First Quarter 2023
Highlights
- Revenue of $193.1 million; Highest quarterly revenue since
fourth quarter of 2015; an 83% increase over the first quarter of
2022
- Highest quarterly global average day rate since third
quarter of 2015
- Net income of $10.7 million, or $0.21 per share
- Adjusted EBITDA of $59.1 million; Highest quarterly EBITDA
since third quarter of 2015
- Quarter-end net debt balance of $4.3 million
Tidewater Inc. (NYSE:TDW) announced today revenue for the three
months ended March 31, 2023 of $193.1 million compared with $105.7
million for the three months ended March 31, 2022. Tidewater's net
income for the three months ended March 31, 2023, were $10.7
million ($0.21 per common share) compared with a net loss of $12.2
million ($0.29 per common share) for the three months ended March
31, 2022. Included in the net income for the three months ended
March 31, 2023 were merger and severance expenses of $1.4 million.
Excluding this item, we would have reported a net income for the
three months ended March 31, 2023 of $12.2 million ($0.23 per
common share). Included in the net losses for the three months
ended March 31, 2022 were long-lived asset impairment credit, gain
on bargain purchase and merger and severance expenses of $0.5
million. Excluding these items, we would have reported a net loss
for the three months ended March 31, 2022 of $11.7 million ($0.28
per common share).
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, “We are encouraged by the continued momentum we
saw during the first quarter and the new cyclical revenue and
global average day rate high-water marks, especially for what is
anticipated to be the slowest quarter of the year due to
seasonality in certain markets. Consolidated global average day
rates continued the upward trend we saw throughout 2022, with the
average day rate increasing nearly $1,100 per day sequentially. In
addition, each individual geographic region increased its average
day rate during the quarter. Also, all individual vessel classes
except the 4-8k AHTS class increased in average day rate during the
quarter. Seasonality did play a factor during the quarter as
activity in the North Sea and the Mediterranean declined
sequentially though, notably, we did see net day rate improvements
in these markets during the quarter.
“The first quarter is typically the slowest calendar quarter of
the year due to harsher weather conditions, calendar year budgets
and the contracting habits of some of our global customers. This
year we used the period to reposition vessels and to perform as
many drydocks as possible so that we can maximize the utilization
and profitability during the higher activity periods we typically
see in the second and third quarters. Incidentally, we anticipate a
stronger fourth quarter than third quarter, which is atypical, but
representative of a market strengthening in excess of the typical
calendar year seasonality. The repositioning in the first quarter
resulted in disproportionally higher drydock cost and idle time.
Drydock days were up approximately 41.0% from the fourth quarter
and drydock spend was approximately $31.0 million. Our forecasted
drydock spend for the year remains unchanged at $77.0 million.
Similar to what we are expecting in the fourth quarter of this
year, first quarter revenue actually increased over the fourth
quarter, as the $1,100 increase in the global average day rate
overtook the active fleet utilization decrease of 1.9 percentage
points.
“During the first quarter, we announced an agreement to acquire
37 PSVs from Solstad Offshore. We are excited about the addition of
this high-quality fleet of PSVs to the Tidewater fleet. We expect
to close the acquisition by the end of the second quarter, and we
continue to evaluate a variety of commercial banking and debt
capital market financing alternatives with the objective of
optimizing the cost of capital and financial flexibility.
“Turning to our regional operating results, the Americas had a
strong quarter as utilization improved five percentage points and
day rate expanded by over $1,500 per day. This improvement was
spread across nearly all of the subregions within the Americas
segment, with particular strength in the Caribbean. The Asia
Pacific region also experienced a strong quarter with significant
sequential day rate expansion of approximately $5,700 per day,
although vessels transiting in and out of Australia and drydocks
materially impacted utilization. Vessel operating margin in Asia
Pacific increased by nearly 16 percentage points to just over
43.0%, driven by the day rate expansion. Utilization in West Africa
declined during the quarter as a number of vessels were in-transit
within the region and the aforementioned increase in drydock days,
nonetheless, the average day rates in the region improved by nearly
$800 per day.
“As we survey the market and evaluate the momentum that built
during the quarter, particularly as we moved beyond the seasonally
slow period of the quarter, we remain confident in our outlook for
2023. As such, we reiterate our 2023 annual guidance of $900
million of revenue and approximately 50.0% vessel operating margin
for the legacy Tidewater business and reiterate our updated pro
forma 2023 guidance of $1.03 billion of revenue and approximately
50.0% vessel operating margin which contemplates closing the
Solstad PSV acquisition by the end of the second quarter of
2023.”
In addition to the number of outstanding shares, as of March 31,
2023, the company also has the following in-the-money warrants.
Common shares outstanding
50,780,847
New Creditor Warrants (strike price $0.001
per common share)
81,244
GulfMark Creditor Warrants (strike price
$0.01 per common share)
107,877
Total
50,969,968
Tidewater will hold a conference call to discuss results for the
three months ending March 31, 2023 on May 9, 2023, at 8:00 a.m.
Central Time. Investors and interested parties may listen to the
earnings conference call via telephone by calling +1.888.770.7135
if calling from the U.S. or Canada (+1.929.203.0820 if calling from
outside the U.S.) and provide Conference ID: 2444624 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 9, 2023 and will continue until
11:59 p.m. Central Time on June 9, 2023. 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 Forms 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, 2023 and
December 31, 2022; the Consolidated Statements of Operations and
Consolidated Statements of Equity for the three months ended March
31, 2023 and 2022; and the Consolidated Statements of Cash Flows
for the three months ended March 31, 2023 and 2022. Extracts are
drawn from the March 31, 2023 unaudited quarterly and year to date
financial statements and the December 31, 2022 audited annual
financial statements of Tidewater Inc. All per-share amounts are
stated on a diluted basis.
In conjunction with the acquisition of Swire Pacific Offshore
(SPO), we realigned our reportable segments to better reflect the
post-acquisition operating environment. The previous Middle
East/Asia Pacific segment has been split into the Middle East
segment and the Asia Pacific segment. Our previous operations in
Southeast Asia and Australia, along with the legacy SPO operations
in the Asia Pacific region, now form the new Asia Pacific segment.
Our segment disclosures reflect the current segment alignment for
all periods presented.
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In Thousands, except per share data)
Three Months Ended
March 31, 2023
March 31, 2022
Revenues:
Vessel revenues
$
191,180
$
103,876
Other operating revenues
1,924
1,853
Total revenues
193,104
105,729
Costs and expenses:
Vessel operating costs
115,459
68,511
Costs of other operating revenues
1,151
361
General and administrative
23,545
18,217
Depreciation and amortization
30,666
26,657
Long-lived asset impairment and other
—
(500
)
Gain on asset dispositions, net
(2,216
)
(207
)
Total costs and expenses
168,605
113,039
Operating income (loss)
24,499
(7,310
)
Other income (expense):
Foreign exchange loss
2,348
946
Interest income and other, net
130
3,486
Interest and other debt costs, net
(4,190
)
(4,175
)
Total other expense
(1,712
)
257
Income (loss) before income taxes
22,787
(7,053
)
Income tax expense
11,971
5,218
Net income (loss)
10,816
(12,271
)
Less: Net income (loss) attributable to
noncontrolling interests
78
(103
)
Net income (loss) attributable to
Tidewater Inc.
