ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 72-1455213 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |
818 Town & Country Blvd., Suite 200 | ||
Houston, Texas | 77024 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer ¨ | Accelerated filer ý | Non-accelerated filer ¨ | Smaller reporting company ¨ | Emerging growth company ¨ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $.01 per share | ERA | NYSE |
Part I. | |||
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Part II. | |||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. |
ITEM 1. | FINANCIAL STATEMENTS |
ERA GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) | |||||||
June 30, 2019 | December 31, 2018 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents (including $4,601 and $1,745 from VIEs(1) in 2019 and 2018, respectively) | $ | 88,430 | $ | 50,753 | |||
Receivables: | |||||||
Trade, operating, net of allowance for doubtful accounts of $139 and $261 in 2019 and 2018, respectively (including $6,702 and $5,565 from VIEs in 2019 and 2018, respectively) | 30,493 | 33,306 | |||||
Trade, dry-leasing | 5,165 | 3,803 | |||||
Tax receivables (including $2,680 and $3,187 from VIEs in 2019 and 2018, respectively) | 2,680 | 3,187 | |||||
Other (including $14 and $340 from VIEs in 2019 and 2018, respectively) | 16,478 | 2,343 | |||||
Inventories, net (including $42 and $40 from VIEs in 2019 and 2018, respectively) | 21,004 | 20,673 | |||||
Prepaid expenses (including $112 and $10 from VIEs in 2019 and 2018, respectively) | 2,822 | 1,807 | |||||
Total current assets | 167,072 | 115,872 | |||||
Property and equipment (including $1,475 and $1,375 from VIEs in 2019 and 2018, respectively) | 918,972 | 917,161 | |||||
Accumulated depreciation (including $570 and $485 from VIEs in 2019 and 2018, respectively) | (336,825 | ) | (317,967 | ) | |||
Property and equipment, net | 582,147 | 599,194 | |||||
Operating lease right-of-use (including $1,052 from VIEs in 2019) | 8,080 | — | |||||
Equity investments and advances | — | 27,112 | |||||
Intangible assets | 1,098 | 1,107 | |||||
Other assets (including $105 and $96 from VIEs in 2019 and 2018, respectively) | 6,487 | 21,578 | |||||
Total assets | $ | 764,884 | $ | 764,863 | |||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses (including $1,675 and $1,522 from VIEs in 2019 and 2018, respectively) | $ | 13,467 | $ | 13,161 | |||
Accrued wages and benefits (including $1,562 and $1,429 from VIEs in 2019 and 2018, respectively) | 8,222 | 9,267 | |||||
Accrued interest | 536 | 569 | |||||
Accrued income taxes | 938 | 973 | |||||
Accrued other taxes (including $353 and $500 from VIEs in 2019 and 2018, respectively) | 1,410 | 1,268 | |||||
Accrued contingencies (including $647 and $630 from VIEs in 2019 and 2018, respectively) | 647 | 630 | |||||
Current portion of long-term debt (including $196 and $395 from VIEs in 2019 and 2018, respectively) | 1,859 | 2,058 | |||||
Other current liabilities (including $458 and $0 from VIEs in 2019 and 2018, respectively) | 2,902 | 878 | |||||
Total current liabilities | 29,981 | 28,804 | |||||
Long-term debt | 158,981 | 160,217 | |||||
Deferred income taxes | 106,929 | 108,357 | |||||
Operating lease liabilities (including $595 from VIEs in 2019) | 6,387 | — | |||||
Other liabilities | 850 | 747 | |||||
Total liabilities | 303,128 | 298,125 | |||||
Commitments and contingencies (see Note 8) | |||||||
Redeemable noncontrolling interest | 3,094 | 3,302 | |||||
Equity: | |||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,419,462 and 21,765,404 outstanding in 2019 and 2018, respectively, exclusive of treasury shares | 224 | 219 | |||||
Additional paid-in capital | 449,687 | 447,298 | |||||
Retained earnings | 17,282 | 18,285 | |||||
Treasury shares, at cost; 958,481 and 156,737 shares in 2019 and 2018, respectively | (8,531 | ) | (2,476 | ) | |||
Accumulated other comprehensive income, net of tax | — | 110 | |||||
Total equity | 458,662 | 463,436 | |||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | 764,884 | $ | 764,863 |
ERA GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share amounts) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Operating revenues | $ | 51,193 | $ | 54,472 | $ | 99,022 | $ | 109,221 | |||||||
Dry-leasing revenues | 4,287 | 3,256 | 7,751 | 5,829 | |||||||||||
Total revenues | 55,480 | 57,728 | 106,773 | 115,050 | |||||||||||
Costs and expenses: | |||||||||||||||
Operating | 38,820 | 40,332 | 75,516 | 77,992 | |||||||||||
Administrative and general | 8,895 | 14,806 | 17,770 | 26,877 | |||||||||||
Depreciation and amortization | 9,520 | 10,116 | 18,970 | 20,470 | |||||||||||
Total costs and expenses | 57,235 | 65,254 | 112,256 | 125,339 | |||||||||||
Gains (losses) on asset dispositions, net | (68 | ) | (1,997 | ) | (192 | ) | 2,417 | ||||||||
Operating loss | (1,823 | ) | (9,523 | ) | (5,675 | ) | (7,872 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest income | 934 | 346 | 1,686 | 492 | |||||||||||
Interest expense | (3,432 | ) | (3,521 | ) | (6,893 | ) | (8,097 | ) | |||||||
Loss on sale of investments | (569 | ) | — | (569 | ) | — | |||||||||
Foreign currency gains (losses), net | 270 | (1,075 | ) | 144 | (1,001 | ) | |||||||||
Gains (losses) on debt extinguishment | (13 | ) | — | (13 | ) | 175 | |||||||||
Other, net | (9 | ) | 14 | (20 | ) | 6 | |||||||||
Total other income (expense) | (2,819 | ) | (4,236 | ) | (5,665 | ) | (8,425 | ) | |||||||
Loss before income taxes and equity earnings | (4,642 | ) | (13,759 | ) | (11,340 | ) | (16,297 | ) | |||||||
Income tax expense (benefit) | 1,394 | (2,574 | ) | (194 | ) | (3,312 | ) | ||||||||
Loss before equity earnings | (6,036 | ) | (11,185 | ) | (11,146 | ) | (12,985 | ) | |||||||
Equity earnings, net of tax | 10,910 | 669 | 9,935 | 1,112 | |||||||||||
Net income (loss) | 4,874 | (10,516 | ) | (1,211 | ) | (11,873 | ) | ||||||||
Net loss attributable to noncontrolling interest in subsidiary | 66 | 137 | 208 | 300 | |||||||||||
Net income (loss) attributable to Era Group Inc. | $ | 4,940 | $ | (10,379 | ) | $ | (1,003 | ) | $ | (11,573 | ) | ||||
Income (loss) per common share, basic and diluted | $ | 0.22 | $ | (0.49 | ) | $ | (0.05 | ) | $ | (0.55 | ) | ||||
Weighted average common shares outstanding, basic and diluted | 21,448,115 | 21,199,280 | 21,386,058 | 21,199,688 |
ERA GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited, in thousands) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income (loss) | $ | 4,874 | $ | (10,516 | ) | $ | (1,211 | ) | $ | (11,873 | ) | |||||
Other comprehensive loss: | ||||||||||||||||
Foreign currency translation adjustments, net | (110 | ) | — | (110 | ) | (5 | ) | |||||||||
Total other comprehensive loss | (110 | ) | — | (110 | ) | (5 | ) | |||||||||
Comprehensive income (loss) | 4,764 | (10,516 | ) | (1,321 | ) | (11,878 | ) | |||||||||
Comprehensive loss attributable to noncontrolling interest in subsidiary | 66 | 137 | 208 | 300 | ||||||||||||
Comprehensive income (loss) attributable to Era Group Inc. | $ | 4,830 | $ | (10,379 | ) | $ | (1,113 | ) | $ | (11,578 | ) |
ERA GROUP INC. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE NONCONTROLLING INTEREST AND EQUITY (unaudited, in thousands) | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||||
Era Group Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Shares | Accumulated Other Comprehensive Income | Total Equity | |||||||||||||||||||||||
March 31, 2019 | $ | 3,160 | $ | 224 | $ | 448,690 | $ | 12,342 | $ | (2,481 | ) | $ | 110 | $ | 458,885 | ||||||||||||||
Share award amortization | — | — | 997 | — | — | — | 997 | ||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | (6,050 | ) | — | (6,050 | ) | ||||||||||||||||||||
Net income | — | — | — | 4,874 | — | — | 4,874 | ||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | (66 | ) | — | — | 66 | — | — | 66 | |||||||||||||||||||||
Currency translation adjustments, net of tax | — | — | — | — | — | (110 | ) | (110 | ) | ||||||||||||||||||||
June 30, 2019 | $ | 3,094 | $ | 224 | $ | 449,687 | $ | 17,282 | $ | (8,531 | ) | $ | — | $ | 458,662 |
Three Months Ended June 30, 2018 | |||||||||||||||||||||||||||||
Era Group Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Shares | Accumulated Other Comprehensive Income | Total Equity | |||||||||||||||||||||||
March 31, 2018 | $ | 3,603 | $ | 219 | $ | 445,174 | $ | 3,169 | $ | (2,951 | ) | $ | 105 | $ | 445,716 | ||||||||||||||
Share award amortization | — | — | 711 | — | — | — | 711 | ||||||||||||||||||||||
Net loss | — | — | — | (10,516 | ) | — | — | (10,516 | ) | ||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | (137 | ) | — | — | 137 | — | — | 137 | |||||||||||||||||||||
June 30, 2018 | $ | 3,466 | $ | 219 | $ | 445,885 | $ | (7,210 | ) | $ | (2,951 | ) | $ | 105 | $ | 436,048 |
Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||
Era Group Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Shares | Accumulated Other Comprehensive Income | Total Equity | |||||||||||||||||||||||
December 31, 2018 | $ | 3,302 | $ | 219 | $ | 447,298 | $ | 18,285 | $ | (2,476 | ) | $ | 110 | $ | 463,436 | ||||||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||||
Restricted stock grants | — | 4 | (4 | ) | — | — | — | — | |||||||||||||||||||||
Employee Stock Purchase Plan | — | 1 | 589 | — | — | — | 590 | ||||||||||||||||||||||
Share award amortization | — | — | 1,804 | — | — | — | 1,804 | ||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | (6,055 | ) | — | (6,055 | ) | ||||||||||||||||||||
Net loss | — | — | — | (1,211 | ) | — | — | (1,211 | ) | ||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | (208 | ) | — | — | 208 | — | — | 208 | |||||||||||||||||||||
Currency translation adjustments, net of tax | — | — | — | — | — | (110 | ) | (110 | ) | ||||||||||||||||||||
June 30, 2019 | $ | 3,094 | $ | 224 | $ | 449,687 | $ | 17,282 | $ | (8,531 | ) | $ | — | $ | 458,662 |
Six Months Ended June 30, 2018 | |||||||||||||||||||||||||||||
Era Group Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Shares | Accumulated Other Comprehensive Income | Total Equity | |||||||||||||||||||||||
December 31, 2017 | $ | 3,766 | $ | 215 | $ | 443,944 | $ | 4,363 | $ | (2,951 | ) | $ | 110 | $ | 445,681 | ||||||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||||
Restricted stock grants | — | 3 | (3 | ) | — | — | — | — | |||||||||||||||||||||
Employee Stock Purchase Plan | — | 1 | 483 | — | — | — | 484 | ||||||||||||||||||||||
Share award amortization | — | — | 1,461 | — | — | — | 1,461 | ||||||||||||||||||||||
Net loss | — | — | — | (11,873 | ) | — | — | (11,873 | ) | ||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interest | (300 | ) | — | — | 300 | — | — | 300 | |||||||||||||||||||||
Currency translation adjustments, net of tax | — | — | — | — | — | (5 | ) | (5 | ) | ||||||||||||||||||||
June 30, 2018 | $ | 3,466 | $ | 219 | $ | 445,885 | $ | (7,210 | ) | $ | (2,951 | ) | $ | 105 | $ | 436,048 |
ERA GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) | |||||||
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (1,211 | ) | $ | (11,873 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 18,970 | 20,470 | |||||
Share-based compensation | 1,804 | 1,461 | |||||
Bad debt expense, net | — | (25 | ) | ||||
Interest income | (312 | ) | (248 | ) | |||
Non-cash penalty and interest expenses | — | 607 | |||||
Losses (gains) on asset dispositions, net | 192 | (2,417 | ) | ||||
Debt discount amortization | 134 | 124 | |||||
Amortization of deferred financing costs | 479 | 938 | |||||
Loss on sale of investments | 569 | — | |||||
Foreign currency losses (gains), net | (150 | ) | 1,010 | ||||
Losses (gains) on debt extinguishment, net | 13 | (175 | ) | ||||
Deferred income tax benefit | (1,398 | ) | (3,299 | ) | |||
Equity earnings, net of tax | (9,935 | ) | (1,112 | ) | |||
Changes in operating assets and liabilities: | |||||||
Decrease (increase) in receivables | 2,593 | (963 | ) | ||||
Increase in prepaid expenses and other assets | (1,044 | ) | (1,295 | ) | |||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (829 | ) | 1,935 | ||||
Net cash provided by operating activities | 9,875 | 5,138 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (2,580 | ) | (5,958 | ) | |||
Proceeds from disposition of property and equipment | — | 29,497 | |||||
Purchase of investments | (5,000 | ) | — | ||||
Proceeds from sale of investments | 4,430 | — | |||||
Proceeds from sale of equity investees | 35,519 | — | |||||
Principal payments on notes due from equity investees | 2,334 | 186 | |||||
Principal payments on third party notes receivable | 210 | 571 | |||||
Net cash provided by investing activities | 34,913 | 24,296 | |||||
Cash flows from financing activities: | |||||||
Long-term debt issuance costs | — | (1,295 | ) | ||||
Payments on long-term debt | (1,042 | ) | (30,012 | ) | |||
Extinguishment of long-term debt | (740 | ) | — | ||||
Proceeds from share award plans | 590 | 484 | |||||
Purchase of treasury shares | (6,055 | ) | — | ||||
Net cash used in financing activities | (7,247 | ) | (30,823 | ) | |||
Effects of exchange rate changes on cash and cash equivalents | 136 | (387 | ) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 37,677 | (1,776 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of period | 50,753 | 16,833 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 88,430 | $ | 15,057 | |||
Supplemental cash flow information: | |||||||
Cash paid for interest | $ | 6,323 | $ | 7,268 | |||
Interest capitalized during the period | — | 97 | |||||
Interest, net of amounts capitalized | $ | 6,323 | $ | 7,171 | |||
Cash paid for income taxes | $ | 1,255 | — |
1. | BASIS OF PRESENTATION AND ACCOUNTING POLICY |
June 30, 2019 | December 31, 2018 | June 30, 2018 | December 31, 2017 | ||||||||||||
Cash and cash equivalents | $ | 88,430 | $ | 50,753 | $ | 15,057 | $ | 13,583 | |||||||
Restricted cash (1) | — | — | — | 3,250 | |||||||||||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows | $ | 88,430 | $ | 50,753 | $ | 15,057 | $ | 16,833 |
2. | FAIR VALUE MEASUREMENTS |
Carrying Amount | Level 1 | Level 2 | Level 3 | ||||||||||||
June 30, 2019 | |||||||||||||||
LIABILITIES | |||||||||||||||
Long-term debt, including current portion | $ | 160,840 | $ | — | $ | 162,713 | $ | — | |||||||
December 31, 2018 | |||||||||||||||
LIABILITIES | |||||||||||||||
Long-term debt, including current portion | $ | 162,275 | $ | — | $ | 159,367 | $ | — |
3. | ACQUISITIONS AND DISPOSITIONS |
4. | LEASES |
Minimum Payments | ||||
2019 | $ | 1,573 | ||
2020 | 1,530 | |||
2021 | 987 | |||
2022 | 562 | |||
2023 | 495 | |||
Years subsequent to 2023 | 7,952 | |||
Total future minimum lease payments | $ | 13,099 |
Minimum Payments | ||||
2019 | $ | 1,077 | ||
2020 | 2,070 | |||
2021 | 1,084 | |||
2022 | 661 | |||
2023 | 637 | |||
Years subsequent to 2023 | 8,968 | |||
Total future minimum lease payments | 14,497 | |||
Less: imputed interest | 6,417 | |||
Present value of lease liabilities | $ | 8,080 |
Reported balances: | ||||
Other current liabilities | $ | 1,693 | ||
Long-term lease liabilities | 6,387 | |||
Total operating lease liabilities | $ | 8,080 |
Weighted average remaining lease term | 12 years | |||
Weighted average discount rate | 4.75 | % | ||
Cash paid for amounts included in the measurement of lease liabilities during the six months ended June 30, 2019 (in thousands) | $ | 1,024 |
5. | VARIABLE INTEREST ENTITIES |
6. | INCOME TAXES |
7. | LONG-TERM DEBT |
June 30, 2019 | December 31, 2018 | |||||||
7.750% Senior Notes (excluding unamortized discount) | $ | 144,088 | $ | 144,828 | ||||
Senior secured revolving credit facility | — | — | ||||||
Promissory notes | 19,148 | 19,980 | ||||||
Other | 196 | 395 | ||||||
Total principal balance on borrowings | 163,432 | 165,203 | ||||||
Portion due within one year | (1,859 | ) | (2,058 | ) | ||||
Unamortized debt issuance costs | (1,516 | ) | (1,712 | ) | ||||
Unamortized discount, net | (1,076 | ) | (1,216 | ) | ||||
Long-term debt | $ | 158,981 | $ | 160,217 |
8. | COMMITMENTS AND CONTINGENCIES |
9. | EARNINGS (LOSS) PER COMMON SHARE |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income (loss) attributable to Era Group Inc. | $ | 4,940 | $ | (10,379 | ) | $ | (1,003 | ) | $ | (11,573 | ) | |||||
Less: Net income attributable to participating securities | 148 | — | — | — | ||||||||||||
