Third Quarter 2023
Highlights
- Revenue of $299.3 million, a 39.2% increase from the second
quarter of 2023
- Average day rate increased to $17,865 per day, $1,823 higher
than the second quarter of 2023
- Composite leading edge term contract day rate up 21.7% to
$28,609
- Net income of $26.2 million, an increase of $3.6 million
from the second quarter of 2023
- Adjusted EBITDA of $117.2 million, an increase of $45.2
million from the second quarter of 2023
- Completed integration of 32 of the 37 recently acquired PSVs
from Solstad Offshore
- Initiating 2024 revenue guidance of $1.40 to $1.45 billion
and 2024 gross margin guidance of 52%
- Announcing share repurchase authorization for the maximum
permissible amount under existing debt agreements
Tidewater Inc. (NYSE:TDW) announced today revenue for the three
and nine months ended September 30, 2023 of $299.3 million and
$707.3 million, respectively, compared with $191.8 million and
$460.9 million, respectively, for the three and nine months ended
September 30, 2022. Tidewater's net income for the three and nine
months ended September 30, 2023, was $26.2 million ($0.49 per
common share) and $59.5 million ($1.13 per common share),
respectively, compared with net income (losses) of $5.4 million
($0.10 per common share) and $(32.4) million ($0.76 per common
share), respectively, for the three and nine months ended September
30, 2022.
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, “The third quarter marks the third consecutive
quarterly cyclical revenue and global average day rate high-water
marks. Third quarter revenue nicely exceeded our expectations as a
continued push on day rates globally drove consolidated day rates
up by approximately $1,800 per day sequentially, representing the
largest sequential improvement in day rates since the recovery
began. The pace of day rate expansion was largely a combination of
legacy contracts rolling on to current market day rates and a
meaningful step up in leading edge term contract day rates; leading
edge term contracts increased to $28,609 sequentially, an
improvement of approximately $5,100 per day over the same measure
in the prior quarter. The momentum in day rates is being driven by
a global supply shortage of large and small offshore vessels, and,
in fact, our medium and small classes of PSVs showed the most
relative improvement in leading edge term contract day rates during
the third quarter. We remain confident in the outlook for the
business as demand for our vessels remains robust across a variety
of end markets, including offshore drilling, subsea, construction,
offshore wind and existing production work. This confidence allows
us to initiate revenue guidance for 2024 of $1.40 to $1.45 billion
and initial gross margin guidance of 52%, which is driven by our
projection of an increase in year-over-year day rates of over
$4,000 and an annual utilization level of 86%, increases that are
in line with our recent quarterly improvements.
“On a global basis, revenue, gross profit, utilization, and day
rate were all up from the previous quarter. Revenue for the quarter
totaled $299.3 million, an increase of $84.3 million, or 39.2%
sequentially through a combination of the recently acquired PSVs
and improved day rates and utilization globally. Utilization
increased to 82.1% from 79.4% in the prior quarter. We incurred
approximately $6.0 million of acquisition and integration related
expenses associated with the acquisition of 37 PSVs from Solstad
Offshore. As of today, we have 32 of the acquired PSVs integrated
into the Tidewater infrastructure and anticipate the remaining five
vessels to be completed by the end of November. We now anticipate
fourth quarter 2023 revenue of approximately $309 million and that
gross margin will be approximately 47%.
“We are pleased to announce that the Board has authorized a
stock repurchase program, under which we are authorized to purchase
up to $35.0 million of the Company’s common stock over the next
four months. We plan to use the repurchase program
opportunistically, taking into consideration market conditions, our
business outlook and opportunity to deploy the capital into value
accretive acquisitions. Similar to the Solstad and Swire
acquisitions, we continue to pursue additional acquisitions that
enhance the Company's strategic position and leadership in certain
vessel classes or geographies. Our philosophy will be to weigh the
value of stock repurchases against other capital allocation
opportunities and commit to pursuing the highest return on capital
opportunity available. We are excited to again be in a position to
actively consider returning capital to our shareholders.
“Turning to our regional operating results, each of our regions
experienced an overall increase in revenue, gross profit, and
average day rate, further evidence of the global shortage of large
and small offshore vessels. Day rates in the Americas region
increased approximately 15.9% sequentially with particular areas of
strength in the U.S. Gulf of Mexico and the Caribbean. Day rates in
West Africa increased 9.0% sequentially due to broad-based secular
tailwinds in the region. Similarly, day rates in Asia Pacific
increased by 6.7% sequentially as activity through-out Southeast
Asia and Australia continues to improve. Day rates in the Europe
and Mediterranean region moved up modestly during the quarter, up
approximately 0.6%, as a somewhat muted late summer season in the
North Sea, particularly for our large AHTS vessels, was offset by
strength in the Mediterranean. Regional utilization was up in all
regions except for West Africa region, where utilization was down
due to higher frictional unemployment during the quarter.
“I am grateful to all of our diligent and committed employees
who have contributed to our continued business success, and I would
like to extend a special thank you to both the Tidewater and
Solstad employees who have contributed to the integration of the
newly acquired vessels to further enhance our industry-leading
fleet. As always, we 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 September
30, 2023, the company also has the following in-the-money
warrants.
Common shares outstanding
52,839,862
New Creditor Warrants (strike price $0.001
per common share)
81,244
GulfMark Creditor Warrants (strike price
$0.01 per common share)
95,835
Total
53,016,941
Tidewater will hold a conference call to discuss results for the
three months ending September 30, 2023 on November 7, 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 November 7, 2023 and will continue until
11:59 p.m. Central Time on December 7, 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 September 30, 2023
and December 31, 2022; the Consolidated Statements of Operations
and Consolidated Statements of Equity for the three and nine months
ended September 30, 2023 and 2022; and the Consolidated Statements
of Cash Flows for the nine months ended September 30, 2023 and
2022. Extracts are drawn from the September 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
Nine Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
Revenues:
Vessel revenues
$
296,975
$
190,247
$
698,478
$
456,298
Other operating revenues
2,287
1,515
8,849
4,640
Total revenues
299,262
191,762
707,327
460,938
Costs and expenses:
Vessel operating costs
164,239
113,037
397,962
281,805
Costs of other operating revenues
1,481
592
3,005
1,436
General and administrative
21,001
27,267
70,559
73,288
Depreciation and amortization
57,730
30,856
121,164
89,279
Long-lived asset impairment and other
—
1,214
—
714
(Gain) loss on asset dispositions, net
(863
)
(264
)
(4,483
)
826
Total costs and expenses
243,588
172,702
588,207
447,348
Operating income
55,674
19,060
119,120
13,590
Other income (expense):
Foreign exchange loss
(2,149
)
(3,997
)
(3,620
)
(4,932
)
Equity in net earnings (losses) of
unconsolidated companies
4
9
29
(235
)
Interest income and other, net
568
581
3,488
4,416
Loss on warrants
—
—
—
(14,175
)
Interest and other debt costs, net
(19,288
)
(4,391
)
(28,209
)
(12,850
)
Total other expense
(20,865
)
(7,798
)
(28,312
)
(27,776
)
Income (loss) before income taxes
34,809
11,262
90,808
(14,186
)
Income tax expense
9,260
6,352
32,515
18,189
Net income (loss)
25,549
4,910
58,293
(32,375
)
Less: Net loss attributable to
noncontrolling interests
(650
)
(470
)
(1,228
)
(6
)
Net income (loss) attributable to
Tidewater Inc.
