GUARANTORS OF SECURITIES (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Guarantees [Abstract] |
|
Condensed Balance Sheet |
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, net of allowance for doubtful accounts |
— |
|
|
33,092 |
|
|
5,872 |
|
|
— |
|
|
38,964 |
|
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 |
|
Current portion of long-term debt |
— |
|
|
1,663 |
|
|
1,073 |
|
|
— |
|
|
2,736 |
|
Accrued other taxes |
18 |
|
|
1,192 |
|
|
600 |
|
|
— |
|
|
1,810 |
|
Accrued contingencies |
— |
|
|
— |
|
|
859 |
|
|
— |
|
|
859 |
|
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: |
|
|
|
|
|
|
|
|
|
Era Group Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 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, 214,441 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 |
|
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands, except share data) |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
25,474 |
|
|
$ |
— |
|
|
$ |
1,476 |
|
|
$ |
— |
|
|
$ |
26,950 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
Trade, net of allowance for doubtful accounts of $2,103 |
39 |
|
|
26,118 |
|
|
6,313 |
|
|
— |
|
|
32,470 |
|
Tax receivables |
9 |
|
|
4 |
|
|
3,448 |
|
|
— |
|
|
3,461 |
|
Other |
— |
|
|
1,658 |
|
|
1,058 |
|
|
— |
|
|
2,716 |
|
Inventories, net |
— |
|
|
25,156 |
|
|
261 |
|
|
— |
|
|
25,417 |
|
Prepaid expenses |
359 |
|
|
976 |
|
|
244 |
|
|
— |
|
|
1,579 |
|
Escrow deposits |
— |
|
|
3,777 |
|
|
— |
|
|
— |
|
|
3,777 |
|
Total current assets |
25,881 |
|
|
57,689 |
|
|
12,800 |
|
|
— |
|
|
96,370 |
|
Property and equipment |
— |
|
|
1,138,020 |
|
|
16,008 |
|
|
— |
|
|
1,154,028 |
|
Accumulated depreciation |
— |
|
|
(330,735 |
) |
|
(1,484 |
) |
|
— |
|
|
(332,219 |
) |
Net property and equipment |
— |
|
|
807,285 |
|
|
14,524 |
|
|
— |
|
|
821,809 |
|
Equity investments and advances |
— |
|
|
29,266 |
|
|
— |
|
|
— |
|
|
29,266 |
|
Investments in consolidated subsidiaries |
174,830 |
|
|
— |
|
|
— |
|
|
(174,830 |
) |
|
— |
|
Intangible assets |
— |
|
|
— |
|
|
1,137 |
|
|
— |
|
|
1,137 |
|
Deferred income taxes |
12,262 |
|
|
— |
|
|
— |
|
|
(12,262 |
) |
|
— |
|
Intercompany receivables |
460,623 |
|
|
— |
|
|
— |
|
|
(460,623 |
) |
|
— |
|
Other assets |
1,820 |
|
|
4,723 |
|
|
48 |
|
|
— |
|
|
6,591 |
|
Total assets |
$ |
675,416 |
|
|
$ |
898,963 |
|
|
$ |
28,509 |
|
|
$ |
(647,715 |
) |
|
$ |
955,173 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
322 |
|
|
$ |
6,273 |
|
|
$ |
2,281 |
|
|
$ |
— |
|
|
$ |
8,876 |
|
Accrued wages and benefits |
— |
|
|
6,446 |
|
|
2,061 |
|
|
— |
|
|
8,507 |
|
Accrued interest |
529 |
|
|
— |
|
|
— |
|
|
— |
|
|
529 |
|
Accrued income taxes |
— |
|
|
653 |
|
|
13 |
|
|
— |
|
|
666 |
|
Current portion of long-term debt |
— |
|
|
1,524 |
|
|
615 |
|
|
— |
|
|
2,139 |
|
Accrued other taxes |
29 |
|
|
645 |
|
|
773 |
|
|
— |
|
|
1,447 |
|
Accrued contingencies |
— |
|
|
— |
|
|
1,237 |
|
|
— |
|
|
1,237 |
|
Other current liabilities |
481 |
|
|
1,525 |
|
|
216 |
|
|
— |
|
|
2,222 |
|
Total current liabilities |
1,361 |
|
|
17,066 |
|
|
7,196 |
|
|
— |
|
|
25,623 |
|
Long-term debt |
205,730 |
|
|
21,642 |
|
|
2,767 |
|
|
— |
|
|
230,139 |
|
