West Coast of Canada and all the way down to Louisiana.
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