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SEC Filings

10-Q
BRISTOW GROUP INC filed this Form 10-Q on 08/03/2017
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(3) 
These financial measures have not been prepared in accordance with generally accepted accounting principles (“GAAP”) and have not been audited or reviewed by our independent registered public accounting firm. These financial measures are therefore considered non-GAAP financial measures. Adjusted EBITDA is calculated by taking our net income and adjusting for interest expense, depreciation and amortization, benefit (provision) for income taxes, gain (loss) on disposal of assets and any special items during the reported periods. See further discussion of our use of the adjusted EBITDA metric below. Adjusted net income (loss) and adjusted diluted earnings (loss) per share are each adjusted for gain (loss) on disposal of assets and any special items during the reported periods. As discussed below, management believes these non-GAAP financial measures provide meaningful supplemental information regarding our results of operations. A description of the adjustments to and reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures is as follows:
 
 
Three Months Ended 
 June 30,
 
 
2017
 
2016
 
 
 
 
 
 
 
(In thousands, except percentages and per share amounts)
Net loss
 
$
(55,746
)
 
$
(41,072
)
(Gain) loss on disposal of assets
 
(699
)
 
10,017

Special items (i)
 
10,866

 
6,559

Depreciation and amortization
 
31,056

 
34,694

Interest expense
 
16,235

 
11,120

Provision (benefit) for income taxes
 
13,491

 
(2,238
)
Adjusted EBITDA
 
$
15,203

 
$
19,080

 
 
 
 
 
(Provision) benefit for income taxes
 
$
(13,491
)
 
$
2,238

Tax expense (benefit) on gain (loss) on disposal of asset
 
4,573

 
(3,206
)
Tax provision on special items
 
11,397

 
8,526

Adjusted benefit for income taxes
 
$
2,479

 
$
7,558

 
 
 
 
 
Effective tax rate (ii)
 
(31.9
)%
 
5.2
%
Adjusted effective tax rate (ii)
 
7.7
 %
 
38.0
%
 
 
 
 
 
Net loss attributable to Bristow Group
 
$
(55,275
)
 
$
(40,772
)
Loss on disposal of assets (iii)
 
3,874

 
6,811

Special items (i) (iii)
 
22,263

 
21,953

Adjusted net loss
 
$
(29,138
)
 
$
(12,008
)
 
 
 
 
 
Diluted loss per share
 
$
(1.57
)
 
$
(1.17
)
Loss on disposal of assets (iii)
 
0.11

 
0.19

Special items (i) (iii)
 
0.63

 
0.63

Adjusted diluted loss per share (iv)
 
(0.83
)
 
(0.34
)
_____________ 
(i) 
See information about special items during the Current Quarter and Comparable Quarter under “— Current Quarter Compared to Comparable Quarter” below.
(ii) 
Effective tax rate is calculated by dividing benefit (provision) for income tax by pretax net income (loss). Adjusted effective tax rate is calculated by dividing adjusted benefit (provision) for income tax by adjusted pretax net income (loss). Tax expense (benefit) on loss on disposal of asset and tax expense (benefit) on special items is calculated using the statutory rate of the entity recording the loss on disposal of asset or special item.  
(iii) 
These amounts are presented after applying the appropriate tax effect to each item and dividing by the weighted average shares outstanding during the related period to calculate the earnings per share impact.
(iv) 
Adjusted diluted earnings per share is calculated using the diluted weighted average number of shares outstanding of 35,227,434 and 34,990,136 during the Current Quarter and Comparable Quarter, respectively.
Management believes that adjusted EBITDA, adjusted benefit (provision) for income taxes, adjusted net income (loss) and adjusted diluted earnings (loss) per share (collectively, the “Non-GAAP measures”) provide relevant and useful information, which is widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and regional performance.

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