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)

6 Months Ended

Jun. 30, 2019

Supplemental Condensed Consolidating Balance Sheet as of June 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	83,584		$	—		$	4,846		$	—		$	88,430
Receivables:
Trade, operating, net of allowance for doubtful accounts of $139	—			23,151			7,342			—			30,493
Trade, dry-leasing	—			5,165			—			—			5,165
Tax receivable	—			10			2,670			—			2,680
Other	—			16,336			142			—			16,478
Inventories, net	—			20,962			42			—			21,004
Prepaid expenses	756			1,778			288			—			2,822
Total current assets	84,340			67,402			15,330			—			167,072
Property and equipment	—			902,246			16,726			—			918,972
Accumulated depreciation	—			(332,872		)	(3,953		)	—			(336,825		)
Property and equipment, net	—			569,374			12,773			—			582,147
Operating lease right-of-use	—			7,028			1,052			—			8,080
Investments in consolidated subsidiaries	181,684			—			—			(181,684		)	—
Intangible assets	—			—			1,098			—			1,098
Deferred income taxes	10,602			—			—			(10,602		)	—
Intercompany receivables	317,076			—			171			(317,247		)	—
Other assets	961			5,421			105			—			6,487
Total assets	$	594,663		$	649,225		$	30,529		$	(509,533	)	$	764,884
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	137		$	11,375		$	1,955		$	—		$	13,467
Accrued wages and benefits	5			6,621			1,596			—			8,222
Accrued interest	469			67			—			—			536
Accrued income taxes	918			10			10			—			938
Accrued other taxes	—			1,034			376			—			1,410
Accrued contingencies	—			—			647			—			647
Current portion of long-term debt	—			1,663			196			—			1,859
Other current liabilities	998			1,438			466			—			2,902
Total current liabilities	2,527			22,208			5,246			—			29,981
Long-term debt	133,496			25,485			—			—			158,981
Deferred income taxes	—			116,285			1,246			(10,602		)	106,929
Intercompany payables	—			253,989			63,280			(317,269		)	—
Operating lease liabilities	—			5,793			594			—			6,387
Other liabilities	—			850			—			—			850
Total liabilities	136,023			424,610			70,366			(327,871		)	303,128
Redeemable noncontrolling interest	—			3			3,091			—			3,094
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,419,462 outstanding, exclusive of treasury shares	224			—			—			—			224
Additional paid-in capital	449,688			100,307			4,561			(104,869		)	449,687
Retained earnings	17,259			124,305			(47,489		)	(76,793		)	17,282
Treasury shares, at cost, 958,481 shares	(8,531		)	—			—			—			(8,531		)
Total equity	458,640			224,612			(42,928		)	(181,662		)	458,662
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	594,663		$	649,225		$	30,529		$	(509,533	)	$	764,884

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 June 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	50,045		$	14,537		$	(9,102	)	$	55,480
Costs and expenses:
Operating	—			32,002			15,909			(9,091		)	38,820
Administrative and general	1,742			6,286			867			—			8,895
Depreciation	—			9,275			245			—			9,520
Total costs and expenses	1,742			47,563			17,021			(9,091		)	57,235
Losses on asset dispositions, net	—			(68		)	—			—			(68		)
Operating income (loss)	(1,742		)	2,414			(2,484		)	(11		)	(1,823		)
Other income (expense):
Interest income	447			475			12			—			934
Interest expense	(3,217		)	(208		)	(7		)	—			(3,432		)
Loss on sale of investments	(569		)	—			—			—			(569		)
Foreign currency gains, net	28			168			74			—			270
Loss on debt extinguishment	(13		)	—			—			—			(13		)
Other, net	(16		)	12			(5		)	—			(9		)
Total other income (expense)	(3,340		)	447			74			—			(2,819		)
Income (loss) before income taxes and equity earnings	(5,082		)	2,861			(2,410		)	(11		)	(4,642		)
Income tax (benefit) expense	(18		)	1,412			—			—			1,394
Income (loss) before equity earnings	(5,064		)	1,449			(2,410		)	(11		)	(6,036		)
Equity in earnings of subsidiaries	10,014			10,910			—			(10,014		)	10,910
Net income (loss)	4,950			12,359			(2,410		)	(10,025		)	4,874
Net loss attributable to noncontrolling interest in subsidiary	—			—			66			—			66
Net income (loss) attributable to Era Group Inc.	$	4,950		$	12,359		$	(2,344	)	$	(10,025	)	$	4,940