$
10,738
$
(12,168
)
Basic income (loss) per common share
$
0.21
$
(0.29
)
Diluted income (loss) per common share
$
0.21
$
(0.29
)
Weighted average common shares
outstanding
50,604
41,412
Dilutive effect of warrants, restricted
stock units and stock options
1,368
—
Adjusted weighted average common
shares
51,972
41,412
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands, except share and par value
data)
March 31, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
165,145
$
164,192
Restricted cash
4,972
1,241
Trade and other receivables, less
allowance for credit losses of $12,640 and $14,060 at March 31,
2023 and December 31, 2022, respectively
182,198
156,465
Marine operating supplies
24,448
30,830
Assets held for sale
695
4,195
Prepaid expenses and other current
assets
18,978
20,985
Total current assets
396,436
377,908
Net properties and equipment
786,168
796,655
Deferred drydocking and survey costs
82,787
61,080
Indemnification assets
27,698
28,369
Other assets
34,058
33,644
Total assets
$
1,327,147
$
1,297,656
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
64,775
$
38,946
Accrued costs and expenses
107,348
105,518
Other current liabilities
43,220
50,323
Total current liabilities
215,343
194,787
Long-term debt
169,423
169,036
Other liabilities and deferred credits
68,968
67,843
Commitments and contingencies
Equity:
Common stock
51
51
Additional paid-in-capital
1,553,919
1,556,990
Accumulated deficit
(688,911
)
(699,649
)
Accumulated other comprehensive loss
8,254
8,576
Total stockholders' equity
873,313
865,968
Noncontrolling interests
100
22
Total equity
873,413
865,990
Total liabilities and equity
$
1,327,147
$
1,297,656
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(In Thousands)
Three Months Ended
March 31, 2023
March 31, 2022
Net income (loss)
$
10,816
$
(12,271
)
Other comprehensive income (loss):
Unrealized loss on note receivable
(132
)
—
Change in liability of pension plans
(190
)
(197
)
Total comprehensive income (loss)
$
10,494
$
(12,468
)
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
Three Months
Three Months
Ended
Ended
March 31, 2023
March 31, 2022
Operating activities:
Net loss
$
10,816
$
(12,271
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
21,048
17,673
Amortization of deferred drydocking and
survey costs
9,618
8,984
Amortization of debt premiums and
discounts
420
375
Provision for deferred income taxes
35
177
Loss on asset dispositions, net
(2,216
)
(207
)
Gain on bargain purchase
—
(1,300
)
Long-lived asset impairment and other
—
(500
)
Stock-based compensation expense
2,103
1,458
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(25,733
)
(15,570
)
Changes in due to/from affiliate, net
—
(20
)
Accounts payable
25,829
2,825
Accrued expenses
1,830
3,207
Deferred drydocking and survey costs
(31,325
)
(12,612
)
Other, net
369
(3,843
)
Net cash provided by (used in) operating
activities
12,794
(11,624
)
Cash flows from investing activities:
Proceeds from sales of assets
5,716
4,628
Acquisitions, net of cash acquired
—
(1,039
)
Additions to properties and equipment
(8,651
)
(1,229
)
Net cash provided by (used in) investing
activities
(2,935
)
2,360
Cash flows from financing activities:
Acquisition of non-controlling interest in
a majority owned subsidiary
(1,427
)
—
Debt issuance and modification costs
—
(263
)
Tax on share-based awards
(3,747
)
(1,017
)
Net cash used in financing activities
(5,174
)
(1,280
)
Net change in cash, cash equivalents and
restricted cash
4,685
(10,544
)
Cash, cash equivalents and restricted cash
at beginning of period
167,977
154,276
Cash, cash equivalents and restricted cash
at end of period
$
172,662
$
143,732
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
98
$
—
Income taxes
$
17,057
$
3,200
Note: Cash, cash equivalents and
restricted cash at March 31, 2023 includes $2.5 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 (loss)
interest
Total
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
Balance at December 31, 2021
$
41
$
1,376,494
$
(677,900
)
$
2,668
$
466
$
701,769
Total comprehensive loss
—
—
(12,168
)
(197
)
(103
)
(12,468
)
Issuance of common stock
1
(1
)
—
—
—
—
Amortization of share-based awards
—
441
—
—
—
441
Balance at March 31, 2022
$
42
$
1,376,934
$
(690,068
)
$
2,471
$
363
$
689,742
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, 2023
March 31, 2022
Vessel revenues:
Americas
$
47,687
25
%
$
28,444
27
%
Asia Pacific
22,024
12
%
4,897
5
%
Middle East
30,762
16
%
20,218
19
%
Europe/Mediterranean
31,250
16
%
23,919
23
%
West Africa
59,457
31
%
26,398
26
%
Total vessel revenues
$
191,180
100
%
$
103,876
100
%
Vessel operating costs:
Crew costs
$
66,643
35
%
$
40,837
39
%
Repair and maintenance
16,652
9
%
9,461
9
%
Insurance
2,005
1
%
1,384
1
%
Fuel, lube and supplies
13,555
7
%
7,076
7
%
Other
16,604
8
%
9,753
9
%
Total vessel operating costs
115,459
60
%
68,511
66
%
Vessel operating margin (A)
$
75,721
40
%
$
35,365
34
%
Note (A): Vessel operating margin equals
vessel revenues less vessel operating costs.
The company’s operating loss and other components of loss before
income taxes and its related percentage of total revenues, were as
follows:
(In Thousands)
Three Months Ended
March 31, 2023
March 31, 2022
Vessel operating profit (loss):
Americas
$
7,962
4
%
$
(82
)
(0
)%
Asia Pacific
5,568
3
%
2,173
2
%
Middle East
(344
)
(0
)%
(1,883
)
(2
)%
Europe/Mediterranean
2,036
1
%
(2,429
)
(2
)%
West Africa
17,221
9
%
3,215
3
%
Other operating profit
773
0
%
1,492
1
%
33,216
17
%
2,486
2
%
Corporate expenses (A)
(10,933
)
(5
)%
(10,503
)
(10
)%
Gain on asset dispositions, net
2,216
1
%
207
0
%
Long-lived asset impairments and other
—
0
%
500
1
%
Operating income (loss)
$
24,499
13
%
$
(7,310
)
(7
)%
Note (A): General and administrative
expenses for the three months ended March 31, 2023 and 2022,
include stock-based compensation of $2.1 million and $1.5 million,
respectively. In addition, vessel operating and general and
administrative costs for the three months ended March 31, 2023 and
2022, include $1.4 million and $2.3 million in one-time
acquisition, restructuring and integration related costs,
respectively.
