First Quarter 2024
Highlights
- Revenue of $321.2 million, an increase of $18.5 million, or
6.1%, from the fourth quarter of 2023
- Average day rate increased to $19,563 per day, $1,497 higher
than the fourth quarter of 2023
- Composite leading edge term contract day rate increased to
$30,641
- Net income of $47.0 million, an increase of $9.4 million
from the fourth quarter of 2023
- Adjusted EBITDA of $139.0 million, an increase of $7.7
million from the fourth quarter of 2023
- Net cash provided by operating activities of $54.8 million,
an increase of $7.5 million from the fourth quarter of
2023
- Free cash flow of $69.4 million, an increase of $8.4 million
from the fourth quarter of 2023
Share Count Reduction
and 2024 Guidance
- Share count was reduced by 171,399 shares through
year-to-date share repurchases of $16.0 million at an average price
of $93.34 per share
- Share count was further reduced by 320,859 shares in
exchange for paying $28.5 million of employee taxes on the vesting
of equity compensation at an average price of $88.95 per
share
- Board approves additional share repurchase authorization of
$18.1 million, for a total outstanding authorization of $50.7
million, the maximum permissible amount under existing debt
agreements
- Reiterating 2024 revenue guidance of $1.40 to $1.45 billion
and 2024 gross margin guidance of 52%
Tidewater Inc. (NYSE:TDW) announced today revenue for the three
months ended March 31, 2024 of $321.2 million, compared with $193.1
million, for the three months ended March 31, 2023. Tidewater's net
income for the three months ended March 31, 2024, was $47.0 million
($0.89 per common share), compared with net income of $10.7 million
($0.21 per common share), for the three months ended March 31,
2023.
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, “First quarter results came in nicely above our
expectations, especially for a period that is typically the slowest
quarter of the year due to seasonality in certain markets and a
front-loaded drydock schedule. Our consolidated global average day
rate continued the upward trend we saw throughout 2023, with the
average day rate increasing nearly $1,500 per day sequentially, an
increase of over 8%. Each of our classes of vessels saw day rate
expansion during the first quarter, with material improvements in
each of our large vessel classes and particular strength in our
>16K AHTS class vessels. This is notable as the busiest time of
the calendar year for AHTS vessels is typically during the second
and third quarters, a seasonably favorable time of year for AHTS
activity. We believe the strength shown in our large AHTS vessels
is a leading indicator for the relative strength of the market as
we progress through 2024.
“Vessel revenue in the first quarter came in at $321.2 million
with a gross margin of 47.5%, both of which nicely exceeded our
expectations. The improvements in day rates offset the normal first
quarter seasonality. Seasonality did play a factor in the first
quarter, with activity down modestly in the Europe and
Mediterranean segment sequentially, but this was offset by
improvements in activity in other regions of the world.
Additionally, our front-loaded drydock schedule consumed nearly six
percentage points of utilization during the quarter. The
improvement in day rates drove the revenue growth and margin
performance in the first quarter and we expect as the typical
seasonal factors abate and as we progress through our front-loaded
drydock schedule, that quarterly revenue will continue to improve
throughout the year through a combination of continued increases in
day rates and improved utilization.
“We generated $69.4 million of free cash flow and we currently
retain the unused capacity under the previously announced share
repurchase authorization and are pleased to announce the Board has
authorized an additional $18.1 million of additional share
repurchase capacity, for a total share repurchase capacity of $50.7
million. The outstanding authorization represents the maximum
permissible amount of share repurchases under our existing debt
agreements. We will continue to weigh the value of share
repurchases against other capital allocation opportunities so as to
maximize shareholder value.
“We remain encouraged by the outlook for demand over the coming
years and by the persistent tightness in vessel supply. Newbuilding
vessel orders still have not materialized in any meaningful way,
providing for a significant runway of time before new vessel supply
can enter the market. We reiterate our full-year revenue guidance
of $1.40 to $1.45 billion and gross margin guidance of 52.0% and we
remain optimistic on the continued pace of offshore activity
acceleration as a result of the constructive leading indicators we
observed during the first quarter.”
In addition to the number of outstanding shares, as of March 31,
2024, the Company also has the following in-the-money warrants.
Common shares outstanding
52,759,223
New Creditor Warrants (strike price $0.001
per common share)
81,244
GulfMark Creditor Warrants (strike price
$0.01 per common share)
88,887
Total
52,929,354
Tidewater will hold a conference call to discuss results for the
three months ending March 31, 2024 on May 3, 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: 6663124
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 May 3, 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 March 31, 2024 and
December 31, 2023; the Consolidated Statements of Operations and
Consolidated Statements of Equity for the three months ended March
31, 2024 and 2023; and the Consolidated Statements of Cash Flows
for the three months ended March 31, 2024 and 2023. Extracts are
drawn from 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
March 31, 2024
March 31, 2023
Revenues:
Vessel revenues
$
318,686
$
191,180
Other operating revenues
2,478
1,924
Total revenues
321,164
193,104
Costs and expenses:
Vessel operating costs
167,556
115,459
Costs of other operating revenues
1,150
1,151
General and administrative
25,329
23,545
Depreciation and amortization
56,270
30,666
Gain on asset dispositions, net
(11,039
)
(2,216
)
Total costs and expenses
239,266
168,605
Operating income
81,898
24,499
Other income (expense):
Foreign exchange gain (loss)
(4,085
)
2,348
Equity in net earnings (losses) of
unconsolidated companies
(5
)
—
Interest income and other, net
1,483
130
Interest and other debt costs, net
(19,476
)
(4,190
)
Total other expense
(22,083
)
(1,712
)
Income before income taxes
59,815
22,787
Income tax expense
13,070
11,971
Net income
46,745
10,816
Less: Net income (loss) attributable to
noncontrolling interests
(281
)
78
Net income attributable to Tidewater
Inc.
