Cover Page
Cover Page - shares | 3 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35701 | |
Entity Registrant Name | Bristow Group Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1455213 | |
Entity Address, Address Line One | 3151 Briarpark Drive, Suite 700 | |
Entity Address, City or Town | Houston, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77042 | |
City Area Code | 713 | |
Local Phone Number | 267-7600 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | VTOL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 27,936,165 | |
Entity Central Index Key | 0001525221 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||
Revenue | $ 301,737 | $ 300,602 |
Costs and expenses: | ||
General and administrative expenses | 40,159 | 37,483 |
Merger and integration costs | 368 | 1,735 |
Restructuring costs | 0 | 851 |
Depreciation and amortization expense | 16,536 | 23,195 |
Total costs and expenses | 288,851 | 289,881 |
Loss on impairment | (5,187) | (21,934) |
Gain (loss) on disposal of assets | (2,101) | 499 |
Earnings (losses) from unconsolidated affiliates, net | 115 | (1,517) |
Operating income (loss) | 5,713 | (12,231) |
Interest income | 74 | 66 |
Interest expense | (10,242) | (10,624) |
Reorganization items, net | (49) | (446) |
Loss on sale of subsidiaries | 0 | (2,002) |
Other, net | 16,750 | 6,184 |
Total other income (expense), net | 6,533 | (6,822) |
Income (loss) before income taxes | 12,246 | (19,053) |
Income tax benefit (expense) | (8,231) | 4,842 |
Net income (loss) | 4,015 | (14,211) |
Net (income) loss attributable to noncontrolling interests | (28) | 14 |
Net income (loss) attributable to Bristow Group Inc. | $ 3,987 | $ (14,197) |
Income (loss) per common stock: | ||
Basic (in dollars per share) | $ 0.14 | $ (0.50) |
Diluted (in dollars per share) | $ 0.14 | $ (0.50) |
Weighted average common stock outstanding: | ||
Basic (in shares) | 28,269 | 28,669 |
Diluted (in shares) | 28,912 | 28,669 |
Service | ||
Revenue: | ||
Revenue | $ 294,148 | $ 288,351 |
Costs and expenses: | ||
Operating expenses | 224,501 | 214,503 |
Reimbursable revenues | ||
Revenue: | ||
Revenue | 7,589 | 12,251 |
Costs and expenses: | ||
Operating expenses | $ 7,287 | $ 12,114 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 4,015 | $ (14,211) |
Other comprehensive income (loss): | ||
Currency translation adjustments | (48,063) | 1,272 |
Pension liability adjustment | 2,355 | (48) |
Unrealized gain on cash flow hedges, net | 1,296 | 942 |
Total other comprehensive income (loss) | (44,412) | 2,166 |
Total comprehensive loss | (40,397) | (12,045) |
Net comprehensive (income) loss attributable to noncontrolling interests | (28) | 14 |
Total comprehensive loss attributable to Bristow Group Inc. | $ (40,425) | $ (12,031) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 255,036 | $ 263,769 |
Restricted cash | 3,397 | 2,245 |
Accounts receivable, net of allowance for doubtful accounts of $1,841 and $1,886 as of June 30, 2022 and March 31, 2022, respectively | 212,089 | 203,771 |
Inventories | 81,362 | 81,674 |
Assets held for sale | 54 | 59 |
Prepaid expenses and other current assets | 30,848 | 28,367 |
Total current assets | 582,786 | 579,885 |
Property and equipment, net of accumulated depreciation of $156,768 and $149,532 as of June 30, 2022 and March 31, 2022, respectively | 900,756 | 942,608 |
Investment in unconsolidated affiliates | 17,000 | 17,585 |
Right-of-use assets | 215,480 | 193,505 |
Other assets | 126,350 | 90,696 |
Total assets | 1,842,372 | 1,824,279 |
Current liabilities: | ||
Accounts payable | 87,249 | 63,497 |
Accrued wages, benefits and related taxes | 40,621 | 53,424 |
Income taxes payable and other accrued taxes | 10,035 | 13,410 |
Deferred revenue | 14,182 | 15,161 |
Accrued maintenance and repairs | 78,854 | 38,354 |
Current portion of operating lease liabilities | 68,554 | 69,866 |
Accrued interest and other accrued liabilities | 26,565 | 21,284 |
Short-term borrowings and current maturities of long-term debt | 11,768 | 12,759 |
Total current liabilities | 337,828 | 287,755 |
Long-term debt, less current maturities | 502,603 | 512,909 |
Accrued pension liabilities | 12,635 | 18,170 |
Other liabilities and deferred credits | 5,170 | 4,825 |
Deferred taxes | 41,739 | 39,811 |
Long-term operating lease liabilities | 149,010 | 125,441 |
Total liabilities | 1,048,985 | 988,911 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value, 110,000 authorized; 28,204 and 28,287 outstanding as of June 30, 2022 and March 31, 2022, respectively | 306 | 303 |
Additional paid-in capital | 702,496 | 699,401 |
Retained earnings | 215,207 | 211,220 |
Treasury stock, at cost; 2,175 and 1,983 shares as of June 30, 2022 and March 31, 2022, respectively | (56,361) | (51,659) |
Accumulated other comprehensive loss | (67,862) | (23,450) |
Total Bristow Group Inc. stockholders’ equity | 793,786 | 835,815 |
Noncontrolling interests | (399) | (447) |
Total stockholders’ equity | 793,387 | 835,368 |
Total liabilities and stockholders’ equity | $ 1,842,372 | $ 1,824,279 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts receivable | $ 1,841 | $ 1,886 | |
Accumulated depreciation | $ (156,768) | $ (149,532) | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 110,000,000 | 110,000,000 | |
Common stock, shares outstanding (in shares) | 28,204,000 | 28,287,000 | |
Treasury stock (in shares) | 2,175,000 | 1,983,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ 4,015 | $ (14,211) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization expense | 19,649 | 26,248 |
Deferred income taxes | 1,928 | (7,754) |
Amortization of deferred financing fees | 376 | 309 |
Discount amortization on long-term debt | 1,730 | 2,050 |
Loss (gain) on disposal of assets | 2,101 | (499) |
Loss on impairment | 5,187 | 21,934 |
Loss on sale of subsidiaries | 0 | 2,002 |
Stock-based compensation expense | 3,098 | 2,326 |
Equity in losses (earnings) from unconsolidated affiliates, net | (115) | 1,517 |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | (17,454) | 17,027 |
Inventory, prepaid expenses and other assets | (1,272) | (516) |
Accounts payable, accrued expenses and other liabilities | 3,507 | (13,992) |
Net cash provided by operating activities | 22,750 | 36,441 |
Cash flows from investing activities: | ||
Capital expenditures | (9,046) | (2,968) |
Proceeds from asset dispositions | 7,558 | 10,621 |
Cash transferred in sale of subsidiaries, net of cash received | 0 | (851) |
Net cash provided by (used in) investing activities | (1,488) | 6,802 |
Cash flows from financing activities: | ||
Debt issuance costs | (527) | (1,895) |
Repayment of debt | (2,942) | (4,002) |
Purchase of treasury stock | (3,070) | (21,793) |
