PHI (PHIG) 8-K Regulation FD Disclosure

Exhibit 99.1

	Monthly Operating Report
	ACCRUAL BASIS
CASE NAME: PHI, Inc., et al.
CASE NUMBER: 19-30923-hdh11
JUDGE: Harlin D. Hale

UNITED STATES BANKRUPTCY COURT

NORTHERN & EASTERN DISTRICTS OF TEXAS

REGION 6

MONTHLY OPERATING REPORT

MONTH ENDING:	April	2019
	MONTH	YEAR

IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT, AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.

RESPONSIBLE PARTY:

/s/ Robert A. Del Genio	Chief Restructuring Officer
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY	TITLE
Robert A. Del Genio	5/20/2019
PRINTED NAME OF RESPONSIBLE PARTY	DATE
PREPARER:
/s/ Trudy McConnaughhay	Chief Financial Officer
ORIGINAL SIGNATURE OF PREPARER	TITLE
Trudy McConnaughhay	5/20/2019
PRINTED NAME OF PREPARER	DATE

	Monthly Operating Report
	ACCRUAL BASIS-1
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

COMPARATIVE BALANCE SHEET

	Petition Date 3/14/19		3/31/19		4/30/19		MONTH
ASSETS
1   CASH	$	1,521,227	$	1,482,726	$	11,553,421
2   SHORT TERM INVESTMENTS		67,663,452		73,335,815		80,301,658
3   ACCOUNTS RECEIVABLE - (NET)		63,593,129		62,585,376		57,938,940
4   INVENTORY (NET)		38,320,271		39,525,144		29,722,554
5   PREPAID EXPENSES & OTHER		6,803,414		8,779,041		8,244,372
6   OTHER CURRENT ASSETS		984,820		859,278		859,278
7   INCOME TAXES RECEIVABLE		384,937		384,937		7,284
8   TOTAL CURRENT ASSETS	$	179,271,250	$	186,952,316	$	188,627,507
9   PROPERTY, PLANT & EQUIPMENT (NET)		569,099,800		567,577,555		563,507,863
10   RIGHT OF USE ASSETS		137,327,125		134,799,396		120,905,491
11   RESTRICTED INVESTMENTS		19,788,774		19,788,774		19,738,774
12   OTHER ASSETS		18,280,517		17,206,609		17,720,777
13  ���DEFERRED INCOME TAXES - ASSETS		2,717,649		932,075		2,104,704
14   GOODWILL				—		—
15   INTANGIBLES				—		—
16   TOTAL ASSETS	$	926,485,115	$	927,256,725	$	912,605,116
POSTPETITION LIABILITIES
17   NOTES PAYABLE				—		—
18   ACCOUNTS PAYABLE				6,883,955		6,778,691
19   ACCRUED EXPENSES				6,642,941		13,426,210
20   CURRENT PORTION OF LONG-TERM DEBT				—		875,000
21   LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS				—		—
22   DEFERRED INCOME TAXES PAYABLE				—		—
23   OTHER LONG TERM CREDITS AND LIAB				—		18,085
24   LT OPERATING LEASE LIABILITIES				—		—
25   TOTAL POSTPETITION LIABILITIES				13,526,897		21,097,986
PREPETITION LIABILITIES
26   LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS		193,735,691		193,735,691		193,015,195
27   PRIORITY DEBT		9,194		9,194		9,194
28   UNSECURED DEBT		514,717,622		513,182,310		512,372,947
29   ACCRUED EXPENSES		48,845,696		45,701,306		40,281,223
30   DEFERRED INCOME TAXES PAYABLE				—		—
31   OTHER LONG TERM CREDITS AND LIAB		1,417,259		1,406,972		1,406,972
32   LT OPERATING LEASE LIABILITIES		110,451,569		110,250,930		99,976,305
33   TOTAL PREPETITION LIABILITIES		869,177,031		864,286,403		847,061,837
34   TOTAL LIABILITIES		869,177,031		877,813,300		868,159,823
EQUITY
35   PREPETITION OWNERS’ EQUITY		57,308,084		49,443,425		44,445,292
36   POSTPETITION CUMULATIVE PROFIT OR (LOSS)						—
37   DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)						—
38   TOTAL EQUITY		57,308,084		49,443,425		44,445,292
39   TOTAL LIABILITIES & OWNERS’ EQUITY		926,485,115		927,256,725		912,605,116

	Monthly Operating Report
	ACCRUAL BASIS-2
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

