GUARANTORS OF SECURITIES (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
Guarantees [Abstract] |
|
Condensed Balance Sheet |
Supplemental Condensed Consolidating Balance Sheet as of September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands, except share data) |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
46,351 |
|
|
$ |
— |
|
|
$ |
1,280 |
|
|
$ |
— |
|
|
$ |
47,631 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
Trade, operating, net of allowance for doubtful accounts of $854 |
— |
|
|
29,135 |
|
|
6,520 |
|
|
— |
|
|
35,655 |
|
Trade, dry-leasing |
— |
|
|
3,833 |
|
|
— |
|
|
— |
|
|
3,833 |
|
Tax receivable |
— |
|
|
— |
|
|
3,117 |
|
|
— |
|
|
3,117 |
|
Other |
— |
|
|
2,154 |
|
|
547 |
|
|
— |
|
|
2,701 |
|
Inventories, net |
— |
|
|
20,124 |
|
|
33 |
|
|
— |
|
|
20,157 |
|
Prepaid expenses |
501 |
|
|
1,560 |
|
|
306 |
|
|
— |
|
|
2,367 |
|
Total current assets |
46,852 |
|
|
56,806 |
|
|
11,803 |
|
|
— |
|
|
115,461 |
|
Property and equipment |
— |
|
|
910,730 |
|
|
16,747 |
|
|
— |
|
|
927,477 |
|
Accumulated depreciation |
— |
|
|
(311,342 |
) |
|
(3,394 |
) |
|
— |
|
|
(314,736 |
) |
Property and equipment, net |
— |
|
|
599,388 |
|
|
13,353 |
|
|
— |
|
|
612,741 |
|
Equity investments and advances |
— |
|
|
26,600 |
|
|
— |
|
|
— |
|
|
26,600 |
|
Investments in consolidated subsidiaries |
165,005 |
|
|
— |
|
|
— |
|
|
(165,005 |
) |
|
— |
|
Intangible assets |
— |
|
|
— |
|
|
1,111 |
|
|
— |
|
|
1,111 |
|
Deferred income taxes |
21,185 |
|
|
— |
|
|
— |
|
|
(21,185 |
) |
|
— |
|
Intercompany receivables |
375,131 |
|
|
— |
|
|
— |
|
|
(375,131 |
) |
|
— |
|
Other assets |
1,398 |
|
|
16,939 |
|
|
84 |
|
|
— |
|
|
18,421 |
|
Total assets |
$ |
609,571 |
|
|
$ |
699,733 |
|
|
$ |
26,351 |
|
|
$ |
(561,321 |
) |
|
$ |
774,334 |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
130 |
|
|
$ |
8,606 |
|
|
$ |
1,702 |
|
|
$ |
— |
|
|
$ |
10,438 |
|
Accrued wages and benefits |
— |
|
|
7,008 |
|
|
1,597 |
|
|
— |
|
|
8,605 |
|
Accrued interest |
3,337 |
|
|
67 |
|
|
— |
|
|
— |
|
|
3,404 |
|
Accrued income taxes |
2,970 |
|
|
— |
|
|
23 |
|
|
— |
|
|
2,993 |
|
Accrued other taxes |
244 |
|
|
1,791 |
|
|
361 |
|
|
— |
|
|
2,396 |
|
Accrued contingencies |
— |
|
|
— |
|
|
1,014 |
|
|
— |
|
|
1,014 |
|
Current portion of long-term debt |
— |
|
|
1,663 |
|
|
495 |
|
|
— |
|
|
2,158 |
|
Other current liabilities |
817 |
|
|
199 |
|
|
17 |
|
|
— |
|
|
1,033 |
|
Total current liabilities |
7,498 |
|
|
19,334 |
|
|
5,209 |
|
|
— |
|
|
32,041 |
|
Long-term debt |
133,743 |
|
|
26,733 |
|
|
— |
|
|
— |
|
|
160,476 |
|
Deferred income taxes |
— |
|
|
128,073 |
|
|
1,250 |
|
|
(21,185 |
) |
|
108,138 |
|
Intercompany payables |
— |
|
|
322,117 |
|
|
53,047 |
|
|
(375,164 |
) |
|
— |
|
Other liabilities |
— |
|
|
1,753 |
|
|
— |
|
|
— |
|
|
1,753 |
|
Total liabilities |
141,241 |
|
|
498,010 |
|
|
59,506 |
|
|
(396,349 |
) |
|
302,408 |
|
Redeemable noncontrolling interest |
— |
|
|