Net cash used in financing activities | (6,539) | (27,690) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (22,304) | 2,042 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (7,581) | 17,595 |
Cash, cash equivalents and restricted cash at beginning of period | 266,014 | 231,079 |
Cash, cash equivalents and restricted cash at end of period | 258,433 | 248,674 |
Cash paid during the period for: | ||
Interest | 1,082 | 1,171 |
Income taxes | $ 11,073 | $ 3,046 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests |
Redeemable Noncontrolling Interest, Beginning balance at Mar. 31, 2021 | $ 1,572 | ||||||
Redeemable Noncontrolling Interests And Mezzanine equity preferred stock | |||||||
Sale of noncontrolling interest | (1,572) | ||||||
Redeemable Noncontrolling Interest, Ending balance at Jun. 30, 2021 | 0 | ||||||
Beginning balance at Mar. 31, 2021 | 897,071 | $ 303 | $ 687,715 | $ 227,011 | $ (6,915) | $ (10,501) | $ (542) |
Beginning balance (in shares) at Mar. 31, 2021 | 29,694,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share award amortization (in shares) | 49,000 | ||||||
Stock-based compensation | 2,326 | 2,326 | |||||
Purchase of treasury shares (in shares) | (937,000) | ||||||
Purchase of treasury stock | (25,199) | (25,199) | |||||
Currency translation adjustments | 5 | 5 | |||||
Net income (loss) | (14,211) | (14,197) | (14) | ||||
Other comprehensive income (loss) | 2,166 | 2,166 | |||||
Ending balance at Jun. 30, 2021 | 862,158 | $ 303 | 690,041 | 212,814 | (4,749) | (35,700) | (551) |
Ending balance (in shares) at Jun. 30, 2021 | 28,806,000 | ||||||
Beginning balance at Mar. 31, 2022 | $ 835,368 | $ 303 | 699,401 | 211,220 | (23,450) | (51,659) | (447) |
Beginning balance (in shares) at Mar. 31, 2022 | 28,287,000 | 28,287,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation | $ 3 | ||||||
Share award amortization (in shares) | 109,000 | ||||||
Stock-based compensation | 3,098 | 3,095 | |||||
Purchase of treasury shares (in shares) | (192,000) | ||||||
Purchase of treasury stock | (4,702) | (4,702) | |||||
Currency translation adjustments | 20 | 20 | |||||
Net income (loss) | 4,015 | 3,987 | 28 | ||||
Other comprehensive income (loss) | (44,412) | (44,412) | |||||
Ending balance at Jun. 30, 2022 | $ 793,387 | $ 306 | $ 702,496 | $ 215,207 | $ (67,862) | $ (56,361) | $ (399) |
Ending balance (in shares) at Jun. 30, 2022 | 28,204,000 | 28,204,000 |
BASIS OF PRESENTATION, CONSOLID
BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES | BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities. The condensed consolidated financial information for the three months ended June 30, 2022 and 2021, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. The Company’s fiscal year ends March 31, and fiscal years are referenced based on the end of such period. Therefore, the fiscal year ending March 31, 2023 is referred to as “fiscal year 2023”. 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 fiscal year ended March 31, 2022, filed with the SEC on May 31, 2022. The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire fiscal year. Basis of Consolidation The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. Summary of Significant Accounting Policies and Other Accounting Considerations Maintenance and Repairs — The Company generally charges maintenance and repair costs, including major aircraft component overhaul costs, to earnings as the costs are incurred. However, certain major aircraft components, such as engines and transmissions, are maintained by third-party vendors under contractual agreements also referred to as power-by-the-hour (“PBH”) maintenance agreements. Under these agreements, the Company is charged an agreed amount per hour of flying time related to maintenance, repair and overhaul of the parts and components covered. The costs charged under these contractual agreements are recognized in the period in which the flight hours occur. To the extent that the Company has not yet been billed for costs incurred under these arrangements, these costs are included in accrued maintenance and repairs on its consolidated balance sheets. From time to time, the Company receives credits from its original equipment manufacturers. The Company records these credits as a reduction in maintenance expense when the credits are utilized in lieu of cash payments for purchases or services. In the event the Company places a helicopter in a PBH program after a maintenance period has begun, it may be necessary to pay an initial buy-in charge based on hours flown since the previous maintenance event. This buy-in charge is normally recorded as a prepaid expense and amortized as an operating expense over the remaining PBH contract period. If a helicopter is sold or otherwise removed from a program before the scheduled maintenance work is carried out, the Company may be able to recover part of its payments to the PBH provider, in which case the Company records a reduction to operating expense. During the three months ended June 30, 2022, the Company entered into and amended two existing PBH agreements with maintenance service providers for its AW139 helicopter fleet. The terms of these agreements included a buy-in payable of approximately $55 million for the hours flown on the aircraft prior to entry into the PBH agreements. The buy-in amount for the transaction is reflected in other long-term assets with the amount due for amortization within a year reflected in prepaid expenses and other current assets on the condensed consolidated balance sheet. Amounts owed but not yet paid are reflected in accrued maintenance and repairs on the condensed consolidated balance sheet, with the first payment due in July 2022 and the final payment concluding in December 2022. In future periods, a portion of the balance will be amortized through operating expense on the statement of operations on a straight-line basis over the contract term. During the three months ended June 30, 2022, the Company also wrote off $5.2 million of intangible assets related to legacy AW139 airframe agreements in connection with the new PBH agreements. This loss is reflected on the loss on impairment line of the condensed consolidated statement of operations. Investment in Unconsolidated Affiliates — The Company has a 25% economic interest in Petroleum Air Services (“PAS”), an Egyptian corporation that provides helicopter and fixed wing transportation to the offshore energy industry and other general aviation services in Egypt. During the three months ended June 30, 2021, upon evaluating its investment in PAS, the Company identified an indicator for impairment due to a decline in PAS’s performance. As a result, the Company performed a fair valuation of its investment in PAS using a market approach that relied on significant Level III inputs due to the nature