$
47,026
$
10,738
Basic income per common share
$
0.90
$
0.21
Diluted income per common share
$
0.89
$
0.21
Weighted average common shares
outstanding
52,320
50,604
Dilutive effect of warrants, restricted
stock units and stock options
580
1,368
Adjusted weighted average common
shares
52,900
51,972
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands, except share and par value
data)
March 31, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
280,853
$
274,437
Restricted cash
6,474
1,241
Trade and other receivables, net of
allowance for credit losses of $3,687 and $15,914 at March 31, 2024
and December 31, 2023, respectively
285,968
268,352
Marine operating supplies
24,767
31,933
Prepaid expenses and other current
assets
17,447
15,172
Total current assets
615,509
591,135
Net properties and equipment
1,286,618
1,315,122
Deferred drydocking and survey costs
128,639
106,698
Indemnification assets
16,642
17,370
Other assets
30,408
32,449
Total assets
$
2,077,816
$
2,062,774
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
51,774
$
44,931
Accrued expenses
132,190
125,590
Current portion of long-term debt
103,009
103,077
Other current liabilities
52,164
55,133
Total current liabilities
339,137
328,731
Long-term debt
620,329
631,361
Other liabilities
63,197
64,985
Commitments and contingencies
Equity:
Common stock of $0.001 par value,
125,000,000 shares authorized, 52,759,223 and 52,259,303 shares
issued and outstanding at March 31, 2024 and December 31, 2023,
respectively
53
52
Additional paid-in-capital
1,646,061
1,671,759
Accumulated deficit
(594,347
)
(637,838
)
Accumulated other comprehensive loss
5,209
5,266
Total stockholders' equity
1,056,976
1,039,239
Noncontrolling interests
(1,823
)
(1,542
)
Total equity
1,055,153
1,037,697
Total liabilities and equity
$
2,077,816
$
2,062,774
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(In Thousands)
Three Months Ended
March 31, 2024
March 31, 2023
Net income
$
46,745
$
10,816
Other comprehensive income (loss):
Unrealized gain (loss) on note
receivable
80
(132
)
Change in liability of pension plans
(137
)
(190
)
Total comprehensive income
$
46,688
$
10,494
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
Three Months
Three Months
Ended
Ended
March 31, 2024
March 31, 2023
Operating activities:
Net income
$
46,745
$
10,816
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
38,811
21,048
Amortization of deferred drydocking and
survey costs
17,459
9,618
Amortization of debt premiums and
discounts
1,814
420
Amortization of below market contracts
(1,206
)
—
Provision for deferred income taxes
73
35
Gain on asset dispositions, net
(11,039
)
(2,216
)
Stock-based compensation expense
2,766
2,103
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(17,616
)
(25,733
)
Accounts payable
6,843
25,829
Accrued expenses
6,600
1,830
Deferred drydocking and survey costs
(40,018
)
(31,325
)
Other, net
3,533
369
Net cash provided by operating
activities
54,765
12,794
Cash flows from investing activities:
Proceeds from asset dispositions
12,463
5,716
Additions to properties and equipment
(10,942
)
(8,651
)
Net cash provided by (used in) investing
activities
1,521
(2,935
)
Cash flows from financing activities:
Principal payments on long-term debt
(12,500
)
—
Purchase of common stock
(3,501
)
—
Acquisition of non-controlling interest in
a majority owned subsidiary
—
(1,427
)
Debt issuance costs
(135
)
—
Share based awards reacquired to pay
taxes
(28,462
)
(3,747
)
Net cash used in financing activities
(44,598
)
(5,174
)
Net change in cash, cash equivalents and
restricted cash
11,688
4,685
Cash, cash equivalents and restricted cash
at beginning of period
277,965
167,977
Cash, cash equivalents and restricted cash
at end of period
$
289,653
$
172,662
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
15,621
$
98
Income taxes
$
15,603
$
17,057
Note: Cash, cash equivalents
and restricted cash at March 31, 2024 includes $2.3 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 December 31, 2023
$
52
$
1,671,759
$
(637,838
)
$
5,266
$
1,542
$
1,040,781
Total comprehensive income (loss)
—
—
47,026
(57
)
(281
)
46,688
Amortization of share-based awards
—
(25,697
)
—
—
—
(25,697
)
Balance at March 31, 2024
$
53
$
1,647,488
$
(594,347
)
$
5,209
$
1,261
$
1,059,664
Balance at December 31, 2022
$
51
$
1,556,990
$
(699,649
)
$
8,576
$
22
$
865,990
Total comprehensive income (loss)
—
—
10,738
(322
)
78
10,494
Acquisition of non-controlling interest in
a majority owned subsidiary
—
(1,427
)
—
—
—
(1,427
)
Amortization of share-based awards
—
(1,644
)
—
—
—
(1,644
)
Balance at March 31, 2023
$
51
$
1,553,919
$
(688,911
)
$
8,254
$
100
$
873,413
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
March 31, 2024
March 31, 2023
Vessel revenues:
Americas
$
63,941
20
%
$
47,687
25
%
Asia Pacific
47,781
15
%
22,024
12
%
Middle East
37,932
12
%
30,762
16
%
Europe/Mediterranean
80,381
25
%
31,250
16
%
West Africa
88,651
28
%
59,457
31
%
Total vessel revenues
$
318,686
100
%
$
191,180
100
%
Vessel operating costs:
Crew costs
$
102,352
32
%
$
66,643
35
%
Repair and maintenance
21,348
7
%
16,652
9
%
Insurance
2,580
1
%
2,005
1
%
Fuel, lube and supplies
17,318
5
%
13,555
7
%
Other
23,958
8
%
16,604
9
%
Total vessel operating costs
167,556
53
%
115,459
60
%
Vessel operating margin (A)
$
151,130
47
%
$
75,721
40
%
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
March 31, 2024
March 31, 2023
Vessel operating profit:
Americas
$
10,126
3
%
$
7,962
4
%
Asia Pacific
14,847
5
%
5,568
3
%
Middle East
1,529
0
%
(344
)
(0
)%
Europe/Mediterranean
14,757
5
%
2,036
1
%
West Africa
41,010
13
%
17,221
9
%
Other operating profit
1,328
0
%
773
0
%
83,597
26
%
33,216
17
%
Corporate expenses (A)
(12,738
)
(4
)%
(10,933
)
(6
)%
Gain on asset dispositions, net
11,039
3
%
2,216
1
%
Operating income
$
81,898
26
%
$
24,499
13
%
Note (A): General and
administrative expenses for the three months ended March 31, 2024
and 2023 include stock-based compensation of $2.8 million and $2.1
million, respectively. In addition, vessel operating and general
and administrative costs for the three months March 31, 2024 and
2023, include $0.7 million and $1.4 million in acquisition,
restructuring and integration related costs, respectively.
