Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35701 | |
Entity Registrant Name | Bristow Group Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1455213 | |
Entity Address, Address Line One | 3151 Briarpark Drive, Suite 700 | |
Entity Address, City or Town | Houston, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77042 | |
City Area Code | 713 | |
Local Phone Number | 267-7600 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | VTOL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 28,246,000 | |
Entity Central Index Key | 0001525221 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Revenue | $ 338,090 | $ 307,270 | $ 959,495 | $ 896,406 |
Costs and expenses: | ||||
General and administrative expenses | 46,256 | 41,146 | 137,602 | 122,949 |
Merger and integration costs | 738 | 291 | 1,854 | 1,483 |
Restructuring costs | 0 | 0 | 0 | 2,113 |
Depreciation and amortization expense | 17,862 | 16,051 | 53,599 | 49,506 |
Total costs and expenses | 313,374 | 296,584 | 925,627 | 876,340 |
Loss on impairment | 0 | 0 | 0 | (5,187) |
Gains on disposal of assets | 1,179 | 3,368 | 1,271 | 1,226 |
Earnings from unconsolidated affiliates | 3,722 | 630 | 6,038 | 420 |
Operating income | 29,617 | 14,684 | 41,177 | 16,525 |
Interest income | 2,532 | 627 | 5,188 | 718 |
Interest expense, net | (10,008) | (10,008) | (30,143) | (30,491) |
Reorganization items, net | (3) | (29) | (86) | (121) |
Other, net | 4,844 | 11,343 | (11,619) | 41,116 |
Total other income (expense), net | (2,635) | 1,933 | (36,660) | 11,222 |
Income before income taxes | 26,982 | 16,617 | 4,517 | 27,747 |
Income tax expense | (22,637) | (116) | (3,334) | (11,607) |
Net income | 4,345 | 16,501 | 1,183 | 16,140 |
Net loss (income) attributable to noncontrolling interests | (28) | 17 | (25) | 52 |
Net income attributable to Bristow Group Inc. | $ 4,317 | $ 16,518 | $ 1,158 | $ 16,192 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.15 | $ 0.59 | $ 0.04 | $ 0.58 |
Diluted (in dollars per share) | $ 0.15 | $ 0.58 | $ 0.04 | $ 0.56 |
Weighted average shares of common stock outstanding: | ||||
Basic (in shares) | 28,217 | 27,958 | 28,088 | 28,148 |
Diluted (in shares) | 28,959 | 28,405 | 28,742 | 28,712 |
Service | ||||
Revenues: | ||||
Revenue | $ 330,252 | $ 299,391 | $ 934,705 | $ 869,121 |
Costs and expenses: | ||||
Operating expenses | 240,682 | 231,423 | 708,065 | 673,635 |
Reimbursable revenues | ||||
Revenues: | ||||
Revenue | 7,838 | 7,879 | 24,790 | 27,285 |
Costs and expenses: | ||||
Operating expenses | $ 7,836 | $ 7,673 | $ 24,507 | $ 26,654 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,345 | $ 16,501 | $ 1,183 | $ 16,140 |
Other comprehensive income (loss): | ||||
Currency translation adjustments | (23,784) | (41,747) | 2,598 | (103,025) |
Pension liability adjustment | 1,697 | 2,261 | (572) | 9,867 |
Unrealized gain (loss) on cash flow hedges, net | (3,864) | 901 | (4,984) | 2,853 |
Total other comprehensive loss | (25,951) | (38,585) | (2,958) | (90,305) |
Total comprehensive loss | (21,606) | (22,084) | (1,775) | (74,165) |
Net comprehensive loss (income) attributable to noncontrolling interests | (28) | 17 | (25) | 52 |
Total comprehensive loss attributable to Bristow Group Inc. | $ (21,634) | $ (22,067) | $ (1,800) | $ (74,113) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 207,530 | $ 160,029 |
Restricted cash | 2,206 | 3,654 |
Accounts receivable, net of allowance for doubtful accounts of $76 and $1,847 as of September 30, 2023 and December 31, 2022, respectively | 219,114 | 215,131 |
Inventories | 94,987 | 81,886 |
Prepaid expenses and other current assets | 33,986 | 32,425 |
Total current assets | 557,823 | 493,125 |
Property and equipment, net of accumulated depreciation of $217,010 and $180,060 as of September 30, 2023 and December 31, 2022, respectively | 882,270 | 915,251 |
Investment in unconsolidated affiliates | 19,627 | 17,000 |
Right-of-use assets | 282,194 | 240,977 |
Other assets | 147,779 | 145,648 |
Total assets | 1,889,693 | 1,812,001 |
Current liabilities: | ||
Accounts payable | 73,267 | 89,610 |
Accrued wages, benefits and related taxes | 47,174 | 45,206 |
Income taxes payable and other accrued taxes | 41,154 | 6,651 |
Deferred revenue | 22,838 | 14,300 |
Accrued maintenance and repairs | 34,002 | 19,654 |
Current portion of operating lease liabilities | 75,199 | 76,261 |
Accrued interest and other accrued liabilities | 19,387 | 22,252 |
Short-term borrowings and current maturities of long-term debt | 12,683 | 11,656 |
Total current liabilities | 325,704 | 285,590 |
Long-term debt, less current maturities | 531,319 | 499,765 |
Accrued pension liabilities | 8,978 | 20,089 |
Other liabilities and deferred credits | 5,432 | 5,030 |
Deferred taxes | 11,557 | 48,633 |
Long-term operating lease liabilities | 211,505 | 165,955 |
Total liabilities | 1,094,495 | 1,025,062 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value, 110,000 authorized; 28,246 and 28,009 outstanding as of September 30, 2023 and December 31, 2022, respectively | 306 | 306 |
Additional paid-in capital | 722,066 | 709,319 |
Retained earnings | 225,906 | 224,748 |
Treasury stock, at cost; 2,566 and 2,456 shares as of September 30, 2023 and December 31, 2022, respectively | (65,722) | (63,009) |
Accumulated other comprehensive loss | (87,015) | (84,057) |
Total Bristow Group Inc. stockholders’ equity | 795,541 | 787,307 |
Noncontrolling interests | (343) | (368) |
Total stockholders’ equity | 795,198 | 786,939 |
Total liabilities and stockholders’ equity | $ 1,889,693 | $ 1,812,001 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 76 | $ 1,847 |
Accumulated depreciation | $ (217,010) | $ (180,060) |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 110,000,000 | 110,000,000 |
Common stock, shares outstanding (in shares) | 28,246,000 | 28,009,000 |
Treasury stock (in shares) | 2,566,000 | 2,456,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning balance at Dec. 31, 2021 | $ 844,312 | $ 303 | $ 696,092 | $ 215,533 | $ (51,083) | $ (16,142) | $ (391) |
Beginning balance (in shares) at Dec. 31, 2021 | 28,302,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share award amortization | 3,309 | 3,309 | |||||
Share repurchases (in shares) | (15,000) | ||||||
Share repurchases | (576) | (576) | |||||
Currency translation adjustments | 7 | 7 | |||||
Net income (loss) | (4,376) | (4,313) | (63) | ||||
Other comprehensive income (loss) | (7,308) | (7,308) | |||||
Ending balance at Mar. 31, 2022 | 835,368 | $ 303 | 699,401 | 211,220 | (51,659) | (23,450) | (447) |
Ending balance (in shares) at Mar. 31, 2022 | 28,287,000 | ||||||
Beginning balance at Dec. 31, 2021 | 844,312 | $ 303 | 696,092 | 215,533 | (51,083) | (16,142) | (391) |
Beginning balance (in shares) at Dec. 31, 2021 | 28,302,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income (loss) | (90,305) | ||||||
Ending balance at Sep. 30, 2022 | 768,834 | $ 306 | 706,657 | 231,725 | (63,009) | (106,447) | (398) |
Ending balance (in shares) at Sep. 30, 2022 | 28,016,000 | ||||||
Beginning balance at Mar. 31, 2022 | 835,368 | $ 303 | 699,401 | 211,220 | (51,659) | (23,450) | (447) |
Beginning balance (in shares) at Mar. 31, 2022 | 28,287,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share award amortization (in shares) | 109,000 | ||||||
