| Schedule of Revenue by Segment |
The following tables show region information reconciled to consolidated totals, and prepared on the same basis as the Company’s consolidated financial statements (in thousands):
| |
|
Successor |
|
|
|
|
|
Predecessor |
|
| |
|
Five Months
Ended
March 31,
|
|
|
Seven Months
Ended
October 31,
|
|
|
Fiscal Year Ended March 31, |
|
| |
|
2020
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Region gross revenue from external customers: |
|
|
|
|
|
|
|
|
|
|
|
|
Europe Caspian |
|
$ |
284,844 |
|
|
$ |
428,660 |
|
|
$ |
791,204 |
|
|
$ |
793,630 |
|
Africa
|
|
|
70,305 |
|
|
|
111,896 |
|
|
|
164,835 |
|
|
|
195,681 |
|
Americas
|
|
|
99,634 |
|
|
|
140,551 |
|
|
|
218,278 |
|
|
|
217,671 |
|
Asia Pacific
|
|
|
30,605 |
|
|
|
75,722 |
|
|
|
193,510 |
|
|
|
222,500 |
|
Corporate and other
|
|
|
375 |
|
|
|
394 |
|
|
|
1,835 |
|
|
|
4,493 |
|
Total region gross revenue |
|
$ |
485,763 |
|
|
$ |
757,223 |
|
|
$ |
1,369,662 |
|
|
$ |
1,433,975 |
|
Intra-region gross revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe Caspian
|
|
$ |
599 |
|
|
$ |
1,719 |
|
|
$ |
7,577 |
|
|
$ |
5,655 |
|
Africa
|
|
|
— |
|
|
|
122 |
|
|
|
— |
|
|
|
— |
|
Americas
|
|
|
2,038 |
|
|
|
1,911 |
|
|
|
5,100 |
|
|
|
8,995 |
|
Asia Pacific
|
|
|
1 |
|
|
|
73 |
|
|
|
58 |
|
|
|
— |
|
Corporate and other
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
27 |
|
Total intra-region gross revenue
|
|
$ |
2,638 |
|
|
$ |
3,825 |
|
|
$ |
12,737 |
|
|
$ |
14,677 |
|
Consolidated gross revenue reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe Caspian |
|
$ |
285,443 |
|
|
$
|
430,379 |
|
|
$ |
798,781 |
|
|
$ |
799,285 |
|
Africa
|
|
|
70,305 |
|
|
|
112,018 |
|
|
|
164,835 |
|
|
|
195,681 |
|
Americas
|
|
|
101,672 |
|
|
|
142,462 |
|
|
|
223,378 |
|
|
|
226,666 |
|
Asia Pacific
|
|
|
30,606 |
|
|
|
75,795 |
|
|
|
193,568 |
|
|
|
222,500 |
|
Corporate and other
|
|
|
375 |
|
|
|
394 |
|
|
|
1,837 |
|
|
|
4,520 |
|
Intra-region eliminations
|
|
|
(2,638 |
) |
|
|
(3,825 |
) |
|
|
(12,737 |
) |
|
|
(14,677 |
) |
Total consolidated gross revenue |
|
$ |
485,763 |
|
|
$ |
757,223 |
|
|
$ |
1,369,662 |
|
|
$ |
1,433,975 |
|
(1) The above table represents disaggregated revenue from contracts with customers except for the following (in thousands):
| |
|
Successor |
|
|
Predecessor |
|
| |
|
Five Months
Ended
March 31,
2020
|
|
|
Seven Months
Ended
October 31,
2019
|
|
|
Fiscal Year
Ended March 31,
2019
|
|
Region revenue from external customers: |
|
|
|
|
|
|
|
|
|
Europe Caspian
|
|
$ |
535 |
|
|
$ |
726 |
|
|
$ |
20,037 |
|
Africa
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Americas
|
|
|
14,971 |
|
|
|
18,627 |
|
|
|
30,799 |
|
Asia Pacific
|
|
|
20 |
|
|
|
191 |
|
|
|
274 |
|
Corporate and other |
|
|
70 |
|
|
|
— |
|
|
|
— |
|
Total region revenue |
|
$ |
15,596 |
|
|
$ |
19,544 |
|
|
$ |
51,110 |
|
| |
|
Successor |
|
|
|
|
|
Predecessor |
|
| |
|
March 31,
|
|
|
October 31,
|
|
|
Fiscal Year Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
Earnings from unconsolidated affiliates, net of losses – equity method investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Europe Caspian |
|
$ |
248 |
|
|
$ |
168 |
|
|
$ |
161 |
|
|
$ |
191 |
|
Americas
|