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS –
QUARTERLY DATA
(In Thousands, except per share data)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Revenues:
Vessel revenues
$
318,686
$
300,515
$
296,975
$
210,323
$
191,180
Other operating revenues
2,478
2,143
2,287
4,638
1,924
Total revenues
321,164
302,658
299,262
214,961
193,104
Costs and expenses:
Vessel operating costs (A)
167,556
158,553
164,239
118,264
115,459
Costs of other operating revenue
1,150
1,337
1,481
373
1,151
General and administrative (A)
25,329
24,724
21,001
26,013
23,545
Depreciation and amortization
56,270
59,167
57,730
32,768
30,666
Gain on asset dispositions, net
(11,039
)
(4,218
)
(863
)
(1,404
)
(2,216
)
Total operating costs and expenses
239,266
239,563
243,588
176,014
168,605
Operating income
81,898
63,095
55,674
38,947
24,499
Other income (expense):
Foreign exchange gain (loss)
(4,085
)
2,250
(2,149
)
(3,819
)
2,348
Equity in net earnings (losses) of
unconsolidated companies
(5
)
10
4
25
—
Interest income and other, net
1,483
3,029
568
2,790
130
Interest and other debt costs, net
(19,476
)
(20,263
)
(19,288
)
(4,731
)
(4,190
)
Total other expense
(22,083
)
(14,974
)
(20,865
)
(5,735
)
(1,712
)
Income before income taxes
59,815
48,121
34,809
33,212
22,787
Income tax expense
13,070
10,793
9,260
11,284
11,971
Net income
46,745
37,328
25,549
21,928
10,816
Net income (loss) attributable to
noncontrolling interests
(281
)
(336
)
(650
)
(656
)
78
Net income attributable to Tidewater
Inc.
$
47,026
$
37,664
$
26,199
$
22,584
$
10,738
Basic income per common share
$
0.90
$
0.72
$
0.50
$
0.44
$
0.21
Diluted income per common share
$
0.89
$
0.70
$
0.49
$
0.43
$
0.21
Weighted average common shares
outstanding
52,320
52,648
52,230
50,857
50,604
Dilutive effect of warrants, restricted
stock units and stock options
580
1,351
1,380
1,148
1,368
Adjusted weighted average common
shares
52,900
53,999
53,610
52,005
51,972
Vessel operating margin
$
151,130
$
141,962
$
132,736
$
92,059
$
75,721
Note (A): Acquisition, restructuring and
integration related costs
$
709
$
2,177
$
6,079
$
1,242
$
1,426
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands)
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
ASSETS
Current assets:
Cash and cash equivalents
$
280,853
$
274,437
$
275,070
$
171,261
$
165,145
Restricted cash
6,474
1,241
4,973
1,242
4,972
Trade and other receivables, net
285,968
268,352
250,671
195,906
182,198
Marine operating supplies
24,767
31,933
27,489
22,495
24,448
Assets held for sale
—
—
565
630
695
Prepaid expenses and other current
assets
17,447
15,172
16,598
18,958
18,978
Total current assets
615,509
591,135
575,366
410,492
396,436
Net properties and equipment
1,286,618
1,315,122
1,348,001
784,873
786,168
Deferred drydocking and survey costs
128,639
106,698
99,215
92,481
82,787
Indemnification assets
16,642
17,370
18,648
22,678
27,698
Other assets
30,408
32,449
30,325
33,640
34,058
Total assets
$
2,077,816
$
2,062,774
$
2,071,555
$
1,344,164
$
1,327,147
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
51,774
$
44,931
$
57,183
$
69,822
$
64,775
Accrued expenses
132,190
125,590
119,631
91,875
107,348
Current portion of long-term debt
103,009
103,077
102,369
2,441
—
Other current liabilities
52,164
55,133
53,301
42,305
43,220
Total current liabilities
339,137
328,731
332,484
206,443
215,343
Long-term debt
620,329
631,361
641,301
179,573
169,423
Other liabilities
63,197
64,985
66,246
65,621
68,968
Equity:
Common stock
53
52
53
51
51
Additional paid-in-capital
1,646,061
1,671,759
1,668,392
1,554,793
1,553,919
Accumulated deficit
(594,347
)
(637,838
)
(640,128
)
(666,327
)
(688,911
)
Accumulated other comprehensive income
5,209
5,266
4,413
4,566
8,254
Total stockholders' equity
1,056,976
1,039,239
1,032,730
893,083
873,313
Noncontrolling interests
(1,823
)
(1,542
)
(1,206
)
(556
)
100
Total equity
1,055,153
1,037,697
1,031,524
892,527
873,413
Total liabilities and equity
$
2,077,816
$
2,062,774
$
2,071,555
$
1,344,164
$
1,327,147
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Operating activities:
Net income
$
46,745
$
37,328
$
25,549
$
21,928
$
10,816
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
38,811
42,788
43,845
21,096
21,048
Amortization of deferred drydocking and
survey costs
17,459
16,379
13,885
11,672
9,618
Amortization of debt premiums and
discounts
1,814
1,975
1,802
422
420
Amortization of below market contracts
(1,206
)
(1,894
)
(1,906
)
—
—
(Provision) benefit for deferred income
taxes
73
23
35
(1
)
35
Gain on asset dispositions, net
(11,039
)
(4,218
)
(863
)
(1,404
)
(2,216
)
Gain on pension settlement
—
(506
)
—
(1,807
)
—
Stock-based compensation expense
2,766
3,508
2,496
2,648
2,103
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(17,616
)
(17,072
)
(54,765
)
(12,186
)
(25,733
)
Accounts payable
6,843
(12,252
)
(12,639
)
5,047
25,829
Accrued expenses
6,600
5,841
27,775
(15,374
)
1,830