$
26,199
$
5,380
$
59,521
$
(32,369
)
Basic income (loss) per common share
$
0.50
$
0.12
$
1.16
$
(0.76
)
Diluted income (loss) per common share
$
0.49
$
0.10
$
1.13
$
(0.76
)
Weighted average common shares
outstanding
52,230
44,451
51,235
42,570
Dilutive effect of warrants, restricted
stock units and stock options
1,380
7,069
1,322
—
Adjusted weighted average common
shares
53,610
51,520
52,557
42,570
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands, except share and par value
data)
September 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
275,070
$
164,192
Restricted cash
4,973
1,241
Trade and other receivables, net of
allowance for credit losses of $15,448 and $14,060 at September 30,
2023 and December 31, 2022, respectively
250,671
156,465
Marine operating supplies
27,489
30,830
Assets held for sale
565
4,195
Prepaid expenses and other current
assets
16,598
20,985
Total current assets
575,366
377,908
Net properties and equipment
1,348,001
796,655
Deferred drydocking and survey costs
99,215
61,080
Indemnification assets
18,648
28,369
Other assets
30,325
33,644
Total assets
$
2,071,555
$
1,297,656
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
57,183
$
38,946
Accrued expenses
119,631
105,518
Current portion of long-term debt
102,369
—
Other current liabilities
53,301
50,323
Total current liabilities
332,484
194,787
Long-term debt
641,301
169,036
Other liabilities
66,246
67,843
Commitments and contingencies
Equity:
Common stock of $0.001 par value,
125,000,000 shares authorized, 52,839,862 and 50,554,179 shares
issued and outstanding at September 30, 2023 and December 31, 2022,
respectively
53
51
Additional paid-in-capital
1,668,392
1,556,990
Accumulated deficit
(640,128
)
(699,649
)
Accumulated other comprehensive loss
4,413
8,576
Total stockholders' equity
1,032,730
865,968
Noncontrolling interests
(1,206
)
22
Total equity
1,031,524
865,990
Total liabilities and equity
$
2,071,555
$
1,297,656
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(In Thousands)
Three Months Ended
Nine Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
Net income (loss)
$
25,549
$
4,910
$
58,293
$
(32,375
)
Other comprehensive income (loss):
Unrealized loss on note receivable
(153
)
(429
)
(469
)
(1,275
)
Change in liability of pension plans
—
140
(3,694
)
81
Total comprehensive income (loss)
$
25,396
$
4,621
$
54,130
$
(33,569
)
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
Nine Months
Nine Months
Ended
Ended
September 30, 2023
September 30, 2022
Operating activities:
Net income (loss)
$
58,293
$
(32,375
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation
85,989
62,539
Amortization of deferred drydocking and
survey costs
35,175
26,740
Amortization of debt premiums and
discounts
2,644
1,157
Amortization of below market contracts
(1,906
)
—
Provision for deferred income taxes
69
134
(Gain) loss on asset dispositions, net
(4,483
)
826
Gain on pension settlement
(1,807
)
—
Gain on bargain purchase
—
(1,300
)
Long-lived asset impairment and other
—
714
Loss on warrants
—
14,175
Stock-based compensation expense
7,247
5,344
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(92,684
)
(30,301
)
Changes in due to/from affiliate, net
—
(20
)
Accounts payable
18,237
9,364
Accrued expenses
14,231
(913
)
Deferred drydocking and survey costs
(73,309
)
(43,883
)
Other, net
9,778
(17,315
)
Net cash provided by (used in) operating
activities
57,474
(5,114
)
Cash flows from investing activities:
Proceeds from sales of assets
9,604
8,475
Acquisitions, net of cash acquired
(594,191
)
(20,740
)
Additions to properties and equipment
(23,202
)
(11,708
)
Net cash used in investing activities
(607,789
)
(23,973
)
Cash flows from financing activities:
Exercise of warrants
111,483
—
Proceeds from issuance of shares
—
70,630
Repurchase of SPO acquisition warrants
—
(70,630
)
Issuance of long-term debt
575,000
—
Acquisition of non-controlling interest in
a majority owned subsidiary
(1,427
)
—
Debt issuance costs
(14,758
)
(393
)
Tax on share-based awards
(5,899
)
(2,276
)
Net cash provided by (used in) financing
activities
664,399
(2,669
)
Net change in cash, cash equivalents and
restricted cash
114,084
(31,756
)
Cash, cash equivalents and restricted cash
at beginning of period
167,977
154,276
Cash, cash equivalents and restricted cash
at end of period
$
282,061
$
122,520
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
8,452
$
7,979
Income taxes
$
36,585
$
16,143
Supplemental disclosure of noncash
investing activities:
Acquisition of SPO
$
—
$
162,648
Purchase of three vessels
$
12,198
$
—
Supplemental disclosure of noncash
financing activities:
Warrants issued for SPO acquisition
$
—
$
162,648
Repurchase of SPO acquisition warrants
$
—
$
992
Debt incurred for the purchase of three
vessels
$
12,198
$
—
Note: Cash, cash equivalents and
restricted cash at September 30, 2023 includes $2.0 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 June 30, 2023
$
51
$
1,554,793
$
(666,327
)
$
4,566
$
(556
)
$
892,527
Total comprehensive income (loss)
—
—
26,199
(153
)
(650
)
25,396
Exercise of warrants into common stock
2
111,481
—
—
—
111,483
Amortization of share-based awards
—
2,118
—
—
—
2,118
Balance at September 30, 2023
$
53
$
1,668,392
$
(640,128
)
$
4,413
$
(1,206
)
$
1,031,524
Balance at June 30, 2022
$
42
$
1,554,561
$
(715,649
)
$
1,763
$
930
$
841,647
Total comprehensive loss
—
—
5,380
(289
)
(470
)
4,621
Issuance of common stock
4
72,253
—
—
—
72,257
SPO acquisition warrants
—
(73,249
)
—
—
—
(73,249
)
Amortization of share-based awards
—
1,823
—
—
—
1,823
Balance at September 30, 2022
$
46
$
1,555,388
$
(710,269
