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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 ________________________________________
FORM 10-Q
________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended
September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from              to      
 
Commission File Number
001-35701
 
Bristow Group Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
72-1455213
(State or Other Jurisdiction of
Incorporation or Organization)
 
(IRS Employer
Identification No.)
 
 
 
 
3151 Briarpark Drive, Suite 700
 
 
Houston,
Texas
 
77042
(Address of Principal Executive Offices)
 
(Zip Code)
Registrant’s telephone number, including area code:
(713) 267-7600
          None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
VTOL
NYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes      No  
The total number of shares of common stock, par value $0.01 per share, outstanding as of November 2, 2020 was 29,710,809. The Registrant has no other class of common stock outstanding.




BRISTOW GROUP INC.
INDEX
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
Item 3.
 
 
 
 
Item 4.
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
Item 1A.
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 3.
 
 
 
 
 
Item 4.
 
 
 
 
 
Item 5.
 
 
 
 
 
Item 6.
 
 
 
 
 
 
 





PART I — FINANCIAL INFORMATION 
Item 1.     Financial Statements.
BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

 
Three Months Ended September 30,
 
 
Six Months Ended September 30,
 
Successor
 
 
Predecessor
 
 
Successor
 
 
Predecessor
  
2020
 
 
2019
 
 
2020
 
 
2019
Revenue:
 
 
 
 
 
 
 
 
 
 
Operating revenue from non-affiliates
$
282,507

 
 
$
291,348

 
 
$
529,056

 
 
$
595,478

Operating revenue from affiliates
13,215

 
 
13,336

 
 
28,174

 
 
25,782

Reimbursable revenue from non-affiliates
8,918

 
 
13,536

 
 
17,603

 
 
30,136

 
304,640

 
 
318,220

 
 
574,833

 
 
651,396

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
Operating expense
231,953

 
 
236,655

 
 
422,389

 
 
494,414

Reimbursable expense
8,919

 
 
12,840

 
 
17,567

 
 
28,974

Prepetition restructuring charges

 
 

 
 

 
 
13,476

General and administrative
39,268

 
 
37,820

 
 
74,791

 
 
72,590

Merger-related costs
4,497

 
 

 
 
21,917

 
 

Depreciation and amortization
18,537

 
 
31,303

 
 
34,893

 
 
62,642

Total costs and expenses
303,174

 
 
318,618

 
 
571,557

 
 
672,096

 
 
 
 
 
 
 
 
 
 
 
Loss on impairment
(17,596
)
 
 
(62,101
)
 
 
(36,829
)
 
 
(62,101
)
Loss on disposal of assets
(8,473
)
 
 
(230
)
 
 
(2,951
)
 
 
(4,017
)
Earnings (losses) from unconsolidated affiliates, net of losses
1,948

 
 
633

 
 
(30
)
 
 
2,980

Operating loss
(22,655
)
 
 
(62,096
)
 
 
(36,534
)
 
 
(83,838
)
 
 
 
 
 
 
 
 
 
 
 
Interest income
434

 
 
270

 
 
696

 
 
657

Interest expense
(13,445
)
 
 
(22,715
)
 
 
(25,949
)
 
 
(49,423
)
Reorganization items

 
 
(93,943
)
 
 

 
 
(170,299
)
Gain (loss) on sale of subsidiaries

 
 
420

 
 

 
 
(55,883
)
Change in fair value of preferred stock derivative liability

 
 

 
 
15,416

 
 

Gain on bargain purchase
5,660

 
 

 
 
81,093

 
 

Other income (expense), net
10,592

 
 
(6,637
)
 
 
13,978

 
 
(10,510
)
Total other income (expense)
3,241

 
 
(122,605
)
 
 
85,234

 
 
(285,458
)
Income (loss) before income taxes
(19,414
)
 
 
(184,701
)
 
 
48,700

 
 
(369,296
)
Benefit (provision) for income taxes
(8,578
)
 
 
21,782

 
 
(5,288
)
 
 
37,289

Net income (loss)
(27,992
)
 
 
(162,919
)
 
 
43,412

 
 
(332,007
)
Net (income) loss attributable to noncontrolling interests
131

 
 
(55
)
 
 
204

 
 
(213
)
Net income (loss) attributable to Bristow Group
$
(27,861
)
 