Net income (loss) attributable to fully vested common stock | $ | 4,792 | $ | (10,379 | ) | $ | (1,003 | ) | $ | (11,573 | ) | |||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 21,448,115 | 21,199,280 | 21,386,058 | 21,199,688 | ||||||||||||
Diluted(1) | 21,448,115 | 21,199,280 | 21,386,058 | 21,199,688 | ||||||||||||
Income (loss) per common share: | ||||||||||||||||
Income (loss) per common share, basic and diluted | $ | 0.22 | $ | (0.49 | ) | $ | (0.05 | ) | $ | (0.55 | ) |
(1) | Excludes weighted average common shares of 203,612 and 211,094 for the three months ended June 30, 2019 and 2018, respectively, and 203,612 and 223,497 for the six months ended June 30, 2019 and 2018, respectively, for certain share awards as the effect of their inclusion would have been antidilutive. |
10. | REVENUES |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating revenues: | |||||||||||||||
U.S. | $ | 36,694 | $ | 40,312 | $ | 70,907 | $ | 79,444 | |||||||
International | 14,499 | 14,160 | 28,115 | 29,777 | |||||||||||
Total operating revenues | $ | 51,193 | $ | 54,472 | $ | 99,022 | $ | 109,221 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Oil and gas flight services: | |||||||||||||||
U.S. | $ | 33,270 | $ | 37,771 | $ | 65,736 | $ | 74,305 | |||||||
International | 14,499 | 14,160 | 28,115 | 29,777 | |||||||||||
Total oil and gas | 47,769 | 51,931 | 93,851 | 104,082 | |||||||||||
Emergency response services | 3,424 | 2,541 | 5,171 | 5,139 | |||||||||||
Total operating revenues | $ | 51,193 | $ | 54,472 | $ | 99,022 | $ | 109,221 | |||||||
Dry-leasing revenues: | |||||||||||||||
U.S. | 882 | 1,271 | 1,333 | 1,844 | |||||||||||
International | 3,405 | 1,985 | 6,418 | 3,985 | |||||||||||
Total revenues | $ | 55,480 | $ | 57,728 | $ | 106,773 | $ | 115,050 |
1. | Identify the contract with a customer; |
2. | Identify the performance obligations in the contract; |
3. | Determine the transaction price; |
4. | Allocate the transaction price to the performance obligations; and |
5. | Recognize revenue as the performance obligations are satisfied. |
11. | RELATED PARTY TRANSACTIONS |
12. | SHARE-BASED COMPENSATION |
Number of Shares | Weighted Average Grant Price | |||||
Non-vested as of December 31, 2018 | 513,766 | $ | 10.28 | |||
Restricted stock awards granted: | ||||||
Non-employee directors | 34,488 | $ | 10.35 | |||
Employees | 361,056 | $ | 10.35 | |||
Vested | (256,663 | ) | $ | 10.34 | ||
Forfeited | — | $ | — | |||
Non-vested as of June 30, 2019 | 652,647 | $ | 10.30 |
13. | GUARANTORS OF SECURITIES |
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 |
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 |
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 |
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 | ) |
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 | ) |
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 | ) |
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 |
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 | ) |
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 | ) |
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 | ) |
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 |
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 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | the Company’s dependence on, and the cyclical and volatile nature of, offshore oil and gas exploration, development and production activity, and the impact of general economic conditions and fluctuations in worldwide prices of, and demand for, oil and natural gas on such activity levels; |
• | the Company’s reliance on a limited number of customers and the reduction of its customer base as a result of bankruptcies or consolidation; |
• | risks that the Company’s customers reduce or cancel contracted services or tender processes or obtain comparable services through other forms of transportation; |
• | the Company’s dependence on U.S. government agency contracts that are subject to budget appropriations; |
• | cost savings initiatives implemented by the Company’s customers; |
• | risks inherent in operating helicopters; |
• | the Company’s ability to maintain an acceptable safety record and level of reliability; |
• | the impact of increased U.S. and foreign government regulation and legislation, including potential government implemented moratoriums on drilling activities; |
• | the impact of a grounding of all or a portion of the Company’s fleet for extended periods of time or indefinitely on the Company’s business, including its operations and ability to service customers, results of operations or financial condition and/or the market value of the affected helicopters; |
• | the Company’s ability to successfully expand into other geographic and aviation service markets; |
• | risks associated with political instability, governmental action, war, acts of terrorism and changes in the economic condition in any foreign country where the Company does business, which may result in expropriation, nationalization, confiscation or deprivation of the Company’s assets or result in claims of a force majeure situation; |
• | the impact of declines in the global economy and financial markets; |
• | the impact of fluctuations in foreign currency exchange rates on the Company’s asset values and cost to purchase helicopters, spare parts and related services; |
• | risks related to investing in new lines of aviation service without realizing the expected benefits; |
• | risks of engaging in competitive processes or expending significant resources for strategic opportunities, with no guaranty of recoupment; |
• | the Company’s reliance on a limited number of helicopter manufacturers and suppliers; |
• | the Company’s ongoing need to replace aging helicopters; |
• | the Company’s reliance on the secondary helicopter market to dispose of used helicopters and parts; |
• | information technology related risks; |
• | the impact of allocation of risk between the Company and its customers; |
• | the liability, legal fees and costs in connection with providing emergency response services; |
• | adverse weather conditions and seasonality; |
• | risks associated with the Company’s debt structure; |
• | the Company’s counterparty credit risk exposure; |
• | the impact of operational and financial difficulties of the Company’s joint ventures and partners and the risks associated with identifying and securing joint venture partners when needed; |
• | conflict with the other owners of the Company’s non-wholly owned subsidiaries and other equity investees; |
• | adverse results of legal proceedings; |
• | risks associated with significant increases in fuel costs; |
• | the Company’s ability to obtain insurance coverage and the adequacy and availability of such coverage; |
• | the possibility of labor problems; |
• | the attraction and retention of qualified personnel; |
• | restrictions on the amount of foreign ownership of the Company’s common stock; and |
• | various other matters and factors, many of which are beyond the Company’s control. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
(in thousands) | % | (in thousands) | % | (in thousands) | % | (in thousands) | % | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
United States | $ | 37,576 | 68 | $ | 41,583 | 72 | $ | 72,240 | 68 | $ | 81,288 | 71 | |||||||||||||||
International | 17,904 | 32 | 16,145 | 28 | 34,533 | 32 | 33,762 | 29 | |||||||||||||||||||
Total revenues | 55,480 | 100 | 57,728 | 100 | 106,773 | 100 | 115,050 | 100 | |||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||
Operating: | |||||||||||||||||||||||||||
Personnel | 13,821 | 25 | 13,647 | 24 | 26,850 | 25 | 27,781 | 24 | |||||||||||||||||||
Repairs and maintenance | 13,385 | 24 | 14,541 | 25 | 26,095 | 24 | 25,302 | 22 | |||||||||||||||||||
Insurance and loss reserves | 908 | 2 | 1,342 | 2 | 2,112 | 2 | 2,649 | 2 | |||||||||||||||||||
Fuel | 3,678 | 7 | 3,690 | 6 | 7,080 | 7 | 7,361 | 6 | |||||||||||||||||||
Leased-in equipment | 65 | — | 248 | — | 115 | — | 533 | — | |||||||||||||||||||
Other | 6,963 | 12 | 6,864 | 12 | 13,264 | 12 | 14,366 | 13 | |||||||||||||||||||
Total operating expenses | 38,820 | 70 | 40,332 | 69 | 75,516 | 70 | 77,992 | 67 | |||||||||||||||||||
Administrative and general | 8,895 | 16 | 14,806 | 26 | 17,770 | 17 | 26,877 | 24 | |||||||||||||||||||
Depreciation and amortization | 9,520 | 17 | 10,116 | 18 | 18,970 | 18 | 20,470 | 18 | |||||||||||||||||||
Total costs and expenses | 57,235 | 103 | 65,254 | 113 | 112,256 | 105 | 125,339 | 109 | |||||||||||||||||||
Gains (losses) on asset dispositions, net | (68 | ) | — | (1,997 | ) | (3 | ) | (192 | ) | — | 2,417 | 2 | |||||||||||||||
Operating loss | (1,823 | ) | (3 | ) | (9,523 | ) | (16 | ) | (5,675 | ) | (5 | ) | (7,872 | ) | (7 | ) | |||||||||||
Other income (expense): | |||||||||||||||||||||||||||
Interest income | 934 | 2 | 346 | 1 | 1,686 | 2 | 492 | — | |||||||||||||||||||
Interest expense | (3,432 | ) | (6 | ) | (3,521 | ) | (6 | ) | (6,893 | ) | (6 | ) | (8,097 | ) | (7 | ) | |||||||||||
Loss on sale of investments | (569 | ) | (1 | ) | — | — | (569 | ) | (1 | ) | — | — | |||||||||||||||
Foreign currency gains (losses), net | 270 | — | (1,075 | ) | (2 | ) | 144 | — | (1,001 | ) | (1 | ) | |||||||||||||||
Gains (losses) on debt extinguishment | (13 | ) | — | — | — | (13 | ) | — | 175 | — | |||||||||||||||||
Other, net | (9 | ) | — | 14 | — | (20 | ) | — | 6 | — | |||||||||||||||||
Total other income (expense) | (2,819 | ) | (5 | ) | (4,236 | ) | (7 | ) | (5,665 | ) | (5 | ) | (8,425 | ) | (8 | ) | |||||||||||
Loss before income taxes and equity earnings | (4,642 | ) | (8 | ) | (13,759 | ) | (24 | ) | (11,340 | ) | (11 | ) | (16,297 | ) | (14 | ) | |||||||||||
Income tax expense (benefit) | 1,394 | 3 | (2,574 | ) | (4 | ) | (194 | ) | — | (3,312 | ) | (3 | ) | ||||||||||||||
Loss before equity earnings | (6,036 | ) | (11 | ) | (11,185 | ) | (20 | ) | (11,146 | ) | (11 | ) | (12,985 | ) | (11 | ) | |||||||||||
Equity earnings, net of tax | 10,910 | 20 | 669 | 1 | 9,935 | 9 | 1,112 | 1 | |||||||||||||||||||
Net income (loss) | 4,874 | 9 | (10,516 | ) | (19 | ) | (1,211 | ) | (2 | ) | (11,873 | ) | (10 | ) | |||||||||||||
Net loss attributable to noncontrolling interest in subsidiary | 66 | — | 137 | — | 208 | — | 300 | — | |||||||||||||||||||
Net income (loss) attributable to Era Group Inc. | $ | 4,940 | 9 | $ | (10,379 | ) | (18 | ) | $ | (1,003 | ) | (1 | ) | $ | (11,573 | ) | (10 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(in thousands) | % | (in thousands) | % | (in thousands) | % | (in thousands) | % | ||||||||||||||||
Revenues: | |||||||||||||||||||||||
Oil and gas: (1) | |||||||||||||||||||||||
U.S. | $ | 33,270 | 60 | $ | 37,771 | 65 | $ | 65,736 | 62 | $ | 74,305 | 65 | |||||||||||
International | 14,499 | 26 | 14,160 | 25 | 28,115 | 26 | 29,777 | 26 | |||||||||||||||
Total oil and gas | 47,769 | 86 | 51,931 | 90 | 93,851 | 88 | 104,082 | 90 | |||||||||||||||
Dry-leasing | 4,287 | 8 | 3,256 | 6 | 7,751 | 7 | 5,829 | 5 | |||||||||||||||
Emergency response services | 3,424 | 6 | 2,541 | 4 | 5,171 | 5 | 5,139 | 5 | |||||||||||||||
$ | 55,480 | 100 | $ | 57,728 | 100 | $ | 106,773 | 100 | $ | 115,050 | 100 |
(1) | Primarily oil and gas activities, but also includes revenues from utility services, such as firefighting. |
Helicopters(1) | Max. Pass.(2) | Cruise Speed (mph) | Approx. Range (miles) | Average Age (years) | |||||||||||
Heavy: | |||||||||||||||
S92 | 4 | 19 | 175 | 620 | 3 | ||||||||||
H225 | 1 | 19 | 162 | 582 | 11 | ||||||||||
AW189 | 4 | 16 | 173 | 490 | 3 | ||||||||||
9 | |||||||||||||||
Medium: | |||||||||||||||
AW139 | 36 | 12 | 173 | 426 | 9 | ||||||||||
S76 C+/C++ | 5 | 12 | 161 | 348 | 12 | ||||||||||
B212 | 5 | 11 | 115 | 299 | 40 | ||||||||||
46 | |||||||||||||||
Light—twin engine: | |||||||||||||||
A109 | 7 | 7 | 161 | 405 | 13 | ||||||||||
EC135 | 13 | 7 | 138 | 288 | 11 | ||||||||||
BO105 | 3 | 4 | 138 | 276 | 30 | ||||||||||
23 | |||||||||||||||
Light—single engine: | |||||||||||||||
A119 | 13 | 7 | 161 | 270 | 12 | ||||||||||
AS350 | 17 | 5 | 138 | 361 | 21 | ||||||||||
30 | |||||||||||||||
Total Fleet | 108 | 14 |
(1) | Three EC135 helicopters were sold in July 2019. |
(2) | In typical configuration for our operations. |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
(in thousands) | |||||||
Cash flows provided by or (used in): | |||||||
Operating activities | $ | 9,875 | $ | 5,138 | |||
Investing activities | 34,913 | 24,296 | |||||
Financing activities | (7,247 | ) | (30,823 | ) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 136 | (387 | ) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 37,677 | $ | (1,776 | ) |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Operating income before depreciation, and gains (losses) on asset dispositions, net | $ | 13,487 | $ | 10,181 | |||
Changes in operating assets and liabilities before interest and income taxes | 765 | (249 | ) | ||||
Interest paid, net of capitalized interest of $0 and $97 in 2019 and 2018, respectively | (6,323 | ) | (7,171 | ) | |||
Interest received | 1,374 | 492 | |||||
Income taxes paid | (1,255 | ) | — | ||||
Other | 1,827 | 1,885 | |||||
Total cash flows provided by operating activities | $ | 9,875 | $ | 5,138 |
• | Proceeds from the sale of equity investees were $35.5 million. |
• | Proceeds from the sale of investments were $4.4 million. |
• | Net principal payments received from equity investees and third parties were $2.5 million. |
• | Capital expenditures were $2.6 million, which consisted primarily of spare helicopter parts and leasehold improvements. |
• | Purchase of investments was $5.0 million. |
• | Proceeds from the disposition of property and equipment were $29.5 million. |
• | Net principal payments received from equity investees and third parties were $0.8 million. |
• | Capital expenditures were $6.0 million, which consisted primarily of helicopter acquisitions, spare helicopter parts, and capitalized interest. |
• | Proceeds from share award plans were $0.6 million. |
• | Purchases of treasury shares were $6.1 million. |
• | Principal payments on long-term debt were $1.0 million. |
• | Extinguishment of a portion of the 7.750% Senior Notes was $0.7 million. |
• | Proceeds from share award plans were $0.5 million. |
• | Principal payments on long-term debt, including our Revolving Credit Facility, were $30.0 million. |
• | Long-term debt issuance costs were $1.3 million incurred in connection with the amendment of the Revolving Credit Facility. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
Total Number of Shares Repurchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Value of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||
April 1, 2019 - April 30, 2019 | — | $ | — | — | $ | 22,934,076 | |||||||
May 1, 2019 - May 31, 2019 | — | $ | — | — | $ | 22,934,076 | |||||||
June 1, 2019 - June 30, 2019 | 801,214 | $ | 7.55 | 800,168 | $ | 16,890,912 |
ITEM 6. | EXHIBITS |
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB | XBRL Taxonomy Extension Label Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Era Group Inc. (Registrant) | |||||
DATE: | July 30, 2019 | By: | /s/ Jennifer D. Whalen | ||
Jennifer D. Whalen, Senior Vice President, Chief Financial Officer | |||||
1. | I have reviewed this quarterly report on Form 10-Q of Era Group Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | July 30, 2019 | |
/s/ Christopher S. Bradshaw | ||
Name: | Christopher S. Bradshaw | |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Era Group Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions: |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | July 30, 2019 | |
/s/ Jennifer D. Whalen | ||
Name: | Jennifer D. Whalen | |
Title: | Senior Vice President, Chief Financial Officer (Principal Financial Officer) |
Date: | July 30, 2019 | |
/s/ Christopher S. Bradshaw | ||
Name: | Christopher S. Bradshaw | |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
Date: | July 30, 2019 | |
/s/ Jennifer D. Whalen | ||
Name: | Jennifer D. Whalen | |
Title: | Senior Vice President, Chief Financial Officer (Principal Financial Officer) |
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jul. 26, 2019 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ERA GROUP INC. | |
Entity Central Index Key | 0001525221 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 21,230,909 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
||
---|---|---|---|---|
Cash and cash equivalents | [1] | $ 88,430 | $ 50,753 | |