INCOME STATEMENT

	3/15/19 - 3/31/19			4/1/19 - 4/30/19			MONTH	MONTH
REVENUES
1   GROSS REVENUES	$	13,383,146		$	25,233,863
2   LESS: RETURNS & DISCOUNTS		—			—
3   NET REVENUE	$	13,383,146		$	25,233,863
AIRCRAFT VARIABLE COSTS
4   HUMAN RESOURCES - VC		(1,181,672	)		(2,198,199	)
5   OCCUPANCY SUPPLIES - VC		(33,830	)		(84,523	)
6   NON-AC DEPR - AIRCRAFT - VC		(28,645	)		(15,731	)
7   Part 145 Maint - VC		570,244			595,561
8   UNDER (OVER) GFS UTILIZATION - VC		(176,556	)		7,423
9   OTHER - AIRCRAFT - VC		(60,737	)		(109,612	)
10   SPARE PARTS		(532,489	)		(699,816	)
11   REPAIRS		(323	)		(1,334,463	)
12   POWER BY THE HOUR		(2,626,036	)		(4,292,279	)
13   FUEL		(516,815	)		(1,079,064	)
14   SUPPLY CHAIN ALLOCATION - VC		983,263			680,767
15   TOTAL AIRCRAFT VARIABLE COSTS		(3,603,594	)		(8,529,935	)
AIRCRAFT FIXED COSTS
16   APPLIED AIRCRAFT FIXED COSTS		2,232			4,070
17   AIRCRAFT DEPRECIATION		(1,522,245	)		(3,090,903	)
18   AIRCRAFT PROPERTY TAX		(206,616	)		(376,770	)
19   INSURANCE		(137,687	)		(253,824	)
20   HELICOPTER RENT		(1,399,285	)		(2,557,494	)
21   AIRCRAFT PILOT SALARIES		(1,600,655	)		(2,684,686	)
22   AIRCRAFT MECHANIC SALARIES		(1,565,936	)		(2,540,479	)
23   SUPPLY CHAIN ALLOCATION		(936,375	)		(504,469	)
24   TOTAL AIRCRAFT FIXED COSTS		(7,366,568	)		(12,004,555	)
COST OF GOODS SOLD
25   COST OF GOODS SOLD		(185,876	)		(8,840	)
OPERATING EXPENSE
26   HR - OPERATING EXPENSES		(687,823	)		(1,580,630	)
27   OCCUPANCY SUPPLIES-OE		(525,150	)		(723,777	)
28   NON-AC DEPRECIATION - OE		(103,046	)		(258,799	)
29   NON-AC ALLOCATIONS - OE		197,366			613,653
30   OTHER - OPERATING EXPENSES		(1,334,931	)		(2,702,188	)
31   EMPLOYEE BENEFITS		(10,069	)		(22,819	)
32   TOTAL OPERATING EXPENSE		(2,463,654	)		(4,674,560	)
SELLING, GENERAL AND ADMIN
33   HUMAN RESOURCES - SG&A		(1,133,282	)		(3,566,862	)
34   OCCUPANCY SUPPLIES - SG&A		(128,713	)		(211,892	)
35   NON-AC DEPRECIATION - SG&A		(89,631	)		(125,207	)
36   NON-AC ALLOCATION - SG&A		(26,064	)		144,470
37   OTHER SG&A		(1,922,195	)		(1,788,835	)
38   LEGAL AUDIT		(1,466,562	)		(355,552	)
39   TOTAL SELLING, GENERAL AND ADMIN		(4,766,447	)		(5,903,878	)
40   TOTAL OPERATING EXPENSES		(18,386,140	)		(31,121,768	)
41   GAIN/LOSS ON DISPOSITION OF ASSETS, NET		—			(88,711	)
42   EQUITY NET LOSS		173,638			449,694
43   OPERATING INCOME		(4,829,356	)		(5,526,923	)
OTHER INCOME & EXPENSES
44   OTHER INCOME/EXPENSES, NET		(1,249,729	)		(1,228,269	)
45   EARNINGS BEFORE INCOME TAXES		(6,079,084	)		(6,755,192	)
46   INCOME TAX EXPENSE		(1,785,574	)		1,188,669
47   NET EARNINGS		(7,864,658	)		(5,566,522	)

	Monthly Operating Report
	ACCRUAL BASIS-3
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