 
$
(162,974
)
 
 
$
43,616

 
 
$
(332,220
)
Income (loss) per common share(1):
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.95
)
 
 
$
(4.54
)
 
 
$
8.73

 
 
$
(9.25
)
Diluted
$
(0.95
)
 
 
$
(4.54
)
 
 
$
5.09

 
 
$
(9.25
)
Weighted average common shares outstanding(1):
 
 
 
 
 
 
 
 
 
 
Basic
29,357,959

 
 
35,918,916

 
 
20,230.285

 
 
35,918,916

Diluted
29,357,959

 
 
35,918,916

 
 
34,031.657

 
 
35,918,916

(1) See Note 11 to the condensed consolidated financial statements for details on income (loss) per share and weighted average common shares outstanding.

The accompanying notes are an integral part of these condensed consolidated financial statements.

1



BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited, in thousands)
 
Three Months Ended September 30,
 
 
Six Months Ended September 30,
  
Successor
 
 
Predecessor
 
 
Successor
 
 
Predecessor
 
2020
 
 
2019
 
 
2020
 
 
2019
Net income (loss)
$
(27,992
)
 
 
$
(162,919
)
 
 
$
43,412

 
 
$
(332,007
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
Currency translation adjustments
15,340

 
 
(12,334
)
 
 
18,486

 
 
4,565

Unrealized gain (loss) on cash flow hedges, net of tax benefit
(1,283
)
 
 
1,124

 
 
(2,164
)
 
 
1,598

Currency translation adjustments attributable to noncontrolling interests
(14
)
 
 
35

 
 
(1
)
 
 
24

Total comprehensive income (loss)
(13,949
)
 
 
(174,094
)
 
 
59,733

 
 
(325,820
)
 
 
 
 
 
 
 
 
 
 
 
Net (income) loss attributable to noncontrolling interests
131

 
 
(55
)
 
 
204

 
 
(213
)
Total comprehensive income (loss) attributable to Bristow Group Inc.
$
(13,818
)
 
 
$
(174,149
)
 
 
$
59,937

 
 
$
(326,033
)



The accompanying notes are an integral part of these condensed consolidated financial statements.

2



BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
 
Successor
 
September 30, 2020
 
March 31, 2020
 
(Unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
301,404

 
$
196,662

Restricted cash
2,789

 
2,459

Accounts receivable
216,638

 
180,683

Inventories
99,996

 
82,419

Assets held for sale
22,463

 
32,401

Prepaid expenses and other current assets
29,455

 
29,527

Total current assets
672,745

 
524,151

Property and equipment
1,085,087

 
901,314

Less – Accumulated depreciation and amortization
(55,557
)
 
(24,560
)
Property and equipment, net
1,029,530

 
876,754

Investment in unconsolidated affiliates
89,924

 
110,058

Right-of-use assets
281,164

 
305,962

Other assets
139,022

 
128,336

Total assets
$
2,212,385

 
$
1,945,261

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ INVESTMENT
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
62,668

 
$
52,110

Accrued wages, benefits and related taxes
56,722

 
42,852

Income taxes payable
14,206

 
1,743

Other accrued taxes
7,950

 
4,583

Deferred revenue
14,829

 
12,053

Accrued maintenance and repairs
24,500

 
31,072

Current portion of operating lease liabilities
82,334

 
81,484

Accrued interest and other accrued liabilities
23,995

 
26,342

Short-term borrowings and current maturities of long-term debt
64,027

 
45,739

Total current liabilities
351,231

 
297,978

Long-term debt, less current maturities
580,342

 
515,385

Accrued pension liabilities
8,923

 
17,855

Preferred stock embedded derivative

 
286,182

Other liabilities and deferred credits
6,760

 
4,490

Deferred taxes
55,699

 
22,775

Long-term operating lease liabilities
197,888

 
224,595

Total liabilities
$
1,200,843

 
$
1,369,260

Commitments and contingencies (Note 10)


 

Redeemable noncontrolling interests
1,483

 

Mezzanine equity preferred stock: $.0001 par value, 6,824,582 issued and outstanding as of March 31, 2020 (1)

 
149,785

Stockholders’ investment:
 
 
 
