Quarterly report pursuant to Section 13 or 15(d)

SEGMENT INFORMATION

v3.20.2
SEGMENT INFORMATION
6 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company conducts business in one segment: aviation services. The aviation services global operations include four regions as follows: Europe Caspian, Africa, Americas and Asia Pacific. The Europe Caspian region comprises all of the Company’s operations and affiliates in Europe and Central Asia, including Norway, the U.K. and Turkmenistan. The Africa region comprises all of the Company’s operations and affiliates on the African continent, including Nigeria and Egypt. The Americas region comprises all of the Company’s operations and affiliates in North America and South America, including Brazil, Canada, Colombia, Guyana, Suriname, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all of the Company’s operations and affiliates in Australia and Southeast Asia. Prior to the sale of BHLL and Aviashelf during the six months ended September 30, 2019 (Predecessor), the Company had operations in Sakhalin, Russia which is included in the Asia Pacific region. Prior to the sale of Eastern Airways on May 10, 2019 (Predecessor), the Company had fixed wing operations in the Europe Caspian region.
The following tables show region information reconciled to consolidated totals, and prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands):
 
Three Months Ended September 30,
 
 
Six Months Ended September 30,
 
Successor
 
 
Predecessor
 
 
Successor
 
 
Predecessor
 
2020
 
 
2019
 
 
2020
 
 
2019
Region revenue from external customers:
 
 
 
 
 
 
 
 
 
 
Europe Caspian
$
164,920

 
 
$
179,870

 
 
$
331,913

 
 
$
368,464

Africa
23,056

 
 
47,165

 
 
54,778

 
 
96,681

Americas
95,361

 
 
61,726

 
 
154,475

 
 
118,716

Asia Pacific
21,112

 
 
29,449

 
 
33,370

 
 
67,260

Corporate and other
191

 
 
10

 
 
297

 
 
275

Total region revenue (1)
$
304,640

 
 
$
318,220

 
 
$
574,833

 
 
$
651,396

_________________________________________________ 
(1)    The above table represents disaggregated revenue from contracts with customers except for the following (in thousands):
 
Three Months Ended September 30,
 
 
Six Months Ended September 30,
 
Successor
 
 
Predecessor
 
 
Successor
 
 
Predecessor
 
2020
 
 
2019
 
 
2020
 
 
2019
Revenue not from contracts with customers:
 
 
 
 
 
 
 
 
 
 
Europe Caspian
$
348

 
 
$
318

 
 
$
690

 
 
$
622

Africa

 
 

 
 

 
 

Americas
9,019

 
 
7,983

 
 
18,026

 
 
15,966

Asia Pacific
83

 
 
79

 
 
157

 
 
160

Corporate and other
945

 
 

 
 
2,307

 
 

Total region revenue
$
10,395

 
 
$
8,380

 
 
$
21,180

 
 
$
16,748


 
Three Months Ended September 30,
 
 
Six Months Ended September 30,
 
Successor
 
 
Predecessor
 
 
Successor
 
 
Predecessor
 
2020
 
 
2019
 
 
2020
 
 
2019
Earnings from unconsolidated affiliates, net of losses – equity method investments:
 
 
 
 
 
 
 
 
 
 
Europe Caspian
$
(43
)
 
 
$
(3
)
 
 
$
(19
)
 
 
$
168

Americas
1,948

 
 
315

 
 
(54
)
 
 
2,491

Corporate and other

 
 
321

 
 

 
 
321

Total earnings from unconsolidated affiliates, net of losses – equity method investments
$
1,905

 
 
$
633

 
 
$
(73
)
 
 
$
2,980

 
 
 
 
 
 
 
 
 
 
 
Consolidated operating income (loss):
 
 
 
 
 
 
 
 
 
 
Europe Caspian
$
19,614

 
 
$
11,224

 
 
$
46,926

 
 
$
23,031

Africa
(13,790
)
 
 
6,528

 
 
(8,941
)
 
 
14,273

Americas
16,188

 
 
3,527

 
 
3,186

 
 
7,095

Asia Pacific
4,535

 
 
(19,848
)
 
 
3,007

 
 
(32,282
)
Corporate and other
(40,729
)
 
 
(63,297
)
 
 
(77,761
)
 
 
(91,938
)
Gain (loss) on disposal of assets
(8,473
)
 
 
(230
)
 
 
(2,951
)
 
 
(4,017
)
Total consolidated operating income (loss)
$
(22,655
)
 
 
$
(62,096
)
 
 
$
(36,534
)
 
 
$
(83,838
)
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization:
 
 
 
 
 
 
 
 
 
 
Europe Caspian
$
8,080

 
 
$
12,395

 
 
$
16,292

 
 
$
24,834

Africa
1,284

 
 
5,007

 
 
2,601

 
 
9,998

Americas
5,098

 
 
7,590

 
 
8,053

 
 
14,470

Asia Pacific
2,048

 
 
2,970

 
 
4,054

 
 
6,691

Corporate and other
2,027

 
 
3,341

 
 
3,893

 
 
6,649

Total depreciation and amortization
$
18,537

 
 
$
31,303

 
 
$
34,893

 
 
$
62,642



 
Successor
 
September 30, 2020
 
March 31, 2020
Identifiable assets:
 
 
 
Europe Caspian
$
1,193,599

 
$
1,096,022

Africa
203,741

 
235,165

Americas
574,914

 
319,015

Asia Pacific
135,877

 
166,229

Corporate and other (2)
104,254

 
128,830

Total identifiable assets
$
2,212,385

 
$
1,945,261

Investments in unconsolidated affiliates – equity method investments:
 
 
 
Europe Caspian
$
604

 
$
575

Americas
56,320

 
76,483

Total investments in unconsolidated affiliates – equity method investments
$
56,924

 
$
77,058


_____________ 
(2) 
Includes $9.3 million and $7.8 million of construction in progress within property and equipment on the Company’s condensed consolidated balance sheets as of September 30 and March 31, 2020 (Successor), respectively, which primarily represents aircraft modifications and other miscellaneous equipment, tooling and building improvements currently in progress.