Second Quarter 2023
Highlights
- Revenue of $215.0 million, an 11.3% increase from the first
quarter of 2023
- Average day rate increased to $16,042 per day, $1,418 higher
than the first quarter of 2023
- Net income of $22.6 million, an increase of nearly $12.0
million from the first quarter of 2023
- Adjusted EBITDA of $72.0 million, an increase of $12.9
million from the first quarter of 2023
- Composite Q2 2023 leading-edge term contract day rate up
10.9% to $23,498
- Completed Solstad acquisition on July 5, 2023; 5 vessels
fully integrated, full-fleet integration by Q4 2023
- Received $111.5 million of cash from the exercise of 1.9
million Series A and Series B warrants in August 2023
Tidewater Inc. (NYSE:TDW) announced today revenue for the three
and six months ended June 30, 2023 of $215.0 million and $408.1
million, respectively, compared with $163.4 million and $269.2
million, respectively, for the three and six months ended June 30,
2022. Tidewater's net income for the three and six months ended
June 30, 2023, was $22.6 million ($0.43 per common share) and $33.3
million ($0.64 per common share), respectively, compared with net
losses of $25.6 million ($0.61 per common share) and $37.7 million
($0.91 per common share), respectively, for the three and six
months ended June 30, 2022. Included in the net income for the
three and six months ended June 30, 2023 were merger and severance
expenses of $1.2 and $2.7 million, respectively. Excluding these
items, we would have reported net income for the three and six
months ended June 30, 2023 of $23.8 million ($0.46 per common
share) and $36.0 million ($0.69 per common share), respectively.
Included in the net losses for the three and six months ended June
30, 2022 were merger and severance expenses of $7.3 and $9.6
million, respectively; and loss on warrants of $14.2 million for
both periods. Included in the net losses for the six months ended
June 30, 2022 were long-lived asset impairment credit and gain on
bargain purchase of $1.8 million. Excluding these items, we would
have reported net losses for the three and six months ended June
30, 2022 of $4.1 million ($0.10 per common share) and $15.7 million
($0.38 per common share), respectively.
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, “The second quarter continued the trend of new
quarterly cyclical revenue and global average day rate high-water
marks. Consolidated global average day rates improved approximately
$1,400 per day sequentially, approaching a $5,500 per day increase
since the end of 2021. The pace of our day rate improvement picked
up from the prior quarter as commercial and tendering activity
remained robust and an improvement in seasonal factors helped drive
shorter term day rate realization. The momentum in day rates is
being driven by a global supply shortage of large and small
offshore vessels, and as a result each of our five segments
realized meaningful day rate expansions during the second quarter.
Expected long-term increases in offshore capital spending, the
increasingly constructive tone of conversations with our customers
in terms of vessel contract duration and future start dates for
projects, coupled with the existing and expected future constraints
in vessel supply, point to as compelling of a long-term market
backdrop for our business as we have ever seen.
“We are excited about the addition of the high-quality,
high-specification fleet of PSVs we acquired from Solstad Offshore
and have already successfully integrated five of these vessels into
the Tidewater vessel operational infrastructure. Driven largely by
the completion of the Solstad Offshore vessel acquisition, revenue
for the third quarter should be up at least $80.0 million. We
updated our view of the combined fleets and of the market for the
remainder of the year and we reiterate our 2023 annual guidance of
approximately $1.03 billion of revenue and approximately $500.0
million of vessel operating margin.
“Revenue for the quarter totaled $215.0 million, an increase of
$21.9 million, or 11.3% sequentially. Gross margin improved
materially during the quarter, driven by day rate increases across
the fleet. Vessel gross margin expanded over four percentage points
to 43.8%, a rate of improvement we anticipate continuing for the
remainder of the year. Utilization declined modestly to 79.4% from
80.6% in the prior quarter. Utilization was down modestly during
the second quarter as we withheld capacity and repositioned the
fleet to maximize long-term day rates on a global basis, which
resulted in more days of frictional unemployment as we targeted
higher margin geographies for our vessels. The opportunity cost of
this strategy to maximize day rates was approximately $8.0 million
in the second quarter. Drydock days were up approximately 17.0%
sequentially, but drydock expense was down 31.8% to $21.4 million
in the second quarter, bringing the total year-to-date drydock
spend to $52.7 million. With the additional 37 PSVs we acquired
from Solstad Offshore in early July, we now expect to incur
approximately $87.0 million in drydock expense for the full year of
2023, up from the approximately $77.0 million we previously
anticipated for the Tidewater fleet.
“Turning to our regional operating results, the North Sea
experienced a significant improvement in revenue as seasonal
factors abated, with day rates up approximately $3,400, or 23.0%,
pushing up vessel cash margin by over nine percentage points to
45.8%. West Africa continued to see momentum during the quarter
with day rates up approximately $1,400 per day, or 11.0%, and
vessel cash margin expanding by over seven percentage points to
53.6%. Interestingly, day rates in the Middle East were up
approximately $770 per day, or 8.0%; this movement is particularly
notable as the Middle East is a market which typically does not see
large day rate movements. Day rate expansion in the Americas and
Asia Pacific were up approximately 2.0% and 3.0%, respectively,
sequentially following a period of robust day rate expansion in the
first quarter driven by a meaningful number of new contracts.
Additionally, in the Americas region during the second quarter we
reserved approximately $4.0 million related to a special purpose
customer receivable balance that we determined to be
uncollectible.
“The material improvement in day rates, revenue, and operating
margin is possible due to the enormous efforts of our dedicated and
high performing employees. We are excited to welcome our new
employees from Solstad Offshore and remain committed to providing a
safe and rewarding environment for our employees as we move forward
together building the safest, most sustainable, most reliable, most
profitable, high specification offshore energy support vessel fleet
in the world.”
In addition to the number of outstanding shares, as of June 30,
2023, the company also has the following in-the-money warrants.
Common shares outstanding
50,895,235
New Creditor Warrants (strike price $0.001
per common share)
81,244
GulfMark Creditor Warrants (strike price
$0.01 per common share)
100,179
Total
51,076,658
Tidewater will hold a conference call to discuss results for the
three months ending June 30, 2023 on August 8, 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 August 8, 2023 and will continue until
11:59 p.m. Central Time on September 8, 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 June 30, 2023 and
December 31, 2022; the Consolidated Statements of Operations and
Consolidated Statements of Equity for the three and six months
ended June 30, 2023 and 2022; and the Consolidated Statements of
Cash Flows for the six months ended June 30, 2023 and 2022.
Extracts are drawn from the June 30, 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.
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In Thousands, except per share data)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Revenues:
Vessel revenues
$
210,323
$
162,175
$
401,503
$
266,051
Other operating revenues
4,638
1,272
6,562
3,125
Total revenues
214,961
163,447
408,065
269,176
Costs and expenses:
Vessel operating costs
118,264
100,257
233,723
168,768
Costs of other operating revenues
373
483
1,524
844
General and administrative
26,013
27,804
49,558
46,021
Depreciation and amortization
32,768
31,766
63,434
58,423
Long-lived asset impairment credit
—
—
—
(500
)
(Gain) loss on asset dispositions, net
(1,404
)
1,297
(3,620
)
1,090
Total costs and expenses
176,014
161,607
344,619
274,646
Operating income (loss)
38,947
1,840
63,446
(5,470
)
Other income (expense):
Foreign exchange loss
(3,819
)
(1,881
)
(1,471
)
(935
)
Equity in net earnings (losses) of
unconsolidated companies
25
(244
)
25
(244
)
Interest income and other, net
2,790
349
2,920
3,835
Loss on warrants
—
(14,175
)
—
(14,175
)
Interest and other debt costs, net
(4,731
)
(4,284
)
(8,921
)
(8,459
)
Total other expense
(5,735
)
(20,235
)
(7,447
)
(19,978
)
Income (loss) before income taxes
33,212
(18,395
)
55,999
(25,448
)
Income tax expense
11,284
6,619
23,255
11,837
Net income (loss)
21,928
(25,014
)
32,744
(37,285
)
Less: Net income (loss) attributable to
noncontrolling interests
(656
)
567
(578
)
464
Net income (loss) attributable to
Tidewater Inc.