|
|
4,046 |
|
|
|
6,100 |
|
|
|
2,041 |
|
|
|
16,263 |
|
Corporate and other
|
|
|
— |
|
|
|
321 |
|
|
|
(403 |
) |
|
|
(273 |
) |
Total earnings from unconsolidated affiliates, net of losses – equity method investments |
|
$ |
4,294 |
|
|
$ |
6,589 |
|
|
$ |
1,799 |
|
|
$ |
16,181 |
|
Consolidated operating income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe Caspian
|
|
$ |
19,334 |
|
|
$ |
26,143 |
|
|
$ |
12,874 |
|
|
$ |
22,624 |
|
Africa
|
|
|
10,154 |
|
|
|
17,255 |
|
|
|
13,499 |
|
|
|
32,326 |
|
Americas (1)
|
|
|
9,762 |
|
|
|
13,391 |
|
|
|
3,530 |
|
|
|
(72,083 |
) |
Asia Pacific
|
|
|
(6,921 |
) |
|
|
(33,653 |
) |
|
|
(23,645 |
) |
|
|
(24,290 |
) |
Corporate and other
|
|
|
(36,970 |
) |
|
|
(101,559 |
) |
|
|
(195,740 |
) |
|
|
(88,965 |
) |
Loss on disposal of assets
|
|
|
(451 |
) |
|
|
(3,768 |
) |
|
|
(27,843 |
) |
|
|
(17,595 |
) |
Total consolidated operating income (loss) (2)
|
|
$ |
(5,092 |
) |
|
$ |
(82,191 |
) |
|
$ |
(217,325 |
) |
|
$ |
(147,983 |
) |
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe Caspian
|
|
$ |
30,888 |
|
|
$ |
34,670 |
|
|
$ |
11,957 |
|
|
$ |
24,797 |
|
Africa
|
|
|
508 |
|
|
|
609 |
|
|
|
777 |
|
|
|
3,769 |
|
Americas
|
|
|
864 |
|
|
|
1,281 |
|
|
|
13,777 |
|
|
|
2,523 |
|
Asia Pacific
|
|
|
1,363 |
|
|
|
1,593 |
|
|
|
7,957 |
|
|
|
6,795 |
|
Corporate and other (3)
|
|
|
2,492 |
|
|
|
3,421 |
|
|
|
6,434 |
|
|
|
8,403 |
|
Total capital expenditures
|
|
$ |
36,115 |
|
|
$ |
41,574 |
|
|
$ |
40,902 |
|
|
$ |
46,287 |
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe Caspian
|
|
$ |
14,898 |
|
|
$ |
28,155 |
|
|
$ |
50,737 |
|
|
$ |
48,854 |
|
Africa
|
|
|
2,274 |
|
|
|
10,829 |
|
|
|
16,113 |
|
|
|
13,705 |
|
Americas
|
|
|
4,168 |
|
|
|
16,654 |
|
|
|
28,300 |
|
|
|
27,468 |
|
Asia Pacific
|
|
|
3,836 |
|
|
|
7,463 |
|
|
|
16,735 |
|
|
|
19,695 |
|
Corporate and other
|
|
|
3,062 |
|
|
|
7,763 |
|
|
|
13,014 |
|
|
|
14,320 |
|
Total depreciation and amortization
|
|
$ |
28,238 |
|
|
$ |
70,864 |
|
|
$ |
124,899 |
|
|
$ |
124,042 |
|
|
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2020 |
|
|
March 31, 2019 |
|
Identifiable assets: |
|
|
|
|
|
|
Europe Caspian
|
|
$ |
1,096,022 |
|
|
$ |
1,070,863 |
|
Africa
|
|
|
235,165 |
|
|
|
325,502 |
|
Americas
|
|
|
319,015 |
|
|
|
661,266 |
|
Asia Pacific
|
|
|
166,229 |
|
|
|
255,136 |
|
Corporate and other (4)
|
|
|
128,830 |
|
|
|
339,832 |
|
Total identifiable assets |
|
$ |
1,945,261 |
|
|
$ |
2,652,599 |
|
| |
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2020 |
|
|
March 31, 2019 |
|
Investments in unconsolidated affiliates – equity method investments: |
|
|
|
|
|
|
Europe Caspian
|
|
$ |
575 |
|
|
$ |
375 |
|
Americas
|
|
|
76,483 |
|
|
|
108,831 |
|
Corporate and other
|
|
|
— |
|
|
|
2,711 |
|
Total investments in unconsolidated affiliates – equity method investments |
|
$ |
77,058 |
|
|
$ |
111,917 |
|
|
(1) |
Includes an impairment of the Company’s investment in Líder of $9.6 million for the five months ended March 31, 2020 (Successor) and $85.7 million for fiscal year 2018 (Predecessor). For further details, see Note 1. |
|
(2) |