Common stock, $0.01 par value, 110,000,000 authorized; 29,813,734 and 11,235,566 outstanding as of September 30 and March 31, 2020, respectively (1)
303

 
1

Additional paid-in capital
683,390

 
295,897

Retained earnings
326,721

 
139,228

Treasury shares, at cost; 345,757 shares as of September 30, 2020
(7,579
)
 

Accumulated other comprehensive income (loss)
7,680

 
(8,641
)
Total Bristow Group Inc. stockholders’ investment
1,010,515

 
426,485

Noncontrolling interests
(456
)
 
(269
)
Total stockholders’ investment
1,010,059

 
426,216

Total liabilities, mezzanine equity and stockholders’ investment
$
2,212,385

 
$
1,945,261

(1) Share information displayed as of March 31, 2020 does not take into account the impact of the 3:1 reverse stock split or the Merger.
The accompanying notes are an integral part of these condensed consolidated financial statements.

3



BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
 
Six Months Ended September 30,
  
Successor
 
 
Predecessor
 
2020
 
 
2019
Cash flows from operating activities:
 
 
 
 
Net income (loss)
$
43,412

 
 
$
(332,007
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
Depreciation and amortization
45,675

 
 
62,642

Deferred income taxes
(1,345
)
 
 
(45,252
)
Loss from extinguishment of debt
615

 
 

Write-off of deferred financing fees

 
 
4,038

Discount amortization on long-term debt
7,957

 
 
1,520

Reorganization items, net

 
 
119,333

(Gain) loss on disposal of assets
2,951

 
 
4,017

Loss on impairment
36,829

 
 
62,101

Loss on sale of subsidiaries

 
 
55,883

Deferral of lease payments

 
 
285

Gain on bargain purchase
(81,093
)
 
 

Change in fair value of preferred stock derivative liability
(15,416
)
 
 

Stock-based compensation
7,192

 
 
1,526

Equity in earnings from unconsolidated affiliates less than
    (greater than) dividends received
2,935

 
 
636

Increase (decrease) in cash resulting from changes in:
 
 
 
 
Accounts receivable
21,556

 
 
(20,805
)
Inventory, prepaid expenses and other assets
(8,075
)
 
 
(2,876
)
Accounts payable, accrued expenses and other liabilities
(28,202
)
 
 
31,794

Net cash provided by (used in) operating activities
34,991

 
 
(57,165
)
Cash flows from investing activities:
 
 
 
 
Capital expenditures
(7,372
)
 
 
(25,950
)
Proceeds from asset dispositions
52,140

 
 
5,003

Deposits on assets held for sale
3,437

 
 

Cash transferred in sale of subsidiaries, net of cash received

 
 
(22,458
)
Increase in cash from Era merger
120,236

 
 

Net cash provided by (used in) investing activities
168,441

 
 
(43,405
)
Cash flows from financing activities:
 
 
 
 
Proceeds from borrowings

 
 
225,585

Debt issuance costs

 
 
(14,130
)
Repayment of debt and debt redemption premiums
(85,369
)
 
 
(99,228
)
Partial prepayment of put/call obligation

 
 
(1,323
)
Purchase of treasury shares
(6,428
)
 
 

Old Bristow share repurchases
(4,807
)
 
 

Net cash provided by (used in) financing activities
(96,604
)
 
 
110,904

Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,756
)
 
 
4,406

Net increase (decrease) in cash, cash equivalents and restricted cash
105,072

 
 
14,740

Cash, cash equivalents and restricted cash at beginning of period
199,121

 
 
178,055

Cash, cash equivalents and restricted cash at end of period
$
304,193

 
 
$
192,795

Cash paid during the period for:
 
 
 
 
Interest
$
14,467

 
 
$
37,165

Income taxes
$
7,726

 
 
$
8,631

The accompanying notes are an integral part of these condensed consolidated financial statements.