$
22,584
$
(25,581
)
$
33,322
$
(37,749
)
Basic income (loss) per common share
$
0.44
$
(0.61
)
$
0.66
$
(0.91
)
Diluted income (loss) per common share
$
0.43
$
(0.61
)
$
0.64
$
(0.91
)
Weighted average common shares
outstanding
50,857
41,814
50,731
41,614
Dilutive effect of warrants, restricted
stock units and stock options
1,148
—
1,260
—
Adjusted weighted average common
shares
52,005
41,814
51,991
41,614
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands, except share and par value
data)
June 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
171,261
$
164,192
Restricted cash
1,242
1,241
Trade and other receivables, less
allowance for credit losses of $14,758 and $14,060 at June 30, 2023
and December 31, 2022, respectively
195,906
156,465
Marine operating supplies
22,495
30,830
Assets held for sale
630
4,195
Prepaid expenses and other current
assets
18,958
20,985
Total current assets
410,492
377,908
Net properties and equipment
784,873
796,655
Deferred drydocking and survey costs
92,481
61,080
Indemnification assets
22,678
28,369
Other assets
33,640
33,644
Total assets
$
1,344,164
$
1,297,656
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
69,822
$
38,946
Accrued costs and expenses
91,875
105,518
Current portion of long-term debt
2,441
—
Other current liabilities
42,305
50,323
Total current liabilities
206,443
194,787
Long-term debt
179,573
169,036
Other liabilities and deferred credits
65,621
67,843
Commitments and contingencies
Equity:
Common stock
51
51
Additional paid-in-capital
1,554,793
1,556,990
Accumulated deficit
(666,327
)
(699,649
)
Accumulated other comprehensive loss
4,566
8,576
Total stockholders' equity
893,083
865,968
Noncontrolling interests
(556
)
22
Total equity
892,527
865,990
Total liabilities and equity
$
1,344,164
$
1,297,656
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(In Thousands)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Net income (loss)
$
21,928
$
(25,014
)
$
32,744
$
(37,285
)
Other comprehensive income (loss):
Unrealized loss on note receivable
(184
)
(846
)
(316
)
(846
)
Change in liability of pension plans
(3,504
)
138
(3,694
)
(59
)
Total comprehensive income (loss)
$
18,240
$
(25,722
)
$
28,734
$
(38,190
)
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
Six Months
Six Months
Ended
Ended
June 30, 2023
June 30, 2022
Operating activities:
Net income (loss)
$
32,744
$
(37,285
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
42,144
40,287
Amortization of deferred drydocking and
survey costs
21,290
18,136
Amortization of debt premiums and
discounts
842
765
Provision for deferred income taxes
34
145
(Gain) loss on asset dispositions, net
(3,620
)
1,090
Gain on pension settlement
(1,807
)
—
Gain on bargain purchase
—
(1,300
)
Long-lived asset impairment credit
—
(500
)
Loss on warrants
—
14,175
Stock-based compensation expense
4,751
3,421
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(37,919
)
(35,085
)
Changes in due to/from affiliate, net
—
(20
)
Accounts payable
30,876
8,072
Accrued expenses
(13,544
)
2,354
Deferred drydocking and survey costs
(52,691
)
(31,063
)
Other, net
(565
)
(16,419
)
Net cash provided by (used in) operating
activities
22,535
(33,227
)
Cash flows from investing activities:
Proceeds from sales of assets
8,659
8,163
Acquisitions, net of cash acquired
—
(29,525
)
Additions to properties and equipment
(17,500
)
(5,380
)
Net cash used in investing activities
(8,841
)
(26,742
)
Cash flows from financing activities:
Acquisition of non-controlling interest in
a majority owned subsidiary
(1,427
)
—
Debt issuance and modification costs
—
(371
)
Tax on share-based awards
(5,521
)
(2,176
)
Net cash used in financing activities
(6,948
)
(2,547
)
Net change in cash, cash equivalents and
restricted cash
6,746
(62,516
)
Cash, cash equivalents and restricted cash
at beginning of period
167,977
154,276
Cash, cash equivalents and restricted cash
at end of period
$
174,723
$
91,760
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
7,846
$
7,626
Income taxes
$
27,201
$
9,330
Supplemental disclosure of noncash
investing activities:
Acquisition of SPO
$
—
$
162,648
Purchase of three vessels
$
12,171
$
—
Supplemental disclosure of noncash
financing activities:
Warrants issued for SPO acquisition
$
—
$
162,648
Debt incurred for the purchase of three
vessels
$
12,171
$
—
Note: Cash, cash equivalents and
restricted cash at June 30, 2023 includes $2.2 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 March 31, 2023
$
51
$
1,553,919
$
(688,911
)
$
8,254
$
100
$
873,413
Total comprehensive income (loss)
—
—
22,584
(3,688
)
(656
)
18,240
Amortization of share-based awards
—
874
—
—
—
874
Balance at June 30, 2023
$
51
$
1,554,793
$
(666,327
)
$
4,566
$
(556
)
$
892,527
Balance at March 31, 2022
$
42
$
1,376,934
$
(690,068
)
$
2,471
$
363
$
689,742
Total comprehensive loss
—
—
(25,581
)
(708
)
567
(25,722
)
SPO acquisition warrants
—
176,823
—
—
—
176,823
Amortization of share-based awards
—
804
—
—
—
804
Balance at June 30, 2022
$
42
$
1,554,561
$
(715,649
)
$
1,763
$
930
$
841,647
Six 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)
—
—
33,322
(4,010
)
(578
)
28,734
Acquisition of non-controlling interest in
a majority owned subsidiary
—
(1,427
)
—
—
—
(1,427
)
Amortization of share-based awards
—
(770
)
—
—
—
(770
)
Balance at June 30, 2023
$
51
$
1,554,793
$
(666,327
)
$
4,566
$
(556
)
$
892,527
Balance at December 31, 2021
$
41
$
1,376,494
$
(677,900
