Full-Year
2023 Highlights
- Revenue of $1,010.0 million, a 55.9% increase from
2022
- Average day rate increased to $16,802 per day, $4,048 higher
than 2022
- Net income of $97.2 million, an increase of $118.9 million
from 2022
- Adjusted EBITDA of $386.7 million, an increase of $220.0
million from 2022
- Net cash provided by operating activities of $104.7 million,
an increase of $64.5 million from 2022
- Free cash flow of $111.3 million, an increase of $60.8
million from 2022
- Completed acquisition and financing of 37 PSVs from Solstad
Offshore
Fourth Quarter 2023
Highlights
- Revenue of $302.7 million, highest quarterly revenue in
eight years
- Average day rate increased to $18,066 per day, $201 higher
than the third quarter of 2023
- Composite leading edge term contract day rate of $29,511,
$902 higher than the third quarter of 2023
- Net income of $37.7 million, an increase of $11.5 million
from the third quarter of 2023
- Adjusted EBITDA of $131.3 million, an increase of $11.6
million from the third quarter of 2023
- Net cash provided by operating activities of $47.2 million,
an increase of $12.3 million from the third quarter of
2023
- Free cash flow of $61.0 million, an increase of $31.9
million from the third quarter of 2023
Share
Repurchase Program and 2024
Guidance
- Completed $35.0 million of share repurchases during the
fourth quarter of 2023 at an average price of $59.29 per
share
- Board approves a new share repurchase authorization of $48.6
million, the maximum permissible amount under existing debt
agreements
- Reiterating 2024 revenue guidance of $1.40 to $1.45 billion
and 2024 gross margin guidance of 52%
Tidewater Inc. (NYSE:TDW) announced today revenue for the three
and twelve months ended December 31, 2023 of $302.7 million and
$1,010.0 million, respectively, compared with $186.7 million and
$647.7 million, respectively, for the three and twelve months ended
December 31, 2022. Tidewater's net income for the three and twelve
months ended December 31, 2023, was $37.7 million ($0.70 per common
share) and $97.2 million ($1.84 per common share), respectively,
compared with net income (losses) of $10.6 million ($0.20 per
common share) and $(21.7) million ($0.49 per common share),
respectively, for the three and twelve months ended December 31,
2022.
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, “The past year represented a year of
significant milestones and profitable growth for Tidewater with
revenue and gross profit improving each quarter throughout the
year. The supply and demand dynamics positively influencing the
offshore vessel industry drove strong financial and operational
results, with revenue cresting the $1.0 billion mark, a significant
achievement for Tidewater that was bolstered by the acquisitions
done in 2022 and 2023. Day rate progression realized during the
year is faster than anything we have seen in the industry. The
shortage of vessels, a record-low vessel newbuilding order book and
improving offshore vessel demand visibility all support improving
operational performance into 2024 and beyond, as indicated by our
continued confidence in our ability to grow revenue by 40% and grow
gross margin by 66% in 2024. As a result of improved industry
fundamentals and associated financial performance, Tidewater is
once again in a position to return capital to shareholders, the
initial phase of which we completed during the fourth quarter of
2023 with an initial $35.0 million of share repurchases. We are
excited to continue to grow free cash flow and return capital to
our shareholders as this upcycle continues to unfold.
“Since 2017, we have been high-grading the fleet through
the disposal of lower-specification vessels and the acquisition of
higher-specification vessels. The financial impact of this strategy
continues to be demonstrated by the higher revenue and gross
margin outlook for our business. Fourth quarter revenue of $302.7
million is the highest quarterly revenue in over eight years and we
anticipate quarterly revenue growth each quarter in 2024,
outgrowing the seasonality we typically see in the first and fourth
quarters of the year. Gross margin for the fourth quarter came in
at 47.2%, the highest gross margin percentage in 15 years, and we
anticipate gross margin for the fourth quarter of 2024 to reach
56.0%. Leading edge day rates continued their upward trend, with
leading edge day rates up $902 sequentially, to $29,511. We
continue to see improving demand across all regions and for a
variety of end markets beyond drilling and, as such, we reiterate
our full-year 2024 revenue guidance of $1.40 to $1.45 billion and
gross margin guidance of 52.0%.
