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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Tidewater Inc | NYSE:TDW | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.01 | -0.02% | 54.39 | 55.8176 | 53.90 | 54.66 | 560,687 | 01:00:00 |
From Feb 2024 to Feb 2025
Second Quarter 2024 Highlights
Share Repurchases and 2024 Guidance
Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2024 of $339.2 million and $660.4 million, respectively, compared with $215.0 million and $408.1 million, respectively, for the three and six months ended June 30, 2023. Tidewater's net income for the three and six months ended June 30, 2024, was $50.4 million ($0.94 per common share) and $97.4 million ($1.83 per common share), respectively, compared with net income of $22.6 million ($0.43 per common share) and $33.3 million ($0.64 per common share), respectively, for the three and six months ended June 30, 2023.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Second quarter revenue came in nicely above our expectations driven by continued strength in global day rates. Our consolidated global average day rate expanded materially during the quarter, with the average day rate increasing nearly $1,600 per day sequentially, the second largest sequential increase in day rate since the offshore vessel recovery began in early 2022. The improvement in day rates was broad-based with each vessel class and each segment posting day rate improvement sequentially. We saw particular strength in our large and mid-sized AHTS vessels, with significant day rate increases on both a term contract and spot basis, which is indicative of the strength of drilling activity during the seasonably favorable second quarter and of the preparation for additional drilling projects as we progress towards the end of the year.
“Chartering activity for our PSVs and AHTS vessels continued to improve, with notable term contract day rate progression in our Europe and Mediterranean and Asia Pacific segments as preparation for activity towards the end of the year and 2025 continues to firm up amid tight vessel supply. The composite leading edge term contract average day rate this quarter declined approximately 6% sequentially as we had several of our smallest vessels come off of long-term contracts early in the Middle East. We were able to immediately re-contract these vessels and the new day rates were on average 29% higher than the previous contracts, but nonetheless the low day rate nature of this market and vessel size brought down the composite quarterly average.
“Revenue in the second quarter came in at $339.2 million with a gross margin of 47.7%. On a global basis, revenue, gross margin and day rate were all up from the previous quarter; both absolute gross margin dollars and day rate marked a new record for Tidewater and we generated the highest gross margin percentage in fifteen years. Utilization declined modestly as drydock days increased sequentially due to more vessels undergoing drydocks during the quarter. We anticipate that drydock days in the third quarter should decline modestly from the second quarter and drop meaningfully in the fourth quarter as we finish off our peak drydock year in the typical five year drydock cycle.
“We generated $87.6 million of free cash flow during the second quarter, a nice increase from the first quarter and a demonstration of the free cash flow generation capability of the fleet. We were active in repurchasing shares during the second quarter and we currently retain the unused capacity under the previously announced share repurchase authorization. In addition, we are pleased to announce the Board has authorized an additional $13.9 million of share repurchase capacity, for a total outstanding share repurchase capacity of $47.7 million. The outstanding authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. Since the inception of the share repurchase program in the fourth quarter of 2023, we have repurchased approximately $67.9 million of outstanding shares. We believe that the pace of our return of capital program to-date is sustainable on a long-term basis given the outlook for the business and the structural supply and demand factors supporting the offshore supply vessel industry.
“We anticipate strength in the various elements of demand for our vessels to continue to build throughout the year, though we do anticipate several drilling campaigns to begin later during the third quarter and early into the fourth quarter than originally anticipated, and in addition we expect an increase in drydock days from what was previously anticipated for the third quarter. As such, we update our full-year revenue guidance to $1.39 to $1.41 billion and gross margin guidance of 51%. We remain optimistic about the outlook for 2025, as the observable supply and demand factors driving the offshore vessel industry remain highly constructive, which should allow us to maintain the pace of day rate increases that we have achieved over the past year, combined with a substantial increase in available vessel days as the heaviest drydock schedule in 2024 rolls into the lightest drydock schedule in 2025, naturally lifting vessel utilization.”
In addition to the number of outstanding shares, as of June 30, 2024, the Company also has the following in-the-money warrants.
Common shares outstanding
52,487,862
New Creditor Warrants (strike price $0.001 per common share)
76,175
GulfMark Creditor Warrants (strike price $0.01 per common share)
81,179
Total
52,645,216
Tidewater will hold a conference call to discuss results for the three months ending June 30, 2024 on August 7, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 1488572 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at 11:00 a.m. Central Time on August 7, 2024. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.
About Tidewater
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.
Cautionary Statement
This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).
These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.
If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Financial information is displayed beginning on the next page.
The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at June 30, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023; and the Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023. Extracts are drawn from the June 30, 2024 unaudited quarterly and year to date financial statements and the December 31, 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.
TIDEWATER INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In Thousands, except per share data)
Three Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Revenues:
Vessel revenues
$
337,003
$
210,323
$
655,689
$
401,503
Other operating revenues
2,227
4,638
4,705
6,562
Total revenues
339,230
214,961
660,394
408,065
Costs and expenses:
Vessel operating costs
176,513
118,264
344,069
233,723
Costs of other operating revenues
816
373
1,966
1,524
General and administrative
26,329
26,013
51,658
49,558
Depreciation and amortization
59,445
32,768
115,715
63,434
Gain on asset dispositions, net
(2,000
)
(1,404
)
(13,039
)
(3,620
)
Total costs and expenses
261,103
176,014
500,369
344,619
Operating income
78,127
38,947
160,025
63,446
Other income (expense):
Foreign exchange loss
(2,376
)
(3,819
)
(6,461
)
(1,471
)
Equity in net earnings of unconsolidated companies
5
25
—
25
Interest income and other, net
1,175
2,790
2,658
2,920
Interest and other debt costs, net
(19,127
)
(4,731
)
(38,603
)
(8,921
)
Total other expense
(20,323
)
(5,735
)
(42,406
)
(7,447
)
Income before income taxes
57,804
33,212
117,619
55,999
Income tax expense
7,887
11,284
20,957
23,255
Net income
49,917
21,928
96,662
32,744
Less: Net loss attributable to noncontrolling interests
(437
)
(656
)
(718
)
(578
)
Net income attributable to Tidewater Inc.