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(LOSS) – QUARTERLY DATA
(In Thousands, except per share data)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
Revenues:
Vessel revenues
$
191,180
$
185,106
$
190,247
$
162,175
$
103,876
Other operating revenues
1,924
1,640
1,515
1,272
1,853
Total revenues
193,104
186,746
191,762
163,447
105,729
Costs and expenses:
Vessel operating costs (A)
115,459
115,496
113,037
100,257
68,511
Costs of other operating revenue
1,151
694
592
483
361
General and administrative (A)
23,545
28,633
27,267
27,804
18,217
Depreciation and amortization
30,666
29,881
30,856
31,766
26,657
Long-lived asset impairment (credit)
—
—
1,214
—
(500
)
(Gain) loss on asset dispositions, net
(2,216
)
(1,076
)
(264
)
1,297
(207
)
Total operating costs and expenses
168,605
173,628
172,702
161,607
113,039
Operating income (loss)
24,499
13,118
19,060
1,840
(7,310
)
Other income (expense):
Foreign exchange gain (loss)
2,348
2,105
(3,997
)
(1,881
)
946
Equity in net earnings (losses) of
unconsolidated companies
—
14
9
(244
)
—
Interest income and other, net
130
981
581
349
3,486
Loss on warrants
—
—
—
(14,175
)
—
Interest and other debt costs, net
(4,190
)
(4,339
)
(4,391
)
(4,284
)
(4,175
)
Total other income (expense)
(1,712
)
(1,239
)
(7,798
)
(20,235
)
257
Income (loss) before income taxes
22,787
11,879
11,262
(18,395
)
(7,053
)
Income tax expense
11,971
1,697
6,352
6,619
5,218
Net income (loss)
10,816
10,182
4,910
(25,014
)
(12,271
)
Net income (loss) attributable to
noncontrolling interests
78
(438
)
(470
)
567
(103
)
Net income (loss) attributable to
Tidewater Inc.
$
10,738
$
10,620
$
5,380
$
(25,581
)
$
(12,168
)
Basic income (loss) per common share
$
0.21
$
0.22
$
0.12
$
(0.61
)
$
(0.29
)
Diluted income (loss) per common share
$
0.21
$
0.20
$
0.10
$
(0.61
)
$
(0.29
)
Weighted average common shares
outstanding
50,604
48,766
44,451
41,814
41,412
Dilutive effect of warrants, restricted
stock units and stock options
1,368
3,069
7,069
—
—
Adjusted weighted average common
shares
51,972
51,835
51,520
41,814
41,412
Vessel operating margin
$
75,721
$
69,610
$
77,210
$
61,918
$
35,365
Note (A): One-time acquisition,
restructuring and integration related costs
$
1,426
$
5,150
$
4,332
$
7,314
$
2,305
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands)
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
ASSETS
Current assets:
Cash and cash equivalents
$
165,145
$
164,192
$
115,014
$
87,981
$
136,234
Restricted cash
4,972
1,241
4,965
1,240
4,958
Trade and other receivables, net
182,198
156,465
181,646
189,259
112,953
Due from affiliates, net
—
—
—
—
21,191
Marine operating supplies
24,448
30,830
20,764
21,182
13,252
Assets held for sale
695
4,195
6,815
6,862
8,591
Prepaid expenses and other current
assets
18,978
20,985
17,509
23,259
12,012
Total current assets
396,436
377,908
346,713
329,783
309,191
Net properties and equipment
786,168
796,655
815,990
838,612
677,580
Deferred drydocking and survey costs
82,787
61,080
57,877
53,661
44,362
Indemnification assets
27,698
28,369
30,117
30,269
—
Other assets
34,058
33,644
32,364
30,410
22,997
Total assets
$
1,327,147
$
1,297,656
$
1,283,061
$
1,282,735
$
1,054,130
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
64,775
$
38,946
$
31,829
$
30,537
$
23,696
Accrued costs and expenses
107,348
105,518
105,945
109,212
55,141
Due to affiliates
—
—
—
—
21,191
Other current liabilities
43,220
50,323
46,629
47,872
25,471
Total current liabilities
215,343
194,787
184,403
187,621
125,499
Long-term debt
169,423
169,036
168,649
168,279
167,997
Other liabilities and deferred credits
68,968
67,843
82,910
85,188
70,892
Equity:
Common stock
51
51
46
42
42
Additional paid-in-capital
1,553,919
1,556,990
1,555,388
1,554,561
1,376,934
Accumulated deficit
(688,911
)
(699,649
)
(710,269
)
(715,649
)
(690,068
)
Accumulated other comprehensive income
8,254
8,576
1,474
1,763
2,471
Total stockholders' equity
873,313
865,968
846,639
840,717
689,379
Noncontrolling interests
100
22
460
930
363
Total equity
873,413
865,990
847,099
841,647
689,742
Total liabilities and equity
$
1,327,147
$
1,297,656
$
1,283,061
$
1,282,735
$
1,054,130
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,
2023
2022
2022
2022
2022
Operating activities:
Net income (loss)
$
10,816
$
10,182
$
4,910
$
(25,014
)
$
(12,271
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
21,048
20,983
22,252
22,614
17,673
Amortization of deferred drydocking and
survey costs
9,618
8,898
8,604
9,152
8,984
Amortization of debt premiums and
discounts
420
522
392
390
375
Provision for deferred income taxes
35
(98
)
(11
)
(32
)
177
(Gain) loss on asset dispositions, net
(2,216
)
(1,076
)
(264
)
1,297
(207
)
Gain on bargain purchase
—
—
—
—
(1,300
)
Long-lived asset impairment and other
—
—
1,214
—
(500
)
Loss on warrants
—
—
—
14,175
—
Stock-based compensation expense
2,103
2,028
1,923
1,963
1,458
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(25,733
)
26,172
4,784
(19,515
)
(15,570
)
Changes in due to/from affiliate, net
—
—
—
—
(20
)
Accounts payable