“We generated $61.0 million of free cash flow and returned
nearly 60% of this to our shareholders in the form of share
repurchases during the fourth quarter. Given our free cash flow
performance, business outlook and healthy balance sheet, we are
pleased to announce the Board has authorized a new share repurchase
program, under which we are authorized to purchase up to $48.6
million of the Company’s common stock. The new authorization
represents the maximum permissible amount of share repurchases
under our existing debt agreements. As we have previously
communicated, we anticipate utilizing this repurchase program
opportunistically, weighing the value of share repurchases against
other capital allocation opportunities to optimize the use of our
capital to maximize shareholder returns.
“The past year was an important chapter in Tidewater’s history
and was a successful year by all measures. I want to thank our
dedicated team for their tremendous contributions to this
achievement. We have even greater success ahead of us and I look
forward to working together to achieve the goals we have set for
ourselves. As always, we remain committed to providing a safe and
rewarding environment for our employees as we continue to build 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 December
31, 2023, the Company also has the following in-the-money
warrants.
Common shares outstanding
52,259,303
New Creditor Warrants (strike price $0.001
per common share)
81,244
GulfMark Creditor Warrants (strike price
$0.01 per common share)
91,436
Total
52,431,983
Tidewater will hold a conference call to discuss results for the
three and twelve months ending December 31, 2023 on March 1, 2024,
at 8:00 a.m. Central Time. Investors and interested parties may
listen to the earnings conference call via telephone by calling
+1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411
if calling from outside the U.S. or Canada) and provide Conference
ID: 6663124 prior to the scheduled start time. A live webcast of
the call will also be available in the Investor Relations section
of Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at
11:00 a.m. Central Time on March 1, 2024. To access the replay,
visit the Investor Relations section of Tidewater’s website at
investor.tdw.com.
About Tidewater
Tidewater owns and operates the largest fleet of offshore
support vessels in the industry, with 65 years of experience
supporting offshore energy exploration, production and offshore
wind activities worldwide. To learn more, visit www.tdw.com.
Cautionary Statement
This news release contains “forward-looking statements” within
the meaning of the U.S. federal securities laws – that is, any
statements that are not historical facts. Such statements often
contain words such as “expect,” “believe,” “think,” “anticipate,”
“predict,” “plan,” “assume,” “estimate,” “forecast,” “target,”
“projections,” “intend,” “should,” “will,” “shall” and other
similar words. Forward-looking statements address matters that are,
to varying degrees, uncertain and based on our management’s current
expectations and beliefs concerning future developments and their
potential impact on Tidewater Inc. and its subsidiaries (the
“Company”).
These forward-looking statements involve risks and uncertainties
that could cause actual results to differ, possibly materially,
from expectations or estimates reflected in such forward-looking
statements, including, among others: fluctuations in worldwide
energy demand and oil and gas prices; fleet additions by
competitors and industry overcapacity; limited capital resources
available to replenish our asset base as needed, including through
acquisitions or vessel construction, and to fund our capital
expenditure needs; uncertainty of global financial market
conditions and potential constraints in accessing capital or credit
if and when needed with favorable terms, if at all; changes in
decisions and capital spending by customers based on industry
expectations for offshore exploration, field development and
production; consolidation of our customer base; loss of a major
customer; changing customer demands for vessel specifications,
which may make some of our older vessels technologically obsolete
for certain customer projects or in certain markets; rapid
technological changes; delays and other problems associated with
vessel maintenance; the continued availability of qualified
personnel and our ability to attract and retain them; the operating
risks normally incident to our lines of business, including the
potential impact of liquidated counterparties; our ability to
comply with covenants in our indentures and other debt instruments;
acts of terrorism and piracy; the impact of regional or global
public health crises or pandemics; the impact of potential
information technology, cybersecurity or data security breaches;
integration of acquired businesses and entry into new lines of
business; disagreements with our joint venture partners; natural
disasters or significant weather conditions; unsettled political
conditions, war, civil unrest and governmental actions, such as
expropriation or enforcement of customs or other laws that are not
well developed or consistently enforced; risks associated with our
international operations, including local content, local currency
or similar requirements especially in higher political risk
countries where we operate; interest rate and foreign currency
fluctuations; labor changes proposed by international conventions;
increased regulatory burdens and oversight; changes in laws
governing the taxation of foreign source income; retention of
skilled workers; enforcement of laws related to the environment,
labor and foreign corrupt practices; increased global concern,
regulation and scrutiny regarding climate change; increased
stockholder activism; the potential liability for remedial actions
or assessments under existing or future environmental regulations
or litigation; the effects of asserted and unasserted claims and
the extent of available insurance coverage; the resolution of
pending legal proceedings; and other risks and uncertainties
detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks
filed with or furnished to the SEC.
