Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES (Tables)

v3.19.3
GUARANTORS OF SECURITIES (Tables)
9 Months Ended
Sep. 30, 2019
Guarantees [Abstract]  
Condensed Consolidating Balance Sheet
Supplemental Condensed Consolidating Balance Sheet as of September 30, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
105,639

 
$

 
$
2,097

 
$

 
$
107,736

Receivables:
 
 
 
 
 
 
 
 
 
Trade, operating, net of allowance for doubtful accounts of $176

 
24,779

 
6,533

 

 
31,312

Trade, dry-leasing

 
5,864

 

 

 
5,864

Tax receivable

 
10

 
2,695

 

 
2,705

Other

 
11,305

 
262

 

 
11,567

Inventories, net

 
20,784

 
42

 

 
20,826

Prepaid expenses
565

 
2,046

 
240

 

 
2,851

Total current assets
106,204

 
64,788

 
11,869

 

 
182,861

Property and equipment

 
884,816

 
16,764

 

 
901,580

Accumulated depreciation

 
(330,543
)
 
(4,187
)
 

 
(334,730
)
Property and equipment, net

 
554,273

 
12,577

 

 
566,850

Operating lease right-of-use

 
8,095

 
1,812

 

 
9,907

Investments in consolidated subsidiaries
183,226

 

 

 
(183,226
)
 

Intangible assets

 

 
1,094

 

 
1,094

Deferred income taxes
12,774

 

 

 
(12,774
)
 

Intercompany receivables
294,405

 

 
47

 
(294,452
)
 

Other assets
815

 
5,145

 
403

 

 
6,363

Total assets
$
597,424

 
$
632,301

 
$
27,802

 
$
(490,452
)
 
$
767,075

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
134

 
$
10,247

 
$
1,559

 
$

 
$
11,940

Accrued wages and benefits
32

 
7,216

 
1,712

 

 
8,960

Accrued interest
3,261

 
60

 

 

 
3,321

Accrued income taxes
2,922

 
10

 
13

 

 
2,945

Accrued other taxes

 
1,693

 
293

 

 
1,986

Accrued contingencies

 

 
548

 

 
548

Current portion of long-term debt

 
1,663

 
182

 

 
1,845

Other current liabilities
885

 
1,585

 
381

 

 
2,851

Total current liabilities
7,234

 
22,474

 
4,688

 

 
34,396

Long-term debt
133,662

 
25,069

 

 

 
158,731

Deferred income taxes

 
116,968

 
1,246

 
(12,774
)
 
105,440

Intercompany payables

 
231,203

 
63,271

 
(294,474
)
 

Operating lease liabilities

 
6,731

 
1,435

 

 
8,166

Other liabilities

 
850

 

 

 
850

Total liabilities
140,896

 
403,295

 
70,640

 
(307,248
)
 
307,583

Redeemable noncontrolling interest

 
3

 
2,942

 

 
2,945

Equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,288,619 outstanding, exclusive of treasury shares
224

 

 

 

 
224

Additional paid-in capital
451,104

 
100,307

 
4,561

 
(104,869
)
 
451,103

Retained earnings
15,352

 
128,696

 
(50,341
)
 
(78,335
)
 
15,372

Treasury shares, at cost, 1,149,820 shares
(10,152
)
 

 

 

 
(10,152
)
Total equity
456,528

 
229,003

 
(45,780
)
 
(183,204
)
 
456,547

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
597,424

 
$
632,301

 
$
27,802

 
$
(490,452
)
 
$
767,075

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
)
Net property and equipment

 
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
)
 

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:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 shares 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 Three Months Ended September 30, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Revenues
$

 
$
53,633

 
$
14,681

 
$
(9,405
)
 
$
58,909

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
32,926

 
16,001

 
(9,405
)
 
39,522

Administrative and general
1,025

 
7,177

 
940

 

 
9,142

Depreciation

 
9,100

 
212

 

 
9,312

Total costs and expenses
1,025

 
49,203

 
17,153

 
(9,405
)
 
57,976

Gains on asset dispositions, net

 
754

 