)
$
1,474
$
460
$
847,099
Nine 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)
—
—
59,521
(4,163
)
(1,228
)
54,130
Acquisition of non-controlling interest in
a majority owned subsidiary
—
(1,427
)
—
—
—
(1,427
)
Exercise of warrants into common stock
2
111,481
—
—
—
111,483
Amortization of share-based awards
—
1,348
—
—
—
1,348
Balance at September 30, 2023
$
53
$
1,668,392
$
(640,128
)
$
4,413
$
(1,206
)
$
1,031,524
Balance at December 31, 2021
$
41
$
1,376,494
$
(677,900
)
$
2,668
$
466
$
701,769
Total comprehensive loss
—
—
(32,369
)
(1,194
)
(6
)
(33,569
)
Issuance of common stock
5
72,252
—
—
—
72,257
SPO acquisition warrants
—
176,823
—
—
—
176,823
Repurchase of SPO acquisition warrants
—
(73,249
)
—
—
—
(73,249
)
Amortization of share-based awards
—
3,068
—
—
—
3,068
Balance at September 30, 2022
$
46
$
1,555,388
$
(710,269
)
$
1,474
$
460
$
847,099
The company’s vessel revenues and vessel operating costs and the
related percentage of total vessel revenues, were as follows:
(In Thousands)
Three Months Ended
Nine Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
Vessel revenues:
Americas
$
70,717
24
%
$
39,122
21
%
$
168,780
24
%
$
105,086
23
%
Asia Pacific
38,994
13
%
23,902
12
%
83,603
12
%
45,161
10
%
Middle East
34,685
12
%
31,186
16
%
97,303
14
%
79,800
17
%
Europe/Mediterranean
78,929
26
%
39,702
21
%
149,474
21
%
96,096
21
%
West Africa
73,650
25
%
56,335
30
%
199,318
29
%
130,155
29
%
Total vessel revenues
$
296,975
100
%
$
190,247
100
%
$
698,478
100
%
$
456,298
100
%
Vessel operating costs:
Crew costs
$
97,286
32
%
$
71,189
37
%
$
231,936
33
%
$
172,665
38
%
Repair and maintenance
23,595
8
%
13,544
7
%
57,081
8
%
36,482
8
%
Insurance
2,359
1
%
1,988
1
%
6,532
1
%
4,738
1
%
Fuel, lube and supplies
17,770
6
%
12,291
7
%
45,283
7
%
30,888
7
%
Other
23,229
8
%
14,025
7
%
57,130
8
%
37,032
8
%
Total vessel operating costs
164,239
55
%
113,037
59
%
397,962
57
%
281,805
62
%
Vessel operating margin (A)
$
132,736
45
%
$
77,210
41
%
$
300,516
43
%
$
174,493
38
%
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
Nine Months Ended
September 30, 2023
September 30, 2022
September 30, 2023
September 30, 2022
Vessel operating profit (loss):
Americas
$
12,586
4
%
$
2,952
2
%
$
26,793
4
%
$
8,800
2
%
Asia Pacific
14,555
5
%
3,260
2
%
27,149
4
%
4,534
1
%
Middle East
(1,143
)
(0
)%
605
0
%
(3,144
)
(1
)%
(1,585
)
(0
)%
Europe/Mediterranean
9,576
3
%
13,137
7
%
19,919
3
%
14,970
3
%
West Africa
28,392
10
%
12,322
6
%
71,087
10
%
24,807
5
%
Other operating profit
806
0
%
922
0
%
5,844
1
%
3,204
1
%
64,772
22
%
33,198
17
%
147,648
21
%
54,730
12
%
Corporate expenses (A)
(9,961
)
(3
)%
(13,188
)
(7
)%
(33,011
)
(5
)%
(39,600
)
(9
)%
Gain (loss) on asset dispositions, net
863
0
%
264
0
%
4,483
1
%
(826
)
(0
)%
Long-lived asset impairment and other
—
0
%
(1,214
)
0
%
—
0
%
(714
)
(0
)%
Operating income
$
55,674
19
%
$
19,060
10
%
$
119,120
17
%
$
13,590
3
%
Note (A): General and administrative
expenses for the three months and nine months ended September 30,
2023 include stock-based compensation of $2.4 million and $7.2
million, respectively. General and administrative expenses for the
three and nine months ended September 30, 2022 include stock-based
compensation of $1.9 million and $5.3 million, respectively. In
addition, vessel operating and general and administrative costs for
the three months and nine months ended September 30, 2023, include
$6.0 million and $8.7 million in acquisition, restructuring and
integration related costs, respectively. Vessel operating and
general and administrative costs for the three and nine months
ended September 30, 2022, include $4.3 million and $14.0 million in
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
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Revenues:
Vessel revenues
$
296,975
$
210,323
$
191,180
$
185,106
$
190,247
Other operating revenues
2,287
4,638
1,924
1,640
1,515
Total revenues
299,262
214,961
193,104
186,746
191,762
Costs and expenses:
Vessel operating costs (A)
164,239
118,264
115,459
115,496
113,037
Costs of other operating revenue
1,481
373
1,151
694
592
General and administrative (A)
21,001
26,013
23,545
28,633
27,267
Depreciation and amortization
57,730
32,768
30,666
29,881
30,856
Long-lived asset impairment and other
—
—
—
—
1,214
Gain on asset dispositions, net
(863
)
(1,404
)
(2,216
)
(1,076
)
(264
)
Total operating costs and expenses
243,588
176,014
168,605
173,628
172,702
Operating income
55,674
38,947
24,499
13,118
19,060
Other income (expense):
Foreign exchange gain (loss)
(2,149
)
(3,819
)
2,348
2,105
(3,997
)
Equity in net earnings of unconsolidated
companies
4
25
—
14
9
Interest income and other, net
568
2,790
130
981
581
Interest and other debt costs, net
(19,288
)
(4,731
)
(4,190
)
(4,339
)
(4,391
)
Total other expense
(20,865
)
(5,735
)
(1,712
)
(1,239
)
(7,798
)
Income before income taxes
34,809
33,212
22,787
11,879
11,262
Income tax expense
9,260
11,284
11,971
1,697
6,352
Net income
25,549
21,928
10,816
10,182
4,910
Net income (loss) attributable to
noncontrolling interests
(650
)
(656
)
78
(438
)
(470
)
Net income attributable to Tidewater
Inc.
$
26,199
$
22,584
$
10,738
$
10,620
$
5,380
Basic income per common share
$
0.50
$
0.44
$
0.21
$
0.22
$
0.12
Diluted income per common share
$
0.49
$
0.43
$
0.21
$
0.20
$
0.10
Weighted average common shares
outstanding
52,230
50,857
50,604
48,766
44,451
Dilutive effect of warrants, restricted
stock units and stock options
1,380
1,148
1,368
3,069
7,069
Adjusted weighted average common
shares
53,610
52,005
51,972
51,835
51,520
Vessel operating margin
$
132,736
$
92,059
$
75,721
$
