Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES (Tables)

v3.19.1
GUARANTORS OF SECURITIES (Tables)
3 Months Ended
Mar. 31, 2019
Guarantees [Abstract]  
Condensed Balance Sheet
Supplemental Condensed Consolidating Balance Sheet as of March 31, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
48,876

 
$

 
$
736

 
$

 
$
49,612

Receivables:
 
 
 
 
 
 
 
 
 
Trade, operating, net of allowance for doubtful accounts of $261

 
24,741

 
9,991

 

 
34,732

Trade, dry-leasing

 
2,446

 

 

 
2,446

Tax receivable

 
6

 
2,837

 

 
2,843

Other
5,000

 
1,863

 
341

 

 
7,204

Inventories, net

 
20,858

 
35

 

 
20,893

Prepaid expenses
726

 
1,292

 
215

 

 
2,233

Total current assets
54,602

 
51,206

 
14,155

 

 
119,963

Property and equipment

 
901,547

 
16,705

 

 
918,252

Accumulated depreciation

 
(323,733
)
 
(3,711
)
 

 
(327,444
)
Property and equipment, net

 
577,814

 
12,994

 

 
590,808

Operating lease right-of-use

 
7,317

 
1,143

 

 
8,460

Equity investments and advances

 
24,427

 

 

 
24,427

Investments in consolidated subsidiaries
171,671

 

 

 
(171,671
)
 

Intangible assets

 

 
1,102

 

 
1,102

Deferred income taxes
11,513

 

 

 
(11,513
)
 

Intercompany receivables
358,653

 

 

 
(358,653
)
 

Other assets
1,106

 
19,873

 
102

 

 
21,081

Total assets
$
597,545

 
$
680,637

 
$
29,496

 
$
(541,837
)
 
$
765,841

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
584

 
$
10,378

 
$
1,681

 
$

 
$
12,643

Accrued wages and benefits
5

 
4,060

 
1,459

 

 
5,524

Accrued interest
3,307

 
69

 

 

 
3,376

Accrued income taxes
69

 
2,800

 
5

 

 
2,874

Accrued other taxes
306

 
687

 
421

 

 
1,414

Accrued contingencies

 

 
656

 

 
656

Current portion of long-term debt

 
1,663

 
275

 

 
1,938

Other current liabilities
469

 
2,167

 
456

 

 
3,092

Total current liabilities
4,740

 
21,824

 
4,953

 

 
31,517

Long-term debt
134,060

 
25,901

 

 

 
159,961

Deferred income taxes

 
115,091

 
1,245

 
(11,512
)
 
104,824

Intercompany payables

 
298,659

 
60,026

 
(358,685
)
 

Operating lease liabilities

 
6,074

 
699

 

 
6,773

Other liabilities

 
721

 

 

 
721

Total liabilities
138,800

 
468,270

 
66,923

 
(370,197
)
 
303,796

Redeemable noncontrolling interest

 
3

 
3,157

 

 
3,160

Equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 22,220,676 outstanding, exclusive of treasury shares
224

 

 

 

 
224

Additional paid-in capital
448,692

 
100,306

 
4,561

 
(104,869
)
 
448,690

Retained earnings
12,310

 
111,948

 
(45,145
)
 
(66,771
)
 
12,342

Treasury shares, at cost, 157,267 shares
(2,481
)
 

 

 

 
(2,481
)
Accumulated other comprehensive income, net of tax


 
110

 

 

 
110

Total equity
458,745

 
212,364

 
(40,584
)
 
(171,640
)
 
458,885

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
597,545

 
$
680,637

 
$
29,496

 
$
(541,837
)
 
$
765,841

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2018
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
48,396

 
$

 
$
2,357

 
$

 
$
50,753

Receivables:
 
 
 
 
 
 
 
 
 
Trade, operating, net of allowance for doubtful accounts of $261

 
27,509

 
5,797

 

 
33,306

Trade, dry-leasing

 
3,803

 

 

 
3,803

Tax receivables

 
6

 
3,181

 

 
3,187

Other

 
1,949

 
394

 

 
2,343

Inventories, net

 
20,633

 
40

 

 
20,673

Prepaid expenses
398

 
1,219

 
190

 

 
1,807

Total current assets
48,794

 
55,119

 
11,959

 

 
115,872

Property and equipment

 
900,611

 
16,550

 

 
917,161

Accumulated depreciation

 
(314,567
)
 
(3,400
)
 

 
(317,967
)
Net property and equipment

 
586,044

 
13,150

 

 
599,194

Equity investments and advances

 
27,112

 

 

 
27,112

Investments in consolidated subsidiaries
172,950

 

 

 
(172,950
)
 

Intangible assets

 

 
1,107

 

 
1,107

Deferred income taxes
9,904

 

 

 
(9,904
)
 

Intercompany receivables
366,541

 

 

 
(366,541
)
 

Other assets
1,251

 
20,231

 
96

 

 
21,578

Total assets
$
599,440

 
$
688,506

 
$
26,312

 
$
(549,395
)
 
$
764,863

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
136

 
$
11,357

 
$
1,668

 
$

 
$
13,161

Accrued wages and benefits
43

 
7,743

 
1,481

 

 
9,267

Accrued interest
500

 
69

 

 

 
569

Accrued income taxes
918

 
6

 
49

 

 
973

Accrued other taxes

 
768

 
500

 

