v3.7.0.1

Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheets | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars) (Unaudited)
|  | June 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 48 |  |  | $ | 1,328 |  |  | $ | 947 |  |  | $ | — |  |  | $ | 2,323 |
Short-term investments |  | 237,433 |  |  | — |  |  | — |  |  | — |  |  | 237,433 |
Accounts receivable – net |  | 78,334 |  |  | 63,020 |  |  | 8,969 |  |  | (2,819 | ) |  | 147,504 |
Intercompany receivable |  | — |  |  | 105,938 |  |  | — |  |  | (105,938 | ) |  | — |
Inventories of spare parts – net |  | 67,148 |  |  | 9,007 |  |  | — |  |  | — |  |  | 76,155 |
Prepaid expenses |  | 10,554 |  |  | 2,394 |  |  | 183 |  |  | — |  |  | 13,131 |
Deferred income taxes |  | 10,798 |  |  | — |  |  | — |  |  | — |  |  | 10,798 |
Income taxes receivable |  | 418 |  |  | (4 | ) |  | — |  |  | — |  |  | 414 |
Total current assets |  | 404,733 |  |  | 181,683 |  |  | 10,099 |  |  | (108,757 | ) |  | 487,758 |
Investment in subsidiaries |  | 376,032 |  |  | — |  |  | — |  |  | (376,032 | ) |  | — |
Property and equipment – net |  | 626,402 |  |  | 291,118 |  |  | 614 |  |  | — |  |  | 918,134 |
Restricted cash and investments |  | 12,382 |  |  | — |  |  | 14 |  |  | — |  |  | 12,396 |
Other assets |  | 9,168 |  |  | 1,004 |  |  | — |  |  | — |  |  | 10,172 |
Total assets |  | $ | 1,428,717 |  |  | $ | 473,805 |  |  | $ | 10,727 |  |  | $ | (484,789 | ) |  | $ | 1,428,460 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 24,177 |  |  | $ | 3,200 |  |  | $ | 3,233 |  |  | $ | (2,819 | ) |  | $ | 27,791 |
Accrued and other current liabilities |  | 24,508 |  |  | 7,836 |  |  | 1,040 |  |  | — |  |  | 33,384 |
Intercompany payable |  | 97,739 |  |  | — |  |  | 8,199 |  |  | (105,938 | ) |  | — |
Total current liabilities |  | 146,424 |  |  | 11,036 |  |  | 12,472 |  |  | (108,757 | ) |  | 61,175 |
Long-term debt |  | 631,096 |  |  | — |  |  | — |  |  | — |  |  | 631,096 |
Deferred income taxes and other long-term liabilities |  | 67,136 |  |  | 83,926 |  |  | 1,066 |  |  | — |  |  | 152,128 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |
Common stock and paid-in capital |  | 307,367 |  |  | 77,951 |  |  | 1,375 |  |  | (79,326 | ) |  | 307,367 |
Accumulated other comprehensive loss |  | (254 | ) |  | — |  |  | — |  |  | — |  |  | (254 | )
Retained earnings |  | 276,948 |  |  | 300,892 |  |  | (4,186 | ) |  | (296,706 | ) |  | 276,948 |
Total shareholders’ equity |  | 584,061 |  |  | 378,843 |  |  | (2,811 | ) |  | (376,032 | ) |  | 584,061 |
Total liabilities and shareholders’ equity |  | $ | 1,428,717 |  |  | $ | 473,805 |  |  | $ | 10,727 |  |  | $ | (484,789 | ) |  | $ | 1,428,460 |
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (Thousands of dollars)
|  | December 31, 2016
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries (1) |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |
Cash |  | $ | 36 |  |  | $ | 2,560 |  |  | $ | — |  |  | $ | 2,596 |
Short-term investments |  | 289,806 |  |  | — |  |  | — |  |  | 289,806 |
Accounts receivable – net |  | 71,458 |  |  | 66,807 |  |  | — |  |  | 138,265 |
Intercompany receivable |  | — |  |  | 57,904 |  |  | (57,904 | ) |  | — |
Inventories of spare parts – net |  | 61,834 |  |  | 8,568 |  |  | — |  |  | 70,402 |
Prepaid expenses |  | 6,990 |  |  | 2,269 |  |  | — |  |  | 9,259 |
Deferred income taxes |  | 10,798 |  |  | — |  |  | — |  |  | 10,798 |
Income taxes receivable |  | 558 |  |  | (18 | ) |  | — |  |  | 540 |