Allowance for doubtful accounts, trade receivables | 139 | 261 | ||
Trade, operating, net of allowance for doubtful accounts | 30,493 | 33,306 | ||
Tax receivables | 2,680 | 3,187 | ||
Other | 16,478 | 2,343 | ||
Inventories, net | 21,004 | 20,673 | ||
Prepaid expenses | 2,822 | 1,807 | ||
Property and equipment | 918,972 | 917,161 | ||
Accumulated depreciation | 336,825 | 317,967 | ||
Operating lease right-of-use | 8,080 | |||
Other assets | 6,487 | 21,578 | ||
Accounts payable and accrued expenses | 13,467 | 13,161 | ||
Accrued wages and benefits | 8,222 | 9,267 | ||
Accrued other taxes | 1,410 | 1,268 | ||
Accrued contingencies | 647 | 630 | ||
Current portion of long-term debt | 1,859 | 2,058 | ||
Other current liabilities | 2,902 | $ 878 | ||
Operating lease liabilities | $ 6,387 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | ||
Common stock, shares outstanding (in shares) | 21,419,462 | 21,765,404 | ||
Treasury shares (in shares) | 958,481 | 156,737 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Cash and cash equivalents | $ 4,601 | $ 1,745 | ||
Trade, operating, net of allowance for doubtful accounts | 6,702 | 5,565 | ||
Tax receivables | 2,680 | 3,187 | ||
Other | 14 | 340 | ||
Inventories, net | 42 | 40 | ||
Prepaid expenses | 112 | 10 | ||
Property and equipment | 1,475 | 1,375 | ||
Accumulated depreciation | 570 | 485 | ||
Operating lease right-of-use | 1,052 | |||
Other assets | 105 | 96 | ||
Accounts payable and accrued expenses | 1,675 | 1,522 | ||
Accrued wages and benefits | 1,562 | 1,429 | ||
Accrued other taxes | 353 | 500 | ||
Accrued contingencies | 647 | 630 | ||
Current portion of long-term debt | 196 | 395 | ||
Other current liabilities | 458 | $ 0 | ||
Operating lease liabilities | $ 595 | |||
|
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Revenues: | ||||
Total revenues | $ 55,480 | $ 57,728 | $ 106,773 | $ 115,050 |
Costs and expenses: | ||||
Operating | 38,820 | 40,332 | 75,516 | 77,992 |
Administrative and general | 8,895 | 14,806 | 17,770 | 26,877 |
Depreciation and amortization | 9,520 | 10,116 | 18,970 | 20,470 |
Total costs and expenses | 57,235 | 65,254 | 112,256 | 125,339 |
Gains (losses) on asset dispositions, net | (68) | (1,997) | (192) | 2,417 |
Operating loss | (1,823) | (9,523) | (5,675) | (7,872) |
Other income (expense): | ||||
Interest income | 934 | 346 | 1,686 | 492 |
Interest expense | (3,432) | (3,521) | (6,893) | (8,097) |
Loss on sale of investments | (569) | 0 | (569) | 0 |
Foreign currency gains (losses), net | 270 | (1,075) | 144 | (1,001) |
Gains (losses) on debt extinguishment | (13) | 0 | (13) | 175 |
Other, net | (9) | 14 | (20) | 6 |
Total other income (expense) | (2,819) | (4,236) | (5,665) | (8,425) |
Loss before income taxes and equity earnings | (4,642) | (13,759) | (11,340) | (16,297) |
Income tax expense (benefit) | 1,394 | (2,574) | (194) | (3,312) |
Income (loss) before equity earnings | (6,036) | (11,185) | (11,146) | (12,985) |
Equity earnings, net of tax | 10,910 | 669 | 9,935 | 1,112 |
Net income (loss) | 4,874 | (10,516) | (1,211) | (11,873) |
Net loss attributable to noncontrolling interest in subsidiary | 66 | 137 | 208 | 300 |
Net income (loss) attributable to Era Group Inc. | $ 4,940 | $ (10,379) | $ (1,003) | $ (11,573) |
Income (loss) per common share, basic and diluted (in dollars per shares) | $ 0.22 | $ (0.49) | $ (0.05) | $ (0.55) |
Weighted average common shares outstanding, basic and diluted (in shares) | 21,448,115 | 21,199,280 | 21,386,058 | 21,199,688 |
Weighted Average Number of Shares Outstanding, Basic | 21,448,115 | 21,199,280 | 21,386,058 | 21,199,688 |
Operating revenues | ||||
Revenues: | ||||
Total revenues | $ 51,193 | $ 54,472 | $ 99,022 | $ 109,221 |
Dry-leasing revenues | ||||
Revenues: | ||||
Total revenues | $ 4,287 | $ 3,256 | $ 7,751 | $ 5,829 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 4,874 | $ (10,516) | $ (1,211) | $ (11,873) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments, net | (110) | 0 | (110) | (5) |
Total other comprehensive loss | (110) | 0 | (110) | (5) |
Comprehensive income (loss) | 4,764 | (10,516) | (1,321) | (11,878) |
Comprehensive loss attributable to noncontrolling interest in subsidiary | 66 | 137 | 208 | 300 |
Comprehensive income (loss) attributable to Era Group Inc. | $ 4,830 | $ (10,379) | $ (1,113) | $ (11,578) |
Condensed Consolidated Statement of Changes in Redeemable Noncontrolling Interest and Equity - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Shares |
Accumulated Other Comprehensive Income |
---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2017 | $ 3,766 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Net loss attributable to redeemable noncontrolling interest | (300) | |||||
Ending Balance at Jun. 30, 2018 | 3,466 | |||||
Beginning Balance at Dec. 31, 2017 | 445,681 | $ 215 | $ 443,944 | $ 4,363 | $ (2,951) | $ 110 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Restricted stock grants | 3 | (3) | ||||
Employee Stock Purchase Plan | 484 | 1 | 483 | |||
Share award amortization | 1,461 | 1,461 | ||||
Net income (loss) | (11,873) | (11,873) | ||||
Net loss attributable to redeemable noncontrolling interest | 300 | 300 | ||||
Currency translation adjustments, net of tax | (5) | (5) | ||||
Ending Balance at Jun. 30, 2018 | 436,048 | 219 | 445,885 | (7,210) | (2,951) | 105 |
Beginning Balance at Mar. 31, 2018 | 3,603 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Net loss attributable to redeemable noncontrolling interest | (137) | |||||
Ending Balance at Jun. 30, 2018 | 3,466 | |||||
Beginning Balance at Mar. 31, 2018 | 445,716 | 219 | 445,174 | 3,169 | (2,951) | 105 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share award amortization | 711 | 711 | ||||
Net income (loss) | (10,516) | (10,516) | ||||
Net loss attributable to redeemable noncontrolling interest | 137 | 137 | ||||
Ending Balance at Jun. 30, 2018 | 436,048 | 219 | 445,885 | (7,210) | (2,951) | 105 |
Beginning Balance at Dec. 31, 2018 | 3,302 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Net loss attributable to redeemable noncontrolling interest | (208) | |||||
Ending Balance at Jun. 30, 2019 | 3,094 | |||||
Beginning Balance at Dec. 31, 2018 | 463,436 | 219 | 447,298 | 18,285 | (2,476) | 110 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Restricted stock grants | 4 | (4) | ||||
Employee Stock Purchase Plan | 590 | 1 | 589 | |||
Share award amortization | 1,804 | 1,804 | ||||
Purchase of treasury shares | (6,055) | (6,055) | ||||
Net income (loss) | (1,211) | (1,211) | ||||
Net loss attributable to redeemable noncontrolling interest | 208 | 208 | ||||
Currency translation adjustments, net of tax | (110) | (110) | ||||
Ending Balance at Jun. 30, 2019 | 458,662 | 224 | 449,687 | 17,282 | (8,531) | 0 |
Beginning Balance at Mar. 31, 2019 | 3,160 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Net loss attributable to redeemable noncontrolling interest | (66) | |||||
Ending Balance at Jun. 30, 2019 | 3,094 | |||||
Beginning Balance at Mar. 31, 2019 | 458,885 | 224 | 448,690 | 12,342 | (2,481) | 110 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share award amortization | 997 | 997 | ||||
Purchase of treasury shares | (6,050) | (6,050) | ||||
Net income (loss) | 4,874 | 4,874 | ||||
Net loss attributable to redeemable noncontrolling interest | 66 | 66 | ||||
Currency translation adjustments, net of tax | (110) | (110) | ||||
Ending Balance at Jun. 30, 2019 | $ 458,662 | $ 224 | $ 449,687 | $ 17,282 | $ (8,531) | $ 0 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Cash flows from operating activities: | ||
Net loss | $ (1,211) | $ (11,873) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 18,970 | 20,470 |
Share-based compensation | 1,804 | 1,461 |
Bad debt expense, net | 0 | (25) |
Interest income | (312) | (248) |
Non-cash penalty and interest expenses | 0 | 607 |
Losses (gains) on asset dispositions, net | 192 | (2,417) |
Debt discount amortization | 134 | 124 |
Amortization of deferred financing costs | 479 | 938 |
Loss on sale of investments | 569 | 0 |
Foreign currency losses (gains), net | (150) | 1,010 |
Losses (gains) on debt extinguishment, net | 13 | (175) |
Deferred income tax benefit | (1,398) | (3,299) |
Equity earnings, net of tax | (9,935) | (1,112) |
Changes in operating assets and liabilities: | ||
Decrease (increase) in receivables | 2,593 | (963) |
Increase in prepaid expenses and other assets | (1,044) | (1,295) |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (829) | 1,935 |
Net cash provided by operating activities | 9,875 | 5,138 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (2,580) | (5,958) |
Proceeds from disposition of property and equipment | 0 | 29,497 |
Purchase of investments | (5,000) | 0 |
Proceeds from sale of investments | 4,430 | 0 |
Proceeds from sale of equity investees | 35,519 | 0 |
Principal payments on notes due from equity investees | 2,334 | 186 |
Principal payments on third party notes receivable | 210 | 571 |
Net cash provided by investing activities | 34,913 | 24,296 |
Cash flows from financing activities: | ||
Long-term debt issuance costs | 0 | (1,295) |
Payments on long-term debt | (1,042) | (30,012) |
Extinguishment of long-term debt | (740) | 0 |
Proceeds from share award plans | 590 | 484 |
Purchase of treasury shares | (6,055) | 0 |
Net cash used in financing activities | (7,247) | (30,823) |
Effects of exchange rate changes on cash and cash equivalents | 136 | (387) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 37,677 | (1,776) |
Cash, cash equivalents and restricted cash, beginning of period | 50,753 | 16,833 |
Cash, cash equivalents and restricted cash, end of period | 88,430 | 15,057 |
Supplemental cash flow information: | ||
Cash paid for interest | 6,323 | 7,268 |
Interest capitalized during the period | 0 | 97 |
Interest, net of amounts capitalized | 6,323 | 7,171 |
Cash paid for income taxes | $ 1,255 | $ 0 |
BASIS OF PRESENTATION AND ACCOUNTING POLICY |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION AND ACCOUNTING POLICY | BASIS OF PRESENTATION AND ACCOUNTING POLICY The condensed consolidated financial statements include the accounts of Era Group Inc. and its consolidated subsidiaries. Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to Era Group Inc. and its consolidated subsidiaries, and any reference to “Era Group” refers to Era Group Inc. without its subsidiaries. The condensed consolidated financial information for the three and six months ended June 30, 2019 and 2018 has been prepared by the Company and has not been audited by its independent registered public accounting firm. In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the Company’s financial position as of June 30, 2019, its results of operations for the three and six months ended June 30, 2019 and 2018, its comprehensive income for the three and six months ended June 30, 2019 and 2018, its changes in equity for the three and six months ended June 30, 2019, and 2018, and its cash flows for the six months ended June 30, 2019 and 2018. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Certain of the Company’s operations are subject to seasonal factors. Operations in the U.S. Gulf of Mexico are often at their highest levels from April to September, as daylight hours increase, and are at their lowest levels from December through February, as daylight hours decrease. Basis of Consolidation. The consolidated financial statements include the accounts of Era Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of VIEs of which the Company is the primary beneficiary. Aeróleo Taxi Aereo S/A (“Aeróleo”) is a VIE of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. Reclassification. Certain amounts reported for prior periods in the consolidated financial statements have been reclassified to conform with the current period’s presentation. Supplemental Cash Flow Information. The following table sets forth the Company’s reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Cash Flows (in thousands):
(1) Restricted cash represents amounts deposited in escrow accounts at the end of each period. Escrow deposits are shown as a separate line item in the consolidated balance sheet. Revenue Recognition. The Company recognizes revenues for flight services and emergency response services with the passing of each day as the Company has the right to consideration from its customers in an amount that corresponds directly with the value to the Company’s customer of the performance completed to date. Therefore, the Company has elected to exercise the right to invoice practical expedient in its adoption of ASC 606. The right to invoice represents a method for recognizing revenue over time using the output measure of “value to the customer” which is an objective measure of an entity’s performance in a contract. The Company typically invoices its customers on a monthly basis for revenues earned during the prior month with payment terms of 30 days. The Company’s customer arrangements do not contain any significant financing component for its customers. Trade Receivables. Customers are primarily international, independent and major integrated exploration, development and production companies, third party helicopter operators and the U.S. government. Customers are typically granted credit on a short-term basis, and related credit risks are considered minimal. The Company routinely reviews its trade receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates. Actual results could differ from those estimates, and those differences may be material. Leases. The Company determines if an arrangement is a lease at inception or during modification or renewal of an existing lease. Operating leases are maintained for a number of fixed assets including land, hangars, buildings, fuel tanks and tower sites. The right-of-use assets associated with these leases are reflected under long-term assets; the current portion of the long-term payables are reflected under other current liabilities; and the payables on lease agreements past one year are recorded as long-term liabilities on the Company’s consolidated balance sheets. For those contracts with terms of twelve months or less, the lease expense is recognized on a straight-line basis over the lease term and recorded in operating expenses on the consolidated statement of operations. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate based on the information available at commencement date is used to determine the present value of future payments. Most of the Company’s lease agreements allow the option of renewal or extension, which are considered a part of the lease term. When it is reasonably certain that a lease will be extended, this is incorporated into the calculations. New Accounting Standards - Adopted. In February 2016, the Financial Accounting Standards Board (“ FASB”) issued ASU No. 2016-02, “Leases” (ASU No. 2016-02), which establishes comprehensive accounting and financial reporting requirements for leasing arrangements. This ASU supersedes the existing requirements in FASB ASC Topic 840, “Leases,” and requires lessees to recognize substantially all lease assets and lease liabilities on the balance sheet. The provisions of ASU No. 2016-02 also modify the definition of a lease and outline requirements for recognition, measurement, presentation and disclosure of leasing arrangements by both lessees and lessors. This ASU is effective for interim and annual periods beginning after December 15, 2018, and early adoption of the standard is permitted. In July 2018, the ASU No. 2016-02 was further amended by the provisions of ASU No. 2018-11, “Targeted Improvements” to Topic 842 whereby the FASB decided to provide an alternate transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The Company adopted ASU No. 2016-02, as amended, effective January 1, 2019, using the current-period adjustment method and has recognized a cumulative-effect adjustment to the opening balance of retained earnings in that period. The Company has elected an optional practical expedient to retain its current classification of leases, and as a result, the initial impact of adopting this new standard has not been material to its consolidated financial statements. The cumulative effect of the adoption on retained earrings is less than $0.1 million. Additionally, the Company elected not to bifurcate and separately account for non lease components contained in a single contract. See note 4 - Leases for additional information related to the Company’s operating leases. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40), providing guidance addressing a customer's accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is considered a service contract. Under the new guidance, implementation costs for a CCA are evaluated for capitalization using the same approach as implementation costs associated with internal-use software and should be expensed over the term of the hosting arrangement, which includes any reasonably certain renewal periods. The new guidance is effective for fiscal years beginning after December 15, 2019 for calendar year-end public business entities. Early adoption is permitted, including adoption in any interim period. The Company will not take possession of implemented software and will rely on vendors to host the software, thus determining the cloud computing arrangements are service contracts. The Company adopted ASU No. 2016-13, effective January 1, 2019, and has appropriately accounted for the implementation costs of the cloud computing arrangements entered into in the first half of 2019. The adoption of ASU-2018-15 did not have a material impact on the Company’s consolidated financial statements. New Accounting Standards - Not Yet Adopted. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASU No. 2016-13), which sets forth the current expected credit loss model, a new forward-looking impairment model for certain financial instruments based on expected losses rather than incurred losses. The ASU is effective for interim and annual periods beginning after December 15, 2019, and early adoption of the standard is permitted. Entities are required to adopt ASU No. 2016-13 using a modified retrospective approach, subject to certain limited exceptions. The Company is currently evaluating the potential impact of the adoption of this ASU on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements” (ASU No. 2018-13, update to topic ASC-820), providing guidance for the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. ASU No. 2018-13 will be effective for interim and annual periods beginning after December 15, 2019. The Company has not adopted ASU No. 2018-13 and believes such adoption will not have a material impact on its consolidated financial statements. |
