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)

9 Months Ended

Sep. 30, 2019

Supplemental Condensed Consolidating Balance Sheet as of September 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	105,639		$	—		$	2,097		$	—		$	107,736
Receivables:
Trade, operating, net of allowance for doubtful accounts of $176	—			24,779			6,533			—			31,312
Trade, dry-leasing	—			5,864			—			—			5,864
Tax receivable	—			10			2,695			—			2,705
Other	—			11,305			262			—			11,567
Inventories, net	—			20,784			42			—			20,826
Prepaid expenses	565			2,046			240			—			2,851
Total current assets	106,204			64,788			11,869			—			182,861
Property and equipment	—			884,816			16,764			—			901,580
Accumulated depreciation	—			(330,543		)	(4,187		)	—			(334,730		)
Property and equipment, net	—			554,273			12,577			—			566,850
Operating lease right-of-use	—			8,095			1,812			—			9,907
Investments in consolidated subsidiaries	183,226			—			—			(183,226		)	—
Intangible assets	—			—			1,094			—			1,094
Deferred income taxes	12,774			—			—			(12,774		)	—
Intercompany receivables	294,405			—			47			(294,452		)	—
Other assets	815			5,145			403			—			6,363
Total assets	$	597,424		$	632,301		$	27,802		$	(490,452	)	$	767,075
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	134		$	10,247		$	1,559		$	—		$	11,940
Accrued wages and benefits	32			7,216			1,712			—			8,960
Accrued interest	3,261			60			—			—			3,321
Accrued income taxes	2,922			10			13			—			2,945
Accrued other taxes	—			1,693			293			—			1,986
Accrued contingencies	—			—			548			—			548
Current portion of long-term debt	—			1,663			182			—			1,845
Other current liabilities	885			1,585			381			—			2,851
Total current liabilities	7,234			22,474			4,688			—			34,396
Long-term debt	133,662			25,069			—			—			158,731
Deferred income taxes	—			116,968			1,246			(12,774		)	105,440
Intercompany payables	—			231,203			63,271			(294,474		)	—
Operating lease liabilities	—			6,731			1,435			—			8,166
Other liabilities	—			850			—			—			850
Total liabilities	140,896			403,295			70,640			(307,248		)	307,583
Redeemable noncontrolling interest	—			3			2,942			—			2,945
Equity:
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,288,619 outstanding, exclusive of treasury shares	224			—			—			—			224
Additional paid-in capital	451,104			100,307			4,561			(104,869		)	451,103
Retained earnings	15,352			128,696			(50,341		)	(78,335		)	15,372
Treasury shares, at cost, 1,149,820 shares	(10,152		)	—			—			—			(10,152		)
Total equity	456,528			229,003			(45,780		)	(183,204		)	456,547
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$	597,424		$	632,301		$	27,802		$	(490,452	)	$	767,075

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 Consolidating Statements of Operations

Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended September 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	53,633		$	14,681		$	(9,405	)	$	58,909
Costs and expenses:
Operating	—			32,926			16,001			(9,405		)	39,522
Administrative and general	1,025			7,177			940			—			9,142
Depreciation	—			9,100			212			—			9,312
Total costs and expenses	1,025			49,203			17,153			(9,405		)	57,976
Gains on asset dispositions, net	—			754			—			—			754
Operating income (loss)	(1,025		)	5,184			(2,472		)	—			1,687
Other income (expense):
Interest income	492			444			20			—			956
Interest expense	(3,263		)	(193		)	(8		)	—			(3,464		)
Foreign currency gains, net	(81		)	(104		)	(533		)	—			(718		)
Other, net	(4		)	5			(6		)	—			(5		)
Total other income (expense)	(2,856		)	152			(527		)	—			(3,231		)
Income (loss) before income taxes and equity earnings	(3,881		)	5,336			(2,999		)	—			(1,544		)
Income tax (benefit) expense	(432		)	947			—			—			515
Income (loss) before equity earnings	(3,449		)	4,389			(2,999		)	—			(2,059		)
Equity in earnings (losses) of subsidiaries	1,541			—			—			(1,541		)	—
Net income (loss)	(1,908		)	4,389			(2,999		)	(1,541		)	(2,059		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			149			—			149
Net income (loss) attributable to Era Group Inc.	$	(1,908	)	$	4,389		$	(2,850	)	$	(1,541	)	$	(1,910	)