Deferred drydocking and survey costs
(40,018
)
(24,069
)
(20,618
)
(21,366
)
(31,325
)
Other, net
3,533
(600
)
10,343
(934
)
369
Net cash provided by operating
activities
54,765
47,231
34,939
9,741
12,794
Cash flows from investing activities:
Proceeds from asset dispositions
12,463
5,902
945
2,943
5,716
Acquisitions, net of cash acquired
—
—
(594,191
)
—
—
Additions to properties and equipment
(10,942
)
(8,386
)
(5,702
)
(8,849
)
(8,651
)
Net cash provided by (used in) investing
activities
1,521
(2,484
)
(598,948
)
(5,906
)
(2,935
)
Cash flows from financing activities:
Exercise of warrants
—
—
111,483
—
—
Issuance of long-term debt
—
—
575,000
—
—
Principal payments on long-term debt
(12,500
)
(13,677
)
—
—
—
Purchase of common stock
(3,501
)
(35,025
)
—
—
—
Acquisition of non-controlling interest in
a majority owned subsidiary
—
—
—
—
(1,427
)
Debt issuance costs
(135
)
—
(14,758
)
—
—
Share based awards reacquired to pay
taxes
(28,462
)
(141
)
(378
)
(1,774
)
(3,747
)
Net cash provided by (used in) financing
activities
(44,598
)
(48,843
)
671,347
(1,774
)
(5,174
)
Net change in cash, cash equivalents and
restricted cash
11,688
(4,096
)
107,338
2,061
4,685
Cash, cash equivalents and restricted cash
at beginning of period
277,965
282,061
174,723
172,662
167,977
Cash, cash equivalents and restricted cash
at end of period
$
289,653
$
277,965
$
282,061
$
174,723
$
172,662
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
15,621
$
18,186
$
606
$
7,748
$
98
Income taxes
$
15,603
$
7,295
$
9,384
$
10,144
$
17,057
Supplemental disclosure of noncash
investing activities:
Purchase of vessels
$
—
$
2,067
$
27
$
12,171
$
—
Supplemental disclosure of noncash
financing activities:
Debt incurred for purchase of vessels
$
—
$
3,037
$
27
$
12,171
$
—
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
VESSEL REVENUE BY
VESSEL CLASS
Americas
fleet:
PSV > 900
$
29,924
$
28,714
$
29,270
$
20,316
$
20,556
PSV < 900
24,531
28,143
28,886
19,134
17,390
AHTS > 16K
2,036
4,034
3,584
3,425
3,395
AHTS 8 - 16K
2,476
2,316
2,064
2,807
2,807
AHTS 4 - 8K
945
1,428
1,570
1,480
1,521
Other
4,029
3,790
5,343
3,214
2,018
Total
63,941
68,425
70,717
50,376
47,687
Asia Pacific
fleet:
PSV > 900
23,210
19,485
20,159
9,648
9,101
PSV < 900
11,830
8,679
8,292
5,811
5,133
AHTS > 16K
4,555
3,759
3,271
2,065
1,342
AHTS 8 - 16K
4,507
4,706
5,287
5,001
5,397
AHTS 4 - 8K
1,576
1,601
1,582
8
998
Other
2,103
402
403
52
53
Total
47,781
38,632
38,994
22,585
22,024
Middle East
fleet:
PSV > 900
1,365
1,378
1,088
1,211
1,192
PSV < 900
21,017
19,215
17,790
16,812
14,965
AHTS > 16K
287
1,178
1,196
1,217
2,316
AHTS 8 - 16K
2,397
3,094
3,420
4,276
4,593
AHTS 4 - 8K
12,866
13,207
11,191
8,340
7,696
Total
37,932
38,072
34,685
31,856
30,762
Europe/Mediterranean
fleet:
PSV > 900
61,827
61,559
59,872
27,602
21,858
PSV < 900
14,126
15,356
14,039
9,195
6,663
AHTS > 16K
3,346
2,437
3,617
2,228
2,511
Other
1,082
1,391
1,401
270
218
Total
80,381
80,743
78,929
39,295
31,250
West Africa
fleet:
PSV > 900
21,743
15,478
17,566
11,550
9,900
PSV < 900
31,812
31,893
26,396
25,419
24,835
AHTS > 16K
8,048
6,994
7,138
9,129
6,237
AHTS 8 - 16K
16,316
11,219
11,917
9,870
9,827
AHTS 4 - 8K
2,370
2,126
2,745
3,496
2,360
Other
8,362
6,933
7,888
6,747
6,298
Total
88,651
74,643
73,650
66,211
59,457
Worldwide
fleet:
PSV > 900
138,069
126,614
127,955
70,327
62,607
PSV < 900
103,316
103,286
95,403
76,371
68,986
AHTS > 16K
18,272
18,402
18,806
18,064
15,801
AHTS 8 - 16K
25,696
21,335
22,688
21,954
22,624
AHTS 4 - 8K
17,757
18,362
17,088
13,324
12,575
Other
15,576
12,516
15,035
10,283
8,587
Total
$
318,686
$
300,515
$
296,975
$
210,323
$
191,180
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
AVERAGE NUMBER OF
VESSELS:
Americas
fleet:
PSV > 900
11
12
12
10
10
PSV < 900
18
18
18
15
15
AHTS > 16K
2
2
2
2
2
AHTS 8 - 16K
2
2
2
2
2
AHTS 4 - 8K
2
2
2
2
2
Other
1
2
2
2
1
Total
36
38
38
33
32
Stacked vessels
(1
)
(1
)
(1
)
(1
)
(1
)
Active vessels
35
37
37
32
31
Asia Pacific
fleet:
PSV > 900
8
8
8
6
5
PSV < 900
5
5
4
2
2
AHTS > 16K
3
2
2
2
1
AHTS 8 - 16K
3
3
3
3
3
AHTS 4 - 8K
1
1
1
1
2
Other
1
—
—
—
1
Total
21
19
18
14
14
Stacked vessels
—
—
—
—
(1
)
Active vessels
21
19
18
14
13
Middle East
fleet:
PSV > 900
1
1
1
1
1
PSV < 900
20
20
20
20
21
AHTS > 16K
—
1
1
1
2
AHTS 8 - 16K
5
5
5
5
5
AHTS 4 - 8K
17
18
18
17
14
Total
43
45
45
44
43
Stacked vessels
—
—
—
—
—
Active vessels
43
45
45
44
43
Europe/Mediterranean
fleet:
PSV > 900
40
39
38
18
19
PSV < 900
9
10
10
7
7
AHTS > 16K
2
2
2
1
1
Total
51
51
50
26
27
Stacked vessels
—
—
—
—
—
Active vessels
51
51
50
26
27
West Africa
fleet:
PSV > 900
9
9
9
7
7
PSV < 900
19
19
19
18
18
AHTS > 16K
4
4
4
5
5
AHTS 8 - 16K
11
11
11
11
11
AHTS 4 - 8K
4
4
5
6
8
Other
21
21
24
23
25
Total
68
68
72
70
74
Stacked vessels
(1
)
(1
)
(3
)
(5
)
(8
)
Active vessels
67
67
69
65
66
Worldwide
fleet:
PSV > 900
69
69
68
42
42
PSV < 900
71
72
71
62
63
AHTS > 16K
11
11
11
11
11