$
50,354
$
22,584
$
97,380
$
33,322
Basic income per common share
$
0.96
$
0.44
$
1.85
$
0.66
Diluted income per common share
$
0.94
$
0.43
$
1.83
$
0.64
Weighted average common shares outstanding
52,684
50,857
52,502
50,731
Dilutive effect of warrants, restricted stock units and stock options
663
1,148
640
1,260
Adjusted weighted average common shares
53,347
52,005
53,142
51,991
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)
June 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
315,897
$
274,437
Restricted cash
3,527
1,241
Trade and other receivables, net of allowance for credit losses of $3,350 and $15,914 at June 30, 2024 and December 31, 2023, respectively
280,498
268,352
Marine operating supplies
26,908
31,933
Prepaid expenses and other current assets
20,115
15,172
Total current assets
646,945
591,135
Net properties and equipment
1,253,583
1,315,122
Deferred drydocking and survey costs
148,657
106,698
Indemnification assets
10,920
17,370
Other assets
29,643
32,449
Total assets
$
2,089,748
$
2,062,774
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
60,740
$
44,931
Accrued expenses
133,149
125,590
Current portion of long-term debt
102,993
103,077
Other current liabilities
43,342
55,133
Total current liabilities
340,224
328,731
Long-term debt
607,998
631,361
Other liabilities
62,539
64,985
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,487,862 and 52,259,303 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
52
52
Additional paid-in-capital
1,649,523
1,671,759
Accumulated deficit
(573,390
)
(637,838
)
Accumulated other comprehensive loss
5,062
5,266
Total stockholders' equity
1,081,247
1,039,239
Noncontrolling interests
(2,260
)
(1,542
)
Total equity
1,078,987
1,037,697
Total liabilities and equity
$
2,089,748
$
2,062,774
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
Three Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Net income
$
49,917
$
21,928
$
96,662
$
32,744
Other comprehensive income (loss):
Unrealized gain (loss) on note receivable
73
(184
)
153
(316
)
Change in liability of pension plans
(220
)
(3,504
)
(357
)
(3,694
)
Total comprehensive income
$
49,770
$
18,240
$
96,458
$
28,734
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Six Months
Six Months
Ended
Ended
June 30, 2024
June 30, 2023
Operating activities:
Net income
$
96,662
$
32,744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
78,191
42,144
Amortization of deferred drydocking and survey costs
37,524
21,290
Amortization of debt premiums and discounts
3,593
842
Amortization of below market contracts
(2,856
)
—
Provision for deferred income taxes
32
34
Gain on asset dispositions, net
(13,039
)
(3,620
)
Gain on pension settlement
—
(1,807
)
Stock-based compensation expense
6,226
4,751
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables
(12,146
)
(37,919
)
Accounts payable
15,809
30,876
Accrued expenses
10,648
(13,544
)
Deferred drydocking and survey costs
(80,101
)
(52,691
)
Other, net
(7,133
)
(565
)
Net cash provided by operating activities
133,410
22,535
Cash flows from investing activities:
Proceeds from asset dispositions
14,817
8,659
Proceeds from sale of notes
702
—
Additions to properties and equipment
(17,334
)
(17,500
)
Net cash used in investing activities
(1,815
)
(8,841
)
Cash flows from financing activities:
Proceeds from issuance of shares
2
—
Principal payments on long-term debt
(26,507
)
—
Purchase of common stock
(32,898
)
—
Acquisition of non-controlling interest in a majority owned subsidiary
—
(1,427
)
Debt issuance costs
(193
)
—
Share based awards reacquired to pay taxes
(28,463
)
(5,521
)
Net cash used in financing activities
(88,059
)
(6,948
)
Net change in cash, cash equivalents and restricted cash
43,536
6,746
Cash, cash equivalents and restricted cash at beginning of period
277,965
167,977
Cash, cash equivalents and restricted cash at end of period
$
321,501
$
174,723
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
30,546
$
7,846
Income taxes
$
33,084
$
27,201
Supplemental disclosure of noncash investing activities:
Purchase of vessels
$
—
$
12,171
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels
$
—
$
12,171
Note: Cash, cash equivalents and restricted cash at June 30, 2024 includes $2.1 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Thousands)
Three Months Ended
Accumulated
Additional
other
Non
Common
paid-in
Accumulated
comprehensive
controlling
stock
capital
deficit
income
interest
Total
Balance at March 31, 2024
$
53
$
1,646,061
$
(594,347
)
$
5,209
$
(1,823
)
$
1,055,153
Total comprehensive income (loss)
—
—
50,354
(147
)
(437
)
49,770
Issuance of common stock
—
2
—
—
—
2
Repurchase and retirement of common stock
(1
)
—
(29,397
)
—
—
(29,398
)
Amortization of share-based awards
—
3,460
—
—
—
3,460
Balance at June 30, 2024
$
52
$
1,649,523
$
(573,390
)
$
5,062
$
(2,260
)
$
1,078,987
Balance at March 31, 2023
$
51
$
1,553,919
$
(688,911
)
$
8,254
$
100
$
873,413
Total comprehensive income (loss)
—
—
22,584
(3,688
)
(656
)
18,240
Amortization of share-based awards
—
874
—
—
—
874
Balance at June 30, 2023
$
51
$
1,554,793
$
(666,327
)
$
4,566
$
(556
)
$
892,527
Six Months Ended
Accumulated
Additional
other
Non
Common
paid-in
Accumulated
comprehensive
controlling
stock
capital
deficit
income (loss)
interest
Total
Balance at December 31, 2023
$
52
$
1,671,759
$
(637,838
)
$
5,266
$
(1,542
)
$
1,037,697
Total comprehensive income (loss)
—
—
97,380
(204
)
(718
)
96,458
Issuance of common stock
1
1
—
—
—
2
Repurchase and retirement of common stock
(1
)
—
(32,932
)
—
—
(32,933
)
Amortization of share-based awards
—
(22,237
)
—
—
—
(22,237
)
Balance at June 30, 2024
$
52
$
1,649,523
$
(573,390
)
$
5,062
$
(2,260
)
$
1,078,987
Balance at December 31, 2022
$
51
$
1,556,990
$
(699,649
)
$
8,576
$
22
$
865,990
Total comprehensive income (loss)
—
—
33,322
(4,010
)
(578
)
28,734
Acquisition of non-controlling interest in a majority owned subsidiary
—
(1,427
)
—
—
—
(1,427
)
Amortization of share-based awards
—
(770
)
—
—
—
(770
)
Balance at June 30, 2023
$
51
$
1,554,793
$
(666,327
)
$
4,566
$
(556
)
$
892,527
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands)
Three Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Vessel revenues:
Americas
$
73,142
22
%
$
50,376
24
%
$
137,083
21
%
$
98,063
24
%
Asia Pacific
55,221
16
%
22,585
11
%
103,002
16
%
44,609
11
%
Middle East
36,536
11
%
31,856
15
%
74,468
11
%
62,618
16
%
Europe/Mediterranean
83,266
25
%
39,295
19
%
163,647
25
%
70,545
18
%
West Africa
88,838
26
%
66,211
31
%
177,489
27
%
125,668
31
%
Total vessel revenues
$
337,003
100
%
$
210,323
100
%
$
655,689
100
%
$
401,503
100
%
Vessel operating costs:
Crew costs
$
106,231
31
%
$
68,007
32
%
$
208,583
32
%
$
134,650
34
%
Repair and maintenance
24,743
7
%
16,834
8
%
46,091
7
%
33,486
8
%
Insurance
2,625
1
%
2,168
1
%
5,205
1
%
4,173
1
%
Fuel, lube and supplies
15,562
5
%
13,958
7
%
32,880
5
%
27,513
7
%
Other
27,352
8
%
17,297
8
%
51,310
7
%
33,901
8
%
Total vessel operating costs
176,513
52
%
118,264
56
%
344,069
52
%
233,723
58
%
Vessel operating margin (A)
$
160,490
48
%
$
92,059
44
%
$
311,620
48
%
$
167,780
42
%
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.