of unobservable inputs that required significant judgment and assumptions. The market approach utilized two methods, each yielding similar valuation outcomes through the use of a multiple relevant to each method, derived from select guideline public companies, and an expected dividend rate or earnings of PAS. This resulted in a $16.0 million loss on impairment recorded during the three months ended June 30, 2021. As of June 30, 2022, the investment in PAS was $17.0 million and is included on the condensed consolidated balance sheets in investment in unconsolidated affiliates. PAS is a cost method investment. Recently Adopted Accounting Standards In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) ASU 2021-10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 applies to business entities that account for a transaction with a government by applying a grant or contribution accounting model and increases the transparency of the recognition, measurement, presentation and disclosure of government assistance received. Our adoption of this ASU effective April 1, 2022, had no material impact to the Company’s financial statements. In October 2021, the FASB issued ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 provides specific guidance on how to recognize and measure acquired contract assets and contract liabilities from revenue contracts in business combinations. Our adoption of this ASU effective April 1, 2022, had no material impact to the Company’s financial statements. |
REVENUES
REVENUES | 3 Months Ended |
Jun. 30, 2022 | |
Revenue Recognition [Abstract] | |
REVENUES | REVENUES The Company derives its revenues primarily from oil and gas flight services, government services and fixed wing services through a single operating segment, aviation services. A majority of the Company’s revenues are generated through two types of contracts: helicopter services contracts and fixed wing services contracts. The following table shows the total revenues (in thousands): Three Months Ended June 30, 2022 2021 Revenues from contracts with customers $ 296,190 $ 292,598 Other revenues 5,547 8,004 Total revenues $ 301,737 $ 300,602 Revenues by Service Line. The following table sets forth the operating revenues earned by service line for the applicable periods (in thousands): Three Months Ended June 30, 2022 2021 Oil and gas services $ 195,080 $ 189,596 Government services 70,107 70,436 Fixed wing services 25,942 24,654 Other services 3,019 3,665 Total operating revenues $ 294,148 $ 288,351 Contract Assets, Liabilities and Receivables The Company generally satisfies performance of contract obligations by providing aviation services to its customers in exchange for consideration. The timing of performance may differ from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset exists when the Company has a contract with a customer for which revenue has been recognized (i.e., services have been performed), but customer payment is contingent on a future event (i.e., satisfaction of contract milestones). These contract assets are transferred to receivables when billing milestones are met. Contract liabilities relate to deferred revenues in which advance consideration is received from customers for contracts where revenues are recognized based on future performance of services. As of June 30, 2022 and March 31, 2022, receivables related to services performed under contracts with customers were $185.0 million and $165.2 million, respectively. During the three months ended June 30, 2022, the Company recognized $4.8 million of revenues from outstanding contract liabilities. Contract liabilities related to services performed under contracts with customers were $12.8 million and $13.3 million as of June 30, 2022 and March 31, 2022, respectively. Contract liabilities are primarily generated by fixed wing services where customers pay for tickets in advance of receiving the Company’s services and advanced payments from helicopter services customers. There were no contract assets as of June 30, 2022 and March 31, 2022. Remaining Performance Obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. The table below discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and (2) the expected timing to recognize these revenues (in thousands): Remaining Performance Obligations as of June 30, 2022 Nine Months Ending March 31, 2023 Fiscal Year Ending March 31, Total 2024 2025 2026 2027 and thereafter Outstanding Service Revenues: Helicopter contracts $ 301,733 $ 260,855 $ 192,422 $ 113,337 $ 120,773 $ 989,120 Fixed wing contracts 539 — — — — 539 Total remaining performance obligation revenue $ 302,272 $ 260,855 $ 192,422 $ 113,337 $ 120,773 $ 989,659 The table above includes performance obligations up to the point where the parties can cancel existing contracts. Any applicable cancellation penalties have been excluded. As such, the Company’s actual remaining performance obligation revenues are expected to be greater than what is reflected in the table above. In addition, the remaining performance obligation disclosure does not include expected consideration related to performance obligations of a variable nature (i.e., flight services) as they cannot be reasonably and reliably estimated. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS We own a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), an aviation services provider in Canada. Due to common ownership of Cougar, the Company considers VIH Aviation Group Ltd. and its subsidiaries (“Cougar Related Parties”) as a related party. During the three months ended June 30, 2022 and 2021, the Company generated total revenues of $4.8 million and $8.6 million from Cougar Related Parties and also paid lease fees of $1.2 million and $2.0 million to Cougar Related Parties for leased aircraft, respectively. As of June 30, 2022 and March 31, 2022, accounts receivables from Cougar Related Parties included in accounts receivables on the condensed consolidated balance sheets were $1.0 million and $1.8 million, respectively. |
DEBT
