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)

6 Months Ended

Jun. 30, 2018

Supplemental Condensed Consolidating Balance Sheet as of June 30, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	12,837		$	—		$	2,220		$	—		$	15,057
Receivables:
Trade, operating, net of allowance for doubtful accounts of $903	—			29,552			5,794			—			35,346
Trade, dry-leasing	—			3,940			—			—			3,940
Tax receivable	1			—			3,205			—			3,206
Other	—			1,002			449			—			1,451
Inventories, net	—			20,808			56			—			20,864
Prepaid expenses	698			1,610			240			—			2,548
Total current assets	13,536			56,912			11,964			—			82,412
Property and equipment	—			906,839			16,410			—			923,249
Accumulated depreciation	—			(302,649		)	(3,096		)	—			(305,745		)
Property and equipment, net	—			604,190			13,314			—			617,504
Equity investments and advances	—			30,982			—			—			30,982
Investments in consolidated subsidiaries	167,751			—			—			(167,751		)	—
Intangible assets	—			—			1,115			—			1,115
Deferred income taxes	22,456			—			—			(22,456		)	—
Intercompany receivables	379,788			—			—			(379,788		)	—
Other assets	1,543			17,055			82			—			18,680
Total assets	$	585,074		$	709,139		$	26,475		$	(569,995	)	$	750,693
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	183		$	14,804		$	2,259		$	—		$	17,246
Accrued wages and benefits	—			5,995			1,521			—			7,516
Accrued interest	480			65			—			—			545
Accrued income taxes	—			12			28			—			40
Accrued other taxes	—			1,593			372			—			1,965
Accrued contingencies	—			—			946			—			946
Current portion of long-term debt	—			1,663			594			—			2,257
Other current liabilities	2,876			327			21			—			3,224
Total current liabilities	3,539			24,459			5,741			—			33,739
Long-term debt	145,590			27,148			49			—			172,787
Deferred income taxes	—			124,509			1,250			(22,456		)	103,303
Intercompany payables	—			329,056			50,732			(379,788		)	—
Other liabilities	—			1,350			—			—			1,350
Total liabilities	149,129			506,522			57,772			(402,244		)	311,179
Redeemable noncontrolling interest	—			3			3,463			—			3,466
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,688,959 outstanding, exclusive of treasury shares	219			—			—			—			219
Additional paid-in capital	445,885			100,306			4,562			(104,868		)	445,885
Retained earnings (accumulated deficit)	(7,208		)	102,203			(39,322		)	(62,883		)	(7,210		)
Treasury shares, at cost, 215,141 shares	(2,951		)	—			—			—			(2,951		)
Accumulated other comprehensive income, net of tax				105			—			—			105
Total equity	435,945			202,614			(34,760		)	(167,751		)	436,048
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	585,074		$	709,139		$	26,475		$	(569,995	)	$	750,693

