v3.20.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
2 Months Ended 7 Months Ended 9 Months Ended
Dec. 31, 2019
Oct. 31, 2019
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (152,543) $ (836,206) $ (13,849)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 11,926 70,864 68,325
Deferred income taxes 8,344 (62,476) 8,312
Loss from extinguishment of debt 0 0 844
Write-off of deferred financing fees 0 4,038 0
Discount amortization on long-term debt 2,704 1,563 12,823
Reorganization items, net (16,254) 552,304 (1,984)
Loss on disposal of assets 154 3,768 1,000
Loss on impairment 0 62,101 90,078
Loss on sale of subsidiaries 0 55,883 0
Deferral of lease payments 0 285 0
Beneficial conversion feature on DIP Loan 0 56,870 0
DIP Claim Liability 0 15,000 0
Gain on bargain purchase 0 0 (81,093)
Change in fair value of preferred stock derivative liability 133,315 0 (15,416)
Stock-based compensation expense 1,483 1,871 9,377
Equity in earnings from unconsolidated affiliates less than (greater than) dividends received (120) (1,776) 2,700
Increase (decrease) in cash resulting from changes in:      
Accounts receivable 11,410 (10,247) 24,942
Inventory, prepaid expenses and other assets 10,293 (1,831) (3,060)
Accounts payable, accrued expenses and other liabilities (25,975) (10,877) (42,930)
Net cash provided by (used in) operating activities (15,263) (98,866) 60,069
Cash flows from investing activities:      
Capital expenditures (32,142) (41,574) (11,232)
Proceeds from asset dispositions 204 5,314 66,501
Cash transferred in sale of subsidiaries, net of cash received 0 (22,458) 0
Increase in cash from Era merger 0 0 120,236
Net cash provided by (used in) investing activities (31,938) (58,718) 175,505
Cash flows from financing activities:      
Proceeds from borrowings 0 225,585 0
Debt issuance costs 0 (14,863) 0
Repayment of debt and debt redemption premiums (5,629) (366,750) (126,231)
Partial prepayment of put/call obligation 0 (1,323) 0
Issuance of common and preferred stock 0 385,000 0
Purchase of treasury shares 0 0 (10,007)
Old Bristow share repurchases 0 0 (4,807)
Net cash provided by (used in) financing activities (5,629) 227,649 (141,045)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,613) 2,406 4,183
Net increase (decrease) in cash, cash equivalents and restricted cash (54,443) 72,471 98,712
Cash, cash equivalents and restricted cash at beginning of period 250,526 178,055 199,121
Cash, cash equivalents and restricted cash at end of period 196,083 250,526 297,833
Cash paid during the period for:      
Interest 7,238 41,400 25,641
Income taxes $ 1,866 $ 9,493 $ 13,029

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