Quarterly report pursuant to Section 13 or 15(d)

GUARANTORS OF SECURITIES (Tables)

v3.20.1
GUARANTORS OF SECURITIES (Tables)
3 Months Ended
Mar. 31, 2020
Guarantees [Abstract]  
Condensed Consolidating Balance Sheet
Supplemental Condensed Consolidating Balance Sheet as of March 31, 2020
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
111,654

 
$

 
$
1,864

 
$

 
$
113,518

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

 
28,738

 
5,364

 

 
34,102

Trade, dry-leasing

 
5,754

 

 

 
5,754

Tax receivable

 
2

 
2,157

 

 
2,159

Other

 
14,594

 
412

 

 
15,006

Inventories, net

 
19,927

 
14

 

 
19,941

Prepaid expenses
991

 
2,108

 
313

 

 
3,412

Total current assets
112,645

 
71,123

 
10,124

 

 
193,892

Property and equipment

 
876,767

 
16,818

 

 
893,585

Accumulated depreciation

 
(340,873
)
 
(4,584
)
 

 
(345,457
)
Property and equipment, net

 
535,894

 
12,234

 

 
548,128

Operating lease right-of-use

 
7,526

 
1,146

 

 
8,672

Investments in consolidated subsidiaries
189,347

 

 

 
(189,347
)
 

Intangible assets

 

 
92

 

 
92

Deferred income taxes
11,711

 

 

 
(11,711
)
 

Intercompany receivables
285,926

 

 

 
(285,926
)
 

Other assets
524

 
873

 
329

 

 
1,726

Total assets
$
600,153

 
$
615,416

 
$
23,925

 
$
(486,984
)
 
$
752,510

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
1,239

 
$
10,078

 
$
1,158

 
$

 
$
12,475

Accrued wages and benefits
625

 
4,767

 
1,173

 

 
6,565

Accrued interest
3,259

 
50

 

 

 
3,309

Accrued income taxes
2,273

 

 
24

 

 
2,297

Accrued other taxes

 
1,201

 
338

 

 
1,539

Accrued contingencies

 

 
701

 

 
701

Current portion of long-term debt

 
17,901

 

 

 
17,901

Other current liabilities
1,126

 
1,904

 
280

 

 
3,310

Total current liabilities
8,522

 
35,901

 
3,674

 

 
48,097

Long-term debt
142,004

 

 

 

 
142,004

Deferred income taxes

 
112,788

 
907

 
(11,711
)
 
101,984

Intercompany payables

 
220,529

 
65,417

 
(285,946
)
 

Operating lease liabilities

 
6,219

 
884

 

 
7,103

Deferred gains and other liabilities

 
920

 

 

 
920

Total liabilities
150,526

 
376,357

 
70,882

 
(297,657
)
 
300,108

Redeemable noncontrolling interest

 

 
2,752

 

 
2,752

Equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,756,272 outstanding, exclusive of treasury shares
230

 

 

 

 
230

Additional paid-in capital
452,703

 
100,306

 
4,562

 
(104,870
)
 
452,701

Retained earnings
7,438

 
138,753

 
(54,271
)
 
(84,457
)
 
7,463

Treasury shares, at cost, 1,236,282 shares
(10,744
)
 

 

 

 
(10,744
)
Total equity
449,627

 
239,059

 
(49,709
)
 
(189,327
)
 
449,650

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
600,153

 
$
615,416

 
$
23,925

 
$
(486,984
)
 
$
752,510

Supplemental Condensed Consolidating Balance Sheet as of December 31, 2019
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands, except share data)
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
114,965

 
$

 
$
2,401

 
$

 
$
117,366

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

 
27,230

 
5,500

 

 
32,730

Trade, dry leasing

 
5,234

 

 

 
5,234

Tax receivables

 
2

 
2,858

 

 
2,860

Other

 
15,136

 
285

 

 
15,421

Inventories, net

 
20,019

 
47

 

 
20,066

Prepaid expenses
488

 
1,480

 
216

 

 
2,184

Total current assets
115,453

 
69,101

 
11,307

 

 
195,861

Property and equipment

 
878,281

 
16,782

 

 
895,063

Accumulated depreciation

 
(333,788
)
 
(4,376
)
 

 
(338,164
)
Property and equipment, net

 
544,493

 
12,406

 

 
556,899

Operating lease right-of-use

 
7,694

 
1,774

 

 
9,468

Investments in consolidated subsidiaries
190,142

 

 

 
(190,142
)
 

Intangible assets

 

 
96

 

 
96

Deferred income taxes
9,909

 

 

 
(9,909
)
 

Intercompany receivables
288,023

 

 

 
(288,023
)
 

Other assets
670

 
1,082

 
439

 

 
2,191

Total assets
$
604,197

 
$
622,370

 
$
26,022

 
$
(488,074
)
 
$
764,515

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued expenses
$
405

 
$
10,937

 
$
1,581

 
$

 
$
12,923

Accrued wages and benefits
122

 
9,065

 
1,367

 

 
10,554

Accrued interest
468

 
52

 

 

 
520

Accrued income taxes
3,595

 
1

 
16

 

 
3,612

Accrued other taxes

 
487

 
450

 

 
937

Accrued contingencies

 

 
598

 

 
598

Current portion of long-term debt

 
18,317

 

 

 
18,317

Other current liabilities
1,053

 
1,866

 
396

 

 
3,315

Total current liabilities
5,643

 
40,725

 
4,408

 

 
50,776

Long-term debt
141,832

 

 