)
$
2,668
$
466
$
701,769
Total comprehensive loss
—
—
(37,749
)
(905
)
464
(38,190
)
Issuance of common stock
1
(1
)
—
—
—
—
SPO acquisition warrants
—
176,823
—
—
—
176,823
Amortization of share-based awards
—
1,245
—
—
—
1,245
Balance at June 30, 2022
$
42
$
1,554,561
$
(715,649
)
$
1,763
$
930
$
841,647
The company’s vessel revenues and vessel operating costs and the
related percentage of total vessel revenues, were as follows:
(In Thousands)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Vessel revenues:
Americas
$
50,376
24
%
$
37,520
23
%
$
98,063
24
%
$
65,964
25
%
Asia Pacific
22,585
11
%
16,362
10
%
44,609
11
%
21,259
8
%
Middle East
31,856
15
%
28,396
18
%
62,618
16
%
48,614
18
%
Europe/Mediterranean
39,295
19
%
32,475
20
%
70,545
18
%
56,394
21
%
West Africa
66,211
31
%
47,422
29
%
125,668
31
%
73,820
28
%
Total vessel revenues
$
210,323
100
%
$
162,175
100
%
$
401,503
100
%
$
266,051
100
%
Vessel operating costs:
Crew costs
$
68,007
32
%
$
60,639
37
%
$
134,650
34
%
$
101,476
38
%
Repair and maintenance
16,834
8
%
13,477
8
%
33,486
8
%
22,938
9
%
Insurance
2,168
1
%
1,366
1
%
4,173
1
%
2,750
1
%
Fuel, lube and supplies
13,958
7
%
11,521
7
%
27,513
7
%
18,597
7
%
Other
17,297
8
%
13,254
8
%
33,901
8
%
23,007
9
%
Total vessel operating costs
118,264
56
%
100,257
62
%
233,723
58
%
168,768
63
%
Vessel operating margin (A)
$
92,059
44
%
$
61,918
38
%
$
167,780
42
%
$
97,283
37
%
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
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Vessel operating profit (loss):
Americas
$
6,245
3
%
$
5,930
4
%
$
14,207
3
%
$
5,848
2
%
Asia Pacific
7,026
3
%
(899
)
(1
)%
12,594
3
%
1,274
0
%
Middle East
(1,657
)
(1
)%
(307
)
(0
)%
(2,001
)
(0
)%
(2,190
)
(1
)%
Europe/Mediterranean
8,307
4
%
4,262
3
%
10,343
3
%
1,833
1
%
West Africa
25,474
12
%
9,270
6
%
42,695
10
%
12,485
5
%
Other operating profit
4,265
2
%
790
0
%
5,038
1
%
2,282
1
%
49,660
23
%
19,046
12
%
82,876
20
%
21,532
8
%
Corporate expenses (A)
(12,117
)
(6
)%
(15,909
)
(10
)%
(23,050
)
(5
)%
(26,412
)
(10
)%
Gain on asset dispositions, net
1,404
1
%
(1,297
)
(1
)%
3,620
1
%
(1,090
)
(0
)%
Long-lived asset impairment credit
—
0
%
—
0
%
—
0
%
500
0
%
Operating income (loss)
$
38,947
18
%
$
1,840
1
%
$
63,446
16
%
$
(5,470
)
(2
)%
Note (A): General and administrative
expenses for the three months and six months ended June 30, 2023
include stock-based compensation of $2.7 million and $4.8 million,
respectively. General and administrative expenses for the three and
six months ended June 30, 2022 include stock-based compensation of
$1.9 million and $3.4 million, respectively. In addition, vessel
operating and general and administrative costs for the three months
and six months ended June 30, 2023, include $1.3 million and $2.7
million in one-time acquisition, restructuring and integration
related costs, respectively. Vessel operating and general and
administrative costs for the three and six months ended June 30,
2022, include $7.3 million and $9.6 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
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Revenues:
Vessel revenues
$
210,323
$
191,180
$
185,106
$
190,247
$
162,175
Other operating revenues
4,638
1,924
1,640
1,515
1,272
Total revenues
214,961
193,104
186,746
191,762
163,447
Costs and expenses:
Vessel operating costs (A)
118,264
115,459
115,496
113,037
100,257
Costs of other operating revenue
373
1,151
694
592
483
General and administrative (A)
26,013
23,545
28,633
27,267
27,804
Depreciation and amortization
32,768
30,666
29,881
30,856
31,766
Long-lived asset impairment and other
—
—
—
1,214
—
(Gain) loss on asset dispositions, net
(1,404
)
(2,216
)
(1,076
)
(264
)
1,297
Total operating costs and expenses
176,014
168,605
173,628
172,702
161,607
Operating income
38,947
24,499
13,118
19,060
1,840
Other income (expense):
Foreign exchange gain (loss)
(3,819
)
2,348
2,105
(3,997
)
(1,881
)
Equity in net earnings (losses) of
unconsolidated companies
25
—
14
9
(244
)
Interest income and other, net
2,790
130
981
581
349
Loss on warrants
—
—
—
—
(14,175
)
Interest and other debt costs, net
(4,731
)
(4,190
)
(4,339
)
(4,391
)
(4,284
)
Total other expense
(5,735
)
(1,712
)
(1,239
)
(7,798
)
(20,235
)
Income (loss) before income taxes
33,212
22,787
11,879
11,262
(18,395
)
Income tax expense
11,284
11,971
1,697
6,352
6,619
Net income (loss)
21,928
10,816
10,182
4,910
(25,014
)
Net income (loss) attributable to
noncontrolling interests
(656
)
78
(438
)
(470
)
567
Net income (loss) attributable to
Tidewater Inc.
$
22,584
$
10,738
$
10,620
$
5,380
$
(25,581
)
Basic income (loss) per common share
$
0.44
$
0.21
$
0.22
$
0.12
$
(0.61
)
Diluted income (loss) per common share
$
0.43
$
0.21
$
0.20
$
0.10
$
(0.61
)
Weighted average common shares
outstanding
50,857
50,604
48,766
44,451
41,814
Dilutive effect of warrants, restricted
stock units and stock options
1,148
1,368
3,069
7,069
—
Adjusted weighted average common
shares
52,005
51,972
51,835
51,520
41,814
Vessel operating margin
$
92,059
$
75,721
$
69,610
$
77,210
$
61,918
Note (A): One-time acquisition,
restructuring and integration related costs
$
1,242
$
1,426
$
5,150
$
4,332
$
7,314
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands)
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
ASSETS
Current assets:
Cash and cash equivalents
$
171,261
$
165,145
$
164,192
$
115,014
$
87,981
Restricted cash
1,242
4,972
1,241
4,965
1,240