FAIR VALUE MEASUREMENTS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. As of June 30, 2019 and December 31, 2018, the Company did not have any assets or liabilities that are measured at fair value on a recurring basis. The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2019 and December 31, 2018 were as follows (in thousands):
The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value. The fair value of the Company’s long-term debt was estimated using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Investments. During the first quarter of 2019, the Company purchased $5.0 million of corporate securities. This investment was recorded on the balance sheet under other current assets as its stated maturity date was within a year. During the three months ended June 30, 2019, the Company sold these corporate securities for cash proceeds of $4.4 million resulting in a net loss of $0.6 million. |
ACQUISITIONS AND DISPOSITIONS |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Capital Expenditures. During the six months ended June 30, 2019, capital expenditures were $2.6 million and consisted primarily of spare helicopter parts and leasehold improvements. During the six months ended June 30, 2019, the Company did not capitalize any interest. During the six months ended June 30, 2018, the Company capitalized interest of $0.1 million. As of June 30, 2019 and December 31, 2018, construction in progress, which is a component of property and equipment, included capitalized interest of $0.7 million. A summary of changes to the Company’s operating helicopter fleet is as follows: Equipment Additions - During the six months ended June 30, 2019, the Company did not place any helicopters into service. During the six months ended June 30, 2018, the Company placed one S92 heavy helicopter into service. The Company places helicopters in service once completion work has been finalized and the helicopters are ready for use. Equipment Dispositions - During the six months ended June 30, 2019, the Company did not sell or dispose of any material assets. During the six months ended June 30, 2018, the Company sold or otherwise disposed of twenty helicopters, two operating facilities, and related property and equipment for cash proceeds of $29.5 million and receivables of $14.3 million. |
LEASES |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES The Company leases land, hangars, buildings, fuel tanks and tower sites under operating lease agreements. The Company determines if an arrangement is a lease at inception, and many of these leases offer an option for renewal or extension. The adoption of ASC 842 allows the Company to retain its current classification of leases, and the optional practical expedience rule has allowed the use of the current-period adjustment method to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the current period rather than the restatement of prior year lease amounts. The majority of the bases from which the Company operates are leased, with current remaining terms between one and sixty years. The lease expense on those contracts with initial terms of twelve months or less are recognized on a straight-line basis over the lease term and are not recorded on the balance sheet. The Company does not currently maintain any finance leases and has only operating lease agreements. The Company’s maturity analysis of lease payments under operating leases that had a remaining term in excess of one year as of December 31, 2018 were as follows (in thousands):
The Company’s maturity analysis of lease payments under operating leases that have a remaining term in excess of one year as of June 30, 2019 were as follows (in thousands):
During the three and six months ended June 30, 2019, the Company recognized $0.8 million and $1.6 million of operating lease expense, respectively. Included in these amounts was $0.2 million and $0.5 million for contracts with remaining terms of less than one year for the three and six months ended June 30, 2019, respectively.
As of June 30, 2019, other information related to these leases is as follows:
As of June 30, 2019, the Company had an additional operating lease, for a new office facility that has not yet commenced, for total future undiscounted minimum lease payments of $1.5 million. This lease is expected to commence during the third quarter of 2019, with an expiration date of December 31, 2024. The Company generates revenues as a lessor from its dry-leasing line of service that require a fixed monthly fee for the customer’s right to use the helicopter and, where applicable, additional charges as compensation for any support the Company may provide to the customer. Revenues from dry-leasing contracts are shown on the face of the statement of operations. In 2018, the Company disposed of six H225 heavy helicopters through sales-type leases. During the three and six months ended June 30, 2019, the Company recognized interest income on these leases of $0.5 million and $0.9 million, respectively. As of June 30, 2019, the Company had receivables of $18.6 million related to these sales-type leases, of which $14.8 million is due within a year and the remaining balance of $3.8 million due within two years. |
VARIABLE INTEREST ENTITIES |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Aeróleo. The Company acquired a 50% economic and 20% voting interest in Aeróleo in 2011. As a result of liquidity issues experienced by Aeróleo, it is unable to adequately finance its activities without additional financial support from the Company, making it a VIE. The Company has the ability to direct the activities that most significantly affect Aeróleo’s financial performance, making the Company the primary beneficiary. As a result, the Company consolidates Aeróleo’s financial results. The Company’s condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 include assets of Aeróleo totaling $16.5 million and $11.9 million, respectively. The distribution of these assets to Era Group and its subsidiaries other than Aeróleo is subject to restrictions. The Company’s condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 include liabilities of Aeróleo of $5.5 million and $4.5 million, respectively. The creditors for such liabilities do not have recourse to Era Group or its subsidiaries other than Aeróleo. |
INCOME TAXES |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES During the three months ended June 30, 2019, the Company recorded an income tax expense of $1.4 million, resulting in an effective tax rate of (30.0)%. During the three months ended June 30, 2018, the Company recorded an income tax benefit of $2.6 million, resulting in an effective tax rate of 18.7%. During the six months ended June 30, 2019 and 2018, the Company recorded an income tax benefit of $0.2 million and $3.3 million, respectively, resulting in an effective tax rate of 1.7% and 20.3%, respectively. The effective tax rate for 2019 is impacted by the gain on the sale of the Company’s Dart Holding Company Ltd. (“Dart”) joint venture. The Company recorded pre-tax losses for the three months ended June 30, 2019, but, due to the sale of Dart, the Company recorded an income tax expense for the period. During the six months ended June 30, 2019 and 2018, there were no new uncertain tax positions identified. The Company’s 2015 federal income tax return is currently under examination by the Internal Revenue Service. Amounts accrued for interest and penalties associated with unrecognized income tax benefits are included in other expense on the condensed consolidated statements of operations. As of June 30, 2019 and December 31, 2018, the gross amount of liability for accrued interest and penalties related to unrecognized tax benefits was $0.1 million. |
LONG-TERM DEBT |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT The Company’s borrowings as of June 30, 2019 and December 31, 2018 were as follows (in thousands):
7.750% Senior Notes. On December 7, 2012, Era Group issued $200.0 million aggregate principal amount of its 7.750% senior unsecured notes due December 15, 2022 (the “7.750% Senior Notes”) and received net proceeds of $191.9 million. Interest on the 7.750% Senior Notes is payable semi-annually in arrears on June 15th and December 15th of each year. During the six months ended June 30, 2019, the Company repurchased $0.7 million of the 7.750% Senior Notes at par for total cash of $0.7 million, including accrued interest of less than $0.1 million, and recognized a loss on debt extinguishment of less than $0.1 million. Revolving Credit Facility. On March 31, 2014, Era Group entered into the amended and restated senior secured revolving credit facility (the “Amended and Restated Revolving Credit Facility”). On March 7, 2018, Era Group entered into a Consent and Amendment No. 4 to the Amended and Restated Senior Secured Revolving Credit Facility Agreement (the “Amendment No. 4” and the Amended and Restated Revolving Credit Facility, as amended by Amendment No. 4, is referred to herein as the “Revolving Credit Facility”) that, among other things, (a) reduced the aggregate principal amount of revolving loan commitments from $200.0 million to $125.0 million, (b) extended the agreement’s maturity until March 31, 2021, (c) revised the definition of EBITDA to permit an add-back for certain litigation expenses related to the H225 helicopters, and (d) adjusted the maintenance covenant requirements to maintain an interest coverage ratio of not less than 1.75:1.00 and a senior secured leverage ratio of not more than 3.25:1.00. The Revolving Credit Facility provides Era Group with the ability to borrow up to $125.0 million, with a sub-limit of up to $50.0 million for letters of credit, and matures in March 2021. Subject to the satisfaction of certain conditions precedent and the agreement by the lenders, the Revolving Credit Facility includes an “accordion” feature which, if exercised, will increase total commitments by up to $50.0 million. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to, at Era Group’s election, either a base rate or LIBOR, each as defined in the Revolving Credit Facility, plus an applicable margin. The applicable margin is based on the Company’s ratio of funded debt to EBITDA, as defined in the Revolving Credit Facility, and ranges from 1.25% to 2.50% on the base rate margin and 2.25% to 3.50% on the LIBOR margin. The applicable margin as of June 30, 2019 was 1.75% on the base rate margin and 2.75% on the LIBOR margin. In addition, the Company is required to pay a quarterly commitment fee based on the unfunded portion of the committed amount at a rate based on the Company’s ratio of funded debt to EBITDA, as defined in the Revolving Credit Facility, that ranges from 0.375% to 0.500%. As of June 30, 2019, the commitment fee was 0.500%. The obligations under the Revolving Credit Facility are secured by a portion of the Company’s helicopter fleet and the Company’s other tangible and intangible assets and are guaranteed by Era Group’s wholly owned U.S. subsidiaries. The Revolving Credit Facility contains various restrictive covenants including an interest coverage ratio, a senior secured leverage ratio and an asset coverage ratio, each as defined in the Revolving Credit Facility, as well as other customary covenants including certain restrictions on the Company’s ability to enter into certain transactions, including those that could result in the incurrence of additional indebtedness and liens, the making of loans, guarantees or investments, sales of assets, payments of dividends or repurchases of capital stock, and entering into transactions with affiliates. As of June 30, 2019, Era Group had no outstanding borrowings under the Revolving Credit Facility and issued letters of credit of $0.7 million. In connection with Amendment No. 4 entered into in 2018, the Company wrote off previously incurred debt issuance costs of $0.4 million and incurred additional debt issuance costs of $1.3 million. Such costs are included in other assets on the condensed consolidated balance sheets and are amortized to interest expense in the condensed consolidated statements of operations over the life of the Revolving Credit Facility. Aeróleo Debt. During the six months ended June 30, 2019, the Company did not enter into any new debt arrangements in Brazil. During 2017, the Company settled certain tax disputes in Brazil under the Tax Regularization Settlement Special Program (known as Programa Especial de Regularização Tributária or “PERT”) and has agreed to make installment payments on the amounts due to the applicable taxing authorities. The installments are payable in Brazilian reals and bear interest at a rate equal to the overnight rate as published by the Central Bank of Brazil. Such amounts are included in other debt in the table above. During the six months ended June 30, 2019, the Company made scheduled payments of $0.2 million. Promissory Notes. During each of the six months ended June 30, 2019 and 2018, the Company made scheduled payments on other long-term debt of $0.8 million. |