4



BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Investment and Mezzanine Equity
(Unaudited)
(In thousands, except share amounts)
 
 
 
 
 
Total Bristow Group Inc. Stockholders’ Investment
 
 
 
 
 
Redeemable Noncontrolling Interests
 
Mezzanine equity preferred stock
 
Common
Stock
 
Common
Stock
(Shares)
(1)
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock
 
Noncontrolling
Interests
 
Total
Stockholders’
Investment
March 31, 2020 (Successor)
$

 
$
149,785

 
$
1

 
11,235,566

 
$
295,897

 
$
139,228

 
$
(8,641
)
 
$

 
$
(269
)
 
$
426,216

Share repurchases

 
(2,151
)
 

 
(142,721
)
 

 
1,263

 

 

 

 
1,263

Preferred stock share conversion

 
(146,448
)
 
4

 
34,836,688

 
270,678

 
142,614

 

 

 

 
413,296

Elimination of Old Bristow stock

 

 
(5
)
 
(45,929,533
)
 
5

 

 

 

 

 

Exchange of common stock

 

 
231

 
23,026,894

 
(231
)
 

 

 

 

 

Era purchase price

 

 
72

 
7,175,029

 
108,268

 

 

 

 

 
108,340

Preferred stock compensation activity and conversion

 
(1,186
)
 

 

 
6,370

 

 

 

 

 
6,370

Restricted stock awards

 

 

 

 

 

 

 

 

 

Purchase of Company common stock (tax withholding)

 

 

 
(42,199
)
 

 

 

 

 

 

Currency translation adjustments

 

 

 

 

 

 

 

 
13

 
13

Net income (loss)

 

 

 

 

 
71,477

 

 

 
(73
)
 
71,404

Other comprehensive income

 

 

 

 

 

 
2,278

 

 

 
2,278

June 30, 2020 (Successor)

 

 
303

 
30,159,724

 
680,987

 
354,582

 
(6,363
)
 

 
(329
)
 
1,029,180

Share award amortization

 

 

 

 
2,008

 

 

 

 

 
2,008

Purchase of treasury shares

 

 

 
(345,757
)
 

 

 

 
(7,579
)
 

 
(7,579
)
Era purchase price adjustment
1,501

 

 

 
(233
)
 
395

 

 

 

 

 
395

Currency translation adjustments

 

 

 

 

 

 

 

 
(14
)
 
(14
)
Net income (loss)
(18
)
 

 

 

 

 
(27,861
)
 

 

 
(113
)
 
(27,974
)
Other comprehensive income

 

 

 

 

 

 
14,043

 

 

 
14,043

September 30, 2020 (Successor)
$
1,483

 
$

 
$
303

 
29,813,734

 
$
683,390

 
$
326,721

 
$
7,680

 
$
(7,579
)
 
$
(456
)
 
$
1,010,059

(1) Certain shares were reclassified out of common stock issued and into un-issued




The accompanying notes are an integral part of these condensed consolidated financial statements.


5



BRISTOW GROUP INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Investment and Mezzanine Equity
(Unaudited)
(In thousands, except share amounts)
 
Total Bristow Group Inc. Stockholders’ Investment
 
 
 
 
 
Common
Stock
 
Common
Stock
(Shares)
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury
Stock
 
Noncontrolling
Interests
 
Total
Stockholders’
Investment
March 31, 2019 (Predecessor)
$
386

 
35,918,916

 
$
862,020

 
$
455,598

 
$
(327,989
)
 
$
(184,796
)
 
$
7,148

 
$
812,367

Issuance of common stock

 

 
824

 

 

 

 

 
824

Sale of subsidiaries

 

 

 

 

 

 
(5,612
)
 
(5,612
)
Currency translation adjustments

 

 

 

 

 

 
(11
)
 
(11
)
Net income (loss)

 

 

 
(169,246
)
 

 

 
158

 
(169,088
)
Other comprehensive income

 

 

 

 
17,362

 

 

 
17,362

June 30, 2019 (Predecessor)
386

 
35,918,916

 
862,844

 
286,352

 
(310,627
)
 
(184,796
)
 
1,683

 
655,842

Issuance of common stock

 

 
702

 

 

 

 

 
702

Distributions paid to noncontrolling interests

 

 

 

 

 

 
(1,323
)
 
(1,323
)
Currency translation adjustments

 

 

 

 

 

 
35

 
35

Net income (loss)

 

 

 
(162,974
)
 

 

 
55

 
(162,919
)
Other comprehensive income

 

 

 

 
(11,175
)
 

 

 
(11,175
)
September 30, 2019 (Predecessor)
$
386

 
35,918,916

 
$
863,546

 
$
123,378

 
$
(321,802
)
 
$
(184,796
)
 
$
450

 
$
481,162




The accompanying notes are an integral part of these condensed consolidated financial statements.