If one or more of these or other risks or uncertainties
materialize (or the consequences of any such development changes),
or should our underlying assumptions prove incorrect, actual
results or outcomes may vary materially from those reflected in our
forward-looking statements. Forward-looking and other statements in
this presentation regarding our environmental, social and other
sustainability plans, goals or activities are not an indication
that these statements are necessarily material to investors or
required to be disclosed in our filings with the SEC. In addition,
historical, current, and forward-looking environmental, social and
sustainability-related statements may be based on standards still
developing, internal controls and processes that we continue to
evolve, and assumptions subject to change in the future. Statements
in this release are made as of the date hereof, and the Company
disclaims any intention or obligation to update publicly or revise
such statements, whether as a result of new information, future
events or otherwise.
Financial information is displayed beginning
on the next page.
The financial statements and supplementary information presented
in this press release were not audited. This press release presents
extracts from the Consolidated Balance Sheets at December 31, 2023
and 2022; the Consolidated Statements of Operations and
Consolidated Statements of Equity for the three and twelve months
ended December 31, 2023 and 2022; and the Consolidated Statements
of Cash Flows for the three and twelve months ended December 31,
2023 and 2022. Extracts are drawn from the December 31, 2023 and
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
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Revenues:
Vessel revenues
$
300,515
$
185,106
$
998,993
$
641,404
Other operating revenues
2,143
1,640
10,992
6,280
Total revenues
302,658
186,746
1,009,985
647,684
Costs and expenses:
Vessel operating costs
158,553
115,496
556,515
397,301
Costs of other operating revenues
1,337
694
4,342
2,130
General and administrative
24,724
28,633
95,283
101,921
Depreciation and amortization
59,167
29,881
180,331
119,160
Long-lived asset impairment and other
—
—
—
714
Gain on asset dispositions, net
(4,218
)
(1,076
)
(8,701
)
(250
)
Total costs and expenses
239,563
173,628
827,770
620,976
Operating income
63,095
13,118
182,215
26,708
Other income (expense):
Foreign exchange gain (loss)
2,250
2,105
(1,370
)
(2,827
)
Equity in net earnings (losses) of
unconsolidated companies
10
14
39
(221
)
Interest income and other, net
3,029
981
6,517
5,397
Loss on warrants
—
—
—
(14,175
)
Interest and other debt costs, net
(20,263
)
(4,339
)
(48,472
)
(17,189
)
Total other expense
(14,974
)
(1,239
)
(43,286
)
(29,015
)
Income (loss) before income taxes
48,121
11,879
138,929
(2,307
)
Income tax expense
10,793
1,697
43,308
19,886
Net income (loss)
37,328
10,182
95,621
(22,193
)
Less: Net loss attributable to
noncontrolling interests
(336
)
(438
)
(1,564
)
(444
)
Net income (loss) attributable to
Tidewater Inc.
