Third Quarter 2024
Highlights
- Revenue of $340.4 million, an increase of $1.1 million from
the prior quarter
- Average day rate increased to $22,275 per day, $1,145 higher
than the prior quarter
- Net income of $46.4 million and Adjusted EBITDA of $142.6
million
- Net cash provided by operating activities of $49.1 million
and free cash flow of $67.0 million
Share Repurchases and
2024 Guidance
- Repurchased 189,738 shares since the end of the second
quarter of 2024 through the end of October for $15.0 million at an
average price of $79.06 per share
- Board approves additional share repurchase authorization of
$10.1 million, for a total current outstanding authorized capacity
of $42.8 million, the maximum permissible amount under existing
debt agreements
- Updated 2024 revenue guidance to $1.33 to $1.35 billion and
2024 gross margin guidance of 48%
Tidewater Inc. (NYSE:TDW) announced today revenue for the three
and nine months ended September 30, 2024 of $340.4 million and
$1,000.8 million, respectively, compared with $299.3 million and
$707.3 million, respectively, for the three and nine months ended
September 30, 2023. Tidewater's net income for the three and nine
months ended September 30, 2024, was $46.4 million ($0.87 per
common share) and $143.8 million ($2.70 per common share),
respectively, compared with net income of $26.2 million ($0.49 per
common share) and $59.5 million ($1.13 per common share),
respectively, for the three and nine months ended September 30,
2023.
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, “Third quarter revenue of $340.4 million and
gross margin of 47.2% came in as expected, with our consolidated
average day rate up over 5% to $22,275. In particular, the average
day rate and average leading-edge day rates in our large PSV and
anchor handler fleets continued to show sequential quarterly
improvement. Utilization declined in all of our geographic segments
and is principally related to project start-up delays, but also due
to higher-than-expected idle time between contracts and days in
drydock.
“Cash flow from operations for the first nine months of 2024 was
$182.5 million, the best performance Tidewater has seen in 8 years.
During the same period the company spent $75.2 million on reducing
the number of shares outstanding and $89.0 million on the required
amortization of outstanding debt. Our expectation for the next two
quarters is that quarterly free cash flow generation will increase.
Our ability under our existing debt agreements to repurchase shares
will increase substantially in the same time frame and our desire
to repurchase shares at current trading levels is very strong. The
Board has authorized the maximum permissible amount of share
repurchases under our existing debt agreements, and our current
unused repurchase capacity is now $42.8 million. The company
anticipates share repurchase capacity to increase by close to $100
million in the first quarter of 2025.
“Although we are confident in the visibility of free cash flow
growth over the next two quarters, the visibility into the
continued pace of growth in offshore activity throughout 2025 is
more limited. We will be closely monitoring market dynamics in the
coming months and look forward to providing updated thoughts around
full-year 2025 in our next earnings press release. Global industry
discussion on new vessel orders and reactivations, which popped up
briefly over the summer, has dropped off significantly from that
time due to the same limited visibility.
“Over the past several years, we have employed a contracting
strategy appropriate for an improving market, emphasizing
shorter-duration contracts, trading off longer-term contract
coverage and higher utilization for the opportunity to push day
rates and contract terms. This has proven to be a successful
strategy, with our realized day rate now more than double our
realized day rate at the beginning of 2022 when the offshore vessel
recovery began. We believe this remains the correct contracting
strategy as day rates have still not returned to a point at which
newbuilding vessel activity makes economic sense, which is
reflected in the continued record low newbuild OSV orderbook. The
lack of newbuild activity combined with vessel attrition expected
to occur over the coming years points to persistent longer-term
vessel supply constraints.
“The outlook on the timing of the growth in offshore vessel
activity has become uncertain recently due to concerns around
slower acceleration in oil demand driven by lower-than-expected
growth in China and geopolitical events as well as the growth in
non-OPEC oil supply. We continue to believe that these concerns
will clarify themselves in the coming months and that the
longer-term outlook for Tidewater remains quite attractive. The
world’s demand for energy of all types will continue to grow and
the displacement rate from the growth of renewable energy sources
appears to be lower than previously predicted. As such, hydrocarbon
energy sources will remain a critical element of satisfying the
world’s demand for energy and offshore hydrocarbons will
increasingly fill this need. Our customers’ commitment to long
cycle exploration and development programs is indicative of the
long-term conviction in the role of offshore hydrocarbons in the
global energy mix and underpins our outlook for consistently strong
offshore vessel demand. Our customers have executed sizable
drilling campaigns over the last few years and seem to be taking
time to evaluate the outcomes of these projects before they proceed
with incremental future activity. The improvements in demand for
offshore vessels coming from subsea activities is very evident but
it is not clear to what extent that will offset the expected pause
in the growth of offshore drilling activity.
“Given our conviction around the positive and improving
structural supply and demand fundamentals and Tidewater’s strong
position in the offshore vessel industry, we believe that market
inefficiencies will provide for opportunities to continue our past
success in enhancing shareholder value as the long-term supply and
demand fundamentals continue to develop in our favor.”
In addition to the number of outstanding shares, as of September
30, 2024, the Company also has the following in-the-money
warrants.
Common shares outstanding
52,322,461
New Creditor Warrants (strike price $0.001
per common share)
76,175
GulfMark Creditor Warrants (strike price
$0.01 per common share)
77,313
Total
52,475,949
Tidewater will hold a conference call to discuss results for the
three months ending September 30, 2024 on November 8, 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: 6513877 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 November 8, 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 September 30, 2024
and December 31, 2023; the Consolidated Statements of Operations
and Consolidated Statements of Equity for the three and nine months
ended September 30, 2024 and 2023; and the Consolidated Statements
of Cash Flows for the nine months ended September 30, 2024 and
2023. Extracts are drawn from the September 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
Nine Months Ended
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Revenues:
Vessel revenues
$
338,485
$
296,975
$
994,174
$
698,478
Other operating revenues
1,871
2,287
6,576
8,849
Total revenues
340,356
299,262
1,000,750
707,327
Costs and expenses:
Vessel operating costs
178,654
164,239
522,723
397,962
Costs of other operating revenues
901
1,481
2,867
3,005
General and administrative
28,471
21,001
80,129
70,559
Depreciation and amortization
62,435
57,730
178,150
121,164
Gain on asset dispositions, net
(51
)
(863
)
(13,090
)
(4,483
)
Total costs and expenses
270,410
243,588
770,779
588,207
Operating income
69,946
55,674
229,971
119,120
Other income (expense):
Foreign exchange gain (loss)
5,522
(2,149
)
(939
)
(3,620
)
Equity in net earnings of unconsolidated
companies
—
4
—
29
Interest income and other, net
1,028
568
3,686
3,488
Interest and other debt costs, net
(17,622
)
(19,288
)
(56,225
)
(28,209
)
Total other expense
(11,072
)
(20,865
)
(53,478
)
(28,312
)
Income before income taxes
58,874
34,809
176,493
90,808
Income tax expense
12,883
9,260
33,840
32,515
Net income
45,991
25,549
142,653
58,293
Less: Net loss attributable to
noncontrolling interests
(380
)
(650
)
(1,098
)
(1,228
)
Net income attributable to Tidewater
Inc.
