Bristow Group Inc
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
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Item 8. Consolidated Statements of Cash Flows
| Twelve Months Ended December 31, 2023 | Nine Months Ended December 31, 2022 | Twelve Months Ended March 31, 2022 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income (loss) | $(6,920) | $13,585 | $(15,713) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization expense | 85,586 | 59,817 | 87,236 |
| Loss on impairment | — | 5,187 | 24,835 |
| Losses (gains) on disposal of assets | (1,112) | 480 | (1,347) |
| Equity (earnings) losses from unconsolidated affiliates, net. | (6,828) | (1,461) | 1,738 |
| Loss on extinguishment of debt | — | — | 124 |
| Loss on sale of subsidiaries | — | — | 2,002 |
| Deferred income taxes | 669 | (5,322) | (1,744) |
| Bad debt expense | — | — | 309 |
| Share-based compensation expense | 16,459 | 9,921 | 11,686 |
| Amortization of deferred financing fees | 2,847 | 1,172 | 1,323 |
| Discount amortization on long-term debt | 473 | 4,972 | 7,710 |
| Increase (decrease) in cash resulting from changes in: | |||
| Accounts receivable | (27,024) | (15,348) | 10,584 |
| Inventory, prepaid expenses and other assets | (39,848) | (61,604) | 15,916 |
| Accounts payable, accrued expenses and other liabilities | 7,735 | (24,703) | (20,805) |
| Net cash provided by (used in) operating activities | 32,037 | (13,304) | 123,854 |
| Cash flows from investing activities: | |||
| Capital expenditures | (81,507) | (49,574) | (31,068) |
| Proceeds from asset dispositions | 34,188 | 18,032 | 14,549 |
| Cash transferred in sale of subsidiaries, net of cash received | — | — | (851) |
| Acquisition, net of cash received | — | (12,600) | — |
| Net cash used in investing activities | (47,319) | (44,142) | (17,370) |
| Cash flows from financing activities: | |||
| Proceeds from borrowings | 169,508 | — | — |
| Debt issuance costs | (2,714) | (822) | (3,112) |
| Repayment of debt | (142,046) | (8,560) | (19,213) |
| Purchase of treasury shares | (2,713) | (11,350) | (41,158) |
| Net cash provided by (used in) financing activities | 22,035 | (20,732) | (63,483) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 13,226 | (24,153) | (8,066) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 19,979 | (102,331) | 34,935 |
| Cash, cash equivalents and restricted cash at beginning of period | 163,683 | 266,014 | 231,079 |
| Cash, cash equivalents and restricted cash at end of period | $183,662 | $163,683 | $266,014 |
| Cash paid during the period for: | |||
| Interest | $39,475 | $17,586 | $32,030 |
| Income taxes | $19,279 | $16,841 | $11,953 |
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