CASH RECEIPTS AND DISBURSEMENTS

	3/15/19 - 3/31/19			4/1/19 - 4/30/19			MONTH	QUARTER
1   CASH - BEGINNING MARCH 15	$	89,048,896		$	95,426,105
RECEIPTS FROM OPERATIONS
2   CASH SALES		—			—
COLLECTION OF ACCOUNTS RECEIVABLE
3   PREPETITION & POSPETITION RECEIPTS		12,872,873			34,969,326
4   TOTAL OPERATING RECEIPTS	$	12,872,873		$	34,969,326
NON-OPERATING RECEIPTS
5   TRANSFERS FROM PHI AIR MEDICAL		6,861,387			17,042,364
6   SALE OF ASSETS		—			—
7   INTEREST INCOME		16,951			207,467
8   TOTAL RECEIPTS	$	19,751,211		$	52,219,158
OPERATING DISBURSEMENTS
9   NET PAYROLL, PAYROLL TAXES, AND BENEFITS		(9,289,506	)		(19,391,239	)
10   MAINTENANCE & MISC EXPENSES		(2,594,255	)		(11,073,068	)
11   AIRCRAFT LEASES		(250,685	)		(1,400,964	)
12   FUEL		(1,007,551	)		(1,147,023	)
13   TAXES		(68,316	)		(1,377,357	)
14   TOTAL OPERATING DISBURSEMENTS	$	(13,210,314	)	$	(34,389,651	)
NON-OPERATING DISBURSEMENTS
15   TRANFSERS TO NON-DEBTORS		(163,689	)		(236,908	)
16   TOTAL NON-OPERATING DISBURSEMENTS	$	(163,689	)	$	(236,908	)
REORGANIZATION EXPENSES
17   PROFESSIONAL FEES		—			—
18   U.S. TRUSTEE FEES		—			(1,625	)
19   TOTAL DISBURSEMENTS		(13,374,003	)		(34,628,184	)
20   NET CASH FLOW		6,377,209			17,590,974
21   CASH - END OF MONTH	$	95,426,105		$	113,017,078

	Monthly Operating Report
	ACCRUAL BASIS-4
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

ACCOUNTS RECEIVABLE AGING

ACCOUNTS RECEIVABLE AGING(1)	3/31/19			4/30/19			MONTH	MONTH
1   0-30	$	22,971,054		$	23,176,156
2   31-60		25,811,099			19,206,916
3   61-90		482,663			4,444,544
4   91+		8,632,802			7,405,347
5   TOTAL ACCOUNTS RECEIVABLE	$	57,897,618		$	54,232,963
6   AMOUNT CONSIDERED UNCOLLECTIBLE		(4,371,785	)		(4,371,785	)
7   ACCOUNTS RECEIVABLE (NET)	$	53,525,833		$	49,861,178

AGING OF POSTPETITION TAXES AND PAYABLES

								MONTH: April
TAXES PAYABLE	0-30 DAYS		31-60 DAYS		61-90 DAYS		91+ DAYS		TOTAL
1   FEDERAL	$	713,362	$	—	$	—	$	—	$	713,362
2   STATE		431,179		—		—		—		431,179
3   LOCAL		—		—		—		1,769,858		1,769,858
4   OTHER (ATTACH LIST)		325		—		—		79,439		79,764
5   TOTAL TAXES PAYABLE	$	1,144,866	$	—	$	—	$	1,849,297	$	2,994,163
6   ACCOUNTS PAYABLE(1)		4,192,794		6,513,221		3,100,016		2,234,732		16,040,763

STATUS OF POSTPETITION TAXES

							MONTH: April
FEDERAL	BEGINNING TAX LIABILITY		AMOUNT WITHHELD AND/ OR ACCRUED			AMOUNT PAID			ENDING TAX LIABILITY
1   WITHHOLDING	$	2,626	$	784,456		$	(774,136	)	$	12,946
2   FICA-EMPLOYEE		1,127		511,234			(507,592	)		4,769
3   FICA-EMPLOYER		240,941		561,372			(506,048	)		296,265
4   UNEMPLOYMENT		44,459		286			(44,459	)		286
5   INCOME		—		—			—			—
6   OTHER (ATTACH LIST)		491,296		338,887			(431,086	)		399,096
7   TOTAL FEDERAL TAXES	$	780,448	$	2,196,235		$	(2,263,321	)	$	713,362
STATE AND LOCAL
8   WITHHOLDING		265,730		190,482			(262,335	)		193,877
9   SALES		259,082		(81,989	)		(22,824	)		154,269
10   EXCISE		—		—			—			—
11   UNEMPLOYMENT		84,126		3,085			(4,178	)		83,033
12   REAL PROPERTY		38,118		12,706			—			50,824
13   PERSONAL PROPERTY		1,287,436		431,597			—			1,719,034
14   OTHER (ATTACH LIST)		61,939		19,425			(1,600	)		79,764
15   TOTAL STATE & LOCAL	$	1,996,432	$	575,306		$	(290,937	)	$	2,280,801
16   TOTAL TAXES	$	2,776,880	$	2,771,542		$	(2,554,258	)	$	2,994,163

