| Segment information |
SEGMENT INFORMATION We conduct our business in one segment: Helicopter Services. Effective April 1, 2015, we reorganized our Helicopter Services global operations from five business units to four regions as follows: Europe Caspian, Africa, Americas and Asia Pacific. The Europe Caspian region comprises all our operations and affiliates in Europe and Central Asia, including Norway, the U.K. and Turkmenistan. The Africa region comprises all our operations and affiliates on the African continent, including Nigeria, Tanzania and Egypt. The Americas region comprises all our operations and affiliates in North America and South America, including Brazil, Canada, Trinidad and the U.S. Gulf of Mexico. The Asia Pacific region comprises all our operations and affiliates in Australia and Southeast Asia, including Malaysia and Sakhalin. Amounts presented below for the three and six months ended September 30, 2014 and as of March 31, 2015 have been restated to conform to current period presentation. Additionally, we operate a training unit, Bristow Academy, which is included in Corporate and other. The following shows region information for the three and six months ended September 30, 2015 and 2014 and as of September 30 and March 31, 2015, where applicable, reconciled to consolidated totals, and prepared on the same basis as our condensed consolidated financial statements (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Six Months Ended
September 30, | | | | | 2015 | | 2014 | | 2015 | | 2014 | | | Region gross revenue from external clients: | | | | | | | | | | | Europe Caspian | | $ | 225,498 |
| | $ | 233,391 |
| | $ | 448,447 |
| | $ | 463,647 |
| | | Africa | | 65,299 |
| | 87,666 |
| | 144,214 |
| | 175,136 |
| | | Americas | | 71,858 |
| | 85,466 |
| | 148,458 |
| | 171,821 |
| | | Asia Pacific | | 78,691 |
| | 60,875 |
| | 159,079 |
| | 120,431 |
| | | Corporate and other | | 5,565 |
| | 8,238 |
| | 13,709 |
| | 17,139 |
| | | Total region gross revenue | | $ | 446,911 |
| | $ | 475,636 |
| | $ | 913,907 |
| | $ | 948,174 |
| | | Intra-region gross revenue: | | | | | | | | | | | Europe Caspian | | $ | 685 |
| | $ | 3,672 |
| | $ | 1,077 |
| | $ | 7,067 |
| | | Africa | | 2 |
| | — |
| | 2 |
| | — |
| | | Americas | | 1,720 |
| | 2,727 |
| | 5,372 |
| | 6,241 |
| | | Asia Pacific | | 2 |
| | — |
| | 2 |
| | — |
| | | Corporate and other | | 661 |
| | 743 |
| | 1,444 |
| | 1,386 |
| | | Total intra-region gross revenue | | $ | 3,070 |
| | $ | 7,142 |
| | $ | 7,897 |
| | $ | 14,694 |
| | | Consolidated gross revenue reconciliation: | | | | | | | | | | | Europe Caspian | | $ | 226,183 |
| | $ | 237,063 |
| | $ | 449,524 |
| | $ | 470,714 |
| | | Africa | | 65,301 |
| | 87,666 |
| | 144,216 |
| | 175,136 |
| | | Americas | | 73,578 |
| | 88,193 |
| | 153,830 |
| | 178,062 |
| | | Asia Pacific | | 78,693 |
| | 60,875 |
| | 159,081 |
| | 120,431 |
| | | Corporate and other | | 6,226 |
| | 8,981 |
| | 15,153 |
| | 18,525 |
| | | Intra-region eliminations | | (3,070 | ) | | (7,142 | ) | | (7,897 | ) | | (14,694 | ) | | | Total consolidated gross revenue | | $ | 446,911 |
| | $ | 475,636 |
| | $ | 913,907 |
| | $ | 948,174 |
| |
| | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Six Months Ended
September 30, | | | | | 2015 | | 2014 | | 2015 | | 2014 | | | Earnings from unconsolidated affiliates, net of losses – equity method investments: | | | | | | | | | | | Europe Caspian | | $ | 153 |
