Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATIONS (Tables)

v3.20.2
BUSINESS COMBINATIONS (Tables)
3 Months Ended
Jun. 30, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The amounts of revenue and earnings of Era included in the Company’s condensed consolidated statement of operations from the acquisition date of June 11, 2020 to June 30, 2020 (Successor) are as follows (in thousands):
Total revenues
 
$
8,861

Net loss
 
$
(4,304
)

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition, June 11, 2020 (in thousands):
Assets acquired:
 
 
Cash and cash equivalents
 
$
120,236

Accounts receivable from non-affiliates
 
35,079

Prepaid expenses and other current assets
 
17,598

Inventories
 
8,826

Property and equipment
 
214,303

Right-of-use assets
 
8,395

Other assets
 
14,305

Total assets acquired
 
$
418,742

Liabilities assumed:
 
 
Accounts payable
 
$
9,686

Accrued wages, benefits and related taxes
 
8,319

Income taxes payable
 
1,791

Deferred revenue
 
236

Accrued interest
 
5,459

Current portion of operating lease liabilities
 
1,711

Other accrued liabilities
 
12,943

Short-term borrowings and current maturities of long-term debt
 
17,485

Long-term debt, less current maturities
 
136,704

Other liabilities and deferred credits
 
1,404

Deferred taxes
 
32,407

Long-term operating lease liabilities
 
6,845

Total liabilities and redeemable noncontrolling interest assumed
 
$
234,990

 
 
 
Net assets acquired
 
$
183,752


The acquisition date fair value of the consideration transferred consisted of the following (in thousands):
Fair value of Combined Company Common Stock issued (1)
 
$
106,440

Fair value of stock awards (2)
 
1,900

Total consideration transferred
 
$
108,340

___________________ 
(1) 
Represents the fair value of Combined Company Common Stock retained by Era Common Stockholders. based on the closing market price of Era shares on June 11, 2020, the acquisition date.
(2) 
Represents the fair value of restricted share awards of Combined Company Common Stock held by Era employees that were accelerated upon consummation of the Merger.
Schedule of Unaudited Pro Forma Financial Information The unaudited pro forma financial information is as follows (in thousands)(1):
 
 
Successor
 
 
Three Months Ended
 
 
June 30, 2020
Total revenues
 
$
305,390

Net income
 
$
18,547

Net income attributable to Bristow Group Inc.

 
$
18,642

_____________________
(1) 
The Company did not have any material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and net income.