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, 2018

Supplemental Condensed Consolidating Balance Sheet as of March 31, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	14,195		$	—		$	2,358		$	—		$	16,553
Receivables:
Trade, operating, net of allowance for doubtful accounts of $1,058	—			28,008			6,439			—			34,447
Trade, dry-leasing	—			4,253			—			—			4,253
Tax receivable	1			—			3,465			—			3,466
Other	—			2,997			1,171			—			4,168
Inventories, net	—			20,437			393			—			20,830
Deferred income taxes	21,136			—			—			(21,136		)	—
Prepaid expenses	677			1,929			198			—			2,804
Total current assets	36,009			57,624			14,024			(21,136		)	86,521
Property and equipment	—			932,951			16,113			—			949,064
Accumulated depreciation	—			(294,628		)	(2,713		)	—			(297,341		)
Property and equipment, net	—			638,323			13,400			—			651,723
Equity investments and advances	—			30,445			—			—			30,445
Investments in consolidated subsidiaries	167,177			—			—			(167,177		)	—
Intangible assets	—			—			1,118			—			1,118
Intercompany receivables	408,068			—			—			(408,068		)	—
Other assets	1,688			3,040			70			—			4,798
Total assets	$	612,942		$	729,432		$	28,612		$	(596,381	)	$	774,605
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	871		$	7,778		$	2,435		$	—		$	11,084
Accrued wages and benefits	—			4,859			1,671			—			6,530
Accrued interest	3,485			—			—			—			3,485
Accrued income taxes	—			24			22			—			46
Accrued other taxes	—			1,375			481			—			1,856
Accrued contingencies	—			—			892			—			892
Current portion of long-term debt	—			1,524			772			—			2,296
Other current liabilities	2,536			600			30			—			3,166
Total current liabilities	6,892			16,160			6,303			—			29,355
Long-term debt	160,439			27,564			467			—			188,470
Deferred income taxes	—			125,751			1,250			(21,136		)	105,865
Intercompany payables	—			358,320			49,748			(408,068		)	—
Other liabilities	—			1,590			6			—			1,596
Total liabilities	167,331			529,385			57,774			(429,204		)	325,286
Redeemable noncontrolling interest	—			4			3,599			—			3,603
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	445,174			100,306			4,562			(104,868		)	445,174
Retained earnings	3,169			99,632			(37,323		)	(62,309		)	3,169
Treasury shares, at cost, 215,141 shares	(2,951		)	—			—			—			(2,951		)
Accumulated other comprehensive income, net of tax	—			105			—			—			105
Total equity	445,611			200,043			(32,761		)	(167,177		)	445,716
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	612,942		$	729,432		$	28,612		$	(596,381	)	$	774,605

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
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:
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 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	)

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	48,033		$	15,400		$	(8,906	)	$	54,527
Costs and expenses:
Operating	—			29,113			17,550			(8,906		)	37,757
Administrative and general	1,865			7,038			1,478			—			10,381
Depreciation	—			11,320			234			—			11,554
Total costs and expenses	1,865			47,471			19,262			(8,906		)	59,692
Gains on asset dispositions, net	—			109			—			—			109
Operating income (loss)	(1,865		)	671			(3,862		)	—			(5,056		)
Other income (expense):
Interest income	21			111			118			—			250
Interest expense	(3,241		)	(298		)	(50		)	—			(3,589		)
Foreign currency gains (losses), net	25			8			(5		)	—			28
Gain on debt extinguishment	—			—			—			—			—
Other, net	—			—			12			—			12
Total other income (expense)	(3,195		)	(179		)	75			—			(3,299		)
Income (loss) before income taxes and equity earnings	(5,060		)	492			(3,787		)	—			(8,355		)
Income tax benefit	(1,876		)	(16		)	(211		)	—			(2,103		)
Income (loss) before equity earnings	(3,184		)	508			(3,576		)	—			(6,252		)
Equity earnings, net of tax	—			465			—			—			465
Equity in earnings (losses) of subsidiaries	(2,436		)	—			—			2,436			—
Net income (loss)	(5,620		)	973			(3,576		)	2,436			(5,787		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			167			—			167
Net income (loss) attributable to Era Group Inc.	$	(5,620	)	$	973		$	(3,409	)	$	2,436		$	(5,620	)

Condensed Statement of Comprehensive Income

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 loss:
Foreign currency translation adjustments	—			(5		)	—			—			(5		)
Income tax benefit	—			—			—			—			—
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	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2017



	Parent			Guarantors			Non-guarantors			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	(5,620	)	$	973		$	(3,576	)	$	2,436	$	(5,787	)
Other comprehensive loss:
Foreign currency translation adjustments	—			(2		)	—			—		(2		)
Income tax benefit	—			—			—			—		—
Total other comprehensive loss	—			(2		)	—			—		(2		)
Comprehensive income (loss)	(5,620		)	971			(3,576		)	2,436		(5,789		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			167			—		167
Comprehensive income (loss) attributable to Era Group Inc.	$	(5,620	)	$	971		$	(3,409	)	$	2,436	$	(5,622	)

Condensed Cash Flow Statement

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
Investments in and advances to equity method investees	—		—			—			—			—
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		)
Proceeds from issuance of long-term debt	—		—			—			—			—
Proceeds from Revolving Credit Facility	—		—			—			—			—
Revolving Credit Facility issuance costs	—		—			—			(1,295		)	(1,295		)
Extinguishment of long-term debt	—		—			—			—			—
Proceeds from share award plans	—		—			—			484			484
Purchase of treasury shares	—		—			—			—			—
Tax expense on vested restricted stock	—		—			—			—			—
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

Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2017



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	(639	)	$	4,718		$	174		$	—		$	4,253
Cash flows from investing activities:
Purchases of property and equipment	—			(971		)	(34		)	—			(1,005		)
Proceeds from disposition of property and equipment	—			126			—			—			126
Return of helicopter deposit	—			(114		)	—			—			(114		)
Principal payments on notes due from equity investees	—			185			—			—			185
Principal payments on third party notes receivable	—			56			—			—			56
Net cash provided by (used in) investing activities	—			(718		)	(34		)	—			(752		)
Cash flows from financing activities:
Payments on long-term debt	—			(415		)	(166		)	(6,000		)	(6,581		)
Proceeds from Revolving Credit Facility	—			—			—			2,000			2,000
Extinguishment of long-term debt	—			—			—			—			—
Proceeds from share award plans	—			—			—			463			463
Purchase of treasury shares	—			—			—			(51		)	(51		)
Borrowings and repayments of intercompany debt	—			(3,588		)	—			3,588			—
Net cash used in financing activities	—			(4,003		)	(166		)	—			(4,169		)
Effects of exchange rate changes on cash and cash equivalents	—			3			54			—			57
Net increase (decrease) in cash and cash equivalents	(639		)	—			28			—			(611		)
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	$	24,835		$	3,777		$	1,504		$	—		$	30,116