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)

3 Months Ended

Mar. 31, 2019

Supplemental Condensed Consolidating Balance Sheet as of March 31, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	48,876		$	—		$	736		$	—		$	49,612
Receivables:
Trade, operating, net of allowance for doubtful accounts of $261	—			24,741			9,991			—			34,732
Trade, dry-leasing	—			2,446			—			—			2,446
Tax receivable	—			6			2,837			—			2,843
Other	5,000			1,863			341			—			7,204
Inventories, net	—			20,858			35			—			20,893
Prepaid expenses	726			1,292			215			—			2,233
Total current assets	54,602			51,206			14,155			—			119,963
Property and equipment	—			901,547			16,705			—			918,252
Accumulated depreciation	—			(323,733		)	(3,711		)	—			(327,444		)
Property and equipment, net	—			577,814			12,994			—			590,808
Operating lease right-of-use	—			7,317			1,143			—			8,460
Equity investments and advances	—			24,427			—			—			24,427
Investments in consolidated subsidiaries	171,671			—			—			(171,671		)	—
Intangible assets	—			—			1,102			—			1,102
Deferred income taxes	11,513			—			—			(11,513		)	—
Intercompany receivables	358,653			—			—			(358,653		)	—
Other assets	1,106			19,873			102			—			21,081
Total assets	$	597,545		$	680,637		$	29,496		$	(541,837	)	$	765,841
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	584		$	10,378		$	1,681		$	—		$	12,643
Accrued wages and benefits	5			4,060			1,459			—			5,524
Accrued interest	3,307			69			—			—			3,376
Accrued income taxes	69			2,800			5			—			2,874
Accrued other taxes	306			687			421			—			1,414
Accrued contingencies	—			—			656			—			656
Current portion of long-term debt	—			1,663			275			—			1,938
Other current liabilities	469			2,167			456			—			3,092
Total current liabilities	4,740			21,824			4,953			—			31,517
Long-term debt	134,060			25,901			—			—			159,961
Deferred income taxes	—			115,091			1,245			(11,512		)	104,824
Intercompany payables	—			298,659			60,026			(358,685		)	—
Operating lease liabilities	—			6,074			699			—			6,773
Other liabilities	—			721			—			—			721
Total liabilities	138,800			468,270			66,923			(370,197		)	303,796
Redeemable noncontrolling interest	—			3			3,157			—			3,160
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 22,220,676 outstanding, exclusive of treasury shares	224			—			—			—			224
Additional paid-in capital	448,692			100,306			4,561			(104,869		)	448,690
Retained earnings	12,310			111,948			(45,145		)	(66,771		)	12,342
Treasury shares, at cost, 157,267 shares	(2,481		)	—			—			—			(2,481		)
Accumulated other comprehensive income, net of tax				110			—			—			110
Total equity	458,745			212,364			(40,584		)	(171,640		)	458,885
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	597,545		$	680,637		$	29,496		$	(541,837	)	$	765,841