Share award amortization | 3,098 | $ 3 | 3,095 | ||||
Share repurchases (in shares) | (192,000) | ||||||
Share repurchases | (4,702) | (4,702) | |||||
Currency translation adjustments | (20) | 20 | |||||
Net income (loss) | 4,015 | 3,987 | 28 | ||||
Other comprehensive income (loss) | (44,412) | (44,412) | |||||
Ending balance at Jun. 30, 2022 | 793,387 | $ 306 | 702,496 | 215,207 | (56,361) | (67,862) | (399) |
Ending balance (in shares) at Jun. 30, 2022 | 28,204,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share award amortization (in shares) | 93,000 | ||||||
Share award amortization | 4,161 | 4,161 | |||||
Share repurchases (in shares) | (281,000) | ||||||
Share repurchases | (6,648) | (6,648) | |||||
Currency translation adjustments | (18) | 18 | |||||
Net income (loss) | 16,501 | 16,518 | (17) | ||||
Other comprehensive income (loss) | (38,585) | (38,585) | |||||
Ending balance at Sep. 30, 2022 | 768,834 | $ 306 | 706,657 | 231,725 | (63,009) | (106,447) | (398) |
Ending balance (in shares) at Sep. 30, 2022 | 28,016,000 | ||||||
Beginning balance at Dec. 31, 2022 | $ 786,939 | $ 306 | 709,319 | 224,748 | (63,009) | (84,057) | (368) |
Beginning balance (in shares) at Dec. 31, 2022 | 28,009,000 | 28,009,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share award amortization | $ 3,311 | 3,311 | |||||
Share repurchases (in shares) | (1,000) | ||||||
Share repurchases | (385) | (385) | |||||
Net income (loss) | (1,525) | (1,522) | (3) | ||||
Other comprehensive income (loss) | 10,127 | 10,127 | |||||
Ending balance at Mar. 31, 2023 | 798,467 | $ 306 | 712,630 | 223,226 | (63,394) | (73,930) | (371) |
Ending balance (in shares) at Mar. 31, 2023 | 28,008,000 | ||||||
Beginning balance at Dec. 31, 2022 | $ 786,939 | $ 306 | 709,319 | 224,748 | (63,009) | (84,057) | (368) |
Beginning balance (in shares) at Dec. 31, 2022 | 28,009,000 | 28,009,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income (loss) | $ (2,958) | ||||||
Ending balance at Sep. 30, 2023 | $ 795,198 | $ 306 | 722,066 | 225,906 | (65,722) | (87,015) | (343) |
Ending balance (in shares) at Sep. 30, 2023 | 28,246,000 | 28,246,000 | |||||
Beginning balance at Mar. 31, 2023 | $ 798,467 | $ 306 | 712,630 | 223,226 | (63,394) | (73,930) | (371) |
Beginning balance (in shares) at Mar. 31, 2023 | 28,008,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share award amortization (in shares) | 239,000 | ||||||
Share award amortization | 5,232 | 5,232 | |||||
Share repurchases (in shares) | (71,000) | ||||||
Share repurchases | (1,974) | (1,974) | |||||
Net income (loss) | (1,637) | (1,637) | |||||
Other comprehensive income (loss) | 12,866 | 12,866 | |||||
Ending balance at Jun. 30, 2023 | 812,954 | $ 306 | 717,862 | 221,589 | (65,368) | (61,064) | (371) |
Ending balance (in shares) at Jun. 30, 2023 | 28,176,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share award amortization (in shares) | 83,000 | ||||||
Share award amortization | 4,204 | 4,204 | |||||
Share repurchases (in shares) | (13,000) | ||||||
Share repurchases | (354) | (354) | |||||
Net income (loss) | 4,345 | 4,317 | 28 | ||||
Other comprehensive income (loss) | (25,951) | (25,951) | |||||
Ending balance at Sep. 30, 2023 | $ 795,198 | $ 306 | $ 722,066 | $ 225,906 | $ (65,722) | $ (87,015) | $ (343) |
Ending balance (in shares) at Sep. 30, 2023 | 28,246,000 | 28,246,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 1,183 | $ 16,140 |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation and amortization expense | 64,850 | 59,106 |
Loss on impairment | 0 | 5,187 |
Gains on disposal of assets | (1,271) | (1,226) |
Equity earnings from unconsolidated affiliates, net of dividends received | (5,701) | (420) |
Deferred income taxes | (36,398) | (2,002) |
Stock-based compensation expense | 12,747 | 10,568 |
Amortization of deferred financing fees | 2,111 | 1,114 |
Discount amortization on long-term debt | 473 | 5,195 |
Increase (decrease) in cash resulting from changes in: | ||
Accounts receivable | (14,435) | (44,144) |
Inventory, prepaid expenses and other assets | (34,063) | (29,298) |
Accounts payable, accrued expenses and other liabilities | 52,040 | (9,463) |
Net cash provided by operating activities | 41,536 | 10,757 |
Cash flows from investing activities: | ||
Capital expenditures | (62,137) | (25,906) |
Proceeds from asset dispositions | 34,094 | 16,688 |
Acquisition, net of cash received | 0 | (12,600) |
Net cash used in investing activities | (28,043) | (21,818) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 169,508 | 0 |
Debt issuance costs | (2,714) | (651) |
Repayments of debt | (138,735) | (8,837) |
Purchase of treasury stock | (2,713) | (11,926) |
Net cash provided by (used in) financing activities | 25,346 | (21,414) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 7,214 | (43,684) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 46,053 | (76,159) |
Cash, cash equivalents and restricted cash at beginning of period | 163,683 | 277,462 |
Cash, cash equivalents and restricted cash at end of period | 209,736 | 201,303 |
Cash paid during the period for: | ||
Interest | 36,185 | 30,766 |
Income taxes | $ 9,551 | $ 16,921 |
BASIS OF PRESENTATION, CONSOLID
BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES | BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities. The condensed consolidated financial information for the three and nine months ended September 30, 2023 and 2022, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. In connection with its fiscal year-end change from March 31 st to December 31 st , the Company filed audited financial statements for the transition period from April 1, 2022 to December 31, 2022, on a Transition Report on Form 10-KT. As such, certain comparative period information has been reclassified to conform to the current period presentation. The condensed consolidated financial statements on this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes thereto included in the Company’s Transition Report on Form 10-KT for the transition period ended December 31, 2022, filed with the SEC on March 9, 2023. Summary of Significant Accounting Policies and Other Accounting Considerations Basis of Consolidation — The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. Accounting Estimates — The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire year. Recent Accounting Standards — The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed within this Quarterly Report on Form 10-Q were assessed and determined as either not applicable or not material to the Company’s consolidated financial position or result of operations. |
REVENUES
REVENUES | 9 Months Ended |
Sep. 30, 2023 | |
Revenue Recognition [Abstract] | |
