v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
5 Months Ended 7 Months Ended 12 Months Ended
Mar. 31, 2020
Oct. 31, 2019
Mar. 31, 2021
Mar. 31, 2019
Cash flows from operating activities:        
Net income (loss) $ 139,076 $ (836,206) $ (56,285) $ (336,138)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization expense 43,741 70,864 90,464 124,899
Deferred income taxes (4,866) (62,476) (15,468) (14,454)
Loss from extinguishment of debt 0 0 29,359 0
Write-off of deferred financing fees 0 4,038 117 0
Bad debt expense 0 0 1,766 0
Discount amortization on long-term debt 5,890 1,563 16,146 6,337
Reorganization items, net (16,254) 552,304 (1,577) 0
Loss on disposal of assets 451 3,768 8,199 27,843
Loss on impairment 9,591 62,101 91,260 117,220
Loss on sale of subsidiaries 0 55,883 0 0
Deferral of lease payments 0 285 0 5,094
Beneficial conversion feature on DIP Loan 0 56,870 0 0
Gain on insurance receivable 0 0 (2,614) 0
DIP Claim Liability 0 15,000 0 0
Gain on bargain purchase 0 0 (81,093) 0
Change in fair value of preferred stock derivative liability (184,140) 0 (15,416) 0
Stock-based compensation expense 2,412 1,871 11,518 6,382
Equity in earnings from unconsolidated affiliates less than (greater than) dividends received (1,184) (1,776) 3,549 3,806
Increase (decrease) in cash resulting from changes in:        
Accounts receivable 24,097 (10,247) 39,857 19,197
Inventory, prepaid expenses and other assets (3,339) (1,831) 13,502 (5,930)
Accounts payable, accrued expenses and other liabilities (24,988) (10,877) (36,439) (63,693)
Net cash provided by (used in) operating activities (9,513) (98,866) 96,845 (109,437)
Cash flows from investing activities:        
Capital expenditures (36,115) (41,574) (14,844) (40,902)
Proceeds from asset dispositions 13,845 5,314 67,882 13,813
Deposits on assets held for sale 4,500 0 0 0
Cash transferred in sale of subsidiaries, net of cash received 0 (22,458) 0 0
Increase in cash from Era merger 0 0 120,236 965
Net cash provided by (used in) investing activities (17,770) (58,718) 173,274 (26,124)
Cash flows from financing activities:        
Proceeds from borrowings 0 225,585 400,000 470
Debt issuance costs 0 (14,863) (6,391) (2,599)
Repayment of debt and debt redemption premiums (25,132) (366,750) (618,140) (61,052)
Prepayment premium fees 0 0 (5,778) 0
Partial prepayment of put/call obligation 0 (1,323) 0 (54)
Issuance of common and preferred stock 0 385,000 0 2,830
Purchase of treasury shares 0 0 (10,501) 0
Dividends paid to noncontrolling interest 0 0 0 (580)
Repurchases for tax withholdings on vesting of equity awards 0 0 0 (2,157)
Old Bristow share repurchases 0 0 (4,807) 0
Net cash provided by (used in) financing activities (25,132) 227,649 (245,617) (63,142)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,010 2,406 7,456 (3,465)
Net increase (decrease) in cash, cash equivalents and restricted cash (51,405) 72,471 31,958 (202,168)
Cash, cash equivalents and restricted cash at beginning of period 250,526 178,055 199,121 380,223
Cash, cash equivalents and restricted cash at end of period $ 199,121 $ 250,526 $ 231,079 $ 178,055

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