DEBT | 3 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of June 30, 2022 and March 31, 2022, consisted of the following (in thousands): June 30, March 31, 2022 2022 6.875% Senior Notes $ 392,047 $ 391,690 Lombard Debt 122,324 133,978 Total debt 514,371 525,668 Less short-term borrowings and current maturities of long-term debt (11,768) (12,759) Total long-term debt $ 502,603 $ 512,909 6.875% Senior Notes — In February 2021, the Company issued $400.0 million aggregate principal amount of its 6.875% senior secured notes due March 2028 (the “6.875% Senior Notes”) and received net proceeds of $395.0 million. The 6.875% Senior Notes are fully and unconditionally guaranteed as to payment by a number of subsidiaries. Interest on the 6.875% Senior Notes is payable semi-annually in arrears on March 1st and September 1st of each year. The 6.875% Senior Notes may be redeemed at any time and from time to time, with sufficient notice and at the applicable redemption prices set forth in the indenture governing the 6.875% Senior Notes, plus accrued and unpaid interest leading up to the redemption date. The indenture governing the 6.875% Senior Notes contains covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem the Company’s capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of its assets. In addition, upon a specified change of control trigger event, the Company must make an offer to repurchase all or part of each noteholder’s notes at an offer price of 101% of the aggregate principal amount, plus accrued and unpaid interest. As of June 30, 2022 and March 31, 2022, the Company had $8.0 million and $8.3 million of unamortized debt issuance costs associated with the 6.875% Senior Notes. Lombard Debt — During the three months ended June 30, 2022 and 2021, the Company made $2.9 million and $3.3 million, respectively, in principal payments on the Lombard debt. ABL Facility — The Company’s asset-backed revolving credit facility (the “ABL Facility”) matures in May 2027, subject to certain early maturity triggers related to maturity of other material debt or a change of control of the Company. Amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited, and (ii) are fully and unconditionally guaranteed as to payment by the Company, as a parent guarantor, and each of Bristow Norway AS, Bristow Helicopters Limited, Bristow U.S. LLC and Era Helicopters, LLC. As of June 30, 2022, the ABL Facility provided for commitments in an aggregate amount of $85.0 million with the ability to increase the total commitments up to a maximum aggregate amount of $120.0 million, subject to the terms and conditions therein. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES 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. The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items. Assets and liabilities subject to fair value measurement are categorized into one of three different levels depending on the observability of the inputs employed in the measurement, as follows: • Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs that reflect quoted prices for identical assets or liabilities in markets which are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. Fair Value of Debt The fair value of the Company’s debt has been estimated in accordance with the accounting standard regarding 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. The carrying and fair values of the Company’s debt are as follows (in thousands): Carrying Level 1 Level 2 Level 3 June 30, 2022 LIABILITIES 6.875% Senior Notes (1) $ 392,047 $ — $ 349,445 $ — Lombard Debt (2) 122,324 — 120,619 — $ 514,371 $ — $ 470,064 $ — March 31, 2022 LIABILITIES 6.875% Senior Notes (1) $ 391,690 $ — $ 407,436 $ — Lombard Debt (2) 133,978 — 138,328 — $ 525,668 $ — $ 545,764 $ — _________________ (1) As of June 30, 2022 and March 31, 2022, the carrying value is net of unamortized deferred financing fees of $8.0 million and $8.3 million respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Fleet — The Company’s unfunded capital commitments as of June 30, 2022 consisted primarily of agreements to purchase helicopters and totaled $76.1 million, payable beginning in fiscal year 2023. The Company also had $1.3 million of deposits paid on options not yet exercised. 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 fiscal year 2023 through 2025. 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 fiscal years 2024 through 2026. The Company may, from time to time, purchase aircraft for which it has no orders. The Company may terminate $63.4 million of its capital commitments (inclusive of deposits paid on options not yet exercised) without further liability other than aggregate liquidated damages of approximately $1.9 million. General Litigation and Disputes The Company operates in jurisdictions internationally where it is subject to risks that include government action to obtain additional tax revenues. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact the Company’s earnings until such time as a clear court or other ruling exists. The Company operates in jurisdictions currently where amounts may be due to governmental bodies that the Company is not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. The Company believes that payment of amounts in these instances is not probable at this time, but is reasonably possible. 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. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its condensed consolidated 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 or uninsured losses, if any, would have a material effect on its business, consolidated financial position or results of operations. |
TAXES
TAXES | 3 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES The Company’s income tax expense during the three months ended June 30, 2022, was prepared using the actual year-to-date effective tax rate as the best estimate of the annual effective tax rate, whereas income tax expense during the three months ended June 30, 2021, was prepared using the estimated annual effective tax rate. The actual year-to-date effective tax rate calculates tax expense only for the year-to-date interim period earnings and does not consider the earnings estimate for the full-year. The Company determined that since small changes in estimated pre-tax income or loss would result in significant changes in the estimated annual effective tax rate, the estimated annual effective tax rate method would not provide a reliable estimate of income taxes for the three months ended June 30, 2022. The Company will continue to evaluate income tax estimates using the estimated annual effective tax rate in subsequent quarters or may use the actual year-to-date effective tax rate if warranted. During the three months ended June 30, 2022, the Company recorded an income tax expense of $8.2 million resulting in an effective tax rate of 67.2%. During the three months ended June 30, 2021, the Company recorded an income tax benefit of $4.8 million resulting in an effective tax rate of 25.4%. The effective tax rate during the three months ended June 30, 2022, is higher than the statutory rate due to the mix of earnings taxed in relatively higher taxed jurisdictions and the impact of limitations in utilizing net operating losses in certain jurisdictions. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchases. On September 16, 2020, the Board authorized a stock repurchase program providing for the repurchase of up to $75.0 million of the Company's common stock. Repurchases under the program may be made in the open market, including pursuant to a Rule 10b5-1 program, by block repurchases, in private transactions (including with related parties) or otherwise, from time to time, depending on market conditions. The stock repurchase program has no expiration date and may be suspended or discontinued at any time without notice, subject to any changes in regulation currently pending and under review by the SEC. During the three months ended June 30, 2022 and 2021, the Company repurchased 158,519 and 933,208 shares of common stock for gross consideration of $3.7 million and $25.1 million, which is an average cost per stock of $23.60 and $26.89, respectively. As of June 30, 2022, $21.3 million remained available of the authorized $75.0 million stock repurchase program. In July 2022, the Company repurchased 267,419 shares of common stock for gross consideration of $6.3 million, which is an average cost per stock of $23.41. After these repurchases, $15.0 million remained available of the authorized $75.0 million stock repurchase program. Accumulated Other Comprehensive Income (Loss) The following table shows the changes in balances for accumulated other comprehensive income (loss) (in thousands): Currency Translation Adjustments Pension Liability Adjustments (1) Unrealized gain on cash flow hedges (2) Total Balance as of March 31, 2022 $ 5,643 $ (30,274) $ 1,181 $ (23,450) Other comprehensive income (loss) before reclassification (45,708) — 1,296 (44,412) Net current period other comprehensive income (loss) $ (45,708) $ — $ 1,296 $ (44,412) Foreign exchange rate impact (2,355) 2,355 — — Balance as of June 30, 2022 $ (42,420) $ (27,919) $ 2,477 $ (67,862) __________________________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. (2) Reclassification of amounts related to cash flow hedges are included as direct costs. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per common stock is computed by dividing income available to common stockholders by the weighted average number of stock of common stock outstanding during the period. Diluted earnings per common stock excludes options to purchase common stock and restricted stock units and awards which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per stock (in thousands, except per stock amounts): Three Months Ended June 30, 2022 2021 Income (loss): Net income (loss) attributable to Bristow Group Inc. $ 3,987 $ (14,197) Less: Net income attributable to participating securities — $ — Net income (loss) attributable to fully vested common stock $ 3,987 $ (14,197) Shares of common stock: Weighted average number of common stock outstanding – basic 28,269 $ 28,669 Net effect of dilutive stock 643 $ — Weighted average number of common stock outstanding – diluted (1) 28,912 $ 28,669 Earnings (losses) per common stock - basic $ 0.14 $ (0.50) Earnings (losses) per common stock - diluted $ 0.14 $ (0.50) __________________ |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company conducts business in one segment: aviation services. The aviation services global operations include four regions as follows: Europe, Africa, the Americas and Asia Pacific. The Europe region comprises all of the Company’s operations and affiliates in Europe, including Norway and the U.K. The Africa region comprises all of the Company’s operations and affiliates on the African continent, including Nigeria. The Americas region comprises all of the Company’s operations and affiliates in North America and South America, including Brazil, Canada, Guyana, Suriname, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all of the Company’s operations and affiliates in Australia. The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands): Three Months Ended June 30, 2022 2021 Region revenues: Europe $ 162,377 $ 174,314 Americas 94,569 86,338 Asia Pacific 21,176 22,081 Africa 23,578 17,273 Corporate and other 37 596 Total region revenues $ 301,737 $ 300,602 Consolidated operating income (loss): Europe $ 21,136 $ 23,032 Americas 8,929 12,232 Asia Pacific (514) (218) Africa (921) (11,479) Corporate and other (20,816) (36,297) Gain (loss) on disposal of assets (2,101) 499 Total consolidated operating income (loss) $ 5,713 $ (12,231) June 30, March 31, 2022 2022 Identifiable assets: Europe $ 868,160 $ 917,656 Americas 529,867 500,219 Asia Pacific 54,737 50,335 Africa 98,153 92,582 Corporate and other 291,455 263,487 Total identifiable assets $ 1,842,372 $ 1,824,279 |
BASIS OF PRESENTATION, CONSOL_2
BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities. The condensed consolidated financial information for the three months ended June 30, 2022 and 2021, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. The Company’s fiscal year ends March 31, and fiscal years are referenced based on the end of such period. Therefore, the fiscal year ending March 31, 2023 is referred to as “fiscal year 2023”. 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 fiscal year ended March 31, 2022, filed with the SEC on May 31, 2022. The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire fiscal year. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. |
Maintenance and Repairs | Maintenance and Repairs — The Company generally charges maintenance and repair costs, including major aircraft component overhaul costs, to earnings as the costs are incurred. However, certain major aircraft components, such as engines and transmissions, are maintained by third-party vendors under contractual agreements also referred to as power-by-the-hour (“PBH”) maintenance agreements. Under these agreements, the Company is charged an agreed amount per hour of flying time related to maintenance, repair and overhaul of the parts and components covered. The costs charged under these contractual agreements are recognized in the period in which the flight hours occur. To the extent that the Company has not yet been billed for costs incurred under these arrangements, these costs are included in accrued maintenance and repairs on its consolidated balance sheets. From time to time, the Company receives credits from its original equipment manufacturers. The Company records these credits as a reduction in maintenance expense when the credits are utilized in lieu of cash payments for purchases or services. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) ASU 2021-10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 applies to business entities that account for a transaction with a government by applying a grant or contribution accounting model and increases the transparency of the recognition, measurement, presentation and disclosure of government assistance received. Our adoption of this ASU effective April 1, 2022, had no material impact to the Company’s financial statements. In October 2021, the FASB issued ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 provides specific guidance on how to recognize and measure acquired contract assets and contract liabilities from revenue contracts in business combinations. Our adoption of this ASU effective April 1, 2022, had no material impact to the Company’s financial statements. |
