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)

3 Months Ended

Mar. 31, 2020

Supplemental Condensed Consolidating Balance Sheet as of March 31, 2020



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	111,654		$	—		$	1,864		$	—		$	113,518
Receivables:
Trade, operating, net of allowance for doubtful accounts	—			28,738			5,364			—			34,102
Trade, dry-leasing	—			5,754			—			—			5,754
Tax receivable	—			2			2,157			—			2,159
Other	—			14,594			412			—			15,006
Inventories, net	—			19,927			14			—			19,941
Prepaid expenses	991			2,108			313			—			3,412
Total current assets	112,645			71,123			10,124			—			193,892
Property and equipment	—			876,767			16,818			—			893,585
Accumulated depreciation	—			(340,873		)	(4,584		)	—			(345,457		)
Property and equipment, net	—			535,894			12,234			—			548,128
Operating lease right-of-use	—			7,526			1,146			—			8,672
Investments in consolidated subsidiaries	189,347			—			—			(189,347		)	—
Intangible assets	—			—			92			—			92
Deferred income taxes	11,711			—			—			(11,711		)	—
Intercompany receivables	285,926			—			—			(285,926		)	—
Other assets	524			873			329			—			1,726
Total assets	$	600,153		$	615,416		$	23,925		$	(486,984	)	$	752,510
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	1,239		$	10,078		$	1,158		$	—		$	12,475
Accrued wages and benefits	625			4,767			1,173			—			6,565
Accrued interest	3,259			50			—			—			3,309
Accrued income taxes	2,273			—			24			—			2,297
Accrued other taxes	—			1,201			338			—			1,539
Accrued contingencies	—			—			701			—			701
Current portion of long-term debt	—			17,901			—			—			17,901
Other current liabilities	1,126			1,904			280			—			3,310
Total current liabilities	8,522			35,901			3,674			—			48,097
Long-term debt	142,004			—			—			—			142,004
Deferred income taxes	—			112,788			907			(11,711		)	101,984
Intercompany payables	—			220,529			65,417			(285,946		)	—
Operating lease liabilities	—			6,219			884			—			7,103
Deferred gains and other liabilities	—			920			—			—			920
Total liabilities	150,526			376,357			70,882			(297,657		)	300,108
Redeemable noncontrolling interest	—			—			2,752			—			2,752
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,756,272 outstanding, exclusive of treasury shares	230			—			—			—			230
Additional paid-in capital	452,703			100,306			4,562			(104,870		)	452,701
Retained earnings	7,438			138,753			(54,271		)	(84,457		)	7,463
Treasury shares, at cost, 1,236,282 shares	(10,744		)	—			—			—			(10,744		)
Total equity	449,627			239,059			(49,709		)	(189,327		)	449,650
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	600,153		$	615,416		$	23,925		$	(486,984	)	$	752,510

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

Condensed Consolidating Statements of Operations

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2020



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	51,918		$	12,150		$	(7,012	)	$	57,056
Costs and expenses:
Operating	—			32,441			13,077			(7,012		)	38,506
Administrative and general	4,583			7,323			839			—			12,745
Depreciation	—			9,295			212			—			9,507
Total costs and expenses	4,583			49,059			14,128			(7,012		)	60,758
Loss on asset dispositions, net	—			(34		)	—			—			(34		)
Operating income (loss)	(4,583		)	2,825			(1,978		)	—			(3,736		)
Other income (expense):
Interest income	378			337			34			—			749
Interest expense	(3,281		)	(158		)	—			—			(3,439		)
Foreign currency losses, net	(24		)	(45		)	(1,635		)	—			(1,704		)
Other, net	—			12			(2		)	—			10
Total other income (expense)	(2,927		)	146			(1,603		)	—			(4,384		)
Income (loss) before income taxes and equity earnings	(7,510		)	2,971			(3,581		)	—			(8,120		)
Income tax (benefit) expense	(1,072		)	241			—			—			(831		)
Income (loss) before equity earnings	(6,438		)	2,730			(3,581		)	—			(7,289		)
Equity in earnings (losses) of subsidiaries	(795		)	—			—			795			—
Net income (loss)	(7,233		)	2,730			(3,581		)	795			(7,289		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			60			—			60
Net income (loss) attributable to Era Group Inc.	$	(7,233	)	$	2,730		$	(3,521	)	$	795		$	(7,229	)