REVENUES | REVENUES The Company derives its revenues primarily from aviation services. A majority of the Company’s revenues are generated through two types of contracts: helicopter services contracts and fixed wing services contracts. The following table shows the total revenues (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues from contracts with customers $ 325,993 $ 298,375 $ 931,899 $ 869,569 Other revenues 12,097 8,895 27,596 26,837 Total revenues $ 338,090 $ 307,270 $ 959,495 $ 896,406 Revenues by Service Line. The following table sets forth the operating revenues earned by service line for the applicable periods (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Offshore energy services $ 212,990 $ 197,076 $ 589,813 $ 581,476 Government services 85,549 69,908 255,203 206,254 Fixed wing services 29,168 28,945 81,535 71,693 Other services 2,545 3,462 8,154 9,698 Total operating revenues $ 330,252 $ 299,391 $ 934,705 $ 869,121 Contract Assets, Liabilities and Receivables The Company generally satisfies performance of contract obligations by providing aviation services to its customers in exchange for consideration. The timing of performance may differ from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset exists when the Company has a contract with a customer for which revenues have been recognized (i.e., services have been performed), but customer payment is contingent on a future event (i.e., satisfaction of additional performance obligations). These contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to deferred revenues in which advance consideration is received from customers for contracts where revenues are recognized based on future performance of services. Nine Months Ended 2023 2022 Revenues from outstanding contract liabilities $ 9,349 $ 6,975 September 30, December 31, 2022 Receivables under contracts with customers $ 190,271 $ 182,742 Contract liabilities under contracts with customers 21,438 12,931 Contract liabilities are primarily generated by fixed wing services where customers pay for tickets in advance of receiving the Company’s services and advanced payments from helicopter services customers and from mobilization fees received from customers in connection with new contract commencements. There were no contract assets as of September 30, 2023 and December 31, 2022. Remaining Performance Obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. The Company has elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. The Company’s contracts have fixed terms ranging from one month to 10 years and generally may, depending on the contract, be cancelled without penalty and with a notice period of less than a year. Customarily, these contracts do not commit customers to purchase specific amounts of services or minimum flight hours and permit customers to decrease the number of helicopters under contract with a corresponding decrease in the fixed monthly payments without penalty. Excluding any applicable cancellation penalties, revenues from performance obligations that are unsatisfied (or partially unsatisfied) on contracts with fixed consideration that have an expected duration of one year or more and therefore not subject to the practical expedient as of September 30, 2023 were $19.2 million, of which $5.2 million and $14.0 million of revenues are expected to be recognized in 2023 and 2024, respectively. These amounts exclude expected consideration related to performance obligations of a variable nature (i.e., flight services) as they cannot be reasonably and reliably estimated. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company owns a 25% voting interest and a 40% economic interest in Cougar Helicopters Inc. (“Cougar”), an aviation services provider in Canada. Due to common ownership of Cougar, the Company considers VIH Aviation Group Ltd.(“VIH”) a related party. The Company leases certain aircraft and facilities and from time to time purchases inventory from VIH. During the three months ended September 30, 2023 and 2022, the Company made payments of $1.1 million and $1.6 million to its related parties, respectively, and also generated total revenues of $11.5 million and $8.8 million from its related parties, respectively. During the nine months ended September 30, 2023 and 2022, the Company made payments of $4.1 million and $5.0 million to its related parties, respectively, and also generated total revenues of $25.3 million and $22.5 million from its related parties, respectively. Additionally, during the nine months ended September 30, 2023, the Company and VIH entered into resale agreements under which one S92 aircraft was sold in exchange for the purchase of another S92 aircraft in a non-monetary transaction. The exchange did not result in a gain or loss being recognized on the Company’s condensed consolidated statement of operations. As of September 30, 2023 and December 31, 2022, accounts receivables from related parties included in accounts receivables on the condensed consolidated balance sheets were $1.2 million and $0.8 million, respectively. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt as of September 30, 2023 and December 31, 2022, consisted of the following (in thousands): September 30, December 31, 6.875% Senior Notes $ 393,826 $ 392,763 Lombard Debt — 118,658 NatWest Debt 150,176 — Total debt 544,002 511,421 Less short-term borrowings and current maturities of long-term debt (12,683) (11,656) Total long-term debt $ 531,319 $ 499,765 6.875% Senior Notes — In February 2021, the Company issued $400.0 million aggregate principal amount of its 6.875% senior secured notes due March 2028 (the “6.875% Senior Notes”) and received net proceeds of $395.0 million. The 6.875% Senior Notes are fully and unconditionally guaranteed as to payment by a number of subsidiaries. Interest on the 6.875% Senior Notes is payable semi-annually in arrears on March 1st and September 1st of each year. The 6.875% Senior Notes may be redeemed at any time and from time to time, with sufficient notice and at the applicable redemption prices set forth in the indenture governing the 6.875% Senior Notes, inclusive of any accrued and unpaid interest leading up to the redemption date. The indenture governing the 6.875% Senior Notes contains covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem the Company’s capital stock, prepay, redeem or repurchase certain debt, make loans and investments, sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all of its assets. In addition, upon a specified change of control trigger event, the Company must make an offer to repurchase each noteholder’s notes at an offer price of 101% of the aggregate principal amount, plus accrued and unpaid interest. As of September 30, 2023 and December 31, 2022, the Company had $6.2 million and $7.2 million, respectively, of unamortized deferred financing fees associated with the 6.875% Senior Notes. Lombard Debt — In January 2023, in connection with its maturity, the Company made a $129.1 million payment to extinguish the Lombard Debt. NatWest Debt — In January 2023, the Company entered into two thirteen-year secured equipment financings with National Westminster Bank Plc (“NatWest”) for aggregate proceeds of $169.5 million. The net proceeds from the financings were used to refinance the indebtedness of the Lombard Debt and will be used to provide additional financing to support the Company’s obligations under its search and rescue (“SAR”) contracts in the UK The credit facilities bear interest at a rate equal to the Sterling Overnight Index Average (“SONIA”) plus 2.75% per annum and have approximately thirteen-year terms with repayment due in quarterly installments