COMMITMENTS AND CONTINGENCIES |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Fleet. The Company’s unfunded capital commitments as of June 30, 2019 consisted primarily of agreements to purchase helicopters and totaled $81.3 million, which is payable beginning in 2019 through 2020. The Company also had $1.3 million of deposits paid on options not yet exercised. All of the Company’s capital commitments (inclusive of deposits paid on options not yet exercised) may be terminated without further liability other than aggregate liquidated damages of $2.1 million. Included in these commitments are orders to purchase three AW189 heavy helicopters and five AW169 light twin helicopters. The AW189 helicopters are scheduled to be delivered in 2020. Delivery dates for the AW169 helicopters have yet to be determined. In addition, the Company had outstanding options to purchase up to ten additional AW189 helicopters. If these options are exercised, the helicopters would be scheduled for delivery in 2020 and 2021. Brazilian Tax Disputes. In connection with its ownership of Aeróleo and its operations in Brazil, the Company has several ongoing legal disputes related to the local, municipal and federal taxation requirements in Brazil, including assessments associated with the import and re-export of its helicopters in Brazil. The legal disputes are related to: (i) municipal tax assessments arising under the authorities in Rio de Janeiro (for the period between 2000 and 2005) and Macaé (for the period between 2001 to 2006) (collectively, the “Municipal Tax Disputes”); (ii) social security contributions that one of its customers was required to remit from 1995 to 1998; (iii) penalties assessed due to its alleged failure to comply with certain deadlines related to the helicopters the Company imports and exports in and out of Brazil; and (iv) fines sought by taxing authorities in Brazil related to its use of certain tax credits used to offset certain social tax liabilities (collectively, the “Tax Disputes”). The aggregate amount at issue for the Tax Disputes is $14.4 million. The Municipal Tax Disputes are the largest contributor to the total amount being sought from Aeróleo, with approximately $10.7 million at issue. In addition to the foregoing Tax Disputes (and unrelated thereto), Aeróleo is engaged in two additional civil litigation matters relating to: (i) a dispute with its former tax consultant who has alleged that $0.5 million is due and payable as a contingency fee related to execution of certain tax strategies; and (ii) a fatal accident that occurred in 1983 that was previously settled with the plaintiffs’ in the U.S. (the “Civil Disputes”). With respect to the fatal accident, the plaintiffs are seeking to collect additional amounts in Brazil despite the previous settlement agreed upon by the parties in the U.S. The Company continues to evaluate and assess various legal strategies for each of the Tax Disputes and the Civil Disputes. As is customary for certain legal matters in Brazil, Aeróleo has already deposited amounts as security into an escrow account to pursue further legal appeals in several of the Tax Disputes and the Civil Disputes. As of June 30, 2019, the Company has deposited $5.6 million into escrow accounts controlled by the court with respect to the Tax Disputes and the Civil Disputes, and the Company has fully reserved such amounts subject to final determination and the judicial release of such escrow deposits. These estimates are based on its assessment of the nature of these matters, their progress toward resolution, the advice of legal counsel and outside experts as well as management’s intentions and experience. Aeróleo plans to defend the cases vigorously. As of June 30, 2019, it is not possible to determine the outcome of the Tax Disputes or the Civil Disputes, but the Company does not expect that an outcome would have a material adverse effect on its business, financial position or results of operations. General Litigation and Disputes In the normal course of business, the Company is involved in various litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. In addition, from time to time, the Company is involved in tax and other disputes with various government agencies. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto as appropriate. It is possible that a change in its estimates related to these exposures could occur, but the Company does not expect such changes in estimated costs would have a material effect on its business, consolidated financial position or results of operations. |
EARNINGS (LOSS) PER COMMON SHARE |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS (LOSS) PER COMMON SHARE | EARNINGS (LOSS) PER COMMON SHARE Basic earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Dilutive securities for this purpose assume all common shares have been issued and outstanding during the relevant periods pursuant to the exercise of outstanding stock options. Computations of basic and diluted earnings per common share of the Company for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands, except share and per share data):
____________________
Share Repurchases. On August 14, 2014, the Company’s Board of Directors approved a share repurchase program authorizing up to $25.0 million of share repurchases. The share repurchase program has no expiration date and may be suspended or discontinued at any time without notice. During the three months ended June 30, 2019, Era Group repurchased 800,168 shares of common stock in open market transactions for gross consideration of $6.0 million, which is an average cost per share of $7.55. After these repurchases, as of June 30, 2019, $16.9 million remained of the $25.0 million share repurchase program. From July 1 through July 26, 2019, the Company repurchased 188,553 shares of common stock for gross consideration of $1.6 million, which is an average cost per share of $8.45. After these repurchases, $15.3 million remained of the $25.0 million share repurchase program. |
REVENUES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUES | REVENUES The Company derives its revenues primarily from oil and gas flight services, emergency response services and leasing activities. Dry-leasing revenues are recognized in accordance with ASC 842. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following table presents the Company’s operating revenues disaggregated by geographical region in which services are provided:
The following table presents the Company’s total revenues earned by service line:
The Company determines revenue recognition by applying the following steps:
The Company earns the majority of its revenue through master service agreements or subscription agreements, which typically include a fixed monthly or daily fee, incremental fees based on hours flown and fees for ancillary items such as fuel, security, charter services, etc. The Company’s arrangements to serve its customers represent a promise to stand ready to provide services at the customer’s discretion. The Company recognizes revenue for flight services and emergency response services with the passing of each day as the Company has the right to consideration from its customers in an amount that corresponds directly with the value to the customer of performance completed to date. The Company typically invoices customers on a monthly basis for revenues earned during the prior month, with payment terms of 30 days. The Company’s customer arrangements do not contain any significant financing component for customers. Amounts for taxes collected from customers and remitted to governmental authorities are reported on a net basis. |
RELATED PARTY TRANSACTIONS |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company purchased products and services from its Dart joint venture totaling $0.6 million during the three months ended March 31, 2019. The Company purchased products and services from Dart totaling $0.6 million and $1.3 million during the three and six months ended June 30, 2018, respectively. The Company also had a note receivable from Dart, which had a balance of $2.3 million as of December 31, 2018. The note was paid in full during the first quarter of 2019. Purchases from Dart are included in operating expenses on the consolidated statements of income, and the note receivable was included in equity investments and advances on the consolidated balance sheets. During the six months ended June 30, 2019, the Company in conjunction with its 50% joint venture partner entered into an agreement to sell Dart. The transaction closed on April 1, 2019, for proceeds of $38.0 million, including payment of the note receivable in March 2019, and net gains of $10.9 million. During each of the three and six months ended June 30, 2018, the Company incurred fees of approximately $0.1 million for simulator services from its Era Training Center, LLC (“ETC”) joint venture, and during each of the three and six months ended June 30, 2018, the Company provided helicopter, management and other services to ETC of approximately $0.1 million. Revenues from ETC were recorded in operating revenues, and expenses incurred were recorded in operating expenses on the consolidated statements of operations. ETC was dissolved in the third quarter of 2018. |
SHARE-BASED COMPENSATION |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Restricted Stock Awards. The number of shares and weighted average grant price of restricted stock awards during the six months ended June 30, 2019 were as follows:
The total fair value of shares vested during the six months ended June 30, 2019 and 2018, determined using the closing price on the grant date, was $2.7 million and $2.8 million, respectively. Stock Options. The Company did not grant any stock options during the six months ended June 30, 2019. Employee Stock Purchase Plan (“ESPP”). During the six months ended June 30, 2019, the Company issued 60,258 shares under the ESPP. As of June 30, 2019, 162,120 shares remain available for issuance under the ESPP. Total share-based compensation expense, which includes stock options, restricted stock and the ESPP, was $1.8 million and $1.5 million for the six months ended June 30, 2019 and 2018, respectively. |
GUARANTORS OF SECURITIES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTORS OF SECURITIES | GUARANTORS OF SECURITIES Era Group’s payment obligations under the 7.750% Senior Notes are jointly and severally guaranteed by all of its existing 100% owned U.S. subsidiaries that guarantee the Revolving Credit Facility and any future U.S. subsidiaries that guarantee the Revolving Credit Facility or other material indebtedness Era Group may incur in the future (the “Guarantors”). All the Guarantors currently guarantee the Revolving Credit Facility, and the guarantees of the Guarantors are full and unconditional and joint and several. As a result of the agreement by the Guarantors to guarantee the 7.750% Senior Notes, the Company presents the following condensed consolidating balance sheets and statements of operations, comprehensive income and cash flows for Era Group (“Parent”), the Guarantors and the Company’s other subsidiaries (“Non-guarantors”). These statements should be read in conjunction with the accompanying consolidated financial statements and notes of the Company. Supplemental Condensed Consolidating Balance Sheet as of June 30, 2019
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2018
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2018
Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2018
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2018
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2018
Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2018
|
BASIS OF PRESENTATION AND ACCOUNTING POLICY (Policy) |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Consolidation | Basis of Consolidation. The consolidated financial statements include the accounts of Era Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of VIEs of which the Company is the primary beneficiary. Aeróleo Taxi Aereo S/A (“Aeróleo”) is a VIE of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. |
Reclassification | Reclassification. Certain amounts reported for prior periods in the consolidated financial statements have been reclassified to conform with the current period’s presentation. |
Revenue Recognition | Revenue Recognition. The Company recognizes revenues for flight services and emergency response services with the passing of each day as the Company has the right to consideration from its customers in an amount that corresponds directly with the value to the Company’s customer of the performance completed to date. Therefore, the Company has elected to exercise the right to invoice practical expedient in its adoption of ASC 606. The right to invoice represents a method for recognizing revenue over time using the output measure of “value to the customer” which is an objective measure of an entity’s performance in a contract. The Company typically invoices its customers on a monthly basis for revenues earned during the prior month with payment terms of 30 days. The Company’s customer arrangements do not contain any significant financing component for its customers. |
Trade Receivables | Trade Receivables. Customers are primarily international, independent and major integrated exploration, development and production companies, third party helicopter operators and the U.S. government. Customers are typically granted credit on a short-term basis, and related credit risks are considered minimal. The Company routinely reviews its trade receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates. Actual results could differ from those estimates, and those differences may be material. |
Leases | Leases. The Company determines if an arrangement is a lease at inception or during modification or renewal of an existing lease. Operating leases are maintained for a number of fixed assets including land, hangars, buildings, fuel tanks and tower sites. The right-of-use assets associated with these leases are reflected under long-term assets; the current portion of the long-term payables are reflected under other current liabilities; and the payables on lease agreements past one year are recorded as long-term liabilities on the Company’s consolidated balance sheets. For those contracts with terms of twelve months or less, the lease expense is recognized on a straight-line basis over the lease term and recorded in operating expenses on the consolidated statement of operations. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate based on the information available at commencement date is used to determine the present value of future payments. Most of the Company’s lease agreements allow the option of renewal or extension, which are considered a part of the lease term. When it is reasonably certain that a lease will be extended, this is incorporated into the calculations. |
New Accounting Standards | New Accounting Standards - Adopted. In February 2016, the Financial Accounting Standards Board (“ FASB”) issued ASU No. 2016-02, “Leases” (ASU No. 2016-02), which establishes comprehensive accounting and financial reporting requirements for leasing arrangements. This ASU supersedes the existing requirements in FASB ASC Topic 840, “Leases,” and requires lessees to recognize substantially all lease assets and lease liabilities on the balance sheet. The provisions of ASU No. 2016-02 also modify the definition of a lease and outline requirements for recognition, measurement, presentation and disclosure of leasing arrangements by both lessees and lessors. This ASU is effective for interim and annual periods beginning after December 15, 2018, and early adoption of the standard is permitted. In July 2018, the ASU No. 2016-02 was further amended by the provisions of ASU No. 2018-11, “Targeted Improvements” to Topic 842 whereby the FASB decided to provide an alternate transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The Company adopted ASU No. 2016-02, as amended, effective January 1, 2019, using the current-period adjustment method and has recognized a cumulative-effect adjustment to the opening balance of retained earnings in that period. The Company has elected an optional practical expedient to retain its current classification of leases, and as a result, the initial impact of adopting this new standard has not been material to its consolidated financial statements. The cumulative effect of the adoption on retained earrings is less than $0.1 million. Additionally, the Company elected not to bifurcate and separately account for non lease components contained in a single contract. See note 4 - Leases for additional information related to the Company’s operating leases. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40), providing guidance addressing a customer's accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is considered a service contract. Under the new guidance, implementation costs for a CCA are evaluated for capitalization using the same approach as implementation costs associated with internal-use software and should be expensed over the term of the hosting arrangement, which includes any reasonably certain renewal periods. The new guidance is effective for fiscal years beginning after December 15, 2019 for calendar year-end public business entities. Early adoption is permitted, including adoption in any interim period. The Company will not take possession of implemented software and will rely on vendors to host the software, thus determining the cloud computing arrangements are service contracts. The Company adopted ASU No. 2016-13, effective January 1, 2019, and has appropriately accounted for the implementation costs of the cloud computing arrangements entered into in the first half of 2019. The adoption of ASU-2018-15 did not have a material impact on the Company’s consolidated financial statements. New Accounting Standards - Not Yet Adopted. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASU No. 2016-13), which sets forth the current expected credit loss model, a new forward-looking impairment model for certain financial instruments based on expected losses rather than incurred losses. The ASU is effective for interim and annual periods beginning after December 15, 2019, and early adoption of the standard is permitted. Entities are required to adopt ASU No. 2016-13 using a modified retrospective approach, subject to certain limited exceptions. The Company is currently evaluating the potential impact of the adoption of this ASU on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements” (ASU No. 2018-13, update to topic ASC-820), providing guidance for the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. ASU No. 2018-13 will be effective for interim and annual periods beginning after December 15, 2019. The Company has not adopted ASU No. 2018-13 and believes such adoption will not have a material impact on its consolidated financial statements. |