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	10,800		$	—		$	2,783		$	—		$	13,583
Receivables:
Trade, operating, net of allowance for doubtful accounts of $1,196	—			27,968			5,872			—			33,840
Trade, dry-leasing	—			5,124			—			—			5,124
Tax receivables	—			—			2,829			—			2,829
Other	—			1,126			497			—			1,623
Inventories, net	—			20,746			366			—			21,112
Prepaid expenses	349			721			133			—			1,203
Escrow deposits	—			3,250			—			—			3,250
Total current assets	11,149			58,935			12,480			—			82,564
Property and equipment	—			956,918			16,024			—			972,942
Accumulated depreciation	—			(296,573		)	(2,455		)	—			(299,028		)
Net property and equipment	—			660,345			13,569			—			673,914
Equity investments and advances	—			30,056			—			—			30,056
Investments in consolidated subsidiaries	161,350			—			—			(161,350		)	—
Intangible assets	—			—			1,122			—			1,122
Deferred income taxes	19,600			—			—			(19,600		)	—
Intercompany receivables	426,806			—			—			(426,806		)	—
Other assets	1,011			3,370			60			—			4,441
Total assets	$	619,916		$	752,706		$	27,231		$	(607,756	)	$	792,097
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	638		$	13,655		$	2,128		$	—		$	16,421
Accrued wages and benefits	—			6,804			1,460			—			8,264
Accrued interest	549			57			—			—			606
Accrued income taxes	—			24			4			—			28
Accrued other taxes	18			1,192			600			—			1,810
Accrued contingencies	—			—			859			—			859
Current portion of long-term debt	—			1,663			1,073			—			2,736
Other current liabilities	848			835			37			—			1,720
Total current liabilities	2,053			24,230			6,161			—			32,444
Long-term debt	172,292			27,979			1,903			—			202,174
Deferred income taxes	—			124,948			1,250			(19,600		)	106,598
Intercompany payables	—			381,660			45,146			(426,806		)	—
Other liabilities	—			1,435			(1		)	—			1,434
Total liabilities	174,345			560,252			54,459			(446,406		)	342,650
Redeemable noncontrolling interest	—			4			3,762			—			3,766
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,319,150 shares outstanding, exclusive of treasury shares	215			—			—			—			215
Additional paid-in capital	443,944			100,306			4,562			(104,868		)	443,944
Retained earnings	4,363			92,034			(35,552		)	(56,482		)	4,363
Treasury shares, at cost, 215,141 shares	(2,951		)	—			—			—			(2,951		)
Accumulated other comprehensive income, net of tax	—			110			—			—			110
Total equity	445,571			192,450			(30,990		)	(161,350		)	445,681
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	619,916		$	752,706		$	27,231		$	(607,756	)	$	792,097

Condensed Income Statement

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	50,049		$	14,162		$	(6,483	)	$	57,728
Costs and expenses:
Operating	—			32,659			14,156			(6,483		)	40,332
Administrative and general	8,873			4,852			1,081			—			14,806
Depreciation	—			9,873			243			—			10,116
Total costs and expenses	8,873			47,384			15,480			(6,483		)	65,254
Losses on asset dispositions, net	—			(1,997		)	—			—			(1,997		)
Operating loss	(8,873		)	668			(1,318		)	—			(9,523		)
Other income (expense):
Interest income	5			334			7			—			346
Interest expense	(3,292		)	(209		)	(20		)	—			(3,521		)
Foreign currency losses, net	(111		)	(155		)	(809		)	—			(1,075		)
Other, net	—			10			4			—			14
Total other income (expense)	(3,398		)	(20		)	(818		)	—			(4,236		)
Loss before income taxes and equity earnings	(12,271		)	648			(2,136		)	—			(13,759		)
Income tax expense (benefit)	(1,317		)	(1,257		)	—			—			(2,574		)
Loss before equity earnings	(10,954		)	1,905			(2,136		)	—			(11,185		)
Equity in earnings (losses) of subsidiaries	575			669			—			(575		)	669
Net income (loss)	(10,379		)	2,574			(2,136		)	(575		)	(10,516		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			137			—			137
Net income (loss) attributable to Era Group Inc.	$	(10,379	)	$	2,574		$	(1,999	)	$	(575	)	$	(10,379	)

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Operating revenues	$	—		$	51,598		$	14,003		$	(7,723	)	$	57,878
Costs and expenses:
Operating	—			33,178			15,880			(7,723		)	41,335
Administrative and general	1,110			7,304			1,488			—			9,902
Depreciation	—			11,727			251			—			11,978
Total costs and expenses	1,110			52,209			17,619			(7,723		)	63,215
Gains on asset dispositions, net	—			5,061			—			—			5,061
Operating income (loss)	(1,110		)	4,450			(3,616		)	—			(276		)
Other income (expense):
Interest income	28			107			50			—			185
Interest expense	(3,721		)	(159		)	(54		)	—			(3,934		)
Foreign currency gains (losses), net	129			160			(425		)	—			(136		)
Other, net	—			1			(9		)	—			(8		)
Total other income (expense)	(3,564		)	109			(438		)	—			(3,893		)
Income (loss) before income taxes and equity earnings	(4,674		)	4,559			(4,054		)	—			(4,169		)
Income tax expense (benefit)	(1,307		)	10			571			—			(726		)
Income (loss) before equity earnings	(3,367		)	4,549			(4,625		)	—			(3,443		)
Equity earnings, net of tax	—			371			—			—			371
Equity in earnings (losses) of subsidiaries	580			—			—			(580		)	—
Net income (loss)	(2,787		)	4,920			(4,625		)	(580		)	(3,072		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			285			—			285
Net income (loss) attributable to Era Group Inc.	$	(2,787	)	$	4,920		$	(4,340	)	$	(580	)	$	(2,787	)

Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	99,881		$	28,629		$	(13,460	)	$	115,050
Costs and expenses:
Operating	—			62,429			29,023			(13,460		)	77,992
Administrative and general	13,186			11,225			2,466			—			26,877
Depreciation	—			19,967			503			—			20,470
Total costs and expenses	13,186			93,621			31,992			(13,460		)	125,339
Gains on asset dispositions, net	—			2,417			—			—			2,417
Operating income (loss)	(13,186		)	8,677			(3,363		)	—			(7,872		)
Other income (expense):
Interest income	9			430			53			—			492
Interest expense	(7,595		)	(391		)	(111		)	—			(8,097		)
Foreign currency losses, net	(56		)	(125		)	(820		)	—			(1,001		)
Gain on debt extinguishment	—			—			175			—			175
Other, net	—			10			(4		)	—			6
Total other income (expense)	(7,642		)	(76		)	(707		)	—			(8,425		)
Income (loss) before income taxes and equity earnings	(20,828		)	8,601			(4,070		)	—			(16,297		)
Income tax expense (benefit)	(2,853		)	(459		)	—			—			(3,312		)
Income (loss) before equity earnings	(17,975		)	9,060			(4,070		)	—			(12,985		)
Equity in earnings (losses) of subsidiaries	6,402			1,112			—			(6,402		)	1,112
Net income (loss)	(11,573		)	10,172			(4,070		)	(6,402		)	(11,873		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			300			—			300
Net income (loss) attributable to Era Group Inc.	$	(11,573	)	$	10,172		$	(3,770	)	$	(6,402	)	$	(11,573	)

Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	99,631		$	29,403		$	(16,629	)	$	112,405
Costs and expenses:
Operating	—			62,291			33,430			(16,629		)	79,092
Administrative and general	2,975			14,342			2,966			—			20,283
Depreciation	—			23,047			485			—			23,532
Total costs and expenses	2,975			99,680			36,881			(16,629		)	122,907
Gains on asset dispositions, net	—			5,170			—			—			5,170
Operating income (loss)	(2,975		)	5,121			(7,478		)	—			(5,332		)
Other income (expense):
Interest income	49			218			168			—			435
Interest expense	(6,962		)	(457		)	(104		)	—			(7,523		)
Foreign currency gains (losses), net	154			168			(430		)	—			(108		)
Other, net	—			1			3			—			4
Total other income (expense)	(6,759		)	(70		)	(363		)	—			(7,192		)
Income (loss) before income taxes and equity earnings	(9,734		)	5,051			(7,841		)	—			(12,524		)
Income tax expense (benefit)	(3,183		)	(6		)	360			—			(2,829		)
Income (loss) before equity earnings	(6,551		)	5,057			(8,201		)	—			(9,695		)
Equity earnings, net of tax	—			836			—			—			836
Equity in earnings (losses) of subsidiaries	(1,856		)	—			—			1,856			—
Net income (loss)	(8,407		)	5,893			(8,201		)	1,856			(8,859		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			452			—			452
Net income (loss) attributable to Era Group Inc.	$	(8,407	)	$	5,893		$	(7,749	)	$	1,856		$	(8,407	)

Condensed Statement of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2018



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(10,379	)	$	2,574	$	(2,136	)	$	(575	)	$	(10,516	)
Comprehensive income (loss)	(10,379		)	2,574		(2,136		)	(575		)	(10,516		)
Comprehensive income attributable to noncontrolling interest in subsidiary	—			—		137			—			137
Comprehensive income (loss) attributable to Era Group Inc.	$	(10,379	)	$	2,574	$	(1,999	)	$	(575	)	$	(10,379	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2017