Trade and other receivables, net
195,906
182,198
156,465
181,646
189,259
Marine operating supplies
22,495
24,448
30,830
20,764
21,182
Assets held for sale
630
695
4,195
6,815
6,862
Prepaid expenses and other current
assets
18,958
18,978
20,985
17,509
23,259
Total current assets
410,492
396,436
377,908
346,713
329,783
Net properties and equipment
784,873
786,168
796,655
815,990
838,612
Deferred drydocking and survey costs
92,481
82,787
61,080
57,877
53,661
Indemnification assets
22,678
27,698
28,369
30,117
30,269
Other assets
33,640
34,058
33,644
32,364
30,410
Total assets
$
1,344,164
$
1,327,147
$
1,297,656
$
1,283,061
$
1,282,735
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
69,822
$
64,775
$
38,946
$
31,829
$
30,537
Accrued costs and expenses
91,875
107,348
105,518
105,945
109,212
Current portion of long-term debt
2,441
—
—
—
—
Other current liabilities
42,305
43,220
50,323
46,629
47,872
Total current liabilities
206,443
215,343
194,787
184,403
187,621
Long-term debt
179,573
169,423
169,036
168,649
168,279
Other liabilities and deferred credits
65,621
68,968
67,843
82,910
85,188
Equity:
Common stock
51
51
51
46
42
Additional paid-in-capital
1,554,793
1,553,919
1,556,990
1,555,388
1,554,561
Accumulated deficit
(666,327
)
(688,911
)
(699,649
)
(710,269
)
(715,649
)
Accumulated other comprehensive income
4,566
8,254
8,576
1,474
1,763
Total stockholders' equity
893,083
873,313
865,968
846,639
840,717
Noncontrolling interests
(556
)
100
22
460
930
Total equity
892,527
873,413
865,990
847,099
841,647
Total liabilities and equity
$
1,344,164
$
1,327,147
$
1,297,656
$
1,283,061
$
1,282,735
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Operating activities:
Net income (loss)
$
21,928
$
10,816
$
10,182
$
4,910
$
(25,014
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
21,096
21,048
20,983
22,252
22,614
Amortization of deferred drydocking and
survey costs
11,672
9,618
8,898
8,604
9,152
Amortization of debt premiums and
discounts
422
420
522
392
390
(Provision) benefit for deferred income
taxes
(1
)
35
(98
)
(11
)
(32
)
(Gain) loss on asset dispositions, net
(1,404
)
(2,216
)
(1,076
)
(264
)
1,297
Gain on pension settlement
(1,807
)
—
—
—
—
Long-lived asset impairment and other
—
—
—
1,214
—
Loss on warrants
—
—
—
—
14,175
Stock-based compensation expense
2,648
2,103
2,028
1,923
1,963
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(12,186
)
(25,733
)
26,172
4,784
(19,515
)
Accounts payable
5,047
25,829
7,117
1,292
5,247
Accrued expenses
(15,374
)
1,830
(427
)
(3,267
)
(853
)
Deferred drydocking and survey costs
(21,366
)
(31,325
)
(12,117
)
(12,820
)
(18,451
)
Other, net
(934
)
369
(16,844
)
(896
)
(12,576
)
Net cash provided by (used in) operating
activities
9,741
12,794
45,340
28,113
(21,603
)
Cash flows from investing activities:
Proceeds from sales of assets
2,943
5,716
5,093
312
3,535
Acquisitions, net of cash acquired
—
—
—
8,785
(28,486
)
Additions to properties and equipment
(8,849
)
(8,651
)
(4,929
)
(6,328
)
(4,151
)
Net cash provided by (used in) investing
activities
(5,906
)
(2,935
)
164
2,769
(29,102
)
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
)
Tax on share-based awards
(1,774
)
(3,747
)
(47
)
(100
)
(1,159
)
Net cash used in financing activities
(1,774
)
(5,174
)
(47
)
(122
)
(1,267
)
Net change in cash, cash equivalents and
restricted cash
2,061
4,685
45,457
30,760
(51,972
)
Cash, cash equivalents and restricted cash
at beginning of period
172,662
167,977
122,520
91,760
143,732
Cash, cash equivalents and restricted cash
at end of period
$
174,723
$
172,662
$
167,977
$
122,520
$
91,760
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
7,748
$
98
$
7,575
$
353
$
7,626
Income taxes
$
10,144
$
17,057
$
6,132
$
6,813
$
6,130
Supplemental disclosure of noncash
investing activities:
Acquisition of SPO
$
—
$
—
$
—
$
—
$
162,648
Purchase of three vessels
$
12,171
$
—
$
—
$
—
$
—
Supplemental disclosure of noncash
financing activities:
Warrants issued for SPO acquisition
$
—
$
—
$
—
$
—
$
162,648
Repurchase of SPO acquisition warrants
$
—
$
—
$
373
$
992
$
—
Debt incurred for purchase of three
vessels
$
12,171
$
—
$
—
$
—
$
—
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
VESSEL REVENUE BY
VESSEL CLASS
Americas
fleet:
PSV > 900
$
20,316
$
20,556
$
17,814
$
15,676
$
15,204
PSV < 900
19,134
17,390
16,486
16,460
15,470
AHTS > 16K
3,425
3,395
2,873
3,429
2,390
AHTS 8 - 16K
2,807
2,807
1,899
1,601
1,130
AHTS 4 - 8K
1,480
1,521
1,553
1,185
1,438
Other
3,214
2,018
1,160
771
1,888
Total
50,376
47,687
41,785
39,122
37,520
Asia Pacific
fleet:
PSV > 900
9,648
9,101
6,692
10,896
7,258
PSV < 900
5,811
5,133
3,120
3,891
3,006
AHTS > 16K
2,065
1,342
3,260
3,128
1,504
AHTS 8 - 16K
5,001
5,397
4,364
4,333
2,940
AHTS 4 - 8K
8
998
1,584
1,605
1,433
Other
52
53
50
49
221
Total
22,585
22,024
19,070
23,902
16,362
Middle East
fleet:
PSV > 900
1,211
1,192
1,218
2,771
2,814
PSV < 900
16,812
14,965
15,517
16,063
13,798
AHTS > 16K
1,217
2,316
2,351
2,350
1,750
AHTS 8 - 16K
4,276
4,593
4,146
3,397
3,808
AHTS 4 - 8K
8,340
7,696
7,343
6,605
6,226
Total
31,856
30,762
30,575
31,186
28,396
Europe/Mediterranean
fleet:
PSV > 900
29,592
23,368
24,783
27,167
23,684
PSV < 900
7,205
5,153
7,874
7,092
6,868
AHTS > 16K
2,228
2,511
643
5,251
1,776
Other
270
218
182
192
147
Total
39,295
31,250
33,482
39,702
32,475
West Africa
fleet:
PSV > 900
11,550
9,900
10,534
8,041
6,487
PSV < 900
25,419
24,835
20,494
18,249
13,801
AHTS > 16K
9,129
6,237
5,385
6,152