The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:
(In Thousands)
Three Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Vessel operating profit:
Americas
$
20,148
6
%
$
6,245
3
%
$
30,274
5
%
$
14,207
3
%
Asia Pacific
16,931
5
%
7,026
3
%
31,778
5
%
12,594
3
%
Middle East
(1,842
)
(1
)%
(1,657
)
(1
)%
(313
)
(0
)%
(2,001
)
(0
)%
Europe/Mediterranean
15,129
4
%
8,307
4
%
29,886
4
%
10,343
3
%
West Africa
37,739
11
%
25,474
12
%
78,749
12
%
42,695
10
%
Other operating profit
1,411
1
%
4,265
2
%
2,739
0
%
5,038
1
%
89,516
26
%
49,660
23
%
173,113
26
%
82,876
20
%
Corporate expenses (A)
(13,389
)
(4
)%
(12,117
)
(6
)%
(26,127
)
(4
)%
(23,050
)
(5
)%
Gain on asset dispositions, net
2,000
1
%
1,404
1
%
13,039
2
%
3,620
1
%
Operating income
$
78,127
23
%
$
38,947
18
%
$
160,025
24
%
$
63,446
16
%
Note (A): General and administrative expenses for the three and six months ended June 30, 2024 include stock-based compensation of $3.4 million and $6.2 million, respectively. General and administrative expenses for the three months and six months ended June 30, 2023 include stock-based compensation of $2.7 million and $4.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2024, include nil and $0.7 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three months and six months ended June 30, 2023, include $1.3 million and $2.7 million in one-time acquisition, restructuring and integration related costs, respectively.
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA
(In Thousands, except per share data)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Revenues:
Vessel revenues
$
337,003
$
318,686
$
300,515
$
296,975
$
210,323
Other operating revenues
2,227
2,478
2,143
2,287
4,638
Total revenues
339,230
321,164
302,658
299,262
214,961
Costs and expenses:
Vessel operating costs (A)
176,513
167,556
158,553
164,239
118,264
Costs of other operating revenue
816
1,150
1,337
1,481
373
General and administrative (A)
26,329
25,329
24,724
21,001
26,013
Depreciation and amortization
59,445
56,270
59,167
57,730
32,768
Gain on asset dispositions, net
(2,000
)
(11,039
)
(4,218
)
(863
)
(1,404
)
Total operating costs and expenses
261,103
239,266
239,563
243,588
176,014
Operating income
78,127
81,898
63,095
55,674
38,947
Other income (expense):
Foreign exchange gain (loss)
(2,376
)
(4,085
)
2,250
(2,149
)
(3,819
)
Equity in net earnings (losses) of unconsolidated companies
5
(5
)
10
4
25
Interest income and other, net
1,175
1,483
3,029
568
2,790
Interest and other debt costs, net
(19,127
)
(19,476
)
(20,263
)
(19,288
)
(4,731
)
Total other expense
(20,323
)
(22,083
)
(14,974
)
(20,865
)
(5,735
)
Income before income taxes
57,804
59,815
48,121
34,809
33,212
Income tax expense
7,887
13,070
10,793
9,260
11,284
Net income
49,917
46,745
37,328
25,549
21,928
Net loss attributable to noncontrolling interests
(437
)
(281
)
(336
)
(650
)
(656
)
Net income attributable to Tidewater Inc.
$
50,354
$
47,026
$
37,664
$
26,199
$
22,584
Basic income per common share
$
0.96
$
0.90
$
0.72
$
0.50
$
0.44
Diluted income per common share
$
0.94
$
0.89
$
0.70
$
0.49
$
0.43
Weighted average common shares outstanding
52,684
52,320
52,648
52,230
50,857
Dilutive effect of warrants, restricted stock units and stock options
663
580
1,351
1,380
1,148
Adjusted weighted average common shares
53,347
52,900
53,999
53,610
52,005
Vessel operating margin
$
160,490
$
151,130
$
141,962
$
132,736
$
92,059
Note (A): Acquisition, restructuring and integration related costs
$
—
$
709
$
2,177
$
6,079
$
1,242
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
ASSETS
Current assets:
Cash and cash equivalents
$
315,897
$
280,853
$
274,437
$
275,070
$
171,261
Restricted cash
3,527
6,474
1,241
4,973
1,242
Trade and other receivables, net
280,498
285,968
268,352
250,671
195,906
Marine operating supplies
26,908
24,767
31,933
27,489
22,495
Assets held for sale
—
—
—
565
630
Prepaid expenses and other current assets
20,115
17,447
15,172
16,598
18,958
Total current assets
646,945
615,509
591,135
575,366
410,492
Net properties and equipment
1,253,583
1,286,618
1,315,122
1,348,001
784,873
Deferred drydocking and survey costs
148,657
128,639
106,698
99,215
92,481
Indemnification assets
10,920
16,642
17,370
18,648
22,678
Other assets
29,643
30,408
32,449
30,325
33,640
Total assets
$
2,089,748
$
2,077,816
$
2,062,774
$
2,071,555
$
1,344,164
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
60,740
$
51,774
$
44,931
$
57,183
$
69,822
Accrued expenses
133,149
132,190
125,590
119,631
91,875
Current portion of long-term debt
102,993
103,009
103,077
102,369
2,441
Other current liabilities
43,342
52,164
55,133
53,301
42,305
Total current liabilities
340,224
339,137
328,731
332,484
206,443
Long-term debt
607,998
620,329
631,361
641,301
179,573
Other liabilities
62,539
63,197
64,985
66,246
65,621
Equity:
Common stock
52
53
52
53
51
Additional paid-in-capital
1,649,523
1,646,061
1,671,759
1,668,392
1,554,793
Accumulated deficit
(573,390
)
(594,347
)
(637,838
)
(640,128
)
(666,327
)
Accumulated other comprehensive income
5,062
5,209
5,266
4,413
4,566
Total stockholders' equity
1,081,247
1,056,976
