Bristow Group Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

REVENUES

REVENUES

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

The Company derives its revenues primarily from oil and gas flight services, emergency response services and leasing activities. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

The following table presents the Company’s operating revenues disaggregated by geographical region in which services are provided:



	Three Months Ended March 31,
	2019		2018
Operating revenues:
United States	$	34,214	$	39,133
International	13,616		15,617
Total operating revenues	$	47,830	$	54,750

The following table presents the Company’s total revenues earned by service line:



	Three Months Ended March 31,
	2019		2018
Revenues:
Oil and gas flight services:
U.S.	$	32,466	$	36,536
International	13,616		15,617
Total oil and gas	46,082		52,153
Emergency response services	1,748		2,597
Total operating revenues	$	47,830	$	54,750
Dry-leasing revenues:
U.S.	451		571
International	3,012		2,001
Total revenues	$	51,293	$	57,322

The Company determines revenue recognition by applying the following steps:


1.	Identify the contract with a customer;


2.	Identify the performance obligations in the contract;


3.	Determine the transaction price;


4.	Allocate the transaction price to the performance obligations; and


5.	Recognize revenue as the performance obligations are satisfied.

The Company earns the majority of its revenue through master service agreements or subscription agreements, which typically include a fixed monthly or daily fee, incremental fees based on hours flown and fees for ancillary items such as fuel, security, charter services, etc. The Company’s arrangements to serve its customers represent a promise to stand ready to provide services at the customer’s discretion.

The Company recognizes revenue for flight services and emergency response services with the passing of each day as the Company has the right to consideration from its customers in an amount that corresponds directly with the value to the customer of performance completed to date. The Company typically invoices customers on a monthly basis for revenues earned during the prior month, with payment terms of 30 days. The Company’s customer arrangements do not contain any significant financing component for customers. Amounts for taxes collected from customers and remitted to governmental authorities are reported on a net basis.