Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income (loss) $ (28,615) $ (14,910) $ 7,899
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 45,736 49,315 47,337
Share-based compensation 4,623 4,633 3,723
Bad debt expense, net 144 441 1,058
Gains on asset dispositions, net (4,507) (4,787) (5,953)
Debt discount amortization 234 189 246
Amortization of deferred financing costs 1,136 1,486 1,025
Derivative losses, net 0 0 18
Foreign currency gains (losses), net 190 (96) 3,030
Cash settlements on derivative transactions, net 0 0 (356)
Gains on debt extinguishment 0 (518) (1,617)
Gain on sale of FBO 0 0 (12,946)
Impairment loss 117,018 0 1,866
Deferred income tax expense (benefit) (119,142) (4,592) 14,200
Equity losses (earnings), net of tax (1,425) (1,092) 1,943
Changes in operating assets and liabilities:      
Decrease (increase) in receivables (4,889) 13,516 (9,079)
Decrease in prepaid expenses and other assets 3,320 9,058 6,328
Increase (decrease) in accounts payable, accrued expenses and other liabilities 6,273 5,861 (14,266)
Net cash provided by operating activities 20,096 58,504 44,456
Cash flows from investing activities:      
Purchases of property and equipment (16,770) (39,200) (60,050)
Proceeds from disposition of property and equipment 9,392 28,609 25,328
Cash settlements on forward contracts, net 0 0 (1,103)
Return of helicopter deposits 0 544 0
Business acquisitions, net of cash acquired 0 0 (1,747)
Investments in and advances to equity investees (126) 0 (36)
Proceeds from sale of FBO 0 0 14,252
Principal payments on notes due from equity investees 761 723 688
Principal payments on third party notes receivable 169 208 52
Escrow deposits 527 (3,658) (191)
Net cash used in investing activities (6,047) (12,774) (22,807)
Cash flows from financing activities:      
Proceeds from Revolving Credit Facility 17,000 12,000 60,000
Long-term debt issuance costs 0 (886) (71)
Payments on long-term debt (45,281) (40,444) (57,925)
Extinguishment of long-term debt 0 (4,331) (46,920)
Proceeds and tax benefits from share award plans 836 836 1,096
Tax expense on vested restricted stock 0 0 (127)
Purchase of treasury shares (52) (161) (2,079)
Net cash used in financing activities (27,497) (32,986) (46,026)
Effects of exchange rate changes on cash and cash equivalents 81 (164) (2,120)
Net increase (decrease) in cash and cash equivalents (13,367) 12,580 (26,497)
Cash and cash equivalents, beginning of year 26,950 14,370 40,867
Cash and cash equivalents, end of year $ 13,583 $ 26,950 $ 14,370