6


BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Note 1BASIS OF PRESENTATION, CONSOLIDATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. On January 23, 2020, Era Group Inc. (“Era”), Ruby Redux Merger Sub, Inc., a wholly owned subsidiary of Era (“Merger Sub”) and Bristow Group Inc. (“Old Bristow”) entered into an Agreement and Plan of Merger, as amended on April 22, 2020 (the “Merger Agreement”). On June 11, 2020, the merger (the “Merger”) contemplated by the Merger Agreement was consummated and Merger Sub merged with and into Old Bristow, with Old Bristow continuing as the surviving corporation and as a direct wholly owned subsidiary of Era. Following the Merger, Era changed its name to Bristow Group Inc., and Old Bristow changed its name to Bristow Holdings U.S. Inc. Unless the context otherwise indicates, in this Quarterly Report on Form 10-Q, references to:
the “Company”, “Combined Company,” “Bristow”,  “we”, “us” and “our” refer to the entity currently known as Bristow Group Inc. and formerly known as Era Group Inc., together with all of its current subsidiaries;
“Old Bristow” refers to the entity formerly known as Bristow Group Inc. and now known as Bristow Holdings U.S. Inc., together with its subsidiaries prior to the consummation of the Merger; and
“Era” refers to Era Group Inc. (currently known as Bristow Group Inc., the parent of the Combined Company) and its subsidiaries prior to consummation of the Merger.
Pursuant to the United States (“U.S.”) generally accepted accounting principles (“GAAP”), the Merger was accounted for as an acquisition by Old Bristow of Era even though Era was the legal acquirer and remained the ultimate parent of the Combined Company. As a result, upon the closing of the Merger, Old Bristow’s historical financial statements replaced Era’s historical financial statements for all periods prior to the completion of the  Merger, and the financial condition, results of operations, comprehensive income and cash flows of Era have been included in those financial statements since June 12, 2020. Any reference to comparative period disclosures in the Quarterly Report on Form 10-Q refers to Old Bristow.
Effective upon the closing of the Merger, the Company changed its fiscal year-end from December 31 to March 31, to correspond with Old Bristow’s fiscal year-end. 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, 2021 is referred to as “fiscal year 2021”.
The condensed consolidated financial information for the three and six months ended September 30, 2020 (Successor) and September 30, 2019 (Predecessor) has been prepared by the Company in accordance with GAAP and pursuant to the rules and regulations of 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 GAAP in the United States (“U.S.”) have been condensed or omitted from that which would appear in the annual consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Current Report on Form 8-K for the fiscal year ended March 31, 2020 (the “fiscal year 2020 Financial Statements”) filed with the  Securities and Exchange Commission (the “SEC”) on June 17, 2020, referred to hereafter as the “ Financial Statement Form 8-K”.
The preparation of these 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 balance sheet, the condensed consolidated statements of operations and comprehensive loss, the condensed consolidated statements of cash flows and the condensed consolidated statements of changes in stockholders’ investment and mezzanine equity.  Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire fiscal year. 
The condensed consolidated financial information found on this Quarterly Form 10-Q has not been audited by the Company’s independent registered public accounting firm.
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 (“VIEs”) of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation.

7


BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)