 

 
141,832

Deferred income taxes

 
112,795

 
907

 
(9,909
)
 
103,793

Intercompany payables

 
225,341

 
62,702

 
(288,043
)
 

Operating lease liabilities

 
6,434

 
1,381

 

 
7,815

Deferred gains and other liabilities

 
745

 

 

 
745

Total liabilities
147,475

 
386,040

 
69,398

 
(297,952
)
 
304,961

Redeemable noncontrolling interest

 

 
2,812

 

 
2,812

Equity:
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,285,613 outstanding, exclusive of treasury shares
224

 

 

 

 
224

Additional paid-in capital
452,010

 
100,307

 
4,562

 
(104,870
)
 
452,009

Retained earnings
14,671

 
136,023

 
(50,750
)
 
(85,252
)
 
14,692

Treasury shares, at cost, 1,152,826 shares
(10,183
)
 

 

 

 
(10,183
)
Total equity
456,722

 
236,330

 
(46,188
)
 
(190,122
)
 
456,742

Total liabilities, redeemable noncontrolling interest and stockholders’ equity
$
604,197

 
$
622,370

 
$
26,022

 
$
(488,074
)
 
$
764,515


Condensed Consolidating Statements of Operations
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended March 31, 2020
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Revenues
$

 
$
51,918

 
$
12,150

 
$
(7,012
)
 
$
57,056

Costs and expenses:
 
 
 
 
 
 
 
 
 
Operating

 
32,441

 
13,077

 
(7,012
)
 
38,506

Administrative and general
4,583

 
7,323

 
839

 

 
12,745

Depreciation

 
9,295

 
212

 

 
9,507

Total costs and expenses
4,583

 
49,059

 
14,128

 
(7,012
)
 
60,758

Loss on asset dispositions, net

 
(34
)
 

 

 
(34
)
Operating income (loss)
(4,583
)
 
2,825

 
(1,978
)
 

 
(3,736
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest income
378

 
337

 
34

 

 
749

Interest expense
(3,281
)
 
(158
)
 

 

 
(3,439
)
Foreign currency losses, net
(24
)
 
(45
)
 
(1,635
)
 

 
(1,704
)
Other, net

 
12

 
(2
)
 

 
10

Total other income (expense)
(2,927
)
 
146

 
(1,603
)
 

 
(4,384
)
Income (loss) before income taxes and equity earnings
(7,510
)
 
2,971

 
(3,581
)
 

 
(8,120
)
Income tax (benefit) expense
(1,072
)
 
241

 

 

 
(831
)
Income (loss) before equity earnings
(6,438
)
 
2,730

 
(3,581
)
 

 
(7,289
)
Equity in earnings (losses) of subsidiaries
(795
)
 

 

 
795

 

Net income (loss)
(7,233
)
 
2,730

 
(3,581
)
 
795

 
(7,289
)
Net loss attributable to noncontrolling interest in subsidiary

 

 
60

 

 
60

Net income (loss) attributable to Era Group Inc.
$
(7,233
)
 
$
2,730

 
$
(3,521
)
 
$
795

 
$
(7,229
)
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

Loss on asset dispositions, net

 
(124
)
 

 

 
(124
)
Operating 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
)
Loss before income taxes and equity earnings
(4,327
)
 
(487
)
 
(1,884
)
 

 
(6,698
)
Income tax (benefit) 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
)

Condensed Consolidating Statements of Comprehensive Income
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended March 31, 2020
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
(7,233
)
 
$
2,730

 
$
(3,581
)
 
$
795

 
$
(7,289
)
Comprehensive income (loss)
(7,233
)
 
2,730

 
(3,581
)
 
795

 
(7,289
)
Comprehensive loss attributable to noncontrolling interest in subsidiary

 

 
60

 

 
60

Comprehensive income (loss) attributable to Era Group Inc.
$
(7,233
)
 
$
2,730

 
$
(3,521
)
 
$
795

 
$
(7,229
)

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
)

Condensed Consolidating Statements of Cash Flows
Supplemental Condensed Consolidating Statements of Cash Flows for the Three Months Ended March 31, 2020
 
Parent
 
Guarantors
 
Non-guarantors
 
Eliminations
 
Consolidated
 
(in thousands)
Net cash provided by (used in) operating activities
$
(2,752
)
 
$
708

 
$
(88
)
 
$

 
$
(2,132
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment

 
(347
)
 
(53
)
 

 
(400
)
Principal payments on third party notes receivable

 
55

 

 

 
55

Net cash used in investing activities

 
(292
)
 
(53
)
 

 
(345
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Payments on long-term debt

 
(416
)
 

 

 
(416
)
Purchase of treasury shares
(561
)
 

 

 

 
(561
)
Net cash used in financing activities
(561
)
 
(416
)
 

 

 
(977
)
Effects of exchange rate changes on cash and cash equivalents

 

 
(394
)
 

 
(394
)
Net decrease in cash, cash equivalents and restricted cash
(3,313
)
 

 
(535
)
 

 
(3,848
)
Cash, cash equivalents and restricted cash, beginning of period
114,971

 

 
2,395

 

 
117,366

Cash, cash equivalents and restricted cash, end of period
$
111,658

 
$

 
$
1,860

 
$

 
$
113,518


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 (used in) 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 provided by (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 provided by (used in) financing activities

 
169

 
(126
)
 

 
43

Effects of exchange rate changes on cash and cash equivalents

 

 
55

 

 
55

Net increase (decrease) in cash, cash equivalents and restricted cash
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