1,039,239
1,032,730
893,083
Noncontrolling interests
(2,260
)
(1,823
)
(1,542
)
(1,206
)
(556
)
Total equity
1,078,987
1,055,153
1,037,697
1,031,524
892,527
Total liabilities and equity
$
2,089,748
$
2,077,816
$
2,062,774
$
2,071,555
$
1,344,164
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Operating activities:
Net income
$
49,917
$
46,745
$
37,328
$
25,549
$
21,928
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
39,380
38,811
42,788
43,845
21,096
Amortization of deferred drydocking and survey costs
20,065
17,459
16,379
13,885
11,672
Amortization of debt premiums and discounts
1,779
1,814
1,975
1,802
422
Amortization of below market contracts
(1,650
)
(1,206
)
(1,894
)
(1,906
)
—
Provision (benefit) for deferred income taxes
(41
)
73
23
35
(1
)
Gain on asset dispositions, net
(2,000
)
(11,039
)
(4,218
)
(863
)
(1,404
)
Gain on pension settlement
—
—
(506
)
—
(1,807
)
Stock-based compensation expense
3,460
2,766
3,508
2,496
2,648
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables
5,470
(17,616
)
(17,072
)
(54,765
)
(12,186
)
Accounts payable
8,966
6,843
(12,252
)
(12,639
)
5,047
Accrued expenses
4,048
6,600
5,841
27,775
(15,374
)
Deferred drydocking and survey costs
(40,083
)
(40,018
)
(24,069
)
(20,618
)
(21,366
)
Other, net
(10,666
)
3,533
(600
)
10,343
(934
)
Net cash provided by operating activities
78,645
54,765
47,231
34,939
9,741
Cash flows from investing activities:
Proceeds from asset dispositions
2,354
12,463
5,902
945
2,943
Proceeds from sale of notes
702
—
—
—
—
Acquisitions, net of cash acquired
—
—
—
(594,191
)
—
Additions to properties and equipment
(6,392
)
(10,942
)
(8,386
)
(5,702
)
(8,849
)
Net cash provided by (used in) investing activities
(3,336
)
1,521
(2,484
)
(598,948
)
(5,906
)
Cash flows from financing activities:
Exercise of warrants
—
—
—
111,483
—
Proceeds from issuance of shares
2
—
—
—
—
Issuance of long-term debt
—
—
—
575,000
—
Principal payments on long-term debt
(14,007
)
(12,500
)
(13,677
)
—
—
Purchase of common stock
(29,397
)
(3,501
)
(35,025
)
—
—
Debt issuance costs
(58
)
(135
)
—
(14,758
)
—
Share based awards reacquired to pay taxes
(1
)
(28,462
)
(141
)
(378
)
(1,774
)
Net cash provided by (used in) financing activities
(43,461
)
(44,598
)
(48,843
)
671,347
(1,774
)
Net change in cash, cash equivalents and restricted cash
31,848
11,688
(4,096
)
107,338
2,061
Cash, cash equivalents and restricted cash at beginning of period
289,653
277,965
282,061
174,723
172,662
Cash, cash equivalents and restricted cash at end of period
$
321,501
$
289,653
$
277,965
$
282,061
$
174,723
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
14,925
$
15,621
$
18,186
$
606
$
7,748
Income taxes
$
17,481
$
15,603
$
7,295
$
9,384
$
10,144
Supplemental disclosure of noncash investing activities:
Purchase of vessels
$
—
$
—
$
2,067
$
27
$
12,171
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels
$
—
$
—
$
3,037
$
27
$
12,171
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900
$
31,400
$
29,924
$
28,714
$
29,270
$
20,316
PSV < 900
28,010
24,531
28,143
28,886
19,134
AHTS > 16K
7,228
2,036
4,034
3,584
3,425
AHTS 8 - 16K
2,002
2,476
2,316
2,064
2,807
AHTS 4 - 8K
219
945
1,428
1,570
1,480
Other
4,283
4,029
3,790
5,343
3,214
Total
73,142
63,941
68,425
70,717
50,376
Asia Pacific fleet:
PSV > 900
21,578
23,210
19,485
20,159
9,648
PSV < 900
14,402
11,830
8,679
8,292
5,811
AHTS > 16K
7,815
4,555
3,759
3,271
2,065
AHTS 8 - 16K
7,874
4,507
4,706
5,287
5,001
AHTS 4 - 8K
1,269
1,576
1,601
1,582
8
Other
2,283
2,103
402
403
52
Total
55,221
47,781
38,632
38,994
22,585
Middle East fleet:
PSV > 900
1,359
1,365
1,378
1,088
1,211
PSV < 900
19,963
21,017
19,215
17,790
16,812
AHTS > 16K
(3
)
287
1,178
1,196
1,217
AHTS 8 - 16K
3,163
2,397
3,094
3,420
4,276
AHTS 4 - 8K
12,054
12,866
13,207
11,191
8,340
Total
36,536
37,932
38,072
34,685
31,856
Europe/Mediterranean fleet:
PSV > 900
64,875
61,827
61,559
59,872
27,602
PSV < 900
13,290
14,126
15,356
14,039
9,195
AHTS > 16K
4,057
3,346
2,437
3,617
2,228
Other
1,044
1,082
1,391
1,401
270
Total
83,266
80,381
80,743
78,929
39,295
West Africa fleet:
PSV > 900
20,044
21,743
15,478
17,566
11,550
PSV < 900
32,601
31,812
31,893
26,396
25,419
AHTS > 16K
8,065
8,048
6,994
7,138
9,129
AHTS 8 - 16K
18,466
16,316
11,219
11,917
9,870
AHTS 4 - 8K
2,827
2,370
2,126
2,745
3,496
Other
6,835
8,362
6,933
7,888
6,747
Total
88,838
88,651
74,643
73,650
66,211
Worldwide fleet:
PSV > 900
139,256
138,069
126,614
127,955
70,327
PSV < 900
108,266
103,316
103,286
95,403
76,371
AHTS > 16K
27,162
18,272
18,402
18,806
18,064
AHTS 8 - 16K
31,505
25,696
21,335
22,688
21,954
AHTS 4 - 8K
16,369
17,757
18,362
17,088
13,324
Other
14,445
15,576
12,516
15,035
10,283
Total
$
337,003
$
318,686
$
300,515
$
296,975
$
210,323
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900
11
11
12
12
10
PSV < 900
17
18
18
18
15
AHTS > 16K
2
2
2
2
2
AHTS 8 - 16K
2
2
2
2
2
AHTS 4 - 8K
2
2
2
2
2
Other
1
1
2
2
2
Total
35
36
38
38
33
Stacked vessels
—
(1
)
(1
)
(1
)
(1
)
Active vessels
35
35
37
37
32
Asia Pacific fleet:
PSV > 900
9
8
8
8
6
PSV < 900
5
5
5
4
2
AHTS > 16K
3
3
2
2
2
AHTS 8 - 16K
3
3
3
3
3
AHTS 4 - 8K
1
1