$
46,371
$
26,199
$
143,751
$
59,521
Basic income per common share
$
0.88
$
0.50
$
2.74
$
1.16
Diluted income per common share
$
0.87
$
0.49
$
2.70
$
1.13
Weighted average common shares
outstanding
52,490
52,230
52,498
51,235
Dilutive effect of warrants, restricted
stock units and stock options
593
1,380
656
1,322
Adjusted weighted average common
shares
53,083
53,610
53,154
52,557
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands, except share and par value
data)
September 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
280,840
$
274,437
Restricted cash
7,259
1,241
Trade and other receivables, net of
allowance for credit losses of $3,086 and $15,914 at September 30,
2024 and December 31, 2023, respectively
293,085
268,352
Marine operating supplies
26,670
31,933
Prepaid expenses and other current
assets
18,117
15,172
Total current assets
625,971
591,135
Net properties and equipment
1,220,056
1,315,122
Deferred drydocking and survey costs
160,944
106,698
Indemnification assets
12,216
17,370
Other assets
27,944
32,449
Total assets
$
2,047,131
$
2,062,774
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
64,058
$
44,931
Accrued expenses
117,878
125,590
Current portion of long-term debt
53,105
103,077
Other current liabilities
38,532
55,133
Total current liabilities
273,573
328,731
Long-term debt
597,352
631,361
Other liabilities
62,366
64,985
Commitments and contingencies
Equity:
Common stock of $0.001 par value,
125,000,000 shares authorized, 52,322,461 and 52,259,303 shares
issued and outstanding at September 30, 2024 and December 31, 2023,
respectively
52
52
Additional paid-in-capital
1,653,027
1,671,759
Accumulated deficit
(541,191
)
(637,838
)
Accumulated other comprehensive loss
4,592
5,266
Total stockholders' equity
1,116,480
1,039,239
Noncontrolling interests
(2,640
)
(1,542
)
Total equity
1,113,840
1,037,697
Total liabilities and equity
$
2,047,131
$
2,062,774
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(In Thousands)
Three Months Ended
Nine Months Ended
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Net income
$
45,991
$
25,549
$
142,653
$
58,293
Other comprehensive income (loss):
Unrealized gain (loss) on note
receivable
130
(153
)
283
(469
)
Change in liability of pension plans
(600
)
—
(957
)
(3,694
)
Total comprehensive income
$
45,521
$
25,396
$
141,979
$
54,130
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
Nine Months
Nine Months
Ended
Ended
September 30, 2024
September 30, 2023
Cash flows from operating activities:
Net income
$
142,653
$
58,293
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
117,430
85,989
Amortization of deferred drydocking and
survey costs
60,720
35,175
Amortization of debt premiums and
discounts
5,129
2,644
Amortization of below market contracts
(3,929
)
(1,906
)
Provision for deferred income taxes
56
69
Gain on asset dispositions, net
(13,090
)
(4,483
)
Gain on pension settlement
—
(1,807
)
Stock-based compensation expense
9,795
7,247
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(24,733
)
(92,684
)
Accounts payable
19,127
18,237
Accrued expenses
(4,623
)
14,231
Deferred drydocking and survey costs
(115,584
)
(73,309
)
Other, net
(10,405
)
9,778
Net cash provided by operating
activities
182,546
57,474
Cash flows from investing activities:
Proceeds from asset dispositions
14,868
9,604
Proceeds from sale of notes
2,208
—
Acquisitions, net of cash acquired
—
(594,191
)
Additions to properties and equipment
(23,046
)
(23,202
)
Net cash used in investing activities
(5,970
)
(607,789
)
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
(89,007
)
—
Purchase of common stock
(46,639
)
—
Acquisition of non-controlling interest in
a majority owned subsidiary
—
(1,427
)
Debt issuance costs
(193
)
(14,758
)
Share based awards reacquired to pay
taxes
(28,528
)
(5,899
)
Net cash used in financing activities
(164,365
)
664,399
Net change in cash, cash equivalents and
restricted cash
12,211
114,084
Cash, cash equivalents and restricted cash
at beginning of period
277,965
167,977
Cash, cash equivalents and restricted cash
at end of period
$
290,176
$
282,061
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
54,081
$
8,452
Income taxes
$
45,641
$
36,585
Supplemental disclosure of noncash
investing activities:
Purchase of vessels
$
—
$
12,198
Supplemental disclosure of noncash
financing activities:
Debt incurred for the purchase of
vessels
$
—
$
12,198
Note: Cash, cash equivalents and
restricted cash at September 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 June 30, 2024
$
52
$
1,649,523
$
(573,390
)
$
5,062
$
(2,260
)
$
1,078,987
Total comprehensive income (loss)
—
—
46,371
(470
)
(380
)
45,521
Repurchase and retirement of common
stock
—
—
(14,172
)
—
—
(14,172
)
Amortization of share-based awards
—
3,504
—
—
—
3,504
Balance at September 30, 2024
$
52
$
1,653,027
$
(541,191
)
$
4,592
$
(2,640
)
$
1,113,840
Balance at June 30, 2023
$
51
$
1,554,793
$
(666,327
)
$
4,566
$
(556
)
$
892,527
Total comprehensive income (loss)
—
—
26,199
(153
)
(650
)
25,396
Exercise of warrants into common stock
2
111,481
—
—
—
111,483
Amortization of share-based awards
—
2,118
—
—
—
2,118
Balance at September 30, 2023
$
53
$
1,668,392
$
(640,128
)
$
4,413
$
(1,206
)
$
1,031,524
Nine 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)
—
—
143,751
(674
)
(1,098
)
141,979
Issuance of common stock
1
1
—
—
—
2
Repurchase and retirement of common
stock
(1
)
—
