PHI 8K Monthly Operating Report | PHIG 23 Aug 19

PHI (PHIG) 8-KMonthly Operating Report

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:	July	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 (ACCRUALBASIS-1 THROUGH ACCRUALBASIS-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				8/19/2019
PRINTED NAME OF RESPONSIBLE PARTY				DATE

PREPARER:

/s/ Trudy McConnaughhay				Chief Financial Officer
ORIGINAL SIGNATURE OF PREPARER				TITLE

Trudy McConnaughhay				8/19/2019
PRINTED NAME OF PREPARER				DATE

Monthly Operating Report

ACCRUALBASIS-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		5/31/19		6/30/19		7/31/19
ASSETS
1	CASH	$	1,521,227	$	1,482,726	$	11,553,421	$	2,715,126	$	8,448,088	$	7,689,084

2	SHORT TERM INVESTMENTS		67,663,452		73,335,815		80,301,658		81,125,868		76,140,802		73,153,351
3	ACCOUNTS RECEIVABLE - (NET)		63,593,129		62,585,376		57,938,940		61,963,208		65,220,241		66,713,962
4	INVENTORY (NET)		38,320,271		39,525,144		29,722,554		30,342,998		29,871,072		27,956,452
5	PREPAID EXPENSES & OTHER		6,803,414		8,779,041		8,244,372		8,047,132		8,140,100		7,521,928
6	OTHER CURRENT ASSETS		984,820		859,278		859,278		859,278		811,201		763,124
7	INCOME TAXES RECEIVABLE		384,937		384,937		7,284		7,284		7,284		48,648

8	TOTAL CURRENT ASSETS	$	179,271,250	$	186,952,316	$	188,627,507	$	185,060,893	$	188,638,788	$	183,846,549

9	PROPERTY, PLANT & EQUIPMENT (NET)		569,099,800		567,577,555		563,507,863		558,820,645		562,879,825		560,599,549
10	RIGHT OF USE ASSETS		137,327,125		134,799,396		120,905,491		118,899,052		116,918,448		118,631,781
11	RESTRICTED INVESTMENTS		19,788,774		19,788,774		19,738,774		19,738,774		19,738,774		19,738,774
12	OTHER ASSETS		18,280,517		17,206,609		17,720,777		17,957,907		18,678,254		18,548,638
13	DEFERRED INCOME TAXES - ASSETS		2,717,649		932,075		2,104,704		4,409,821		4,527,042		5,888,410
14	GOODWILL				—		—		—		—		—
15	INTANGIBLES				—		—		—		—		—

16	TOTAL ASSETS	$	926,485,115	$	927,256,725	$	912,605,116	$	904,887,092	$	911,381,132	$	907,253,701

POSTPETITION LIABILITIES
17	NOTES PAYABLE				—		—		—		—		—
18	ACCOUNTS PAYABLE				6,883,955		6,778,691		20,307,864		39,167,877		44,348,088
19	ACCRUED EXPENSES				6,642,941		13,426,210		12,789,263		13,571,650		14,993,581
20	CURRENT PORTION OF OPERATING LEASE LIABILITIES		—		—		—		—		12,147,036		12,318,245
21	CURRENT PORTION OF LONG-TERM DEBT				—		875,000		875,000		875,000		1,750,000
22	LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS				—		—		—		—		—
23	DEFERRED INCOME TAXES PAYABLE				—		—		—		—		—
24	OTHER LONG TERM CREDITS AND LIAB				—		18,085		—		—		—	��
25	LT OPERATING LEASE LIABILITIES				—		—		—		—		—

26	TOTAL POSTPETITION LIABILITIES				13,526,897		21,097,986		33,972,127		65,761,563		73,409,915

PREPETITION LIABILITIES
27	LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS		193,735,691		193,735,691		193,015,195		193,169,699		193,324,204		191,203,708
28	PRIORITY DEBT		9,194		9,194		9,194		9,194		9,194		9,194
29	UNSECURED DEBT		514,717,622		513,182,310		512,372,947		512,170,190		511,752,025		510,931,374
30	ACCRUED EXPENSES		48,845,696		45,701,306		40,281,223		40,103,691		19,911,335		19,838,946
31	CURRENT PORTION OF OPERATING LEASE LIABILITIES		—		—		—		—		8,676,455		6,843,470
32	DEFERRED INCOME TAXES PAYABLE				—		—		—		—		—
33	OTHER LONG TERM CREDITS AND LIAB		1,417,259		1,406,972		1,406,972		1,401,106		1,501,046		1,513,735
34	LT OPERATING LEASE LIABILITIES		110,451,569		110,250,930		99,976,305		98,395,336		96,737,519		99,611,095
35	TOTAL PREPETITION LIABILITIES		869,177,031		864,286,403		847,061,837		845,249,216		831,911,778		829,951,521