1
1
1
Other
1
1
—
—
—
Total
22
21
19
18
14
Stacked vessels
—
—
—
—
—
Active vessels
22
21
19
18
14
Middle East fleet:
PSV > 900
1
1
1
1
1
PSV < 900
20
20
20
20
20
AHTS > 16K
—
—
1
1
1
AHTS 8 - 16K
5
5
5
5
5
AHTS 4 - 8K
17
17
18
18
17
Total
43
43
45
45
44
Stacked vessels
—
—
—
—
—
Active vessels
43
43
45
45
44
Europe/Mediterranean fleet:
PSV > 900
39
40
39
38
18
PSV < 900
9
9
10
10
7
AHTS > 16K
2
2
2
2
1
Total
50
51
51
50
26
Stacked vessels
—
—
—
—
—
Active vessels
50
51
51
50
26
West Africa fleet:
PSV > 900
9
9
9
9
7
PSV < 900
19
19
19
19
18
AHTS > 16K
4
4
4
4
5
AHTS 8 - 16K
11
11
11
11
11
AHTS 4 - 8K
4
4
4
5
6
Other
20
21
21
24
23
Total
67
68
68
72
70
Stacked vessels
(1
)
(1
)
(1
)
(3
)
(5
)
Active vessels
66
67
67
69
65
Worldwide fleet:
PSV > 900
69
69
69
68
42
PSV < 900
70
71
72
71
62
AHTS > 16K
11
11
11
11
11
AHTS 8 - 16K
21
21
21
21
21
AHTS 4 - 8K
24
24
25
26
26
Other
22
23
23
26
25
Total
217
219
221
223
187
Stacked vessels
(1
)
(2
)
(2
)
(4
)
(6
)
Active vessels
216
217
219
219
181
Total active
216
217
219
219
181
Total stacked
1
2
2
4
6
Total
217
219
221
223
187
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900
960
1,001
1,104
1,095
910
PSV < 900
1,547
1,631
1,675
1,730
1,365
AHTS > 16K
182
182
184
184
182
AHTS 8 - 16K
182
182
184
184
182
AHTS 4 - 8K
182
182
184
184
182
Other
123
128
184
184
182
Total
3,176
3,306
3,515
3,561
3,003
Asia Pacific fleet:
PSV > 900
819
765
736
726
559
PSV < 900
455
455
454
358
182
AHTS > 16K
273
241
184
184
182
AHTS 8 - 16K
273
273
276
276
273
AHTS 4 - 8K
91
91
92
92
91
Other
59
54
—
—
—
Total
1,970
1,879
1,742
1,636
1,287
Middle East fleet:
PSV > 900
91
91
92
92
91
PSV < 900
1,820
1,820
1,840
1,840
1,820
AHTS > 16K
—
32
92
92
91
AHTS 8 - 16K
455
455
460
460
455
AHTS 4 - 8K
1,547
1,547
1,615
1,640
1,556
Total
3,913
3,945
4,099
4,124
4,013
Europe/Mediterranean fleet:
PSV > 900
3,590
3,603
3,588
3,492
1,638
PSV < 900
819
838
920
907
637
AHTS > 16K
182
182
184
184
139
Total
4,591
4,623
4,692
4,583
2,414
West Africa fleet:
PSV > 900
819
819
828
819
637
PSV < 900
1,729
1,729
1,735
1,744
1,638
AHTS > 16K
364
364
368
368
407
AHTS 8 - 16K
1,001
1,001
1,012
1,012
1,001
AHTS 4 - 8K
330
364
385
476
546
Other
1,820
1,875
1,899
2,184
2,099
Total
6,063
6,152
6,227
6,603
6,328
Worldwide fleet:
PSV > 900
6,279
6,279
6,348
6,224
3,835
PSV < 900
6,370
6,473
6,624
6,579
5,642
AHTS > 16K
1,001
1,001
1,012
1,012
1,001
AHTS 8 - 16K
1,911
1,911
1,932
1,932
1,911
AHTS 4 - 8K
2,150
2,184
2,276
2,392
2,375
Other
2,002
2,057
2,083
2,368
2,281
Total
19,713
19,905
20,275
20,507
17,045
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV < 900
—
84
92
92
91
Total
—
84
92
92
91
West Africa fleet:
AHTS 4 - 8K
57
91
109
184
182
Other
—
—
16
103
265
Total
57
91
125
287
447
Worldwide fleet:
PSV < 900
—
84
92
92
91
AHTS 4 - 8K
57
91
109
184
182
Other
—
—
16
103
265
Total
57
175
217
379
538
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900
960
1,001
1,104
1,095
910
PSV < 900
1,547
1,547
1,583
1,638
1,274
AHTS > 16K
182
182
184
184
182
AHTS 8 - 16K
182
182
184
184
182
AHTS 4 - 8K
182
182
184
184
182
Other
123
128
184
184
182
Total
3,176
3,222
3,423
3,469
2,912
Asia Pacific fleet:
PSV > 900
819
765
736
726
559
PSV < 900
455
455
454
358
182
AHTS > 16K
273
241
184
184
182
AHTS 8 - 16K
273
273
276
276
273
AHTS 4 - 8K
91
91
92
92
91
Other
59
54
—
—
—
Total
1,970
1,879
1,742
1,636
1,287
Middle East fleet:
PSV > 900
91
91
92
92
91
PSV < 900
1,820
1,820
1,840
1,840
1,820
AHTS > 16K
—
32
92
92
91
AHTS 8 - 16K
455
455
460
460
455
AHTS 4 - 8K
1,547
1,547
1,615
1,640
1,556
Total
3,913
3,945
4,099
4,124
4,013
Europe/Mediterranean fleet:
PSV > 900
3,590
3,603
3,588
3,492
1,638
PSV < 900
819
838
920
907
637
AHTS > 16K
182
182
184
184
139
Total
4,591
4,623
4,692
4,583
2,414
West Africa fleet:
PSV > 900
819
819
828
819
637
PSV < 900
1,729
1,729
1,735
1,744
1,638
AHTS > 16K
364
364
368
368
407
AHTS 8 - 16K
1,001
1,001
1,012
1,012
1,001
AHTS 4 - 8K
273
273
276
292
364
Other
1,820
1,875
1,883
2,081
1,834
Total
6,006
6,061
6,102
6,316
5,881
Worldwide fleet:
PSV > 900
6,279
6,279
6,348
6,224
3,835
PSV < 900
6,370
6,389
6,532
6,487
5,551
AHTS > 16K
1,001
1,001
1,012
1,012
1,001
AHTS 8 - 16K
1,911
1,911
1,932
1,932
1,911
AHTS 4 - 8K
2,093
2,093
2,167
2,208
2,193
Other
2,002
2,057
2,067
2,265
2,016
Total
19,656
19,730
20,058
20,128
16,507
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900
92.2
%
87.9
%
77.2
%
84.5
%
78.5
%
PSV < 900
80.3
70.0
78.9
85.7
83.9
AHTS > 16K
99.1
33.4
59.0
54.7
50.0
AHTS 8 - 16K
58.6
80.2
74.0
65.4
100.0
AHTS 4 - 8K
14.2
59.7
93.7
97.8
93.7
Other
99.4
100.0
100.0
100.0
100.0
Total
80.7
%
74.5
%
78.9
%
84.1
%
82.8
%
Asia Pacific fleet:
PSV > 900
87.6
%
93.7
%
93.4
%
97.3
%
71.1
%
PSV < 900
96.3
86.3
92.3
99.0
100.0
AHTS > 16K
65.3
53.4
72.7
66.7
60.7
AHTS 8 - 16K
80.8
75.9
63.9
78.9
85.0
AHTS 4 - 8K
78.5
100.0
100.0
100.0
10.4
Other
77.9
76.8
—
—
—
Total
84.9
%
84.0
%
86.6
%
91.3
%
72.4
%
Middle East fleet:
PSV > 900
100.0
%
100.0
%
100.0
%
90.2
%
100.0
%
PSV < 900
88.0
95.3
88.6
82.8
81.6
AHTS > 16K
—
69.3
100.0
100.0
100.0
AHTS 8 - 16K
66.6
50.1
60.4
69.0
87.0
AHTS 4 - 8K
82.9
86.5
87.6
77.7
63.4
Total
83.8