69,610
$
77,210
Note (A): Acquisition, restructuring and
integration related costs
$
6,079
$
1,242
$
1,426
$
5,150
$
4,332
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands)
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
ASSETS
Current assets:
Cash and cash equivalents
$
275,070
$
171,261
$
165,145
$
164,192
$
115,014
Restricted cash
4,973
1,242
4,972
1,241
4,965
Trade and other receivables, net
250,671
195,906
182,198
156,465
181,646
Marine operating supplies
27,489
22,495
24,448
30,830
20,764
Assets held for sale
565
630
695
4,195
6,815
Prepaid expenses and other current
assets
16,598
18,958
18,978
20,985
17,509
Total current assets
575,366
410,492
396,436
377,908
346,713
Net properties and equipment
1,348,001
784,873
786,168
796,655
815,990
Deferred drydocking and survey costs
99,215
92,481
82,787
61,080
57,877
Indemnification assets
18,648
22,678
27,698
28,369
30,117
Other assets
30,325
33,640
34,058
33,644
32,364
Total assets
$
2,071,555
$
1,344,164
$
1,327,147
$
1,297,656
$
1,283,061
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
57,183
$
69,822
$
64,775
$
38,946
$
31,829
Accrued expenses
119,631
91,875
107,348
105,518
105,945
Current portion of long-term debt
102,369
2,441
—
—
—
Other current liabilities
53,301
42,305
43,220
50,323
46,629
Total current liabilities
332,484
206,443
215,343
194,787
184,403
Long-term debt
641,301
179,573
169,423
169,036
168,649
Other liabilities
66,246
65,621
68,968
67,843
82,910
Equity:
Common stock
53
51
51
51
46
Additional paid-in-capital
1,668,392
1,554,793
1,553,919
1,556,990
1,555,388
Accumulated deficit
(640,128
)
(666,327
)
(688,911
)
(699,649
)
(710,269
)
Accumulated other comprehensive income
4,413
4,566
8,254
8,576
1,474
Total stockholders' equity
1,032,730
893,083
873,313
865,968
846,639
Noncontrolling interests
(1,206
)
(556
)
100
22
460
Total equity
1,031,524
892,527
873,413
865,990
847,099
Total liabilities and equity
$
2,071,555
$
1,344,164
$
1,327,147
$
1,297,656
$
1,283,061
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Operating activities:
Net income (loss)
$
25,549
$
21,928
$
10,816
$
10,182
$
4,910
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation
43,845
21,096
21,048
20,983
22,252
Amortization of deferred drydocking and
survey costs
13,885
11,672
9,618
8,898
8,604
Amortization of debt premiums and
discounts
1,802
422
420
522
392
Amortization of below market contracts
(1,906
)
—
—
—
—
(Provision) benefit for deferred income
taxes
35
(1
)
35
(98
)
(11
)
Gain on asset dispositions, net
(863
)
(1,404
)
(2,216
)
(1,076
)
(264
)
Gain on pension settlement
—
(1,807
)
—
—
—
Long-lived asset impairment and other
—
—
—
—
1,214
Stock-based compensation expense
2,496
2,648
2,103
2,028
1,923
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(54,765
)
(12,186
)
(25,733
)
26,172
4,784
Accounts payable
(12,639
)
5,047
25,829
7,117
1,292
Accrued expenses
27,775
(15,374
)
1,830
(427
)
(3,267
)
Deferred drydocking and survey costs
(20,618
)
(21,366
)
(31,325
)
(12,117
)
(12,820
)
Other, net
10,343
(934
)
369
(16,844
)
(896
)
Net cash provided by operating
activities
34,939
9,741
12,794
45,340
28,113
Cash flows from investing activities:
Proceeds from sales of assets
945
2,943
5,716
5,093
312
Acquisitions, net of cash acquired
(594,191
)
—
—
—
8,785
Additions to properties and equipment
(5,702
)
(8,849
)
(8,651
)
(4,929
)
(6,328
)
Net cash provided by (used in) investing
activities
(598,948
)
(5,906
)
(2,935
)
164
2,769
Cash flows from financing activities:
Exercise of warrants
111,483
—
—
—
—
Proceeds from issuance of shares
—
—
—
117,202
70,630
Repurchase of SPO acquisition warrants
—
—
—
(117,202
)
(70,630
)
Issuance of long-term debt
575,000
—
—
—
—
Acquisition of non-controlling interest in
a majority owned subsidiary
—
—
(1,427
)
—
—
Debt issuance costs
(14,758
)
—
—
—
(22
)
Tax on share-based awards
(378
)
(1,774
)
(3,747
)
(47
)
(100
)
Net cash provided by (used in) financing
activities
671,347
(1,774
)
(5,174
)
(47
)
(122
)
Net change in cash, cash equivalents and
restricted cash
107,338
2,061
4,685
45,457
30,760
Cash, cash equivalents and restricted cash
at beginning of period
174,723
172,662
167,977
122,520
91,760
Cash, cash equivalents and restricted cash
at end of period
$
282,061
$
174,723
$
172,662
$
167,977
$
122,520
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
606
$
7,748
$
98
$
7,575
$
353
Income taxes
$
9,384
$
10,144
$
17,057
$
6,132
$
6,813
Supplemental disclosure of noncash
investing activities:
Purchase of three vessels
$
27
$
12,171
$
—
$
—
$
—
Supplemental disclosure of noncash
financing activities:
Repurchase of SPO acquisition warrants
$
—
$
—
$
—
$
373
$
992
Debt incurred for purchase of three
vessels
$
27
$
12,171
$
—
$
—
$
—
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
VESSEL REVENUE BY
VESSEL CLASS
Americas
fleet:
PSV > 900
$
29,270
$
20,316
$
20,556
$
17,814
$
15,676
PSV < 900
28,886
19,134
17,390
16,486
16,460
AHTS > 16K
3,584
3,425
3,395
2,873
3,429
AHTS 8 - 16K
2,064
2,807
2,807
1,899
1,601
AHTS 4 - 8K
1,570
1,480
1,521
1,553
1,185
Other
4,942
3,214
2,018
1,160
771
Total
70,316
50,376
47,687
41,785
39,122
Asia Pacific
fleet:
PSV > 900
20,159
9,648
9,101
6,692
10,896
PSV < 900
8,292
5,811
5,133
3,120
3,891
AHTS > 16K
3,271
2,065
1,342
3,260
3,128
AHTS 8 - 16K
5,287
5,001
5,397
4,364
4,333
AHTS 4 - 8K
1,582
8
998
1,584
1,605
Other
52
52
53
50
49
Total
38,643
22,585
22,024
19,070
23,902
Middle East
fleet:
PSV > 900
1,088
1,211
1,192
1,218
2,771
PSV < 900
17,790
16,812
14,965
15,517
16,063
AHTS > 16K
1,197
1,217
2,316
2,351
2,350
AHTS 8 - 16K
3,420
4,276
4,593
4,146
3,397
AHTS 4 - 8K
11,191
