GUARANTORS OF SECURITIES (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
Guarantees [Abstract] |
|
Condensed Consolidating Balance Sheet |
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands, except share data) |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
114,965 |
|
|
$ |
— |
|
|
$ |
2,401 |
|
|
$ |
— |
|
|
$ |
117,366 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
Trade, operating, net of allowance for doubtful accounts |
— |
|
|
27,230 |
|
|
5,500 |
|
|
— |
|
|
32,730 |
|
Trade, dry leasing |
— |
|
|
5,234 |
|
|
— |
|
|
— |
|
|
5,234 |
|
Tax receivables |
— |
|
|
2 |
|
|
2,858 |
|
|
— |
|
|
2,860 |
|
Other |
— |
|
|
15,136 |
|
|
285 |
|
|
— |
|
|
15,421 |
|
Inventories, net |
— |
|
|
20,019 |
|
|
47 |
|
|
— |
|
|
20,066 |
|
Prepaid expenses |
488 |
|
|
1,480 |
|
|
216 |
|
|
— |
|
|
2,184 |
|
Total current assets |
115,453 |
|
|
69,101 |
|
|
11,307 |
|
|
— |
|
|
195,861 |
|
Property and equipment |
— |
|
|
878,281 |
|
|
16,782 |
|
|
— |
|
|
895,063 |
|
Accumulated depreciation |
— |
|
|
(333,788 |
) |
|
(4,376 |
) |
|
— |
|
|
(338,164 |
) |
Property and equipment, net |
— |
|
|
544,493 |
|
|
12,406 |
|
|
— |
|
|
556,899 |
|
Operating lease right-of-use |
— |
|
|
7,694 |
|
|
1,774 |
|
|
— |
|
|
9,468 |
|
Investments in consolidated subsidiaries |
190,142 |
|
|
— |
|
|
— |
|
|
(190,142 |
) |
|
— |
|
Intangible assets |
— |
|
|
— |
|
|
96 |
|
|
— |
|
|
96 |
|
Deferred income taxes |
9,909 |
|
|
— |
|
|
— |
|
|
(9,909 |
) |
|
— |
|
Intercompany receivables |
288,023 |
|
|
— |
|
|
— |
|
|
(288,023 |
) |
|
— |
|
Other assets |
670 |
|
|
1,082 |
|
|
439 |
|
|
— |
|
|
2,191 |
|
Total assets |
$ |
604,197 |
|
|
$ |
622,370 |
|
|
$ |
26,022 |
|
|
$ |
(488,074 |
) |
|
$ |
764,515 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
405 |
|
|
$ |
10,937 |
|
|
$ |
1,581 |
|
|
$ |
— |
|
|
$ |
12,923 |
|
Accrued wages and benefits |
122 |
|
|
9,065 |
|
|
1,367 |
|
|
— |
|
|
10,554 |
|
Accrued interest |
468 |
|
|
52 |
|
|
— |
|
|
— |
|
|
520 |
|
Accrued income taxes |
3,595 |
|
|
1 |
|
|
16 |
|
|
— |
|
|
3,612 |
|
Accrued other taxes |
— |
|
|
487 |
|
|
450 |
|
|
— |
|
|
937 |
|
Accrued contingencies |
— |
|
|
— |
|
|
598 |
|
|
— |
|
|
598 |
|
Current portion of long-term debt |
— |
|
|
18,317 |
|
|
— |
|
|
— |
|
|
18,317 |
|
Other current liabilities |
1,053 |
|
|
1,866 |
|
|
396 |
|
|
— |
|
|
3,315 |
|
Total current liabilities |
5,643 |
|
|
40,725 |
|
|
4,408 |
|
|
— |
|
|
50,776 |
|
Long-term debt |
141,832 |
|
|
— |
|
|
— |
|
|
— |
|
|
141,832 |
|
Deferred income taxes |
— |
|
|
112,795 |
|
|
907 |
|
|
(9,909 |
) |
|
103,793 |
|
Intercompany payables |
— |
|
|
225,341 |
|
|
62,702 |
|
|
(288,043 |
) |
|
— |
|
Operating lease liabilities |
— |
|
|
6,434 |
|
|
1,381 |
|
|
— |
|
|
7,815 |
|
Deferred gains and other liabilities |
— |
|
|
745 |
|
|
— |
|
|
— |
|
|
745 |
|
Total liabilities |
147,475 |
|
|
386,040 |
|
|
69,398 |
|
|
(297,952 |
) |
|
304,961 |
|
Redeemable noncontrolling interest |
— |
|
|
— |
|
|
2,812 |
|
|
— |
|
|
2,812 |