which commenced on March 31, 2023. Bristow's obligations under the NatWest Debt are secured by ten SAR helicopters. During the three and nine months ended September 30, 2023, the Company made principal payments of $3.2 million and $9.7 million, respectively. As of September 30, 2023, the Company had $8.4 million of unamortized deferred financing fees associated with the NatWest debt. ABL Facility — The Company’s asset-backed revolving credit facility (the “ABL Facility”) matures in May 2027, subject to certain early maturity triggers related to maturity of other material debt or a change of control of the Company. Amounts borrowed under the ABL Facility (i) are secured by certain accounts receivable owing to the borrower subsidiaries and the deposit accounts into which payments on such accounts receivable are deposited, and (ii) are fully and unconditionally guaranteed as to payment by the Company, as a parent guarantor, and each of Bristow Norway AS, Bristow Helicopters Limited, Bristow U.S. LLC and Era Helicopters, LLC. As of September 30, 2023, the ABL Facility provided for commitments in an aggregate amount of $85.0 million with the ability to increase the total commitments up to a maximum aggregate amount of $120.0 million, subject to the terms and conditions therein. As of September 30, 2023, there were no outstanding borrowings under the ABL Facility nor had the Company made any draws during the nine months ended September 30, 2023. Letters of credit issued under the ABL Facility in the aggregate face amount of $3.0 million were outstanding on September 30, 2023. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to the short-term nature of these items. Assets and liabilities subject to fair value measurement are categorized into one of three different levels depending on the observability of the inputs employed in the measurement, as follows: • Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs that reflect quoted prices for identical assets or liabilities in markets which are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. Fair Value of Debt The fair value of the Company’s debt has been estimated in accordance with the accounting standard regarding fair value. The fair value of the Company’s long-term debt was estimated using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The carrying and fair values of the Company’s debt are as follows (in thousands): Carrying Level 1 Level 2 Level 3 September 30, 2023 LIABILITIES 6.875% Senior Notes (1) $ 393,826 $ — $ 374,747 $ — NatWest (2) 150,176 — 150,492 — $ 544,002 $ — $ 525,239 $ — December 31, 2022 LIABILITIES 6.875% Senior Notes (1) $ 392,763 $ — $ 366,629 $ — Lombard Debt (3) 118,658 — 120,358 — $ 511,421 $ — $ 486,987 $ — ____________________ (1) As of September 30, 2023 and December 31, 2022, the carrying values were net of unamortized deferred financing fees of $6.2 million and $7.2 million respectively. (2) As of September 30, 2023, the carrying values of unamortized deferred financing fees related to the NatWest Debt were $8.4 million. (3) As of December 31, 2022, the carrying values of unamortized discounts related to the Lombard Debt were $7.0 million. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS From time to time, the Company may use derivatives to partially offset its business exposure to foreign currency risks on expected future cash flows. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. The Company does not offset fair value amounts recognized for derivative instruments under master netting arrangements. The derivative agreements do not contain credit-risk-related contingent features. There are no amounts of related financial collateral received or pledged. The Company does not use any of its derivative instruments for speculative or trading purposes. Cash Flow Hedges The Company may use foreign exchange options or forward contracts to hedge a portion of its forecasted foreign currency denominated transactions. These foreign exchange hedge contracts, carried at fair value, have maturities of up to 18 months. As of September 30, 2023 and December 31, 2022, total notional amounts of outstanding cash flow hedges were $278.7 million and $134.7 million, respectively. As of September 30, 2023, $3.3 million of net losses will be reclassified from accumulated other comprehensive income into earnings within the next 12 months. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. The Company records changes in fair value of these cash flow hedges in accumulated other comprehensive income (loss) in its consolidated balance sheets, until the forecasted transaction occurs. When the forecasted transaction affects earnings, the Company reclassifies it to earnings in the same line item as the hedged items. The Company evaluates hedge effectiveness at the inception of the hedge prospectively, and on an ongoing basis both retrospectively and prospectively. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, it will reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income (loss) to earnings. During the nine months ended September 30, 2023, there were no net gains or losses recognized in earnings relating to hedges of forecasted transactions that did not occur. The fair value of derivative instruments on the Company’s Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 were as follows, presented on a gross basis (in thousands): September 30, 2023 December 31, 2022 Fair Value Asset Derivatives Fair Value Liability Derivatives Fair Value Asset Derivatives Fair Value Liability Derivatives Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 1,192 $ 5,265 $ 1,590 $ 144 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Fleet — The Company’s unfunded capital commitments as of September 30, 2023 consisted primarily of agreements to purchase helicopters and totaled $201.3 million, payable beginning in the fourth quarter of 2023. The Company also had $1.3 million of deposits paid on options not yet exercised as of September 30, 2023. Included in these commitments are orders to purchase two AW189 heavy helicopters, six AW139 medium helicopters, five AW169 light twin helicopters and five H135 light twin helicopters. The AW189 helicopters and AW139 helicopters are scheduled to be delivered in 2024, and the H135 helicopters are scheduled to be delivered between 2024 and 2025. Delivery dates for the AW169 helicopters have yet to be determined. In addition, the Company has outstanding options to purchase up to ten additional AW189 helicopters and ten additional H135 helicopters. If these options are exercised, the AW189 helicopters would be scheduled for delivery between 2024 and 2025, and the H135 helicopters would be scheduled for delivery between 2027 and 2028. The Company may, from time to time, purchase aircraft for which it has no orders. The Company may terminate $64.2 million of its unfunded capital commitments (inclusive of deposits paid on options not yet exercised) without further liability other than aggregate liquidated damages of approximately $1.1 million. General Litigation and Disputes The Company operates in jurisdictions internationally where it is subject to risks that include government action to obtain additional tax revenues. In a