%
86.6
%
85.6
%
79.8
%
76.0
%
Europe/Mediterranean fleet:
PSV > 900
87.4
%
88.9
%
91.4
%
90.8
%
91.0
%
PSV < 900
87.5
90.9
86.8
86.4
81.3
AHTS > 16K
46.4
34.1
53.2
63.3
43.4
Total
85.8
%
87.1
%
89.0
%
88.8
%
85.7
%
West Africa fleet:
PSV > 900
78.4
%
86.9
%
64.9
%
88.5
%
83.1
%
PSV < 900
79.2
82.6
95.4
85.1
91.1
AHTS > 16K
79.5
89.8
91.1
77.0
92.9
AHTS 8 - 16K
98.2
98.6
72.4
79.5
79.6
AHTS 4 - 8K
71.9
66.7
57.6
58.5
62.9
Other
49.5
55.9
56.9
50.0
49.4
Total
72.9
%
77.1
%
73.3
%
70.7
%
72.3
%
Worldwide fleet:
PSV > 900
87.1
%
89.2
%
85.8
%
90.1
%
84.0
%
PSV < 900
84.3
84.3
87.9
85.6
85.5
AHTS > 16K
73.2
60.0
75.8
70.7
73.0
AHTS 8 - 16K
84.4
82.0
68.5
75.6
84.1
AHTS 4 - 8K
75.2
81.6
83.5
76.3
63.5
Other
53.4
59.2
60.7
53.9
53.4
Total
80.5
%
81.5
%
81.5
%
80.5
%
76.9
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900
92.2
%
87.9
%
77.2
%
84.5
%
78.5
%
PSV < 900
80.3
73.8
83.4
90.5
89.9
AHTS > 16K
99.1
33.4
59.0
54.7
50.0
AHTS 8 - 16K
58.6
80.2
74.0
65.4
100.0
AHTS 4 - 8K
14.2
59.7
93.7
97.8
93.7
Other
99.4
100.0
100.0
100.0
100.0
Total
80.7
%
76.5
%
81.0
%
86.3
%
85.4
%
Asia Pacific fleet:
PSV > 900
87.6
%
93.7
%
93.4
%
97.3
%
71.1
%
PSV < 900
96.3
86.3
92.3
99.0
100.0
AHTS > 16K
65.3
53.4
72.7
66.7
60.7
AHTS 8 - 16K
80.8
75.9
63.9
78.9
85.0
AHTS 4 - 8K
78.5
100.0
100.0
100.0
10.4
Other
77.9
76.8
—
—
—
Total
84.9
%
84.0
%
86.6
%
91.3
%
72.4
%
Middle East fleet:
PSV > 900
100.0
%
100.0
%
100.0
%
90.2
%
100.0
%
PSV < 900
88.0
95.3
88.6
82.8
81.6
AHTS > 16K
—
69.3
100.0
100.0
100.0
AHTS 8 - 16K
66.6
50.1
60.4
69.0
87.0
AHTS 4 - 8K
82.9
86.5
87.6
77.7
63.4
Total
83.8
%
86.6
%
85.6
%
79.8
%
76.0
%
Europe/Mediterranean fleet:
PSV > 900
87.4
%
88.9
%
91.4
%
90.8
%
91.0
%
PSV < 900
87.5
90.9
86.8
86.4
81.3
AHTS > 16K
46.4
34.1
53.2
63.3
43.4
Total
85.8
%
87.1
%
89.0
%
88.8
%
85.7
%
West Africa fleet:
PSV > 900
78.4
%
86.9
%
64.9
%
88.5
%
83.1
%
PSV < 900
79.2
82.6
95.4
85.1
91.1
AHTS > 16K
79.5
89.8
91.1
77.0
92.9
AHTS 8 - 16K
98.2
98.6
72.4
79.5
79.6
AHTS 4 - 8K
86.9
88.9
80.4
95.4
94.3
Other
49.5
55.9
57.4
52.5
56.5
Total
73.6
%
78.3
%
74.8
%
73.9
%
77.8
%
Worldwide fleet:
PSV > 900
87.1
%
89.2
%
85.8
%
90.1
%
84.0
%
PSV < 900
84.3
85.4
89.2
86.8
86.9
AHTS > 16K
73.2
60.0
75.8
70.7
73.0
AHTS 8 - 16K
84.4
82.0
68.5
75.6
84.1
AHTS 4 - 8K
77.2
85.1
87.7
82.6
68.8
Other
53.4
59.2
61.2
56.4
60.4
Total
80.7
%
82.3
%
82.4
%
82.1
%
79.4
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900
$
35,490
$
34,015
$
33,707
$
31,648
$
28,446
PSV < 900
22,542
21,499
21,306
19,479
16,702
AHTS > 16K
40,088
33,490
37,174
35,598
37,640
AHTS 8 - 16K
18,771
16,964
16,997
17,157
15,421
AHTS 4 - 8K
8,453
8,703
8,285
8,717
8,678
Other
30,266
30,423
18,427
26,857
17,658
Total
28,317
25,894
24,524
23,495
20,269
Asia Pacific fleet:
PSV > 900
30,070
32,387
28,351
28,525
24,276
PSV < 900
32,875
30,122
20,703
23,380
31,927
AHTS > 16K
43,808
35,411
28,120
26,649
18,690
AHTS 8 - 16K
35,678
21,757
26,680
24,275
21,561
AHTS 4 - 8K
17,758
17,315
17,404
17,197
946
Other
43,350
43,703
—
—
—
Total
32,848
30,101
25,378
25,867
24,250
Middle East fleet:
PSV > 900
14,936
14,996
14,972
13,112
13,304
PSV < 900
12,466
12,115
11,785
11,677
11,320
AHTS > 16K
—
12,968
12,801
13,004
13,378
AHTS 8 - 16K
10,440
10,515
11,140
10,771
10,804
AHTS 4 - 8K
9,404
9,609
9,334
8,787
8,460
Total
11,148
11,108
10,855
10,544
10,449
Europe/Mediterranean fleet:
PSV > 900
20,686
19,294
18,771
18,879
18,512
PSV < 900
18,543
18,557
19,227
17,926
17,756
AHTS > 16K
47,999
53,966
24,899
31,048
36,913
Total
20,950
19,763
19,061
19,105
18,990
West Africa fleet:
PSV > 900
31,231
30,557
28,797
24,220
21,815
PSV < 900
23,818
22,287
19,271
17,781
17,040
AHTS > 16K
27,861
24,611
20,869
25,192
24,154
AHTS 8 - 16K
18,784
16,536
15,302
14,804
12,382
AHTS 4 - 8K
11,915
9,766
9,583
9,858
10,178
Other
7,587
7,975
6,415
7,217
6,511
Total
20,093
18,687
16,356
15,772
14,469
Worldwide fleet:
PSV > 900
25,452
24,640
23,240
22,804
21,820
PSV < 900
20,170
18,932
17,734
16,949
15,837
AHTS > 16K
37,073
30,423
23,985
26,293
24,719
AHTS 8 - 16K
19,527
16,390
16,120
15,533
13,662
AHTS 4 - 8K
10,127
9,969
9,658
9,368
8,828
Other
11,968
11,797
8,397
10,281
8,441
Total
$
21,130
$
19,563
$
18,066
$
17,865
$
16,042
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Americas
Vessel revenues
$
73,142
$
63,941
$
68,425
$
70,717
$
50,376
Vessel operating costs:
Crew costs
23,318
24,062
24,045
26,848
18,033
Repair and maintenance
5,645
4,534
3,846
5,588
3,973
Insurance
463
494
526
476
479
Fuel, lube and supplies
2,994
4,522
3,241
4,386
2,549
Other
5,747
5,928
5,172
5,924
4,564
Total vessel operating costs
38,167
39,540
36,830
43,222
29,598
Vessel operating margin ($)
34,975
24,401
31,595
27,495
20,778
Vessel operating margin (%)
47.8
%
38.2
%
46.2
%
38.9
%
41.2
%
Americas - Select operating statistics
Average vessels - Total fleet
35
36
38
38
33
Utilization - Total fleet
80.7
%
74.5
%
78.9
%
84.1
%
82.8
%
Average vessels - Active fleet
35
35
37
37
32
Utilization - Active fleet
80.7
%
76.5
%
81.0
%
86.3
%
85.4
%
Average day rates
$
28,317
$
25,894
$
24,524
$
23,495
$
20,269
Vessels commencing drydocks
3
7
3
3
4