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,285,613 outstanding, exclusive of treasury shares |
224 |
|
|
— |
|
|
— |
|
|
— |
|
|
224 |
|
Additional paid-in capital |
452,010 |
|
|
100,307 |
|
|
4,562 |
|
|
(104,870 |
) |
|
452,009 |
|
Retained earnings |
14,671 |
|
|
136,023 |
|
|
(50,750 |
) |
|
(85,252 |
) |
|
14,692 |
|
Treasury shares, at cost, 1,152,826 shares |
(10,183 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10,183 |
) |
Total equity |
456,722 |
|
|
236,330 |
|
|
(46,188 |
) |
|
(190,122 |
) |
|
456,742 |
|
Total liabilities, redeemable noncontrolling interest and stockholders’ equity |
$ |
604,197 |
|
|
$ |
622,370 |
|
|
$ |
26,022 |
|
|
$ |
(488,074 |
) |
|
$ |
764,515 |
|
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands, except share data) |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
48,396 |
|
|
$ |
— |
|
|
$ |
2,357 |
|
|
$ |
— |
|
|
$ |
50,753 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
Trade, operating, net of allowance for doubtful accounts of $261 |
— |
|
|
27,509 |
|
|
5,797 |
|
|
$ |
— |
|
|
33,306 |
|
Trade, dry leasing |
— |
|
|
3,803 |
|
|
— |
|
|
— |
|
|
3,803 |
|
Tax receivables |
— |
|
|
6 |
|
|
3,181 |
|
|
— |
|
|
3,187 |
|
Other |
— |
|
|
1,949 |
|
|
394 |
|
|
— |
|
|
2,343 |
|
Inventories, net |
— |
|
|
20,633 |
|
|
40 |
|
|
— |
|
|
20,673 |
|
Prepaid expenses |
398 |
|
|
1,219 |
|
|
190 |
|
|
— |
|
|
1,807 |
|
Total current assets |
48,794 |
|
|
55,119 |
|
|
11,959 |
|
|
— |
|
|
115,872 |
|
Property and equipment |
— |
|
|
900,611 |
|
|
16,550 |
|
|
— |
|
|
917,161 |
|
Accumulated depreciation |
— |
|
|
(314,567 |
) |
|
(3,400 |
) |
|
— |
|
|
(317,967 |
) |
Property and equipment, net |
— |
|
|
586,044 |
|
|
13,150 |
|
|
— |
|
|
599,194 |
|
Equity investments and advances |
— |
|
|
27,112 |
|
|
— |
|
|
— |
|
|
27,112 |
|
Investments in consolidated subsidiaries |
172,950 |
|
|
— |
|
|
— |
|
|
(172,950 |
) |
|
— |
|
Intangible assets |
— |
|
|
— |
|
|
1,107 |
|
|
— |
|
|
1,107 |
|
Deferred income taxes |
9,904 |
|
|
— |
|
|
— |
|
|
(9,904 |
) |
|
— |
|
Intercompany receivables |
366,541 |
|
|
— |
|
|
— |
|
|
(366,541 |
) |
|
— |
|
Other assets |
1,251 |
|
|
20,231 |
|
|
96 |
|
|
— |
|
|
21,578 |
|
Total assets |
$ |
599,440 |
|
|
$ |
688,506 |
|
|
$ |
26,312 |
|
|
$ |
(549,395 |
) |
|
$ |
764,863 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
136 |
|
|
$ |
11,357 |
|
|
$ |
1,668 |
|
|
$ |
— |
|
|
$ |
13,161 |
|
Accrued wages and benefits |
43 |
|
|
7,743 |
|
|
1,481 |
|
|
— |
|
|
9,267 |
|
Accrued interest |
500 |
|
|
69 |
|
|
— |
|
|
— |
|
|
569 |
|
Accrued income taxes |
918 |
|
|
6 |
|
|
49 |
|
|
— |
|
|
973 |
|
Accrued other taxes |
— |
|
|
768 |
|
|
500 |
|
|
— |
|
|
1,268 |
|
Accrued contingencies |
— |
|
|
— |
|
|
630 |
|
|
— |
|
|
630 |
|
Current portion of long-term debt |
— |
|
|
1,663 |
|
|
395 |
|
|
— |
|
|
2,058 |
|
Other current liabilities |
647 |
|
|
220 |
|
|
11 |
|
|
— |
|
|
878 |
|
Total current liabilities |
2,244 |
|
|
21,826 |
|
|
4,734 |
|
|
— |
|
|
28,804 |
|