Deferred income taxes |
— |
|
|
237,067 |
|
|
667 |
|
|
(12,262 |
) |
|
225,472 |
|
Intercompany payables |
— |
|
|
426,410 |
|
|
34,213 |
|
|
(460,623 |
) |
|
— |
|
Other liabilities |
— |
|
|
1,301 |
|
|
— |
|
|
— |
|
|
1,301 |
|
Total liabilities |
207,091 |
|
|
703,486 |
|
|
44,843 |
|
|
(472,885 |
) |
|
482,535 |
|
Redeemable noncontrolling interest |
— |
|
|
4 |
|
|
4,217 |
|
|
— |
|
|
4,221 |
|
Equity: |
|
|
|
|
|
|
|
|
|
Era Group Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized; 20,936,636 outstanding, exclusive of treasury shares |
211 |
|
|
— |
|
|
— |
|
|
— |
|
|
211 |
|
Additional paid-in capital |
438,489 |
|
|
100,306 |
|
|
4,562 |
|
|
(104,868 |
) |
|
438,489 |
|
Retained earnings |
32,524 |
|
|
95,075 |
|
|
(25,113 |
) |
|
(69,962 |
) |
|
32,524 |
|
Treasury shares, at cost, 175,350 shares |
(2,899 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,899 |
) |
Accumulated other comprehensive income, net of tax |
— |
|
|
92 |
|
|
— |
|
|
— |
|
|
92 |
|
Total equity |
468,325 |
|
|
195,473 |
|
|
(20,551 |
) |
|
(174,830 |
) |
|
468,417 |
|
Total liabilities, redeemable noncontrolling interest and stockholders’ equity |
$ |
675,416 |
|
|
$ |
898,963 |
|
|
$ |
28,509 |
|
|
$ |
(647,715 |
) |
|
$ |
955,173 |
|
|
Condensed Income Statement |
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Operating revenues |
$ |
— |
|
|
$ |
201,653 |
|
|
$ |
60,466 |
|
|
$ |
(30,798 |
) |
|
$ |
231,321 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
133,077 |
|
|
65,167 |
|
|
(30,798 |
) |
|
167,446 |
|
Administrative and general |
7,887 |
|
|
28,451 |
|
|
5,754 |
|
|
— |
|
|
42,092 |
|
Depreciation |
— |
|
|
44,756 |
|
|
980 |
|
|
— |
|
|
45,736 |
|
Total costs and expenses |
7,887 |
|
|
206,284 |
|
|
71,901 |
|
|
(30,798 |
) |
|
255,274 |
|
Gains on asset dispositions, net |
— |
|
|
4,364 |
|
|
143 |
|
|
— |
|
|
4,507 |
|
Loss on impairment |
— |
|
|
(116,586 |
) |
|
(432 |
) |
|
— |
|
|
(117,018 |
) |
Operating income (loss) |
(7,887 |
) |
|
(116,853 |
) |
|
(11,724 |
) |
|
— |
|
|
(136,464 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
108 |
|
|
419 |
|
|
233 |
|
|
— |
|
|
760 |
|
Interest expense |
(14,495 |
) |
|
(800 |
) |
|
(1,468 |
) |
|
— |
|
|
(16,763 |
) |
Foreign currency gains, net |
256 |
|
|
330 |
|
|
(812 |
) |
|
— |
|
|
(226 |
) |
Other, net |
— |
|
|
143 |
|
|
(155 |
) |
|
— |
|
|
(12 |
) |
Total other income (expense) |
(14,131 |
) |
|
92 |
|
|
(2,202 |
) |
|
— |
|
|
(16,241 |
) |
Income (loss) before income taxes and equity earnings |
(22,018 |
) |
|
(116,761 |
) |
|
(13,926 |
) |
|
— |
|
|
(152,705 |
) |
Income tax expense (benefit) |
(7,338 |
) |
|
(112,295 |
) |
|
(3,032 |
) |
|
— |
|
|
(122,665 |
) |
Income (loss) before equity earnings |
(14,680 |
) |
|
(4,466 |
) |
|
(10,894 |
) |
|
— |
|
|
(30,040 |
) |
Equity earnings, net of tax |
|
|
|
1,425 |
|
|
— |
|
|
|
|
|
1,425 |
|
Equity in earnings (losses) of subsidiaries |
(13,481 |
) |
|
— |
|
|
— |
|
|
13,481 |
|
|
— |
|
Net income (loss) |
(28,161 |
) |
|
(3,041 |
) |
|
(10,894 |
) |
|
13,481 |
|
|
(28,615 |
) |
Net loss attributable to non-controlling interest in subsidiary |
— |
|
|
— |
|
|
454 |
|
|
— |
|
|
454 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