(47,104
)
—
—
(47,105
)
Amortization of share-based awards
—
(18,733
)
—
—
—
(18,733
)
Balance at September 30, 2024
$
52
$
1,653,027
$
(541,191
)
$
4,592
$
(2,640
)
$
1,113,840
Balance at December 31, 2022
$
51
$
1,556,990
$
(699,649
)
$
8,576
$
22
$
865,990
Total comprehensive income (loss)
—
—
59,521
(4,163
)
(1,228
)
54,130
Exercise of warrants into common stock
2
111,481
—
—
—
111,483
Acquisition of non-controlling interest in
a majority owned subsidiary
—
(1,427
)
—
—
—
(1,427
)
Amortization of share-based awards
—
1,348
—
—
—
1,348
Balance at September 30, 2023
$
53
$
1,668,392
$
(640,128
)
$
4,413
$
(1,206
)
$
1,031,524
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
Nine Months Ended
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Vessel revenues:
Americas
$
64,606
19
%
$
70,717
24
%
$
201,689
20
%
$
168,780
24
%
Asia Pacific
56,283
17
%
38,994
13
%
159,285
16
%
83,603
12
%
Middle East
36,947
11
%
34,685
12
%
111,415
11
%
97,303
14
%
Europe/Mediterranean
85,325
25
%
78,929
26
%
248,972
25
%
149,474
21
%
West Africa
95,324
28
%
73,650
25
%
272,813
28
%
199,318
29
%
Total vessel revenues
$
338,485
100
%
$
296,975
100
%
$
994,174
100
%
$
698,478
100
%
Vessel operating costs:
Crew costs
$
107,708
32
%
$
97,286
32
%
$
316,291
32
%
$
231,936
33
%
Repair and maintenance
25,554
8
%
23,595
8
%
71,645
7
%
57,081
8
%
Insurance
2,965
1
%
2,359
1
%
8,170
1
%
6,532
1
%
Fuel, lube and supplies
17,213
5
%
17,770
6
%
50,093
5
%
45,283
7
%
Other
25,214
7
%
23,229
8
%
76,524
8
%
57,130
8
%
Total vessel operating costs
178,654
53
%
164,239
55
%
522,723
53
%
397,962
57
%
Vessel operating margin (A)
$
159,831
47
%
$
132,736
45
%
$
471,451
47
%
$
300,516
43
%
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
Nine Months Ended
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Vessel operating profit:
Americas
$
13,299
4
%
$
12,586
4
%
$
43,573
5
%
$
26,793
4
%
Asia Pacific
15,292
4
%
14,555
5
%
47,070
5
%
27,149
4
%
Middle East
(900
)
(0
)%
(1,143
)
(0
)%
(1,213
)
(0
)%
(3,144
)
(1
)%
Europe/Mediterranean
12,363
4
%
9,576
3
%
42,249
4
%
19,919
3
%
West Africa
43,526
13
%
28,392
10
%
122,275
12
%
71,087
10
%
Other operating profit
970
0
%
806
0
%
3,709
0
%
5,844
1
%
84,550
25
%
64,772
22
%
257,663
26
%
147,648
21
%
Corporate expenses (A)
(14,655
)
(4
)%
(9,961
)
(3
)%
(40,782
)
(4
)%
(33,011
)
(5
)%
Gain on asset dispositions, net
51
0
%
863
0
%
13,090
1
%
4,483
1
%
Operating income
$
69,946
21
%
$
55,674
19
%
$
229,971
23
%
$
119,120
17
%
Note (A): General and administrative
expenses for the three and nine months ended September 30, 2024
include stock-based compensation of $3.7 million and $9.8 million,
respectively. General and administrative expenses for the three
months and nine months ended September 30, 2023 include stock-based
compensation of $2.4 million and $7.2 million, respectively. In
addition, vessel operating and general and administrative costs for
the three and nine months ended September 30, 2024, include $0.6
million and $1.3 million in acquisition, restructuring and
integration related costs, respectively. Vessel operating and
general and administrative costs for the three and nine months
ended September 30, 2023, include $6.0 million and $8.7 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
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Revenues:
Vessel revenues
$
338,485
$
337,003
$
318,686
$
300,515
$
296,975
Other operating revenues
1,871
2,227
2,478
2,143
2,287
Total revenues
340,356
339,230
321,164
302,658
299,262
Costs and expenses:
Vessel operating costs (A)
178,654
176,513
167,556
158,553
164,239
Costs of other operating revenue
901
816
1,150
1,337
1,481
General and administrative (A)
28,471
26,329
25,329
24,724
21,001
Depreciation and amortization
62,435
59,445
56,270
59,167
57,730
Gain on asset dispositions, net
(51
)
(2,000
)
(11,039
)
(4,218
)
(863
)
Total operating costs and expenses
270,410
261,103
239,266
239,563
243,588
Operating income
69,946
78,127
81,898
63,095
55,674
Other income (expense):
Foreign exchange gain (loss)
5,522
(2,376
)
(4,085
)
2,250
(2,149
)
Equity in net earnings (losses) of
unconsolidated companies
—
5
(5
)
10
4
Interest income and other, net
1,028
1,175
1,483
3,029
568
Interest and other debt costs, net
(17,622
)
(19,127
)
(19,476
)
(20,263
)
(19,288
)
Total other expense
(11,072
)
(20,323
)
(22,083
)
(14,974
)
(20,865
)
Income before income taxes
58,874
57,804
59,815
48,121
34,809
Income tax expense
12,883
7,887
13,070
10,793
9,260
Net income
45,991
49,917
46,745
37,328
25,549
Net loss attributable to noncontrolling
interests
(380
)
(437
)
(281
)
(336
)
(650
)
Net income attributable to Tidewater
Inc.
$
46,371
$
50,354
$
47,026
$
37,664
$
26,199
Basic income per common share
$
0.88
$
0.96
$
0.90
$
0.72
$
0.50
Diluted income per common share
$
0.87
$
0.94
$
0.89
$
0.70
$
0.49
Weighted average common shares
outstanding
52,490
52,684
52,320
52,648
52,230
Dilutive effect of warrants, restricted
stock units and stock options
593
663
580
1,351
1,380
Adjusted weighted average common
shares
53,083
53,347
52,900
53,999
53,610
Vessel operating margin
$
159,831
$
160,490
$
151,130
$
141,962
$
132,736
Note (A): Acquisition, restructuring and
integration related costs
$
581
$
—
$
709
$
2,177
$
6,079
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands)
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
ASSETS
Current assets:
Cash and cash equivalents
$