25,829
7,117
1,292
5,247
2,825
Accrued expenses
1,830
(427
)
(3,267
)
(853
)
3,207
Deferred drydocking and survey costs
(31,325
)
(12,117
)
(12,820
)
(18,451
)
(12,612
)
Other, net
369
(16,844
)
(896
)
(12,576
)
(3,843
)
Net cash provided by (used in) operating
activities
12,794
45,340
28,113
(21,603
)
(11,624
)
Cash flows from investing activities:
Proceeds from sales of assets
5,716
5,093
312
3,535
4,628
Acquisitions, net of cash acquired
—
—
8,785
(28,486
)
(1,039
)
Additions to properties and equipment
(8,651
)
(4,929
)
(6,328
)
(4,151
)
(1,229
)
Net cash provided by (used in) investing
activities
(2,935
)
164
2,769
(29,102
)
2,360
Cash flows from financing activities:
Proceeds from stock offering
—
117,202
70,630
—
—
Repurchase of SPO Acquisition Warrants
—
(117,202
)
(70,630
)
—
—
Acquisition of non-controlling interest in
a majority owned subsidiary
(1,427
)
—
—
—
—
Debt issuance and modification costs
—
—
(22
)
(108
)
(263
)
Tax on share-based awards
(3,747
)
(47
)
(100
)
(1,159
)
(1,017
)
Net cash used in financing activities
(5,174
)
(47
)
(122
)
(1,267
)
(1,280
)
Net change in cash, cash equivalents and
restricted cash
4,685
45,457
30,760
(51,972
)
(10,544
)
Cash, cash equivalents and restricted cash
at beginning of period
167,977
122,520
91,760
143,732
154,276
Cash, cash equivalents and restricted cash
at end of period
$
172,662
$
167,977
$
122,520
$
91,760
$
143,732
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
98
$
7,575
$
353
$
7,626
$
—
Income taxes
$
17,057
$
6,132
$
6,813
$
6,130
$
3,200
Supplemental disclosure of noncash
investing activities:
Acquisition of SPO
$
—
$
—
$
—
$
162,648
$
—
Supplemental disclosure of noncash
financing activities:
Warrants issued for SPO acquisition
$
—
$
—
$
—
$
162,648
$
—
Repurchase of SPO Acquisition Warrants
$
—
$
373
$
992
$
—
$
—
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
VESSEL REVENUE BY
VESSEL CLASS
Americas
fleet:
PSV > 900
$
20,556
$
17,814
$
15,676
$
15,204
$
9,462
PSV < 900
17,390
16,486
16,460
15,470
14,628
AHTS > 16K
3,395
2,873
3,429
2,390
971
AHTS 8 - 16K
2,807
1,899
1,601
1,130
774
AHTS 4 - 8K
1,521
1,553
1,185
1,438
1,472
Other
2,018
1,160
771
1,888
1,137
Total
47,687
41,785
39,122
37,520
28,444
Asia Pacific
fleet:
PSV > 900
9,101
6,692
10,896
7,258
3,923
PSV < 900
5,133
3,120
3,891
3,006
—
AHTS > 16K
1,342
3,260
3,128
1,504
—
AHTS 8 - 16K
5,397
4,364
4,333
2,940
—
AHTS 4 - 8K
998
1,584
1,605
1,433
974
Other
53
50
49
221
—
Total
22,024
19,070
23,902
16,362
4,897
Middle East
fleet:
PSV > 900
1,192
1,218
2,771
2,814
1,183
PSV < 900
14,965
15,517
16,063
13,798
9,559
AHTS > 16K
2,316
2,351
2,350
1,750
—
AHTS 8 - 16K
4,593
4,146
3,397
3,808
4,137
AHTS 4 - 8K
7,696
7,343
6,605
6,226
5,339
Total
30,762
30,575
31,186
28,396
20,218
Europe/Mediterranean
fleet:
PSV > 900
23,368
24,783
27,167
23,684
18,390
PSV < 900
5,153
7,874
7,092
6,868
5,375
AHTS > 16K
2,511
643
5,251
1,776
—
Other
218
182
192
147
154
Total
31,250
33,482
39,702
32,475
23,919
West Africa
fleet:
PSV > 900
9,900
10,534
8,041
6,487
3,987
PSV < 900
24,835
20,494
18,249
13,801
8,499
AHTS > 16K
6,237
5,385
6,152
4,315
—
AHTS 8 - 16K
9,827
11,810
11,236
10,724
5,049
AHTS 4 - 8K
2,360
5,780
6,445
4,576
1,547
Other
6,298
6,191
6,212
7,519
7,316
Total
59,457
60,194
56,335
47,422
26,398
Worldwide
fleet:
PSV > 900
64,117
61,041
64,551
55,447
36,945
PSV < 900
67,476
63,491
61,755
52,943
38,061
AHTS > 16K
15,801
14,512
20,310
11,735
971
AHTS 8 - 16K
22,624
22,219
20,567
18,602
9,960
AHTS 4 - 8K
12,575
16,260
15,840
13,673
9,332
Other
8,587
7,583
7,224
9,775
8,607
Total
$
191,180
$
185,106
$
190,247
$
162,175
$
103,876
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
AVERAGE NUMBER OF
VESSELS:
Americas
fleet:
PSV > 900
10
10
11
10
10
PSV < 900
15
16
17
17
17
AHTS > 16K
2
2
2
2
1
AHTS 8 - 16K
2
2
1
1
1
AHTS 4 - 8K
2
2
2
3
3
Other
1
1
1
1
2
Total
32
33
34
34
34
Stacked vessels
(1
)
(2
)
(3
)
(5
)
(7
)
Active vessels
31
31
31
29
27
Asia Pacific
fleet:
PSV > 900
5
5
5
6
3
PSV < 900
2
2
2
2
—
AHTS > 16K
1
2
2
1
—
AHTS 8 - 16K
3
3
3
2
—
AHTS 4 - 8K
2
3
4
3
2
Other
1
1
1
5
—
Total
14
16
17
19
5
Stacked vessels
(1
)
(2
)
(2
)
(1
)
—
Active vessels
13
14
15
18
5
Middle East
fleet:
PSV > 900
1
2
2
2
1
PSV < 900
21
20
20
19
14
AHTS > 16K
2
2
2
1
—
AHTS 8 - 16K
5
5
5
6
5
AHTS 4 - 8K
14
14
13
13
13
Total
43
43
42
41
33
Stacked vessels
—
—
—
—
—
Active vessels
43
43
42
41
33
Europe/Mediterranean
fleet:
PSV > 900
20
20
19
19
19
PSV < 900
6
6
6
7
9
AHTS > 16K
1
1
1
1
—
Total
27
27
26
27
28
Stacked vessels
—
—
—
(2
)
(4
)
Active vessels
27
27
26
25
24
West Africa
fleet:
PSV > 900
7
6
6
4
3
PSV < 900
18
18
18
15
12
AHTS > 16K
5
4
4
3
—
AHTS 8 - 16K
11
11
12
10
5
AHTS 4 - 8K
8
8
8
6
3
Other
25
28
28
29
29
Total
74
75
76
67
52
Stacked vessels
(8
)
(10
)
(9
)
(8
)
(10
)
Active vessels
66
65
67
59
42
Worldwide
fleet:
PSV > 900
43
43
43
41
36
PSV < 900
62
62
63
60
52
AHTS > 16K
11
11
11
8
1
AHTS 8 - 16K
21
21
21
19
11
AHTS 4 - 8K
26
27
27
25
21
Other
27
30
30
35
31
Total
190
194
195
188
152
Stacked vessels
(10
)
(14
)
(14
)
(16
)
(21
