v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:        
Net income (loss) $ (27,992) $ (162,919) $ 43,412 $ (332,007)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     45,675 62,642
Deferred income taxes     (1,345) (45,252)
Loss from extinguishment of debt     615 0
Write-off of deferred financing fees     0 4,038
Discount amortization on long-term debt     7,957 1,520
Reorganization items, net     0 119,333
(Gain) loss on disposal of assets 8,473 230 2,951 4,017
Loss on impairment 17,596 62,101 36,829 62,101
Loss on sale of subsidiaries 0 (420) 0 55,883
Deferral of lease payments     0 285
Gain on bargain purchase (5,660) 0 (81,093) 0
Change in fair value of preferred stock derivative liability 0 0 (15,416) 0
Stock-based compensation     7,192 1,526
Equity in earnings from unconsolidated affiliates less than (greater than) dividends received     2,935 636
Increase (decrease) in cash resulting from changes in:        
Accounts receivable     21,556 (20,805)
Inventory, prepaid expenses and other assets     (8,075) (2,876)
Accounts payable, accrued expenses and other liabilities     (28,202) 31,794
Net cash provided by (used in) operating activities     34,991 (57,165)
Cash flows from investing activities:        
Capital expenditures     (7,372) (25,950)
Proceeds from asset dispositions 40,475 1,799 52,140 5,003
Deposits on assets held for sale 3,437 0 3,437 0
Cash transferred in sale of subsidiaries, net of cash received     0 (22,458)
Increase in cash from Era merger     120,236 0
Net cash provided by (used in) investing activities     168,441 (43,405)
Cash flows from financing activities:        
Proceeds from borrowings     0 225,585
Debt issuance costs     0 (14,130)
Repayment of debt and debt redemption premiums     (85,369) (99,228)
Partial prepayment of put/call obligation     0 (1,323)
Purchase of treasury shares     (6,428) 0
Old Bristow share repurchases     (4,807) 0
Net cash provided by (used in) financing activities     (96,604) 110,904
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (1,756) 4,406
Net increase (decrease) in cash, cash equivalents and restricted cash     105,072 14,740
Cash, cash equivalents and restricted cash at beginning of period     199,121 178,055
Cash, cash equivalents and restricted cash at end of period $ 304,193 $ 192,795 304,193 192,795
Cash paid during the period for:        
Interest     14,467 37,165
Income taxes     $ 7,726 $ 8,631

Source