Total current assets |  | 441,480 |  |  | 138,090 |  |  | (57,904 | ) |  | 521,666 |
Investment in subsidiaries and others |  | 353,160 |  |  | — |  |  | (353,160 | ) |  | — |
Property and equipment – net |  | 589,104 |  |  | 314,873 |  |  | — |  |  | 903,977 |
Restricted investments |  | 13,023 |  |  | 15 |  |  | — |  |  | 13,038 |
Other assets |  | 8,660 |  |  | 1,099 |  |  | — |  |  | 9,759 |
Total assets |  | $ | 1,405,427 |  |  | $ | 454,077 |  |  | $ | (411,064 | ) |  | $ | 1,448,440 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 22,744 |  |  | $ | 5,960 |  |  | $ | — |  |  | $ | 28,704 |
Accrued and other current liabilities |  | 18,725 |  |  | 9,621 |  |  | — |  |  | 28,346 |
Intercompany payable |  | 57,904 |  |  | — |  |  | (57,904 | ) |  | — |
Total current liabilities |  | 99,373 |  |  | 15,581 |  |  | (57,904 | ) |  | 57,050 |
Long-term debt |  | 631,247 |  |  | — |  |  | — |  |  | 631,247 |
Deferred income taxes and other long-term liabilities |  | 75,029 |  |  | 85,336 |  |  | — |  |  | 160,365 |
Shareholders’ Equity: |  |  |  |  |  |  |  |
Common stock and paid-in capital |  | 305,815 |  |  | 79,191 |  |  | (79,191 | ) |  | 305,815 |
Accumulated other comprehensive loss |  | (478 | ) |  | — |  |  | — |  |  | (478 | )
Retained earnings |  | 294,441 |  |  | 273,969 |  |  | (273,969 | ) |  | 294,441 |
Total shareholders’ equity |  | 599,778 |  |  | 353,160 |  |  | (353,160 | ) |  | 599,778 |
Total liabilities and shareholders’ equity |  | $ | 1,405,427 |  |  | $ | 454,077 |  |  | $ | (411,064 | ) |  | $ | 1,448,440 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
Condensed Consolidating Statements of Operations | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited)
|  | For the quarter ended June 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues, net |  | $ | 75,045 |  |  | $ | 68,857 |  |  | $ | 5,341 |  |  | $ | (2,819 | ) |  | $ | 146,424 |
Expenses: |  |  |  |  |  |  |  |  |  |
Direct expenses |  | 72,598 |  |  | 51,806 |  |  | 5,366 |  |  | (2,819 | ) |  | 126,951 |
Selling, general and administrative expenses |  | 10,916 |  |  | 3,269 |  |  | 66 |  |  | (4 | ) |  | 14,247 |
Total operating expenses |  | 83,514 |  |  | 55,075 |  |  | 5,432 |  |  | (2,823 | ) |  | 141,198 |
Loss (gain) on disposal of assets, net |  | 8 |  |  | (1 | ) |  | — |  |  | — |  |  | 7 |
Equity in (income) loss of unconsolidated affiliates, net |  | (75 | ) |  | — |  |  | 1,066 |  |  | — |  |  | 991 |
Operating (loss) income |  | (8,402 | ) |  | 13,783 |  |  | (1,157 | ) |  | 4 |  |  | 4,228 |
Equity in net income of consolidated subsidiaries |  | (14,613 | ) |  | — |  |  | — |  |  | 14,613 |  |  | — |
Interest expense |  | 8,082 |  |  | 1 |  |  | — |  |  | — |  |  | 8,083 |
Other income, net |  | (708 | ) |  | (1 | ) |  | — |  |  | 4 |  |  | (705 | )
|  | (7,239 | ) |  | — |  |  | — |  |  | 14,617 |  |  | 7,378 |
(Loss) earnings before income taxes |  | (1,163 | ) |  | 13,783 |  |  | (1,157 | ) |  | (14,613 | ) |  | (3,150 | )
Income tax expense (benefit) |  | 2,110 |  |  | (1,987 | ) |  | — |  |  | — |  |  | 123 |
Net (loss) earnings |  | $ | (3,273 | ) |  | $ | 15,770 |  |  | $ | (1,157 | ) |  | $ | (14,613 | ) |  | $ | (3,273 | )
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars)
|  | For the quarter ended June 30, 2016
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries (1) |  | Eliminations |  | Consolidated
Operating revenues, net |  | $ | 89,365 |  |  | $ | 77,771 |  |  | $ | — |  |  | $ | 167,136 |
Expenses: |  |  |  |  |  |  |  |