BASIS OF PRESENTATION AND ACCOUNTING POLICY (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following table sets forth the Company’s reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statement of Cash Flows (in thousands):
(1) Restricted cash represents amounts deposited in escrow accounts at the end of each period. Escrow deposits are shown as a separate line item in the consolidated balance sheet. |
FAIR VALUE MEASUREMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value Of Other Financial Assets And Liabilities | The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2019 and December 31, 2018 were as follows (in thousands):
|
LEASES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Maturity Analysis - ASC 840 | The Company’s maturity analysis of lease payments under operating leases that had a remaining term in excess of one year as of December 31, 2018 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Maturity Analysis - ASC 842 | The Company’s maturity analysis of lease payments under operating leases that have a remaining term in excess of one year as of June 30, 2019 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities, Lessee |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | As of June 30, 2019, other information related to these leases is as follows:
|
LONG-TERM DEBT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The Company’s borrowings as of June 30, 2019 and December 31, 2018 were as follows (in thousands):
|
EARNINGS (LOSS) PER COMMON SHARE (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per common share | EARNINGS (LOSS) PER COMMON SHARE Basic earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Dilutive securities for this purpose assume all common shares have been issued and outstanding during the relevant periods pursuant to the exercise of outstanding stock options. Computations of basic and diluted earnings per common share of the Company for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands, except share and per share data):
____________________
Share Repurchases. On August 14, 2014, the Company’s Board of Directors approved a share repurchase program authorizing up to $25.0 million of share repurchases. The share repurchase program has no expiration date and may be suspended or discontinued at any time without notice. During the three months ended June 30, 2019, Era Group repurchased 800,168 shares of common stock in open market transactions for gross consideration of $6.0 million, which is an average cost per share of $7.55. After these repurchases, as of June 30, 2019, $16.9 million remained of the $25.0 million share repurchase program. From July 1 through July 26, 2019, the Company repurchased 188,553 shares of common stock for gross consideration of $1.6 million, which is an average cost per share of $8.45. After these repurchases, $15.3 million remained of the $25.0 million share repurchase program. |
REVENUES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents the Company’s operating revenues disaggregated by geographical region in which services are provided:
The following table presents the Company’s total revenues earned by service line:
|
SHARE BASED COMPENSATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Based Compensation Plans | The number of shares and weighted average grant price of restricted stock awards during the six months ended June 30, 2019 were as follows:
|
GUARANTORS OF SECURITIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet | Supplemental Condensed Consolidating Balance Sheet as of June 30, 2019
Supplemental Condensed Consolidating Balance Sheet as of December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement | Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Operations for the Three Months Ended June 30, 2018
Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Operations for the Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statement of Comprehensive Income | Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Three Months Ended June 30, 2018
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Comprehensive Income for the Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Cash Flow Statement | Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2019
Supplemental Condensed Consolidating Statements of Cash Flows for the Six Months Ended June 30, 2018
|
BASIS OF PRESENTATION AND ACCOUNTING POLICY Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
||||
---|---|---|---|---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Cash and cash equivalents | $ 88,430 | [1] | $ 50,753 | [1] | $ 15,057 | $ 13,583 | ||
Escrow deposits | 0 | 0 | 0 | 3,250 | ||||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows | $ 88,430 | $ 50,753 | $ 15,057 | $ 16,833 | ||||
|
BASIS OF PRESENTATION AND ACCOUNTING POLICY Narrative (Details) $ in Millions |
Jan. 01, 2019
USD ($)
|
---|---|
Retained Earnings | Accounting Standards Update 2016-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect of adoption, less than | $ 0.1 |
FAIR VALUE MEASUREMENTS - Estimated Fair Value Of Other Financial Assets And Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt, including current portion | $ 160,840 | $ 160,840 | $ 162,275 | ||
Purchase of investments | $ 5,000 | 5,000 | $ 0 | ||
Cash proceeds from sale of investment | 4,400 | 4,430 | $ 0 | ||
Net loss on sale of investments | 600 | ||||
Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt, including current portion | 0 | 0 | 0 | ||
Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt, including current portion | 162,713 | 162,713 | 159,367 | ||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt, including current portion | $ 0 | $ 0 | $ 0 |
ACQUISITIONS AND DISPOSITIONS (Details) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2019
USD ($)
helicopter
|
Jun. 30, 2018
USD ($)
operating_facility
helicopter
|
Dec. 31, 2018
USD ($)
|
|
Property, Plant and Equipment [Line Items] | |||
Purchases of property and equipment | $ 2,580,000 | $ 5,958,000 | |
Interest capitalized during the period | $ 0 | $ 100,000 | |
Number of helicopter acquisitions | helicopter | 0 | ||
Number of helicopter dispositions | helicopter | 6 | 20 | |
Operating facilities dispositions | operating_facility | 2 | ||
Proceeds from disposition of property and equipment | $ 0 | $ 29,497,000 | |
Accounts receivable acquired | $ 14,300,000 | ||
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Interest capitalized in property and equipment | $ 700,000 | $ 700,000 | |
S92 Heavy Helicopters | |||
Property, Plant and Equipment [Line Items] | |||
Number of helicopter acquisitions | helicopter | 1 |
LEASES - Future Minimum Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Lease Maturity Analysis - ASC 840 | ||
2019 | $ 1,573 | |
2020 | 1,530 | |
2021 | 987 | |
2022 | 562 | |
2023 | 495 | |
Years subsequent to 2023 | 7,952 | |
Total future minimum lease payments | $ 13,099 | |
Lease Maturity Analysis - ASC 842 | ||
2019 | $ 1,077 | |
2020 | 2,070 | |
2021 | 1,084 | |
2022 | 661 | |
2023 | 637 | |
Years subsequent to 2023 | 8,968 | |
Total future minimum lease payments | 14,497 | |
Less: imputed interest | 6,417 | |
Present value of lease liabilities | $ 8,080 |
LEASES - Narrative (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
helicopter
|
Jun. 30, 2018
helicopter
|
|
Leases [Abstract] | |||
Rental expense | $ 0.8 | $ 1.6 | |
Short-term lease expense | 0.2 | 0.5 | |
Lease not yet commenced, future minimum payments | 1.5 | $ 1.5 | |
Number of helicopter dispositions | helicopter | 6 | 20 | |
Sales-type lease, interest income | 0.5 | $ 0.9 | |
Sales-type lease receivables | 18.6 | 18.6 | |
Sales-type lease receivables, current | 14.8 | 14.8 | |
Sales-type lease receivables, non-current | $ 3.8 | $ 3.8 |
LEASES - Reported Balances (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Other current liabilities | $ 1,693 |
Long-term lease liabilities | 6,387 |
Total operating lease liabilities | $ 8,080 |
LEASES - Other Information (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Leases [Abstract] | |
Weighted average remaining lease term | 12 years |
Weighted average discount rate | 4.75% |
Cash paid for amounts included in the measurement of lease liabilities during the six months ended June 30, 2019 (in thousands) | $ 1,024 |
VARIABLE INTEREST ENTITIES - Narrative (Details) - Aeroleo - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
Dec. 31, 2011 |
---|---|---|---|
Variable Interest Entity [Line Items] | |||
Economic interest percent | 50.00% | ||
Voting interest percent | 20.00% | ||
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | $ 16.5 | $ 11.9 | |
Liabilities | $ 5.5 | $ 4.5 |
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ 1,394 | $ (2,574) | $ (194) | $ (3,312) | |
Effective tax rate | (30.00%) | 18.70% | 1.70% | 20.30% | |
Unrecognized tax benefits | $ 100 | $ 100 | $ 100 |
LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Total principal balance on borrowings | $ 163,432 | $ 165,203 |
Portion due within one year | (1,859) | (2,058) |
Unamortized debt issuance costs | (1,516) | (1,712) |
Unamortized discount, net | (1,076) | (1,216) |
Long-term debt | 158,981 | 160,217 |
7.750% Senior Notes | ||
Debt Instrument [Line Items] | ||
Total principal balance on borrowings | 144,088 | 144,828 |
Senior secured revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total principal balance on borrowings | 0 | 0 |
Promissory notes | ||
Debt Instrument [Line Items] | ||
Total principal balance on borrowings | 19,148 | 19,980 |
Other | ||
Debt Instrument [Line Items] | ||
Total principal balance on borrowings | $ 196 | $ 395 |
LONG-TERM DEBT - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 07, 2012 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Mar. 07, 2018 |
Mar. 06, 2018 |
|
Debt Instrument [Line Items] | |||||||
Loss on repurchased debt | $ 13,000 | $ 0 | $ 13,000 | $ (175,000) | |||
Payments of debt issuance costs | 0 | 1,295,000 | |||||
7.750% Senior Notes | Senior Unsecured Notes Due December 15, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 200,000,000.0 | ||||||
Stated interest rate | 7.75% | ||||||
Proceeds from issuance of long-term debt | $ 191,900,000 | ||||||
Debt repurchased | 700,000 | ||||||
Payments on long-term debt | 700,000 | ||||||
Debt repurchased, accrued interest | 100,000 | ||||||
Loss on repurchased debt | 100,000 | ||||||
Promissory notes | |||||||
Debt Instrument [Line Items] | |||||||
Payments on long-term debt | 800,000 | $ 800,000 | |||||
Senior secured revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing amount | 125,000,000.0 | 125,000,000.0 | $ 125,000,000.0 | $ 200,000,000.0 | |||
Interest coverage ratio | 175.00% | ||||||
Senior secured leverage ratio | 325.00% | ||||||
Increase in commitments due to accordion feature | 50,000,000.0 | $ 50,000,000.0 | |||||
Commitment fee basis point | 0.50% | ||||||
Letters of credit outstanding | 700,000 | $ 700,000 | |||||
Write off of deferred debt issuance cost | 400,000 | ||||||
Payments of debt issuance costs | $ 1,300,000 | ||||||
Senior secured revolving credit facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee basis point | 0.375% | ||||||
Senior secured revolving credit facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Commitment fee basis point | 0.50% | ||||||
Senior secured revolving credit facility | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.75% | ||||||
Senior secured revolving credit facility | Base Rate | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.25% | ||||||
Senior secured revolving credit facility | Base Rate | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.50% | ||||||
Senior secured revolving credit facility | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.75% | ||||||
Senior secured revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.25% | ||||||
Senior secured revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3.50% | ||||||
Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing amount | $ 50,000,000.0 | $ 50,000,000.0 | |||||
Tax Disputes | Brazil | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Payments on long-term debt | $ 200,000 |
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
helicopter
| |
Loss Contingencies [Line Items] | |
Unfunded capital commitments | $ 81.3 |
Deposits paid | 1.3 |
Liquidated damages | 2.1 |
Contingent Fees Sought by Former Tax Consultant | Pending Litigation | |
Loss Contingencies [Line Items] | |
Taxes, penalties and interest | 0.5 |
Foreign Tax Authority | Aeroleo | Other Litigation Matters | |
Loss Contingencies [Line Items] | |
Other current assets | 5.6 |
Foreign Tax Authority | State of Rio de Janeiro | |
Loss Contingencies [Line Items] | |
Taxes, penalties and interest | 14.4 |
Foreign Tax Authority | State of Rio de Janeiro | Aeroleo | |
Loss Contingencies [Line Items] | |
Taxes, penalties and interest | $ 10.7 |
AW189 Heavy Helicopters | |
Loss Contingencies [Line Items] | |
Number of helicopters | helicopter | 3 |
Number of additional helicopters | helicopter | 10 |
AW169 Light Twin Helicopters | |
Loss Contingencies [Line Items] | |
Number of helicopters | helicopter | 5 |
EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Net income (loss) attributable to Era Group Inc. | $ 4,940 | $ (10,379) | $ (1,003) | $ (11,573) | ||||
Less: Net income attributable to participating securities | 148 | 0 | 0 | 0 | ||||
Net income (loss) attributable to fully vested common stock | $ 4,792 | $ (10,379) | $ (1,003) | $ (11,573) | ||||
Weighted average common shares outstanding: | ||||||||
Basic (in shares) | 21,448,115 | 21,199,280 | 21,386,058 | 21,199,688 | ||||
Income (loss) per common share: | ||||||||
Income (loss) per common share, basic and diluted (in dollars per shares) | $ 0.22 | $ (0.49) | $ (0.05) | $ (0.55) | ||||
Stock Options and Restricted Stock | ||||||||
Weighted average common shares outstanding: | ||||||||
Diluted (in shares) | 21,448,115 | [1] | 21,199,280 | 21,386,058 | [1] | 21,199,688 | ||
Income (loss) per common share: | ||||||||
Weighted average shares (in shares) | 203,612 | 211,094 | 203,612 | 223,497 | ||||
|
EARNINGS (LOSS) PER COMMON SHARE EARNING (LOSS) PER COMMON SHARE NARRATIVE (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | |
---|---|---|---|---|
Jul. 26, 2019 |
Jun. 30, 2019 |
Jun. 30, 2019 |
Aug. 14, 2014 |
|
Subsequent Event [Line Items] | ||||
Treasury shares authorized to repurchase | $ 25,000 | |||
Treasury shares (in shares) | 800,168 | |||
Purchase of treasury shares | $ 6,050 | $ 6,055 | ||
Treasury stock acquired (in dollars per share) | $ 7.55 | |||
Remaining treasury shares authorized | $ 16,900 | $ 16,900 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Treasury shares (in shares) | 188,553 | |||
Purchase of treasury shares | $ 1,600 | |||