 

 
754

Operating income (loss)
(1,025
)
 
5,184

 
(2,472
)
 

 
1,687

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
492

 
444

 
20

 

 
956

Interest expense
(3,263
)
 
(193
)
 
(8
)
 

 
(3,464
)
Foreign currency gains, net
(81
)
 
(104
)
 
(533
)
 

 
(718
)
Other, net
(4
)
 
5

 
(6
)
 

 
(5
)
Total other income (expense)
(2,856
)
 
152

 
(527
)
 

 
(3,231
)
Income (loss) before income taxes and equity earnings
(3,881
)
 
5,336

 
(2,999
)
 

 
(1,544
)
Income tax (benefit) expense
(432
)
 
947

 

 

 
515

Income (loss) before equity earnings
(3,449
)
 
4,389

 
(2,999
)
 

 
(2,059
)
Equity in earnings (losses) of subsidiaries
1,541

 

 

 
(1,541
)
 

Net income (loss)
(1,908
)
 
4,389

 
(2,999
)
 
(1,541
)
 
(2,059
)
Net loss attributable to noncontrolling interest in subsidiary

 

 
149

 

 
149

Net income (loss) attributable to Era Group Inc.
$
(1,908
)
 
$
4,389

 
$
(2,850
)
 
$
(1,541
)
 
$
(1,910
)
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended September 30, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Revenues
$

 
$
48,631

 
$
13,623

 
$
(7,644
)
 
$
54,610

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
29,888

 
14,302

 
(7,677
)
 
36,513

Administrative and general
901

 
6,957

 
979

 

 
8,837

Depreciation

 
9,316

 
225

 

 
9,541

Total costs and expenses
901

 
46,161

 
15,506

 
(7,677
)
 
54,891

Losses on asset dispositions, net

 
(148
)
 

 

 
(148
)
Litigation settlement proceeds
42,000

 

 

 

 
42,000

Operating income (loss) loss
41,099

 
2,322

 
(1,883
)
 
33

 
41,571

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
171

 
448

 
113

 

 
732

Interest expense
(3,330
)
 
(204
)
 
(15
)
 

 
(3,549
)
Foreign currency losses, net
(10
)
 
(16
)
 
(68
)
 

 
(94
)
Other, net

 
21

 
(6
)
 

 
15

Total other income (expense)
(3,169
)
 
249

 
24

 

 
(2,896
)
Income (loss) before income taxes and equity earnings
37,930

 
2,571

 
(1,859
)
 
33

 
38,675

Income tax expense
3,928

 
3,933

 

 

 
7,861

Income (loss) before equity earnings
34,002

 
(1,362
)
 
(1,859
)
 
33

 
30,814

Equity in earnings (losses) of subsidiaries
(2,747
)
 
465

 

 
2,747

 
465

Net income (loss)
31,255

 
(897
)
 
(1,859
)
 
2,780

 
31,279

Net loss attributable to noncontrolling interest in subsidiary

 

 
10

 

 
10

Net income (loss) attributable to Era Group Inc.
$
31,255

 
$
(897
)
 
$
(1,849
)
 
$
2,780

 
$
31,289

Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Revenues
$

 
$
148,992

 
$
42,835

 
$
(26,145
)
 
$
165,682

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
94,977

 
46,195

 
(26,134
)
 
115,038

Administrative and general
4,009

 
20,135

 
2,768

 

 
26,912

Depreciation

 
27,572

 
710

 

 
28,282

Total costs and expenses
4,009

 
142,684

 
49,673

 
(26,134
)
 
170,232

Gains on asset dispositions, net

 
562

 

 

 
562

Operating income (loss)
(4,009
)
 
6,870

 
(6,838
)
 
(11
)
 
(3,988
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
1,135

 
1,423

 
84

 

 
2,642

Interest expense
(9,721
)
 
(614
)
 
(22
)
 

 
(10,357
)
Loss on sale of investments
(569
)
 

 

 

 
(569
)
Foreign currency gains, net
(93
)
 
15

 
(496
)
 