)
Active vessels
180
180
181
172
131
Total active
180
180
181
172
131
Total stacked
10
14
14
16
21
Total joint venture
—
1
1
1
1
Total
190
195
196
189
153
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
PSV > 900
907
922
1,012
943
900
PSV < 900
1,359
1,499
1,564
1,547
1,530
AHTS > 16K
180
184
184
152
90
AHTS 8 - 16K
180
184
122
91
90
AHTS 4 - 8K
180
184
184
246
270
Other
121
92
92
121
145
Total
2,927
3,065
3,158
3,100
3,025
Asia Pacific
fleet:
PSV > 900
481
460
460
507
270
PSV < 900
180
184
184
183
—
AHTS > 16K
90
184
184
122
—
AHTS 8 - 16K
270
276
276
183
—
AHTS 4 - 8K
180
292
368
304
180
Other
48
92
92
453
—
Total
1,249
1,488
1,564
1,752
450
Middle East
fleet:
PSV > 900
90
92
123
152
90
PSV < 900
1,842
1,840
1,840
1,700
1,269
AHTS > 16K
180
184
184
122
—
AHTS 8 - 16K
450
460
465
546
458
AHTS 4 - 8K
1,291
1,288
1,217
1,183
1,170
Total
3,853
3,864
3,829
3,703
2,987
Europe/Mediterranean
fleet:
PSV > 900
1,762
1,838
1,748
1,729
1,710
PSV < 900
540
552
552
696
826
AHTS > 16K
90
92
92
61
—
Total
2,392
2,482
2,392
2,486
2,536
West Africa
fleet:
PSV > 900
630
644
613
406
270
PSV < 900
1,620
1,656
1,656
1,367
1,103
AHTS > 16K
450
368
368
244
—
AHTS 8 - 16K
990
1,012
1,074
882
470
AHTS 4 - 8K
720
736
736
548
255
Other
2,256
2,545
2,582
2,639
2,610
Total
6,666
6,961
7,029
6,086
4,708
Worldwide
fleet:
PSV > 900
3,870
3,956
3,956
3,737
3,240
PSV < 900
5,541
5,731
5,796
5,493
4,728
AHTS > 16K
990
1,012
1,012
701
90
AHTS 8 - 16K
1,890
1,932
1,937
1,702
1,018
AHTS 4 - 8K
2,371
2,500
2,505
2,281
1,875
Other
2,425
2,729
2,766
3,213
2,755
Total
17,087
17,860
17,972
17,127
13,706
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
PSV > 900
—
—
—
155
180
PSV < 900
99
211
276
273
270
AHTS 4 - 8K
—
—
—
64
90
Other
—
—
—
—
55
Total
99
211
276
492
595
Asia Pacific
fleet:
AHTS 4 - 8K
—
54
61
—
—
Other
48
92
92
61
—
Total
48
146
153
61
—
Middle East
fleet:
PSV < 900
—
—
—
—
25
Total
—
—
—
—
25
Europe/Mediterranean
fleet:
PSV > 900
—
—
—
—
90
PSV < 900
—
—
—
150
286
Total
—
—
—
150
376
West Africa
fleet:
PSV < 900
—
—
—
18
203
AHTS 8 - 16K
—
—
—
—
20
AHTS 4 - 8K
180
158
92
56
75
Other
540
797
747
678
630
Total
720
955
839
752
928
Worldwide
fleet:
PSV > 900
—
—
—
155
270
PSV < 900
99
211
276
441
784
AHTS 8 - 16K
—
—
—
—
20
AHTS 4 - 8K
180
212
153
120
165
Other
588
889
839
739
685
Total
867
1,312
1,268
1,455
1,924
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
AVAILABLE DAYS -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
907
922
1,012
788
720
PSV < 900
1,260
1,288
1,288
1,274
1,260
AHTS > 16K
180
184
184
152
90
AHTS 8 - 16K
180
184
122
91
90
AHTS 4 - 8K
180
184
184
182
180
Other
121
92
92
121
90
Total
2,828
2,854
2,882
2,608
2,430
Asia Pacific
fleet:
PSV > 900
481
460
460
507
270
PSV < 900
180
184
184
183
—
AHTS > 16K
90
184
184
122
—
AHTS 8 - 16K
270
276
276
183
—
AHTS 4 - 8K
180
238
307
304
180
Other
—
—
—
392
—
Total
1,201
1,342
1,411
1,691
450
Middle East
fleet:
PSV > 900
90
92
123
152
90
PSV < 900
1,842
1,840
1,840
1,700
1,244
AHTS > 16K
180
184
184
122
—
AHTS 8 - 16K
450
460
465
546
458
AHTS 4 - 8K
1,291
1,288
1,217
1,183
1,170
Total
3,853
3,864
3,829
3,703
2,962
Europe/Mediterranean
fleet:
PSV > 900
1,762
1,838
1,748
1,729
1,620
PSV < 900
540
552
552
546
540
AHTS > 16K
90
92
92
61
—
Total
2,392
2,482
2,392
2,336
2,160
West Africa
fleet:
PSV > 900
630
644
613
406
270
PSV < 900
1,620
1,656
1,656
1,349
900
AHTS > 16K
450
368
368
244
—
AHTS 8 - 16K
990
1,012
1,074
882
450
AHTS 4 - 8K
540
578
644
492
180
Other
1,716
1,748
1,835
1,961
1,980
Total
5,946
6,006
6,190
5,334
3,780
Worldwide
fleet:
PSV > 900
3,870
3,956
3,956
3,582
2,970
PSV < 900
5,442
5,520
5,520
5,052
3,944
AHTS > 16K
990
1,012
1,012
701
90
AHTS 8 - 16K
1,890
1,932
1,937
1,702
998
AHTS 4 - 8K
2,191
2,288
2,352
2,161
1,710
Other
1,837
1,840
1,927
2,474
2,070
Total
16,220
16,548
16,704
15,672
11,782
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
UTILIZATION -
TOTAL FLEET:
Americas
fleet:
PSV > 900
84.2
%
82.6
%
74.6
%
74.4
%
54.6
%
PSV < 900
79.8
68.1
69.3
67.7
63.3
AHTS > 16K
50.0
48.2
92.4
90.2
57.6
AHTS 8 - 16K
100.0
76.8
89.5
100.0
68.9
AHTS 4 - 8K
96.4
99.2
74.4
67.2
63.7
Other
97.5
100.0
66.5
100.0
62.1
Total
82.3
%
74.6
%
73.3
%
73.0
%
60.7
%
Asia Pacific
fleet:
PSV > 900
70.8
%
62.6
%
94.5
%
65.5
%
100.0
%
PSV < 900
90.6
78.4
100.0
66.7
—
AHTS > 16K
78.1
90.8
89.9
50.0
—
AHTS 8 - 16K
79.8
85.4
97.2
91.2
—
AHTS 4 - 8K
80.3
79.5
64.5
56.9
97.9
Other
—
—
—
74.0
—
Total
74.8
%
71.7
%
82.5
%
67.9
%
99.2
%
Middle East
fleet:
PSV > 900
100.0
%
100.0
%
93.6
%
100.0
%
100.0
%
PSV < 900
74.4
78.3
84.1
76.5
78.0
AHTS > 16K
100.0
100.0
94.7
100.0
—
AHTS 8 - 16K
96.0
84.8
68.5
70.9
99.7
AHTS 4 - 8K
85.7
86.3
84.9
87.1
80.4
Total
82.5
%
83.3
%
83.3
%
80.8
%
82.9
%
Europe/Mediterranean
fleet:
PSV > 900
82.7
%
87.1
%
95.8
%
88.4
%
84.7
%
PSV < 900
85.4
93.8
96.4
71.5
63.5
AHTS > 16K
84.1
65.5
76.9
53.4
—
Total
83.4
%
87.8
%
95.2
%
82.8
%
77.8
%
West Africa
fleet:
PSV > 900
83.0
%
85.7
%
70.9
%
96.3
%
100.0
%
PSV < 900
95.3
89.9
86.6
80.6
66.0
AHTS > 16K
73.5
89.4
100.0
98.1
—
AHTS 8 - 16K