3 |
|
|
3,453 |
|
|
— |
|
|
3,456 |
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,761,823 outstanding, exclusive of treasury shares |
219 |
|
|
— |
|
|
— |
|
|
— |
|
|
219 |
|
Additional paid-in capital |
447,014 |
|
|
100,305 |
|
|
4,562 |
|
|
(104,868 |
) |
|
447,013 |
|
Retained earnings |
24,048 |
|
|
101,305 |
|
|
(41,170 |
) |
|
(60,104 |
) |
|
24,079 |
|
Treasury shares, at cost, 215,141 shares |
(2,951 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,951 |
) |
Accumulated other comprehensive income, net of tax |
|
|
|
110 |
|
|
— |
|
|
— |
|
|
110 |
|
Total equity |
468,330 |
|
|
201,720 |
|
|
(36,608 |
) |
|
(164,972 |
) |
|
468,470 |
|
Total liabilities, redeemable noncontrolling interest and stockholders’ equity |
$ |
609,571 |
|
|
$ |
699,733 |
|
|
$ |
26,351 |
|
|
$ |
(561,321 |
) |
|
$ |
774,334 |
|
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 |
|
Accrued other taxes |
18 |
|
|
1,192 |
|
|
600 |
|
|
— |
|
|
1,810 |
|
Accrued contingencies |
— |
|
|
— |
|
|
859 |
|
|
— |
|
|
859 |
|
Current portion of long-term debt |
— |
|
|
1,663 |
|
|
1,073 |
|
|
— |
|
|
2,736 |
|
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 September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Revenues |
$ |
— |
|
|
$ |
48,631 |
|
|
$ |
13,623 |
|
|
$ |
(7,644 |
) |
|
$ |
54,610 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
29,888 |
|
|
14,302 |
|
|
(7,677 |
) |
|
36,513 |
|
Administrative and general |
901 |
|
|
6,957 |
|
|
979 |
|
|
— |
|
|
8,837 |
|
Depreciation |
— |
|
|
9,316 |
|
|
225 |
|
|
— |
|
|
9,541 |
|
Total costs and expenses |
901 |
|
|
46,161 |
|
|
15,506 |
|
|
(7,677 |
) |
|
54,891 |
|
Losses on asset dispositions, net |
— |
|
|
(148 |
) |
|
— |
|
|
— |
|
|
(148 |
) |
Litigation settlement proceeds |
42,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
42,000 |
|
Operating income (loss) |
41,099 |
|
|
2,322 |
|
|
(1,883 |
) |
|
33 |
|
|
41,571 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
171 |
|
|
448 |
|
|
113 |
|
|
— |
|
|
732 |
|
Interest expense |
(3,330 |
) |
|
(204 |
) |
|
(15 |
) |
|
— |
|
|
(3,549 |
) |
Foreign currency losses, net |
(10 |
) |
|
(16 |
) |
|
(68 |
) |
|
— |
|
|
(94 |
) |
Other, net |
— |
|
|
21 |
|
|
(6 |
) |
|
— |
|
|
15 |
|
Total other income (expense) |
(3,169 |
) |
|
249 |
|
|
24 |
|
|
— |
|
|
(2,896 |
) |
Income (loss) before income taxes and equity earnings |
37,930 |
|
|
2,571 |
|
|
(1,859 |
) |
|
33 |
|
|
38,675 |
|
Income tax expense |
3,928 |
|
|
3,933 |
|
|
— |
|
|
— |
|
|
7,861 |
|
Income (loss) before equity earnings |
34,002 |
|
|
(1,362 |
) |
|
(1,859 |
) |
|
33 |
|
|
30,814 |
|
Equity in earnings (losses) of subsidiaries |
(2,747 |
) |
|
465 |
|
|
— |
|
|
2,747 |
|
|
465 |
|
Net income (loss) |
31,255 |
|
|
(897 |
) |
|
(1,859 |
) |
|
2,780 |
|
|
31,279 |
|
Net loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
31,255 |
|
|
$ |
(897 |
) |
|
$ |
(1,849 |
) |
|
$ |
2,780 |
|
|
$ |
31,289 |
|