36	TOTAL LIABILITIES		869,177,031		877,813,300		868,159,823		879,221,343		897,673,341		903,361,436

EQUITY
37	PREPETITION OWNERS’ EQUITY		57,308,084		49,443,425		44,445,292		25,665,749		13,707,791		3,892,265
38	POSTPETITION CUMULATIVE PROFIT OR (LOSS)						—		—		—		—
39	DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)						—		—		—		—

40	TOTAL EQUITY		57,308,084		49,443,425		44,445,292		25,665,749		13,707,791		3,892,265

41	TOTAL LIABILITIES & OWNERS’ EQUITY		926,485,115		927,256,725		912,605,116		904,887,092		911,381,132		907,253,701

Monthly Operating Report

ACCRUALBASIS-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			5/1/19 - 5/31/19			6/1/19 - 6/30/19			7/1/19 - 7/31/19
REVENUES
1	GROSS REVENUES	$	13,383,146		$	25,233,863		$	24,639,758		$	25,833,630		$	26,053,612

2	LESS: RETURNS & DISCOUNTS		—			—			—			—			—

3	NET REVENUE	$	13,383,146		$	25,233,863		$	24,639,758		$	25,833,630		$	26,053,612

AIRCRAFT VARIABLE COSTS
4	HUMAN RESOURCES - VC		(1,181,672	)		(2,198,199	)		(2,233,798	)		(2,365,806	)		(2,385,725	)
5	OCCUPANCY SUPPLIES - VC		(33,830	)		(84,523	)		(75,612	)		(118,144	)		(126,286	)
6	NON-AC DEPR - AIRCRAFT - VC		(28,645	)		(15,731	)		(24,104	)		(17,908	)		(17,577	)
7	Part 145 Maint - VC		570,244			595,561			624,145			1,248,709			272,442
8	UNDER (OVER) GFS UTILIZATION - VC		(176,556	)		7,423			90,681			(8,402	)		270,920
9	OTHER - AIRCRAFT - VC		(60,737	)		(109,612	)		(90,347	)		(74,022	)		(87,199	)
10	SPARE PARTS		(532,489	)		(699,816	)		(287,098	)		60,139			(1,051,781	)
11	REPAIRS		(323	)		(1,334,463	)		(2,631,299	)		(2,274,693	)		(1,871,376	)
12	POWER BY THE HOUR		(2,626,036	)		(4,292,279	)		(4,714,558	)		(3,663,903	)		(4,613,834	)
13	FUEL		(516,815	)		(1,079,064	)		(1,247,729	)		(833,992	)		(1,047,998	)
14	SUPPLY CHAIN ALLOCATION - VC		983,263			680,767			577,518			540,903			714,928

15	TOTAL AIRCRAFT VARIABLE COSTS		(3,603,594	)		(8,529,935	)		(10,012,202	)		(7,507,119	)		(9,943,486	)

AIRCRAFT FIXED COSTS
16	APPLIED AIRCRAFT FIXED COSTS		2,232			4,070			4,070			4,070			2,574
17	AIRCRAFT DEPRECIATION		(1,522,245	)		(3,090,903	)		(2,852,970	)		(2,795,139	)		(2,765,955	)
18	AIRCRAFT PROPERTY TAX		(206,616	)		(376,770	)		(376,770	)		(76,303	)		(7,923	)
19	INSURANCE		(137,687	)		(253,824	)		(244,084	)		(248,913	)		(232,126	)
20	HELICOPTER RENT		(1,399,285	)		(2,557,494	)		(2,557,494	)		(2,557,494	)		(2,239,729	)
21	AIRCRAFT PILOT SALARIES		(1,600,655	)		(2,684,686	)		(2,913,655	)		(2,754,939	)		(3,007,890	)
22	AIRCRAFT MECHANIC SALARIES		(1,565,936	)		(2,540,479	)		(2,635,002	)		(1,837,256	)		(2,684,524	)
23	SUPPLY CHAIN ALLOCATION		(936,375	)		(504,469	)		(427,755	)		(399,942	)		(529,532	)