4,315
AHTS 8 - 16K
9,870
9,827
11,810
11,236
10,724
AHTS 4 - 8K
3,496
2,360
5,780
6,445
4,576
Other
6,747
6,298
6,191
6,212
7,519
Total
66,211
59,457
60,194
56,335
47,422
Worldwide
fleet:
PSV > 900
72,317
64,117
61,041
64,551
55,447
PSV < 900
74,381
67,476
63,491
61,755
52,943
AHTS > 16K
18,064
15,801
14,512
20,310
11,735
AHTS 8 - 16K
21,954
22,624
22,219
20,567
18,602
AHTS 4 - 8K
13,324
12,575
16,260
15,840
13,673
Other
10,283
8,587
7,583
7,224
9,775
Total
$
210,323
$
191,180
$
185,106
$
190,247
$
162,175
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
AVERAGE NUMBER OF
VESSELS:
Americas
fleet:
PSV > 900
10
10
10
11
10
PSV < 900
15
15
16
17
17
AHTS > 16K
2
2
2
2
2
AHTS 8 - 16K
2
2
2
1
1
AHTS 4 - 8K
2
2
2
2
3
Other
2
1
1
1
1
Total
33
32
33
34
34
Stacked vessels
(1
)
(1
)
(2
)
(3
)
(5
)
Active vessels
32
31
31
31
29
Asia Pacific
fleet:
PSV > 900
6
5
5
5
6
PSV < 900
2
2
2
2
2
AHTS > 16K
2
1
2
2
1
AHTS 8 - 16K
3
3
3
3
2
AHTS 4 - 8K
1
2
3
4
3
Other
—
1
1
1
5
Total
14
14
16
17
19
Stacked vessels
—
(1
)
(2
)
(2
)
(1
)
Active vessels
14
13
14
15
18
Middle East
fleet:
PSV > 900
1
1
2
2
2
PSV < 900
20
21
20
20
19
AHTS > 16K
1
2
2
2
1
AHTS 8 - 16K
5
5
5
5
6
AHTS 4 - 8K
17
14
14
13
13
Total
44
43
43
42
41
Stacked vessels
—
—
—
—
—
Active vessels
44
43
43
42
41
Europe/Mediterranean
fleet:
PSV > 900
19
20
20
19
19
PSV < 900
6
6
6
6
7
AHTS > 16K
1
1
1
1
1
Total
26
27
27
26
27
Stacked vessels
—
—
—
—
(2
)
Active vessels
26
27
27
26
25
West Africa
fleet:
PSV > 900
7
7
6
6
4
PSV < 900
18
18
18
18
15
AHTS > 16K
5
5
4
4
3
AHTS 8 - 16K
11
11
11
12
10
AHTS 4 - 8K
6
8
8
8
6
Other
23
25
28
28
29
Total
70
74
75
76
67
Stacked vessels
(5
)
(8
)
(10
)
(9
)
(8
)
Active vessels
65
66
65
67
59
Worldwide
fleet:
PSV > 900
43
43
43
43
41
PSV < 900
61
62
62
63
60
AHTS > 16K
11
11
11
11
8
AHTS 8 - 16K
21
21
21
21
19
AHTS 4 - 8K
26
26
27
27
25
Other
25
27
30
30
35
Total
187
190
194
195
188
Stacked vessels
(6
)
(10
)
(14
)
(14
)
(16
)
Active vessels
181
180
180
181
172
Total active
181
180
180
181
172
Total stacked
6
10
14
14
16
Total joint venture
—
—
1
1
1
Total
187
190
195
196
189
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
PSV > 900
910
907
922
1,012
943
PSV < 900
1,365
1,359
1,499
1,564
1,547
AHTS > 16K
182
180
184
184
152
AHTS 8 - 16K
182
180
184
122
91
AHTS 4 - 8K
182
180
184
184
246
Other
182
121
92
92
121
Total
3,003
2,927
3,065
3,158
3,100
Asia Pacific
fleet:
PSV > 900
559
481
460
460
507
PSV < 900
182
180
184
184
183
AHTS > 16K
182
90
184
184
122
AHTS 8 - 16K
273
270
276
276
183
AHTS 4 - 8K
91
180
292
368
304
Other
—
48
92
92
453
Total
1,287
1,249
1,488
1,564
1,752
Middle East
fleet:
PSV > 900
91
90
92
123
152
PSV < 900
1,820
1,842
1,840
1,840
1,700
AHTS > 16K
91
180
184
184
122
AHTS 8 - 16K
455
450
460
465
546
AHTS 4 - 8K
1,556
1,291
1,288
1,217
1,183
Total
4,013
3,853
3,864
3,829
3,703
Europe/Mediterranean
fleet:
PSV > 900
1,729
1,762
1,838
1,748
1,729
PSV < 900
546
540
552
552
696
AHTS > 16K
139
90
92
92
61
Total
2,414
2,392
2,482
2,392
2,486
West Africa
fleet:
PSV > 900
637
630
644
613
406
PSV < 900
1,638
1,620
1,656
1,656
1,367
AHTS > 16K
407
450
368
368
244
AHTS 8 - 16K
1,001
990
1,012
1,074
882
AHTS 4 - 8K
546
720
736
736
548
Other
2,099
2,256
2,545
2,582
2,639
Total
6,328
6,666
6,961
7,029
6,086
Worldwide
fleet:
PSV > 900
3,926
3,870
3,956
3,956
3,737
PSV < 900
5,551
5,541
5,731
5,796
5,493
AHTS > 16K
1,001
990
1,012
1,012
701
AHTS 8 - 16K
1,911
1,890
1,932
1,937
1,702
AHTS 4 - 8K
2,375
2,371
2,500
2,505
2,281
Other
2,281
2,425
2,729
2,766
3,213
Total
17,045
17,087
17,860
17,972
17,127
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
PSV > 900
—
—
—
—
155
PSV < 900
91
99
211
276
273
AHTS 4 - 8K
—
—
—
—
64
Total
91
99
211
276
492
Asia Pacific
fleet:
AHTS 4 - 8K
—
—
54
61
—
Other
—
48
92
92
61
Total
—
48
146
153
61
Europe/Mediterranean
fleet:
PSV < 900
—
—
—
—
150
Total
—
—
—
—
150
West Africa
fleet:
PSV < 900
—
—
—
—
18
AHTS 4 - 8K
182
180
158
92
56
Other
265
540
797
747
678
Total
447
720
955
839
752
Worldwide
fleet:
PSV > 900
—
—
—
—
155
PSV < 900
91
99
211
276
441
AHTS 4 - 8K
182
180
212
153
120
Other
265
588
889
839
739
Total
538
867
1,312
1,268
1,455
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
AVAILABLE DAYS -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
910
907
922
1,012
788
PSV < 900
1,274
1,260
1,288
1,288
1,274
AHTS > 16K
182
180
184
184
152
AHTS 8 - 16K
182
180
184
122
91
AHTS 4 - 8K
182
180
184
184
182
Other
182
121
92
92
121
Total
2,912
2,828
2,854
2,882
2,608
Asia Pacific
fleet:
PSV > 900
559
481
460
460
507
PSV < 900
182
180
184
184
183
AHTS > 16K
182
90
184
184
122
AHTS 8 - 16K
273
270
276
276
183
AHTS 4 - 8K
91
180
238
307
304
Other
—
—
—
—
392
Total
1,287
1,201
1,342
1,411
1,691
Middle East
fleet:
PSV > 900
91
90
92
123
152
PSV < 900
1,820
1,842
1,840
1,840
1,700
AHTS > 16K
91
180
184
184
122
AHTS 8 - 16K
455
450
460
465
546
AHTS 4 - 8K
1,556
1,291
1,288
1,217
1,183
Total
4,013
3,853
3,864
3,829
3,703
Europe/Mediterranean
fleet:
PSV > 900
1,729
1,762
1,838
1,748
1,729
PSV < 900
546
540
552
552
546
AHTS > 16K
139
90
92
92
61
Total
2,414
2,392
2,482
2,392
2,336
West Africa
fleet:
PSV > 900
637
630
644
613
406
PSV < 900
1,638
1,620
1,656
1,656
1,349
AHTS > 16K
407
450
368
368
244
AHTS 8 - 16K
1,001
990
1,012
1,074
882
AHTS 4 - 8K
364
540
578
644
492
Other
1,834
1,716
1,748
1,835
1,961
Total
5,881
5,946
6,006
6,190
5,334
Worldwide
fleet:
PSV > 900
3,926
3,870
3,956
3,956
3,582
PSV < 900
5,460
5,442
5,520
5,520