8,340
7,696
7,343
6,605
Total
34,686
31,856
30,762
30,575
31,186
Europe/Mediterranean
fleet:
PSV > 900
63,582
29,592
23,368
24,783
27,167
PSV < 900
10,329
7,205
5,153
7,874
7,092
AHTS > 16K
3,617
2,228
2,511
643
5,251
Other
247
270
218
182
192
Total
77,775
39,295
31,250
33,482
39,702
West Africa
fleet:
PSV > 900
17,566
11,550
9,900
10,534
8,041
PSV < 900
26,396
25,419
24,835
20,494
18,249
AHTS > 16K
7,138
9,129
6,237
5,385
6,152
AHTS 8 - 16K
11,917
9,870
9,827
11,810
11,236
AHTS 4 - 8K
2,745
3,496
2,360
5,780
6,445
Other
7,888
6,747
6,298
6,191
6,212
Total
73,650
66,211
59,457
60,194
56,335
Worldwide
fleet:
PSV > 900
131,665
72,317
64,117
61,041
64,551
PSV < 900
91,693
74,381
67,476
63,491
61,755
AHTS > 16K
18,807
18,064
15,801
14,512
20,310
AHTS 8 - 16K
22,688
21,954
22,624
22,219
20,567
AHTS 4 - 8K
17,088
13,324
12,575
16,260
15,840
Other
13,129
10,283
8,587
7,583
7,224
Total
$
295,070
$
210,323
$
191,180
$
185,106
$
190,247
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
AVERAGE NUMBER OF
VESSELS:
Americas
fleet:
PSV > 900
12
10
10
10
11
PSV < 900
18
15
15
16
17
AHTS > 16K
2
2
2
2
2
AHTS 8 - 16K
2
2
2
2
1
AHTS 4 - 8K
2
2
2
2
2
Other
2
2
1
1
1
Total
38
33
32
33
34
Stacked vessels
(1
)
(1
)
(1
)
(2
)
(3
)
Active vessels
37
32
31
31
31
Asia Pacific
fleet:
PSV > 900
8
6
5
5
5
PSV < 900
4
2
2
2
2
AHTS > 16K
2
2
1
2
2
AHTS 8 - 16K
3
3
3
3
3
AHTS 4 - 8K
1
1
2
3
4
Other
—
—
1
1
1
Total
18
14
14
16
17
Stacked vessels
—
—
(1
)
(2
)
(2
)
Active vessels
18
14
13
14
15
Middle East
fleet:
PSV > 900
1
1
1
2
2
PSV < 900
20
20
21
20
20
AHTS > 16K
1
1
2
2
2
AHTS 8 - 16K
5
5
5
5
5
AHTS 4 - 8K
18
17
14
14
13
Total
45
44
43
43
42
Stacked vessels
—
—
—
—
—
Active vessels
45
44
43
43
42
Europe/Mediterranean
fleet:
PSV > 900
40
19
20
20
19
PSV < 900
8
6
6
6
6
AHTS > 16K
2
1
1
1
1
Total
50
26
27
27
26
Stacked vessels
—
—
—
—
—
Active vessels
50
26
27
27
26
West Africa
fleet:
PSV > 900
9
7
7
6
6
PSV < 900
19
18
18
18
18
AHTS > 16K
4
5
5
4
4
AHTS 8 - 16K
11
11
11
11
12
AHTS 4 - 8K
5
6
8
8
8
Other
24
23
25
28
28
Total
72
70
74
75
76
Stacked vessels
(3
)
(5
)
(8
)
(10
)
(9
)
Active vessels
69
65
66
65
67
Worldwide
fleet:
PSV > 900
70
43
43
43
43
PSV < 900
69
61
62
62
63
AHTS > 16K
11
11
11
11
11
AHTS 8 - 16K
21
21
21
21
21
AHTS 4 - 8K
26
26
26
27
27
Other
26
25
27
30
30
Total
223
187
190
194
195
Stacked vessels
(4
)
(6
)
(10
)
(14
)
(14
)
Active vessels
219
181
180
180
181
Total active
219
181
180
180
181
Total stacked
4
6
10
14
14
Total joint venture
—
—
—
1
1
Total
223
187
190
195
196
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
PSV > 900
1,095
910
907
922
1,012
PSV < 900
1,730
1,365
1,359
1,499
1,564
AHTS > 16K
184
182
180
184
184
AHTS 8 - 16K
184
182
180
184
122
AHTS 4 - 8K
184
182
180
184
184
Other
184
182
121
92
92
Total
3,561
3,003
2,927
3,065
3,158
Asia Pacific
fleet:
PSV > 900
726
559
481
460
460
PSV < 900
358
182
180
184
184
AHTS > 16K
184
182
90
184
184
AHTS 8 - 16K
276
273
270
276
276
AHTS 4 - 8K
92
91
180
292
368
Other
—
—
48
92
92
Total
1,636
1,287
1,249
1,488
1,564
Middle East
fleet:
PSV > 900
92
91
90
92
123
PSV < 900
1,840
1,820
1,842
1,840
1,840
AHTS > 16K
92
91
180
184
184
AHTS 8 - 16K
460
455
450
460
465
AHTS 4 - 8K
1,640
1,556
1,291
1,288
1,217
Total
4,124
4,013
3,853
3,864
3,829
Europe/Mediterranean
fleet:
PSV > 900
3,672
1,729
1,762
1,838
1,748
PSV < 900
727
546
540
552
552
AHTS > 16K
184
139
90
92
92
Total
4,583
2,414
2,392
2,482
2,392
West Africa
fleet:
PSV > 900
819
637
630
644
613
PSV < 900
1,744
1,638
1,620
1,656
1,656
AHTS > 16K
368
407
450
368
368
AHTS 8 - 16K
1,012
1,001
990
1,012
1,074
AHTS 4 - 8K
476
546
720
736
736
Other
2,184
2,099
2,256
2,545
2,582
Total
6,603
6,328
6,666
6,961
7,029
Worldwide
fleet:
PSV > 900
6,404
3,926
3,870
3,956
3,956
PSV < 900
6,399
5,551
5,541
5,731
5,796
AHTS > 16K
1,012
1,001
990
1,012
1,012
AHTS 8 - 16K
1,932
1,911
1,890
1,932
1,937
AHTS 4 - 8K
2,392
2,375
2,371
2,500
2,505
Other
2,368
2,281
2,425
2,729
2,766
Total
20,507
17,045
17,087
17,860
17,972
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
PSV < 900
92
91
99
211
276
Total
92
91
99
211
276
Asia Pacific
fleet:
AHTS 4 - 8K
—
—
—
54
61
Other
—
—
48
92
92
Total
—
—
48
146
153
West Africa
fleet:
AHTS 4 - 8K
184
182
180
158
92
Other
103
265
540
797
747
Total
287
447
720
955
839
Worldwide
fleet:
PSV < 900
92
91
99
211
276
AHTS 4 - 8K
184
182
180
212
153
Other
103
265
588
889
839
Total
379
538
867
1,312
1,268
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
AVAILABLE DAYS -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
1,095
910
907
922
1,012
PSV < 900
1,638
1,274
1,260
1,288
1,288
AHTS > 16K
184
182
180
184
184
AHTS 8 - 16K
184
182
180
184
122
AHTS 4 - 8K
184
182
180
184
184
Other
184
182
121
92
92
Total
3,469
2,912
2,828
2,854
2,882
Asia Pacific
fleet:
PSV > 900
726
559
481
460
460
PSV < 900
358
182
180
184
184
AHTS > 16K
184
182
90
184
184
AHTS 8 - 16K
276
273
270
276
276
AHTS 4 - 8K
92
91
180
238
307
Total
1,636
1,287
1,201
1,342
1,411
Middle East
fleet:
PSV > 900
92
91
90
92
123
PSV < 900
1,840
1,820
1,842
1,840
1,840
AHTS > 16K
92
91
180
184
184
AHTS 8 - 16K
460
455
450
460
465
AHTS 4 - 8K
1,640
1,556
1,291
1,288
1,217
Total
4,124
4,013
3,853
3,864
3,829
Europe/Mediterranean
fleet:
PSV > 900
3,672
1,729
1,762
1,838
1,748
PSV < 900
727
546
540
552
552
AHTS > 16K
184
139
90
92
92
Total
4,583
2,414
2,392
2,482
2,392
West Africa
fleet:
PSV > 900
819
637
630
644
613
PSV < 900
1,744
1,638
1,620
1,656
1,656
AHTS > 16K
368
407
450
368
368
AHTS 8 - 16K
1,012
1,001
990
1,012
1,074
AHTS 4 - 8K
292
364
540
578
644
Other
2,081
1,834
1,716
1,748
1,835
Total
6,316
5,881
5,946
6,006
6,190
Worldwide
fleet:
PSV > 900