280,840
$
315,897
$
280,853
$
274,437
$
275,070
Restricted cash
7,259
3,527
6,474
1,241
4,973
Trade and other receivables, net
293,085
280,498
285,968
268,352
250,671
Marine operating supplies
26,670
26,908
24,767
31,933
27,489
Assets held for sale
—
—
—
—
565
Prepaid expenses and other current
assets
18,117
20,115
17,447
15,172
16,598
Total current assets
625,971
646,945
615,509
591,135
575,366
Net properties and equipment
1,220,056
1,253,583
1,286,618
1,315,122
1,348,001
Deferred drydocking and survey costs
160,944
148,657
128,639
106,698
99,215
Indemnification assets
12,216
10,920
16,642
17,370
18,648
Other assets
27,944
29,643
30,408
32,449
30,325
Total assets
$
2,047,131
$
2,089,748
$
2,077,816
$
2,062,774
$
2,071,555
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
64,058
$
60,740
$
51,774
$
44,931
$
57,183
Accrued expenses
117,878
133,149
132,190
125,590
119,631
Current portion of long-term debt
53,105
102,993
103,009
103,077
102,369
Other current liabilities
38,532
43,342
52,164
55,133
53,301
Total current liabilities
273,573
340,224
339,137
328,731
332,484
Long-term debt
597,352
607,998
620,329
631,361
641,301
Other liabilities
62,366
62,539
63,197
64,985
66,246
Equity:
Common stock
52
52
53
52
53
Additional paid-in-capital
1,653,027
1,649,523
1,646,061
1,671,759
1,668,392
Accumulated deficit
(541,191
)
(573,390
)
(594,347
)
(637,838
)
(640,128
)
Accumulated other comprehensive income
4,592
5,062
5,209
5,266
4,413
Total stockholders' equity
1,116,480
1,081,247
1,056,976
1,039,239
1,032,730
Noncontrolling interests
(2,640
)
(2,260
)
(1,823
)
(1,542
)
(1,206
)
Total equity
1,113,840
1,078,987
1,055,153
1,037,697
1,031,524
Total liabilities and equity
$
2,047,131
$
2,089,748
$
2,077,816
$
2,062,774
$
2,071,555
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Cash flows from operating activities:
Net income
$
45,991
$
49,917
$
46,745
$
37,328
$
25,549
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
39,239
39,380
38,811
42,788
43,845
Amortization of deferred drydocking and
survey costs
23,196
20,065
17,459
16,379
13,885
Amortization of debt premiums and
discounts
1,536
1,779
1,814
1,975
1,802
Amortization of below market contracts
(1,073
)
(1,650
)
(1,206
)
(1,894
)
(1,906
)
Provision (benefit) for deferred income
taxes
24
(41
)
73
23
35
Gain on asset dispositions, net
(51
)
(2,000
)
(11,039
)
(4,218
)
(863
)
Gain on pension settlement
—
—
—
(506
)
—
Stock-based compensation expense
3,569
3,460
2,766
3,508
2,496
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(12,587
)
5,470
(17,616
)
(17,072
)
(54,765
)
Accounts payable
3,318
8,966
6,843
(12,252
)
(12,639
)
Accrued expenses
(15,271
)
4,048
6,600
5,841
27,775
Deferred drydocking and survey costs
(35,483
)
(40,083
)
(40,018
)
(24,069
)
(20,618
)
Other, net
(3,272
)
(10,666
)
3,533
(600
)
10,343
Net cash provided by operating
activities
49,136
78,645
54,765
47,231
34,939
Cash flows from investing activities:
Proceeds from asset dispositions
51
2,354
12,463
5,902
945
Proceeds from sale of notes
1,506
702
—
—
—
Acquisitions, net of cash acquired
—
—
—
—
(594,191
)
Additions to properties and equipment
(5,712
)
(6,392
)
(10,942
)
(8,386
)
(5,702
)
Net cash provided by (used in) investing
activities
(4,155
)
(3,336
)
1,521
(2,484
)
(598,948
)
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
(62,500
)
(14,007
)
(12,500
)
(13,677
)
—
Purchase of common stock
(13,741
)
(29,397
)
(3,501
)
(35,025
)
—
Debt issuance costs
—
(58
)
(135
)
—
(14,758
)
Share based awards reacquired to pay
taxes
(65
)
(1
)
(28,462
)
(141
)
(378
)
Net cash provided by (used in) financing
activities
(76,306
)
(43,461
)
(44,598
)
(48,843
)
671,347
Net change in cash, cash equivalents and
restricted cash
(31,325
)
31,848
11,688
(4,096
)
107,338
Cash, cash equivalents and restricted cash
at beginning of period
321,501
289,653
277,965
282,061
174,723
Cash, cash equivalents and restricted cash
at end of period
$
290,176
$
321,501
$
289,653
$
277,965
$
282,061
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
23,535
$
14,925
$
15,621
$
18,186
$
606
Income taxes
$
12,557
$
17,481
$
15,603
$
7,295
$
9,384
Supplemental disclosure of noncash
investing activities:
Purchase of vessels
$
—
$
—
$
—
$
2,067
$
27
Supplemental disclosure of noncash
financing activities:
Debt incurred for purchase of vessels
$
—
$
—
$
—
$
3,037
$
27
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
VESSEL REVENUE BY
VESSEL CLASS
Americas
fleet:
PSV > 900
$
27,192
$
31,400
$
29,924
$
28,714
$
29,270
PSV < 900
26,926
28,010
24,531
28,143
28,886
AHTS > 16K
6,249
7,228
2,036
4,034
3,584
AHTS 8 - 16K
908
2,002
2,476
2,316
2,064
AHTS 4 - 8K
351
219
945
1,428
1,570
Other
2,980
4,283
4,029
3,790
5,343
Total
64,606
73,142
63,941
68,425
70,717
Asia Pacific
fleet:
PSV > 900
19,535
21,578
23,210
19,485
20,159
PSV < 900
17,214
14,402
11,830
8,679
8,292
AHTS > 16K
12,358
7,815
4,555
3,759
3,271
AHTS 8 - 16K
4,640
7,874
4,507
4,706
5,287
AHTS 4 - 8K
2,182
1,269
1,576
1,601
1,582
Other
354
2,283
2,103
402
403
Total
56,283
55,221
47,781
38,632
38,994
Middle East
fleet:
PSV > 900
1,387
1,359
1,365
1,378
1,088
PSV < 900
19,909
19,963
21,017
19,215
17,790
AHTS > 16K
—
(3
)
287
1,178
1,196
AHTS 8 - 16K
3,450
3,163
2,397
3,094
3,420
AHTS 4 - 8K
12,201
12,054
12,866
13,207
11,191
Total
36,947
36,536
37,932
38,072
34,685
Europe/Mediterranean
fleet:
PSV > 900
66,808
64,875
61,827
61,559
59,872
PSV < 900
13,679
13,290
14,126