 
(574
)
Loss on debt extinguishment
(13
)
 

 

 

 
(13
)
Other, net
(20
)
 
16

 
(21
)
 

 
(25
)
Total other income (expense)
(9,281
)
 
840

 
(455
)
 

 
(8,896
)
Income (loss) before income taxes and equity earnings
(13,290
)
 
7,710

 
(7,293
)
 
(11
)
 
(12,884
)
Income tax expense (benefit)
(114
)
 
435

 

 

 
321

Income (loss) before equity earnings
(13,176
)
 
7,275

 
(7,293
)
 
(11
)
 
(13,205
)
Equity in earnings (losses) of subsidiaries
10,275

 
9,935

 

 
(10,275
)
 
9,935

Net income (loss)
(2,901
)
 
17,210

 
(7,293
)
 
(10,286
)
 
(3,270
)
Net loss attributable to noncontrolling interest in subsidiary

 

 
357

 

 
357

Net income (loss) attributable to Era Group Inc.
$
(2,901
)
 
$
17,210

 
$
(6,936
)
 
$
(10,286
)
 
$
(2,913
)
Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Revenues
$

 
$
148,512

 
$
42,252

 
$
(21,104
)
 
$
169,660

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
92,317

 
43,325

 
(21,137
)
 
114,505

Administrative and general
14,087

 
18,182

 
3,445

 

 
35,714

Depreciation

 
29,283

 
728

 

 
30,011

Total costs and expenses
14,087

 
139,782

 
47,498

 
(21,137
)
 
180,230

Gains on asset dispositions, net

 
2,269

 

 

 
2,269

Litigation settlement proceeds
42,000

 

 

 

 
42,000

Operating income (loss)
27,913

 
10,999

 
(5,246
)
 
33

 
33,699

Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
180

 
878

 
166

 

 
1,224

Interest expense
(10,925
)
 
(595
)
 
(126
)
 

 
(11,646
)
Foreign currency losses, net
(66
)
 
(141
)
 
(888
)
 

 
(1,095
)
Gain on debt extinguishment

 

 
175

 

 
175

Other, net

 
31

 
(10
)
 

 
21

Total other income (expense)
(10,811
)
 
173

 
(683
)
 

 
(11,321
)
Income (loss) before income taxes and equity earnings
17,102

 
11,172

 
(5,929
)
 
33

 
22,378

Income tax benefit
1,075

 
3,474

 

 

 
4,549

Income (loss) before equity earnings
16,027

 
7,698

 
(5,929
)
 
33

 
17,829

Equity in earnings (losses) of subsidiaries
3,655

 
1,577

 

 
(3,655
)
 
1,577

Net income (loss)
19,682

 
9,275

 
(5,929
)
 
(3,622
)
 
19,406

Net loss attributable to noncontrolling interest in subsidiary

 

 
310

 

 
310

Net income (loss) attributable to Era Group Inc.
$
19,682

 
$
9,275

 
$
(5,619
)
 
$
(3,622
)
 
$
19,716

Condensed Consolidating Statements of Comprehensive Income
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(1,908
)
 
$
4,389

 
$
(2,999
)
 
$
(1,541
)
 
$
(2,059
)
Comprehensive income (loss)
(1,908
)
 
4,389

 
(2,999
)
 
(1,541
)
 
(2,059
)
Comprehensive loss attributable to noncontrolling interest in subsidiary

 

 
149

 

 
149

Comprehensive income (loss) attributable to Era Group Inc.
$
(1,908
)
 
$
4,389

 
$
(2,850
)
 
$
(1,541
)
 
$
(1,910
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
31,255

 
$
(897
)
 
$
(1,859
)
 
$
2,780

 
$
31,279

Comprehensive income (loss)
31,255

 
(897
)
 
(1,859
)
 
2,780

 
31,279

Comprehensive loss attributable to noncontrolling interest in subsidiary

 

 
10

 

 
10

Comprehensive income (loss) attributable to Era Group Inc.
$
31,255

 
$
(897
)
 
$
(1,849
)
 
$
2,780

 
$
31,289

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(2,901
)
 
