Transition report pursuant to Rule 13a-10 or 15d-10

BUSINESS COMBINATIONS (Tables)

v3.22.4
BUSINESS COMBINATIONS (Tables)
 9 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition,
August 2, 2022 (in thousands):
Assets acquired:
Cash and cash equivalents $ 109 
Accounts receivable 2,197 
Prepaid expenses and other current assets 2,464 
Inventories 125 
Property and equipment 4,378 
Intangible assets, net 7,037 
Total assets acquired $ 16,310 
Liabilities assumed:
Accounts payable $ 1,530 
Accrued wages, benefits and related taxes 260 
Other accrued liabilities 1,010 
Deferred taxes 802 
Total liabilities $ 3,602 
Net assets acquired $ 12,708 
The acquisition date fair value of the consideration transferred consisted of the following (in thousands):
Fair value of Combined Company Common Stock issued (1)
$ 106,440 
Fair value of accelerated stock awards (2)
2,067 
Fair value of exchanged stock awards (3)
228 
Total consideration transferred $ 108,735 
Fair value of redeemable noncontrolling interest 1,501 
Total fair value of Era $ 110,236 
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(1)Represents the fair value of Combined Company Common Stock retained by Era Common Stockholders based on the closing market price of Era shares on June 11, 2020, the acquisition date.
(2)Represents the fair value of restricted share awards of Combined Company Common Stock held by Era employees that were accelerated upon consummation of the Merger.
(3)Represents the fair value of restricted share awards of Combined Company Common Stock held by Era employees relating to the pre-Merger vesting period.
Schedule of Unaudited Pro Forma Financial Information The unaudited pro forma financial information is as follows (in thousands)(1):
Fiscal Year Ended
March 31, 2021
Total revenues
 $ 1,213,552 
Net loss $ (100,436)
Net loss attributable to Bristow Group Inc. $ (100,222)
_____________________
(1)As a result of the Merger, the Company was required to dispose of its investment in Líder which occurred in August 2020. The Company recorded an impairment in June 2020 of $18.7 million related to the future disposition of the investment. This impairment has been excluded from the pro forma combined Net loss and Net loss attributable to Bristow Group Inc. for the fiscal year ended March 31, 2021, due to its nonrecurring nature and has been included in pro forma combined Net loss and Net loss attributable to Bristow Group Inc. for the fiscal year ended March 31, 2021 due to its connection with the Merger.