6,404
3,926
3,870
3,956
3,956
PSV < 900
6,307
5,460
5,442
5,520
5,520
AHTS > 16K
1,012
1,001
990
1,012
1,012
AHTS 8 - 16K
1,932
1,911
1,890
1,932
1,937
AHTS 4 - 8K
2,208
2,193
2,191
2,288
2,352
Other
2,265
2,016
1,837
1,840
1,927
Total
20,128
16,507
16,220
16,548
16,704
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
UTILIZATION -
TOTAL FLEET:
Americas
fleet:
PSV > 900
84.5
%
78.5
%
84.2
%
82.6
%
74.6
%
PSV < 900
85.7
83.9
79.8
68.1
69.3
AHTS > 16K
54.7
50.0
50.0
48.2
92.4
AHTS 8 - 16K
65.4
100.0
100.0
76.8
89.5
AHTS 4 - 8K
97.8
93.7
96.4
99.2
74.4
Other
100.0
100.0
97.5
100.0
66.5
Total
84.1
%
82.8
%
82.3
%
74.6
%
73.3
%
Asia Pacific
fleet:
PSV > 900
97.3
%
71.1
%
70.8
%
62.6
%
94.5
%
PSV < 900
99.0
100.0
90.6
78.4
100.0
AHTS > 16K
66.7
60.7
78.1
90.8
89.9
AHTS 8 - 16K
78.9
85.0
79.8
85.4
97.2
AHTS 4 - 8K
100.0
10.4
80.3
79.5
64.5
Total
91.3
%
72.4
%
74.8
%
71.7
%
82.5
%
Middle East
fleet:
PSV > 900
90.2
%
100.0
%
100.0
%
100.0
%
93.6
%
PSV < 900
82.8
81.6
74.4
78.3
84.1
AHTS > 16K
100.0
100.0
100.0
100.0
94.7
AHTS 8 - 16K
69.0
87.0
96.0
84.8
68.5
AHTS 4 - 8K
77.7
63.4
85.7
86.3
84.9
Total
79.8
%
76.0
%
82.5
%
83.3
%
83.3
%
Europe/Mediterranean
fleet:
PSV > 900
90.3
%
91.2
%
82.7
%
87.1
%
95.8
%
PSV < 900
87.7
79.0
85.4
93.8
96.4
AHTS > 16K
63.3
43.4
84.1
65.5
76.9
Total
88.8
%
85.7
%
83.4
%
87.8
%
95.2
%
West Africa
fleet:
PSV > 900
88.5
%
83.1
%
83.0
%
85.7
%
70.9
%
PSV < 900
85.1
91.1
95.3
89.9
86.6
AHTS > 16K
77.0
92.9
73.5
89.4
100.0
AHTS 8 - 16K
79.5
79.6
79.8
91.1
85.7
AHTS 4 - 8K
58.5
62.9
32.4
62.1
82.6
Other
50.0
49.4
50.3
45.4
44.4
Total
70.7
%
72.3
%
68.4
%
70.5
%
69.9
%
Worldwide
fleet:
PSV > 900
89.9
%
84.3
%
82.0
%
83.3
%
86.3
%
PSV < 900
85.7
85.3
83.4
80.5
82.5
AHTS > 16K
70.7
73.0
75.4
81.9
93.7
AHTS 8 - 16K
75.6
84.1
85.6
87.4
83.4
AHTS 4 - 8K
76.3
63.5
69.9
79.4
80.5
Other
53.9
53.4
51.7
45.7
43.7
Total
80.5
%
76.9
%
76.5
%
76.5
%
77.8
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
UTILIZATION -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
84.5
%
78.5
%
84.2
%
82.6
%
74.6
%
PSV < 900
90.5
89.9
86.1
79.3
84.1
AHTS > 16K
54.7
50.0
50.0
48.2
92.4
AHTS 8 - 16K
65.4
100.0
100.0
76.8
89.5
AHTS 4 - 8K
97.8
93.7
96.4
99.2
74.4
Other
100.0
100.0
97.5
100.0
66.5
Total
86.3
%
85.4
%
85.2
%
80.1
%
80.3
%
Asia Pacific
fleet:
PSV > 900
97.3
%
71.1
%
70.8
%
62.6
%
94.5
%
PSV < 900
99.0
100.0
90.6
78.4
100.0
AHTS > 16K
66.7
60.7
78.1
90.8
89.9
AHTS 8 - 16K
78.9
85.0
79.8
85.4
97.2
AHTS 4 - 8K
100.0
10.4
80.3
97.4
77.4
Total
91.3
%
72.4
%
77.8
%
79.5
%
91.4
%
Middle East
fleet:
PSV > 900
90.2
%
100.0
%
100.0
%
100.0
%
93.6
%
PSV < 900
82.8
81.6
74.4
78.3
84.1
AHTS > 16K
100.0
100.0
100.0
100.0
94.7
AHTS 8 - 16K
69.0
87.0
96.0
84.8
68.5
AHTS 4 - 8K
77.7
63.4
85.7
86.3
84.9
Total
79.8
%
76.0
%
82.5
%
83.3
%
83.3
%
Europe/Mediterranean
fleet:
PSV > 900
90.3
%
91.2
%
82.7
%
87.1
%
95.8
%
PSV < 900
87.7
79.0
85.4
93.8
96.4
AHTS > 16K
63.3
43.4
84.1
65.5
76.9
Total
88.8
%
85.7
%
83.4
%
87.8
%
95.2
%
West Africa
fleet:
PSV > 900
88.5
%
83.1
%
83.0
%
85.7
%
70.9
%
PSV < 900
85.1
91.1
95.3
89.9
86.6
AHTS > 16K
77.0
92.9
73.5
89.4
100.0
AHTS 8 - 16K
79.5
79.6
79.8
91.1
85.7
AHTS 4 - 8K
95.4
94.3
43.2
79.1
94.5
Other
52.5
56.5
66.2
66.1
62.5
Total
73.9
%
77.8
%
76.6
%
81.7
%
79.4
%
Worldwide
fleet:
PSV > 900
89.9
%
84.3
%
82.0
%
83.3
%
86.3
%
PSV < 900
86.9
86.7
84.9
83.6
86.6
AHTS > 16K
70.7
73.0
75.4
81.9
93.7
AHTS 8 - 16K
75.6
84.1
85.6
87.4
83.4
AHTS 4 - 8K
82.6
68.8
75.7
86.7
85.7
Other
56.4
60.4
68.2
67.8
62.7
Total
82.1
%
79.4
%
80.6
%
82.5
%
83.7
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
AVERAGE VESSEL
DAY RATES: (A)
Americas
fleet:
PSV > 900
$
31,648
$
28,446
$
26,930
$
23,401
$
20,775
PSV < 900
19,479
16,702
16,037
16,146
15,197
AHTS > 16K
35,598
37,640
37,720
32,368
20,175
AHTS 8 - 16K
17,157
15,421
15,593
13,431
14,668
AHTS 4 - 8K
8,717
8,678
8,764
8,511
8,654
Other
26,857
17,658
17,110
12,611
12,616
Total
23,495
20,269
19,794
18,271
16,901
Asia Pacific
fleet:
PSV > 900
28,525
24,276
26,723
23,237
25,072
PSV < 900
23,380
31,927
31,488
21,627
21,148
AHTS > 16K
26,649
18,690
19,095
19,519
18,902
AHTS 8 - 16K
24,275
21,561
25,049
18,509
16,144
AHTS 4 - 8K
17,197
946
6,903
6,822
6,759
Total
25,867
24,250
23,582
17,868
18,530
Middle East
fleet:
PSV > 900
13,112
13,304
13,251
13,234
24,061
PSV < 900
11,677
11,320
10,926
10,768
10,378
AHTS > 16K
13,004
13,378
12,868
12,777
13,487
AHTS 8 - 16K
10,771
10,804
10,632
10,627
10,666
AHTS 4 - 8K
8,787
8,460
6,953
6,604
6,396
Total
10,544
10,449
9,679
9,498
9,781
Europe/Mediterranean
fleet:
PSV > 900
19,170
18,757
16,031
15,476
16,229
PSV < 900
16,197
16,709
11,177
15,212
13,323
AHTS > 16K
31,048
36,913
33,164
10,682
74,231
Total
19,105
18,990
15,669
15,364
17,436
West Africa
fleet:
PSV > 900
24,220
21,815
18,931
19,096
18,502
PSV < 900
17,781
17,040
16,080
13,758
12,721
AHTS > 16K
25,192
24,154
18,863
16,367
16,719
AHTS 8 - 16K
14,804
12,382
12,433
12,809
12,212
AHTS 4 - 8K
9,858
10,178
10,113
12,637
10,595
Other
7,217
6,511
5,548
5,359
5,415
Total
15,772
14,469
13,047
12,272
11,467
Worldwide
fleet:
PSV > 900
22,872
21,850
20,198
18,529
18,914
PSV < 900
16,722
15,706
14,597
13,762
12,915
AHTS > 16K
26,293
24,719
21,163
17,505
21,415
AHTS 8 - 16K
15,533
13,662
13,984
13,153
12,726
AHTS 4 - 8K
9,368
8,828
7,583
8,196
7,859
Other
10,281
8,441
6,852
6,080
5,979
Total
$
17,865
$
16,042
$
14,624
$
13,554
$
13,606
Note (A): Average Vessel Day Rates equals
Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Americas
Vessel revenues
$
70,717
$
50,376
$
47,687
$
41,785
$
39,122
Vessel operating costs:
Crew costs
26,848
18,033
17,402
16,486
16,080