Treasury stock acquired (in dollars per share) | $ 8.45 | |||
Remaining treasury shares authorized | $ 15,300 |
REVENUES - Operating Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 55,480 | $ 57,728 | $ 106,773 | $ 115,050 |
Dry-leasing | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 882 | 1,271 | 1,333 | 1,844 |
Dry-leasing | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,405 | 1,985 | 6,418 | 3,985 |
Operating Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 51,193 | 54,472 | 99,022 | 109,221 |
Operating Income | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 36,694 | 40,312 | 70,907 | 79,444 |
Operating Income | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 14,499 | 14,160 | 28,115 | 29,777 |
Operating Income | Oil and Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 47,769 | 51,931 | 93,851 | 104,082 |
Operating Income | Oil and Gas | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 33,270 | 37,771 | 65,736 | 74,305 |
Operating Income | Oil and Gas | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 14,499 | 14,160 | 28,115 | 29,777 |
Operating Income | Emergency response services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 3,424 | $ 2,541 | $ 5,171 | $ 5,139 |
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Apr. 01, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Related Party Transaction [Line Items] | |||||
Proceeds from divestiture of businesses | $ 38.0 | ||||
Gain on disposition of business | $ 10.9 | ||||
Dart | |||||
Related Party Transaction [Line Items] | |||||
Amount of purchased products | $ 0.6 | $ 0.6 | $ 1.3 | ||
Note receivable | $ 2.3 | ||||
Training Services | Era Training Center, LLC | |||||
Related Party Transaction [Line Items] | |||||
Payments for services | 0.1 | 0.1 | |||
Era Training Center | Helicopter, Management and Other Services | Era Training Center, LLC | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | $ 0.1 | $ 0.1 |
SHARE BASED COMPENSATION (Details) - Restricted Stock |
6 Months Ended |
---|---|
Jun. 30, 2019
$ / shares
shares
| |
Number of Shares | |
Non-vested, beginning balance (in shares) | shares | 513,766 |
Vested (in shares) | shares | (256,663) |
Forfeited (in shares) | shares | 0 |
Non-vested, ending balance (in shares) | shares | 652,647 |
Weighted Average Grant Price | |
Non-vested, beginning balance (USD per share) | $ / shares | $ 10.28 |
Vested (USD per share) | $ / shares | 10.34 |
Forfeited (USD per share) | $ / shares | 0.00 |
Non-vested, ending balance (USD per share) | $ / shares | $ 10.30 |
Non-employee directors | |
Number of Shares | |
Restricted stock awards granted (in shares) | shares | 34,488 |
Weighted Average Grant Price | |
Restricted stock awards granted (USD per share) | $ / shares | $ 10.35 |
Employees | |
Number of Shares | |
Restricted stock awards granted (in shares) | shares | 361,056 |
Weighted Average Grant Price | |
Restricted stock awards granted (USD per share) | $ / shares | $ 10.35 |
SHARE BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants in period (in shares) | 0 | |
Share-based compensation | $ 1,804 | $ 1,461 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of shares vested | $ 2,700 | 2,800 |
2013 Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares issued under ESPP (in shares) | 60,258 | |
Number of shares available for grant (in shares) | 162,120 | |
Share-based compensation | $ 1,800 | $ 1,500 |
GUARANTORS OF SECURITIES (Narrative) (Details) |
Dec. 07, 2012 |
---|---|
Senior Unsecured Notes Due December 15, 2022 | Senior Notes | |
Debt Instrument [Line Items] | |
Stated interest rate | 7.75% |
GUARANTORS OF SECURITIES (Condensed Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
||||
---|---|---|---|---|---|---|---|---|---|---|
Current assets: | ||||||||||
Cash and cash equivalents | $ 88,430 | [1] | $ 50,753 | [1] | $ 15,057 | $ 13,583 | ||||
Receivables: | ||||||||||
Trade, operating, net of allowance for doubtful accounts | 30,493 | 33,306 | ||||||||
Trade, dry-leasing | 5,165 | 3,803 | ||||||||
Tax receivables | 2,680 | 3,187 | ||||||||
Other | 16,478 | 2,343 | ||||||||
Inventories, net | 21,004 | 20,673 | ||||||||
Prepaid expenses | 2,822 | 1,807 | ||||||||
Total current assets | 167,072 | 115,872 | ||||||||
Property and equipment | 918,972 | 917,161 | ||||||||
Accumulated depreciation | (336,825) | (317,967) | ||||||||
Property and equipment, net | 582,147 | 599,194 | ||||||||
Operating lease right-of-use | 8,080 | |||||||||
Equity investments and advances | 0 | 27,112 | ||||||||
Investments in consolidated subsidiaries | 0 | 0 | ||||||||
Intangible assets | 1,098 | 1,107 | ||||||||
Deferred income taxes | 0 | 0 | ||||||||
Intercompany receivables | 0 | 0 | ||||||||
Other assets | 6,487 | 21,578 | ||||||||
Total assets | 764,884 | 764,863 | ||||||||
Current liabilities: | ||||||||||
Accounts payable and accrued expenses | 13,467 | 13,161 | ||||||||
Accrued wages and benefits | 8,222 | 9,267 | ||||||||
Accrued interest | 536 | 569 | ||||||||
Accrued income taxes | 938 | 973 | ||||||||
Accrued other taxes | 1,410 | 1,268 | ||||||||
Accrued contingencies | 647 | 630 | ||||||||
Current portion of long-term debt | 1,859 | 2,058 | ||||||||
Other current liabilities | 2,902 | 878 | ||||||||
Total current liabilities | 29,981 | 28,804 | ||||||||
Long-term debt | 158,981 | 160,217 | ||||||||
Deferred income taxes | 106,929 | 108,357 | ||||||||
Intercompany payables | 0 | 0 | ||||||||
Operating lease liabilities | 6,387 | |||||||||
Other liabilities | 850 | 747 | ||||||||
Total liabilities | 303,128 | 298,125 | ||||||||
Redeemable noncontrolling interest | 3,094 | $ 3,160 | 3,302 | 3,466 | $ 3,603 | 3,766 | ||||
Equity: | ||||||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,419,462 and 21,765,404 outstanding in 2019 and 2018, respectively, exclusive of treasury shares | 224 | 219 | ||||||||
Additional paid-in capital | 449,687 | 447,298 | ||||||||
Retained earnings | 17,282 | 18,285 | ||||||||
Treasury shares, at cost; 958,481 and 156,737 shares in 2019 and 2018, respectively | (8,531) | (2,476) | ||||||||
Accumulated other comprehensive income, net of tax | 0 | 110 | ||||||||
Total equity | 458,662 | $ 458,885 | 463,436 | $ 436,048 | $ 445,716 | $ 445,681 | ||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 764,884 | 764,863 | ||||||||
Allowance for doubtful accounts, trade receivables | $ 139 | $ 261 | ||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | ||||||||
Common stock, shares outstanding (in shares) | 21,419,462 | 21,765,404 | ||||||||
Treasury shares (in shares) | 958,481 | 156,737 | ||||||||
Reportable Legal Entities | Parent | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 83,584 | $ 48,396 | ||||||||
Receivables: | ||||||||||
Trade, operating, net of allowance for doubtful accounts | 0 | 0 | ||||||||
Trade, dry-leasing | 0 | 0 | ||||||||
Tax receivables | 0 | 0 | ||||||||
Other | 0 | 0 | ||||||||
Inventories, net | 0 | 0 | ||||||||
Prepaid expenses | 756 | 398 | ||||||||
Total current assets | 84,340 | 48,794 | ||||||||
Property and equipment | 0 | 0 | ||||||||
Accumulated depreciation | 0 | 0 | ||||||||
Property and equipment, net | 0 | 0 | ||||||||
Operating lease right-of-use | 0 | |||||||||
Equity investments and advances | 0 | |||||||||
Investments in consolidated subsidiaries | 181,684 | 172,950 | ||||||||
Intangible assets | 0 | 0 | ||||||||
Deferred income taxes | 10,602 | 9,904 | ||||||||
Intercompany receivables | 317,076 | 366,541 | ||||||||
Other assets | 961 | 1,251 | ||||||||
Total assets | 594,663 | 599,440 | ||||||||
Current liabilities: | ||||||||||
Accounts payable and accrued expenses | 137 | 136 | ||||||||
Accrued wages and benefits | 5 | 43 | ||||||||
Accrued interest | 469 | 500 | ||||||||
Accrued income taxes | 918 | 918 | ||||||||
Accrued other taxes | 0 | 0 | ||||||||
Accrued contingencies | 0 | 0 | ||||||||
Current portion of long-term debt | 0 | 0 | ||||||||
Other current liabilities | 998 | 647 | ||||||||
Total current liabilities | 2,527 | 2,244 | ||||||||
Long-term debt | 133,496 | 133,900 | ||||||||
Deferred income taxes | 0 | 0 | ||||||||
Intercompany payables | 0 | 0 | ||||||||
Operating lease liabilities | 0 | |||||||||
Other liabilities | 0 | 0 | ||||||||
Total liabilities | 136,023 | 136,144 | ||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||
Equity: | ||||||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,419,462 and 21,765,404 outstanding in 2019 and 2018, respectively, exclusive of treasury shares | 224 | 219 | ||||||||
Additional paid-in capital | 449,688 | 447,299 | ||||||||
Retained earnings | 17,259 | 18,254 | ||||||||
Treasury shares, at cost; 958,481 and 156,737 shares in 2019 and 2018, respectively | (8,531) | (2,476) | ||||||||
Accumulated other comprehensive income, net of tax | 0 | |||||||||
Total equity | 458,640 | 463,296 | ||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 594,663 | 599,440 | ||||||||
Reportable Legal Entities | Guarantors | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Receivables: | ||||||||||
Trade, operating, net of allowance for doubtful accounts | 23,151 | 27,509 | ||||||||
Trade, dry-leasing | 5,165 | 3,803 | ||||||||
Tax receivables | 10 | 6 | ||||||||
Other | 16,336 | 1,949 | ||||||||
Inventories, net | 20,962 | 20,633 | ||||||||
Prepaid expenses | 1,778 | 1,219 | ||||||||
Total current assets | 67,402 | 55,119 | ||||||||
Property and equipment | 902,246 | 900,611 | ||||||||
Accumulated depreciation | (332,872) | (314,567) | ||||||||
Property and equipment, net | 569,374 | 586,044 | ||||||||
Operating lease right-of-use | 7,028 | |||||||||
Equity investments and advances | 27,112 | |||||||||
Investments in consolidated subsidiaries | 0 | 0 | ||||||||
Intangible assets | 0 | 0 | ||||||||
Deferred income taxes | 0 | 0 | ||||||||
Intercompany receivables | 0 | 0 | ||||||||
Other assets | 5,421 | 20,231 | ||||||||
Total assets | 649,225 | 688,506 | ||||||||
Current liabilities: | ||||||||||
Accounts payable and accrued expenses | 11,375 | 11,357 | ||||||||
Accrued wages and benefits | 6,621 | 7,743 | ||||||||
Accrued interest | 67 | 69 | ||||||||
Accrued income taxes | 10 | 6 | ||||||||
Accrued other taxes | 1,034 | 768 | ||||||||
Accrued contingencies | 0 | 0 | ||||||||
Current portion of long-term debt | 1,663 | 1,663 | ||||||||
Other current liabilities | 1,438 | 220 | ||||||||
Total current liabilities | 22,208 | 21,826 | ||||||||
Long-term debt | 25,485 | 26,317 | ||||||||
Deferred income taxes | 116,285 | 117,015 | ||||||||
Intercompany payables | 253,989 | 310,727 | ||||||||
Operating lease liabilities | 5,793 | |||||||||
Other liabilities | 850 | 720 | ||||||||
Total liabilities | 424,610 | 476,605 | ||||||||
Redeemable noncontrolling interest | 3 | 3 | ||||||||
Equity: | ||||||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,419,462 and 21,765,404 outstanding in 2019 and 2018, respectively, exclusive of treasury shares | 0 | 0 | ||||||||
Additional paid-in capital | 100,307 | 100,306 | ||||||||
Retained earnings | 124,305 | 111,482 | ||||||||
Treasury shares, at cost; 958,481 and 156,737 shares in 2019 and 2018, respectively | 0 | 0 | ||||||||
Accumulated other comprehensive income, net of tax | 110 | |||||||||
Total equity | 224,612 | 211,898 | ||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 649,225 | 688,506 | ||||||||
Reportable Legal Entities | Non-guarantors | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 4,846 | 2,357 | ||||||||
Receivables: | ||||||||||
Trade, operating, net of allowance for doubtful accounts | 7,342 | 5,797 | ||||||||
Trade, dry-leasing | 0 | 0 | ||||||||
Tax receivables | 2,670 | 3,181 | ||||||||
Other | 142 | 394 | ||||||||
Inventories, net | 42 | 40 | ||||||||
Prepaid expenses | 288 | 190 | ||||||||
Total current assets | 15,330 | 11,959 | ||||||||
Property and equipment | 16,726 | 16,550 | ||||||||
Accumulated depreciation | (3,953) | (3,400) | ||||||||
Property and equipment, net | 12,773 | 13,150 | ||||||||
Operating lease right-of-use | 1,052 | |||||||||
Equity investments and advances | 0 | |||||||||
Investments in consolidated subsidiaries | 0 | 0 | ||||||||
Intangible assets | 1,098 | 1,107 | ||||||||
Deferred income taxes | 0 | 0 | ||||||||
Intercompany receivables | 171 | 0 | ||||||||
Other assets | 105 | 96 | ||||||||
Total assets | 30,529 | 26,312 | ||||||||
Current liabilities: | ||||||||||
Accounts payable and accrued expenses | 1,955 | 1,668 | ||||||||
Accrued wages and benefits | 1,596 | 1,481 | ||||||||
Accrued interest | 0 | 0 | ||||||||
Accrued income taxes | 10 | 49 | ||||||||
Accrued other taxes | 376 | 500 | ||||||||
Accrued contingencies | 647 | 630 | ||||||||
Current portion of long-term debt | 196 | 395 | ||||||||
Other current liabilities | 466 | 11 | ||||||||
Total current liabilities | 5,246 | 4,734 | ||||||||
Long-term debt | 0 | 0 | ||||||||
Deferred income taxes | 1,246 | 1,245 | ||||||||
Intercompany payables | 63,280 | 55,847 | ||||||||
Operating lease liabilities | 594 | |||||||||
Other liabilities | 0 | 27 | ||||||||
Total liabilities | 70,366 | 61,853 | ||||||||
Redeemable noncontrolling interest | 3,091 | 3,299 | ||||||||
Equity: | ||||||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,419,462 and 21,765,404 outstanding in 2019 and 2018, respectively, exclusive of treasury shares | 0 | 0 | ||||||||
Additional paid-in capital | 4,561 | 4,562 | ||||||||
Retained earnings | (47,489) | (43,402) | ||||||||
Treasury shares, at cost; 958,481 and 156,737 shares in 2019 and 2018, respectively | 0 | 0 | ||||||||
Accumulated other comprehensive income, net of tax | 0 | |||||||||
Total equity | (42,928) | (38,840) | ||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | 30,529 | 26,312 | ||||||||
Eliminations | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Receivables: | ||||||||||
Trade, operating, net of allowance for doubtful accounts | 0 | 0 | ||||||||
Trade, dry-leasing | 0 | 0 | ||||||||
Tax receivables | 0 | 0 | ||||||||
Other | 0 | 0 | ||||||||
Inventories, net | 0 | 0 | ||||||||
Prepaid expenses | 0 | 0 | ||||||||
Total current assets | 0 | 0 | ||||||||
Property and equipment | 0 | 0 | ||||||||
Accumulated depreciation | 0 | 0 | ||||||||
Property and equipment, net | 0 | 0 | ||||||||
Operating lease right-of-use | 0 | |||||||||
Equity investments and advances | 0 | |||||||||
Investments in consolidated subsidiaries | (181,684) | (172,950) | ||||||||
Intangible assets | 0 | 0 | ||||||||
Deferred income taxes | (10,602) | (9,904) | ||||||||
Intercompany receivables | (317,247) | (366,541) | ||||||||
Other assets | 0 | 0 | ||||||||
Total assets | (509,533) | (549,395) | ||||||||
Current liabilities: | ||||||||||
Accounts payable and accrued expenses | 0 | 0 | ||||||||
Accrued wages and benefits | 0 | 0 | ||||||||
Accrued interest | 0 | 0 | ||||||||
Accrued income taxes | 0 | 0 | ||||||||
Accrued other taxes | 0 | 0 | ||||||||
Accrued contingencies | 0 | 0 | ||||||||
Current portion of long-term debt | 0 | 0 | ||||||||
Other current liabilities | 0 | 0 | ||||||||
Total current liabilities | 0 | 0 | ||||||||
Long-term debt | 0 | 0 | ||||||||
Deferred income taxes | (10,602) | (9,903) | ||||||||
Intercompany payables | (317,269) | (366,574) | ||||||||
Operating lease liabilities | 0 | |||||||||
Other liabilities | 0 | 0 | ||||||||
Total liabilities | (327,871) | (376,477) | ||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||
Equity: | ||||||||||
Common stock, $0.01 par value, 60,000,000 shares authorized; 21,419,462 and 21,765,404 outstanding in 2019 and 2018, respectively, exclusive of treasury shares | 0 | 0 | ||||||||
Additional paid-in capital | (104,869) | (104,869) | ||||||||
Retained earnings | (76,793) | (68,049) | ||||||||
Treasury shares, at cost; 958,481 and 156,737 shares in 2019 and 2018, respectively | 0 | 0 | ||||||||
Accumulated other comprehensive income, net of tax | 0 | |||||||||
Total equity | (181,662) | (172,918) | ||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ (509,533) | $ (549,395) | ||||||||
|
GUARANTORS OF SECURITIES (Condensed Income Statement) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | $ 55,480 | $ 57,728 | $ 106,773 | $ 115,050 |
Costs and expenses: | ||||
Operating | 38,820 | 40,332 | 75,516 | 77,992 |
Administrative and general | 8,895 | 14,806 | 17,770 | 26,877 |
Depreciation | 9,520 | 10,116 | 18,970 | 20,470 |
Total costs and expenses | 57,235 | 65,254 | 112,256 | 125,339 |
Gains (losses) on asset dispositions, net | (68) | (1,997) | (192) | 2,417 |