(28,161 |
) |
|
$ |
(3,041 |
) |
|
$ |
(10,440 |
) |
|
$ |
13,481 |
|
|
$ |
(28,161 |
) |
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Operating revenues |
$ |
— |
|
|
$ |
225,773 |
|
|
$ |
61,514 |
|
|
$ |
(40,059 |
) |
|
$ |
247,228 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
138,350 |
|
|
71,572 |
|
|
(40,059 |
) |
|
169,863 |
|
Administrative and general |
3,744 |
|
|
27,834 |
|
|
4,628 |
|
|
— |
|
|
36,206 |
|
Depreciation |
— |
|
|
48,248 |
|
|
1,067 |
|
|
— |
|
|
49,315 |
|
Total costs and expenses |
3,744 |
|
|
214,432 |
|
|
77,267 |
|
|
(40,059 |
) |
|
255,384 |
|
Gains on asset dispositions, net |
— |
|
|
5,035 |
|
|
(248 |
) |
|
— |
|
|
4,787 |
|
Operating income |
(3,744 |
) |
|
16,376 |
|
|
(16,001 |
) |
|
— |
|
|
(3,369 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
56 |
|
|
472 |
|
|
213 |
|
|
— |
|
|
741 |
|
Interest expense |
(16,033 |
) |
|
(809 |
) |
|
(483 |
) |
|
— |
|
|
(17,325 |
) |
Derivative losses, net |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Foreign currency gains (losses), net |
(77 |
) |
|
(879 |
) |
|
963 |
|
|
— |
|
|
7 |
|
Gain on debt extinguishment |
518 |
|
|
— |
|
|
— |
|
|
— |
|
|
518 |
|
Other, net |
— |
|
|
11 |
|
|
58 |
|
|
— |
|
|
69 |
|
Total other income (expense) |
(15,536 |
) |
|
(1,205 |
) |
|
751 |
|
|
— |
|
|
(15,990 |
) |
Income (loss) before income taxes and equity earnings |
(19,280 |
) |
|
15,171 |
|
|
(15,250 |
) |
|
— |
|
|
(19,359 |
) |
Income tax expense (benefit) |
(8,807 |
) |
|
4,971 |
|
|
479 |
|
|
— |
|
|
(3,357 |
) |
Income (loss) before equity earnings |
(10,473 |
) |
|
10,200 |
|
|
(15,729 |
) |
|
— |
|
|
(16,002 |
) |
Equity earnings, net of tax |
— |
|
|
1,092 |
|
|
— |
|
|
— |
|
|
1,092 |
|
Equity in earnings (losses) of subsidiaries |
2,495 |
|
|
— |
|
|
— |
|
|
(2,495 |
) |
|
— |
|
Net income (loss) |
(7,978 |
) |
|
11,292 |
|
|
(15,729 |
) |
|
(2,495 |
) |
|
(14,910 |
) |
Net income attributable to non-controlling interest in subsidiary |
— |
|
|
6,349 |
|
|
583 |
|
|
— |
|
|
6,932 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
(7,978 |
) |
|
$ |
17,641 |
|
|
$ |
(15,146 |
) |
|
$ |
(2,495 |
) |
|
$ |
(7,978 |
) |
Supplemental Condensed Consolidating Statements of Operations for the Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Operating revenues |
$ |
— |
|
|
$ |
262,898 |
|
|
$ |
18,952 |
|
|
$ |
(13 |
) |
|
$ |
281,837 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
149,702 |
|
|
21,792 |
|
|
(13 |
) |
|
171,481 |
|
Administrative and general |
6,484 |
|
|
33,326 |
|
|
3,002 |
|
|
— |
|
|
42,812 |
|
Depreciation |
— |
|
|
46,722 |
|
|
615 |
|
|
— |
|
|
47,337 |
|
Total costs and expenses |
6,484 |
|
|
229,750 |
|
|
25,409 |
|
|
(13 |
) |
|
261,630 |
|
Gains on asset dispositions, net |
— |
|
|
8,582 |
|
|
(2,629 |
) |
|
— |
|
|
5,953 |
|
Goodwill impairment |
— |
|
|
(352 |
) |
|
(1,514 |
) |
|
— |
|
|
(1,866 |
) |
Operating income (loss) |
(6,484 |
) |
|
41,378 |
|
|
(10,600 |
) |
|
— |
|
|
24,294 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
16 |
|
|
900 |
|
|
275 |
|
|
— |
|
|
1,191 |
|
Interest expense |
(12,479 |
) |
|
(773 |
) |
|
(274 |
) |
|
— |
|
|
(13,526 |
) |