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Revenues |
$ |
— |
|
|
$ |
51,919 |
|
|
$ |
16,729 |
|
|
$ |
(7,263 |
) |
|
$ |
61,385 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
35,826 |
|
|
15,424 |
|
|
(7,263 |
) |
|
43,987 |
|
Administrative and general |
2,305 |
|
|
7,306 |
|
|
1,317 |
|
|
— |
|
|
10,928 |
|
Depreciation |
— |
|
|
11,851 |
|
|
252 |
|
|
— |
|
|
12,103 |
|
Total costs and expenses |
2,305 |
|
|
54,983 |
|
|
16,993 |
|
|
(7,263 |
) |
|
67,018 |
|
Gains on asset dispositions, net |
— |
|
|
(122 |
) |
|
— |
|
|
— |
|
|
(122 |
) |
Loss on impairment |
— |
|
|
(116,586 |
) |
|
(432 |
) |
|
— |
|
|
(117,018 |
) |
Operating income (loss) |
(2,305 |
) |
|
(119,772 |
) |
|
(696 |
) |
|
— |
|
|
(122,773 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
47 |
|
|
102 |
|
|
57 |
|
|
— |
|
|
206 |
|
Interest expense |
(3,838 |
) |
|
(170 |
) |
|
(89 |
) |
|
— |
|
|
(4,097 |
) |
Foreign currency gains (losses), net |
66 |
|
|
85 |
|
|
(139 |
) |
|
— |
|
|
12 |
|
Other, net |
— |
|
|
(1 |
) |
|
(32 |
) |
|
— |
|
|
(33 |
) |
Total other income (expense) |
(3,725 |
) |
|
16 |
|
|
(203 |
) |
|
— |
|
|
(3,912 |
) |
Income (loss) before income taxes and equity earnings |
(6,030 |
) |
|
(119,756 |
) |
|
(899 |
) |
|
— |
|
|
(126,685 |
) |
Income tax expense (benefit) |
(2,114 |
) |
|
(43,276 |
) |
|
153 |
|
|
— |
|
|
(45,237 |
) |
Income (loss) before equity earnings |
(3,916 |
) |
|
(76,480 |
) |
|
(1,052 |
) |
|
— |
|
|
(81,448 |
) |
Equity earnings, net of tax |
— |
|
|
233 |
|
|
— |
|
|
— |
|
|
233 |
|
Equity in earnings (losses) of subsidiaries |
(77,532 |
) |
|
— |
|
|
— |
|
|
77,532 |
|
|
— |
|
Net income (loss) |
(81,448 |
) |
|
(76,247 |
) |
|
(1,052 |
) |
|
77,532 |
|
|
(81,215 |
) |
Net loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
(233 |
) |
|
— |
|
|
(233 |
) |
Net income (loss) attributable to Era Group Inc. |
$ |
(81,448 |
) |
|
$ |
(76,247 |
) |
|
$ |
(1,285 |
) |
|
$ |
77,532 |
|
|
$ |
(81,448 |
) |
Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Revenues |
$ |
— |
|
|
$ |
148,512 |
|
|
$ |
42,252 |
|
|
$ |
(21,104 |
) |
|
$ |
169,660 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
92,317 |
|
|
43,325 |
|
|
(21,137 |
) |
|
114,505 |
|
Administrative and general |
14,087 |
|
|
18,182 |
|
|
3,445 |
|
|
— |
|
|
35,714 |
|
Depreciation |
— |
|
|
29,283 |
|
|
728 |
|
|
— |
|
|
30,011 |
|
Total costs and expenses |
14,087 |
|
|
139,782 |
|
|
47,498 |
|
|
(21,137 |
) |
|
180,230 |
|
Gains on asset dispositions, net |
— |
|
|
2,269 |
|
|
— |
|
|
— |
|
|
2,269 |
|
Litigation settlement proceeds |
42,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
42,000 |
|
Operating income (loss) |
27,913 |
|
|
10,999 |
|
|
(5,246 |
) |
|
33 |
|
|
33,699 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
180 |
|
|
878 |
|
|
166 |
|
|
— |
|
|
1,224 |
|
Interest expense |
(10,925 |
) |
|
(595 |
) |
|
(126 |
) |
|
— |
|
|
(11,646 |
) |
Foreign currency losses, net |
(66 |
) |
|
(141 |
