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SEC Filings

10-Q
BRISTOW GROUP INC filed this Form 10-Q on 08/03/2017
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Liquidity and Capital Resources
Cash Flows
Operating Activities
Net cash flows used by operating activities was $51.2 million and $14.8 million during the Current Quarter and Comparable Quarter, respectively. The decrease in net cash flows from operating activities in the Current Quarter resulted from a combination of an increased net loss and lower cash flow from working capital changes. Changes in non-cash working capital used $32.1 million and $6.5 million in cash flows from operating activities for the Current Quarter and Comparable Quarter, respectively. This increased cash use resulted from the timing of receivable collections and payment of liabilities.
Investing Activities
Cash flows provided by investing activities was $29.4 million during the Current Quarter and cash flows used by investing activities was $9.6 million during the Comparable Quarter. Cash was used primarily for capital expenditures as follows:
 
 
 
Three Months Ended 
 June 30,
 
 
 
2017
 
2016
 
 
Number of aircraft delivered:
 
 
 
 
 
Medium
3

 

 
 
Total aircraft
3

 

 
 
Capital expenditures (in thousands):
 
 
 
 
 
Aircraft and equipment
$
10,810

 
$
17,487

 
 
Land and building
1,743

 
3,576

 
 
Total capital expenditures
$
12,553

 
$
21,063

 
In addition to these capital expenditures, investing cash flows were impacted by aircraft sales. During the Current Quarter, we received proceeds of $42.0 million primarily from the sale or disposal of six aircraft and certain other equipment. During the Comparable Quarter, we received $11.5 million in proceeds from the sale or disposal of six aircraft and certain other equipment.
Financing Activities
Cash flows used in financing activities was $1.2 million during the Current Quarter and cash flows provided by financing activities was $40.4 million during the Comparable Quarter. During the Current Quarter, we received $68.8 million from borrowings on our $400 million revolving credit facility (the “Revolving Credit Facility”). During the Current Quarter, we used cash to repay debt of $66.9 million (including $33.4 million related to our Revolving Credit Facility and $33.5 million related to other principal payments on debt) and pay dividends of $2.5 million on our Common Stock. During the Comparable Quarter, we received $72.0 million from borrowings on our Revolving Credit Facility. During the Comparable Quarter, we used cash to repay debt of $18.0 million and pay dividends of $2.5 million on our Common Stock.

Future Cash Requirements
Contractual Obligations, Commercial Commitments and Off Balance Sheet Arrangements
We have various contractual obligations that are recorded as liabilities on our condensed consolidated balance sheet. Other items, such as certain purchase commitments, interest payments and other executory contracts are not recognized as liabilities on our condensed consolidated balance sheet but are included in the table below. For example, we are contractually committed to make certain minimum lease payments for the use of property and equipment under operating lease agreements.

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