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(2,787	)	$	4,920	$	(4,625	)	$	(580	)	$	(3,072	)
Comprehensive income (loss)	(2,787		)	4,920		(4,625		)	(580		)	(3,072		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—		285			—			285
Comprehensive income (loss) attributable to Era Group Inc.	$	(2,787	)	$	4,920	$	(4,340	)	$	(580	)	$	(2,787	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(11,573	)	$	10,172		$	(4,070	)	$	(6,402	)	$	(11,873	)
Other comprehensive loss:
Foreign currency translation adjustments	—			(5		)	—			—			(5		)
Total other comprehensive loss	—			(5		)	—			—			(5		)
Comprehensive income (loss)	(11,573		)	10,167			(4,070		)	(6,402		)	(11,878		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			300			—			300
Comprehensive income (loss) attributable to Era Group Inc.	$	(11,573	)	$	10,167		$	(3,770	)	$	(6,402	)	$	(11,578	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2017



	Parent			Guarantors			Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(8,407	)	$	5,893		$	(8,201	)	$	1,856	$	(8,859	)
Other comprehensive loss:
Foreign currency translation adjustments	—			(2		)	—			—		(2		)
Total other comprehensive loss	—			(2		)	—			—		(2		)
Comprehensive income (loss)	(8,407		)	5,891			(8,201		)	1,856		(8,861		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			452			—		452
Comprehensive income (loss) attributable to Era Group Inc.	$	(8,407	)	$	5,891		$	(7,749	)	$	1,856	$	(8,409	)

Condensed Cash Flow Statement

Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2018



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by provided by operating activities	$	2,037	$	922		$	2,179		$	—		$	5,138
Cash flows from investing activities:
Purchases of property and equipment	—		(5,779		)	(179		)	—			(5,958		)
Proceeds from disposition of property and equipment	—		29,497			—			—			29,497
Principal payments on notes due from equity investees	—		186			—			—			186
Principal payments on third party notes receivable	—		571			—			—			571
Net cash used in investing activities	—		24,475			(179		)	—			24,296
Cash flows from financing activities:
Long-term debt issuance costs	—		—			—			(1,295		)	(1,295		)
Payments on long-term debt	—		(831		)	(2,181		)	(27,000		)	(30,012		)
Proceeds from share award plans	—		—			—			484			484
Borrowings and repayments of intercompany debt	—		(27,811		)	—			27,811			—
Net cash used in financing activities	—		(28,642		)	(2,181		)	—			(30,823		)
Effects of exchange rate changes on cash and cash equivalents	—		(5		)	(382		)	—			(387		)
Net increase (decrease) in cash and cash equivalents	2,037		(3,250		)	(563		)	—			(1,776		)
Cash, cash equivalents and restricted cash, beginning of period	10,800		3,250			2,783			—			16,833
Cash, cash equivalents and restricted cash, end of period	$	12,837	$	—		$	2,220		$	—		$	15,057

Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2017



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	1,967	$	11,086		$	321		$	—		$	13,374
Cash flows from investing activities:
Purchases of property and equipment	—		(12,490		)	(34		)	—			(12,524		)
Proceeds from disposition of property and equipment	—		5,689			—			—			5,689
Investments in and advances to equity investees	—		(126		)	—			—			(126		)
Principal payments on notes due from equity investees	—		375			—			—			375
Principal payments on third party notes receivable	—		94			—			—			94
Net cash provided by (used in) investing activities	—		(6,458		)	(34		)	—			(6,492		)
Cash flows from financing activities:
Proceeds from Revolving Credit Facility	—		—			—			9,000			9,000
Payments on long-term debt	—		(832		)	(330		)	(17,000		)	(18,162		)
Proceeds from share award plans	—		—			—			463			463
Purchase of treasury shares	—		—			—			(51		)	(51		)
Borrowings and repayments of intercompany debt	—		(7,588		)	—			16,588			9,000
Net cash used in financing activities	—		(8,420		)	(330		)	—			(8,750		)
Effects of exchange rate changes on cash and cash equivalents	—		15			4			—			19
Net increase (decrease) in cash and cash equivalents	1,967		(3,777		)	(39		)	—			(1,849		)
Cash, cash equivalents and restricted cash, beginning of period	25,474		3,777			1,476			—			30,727
Cash, cash equivalents and restricted cash, end of period	$	27,441	$	—		$	1,437		$	—		$	28,878