v3.22.1
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, 2022
Mar. 31, 2021
Cash flows from operating activities:        
Net income (loss) $ 139,076 $ (836,206) $ (15,713) $ (56,285)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization expense 43,741 70,864 87,236 90,464
Deferred income taxes (4,866) (62,476) (1,744) (15,468)
Loss on extinguishment of debt 0 0 124 29,359
Write-off of deferred financing fees 0 4,038 0 117
Bad debt expense 0 0 309 1,766
Amortization of deferred financing fees 0 0 1,323 0
Discount amortization on long-term debt 5,890 1,563 7,710 16,146
Reorganization items, net (16,254) 552,304 0 (1,577)
Loss (gain) on disposal of assets 451 3,768 (1,347) 8,199
Loss on impairment 9,591 62,101 24,835 91,260
Loss on sale of subsidiaries 0 55,883 2,002 0
Deferral of lease payments 0 285 0 0
Beneficial conversion feature on DIP Loan 0 56,870 0 0
Gain on insurance receivable 0 0 0 (2,614)
DIP Claim Liability 0 15,000 0 0
Gain on bargain purchase 0 0 0 (81,093)
Change in fair value of preferred stock derivative liability (184,140) 0 0 (15,416)
Share-based compensation expense 2,412 1,871 11,686 11,518
Equity in earnings from unconsolidated affiliates less than dividends received (1,184) (1,776) 1,738 3,549
Increase (decrease) in cash resulting from changes in:        
Accounts receivable 24,097 (10,247) 10,584 39,857
Inventory, prepaid expenses and other assets (3,339) (1,831) 15,916 13,502
Accounts payable, accrued expenses and other liabilities (24,988) (10,877) (20,805) (36,439)
Net cash provided by (used in) operating activities (9,513) (98,866) 123,854 96,845
Cash flows from investing activities:        
Capital expenditures (36,115) (41,574) (31,068) (14,844)
Proceeds from asset dispositions 13,845 5,314 14,549 67,882
Deposits on assets held for sale 4,500 0 0 0
Cash transferred in sale of subsidiaries, net of cash received 0 (22,458) (851) 0
Increase in cash from Era merger 0 0 0 120,236
Net cash provided by (used in) investing activities (17,770) (58,718) (17,370) 173,274
Cash flows from financing activities:        
Proceeds from borrowings 0 225,585 0 400,000
Debt issuance costs 0 (14,863) (3,112) (6,391)
Repayment of debt and debt redemption premiums (25,132) (366,750) (19,213) (618,140)
Prepayment premium fees 0 0 0 (5,778)
Partial prepayment of put/call obligation 0 (1,323) 0 0
Issuance of common and preferred stock 0 385,000 0 0
Purchase of treasury shares 0 0 (41,158) (10,501)
Old Bristow share repurchases 0 0 0 (4,807)
Net cash provided by (used in) financing activities (25,132) 227,649 (63,483) (245,617)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,010 2,406 (8,066) 7,456
Net increase (decrease) in cash, cash equivalents and restricted cash (51,405) 72,471 34,935 31,958
Cash, cash equivalents and restricted cash at beginning of period 250,526 178,055 231,079 199,121
Cash, cash equivalents and restricted cash at end of period $ 199,121 $ 250,526 $ 266,014 $ 231,079

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