number of these jurisdictions, political unrest, the lack of well-developed legal systems and legislation that is not clear enough in its wording to determine the ultimate application, can make it difficult to determine whether legislation may impact the Company’s earnings until such time as a clear court or other ruling exists. The Company operates in jurisdictions currently where amounts may be due to governmental bodies that the Company is not currently recording liabilities for as it is unclear how broad or narrow legislation may ultimately be interpreted. The Company believes that payment of amounts in these instances is not probable at this time, but is reasonably possible. In the normal course of business, the Company is involved in various litigation matters including, among other things, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its condensed consolidated financial statements related thereto as appropriate. It is possible that a change in its estimates related to these exposures could occur, but the Company does not expect such changes in estimated costs or uninsured losses, if any, would have a material effect on its business, consolidated financial position or results of operations. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES During the three months ended September 30, 2023 and 2022, the Company recorded an income tax expense of $22.6 million, resulting in an effective tax rate of 83.9%, and income tax expense of $0.1 million, resulting in an effective tax rate of 0.7%, respectively. During the nine months ended September 30, 2023 and 2022, the Company recorded an income tax expense of $3.3 million, resulting in an effective tax rate of 73.8%, and income tax expense of $11.6 million, resulting in an effective tax rate of 41.8%, respectively. The effective tax rate in 2023 is impacted by the Company’s global mix of earnings, adjustments to valuation allowances against future realization of deductible business interest expense, partially offset by the recognition of certain deferred tax assets. The effective tax rate in 2022 is impacted by the global mix of earnings, the tax impact of non-deductible expenses and adjustments to valuation allowances against net operating losses. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Income (Loss) The following table shows the changes in balances for accumulated other comprehensive income (loss) (in thousands): Currency Translation Adjustments Pension Liability Adjustments Unrealized gain (loss) on cash flow hedges Total Balance as of December 31, 2022 $ (45,350) $ (40,090) $ 1,383 $ (84,057) Other comprehensive income (loss) 10,634 — (1,097) 9,537 Reclassified from accumulated other comprehensive loss — — 590 590 Net current period other comprehensive income (loss) 10,634 — (507) 10,127 Foreign exchange rate impact 1,111 (1,111) — — Balance as of March 31, 2023 $ (33,605) $ (41,201) $ 876 $ (73,930) Other comprehensive income (loss) 13,479 — (1,064) 12,415 Reclassified from accumulated other comprehensive loss — — 451 451 Net current period other comprehensive income (loss) 13,479 — (613) 12,866 Foreign exchange rate impact 1,158 (1,158) — — Balance as of June 30, 2023 $ (18,968) $ (42,359) $ 263 $ (61,064) Other comprehensive income (loss) (22,087) — (3,297) (25,384) Reclassified from accumulated other comprehensive loss — — (567) (567) Net current period other comprehensive loss (22,087) — (3,864) (25,951) Foreign exchange rate impact (1,697) 1,697 — — Balance as of September 30, 2023 $ (42,752) $ (40,662) $ (3,601) $ (87,015) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share excludes options to purchase common stock and restricted stock units and awards which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income: Net income attributable to Bristow Group Inc. $ 4,317 $ 16,518 $ 1,158 $ 16,192 Shares of common stock: Weighted average shares of common stock outstanding – basic 28,217 27,958 28,088 28,148 Net effect of dilutive stock 742 447 654 564 Weighted average shares of common stock outstanding – diluted (1) 28,959 28,405 28,742 28,712 Earnings per common share - basic $ 0.15 $ 0.59 $ 0.04 $ 0.58 Earnings per common share - diluted $ 0.15 $ 0.58 $ 0.04 $ 0.56 __________________ |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company conducts business in one segment: aviation services. The aviation services global operations include four regions as follows: Europe, the Americas, Africa and Asia Pacific. The Europe region comprises all of the Company’s operations and affiliates in Europe, including the Dutch Caribbean, the Falkland Islands, the Netherlands, Norway and the UK The Americas region comprises all of the Company’s operations and affiliates in North America and South America, including Brazil, Canada, Suriname, Trinidad and the U.S. Gulf of Mexico. The Africa region comprises all of the Company’s operations and affiliates on the African continent, including Nigeria. The Asia Pacific region comprises all of the Company’s operations and affiliates in Australia. The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Region revenues: Europe $ 184,524 $ 161,129 $ 536,048 $ 486,067 Americas 99,688 97,317 268,847 287,077 Africa 29,933 23,008 88,439 63,075 Asia Pacific 23,945 25,567 66,161 59,829 Other — 249 — 358 Total region revenues $ 338,090 $ 307,270 $ 959,495 $ 896,406 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Consolidated operating income: Europe $ 16,324 $ 14,393 $ 41,181 $ 49,986 Americas 21,702 17,284 45,222 44,000 Africa 6,780 1,273 17,085 (8,089) Asia Pacific 4,854 (710) 10,704 (8,827) Other (21,222) (20,924) (74,286) (61,771) Gains on disposal of assets 1,179 3,368 1,271 1,226 Total consolidated operating income $ 29,617 $ 14,684 $ 41,177 $ 16,525 September 30, December 31, Identifiable assets: Europe $ 1,166,676 $ 1,012,291 Americas 515,367 484,410 Africa 80,940 84,528 Asia Pacific 54,414 37,459 Other 72,296 193,313 Total identifiable assets $ 1,889,693 $ 1,812,001 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income attributable to Bristow Group Inc. | $ 4,317 | $ 16,518 | $ 1,158 | $ 16,192 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION, CONSOL_2
BASIS OF PRESENTATION, CONSOLIDATION AND ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include the accounts of Bristow Group Inc. and its consolidated entities. Unless the context otherwise indicates, any references to the “Company”, “Bristow”, “we”, “us” and “our” refer to Bristow Group Inc. and its consolidated entities. The condensed consolidated financial information for the three and nine months ended September 30, 2023 and 2022, has been prepared by the Company in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information reporting on Quarterly Form 10-Q and Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from that which would appear in the annual consolidated financial statements. In connection with its fiscal year-end change from March 31 st to December 31 st , the Company filed audited financial statements for the transition period from April 1, 2022 to December 31, 2022, on a Transition Report on Form 10-KT. As such, certain comparative period information has been reclassified to conform to the current period presentation. The condensed consolidated financial statements on this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes thereto included in the Company’s Transition Report on Form 10-KT for the transition period ended December 31, 2022, filed with the SEC on March 9, 2023. |