Long-term debt |
133,900 |
|
|
26,317 |
|
|
— |
|
|
— |
|
|
160,217 |
|
Deferred income taxes |
— |
|
|
117,015 |
|
|
1,245 |
|
|
(9,903 |
) |
|
108,357 |
|
Intercompany payables |
— |
|
|
310,727 |
|
|
55,847 |
|
|
(366,574 |
) |
|
— |
|
Deferred gains and other liabilities |
— |
|
|
720 |
|
|
27 |
|
|
— |
|
|
747 |
|
Total liabilities |
136,144 |
|
|
476,605 |
|
|
61,853 |
|
|
(376,477 |
) |
|
298,125 |
|
Redeemable noncontrolling interest |
— |
|
|
3 |
|
|
3,299 |
|
|
— |
|
|
3,302 |
|
Equity: |
|
|
|
|
|
|
|
|
|
Era Group Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 outstanding, exclusive of treasury shares |
219 |
|
|
— |
|
|
— |
|
|
— |
|
|
219 |
|
Additional paid-in capital |
447,299 |
|
|
100,306 |
|
|
4,562 |
|
|
(104,869 |
) |
|
447,298 |
|
Retained earnings |
18,254 |
|
|
111,482 |
|
|
(43,402 |
) |
|
(68,049 |
) |
|
18,285 |
|
Treasury shares, at cost, 156,737 shares |
(2,476 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,476 |
) |
Accumulated other comprehensive income, net of tax |
— |
|
|
110 |
|
|
— |
|
|
— |
|
|
110 |
|
Total equity |
463,296 |
|
|
211,898 |
|
|
(38,840 |
) |
|
(172,918 |
) |
|
463,436 |
|
Total liabilities, redeemable noncontrolling interest and stockholders’ equity |
$ |
599,440 |
|
|
$ |
688,506 |
|
|
$ |
26,312 |
|
|
$ |
(549,395 |
) |
|
$ |
764,863 |
|
|
Condensed Consolidating Statements of Operations |
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Revenues |
$ |
— |
|
|
$ |
202,653 |
|
|
$ |
55,695 |
|
|
$ |
(32,289 |
) |
|
$ |
226,059 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
128,928 |
|
|
57,896 |
|
|
(32,278 |
) |
|
154,546 |
|
Administrative and general |
5,777 |
|
|
28,930 |
|
|
3,571 |
|
|
— |
|
|
38,278 |
|
Depreciation |
— |
|
|
36,716 |
|
|
903 |
|
|
— |
|
|
37,619 |
|
Total costs and expenses |
5,777 |
|
|
194,574 |
|
|
62,370 |
|
|
(32,278 |
) |
|
230,443 |
|
Gains on asset dispositions, net |
— |
|
|
3,657 |
|
|
— |
|
|
— |
|
|
3,657 |
|
Loss on impairment |
— |
|
|
(2,551 |
) |
|
— |
|
|
— |
|
|
(2,551 |
) |
Operating income (loss) |
(5,777 |
) |
|
9,185 |
|
|
(6,675 |
) |
|
(11 |
) |
|
(3,278 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
1,617 |
|
|
1,761 |
|
|
109 |
|
|
— |
|
|
3,487 |
|
Interest expense |
(13,007 |
) |
|
(790 |
) |
|
(77 |
) |
|
— |
|
|
(13,874 |
) |
Loss on sale of investments |
(569 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(569 |
) |
Foreign currency gains (losses), net |
(40 |
) |
|
81 |
|
|
(513 |
) |
|
— |
|
|
(472 |
) |
Loss on debt extinguishment |
(13 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(13 |
) |
Other, net |
(20 |
) |
|
1,010 |
|
|
(1,018 |
) |
|
— |
|
|
(28 |
) |
Total other income (expense) |
(12,032 |
) |
|
2,062 |
|
|
(1,499 |
) |
|
— |
|
|
(11,469 |
) |
Income (loss) before income taxes and equity earnings |
(17,809 |
) |
|
11,247 |
|
|
(8,174 |
) |
|
(11 |
) |
|
(14,747 |
) |
Income tax expense (benefit) |
2,964 |
|
|
(3,357 |
) |
|
(338 |
) |
|
— |
|
|
(731 |
) |
Income (loss) before equity earnings |
(20,773 |