Coronavirus Update
The outbreak of the disease caused by the novel coronavirus (“COVID-19”) caused a significant decrease in oil and natural gas prices resulting from demand weakness and over supply and also caused significant disruptions and volatility in the global marketplace in calendar year 2020.  These conditions are expected to continue for at least the near future. The depressed oil and natural gas price environment was initially exacerbated by decisions by large oil producing countries that have now been altered, but the resolution has not led to a meaningful increase in oil and gas prices, which remain below historical averages. For additional information, see Part II Item 1A “Risk Factors” and the “Recent Developments” section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”).
Emergence from Voluntary Reorganization under Chapter 11
On May 11, 2019 (the “Petition Date”), Old Bristow and certain of its subsidiaries (collectively the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the U.S. Code (the “Bankruptcy Code”). The Debtors’ Chapter 11 Cases were jointly administered under the caption In re: Bristow Group Inc., et al., Main Case No. 19-32713. During the pendency of the Chapter 11 Cases, the Debtors continued to operate their businesses and manage their properties as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On August 1, 2019, the Debtors filed with the Bankruptcy Court their Joint Chapter 11 Plan of Reorganization, and on August 20, 2019, the Debtors filed their Amended Joint Chapter 11 Plan of Reorganization (as further modified on August 22, 2019, the “Amended Plan”) and the related Disclosure Statement (as further modified on August 22, 2019, the “Amended Disclosure Statement”). On October 8, 2019, the Bankruptcy Court entered an order approving the Amended Disclosure Statement and confirming the Amended Plan. The effective date of the Amended Plan (the “Effective Date”) occurred on October 31, 2019 at which point the Debtors emerged from the Chapter 11 Cases.  Claims under the Bankruptcy Court approved debtor in possession (DIP) financing Old Bristow obtained while in bankruptcy were settled with the issuance of new common stock (the “Old Bristow Common Stock”) and new preferred stock (the “Old Bristow Preferred Stock”), both at a par of $0.0001, pursuant to the Amended Plan.   
Upon Old Bristow’s emergence from bankruptcy, Old Bristow adopted fresh-start accounting in accordance with provisions of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) No. 852, “Reorganizations” (“ASC 852”), which resulted in Old Bristow becoming a new entity for financial reporting purposes on the Effective Date. Upon the adoption of fresh-start accounting, the Company’s assets and liabilities were recorded at their fair values as of the fresh-start reporting date, October 31, 2019. As a result of the adoption of fresh-start accounting, Old Bristow’s consolidated financial statements subsequent to October 31, 2019 may not be comparable to the consolidated financial statements prior to October 31, 2019. In this Quarterly Report on Form 10-Q, references to:
“Predecessor” refer to Old Bristow on and prior to October 31, 2019; and
“Successor” refer to the reorganized Old Bristow on and after November 1, 2019 until completion of the Merger and after completion of the Merger refer to the Combined Company.
Current Expected Credit Losses (“CECL”)
The Company’s customers are primarily international, independent and major integrated exploration, development and production companies, third party helicopter operators and government agencies. The Company designates trade receivables as a single pool of assets based on their short-term nature, similar customer base and risk characteristics. Customers are typically granted credit on a short-term basis, and related credit risks are considered minimal. The Company conducts periodic quantitative and qualitative analysis on historic customer payment trends, customer credit ratings and foreseeable economic conditions. Historically, losses on trade receivables have been immaterial and uncorrelated to each other. Based on these analyses, the Company decides if additional reserve amounts are needed against the trade receivables asset pool on a case by case basis. Trade receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. As of September 30, 2020 (Successor), the Company did not reserve any additional amounts for CECL.
As of September 30 and March 31, 2020 (Successor), the allowance for doubtful accounts related to accounts receivables was $1.3 million and $0.4 million, respectively, and primarily related to a customer in the U.S. Gulf of Mexico.

8


BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)