Revenue Recognition | The Company derives its revenues primarily from oil and gas flight services, government services and fixed wing services through a single operating segment, aviation services. A majority of the Company’s revenues are generated through two types of contracts: helicopter services contracts and fixed wing services contracts. |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Revenue Recognition [Abstract] | |
Schedule of Disaggregation of Revenue | The following table shows the total revenues (in thousands): Three Months Ended June 30, 2022 2021 Revenues from contracts with customers $ 296,190 $ 292,598 Other revenues 5,547 8,004 Total revenues $ 301,737 $ 300,602 Three Months Ended June 30, 2022 2021 Oil and gas services $ 195,080 $ 189,596 Government services 70,107 70,436 Fixed wing services 25,942 24,654 Other services 3,019 3,665 Total operating revenues $ 294,148 $ 288,351 |
Schedule of Remaining Performance Obligations | The table below discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and (2) the expected timing to recognize these revenues (in thousands): Remaining Performance Obligations as of June 30, 2022 Nine Months Ending March 31, 2023 Fiscal Year Ending March 31, Total 2024 2025 2026 2027 and thereafter Outstanding Service Revenues: Helicopter contracts $ 301,733 $ 260,855 $ 192,422 $ 113,337 $ 120,773 $ 989,120 Fixed wing contracts 539 — — — — 539 Total remaining performance obligation revenue $ 302,272 $ 260,855 $ 192,422 $ 113,337 $ 120,773 $ 989,659 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of June 30, 2022 and March 31, 2022, consisted of the following (in thousands): June 30, March 31, 2022 2022 6.875% Senior Notes $ 392,047 $ 391,690 Lombard Debt 122,324 133,978 Total debt 514,371 525,668 Less short-term borrowings and current maturities of long-term debt (11,768) (12,759) Total long-term debt $ 502,603 $ 512,909 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of debt | The carrying and fair values of the Company’s debt are as follows (in thousands): Carrying Level 1 Level 2 Level 3 June 30, 2022 LIABILITIES 6.875% Senior Notes (1) $ 392,047 $ — $ 349,445 $ — Lombard Debt (2) 122,324 — 120,619 — $ 514,371 $ — $ 470,064 $ — March 31, 2022 LIABILITIES 6.875% Senior Notes (1) $ 391,690 $ — $ 407,436 $ — Lombard Debt (2) 133,978 — 138,328 — $ 525,668 $ — $ 545,764 $ — _________________ (1) As of June 30, 2022 and March 31, 2022, the carrying value is net of unamortized deferred financing fees of $8.0 million and $8.3 million respectively. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table shows the computation of basic and diluted earnings per stock (in thousands, except per stock amounts): Three Months Ended June 30, 2022 2021 Income (loss): Net income (loss) attributable to Bristow Group Inc. $ 3,987 $ (14,197) Less: Net income attributable to participating securities — $ — Net income (loss) attributable to fully vested common stock $ 3,987 $ (14,197) Shares of common stock: Weighted average number of common stock outstanding – basic 28,269 $ 28,669 Net effect of dilutive stock 643 $ — Weighted average number of common stock outstanding – diluted (1) 28,912 $ 28,669 Earnings (losses) per common stock - basic $ 0.14 $ (0.50) Earnings (losses) per common stock - diluted $ 0.14 $ (0.50) __________________ |
Schedule of accumulated other comprehensive income (loss) | The following table shows the changes in balances for accumulated other comprehensive income (loss) (in thousands): Currency Translation Adjustments Pension Liability Adjustments (1) Unrealized gain on cash flow hedges (2) Total Balance as of March 31, 2022 $ 5,643 $ (30,274) $ 1,181 $ (23,450) Other comprehensive income (loss) before reclassification (45,708) — 1,296 (44,412) Net current period other comprehensive income (loss) $ (45,708) $ — $ 1,296 $ (44,412) Foreign exchange rate impact (2,355) 2,355 — — Balance as of June 30, 2022 $ (42,420) $ (27,919) $ 2,477 $ (67,862) __________________________ (1) Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. (2) Reclassification of amounts related to cash flow hedges are included as direct costs. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table shows the computation of basic and diluted earnings per stock (in thousands, except per stock amounts): Three Months Ended June 30, 2022 2021 Income (loss): Net income (loss) attributable to Bristow Group Inc. $ 3,987 $ (14,197) Less: Net income attributable to participating securities — $ — Net income (loss) attributable to fully vested common stock $ 3,987 $ (14,197) Shares of common stock: Weighted average number of common stock outstanding – basic 28,269 $ 28,669 Net effect of dilutive stock 643 $ — Weighted average number of common stock outstanding – diluted (1) 28,912 $ 28,669 Earnings (losses) per common stock - basic $ 0.14 $ (0.50) Earnings (losses) per common stock - diluted $ 0.14 $ (0.50) __________________ |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of revenue by segment | The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands): Three Months Ended June 30, 2022 2021 Region revenues: Europe $ 162,377 $ 174,314 Americas 94,569 86,338 Asia Pacific 21,176 22,081 Africa 23,578 17,273 Corporate and other 37 596 Total region revenues $ 301,737 $ 300,602 |
Operating Performance and Total Assets by Segment | Consolidated operating income (loss): Europe $ 21,136 $ 23,032 Americas 8,929 12,232 Asia Pacific (514) (218) Africa (921) (11,479) Corporate and other (20,816) (36,297) Gain (loss) on disposal of assets (2,101) 499 Total consolidated operating income (loss) $ 5,713 $ (12,231) June 30, March 31, 2022 2022 Identifiable assets: Europe $ 868,160 $ 917,656 Americas 529,867 500,219 Asia Pacific 54,737 50,335 Africa 98,153 92,582 Corporate and other 291,455 263,487 Total identifiable assets $ 1,842,372 $ 1,824,279 |
BASIS OF PRESENTATION, CONSOL_3
BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES - Narrative (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2022 USD ($) agreement | |
Organization, Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of maintenance agreements, entered into and amended during period | agreement | 2 |
Buy-in-payable | $ 55 |
Airframe Agreement | |
Organization, Consolidation And Presentation Of Financial Statements [Line Items] | |
Intangible asset impairment | $ 5.2 |
Petroleum Air Services | |