24	TOTAL AIRCRAFT FIXED COSTS		(7,366,568	)		(12,004,555	)		(12,003,660	)		(10,665,915	)		(11,465,105	)

COST OF GOODS SOLD
25	COST OF GOODS SOLD		(185,876	)		(8,840	)		(316,506	)		(690,725	)		(232,539	)
OPERATING EXPENSE
26	HR - OPERATING EXPENSES		(687,823	)		(1,580,630	)		(1,230,664	)		(1,651,994	)		(1,662,118	)
27	OCCUPANCYSUPPLIES-OE		(525,150	)		(723,777	)		(818,891	)		(634,920	)		(1,108,815	)
28	NON-AC DEPRECIATION - OE		(103,046	)		(258,799	)		(284,742	)		(256,421	)		(251,021	)
29	NON-AC ALLOCATIONS - OE		197,366			613,653			416,634			193,698			763,076
30	OTHER - OPERATING EXPENSES		(1,334,931	)		(2,702,188	)		(2,471,456	)		(3,046,321	)		(2,920,516	)
31	EMPLOYEE BENEFITS		(10,069	)		(22,819	)		(26,863	)		(86,312	)		(17,511	)

32	TOTAL OPERATING EXPENSE		(2,463,654	)		(4,674,560	)		(4,415,983	)		(5,482,270	)		(5,196,905	)

SELLING, GENERAL AND ADMIN
33	HUMAN RESOURCES - SG&A		(1,133,282	)		(3,566,862	)		(1,994,751	)		(1,940,800	)		(2,894,741	)
34	OCCUPANCY SUPPLIES - SG&A		(128,713	)		(211,892	)		(593,090	)		(242,766	)		(324,070	)
35	NON-AC DEPRECIATION - SG&A		(89,631	)		(125,207	)		(129,748	)		(126,584	)		(127,677	)
36	NON-AC ALLOCATION - SG&A		(26,064	)		144,470			93,263			106,455			144,111
37	OTHER SG&A		(1,922,195	)		(1,788,835	)		633,598			948,464			(885,662	)
38	LEGAL AUDIT		(1,466,562	)		(355,552	)		(16,360,112	)		(22,356	)		(21,516	)

39	TOTAL SELLING, GENERAL AND ADMIN		(4,766,447	)		(5,903,878	)		(18,350,839	)		(1,277,587	)		(4,109,554	)

40	TOTAL OPERATING EXPENSES		(18,386,140	)		(31,121,768	)		(45,099,190	)		(25,623,615	)		(30,947,589	)

41	GAIN/LOSS ON DISPOSITION OF ASSETS, NET		—			(88,711	)		(20,776	)		211,207			(818	)
42	EQUITY NET LOSS		173,638			449,694			290,548			298,767			(209,841	)
43	OPERATING INCOME		(4,829,356	)		(5,526,923	)		(20,189,659	)		719,989			(5,104,636	)
OTHER INCOME & EXPENSES
44	OTHER INCOME/EXPENSES, NET		(1,249,729	)		(1,228,269	)		(1,333,061	)		(12,737,451	)		(6,088,130	)
45	EARNINGS BEFORE INCOME TAXES		(6,079,084	)		(6,755,192	)		(21,522,720	)		(12,017,462	)		(11,192,766	)
46	INCOME TAX EXPENSE		(1,785,574	)		1,188,669			2,286,709			(241,014	)		1,377,240

47	NET EARNINGS		(7,864,658	)		(5,566,522	)		(19,236,012	)		(12,258,476	)		(9,815,526	)

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			5/1/19 - 5/31/19			6/1/19 - 6/30/19			7/1/19 - 7/31/19
1	CASH - BEGINNING MARCH 15	$	89,048,896		$	95,426,105		$	113,017,078		$	107,777,210		$	106,211,981

RECEIPTS FROM OPERATIONS
2	CASH SALES		—			—			—			—			—
COLLECTION OF ACCOUNTS RECEIVABLE
3	PREPETITION & POSPETITION RECEIPTS		12,872,873			34,969,326			27,987,090			30,212,215			30,020,682

4	TOTAL OPERATING RECEIPTS	$	12,872,873		$	34,969,326		$	27,987,090		$	30,212,215		$	30,020,682

NON-OPERATING RECEIPTS
5	TRANSFERS FROM PHI AIR MEDICAL		6,861,387			17,042,364			18,400,317			17,155,331			21,048,532
6	SALE OF ASSETS		—			—			—			1,400,000			—
7	INTEREST INCOME		16,951			207,467			31,027			68,778			7,587