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	50,049		$	14,162		$	(6,483	)	$	57,728
Costs and expenses:
Operating	—			32,659			14,156			(6,483		)	40,332
Administrative and general	8,873			4,852			1,081			—			14,806
Depreciation	—			9,873			243			—			10,116
Total costs and expenses	8,873			47,384			15,480			(6,483		)	65,254
Gains on asset dispositions, net	—			(1,997		)	—			—			(1,997		)
Operating loss	(8,873		)	668			(1,318		)	—			(9,523		)
Other income (expense):
Interest income	5			334			7			—			346
Interest expense	(3,292		)	(209		)	(20		)	—			(3,521		)
Foreign currency losses, net	(111		)	(155		)	(809		)	—			(1,075		)
Other, net	—			10			4			—			14
Total other income (expense)	(3,398		)	(20		)	(818		)	—			(4,236		)
Income (loss) before income taxes and equity earnings	(12,271		)	648			(2,136		)	—			(13,759		)
Income tax expense (benefit)	(1,317		)	(1,257		)	—			—			(2,574		)
Income (loss) before equity earnings	(10,954		)	1,905			(2,136		)	—			(11,185		)
Equity in earnings (losses) of subsidiaries	575			669			—			(575		)	669
Net income (loss)	(10,379		)	2,574			(2,136		)	(575		)	(10,516		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			137			—			137
Net income (loss) attributable to Era Group Inc.	$	(10,379	)	$	2,574		$	(1,999	)	$	(575	)	$	(10,379	)

Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	95,359		$	28,154		$	(16,740	)	$	106,773
Costs and expenses:
Operating	—			62,051			30,194			(16,729		)	75,516
Administrative and general	2,984			12,958			1,828			—			17,770
Depreciation	—			18,472			498			—			18,970
Total costs and expenses	2,984			93,481			32,520			(16,729		)	112,256
Gains on asset dispositions, net	—			(192		)	—			—			(192		)
Operating income (loss)	(2,984		)	1,686			(4,366		)	(11		)	(5,675		)
Other income (expense):
Interest income	643			979			64			—			1,686
Interest expense	(6,458		)	(421		)	(14		)	—			(6,893		)
Loss on sale of investments	(569		)	—			—			—			(569		)
Foreign currency gains, net	(12		)	119			37			—			144
Loss on debt extinguishment	(13		)	—			—			—			(13		)
Other, net	(16		)	11			(15		)	—			(20		)
Total other income (expense)	(6,425		)	688			72			—			(5,665		)
Income (loss) before income taxes and equity earnings	(9,409		)	2,374			(4,294		)	(11		)	(11,340		)
Income tax expense (benefit)	318			(512		)	—			—			(194		)
Income (loss) before equity earnings	(9,727		)	2,886			(4,294		)	(11		)	(11,146		)
Equity in earnings (losses) of subsidiaries	8,734			9,935			—			(8,734		)	9,935
Net income (loss)	(993		)	12,821			(4,294		)	(8,745		)	(1,211		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			208			—			208
Net income (loss) attributable to Era Group Inc.	$	(993	)	$	12,821		$	(4,086	)	$	(8,745	)	$	(1,003	)

Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	99,881		$	28,629		$	(13,460	)	$	115,050
Costs and expenses:
Operating	—			62,429			29,023			(13,460		)	77,992
Administrative and general	13,186			11,225			2,466			—			26,877
Depreciation	—			19,967			503			—			20,470
Total costs and expenses	13,186			93,621			31,992			(13,460		)	125,339
Gains on asset dispositions, net	—			2,417			—			—			2,417
Operating income (loss)	(13,186		)	8,677			(3,363		)	—			(7,872		)
Other income (expense):
Interest income	9			430			53			—			492
Interest expense	(7,595		)	(391		)	(111		)	—			(8,097		)
Foreign currency losses, net	(56		)	(125		)	(820		)	—			(1,001		)
Gain on debt extinguishment	—			—			175			—			175
Other, net	—			10			(4		)	—			6
Total other income (expense)	(7,642		)	(76		)	(707		)	—			(8,425		)
Income (loss) before income taxes and equity earnings	(20,828		)	8,601			(4,070		)	—			(16,297		)
Income tax benefit	(2,853		)	(459		)	—			—			(3,312		)
Income (loss) before equity earnings	(17,975		)	9,060			(4,070		)	—			(12,985		)
Equity in earnings (losses) of subsidiaries	6,402			1,112			—			(6,402		)	1,112
Net income (loss)	(11,573		)	10,172			(4,070		)	(6,402		)	(11,873		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			300			—			300
Net income (loss) attributable to Era Group Inc.	$	(11,573	)	$	10,172		$	(3,770	)	$	(6,402	)	$	(11,573	)