15,356
14,039
AHTS > 16K
3,790
4,057
3,346
2,437
3,617
Other
1,048
1,044
1,082
1,391
1,401
Total
85,325
83,266
80,381
80,743
78,929
West Africa
fleet:
PSV > 900
17,012
20,044
21,743
15,478
17,566
PSV < 900
41,367
32,601
31,812
31,893
26,396
AHTS > 16K
8,916
8,065
8,048
6,994
7,138
AHTS 8 - 16K
18,453
18,466
16,316
11,219
11,917
AHTS 4 - 8K
3,100
2,827
2,370
2,126
2,745
Other
6,476
6,835
8,362
6,933
7,888
Total
95,324
88,838
88,651
74,643
73,650
Worldwide
fleet:
PSV > 900
131,934
139,256
138,069
126,614
127,955
PSV < 900
119,095
108,266
103,316
103,286
95,403
AHTS > 16K
31,313
27,162
18,272
18,402
18,806
AHTS 8 - 16K
27,451
31,505
25,696
21,335
22,688
AHTS 4 - 8K
17,834
16,369
17,757
18,362
17,088
Other
10,858
14,445
15,576
12,516
15,035
Total
$
338,485
$
337,003
$
318,686
$
300,515
$
296,975
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
AVERAGE NUMBER OF
VESSELS:
Americas
fleet:
PSV > 900
10
11
11
12
12
PSV < 900
17
17
18
18
18
AHTS > 16K
2
2
2
2
2
AHTS 8 - 16K
1
2
2
2
2
AHTS 4 - 8K
2
2
2
2
2
Other
2
1
1
2
2
Total
34
35
36
38
38
Stacked vessels
—
—
(1
)
(1
)
(1
)
Active vessels
34
35
35
37
37
Asia Pacific
fleet:
PSV > 900
9
9
8
8
8
PSV < 900
5
5
5
5
4
AHTS > 16K
3
3
3
2
2
AHTS 8 - 16K
2
3
3
3
3
AHTS 4 - 8K
1
1
1
1
1
Other
—
1
1
—
—
Total
20
22
21
19
18
Stacked vessels
—
—
—
—
—
Active vessels
20
22
21
19
18
Middle East
fleet:
PSV > 900
1
1
1
1
1
PSV < 900
20
20
20
20
20
AHTS > 16K
—
—
—
1
1
AHTS 8 - 16K
5
5
5
5
5
AHTS 4 - 8K
17
17
17
18
18
Total
43
43
43
45
45
Stacked vessels
—
—
—
—
—
Active vessels
43
43
43
45
45
Europe/Mediterranean
fleet:
PSV > 900
40
39
40
39
38
PSV < 900
9
9
9
10
10
AHTS > 16K
2
2
2
2
2
Total
51
50
51
51
50
Stacked vessels
—
—
—
—
—
Active vessels
51
50
51
51
50
West Africa
fleet:
PSV > 900
9
9
9
9
9
PSV < 900
19
19
19
19
19
AHTS > 16K
4
4
4
4
4
AHTS 8 - 16K
13
11
11
11
11
AHTS 4 - 8K
3
4
4
4
5
Other
20
20
21
21
24
Total
68
67
68
68
72
Stacked vessels
—
(1
)
(1
)
(1
)
(3
)
Active vessels
68
66
67
67
69
Worldwide
fleet:
PSV > 900
69
69
69
69
68
PSV < 900
70
70
71
72
71
AHTS > 16K
11
11
11
11
11
AHTS 8 - 16K
21
21
21
21
21
AHTS 4 - 8K
23
24
24
25
26
Other
22
22
23
23
26
Total
216
217
219
221
223
Stacked vessels
—
(1
)
(2
)
(2
)
(4
)
Active vessels
216
216
217
219
219
Total active
216
216
217
219
219
Total stacked
—
1
2
2
4
Total
216
217
219
221
223
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
PSV > 900
920
960
1,001
1,104
1,095
PSV < 900
1,531
1,547
1,631
1,675
1,730
AHTS > 16K
184
182
182
184
184
AHTS 8 - 16K
92
182
182
184
184
AHTS 4 - 8K
184
182
182
184
184
Other
184
123
128
184
184
Total
3,095
3,176
3,306
3,515
3,561
Asia Pacific
fleet:
PSV > 900
828
819
765
736
726
PSV < 900
460
455
455
454
358
AHTS > 16K
276
273
241
184
184
AHTS 8 - 16K
221
273
273
276
276
AHTS 4 - 8K
92
91
91
92
92
Other
—
59
54
—
—
Total
1,877
1,970
1,879
1,742
1,636
Middle East
fleet:
PSV > 900
92
91
91
92
92
PSV < 900
1,840
1,820
1,820
1,840
1,840
AHTS > 16K
—
—
32
92
92
AHTS 8 - 16K
460
455
455
460
460
AHTS 4 - 8K
1,564
1,547
1,547
1,615
1,640
Total
3,956
3,913
3,945
4,099
4,124
Europe/Mediterranean
fleet:
PSV > 900
3,680
3,590
3,603
3,588
3,492
PSV < 900
828
819
838
920
907
AHTS > 16K
184
182
182
184
184
Total
4,692
4,591
4,623
4,692
4,583
West Africa
fleet:
PSV > 900
828
819
819
828
819
PSV < 900
1,781
1,729
1,729
1,735
1,744
AHTS > 16K
368
364
364
368
368
AHTS 8 - 16K
1,159
1,001
1,001
1,012
1,012
AHTS 4 - 8K
276
330
364
385
476
Other
1,840
1,820
1,875
1,899
2,184
Total
6,252
6,063
6,152
6,227
6,603
Worldwide
fleet:
PSV > 900
6,348
6,279
6,279
6,348
6,224
PSV < 900
6,440
6,370
6,473
6,624
6,579
AHTS > 16K
1,012
1,001
1,001
1,012
1,012
AHTS 8 - 16K
1,932
1,911
1,911
1,932
1,932
AHTS 4 - 8K
2,116
2,150
2,184
2,276
2,392
Other
2,024
2,002
2,057
2,083
2,368
Total
19,872
19,713
19,905
20,275
20,507
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
PSV < 900
—
—
84
92
92
Total
—
—
84
92
92
West Africa
fleet:
AHTS 4 - 8K
—
57
91
109
184
Other
—
—
—
16
103
Total
—
57
91
125
287
Worldwide
fleet:
PSV < 900
—
—
84
92
92
AHTS 4 - 8K
—
57
91
109
184
Other
—
—
—
16
103
Total
—
57
175
217
379
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
AVAILABLE DAYS -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
920
960
1,001
1,104
1,095
PSV < 900
1,531
1,547
1,547
1,583
1,638
AHTS > 16K
184
182
182
184
184
AHTS 8 - 16K
92
182
182
184
184
AHTS 4 - 8K
184
182
182
184
184
Other
184
123
128
184
184
Total
3,095
3,176
3,222
3,423
3,469
Asia Pacific
fleet:
PSV > 900
828
819
765
736
726
PSV < 900
460
455
455
454
358
AHTS > 16K
276
273
241
184
184
AHTS 8 - 16K
221
273
273
276
276
AHTS 4 - 8K
92
91
91
92
92
Other
—
59
54
—
—
Total
1,877
1,970
1,879
1,742
1,636
Middle East
fleet:
PSV > 900
92
91
91
92
92
PSV < 900
1,840
1,820
1,820
1,840
1,840
AHTS > 16K
—
—
32
92
92
AHTS 8 - 16K
460
455
455
460
460
AHTS 4 - 8K
1,564
1,547
1,547
1,615
1,640
Total
3,956
3,913
3,945
4,099
4,124
Europe/Mediterranean
fleet:
PSV > 900
3,680
3,590
3,603
3,588
3,492
PSV < 900
828
819
838
920
907
AHTS > 16K
184
182
182
184
184
Total
4,692
4,591
4,623
4,692
4,583
West Africa
fleet:
PSV > 900
828
819
819
828
819
PSV < 900
1,781
1,729
1,729
1,735
1,744
AHTS > 16K
368
364
364
368
368
AHTS 8 - 16K
1,159
1,001
1,001
1,012
1,012
AHTS 4 - 8K
276
273
273
276
292
Other
1,840
1,820
1,875
1,883
2,081
Total
6,252
6,006
6,061
6,102
6,316
Worldwide
fleet:
PSV > 900
6,348
6,279
6,279
6,348
6,224
PSV < 900
6,440
6,370
6,389
6,532
6,487
AHTS > 16K
1,012
1,001
1,001