8	TOTAL RECEIPTS	$	19,751,211		$	52,219,158		$	46,418,434		$	48,836,324		$	51,076,801

OPERATING DISBURSEMENTS
9	NET PAYROLL, PAYROLL TAXES, AND BENEFITS		(9,289,506	)		(19,391,239	)		(24,469,271	)		(19,475,993	)		(21,872,363	)
10	MAINTENANCE & MISC EXPENSES		(2,594,255	)		(11,073,068	)		(18,861,622	)		(21,946,347	)		(19,484,289	)
11	AIRCRAFT LEASES		(250,685	)		(1,400,964	)		(3,146,672	)		(1,823,858	)		(1,581,010	)
12	FUEL		(1,007,551	)		(1,147,023	)		(1,821,791	)		(2,108,082	)		(1,475,100	)
13	TAXES		(68,316	)		(1,377,357	)		(1,070,185	)		(1,115,833	)		(986,144	)

14	TOTAL OPERATING DISBURSEMENTS	$	(13,210,314	)	$	(34,389,651	)	$	(49,369,541	)	$	(46,470,113	)	$	(45,398,906	)

NON-OPERATING DISBURSEMENTS
15	INTEREST EXPENSE											(1,540,233	)		(513,433	)
16	TRANFSERS TONON-DEBTORS		(163,689	)		(236,908	)		(442,844	)		(376,717	)		(567,584	)

17	TOTALNON-OPERATING DISBURSEMENTS	$	(163,689	)	$	(236,908	)	$	(442,844	)	$	(1,916,950	)	$	(1,081,017	)

REORGANIZATION EXPENSES
18	PROFESSIONAL FEES		—			—			(1,644,032	)		(2,014,490	)		(8,752,064	)
19	U.S. TRUSTEE FEES		—			(1,625	)		(201,886	)		—			(251,000	)
20	TOTAL DISBURSEMENTS		(13,374,003	)		(34,628,184	)		(51,658,303	)		(50,401,553	)		(55,482,987	)
21	NET CASH FLOW		6,377,209			17,590,974			(5,239,869	)		(1,565,229	)		(4,406,186	)

22	CASH - END OF MONTH	$	95,426,105		$	113,017,078		$	107,777,210		$	106,211,981		$	101,805,795

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			5/31/19			6/30/19			7/31/19
1	0-30	$	22,971,054		$	23,176,156		$	23,767,206		$	23,348,765		$	26,700,421

2	31-60		25,811,099			19,206,916			19,835,330			19,802,240			21,066,738
3	61-90		482,663			4,444,544			6,229,191			5,856,003			6,276,079
4	91+		8,632,802			7,405,347			7,496,887			8,515,015			7,366,233

5	TOTAL ACCOUNTS RECEIVABLE	$	57,897,618		$	54,232,963		$	57,328,614		$	57,522,023		$	61,409,471

6	AMOUNT CONSIDERED UNCOLLECTIBLE		(4,371,785	)		(4,371,785	)		(4,371,785	)		(4,371,785	)		(4,371,785	)

7	ACCOUNTS RECEIVABLE (NET)	$	53,525,833		$	49,861,178		$	52,956,829		$	53,150,238		$	57,037,686

AGING OF POSTPETITION TAXES AND PAYABLES

MONTH: July


TAXES PAYABLE		0-30 DAYS		31-60 DAYS		61-90 DAYS			91+ DAYS		TOTAL
1	FEDERAL	$	653,771	$	—	$	152		$	—	$	653,923

2	STATE		264,744		—		—			—		264,744
3	LOCAL		—		—		—			2,627,507		2,627,507
4	OTHER (ATTACH LIST)		—		—		—			137,714		137,714

5	TOTAL TAXES PAYABLE	$	918,515	$	—	$	152		$	2,765,221	$	3,683,889

6	ACCOUNTS PAYABLE⁽¹⁾		9,139,409		1,356,879		(283,254	)		18,552,014		28,765,048

STATUS OF POSTPETITION TAXES

MONTH: July


FEDERAL		BEGINNING TAX LIABILITY		AMOUNT WITHHELD AND/ OR ACCRUED		AMOUNT PAID			ENDING TAX LIABILITY
1	WITHHOLDING	$	418,356	$	924,996	$	(1,294,785	)	$	48,567