 
1,268

Accrued contingencies

 

 
630

 

 
630

Current portion of long-term debt

 
1,663

 
395

 

 
2,058

Other current liabilities
647

 
220

 
11

 

 
878

Total current liabilities
2,244

 
21,826

 
4,734

 

 
28,804

Long-term debt
133,900

 
26,317

 

 

 
160,217

Deferred income taxes

 
117,015

 
1,245

 
(9,903
)
 
108,357

Intercompany payables

 
310,727

 
55,847

 
(366,574
)
 

Other liabilities

 
720

 
27

 

 
747

Total liabilities
136,144

 
476,605

 
61,853

 
(376,477
)
 
298,125

Redeemable noncontrolling interest

 
3

 
3,299

 

 
3,302

Equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,765,404 shares outstanding, exclusive of treasury shares
219

 

 

 

 
219

Additional paid-in capital
447,299

 
100,306

 
4,562

 
(104,869
)
 
447,298

Retained earnings
18,254

 
111,482

 
(43,402
)
 
(68,049
)
 
18,285

Treasury shares, at cost, 156,737 shares
(2,476
)
 

 

 

 
(2,476
)
Accumulated other comprehensive income, net of tax

 
110

 

 

 
110

Total equity
463,296

 
211,898

 
(38,840
)
 
(172,918
)
 
463,436

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
599,440

 
$
688,506

 
$
26,312

 
$
(549,395
)
 
$
764,863

Condensed Income Statement
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Revenues
$

 
$
45,314

 
$
13,617

 
$
(7,638
)
 
$
51,293

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
30,049

 
14,285

 
(7,638
)
 
36,696

Administrative and general
1,242

 
6,672

 
961

 

 
8,875

Depreciation

 
9,197

 
253

 

 
9,450

Total costs and expenses
1,242

 
45,918

 
15,499

 
(7,638
)
 
55,021

Losses on asset dispositions, net

 
(124
)
 

 

 
(124
)
Operating income (loss)
(1,242
)
 
(728
)
 
(1,882
)
 

 
(3,852
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
196

 
504

 
52

 

 
752

Interest expense
(3,241
)
 
(213
)
 
(7
)
 

 
(3,461
)
Foreign currency losses, net
(40
)
 
(49
)
 
(37
)
 

 
(126
)
Other, net

 
(1
)
 
(10
)
 

 
(11
)
Total other income (expense)
(3,085
)
 
241

 
(2
)
 

 
(2,846
)
Income (loss) before income taxes and equity earnings
(4,327
)
 
(487
)
 
(1,884
)
 

 
(6,698
)
Income tax expense
336

 
(1,924
)
 

 

 
(1,588
)
Income (loss) before equity earnings
(4,663
)
 
1,437

 
(1,884
)
 

 
(5,110
)
Equity in earnings (losses) of subsidiaries
(1,280
)
 
(975
)
 

 
1,280

 
(975
)
Net income (loss)
(5,943
)
 
462

 
(1,884
)
 
1,280

 
(6,085
)
Net loss attributable to noncontrolling interest in subsidiary

 

 
142

 

 
142

Net income (loss) attributable to Era Group Inc.
$
(5,943
)
 
$
462

 
$
(1,742
)
 
$
1,280

 
$
(5,943
)
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
)
Condensed Statement of Comprehensive Income
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(5,943
)
 
$
462

 
$
(1,884
)
 
$
1,280

 
$
(6,085
)
Comprehensive income (loss)
(5,943
)
 
462

 
(1,884
)
 
1,280

 
(6,085
)
Comprehensive loss attributable to noncontrolling interest in subsidiary

 

 
142

 

 
142

Comprehensive income (loss) attributable to Era Group Inc.
$
(5,943
)
 
$
462

 
$
(1,742
)
 
$
1,280

 
$
(5,943
)

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 income (loss):
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments

 
(5
)
 

 

 
(5
)
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
)
Condensed Cash Flow Statement
Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by provided by operating activities
$
5,477

 
$
(1,386
)
 
$
(1,456
)
 
$

 
$
2,635

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(1,221
)
 
(91
)
 

 
(1,312
)
Purchase of investments
(5,000
)
 

 

 

 
(5,000
)
Principal payments on notes due from equity investees

 
2,334

 

 

 
2,334

Principal payments on third party notes receivable

 
104

 

 

 
104

Net cash used in investing activities
(5,000
)
 
1,217

 
(91
)
 

 
(3,874
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(416
)
 
(126
)
 

 
(542
)
Proceeds from share award plans

 

 

 
590

 
590

Purchase of treasury shares

 

 

 
(5
)
 
(5
)
Borrowings and repayments of intercompany debt

 
585

 

 
(585
)
 

Net cash used in financing activities

 
169

 
(126
)
 

 
43

Effects of exchange rate changes on cash and cash equivalents

 

 
55

 

 
55

Net increase (decrease) in cash and cash equivalents
477

 

 
(1,618
)
 

 
(1,141
)
Cash, cash equivalents and restricted cash, beginning of period
48,396

 

 
2,357

 

 
50,753

Cash, cash equivalents and restricted cash, end of period
$
48,873

 
$

 
$
739

 
$

 
$
49,612


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

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
)
Revolving Credit Facility issuance costs

 

 

 
(1,295
)
 
(1,295
)
Proceeds from share award plans

 

 

 
484

 
484

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