Bristow Group Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES (Tables)

GUARANTORS OF SECURITIES (Tables)

9 Months Ended

Sep. 30, 2017

Supplemental Condensed Consolidating Balance Sheet as of September 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	25,234		$	—		$	1,662		$	—		$	26,896
Receivables:
Trade, net of allowance for doubtful accounts of $1,227	—			30,794			7,814			—			38,608
Tax receivable	9			7			2,795			—			2,811
Other	—			1,602			884			—			2,486
Inventories, net	—			21,676			309			—			21,985
Prepaid expenses	397			1,904			138			—			2,439
Escrow deposits	—			—			—			—			—
Total current assets	25,640			55,983			13,602			—			95,225
Property and equipment	—			967,801			15,997			—			983,798
Accumulated depreciation	—			(297,096		)	(2,198		)	—			(299,294		)
Property and equipment, net	—			670,705			13,799			—			684,504
Equity investments and advances	—			29,894			—			—			29,894
Investments in consolidated subsidiaries	95,442			—			—			(95,442		)	—
Intangible assets	—			—			1,126			—			1,126
Deferred taxes	17,558			—			—			(17,558		)	—
Intercompany receivables	439,952			—			—			(439,952		)	—
Other assets	1,213			3,740			68			—			5,021
Total assets	$	579,805		$	760,322		$	28,595		$	(552,952	)	$	815,770
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	562		$	12,034		$	2,730		$	—		$	15,326
Accrued wages and benefits	—			6,241			2,109			—			8,350
Accrued interest	3,325			—			—			—			3,325
Accrued income taxes	—			—			38			—			38
Accrued other taxes	214			1,356			528			—			2,098
Accrued contingencies	—			—			1,288			—			1,288
Current portion of long-term debt	—			1,524			667			—			2,191
Other current liabilities	699			1,665			42			—			2,406
Total current liabilities	4,800			22,820			7,402			—			35,022
Long-term debt	192,147			20,395			2,483			—			215,025
Deferred income taxes	—			194,012			1,250			(17,558		)	177,704
Intercompany payables	—			396,905			43,047			(439,952		)	—
Other liabilities	—			1,069			—			—			1,069
Total liabilities	196,947			635,201			54,182			(457,510		)	428,820
Redeemable noncontrolling interest	—			4			3,998			—			4,002
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,328,653 outstanding, exclusive of treasury shares	215			—			—			—			215
Additional paid-in capital	442,948			100,306			4,562			(104,868		)	442,948
Retained earnings	(57,331		)	24,721			(34,147		)	9,426			(57,331		)
Treasury shares, at cost, 180,430 shares	(2,974		)	—			—			—			(2,974		)
Accumulated other comprehensive income, net of tax	—			90			—			—			90
Total equity	382,858			125,117			(29,585		)	(95,442		)	382,948
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	579,805		$	760,322		$	28,595		$	(552,952	)	$	815,770

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	25,474		$	—		$	1,476		$	—		$	26,950
Receivables:
Trade, net of allowance for doubtful accounts of $1,219	39			26,118			6,313			—			32,470
Tax receivables	9			4			3,448			—			3,461
Other	—			1,658			1,058			—			2,716
Inventories, net	—			25,156			261			—			25,417
Prepaid expenses	359			976			244			—			1,579
Escrow deposits	—			3,777			—			—			3,777
Total current assets	25,881			57,689			12,800			—			96,370
Property and equipment	—			1,138,020			16,008			—			1,154,028
Accumulated depreciation	—			(330,735		)	(1,484		)	—			(332,219		)
Net property and equipment	—			807,285			14,524			—			821,809
Equity investments and advances	—			29,266			—			—			29,266
Investments in consolidated subsidiaries	174,830			—			—			(174,830		)	—
Intangible assets	—			—			1,137			—			1,137
Deferred income taxes	12,262			—			—			(12,262		)	—
Intercompany receivables	460,623			—			—			(460,623		)	—
Other assets	1,820			4,723			48			—			6,591
Total assets	$	675,416		$	898,963		$	28,509		$	(647,715	)	$	955,173
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	322		$	6,273		$	2,281		$	—		$	8,876
Accrued wages and benefits	—			6,446			2,061			—			8,507
Accrued interest	529			—			—			—			529
Accrued income taxes	—			653			13			—			666
Current portion of long-term debt	—			1,524			615			—			2,139
Accrued other taxes	29			645			773			—			1,447
Accrued contingencies	—			—			1,237			—			1,237
Other current liabilities	481			1,525			216			—			2,222
Total current liabilities	1,361			17,066			7,196			—			25,623
Long-term debt	205,730			21,642			2,767			—			230,139
Deferred income taxes	—			237,067			667			(12,262		)	225,472
Intercompany payables	—			426,410			34,213			(460,623		)	—
Other liabilities	—			1,301			—			—			1,301
Total liabilities	207,091			703,486			44,843			(472,885		)	482,535
Redeemable noncontrolling interest	—			4			4,217			—			4,221
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 shares outstanding, exclusive of treasury shares	211			—			—			—			211
Additional paid-in capital	438,489			100,306			4,562			(104,868		)	438,489
Retained earnings	32,524			95,075			(25,113		)	(69,962		)	32,524
Treasury shares, at cost, 175,350 shares	(2,899		)	—			—			—			(2,899		)
Accumulated other comprehensive income, net of tax	—			92			—			—			92
Total equity	468,325			195,473			(20,551		)	(174,830		)	468,417
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	675,416		$	898,963		$	28,509		$	(647,715	)	$	955,173