Notes:

⁽¹⁾  Includes trade only.

	Monthly Operating Report
	ACCRUAL BASIS-4
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

	Description		BEGINNING TAX LIABILITY		AMOUNT WITHHELD AND/ OR ACCRUED		AMOUNT PAID			ENDING TAX LIABILITY
OTHER (ATTACH LIST)
PHI, Inc - New Mexico - 2018 Tax Accrual		Income Tax	$	100	$	—	$	—		$	100
PHI, Inc - Arizona - 2018 Tax Accrual		Income Tax		50		—		—			50
PHI, Inc - Kentucky - 2018 Tax Accrual		Income Tax		175		—		—			175
PHI, Inc - California - 2019 Tax Accrual(1)		Income Tax		340		133		(1,600	)		(1,127	)
PHI, Inc - Arizona - 2019 Tax Accrual		Income Tax		13		4		—			17
PHI, Inc - Mississippi - 2019 Tax Accrual		Income Tax		4,336		1,445		—			5,781
PHI, Inc - New Jersey - 2019 Tax Accrual		Income Tax		500		167		—			667
PHI, Inc - Texas - 2019 Tax Accrual		Income Tax		56,426		17,676		—			74,102
Total			$	61,939	$	19,425	$	(1,600	)	$	79,764

Notes:

⁽¹⁾ The Debtor prepaid the estimated full annual amount due

	Monthly Operating Report
	ACCRUAL BASIS-5
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

																MONTH: April
BANK RECONCILIATIONS
	Account #1			Account #2			Account #3		Account #4		Account #5			Account #6		Account #7		TOTAL
A. BANK:		Hancock Whitney			Hancock Whitney			Hancock Whitney		Hancock Whitney		Hancock Whitney			HSBC		N/A
B. ACCOUNT NUMBER:		*8820			*8826			*1875		*3040		*5949			*7594		N/A
C. PURPOSE (TYPE):		Commercial Checking			Commercial Checking			Commercial Checking		Commercial Checking		Commercial Checking			Checking		Petty Cash
1   BALANCE PER BANK STATEMENT	$	12,567,084		$	—		$	14,862	$	3,009	$	—		$	361,283	$	30,408	$	12,976,646
2   ADD: TOTAL DEPOSITS NOT CREDITED		—			—			—		—		—			—		—		—
3   SUBTRACT: OUTSTANDING CHECKS		(1,414,045	)		(97,436	)		—				(2,166	)		—				(1,513,647	)
4   OTHER RECONCILING ITEMS		43,519			46,120			—		834		(51	)		—				90,422
5   MONTH END BALANCE PER BOOKS	$	11,196,558		$	(51,317	)	$	14,862	$	3,843	$	(2,217	)	$	361,283	$	30,408	$	11,553,421
6   NUMBER OF LAST CHECK WRITTEN		585611			24419			N/A		N/A		N/A - ZBA Sweep

INVESTMENT ACCOUNTS

BANK, ACCOUNT NAME & NUMBER	DATE OF PURCHASE		TYPE OF INSTRUMENT	PURCHASE PRICE		CURRENT VALUE
7   UBS - Special Projects Account *4A2		N/A	Short Term Money Market Govt Funds		N/A	$	26,873,939
8   UBS - Investments *08K		N/A	Short Term Money Market Govt Funds		N/A		—
9   UBS - Main Account *1A2		N/A	Short Term Money Market Govt Funds		N/A		51,508,759
10   UBS - SERP *4A2		N/A	Short Term Money Market Govt Funds		N/A		785,757
11   UBS - Collateral *6A2		N/A	Short Term Money Market Govt Funds		N/A		12,963,977
12   UBS - FX *5A2		N/A	Short Term Money Market Govt Funds		N/A		245,000
13   Hancock Whitney- Account *8850		9/28/2018	Certificate of Deposit		7,605,000		7,605,000
14   Hancock Whitney- Account *8849		9/28/2018	Certificate of Deposit		100,000		50,000
15   Hancock Whitney- Account *4229		2/1/2019	Certificate of Deposit		8,000		8,000
16   TOTAL INVESTMENTS						$	100,040,432
CASH
17   CURRENCY ON HAND							—
18   TOTAL CASH - END OF MONTH						$	111,593,853