Organization, Consolidation And Presentation Of Financial Statements [Line Items] | |
Economic interest ownership percentage | 25% |
Loss on investment | $ 16 |
Equity securities without readily determinable fair value | $ 17 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) | 3 Months Ended | |
Jun. 30, 2022 USD ($) contract | Mar. 31, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Types of contracts | contract | 2 | |
Revenue recognized | $ 4,800,000 | |
Contract with customer, liability | 12,800,000 | $ 13,300,000 |
Contract with customer, asset, after allowance for credit loss | 0 | 0 |
Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Contracts with customers | $ 185,000,000 | $ 165,200,000 |
REVENUES- Schedule of Revenue (
REVENUES- Schedule of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue Recognition [Abstract] | ||
Revenues from contracts with customers | $ 296,190 | $ 292,598 |
Other revenues | 5,547 | 8,004 |
Revenue | $ 301,737 | $ 300,602 |
REVENUES - Schedule of Revenues
REVENUES - Schedule of Revenues by Service Line (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 301,737 | $ 300,602 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 294,148 | 288,351 |
Oil and gas services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 195,080 | 189,596 |
Government services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 70,107 | 70,436 |
Fixed wing services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 25,942 | 24,654 |
Other services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 3,019 | $ 3,665 |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligations (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 989,659 |
Helicopter contracts | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | 989,120 |
Fixed wing contracts | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 539 |
REVENUES - Remaining Performa_2
REVENUES - Remaining Performance Obligations Total (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 989,659 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 302,272 |
Remaining performance obligation, expected timing | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 260,855 |
Remaining performance obligation, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 192,422 |
Remaining performance obligation, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 113,337 |
Remaining performance obligation, expected timing | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 120,773 |
Remaining performance obligation, expected timing | 1 year |
Helicopter contracts | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 989,120 |
Helicopter contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 301,733 |
Remaining performance obligation, expected timing | 9 months |
Helicopter contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 260,855 |
Remaining performance obligation, expected timing | 1 year |
Helicopter contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 192,422 |
Remaining performance obligation, expected timing | 1 year |
Helicopter contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 113,337 |
Remaining performance obligation, expected timing | 1 year |
Helicopter contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 120,773 |
Remaining performance obligation, expected timing | 1 year |
Fixed wing contracts | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 539 |
Fixed wing contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 539 |
Remaining performance obligation, expected timing | 9 months |
Fixed wing contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 0 |
Remaining performance obligation, expected timing | 1 year |
Fixed wing contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 0 |
Remaining performance obligation, expected timing | 1 year |
Fixed wing contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 0 |
Remaining performance obligation, expected timing | 1 year |
Fixed wing contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 0 |
Remaining performance obligation, expected timing | 1 year |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Revenue | $ 301,737 | $ 300,602 | |
Cougar | |||
Related Party Transaction [Line Items] | |||
Lease fees | 1,200 | 2,000 | |
Accounts receivable, related parties | 1,000 | $ 1,800 | |
Cougar | |||
Related Party Transaction [Line Items] | |||
Revenue | $ 4,800 | $ 8,600 | |
Cougar | |||
Related Party Transaction [Line Items] | |||
Voting interest | 25% | ||
Economic interest | 40% |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Feb. 28, 2021 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 514,371 | $ 525,668 | |
Less short-term borrowings and current maturities of long-term debt | (11,768) | (12,759) | |
Total long-term debt | $ 502,603 | 512,909 | |
6.875% Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.875% | ||
Senior Notes | 6.875% Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 392,047 | 391,690 | |
Stated interest rate | 6.875% | 6.875% | |
Secured Debt | Lombard Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 122,324 | $ 133,978 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Repayments of debt | $ 2,942,000 | $ 4,002,000 | ||
6.875% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.875% | |||
Senior Notes | 6.875% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.875% | 6.875% | ||
Face amount | $ 400,000,000 | |||
Proceeds from issuance of long-term debt | $ 395,000,000 | |||
Redemption price | 101% | |||
Unamortized debt issuance costs | $ 8,000,000 | $ 8,300,000 | ||
Secured Debt | Lombard Debt | ||||
Debt Instrument [Line Items] | ||||
Repayments of debt | 2,900,000 | $ 3,300,000 | ||
Line of Credit | ABL Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 85,000,000 | |||
Increase limit | 120,000,000 | |||
Aggregate face amount outstanding | $ 20,500,000 |
FAIR VALUE DISCLOSURES - Fair V
FAIR VALUE DISCLOSURES - Fair Value of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Feb. 28, 2021 |
6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stated interest rate | 6.875% | ||
Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stated interest rate | 6.875% | 6.875% | |
Unamortized debt issuance costs | $ 8,000 | $ 8,300 | |
Secured Debt | Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unamortized discount | 10,400 | 13,100 | |
Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 514,371 | 525,668 | |
Carrying Value | Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 392,047 | 391,690 | |
Carrying Value | Secured Debt | Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 122,324 | 133,978 | |
Level 1 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | 0 | |
Level 1 | Fair Value | Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | 0 | |