AHTS 8 - 16K
21
21
21
21
21
AHTS 4 - 8K
24
25
26
26
26
Other
23
23
26
25
27
Total
219
221
223
187
190
Stacked vessels
(2
)
(2
)
(4
)
(6
)
(10
)
Active vessels
217
219
219
181
180
Total active
217
219
219
181
180
Total stacked
2
2
4
6
10
Total
219
221
223
187
190
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
PSV > 900
1,001
1,104
1,095
910
907
PSV < 900
1,631
1,675
1,730
1,365
1,359
AHTS > 16K
182
184
184
182
180
AHTS 8 - 16K
182
184
184
182
180
AHTS 4 - 8K
182
184
184
182
180
Other
128
184
184
182
121
Total
3,306
3,515
3,561
3,003
2,927
Asia Pacific
fleet:
PSV > 900
765
736
726
559
481
PSV < 900
455
454
358
182
180
AHTS > 16K
241
184
184
182
90
AHTS 8 - 16K
273
276
276
273
270
AHTS 4 - 8K
91
92
92
91
180
Other
54
—
—
—
48
Total
1,879
1,742
1,636
1,287
1,249
Middle East
fleet:
PSV > 900
91
92
92
91
90
PSV < 900
1,820
1,840
1,840
1,820
1,842
AHTS > 16K
32
92
92
91
180
AHTS 8 - 16K
455
460
460
455
450
AHTS 4 - 8K
1,547
1,615
1,640
1,556
1,291
Total
3,945
4,099
4,124
4,013
3,853
Europe/Mediterranean
fleet:
PSV > 900
3,603
3,588
3,492
1,638
1,672
PSV < 900
838
920
907
637
630
AHTS > 16K
182
184
184
139
90
Total
4,623
4,692
4,583
2,414
2,392
West Africa
fleet:
PSV > 900
819
828
819
637
630
PSV < 900
1,729
1,735
1,744
1,638
1,620
AHTS > 16K
364
368
368
407
450
AHTS 8 - 16K
1,001
1,012
1,012
1,001
990
AHTS 4 - 8K
364
385
476
546
720
Other
1,875
1,899
2,184
2,099
2,256
Total
6,152
6,227
6,603
6,328
6,666
Worldwide
fleet:
PSV > 900
6,279
6,348
6,224
3,835
3,780
PSV < 900
6,473
6,624
6,579
5,642
5,631
AHTS > 16K
1,001
1,012
1,012
1,001
990
AHTS 8 - 16K
1,911
1,932
1,932
1,911
1,890
AHTS 4 - 8K
2,184
2,276
2,392
2,375
2,371
Other
2,057
2,083
2,368
2,281
2,425
Total
19,905
20,275
20,507
17,045
17,087
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
PSV < 900
84
92
92
91
99
Total
84
92
92
91
99
Asia Pacific
fleet:
Other
—
—
—
—
48
Total
—
—
—
—
48
West Africa
fleet:
AHTS 4 - 8K
91
109
184
182
180
Other
—
16
103
265
540
Total
91
125
287
447
720
Worldwide
fleet:
PSV < 900
84
92
92
91
99
AHTS 4 - 8K
91
109
184
182
180
Other
—
16
103
265
588
Total
175
217
379
538
867
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
AVAILABLE DAYS -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
1,001
1,104
1,095
910
907
PSV < 900
1,547
1,583
1,638
1,274
1,260
AHTS > 16K
182
184
184
182
180
AHTS 8 - 16K
182
184
184
182
180
AHTS 4 - 8K
182
184
184
182
180
Other
128
184
184
182
121
Total
3,222
3,423
3,469
2,912
2,828
Asia Pacific
fleet:
PSV > 900
765
736
726
559
481
PSV < 900
455
454
358
182
180
AHTS > 16K
241
184
184
182
90
AHTS 8 - 16K
273
276
276
273
270
AHTS 4 - 8K
91
92
92
91
180
Total
1,879
1,742
1,636
1,287
1,201
Middle East
fleet:
PSV > 900
91
92
92
91
90
PSV < 900
1,820
1,840
1,840
1,820
1,842
AHTS > 16K
32
92
92
91
180
AHTS 8 - 16K
455
460
460
455
450
AHTS 4 - 8K
1,547
1,615
1,640
1,556
1,291
Total
3,945
4,099
4,124
4,013
3,853
Europe/Mediterranean
fleet:
PSV > 900
3,603
3,588
3,492
1,638
1,672
PSV < 900
838
920
907
637
630
AHTS > 16K
182
184
184
139
90
Total
4,623
4,692
4,583
2,414
2,392
West Africa
fleet:
PSV > 900
819
828
819
637
630
PSV < 900
1,729
1,735
1,744
1,638
1,620
AHTS > 16K
364
368
368
407
450
AHTS 8 - 16K
1,001
1,012
1,012
1,001
990
AHTS 4 - 8K
273
276
292
364
540
Other
1,875
1,883
2,081
1,834
1,716
Total
6,061
6,102
6,316
5,881
5,946
Worldwide
fleet:
PSV > 900
6,279
6,348
6,224
3,835
3,780
PSV < 900
6,389
6,532
6,487
5,551
5,532
AHTS > 16K
1,001
1,012
1,012
1,001
990
AHTS 8 - 16K
1,911
1,932
1,932
1,911
1,890
AHTS 4 - 8K
2,093
2,167
2,208
2,193
2,191
Other
2,057
2,067
2,265
2,016
1,837
Total
19,730
20,058
20,128
16,507
16,220
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
UTILIZATION -
TOTAL FLEET:
Americas
fleet:
PSV > 900
87.9
%
77.2
%
84.5
%
78.5
%
84.2
%
PSV < 900
70.0
78.9
85.7
83.9
79.8
AHTS > 16K
33.4
59.0
54.7
50.0
50.0
AHTS 8 - 16K
80.2
74.0
65.4
100.0
100.0
AHTS 4 - 8K
59.7
93.7
97.8
93.7
96.4
Other
100.0
100.0
100.0
100.0
97.5
Total
74.5
%
78.9
%
84.1
%
82.8
%
82.3
%
Asia Pacific
fleet:
PSV > 900
93.7
%
93.4
%
97.3
%
71.1
%
70.8
%
PSV < 900
86.3
92.3
99.0
100.0
90.6
AHTS > 16K
53.4
72.7
66.7
60.7
78.1
AHTS 8 - 16K
75.9
63.9
78.9
85.0
79.8
AHTS 4 - 8K
100.0
100.0
100.0
10.4
80.3
Total
84.0
%
86.6
%
91.3
%
72.4
%
74.8
%
Middle East
fleet:
PSV > 900
100.0
%
100.0
%
90.2
%
100.0
%
100.0
%
PSV < 900
95.3
88.6
82.8
81.6
74.4
AHTS > 16K
69.3
100.0
100.0
100.0
100.0
AHTS 8 - 16K
50.1
60.4
69.0
87.0
96.0
AHTS 4 - 8K
86.5
87.6
77.7
63.4
85.7
Total
86.6
%
85.6
%
79.8
%
76.0
%
82.5
%
Europe/Mediterranean
fleet:
PSV > 900
88.9
%
91.4
%
90.8
%
91.0
%
82.7
%
PSV < 900
90.9
86.8
86.4
81.3
85.0
AHTS > 16K
34.1
53.2
63.3
43.4
84.1
Total
87.1
%
89.0
%
88.8
%
85.7
%
83.4
%
West Africa
fleet:
PSV > 900
86.9
%
64.9
%
88.5
%
83.1
%
83.0
%
PSV < 900
82.6
95.4
85.1
91.1
95.3
AHTS > 16K
89.8
91.1
77.0
92.9
73.5
AHTS 8 - 16K
98.6
72.4
79.5
79.6
79.8
AHTS 4 - 8K
66.7
57.6
58.5
62.9
32.4
Other
55.9
56.9
50.0