2	FICA-EMPLOYEE		255,233		547,052		(778,819	)		23,466
3	FICA-EMPLOYER		381,182		544,500		(719,321	)		206,361
4	UNEMPLOYMENT		652		234		(734	)		152
5	INCOME		—		—		—			—
6	OTHER (ATTACH LIST) - EXCISE		462,061		309,608		(396,292	)		375,377

7	TOTAL FEDERAL TAXES	$	1,517,483	$	2,326,390	$	(3,189,950	)	$	653,923

STATE AND LOCAL
8	WITHHOLDING		200,673		216,008		(197,278	)		219,403
9	SALES		28,099		40,042		(26,308	)		41,833
10	EXCISE		—		—		—			—
11	UNEMPLOYMENT		3,553		82		(127	)		3,509
12	REAL PROPERTY		76,237		9,089		—			85,326
13	PERSONAL PROPERTY		2,271,377		270,804		—			2,542,181
14	OTHER (ATTACH LIST)		118,289		19,425		—			137,714

15	TOTAL STATE & LOCAL	$	2,698,228	$	555,451	$	(223,713	)	$	3,029,966

16	TOTAL TAXES	$	4,215,711	$	2,881,841	$	(3,413,663	)	$	3,683,889

Notes:

⁽¹⁾	Includes trade only. Negative payable amount represents credits from certain vendors.

Monthly Operating Report

ACCRUAL BASIS-5

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	$	—		$	—	$	—	$	—

PHI, Inc - Arizona - 2018 Tax Accrual	Income Tax		—			—		—		—
PHI, Inc - Kentucky - 2018 Tax Accrual	Income Tax		—			—		—		—
PHI, Inc - California - 2019 Tax Accrual⁽¹⁾	Income Tax		(860	)		133		—		(727	)
PHI, Inc - Arizona - 2019 Tax Accrual	Income Tax		25			4		—		29
PHI, Inc - Mississippi - 2019 Tax Accrual	Income Tax		8,672			1,445		—		10,117
PHI, Inc - New Jersey - 2019 Tax Accrual	Income Tax		1,000			167		—		1,167
PHI, Inc - Texas - 2019 Tax Accrual	Income Tax		109,453			17,676		—		127,128

Total		$	118,289		$	19,425	$	—	$	137,714

Notes:

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

Monthly Operating Report

ACCRUAL BASIS-6

CASE NAME: PHI, Inc., et al.,

CASE NUMBER: 19-30923-hdh11

MONTH: July

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	$	8,351,272		$	256,015		$	14,862	$	3,009	$	—		$	258,452	$	30,408	$	8,914,019

2	ADD: TOTAL DEPOSITS NOT CREDITED																			—
3	SUBTRACT: OUTSTANDING CHECKS		(1,230,545	)		(87,350	)						(2,166	)						(1,320,061	)
4	OTHER RECONCILING ITEMS		56,839			34,094							4,194							95,127
5	MONTH END BALANCE PER BOOKS	$	7,177,567		$	202,759		$	14,862	$	3,009	$	2,028		$	258,452	$	30,408	$	7,689,084

