Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATIONS (Tables)

v3.20.2
BUSINESS COMBINATIONS (Tables)
6 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
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
223,256

Right-of-use assets
8,395

Other assets
14,792

Total assets acquired
$
428,182

Liabilities assumed:
 
Accounts payable
$
9,686

Accrued wages, benefits and related taxes
8,319

Income taxes payable
1,791

Deferred revenue
236

Current portion of operating lease liabilities
1,711

Other accrued liabilities
18,474

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
34,198

Long-term operating lease liabilities
6,845

Total liabilities and redeemable noncontrolling interest assumed
$
236,853

 
 
Net assets acquired
$
191,329


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 accelerated stock awards (2)
2,067

Fair value of exchanged stock awards (3)
228

Total consideration transferred
$
108,735

Fair value of redeemable noncontrolling interest
1,501

Total fair value of Era
$
110,236

___________________________ 
(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.
(3) 
Represents the amount of the fair value of restricted share awards of Combined Company Common Stock held by Era employees relating to the pre-Merger vesting period.
Schedule of Unaudited Pro Forma Financial Information The unaudited pro forma financial information is as follows (in thousands)(1):
 
 
Successor
 
 
Three Months Ended
 September 30, 2020
 
Six Months Ended
 September 30, 2020
Total revenues
 
$
304,640

 
$
609,963

Net income
 
$
(34,333
)
 
$
(10,015
)
Net income attributable to Bristow Group Inc.
 
$
(34,200
)
 
$
(9,828
)
_____________________
(1) As a result of the Merger, the Company was required to dispose of its investment in Lider which occurred on August 2020. The Company had recorded an impairment in June 2020 of $18.7 million related to the future disposition of the investment. This impairment has been excluded from the pro forma combined Net income and Net income attributable to Bristow Group Inc. due to its nonrecurring nature.
The amounts of revenue and earnings of Era included in the Company’s condensed consolidated statements of operations from the acquisition date of June 11, 2020 are as follows (in thousands):
 
 
Successor
 
 
Three Months Ended
 September 30, 2020
 
June 11, 2020 -
September 30, 2020
Total revenues
 
$
41,817

 
$
50,677

Net loss
 
$
(954
)
 
$
(5,247
)