49.4
50.3
Total
77.1
%
73.3
%
70.7
%
72.3
%
68.4
%
Worldwide
fleet:
PSV > 900
89.2
%
85.8
%
90.1
%
84.0
%
82.0
%
PSV < 900
84.3
87.9
85.6
85.5
83.4
AHTS > 16K
60.0
75.8
70.7
73.0
75.4
AHTS 8 - 16K
82.0
68.5
75.6
84.1
85.6
AHTS 4 - 8K
81.6
83.5
76.3
63.5
69.9
Other
59.2
60.7
53.9
53.4
51.7
Total
81.5
%
81.5
%
80.5
%
76.9
%
76.5
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
UTILIZATION -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
87.9
%
77.2
%
84.5
%
78.5
%
84.2
%
PSV < 900
73.8
83.4
90.5
89.9
86.1
AHTS > 16K
33.4
59.0
54.7
50.0
50.0
AHTS 8 - 16K
80.2
74.0
65.4
100.0
100.0
AHTS 4 - 8K
59.7
93.7
97.8
93.7
96.4
Other
100.0
100.0
100.0
100.0
97.5
Total
76.5
%
81.0
%
86.3
%
85.4
%
85.2
%
Asia Pacific
fleet:
PSV > 900
93.7
%
93.4
%
97.3
%
71.1
%
70.8
%
PSV < 900
86.3
92.3
99.0
100.0
90.6
AHTS > 16K
53.4
72.7
66.7
60.7
78.1
AHTS 8 - 16K
75.9
63.9
78.9
85.0
79.8
AHTS 4 - 8K
100.0
100.0
100.0
10.4
80.3
Total
84.0
%
86.6
%
91.3
%
72.4
%
77.8
%
Middle East
fleet:
PSV > 900
100.0
%
100.0
%
90.2
%
100.0
%
100.0
%
PSV < 900
95.3
88.6
82.8
81.6
74.4
AHTS > 16K
69.3
100.0
100.0
100.0
100.0
AHTS 8 - 16K
50.1
60.4
69.0
87.0
96.0
AHTS 4 - 8K
86.5
87.6
77.7
63.4
85.7
Total
86.6
%
85.6
%
79.8
%
76.0
%
82.5
%
Europe/Mediterranean
fleet:
PSV > 900
88.9
%
91.4
%
90.8
%
91.0
%
82.7
%
PSV < 900
90.9
86.8
86.4
81.3
85.0
AHTS > 16K
34.1
53.2
63.3
43.4
84.1
Total
87.1
%
89.0
%
88.8
%
85.7
%
83.4
%
West Africa
fleet:
PSV > 900
86.9
%
64.9
%
88.5
%
83.1
%
83.0
%
PSV < 900
82.6
95.4
85.1
91.1
95.3
AHTS > 16K
89.8
91.1
77.0
92.9
73.5
AHTS 8 - 16K
98.6
72.4
79.5
79.6
79.8
AHTS 4 - 8K
88.9
80.4
95.4
94.3
43.2
Other
55.9
57.4
52.5
56.5
66.2
Total
78.3
%
74.8
%
73.9
%
77.8
%
76.6
%
Worldwide
fleet:
PSV > 900
89.2
%
85.8
%
90.1
%
84.0
%
82.0
%
PSV < 900
85.4
89.2
86.8
86.9
84.9
AHTS > 16K
60.0
75.8
70.7
73.0
75.4
AHTS 8 - 16K
82.0
68.5
75.6
84.1
85.6
AHTS 4 - 8K
85.1
87.7
82.6
68.8
75.7
Other
59.2
61.2
56.4
60.4
68.2
Total
82.3
%
82.4
%
82.1
%
79.4
%
80.6
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
AVERAGE VESSEL
DAY RATES: (A)
Americas
fleet:
PSV > 900
$
34,015
$
33,707
$
31,648
$
28,446
$
26,930
PSV < 900
21,499
21,306
19,479
16,702
16,037
AHTS > 16K
33,490
37,174
35,598
37,640
37,720
AHTS 8 - 16K
16,964
16,997
17,157
15,421
15,593
AHTS 4 - 8K
8,703
8,285
8,717
8,678
8,764
Other
30,423
18,427
26,857
17,658
17,110
Total
25,894
24,524
23,495
20,269
19,794
Asia Pacific
fleet:
PSV > 900
32,387
28,351
28,525
24,276
26,723
PSV < 900
30,122
20,703
23,380
31,927
31,488
AHTS > 16K
35,411
28,120
26,649
18,690
19,095
AHTS 8 - 16K
21,757
26,680
24,275
21,561
25,049
AHTS 4 - 8K
17,315
17,404
17,197
946
6,903
Total
30,101
25,378
25,867
24,250
23,582
Middle East
fleet:
PSV > 900
14,996
14,972
13,112
13,304
13,251
PSV < 900
12,115
11,785
11,677
11,320
10,926
AHTS > 16K
12,968
12,801
13,004
13,378
12,868
AHTS 8 - 16K
10,515
11,140
10,771
10,804
10,632
AHTS 4 - 8K
9,609
9,334
8,787
8,460
6,953
Total
11,108
10,855
10,544
10,449
9,679
Europe/Mediterranean
fleet:
PSV > 900
19,294
18,771
18,879
18,512
15,798
PSV < 900
18,557
19,227
17,926
17,756
12,451
AHTS > 16K
53,966
24,899
31,048
36,913
33,164
Total
19,763
19,061
19,105
18,990
15,669
West Africa
fleet:
PSV > 900
30,557
28,797
24,220
21,815
18,931
PSV < 900
22,287
19,271
17,781
17,040
16,080
AHTS > 16K
24,611
20,869
25,192
24,154
18,863
AHTS 8 - 16K
16,536
15,302
14,804
12,382
12,433
AHTS 4 - 8K
9,766
9,583
9,858
10,178
10,113
Other
7,975
6,415
7,217
6,511
5,548
Total
18,687
16,356
15,772
14,469
13,047
Worldwide
fleet:
PSV > 900
24,640
23,240
22,804
21,820
20,193
PSV < 900
18,932
17,734
16,949
15,837
14,688
AHTS > 16K
30,423
23,985
26,293
24,719
21,163
AHTS 8 - 16K
16,390
16,120
15,533
13,662
13,984
AHTS 4 - 8K
9,969
9,658
9,368
8,828
7,583
Other
11,797
8,397
10,281
8,441
6,852
Total
$
19,563
$
18,066
$
17,865
$
16,042
$
14,624
Note (A): Average Vessel Day
Rates equals Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Americas
Vessel revenues
$
63,941
$
68,425
$
70,717
$
50,376
$
47,687
Vessel operating costs:
Crew costs
24,062
24,045
26,848
18,033
17,402
Repair and maintenance
4,534
3,846
5,588
3,973
3,888
Insurance
494
526
476
479
410
Fuel, lube and supplies
4,522
3,241
4,386
2,549
2,999
Other
5,928
5,172
5,924
4,564
3,572
Total vessel operating costs
39,540
36,830
43,222
29,598
28,271
Vessel operating margin ($)
24,401
31,595
27,495
20,778
19,416
Vessel operating margin (%)
38.2
%
46.2
%
38.9
%
41.2
%
40.7
%
Americas - Select
operating statistics
Average vessels - Total fleet
36
38
38
33
32
Utilization - Total fleet
74.5
%
78.9
%
84.1
%
82.8
%
82.3
%
Average vessels - Active fleet
35
37
37
32
31
Utilization - Active fleet
76.5
%
81.0
%
86.3
%
85.4
%
85.2
%
Average day rates
$
25,894
$
24,524
$
23,495
$
20,269
$
19,794
Vessels commencing drydocks
7
3
3
4
2
Deferred drydocking and survey costs -
beginning balance
$
28,688
$
29,684
$
29,769
$
27,832
$
21,720
Cash paid for deferred drydocking and
