Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES (Tables)

v3.10.0.1
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