Direct expenses |  | 89,535 |  |  | 62,882 |  |  | — |  |  | 152,417 |
Selling, general and administrative expenses |  | 9,232 |  |  | 2,871 |  |  | (325 | ) |  | 11,778 |
Total operating expenses |  | 98,767 |  |  | 65,753 |  |  | (325 | ) |  | 164,195 |
Gain on disposal of assets, net |  | (4,298 | ) |  | — |  |  | — |  |  | (4,298 | )
Equity in loss of consolidated affiliates, net |  | 76 |  |  | — |  |  | — |  |  | 76 |
Operating (loss) income |  | (5,180 | ) |  | 12,018 |  |  | 325 |  |  | 7,163 |
Equity in net income of consolidated subsidiaries |  | (7,035 | ) |  | — |  |  | 7,035 |  |  | — |
Interest expense |  | 7,534 |  |  | 6 |  |  | — |  |  | 7,540 |
Other income, net |  | (819 | ) |  | — |  |  | 325 |  |  | (494 | )
|  | (320 | ) |  | 6 |  |  | 7,360 |  |  | 7,046 |
(Loss) earnings before income taxes |  | (4,860 | ) |  | 12,012 |  |  | (7,035 | ) |  | 117 |
Income tax (benefit) expense |  | (9,137 | ) |  | 4,977 |  |  | — |  |  | (4,160 | )
Net earnings |  | $ | 4,277 |  |  | $ | 7,035 |  |  | $ | (7,035 | ) |  | $ | 4,277 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars) (Unaudited)
|  | For the six months ended June 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating revenues, net |  | $ | 149,329 |  |  | $ | 126,330 |  |  | $ | 8,202 |  |  | $ | (2,819 | ) |  | $ | 281,042 |
Expenses: |  |  |  |  |  |  |  |  |  |
Direct expenses |  | 154,942 |  |  | 104,187 |  |  | 7,154 |  |  | (2,819 | ) |  | 263,464 |
Selling, general and administrative expenses |  | 21,024 |  |  | 6,155 |  |  | 120 |  |  | (9 | ) |  | 27,290 |
Total operating expenses |  | 175,966 |  |  | 110,342 |  |  | 7,274 |  |  | (2,828 | ) |  | 290,754 |
Loss (gain) on disposal of assets, net |  | 8 |  |  | (1 | ) |  | — |  |  | — |  |  | 7 |
Equity in loss (income) of unconsolidated affiliates, net |  | 928 |  |  | — |  |  | 1,066 |  |  | — |  |  | 1,994 |
Operating income (loss) |  | (27,573 | ) |  | 15,989 |  |  | (138 | ) |  | 9 |  |  | (11,713 | )
Equity in net income of consolidated subsidiaries |  | (17,243 | ) |  | — |  |  | — |  |  | 17,243 |  |  | — |
Interest expense |  | 16,256 |  |  | 22 |  |  | — |  |  | — |  |  | 16,278 |
Other income, net |  | (1,776 | ) |  | (1 | ) |  | — |  |  | 9 |  |  | (1,768 | )
|  | (2,763 | ) |  | 21 |  |  | — |  |  | 17,252 |  |  | 14,510 |
(Loss) earnings before income taxes |  | (24,810 | ) |  | 15,968 |  |  | (138 | ) |  | (17,243 | ) |  | (26,223 | )
Income tax (benefit) expense |  | (6,289 | ) |  | (1,413 | ) |  | — |  |  | — |  |  | (7,702 | )
Net (loss) earnings |  | $ | (18,521 | ) |  | $ | 17,381 |  |  | $ | (138 | ) |  | $ | (17,243 | ) |  | $ | (18,521 | )
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Thousands of dollars)
|  | For the six months ended June 30, 2016
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries (1) |  | Eliminations |  | Consolidated
Operating revenues, net |  | $ | 181,234 |  |  | $ | 149,918 |  |  | $ | — |  |  | $ | 331,152 |
Expenses: |  |  |  |  |  |  |  |
Direct expenses |  | 181,572 |  |  | 123,399 |  |  | — |  |  | 304,971 |
Selling, general and administrative expenses |  | 18,275 |  |  | 5,674 |  |  | (498 | ) |  | 23,451 |
Total operating expenses |  | 199,847 |  |  | 129,073 |  |  | (498 | ) |  | 328,422 |
Gain on disposal of assets, net |  | (3,939 | ) |  | — |  |  | — |  |  | (3,939 | )
Equity in loss of unconsolidated affiliate |  | 76 |  |  | — |  |  | — |  |  | 76 |
Operating (loss) income |  | (14,750 | ) |  | 20,845 |  |  | 498 |  |  | 6,593 |