) |
|
(888 |
) |
|
— |
|
|
(1,095 |
) |
Gain on debt extinguishment |
— |
|
|
— |
|
|
175 |
|
|
— |
|
|
175 |
|
Other, net |
— |
|
|
31 |
|
|
(10 |
) |
|
— |
|
|
21 |
|
Total other income (expense) |
(10,811 |
) |
|
173 |
|
|
(683 |
) |
|
— |
|
|
(11,321 |
) |
Income (loss) before income taxes and equity earnings |
17,102 |
|
|
11,172 |
|
|
(5,929 |
) |
|
33 |
|
|
22,378 |
|
Income tax expense |
1,075 |
|
|
3,474 |
|
|
— |
|
|
— |
|
|
4,549 |
|
Income (loss) before equity earnings |
16,027 |
|
|
7,698 |
|
|
(5,929 |
) |
|
33 |
|
|
17,829 |
|
Equity in earnings (losses) of subsidiaries |
3,655 |
|
|
1,577 |
|
|
— |
|
|
(3,655 |
) |
|
1,577 |
|
Net income (loss) |
19,682 |
|
|
9,275 |
|
|
(5,929 |
) |
|
(3,622 |
) |
|
19,406 |
|
Net loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
310 |
|
|
— |
|
|
310 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
19,682 |
|
|
$ |
9,275 |
|
|
$ |
(5,619 |
) |
|
$ |
(3,622 |
) |
|
$ |
19,716 |
|
Supplemental Condensed Consolidating Statements of Operations for the Nine Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Revenues |
$ |
— |
|
|
$ |
151,550 |
|
|
$ |
46,132 |
|
|
$ |
(23,892 |
) |
|
$ |
173,790 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Operating |
— |
|
|
98,117 |
|
|
48,854 |
|
|
(23,892 |
) |
|
123,079 |
|
Administrative and general |
5,280 |
|
|
21,648 |
|
|
4,283 |
|
|
— |
|
|
31,211 |
|
Depreciation |
— |
|
|
34,898 |
|
|
737 |
|
|
— |
|
|
35,635 |
|
Total costs and expenses |
5,280 |
|
|
154,663 |
|
|
53,874 |
|
|
(23,892 |
) |
|
189,925 |
|
Gains on asset dispositions, net |
— |
|
|
5,048 |
|
|
— |
|
|
— |
|
|
5,048 |
|
Loss on impairment |
— |
|
|
(116,586 |
) |
|
(432 |
) |
|
|
|
(117,018 |
) |
Operating income (loss) |
(5,280 |
) |
|
(114,651 |
) |
|
(8,174 |
) |
|
— |
|
|
(128,105 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income |
96 |
|
|
320 |
|
|
225 |
|
|
— |
|
|
641 |
|
Interest expense |
(10,800 |
) |
|
(627 |
) |
|
(193 |
) |
|
— |
|
|
(11,620 |
) |
Foreign currency gains (losses), net |
220 |
|
|
253 |
|
|
(569 |
) |
|
— |
|
|
(96 |
) |
Other, net |
— |
|
|
— |
|
|
(29 |
) |
|
— |
|
|
(29 |
) |
Total other income (expense) |
(10,484 |
) |
|
(54 |
) |
|
(566 |
) |
|
— |
|
|
(11,104 |
) |
Income (loss) before income taxes and equity earnings |
(15,764 |
) |
|
(114,705 |
) |
|
(8,740 |
) |
|
— |
|
|
(139,209 |
) |
Income tax expense (benefit) |
(5,297 |
) |
|
(43,282 |
) |
|
513 |
|
|
— |
|
|
(48,066 |
) |
Income (loss) before equity earnings |
(10,467 |
) |
|
(71,423 |
) |
|
(9,253 |
) |
|
— |
|
|
(91,143 |
) |
Equity earnings, net of tax |
— |
|
|
1,069 |
|
|
— |
|
|
— |
|
|
1,069 |
|
Equity in earnings (losses) of subsidiaries |
(79,388 |
) |
|
— |
|
|
— |
|
|
79,388 |
|
|
— |
|
Net income (loss) |
(89,855 |
) |
|
(70,354 |
) |
|
(9,253 |
) |
|
79,388 |
|
|
(90,074 |
) |
Net loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
219 |
|
|
— |
|
|
219 |
|
Net income (loss) attributable to Era Group Inc. |
$ |