6	NUMBER OF LAST CHECK WRITTEN		590757			417072			N/A		N/A		N/A - ZBA Sweep			N/A		N/A

INVESTMENT ACCOUNTS

BANK, ACCOUNT NAME & NUMBER

DATE OF
PURCHASE

TYPE OF

INSTRUMENT

PURCHASE
PRICE

CURRENT
VALUE

UBS - Special Projects Account *4A2

N/A

Short Term Money Market Govt Funds

N/A

26,940,153

UBS - Investments *08K

N/A

Short Term Money Market Govt Funds

N/A

—

UBS - Main Account *1A2

N/A

Short Term Money Market Govt Funds

N/A

44,293,239

UBS - SERP *4A2

N/A

Short Term Money Market Govt Funds

N/A

786,595

UBS - Collateral *6A2

N/A

Short Term Money Market Govt Funds

N/A

12,963,982

UBS - FX *5A2

N/A

Short Term Money Market Govt Funds

N/A

245,156

Hancock Whitney-Account *8850

9/28/2018

Certificate of Deposit

7,605,000

Hancock Whitney-Account *8849

9/28/2018

Certificate of Deposit

100,000

50,000

Hancock Whitney-Account *4229

2/1/2019

Certificate of Deposit

8,000

TOTAL INVESTMENTS

92,892,125

CASH

CURRENCY ON HAND

—

TOTAL CASH - END OF MONTH

100,581,209

Monthly Operating Report

ACCRUAL BASIS-7

CASE NAME: PHI, Inc., et al.,

CASE NUMBER: 19-30923-hdh11

MONTH: July

PAYMENTS TO INSIDERS AND PROFESSIONALS

INSIDERS


NAME		TYPE OF PAYMENT	AMOUNT PAID		TOTAL PAID TO DATE
1	Lance Bospflug	N/A	$	—	$	1,903

2	Alan Brass	Monthly Retainer		22,667		75,300
3	C. Russell Luigs	Monthly Retainer		18,333		54,999
4	Richard H. Matzke	Monthly Retainer		17,667		65,706
5	Thomas H. Murphy	Monthly Retainer		23,333		69,999
6	Trudy McConnaughhay	Expense Reimbursement		313		759
7	Marcos Vivas	N/A		—		6,822

8	TOTAL PAYMENTS TO INSIDERS		$	82,313	$	275,489

PROFESSIONALS


NAME		DATE OF COURT ORDER AUTHORIZING PAYMENT	AMOUNT APPROVED		AMOUNT PAID		TOTAL PAID TO DATE		TOTAL INCURRED & UNPAID *
1	Zack A. Clement	5/16/2019	$	—	$	—	$	69,200	$	—

2	Proskauer	5/16/2019		197,945		197,945		732,197		—
3	Reed Smith	5/16/2019		39,714		39,714		75,421		—
4	Herbert Smith Freehills	5/16/2019		—		—		4,300		—
5	Abogados Sierra S.C.	5/16/2019		31,004		31,004		33,624		—
6	Prime Clerk	3/21/2019		356,544		356,544		582,637		—
7	FTI Consulting	5/2/2019		1,363,141		1,363,141		3,795,772		—
8	DLA Piper	4/22/2019		3,793,918		3,793,918		4,147,636		910,000
9	Rochelle McCullough	5/16/2019		164,776		164,776		164,776		—
10	Milbank	6/12/2019		2,095,152		2,095,152		2,095,152		895,692
11	PJT Partners	6/12/2019		139,355		139,355		139,355		64,839
12	Haynes and Boone	6/12/2019		252,758		252,758		252,758		118,994
13	Levene, Neale, Bender, Yoo & Brill	6/12/2019		237,485		237,485		237,485		56,924
14	Gray Reed & McGraw	6/12/2019		80,271		80,271		80,271		19,770

15	TOTAL PAYMENTS TO PROFESSIONALS		$	8,752,064	$	8,752,064	$	12,410,586	$	2,066,219

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		513,432.89		513,432.89		—
2	Thirty Two, LLC		N/A		N/A		N/A
3	STEVEN BRISTER		1,500.00		1,500.00		—
4	S.E. BRISTER		1,500.00		1,500.00		—
5	SEACRAFT SHIPYARD CORPORATON		1,000.00		1,000.00		—
6	SCT PROPERTIES LLC		3,300.00		3,300.00		—
7	Scholes International		5,174.97		5,174.97		—
8	SCHMID MOULTON PARKWAY, LTD		5,023.25		5,023.25		—
9	PINNACLE TOWERS, LLC		999.07		999.07		—
10	AMERICAN TOWERS, INC.		1,491.26		1,491.26		—
11	AMERICAN TOWERS, INC.		1,694.06		1,694.06		—
12	AMERICAN TOWERS, INC.		1,675.03		1,675.03		—
13	AMERICAN TOWERS, INC.		1,811.61		1,811.61		—
14	AMERICAN TOWERS, INC.		1,748.43		1,748.43		—
15	AMERICAN TOWERS, INC.		1,106.81		1,106.81		—
16	AMERICAN TOWERS, INC.		1,089.47		1,089.47		—
17	BG REALTY & MANAGEMENT LLC		425.00		425.00		—
18	BG REALTY & MANAGEMENT LLC		575.00		575.00		—
19	BG REALTY & MANAGEMENT LLC		500.00		500.00		—
20	The Broadwater		879.00		879.00		—
21	The Broadwater		1,089.00		1,089.00		—
22	The Broadwater		879.00		879.00		—
23	The Broadwater		1,069.00		1,069.00		—
24	The Broadwater		1,069.00		1,069.00		—
25	The Broadwater		1,069.00		1,069.00		—