Condensed Income Statement

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended September 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	51,919		$	16,729		$	(7,263	)	$	61,385
Costs and expenses:
Operating	—			35,826			15,424			(7,263		)	43,987
Administrative and general	2,305			7,306			1,317			—			10,928
Depreciation	—			11,851			252			—			12,103
Total costs and expenses	2,305			54,983			16,993			(7,263		)	67,018
Gains on asset dispositions, net	—			(122		)	—			—			(122		)
Loss on impairment	—			(116,586		)	(432		)	—			(117,018		)
Operating loss	(2,305		)	(119,772		)	(696		)	—			(122,773		)
Other income (expense):
Interest income	47			102			57			—			206
Interest expense	(3,838		)	(170		)	(89		)	—			(4,097		)
Foreign currency gains (losses), net	66			85			(139		)	—			12
Other, net	—			(1		)	(32		)	—			(33		)
Total other income (expense)	(3,725		)	16			(203		)	—			(3,912		)
Loss before income taxes and equity earnings	(6,030		)	(119,756		)	(899		)	—			(126,685		)
Income tax expense (benefit)	(2,114		)	(43,276		)	153			—			(45,237		)
Loss before equity earnings	(3,916		)	(76,480		)	(1,052		)	—			(81,448		)
Equity earnings, net of tax	—			233			—			—			233
Equity in earnings (losses) of subsidiaries	(77,532		)	—			—			77,532			—
Net income (loss)	(81,448		)	(76,247		)	(1,052		)	77,532			(81,215		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			(233		)	—			(233		)
Net income (loss) attributable to Era Group Inc.	$	(81,448	)	$	(76,247	)	$	(1,285	)	$	77,532		$	(81,448	)

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended September 30, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	59,130		$	15,786		$	(9,910	)	$	65,006
Costs and expenses:
Operating	—			31,759			18,522			(9,910		)	40,371
Administrative and general	738			7,274			1,492			—			9,504
Depreciation	—			12,244			275			—			12,519
Total costs and expenses	738			51,277			20,289			(9,910		)	62,394
Gains on asset dispositions, net	—			2			(248		)	—			(246		)
Operating income (loss)	(738		)	7,855			(4,751		)	—			2,366
Other income (expense):
Interest income	24			116			326			—			466
Interest expense	(3,581		)	(387		)	(35		)	—			(4,003		)
Foreign currency gains (losses), net	28			82			(143		)	—			(33		)
Other, net	—			1			33			—			34
Total other income (expense)	(3,529		)	(188		)	181			—			(3,536		)
Income (loss) before income taxes and equity earnings	(4,267		)	7,667			(4,570		)	—			(1,170		)
Income tax expense (benefit)	(604		)	673			—			—			69
Income (loss) before equity earnings	(3,663		)	6,994			(4,570		)	—			(1,239		)
Equity earnings, net of tax	—			437			—			—			437
Equity in earnings (losses) of subsidiaries	3,103			—			—			(3,103		)	—
Net income (loss)	(560		)	7,431			(4,570		)	(3,103		)	(802		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			242			—			242
Net income (loss) attributable to Era Group Inc.	$	(560	)	$	7,431		$	(4,328	)	$	(3,103	)	$	(560	)

Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	151,550		$	46,132		$	(23,892	)	$	173,790
Costs and expenses:
Operating	—			98,117			48,854			(23,892		)	123,079
Administrative and general	5,280			21,648			4,283			—			31,211
Depreciation	—			34,898			737			—			35,635
Total costs and expenses	5,280			154,663			53,874			(23,892		)	189,925
Gains on asset dispositions, net	—			5,048			—			—			5,048
Loss on impairment	—			(116,586		)	(432		)	—			(117,018		)
Operating income (loss)	(5,280		)	(114,651		)	(8,174		)	—			(128,105		)
Other income (expense):
Interest income	96			320			225			—			641
Interest expense	(10,800		)	(627		)	(193		)	—			(11,620		)
Foreign currency gains (losses), net	220			253			(569		)	—			(96		)
Other, net	—			—			(29		)	—			(29		)
Total other income (expense)	(10,484		)	(54		)	(566		)	—			(11,104		)
Income (loss) before income taxes and equity earnings	(15,764		)	(114,705		)	(8,740		)	—			(139,209		)
Income tax expense (benefit)	(5,297		)	(43,282		)	513			—			(48,066		)
Income (loss) before equity earnings	(10,467		)	(71,423		)	(9,253		)	—			(91,143		)
Equity earnings, net of tax	—			1,069			—			—			1,069
Equity in earnings (losses) of subsidiaries	(79,388		)	—			—			79,388			—
Net income (loss)	(89,855		)	(70,354		)	(9,253		)	79,388			(90,074		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			219			—			219
Net income (loss) attributable to Era Group Inc.	$	(89,855	)	$	(70,354	)	$	(9,034	)	$	79,388		$	(89,855	)

Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2016



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	175,607		$	47,669		$	(32,337	)	$	190,939
Costs and expenses:
Operating	—			107,127			57,284			(32,337		)	132,074
Administrative and general	2,657			21,233			2,981			—			26,871
Depreciation	—			37,144			832			—			37,976
Total costs and expenses	2,657			165,504			61,097			(32,337		)	196,921
Gains on asset dispositions, net	—			4,282			(248		)	—			4,034
Operating income (loss)	(2,657		)	14,385			(13,676		)	—			(1,948		)
Other income (expense):
Interest income	37			358			775			—			1,170
Interest expense	(11,765		)	(671		)	(445		)	—			(12,881		)
Foreign currency gains (losses), net	45			(142		)	674			—			577
Gain on debt extinguishment	518			—			—			—			518
Other, net	—			2			61			—			63
Total other income (expense)	(11,165		)	(453		)	1,065			—			(10,553		)
Income (loss) before income taxes and equity earnings	(13,822		)	13,932			(12,611		)	—			(12,501		)
Income tax benefit	(2,323		)	146			—			—			(2,177		)
Income (loss) before equity earnings	(11,499		)	13,786			(12,611		)	—			(10,324		)
Equity earnings, net of tax	—			1,062			—			—			1,062
Equity in earnings (losses) of subsidiaries	9,059			—			—			(9,059		)	—
Net income (loss)	(2,440		)	14,848			(12,611		)	(9,059		)	(9,262		)
Net loss attributable to noncontrolling interest in subsidiary	—			6,349			473			—			6,822
Net income (loss) attributable to Era Group Inc.	$	(2,440	)	$	21,197		$	(12,138	)	$	(9,059	)	$	(2,440	)

Condensed Statement of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(81,448	)	$	(76,247	)	$	(1,052	)	$	77,532	$	(81,215	)
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—			—			—		—
Income tax benefit	—			—			—			—		—
Total other comprehensive income (loss)	—			—			—			—		—
Comprehensive income (loss)	(81,448		)	(76,247		)	(1,052		)	77,532		(81,215		)
Comprehensive income attributable to noncontrolling interest in subsidiary	—			—			(233		)	—		(233		)
Comprehensive income (loss) attributable to Era Group Inc.	$	(81,448	)	$	(76,247	)	$	(1,285	)	$	77,532	$	(81,448	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2016