5,052
AHTS > 16K
1,001
990
1,012
1,012
701
AHTS 8 - 16K
1,911
1,890
1,932
1,937
1,702
AHTS 4 - 8K
2,193
2,191
2,288
2,352
2,161
Other
2,016
1,837
1,840
1,927
2,474
Total
16,507
16,220
16,548
16,704
15,672
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
UTILIZATION -
TOTAL FLEET:
Americas
fleet:
PSV > 900
78.5
%
84.2
%
82.6
%
74.6
%
74.4
%
PSV < 900
83.9
79.8
68.1
69.3
67.7
AHTS > 16K
50.0
50.0
48.2
92.4
90.2
AHTS 8 - 16K
100.0
100.0
76.8
89.5
100.0
AHTS 4 - 8K
93.7
96.4
99.2
74.4
67.2
Other
100.0
97.5
100.0
66.5
100.0
Total
82.8
%
82.3
%
74.6
%
73.3
%
73.0
%
Asia Pacific
fleet:
PSV > 900
71.1
%
70.8
%
62.6
%
94.5
%
65.5
%
PSV < 900
100.0
90.6
78.4
100.0
66.7
AHTS > 16K
60.7
78.1
90.8
89.9
50.0
AHTS 8 - 16K
85.0
79.8
85.4
97.2
91.2
AHTS 4 - 8K
10.4
80.3
79.5
64.5
56.9
Other
—
—
—
—
74.0
Total
72.4
%
74.8
%
71.7
%
82.5
%
67.9
%
Middle East
fleet:
PSV > 900
100.0
%
100.0
%
100.0
%
93.6
%
100.0
%
PSV < 900
81.6
74.4
78.3
84.1
76.5
AHTS > 16K
100.0
100.0
100.0
94.7
100.0
AHTS 8 - 16K
87.0
96.0
84.8
68.5
70.9
AHTS 4 - 8K
63.4
85.7
86.3
84.9
87.1
Total
76.0
%
82.5
%
83.3
%
83.3
%
80.8
%
Europe/Mediterranean
fleet:
PSV > 900
91.2
%
82.7
%
87.1
%
95.8
%
88.4
%
PSV < 900
79.0
85.4
93.8
96.4
71.5
AHTS > 16K
43.4
84.1
65.5
76.9
53.4
Total
85.7
%
83.4
%
87.8
%
95.2
%
82.8
%
West Africa
fleet:
PSV > 900
83.1
%
83.0
%
85.7
%
70.9
%
96.3
%
PSV < 900
91.1
95.3
89.9
86.6
80.6
AHTS > 16K
92.9
73.5
89.4
100.0
98.1
AHTS 8 - 16K
79.6
79.8
91.1
85.7
95.4
AHTS 4 - 8K
62.9
32.4
62.1
82.6
82.6
Other
49.4
50.3
45.4
44.4
52.9
Total
72.3
%
68.4
%
70.5
%
69.9
%
72.7
%
Worldwide
fleet:
PSV > 900
84.3
%
82.0
%
83.3
%
86.3
%
83.1
%
PSV < 900
85.3
83.4
80.5
82.5
74.1
AHTS > 16K
73.0
75.4
81.9
93.7
84.4
AHTS 8 - 16K
84.1
85.6
87.4
83.4
87.4
AHTS 4 - 8K
63.5
69.9
79.4
80.5
79.8
Other
53.4
51.7
45.7
43.7
57.7
Total
76.9
%
76.5
%
76.5
%
77.8
%
75.5
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
UTILIZATION -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
78.5
%
84.2
%
82.6
%
74.6
%
89.1
%
PSV < 900
89.9
86.1
79.3
84.1
82.3
AHTS > 16K
50.0
50.0
48.2
92.4
90.2
AHTS 8 - 16K
100.0
100.0
76.8
89.5
100.0
AHTS 4 - 8K
93.7
96.4
99.2
74.4
90.8
Other
100.0
97.5
100.0
66.5
100.0
Total
85.4
%
85.2
%
80.1
%
80.3
%
86.8
%
Asia Pacific
fleet:
PSV > 900
71.1
%
70.8
%
62.6
%
94.5
%
65.5
%
PSV < 900
100.0
90.6
78.4
100.0
66.7
AHTS > 16K
60.7
78.1
90.8
89.9
50.0
AHTS 8 - 16K
85.0
79.8
85.4
97.2
91.2
AHTS 4 - 8K
10.4
80.3
97.4
77.4
56.9
Other
—
—
—
—
85.5
Total
72.4
%
77.8
%
79.5
%
91.4
%
70.4
%
Middle East
fleet:
PSV > 900
100.0
%
100.0
%
100.0
%
93.6
%
100.0
%
PSV < 900
81.6
74.4
78.3
84.1
76.5
AHTS > 16K
100.0
100.0
100.0
94.7
100.0
AHTS 8 - 16K
87.0
96.0
84.8
68.5
70.9
AHTS 4 - 8K
63.4
85.7
86.3
84.9
87.1
Total
76.0
%
82.5
%
83.3
%
83.3
%
80.8
%
Europe/Mediterranean
fleet:
PSV > 900
91.2
%
82.7
%
87.1
%
95.8
%
88.4
%
PSV < 900
79.0
85.4
93.8
96.4
91.1
AHTS > 16K
43.4
84.1
65.5
76.9
53.4
Total
85.7
%
83.4
%
87.8
%
95.2
%
88.1
%
West Africa
fleet:
PSV > 900
83.1
%
83.0
%
85.7
%
70.9
%
96.3
%
PSV < 900
91.1
95.3
89.9
86.6
81.7
AHTS > 16K
92.9
73.5
89.4
100.0
98.1
AHTS 8 - 16K
79.6
79.8
91.1
85.7
95.4
AHTS 4 - 8K
94.3
43.2
79.1
94.5
92.0
Other
56.5
66.2
66.1
62.5
71.2
Total
77.8
%
76.6
%
81.7
%
79.4
%
82.9
%
Worldwide
fleet:
PSV > 900
84.3
%
82.0
%
83.3
%
86.3
%
86.7
%
PSV < 900
86.7
84.9
83.6
86.6
80.6
AHTS > 16K
73.0
75.4
81.9
93.7
84.4
AHTS 8 - 16K
84.1
85.6
87.4
83.4
87.4
AHTS 4 - 8K
68.8
75.7
86.7
85.7
84.3
Other
60.4
68.2
67.8
62.7
74.9
Total
79.4
%
80.6
%
82.5
%
83.7
%
82.5
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
AVERAGE VESSEL
DAY RATES: (A)
Americas
fleet:
PSV > 900
$
28,446
$
26,930
$
23,401
$
20,775
$
21,658
PSV < 900
16,702
16,037
16,146
15,197
14,762
AHTS > 16K
37,640
37,720
32,368
20,175
17,430
AHTS 8 - 16K
15,421
15,593
13,431
14,668
12,424
AHTS 4 - 8K
8,678
8,764
8,511
8,654
8,701
Other
17,658
17,110
12,611
12,616
15,601
Total
20,269
19,794
18,271
16,901
16,569
Asia Pacific
fleet:
PSV > 900
24,276
26,723
23,237
25,072
21,850
PSV < 900
31,927
31,488
21,627
21,148
24,640
AHTS > 16K
18,690
19,095
19,519
18,902
24,664
AHTS 8 - 16K
21,561
25,049
18,509
16,144
17,609
AHTS 4 - 8K
946
6,903
6,822
6,759
8,281
Other
—
—
—
—
660
Total
24,250
23,582
17,868
18,530
13,748
Middle East
fleet:
PSV > 900
13,304
13,251
13,234
24,061
18,513
PSV < 900
11,320
10,926
10,768
10,378
10,607
AHTS > 16K
13,378
12,868
12,777
13,487
14,348
AHTS 8 - 16K
10,804
10,632
10,627
10,666
9,832
AHTS 4 - 8K
8,460
6,953
6,604
6,396
6,044
Total
10,449
9,679
9,498
9,781
9,490
Europe/Mediterranean
fleet:
PSV > 900
18,757
16,031
15,476
16,229
15,496
PSV < 900
16,709
11,177
15,212
13,323
13,806
AHTS > 16K
36,913
33,164
10,682
74,231
54,472
Total
18,990
15,669
15,364
17,436
15,776
West Africa
fleet:
PSV > 900
21,815
18,931
19,096
18,502
16,592
PSV < 900
17,040
16,080
13,758
12,721
12,528
AHTS > 16K
24,154
18,863
16,367
16,719
18,036
AHTS 8 - 16K
12,382
12,433
12,809
12,212
12,743
AHTS 4 - 8K
10,178
10,113
12,637
10,595
10,105
Other
6,511
5,548
5,359
5,415
5,381
Total
14,469
13,047
12,272
11,467
10,721
Worldwide
fleet:
PSV > 900
21,850
20,198
18,529
18,914
17,854
PSV < 900
15,706
14,597
13,762
12,915
13,008
AHTS > 16K
24,719
21,163
17,505
21,415
19,824
AHTS 8 - 16K
13,662
13,984
13,153
12,726
12,511
AHTS 4 - 8K
8,828
7,583
8,196
7,859
7,507
Other
8,441
6,852
6,080
5,979
5,275
Total
$
16,042
$
14,624
$
13,554
$
13,606
$
12,544
Note (A): Average Vessel Day Rates equals
Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Americas