$
37,664
$
10,620
$
97,185
$
(21,749
)
Basic income (loss) per common share
$
0.72
$
0.22
$
1.88
$
(0.49
)
Diluted income (loss) per common share
$
0.70
$
0.20
$
1.84
$
(0.49
)
Weighted average common shares
outstanding
52,648
48,766
51,591
44,132
Dilutive effect of warrants, restricted
stock units and stock options
1,351
3,069
1,346
—
Adjusted weighted average common
shares
53,999
51,835
52,937
44,132
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands, except share and par value
data)
December 31, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
274,437
$
164,192
Restricted cash
1,241
1,241
Trade and other receivables, less
allowance for credit losses of $15,914 and $14,060 as of December
31, 2023 and 2022, respectively
268,352
156,465
Marine operating supplies
31,933
30,830
Assets held for sale
—
4,195
Prepaid expenses and other current
assets
15,172
20,985
Total current assets
591,135
377,908
Net properties and equipment
1,315,122
796,655
Deferred drydocking and survey costs
106,698
61,080
Indemnification assets
17,370
28,369
Other assets
32,449
33,644
Total assets
$
2,062,774
$
1,297,656
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
44,931
$
38,946
Accrued expenses
125,590
105,518
Current portion of long-term debt
103,077
—
Other current liabilities
55,133
50,323
Total current liabilities
328,731
194,787
Long-term debt
631,361
169,036
Other liabilities
64,985
67,843
Commitments and contingencies
Equity:
Common stock of $0.001 par value,
125,000,000 shares authorized. 52,259,303 and 50,554,179 shares
issued and outstanding at December 31, 2023 and 2022,
respectively
52
51
Additional paid-in-capital
1,671,759
1,556,990
Accumulated deficit
(637,838
)
(699,649
)
Accumulated other comprehensive loss
5,266
8,576
Total stockholders' equity
1,039,239
865,968
Noncontrolling interests
(1,542
)
22
Total equity
1,037,697
865,990
Total liabilities and equity
$
2,062,774
$
1,297,656
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
(In Thousands)
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Net income (loss)
$
37,328
$
10,182
$
95,621
$
(22,193
)
Other comprehensive income (loss):
Unrealized gain (loss) on note
receivable
682
779
213
(496
)
Change in supplemental executive
retirement plan pension liability
(525
)
4,561
(525
)
4,561
Change in liability of pension plans
696
1,762
(2,998
)
1,843
Total comprehensive income (loss)
$
38,181
$
17,284
$
92,311
$
(16,285
)
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In Thousands)
Twelve Months
Twelve Months
Ended
Ended
December 31, 2023
December 31, 2022
Operating activities:
Net income (loss)
$
95,621
$
(22,193
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation
128,777
83,522
Amortization of deferred drydocking and
survey costs
51,554
35,638
Amortization of debt premiums and
discounts
4,619
1,679
Amortization of below market contracts
(3,800
)
—
Provision for deferred income taxes
92
36
Gain on asset dispositions, net
(8,701
)
(250
)
Gain on pension settlement
(2,313
)
—
Gain on bargain purchase
—
(1,300
)
Long-lived asset impairment and other
—
714
Loss on warrants
—
14,175
Stock-based compensation expense
10,755
7,372
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(109,756
)
(4,129
)
Changes in due to/from affiliate, net
—
(20
)
Accounts payable
5,985
16,481
Accrued expenses
20,072
(1,340
)
Deferred drydocking and survey costs
(97,378
)
(56,000
)
Other, net
9,178
(34,159
)
Net cash provided by operating
activities
104,705
40,226
Cash flows from investing activities:
Proceeds from asset dispositions
15,506
13,568
Acquisitions, net of cash acquired
(594,191
)
(20,740
)
Additions to properties and equipment
(31,588
)
(16,637
)
Net cash used in investing activities
(610,273
)
(23,809
)
Cash flows from financing activities:
Exercise of warrants
111,483
—
Proceeds from issuance of shares
—
187,832
Repurchase of SPO acquisition warrants
—
(187,832
)
Issuance of long-term debt
575,000
—
Principal payments on long-term debt
(13,677
)
—
Purchase of common stock
(35,025
)
—
Acquisition of non-controlling interest in
a majority owned subsidiary
(1,427
)
—
Debt issuance costs
(14,758
)
(393
)
Tax on share-based awards
(6,040
)
(2,323
)
Net cash provided by (used in) financing
activities
615,556
(2,716
)
Net change in cash, cash equivalents and
restricted cash
109,988
13,701
Cash, cash equivalents and restricted cash
at beginning of period
167,977
154,276
Cash, cash equivalents and restricted cash
at end of period
$
277,965
$
167,977
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
26,638
$
15,554
Income taxes
$
43,880
$
22,275
Supplemental disclosure of noncash
investing activities:
Acquisition of SPO
$
—
$
162,648
Purchase of three vessels
$
14,265
$
—
Supplemental disclosure of noncash
financing activities:
Warrants issued for SPO acquisition
$
—
$
162,648
Repurchase of SPO acquisition warrants
$
—
$
1,365
Debt incurred for the purchase of three
vessels
$
15,235
$
—
Note: Cash, cash equivalents and
restricted cash at December 31, 2023 includes $2.3 million in
long-term restricted cash, which is included in other assets in our
consolidated balance sheet.