| | $ | 524 |
| | $ | 252 |
| | $ | 897 |
| | | Americas | | (15,513 | ) | | (3,428 | ) | | (9,316 | ) | | 480 |
| | | Total earnings from unconsolidated affiliates, net of losses – equity method investments | | $ | (15,360 | ) | | $ | (2,904 | ) | | $ | (9,064 | ) | | $ | 1,377 |
| | | | | | | | | | | | | | Consolidated operating income (loss) reconciliation: | | | | | | | | | | | Europe Caspian | | $ | 15,060 |
| | $ | 40,627 |
| | $ | 29,257 |
| | $ | 82,822 |
| | | Africa | | 7,574 |
| | 19,667 |
| | 20,526 |
| | 37,293 |
| | | Americas | | (9,046 | ) | | 13,566 |
| | 7,486 |
| | 40,224 |
| | | Asia Pacific | | 5,013 |
| | 2,461 |
| | 4,325 |
| | 5,791 |
| | | Corporate and other | | (34,427 | ) | | (32,384 | ) | | (64,891 | ) | | (57,611 | ) | | | Gain (loss) on disposal of assets | | (14,007 | ) | | 127 |
| | (21,702 | ) | | 737 |
| | | Total consolidated operating income (loss) | | $ | (29,833 | ) | | $ | 44,064 |
| | $ | (24,999 | ) | | $ | 109,256 |
| | | | | | | | | | | | | | Depreciation and amortization: | | | | | | | | | | | Europe Caspian | | $ | 10,195 |
| | $ | 10,609 |
| | $ | 20,977 |
| | $ | 20,356 |
| | | Africa | | 9,809 |
| | 3,936 |
| | 15,693 |
| | 7,899 |
| | | Americas | | 10,570 |
| | 8,953 |
| | 20,726 |
| | 16,142 |
| | | Asia Pacific | | 4,858 |
| | 4,640 |
| | 13,177 |
| | 8,880 |
| | | Corporate and other | | 1,955 |
| | 67 |
| | 3,960 |
| | 262 |
| | | Total depreciation and amortization (1) | | $ | 37,387 |
| | $ | 28,205 |
| | $ | 74,533 |
| | $ | 53,539 |
| |
| | | | | | | | | | | | | | | September 30,
2015 | | March 31,
2015 | | | Identifiable assets: | | | | | | | Europe Caspian | | $ | 1,123,176 |
| | $ | 968,234 |
| | | Africa | | 344,405 |
| | 431,466 |
| | | Americas | | 878,553 |
| | 926,956 |
| | | Asia Pacific | | 366,135 |
| | 366,181 |
| | | Corporate and other | | 488,783 |
| | 537,883 |
| | | Total identifiable assets (2) | | $ | 3,201,052 |
| | $ | 3,230,720 |
| |
| | | | | | | | | | | | | Investments in unconsolidated affiliates – equity method investments: | | | | | | | Europe Caspian | | $ | 273 |
| | $ | 65 |
| | | Americas | | 189,791 |
| | 210,025 |
| | | Total investments in unconsolidated affiliates – equity method investments | | $ | 190,064 |
| | $ | 210,090 |
| |
_____________ | | (1) | Includes accelerated depreciation expense of $10.5 million during the three months ended September 30, 2015 related to aircraft where management made the decision to exit certain model types earlier than originally anticipated in our Americas, Africa and Asia Pacific regions of $3.2 million, $6.5 million and $0.8 million, respectively. Includes accelerated depreciation expense of $19.3 million during the six months ended September 30, 2015 related to aircraft where management made the decision to exit certain model types earlier than originally anticipated in our Americas, Africa and Asia Pacific regions of $6.1 million, $8.8 million and $4.4 million, respectively. For further details, see Note 1. |
| | (2) | Includes $262.3 million and $306.0 million of construction in progress within property and equipment on our condensed consolidated balance sheets as of September 30 and March 31, 2015, respectively, which primarily represents progress payments on aircraft to be delivered in future periods. |
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