) |
|
14,604 |
|
|
(7,836 |
) |
|
(11 |
) |
|
(14,016 |
) |
Equity in earnings (losses) of subsidiaries |
17,191 |
|
|
9,935 |
|
|
— |
|
|
(17,191 |
) |
|
9,935 |
|
Net income (loss) |
(3,582 |
) |
|
24,539 |
|
|
(7,836 |
) |
|
(17,202 |
) |
|
(4,081 |
) |
Net loss attributable to non-controlling interest in subsidiary |
— |
|
|
— |
|
|
488 |
|
|
— |
|
|
488 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
(3,582 |
) |
|
$ |
24,539 |
|
|
$ |
(7,348 |
) |
|
$ |
(17,202 |
) |
|
$ |
(3,593 |
) |
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Revenues |
$ |
— |
|
|
$ |
194,932 |
|
|
$ |
55,625 |
|
|
$ |
(28,881 |
) |
|
$ |
221,676 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
122,490 |
|
|
57,947 |
|
|
(28,914 |
) |
|
151,523 |
|
Administrative and general |
15,017 |
|
|
25,597 |
|
|
4,512 |
|
|
— |
|
|
45,126 |
|
Depreciation |
— |
|
|
38,553 |
|
|
988 |
|
|
— |
|
|
39,541 |
|
Total costs and expenses |
15,017 |
|
|
186,640 |
|
|
63,447 |
|
|
(28,914 |
) |
|
236,190 |
|
Gains on asset dispositions, net |
— |
|
|
1,618 |
|
|
(43 |
) |
|
— |
|
|
1,575 |
|
Litigation settlement proceeds |
42,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
42,000 |
|
Loss on impairment |
— |
|
|
(991 |
) |
|
— |
|
|
— |
|
|
(991 |
) |
Operating income (loss) |
26,983 |
|
|
8,919 |
|
|
(7,865 |
) |
|
33 |
|
|
28,070 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
395 |
|
|
1,371 |
|
|
276 |
|
|
— |
|
|
2,042 |
|
Interest expense |
(14,149 |
) |
|
(802 |
) |
|
(180 |
) |
|
— |
|
|
(15,131 |
) |
Foreign currency gains, net |
(95 |
) |
|
(178 |
) |
|
(745 |
) |
|
— |
|
|
(1,018 |
) |
Gain on debt extinguishment |
— |
|
|
— |
|
|
175 |
|
|
— |
|
|
175 |
|
Other, net |
— |
|
|
34 |
|
|
20 |
|
|
— |
|
|
54 |
|
Total other income (expense) |
(13,849 |
) |
|
425 |
|
|
(454 |
) |
|
— |
|
|
(13,878 |
) |
Income (loss) before income taxes and equity earnings |
13,134 |
|
|
9,344 |
|
|
(8,319 |
) |
|
33 |
|
|
14,192 |
|
Income tax expense (benefit) |
10,845 |
|
|
(7,900 |
) |
|
(5 |
) |
|
— |
|
|
2,940 |
|
Income (loss) before equity earnings |
2,289 |
|
|
17,244 |
|
|
(8,314 |
) |
|
33 |
|
|
11,252 |
|
Equity in earnings (losses) of subsidiaries |
11,601 |
|
|
2,206 |
|
|
— |
|
|
(11,601 |
) |
|
2,206 |
|
Net income (loss) |
13,890 |
|
|
19,450 |
|
|
(8,314 |
) |
|
(11,568 |
) |
|
13,458 |
|
Net loss attributable to non-controlling interest in subsidiary |
— |
|
|
— |
|
|
464 |
|
|
— |
|
|
464 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
13,890 |
|
|
$ |
19,450 |
|
|
$ |
(7,850 |
) |
|
$ |
(11,568 |
) |
|
$ |
13,922 |
|
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Revenues |
$ |
— |
|
|
$ |
201,653 |
|
|
$ |
60,466 |
|
|
$ |
(30,798 |
) |
|
$ |
231,321 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
133,077 |
|
|
65,167 |
|
|
(30,798 |
) |
|
167,446 |
|
Administrative and general |
7,887 |
|
|
28,451 |
|
|
5,754 |
|
|
— |
|
|
42,092 |
|
Depreciation |
— |
|
|
44,756 |
|
|
980 |
|
|
— |
|
|
45,736 |
|
Total costs and expenses |
7,887 |
|
|