survey costs
8,014
5,025
4,658
5,867
8,218
Amortization of deferred drydocking and
survey costs
(5,004
)
(5,353
)
(3,727
)
(2,626
)
(3,417
)
Disposals, intersegment transfers and
other
—
(668
)
(1,016
)
(1,304
)
1,311
Deferred drydocking and survey costs -
ending balance
$
31,698
$
28,688
$
29,684
$
29,769
$
27,832
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Asia
Pacific
Vessel revenues
$
47,781
$
38,632
$
38,994
$
22,585
$
22,024
Vessel operating costs:
Crew costs
19,306
15,177
12,390
7,062
7,311
Repair and maintenance
2,769
2,977
2,969
1,517
1,749
Insurance
273
269
183
219
123
Fuel, lube and supplies
1,937
1,191
909
1,521
1,630
Other
2,491
2,045
2,380
1,648
1,678
Total vessel operating costs
26,776
21,659
18,831
11,967
12,491
Vessel operating margin ($)
21,005
16,973
20,163
10,618
9,533
Vessel operating margin (%)
44.0
%
43.9
%
51.7
%
47.0
%
43.3
%
Asia Pacific -
Select operating statistics
Average vessels - Total fleet
21
19
18
14
14
Utilization - Total fleet
84.0
%
86.6
%
91.3
%
72.4
%
74.8
%
Average vessels - Active fleet
21
19
18
14
13
Utilization - Active fleet
84.0
%
86.6
%
91.3
%
72.4
%
77.8
%
Average day rates
$
30,101
$
25,378
$
25,867
$
24,250
$
23,582
Vessels commencing drydocks
3
—
—
—
1
Deferred drydocking and survey costs -
beginning balance
$
3,769
$
3,595
$
2,128
$
2,525
$
553
Cash paid for deferred drydocking and
survey costs
4,734
(18
)
84
(4
)
2,368
Amortization of deferred drydocking and
survey costs
(844
)
(720
)
(637
)
(393
)
(282
)
Disposals, intersegment transfers and
other
717
912
2,020
—
(114
)
Deferred drydocking and survey costs -
ending balance
$
8,376
$
3,769
$
3,595
$
2,128
$
2,525
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Middle
East
Vessel revenues
$
37,932
$
38,072
$
34,685
$
31,856
$
30,762
Vessel operating costs:
Crew costs
13,270
13,716
13,914
13,170
12,616
Repair and maintenance
4,508
4,105
4,828
3,779
3,475
Insurance
420
501
385
465
433
Fuel, lube and supplies
2,304
2,610
3,142
3,470
2,870
Other
6,006
4,906
4,796
3,756
3,669
Total vessel operating costs
26,508
25,838
27,065
24,640
23,063
Vessel operating margin ($)
11,424
12,234
7,620
7,216
7,699
Vessel operating margin (%)
30.1
%
32.1
%
22.0
%
22.7
%
25.0
%
Middle East -
Select operating statistics
Average vessels - Total fleet
43
45
45
44
43
Utilization - Total fleet
86.6
%
85.6
%
79.8
%
76.0
%
82.5
%
Average vessels - Active fleet
43
45
45
44
43
Utilization - Active fleet
86.6
%
85.6
%
79.8
%
76.0
%
82.5
%
Average day rates
$
11,108
$
10,855
$
10,544
$
10,449
$
9,679
Vessels commencing drydocks
11
3
4
7
5
Deferred drydocking and survey costs -
beginning balance
$
19,331
$
21,153
$
22,717
$
20,677
$
15,062
Cash paid for deferred drydocking and
survey costs
7,520
1,360
3,234
4,262
7,787
Amortization of deferred drydocking and
survey costs
(3,161
)
(3,182
)
(2,776
)
(3,778
)
(1,913
)
Disposals, intersegment transfers and
other
—
—
(2,022
)
1,556
(259
)
Deferred drydocking and survey costs -
ending balance
$
23,690
$
19,331
$
21,153
$
22,717
$
20,677
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Europe/Mediterranean
Vessel revenues
$
80,381
$
80,743
$
78,929
$
39,295
$
31,250
Vessel operating costs:
Crew costs
26,282
25,848
26,632
13,406
12,727
Repair and maintenance
5,493
6,081
5,342
2,900
2,706
Insurance
756
791
689
354
384
Fuel, lube and supplies
4,094
3,717
4,033
2,363
1,584
Other
4,359
3,719
5,376
2,292
2,371
Total vessel operating costs
40,984
40,156
42,072
21,315
19,772
Vessel operating margin ($)
39,397
40,587
36,857
17,980
11,478
Vessel operating margin (%)
49.0
%
50.3
%
46.7
%
45.8
%
36.7
%
Europe/Mediterranean - Select operating
statistics
Average vessels - Total fleet
51
51
50
26
27
Utilization - Total fleet
87.1
%
89.0
%
88.8
%
85.7
%
83.4
%
Average vessels - Active fleet
51
51
50
26
27
Utilization - Active fleet
87.1
%
89.0
%
88.8
%
85.7
%
83.4
%
Average day rates
$
19,763
$
19,061
$
19,105
$
18,990
$
15,669
Vessels commencing drydocks
16
5
5
4
4
Deferred drydocking and survey costs -
beginning balance
$
21,078
$
16,256
$
11,705
$
11,363
$
9,566
Cash paid for deferred drydocking and
survey costs
10,876
7,580
6,733
2,217
5,128
Amortization of deferred drydocking and
survey costs
(3,359
)
(2,758
)
(3,201
)
(1,875
)
(1,739
)
Disposals, intersegment transfers and
other
(1,335
)
—
1,019
—
(1,592
)
Deferred drydocking and survey costs -
ending balance
$
27,260
$
21,078
$
16,256
$
11,705
$
11,363
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
West
Africa
Vessel revenues
$
88,651
$
74,643
$
73,650
$
66,211
$
59,457
Vessel operating costs:
Crew costs
19,432
18,751
17,502
16,336
16,587
Repair and maintenance
4,044
4,626
4,868
4,665
4,834
Insurance
637
678
626
651
655
Fuel, lube and supplies
4,461
4,506
5,300
4,055
4,472
Other
5,174
5,509
4,753
5,037
5,314
Total vessel operating costs
33,748
34,070
33,049
30,744
31,862
Vessel operating margin ($)
54,903
40,573
40,601