Deferred drydocking and survey costs - beginning balance
$
31,698
$
28,688
$
29,684
$
29,769
$
27,832
Cash paid for deferred drydocking and survey costs
9,190
8,014
5,025
4,658
5,867
Amortization of deferred drydocking and survey costs
(5,704
)
(5,004
)
(5,353
)
(3,727
)
(2,626
)
Disposals, intersegment transfers and other
1,919
—
(668
)
(1,016
)
(1,304
)
Deferred drydocking and survey costs - ending balance
$
37,103
$
31,698
$
28,688
$
29,684
$
29,769
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Asia Pacific
Vessel revenues
$
55,221
$
47,781
$
38,632
$
38,994
$
22,585
Vessel operating costs:
Crew costs
23,023
19,306
15,177
12,390
7,062
Repair and maintenance
3,092
2,769
2,977
2,969
1,517
Insurance
278
273
269
183
219
Fuel, lube and supplies
2,335
1,937
1,191
909
1,521
Other
2,968
2,491
2,045
2,380
1,648
Total vessel operating costs
31,696
26,776
21,659
18,831
11,967
Vessel operating margin ($)
23,525
21,005
16,973
20,163
10,618
Vessel operating margin (%)
42.6
%
44.0
%
43.9
%
51.7
%
47.0
%
Asia Pacific - Select operating statistics
Average vessels - Total fleet
22
21
19
18
14
Utilization - Total fleet
84.9
%
84.0
%
86.6
%
91.3
%
72.4
%
Average vessels - Active fleet
22
21
19
18
14
Utilization - Active fleet
84.9
%
84.0
%
86.6
%
91.3
%
72.4
%
Average day rates
$
32,848
$
30,101
$
25,378
$
25,867
$
24,250
Vessels commencing drydocks
2
3
—
—
—
Deferred drydocking and survey costs - beginning balance
$
8,376
$
3,769
$
3,595
$
2,128
$
2,525
Cash paid for deferred drydocking and survey costs
1,602
4,734
(18
)
84
(4
)
Amortization of deferred drydocking and survey costs
(1,234
)
(844
)
(720
)
(637
)
(393
)
Disposals, intersegment transfers and other
—
717
912
2,020
—
Deferred drydocking and survey costs - ending balance
$
8,744
$
8,376
$
3,769
$
3,595
$
2,128
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Middle East
Vessel revenues
$
36,536
$
37,932
$
38,072
$
34,685
$
31,856
Vessel operating costs:
Crew costs
13,540
13,270
13,716
13,914
13,170
Repair and maintenance
4,300
4,508
4,105
4,828
3,779
Insurance
464
420
501
385
465
Fuel, lube and supplies
2,274
2,304
2,610
3,142
3,470
Other
7,138
6,006
4,906
4,796
3,756
Total vessel operating costs
27,716
26,508
25,838
27,065
24,640
Vessel operating margin ($)
8,820
11,424
12,234
7,620
7,216
Vessel operating margin (%)
24.1
%
30.1
%
32.1
%
22.0
%
22.7
%
Middle East - Select operating statistics
Average vessels - Total fleet
43
43
45
45
44
Utilization - Total fleet
83.8
%
86.6
%
85.6
%
79.8
%
76.0
%
Average vessels - Active fleet
43
43
45
45
44
Utilization - Active fleet
83.8
%
86.6
%
85.6
%
79.8
%
76.0
%
Average day rates
$
11,148
$
11,108
$
10,855
$
10,544
$
10,449
Vessels commencing drydocks
3
11
3
4
7
Deferred drydocking and survey costs - beginning balance
$
23,690
$
19,331
$
21,153
$
22,717
$
20,677
Cash paid for deferred drydocking and survey costs
2,737
7,520
1,360
3,234
4,262
Amortization of deferred drydocking and survey costs
(3,338
)
(3,161
)
(3,182
)
(2,776
)
(3,778
)
Disposals, intersegment transfers and other
—
—
—
(2,022
)
1,556
Deferred drydocking and survey costs - ending balance
$
23,089
$
23,690
$
19,331
$
21,153
$
22,717
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Europe/Mediterranean
Vessel revenues
$
83,266
$
80,381
$
80,743
$
78,929
$
39,295
Vessel operating costs:
Crew costs
27,085
26,282
25,848
26,632
13,406
Repair and maintenance
7,058
5,493
6,081
5,342
2,900
Insurance
761
756
791
689
354
Fuel, lube and supplies
3,461
4,094
3,717
4,033
2,363
Other
4,351
4,359
3,719
5,376
2,292
Total vessel operating costs
42,716
40,984
40,156
42,072
21,315
Vessel operating margin ($)
40,550
39,397
40,587
36,857
17,980
Vessel operating margin (%)
48.7
%
49.0
%
50.3
%
46.7
%
45.8
%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet
50
51
51
50
26
Utilization - Total fleet
85.8
%
87.1
%
89.0
%
88.8
%
85.7
%
Average vessels - Active fleet
50
51
51
50
26
Utilization - Active fleet
85.8
%
87.1
%
89.0
%
88.8
%
85.7
%
Average day rates
$
20,950
$
19,763
$
19,061
$
19,105
$
18,990
Vessels commencing drydocks
8
16
5
5
4
Deferred drydocking and survey costs - beginning balance
$
27,260
$
21,078
$
16,256
$
11,705
$
11,363
Cash paid for deferred drydocking and survey costs
11,584
10,876
7,580
6,733
2,217
Amortization of deferred drydocking and survey costs
(4,065
)
(3,359
)
(2,758
)
(3,201
)
(1,875
)
Disposals, intersegment transfers and other
—
(1,335
)
—
1,019
—
Deferred drydocking and survey costs - ending balance
$
34,779
$
27,260
$
21,078
$
16,256
$
11,705
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
West Africa
Vessel revenues
$
88,838
$
88,651
$
74,643
$
73,650
$
66,211
Vessel operating costs:
Crew costs
19,265
19,432
18,751
17,502
16,336
Repair and maintenance
4,648
4,044
4,626
4,868
4,665
Insurance
659
637
678
626
651
Fuel, lube and supplies
4,498
4,461
4,506
5,300
4,055
Other
7,148
5,174
5,509
4,753
5,037
Total vessel operating costs
36,218
33,748
34,070
33,049
30,744
Vessel operating margin ($)
52,620
54,903
40,573
40,601
35,467
Vessel operating margin (%)
59.2
%
61.9
%
54.4
%
55.1
%
53.6
%
West Africa - Select operating statistics
Average vessels - Total fleet
67
68
68