206,284 |
|
|
71,901 |
|
|
(30,798 |
) |
|
255,274 |
|
Gains on asset dispositions, net |
— |
|
|
4,364 |
|
|
143 |
|
|
— |
|
|
4,507 |
|
Loss on impairment |
— |
|
|
(116,586 |
) |
|
(432 |
) |
|
— |
|
|
(117,018 |
) |
Operating loss |
(7,887 |
) |
|
(116,853 |
) |
|
(11,724 |
) |
|
— |
|
|
(136,464 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
108 |
|
|
419 |
|
|
233 |
|
|
— |
|
|
760 |
|
Interest expense |
(14,495 |
) |
|
(800 |
) |
|
(1,468 |
) |
|
— |
|
|
(16,763 |
) |
Foreign currency gains, net |
256 |
|
|
330 |
|
|
(812 |
) |
|
— |
|
|
(226 |
) |
Other, net |
— |
|
|
143 |
|
|
(155 |
) |
|
— |
|
|
(12 |
) |
Total other income (expense) |
(14,131 |
) |
|
92 |
|
|
(2,202 |
) |
|
— |
|
|
(16,241 |
) |
Income (loss) before income taxes and equity earnings |
(22,018 |
) |
|
(116,761 |
) |
|
(13,926 |
) |
|
— |
|
|
(152,705 |
) |
Income tax expense (benefit) |
(7,338 |
) |
|
(112,295 |
) |
|
(3,032 |
) |
|
— |
|
|
(122,665 |
) |
Income (loss) before equity earnings |
(14,680 |
) |
|
(4,466 |
) |
|
(10,894 |
) |
|
— |
|
|
(30,040 |
) |
Equity earnings, net of tax |
— |
|
|
1,425 |
|
|
— |
|
|
— |
|
|
1,425 |
|
Equity in earnings (losses) of subsidiaries |
(13,481 |
) |
|
— |
|
|
— |
|
|
13,481 |
|
|
— |
|
Net income (loss) |
(28,161 |
) |
|
(3,041 |
) |
|
(10,894 |
) |
|
13,481 |
|
|
(28,615 |
) |
Net income attributable to non-controlling interest in subsidiary |
— |
|
|
— |
|
|
454 |
|
|
— |
|
|
454 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
(28,161 |
) |
|
$ |
(3,041 |
) |
|
$ |
(10,440 |
) |
|
$ |
13,481 |
|
|
$ |
(28,161 |
) |
|
Condensed Consolidating Statements of Comprehensive Income |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(3,582 |
) |
|
$ |
24,539 |
|
|
$ |
(7,836 |
) |
|
$ |
(17,202 |
) |
|
$ |
(4,081 |
) |
Comprehensive income (loss) |
(3,582 |
) |
|
24,539 |
|
|
(7,836 |
) |
|
(17,202 |
) |
|
(4,081 |
) |
Comprehensive loss attributable to non-controlling interest in subsidiary |
— |
|
|
— |
|
|
488 |
|
|
— |
|
|
488 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(3,582 |
) |
|
$ |
24,539 |
|
|
$ |
(7,348 |
) |
|
$ |
(17,202 |
) |
|
$ |
(3,593 |
) |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
13,890 |
|
|
$ |
19,450 |
|
|
$ |
(8,314 |
) |
|
$ |
(11,568 |
) |
|
$ |
13,458 |
|
Comprehensive income (loss) |
13,890 |
|
|
19,450 |
|
|
(8,314 |
) |
|
(11,568 |
) |
|
13,458 |
|
Comprehensive loss attributable to non-controlling interest in subsidiary |
— |
|
|
— |
|
|
464 |
|
|
— |
|
|
464 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
13,890 |
|
|
$ |
19,450 |
|
|
$ |
(7,850 |
) |
|
$ |
(11,568 |
) |
|
$ |
13,922 |
|
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(28,161 |
) |
|
$ |
(3,041 |
) |
|
$ |
(10,894 |
) |
|
$ |
13,481 |
|
|
$ |
(28,615 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
— |
|
|
18 |
|
|
— |
|
|
— |
|
|
18 |
|
Total other comprehensive income (loss) |
— |
|
|
18 |
|
|
— |
|
|
— |
|
|
18 |
|
Comprehensive income (loss) |
(28,161 |
) |
|
(3,023 |
) |
|
(10,894 |
) |
|
13,481 |