Intercompany interest income (expense) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Foreign currency gains (losses), net |
569 |
|
|
(3,119 |
) |
|
(40 |
) |
|
— |
|
|
(2,590 |
) |
Gain on debt extinguishment |
1,617 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,617 |
|
Gain on sale of FBO |
12,946 |
|
|
— |
|
|
— |
|
|
— |
|
|
12,946 |
|
Other, net |
(3 |
) |
|
63 |
|
|
(15 |
) |
|
— |
|
|
45 |
|
Total other income (expense) |
2,666 |
|
|
(2,947 |
) |
|
(54 |
) |
|
— |
|
|
(335 |
) |
Income (loss) before income taxes and equity earnings |
(3,818 |
) |
|
38,431 |
|
|
(10,654 |
) |
|
— |
|
|
23,959 |
|
Income tax expense (benefit) |
(3,368 |
) |
|
17,625 |
|
|
(140 |
) |
|
— |
|
|
14,117 |
|
Income (loss) before equity earnings |
(450 |
) |
|
20,806 |
|
|
(10,514 |
) |
|
— |
|
|
9,842 |
|
Equity losses, net of tax |
— |
|
|
(1,943 |
) |
|
— |
|
|
— |
|
|
(1,943 |
) |
Equity in earnings (losses) of subsidiaries |
9,155 |
|
|
— |
|
|
— |
|
|
(9,155 |
) |
|
— |
|
Net income (loss) |
8,705 |
|
|
18,863 |
|
|
(10,514 |
) |
|
(9,155 |
) |
|
7,899 |
|
Net loss attributable to non-controlling interest in subsidiary |
— |
|
|
376 |
|
|
430 |
|
|
— |
|
|
806 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
8,705 |
|
|
$ |
19,239 |
|
|
$ |
(10,084 |
) |
|
$ |
(9,155 |
) |
|
$ |
8,705 |
|
|
Condensed Statement of Comprehensive Income |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(28,161 |
) |
|
$ |
(3,041 |
) |
|
$ |
(10,894 |
) |
|
$ |
13,481 |
|
|
$ |
(28,615 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
— |
|
|
18 |
|
|
— |
|
|
— |
|
|
18 |
|
Income tax benefit |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total other comprehensive income (loss) |
— |
|
|
18 |
|
|
— |
|
|
— |
|
|
18 |
|
Comprehensive income (loss) |
(28,161 |
) |
|
(3,023 |
) |
|
(10,894 |
) |
|
13,481 |
|
|
(28,597 |
) |
Comprehensive loss attributable to non-controlling interest in subsidiary |
— |
|
|
— |
|
|
454 |
|
|
— |
|
|
454 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(28,161 |
) |
|
$ |
(3,023 |
) |
|
$ |
(10,440 |
) |
|
$ |
13,481 |
|
|
$ |
(28,143 |
) |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(7,978 |
) |
|
$ |
11,292 |
|
|
$ |
(15,729 |
) |
|
$ |
(2,495 |
) |
|
$ |
(14,910 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income tax benefit |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Comprehensive income (loss) |
(7,978 |
) |
|
11,292 |
|
|
(15,729 |
) |
|
(2,495 |
) |
|
(14,910 |
) |
Comprehensive loss attributable to non-controlling interest in subsidiary |
— |
|
|
6,349 |
|
|
583 |
|
|
— |
|
|
6,932 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(7,978 |
) |
|
$ |
17,641 |
|
|
$ |
(15,146 |
) |
|
$ |
(2,495 |
) |
|
$ |
(7,978 |
) |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
8,705 |
|
|
$ |
18,863 |
|
|
$ |
(10,514 |
) |
|
$ |
(9,155 |
) |
|
$ |
7,899 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
— |
|
|
(4 |
) |
|
— |
|
|
— |
|
|
(4 |
) |
Income tax benefit |
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
1 |
|
Total other comprehensive loss |
— |
|
|
(3 |
) |
|
— |
|
|
— |
|
|
(3 |
) |
Comprehensive income (loss) |
8,705 |
|
|
18,860 |
|
|
(10,514 |
) |
|
(9,155 |
) |
|
7,896 |
|