1,012
1,012
AHTS 8 - 16K
1,932
1,911
1,911
1,932
1,932
AHTS 4 - 8K
2,116
2,093
2,093
2,167
2,208
Other
2,024
2,002
2,057
2,067
2,265
Total
19,872
19,656
19,730
20,058
20,128
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
UTILIZATION -
TOTAL FLEET:
Americas
fleet:
PSV > 900
83.5
%
92.2
%
87.9
%
77.2
%
84.5
%
PSV < 900
76.5
80.3
70.0
78.9
85.7
AHTS > 16K
83.9
99.1
33.4
59.0
54.7
AHTS 8 - 16K
76.4
58.6
80.2
74.0
65.4
AHTS 4 - 8K
23.4
14.2
59.7
93.7
97.8
Other
69.2
99.4
100.0
100.0
100.0
Total
75.4
%
80.7
%
74.5
%
78.9
%
84.1
%
Asia Pacific
fleet:
PSV > 900
63.2
%
87.6
%
93.7
%
93.4
%
97.3
%
PSV < 900
91.7
96.3
86.3
92.3
99.0
AHTS > 16K
81.8
65.3
53.4
72.7
66.7
AHTS 8 - 16K
58.8
80.8
75.9
63.9
78.9
AHTS 4 - 8K
91.7
78.5
100.0
100.0
100.0
Other
—
77.9
76.8
—
—
Total
73.8
%
84.9
%
84.0
%
86.6
%
91.3
%
Middle East
fleet:
PSV > 900
100.0
%
100.0
%
100.0
%
100.0
%
90.2
%
PSV < 900
85.0
88.0
95.3
88.6
82.8
AHTS > 16K
—
—
69.3
100.0
100.0
AHTS 8 - 16K
71.0
66.6
50.1
60.4
69.0
AHTS 4 - 8K
75.8
82.9
86.5
87.6
77.7
Total
80.1
%
83.8
%
86.6
%
85.6
%
79.8
%
Europe/Mediterranean
fleet:
PSV > 900
86.1
%
87.4
%
88.9
%
91.4
%
90.8
%
PSV < 900
81.2
87.5
90.9
86.8
86.4
AHTS > 16K
52.0
46.4
34.1
53.2
63.3
Total
83.9
%
85.8
%
87.1
%
89.0
%
88.8
%
West Africa
fleet:
PSV > 900
66.0
%
78.4
%
86.9
%
64.9
%
88.5
%
PSV < 900
80.0
79.2
82.6
95.4
85.1
AHTS > 16K
74.7
79.5
89.8
91.1
77.0
AHTS 8 - 16K
85.5
98.2
98.6
72.4
79.5
AHTS 4 - 8K
63.3
71.9
66.7
57.6
58.5
Other
49.6
49.5
55.9
56.9
50.0
Total
69.2
%
72.9
%
77.1
%
73.3
%
70.7
%
Worldwide
fleet:
PSV > 900
80.3
%
87.1
%
89.2
%
85.8
%
90.1
%
PSV < 900
81.6
84.3
84.3
87.9
85.6
AHTS > 16K
74.2
73.2
60.0
75.8
70.7
AHTS 8 - 16K
78.6
84.4
82.0
68.5
75.6
AHTS 4 - 8K
70.3
75.2
81.6
83.5
76.3
Other
51.4
53.4
59.2
60.7
53.9
Total
76.2
%
80.5
%
81.5
%
81.5
%
80.5
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
UTILIZATION -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
83.5
%
92.2
%
87.9
%
77.2
%
84.5
%
PSV < 900
76.5
80.3
73.8
83.4
90.5
AHTS > 16K
83.9
99.1
33.4
59.0
54.7
AHTS 8 - 16K
76.4
58.6
80.2
74.0
65.4
AHTS 4 - 8K
23.4
14.2
59.7
93.7
97.8
Other
69.2
99.4
100.0
100.0
100.0
Total
75.4
%
80.7
%
76.5
%
81.0
%
86.3
%
Asia Pacific
fleet:
PSV > 900
63.2
%
87.6
%
93.7
%
93.4
%
97.3
%
PSV < 900
91.7
96.3
86.3
92.3
99.0
AHTS > 16K
81.8
65.3
53.4
72.7
66.7
AHTS 8 - 16K
58.8
80.8
75.9
63.9
78.9
AHTS 4 - 8K
91.7
78.5
100.0
100.0
100.0
Other
—
77.9
76.8
—
—
Total
73.8
%
84.9
%
84.0
%
86.6
%
91.3
%
Middle East
fleet:
PSV > 900
100.0
%
100.0
%
100.0
%
100.0
%
90.2
%
PSV < 900
85.0
88.0
95.3
88.6
82.8
AHTS > 16K
—
—
69.3
100.0
100.0
AHTS 8 - 16K
71.0
66.6
50.1
60.4
69.0
AHTS 4 - 8K
75.8
82.9
86.5
87.6
77.7
Total
80.1
%
83.8
%
86.6
%
85.6
%
79.8
%
Europe/Mediterranean
fleet:
PSV > 900
86.1
%
87.4
%
88.9
%
91.4
%
90.8
%
PSV < 900
81.2
87.5
90.9
86.8
86.4
AHTS > 16K
52.0
46.4
34.1
53.2
63.3
Total
83.9
%
85.8
%
87.1
%
89.0
%
88.8
%
West Africa
fleet:
PSV > 900
66.0
%
78.4
%
86.9
%
64.9
%
88.5
%
PSV < 900
80.0
79.2
82.6
95.4
85.1
AHTS > 16K
74.7
79.5
89.8
91.1
77.0
AHTS 8 - 16K
85.5
98.2
98.6
72.4
79.5
AHTS 4 - 8K
63.3
86.9
88.9
80.4
95.4
Other
49.6
49.5
55.9
57.4
52.5
Total
69.2
%
73.6
%
78.3
%
74.8
%
73.9
%
Worldwide
fleet:
PSV > 900
80.3
%
87.1
%
89.2
%
85.8
%
90.1
%
PSV < 900
81.6
84.3
85.4
89.2
86.8
AHTS > 16K
74.2
73.2
60.0
75.8
70.7
AHTS 8 - 16K
78.6
84.4
82.0
68.5
75.6
AHTS 4 - 8K
70.3
77.2
85.1
87.7
82.6
Other
51.4
53.4
59.2
61.2
56.4
Total
76.2
%
80.7
%
82.3
%
82.4
%
82.1
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
AVERAGE VESSEL
DAY RATES: (A)
Americas
fleet:
PSV > 900
$
35,404
$
35,490
$
34,015
$
33,707
$
31,648
PSV < 900
22,986
22,542
21,499
21,306
19,479
AHTS > 16K
40,478
40,088
33,490
37,174
35,598
AHTS 8 - 16K
12,925
18,771
16,964
16,997
17,157
AHTS 4 - 8K
8,167
8,453
8,703
8,285
8,717
Other
23,420
30,266
30,423
18,427
26,857
Total
27,676
28,317
25,894
24,524
23,495
Asia Pacific
fleet:
PSV > 900
37,341
30,070
32,387
28,351
28,525
PSV < 900
40,805
32,875
30,122
20,703
23,380
AHTS > 16K
54,756
43,808
35,411
28,120
26,649
AHTS 8 - 16K
35,682
35,678
21,757
26,680
24,275
AHTS 4 - 8K
25,883
17,758
17,315
17,404
17,197
Other
—
43,350
43,703
—
—
Total
40,419
32,848
30,101
25,378
25,867
Middle East
fleet:
PSV > 900
15,079
14,936
14,996
14,972
13,112
PSV < 900
12,730
12,466
12,115
11,785
11,677
AHTS > 16K
—
—
12,968
12,801
13,004
AHTS 8 - 16K
10,558
10,440
10,515
11,140
10,771
AHTS 4 - 8K
10,291
9,404
9,609
9,334
8,787
Total
11,661
11,148
11,108
10,855
10,544
Europe/Mediterranean
fleet:
PSV > 900
21,092
20,686
19,294
18,771
18,879
PSV < 900
20,347
18,543
18,557
19,227
17,926
AHTS > 16K
39,597
47,999
53,966
24,899
31,048
Total
21,484
20,950
19,763
19,061
19,105
West Africa
fleet:
PSV > 900
31,118
31,231
30,557
28,797
24,220
PSV < 900
29,031
23,818
22,287
19,271
17,781
AHTS > 16K
32,453
27,861
24,611
20,869
25,192
AHTS 8 - 16K
18,627
18,784
16,536
15,302
14,804
AHTS 4 - 8K
17,755
11,915
9,766
9,583
9,858
Other
7,096
7,587
7,975
6,415
7,217
Total
22,044
20,093
18,687
16,356
15,772
Worldwide
fleet:
PSV > 900
25,883
25,452
24,640
23,240
22,804
PSV < 900
22,666
20,170
18,932
17,734
16,949
AHTS > 16K
41,721
37,073
30,423
23,985
26,293
AHTS 8 - 16K
18,087
19,527
16,390
16,120
15,533
AHTS 4 - 8K
11,990
10,127
9,969
9,658
9,368
Other
9,410
11,968
11,797
8,397
10,281
Total
$
22,275
$
21,130
$
19,563
$
18,066
$
17,865
Note (A): Average Vessel Day Rates equals
Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Americas