Basis of Consolidation | Basis of Consolidation — The consolidated financial statements include the accounts of Bristow Group Inc., its wholly and majority-owned subsidiaries and entities that meet the criteria of variable interest entities of which the Company is the primary beneficiary. All significant inter-company accounts and transactions are eliminated in consolidation. |
Accounting Estimates | Accounting Estimates — The preparation of these condensed consolidated financial statements and accompanying footnotes requires the Company to make estimates and assumptions; however, they include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair presentation of the condensed consolidated statements of operations and comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statements of changes in stockholders equity and the condensed consolidated statements of cash flows. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the entire year. |
Recently Accounting Standards | Recent Accounting Standards — The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed within this Quarterly Report on Form 10-Q were assessed and determined as either not applicable or not material to the Company’s consolidated financial position or result of operations. |
Revenues | The Company derives its revenues primarily from aviation services. A majority of the Company’s revenues are generated through two types of contracts: helicopter services contracts and fixed wing services contracts. |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue Recognition [Abstract] | |
Schedule of Disaggregation of Revenue | The following table shows the total revenues (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues from contracts with customers $ 325,993 $ 298,375 $ 931,899 $ 869,569 Other revenues 12,097 8,895 27,596 26,837 Total revenues $ 338,090 $ 307,270 $ 959,495 $ 896,406 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Offshore energy services $ 212,990 $ 197,076 $ 589,813 $ 581,476 Government services 85,549 69,908 255,203 206,254 Fixed wing services 29,168 28,945 81,535 71,693 Other services 2,545 3,462 8,154 9,698 Total operating revenues $ 330,252 $ 299,391 $ 934,705 $ 869,121 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | Nine Months Ended 2023 2022 Revenues from outstanding contract liabilities $ 9,349 $ 6,975 September 30, December 31, 2022 Receivables under contracts with customers $ 190,271 $ 182,742 Contract liabilities under contracts with customers 21,438 12,931 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt as of September 30, 2023 and December 31, 2022, consisted of the following (in thousands): September 30, December 31, 6.875% Senior Notes $ 393,826 $ 392,763 Lombard Debt — 118,658 NatWest Debt 150,176 — Total debt 544,002 511,421 Less short-term borrowings and current maturities of long-term debt (12,683) (11,656) Total long-term debt $ 531,319 $ 499,765 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of debt | The carrying and fair values of the Company’s debt are as follows (in thousands): Carrying Level 1 Level 2 Level 3 September 30, 2023 LIABILITIES 6.875% Senior Notes (1) $ 393,826 $ — $ 374,747 $ — NatWest (2) 150,176 — 150,492 — $ 544,002 $ — $ 525,239 $ — December 31, 2022 LIABILITIES 6.875% Senior Notes (1) $ 392,763 $ — $ 366,629 $ — Lombard Debt (3) 118,658 — 120,358 — $ 511,421 $ — $ 486,987 $ — ____________________ (1) As of September 30, 2023 and December 31, 2022, the carrying values were net of unamortized deferred financing fees of $6.2 million and $7.2 million respectively. (2) As of September 30, 2023, the carrying values of unamortized deferred financing fees related to the NatWest Debt were $8.4 million. (3) As of December 31, 2022, the carrying values of unamortized discounts related to the Lombard Debt were $7.0 million. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of derivative instruments on the Company’s Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 were as follows, presented on a gross basis (in thousands): September 30, 2023 December 31, 2022 Fair Value Asset Derivatives Fair Value Liability Derivatives Fair Value Asset Derivatives Fair Value Liability Derivatives Derivatives designated as hedging instruments: Foreign exchange forward contracts $ 1,192 $ 5,265 $ 1,590 $ 144 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The following table shows the changes in balances for accumulated other comprehensive income (loss) (in thousands): Currency Translation Adjustments Pension Liability Adjustments Unrealized gain (loss) on cash flow hedges Total Balance as of December 31, 2022 $ (45,350) $ (40,090) $ 1,383 $ (84,057) Other comprehensive income (loss) 10,634 — (1,097) 9,537 Reclassified from accumulated other comprehensive loss — — 590 590 Net current period other comprehensive income (loss) 10,634 — (507) 10,127 Foreign exchange rate impact 1,111 (1,111) — — Balance as of March 31, 2023 $ (33,605) $ (41,201) $ 876 $ (73,930) Other comprehensive income (loss) 13,479 — (1,064) 12,415 Reclassified from accumulated other comprehensive loss — — 451 451 Net current period other comprehensive income (loss) 13,479 — (613) 12,866 Foreign exchange rate impact 1,158 (1,158) — — Balance as of June 30, 2023 $ (18,968) $ (42,359) $ 263 $ (61,064) Other comprehensive income (loss) (22,087) — (3,297) (25,384) Reclassified from accumulated other comprehensive loss — — (567) (567) Net current period other comprehensive loss (22,087) — (3,864) (25,951) Foreign exchange rate impact (1,697) 1,697 — — Balance as of September 30, 2023 $ (42,752) $ (40,662) $ (3,601) $ (87,015) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table shows the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Income: Net income attributable to Bristow Group Inc. $ 4,317 $ 16,518 $ 1,158 $ 16,192 Shares of common stock: Weighted average shares of common stock outstanding – basic 28,217 27,958 28,088 28,148 Net effect of dilutive stock 742 447 654 564 Weighted average shares of common stock outstanding – diluted (1) 28,959 28,405 28,742 28,712 Earnings per common share - basic $ 0.15 $ 0.59 $ 0.04 $ 0.58 Earnings per common share - diluted $ 0.15 $ 0.58 $ 0.04 $ 0.56 __________________ |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of revenue by segment | The following tables show region information prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Region revenues: Europe $ 184,524 $ 161,129 $ 536,048 $ 486,067 Americas 99,688 97,317 268,847 287,077 Africa 29,933 23,008 88,439 63,075 Asia Pacific 23,945 25,567 66,161 59,829 Other — 249 — 358 Total region revenues $ 338,090 $ 307,270 $ 959,495 $ 896,406 |
