| SEGMENT INFORMATION |
SEGMENT INFORMATION
The Company conducts business in one segment: aviation services. The aviation services global operations include four regions as follows: Europe Caspian, Africa, Americas and Asia Pacific. The Europe Caspian region comprises all of the Company’s operations and affiliates in Europe and Central Asia, including Norway, the U.K. and Turkmenistan. The Africa region comprises all of the Company’s operations and affiliates on the African continent, including Nigeria and Egypt. The Americas region comprises all of the Company’s operations and affiliates in North America and South America, including Brazil, Canada, Colombia, Guyana, Suriname, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all of the Company’s operations and affiliates in Australia and Southeast Asia. Prior to the sale of BHLL and Aviashelf during the three months ended June 30, 2019 (Predecessor), the Company had operations in Sakhalin, Russia which is included in the Asia Pacific region. Prior to the sale of Eastern Airways on May 10, 2019 (Predecessor), the Company had fixed wing operations in the Europe Caspian region.
The following tables show region information reconciled to consolidated totals, and prepared on the same basis as the Company’s condensed consolidated financial statements (in thousands):
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Successor |
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Predecessor |
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Three Months Ended June 30, 2020 |
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Three Months Ended June 30, 2019 |
Region revenue from external customers: |
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Europe Caspian |
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$ |
166,993 |
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$ |
188,594 |
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Africa |
|
31,722 |
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|
|
49,516 |
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Americas |
|
59,114 |
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|
|
56,990 |
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Asia Pacific |
|
12,258 |
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|
|
37,811 |
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Corporate and other |
|
106 |
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|
265 |
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Total region revenue (1)
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$ |
270,193 |
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$ |
333,176 |
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Intra-region revenue: |
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Europe Caspian |
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$ |
2 |
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$ |
1,044 |
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Africa |
|
— |
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|
|
122 |
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Americas |
|
342 |
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|
|
1,311 |
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Asia Pacific |
|
— |
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|
44 |
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Corporate and other |
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— |
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— |
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Total intra-region revenue |
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$ |
344 |
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$ |
2,521 |
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Consolidated revenue: |
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Europe Caspian |
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$ |
166,995 |
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$ |
189,638 |
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Africa |
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31,722 |
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|
49,638 |
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Americas |
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59,456 |
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|
58,301 |
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Asia Pacific |
|
12,258 |
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|
37,855 |
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Corporate and other |
|
106 |
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|
|
265 |
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Intra-region eliminations |
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(344 |
) |
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(2,521 |
) |
Total consolidated revenue (1)
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$ |
270,193 |
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$ |
333,176 |
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_____________
(1) The above table represents disaggregated revenue from contracts with customers except for the following (in thousands):
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Successor |
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Predecessor |
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Three Months Ended June 30, 2020 |
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Three Months Ended June 30, 2019 |
Region revenue from external customers: |
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Europe Caspian |
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$ |
342 |
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$ |
304 |
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Africa |
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— |
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— |
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Americas |
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9,011 |
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|
7,983 |
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Asia Pacific |
|
74 |
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|
81 |
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Corporate and other |
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1,361 |
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— |
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Total region revenue |
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$ |
10,788 |
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$ |
8,368 |
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Successor |
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Predecessor |
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Three Months Ended June 30, 2020 |
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Three Months Ended June 30, 2019 |
Earnings from unconsolidated affiliates, net of losses – equity method investments: |
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Europe Caspian |
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$ |
25 |
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$ |
171 |
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Americas |
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(2,003 |
) |
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|
2,176 |
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Total earnings from unconsolidated affiliates, net of losses – equity method investments |
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$ |
(1,978 |
) |
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$ |
2,347 |
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Consolidated operating income (loss): |
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Europe Caspian |
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$ |
27,312 |
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$ |
11,807 |
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Africa |
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4,849 |
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|
7,745 |
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Americas |
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(13,002 |
) |
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|
3,568 |
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Asia Pacific |
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(1,528 |
) |
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|
(12,434 |
) |
Corporate and other |
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(37,032 |
) |
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(28,641 |
) |
Gain (loss) on disposal of assets |
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5,522 |
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|
|
(3,787 |
) |
Total consolidated operating income (loss) |
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$ |
(13,879 |
) |
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$ |
(21,742 |
) |
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Depreciation and amortization: |
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Europe Caspian |
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$ |
8,212 |
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$ |
12,439 |
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Africa |
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1,317 |
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|
4,991 |
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Americas |
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2,955 |
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|
6,880 |
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Asia Pacific |
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2,006 |
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|
3,721 |
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Corporate and other |
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1,866 |
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|
3,308 |
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Total depreciation and amortization |
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$ |
16,356 |
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$ |
31,339 |
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Successor |
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June 30,
2020
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March 31,
2020 |
Identifiable assets: |
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Europe Caspian |
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$ |
1,189,661 |
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$ |
1,096,022 |
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Africa |
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230,010 |
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|
235,165 |
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Americas |
|
605,188 |
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|
319,015 |
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Asia Pacific |
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123,234 |
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|
166,229 |
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Corporate and other (2)
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|
103,698 |
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|
128,830 |
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Total identifiable assets |
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$ |
2,251,791 |
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$ |
1,945,261 |
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Investments in unconsolidated affiliates – equity method investments: |
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Europe Caspian |
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$ |
597 |
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$ |
575 |
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Americas |
|
55,578 |
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|
76,483 |
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Total investments in unconsolidated affiliates – equity method investments |
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$ |
56,175 |
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$ |
77,058 |
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_____________
(2)
Includes $6.8 million and $7.8 million of construction in progress within property and equipment on the Company’s condensed consolidated balance sheets as of June 30 and March 31, 2020 (Successor) , respectively, which primarily represents aircraft modifications and other miscellaneous equipment, tooling and building improvements currently in progress.
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