Vessel revenues
$
64,606
$
73,142
$
63,941
$
68,425
$
70,717
Vessel operating costs:
Crew costs
21,646
23,318
24,062
24,045
26,848
Repair and maintenance
5,227
5,645
4,534
3,846
5,588
Insurance
571
463
494
526
476
Fuel, lube and supplies
3,165
2,994
4,522
3,241
4,386
Other
5,921
5,747
5,928
5,172
5,924
Total vessel operating costs
36,530
38,167
39,540
36,830
43,222
Vessel operating margin ($)
28,076
34,975
24,401
31,595
27,495
Vessel operating margin (%)
43.5
%
47.8
%
38.2
%
46.2
%
38.9
%
Americas - Select
operating statistics
Average vessels - Total fleet
34
35
36
38
38
Utilization - Total fleet
75.4
%
80.7
%
74.5
%
78.9
%
84.1
%
Average vessels - Active fleet
34
35
35
37
37
Utilization - Active fleet
75.4
%
80.7
%
76.5
%
81.0
%
86.3
%
Average day rates
$
27,676
$
28,317
$
25,894
$
24,524
$
23,495
Vessels commencing drydocks
4
3
7
3
3
Deferred drydocking and survey costs -
beginning balance
$
37,103
$
31,698
$
28,688
$
29,684
$
29,769
Cash paid for deferred drydocking and
survey costs
5,009
9,190
8,014
5,025
4,658
Amortization of deferred drydocking and
survey costs
(5,621
)
(5,704
)
(5,004
)
(5,353
)
(3,727
)
Disposals, intersegment transfers and
other
(2,679
)
1,919
—
(668
)
(1,016
)
Deferred drydocking and survey costs -
ending balance
$
33,812
$
37,103
$
31,698
$
28,688
$
29,684
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Asia
Pacific
Vessel revenues
$
56,283
$
55,221
$
47,781
$
38,632
$
38,994
Vessel operating costs:
Crew costs
24,685
23,023
19,306
15,177
12,390
Repair and maintenance
3,834
3,092
2,769
2,977
2,969
Insurance
327
278
273
269
183
Fuel, lube and supplies
2,560
2,335
1,937
1,191
909
Other
2,396
2,968
2,491
2,045
2,380
Total vessel operating costs
33,802
31,696
26,776
21,659
18,831
Vessel operating margin ($)
22,481
23,525
21,005
16,973
20,163
Vessel operating margin (%)
39.9
%
42.6
%
44.0
%
43.9
%
51.7
%
Asia Pacific -
Select operating statistics
Average vessels - Total fleet
20
22
21
19
18
Utilization - Total fleet
73.8
%
84.9
%
84.0
%
86.6
%
91.3
%
Average vessels - Active fleet
20
22
21
19
18
Utilization - Active fleet
73.8
%
84.9
%
84.0
%
86.6
%
91.3
%
Average day rates
$
40,419
$
32,848
$
30,101
$
25,378
$
25,867
Vessels commencing drydocks
2
2
3
—
—
Deferred drydocking and survey costs -
beginning balance
$
8,744
$
8,376
$
3,769
$
3,595
$
2,128
Cash paid for deferred drydocking and
survey costs
4,069
1,602
4,734
(18
)
84
Amortization of deferred drydocking and
survey costs
(1,565
)
(1,234
)
(844
)
(720
)
(637
)
Disposals, intersegment transfers and
other
—
—
717
912
2,020
Deferred drydocking and survey costs -
ending balance
$
11,248
$
8,744
$
8,376
$
3,769
$
3,595
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Middle
East
Vessel revenues
$
36,947
$
36,536
$
37,932
$
38,072
$
34,685
Vessel operating costs:
Crew costs
13,071
13,540
13,270
13,716
13,914
Repair and maintenance
4,625
4,300
4,508
4,105
4,828
Insurance
510
464
420
501
385
Fuel, lube and supplies
2,842
2,274
2,304
2,610
3,142
Other
6,000
7,138
6,006
4,906
4,796
Total vessel operating costs
27,048
27,716
26,508
25,838
27,065
Vessel operating margin ($)
9,899
8,820
11,424
12,234
7,620
Vessel operating margin (%)
26.8
%
24.1
%
30.1
%
32.1
%
22.0
%
Middle East -
Select operating statistics
Average vessels - Total fleet
43
43
43
45
45
Utilization - Total fleet
80.1
%
83.8
%
86.6
%
85.6
%
79.8
%
Average vessels - Active fleet
43
43
43
45
45
Utilization - Active fleet
80.1
%
83.8
%
86.6
%
85.6
%
79.8
%
Average day rates
$
11,661
$
11,148
$
11,108
$
10,855
$
10,544
Vessels commencing drydocks
4
3
11
3
4
Deferred drydocking and survey costs -
beginning balance
$
23,089
$
23,690
$
19,331
$
21,153
$
22,717
Cash paid for deferred drydocking and
survey costs
4,764
2,737
7,520
1,360
3,234
Amortization of deferred drydocking and
survey costs
(3,694
)
(3,338
)
(3,161
)
(3,182
)
(2,776
)
Disposals, intersegment transfers and
other
—
—
—
—
(2,022
)
Deferred drydocking and survey costs -
ending balance
$
24,159
$
23,089
$
23,690
$
19,331
$
21,153
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Europe/Mediterranean
Vessel revenues
$
85,325
$
83,266
$
80,381
$
80,743
$
78,929
Vessel operating costs:
Crew costs
28,818
27,085
26,282
25,848
26,632
Repair and maintenance
7,279
7,058
5,493
6,081
5,342
Insurance
827
761
756
791
689
Fuel, lube and supplies
3,924
3,461
4,094
3,717
4,033
Other
4,974
4,351
4,359
3,719
5,376
Total vessel operating costs
45,822
42,716
40,984
40,156
42,072
Vessel operating margin ($)
39,503
40,550
39,397
40,587
36,857
Vessel operating margin (%)
46.3
%
48.7
%
49.0
%
50.3
%
46.7
%
Europe/Mediterranean - Select operating
statistics
Average vessels - Total fleet
51
50
51
51
50
Utilization - Total fleet
83.9
%
85.8
%
87.1
%
89.0
%
88.8
%
Average vessels - Active fleet
51
50
51
51
50
Utilization - Active fleet
83.9
%
85.8
%
87.1
%
89.0
%
88.8
%
Average day rates
$
21,484
$
20,950
$
19,763
$
19,061
$
19,105
Vessels commencing drydocks
8
8
16
5
5
Deferred drydocking and survey costs -
beginning balance
$
34,779
$
27,260
$
21,078
$
16,256
$
11,705
Cash paid for deferred drydocking and
survey costs
12,225
11,584
10,876
7,580
6,733
Amortization of deferred drydocking and
survey costs
(5,367
)
(4,065
)
(3,359
)
(2,758
)
(3,201
)
Disposals, intersegment transfers and
other
—
—
(1,335
)
—
1,019
Deferred drydocking and survey costs -
ending balance
$
41,637
$
34,779
$
27,260
$
21,078
$
16,256