Vessel revenues
$
50,376
$
47,687
$
41,785
$
39,122
$
37,520
Vessel operating costs:
Crew costs
18,033
17,402
16,486
16,080
12,949
Repair and maintenance
3,973
3,888
3,619
3,594
2,866
Insurance
479
410
410
414
248
Fuel, lube and supplies
2,549
2,999
2,387
2,557
2,326
Other
4,564
3,572
5,102
3,090
3,054
Total vessel operating costs
29,598
28,271
28,004
25,735
21,443
Vessel operating margin ($)
20,778
19,416
13,781
13,387
16,077
Vessel operating margin (%)
41.2
%
40.7
%
33.0
%
34.2
%
42.8
%
Americas - Select
operating statistics
Average vessels - Total fleet
33
32
33
34
34
Utilization - Total fleet
82.8
%
82.3
%
74.6
%
73.3
%
73.0
%
Average vessels - Active fleet
32
31
31
31
29
Utilization - Active fleet
85.4
%
85.2
%
80.1
%
80.3
%
86.8
%
Average day rates
$
20,269
$
19,794
$
18,271
$
16,901
$
16,569
Vessels commencing drydocks
4
2
2
4
3
Deferred drydocking and survey costs -
beginning balance
$
27,832
$
21,720
$
21,772
$
19,208
$
18,422
Cash paid for deferred drydocking and
survey costs
5,867
8,218
4,389
5,678
3,857
Amortization of deferred drydocking and
survey costs
(2,626
)
(3,417
)
(3,025
)
(2,932
)
(3,071
)
Disposals, intersegment transfers and
other
(1,304
)
1,311
(1,416
)
(182
)
—
Deferred drydocking and survey costs -
ending balance
$
29,769
$
27,832
$
21,720
$
21,772
$
19,208
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Asia
Pacific
Vessel revenues
$
22,585
$
22,024
$
19,070
$
23,902
$
16,362
Vessel operating costs:
Crew costs
7,062
7,311
9,876
10,631
8,138
Repair and maintenance
1,517
1,749
901
947
945
Insurance
219
123
183
189
90
Fuel, lube and supplies
1,521
1,630
1,299
1,145
1,590
Other
1,648
1,678
1,574
1,909
1,176
Total vessel operating costs
11,967
12,491
13,833
14,821
11,939
Vessel operating margin ($)
10,618
9,533
5,237
9,081
4,423
Vessel operating margin (%)
47.0
%
43.3
%
27.5
%
38.0
%
27.0
%
Asia Pacific -
Select operating statistics
Average vessels - Total fleet
14
14
16
17
19
Utilization - Total fleet
72.4
%
74.8
%
71.7
%
82.5
%
67.9
%
Average vessels - Active fleet
14
13
14
15
18
Utilization - Active fleet
72.4
%
77.8
%
79.5
%
91.4
%
70.4
%
Average day rates
$
24,250
$
23,582
$
17,868
$
18,530
$
13,748
Vessels commencing drydocks
—
1
2
—
2
Deferred drydocking and survey costs -
beginning balance
$
2,525
$
553
$
979
$
852
$
542
Cash paid for deferred drydocking and
survey costs
(4
)
2,368
156
702
1,262
Amortization of deferred drydocking and
survey costs
(393
)
(282
)
(117
)
(139
)
(163
)
Disposals, intersegment transfers and
other
—
(114
)
(465
)
(436
)
(789
)
Deferred drydocking and survey costs -
ending balance
$
2,128
$
2,525
$
553
$
979
$
852
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Middle
East
Vessel revenues
$
31,856
$
30,762
$
30,575
$
31,186
$
28,396
Vessel operating costs:
Crew costs
13,170
12,616
12,472
12,814
11,193
Repair and maintenance
3,779
3,475
3,216
3,441
3,429
Insurance
465
433
384
406
325
Fuel, lube and supplies
3,470
2,870
2,991
3,281
2,700
Other
3,756
3,669
2,505
1,804
2,249
Total vessel operating costs
24,640
23,063
21,568
21,746
19,896
Vessel operating margin ($)
7,216
7,699
9,007
9,440
8,500
Vessel operating margin (%)
22.7
%
25.0
%
29.5
%
30.3
%
29.9
%
Middle East -
Select operating statistics
Average vessels - Total fleet
44
43
43
42
41
Utilization - Total fleet
76.0
%
82.5
%
83.3
%
83.3
%
80.8
%
Average vessels - Active fleet
44
43
43
42
41
Utilization - Active fleet
76.0
%
82.5
%
83.3
%
83.3
%
80.8
%
Average day rates
$
10,449
$
9,679
$
9,498
$
9,781
$
9,490
Vessels commencing drydocks
7
5
5
5
7
Deferred drydocking and survey costs -
beginning balance
$
20,677
$
15,062
$
14,993
$
14,980
$
10,665
Cash paid for deferred drydocking and
survey costs
4,262
7,787
1,930
2,345
6,362
Amortization of deferred drydocking and
survey costs
(3,778
)
(1,913
)
(2,323
)
(2,346
)
(2,308
)
Disposals, intersegment transfers and
other
1,556
(259
)
462
14
261
Deferred drydocking and survey costs -
ending balance
$
22,717
$
20,677
$
15,062
$
14,993
$
14,980
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Europe/Mediterranean
Vessel revenues
$
39,295
$
31,250
$
33,482
$
39,702
$
32,475
Vessel operating costs:
Crew costs
13,406
12,727
13,010
12,347
12,349
Repair and maintenance
2,900
2,706
3,067
1,652
2,414
Insurance
354
384
386
440
307
Fuel, lube and supplies
2,363
1,584
2,051
1,158
1,740
Other
2,292
2,371
1,762
2,170
2,468
Total vessel operating costs
21,315
19,772
20,276
17,767
19,278
Vessel operating margin ($)
17,980
11,478
13,206
21,935
13,197
Vessel operating margin (%)
45.8
%
36.7
%
39.4
%
55.2
%
40.6
%
Europe/Mediterranean - Select operating
statistics
Average vessels - Total fleet
26
27
27
26
27
Utilization - Total fleet
85.7
%
83.4
%
87.8
%
95.2
%
82.8
%
Average vessels - Active fleet
26
27
27
26
25
Utilization - Active fleet
85.7
%
83.4
%
87.8
%
95.2
%
88.1
%
Average day rates
$
18,990
$
15,669
$
15,364
$
17,436
$
15,776
Vessels commencing drydocks
4
4
3
1
3
Deferred drydocking and survey costs -
beginning balance
$
11,363
$
9,566
$
8,588
$
9,231
$
6,425
Cash paid for deferred drydocking and
survey costs
2,217
5,128
1,175
315
4,206
Amortization of deferred drydocking and
survey costs
(1,875
)
(1,739
)
(1,523
)
(1,244
)
(1,400
)
Disposals, intersegment transfers and
other
—
(1,592
)
1,326
286
—
Deferred drydocking and survey costs -
ending balance
$
11,705
$
11,363
$
9,566
$
8,588
$
9,231
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
West
Africa