Condensed Statement of Comprehensive Income

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2019



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	4,950	$	12,359		$	(2,410	)	$	(10,025	)	$	4,874
Other comprehensive income (loss):
Foreign currency translation adjustments, net	—		(110		)	—			—			(110		)
Total other comprehensive income (loss)	—		(110		)	—			—			(110		)
Comprehensive income (loss)	4,950		12,249			(2,410		)	(10,025		)	4,764
Comprehensive loss attributable to noncontrolling interest in subsidiary	—		—			66			—			66
Comprehensive income (loss) attributable to Era Group Inc.	$	4,950	$	12,249		$	(2,344	)	$	(10,025	)	$	4,830

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2018



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(10,379	)	$	2,574	$	(2,136	)	$	(575	)	$	(10,516	)
Comprehensive income (loss)	(10,379		)	2,574		(2,136		)	(575		)	(10,516		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—		137			—			137
Comprehensive income (loss) attributable to Era Group Inc.	$	(10,379	)	$	2,574	$	(1,999	)	$	(575	)	$	(10,379	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(993	)	$	12,821		$	(4,294	)	$	(8,745	)	$	(1,211	)
Other comprehensive loss:
Foreign currency translation adjustments	—			(110		)	—			—			(110		)
Total other comprehensive loss	—			(110		)	—			—			(110		)
Comprehensive income (loss)	(993		)	12,711			(4,294		)	(8,745		)	(1,321		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			208			—			208
Comprehensive income (loss) attributable to Era Group Inc.	$	(993	)	$	12,711		$	(4,086	)	$	(8,745	)	$	(1,113	)

Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2018



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(11,573	)	$	10,172		$	(4,070	)	$	(6,402	)	$	(11,873	)
Other comprehensive loss:
Foreign currency translation adjustments	—			(5		)	—			—			(5		)
Total other comprehensive loss	—			(5		)	—			—			(5		)
Comprehensive income (loss)	(11,573		)	10,167			(4,070		)	(6,402		)	(11,878		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			300			—			300
Comprehensive income (loss) attributable to Era Group Inc.	$	(11,573	)	$	10,167		$	(3,770	)	$	(6,402	)	$	(11,578	)

Condensed Cash Flow Statement

Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	42,559		$	(35,355	)	$	2,671		$	—		$	9,875
Cash flows from investing activities:
Purchases of property and equipment	—			(2,468		)	(112		)	—			(2,580		)
Purchase of investments	(5,000		)	—			—			—			(5,000		)
Proceeds from sale of investments	4,430			—			—			—			4,430
Proceeds from sale of equity investees	—			35,519			—			—			35,519
Principal payments on notes due from equity investees	—			2,334			—			—			2,334
Principal payments on third party notes receivable	—			210			—			—			210
Net cash provided by (used in) investing activities	(570		)	35,595			(112		)	—			34,913
Cash flows from financing activities:
Payments on long-term debt	—			(830		)	(212		)	—			(1,042		)
Extinguishment of long-term debt	(740		)	—			—			—			(740		)
Proceeds from share award plans	—			—			—			590			590
Purchase of treasury shares	(6,055		)	—			—			—			(6,055		)
Borrowings and repayments of intercompany debt	—			590			—			(590		)	—
Net cash used in financing activities	(6,795		)	(240		)	(212		)	—			(7,247		)
Effects of exchange rate changes on cash and cash equivalents	—			—			136			—			136
Net increase (decrease) in cash and cash equivalents	35,194			—			2,483			—			37,677
Cash, cash equivalents and restricted cash, beginning of period	48,396			—			2,357			—			50,753
Cash, cash equivalents and restricted cash, end of period	$	83,590		$	—		$	4,840		$	—		$	88,430

Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2018



	Parent		Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by operating activities	$	2,037	$	922		$	2,179		$	—		$	5,138
Cash flows from investing activities:
Purchases of property and equipment	—		(5,779		)	(179		)	—			(5,958		)
Proceeds from disposition of property and equipment	—		29,497			—			—			29,497
Principal payments on notes due from equity investees	—		186			—			—			186
Principal payments on third party notes receivable	—		571			—			—			571
Net cash provided by (used in) investing activities	—		24,475			(179		)	—			24,296
Cash flows from financing activities:
Long-term debt issuance costs	—		—			—			(1,295		)	(1,295		)
Payments on long-term debt	—		(831		)	(2,181		)	(27,000		)	(30,012		)
Proceeds from share award plans	—		—			—			484			484
Borrowings and repayments of intercompany debt	—		(27,811		)	—			27,811			—
Net cash used in financing activities	—		(28,642		)	(2,181		)	—			(30,823		)
Effects of exchange rate changes on cash and cash equivalents	—		(5		)	(382		)	—			(387		)
Net increase (decrease) in cash and cash equivalents	2,037		(3,250		)	(563		)	—			(1,776		)
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	$	12,837	$	—		$	2,220		$	—		$	15,057