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
West
Africa
Vessel revenues
$
95,324
$
88,838
$
88,651
$
74,643
$
73,650
Vessel operating costs:
Crew costs
19,488
19,265
19,432
18,751
17,502
Repair and maintenance
4,589
4,648
4,044
4,626
4,868
Insurance
730
659
637
678
626
Fuel, lube and supplies
4,722
4,498
4,461
4,506
5,300
Other
5,923
7,148
5,174
5,509
4,753
Total vessel operating costs
35,452
36,218
33,748
34,070
33,049
Vessel operating margin ($)
59,872
52,620
54,903
40,573
40,601
Vessel operating margin (%)
62.8
%
59.2
%
61.9
%
54.4
%
55.1
%
West Africa -
Select operating statistics
Average vessels - Total fleet
68
67
68
68
72
Utilization - Total fleet
69.2
%
72.9
%
77.1
%
73.3
%
70.7
%
Average vessels - Active fleet
68
66
67
67
69
Utilization - Active fleet
69.2
%
73.6
%
78.3
%
74.8
%
73.9
%
Average day rates
$
22,044
$
20,093
$
18,687
$
16,356
$
15,772
Vessels commencing drydocks
5
4
7
7
7
Deferred drydocking and survey costs -
beginning balance
$
44,942
$
37,615
$
33,832
$
28,527
$
26,162
Cash paid for deferred drydocking and
survey costs
9,416
14,970
8,874
10,121
5,909
Amortization of deferred drydocking and
survey costs
(6,949
)
(5,724
)
(5,091
)
(4,367
)
(3,544
)
Disposals, intersegment transfers and
other
2,679
(1,919
)
—
(449
)
—
Deferred drydocking and survey costs -
ending balance
$
50,088
$
44,942
$
37,615
$
33,832
$
28,527
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Worldwide
Vessel revenues
$
338,485
$
337,003
$
318,686
$
300,515
$
296,975
Vessel operating costs:
Crew costs
107,708
106,231
102,352
97,537
97,286
Repair and maintenance
25,554
24,743
21,348
21,635
23,595
Insurance
2,965
2,625
2,580
2,765
2,359
Fuel, lube and supplies
17,213
15,562
17,318
15,265
17,770
Other
25,214
27,352
23,958
21,351
23,229
Total vessel operating costs
178,654
176,513
167,556
158,553
164,239
Vessel operating margin ($)
159,831
160,490
151,130
141,962
132,736
Vessel operating margin (%)
47.2
%
47.6
%
47.4
%
47.2
%
44.7
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
216
217
219
221
223
Utilization - Total fleet
76.2
%
80.5
%
81.5
%
81.5
%
80.5
%
Average vessels - Active fleet
216
216
217
219
219
Utilization - Active fleet
76.2
%
80.7
%
82.3
%
82.4
%
82.1
%
Average day rates
$
22,275
$
21,130
$
19,563
$
18,066
$
17,865
Vessels commencing drydocks
23
20
44
18
19
Deferred drydocking and survey costs -
beginning balance
$
148,657
$
128,639
$
106,698
$
99,215
$
92,481
Cash paid for deferred drydocking and
survey costs
35,483
40,083
40,018
24,068
20,618
Amortization of deferred drydocking and
survey costs
(23,196
)
(20,065
)
(17,459
)
(16,380
)
(13,885
)
Disposals, intersegment transfers and
other
—
—
(618
)
(205
)
1
Deferred drydocking and survey costs -
ending balance
$
160,944
$
148,657
$
128,639
$
106,698
$
99,215
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Net income
$
45,991
$
49,917
$
46,745
$
37,328
$
25,549
Interest and other debt costs
17,622
19,127
19,476
20,263
19,288
Income tax expense
12,883
7,887
13,070
10,793
9,260
Depreciation
39,239
39,380
38,811
42,788
43,845
Amortization of deferred drydock and
survey costs
23,196
20,065
17,459
16,379
13,885
Amortization of below market contracts
(1,073
)
(1,650
)
(1,206
)
(1,894
)
(1,906
)
EBITDA (A), (B), (C)
137,858
134,726
134,355
125,657
109,921
Non-cash indemnification assets credit
(charge)
553
1,556
1,122
(70
)
1,184
Non-cash stock compensation expense
3,569
3,460
2,766
3,508
2,496
Acquisition, restructuring and integration
related costs
581
—
709
2,177
6,079
Adjusted EBITDA (A), (B), (C)
$
142,561
$
139,742
$
138,952
$
131,272
$
119,680
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 September 30, 2024, and for each of the prior four quarters
includes non-cash stock-based compensation expense of $3,569,
$3,460, $2,766, $3,508 and $2,496 respectively.
Note (C): EBITDA and Adjusted EBITDA for
the three months ended September 30, 2024, and for each of the
prior four quarters includes foreign exchange gain (losses) of
$5,522, $(2,376), $(4,085), $2,250 and $(2,149) 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
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Net cash provided by operating activities
(A)
$
49,136
$
78,645
$
54,765
$
47,231
$
34,939
Cash interest expense
23,535
14,925
15,621
18,186
606
Interest income and other
(1,028
)
(1,175
)
(1,483
)
(3,029
)
(568
)
Indemnification assets credit (charge)
(553
)
(1,556
)
(1,122
)
70
(1,184
)
Additions to property and equipment
(5,712
)
(6,392
)
(10,942
)
(8,386
)
(5,702
)
Acquisitions
—
—
—
—
(594,191
)
Expansion capital
55
66
71
1,034
594,252
65,433
84,513
56,910
55,106
28,152
Proceeds from asset sales
1,557
3,056
12,463
5,902
945
Free cash flow
$
66,990
$
87,569
$
69,373
$
61,008
$
29,097
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
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Cash provided by (used in) changes in
assets and liabilities, excluding drydock payments
$
(27,812
)
$
7,818
$
(640
)
$
(24,083
)
$
(29,286
)
Cash paid for deferred drydock and survey
costs
(35,483
)
(40,083
)
(40,018
)
(24,069
)
(20,618
)
Total uses of cash for changes in assets
and liabilities
$
(63,295
)
$
(32,265
)
$
(40,658
)
$
(48,152
)
$
(49,904
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241101880838/en/
Tidewater Inc. West Gotcher Senior Vice President, Strategy,
Corporate Development and Investor Relations +1.713.470.5285
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