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) 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 Nine Months Ended September 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Revenues	$	—		$	148,992		$	42,835		$	(26,145	)	$	165,682
Costs and expenses:
Operating	—			94,977			46,195			(26,134		)	115,038
Administrative and general	4,009			20,135			2,768			—			26,912
Depreciation	—			27,572			710			—			28,282
Total costs and expenses	4,009			142,684			49,673			(26,134		)	170,232
Gains on asset dispositions, net	—			562			—			—			562
Operating income (loss)	(4,009		)	6,870			(6,838		)	(11		)	(3,988		)
Other income (expense):
Interest income	1,135			1,423			84			—			2,642
Interest expense	(9,721		)	(614		)	(22		)	—			(10,357		)
Loss on sale of investments	(569		)	—			—			—			(569		)
Foreign currency gains, net	(93		)	15			(496		)	—			(574		)
Loss on debt extinguishment	(13		)	—			—			—			(13		)
Other, net	(20		)	16			(21		)	—			(25		)
Total other income (expense)	(9,281		)	840			(455		)	—			(8,896		)
Income (loss) before income taxes and equity earnings	(13,290		)	7,710			(7,293		)	(11		)	(12,884		)
Income tax expense (benefit)	(114		)	435			—			—			321
Income (loss) before equity earnings	(13,176		)	7,275			(7,293		)	(11		)	(13,205		)
Equity in earnings (losses) of subsidiaries	10,275			9,935			—			(10,275		)	9,935
Net income (loss)	(2,901		)	17,210			(7,293		)	(10,286		)	(3,270		)
Net loss attributable to noncontrolling interest in subsidiary	—			—			357			—			357
Net income (loss) attributable to Era Group Inc.	$	(2,901	)	$	17,210		$	(6,936	)	$	(10,286	)	$	(2,913	)

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 benefit	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

Condensed Consolidating Statements of Comprehensive Income

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



	Parent			Guarantors		Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(1,908	)	$	4,389	$	(2,999	)	$	(1,541	)	$	(2,059	)
Comprehensive income (loss)	(1,908		)	4,389		(2,999		)	(1,541		)	(2,059		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—		149			—			149
Comprehensive income (loss) attributable to Era Group Inc.	$	(1,908	)	$	4,389	$	(2,850	)	$	(1,541	)	$	(1,910	)

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 loss 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 Nine Months Ended September 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	(2,901	)	$	17,210		$	(7,293	)	$	(10,286	)	$	(3,270	)
Other comprehensive loss:
Foreign currency translation adjustments	—			(110		)	—			—			(110		)
Total other comprehensive loss	—			(110		)	—			—			(110		)
Comprehensive income (loss)	(2,901		)	17,100			(7,293		)	(10,286		)	(3,380		)
Comprehensive loss attributable to noncontrolling interest in subsidiary	—			—			357			—			357
Comprehensive income (loss) attributable to Era Group Inc.	$	(2,901	)	$	17,100		$	(6,936	)	$	(10,286	)	$	(3,023	)

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

Condensed Consolidating Statements of Cash Flows

Supplemental Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30, 2019



	Parent			Guarantors			Non-guarantors			Eliminations			Consolidated
	(in thousands)
Net cash provided by (used in) operating activities	$	66,231		$	(46,413	)	$	27		$	—		$	19,845
Cash flows from investing activities:
Purchases of property and equipment	—			(5,056		)	(112		)	—			(5,168		)
Proceeds from disposition of property and equipment	—			9,252			—			—			9,252
Purchase of investments	(5,000		)	—			—			—			(5,000		)
Proceeds from sale of investments	4,430			—			—			—			4,430
Proceeds from sale of equity investees	—			34,712			—			—			34,712
Principal payments on notes due from equity investees	—			2,334			—			—			2,334
Principal payments on third party notes receivable	—			5,340			—			—			5,340
Net cash provided by (used in) investing activities	(570		)	46,582			(112		)	—			45,900
Cash flows from financing activities:
Payments on long-term debt	—			(1,246		)	(212		)	—			(1,458		)
Extinguishment of long-term debt	(740		)	—			—			—			(740		)
Proceeds from share award plans	—			—			—			1,077			1,077
Purchase of treasury shares	(7,676		)	—			—			—			(7,676		)
Borrowings and repayments of intercompany debt	—			1,077			—			(1,077		)	—
Net cash used in financing activities	(8,416		)	(169		)	(212		)	—			(8,797		)
Effects of exchange rate changes on cash and cash equivalents	—			—			35			—			35
Net increase (decrease) in cash and cash equivalents	57,245			—			(262		)	—			56,983
Cash, cash equivalents and restricted cash, beginning of period	48,396			—			2,357			—			50,753
Cash, cash equivalents and restricted cash, end of period	$	105,641		$	—		$	2,095		$	—		$	107,736

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 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 provided by (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