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(560	)	$	7,431	$	(4,570	)	$	(3,103	)	$	(802	)
Other comprehensive loss:
Foreign currency translation adjustments	—			—		—			—			—
Income tax benefit	—			—		—			—			—
Total other comprehensive loss	—			—		—			—			—
Comprehensive income (loss)	(560		)	7,431		(4,570		)	(3,103		)	(802		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—		242			—			242
Comprehensive income (loss) attributable to Era Group Inc.	$	(560	)	$	7,431	$	(4,328	)	$	(3,103	)	$	(560	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(89,855	)	$	(70,354	)	$	(9,253	)	$	79,388	$	(90,074	)
Other comprehensive loss:
Foreign currency translation adjustments	—			(2		)	—			—		(2		)
Income tax benefit	—			—			—			—		—
Total other comprehensive loss	—			(2		)	—			—		(2		)
Comprehensive income (loss)	(89,855		)	(70,356		)	(9,253		)	79,388		(90,076		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			219			—		219
Comprehensive income (loss) attributable to Era Group Inc.	$	(89,855	)	$	(70,356	)	$	(9,034	)	$	79,388	$	(89,857	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2016



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(2,440	)	$	14,848	$	(12,611	)	$	(9,059	)	$	(9,262	)
Other comprehensive loss:
Foreign currency translation adjustments	—			—		—			—			—
Income tax benefit	—			—		—			—			—
Total other comprehensive loss	—			—		—			—			—
Comprehensive income (loss)	(2,440		)	14,848		(12,611		)	(9,059		)	(9,262		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			6,349		473			—			6,822
Comprehensive income (loss) attributable to Era Group Inc.	$	(2,440	)	$	21,197	$	(12,138	)	$	(9,059	)	$	(2,440	)

Condensed Cash Flow Statement

Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(267	)	$	17,477		$	718		$	—		$	17,928
Cash flows from investing activities:
Purchases of property and equipment	—			(13,013		)	(108		)	—			(13,121		)
Proceeds from disposition of property and equipment	—			5,690			—			—			5,690
Investments in and advances to equity method investees	—			(126		)	—			—			(126		)
Principal payments on notes due from equity investees	—			564			—			—			564
Principal payments on third party notes receivable	—			94			—			—			94
Escrow deposits on like-kind exchanges, net	—			3,777			—			—			3,777
Net cash used in investing activities	—			(3,014		)	(108		)	—			(3,122		)
Cash flows from financing activities:
Payments on long-term debt	—			(1,247		)	(498		)	(23,000		)	(24,745		)
Proceeds from Revolving Credit Facility	—			—			—			9,000			9,000
Proceeds from share award plans	—			—			—			836			836
Purchase of treasury shares	—			—			—			(52		)	(52		)
Borrowings and repayments of intercompany debt	—			(13,216		)	—			13,216			—
Net cash used in financing activities	—			(14,463		)	(498		)	—			(14,961		)
Effects of exchange rate changes on cash and cash equivalents	27			—			74			—			101
Net increase (decrease) in cash and cash equivalents	(240		)	—			186			—			(54		)
Cash and cash equivalents, beginning of period	25,474			—			1,476			—			26,950
Cash and cash equivalents, end of period	$	25,234		$	—		$	1,662		$	—		$	26,896

Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2016



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	21,127	$	26,296		$	(940	)	$	—		$	46,483
Cash flows from investing activities:
Purchases of property and equipment	—		(10,537		)	(175		)	—			(10,712		)
Proceeds from disposition of property and equipment	—		5,910			228			—			6,138
Return of helicopter deposit	—		544			—			—			544
Principal payments on notes due from equity investees	—		539			—			—			539
Principal payments on third party notes receivable	—		212			—			—			212
Net cash provided by (used in) investing activities	—		(3,332		)	53			—			(3,279		)
Cash flows from financing activities:
Payments on long-term debt	—		(1,386		)	(1,152		)	(27,000		)	(29,538		)
Proceeds from Revolving Credit Facility	—		—			—			7,000			7,000
Extinguishment of long-term debt	—		—			—			(4,331		)	(4,331		)
Proceeds from share award plans	—		—			—			836			836
Purchase of treasury shares	—		—			—			(161		)	(161		)
Borrowings and repayments of intercompany debt	—		(23,656		)	—			23,656			—
Net cash used in financing activities	—		(25,042		)	(1,152		)	—			(26,194		)
Effects of exchange rate changes on cash and cash equivalents	—		346			418			—			764
Net increase (decrease) in cash and cash equivalents	21,127		(1,732		)	(1,621		)	—			17,774
Cash and cash equivalents, beginning of period	7,565		3,334			3,471			—			14,370
Cash and cash equivalents, end of period	$	28,692	$	1,602		$	1,850		$	—		$	32,144