	Monthly Operating Report
	ACCRUAL BASIS-6
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

MONTH: April                

PAYMENTS TO INSIDERS AND PROFESSIONALS

INSIDERS
NAME	TYPE OF PAYMENT		AMOUNT PAID		TOTAL PAID TO DATE
1   None		N/A		N/A		N/A
2
3
4
5
6   TOTAL PAYMENTS TO INSIDERS			$	—	$	—

PROFESSIONALS
NAME	DATE OF COURT ORDER AUTHORIZING PAYMENT		AMOUNT APPROVED		AMOUNT PAID		TOTAL PAID TO DATE		TOTAL INCURRED & UNPAID *
1   None		N/A		N/A		N/A		N/A		N/A
2
3
4
5
6   TOTAL PAYMENTS TO PROFESSIONALS

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE

PROTECTION PAYMENTS

NAME OF CREDITOR(1)	SCHEDULED MONTHLY PAYMENTS DUE		AMOUNTS PAID DURING MONTH		TOTAL UNPAID POSTPETITION
1   Blue Torch Finance LLC		N/A		N/A		N/A
2   Thirty Two, LLC		N/A		N/A		N/A
3   PLANTATION CROSSING APARTMENTS		995.00		995.00		—
4   PLANTATION CROSSING APARTMENTS		995.00		995.00		—
5   PLANTATION CROSSING APARTMENTS		995.00		995.00		—
6   THE BROADWATER		1,389.00		1,389.00		—
7   THE BROADWATER		1,419.00		1,419.00		—
8   THE BROADWATER		1,389.00		1,389.00		—
9   BG REALTY & MANAGEMENT LLC		495.00		495.00		—
10   THE BROADWATER		1,379.00		1,379.00		—
11   Signature Flight Support		1,523.55		1,523.55		—
12   FLIGHT SAFETY INTL INC (RENT)		1,441.00		1,441.00		—
13   FLIGHT SAFETY INTL INC (RENT)		4,248.00		4,248.00		—
14   INTERNATIONAL BUSINESS		1,061.00		1,061.00		—
15   PINNACLE TOWERS, LLC		876.64		876.64		—
16   D C WALSH COMPANY INC		7,640.25		7,640.25		—
17   LAFAYETTE AIRPORT		5,175.06		5,175.06		—
18   MARTIN HOLDINGS, L.L.C.		20,019.94		20,019.94		—
19   LAFAYETTE AIRPORT		92,389.33		92,389.33		—
20   LAFAYETTE AIRPORT		6,894.66		6,894.66		—
21   IRVIN P MELANCON INC		5,512.50		5,512.50		—
22   HOUMA TERREBONNE AIRPORT		10,381.30		10,381.30		—
23   HOUMA TERREBONNE AIRPORT		5,873.66		5,873.66		—
24   HOUMA TERREBONNE AIRPORT		339.07		339.07		—
25   HOUMA TERREBONNE AIRPORT		2,042.77		2,042.77		—
26   HOUMA TERREBONNE AIRPORT		858.16		858.16		—
27   HOUMA TERREBONNE AIRPORT		2,652.30		2,652.30		—
28   HOUMA TERREBONNE AIRPORT		2,253.95		2,253.95		—
29   HOUMA TERREBONNE AIRPORT		745.29		745.29		—
30   HOUMA TERREBONNE AIRPORT		1,249.08		1,249.08		—
31   HOUMA TERREBONNE AIRPORT		330.97		330.97		—
32   ABBERLY CREST APARTMENTS		2,642.00		2,642.00		—
33   GREATER LAFOURCHE PORT		3,343.17		3,343.17		—
34   FIRST EQUITY INC		4,950.00		4,950.00		—
35   EN VEN ENERGY VENTURES LLC		300.00		300.00		—
36   ENGLAND ECONOMIC & INDUSTRIAL		17,741.37		17,741.37		—
37   ENGLAND ECONOMIC & INDUSTRIAL		443.53		443.53		—