79.8
91.1
85.7
95.4
95.7
AHTS 4 - 8K
32.4
62.1
82.6
82.6
69.6
Other
50.3
45.4
44.4
52.9
52.2
Total
68.4
%
70.5
%
69.9
%
72.7
%
63.5
%
Worldwide
fleet:
PSV > 900
82.0
%
83.3
%
86.3
%
83.1
%
79.3
%
PSV < 900
83.4
80.5
82.5
74.1
67.9
AHTS > 16K
75.4
81.9
93.7
84.4
57.6
AHTS 8 - 16K
85.6
87.4
83.4
87.4
95.1
AHTS 4 - 8K
69.9
79.4
80.5
79.8
78.2
Other
51.7
45.7
43.7
57.7
52.7
Total
76.5
%
76.5
%
77.8
%
75.5
%
70.9
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
UTILIZATION -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
84.2
%
82.6
%
74.6
%
89.1
%
68.2
%
PSV < 900
86.1
79.3
84.1
82.3
76.8
AHTS > 16K
50.0
48.2
92.4
90.2
57.6
AHTS 8 - 16K
100.0
76.8
89.5
100.0
68.9
AHTS 4 - 8K
96.4
99.2
74.4
90.8
95.5
Other
97.5
100.0
66.5
100.0
100.0
Total
85.2
%
80.1
%
80.3
%
86.8
%
75.5
%
Asia Pacific
fleet:
PSV > 900
70.8
%
62.6
%
94.5
%
65.5
%
100.0
%
PSV < 900
90.6
78.4
100.0
66.7
—
AHTS > 16K
78.1
90.8
89.9
50.0
—
AHTS 8 - 16K
79.8
85.4
97.2
91.2
—
AHTS 4 - 8K
80.3
97.4
77.4
56.9
97.9
Other
—
—
—
85.5
—
Total
77.8
%
79.5
%
91.4
%
70.4
%
99.2
%
Middle East
fleet:
PSV > 900
100.0
%
100.0
%
93.6
%
100.0
%
100.0
%
PSV < 900
74.4
78.3
84.1
76.5
79.6
AHTS > 16K
100.0
100.0
94.7
100.0
—
AHTS 8 - 16K
96.0
84.8
68.5
70.9
99.7
AHTS 4 - 8K
85.7
86.3
84.9
87.1
80.4
Total
82.5
%
83.3
%
83.3
%
80.8
%
83.6
%
Europe/Mediterranean
fleet:
PSV > 900
82.7
%
87.1
%
95.8
%
88.4
%
89.4
%
PSV < 900
85.4
93.8
96.4
91.1
97.1
AHTS > 16K
84.1
65.5
76.9
53.4
—
Total
83.4
%
87.8
%
95.2
%
88.1
%
91.3
%
West Africa
fleet:
PSV > 900
83.0
%
85.7
%
70.9
%
96.3
%
100.0
%
PSV < 900
95.3
89.9
86.6
81.7
80.9
AHTS > 16K
73.5
89.4
100.0
98.1
—
AHTS 8 - 16K
79.8
91.1
85.7
95.4
100.0
AHTS 4 - 8K
43.2
79.1
94.5
92.0
98.6
Other
66.2
66.1
62.5
71.2
68.8
Total
76.6
%
81.7
%
79.4
%
82.9
%
79.1
%
Worldwide
fleet:
PSV > 900
82.0
%
83.3
%
86.3
%
86.7
%
86.5
%
PSV < 900
84.9
83.6
86.6
80.6
81.4
AHTS > 16K
75.4
81.9
93.7
84.4
57.6
AHTS 8 - 16K
85.6
87.4
83.4
87.4
97.0
AHTS 4 - 8K
75.7
86.7
85.7
84.3
85.8
Other
68.2
67.8
62.7
74.9
70.2
Total
80.6
%
82.5
%
83.7
%
82.5
%
82.5
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
AVERAGE VESSEL
DAY RATES: (A)
Americas
fleet:
PSV > 900
$
26,930
$
23,401
$
20,775
$
21,658
$
19,265
PSV < 900
16,037
16,146
15,197
14,762
15,111
AHTS > 16K
37,720
32,368
20,175
17,430
18,745
AHTS 8 - 16K
15,593
13,431
14,668
12,424
12,480
AHTS 4 - 8K
8,764
8,511
8,654
8,701
8,562
Other
17,110
12,611
12,616
15,601
12,633
Total
19,794
18,271
16,901
16,569
15,501
Asia Pacific
fleet:
PSV > 900
26,723
23,237
25,072
21,850
14,529
PSV < 900
31,488
21,627
21,148
24,640
—
AHTS > 16K
19,095
19,519
18,902
24,664
—
AHTS 8 - 16K
25,049
18,509
16,144
17,609
—
AHTS 4 - 8K
6,903
6,822
6,759
8,281
5,528
Other
—
—
—
660
—
Total
23,582
17,868
18,530
13,748
10,975
Middle East
fleet:
PSV > 900
13,251
13,234
24,061
18,513
13,147
PSV < 900
10,926
10,768
10,378
10,607
9,658
AHTS > 16K
12,868
12,777
13,487
14,348
—
AHTS 8 - 16K
10,632
10,627
10,666
9,832
9,058
AHTS 4 - 8K
6,953
6,604
6,396
6,044
5,672
Total
9,679
9,498
9,781
9,490
8,160
Europe/Mediterranean
fleet:
PSV > 900
16,031
15,476
16,229
15,496
12,697
PSV < 900
11,177
15,212
13,323
13,806
10,248
AHTS > 16K
33,164
10,682
74,231
54,472
—
Total
15,669
15,364
17,436
15,776
12,124
West Africa
fleet:
PSV > 900
18,931
19,096
18,502
16,592
14,768
PSV < 900
16,080
13,758
12,721
12,528
11,672
AHTS > 16K
18,863
16,367
16,719
18,036
—
AHTS 8 - 16K
12,433
12,809
12,212
12,743
11,219
AHTS 4 - 8K
10,113
12,637
10,595
10,105
8,721
Other
5,548
5,359
5,415
5,381
5,368
Total
13,047
12,272
11,467
10,721
8,834
Worldwide
fleet:
PSV > 900
20,198
18,529
18,914
17,854
14,378
PSV < 900
14,597
13,762
12,915
13,008
11,855
AHTS > 16K
21,163
17,505
21,415
19,824
18,745
AHTS 8 - 16K
13,984
13,153
12,726
12,511
10,281
AHTS 4 - 8K
7,583
8,196
7,859
7,507
6,362
Other
6,852
6,080
5,979
5,275
5,924
Total
$
14,624
$
13,554
$
13,606
$
12,544
$
10,687
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,
2023
2022
2022
2022
2022
Americas
Vessel revenues
$
47,687
$
41,785
$
39,122
$
37,520
$
28,444
Vessel operating costs:
Crew costs
17,402
16,486
16,080
12,949
11,252
Repair and maintenance
3,888
3,619
3,594
2,866
2,627
Insurance
410
410
414
248
367
Fuel, lube and supplies
2,999
2,387
2,557
2,326
2,385
Other
3,572
5,102
3,090
3,054
2,196
Total vessel operating costs
28,271
28,004
25,735
21,443
18,827
Vessel operating margin ($)
19,416
13,781
13,387
16,077
9,617
Vessel operating margin (%)
40.7
%
33.0
%
34.2
%
42.8
%
33.8
%
Americas - Select
operating statistics
Average vessels - Total fleet
32
33
34
34
34
Utilization - Total fleet
82.3
%
74.6
%
73.3
%
73.0
%
60.7
%
Average vessels - Active fleet
31
31
31
29
27
Utilization - Active fleet
85.2
%
80.1
%
80.3
%
86.8
%
75.5
%
Average day rates
$
19,794
$
18,271
$
16,901
$
16,569
$
15,501
Vessels commencing drydocks
2
2
4
3
5
Deferred drydocking and survey costs -
beginning balance
$
21,720
$
21,772
$
19,208
$
18,422
$
16,270
Cash paid for deferred drydocking and
survey costs
8,218
4,389
5,678
3,857
5,060
Amortization of deferred drydocking and