Monthly Operating Report

ACCRUAL BASIS-7

CASE NAME: PHI, Inc., et al.,

CASE NUMBER: 19-30923-hdh11


26	The Broadwater	1,069.00	1,069.00	—
27	The Broadwater	1,059.00	1,059.00	—
28	The Broadwater	1,069.00	1,069.00	—
29	The Broadwater	1,059.00	1,059.00	—
30	The Broadwater	1,059.00	1,059.00	—
31	The Broadwater	1,069.00	1,069.00	—
32	The Broadwater	1,069.00	1,069.00	—
33	The Broadwater	1,059.00	1,059.00	—
34	Family Partnership	8,000.00	8,000.00	—
35	CORDELL COMMUNICATIONS	1,033.38	1,033.38	—
36	ENGLAND ECONOMIC & INDUSTRIAL	18,184.90	18,184.90	—
37	EN VEN ENERGY VENTURE	300.00	300.00	—
38	FIRST EQUITY INC	5,008.71	5,008.71	—
39	GREATER LAFOURCHE PORT	3,343.17	3,343.17	—
40	ABBERLY CREST APARTMENTS	2,642.00	2,642.00	—
41	Houma Terrebonne Airport	330.97	330.97	—
42	Houma Terrebone Airport	1,249.08	1,249.08	—
43	Houma Terrebonne Airport	745.29	745.29	—
44	Houma Terrebonne Airport	2,253.95	2,253.95	—
45	Houma Terrebonne Airport	2,652.30	2,652.30	—
46	Houma Terrebonne Airport	2,042.77	2,042.77	—
47	Houma Terrebonne Airport	858.16	858.16	—
48	Houma Terrebonne Airport	339.07	339.07	—
49	Houma Terrebonne Airport	5,873.66	5,873.66	—
50	Houma Terrebonne Airport	10,381.30	10,381.30	—
51	Irvin P Melancon Inc	5,512.50	5,512.50	—
52	LAFAYETTE AIRPORT COMMISSION	6,894.66	6,894.66	—
53	Lafayette Airport	92,389.33	92,389.33	—
54	MARTIN HOLDINGS, L.L.C.	12,934.32	12,934.32	—
55	Lafayette Airport	5,175.06	5,175.06	—
56	D C WALSH COMPANY INC	7,640.25	7,640.25	—
57	PINNACLE TOWERS, LLC	876.64	876.64	—
58	FLIGHT SAFETY INTL INC (RENT)	1,441.00	1,441.00	—
59	FLIGHT SAFETY INTL INC (RENT)	4,248.00	4,248.00	—
60	Signature Flight Support	1,569.25	1,569.25	—
61	The Broadwater	1,379.00	1,379.00	—
62	BG REALTY & MANAGEMENT	495.00	495.00	—
63	The Broadwater	1,389.00	1,389.00	—
64	The Broadwater	1,419.00	1,419.00	—
65	The Broadwater	1,389.00	1,389.00	—
66	PLANTATION CROSSING APARTMENTS	995.00	995.00	—
67	PLANTATION CROSSING APARTMENTS	995.00	995.00	—
68	PLANTATION CROSSING APARTMENTS	995.00	995.00	—
69	PLANTATION CROSSING APARTMENTS	1,020.00	1,020.00	—
70	THE RESERVE AT COURET FARMS	22.00	22.00	—
71	THE RESERVE AT COURET FARMS	1,300.00	1,300.00	—
72	Canon Financial Services	238.60	238.60	—
73	Canon Financial Services	3,021.33	3,021.33	—
74	Canon Financial Services	234.25	234.25	—
75	Canon Financial Services	272.72	272.72	—
76	Canon Financial Services	240.18	240.18	—
77	Canon Financial Services	226.91	226.91	—
78	Canon Financial Services	210.13	210.13	—
79	GreatAmerica Financial Services Corporation	199.14	199.14	—
80	GreatAmerica Financial Services Corporation	212.90	212.90	—
81	GreatAmerica Financial Services Corporation	276.46	276.46	—
82	GreatAmerica Financial Services Corporation	429.12	429.12	—
83	GreatAmerica Financial Services Corporation	208.44	208.44	—
84	GreatAmerica Financial Services Corporation	133.95	133.95	—
85	GreatAmerica Financial Services Corporation	280.25	280.25	—
86	GreatAmerica Financial Services Corporation	442.48	442.48	—
87	GreatAmerica Financial Services Corporation	370.56	370.56	—
88	GreatAmerica Financial Services Corporation	382.11	382.11	—
89	GreatAmerica Financial Services Corporation	635.12	635.12	—
90	GreatAmerica Financial Services Corporation	164.45	164.45	—
91	GreatAmerica Financial Services Corporation	635.12	635.12	—
92	GreatAmerica Financial Services Corporation	245.08	245.08	—
93	Canon Financial Services	642.02	642.02	—