(89,855 |
) |
|
$ |
(70,354 |
) |
|
$ |
(9,034 |
) |
|
$ |
79,388 |
|
|
$ |
(89,855 |
) |
|
Condensed Statement of Comprehensive Income |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
31,255 |
|
|
$ |
(897 |
) |
|
$ |
(1,859 |
) |
|
$ |
2,780 |
|
|
$ |
31,279 |
|
Comprehensive income (loss) |
31,255 |
|
|
(897 |
) |
|
(1,859 |
) |
|
2,780 |
|
|
31,279 |
|
Comprehensive income attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
10 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
31,255 |
|
|
$ |
(897 |
) |
|
$ |
(1,849 |
) |
|
$ |
2,780 |
|
|
$ |
31,289 |
|
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(81,448 |
) |
|
$ |
(76,247 |
) |
|
$ |
(1,052 |
) |
|
$ |
77,532 |
|
|
$ |
(81,215 |
) |
Comprehensive income (loss) |
(81,448 |
) |
|
(76,247 |
) |
|
(1,052 |
) |
|
77,532 |
|
|
(81,215 |
) |
Comprehensive loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
(233 |
) |
|
— |
|
|
(233 |
) |
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(81,448 |
) |
|
$ |
(76,247 |
) |
|
$ |
(1,285 |
) |
|
$ |
77,532 |
|
|
$ |
(81,448 |
) |
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
19,682 |
|
|
$ |
9,275 |
|
|
$ |
(5,929 |
) |
|
$ |
(3,622 |
) |
|
$ |
19,406 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
— |
|
|
(5 |
) |
|
— |
|
|
— |
|
|
(5 |
) |
Total other comprehensive loss |
— |
|
|
(5 |
) |
|
— |
|
|
— |
|
|
(5 |
) |
Comprehensive income (loss) |
19,682 |
|
|
9,270 |
|
|
(5,929 |
) |
|
(3,622 |
) |
|
19,401 |
|
Comprehensive loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
310 |
|
|
— |
|
|
310 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
19,682 |
|
|
$ |
9,270 |
|
|
$ |
(5,619 |
) |
|
$ |
(3,622 |
) |
|
$ |
19,711 |
|
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Nine Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net income (loss) |
$ |
(89,855 |
) |
|
$ |
(70,354 |
) |
|
$ |
(9,253 |
) |
|
$ |
79,388 |
|
|
$ |
(90,074 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
— |
|
|
(2 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
Total other comprehensive loss |
— |
|
|
(2 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
Comprehensive income (loss) |
(89,855 |
) |
|
(70,356 |
) |
|
(9,253 |
) |
|
79,388 |
|
|
(90,076 |
) |
Comprehensive loss attributable to noncontrolling interest in subsidiary |
— |
|
|
— |
|
|
219 |
|
|
— |
|
|
219 |
|
Comprehensive income (loss) attributable to Era Group Inc. |
$ |
(89,855 |
) |
|
$ |
(70,356 |
) |
|
$ |
(9,034 |
) |
|
$ |
79,388 |
|
|
$ |
(89,857 |
) |
|
Condensed Cash Flow Statement |
Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by provided by operating activities |
$ |
35,550 |
|
|
$ |
13,319 |
|
|
$ |
1,483 |
|
|
$ |
— |
|
|
$ |
50,352 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(7,461 |
) |
|
(225 |
) |
|
— |
|
|
(7,686 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
29,520 |
|
|
— |
|
|
— |
|
|
29,520 |
|
Dividends received from equity investees
|
— |
|
|
1,000 |