survey costs
(3,417
)
(3,025
)
(2,932
)
(3,071
)
(2,908
)
Disposals, intersegment transfers and
other
1,311
(1,416
)
(182
)
—
—
Deferred drydocking and survey costs -
ending balance
$
27,832
$
21,720
$
21,772
$
19,208
$
18,422
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
Asia
Pacific
Vessel revenues
$
22,024
$
19,070
$
23,902
$
16,362
$
4,897
Vessel operating costs:
Crew costs
7,311
9,876
10,631
8,138
788
Repair and maintenance
1,749
901
947
945
284
Insurance
123
183
189
90
54
Fuel, lube and supplies
1,630
1,299
1,145
1,590
105
Other
1,678
1,574
1,909
1,176
422
Total vessel operating costs
12,491
13,833
14,821
11,939
1,653
Vessel operating margin ($)
9,533
5,237
9,081
4,423
3,244
Vessel operating margin (%)
43.3
%
27.5
%
38.0
%
27.0
%
66.2
%
Asia Pacific -
Select operating statistics
Average vessels - Total fleet
14
16
17
19
5
Utilization - Total fleet
74.8
%
71.7
%
82.5
%
67.9
%
99.2
%
Average vessels - Active fleet
13
14
15
18
5
Utilization - Active fleet
77.8
%
79.5
%
91.4
%
70.4
%
99.2
%
Average day rates
$
23,582
$
17,868
$
18,530
$
13,748
$
10,975
Vessels commencing drydocks
1
2
—
2
—
Deferred drydocking and survey costs -
beginning balance
$
553
$
979
$
852
$
542
$
710
Cash paid for deferred drydocking and
survey costs
2,368
156
702
1,262
—
Amortization of deferred drydocking and
survey costs
(282
)
(117
)
(139
)
(163
)
(168
)
Disposals, intersegment transfers and
other
(114
)
(465
)
(436
)
(789
)
—
Deferred drydocking and survey costs -
ending balance
$
2,525
$
553
$
979
$
852
$
542
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
Middle
East
Vessel revenues
$
30,762
$
30,575
$
31,186
$
28,396
$
20,218
Vessel operating costs:
Crew costs
12,616
12,472
12,814
11,193
8,465
Repair and maintenance
3,475
3,216
3,441
3,429
2,124
Insurance
433
384
406
325
297
Fuel, lube and supplies
2,870
2,991
3,281
2,700
1,559
Other
3,669
2,505
1,804
2,249
2,457
Total vessel operating costs
23,063
21,568
21,746
19,896
14,902
Vessel operating margin ($)
7,699
9,007
9,440
8,500
5,316
Vessel operating margin (%)
25.0
%
29.5
%
30.3
%
29.9
%
26.3
%
Middle East -
Select operating statistics
Average vessels - Total fleet
43
43
42
41
33
Utilization - Total fleet
82.5
%
83.3
%
83.3
%
80.8
%
82.9
%
Average vessels - Active fleet
43
43
42
41
33
Utilization - Active fleet
82.5
%
83.3
%
83.3
%
80.8
%
83.6
%
Average day rates
$
9,679
$
9,498
$
9,781
$
9,490
$
8,160
Vessels commencing drydocks
5
5
5
7
2
Deferred drydocking and survey costs -
beginning balance
$
15,062
$
14,993
$
14,980
$
10,665
$
8,994
Cash paid for deferred drydocking and
survey costs
7,787
1,930
2,345
6,362
3,855
Amortization of deferred drydocking and
survey costs
(1,913
)
(2,323
)
(2,346
)
(2,308
)
(2,184
)
Disposals, intersegment transfers and
other
(259
)
462
14
261
—
Deferred drydocking and survey costs -
ending balance
$
20,677
$
15,062
$
14,993
$
14,980
$
10,665
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
Europe/Mediterranean
Vessel revenues
$
31,250
$
33,482
$
39,702
$
32,475
$
23,919
Vessel operating costs:
Crew costs
12,727
13,010
12,347
12,349
12,003
Repair and maintenance
2,706
3,067
1,652
2,414
2,106
Insurance
384
386
440
307
309
Fuel, lube and supplies
1,584
2,051
1,158
1,740
1,077
Other
2,371
1,762
2,170
2,468
2,026
Total vessel operating costs
19,772
20,276
17,767
19,278
17,521
Vessel operating margin ($)
11,478
13,206
21,935
13,197
6,398
Vessel operating margin (%)
36.7
%
39.4
%
55.2
%
40.6
%
26.7
%
Europe/Mediterranean - Select operating
statistics
Average vessels - Total fleet
27
27
26
27
28
Utilization - Total fleet
83.4
%
87.8
%
95.2
%
82.8
%
77.8
%
Average vessels - Active fleet
27
27
26
25
24
Utilization - Active fleet
83.4
%
87.8
%
95.2
%
88.1
%
91.3
%
Average day rates
$
15,669
$
15,364
$
17,436
$
15,776
$
12,124
Vessels commencing drydocks
4
3
1
3
1
Deferred drydocking and survey costs -
beginning balance
$
9,566
$
8,588
$
9,231
$
6,425
$
4,983
Cash paid for deferred drydocking and
survey costs
5,128
1,175
315
4,206
2,575
Amortization of deferred drydocking and
survey costs
(1,739
)
(1,523
)
(1,244
)
(1,400
)
(1,133
)
Disposals, intersegment transfers and
other
(1,592
)
1,326
286
—
—
Deferred drydocking and survey costs -
ending balance
$
11,363
$
9,566
$
8,588
$
9,231
$
6,425
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
West
Africa
Vessel revenues
$
59,457
$
60,194
$
56,335
$
47,422
$
26,398
Vessel operating costs:
Crew costs
16,587
17,855
19,317
16,010
8,329
Repair and maintenance
4,834
3,971
3,910
3,823
2,320
Insurance
655
664
539
396
357
Fuel, lube and supplies
4,472
4,113
4,150
3,165
1,950
Other
5,314
5,212
5,052
4,307
2,652
Total vessel operating costs
31,862
31,815
32,968
27,701
15,608
Vessel operating margin ($)
27,595
28,379
23,367
19,721
10,790
Vessel operating margin (%)
46.4
%
47.1
%
41.5
%
41.6
%
40.9
%
West Africa -
Select operating statistics
Average vessels - Total fleet
74
75
76
67
52
Utilization - Total fleet
68.4
%
70.5
%
69.9
%
72.7
%
63.5
%
Average vessels - Active fleet
66
65
67
59
42
Utilization - Active fleet
76.6
%
81.7
%
79.4