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	48,396		$	—		$	2,357		$	—		$	50,753
Receivables:
Trade, operating, net of allowance for doubtful accounts of $261	—			27,509			5,797			—			33,306
Trade, dry-leasing	—			3,803			—			—			3,803
Tax receivables	—			6			3,181			—			3,187
Other	—			1,949			394			—			2,343
Inventories, net	—			20,633			40			—			20,673
Prepaid expenses	398			1,219			190			—			1,807
Total current assets	48,794			55,119			11,959			—			115,872
Property and equipment	—			900,611			16,550			—			917,161
Accumulated depreciation	—			(314,567		)	(3,400		)	—			(317,967		)
Net property and equipment	—			586,044			13,150			—			599,194
Equity investments and advances	—			27,112			—			—			27,112
Investments in consolidated subsidiaries	172,950			—			—			(172,950		)	—
Intangible assets	—			—			1,107			—			1,107
Deferred income taxes	9,904			—			—			(9,904		)	—
Intercompany receivables	366,541			—			—			(366,541		)	—
Other assets	1,251			20,231			96			—			21,578
Total assets	$	599,440		$	688,506		$	26,312		$	(549,395	)	$	764,863
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	136		$	11,357		$	1,668		$	—		$	13,161
Accrued wages and benefits	43			7,743			1,481			—			9,267
Accrued interest	500			69			—			—			569
Accrued income taxes	918			6			49			—			973
Accrued other taxes	—			768			500			—			1,268
Accrued contingencies	—			—			630			—			630
Current portion of long-term debt	—			1,663			395			—			2,058
Other current liabilities	647			220			11			—			878
Total current liabilities	2,244			21,826			4,734			—			28,804
Long-term debt	133,900			26,317			—			—			160,217
Deferred income taxes	—			117,015			1,245			(9,903		)	108,357
Intercompany payables	—			310,727			55,847			(366,574		)	—
Other liabilities	—			720			27			—			747
Total liabilities	136,144			476,605			61,853			(376,477		)	298,125
Redeemable noncontrolling interest	—			3			3,299			—			3,302
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 shares outstanding, exclusive of treasury shares	219			—			—			—			219
Additional paid-in capital	447,299			100,306			4,562			(104,869		)	447,298
Retained earnings	18,254			111,482			(43,402		)	(68,049		)	18,285
Treasury shares, at cost, 156,737 shares	(2,476		)	—			—			—			(2,476		)
Accumulated other comprehensive income, net of tax	—			110			—			—			110
Total equity	463,296			211,898			(38,840		)	(172,918		)	463,436
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	599,440		$	688,506		$	26,312		$	(549,395	)	$	764,863

Condensed Income Statement

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	45,314		$	13,617		$	(7,638	)	$	51,293
Costs and expenses:
Operating	—			30,049			14,285			(7,638		)	36,696
Administrative and general	1,242			6,672			961			—			8,875
Depreciation	—			9,197			253			—			9,450
Total costs and expenses	1,242			45,918			15,499			(7,638		)	55,021
Losses on asset dispositions, net	—			(124		)	—			—			(124		)
Operating income (loss)	(1,242		)	(728		)	(1,882		)	—			(3,852		)
Other income (expense):
Interest income	196			504			52			—			752
Interest expense	(3,241		)	(213		)	(7		)	—			(3,461		)
Foreign currency losses, net	(40		)	(49		)	(37		)	—			(126		)
Other, net	—			(1		)	(10		)	—			(11		)
Total other income (expense)	(3,085		)	241			(2		)	—			(2,846		)
Income (loss) before income taxes and equity earnings	(4,327		)	(487		)	(1,884		)	—			(6,698		)
Income tax expense	336			(1,924		)	—			—			(1,588		)
Income (loss) before equity earnings	(4,663		)	1,437			(1,884		)	—			(5,110		)
Equity in earnings (losses) of subsidiaries	(1,280		)	(975		)	—			1,280			(975		)
Net income (loss)	(5,943		)	462			(1,884		)	1,280			(6,085		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			142			—			142
Net income (loss) attributable to Era Group Inc.	$	(5,943	)	$	462		$	(1,742	)	$	1,280		$	(5,943	)

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	49,832		$	14,467		$	(6,977	)	$	57,322
Costs and expenses:
Operating	—			29,770			14,867			(6,977		)	37,660
Administrative and general	4,313			6,373			1,385			—			12,071
Depreciation	—			10,094			260			—			10,354
Total costs and expenses	4,313			46,237			16,512			(6,977		)	60,085
Gains on asset dispositions, net	—			4,414			—			—			4,414
Operating income (loss)	(4,313		)	8,009			(2,045		)	—			1,651
Other income (expense):
Interest income	4			96			46			—			146
Interest expense	(4,303		)	(182		)	(91		)	—			(4,576		)
Foreign currency gains (losses), net	55			30			(11		)	—			74
Gain on debt extinguishment	—			—			175			—			175
Other, net	—			—			(8		)	—			(8		)
Total other income (expense)	(4,244		)	(56		)	111			—			(4,189		)
Income (loss) before income taxes and equity earnings	(8,557		)	7,953			(1,934		)	—			(2,538		)
Income tax expense (benefit)	(1,536		)	798			—			—			(738		)
Income (loss) before equity earnings	(7,021		)	7,155			(1,934		)	—			(1,800		)
Equity earnings, net of tax	—			443			—			—			443
Equity in earnings (losses) of subsidiaries	5,827			—			—			(5,827		)	—
Net income (loss)	(1,194		)	7,598			(1,934		)	(5,827		)	(1,357		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			163			—			163
Net income (loss) attributable to Era Group Inc.	$	(1,194	)	$	7,598		$	(1,771	)	$	(5,827	)	$	(1,194	)