|
|
(28,597 |
) |
Comprehensive loss attributable to non-controlling interest in subsidiary |
— |
|
|
— |
|
|
454 |
|
|
— |
|
|
454 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(28,161 |
) |
|
$ |
(3,023 |
) |
|
$ |
(10,440 |
) |
|
$ |
13,481 |
|
|
$ |
(28,143 |
) |
|
Condensed Consolidating Statements of Cash Flows |
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by (used in) operating activities |
$ |
75,592 |
|
|
$ |
(48,747 |
) |
|
$ |
706 |
|
|
$ |
— |
|
|
$ |
27,551 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(6,413 |
) |
|
(145 |
) |
|
— |
|
|
(6,558 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
13,252 |
|
|
— |
|
|
— |
|
|
13,252 |
|
Purchase of investments |
(5,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,000 |
) |
Proceeds from sale of investments |
4,430 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,430 |
|
Proceeds from sale of equity investees |
— |
|
|
34,712 |
|
|
— |
|
|
— |
|
|
34,712 |
|
Principal payments on notes due from equity investees |
— |
|
|
2,334 |
|
|
— |
|
|
— |
|
|
2,334 |
|
Principal payments on third party notes receivable |
— |
|
|
5,447 |
|
|
— |
|
|
— |
|
|
5,447 |
|
Net cash provided by (used in) investing activities |
(570 |
) |
|
49,332 |
|
|
(145 |
) |
|
— |
|
|
48,617 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payments on long-term debt |
— |
|
|
(1,662 |
) |
|
(393 |
) |
|
— |
|
|
(2,055 |
) |
Extinguishment of long-term debt
|
(740 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(740 |
) |
Proceeds from share award plans |
— |
|
|
— |
|
|
— |
|
|
1,077 |
|
|
1,077 |
|
Purchase of treasury shares |
(7,707 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,707 |
) |
Borrowings and repayments of intercompany debt |
— |
|
|
1,077 |
|
|
— |
|
|
(1,077 |
) |
|
— |
|
Net cash used in financing activities |
(8,447 |
) |
|
(585 |
) |
|
(393 |
) |
|
— |
|
|
(9,425 |
) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash |
— |
|
|
— |
|
|
(130 |
) |
|
— |
|
|
(130 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
66,575 |
|
|
— |
|
|
38 |
|
|
— |
|
|
66,613 |
|
Cash, cash equivalents and restricted cash, beginning of year |
48,396 |
|
|
— |
|
|
2,357 |
|
|
— |
|
|
50,753 |
|
Cash, cash equivalents and restricted cash, end of year |
$ |
114,971 |
|
|
$ |
— |
|
|
$ |
2,395 |
|
|
$ |
— |
|
|
$ |
117,366 |
|
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by operating activities |
$ |
37,596 |
|
|
$ |
14,639 |
|
|
$ |
2,119 |
|
|
$ |
— |
|
|
$ |
54,354 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(8,867 |
) |
|
(349 |
) |
|
— |
|
|
(9,216 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
29,590 |
|
|
— |
|
|
— |
|
|
29,590 |
|
Dividends received from equity investees
|
— |
|
|
1,000 |
|
|
— |
|
|
— |
|
|
1,000 |
|
Principal payments on notes due from equity investees |
— |
|
|
518 |
|
|
— |
|
|
— |
|
|
518 |
|
Principal payments on third party notes receivable |
— |
|
|
934 |
|
|
— |
|
|
— |
|
|
934 |
|
Net cash provided by (used in) investing activities |