72
70
Utilization - Total fleet
72.9
%
77.1
%
73.3
%
70.7
%
72.3
%
Average vessels - Active fleet
66
67
67
69
65
Utilization - Active fleet
73.6
%
78.3
%
74.8
%
73.9
%
77.8
%
Average day rates
$
20,093
$
18,687
$
16,356
$
15,772
$
14,469
Vessels commencing drydocks
4
7
7
7
4
Deferred drydocking and survey costs - beginning balance
$
37,615
$
33,832
$
28,527
$
26,162
$
20,390
Cash paid for deferred drydocking and survey costs
14,970
8,874
10,121
5,909
9,024
Amortization of deferred drydocking and survey costs
(5,724
)
(5,091
)
(4,367
)
(3,544
)
(3,000
)
Disposals, intersegment transfers and other
(1,919
)
—
(449
)
—
(252
)
Deferred drydocking and survey costs - ending balance
$
44,942
$
37,615
$
33,832
$
28,527
$
26,162
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Worldwide
Vessel revenues
$
337,003
$
318,686
$
300,515
$
296,975
$
210,323
Vessel operating costs:
Crew costs
106,231
102,352
97,537
97,286
68,007
Repair and maintenance
24,743
21,348
21,635
23,595
16,834
Insurance
2,625
2,580
2,765
2,359
2,168
Fuel, lube and supplies
15,562
17,318
15,265
17,770
13,958
Other
27,352
23,958
21,351
23,229
17,297
Total vessel operating costs
176,513
167,556
158,553
164,239
118,264
Vessel operating margin ($)
160,490
151,130
141,962
132,736
92,059
Vessel operating margin (%)
47.6
%
47.4
%
47.2
%
44.7
%
43.8
%
Worldwide - Select operating statistics
Average vessels - Total fleet
217
219
221
223
187
Utilization - Total fleet
80.5
%
81.5
%
81.5
%
80.5
%
76.9
%
Average vessels - Active fleet
216
217
219
219
181
Utilization - Active fleet
80.7
%
82.3
%
82.4
%
82.1
%
79.4
%
Average day rates
$
21,130
$
19,563
$
18,066
$
17,865
$
16,042
Vessels commencing drydocks
20
44
18
19
19
Deferred drydocking and survey costs - beginning balance
$
128,639
$
106,698
$
99,215
$
92,481
$
82,787
Cash paid for deferred drydocking and survey costs
40,083
40,018
24,068
20,618
21,366
Amortization of deferred drydocking and survey costs
(20,065
)
(17,459
)
(16,380
)
(13,885
)
(11,672
)
Disposals, intersegment transfers and other
—
(618
)
(205
)
1
—
Deferred drydocking and survey costs - ending balance
$
148,657
$
128,639
$
106,698
$
99,215
$
92,481
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Net income
$
49,917
$
46,745
$
37,328
$
25,549
$
21,928
Interest and other debt costs
19,127
19,476
20,263
19,288
4,731
Income tax expense
7,887
13,070
10,793
9,260
11,284
Depreciation
39,380
38,811
42,788
43,845
21,096
Amortization of deferred drydock and survey costs
20,065
17,459
16,379
13,885
11,672
Amortization of below market contracts
(1,650
)
(1,206
)
(1,894
)
(1,906
)
—
EBITDA (A), (B), (C)
134,726
134,355
125,657
109,921
70,711
Non-cash indemnification assets credit (charge)
1,556
1,122
(70
)
1,184
—
Non-cash stock compensation expense
3,460
2,766
3,508
2,496
2,648
Acquisition, restructuring and integration related costs
—
709
2,177
6,079
1,242
Adjusted EBITDA (A), (B), (C)
$
139,742
$
138,952
$
131,272
$
119,680
$
74,601
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs.
Note (B): EBITDA for the three months ended June 30, 2024, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,460, $2,766, $3,508, $2,496 and $2,648 respectively.
Note (C): EBITDA and Adjusted EBITDA for the three months ended June 30, 2024, and for each of the prior four quarters includes foreign exchange gain (losses) of $(2,376), $(4,085), $2,250, $(2,149) and $(3,819) respectively.
Non-GAAP Financial Measures
We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, non-cash indemnification asset charge, non-cash stock-based compensation expense and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.
Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.
EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Net cash provided by operating activities (A)
$
78,645
$
54,765
$
47,231
$
34,939
$
9,741
Cash interest expense
14,925
15,621
18,186
606
7,748
Interest income and other
(1,175
)
(1,483
)
(3,029
)
(568
)
(2,790
)
Indemnification assets credit (charge)
(1,556
)
(1,122
)
70
(1,184
)
—
Additions to property and equipment
(6,392
)
(10,942
)
(8,386
)
(5,702
)
(8,849
)
Acquisitions
—
—
—
(594,191
)
—
Expansion capital
66
71
1,034
594,252
2,493
84,513
56,910
55,106
28,152
8,343
Proceeds from asset sales
3,056
12,463
5,902
945
2,943
Free cash flow
$
87,569
$
69,373
$
61,008
$
29,097
$
11,286
Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow excludes indemnification assets charge included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.
Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2024
2024
2023
2023
2023
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments
$
7,818
$
(640
)
$
(24,083
)
$
(29,286
)
$
(23,447
)
Cash paid for deferred drydock and survey costs
(40,083
)
(40,018
)
(24,069
)
(20,618
)
(21,366
)
Total uses of cash for changes in assets and liabilities
$
(32,265
)
$
(40,658
)
$
(48,152
)
$
(49,904
)
$
(44,813
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240804907369/en/
Tidewater Inc. West Gotcher Senior Vice President, Strategy, Corporate Development and Investor Relations +1.713.470.5285
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