$VTOL

ERA GROUP INC.

CIK:0001525221|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Total revenues	$ 411,755	$ 376,429	$ 800,460	$ 726,959
Operating expenses
Personnel	101,193	88,729	204,762	176,040
Repairs and maintenance	60,561	64,788	129,130	126,103
Insurance	5,968	6,149	12,565	12,983
Fuel	33,328	20,399	53,474	39,274
Leased-in equipment	28,865	26,515	57,414	52,564
Other	73,013	71,911	139,120	128,712
Total operating expenses	302,928	278,491	596,465	535,676
General and administrative expenses	43,225	44,375	87,477	87,475
Depreciation and amortization expense	28,889	17,312	53,275	34,153
Total costs and expenses	375,042	340,178	737,217	657,304
Gains on disposal of assets	138	6,209	7,777	5,651
Earnings from unconsolidated affiliates	2,725	180	3,231	882
Operating income	39,576	42,640	74,251	76,188
Interest income	2,870	2,039	6,788	4,157
Interest expense, net	(12,228)	(10,034)	(26,044)	(19,524)
Loss on extinguishment of debt	0	0	(2,849)	0
Other, net	(8,930)	17,577	(14,283)	28,965
Total other income (expense), net	(18,288)	9,582	(36,388)	13,598
Income before income taxes	21,288	52,222	37,863	89,786
Income tax expense	(108)	(20,443)	(3,618)	(30,626)
Net income	21,180	31,779	34,245	59,160
Net loss (income) attributable to noncontrolling interests	(26)	(31)	15	(53)
Net income attributable to Bristow Group Inc.	$ 21,154	$ 31,748	$ 34,260	$ 59,107
Earnings per common share:
Basic (in dollars per share)	$ 0.71	$ 1.10	$ 1.16	$ 2.06
Diluted (in dollars per share)	$ 0.70	$ 1.07	$ 1.14	$ 1.98
Weighted average shares of common stock outstanding:
Basic (in shares)	29,616	28,824	29,457	28,746
Diluted (in shares)	30,011	29,788	30,049	29,826

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 34,245	$ 59,160
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization expense	58,273	41,146
Gains on disposal of assets	(7,777)	(5,651)
Earnings from unconsolidated affiliates	(731)	(882)
Loss on extinguishment of debt	2,849	0
Deferred income taxes	(997)	12,048
Stock-based compensation expense	7,983	8,325
Amortization of deferred financing fees	1,824	2,521
Amortization of deferred contract costs	8,703	4,046
Increase (decrease) in cash resulting from changes in:
Accounts receivable	(27,537)	(2,865)
Inventory, prepaid expenses and other assets	(25,620)	(62,991)
Accounts payable, accrued expenses and other liabilities	(18,389)	43,579
Net cash provided by operating activities	32,826	98,436
Cash flows from investing activities:
Capital expenditures	(108,676)	(83,677)
Proceeds from asset dispositions	30,027	24,089
Net cash used in investing activities	(78,649)	(59,588)
Cash flows from financing activities:
Proceeds from borrowings	500,000	5,831
Debt issuance costs	(11,853)	(238)
Repayments of debt	(413,683)	(24,885)
Exercise of stock options	519	4
Purchase of treasury stock	(11,036)	(8,498)
Dividend payments	(7,401)	0
Net cash provided by (used in) financing activities	56,546	(27,786)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	10,398	(6,489)
Net increase in cash, cash equivalents and restricted cash	21,121	4,573
Cash, cash equivalents and restricted cash at beginning of period	293,631	251,281
Cash, cash equivalents and restricted cash at end of period	314,752	255,854
Cash paid during the period for:
Interest	21,301	24,329
Income taxes, net	$ 14,920	$ 18,806

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 312,297	$ 286,208
Restricted cash	2,455	7,423
Accounts receivable, net of allowance of $175 and $181, respectively	246,299	217,102
Inventories	137,167	132,727
Prepaid expenses and other current assets	56,289	50,828
Total current assets	754,507	694,288
Property and equipment, net of accumulated depreciation of $379,756 and $341,888, respectively	1,183,721	1,152,668
Investment in unconsolidated affiliates	24,584	23,852
Right-of-use assets	225,400	241,666
Other assets	194,361	198,787
Total assets	2,382,573	2,311,261
Current liabilities:
Accounts payable	76,493	86,286
Accrued wages, benefits and related taxes	53,396	68,654
Income taxes payable and other accrued taxes	15,490	22,759
Deferred revenue	30,175	22,440
Accrued maintenance and repairs	26,516	28,793
Current portion of operating lease liabilities	68,369	77,038
Accrued interest and other accrued liabilities	36,038	31,317
Current maturities of long-term debt	27,419	27,943
Total current liabilities	333,896	365,230
Long-term debt, less current maturities	718,061	643,511
Other liabilities and deferred credits	40,711	31,782
Deferred taxes	44,839	46,571
Long-term operating lease liabilities	155,898	164,544
Total liabilities	1,293,405	1,251,638
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value, 110,000 authorized; 33,062 and 32,357 issued, respectively, and 29,642 and 29,177 outstanding, respectively	332	325
Additional paid-in capital	771,022	762,520
Retained earnings	468,366	441,739
Treasury stock, at cost; 3,420 and 3,180 shares, respectively	(98,165)	(87,129)
Accumulated other comprehensive loss	(52,290)	(57,750)
Total Bristow Group Inc. stockholders’ equity	1,089,265	1,059,705
Noncontrolling interests	(97)	(82)
Total stockholders’ equity	1,089,168	1,059,623
Total liabilities and stockholders’ equity	$ 2,382,573	$ 2,311,261