	Monthly Operating Report
	ACCRUAL BASIS-6
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

38   CORDELL COMMUNICATIONS		1,033.38	1,033.38	—
39   FAMILY PARTNERSHIP LLC		8,000.00	8,000.00	—
40   THE BROADWATER		1,059.00	1,059.00	—
41   THE BROADWATER		1,069.00	1,069.00	—
42   THE BROADWATER		1,069.00	1,069.00	—
43   THE BROADWATER		1,059.00	1,059.00	—
44   THE BROADWATER		1,059.00	1,059.00	—
45   THE BROADWATER		1,069.00	1,069.00	—
46   THE BROADWATER		1,059.00	1,059.00	—
47   THE BROADWATER		1,069.00	1,069.00	—
48   THE BROADWATER		1,069.00	1,069.00	—
49   THE BROADWATER		1,069.00	1,069.00	—
50   THE BROADWATER		1,069.00	1,069.00	—
51   THE BROADWATER		879.00	879.00	—
52   THE BROADWATER		1,089.00	1,089.00	—
53   THE BROADWATER		879.00	879.00	—
54   BG REALTY & MANAGEMENT LLC		500.00	500.00	—
55   BG REALTY & MANAGEMENT LLC		575.00	575.00	—
56   BG REALTY & MANAGEMENT LLC		425.00	425.00	—
57   AMERICAN TOWERS, INC.		1,057.74	1,057.74	—
58   AMERICAN TOWERS, INC.		1,074.57	1,074.57	—
59   AMERICAN TOWERS, INC.		1,665.17	1,665.17	—
60   AMERICAN TOWERS, INC.		1,811.61	1,811.61	—
61   AMERICAN TOWERS, INC.		1,610.61	1,610.61	—
62   AMERICAN TOWERS, INC.		1,694.06	1,694.06	—
63   AMERICAN TOWERS, INC.		1,491.26	1,491.26	—
64   4K SERVICES INC (RENT ONLY)		1,800.00	1,800.00	—
65   4K SERVICES INC (RENT ONLY)		12,600.00	12,600.00	—
66   PINNACLE TOWERS, LLC		999.07	999.07	—
67   SCHMID MOULTON PARKWAY, LTD		5,023.25	5,023.25	—
68   SCHOLES INTERNATIONAL A/P		5,048.75	5,048.75	—
69   SCT PROPERTIES LLC		3,300.00	3,300.00	—
70   SEACRAFT SHIPYARD CORPORATON		1,000.00	1,000.00	—
71   STEVEN BRISTER		1,500.00	1,500.00	—
72   STEVEN BRISTER		1,500.00	1,500.00	—
73   MILLION AIR LAKE CHARLES		5,000.00	5,000.00	—
74   GUARDIAN SHARED SERVICES LTD		8,955.45	8,955.45	—
75   GUARDIAN SHARED SERVICES LTD		11,811.94	11,811.94	—
76   ECONO CAR RENTALS LIMITED		1,018.22	1,018.22	—
77   ECONO CAR RENTALS LIMITED		1,308.41	1,308.41	—
78   ECONO CAR RENTALS LIMITED		974.58	974.58	—
79   REDACTED		REDACTED	REDACTED	REDACTED
80   REDACTED		REDACTED	REDACTED	REDACTED
81   REDACTED		REDACTED	REDACTED	REDACTED
82   REDACTED		REDACTED	REDACTED	REDACTED
83   REDACTED		REDACTED	REDACTED	REDACTED
84   REDACTED		REDACTED	REDACTED	REDACTED
85   REDACTED		REDACTED	REDACTED	REDACTED
86   REDACTED		REDACTED	REDACTED	REDACTED
87   REDACTED		REDACTED	REDACTED	REDACTED
88   REDACTED		REDACTED	REDACTED	REDACTED
89   REDACTED		REDACTED	REDACTED	REDACTED
90   REDACTED		REDACTED	REDACTED	REDACTED
91   REDACTED		REDACTED	REDACTED	REDACTED
92   REDACTED		REDACTED	REDACTED	REDACTED
93   REDACTED		REDACTED	REDACTED	REDACTED
94   TOTAL	��	309,329	309,329	—

Notes:

⁽¹⁾ Certain information has been redacted due to the nature of an agreement between the Debtor and a third party.