Operating Performance and Total Assets by Segment | Three Months Ended Nine Months Ended 2023 2022 2023 2022 Consolidated operating income: Europe $ 16,324 $ 14,393 $ 41,181 $ 49,986 Americas 21,702 17,284 45,222 44,000 Africa 6,780 1,273 17,085 (8,089) Asia Pacific 4,854 (710) 10,704 (8,827) Other (21,222) (20,924) (74,286) (61,771) Gains on disposal of assets 1,179 3,368 1,271 1,226 Total consolidated operating income $ 29,617 $ 14,684 $ 41,177 $ 16,525 September 30, December 31, Identifiable assets: Europe $ 1,166,676 $ 1,012,291 Americas 515,367 484,410 Africa 80,940 84,528 Asia Pacific 54,414 37,459 Other 72,296 193,313 Total identifiable assets $ 1,889,693 $ 1,812,001 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) | 9 Months Ended | |
Sep. 30, 2023 USD ($) contract | Dec. 31, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Types of contracts | contract | 2 | |
Contract with customer, asset, after allowance for credit loss | $ | $ 0 | $ 0 |
Low | ||
Disaggregation of Revenue [Line Items] | ||
Performance obligation term | 1 month | |
High | ||
Disaggregation of Revenue [Line Items] | ||
Performance obligation term | 10 years |
REVENUES- Schedule of Revenue (
REVENUES- Schedule of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue Recognition [Abstract] | ||||
Revenues from contracts with customers | $ 325,993 | $ 298,375 | $ 931,899 | $ 869,569 |
Other revenues | 12,097 | 8,895 | 27,596 | 26,837 |
Total revenues | $ 338,090 | $ 307,270 | $ 959,495 | $ 896,406 |
REVENUES - Schedule of Revenues
REVENUES - Schedule of Revenues by Service Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 338,090 | $ 307,270 | $ 959,495 | $ 896,406 |
Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 330,252 | 299,391 | 934,705 | 869,121 |
Offshore energy services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 212,990 | 197,076 | 589,813 | 581,476 |
Government services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 85,549 | 69,908 | 255,203 | 206,254 |
Fixed wing services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 29,168 | 28,945 | 81,535 | 71,693 |
Other services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,545 | $ 3,462 | $ 8,154 | $ 9,698 |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligations Total (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 19.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 5.2 |
Remaining performance obligation, expected timing | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 14 |
Remaining performance obligation, expected timing | 1 year |
REVENUES - Schedule of Contract
REVENUES - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Revenues from outstanding contract liabilities | $ 9,349 | $ 6,975 | |
Receivables under contracts with customers | 190,271 | $ 182,742 | |
Contract liabilities under contracts with customers | $ 21,438 | $ 12,931 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) aircraft | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |||||
Revenue | $ 338,090 | $ 307,270 | $ 959,495 | $ 896,406 | |
Number of aircrafts exchanged | aircraft | 1 | ||||
Accounts receivables | 219,114 | $ 219,114 | $ 215,131 | ||
Equity Method Investee | |||||
Related Party Transaction [Line Items] | |||||
Lease fees | 1,100 | 1,600 | 4,100 | 5,000 | |
Revenue | 11,500 | $ 8,800 | 25,300 | $ 22,500 | |
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivables | $ 1,200 | $ 1,200 | $ 800 | ||
Cougar | |||||
Related Party Transaction [Line Items] | |||||
Voting interest | 25% | ||||
Economic interest | 40% |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Feb. 28, 2021 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 544,002 | $ 511,421 | |
Less short-term borrowings and current maturities of long-term debt | (12,683) | (11,656) | |
Total long-term debt | $ 531,319 | 499,765 | |
6.875% Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.875% | ||
Senior Notes | 6.875% Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 393,826 | 392,763 | |
Stated interest rate | 6.875% | 6.875% | |
Secured Debt | Lombard Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | 118,658 | |
Secured Debt | NatWest Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 150,176 | $ 0 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2023 USD ($) loan aircraft | Feb. 28, 2021 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of long-term debt | $ 169,500,000 | |||||
Repayments of debt | $ 138,735,000 | $ 8,837,000 | ||||
6.875% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 6.875% | 6.875% | ||||
Lombard Debt | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 129,100,000 | |||||
NatWest Debt | Sterling Overnight Index Average (SONIA) | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 2.75% | |||||
Senior Notes | 6.875% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 6.875% | 6.875% | 6.875% | |||
Face amount | $ 400,000,000 | |||||
Proceeds from issuance of long-term debt | $ 395,000,000 | |||||
Redemption price | 101% | |||||
Unamortized debt issuance costs | $ 6,200,000 | $ 6,200,000 | $ 7,200,000 | |||
Secured Debt | NatWest Debt | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs | 8,400,000 | 8,400,000 | ||||
Number of agreements | loan | 2 | |||||
Debt term | 13 years | |||||
Number of helicopters secured | aircraft | 10 | |||||
Principal payment | 3,200,000 | 9,700,000 | ||||
Line of Credit | ABL Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 85,000,000 | 85,000,000 | ||||
Increase limit | 120,000,000 | 120,000,000 | ||||
Line of credit, outstanding | 0 | 0 | ||||
Aggregate face amount outstanding | $ 3,000,000 | $ 3,000,000 |
FAIR VALUE DISCLOSURES - Fair V
FAIR VALUE DISCLOSURES - Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Feb. 28, 2021 |
6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stated interest rate | 6.875% | ||
Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unamortized debt discount | $ 7,000 | ||
Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stated interest rate | 6.875% | 6.875% | |
Unamortized debt issuance costs | $ 6,200 | 7,200 | |
Secured Debt | NatWest Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unamortized debt issuance costs | 8,400 | ||
Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 544,002 | 511,421 | |
Carrying Value | Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 393,826 | 392,763 | |
Carrying Value | Secured Debt | NatWest Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 150,176 | ||
Carrying Value | Secured Debt | Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 118,658 | ||
Level 1 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | 0 | |
Level 1 | Fair Value | Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | 0 | |
Level 1 | Fair Value | Secured Debt | NatWest Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | ||
Level 1 | Fair Value | Secured Debt | Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | ||
Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 525,239 | 486,987 | |
Level 2 | Fair Value | Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 374,747 | 366,629 | |
Level 2 | Fair Value | Secured Debt | NatWest Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 150,492 | ||
Level 2 | Fair Value | Secured Debt | Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 120,358 | ||
Level 3 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | 0 | |
Level 3 | Fair Value | Senior Notes | 6.875% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 0 | 0 | |
Level 3 | Fair Value | Secured Debt | NatWest Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | $ 0 | ||