Guarantors of Securities
In March 2020, the SEC amended Rule 3-10 and 3-16 of Regulation S-X, CFR 210.1-01 through 210.3-16, regarding financial disclosure requirements for debt securities issued in registered offerings involving subsidiaries of the registrant as either issuers or guarantors. This amended rule narrows the circumstances that require separate financial statements or summarized financial disclosures of issuers and subsidiary guarantors and simplifies the summarized disclosures required in lieu of those statements. Under the new rule, comparative period information is no longer required. As a result of this amended rule, the Company has included narrative disclosures in lieu of separate financial statements. The Company has early adopted this new rule and has elected to provide the simplified disclosure related to its 7.750% Senior Notes due 2022 within the MD&A.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all accounting standard updates (“ASUs”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial position or results of operations.
Adopted
In June 2016, the FASB issued ASU No. 2016-13, 2019-04, “Measurement of Credit Losses on Financial Instruments” (ASU No. 2016-13), which sets forth the current expected credit loss model, a new forward-looking impairment model for certain financial instruments based on expected losses rather than incurred losses.  The ASU is effective for interim and annual periods beginning after December 15, 2019, and early adoption of the standard was permitted.  Entities were required to adopt ASU No. 2016-13 using a modified retrospective approach, subject to certain limited exceptions.  Upon evaluating the impact of this ASU, the Company concluded that no additional reserves were necessary as historical losses were immaterial, and, based on the qualitative and quantitative analysis performed in accordance with ASC 326 requirements, the Company determined there was no reasonable expectation of credit losses associated with the Company’s trade receivables in the foreseeable future. ASU No. 2016-13 was adopted effective April 1, 2020, and such adoption did not have a material impact on the condensed consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements” (Topic 820) modifying the disclosure requirements on fair value measurements. The amendment modifies, removes, and adds several disclosure requirements on fair value measurements in ASC 820, Fair Value Measurement. The amendment will be effective for the Company in fiscal year 2022, and early adoption is permitted. This disclosure requirement was adopted effective April 1, 2020 prospectively, and such adoption did not have a material impact on its condensed consolidated financial statements.
In August 2018, the FASB modified ASU No. 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans” (Subtopic 715-20), for changes to disclosure requirements for employers that sponsor defined benefit pension plans. Certain disclosure requirements were removed and certain disclosure requirements were added. The amendment also clarifies disclosure requirements for projected benefit obligations and accumulated benefit obligations in excess of respective plan assets. The amendment is effective beginning in the Company’s fiscal year 2021 financial statements, and early adoption is permitted. This disclosure requirement was adopted effective April 1, 2020 by removing the weighted-average expected long-term rate of return on assets in this Quarterly Report. Annual disclosure requirements will be reflected in the Annual Report.
In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic
350-40), providing guidance that addresses the accounting for implementation costs associated with a hosted service. The guidance provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The amendment is effective beginning in fiscal year 2021 financial statements, and early adoption is permitted. The guidance will be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. This disclosure requirement was adopted effective April 1, 2020 prospectively, and such adoption did not have a material impact on its condensed consolidated financial statements.
In October 2018, the FASB amended ASU No. 2018-17, “Targeted Improvements to Related Party Guidance for Variable Interest Entities” (Topic 810), the guidance for determining whether a decision-making fee is a variable interest. The amendments require organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in generally accepted accounting principles). Therefore, these amendments likely will result in more decision makers not consolidating VIEs. This amendment is effective beginning in the Company’s fiscal year 2021 financial statements, and early adoption is permitted. This disclosure requirement was adopted effective April 1, 2020, and such adoption did not have a material impact on the condensed consolidated financial statements.

9


BRISTOW GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)

In March 2020, the FASB issued ASU No. 2020-03, “Codification Improvements to Financial Instruments”, which makes improvements to financial instruments guidance. The standard is effective immediately for certain amendments and for fiscal years beginning after December 15, 2019. This accounting guidance was adopted effective April 1, 2020, and such adoption did not have a material impact on the condensed consolidated financial statements.
Not Yet Adopted
In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes” (Topic 740), new guidance to simplify the accounting for income taxes, which eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. This ASU also includes guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The standard will be effective for the Company in fiscal year 2022 and early adoption is permitted. The Company is currently evaluating the effect this accounting guidance will have on its consolidated financial statements.
In January 2020, the FASB issued ASU No. 2020-01, “Investments-Equity Securities” (Topic 321), “Investments-Equity Method and Joint Ventures” Topic 323 and “Derivatives and Hedging” Topic 815 (ASU No. 2020-01) as an update to ASU No. 2016-01 “Financial Instruments-Overall”, further clarifying certain interactions between the guidance to account for certain equity securities under Topic 321, 323 and 815, and improve current GAAP by reducing diversity in practice and increasing comparability of accounting. The standard will be effective for the Company in fiscal year 2022, and early adoption is permitted. The Company has not yet adopted this accounting guidance and is currently evaluating the effect this accounting guidance will have on its consolidated financial statements.
In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform” (Topic 848). The guidance is intended to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The standard will be effective for the Company in fiscal year 2022. The Company has not yet adopted this accounting guidance and is currently evaluating the effect this accounting guidance will have on its consolidated financial statements.
In August 2020, the FASB issued ASU No. 2020-06, “Debt - Debt with Conversion and Other Options” (Subtopic 470-20) and “Derivatives and Hedging - Contracts in Entity's Own Equity” (Topic 815) as a means of simplifying and reducing the number of accounting models for convertible debt instruments and convertib