	Monthly Operating Report
	ACCRUAL BASIS-7
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

MONTH: April                                    

QUESTIONNAIRE

	YES	NO
1   HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?		X
2   HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT?		X
3   ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES?	N/A	N/A
4   HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD?	X
5   HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY?		X
6   ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?		X
7   ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE?		X
8   ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?		X
9   ARE ANY OTHER POSTPETITION TAXES PAST DUE?		X
10   ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT?	X
11   HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD?	X
12   ARE ANY WAGE PAYMENTS PAST DUE?		X

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “YES,” PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.

(4) Pursuant to theInterim Order (I) Authorizing the Debtors to Pay or Honor Prepetition Obligations to Certain Critical Vendors, (II) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Critical Vendors Obligations, and (III) Granting Related Relief [Docket No. 65] and theFinal Order (I) Authorizing the Debtors to Pay or Honor Prepetition Obligations to Certain Critical Vendors, (II) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Critical Vendors Obligations, and (III) Granting Related Relief [Docket No. 277], the Bankruptcy Court granted the Debtors authority to pay prepetition debts owed to critical vendors.

Pursuant to theInterim Order (I) Authorizing the Debtors to Pay Certain Prepetition Salaries, Wages, and Compensation, (II) Authorizing the Continuation of Employee Benefit Programs, (III) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Employee Obligations and (IV) Granting Related Relief [Docket No. 66], theAmended Interim Order (I) Authorizing the Debtors to Pay Certain Prepetition Salaries, Wages, and Compensation, (II) Authorizing the Continuation of Employee Benefit Programs, (III) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Employee Obligations and (IV) Granting Related Relief [Docket No. 124] and theFinal Order (I) Authorizing the Debtors to Pay Certain Prepetition Salaries, Wages, and Compensation, (II) Authorizing the Continuation of Employee Benefit Programs, (III) Authorizing Banks to Honor and Process Checks and Transfers Related to Such Employee Obligations and (IV) Granting Related Relief [Docket No. 213], the Bankruptcy Court granted the Debtors authority to pay or honor certain pre-petition obligations for wages, salaries and other compensation and employee benefits.

Pursuant to theInterim Order (I) Authorizing the Debtors to Pay Prepetition Claims of Shippers, Warehousemen, and Other Lien Claimants and (II) Granting Related Relief [Docket No. 67] and theFinal Order (I) Authorizing the Debtors to Pay Prepetition Claims of Shippers, Warehousemen, and Other Lien Claimants and (II) Granting Related Relief [Docket No. 279], the Bankruptcy Court granted the Debtors authority to pay prepetition debts owed to shippers, warehousemen and other lien claimants.

Pursuant to theInterim Order (I) Authorizing the Debtors to Continue Their Insurance Policies and Pay Prepetition Obligations in Respect Thereof and (II) Granting Related Relief [Docket No. 71] and theFinal Order (I) Authorizing the Debtors to Continue Their Insurance Policies and Pay Prepetition Obligations in Respect Thereof and (II) Granting Related Relief [Docket No. 281], the Bankruptcy Court granted the Debtors authority to pay prepetition insurance obligations in connection with their insurance policies.

Pursuant to theOrder (I) Authorizing the Debtors to Honor Certain Prepetition Obligations to Customers, (II) Authorizing the Debtors to Continue TheirCustomer Program in the Ordinary Course of Business, and (III) Granting Related Relief [Docket No. 73], the Bankruptcy Court granted the Debtors authority to pay prepetition customer obligations.

Pursuant to theInterim Order (I) Authorizing the Debtors to Maintain, Administer and Modify Their Refund Programs and Practices and (II) Granting Related Relief [Docket No. 74] and theFinal Order (I) Authorizing the Debtors to Maintain, Administer and Modify Their Refund Programs and Practices and (II) Granting Related Relief [Docket No. 280], the Bankruptcy Court granted the Debtors authority to pay prepetition patient refunds.

(10) Postpetition delinquent amounts are incurred in the ordinary course and reflect delays in receipt of invoices and invoice reconciliation

(11) Pursuant to theInterim Order (I) Authorizing the Debtors to Pay Certain Prepetition Taxes and (II) Granting Related Relief [Docket No. 70] and theFinal Order (I) Authorizing the Debtors to Pay Certain Prepetition Taxes and (II) Granting Related Relief [Docket No. 275], the Bankruptcy Court granted the Debtors authority to pay prepetition taxes.