Repair and maintenance
5,588
3,973
3,888
3,619
3,594
Insurance
476
479
410
410
414
Fuel, lube and supplies
4,386
2,549
2,999
2,387
2,557
Other
5,924
4,564
3,572
5,102
3,090
Total vessel operating costs
43,222
29,598
28,271
28,004
25,735
Vessel operating margin ($)
27,495
20,778
19,416
13,781
13,387
Vessel operating margin (%)
38.9
%
41.2
%
40.7
%
33.0
%
34.2
%
Americas - Select
operating statistics
Average vessels - Total fleet
38
33
32
33
34
Utilization - Total fleet
84.1
%
82.8
%
82.3
%
74.6
%
73.3
%
Average vessels - Active fleet
37
32
31
31
31
Utilization - Active fleet
86.3
%
85.4
%
85.2
%
80.1
%
80.3
%
Average day rates
$
23,495
$
20,269
$
19,794
$
18,271
$
16,901
Vessels commencing drydocks
3
4
2
2
4
Deferred drydocking and survey costs -
beginning balance
$
29,769
$
27,832
$
21,720
$
21,772
$
19,208
Cash paid for deferred drydocking and
survey costs
4,658
5,867
8,218
4,389
5,678
Amortization of deferred drydocking and
survey costs
(3,727
)
(2,626
)
(3,417
)
(3,025
)
(2,932
)
Disposals, intersegment transfers and
other
(1,016
)
(1,304
)
1,311
(1,416
)
(182
)
Deferred drydocking and survey costs -
ending balance
$
29,684
$
29,769
$
27,832
$
21,720
$
21,772
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Asia
Pacific
Vessel revenues
$
38,994
$
22,585
$
22,024
$
19,070
$
23,902
Vessel operating costs:
Crew costs
12,390
7,062
7,311
9,876
10,631
Repair and maintenance
2,969
1,517
1,749
901
947
Insurance
183
219
123
183
189
Fuel, lube and supplies
909
1,521
1,630
1,299
1,145
Other
2,380
1,648
1,678
1,574
1,909
Total vessel operating costs
18,831
11,967
12,491
13,833
14,821
Vessel operating margin ($)
20,163
10,618
9,533
5,237
9,081
Vessel operating margin (%)
51.7
%
47.0
%
43.3
%
27.5
%
38.0
%
Asia Pacific -
Select operating statistics
Average vessels - Total fleet
18
14
14
16
17
Utilization - Total fleet
91.3
%
72.4
%
74.8
%
71.7
%
82.5
%
Average vessels - Active fleet
18
14
13
14
15
Utilization - Active fleet
91.3
%
72.4
%
77.8
%
79.5
%
91.4
%
Average day rates
$
25,867
$
24,250
$
23,582
$
17,868
$
18,530
Vessels commencing drydocks
—
—
1
2
—
Deferred drydocking and survey costs -
beginning balance
$
2,128
$
2,525
$
553
$
979
$
852
Cash paid for deferred drydocking and
survey costs
84
(4
)
2,368
156
702
Amortization of deferred drydocking and
survey costs
(637
)
(393
)
(282
)
(117
)
(139
)
Disposals, intersegment transfers and
other
2,020
—
(114
)
(465
)
(436
)
Deferred drydocking and survey costs -
ending balance
$
3,595
$
2,128
$
2,525
$
553
$
979
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Middle
East
Vessel revenues
$
34,685
$
31,856
$
30,762
$
30,575
$
31,186
Vessel operating costs:
Crew costs
13,914
13,170
12,616
12,472
12,814
Repair and maintenance
4,828
3,779
3,475
3,216
3,441
Insurance
385
465
433
384
406
Fuel, lube and supplies
3,142
3,470
2,870
2,991
3,281
Other
4,796
3,756
3,669
2,505
1,804
Total vessel operating costs
27,065
24,640
23,063
21,568
21,746
Vessel operating margin ($)
7,620
7,216
7,699
9,007
9,440
Vessel operating margin (%)
22.0
%
22.7
%
25.0
%
29.5
%
30.3
%
Middle East -
Select operating statistics
Average vessels - Total fleet
45
44
43
43
42
Utilization - Total fleet
79.8
%
76.0
%
82.5
%
83.3
%
83.3
%
Average vessels - Active fleet
45
44
43
43
42
Utilization - Active fleet
79.8
%
76.0
%
82.5
%
83.3
%
83.3
%
Average day rates
$
10,544
$
10,449
$
9,679
$
9,498
$
9,781
Vessels commencing drydocks
4
7
5
5
5
Deferred drydocking and survey costs -
beginning balance
$
22,717
$
20,677
$
15,062
$
14,993
$
14,980
Cash paid for deferred drydocking and
survey costs
3,234
4,262
7,787
1,930
2,345
Amortization of deferred drydocking and
survey costs
(2,776
)
(3,778
)
(1,913
)
(2,323
)
(2,346
)
Disposals, intersegment transfers and
other
(2,022
)
1,556
(259
)
462
14
Deferred drydocking and survey costs -
ending balance
$
21,153
$
22,717
$
20,677
$
15,062
$
14,993
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Europe/Mediterranean
Vessel revenues
$
78,929
$
39,295
$
31,250
$
33,482
$
39,702
Vessel operating costs:
Crew costs
26,632
13,406
12,727
13,010
12,347
Repair and maintenance
5,342
2,900
2,706
3,067
1,652
Insurance
689
354
384
386
440
Fuel, lube and supplies
4,033
2,363
1,584
2,051
1,158
Other
5,376
2,292
2,371
1,762
2,170
Total vessel operating costs
42,072
21,315
19,772
20,276
17,767
Vessel operating margin ($)
36,857
17,980
11,478
13,206
21,935
Vessel operating margin (%)
46.7
%
45.8
%
36.7
%
39.4
%
55.2
%
Europe/Mediterranean - Select operating
statistics
Average vessels - Total fleet
50
26
27
27
26
Utilization - Total fleet
88.8
%
85.7
%
83.4
%
87.8
%
95.2
%
Average vessels - Active fleet
50
26
27
27
26
Utilization - Active fleet
88.8
%
85.7
%
83.4
%
87.8
%
95.2
%
Average day rates
$
19,105
$
18,990
$
15,669
$
15,364
$
17,436
Vessels commencing drydocks
5
4
4
3
1
Deferred drydocking and survey costs -
beginning balance
$
11,705
$
11,363
$
9,566
$
8,588
$
9,231
Cash paid for deferred drydocking and
survey costs
6,733
2,217
5,128
1,175
315
Amortization of deferred drydocking and
survey costs
(3,201
)
(1,875
)
(1,739
)
(1,523
)
(1,244
)
Disposals, intersegment transfers and
other
1,019
—
(1,592
)
1,326
286
Deferred drydocking and survey costs -
ending balance
$
16,256
$
11,705
$
11,363
$
9,566
$
8,588
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
West
Africa
Vessel revenues
$
73,650
$
66,211
$
59,457
$
60,194
$
56,335
Vessel operating costs:
Crew costs
17,502
16,336
16,587
17,855
19,317
Repair and maintenance
4,868
4,665
4,834
3,971
3,910
Insurance
626
651
655
664
539
Fuel, lube and supplies
5,300
4,055
4,472
4,113
4,150
Other
4,753
5,037
5,314
5,212
5,052
Total vessel operating costs