Monthly Operating Report

ACCRUAL BASIS-7

CASE NAME: PHI, Inc., et al.,

CASE NUMBER: 19-30923-hdh11


94	Ricoh/Wells Fargo	109.00	109.00	—
95	UNION PACIFIC RAILROAD COMPANY	3,000.00	3,000.00	—
96	CANON FINANCIAL SERVICES, INC.	241.89	241.89	—
97	CANON FINANCIAL SERVICES, INC.	212.21	212.21	—
98	CANON FINANCIAL SERVICES, INC.	212.15	212.15	—
99	CANON FINANCIAL SERVICES, INC.	230.94	230.94	—
100	LA VERANDA OF POLLY LANE	1,023.00	1,023.00	—
101	Canon Financial Services	312.17	312.17	—
102	Canon Financial Services	298.33	298.33	—
103	THE RESERVE AT COURET FARMS	22.00	22.00	—
104	THE RESERVE AT COURET FARMS	1,300.00	1,300.00	—
105	REDACTED	REDACTED	REDACTED	REDACTED
106	REDACTED	REDACTED	REDACTED	REDACTED
107	REDACTED	REDACTED	REDACTED	REDACTED
108	REDACTED	REDACTED	REDACTED	REDACTED
109	REDACTED	REDACTED	REDACTED	REDACTED
110	REDACTED	REDACTED	REDACTED	REDACTED
111	REDACTED	REDACTED	REDACTED	REDACTED
112	REDACTED	REDACTED	REDACTED	REDACTED
113	REDACTED	REDACTED	REDACTED	REDACTED
114	REDACTED	REDACTED	REDACTED	REDACTED
115	REDACTED	REDACTED	REDACTED	REDACTED
116	REDACTED	REDACTED	REDACTED	REDACTED
117	REDACTED	REDACTED	REDACTED	REDACTED
118	REDACTED	REDACTED	REDACTED	REDACTED
119	REDACTED	REDACTED	REDACTED	REDACTED

120	TOTAL	790,594	790,594	—

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-8

CASE NAME: PHI, Inc., et al.,

CASE NUMBER: 19-30923-hdh11

MONTH: July

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 toSuch 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 EmployeeObligations and (IV) Granting Related Relief [Docket No. 213], the Bankruptcy Court granted the Debtors authority to pay or honor certainpre-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 inRespect 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 Their Customer 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.

Monthly Operating Report

ACCRUAL BASIS-8

CASE NAME: PHI, Inc., et al.,

CASE NUMBER: 19-30923-hdh11

INSURANCE

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	Beazley	05/01/2019-05/01/2020		74,402 annually
Business Auto Liability	Starr Indemnity & Liability	05/01/2019-05/01/2020		212,144 annually
Workers Comp	Starr Indemnity & Liability	05/01/2019-05/01/2020		65,004 monthly
Defense Base Act WC	Starr Indemnity & Liability	05/01/2019-05/01/2020		17,975 annually
Excess WC/EL/Auto Liability	Starr Indemnity & Liability	05/01/2019-05/01/2020		62,215 annually
Foreign Master Placement	ACE American (Chubb)	05/01/2019-05/01/2020		266,472 annually
Crime	Great American	05/01/2019-08/01/2019		4,620one-time
Fiduciary	QBE	05/01/2019-08/01/2019		5,041one-time
Fiduciary (excess)	US Specialty (Tokio Marine/HCC)	05/01/2019-08/01/2019		3,024one-time
Employment Practices Liability	Federal Insurance (Chubb)	05/01/2019-08/01/2019		15,955one-time
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		306,860one-time
D&O (excess) - 6 mo extension/6 yr tail	Great American	05/01/2019-11/01/2019		174,000one-time
D&O (excess) - 6 mo extension/6 yr tail	Endurance American (Sompo)	05/01/2019-11/01/2019		120,000one-time
D&O (excess) - 6 mo extension/6 yr tail	Axis	05/01/2019-11/01/2019		109,200one-time
D&O (excess) - 6 mo extension/6 yr tail	US Specialty (Tokio Marine/HCC)	05/01/2019-11/01/2019		136,000one-time
D&O (excess) - 6 mo extension/6 yr tail	Starr Indemnity & Liability	05/01/2019-11/01/2019		101,250one-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

ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT?

ARE ALL PREMIUM PAYMENTS PAID CURRENT?

PLEASE ITEMIZE POLICIES BELOW.