	Monthly Operating Report
	ACCRUAL BASIS-7
CASE NAME: PHI, Inc., et al.,
CASE NUMBER: 19-30923-hdh11

INSURANCE

	YES	NO
1   ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT?	X
2   ARE ALL PREMIUM PAYMENTS PAID CURRENT?	X
3   PLEASE ITEMIZE POLICIES BELOW.

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.

INSTALLMENT PAYMENTS

TYPE OF POLICY	CARRIER	PERIOD COVERED		PAYMENT AMOUNT & FREQUENCY
Property	Zurich American		02/01/2019-02/01/2020		389,169 annually
Excess Flood	Aspen Specialty		02/01/2019-02/01/2020		27,359 annually
Excess Flood	James River		02/01/2019-02/01/2020		25,909 annually
Excess Flood	Evanston		02/01/2019-02/01/2020		31,455 annually
Medical Professional Liability	Capitol Specialty		02/01/2019-02/01/2020		235,048 annually
Medical Professional Liability (excess)	Illinois Union		02/01/2019-02/01/2020		51,600 annually
Medical Professional Liability (excess)	Endurance American		02/01/2019-02/01/2020		57,482 annually
Medical Professional Liability (excess)	Beazley		02/01/2019-02/01/2020		56,760 annually
Medical Professional Liability (excess)	QBE Insurance Limited		02/01/2019-02/01/2020		15,000 annually
Excess Spares	Energy Risk Limited via Lloyds		02/01/2019-02/01/2020		123,750 annually
Pollution Liability	Beazley		02/01/2018-02/01/2021		167,760 3 years
Special Crime	US Specialty (Tokio Marine/HCC)		02/20/2018-02/20/2021		14,520 3 years
Cyber Liability	Lloyds, London - Brit / Kiln		05/01/2018-05/01/2019		68,153 annually
Business Auto Liability	Starr Indemnity & Liability		05/01/2018-05/01/2019		186,181 annually
Workers Comp	Starr Indemnity & Liability		05/01/2018-05/01/2019		57,905 monthly
Defense Base Act WC	Allied World		05/01/2018-05/01/2019		21,000 annually
Excess WC/EL/Auto Liability	Starr Indemnity & Liability		05/01/2018-05/01/2019		60,000 annually
Foreign Master Placement	ACE American (Chubb)		05/01/2018-05/01/2019		302,789 annually
Crime	Great American		05/01/2018-05/01/2019		18,481 annually
Fiduciary	QBE		05/01/2018-05/01/2019		20,000 annually
Fiduciary (excess)	US Specialty (Tokio Marine/HCC)		05/01/2018-05/01/2019		12,000 annually
Employment Practices Liability	Federal Insurance (Chubb)		05/01/2018-05/01/2019		63,300 annually
D&O	QBE		05/01/2018-05/01/2019		125,000 annually
D&O (excess)	ACE American (Chubb)		05/01/2018-05/01/2019		67,000 annually
D&O (excess)	Great American		05/01/2018-05/01/2019		40,000 annually
D&O (excess)	Endurance American (Sompo)		05/01/2018-05/01/2019		30,000 annually
D&O (excess)	Axis		05/01/2018-05/01/2019		28,000 annually
D&O (excess)	US Specialty (Tokio Marine/HCC)		05/01/2018-05/01/2019		34,000 annually
D&O (excess)	Starr Indemnity & Liability		05/01/2018-05/01/2019		27,000 annually
D&O - 6 mo extension/6yr tail	QBE		05/01/2019-11/01/2019		585,000 one time
D&O (excess) - 6 mo extension/6 yr tail	ACE American (Chubb)		05/01/2019-11/01/2019		306,860 one time
D&O (excess) - 6 mo extension/6 yr tail	Great American		05/01/2019-11/01/2019		174,000 one time
D&O (excess) - 6 mo extension/6 yr tail	Endurance American (Sompo)		05/01/2019-11/01/2019		120,000 one time
D&O (excess) - 6 mo extension/6 yr tail	Axis		05/01/2019-11/01/2019		109,200 one time
D&O (excess) - 6 mo extension/6 yr tail	US Specialty (Tokio Marine/HCC)		05/01/2019-11/01/2019		136,000 one time
D&O (excess) - 6 mo extension/6 yr tail	Starr Indemnity & Liability		05/01/2019-11/01/2019		101,250 one time
Hull, Spares, Liability & War	Allianz Global Risks US - lead		08/01/2017-08/01/2019		586,031 monthly
Excess Hull Liability	QBE North America		08/01/2017-08/01/2019		6,325 monthly