Operating loss | (1,823) | (9,523) | (5,675) | (7,872) |
Other income (expense): | ||||
Interest income | 934 | 346 | 1,686 | 492 |
Interest expense | (3,432) | (3,521) | (6,893) | (8,097) |
Loss on sale of investments | (569) | 0 | (569) | 0 |
Foreign currency gains (losses), net | 270 | (1,075) | 144 | (1,001) |
Gains (losses) on debt extinguishment | (13) | 0 | (13) | 175 |
Other, net | (9) | 14 | (20) | 6 |
Total other income (expense) | (2,819) | (4,236) | (5,665) | (8,425) |
Loss before income taxes and equity earnings | (4,642) | (13,759) | (11,340) | (16,297) |
Income tax (benefit) expense | 1,394 | (2,574) | (194) | (3,312) |
Income (loss) before equity earnings | (6,036) | (11,185) | (11,146) | (12,985) |
Equity in earnings of subsidiaries | 10,910 | 669 | 9,935 | 1,112 |
Net income (loss) | 4,874 | (10,516) | (1,211) | (11,873) |
Net loss attributable to noncontrolling interest in subsidiary | 66 | 137 | 208 | 300 |
Net income (loss) attributable to Era Group Inc. | 4,940 | (10,379) | (1,003) | (11,573) |
Reportable Legal Entities | Parent | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Operating | 0 | 0 | 0 | 0 |
Administrative and general | 1,742 | 8,873 | 2,984 | 13,186 |
Depreciation | 0 | 0 | 0 | 0 |
Total costs and expenses | 1,742 | 8,873 | 2,984 | 13,186 |
Gains (losses) on asset dispositions, net | 0 | 0 | 0 | 0 |
Operating loss | (1,742) | (8,873) | (2,984) | (13,186) |
Other income (expense): | ||||
Interest income | 447 | 5 | 643 | 9 |
Interest expense | (3,217) | (3,292) | (6,458) | (7,595) |
Loss on sale of investments | (569) | (569) | ||
Foreign currency gains (losses), net | 28 | (111) | (12) | (56) |
Gains (losses) on debt extinguishment | (13) | (13) | 0 | |
Other, net | (16) | 0 | (16) | 0 |
Total other income (expense) | (3,340) | (3,398) | (6,425) | (7,642) |
Loss before income taxes and equity earnings | (5,082) | (12,271) | (9,409) | (20,828) |
Income tax (benefit) expense | (18) | (1,317) | 318 | (2,853) |
Income (loss) before equity earnings | (5,064) | (10,954) | (9,727) | (17,975) |
Equity in earnings of subsidiaries | 10,014 | 575 | 8,734 | 6,402 |
Net income (loss) | 4,950 | (10,379) | (993) | (11,573) |
Net loss attributable to noncontrolling interest in subsidiary | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Era Group Inc. | 4,950 | (10,379) | (993) | (11,573) |
Reportable Legal Entities | Guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 50,045 | 50,049 | 95,359 | 99,881 |
Costs and expenses: | ||||
Operating | 32,002 | 32,659 | 62,051 | 62,429 |
Administrative and general | 6,286 | 4,852 | 12,958 | 11,225 |
Depreciation | 9,275 | 9,873 | 18,472 | 19,967 |
Total costs and expenses | 47,563 | 47,384 | 93,481 | 93,621 |
Gains (losses) on asset dispositions, net | (68) | (1,997) | (192) | 2,417 |
Operating loss | 2,414 | 668 | 1,686 | 8,677 |
Other income (expense): | ||||
Interest income | 475 | 334 | 979 | 430 |
Interest expense | (208) | (209) | (421) | (391) |
Loss on sale of investments | 0 | 0 | ||
Foreign currency gains (losses), net | 168 | (155) | 119 | (125) |
Gains (losses) on debt extinguishment | 0 | 0 | 0 | |
Other, net | 12 | 10 | 11 | 10 |
Total other income (expense) | 447 | (20) | 688 | (76) |
Loss before income taxes and equity earnings | 2,861 | 648 | 2,374 | 8,601 |
Income tax (benefit) expense | 1,412 | (1,257) | (512) | (459) |
Income (loss) before equity earnings | 1,449 | 1,905 | 2,886 | 9,060 |
Equity in earnings of subsidiaries | 10,910 | 669 | 9,935 | 1,112 |
Net income (loss) | 12,359 | 2,574 | 12,821 | 10,172 |
Net loss attributable to noncontrolling interest in subsidiary | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Era Group Inc. | 12,359 | 2,574 | 12,821 | 10,172 |
Reportable Legal Entities | Non-guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 14,537 | 14,162 | 28,154 | 28,629 |
Costs and expenses: | ||||
Operating | 15,909 | 14,156 | 30,194 | 29,023 |
Administrative and general | 867 | 1,081 | 1,828 | 2,466 |
Depreciation | 245 | 243 | 498 | 503 |
Total costs and expenses | 17,021 | 15,480 | 32,520 | 31,992 |
Gains (losses) on asset dispositions, net | 0 | 0 | 0 | 0 |
Operating loss | (2,484) | (1,318) | (4,366) | (3,363) |
Other income (expense): | ||||
Interest income | 12 | 7 | 64 | 53 |
Interest expense | (7) | (20) | (14) | (111) |
Loss on sale of investments | 0 | 0 | ||
Foreign currency gains (losses), net | 74 | (809) | 37 | (820) |
Gains (losses) on debt extinguishment | 0 | 0 | 175 | |
Other, net | (5) | 4 | (15) | (4) |
Total other income (expense) | 74 | (818) | 72 | (707) |
Loss before income taxes and equity earnings | (2,410) | (2,136) | (4,294) | (4,070) |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Income (loss) before equity earnings | (2,410) | (2,136) | (4,294) | (4,070) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Net income (loss) | (2,410) | (2,136) | (4,294) | (4,070) |
Net loss attributable to noncontrolling interest in subsidiary | 66 | 137 | 208 | 300 |
Net income (loss) attributable to Era Group Inc. | (2,344) | (1,999) | (4,086) | (3,770) |
Eliminations | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | (9,102) | (6,483) | (16,740) | (13,460) |
Costs and expenses: | ||||
Operating | (9,091) | (6,483) | (16,729) | (13,460) |
Administrative and general | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
Total costs and expenses | (9,091) | (6,483) | (16,729) | (13,460) |
Gains (losses) on asset dispositions, net | 0 | 0 | 0 | 0 |
Operating loss | (11) | 0 | (11) | 0 |
Other income (expense): | ||||
Interest income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Loss on sale of investments | 0 | 0 | ||
Foreign currency gains (losses), net | 0 | 0 | 0 | 0 |
Gains (losses) on debt extinguishment | 0 | 0 | 0 | |
Other, net | 0 | 0 | 0 | 0 |
Total other income (expense) | 0 | 0 | 0 | 0 |
Loss before income taxes and equity earnings | (11) | 0 | (11) | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Income (loss) before equity earnings | (11) | 0 | (11) | 0 |
Equity in earnings of subsidiaries | (10,014) | (575) | (8,734) | (6,402) |
Net income (loss) | (10,025) | (575) | (8,745) | (6,402) |
Net loss attributable to noncontrolling interest in subsidiary | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Era Group Inc. | $ (10,025) | $ (575) | $ (8,745) | $ (6,402) |
GUARANTORS OF SECURITIES (Condensed Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | $ 4,874 | $ (10,516) | $ (1,211) | $ (11,873) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments, net | (110) | 0 | (110) | (5) |
Total other comprehensive loss | (110) | 0 | (110) | (5) |
Comprehensive income (loss) | 4,764 | (10,516) | (1,321) | (11,878) |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 66 | 137 | 208 | 300 |
Comprehensive income (loss) attributable to Era Group Inc. | 4,830 | (10,379) | (1,113) | (11,578) |
Reportable Legal Entities | Parent | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 4,950 | (10,379) | (993) | (11,573) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments, net | 0 | 0 | 0 | |
Total other comprehensive loss | 0 | 0 | 0 | |
Comprehensive income (loss) | 4,950 | (10,379) | (993) | (11,573) |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Era Group Inc. | 4,950 | (10,379) | (993) | (11,573) |
Reportable Legal Entities | Guarantors | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | 12,359 | 2,574 | 12,821 | 10,172 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments, net | (110) | (110) | (5) | |
Total other comprehensive loss | (110) | (110) | (5) | |
Comprehensive income (loss) | 12,249 | 2,574 | 12,711 | 10,167 |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Era Group Inc. | 12,249 | 2,574 | 12,711 | 10,167 |
Reportable Legal Entities | Non-guarantors | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | (2,410) | (2,136) | (4,294) | (4,070) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments, net | 0 | 0 | 0 | |
Total other comprehensive loss | 0 | 0 | 0 | |
Comprehensive income (loss) | (2,410) | (2,136) | (4,294) | (4,070) |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 66 | 137 | 208 | 300 |
Comprehensive income (loss) attributable to Era Group Inc. | (2,344) | (1,999) | (4,086) | (3,770) |
Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income (loss) | (10,025) | (575) | (8,745) | (6,402) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments, net | 0 | 0 | 0 | |
Total other comprehensive loss | 0 | 0 | 0 | |
Comprehensive income (loss) | (10,025) | (575) | (8,745) | (6,402) |
Comprehensive income (loss) attributable to non-controlling interest in subsidiary | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Era Group Inc. | $ (10,025) | $ (575) | $ (8,745) | $ (6,402) |
GUARANTORS OF SECURITIES (Condensed Cash Flow Statement) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 9,875 | $ 5,138 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (2,580) | (5,958) | ||
Proceeds from disposition of property and equipment | 0 | 29,497 | ||
Purchase of investments | $ (5,000) | (5,000) | 0 | |
Proceeds from sale of investments | $ 4,400 | 4,430 | 0 | |
Proceeds from sale of equity investees | 35,519 | 0 | ||
Principal payments on notes due from equity investees | 2,334 | 186 | ||
Principal payments on third party notes receivable | 210 | 571 | ||
Net cash provided by investing activities | 34,913 | 24,296 | ||
Cash flows from financing activities: | ||||
Long-term debt issuance costs | 0 | (1,295) | ||
Payments on long-term debt | (1,042) | (30,012) | ||
Extinguishment of long-term debt | (740) | 0 | ||
Proceeds from share award plans | 590 | 484 | ||
Purchase of treasury shares | (6,055) | 0 | ||
Borrowings and repayments of intercompany debt | 0 | 0 | ||
Net cash used in financing activities | (7,247) | (30,823) | ||
Effects of exchange rate changes on cash and cash equivalents | 136 | (387) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 37,677 | (1,776) | ||
Cash, cash equivalents and restricted cash, beginning of period | 50,753 | 50,753 | 16,833 | |
Cash, cash equivalents and restricted cash, end of period | 88,430 | 88,430 | 15,057 | |
Reportable Legal Entities | Parent | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 42,559 | 2,037 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | 0 | 0 | ||
Proceeds from disposition of property and equipment | 0 | |||
Purchase of investments | (5,000) | |||
Proceeds from sale of investments | 4,430 | |||
Proceeds from sale of equity investees | 0 | |||
Principal payments on notes due from equity investees | 0 | 0 | ||
Principal payments on third party notes receivable | 0 | 0 | ||
Net cash provided by investing activities | (570) | 0 | ||
Cash flows from financing activities: | ||||
Long-term debt issuance costs | 0 | |||
Payments on long-term debt | 0 | 0 | ||
Extinguishment of long-term debt | (740) | |||
Proceeds from share award plans | 0 | 0 | ||
Purchase of treasury shares | (6,055) | |||
Borrowings and repayments of intercompany debt | 0 | 0 | ||
Net cash used in financing activities | (6,795) | 0 | ||
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 35,194 | 2,037 | ||
Cash, cash equivalents and restricted cash, beginning of period | 48,396 | 48,396 | 10,800 | |
Cash, cash equivalents and restricted cash, end of period | 83,590 | 83,590 | 12,837 | |
Reportable Legal Entities | Guarantors | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (35,355) | 922 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (2,468) | (5,779) | ||
Proceeds from disposition of property and equipment | 29,497 | |||
Purchase of investments | 0 | |||
Proceeds from sale of investments | 0 | |||
Proceeds from sale of equity investees | 35,519 | |||
Principal payments on notes due from equity investees | 2,334 | 186 | ||
Principal payments on third party notes receivable | 210 | 571 | ||
Net cash provided by investing activities | 35,595 | 24,475 | ||
Cash flows from financing activities: | ||||
Long-term debt issuance costs | 0 | |||
Payments on long-term debt | (830) | (831) | ||
Extinguishment of long-term debt | 0 | |||
Proceeds from share award plans | 0 | 0 | ||
Purchase of treasury shares | 0 | |||
Borrowings and repayments of intercompany debt | 590 | (27,811) | ||
Net cash used in financing activities | (240) | (28,642) | ||
Effects of exchange rate changes on cash and cash equivalents | 0 | (5) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | (3,250) | ||
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 | 3,250 | |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 | 0 | |
Reportable Legal Entities | Non-guarantors | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 2,671 | 2,179 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (112) | (179) | ||
Proceeds from disposition of property and equipment | 0 | |||
Purchase of investments | 0 | |||
Proceeds from sale of investments | 0 | |||
Proceeds from sale of equity investees | 0 | |||
Principal payments on notes due from equity investees | 0 | 0 | ||
Principal payments on third party notes receivable | 0 | 0 | ||
Net cash provided by investing activities | (112) | (179) | ||
Cash flows from financing activities: | ||||
Long-term debt issuance costs | 0 | |||
Payments on long-term debt | (212) | (2,181) | ||
Extinguishment of long-term debt | 0 | |||
Proceeds from share award plans | 0 | 0 | ||
Purchase of treasury shares | 0 | |||
Borrowings and repayments of intercompany debt | 0 | 0 | ||
Net cash used in financing activities | (212) | (2,181) | ||
Effects of exchange rate changes on cash and cash equivalents | 136 | (382) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,483 | (563) | ||
Cash, cash equivalents and restricted cash, beginning of period | 2,357 | 2,357 | 2,783 | |
Cash, cash equivalents and restricted cash, end of period | 4,840 | 4,840 | 2,220 | |
Eliminations | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 0 | 0 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | 0 | 0 | ||
Proceeds from disposition of property and equipment | 0 | |||
Purchase of investments | 0 | |||
Proceeds from sale of investments | 0 | |||
Proceeds from sale of equity investees | 0 | |||
Principal payments on notes due from equity investees | 0 | 0 | ||
Principal payments on third party notes receivable | 0 | 0 | ||
Net cash provided by investing activities | 0 | 0 | ||
Cash flows from financing activities: | ||||
Long-term debt issuance costs | (1,295) | |||
Payments on long-term debt | 0 | (27,000) | ||
Extinguishment of long-term debt | 0 | |||
Proceeds from share award plans | 590 | 484 | ||
Purchase of treasury shares | 0 | |||
Borrowings and repayments of intercompany debt | (590) | 27,811 | ||
Net cash used in financing activities | 0 | 0 | ||
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | ||
Cash, cash equivalents and restricted cash, beginning of period | $ 0 | 0 | 0 | |
Cash, cash equivalents and restricted cash, end of period | $ 0 | $ 0 | $ 0 |
ZCFHJ;O;IE4/![8]\-$^OX
M/-AC>Y]]P/NWQ75 ;]W'WEN#.@_W60W$^0@'W"IS\1V'@
M18X_L,K7V%_FPRX=W>Q.%9='M_.K8"?.M;8=_F:V/UTLB=W=!O,K/%VWN]X_
MFO;(\HW)8U&KX$EHLW>Z'>X@A.;&(7HPWD[FE-0/2G[0]C8U][(]*K0#+9KN
M&!3U9['%7U!+ P04 " %AOY.ALPY>Z$" !"@ &0 'AL+W=O $&\0?:X59^.5#6("&'[ AXQS#::U)# R"%#2H
M;OT\T[4MRS-Z$J1N\99Y_-0TB/TI,*&7A1_ZU\)+?:R$*H \Z] 1?\?B1[=E
M<@0&E7W=X);7M/48/BS\YW"^215> W[6^,)'?4\EV5'ZJ@9?]@L_4(8PP:50
M"D@V9[S$A"@A:>-WK^D/4RKBN']5W^CL,LL.<;RDY%>]%]7"?_2]/3Z@$Q$O
M]/(9]WD2W^O#?\5G3"1<.9%SE)1P_>N5)RYHTZM(*PUZ,VW=ZO9BOJ17FIL
M>P(<"'+N6X2H)T3OA/@F(>X)\;TS)#TAN7>&M">D%@&8Q=*KOT("Y1FC%X^9
M\],A=4S#>2KWMU1%O9WZF]P +JOG/$IF&3@KH1Y3& P<8<( _HM9.3 # D@'
M@PWHLE' "=V:8#E%A$%DF?BOROH.EZZ/+:YA XW_ZX^L]C\GTR3T4;
M-W7Y]V'7[>^78;G8Q9?BK>R^U>=?XI2072ZF['^+[['LY8.3OHWGNFS'W\7S
M6]O5U725WDI5_+C\'X[C_WFZ_D>8'*"G 'T-\/AI@)D"S#4 /@_ *0!)0'9)
M9>R;;=$5ZU53GQ?-Y?:>BN$I@COL>_]Y.#AV]GBN[YZV/_J^UODJ>Q^N,TDV
M%XF>2VX56ZXPZBK)^O:O)K1H0H_Q9AX/
IKTC7_I]UU^B"#\??NO+LK]2\/'W=-'EK
%_G!8'@; &_6W@SGLB 6<-R^?0%=UUK^".?P7
.?:F#,[8BGB'XAUZKP4_)!F[!J(YYC3%\%5,ND0P9%]2\*T4)_X?G&_#
M=YL*=Q&^6\/Y;IM@OTFPCP3[?TI,/Y2X%?-1)5OU5(-MXC0Y4IJABY.\\BX#
M>\_CF_P-GZ;]F["-[!RY&(\O&_M?&^,!I20W.$(M?K#%4%#[<#S@V4YC-AG>
M]/,/8LLW+OX 4$L#!!0 ( 6&_D[5]Z=*N $ -(# 9 >&PO=V]R
M:W-H965TI \L,\7.+I!D]L@$/\+/A5
MW=P'-I4G(9[MX,M^'B+KB)=\IRT%,Y<+7_.RM$S&Q^^.-.PU;>#M_2O[)Y>\
M2>:)*;X6Y:]BKT_S, N#/3^PK#RL0GV6-BT7MODQ6OH,_$5^2VGMXW>)SE!&I*Q,B#12]T&J)*O=2R6CI+1,I!T
ML%UT5F93>L9D+G8@+/H@XRW"I@UA90O@63P]I:-E'.EALZ@R4L,2=7HY+,2>
M4LA2B+W61_G