Level 3 | Fair Value | Secured Debt | Lombard Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, maturities | 18 months | |
Notional amount | $ 278,700 | $ 134,700 |
Cash flow hedge loss to be reclassified within 12 months | $ 3,300 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Value of Derivative Instrument (Details) - Foreign Exchange Forward - Designated as Hedging Instrument - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset Derivatives | $ 1,192 | $ 1,590 |
Fair Value Liability Derivatives | $ 5,265 | $ 144 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | Sep. 30, 2023 USD ($) helicopter |
Aircraft | |
Other Commitments [Line Items] | |
Purchase obligations | $ | $ 201.3 |
Deposits paid on options not yet exercised | $ | 1.3 |
Purchase commitment, available to cancel | $ | 64.2 |
Unrecorded unconditional purchase obligation balance sheet amount related to liquidated damage | $ | $ 1.1 |
AW189 Heavy Helicopters | |
Other Commitments [Line Items] | |
Number of helicopters | 2 |
Additional helicopters | 10 |
AW139 Medium Helicopters | |
Other Commitments [Line Items] | |
Number of helicopters | 6 |
AW169 Light Twin Helicopters | |
Other Commitments [Line Items] | |
Number of helicopters | 5 |
H135 Light Twin Helicopters | |
Other Commitments [Line Items] | |
Number of helicopters | 5 |
Additional helicopters | 10 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 22,637 | $ 116 | $ 3,334 | $ 11,607 |
Effective income tax rate | 83.90% | 0.70% | 73.80% | 41.80% |
STOCKHOLDERS' EQUITY - Accumula
STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Beginning balance | $ 812,954 | $ 798,467 | $ 786,939 | $ 793,387 | $ 835,368 | $ 844,312 | $ 786,939 | $ 844,312 |
Total other comprehensive loss | (25,951) | 12,866 | 10,127 | (38,585) | (44,412) | (7,308) | (2,958) | (90,305) |
Foreign exchange rate impact | (23,784) | (41,747) | 2,598 | (103,025) | ||||
Ending balance | 795,198 | 812,954 | 798,467 | 768,834 | 793,387 | 835,368 | 795,198 | 768,834 |
Currency Translation Adjustments | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Beginning balance | (18,968) | (33,605) | (45,350) | (45,350) | ||||
Other comprehensive income (loss) | (22,087) | 13,479 | 10,634 | |||||
Reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | |||||
Total other comprehensive loss | (22,087) | 13,479 | 10,634 | |||||
Foreign exchange rate impact | (1,697) | 1,158 | 1,111 | |||||
Ending balance | (42,752) | (18,968) | (33,605) | (42,752) | ||||
Pension Liability Adjustments | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Beginning balance | (42,359) | (41,201) | (40,090) | (40,090) | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | |||||
Reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | |||||
Total other comprehensive loss | 0 | 0 | 0 | |||||
Foreign exchange rate impact | 1,697 | (1,158) | (1,111) | |||||
Ending balance | (40,662) | (42,359) | (41,201) | (40,662) | ||||
Unrealized gain (loss) on cash flow hedges | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Beginning balance | 263 | 876 | 1,383 | 1,383 | ||||
Other comprehensive income (loss) | (3,297) | (1,064) | (1,097) | |||||
Reclassified from accumulated other comprehensive loss | (567) | 451 | 590 | |||||
Total other comprehensive loss | (3,864) | (613) | (507) | |||||
Foreign exchange rate impact | 0 | 0 | 0 | |||||
Ending balance | (3,601) | 263 | 876 | (3,601) | ||||
Total | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||
Beginning balance | (61,064) | (73,930) | (84,057) | (67,862) | (23,450) | (16,142) | (84,057) | (16,142) |
Other comprehensive income (loss) | (25,384) | 12,415 | 9,537 | |||||
Reclassified from accumulated other comprehensive loss | (567) | 451 | 590 | |||||
Total other comprehensive loss | (25,951) | 12,866 | 10,127 | (38,585) | (44,412) | (7,308) | ||
Foreign exchange rate impact | 0 | 0 | 0 | |||||
Ending balance | $ (87,015) | $ (61,064) | $ (73,930) | $ (106,447) | $ (67,862) | $ (23,450) | $ (87,015) | $ (106,447) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income: | ||||
Net income attributable to Bristow Group Inc. | $ 4,317 | $ 16,518 | $ 1,158 | $ 16,192 |
Shares of common stock: | ||||
Weighted average shares of common stock outstanding - basic (in shares) | 28,217,000 | 27,958,000 | 28,088,000 | 28,148,000 |
Net effect of dilutive stock (in shares) | 742,000 | 447,000 | 654,000 | 564,000 |
Weighted average shares of common stock outstanding - diluted (in shares) | 28,959,000 | 28,405,000 | 28,742,000 | 28,712,000 |
Earnings per common share - basic (in dollars per share) | $ 0.15 | $ 0.59 | $ 0.04 | $ 0.58 |
Earning per common share - diluted (in dollars per share) | $ 0.15 | $ 0.58 | $ 0.04 | $ 0.56 |
Weighted average common stock excluded from computation of Earnings Per Share (in shares) | 1,181,738 | 1,431,071 | 1,293,579 | 999,773 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 region segment | |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 1 |
Number of regions | region | 4 |
SEGMENT INFORMATION - Revenue b
SEGMENT INFORMATION - Revenue by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Region revenue from external customers | $ 338,090 | $ 307,270 | $ 959,495 | $ 896,406 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Region revenue from external customers | 0 | 249 | 0 | 358 |
Europe | Reportable Geographical Components | ||||
Segment Reporting Information [Line Items] | ||||
Region revenue from external customers | 184,524 | 161,129 | 536,048 | 486,067 |
Americas | Reportable Geographical Components | ||||
Segment Reporting Information [Line Items] | ||||
Region revenue from external customers | 99,688 | 97,317 | 268,847 | 287,077 |
Africa | Reportable Geographical Components | ||||
Segment Reporting Information [Line Items] | ||||
Region revenue from external customers | 29,933 | 23,008 | 88,439 | 63,075 |
Asia Pacific | Reportable Geographical Components | ||||
Segment Reporting Information [Line Items] | ||||
Region revenue from external customers | $ 23,945 | $ 25,567 | $ 66,161 | $ 59,829 |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Performance and Total Assets by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Gains on disposal of assets | $ 1,179 | $ 3,368 | $ 1,271 | $ 1,226 | |
Operating income | 29,617 | 14,684 | 41,177 | 16,525 | |
Total identifiable assets | 1,889,693 | 1,889,693 | $ 1,812,001 | ||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | (21,222) | (20,924) | (74,286) | (61,771) | |
Total identifiable assets | 72,296 | 72,296 | 193,313 | ||
Europe | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | 16,324 | 14,393 | 41,181 | 49,986 | |
Total identifiable assets | 1,166,676 | 1,166,676 | 1,012,291 | ||
Americas | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | 21,702 | 17,284 | 45,222 | 44,000 | |
Total identifiable assets | 515,367 | 515,367 | 484,410 | ||
Africa | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | 6,780 | 1,273 | 17,085 | (8,089) | |
Total identifiable assets | 80,940 | 80,940 | 84,528 | ||
Asia Pacific | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | 4,854 | $ (710) | 10,704 | $ (8,827) | |
Total identifiable assets | $ 54,414 | $ 54,414 | $ 37,459 |