Equity in net income of consolidated subsidiaries |  | (12,090 | ) |  | — |  |  | 12,090 |  |  | — |
Interest expense |  | 15,047 |  |  | 26 |  |  | — |  |  | 15,073 |
Other income, net |  | (1,603 | ) |  | (4 | ) |  | 498 |  |  | (1,109 | )
|  | 1,354 |  |  | 22 |  |  | 12,588 |  |  | 13,964 |
(Loss) earnings before income taxes |  | (16,104 | ) |  | 20,823 |  |  | (12,090 | ) |  | (7,371 | )
Income tax (benefit) expense |  | (11,449 | ) |  | 8,733 |  |  | — |  |  | (2,716 | )
Net (loss) earnings |  | $ | (4,655 | ) |  | $ | 12,090 |  |  | $ | (12,090 | ) |  | $ | (4,655 | )
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
Condensed Consolidated Statements of Comprehensive Income (Loss) | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited)
|  | For the quarter ended June 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) earnings |  | $ | (3,273 | ) |  | $ | 15,770 |  |  | $ | (1,157 | ) |  | $ | (14,613 | ) |  | $ | (3,273 | )
Unrealized gain on short-term investments |  | 167 |  |  | — |  |  | — |  |  | — |  |  | 167 |
Changes in pension plan asset and benefit obligation |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Tax effect of the above-listed adjustments |  | (68 | ) |  | — |  |  | — |  |  | — |  |  | (68 | )
Total comprehensive (loss) income |  | $ | (3,151 | ) |  | $ | 15,770 |  |  | $ | (1,157 | ) |  | $ | (14,613 | ) |  | $ | (3,151 | )
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars)
|  | For the quarter ended June 30, 2016
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries (1) |  | Eliminations |  | Consolidated
Net earnings |  | $ | 4,277 |  |  | $ | 7,035 |  |  | $ | (7,035 | ) |  | $ | 4,277 |
Unrealized gain on short-term investments |  | 210 |  |  | — |  |  | — |  |  | 210 |
Changes in pension plan asset and benefit obligations |  | 1 |  |  | — |  |  | — |  |  | 1 |
Tax effect of the above-listed adjustments |  | (75 | ) |  | — |  |  | — |  |  | (75 | )
Total comprehensive (loss) income |  | $ | 4,413 |  |  | $ | 7,035 |  |  | $ | (7,035 | ) |  | $ | 4,413 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars) (Unaudited)
|  | For the six months ended June 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) earnings |  | $ | (18,521 | ) |  | $ | 17,381 |  |  | $ | (138 | ) |  | $ | (17,243 | ) |  | $ | (18,521 | )
Unrealized gain on short-term investments |  | 329 |  |  | — |  |  | — |  |  | — |  |  | 329 |
Changes in pension plan asset and benefit obligation |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |
Tax effect of the above-listed adjustments |  | (127 | ) |  | — |  |  | — |  |  | — |  |  | (127 | )
Total comprehensive (loss) income |  | $ | (18,297 | ) |  | $ | 17,381 |  |  | $ | (138 | ) |  | $ | (17,243 | ) |  | $ | (18,297 | )
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Thousands of dollars)
|  | For the six months ended June 30, 2016
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries (1) |  | Eliminations |  | Consolidated
Net (loss) earnings |  | $ | (4,655 | ) |  | $ | 12,090 |  |  | $ | (12,090 | ) |  | $ | (4,655 | )
Unrealized gain on short-term investments |  | 1,017 |  |  | — |  |  | — |  |  | 1,017 |
Changes in pension plan asset and benefit obligations |  | 2 |  |  | — |  |  | — |  |  | 2 |
Tax effect of the above-listed adjustments |  | (407 | ) |  | — |  |  | — |  |  | (407 | )
Total comprehensive (loss) income |  | $ | (4,043 | ) |  | $ | 12,090 |  |  | $ | (12,090 | ) |  | $ | (4,043 | )
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.