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	45,314		$	13,617		$	(7,638	)	$	51,293
Costs and expenses:
Operating	—			30,049			14,285			(7,638		)	36,696
Administrative and general	1,242			6,672			961			—			8,875
Depreciation	—			9,197			253			—			9,450
Total costs and expenses	1,242			45,918			15,499			(7,638		)	55,021
Loss on asset dispositions, net	—			(124		)	—			—			(124		)
Operating loss	(1,242		)	(728		)	(1,882		)	—			(3,852		)
Other income (expense):
Interest income	196			504			52			—			752
Interest expense	(3,241		)	(213		)	(7		)	—			(3,461		)
Foreign currency losses, net	(40		)	(49		)	(37		)	—			(126		)
Other, net	—			(1		)	(10		)	—			(11		)
Total other income (expense)	(3,085		)	241			(2		)	—			(2,846		)
Loss before income taxes and equity earnings	(4,327		)	(487		)	(1,884		)	—			(6,698		)
Income tax (benefit) expense	336			(1,924		)	—			—			(1,588		)
Income (loss) before equity earnings	(4,663		)	1,437			(1,884		)	—			(5,110		)
Equity in earnings (losses) of subsidiaries	(1,280		)	(975		)	—			1,280			(975		)
Net income (loss)	(5,943		)	462			(1,884		)	1,280			(6,085		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			142			—			142
Net income (loss) attributable to Era Group Inc.	$	(5,943	)	$	462		$	(1,742	)	$	1,280		$	(5,943	)

Condensed Consolidating Statements of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2020



	Parent			Guarantors		Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(7,233	)	$	2,730	$	(3,581	)	$	795	$	(7,289	)
Comprehensive income (loss)	(7,233		)	2,730		(3,581		)	795		(7,289		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—		60			—		60
Comprehensive income (loss) attributable to Era Group Inc.	$	(7,233	)	$	2,730	$	(3,521	)	$	795	$	(7,229	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2019



	Parent			Guarantors		Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(5,943	)	$	462	$	(1,884	)	$	1,280	$	(6,085	)
Comprehensive income (loss)	(5,943		)	462		(1,884		)	1,280		(6,085		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—		142			—		142
Comprehensive income (loss) attributable to Era Group Inc.	$	(5,943	)	$	462	$	(1,742	)	$	1,280	$	(5,943	)

Condensed Consolidating Statements of Cash Flows

Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2020



	Parent			Guarantors			Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(2,752	)	$	708		$	(88	)	$	—	$	(2,132	)
Cash flows from investing activities:
Purchases of property and equipment	—			(347		)	(53		)	—		(400		)
Principal payments on third party notes receivable	—			55			—			—		55
Net cash used in investing activities	—			(292		)	(53		)	—		(345		)
Cash flows from financing activities:
Payments on long-term debt	—			(416		)	—			—		(416		)
Purchase of treasury shares	(561		)	—			—			—		(561		)
Net cash used in financing activities	(561		)	(416		)	—			—		(977		)
Effects of exchange rate changes on cash and cash equivalents	—			—			(394		)	—		(394		)
Net decrease in cash, cash equivalents and restricted cash	(3,313		)	—			(535		)	—		(3,848		)
Cash, cash equivalents and restricted cash, beginning of period	114,971			—			2,395			—		117,366
Cash, cash equivalents and restricted cash, end of period	$	111,658		$	—		$	1,860		$	—	$	113,518

Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	5,477		$	(1,386	)	$	(1,456	)	$	—		$	2,635
Cash flows from investing activities:
Purchases of property and equipment	—			(1,221		)	(91		)	—			(1,312		)
Purchase of investments	(5,000		)	—			—			—			(5,000		)
Principal payments on notes due from equity investees	—			2,334			—			—			2,334
Principal payments on third party notes receivable	—			104			—			—			104
Net cash provided by (used in) investing activities	(5,000		)	1,217			(91		)	—			(3,874		)
Cash flows from financing activities:
Payments on long-term debt	—			(416		)	(126		)	—			(542		)
Proceeds from share award plans	—			—			—			590			590
Purchase of treasury shares	—			—			—			(5		)	(5		)
Borrowings and repayments of intercompany debt	—			585			—			(585		)	—
Net cash provided by (used in) financing activities	—			169			(126		)	—			43
Effects of exchange rate changes on cash and cash equivalents	—			—			55			—			55
Net increase (decrease) in cash, cash equivalents and restricted cash	477			—			(1,618		)	—			(1,141		)
Cash, cash equivalents and restricted cash, beginning of period	48,396			—			2,357			—			50,753
Cash, cash equivalents and restricted cash, end of period	$	48,873		$	—		$	739		$	—		$	49,612