|
|
— |
|
|
— |
|
|
1,000 |
|
Principal payments on notes due from equity investees |
— |
|
|
401 |
|
|
— |
|
|
— |
|
|
401 |
|
Principal payments on third party notes receivable |
— |
|
|
620 |
|
|
— |
|
|
— |
|
|
620 |
|
Net cash used in investing activities |
— |
|
|
24,080 |
|
|
(225 |
) |
|
— |
|
|
23,855 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Long-term debt issuance costs |
— |
|
|
— |
|
|
— |
|
|
(1,295 |
) |
|
(1,295 |
) |
Payments on long-term debt |
— |
|
|
(1,247 |
) |
|
(2,315 |
) |
|
(39,000 |
) |
|
(42,562 |
) |
Proceeds from share award plans |
— |
|
|
— |
|
|
— |
|
|
893 |
|
|
893 |
|
Borrowings and repayments of intercompany debt |
— |
|
|
(39,402 |
) |
|
— |
|
|
39,402 |
|
|
— |
|
Net cash used in financing activities |
— |
|
|
(40,649 |
) |
|
(2,315 |
) |
|
— |
|
|
(42,964 |
) |
Effects of exchange rate changes on cash and cash equivalents |
— |
|
|
— |
|
|
(445 |
) |
|
— |
|
|
(445 |
) |
Net increase (decrease) in cash and cash equivalents |
35,550 |
|
|
(3,250 |
) |
|
(1,502 |
) |
|
— |
|
|
30,798 |
|
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 |
$ |
46,350 |
|
|
$ |
— |
|
|
$ |
1,281 |
|
|
$ |
— |
|
|
$ |
47,631 |
|
Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantors |
|
Non-guarantors |
|
Eliminations |
|
Consolidated |
|
(in thousands) |
Net cash provided by (used in) operating activities |
$ |
(267 |
) |
|
$ |
17,477 |
|
|
$ |
718 |
|
|
$ |
— |
|
|
$ |
17,928 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
— |
|
|
(13,013 |
) |
|
(108 |
) |
|
— |
|
|
(13,121 |
) |
Proceeds from disposition of property and equipment |
— |
|
|
5,690 |
|
|
— |
|
|
— |
|
|
5,690 |
|
Investments in and advances to equity investees |
— |
|
|
(126 |
) |
|
— |
|
|
— |
|
|
(126 |
) |
Principal payments on notes due from equity investees |
— |
|
|
564 |
|
|
— |
|
|
— |
|
|
564 |
|
Principal payments on third party notes receivable |
— |
|
|
94 |
|
|
— |
|
|
— |
|
|
94 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(6,791 |
) |
|
(108 |
) |
|
— |
|
|
(6,899 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from Revolving Credit Facility |
— |
|
|
— |
|
|
— |
|
|
9,000 |
|
|
9,000 |
|
Payments on long-term debt |
— |
|
|
(1,247 |
) |
|
(498 |
) |
|
(23,000 |
) |
|
(24,745 |
) |
Proceeds from share award plans |
— |
|
|
— |
|
|
— |
|
|
836 |
|
|
836 |
|
Purchase of treasury shares |
— |
|
|
— |
|
|
— |
|
|
(52 |
) |
|
(52 |
) |
Borrowings and repayments of intercompany debt |
— |
|
|
(13,216 |
) |
|
— |
|
|
13,216 |
|
|
— |
|
Net cash used in financing activities |
— |
|
|
(14,463 |
) |
|
(498 |
) |
|
— |
|
|
(14,961 |
) |
Effects of exchange rate changes on cash and cash equivalents |
27 |
|
|
— |
|
|
74 |
|
|
— |
|
|
101 |
|
Net increase (decrease) in cash and cash equivalents |
(240 |
) |
|
(3,777 |
) |
|
186 |
|
|
— |
|
|
(3,831 |
) |
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 |
$ |
25,234 |
|
|
$ |
— |
|
|
$ |
1,662 |
|
|
$ |
— |
|
|
$ |
26,896 |
|
|