Condensed Consolidating Statements of Cash Flows | PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars) (Unaudited)
|  | For the six months ended June 30, 2017
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities |  | $ | (34,236 | ) |  | $ | 18,916 |  |  | $ | 7,371 |  |  | $ | — |  |  | $ | (7,949 | )
Investing activities: |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  | (43,892 | ) |  | — |  |  | — |  |  | — |  |  | (43,892 | )
Proceeds from asset dispositions |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 17 |
Purchase of short-term investments |  | (134,518 | ) |  | — |  |  | — |  |  | — |  |  | (134,518 | )
Proceeds from sale of short-term investments |  | 187,217 |  |  | — |  |  | — |  |  | — |  |  | 187,217 |
Payments of deposits on aircraft |  | (110 | ) |  | — |  |  | — |  |  | — |  |  | (110 | )
Net cash provided by (used in) investing activities |  | 8,714 |  |  | — |  |  | — |  |  | — |  |  | 8,714 |
Financing activities: |  |  |  |  |  |  |  |  |  |
Proceeds from line of credit |  | 66,525 |  |  | — |  |  | — |  |  | — |  |  | 66,525 |
Payments on line of credit |  | (67,300 | ) |  | — |  |  | — |  |  | — |  |  | (67,300 | )
Repurchase of common stock |  | (263 | ) |  | — |  |  | — |  |  | — |  |  | (263 | )
Due to/from affiliate, net |  | 26,572 |  |  | (19,688 | ) |  | (6,884 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities |  | 25,534 |  |  | (19,688 | ) |  | (6,884 | ) |  | — |  |  | (1,038 | )
Increase (decrease) in cash |  | 12 |  |  | (772 | ) |  | 487 |  |  | — |  |  | (273 | )
Cash, beginning of period |  | 36 |  |  | 2,100 |  |  | 460 |  |  | — |  |  | 2,596 |
Cash, end of period |  | $ | 48 |  |  | $ | 1,328 |  |  | $ | 947 |  |  | $ | — |  |  | $ | 2,323 |
PHI, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Thousands of dollars)
|  | For the six months ended June 30, 2016
|  | Parent Company Only (issuer) |  | Guarantor Subsidiaries (1) |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities |  | $ | (12,954 | ) |  | $ | 13,753 |  |  | $ | — |  |  | $ | 799 |
Investing activities: |  |  |  |  |  |  |  |
Purchase of property and equipment |  | (39,535 | ) |  | (373 | ) |  | — |  |  | (39,908 | )
Proceeds from asset dispositions |  | 10,998 |  |  | — |  |  | — |  |  | 10,998 |
Purchase of short-term investments |  | (151,436 | ) |  | — |  |  | — |  |  | (151,436 | )
Proceeds from sale of short-term investments |  | 148,838 |  |  | — |  |  | — |  |  | 148,838 |
Payments of deposits on aircraft |  | (131 | ) |  | — |  |  | — |  |  | (131 | )
Net cash used in investing activities |  | (31,266 | ) |  | (373 | ) |  | — |  |  | (31,639 | )
Financing activities: |  |  |  |  |  |  |  |
Proceeds from line of credit |  | 150,800 |  |  | — |  |  | — |  |  | 150,800 |
Payments on line of credit |  | (113,300 | ) |  | — |  |  | — |  |  | (113,300 | )
Repurchase of common stock |  | (500 | ) |  | — |  |  | — |  |  | (500 | )
Due to/from affiliate, net |  | 7,214 |  |  | (7,214 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities |  | 44,214 |  |  | (7,214 | ) |  | — |  |  | 37,000 |
(Decrease) increase in cash |  | (6 | ) |  | 6,166 |  |  | — |  |  | 6,160 |
Cash, beginning of period |  | 46 |  |  | 2,361 |  |  | — |  |  | 2,407 |
Cash, end of period |  | $ | 40 |  |  | $ | 8,527 |  |  | $ | — |  |  | $ | 8,567 |
(1) | Foreign subsidiaries represent minor subsidiaries and are included in the guarantors’ subsidiaries amounts.

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