Condensed Statement of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2019



	Parent			Guarantors		Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(5,943	)	$	462	$	(1,884	)	$	1,280	$	(6,085	)
Comprehensive income (loss)	(5,943		)	462		(1,884		)	1,280		(6,085		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—		142			—		142
Comprehensive income (loss) attributable to Era Group Inc.	$	(5,943	)	$	462	$	(1,742	)	$	1,280	$	(5,943	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(1,194	)	$	7,598		$	(1,934	)	$	(5,827	)	$	(1,357	)
Other comprehensive income (loss):
Foreign currency translation adjustments	—			(5		)	—			—			(5		)
Total other comprehensive loss	—			(5		)	—			—			(5		)
Comprehensive income (loss)	(1,194		)	7,593			(1,934		)	(5,827		)	(1,362		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			163			—			163
Comprehensive income (loss) attributable to Era Group Inc.	$	(1,194	)	$	7,593		$	(1,771	)	$	(5,827	)	$	(1,199	)

Condensed Cash Flow Statement

Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by provided by operating activities	$	5,477		$	(1,386	)	$	(1,456	)	$	—		$	2,635
Cash flows from investing activities:
Purchases of property and equipment	—			(1,221		)	(91		)	—			(1,312		)
Purchase of investments	(5,000		)	—			—			—			(5,000		)
Principal payments on notes due from equity investees	—			2,334			—			—			2,334
Principal payments on third party notes receivable	—			104			—			—			104
Net cash used in investing activities	(5,000		)	1,217			(91		)	—			(3,874		)
Cash flows from financing activities:
Payments on long-term debt	—			(416		)	(126		)	—			(542		)
Proceeds from share award plans	—			—			—			590			590
Purchase of treasury shares	—			—			—			(5		)	(5		)
Borrowings and repayments of intercompany debt	—			585			—			(585		)	—
Net cash used in financing activities	—			169			(126		)	—			43
Effects of exchange rate changes on cash and cash equivalents	—			—			55			—			55
Net increase (decrease) in cash and cash equivalents	477			—			(1,618		)	—			(1,141		)
Cash, cash equivalents and restricted cash, beginning of period	48,396			—			2,357			—			50,753
Cash, cash equivalents and restricted cash, end of period	$	48,873		$	—		$	739		$	—		$	49,612

Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2018



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	3,387	$	(5,761	)	$	1,344		$	—		$	(1,030	)
Cash flows from investing activities:
Purchases of property and equipment	—		(3,746		)	(38		)	—			(3,784		)
Proceeds from disposition of property and equipment	—		19,497			—			—			19,497
Principal payments on notes due from equity investees	—		54			—			—			54
Principal payments on third party notes receivable	—		76			—			—			76
Net cash used in investing activities	—		15,881			(38		)	—			15,843
Cash flows from financing activities:
Payments on long-term debt	—		(554		)	(1,705		)	(12,000		)	(14,259		)
Revolving Credit Facility issuance costs	—		—			—			(1,295		)	(1,295		)
Proceeds from share award plans	—		—			—			484			484
Borrowings and repayments of intercompany debt	—		(12,811		)	—			12,811			—
Net cash used in financing activities	—		(13,365		)	(1,705		)	—			(15,070		)
Effects of exchange rate changes on cash and cash equivalents	8		(5		)	(26		)	—			(23		)
Net increase (decrease) in cash and cash equivalents	3,395		(3,250		)	(425		)	—			(280		)
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	$	14,195	$	—		$	2,358		$	—		$	16,553