35,467
27,595
Vessel operating margin (%)
61.9
%
54.4
%
55.1
%
53.6
%
46.4
%
West Africa -
Select operating statistics
Average vessels - Total fleet
68
68
72
70
74
Utilization - Total fleet
77.1
%
73.3
%
70.7
%
72.3
%
68.4
%
Average vessels - Active fleet
67
67
69
65
66
Utilization - Active fleet
78.3
%
74.8
%
73.9
%
77.8
%
76.6
%
Average day rates
$
18,687
$
16,356
$
15,772
$
14,469
$
13,047
Vessels commencing drydocks
7
7
7
4
6
Deferred drydocking and survey costs -
beginning balance
$
33,832
$
28,527
$
26,162
$
20,390
$
14,179
Cash paid for deferred drydocking and
survey costs
8,874
10,121
5,909
9,024
7,824
Amortization of deferred drydocking and
survey costs
(5,091
)
(4,367
)
(3,544
)
(3,000
)
(2,267
)
Disposals, intersegment transfers and
other
—
(449
)
—
(252
)
654
Deferred drydocking and survey costs -
ending balance
$
37,615
$
33,832
$
28,527
$
26,162
$
20,390
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Worldwide
Vessel revenues
$
318,686
$
300,515
$
296,975
$
210,323
$
191,180
Vessel operating costs:
Crew costs
102,352
97,537
97,286
68,007
66,643
Repair and maintenance
21,348
21,635
23,595
16,834
16,652
Insurance
2,580
2,765
2,359
2,168
2,005
Fuel, lube and supplies
17,318
15,265
17,770
13,958
13,555
Other
23,958
21,351
23,229
17,297
16,604
Total vessel operating costs
167,556
158,553
164,239
118,264
115,459
Vessel operating margin ($)
151,130
141,962
132,736
92,059
75,721
Vessel operating margin (%)
47.4
%
47.2
%
44.7
%
43.8
%
39.6
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
219
221
223
187
190
Utilization - Total fleet
81.5
%
81.5
%
80.5
%
76.9
%
76.5
%
Average vessels - Active fleet
217
219
219
181
180
Utilization - Active fleet
82.3
%
82.4
%
82.1
%
79.4
%
80.6
%
Average day rates
$
19,563
$
18,066
$
17,865
$
16,042
$
14,624
Vessels commencing drydocks
44
18
19
19
18
Deferred drydocking and survey costs -
beginning balance
$
106,698
$
99,215
$
92,481
$
82,787
$
61,080
Cash paid for deferred drydocking and
survey costs
40,018
24,068
20,618
21,366
31,325
Amortization of deferred drydocking and
survey costs
(17,459
)
(16,380
)
(13,885
)
(11,672
)
(9,618
)
Disposals, intersegment transfers and
other
(618
)
(205
)
1
—
—
Deferred drydocking and survey costs -
ending balance
$
128,639
$
106,698
$
99,215
$
92,481
$
82,787
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Net income
$
46,745
$
37,328
$
25,549
$
21,928
$
10,816
Interest and other debt costs
19,476
20,263
19,288
4,731
4,190
Income tax expense
13,070
10,793
9,260
11,284
11,971
Depreciation
38,811
42,788
43,845
21,096
21,048
Amortization of deferred drydock and
survey costs
17,459
16,379
13,885
11,672
9,618
Amortization of below market contracts
(1,206
)
(1,894
)
(1,906
)
—
—
EBITDA (A), (B), (C)
134,355
125,657
109,921
70,711
57,643
Non-cash indemnification assets charge
1,122
(70
)
1,184
—
—
Non-cash stock compensation expense
2,766
3,508
2,496
2,648
2,103
Acquisition, restructuring and integration
related costs
709
2,177
6,079
1,242
1,426
Adjusted EBITDA (A), (B), (C)
$
138,952
$
131,272
$
119,680
$
74,601
$
61,172
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 March 31, 2024, and for each of the prior four
quarters includes non-cash stock-based compensation expense of
$2,766, $3,508, $2,496, $2,648 and $2,103 respectively.
Note (C): EBITDA and Adjusted
EBITDA for the three months ended March 31, 2024, and for each of
the prior four quarters includes foreign exchange gain (losses) of
$(4,085), $2,250, $(2,149), $(3,819) and $2,348 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
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Net cash provided by operating activities
(A)
$
54,765
$
47,231
$
34,939
$
9,741
$
12,794
Cash interest expense
15,621
18,186
606
7,748
98
Interest income and other
(1,483
)
(3,029
)
(568
)
(2,790
)
(130
)
Indemnification assets charge
(1,122
)
70
(1,184
)
—
—
Additions to property and equipment
(10,942
)
(8,386
)
(5,702
)
(8,849
)
(8,651
)
Acquisitions
—
—
(594,191
)
—
—
Expansion capital
71
1,034
594,252
2,493
109
56,910
55,106
28,152
8,343
4,220
Proceeds from asset sales
12,463
5,902
945
2,943
5,716
Free cash flow
$
69,373
$
61,008
$
29,097
$
11,286
$
9,936
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
March 31,
December 31,
September 30,
June 30,
March 31,
2024
2023
2023
2023
2023
Cash provided by (used in) changes in
assets and liabilities, excluding drydock payments
$
(640
)
$
(24,083
)
$
(29,286
)
$
(23,447
)
$
2,295
Cash paid for deferred drydock and survey
costs
(40,018
)
(24,069
)
(20,618
)
(21,366
)
(31,325
)
Total uses of cash for changes in assets
and liabilities
$
(40,658
)
$
(48,152
)
$
(49,904
)
$
(44,813
)
$
(29,030
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240429256900/en/
Tidewater Inc. West Gotcher Senior Vice President, Strategy,
Corporate Development and Investor Relations +1.713.470.5285
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