— |
|
|
23,175 |
|
|
(349 |
) |
|
— |
|
|
22,826 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Long-term debt issuance costs
|
— |
|
|
— |
|
|
— |
|
|
(1,295 |
) |
|
(1,295 |
) |
Payments on long-term debt |
— |
|
|
(1,662 |
) |
|
(1,224 |
) |
|
(39,000 |
) |
|
(41,886 |
) |
Proceeds from share award plans |
— |
|
|
— |
|
|
— |
|
|
893 |
|
|
893 |
|
Extinguishment of long-term debt
|
— |
|
|
— |
|
|
(1,221 |
) |
|
— |
|
|
(1,221 |
) |
Borrowings and repayments of intercompany debt |
— |
|
|
(39,402 |
) |
|
— |
|
|
39,402 |
|
|
— |
|
Net cash used in financing activities |
— |
|
|
(41,064 |
) |
|
(2,445 |
) |
|
— |
|
|
(43,509 |
) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash |
— |
|
|
— |
|
|
249 |
|
|
— |
|
|
249 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
37,596 |
|
|
(3,250 |
) |
|
(426 |
) |
|
— |
|
|
33,920 |
|
Cash, cash equivalents and restricted cash, beginning of year |
10,800 |
|
|
3,250 |
|
|
2,783 |
|
|
— |
|
|
16,833 |
|
Cash, cash equivalents and restricted cash, end of year |
$ |
48,396 |
|
|
$ |
— |
|
|
$ |
2,357 |
|
|
$ |
— |
|
|
$ |
50,753 |
|
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by (used in) operating activities |
$ |
(14,706 |
) |
|
$ |
32,601 |
|
|
$ |
2,201 |
|
|
$ |
— |
|
|
$ |
20,096 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(16,600 |
) |
|
(170 |
) |
|
— |
|
|
(16,770 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
9,392 |
|
|
— |
|
|
— |
|
|
9,392 |
|
Principal payments on notes due from equity investees |
— |
|
|
761 |
|
|
— |
|
|
— |
|
|
761 |
|
Investments in and advances to equity investees |
— |
|
|
(126 |
) |
|
— |
|
|
— |
|
|
(126 |
) |
Principal payments on third party notes receivable |
— |
|
|
169 |
|
|
— |
|
|
— |
|
|
169 |
|
Escrow deposits on like-kind exchanges, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net cash used in investing activities |
— |
|
|
(6,404 |
) |
|
(170 |
) |
|
— |
|
|
(6,574 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from Revolving Credit Facility |
— |
|
|
8,000 |
|
|
— |
|
|
9,000 |
|
|
17,000 |
|
Payments on long-term debt |
— |
|
|
(1,526 |
) |
|
(755 |
) |
|
(43,000 |
) |
|
(45,281 |
) |
Proceeds from share award plans |
— |
|
|
— |
|
|
— |
|
|
836 |
|
|
836 |
|
Purchase of treasury shares |
— |
|
|
— |
|
|
— |
|
|
(52 |
) |
|
(52 |
) |
Borrowings and repayments of intercompany debt |
— |
|
|
(33,216 |
) |
|
— |
|
|
33,216 |
|
|
— |
|
Net cash used in financing activities |
— |
|
|
(26,742 |
) |
|
(755 |
) |
|
— |
|
|
(27,497 |
) |
Effects of exchange rate changes on cash, cash equivalents and restricted cash |
32 |
|
|
18 |
|
|
31 |
|
|
— |
|
|
81 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
(14,674 |
) |
|
(527 |
) |
|
1,307 |
|
|
— |
|
|
(13,894 |
) |
Cash, cash equivalents and restricted cash, beginning of year |
25,474 |
|
|
3,777 |
|
|
1,476 |
|
|
— |
|
|
30,727 |
|
Cash, cash equivalents and restricted cash, end of year |
$ |
10,800 |
|
|
$ |
3,250 |
|
|
$ |
2,783 |
|
|
$ |
— |
|
|
$ |
16,833 |
|
|