%
82.9
%
79.1
%
Average day rates
$
13,047
$
12,272
$
11,467
$
10,721
$
8,834
Vessels commencing drydocks
6
2
5
5
3
Deferred drydocking and survey costs -
beginning balance
$
14,179
$
11,545
$
9,390
$
8,308
$
9,777
Cash paid for deferred drydocking and
survey costs
7,824
4,467
3,780
2,764
1,122
Amortization of deferred drydocking and
survey costs
(2,267
)
(1,909
)
(1,943
)
(2,210
)
(2,591
)
Disposals, intersegment transfers and
other
654
76
318
528
—
Deferred drydocking and survey costs -
ending balance
$
20,390
$
14,179
$
11,545
$
9,390
$
8,308
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
Worldwide
Vessel revenues
$
191,180
$
185,106
$
190,247
$
162,175
$
103,876
Vessel operating costs:
Crew costs
66,643
69,699
71,189
60,639
40,837
Repair and maintenance
16,652
14,774
13,544
13,477
9,461
Insurance
2,005
2,027
1,988
1,366
1,384
Fuel, lube and supplies
13,555
12,841
12,291
11,521
7,076
Other
16,604
16,155
14,025
13,254
9,753
Total vessel operating costs
115,459
115,496
113,037
100,257
68,511
Vessel operating margin ($)
75,721
69,610
77,210
61,918
35,365
Vessel operating margin (%)
39.6
%
37.6
%
40.6
%
38.2
%
34.0
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
190
194
195
188
152
Utilization - Total fleet
76.5
%
76.5
%
77.8
%
75.5
%
70.9
%
Average vessels - Active fleet
180
180
181
172
131
Utilization - Active fleet
80.6
%
82.5
%
83.7
%
82.5
%
82.5
%
Average day rates
$
14,624
$
13,554
$
13,606
$
12,544
$
10,687
Vessels commencing drydocks
18
14
15
20
11
Deferred drydocking and survey costs -
beginning balance
$
61,080
$
57,877
$
53,661
$
44,362
$
40,734
Cash paid for deferred drydocking and
survey costs
31,325
12,117
12,820
18,451
12,612
Amortization of deferred drydocking and
survey costs
(9,618
)
(8,897
)
(8,604
)
(9,152
)
(8,984
)
Disposals, intersegment transfers and
other
—
(17
)
—
—
—
Deferred drydocking and survey costs -
ending balance
$
82,787
$
61,080
$
57,877
$
53,661
$
44,362
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
2023
2022
2022
2022
2022
Net income (loss)
$
10,816
$
10,182
$
4,910
$
(25,014
)
$
(12,271
)
Interest and other debt costs
4,190
4,339
4,391
4,284
4,175
Income tax (benefit) expense
11,971
1,697
6,352
6,619
5,218
Depreciation
21,048
20,983
22,252
22,614
17,673
Amortization of deferred drydock and
survey costs
9,618
8,898
8,604
9,152
8,984
EBITDA (A), (B), (C)
57,643
46,099
46,509
17,655
23,779
Long-lived asset impairment (credit) and
other
—
—
1,214
—
(500
)
Loss on warrants
—
—
—
14,175
—
Gain on bargain purchase
—
—
—
—
(1,300
)
One-time acquisition, restructuring and
integration related costs
1,426
5,150
4,332
7,314
2,305
Adjusted EBITDA (A), (B), (C)
$
59,069
$
51,249
$
52,055
$
39,144
$
24,284
Note (A): EBITDA excludes interest and
other debt costs, income tax expense, depreciation and
amortization. Additionally, Adjusted EBITDA excludes impairment
charges, loss on warrants, gain on bargain purchase and
acquisition, restructuring and integration related costs.
Note (B): EBITDA and Adjusted EBITDA for
the three months ended March 31, 2023, and for each of the prior
four quarters includes non-cash, stock-based compensation expense
of $2,103, $2,028, $1,923, $1,963 and $1,458 respectively.
Note (C): EBITDA and Adjusted EBITDA for
the three months ended March 31, 2023, and for each of the prior
four quarters includes foreign exchange gain (losses) of $2,348,
$2,105, $(3,997), $(1,881) and $946 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 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,
2023
2022
2022
2022
2022
Net cash provided by (used in) operating
activities (A)
$
12,794
$
45,340
$
28,113
$
(21,603
)
$
(11,624
)
Cash interest expense
98
7,575
353
7,626
—
Interest income and other
(130
)
(981
)
(581
)
(349
)
(2,186
)
Additions to property and equipment
(8,651
)
(4,929
)
(6,328
)
(4,151
)
(1,229
)
Acquisitions
—
—
8,785
(28,486
)
(1,039
)
Expansion capital
109
1,240
(8,441
)
28,678
1,207
Free cash flow before proceeds from asset
sales
4,220
48,245
21,901
(18,285
)
(14,871
)
Proceeds from asset sales
5,716
5,093
312
3,535
4,628
Free cash flow
$
9,936
$
53,338
$
22,213
$
(14,750
)
$
(10,243
)
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 (used in) operating activities adjusted for capital
expenditures, excluding expansion capital, proceeds from asset
sales, cash interest expense and interest income. 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 (used in)
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,
2023
2022
2022
2022
2022
Cash provided by (used in) changes in
assets and liabilities, excluding drydock payments
$
2,295
$
16,018
$
1,913
$
(27,697
)
$
(13,401
)
Cash paid for deferred drydock and survey
costs
(31,325
)
(12,117
)
(12,820
)
(18,451
)
(12,612
)
Total sources (uses) of cash for changes
in assets and liabilities
$
(29,030
)
$
3,901
$
(10,907
)
$
(46,148
)
$
(26,013
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230506005007/en/
Tidewater Inc. West Gotcher Vice President, Finance and Investor
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