Comprehensive loss attributable to non-controlling interest in subsidiary |
— |
|
|
376 |
|
|
430 |
|
|
— |
|
|
806 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
8,705 |
|
|
$ |
19,236 |
|
|
$ |
(10,084 |
) |
|
$ |
(9,155 |
) |
|
$ |
8,702 |
|
|
Condensed Cash Flow Statement |
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by (used in) operating activities |
$ |
(14,706 |
) |
|
$ |
32,601 |
|
|
$ |
2,201 |
|
|
$ |
— |
|
|
$ |
20,096 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(16,600 |
) |
|
(170 |
) |
|
— |
|
|
(16,770 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
9,392 |
|
|
— |
|
|
— |
|
|
9,392 |
|
Principal payments on notes due from equity investees |
— |
|
|
761 |
|
|
— |
|
|
— |
|
|
761 |
|
Investments in and advances to equity investees |
— |
|
|
(126 |
) |
|
— |
|
|
— |
|
|
(126 |
) |
Principal payments on third party notes receivable |
— |
|
|
169 |
|
|
— |
|
|
— |
|
|
169 |
|
Escrow deposits on like-kind exchanges, net |
— |
|
|
527 |
|
|
— |
|
|
— |
|
|
527 |
|
Net cash used in investing activities |
— |
|
|
(5,877 |
) |
|
(170 |
) |
|
— |
|
|
(6,047 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from Revolving Credit Facility |
— |
|
|
8,000 |
|
|
— |
|
|
9,000 |
|
|
17,000 |
|
Payments on long-term debt |
— |
|
|
(1,526 |
) |
|
(755 |
) |
|
(43,000 |
) |
|
(45,281 |
) |
Proceeds from share award plans |
— |
|
|
— |
|
|
— |
|
|
836 |
|
|
836 |
|
Purchase of treasury shares |
— |
|
|
— |
|
|
— |
|
|
(52 |
) |
|
(52 |
) |
Borrowings and repayments of intercompany debt |
— |
|
|
(33,216 |
) |
|
— |
|
|
33,216 |
|
|
— |
|
Net cash used in financing activities |
— |
|
|
(26,742 |
) |
|
(755 |
) |
|
— |
|
|
(27,497 |
) |
Effects of exchange rate changes on cash and cash equivalents |
32 |
|
|
18 |
|
|
31 |
|
|
— |
|
|
81 |
|
Net increase (decrease) in cash and cash equivalents |
(14,674 |
) |
|
— |
|
|
1,307 |
|
|
— |
|
|
(13,367 |
) |
Cash and cash equivalents, beginning of period |
25,474 |
|
|
— |
|
|
1,476 |
|
|
— |
|
|
26,950 |
|
Cash and cash equivalents, end of period |
$ |
10,800 |
|
|
$ |
— |
|
|
$ |
2,783 |
|
|
$ |
— |
|
|
$ |
13,583 |
|
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by (used in) operating activities |
$ |
17,909 |
|
|
$ |
41,239 |
|
|
$ |
(644 |
) |
|
$ |
— |
|
|
$ |
58,504 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(39,020 |
) |
|
(180 |
) |
|
|
|
|
(39,200 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
28,381 |
|
|
228 |
|
|
|
|
|
28,609 |
|
Return of helicopter deposits |
— |
|
|
544 |
|
|
— |
|
|
— |
|
|
544 |
|
Principal payments on notes due from equity investees |
— |
|
|
723 |
|
|
— |
|
|
— |
|
|
723 |
|
Principal payments on third party notes receivable |
— |
|
|
208 |
|
|
— |
|
|
— |
|
|
208 |
|
Escrow deposits, net |
— |
|
|
(3,848 |
) |
|
— |
|
|
190 |
|
|
(3,658 |
) |
Repayment of intercompany debt |
— |
|
|
190 |
|
|
— |
|
|
(190 |
) |
|
— |
|
Net cash used in investing activities |
— |
|
|
(12,822 |
) |
|
48 |
|
|
— |
|
|
(12,774 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from Revolving Credit Facility |
— |
|
|
— |
|
|
— |
|
|
12,000 |
|
|
12,000 |
|
Long-term debt issuance costs |
— |
|
|
— |
|
|
— |
|
|
(886 |
) |
|
(886 |