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
EQUITY
(In Thousands)
Three Months Ended
Accumulated
Additional
other
Non
Common
paid-in
Accumulated
comprehensive
controlling
stock
capital
deficit
income
interest
Total
Balance at September 30, 2023
$
53
$
1,668,392
$
(640,128
)
$
4,413
$
(1,206
)
$
1,031,524
Total comprehensive income (loss)
—
—
37,664
853
(336
)
38,181
Exercise of warrants into common stock
—
—
—
—
—
—
Repurchase and retirement of common
stock
(1
)
—
(35,374
)
—
—
(35,375
)
Amortization of share-based awards
—
3,367
—
—
—
3,367
Balance at December 31, 2023
$
52
$
1,671,759
$
(637,838
)
$
5,266
$
(1,542
)
$
1,037,697
Balance at September 30, 2022
$
46
$
1,555,388
$
(710,269
)
$
1,474
$
460
$
847,099
Total comprehensive income (loss)
—
—
10,620
7,102
(438
)
17,284
Issuance of common stock
5
120,629
—
—
—
120,634
Repurchase of SPO acquisition warrants
—
(121,007
)
—
—
—
(121,007
)
Amortization of share-based awards
—
1,980
—
—
—
1,980
Balance at December 31, 2022
$
51
$
1,556,990
$
(699,649
)
$
8,576
$
22
$
865,990
Twelve 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)
—
—
97,185
(3,310
)
(1,564
)
92,311
Exercise of warrants into common stock
2
111,481
—
—
—
111,483
Repurchase and retirement of common
stock
(1
)
—
(35,374
)
—
—
(35,375
)
Acquisition of non-controlling interest in
a majority owned subsidiary
—
(1,427
)
—
—
—
(1,427
)
Amortization of share-based awards
—
4,715
—
—
—
4,715
Balance at December 31, 2023
$
52
$
1,671,759
$
(637,838
)
$
5,266
$
(1,542
)
$
1,037,697
Balance at December 31, 2021
$
41
$
1,376,494
$
(677,900
)
$
2,668
$
466
$
701,769
Total comprehensive income (loss)
—
—
(21,749
)
5,908
(444
)
(16,285
)
Issuance of common stock
10
192,881
—
—
—
192,891
SPO acquisition warrants
—
176,823
—
—
—
176,823
Repurchase of SPO acquisition warrants
—
(194,256
)
—
—
—
(194,256
)
Amortization of share-based awards
—
5,048
—
—
—
5,048
Balance at December 31, 2022
$
51
$
1,556,990
$
(699,649
)
$
8,576
$
22
$
865,990
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
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Vessel revenues:
Americas
$
68,425
23
%
$
41,785
23
%
$
237,205
24
%
$
146,871
23
%
Asia Pacific
38,632
13
%
19,070
10
%
122,235
12
%
64,231
10
%
Middle East
38,072
12
%
30,575
16
%
135,375
14
%
110,375
17
%
Europe/Mediterranean
80,743
27
%
33,482
18
%
230,217
23
%
129,578
20
%
West Africa
74,643
25
%
60,194
33
%
273,961
27
%
190,349
30
%
Total vessel revenues
$
300,515
100
%
$
185,106
100
%
$
998,993
100
%
$
641,404
100
%
Vessel operating costs:
Crew costs
$
97,537
33
%
$
69,699
37
%
$
329,473
33
%
$
242,364
38
%
Repair and maintenance
21,635
7
%
14,774
8
%
78,716
8
%
51,256
8
%
Insurance
2,765
1
%
2,027
1
%
9,297
1
%
6,765
1
%
Fuel, lube and supplies
15,265
5
%
12,841
7
%
60,548
6
%
43,729
7
%
Other
21,351
7
%
16,155
9
%
78,481
8
%
53,187
8
%
Total vessel operating costs
158,553
53
%
115,496
62
%
556,515
56
%
397,301
62
%
Vessel operating margin (A)
$
141,962
47
%
$
69,610
38
%
$
442,478
44
%
$
244,103