Vessel revenues
$
66,211
$
59,457
$
60,194
$
56,335
$
47,422
Vessel operating costs:
Crew costs
16,336
16,587
17,855
19,317
16,010
Repair and maintenance
4,665
4,834
3,971
3,910
3,823
Insurance
651
655
664
539
396
Fuel, lube and supplies
4,055
4,472
4,113
4,150
3,165
Other
5,037
5,314
5,212
5,052
4,307
Total vessel operating costs
30,744
31,862
31,815
32,968
27,701
Vessel operating margin ($)
35,467
27,595
28,379
23,367
19,721
Vessel operating margin (%)
53.6
%
46.4
%
47.1
%
41.5
%
41.6
%
West Africa -
Select operating statistics
Average vessels - Total fleet
70
74
75
76
67
Utilization - Total fleet
72.3
%
68.4
%
70.5
%
69.9
%
72.7
%
Average vessels - Active fleet
65
66
65
67
59
Utilization - Active fleet
77.8
%
76.6
%
81.7
%
79.4
%
82.9
%
Average day rates
$
14,469
$
13,047
$
12,272
$
11,467
$
10,721
Vessels commencing drydocks
4
6
2
5
5
Deferred drydocking and survey costs -
beginning balance
$
20,390
$
14,179
$
11,545
$
9,390
$
8,308
Cash paid for deferred drydocking and
survey costs
9,024
7,824
4,467
3,780
2,764
Amortization of deferred drydocking and
survey costs
(3,000
)
(2,267
)
(1,909
)
(1,943
)
(2,210
)
Disposals, intersegment transfers and
other
(252
)
654
76
318
528
Deferred drydocking and survey costs -
ending balance
$
26,162
$
20,390
$
14,179
$
11,545
$
9,390
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Worldwide
Vessel revenues
$
210,323
$
191,180
$
185,106
$
190,247
$
162,175
Vessel operating costs:
Crew costs
68,007
66,643
69,699
71,189
60,639
Repair and maintenance
16,834
16,652
14,774
13,544
13,477
Insurance
2,168
2,005
2,027
1,988
1,366
Fuel, lube and supplies
13,958
13,555
12,841
12,291
11,521
Other
17,297
16,604
16,155
14,025
13,254
Total vessel operating costs
118,264
115,459
115,496
113,037
100,257
Vessel operating margin ($)
92,059
75,721
69,610
77,210
61,918
Vessel operating margin (%)
43.8
%
39.6
%
37.6
%
40.6
%
38.2
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
187
190
194
195
188
Utilization - Total fleet
76.9
%
76.5
%
76.5
%
77.8
%
75.5
%
Average vessels - Active fleet
181
180
180
181
172
Utilization - Active fleet
79.4
%
80.6
%
82.5
%
83.7
%
82.5
%
Average day rates
$
16,042
$
14,624
$
13,554
$
13,606
$
12,544
Vessels commencing drydocks
19
18
14
15
20
Deferred drydocking and survey costs -
beginning balance
$
82,787
$
61,080
$
57,877
$
53,661
$
44,362
Cash paid for deferred drydocking and
survey costs
21,366
31,325
12,117
12,820
18,451
Amortization of deferred drydocking and
survey costs
(11,672
)
(9,618
)
(8,897
)
(8,604
)
(9,152
)
Disposals, intersegment transfers and
other
—
—
(17
)
—
—
Deferred drydocking and survey costs -
ending balance
$
92,481
$
82,787
$
61,080
$
57,877
$
53,661
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Net income (loss)
$
21,928
$
10,816
$
10,182
$
4,910
$
(25,014
)
Interest and other debt costs
4,731
4,190
4,339
4,391
4,284
Income tax expense
11,284
11,971
1,697
6,352
6,619
Depreciation
21,096
21,048
20,983
22,252
22,614
Amortization of deferred drydock and
survey costs
11,672
9,618
8,898
8,604
9,152
EBITDA (A), (B), (C)
70,711
57,643
46,099
46,509
17,655
Long-lived asset impairment and other
—
—
—
1,214
—
Loss on warrants
—
—
—
—
14,175
One-time acquisition, restructuring and
integration related costs
1,242
1,426
5,150
4,332
7,314
Adjusted EBITDA (A), (B), (C)
$
71,953
$
59,069
$
51,249
$
52,055
$
39,144
Note (A): EBITDA excludes interest and
other debt costs, income tax expense, depreciation and
amortization. Additionally, Adjusted EBITDA excludes impairment
charges, loss on warrants, and acquisition, restructuring and
integration related costs.
Note (B): EBITDA and Adjusted EBITDA for
the three months ended June 30, 2023, and for each of the prior
four quarters includes non-cash, stock-based compensation expense
of $2,648, $2,103, $2,028, $1,923 and $1,963 respectively.
Note (C): EBITDA and Adjusted EBITDA for
the three months ended June 30, 2023, and for each of the prior
four quarters includes foreign exchange gain (losses) of $(3,819),
$2,348, $2,105, $(3,997) and $(1,881) 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
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Net cash provided by (used in) operating
activities (A)
$
9,741
$
12,794
$
45,340
$
28,113
$
(21,603
)
Cash interest expense
7,748
98
7,575
353
7,626
Interest income and other
(2,790
)
(130
)
(981
)
(581
)
(349
)
Additions to property and equipment
(8,849
)
(8,651
)
(4,929
)
(6,328
)
(4,151
)
Acquisitions
—
—
—
8,785
(28,486
)
Expansion capital
2,493
109
1,240
(8,441
)
28,678
Free cash flow before proceeds from asset
sales
8,343
4,220
48,245
21,901
(18,285
)
Proceeds from asset sales
2,943
5,716
5,093
312
3,535
Free cash flow
$
11,286
$
9,936
$
53,338
$
22,213
$
(14,750
)
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
June 30,
March 31,
December 31,
September 30,
June 30,
2023
2023
2022
2022
2022
Cash provided by (used in) changes in
assets and liabilities, excluding drydock payments
$
(23,447
)
$
2,295
$
16,018
$
1,913
$
(27,697
)
Cash paid for deferred drydock and survey
costs
(21,366
)
(31,325
)
(12,117
)
(12,820
)
(18,451
)
Total sources (uses) of cash for changes
in assets and liabilities
$
(44,813
)
$
(29,030
)
$
3,901
$
(10,907
)
$
(46,148
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230804790940/en/
Tidewater Inc. West Gotcher Vice President, Finance and Investor
Relations +1.713.470.5285
Tidewater (NYSE:TDW)
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