HOUSTON--(BUSINESS WIRE)--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 | ) | |||||
Contacts
Tidewater Inc.
West Gotcher
Senior Vice President,
Strategy, Corporate Development and Investor Relations
+1.713.470.5285