Results for fiscal year 2019 (Predecessor) were positively impacted by a reduction to rent expense of $7.9 million (included in direct costs) impacting the Europe Caspian and Asia Pacific regions by $4.9 million and $3.0 million, respectively, related to OEM cost recoveries for ongoing aircraft issues. For further details, see Note 7. |
|
(3) |
Includes $2.3 million of construction in progress payments that were not allocated to business units in fiscal year 2018 (Predecessor). There were no construction in progress payments made in the five months ended March 31, 2020 (Successor), the seven months ended October 31, 2019 (Predecessor) and fiscal year 2019 (Predecessor). |
|
(4) |
Includes $7.8 million and $51.7 million of construction in progress within property and equipment on the Company’s consolidated balance sheets as of March 31, 2020 (Successor) and March 31, 2019 (Predecessor). The balance as of March 31, 2020 (Successor) primarily represents aircraft modifications and other miscellaneous equipment, tooling and building improvements currently in progress. The balance as of March 31, 2019 (Predecessor) primarily represents progress payments on aircraft to be delivered in future periods. During the seven months ended October 31, 2019 (Predecessor), the Company rejected its aircraft purchase agreement with Airbus and wrote-off $30.6 million of construction in progress. |
|
| Operating Performance and Total Assets by Segment |
The Company attributes revenue to various countries based on the location where services are actually performed. Long-lived assets consist primarily of helicopters and fixed wing aircraft and are attributed to various countries based on the physical location of the asset at a given fiscal year-end. Information by geographic area is as follows (in thousands):
| |
|
|
Successor
|
|
|
|
|
|
|
|
Predecessor |
|
| |
|
|
Five Months
Ended
March 31,
|
|
|
|
Seven Months
Ended
October 31,
|
|
|
|
Fiscal Year Ended March 31
|
|
| |
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2018 |
|
Gross revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
$ |
178,702 |
|
|
$ |
265,189 |
|
|
$ |
515,854 |
|
|
$ |
530,948 |
|
Norway
|
|
|
104,073 |
|
|
|
160,695 |
|
|
|
272,547 |
|
|
|
258,878 |
|
Nigeria
|
|
|
68,425 |
|
|
|
111,896 |
|
|
|
164,835 |
|
|
|
195,681 |
|
United States
|
|
|
43,901 |
|
|
|
60,440 |
|
|
|
105,243 |
|
|
|
103,047 |
|
Australia
|
|
|
30,606 |
|
|
|
70,144 |
|
|
|
170,461 |
|
|
|
199,264 |
|
Trinidad
|
|
|
18,563 |
|
|
|
32,896 |
|
|
|
52,463 |
|
|
|
53,144 |
|
Canada
|
|
|
21,139 |
|
|
|
27,479 |
|
|
|
43,970 |
|
|
|
50,714 |
|
Other countries
|
|
|
20,354 |
|
|
|
28,484 |
|
|
|
44,289 |
|
|
|
42,299 |
|
| |
|
$ |
485,763 |
|
|
$ |
757,223 |
|
|
$ |
1,369,662 |
|
|
$ |
1,433,975 |
|
| |
|
Successor |
|
|
Predecessor |
|
| |
|
March 31, 2020 |
|
|
March 31, 2019 |
|
Long-lived assets: |
|
|
|
|
|
|
United Kingdom
|
|
$ |
394,394 |
|
|
$ |
600,714 |
|
Nigeria
|
|
|
114,219 |
|
|
|
255,989 |
|
United States |
|
|
106,046 |
|
|
|
255,439 |
|
Norway
|
|
|
77,836 |
|
|
|
206,597 |
|
Australia
|
|
|
95,110 |
|
|
|
162,681 |
|
Canada
|
|
|
50,068 |
|
|
|
155,594 |
|
Trinidad
|
|
|
16,676 |
|
|
|
126,892 |
|
Other countries
|
|
|
14,622 |
|
|
|
18,560 |
|
Construction in progress
|
|
|
7,783 |
|
|
|
51,714 |
|
| |
|
$ |
876,754 |
|
|
$ |
1,834,180 |
|
|