Level 1 | Fair Value | Secured Debt | Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | 0 | |
Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 470,064 | 545,764 | |
Level 2 | Fair Value | Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 349,445 | 407,436 | |
Level 2 | Fair Value | Secured Debt | Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 120,619 | 138,328 | |
Level 3 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | 0 | |
Level 3 | Fair Value | Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | 0 | |
Level 3 | Fair Value | Secured Debt | Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Schedu
FAIR VALUE DISCLOSURES - Schedule of Unamortized Debt Discount (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Lombard Debt | Secured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unamortized discount | $ 10,400 | $ 13,100 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | Jun. 30, 2022 USD ($) helicopter |
Other Commitments [Line Items] | |
Additional helicopters | helicopter | 10 |
Aircraft | |
Other Commitments [Line Items] | |
Purchase obligations | $ 76.1 |
Deposits paid on options not yet exercised | 1.3 |
Purchase commitment, available to cancel | 63.4 |
Unrecorded unconditional purchase obligation balance sheet amount related to liquidated damage | $ 1.9 |
AW189 Heavy Helicopters | |
Other Commitments [Line Items] | |
Number of helicopters | helicopter | 3 |
AW169 Light Twin Helicopters | |
Other Commitments [Line Items] | |
Number of helicopters | helicopter | 5 |
TAXES (Details)
TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 8,231 | $ (4,842) |
Effective income tax rate | 67.20% | 25.40% |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 16, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, authorized amount | $ 75,000,000 | |||
Stock repurchased (in shares) | 158,519 | 933,208 | ||
Purchase of treasury stock | $ 3,700,000 | $ 25,100,000 | ||
Shares repurchased, average cost (in dollars per share) | $ 23.60 | $ 26.89 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 21,300,000 | |||
Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchased (in shares) | 267,419 | |||
Purchase of treasury stock | $ 6,300,000 | |||
Shares repurchased, average cost (in dollars per share) | $ 23.41 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 15,000,000 |
STOCKHOLDERS' EQUITY - Accumula
STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | $ 835,368 | $ 897,071 |
Other comprehensive income (loss) | (44,412) | 2,166 |
Foreign exchange rate impact | (48,063) | 1,272 |
Ending balance | 793,387 | 862,158 |
Currency Translation Adjustments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | 5,643 | |
Other comprehensive income (loss) before reclassification | (45,708) | |
Other comprehensive income (loss) | (45,708) | |
Foreign exchange rate impact | (2,355) | |
Ending balance | (42,420) | |
Pension Liability Adjustments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | (30,274) | |
Other comprehensive income (loss) before reclassification | 0 | |
Other comprehensive income (loss) | 0 | |
Foreign exchange rate impact | 2,355 | |
Ending balance | (27,919) | |
Unrealized gain (loss) on cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | 1,181 | |
Other comprehensive income (loss) before reclassification | 1,296 | |
Other comprehensive income (loss) | 1,296 | |
Foreign exchange rate impact | 0 | |
Ending balance | 2,477 | |
Total | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Beginning balance | (23,450) | (6,915) |
Other comprehensive income (loss) before reclassification | (44,412) | |
Other comprehensive income (loss) | (44,412) | 2,166 |
Foreign exchange rate impact | 0 | |
Ending balance | $ (67,862) | $ (4,749) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income (loss): | ||
Net income (loss) attributable to Bristow Group Inc. | $ 3,987 | $ (14,197) |
Less: Net income attributable to participating securities | 0 | 0 |
Net income (loss) attributable to fully vested common stock | $ 3,987 | $ (14,197) |
Shares of common stock: | ||
Weighted average number of common stock outstanding – basic (in shares) | 28,269,000 | 28,669,000 |
Effect of dilutive stock options and restricted stock (in shares) | 643,000 | 0 |
Weighted average number of common stock outstanding – diluted (in shares) | 28,912,000 | 28,669,000 |
Basic (in dollars per share) | $ 0.14 | $ (0.50) |
Diluted (in dollars per share) | $ 0.14 | $ (0.50) |
Weighted average common stock excluded from computation of Earnings Per Share (in shares) | 1,032,816 | 238,599 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 3 Months Ended |
Jun. 30, 2022 segment region | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 1 |
Number of regions | region | 4 |
SEGMENT INFORMATION - Revenue b
SEGMENT INFORMATION - Revenue by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||
Region revenue from external customers | $ 301,737 | $ 300,602 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Region revenue from external customers | 37 | 596 |
Europe | Reportable Geographical Components | ||
Segment Reporting Information [Line Items] | ||
Region revenue from external customers | 162,377 | 174,314 |
Americas | Reportable Geographical Components | ||
Segment Reporting Information [Line Items] | ||
Region revenue from external customers | 94,569 | 86,338 |
Asia Pacific | Reportable Geographical Components | ||
Segment Reporting Information [Line Items] | ||
Region revenue from external customers | 21,176 | 22,081 |
Africa | Reportable Geographical Components | ||
Segment Reporting Information [Line Items] | ||
Region revenue from external customers | $ 23,578 | $ 17,273 |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Performance and Total Assets by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Gain (loss) on disposal of assets | $ (2,101) | $ 499 | |
Operating income (loss) | 5,713 | (12,231) | |
Total identifiable assets | 1,842,372 | $ 1,824,279 | |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (20,816) | (36,297) | |
Total identifiable assets | 291,455 | 263,487 | |
Europe | Reportable Geographical Components | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | 21,136 | 23,032 | |
Total identifiable assets | 868,160 | 917,656 | |
Americas | Reportable Geographical Components | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | 8,929 | 12,232 | |
Total identifiable assets | 529,867 | 500,219 | |
Asia Pacific | Reportable Geographical Components | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (514) | (218) | |
Total identifiable assets | 54,737 | 50,335 | |
Africa | Reportable Geographical Components | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (921) | $ (11,479) | |
Total identifiable assets | $ 98,153 | $ 92,582 |