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
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Vessel operating profit (loss):
Americas
$
16,171
5
%
$
3,216
2
%
$
42,964
4
%
$
12,016
2
%
Asia Pacific
11,322
4
%
(808
)
(0
)%
38,471
4
%
3,726
0
%
Middle East
2,093
1
%
492
0
%
(1,051
)
(0
)%
(1,093
)
(0
)%
Europe/Mediterranean
13,768
5
%
3,874
2
%
33,687
3
%
18,844
3
%
West Africa
27,360
9
%
18,305
10
%
98,447
10
%
43,112
7
%
Other operating profit
806
0
%
946
0
%
6,650
1
%
4,150
1
%
71,520
24
%
26,025
14
%
219,168
22
%
80,755
13
%
—
Corporate expenses (A)
(12,643
)
(4
)%
(13,983
)
(7
)%
(45,654
)
(5
)%
(53,583
)
(9
)%
Gain on asset dispositions, net
4,218
1
%
1,076
1
%
8,701
1
%
250
0
%
Long-lived asset impairment and other
—
0
%
—
0
%
—
0
%
(714
)
(0
)%
Operating income
$
63,095
21
%
$
13,118
7
%
$
182,215
18
%
$
26,708
4
%
Note (A): General and administrative
expenses for the three months and twelve months ended December 31,
2023 include stock-based compensation of $3.5 million and $10.8
million, respectively. General and administrative expenses for the
three and twelve months ended December 31, 2022 include stock-based
compensation of $2.1 million and $7.4 million, respectively. In
addition, vessel operating and general and administrative costs for
the three months and twelve months ended December 31, 2023, include
$2.2 million and $10.9 million in acquisition, restructuring and
integration related costs, respectively. Vessel operating and
general and administrative costs for the three and twelve months
ended December 31, 2022, include $5.1 million and $19.1 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
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Revenues:
Vessel revenues
$
300,515
$
296,975
$
210,323
$
191,180
$
185,106
Other operating revenues
2,143
2,287
4,638
1,924
1,640
Total revenues
302,658
299,262
214,961
193,104
186,746
Costs and expenses:
Vessel operating costs (A)
158,553
164,239
118,264
115,459
115,496
Costs of other operating revenue
1,337
1,481
373
1,151
694
General and administrative (A)
24,724
21,001
26,013
23,545
28,633
Depreciation and amortization
59,167
57,730
32,768
30,666
29,881
Gain on asset dispositions, net
(4,218
)
(863
)
(1,404
)
(2,216
)
(1,076
)
Total operating costs and expenses
239,563
243,588
176,014
168,605
173,628
Operating income
63,095
55,674
38,947
24,499
13,118
Other income (expense):
Foreign exchange gain (loss)
2,250
(2,149
)
(3,819
)
2,348
2,105
Equity in net earnings of unconsolidated
companies
10
4
25
—
14
Interest income and other, net
3,029
568
2,790
130
981
Interest and other debt costs, net
(20,263
)
(19,288
)
(4,731
)
(4,190
)
(4,339
)
Total other expense
(14,974
)
(20,865
)
(5,735
)
(1,712
)
(1,239
)
Income before income taxes
48,121
34,809
33,212
22,787
11,879
Income tax expense
10,793
9,260
11,284
11,971
1,697
Net income
37,328
25,549
21,928
10,816
10,182
Net income (loss) attributable to
noncontrolling interests
(336
)
(650
)
(656
)
78
(438
)
Net income attributable to Tidewater
Inc.