) |
Payments on long-term debt |
— |
|
|
(1,803 |
) |
|
(1,641 |
) |
|
(37,000 |
) |
|
(40,444 |
) |
Extinguishment of long-term debt |
— |
|
|
— |
|
|
— |
|
|
(4,331 |
) |
|
(4,331 |
) |
Proceeds from share award plans |
— |
|
|
— |
|
|
— |
|
|
836 |
|
|
836 |
|
Purchase of treasury shares |
— |
|
|
— |
|
|
— |
|
|
(161 |
) |
|
(161 |
) |
Repayment of intercompany debt |
— |
|
|
(29,542 |
) |
|
— |
|
|
29,542 |
|
|
— |
|
Net cash provided by financing activities |
— |
|
|
(31,345 |
) |
|
(1,641 |
) |
|
— |
|
|
(32,986 |
) |
Effects of exchange rate changes on cash and cash equivalents |
— |
|
|
(406 |
) |
|
242 |
|
|
— |
|
|
(164 |
) |
Net increase (decrease) in cash and cash equivalents |
17,909 |
|
|
(3,334 |
) |
|
(1,995 |
) |
|
— |
|
|
12,580 |
|
Cash and cash equivalents, beginning of period |
7,565 |
|
|
3,334 |
|
|
3,471 |
|
|
— |
|
|
14,370 |
|
Cash and cash equivalents, end of period |
$ |
25,474 |
|
|
$ |
— |
|
|
$ |
1,476 |
|
|
$ |
— |
|
|
$ |
26,950 |
|
Supplemental Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by operating activities |
$ |
(8,916 |
) |
|
$ |
38,111 |
|
|
$ |
15,261 |
|
|
$ |
— |
|
|
$ |
44,456 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(60,046 |
) |
|
(11,774 |
) |
|
11,770 |
|
|
(60,050 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
37,098 |
|
|
— |
|
|
(11,770 |
) |
|
25,328 |
|
Cash settlements on forward contracts, net |
— |
|
|
(1,103 |
) |
|
— |
|
|
— |
|
|
(1,103 |
) |
Business acquisitions, net of cash acquired |
— |
|
|
— |
|
|
(1,747 |
) |
|
— |
|
|
(1,747 |
) |
Investments in and advances to equity investees |
— |
|
|
(36 |
) |
|
— |
|
|
— |
|
|
(36 |
) |
Proceeds from sale of FBO |
— |
|
|
— |
|
|
— |
|
|
14,252 |
|
|
14,252 |
|
Principal payments on notes due from equity investees |
— |
|
|
688 |
|
|
— |
|
|
— |
|
|
688 |
|
Principal payments on third party notes receivable |
— |
|
|
52 |
|
|
— |
|
|
— |
|
|
52 |
|
Escrow deposits, net |
— |
|
|
(1 |
) |
|
— |
|
|
(190 |
) |
|
(191 |
) |
Repayment of intercompany debt |
— |
|
|
14,062 |
|
|
— |
|
|
(14,062 |
) |
|
— |
|
Net cash used in investing activities |
— |
|
|
(9,286 |
) |
|
(13,521 |
) |
|
— |
|
|
(22,807 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from Revolving Credit Facility |
— |
|
|
— |
|
|
— |
|
|
60,000 |
|
|
60,000 |
|
Long-term debt issuance costs |
— |
|
|
(71 |
) |
|
— |
|
|
— |
|
|
(71 |
) |
Payments on long-term debt |
— |
|
|
(2,458 |
) |
|
(467 |
) |
|
(55,000 |
) |
|
(57,925 |
) |
Extinguishment of long-term debt |
— |
|
|
— |
|
|
— |
|
|
(46,920 |
) |
|
(46,920 |
) |
Proceeds from share awards plans |
— |
|
|
— |
|
|
— |
|
|
1,096 |
|
|
1,096 |
|
Tax expense on vested restricted stock |
— |
|
|
— |
|
|
— |
|
|
(127 |
) |
|
(127 |
) |
Purchase of treasury shares |
— |
|
|
— |
|
|
— |
|
|
(2,079 |
) |
|
(2,079 |
) |
Repayment of intercompany debt |
— |
|
|
(43,030 |
) |
|
— |
|
|
43,030 |
|
|
— |
|
Net cash used in financing activities |
— |
|
|
(45,559 |
) |
|
(467 |
) |
|
— |
|
|
(46,026 |
) |
Effects of exchange rate changes on cash and cash equivalents |
— |
|
|
(2,120 |
) |
|
— |
|
|
— |
|
|
(2,120 |
) |
Net increase (decrease) in cash and cash equivalents |
(8,916 |
) |
|
(18,854 |
) |
| |