33,049
30,744
31,862
31,815
32,968
Vessel operating margin ($)
40,601
35,467
27,595
28,379
23,367
Vessel operating margin (%)
55.1
%
53.6
%
46.4
%
47.1
%
41.5
%
West Africa -
Select operating statistics
Average vessels - Total fleet
72
70
74
75
76
Utilization - Total fleet
70.7
%
72.3
%
68.4
%
70.5
%
69.9
%
Average vessels - Active fleet
69
65
66
65
67
Utilization - Active fleet
73.9
%
77.8
%
76.6
%
81.7
%
79.4
%
Average day rates
$
15,772
$
14,469
$
13,047
$
12,272
$
11,467
Vessels commencing drydocks
7
4
6
2
5
Deferred drydocking and survey costs -
beginning balance
$
26,162
$
20,390
$
14,179
$
11,545
$
9,390
Cash paid for deferred drydocking and
survey costs
5,909
9,024
7,824
4,467
3,780
Amortization of deferred drydocking and
survey costs
(3,544
)
(3,000
)
(2,267
)
(1,909
)
(1,943
)
Disposals, intersegment transfers and
other
—
(252
)
654
76
318
Deferred drydocking and survey costs -
ending balance
$
28,527
$
26,162
$
20,390
$
14,179
$
11,545
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Worldwide
Vessel revenues
$
296,975
$
210,323
$
191,180
$
185,106
$
190,247
Vessel operating costs:
Crew costs
97,286
68,007
66,643
69,699
71,189
Repair and maintenance
23,595
16,834
16,652
14,774
13,544
Insurance
2,359
2,168
2,005
2,027
1,988
Fuel, lube and supplies
17,770
13,958
13,555
12,841
12,291
Other
23,229
17,297
16,604
16,155
14,025
Total vessel operating costs
164,239
118,264
115,459
115,496
113,037
Vessel operating margin ($)
132,736
92,059
75,721
69,610
77,210
Vessel operating margin (%)
44.7
%
43.8
%
39.6
%
37.6
%
40.6
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
223
187
190
194
195
Utilization - Total fleet
80.5
%
76.9
%
76.5
%
76.5
%
77.8
%
Average vessels - Active fleet
219
181
180
180
181
Utilization - Active fleet
82.1
%
79.4
%
80.6
%
82.5
%
83.7
%
Average day rates
$
17,865
$
16,042
$
14,624
$
13,554
$
13,606
Vessels commencing drydocks
19
19
18
14
15
Deferred drydocking and survey costs -
beginning balance
$
92,481
$
82,787
$
61,080
$
57,877
$
53,661
Cash paid for deferred drydocking and
survey costs
20,618
21,366
31,325
12,117
12,820
Amortization of deferred drydocking and
survey costs
(13,885
)
(11,672
)
(9,618
)
(8,897
)
(8,604
)
Disposals, intersegment transfers and
other
1
—
—
(17
)
—
Deferred drydocking and survey costs -
ending balance
$
99,215
$
92,481
$
82,787
$
61,080
$
57,877
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Net income (loss)
$
25,549
$
21,928
$
10,816
$
10,182
$
4,910
Interest and other debt costs
19,288
4,731
4,190
4,339
4,391
Income tax expense
9,260
11,284
11,971
1,697
6,352
Depreciation
43,845
21,096
21,048
20,983
22,252
Amortization of deferred drydock and
survey costs
13,885
11,672
9,618
8,898
8,604
Amortization of below market contracts
(1,906
)
—
—
—
—
EBITDA (A), (B), (C)
109,921
70,711
57,643
46,099
46,509
Indemnification assets non-cash charge
1,184
—
—
—
—
Long-lived asset impairment and other
—
—
—
—
1,214
Acquisition, restructuring and integration
related costs
6,079
1,242
1,426
5,150
4,332
Adjusted EBITDA (A), (B), (C)
$
117,184
$
71,953
$
59,069
$
51,249
$
52,055
Note (A): EBITDA excludes interest and
other debt costs, income tax expense, depreciation and amortization
of deferred drydock and below market contracts. Additionally,
Adjusted EBITDA excludes indemnification assets non-cash charge
included in interest income and other, impairment charges, and
acquisition, restructuring and integration related costs.
Note (B): EBITDA and Adjusted EBITDA for the three months ended
September 30, 2023, and for each of the prior four quarters
includes non-cash, stock-based compensation expense of $2,496,
$2,648, $2,103, $2,028 and $1,923 respectively.
Note (C): EBITDA and Adjusted EBITDA for the three months ended
September 30, 2023, and for each of the prior four quarters
includes foreign exchange gain (losses) of $(2,149), $(3,819),
$2,348, $2,105 and $(3,997) 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
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Net cash provided by operating activities
(A)
$
34,939
$
9,741
$
12,794
$
45,340
$
28,113
Cash interest expense
606
7,748
98
7,575
353
Interest income and other
(568
)
(2,790
)
(130
)
(981
)
(581
)
Indemnification assets charge
(1,184
)
—
—
—
—
Additions to property and equipment
(5,702
)
(8,849
)
(8,651
)
(4,929
)
(6,328
)
Acquisitions
(594,191
)
—
—
—
8,785
Expansion capital
594,252
2,493
109
1,240
(8,441
)
Free cash flow before proceeds from asset
sales
28,152
8,343
4,220
48,245
21,901
Proceeds from asset sales
945
2,943
5,716
5,093
312
Free cash flow
$
29,097
$
11,286
$
9,936
$
53,338
$
22,213
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 excludes indemnification assets
charge included in interest income and other. Free cash flow is not
defined by U.S. GAAP and is not a substitute for net cash provided
by operating activities.
Note (A): Net cash provided by (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
September 30,
June 30,
March 31,
December 31,
September 30,
2023
2023
2023
2022
2022
Cash provided by (used in) changes in
assets and liabilities, excluding drydock payments
$
(29,286
)
$
(23,447
)
$
2,295
$
16,018
$
1,913
Cash paid for deferred drydock and survey
costs
(20,618
)
(21,366
)
(31,325
)
(12,117
)
(12,820
)
Total sources (uses) of cash for changes
in assets and liabilities
$
(49,904
)
$
(44,813
)
$
(29,030
)
$
3,901
$
(10,907
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102513767/en/
Tidewater Inc. West Gotcher Vice President, Finance and Investor
Relations +1.713.470.5285
Tidewater (NYSE:TDW)
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