$
37,664
$
26,199
$
22,584
$
10,738
$
10,620
Basic income per common share
$
0.72
$
0.50
$
0.44
$
0.21
$
0.22
Diluted income per common share
$
0.70
$
0.49
$
0.43
$
0.21
$
0.20
Weighted average common shares
outstanding
52,648
52,230
50,857
50,604
48,766
Dilutive effect of warrants, restricted
stock units and stock options
1,351
1,380
1,148
1,368
3,069
Adjusted weighted average common
shares
53,999
53,610
52,005
51,972
51,835
Vessel operating margin
$
141,962
$
132,736
$
92,059
$
75,721
$
69,610
Note (A): Acquisition, restructuring and
integration related costs
$
2,177
$
6,079
$
1,242
$
1,426
$
5,150
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands)
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
274,437
$
275,070
$
171,261
$
165,145
$
164,192
Restricted cash
1,241
4,973
1,242
4,972
1,241
Trade and other receivables, net
268,352
250,671
195,906
182,198
156,465
Marine operating supplies
31,933
27,489
22,495
24,448
30,830
Assets held for sale
—
565
630
695
4,195
Prepaid expenses and other current
assets
15,172
16,598
18,958
18,978
20,985
Total current assets
591,135
575,366
410,492
396,436
377,908
Net properties and equipment
1,315,122
1,348,001
784,873
786,168
796,655
Deferred drydocking and survey costs
106,698
99,215
92,481
82,787
61,080
Indemnification assets
17,370
18,648
22,678
27,698
28,369
Other assets
32,449
30,325
33,640
34,058
33,644
Total assets
$
2,062,774
$
2,071,555
$
1,344,164
$
1,327,147
$
1,297,656
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
44,931
$
57,183
$
69,822
$
64,775
$
38,946
Accrued expenses
125,590
119,631
91,875
107,348
105,518
Current portion of long-term debt
103,077
102,369
2,441
—
—
Other current liabilities
55,133
53,301
42,305
43,220
50,323
Total current liabilities
328,731
332,484
206,443
215,343
194,787
Long-term debt
631,361
641,301
179,573
169,423
169,036
Other liabilities
64,985
66,246
65,621
68,968
67,843
Equity:
Common stock
52
53
51
51
51
Additional paid-in-capital
1,671,759
1,668,392
1,554,793
1,553,919
1,556,990
Accumulated deficit
(637,838
)
(640,128
)
(666,327
)
(688,911
)
(699,649
)
Accumulated other comprehensive income
5,266
4,413
4,566
8,254
8,576
Total stockholders' equity
1,039,239
1,032,730
893,083
873,313
865,968
Noncontrolling interests
(1,542
)
(1,206
)
(556
)
100
22
Total equity
1,037,697
1,031,524
892,527
873,413
865,990
Total liabilities and equity
$
2,062,774
$
2,071,555
$
1,344,164
$
1,327,147
$
1,297,656
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS – QUARTERLY DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Operating activities:
Net income
$
37,328
$
25,549
$
21,928
$
10,816
$
10,182
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
42,788
43,845
21,096
21,048
20,983
Amortization of deferred drydocking and
survey costs
16,379
13,885
11,672
9,618
8,898
Amortization of debt premiums and
discounts
1,975
1,802
422
420
522
Amortization of below market contracts
(1,894
)
(1,906
)
—
—
—
(Provision) benefit for deferred income
taxes
23
35
(1
)
35
(98
)
Gain on asset dispositions, net
(4,218
)
(863
)
(1,404
)
(2,216
)
(1,076
)
Gain on pension settlement
(506
)
—
(1,807
)
—
—
Stock-based compensation expense
3,508
2,496
2,648
2,103
2,028
Changes in assets and liabilities, net of
effects of business acquisition:
Trade and other receivables
(17,072
)
(54,765
)
(12,186
)
(25,733
)
26,172
Accounts payable