$
17,210

 
$
(7,293
)
 
$
(10,286
)
 
$
(3,270
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(110
)
 

 

 
(110
)
Total other comprehensive loss

 
(110
)
 

 

 
(110
)
Comprehensive income (loss)
(2,901
)
 
17,100

 
(7,293
)
 
(10,286
)
 
(3,380
)
Comprehensive loss attributable to noncontrolling interest in subsidiary

 

 
357

 

 
357

Comprehensive income (loss) attributable to Era Group Inc.
$
(2,901
)
 
$
17,100

 
$
(6,936
)
 
$
(10,286
)
 
$
(3,023
)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
19,682

 
$
9,275

 
$
(5,929
)
 
$
(3,622
)
 
$
19,406

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(5
)
 

 

 
(5
)
Total other comprehensive loss

 
(5
)
 

 

 
(5
)
Comprehensive income (loss)
19,682

 
9,270

 
(5,929
)
 
(3,622
)
 
19,401

Comprehensive loss attributable to noncontrolling interest in subsidiary

 

 
310

 

 
310

Comprehensive income (loss) attributable to Era Group Inc.
$
19,682

 
$
9,270

 
$
(5,619
)
 
$
(3,622
)
 
$
19,711

Condensed Consolidating Statements of Cash Flows
Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
66,231

 
$
(46,413
)
 
$
27

 
$

 
$
19,845

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(5,056
)
 
(112
)
 

 
(5,168
)
Proceeds from disposition of property and equipment

 
9,252

 

 

 
9,252

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

 
5,340

 

 

 
5,340

Net cash provided by (used in) investing activities
(570
)
 
46,582

 
(112
)
 

 
45,900

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(1,246
)
 
(212
)
 

 
(1,458
)
Extinguishment of long-term debt
(740
)
 

 

 

 
(740
)
Proceeds from share award plans

 

 

 
1,077

 
1,077

Purchase of treasury shares
(7,676
)
 

 

 

 
(7,676
)
Borrowings and repayments of intercompany debt

 
1,077

 

 
(1,077
)
 

Net cash used in financing activities
(8,416
)
 
(169
)
 
(212
)
 

 
(8,797
)
Effects of exchange rate changes on cash and cash equivalents

 

 
35

 

 
35

Net increase (decrease) in cash and cash equivalents
57,245

 

 
(262
)
 

 
56,983

Cash, cash equivalents and restricted cash, beginning of period
48,396

 

 
2,357

 

 
50,753

Cash, cash equivalents and restricted cash, end of period
$
105,641

 
$

 
$
2,095

 
$

 
$
107,736


Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by operating activities
$
35,550

 
$
13,319

 
$
1,483

 
$

 
$
50,352

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(7,461
)
 
(225
)
 

 
(7,686
)
Proceeds from disposition of property and equipment

 
29,520

 

 

 
29,520

Dividends received from equity investees

 
1,000

 

 

 
1,000

Principal payments on notes due from equity investees

 
401

 

 

 
401

Principal payments on third party notes receivable

 
620

 

 

 
620

Net cash provided by (used in) investing activities

 
24,080

 
(225
)
 

 
23,855

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Long-term debt issuance costs

 

 

 
(1,295
)
 
(1,295
)
Payments on long-term debt

 
(1,247
)
 
(2,315
)
 
(39,000
)
 
(42,562
)
Proceeds from share award plans

 

 

 
893

 
893

Borrowings and repayments of intercompany debt

 
(39,402
)
 

 
39,402

 

Net cash used in financing activities

 
(40,649
)
 
(2,315
)
 

 
(42,964
)
Effects of exchange rate changes on cash and cash equivalents

 

 
(445
)
 

 
(445
)
Net increase (decrease) in cash and cash equivalents
35,550

 
(3,250
)
 
(1,502
)
 

 
30,798

Cash, cash equivalents and restricted cash, beginning of period
10,800

 
3,250

 
2,783

 

 
16,833

Cash, cash equivalents and restricted cash, end of period
$
46,350

 
$

 
$
1,281

 
$

 
$
47,631