(12,252
)
(12,639
)
5,047
25,829
7,117
Accrued expenses
5,841
27,775
(15,374
)
1,830
(427
)
Deferred drydocking and survey costs
(24,069
)
(20,618
)
(21,366
)
(31,325
)
(12,117
)
Other, net
(600
)
10,343
(934
)
369
(16,844
)
Net cash provided by operating
activities
47,231
34,939
9,741
12,794
45,340
Cash flows from investing activities:
Proceeds from asset dispositions
5,902
945
2,943
5,716
5,093
Acquisitions, net of cash acquired
—
(594,191
)
—
—
—
Additions to properties and equipment
(8,386
)
(5,702
)
(8,849
)
(8,651
)
(4,929
)
Net cash provided by (used in) investing
activities
(2,484
)
(598,948
)
(5,906
)
(2,935
)
164
Cash flows from financing activities:
Exercise of warrants
—
111,483
—
—
—
Proceeds from issuance of shares
—
—
—
—
117,202
Repurchase of SPO acquisition warrants
—
—
—
—
(117,202
)
Issuance of long-term debt
—
575,000
—
—
—
Principal payments on long-term debt
(13,677
)
—
—
—
—
Purchase of common stock
(35,025
)
—
—
—
—
Acquisition of non-controlling interest in
a majority owned subsidiary
—
—
—
(1,427
)
—
Debt issuance costs
—
(14,758
)
—
—
—
Tax on share-based awards
(141
)
(378
)
(1,774
)
(3,747
)
(47
)
Net cash provided by (used in) financing
activities
(48,843
)
671,347
(1,774
)
(5,174
)
(47
)
Net change in cash, cash equivalents and
restricted cash
(4,096
)
107,338
2,061
4,685
45,457
Cash, cash equivalents and restricted cash
at beginning of period
282,061
174,723
172,662
167,977
122,520
Cash, cash equivalents and restricted cash
at end of period
$
277,965
$
282,061
$
174,723
$
172,662
$
167,977
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
18,186
$
606
$
7,748
$
98
$
7,575
Income taxes
$
7,295
$
9,384
$
10,144
$
17,057
$
6,132
Supplemental disclosure of noncash
investing activities:
Purchase of three vessels
$
2,067
$
27
$
12,171
$
—
$
—
Supplemental disclosure of noncash
financing activities:
Repurchase of SPO acquisition warrants
$
—
$
—
$
—
$
—
$
373
Debt incurred for purchase of three
vessels
$
3,037
$
27
$
12,171
$
—
$
—
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
VESSEL REVENUE BY
VESSEL CLASS
Americas
fleet:
PSV > 900
$
28,714
$
29,270
$
20,316
$
20,556
$
17,814
PSV < 900
28,143
28,886
19,134
17,390
16,486
AHTS > 16K
4,034
3,584
3,425
3,395
2,873
AHTS 8 - 16K
2,316
2,064
2,807
2,807
1,899
AHTS 4 - 8K
1,428
1,570
1,480
1,521
1,553
Other
3,790
5,343
3,214
2,018
1,160
Total
68,425
70,717
50,376
47,687
41,785
Asia Pacific
fleet:
PSV > 900
19,485
20,159
9,648
9,101
6,692
PSV < 900
8,679
8,292
5,811
5,133
3,120
AHTS > 16K
3,759
3,271
2,065
1,342
3,260
AHTS 8 - 16K
4,706
5,287
5,001
5,397
4,364
AHTS 4 - 8K
1,601
1,582
8
998
1,584
Other
402
403
52
53
50
Total
38,632
38,994
22,585
22,024
19,070
Middle East
fleet:
PSV > 900
1,378
1,088
1,211
1,192
1,218
PSV < 900
19,215
17,790
16,812
14,965
15,517
AHTS > 16K
1,178
1,196
1,217
2,316
2,351
AHTS 8 - 16K
3,094
3,420
4,276
4,593
4,146
AHTS 4 - 8K
13,207
11,191
8,340
7,696
7,343
Total
38,072
34,685
31,856
30,762
30,575
Europe/Mediterranean
fleet:
PSV > 900
61,559
59,872
27,602
21,858
23,640
PSV < 900
15,356
14,039
9,195
6,663
9,017
AHTS > 16K
2,437
3,617
2,228
2,511
643
Other
1,391
1,401
270
218
182
Total
80,743
78,929
39,295
31,250
33,482
West Africa
fleet:
PSV > 900
15,478
17,566
11,550
9,900
10,534
PSV < 900
31,893
26,396
25,419
24,835
20,494
AHTS > 16K
6,994
7,138
9,129
6,237
5,385
AHTS 8 - 16K
11,219
11,917
9,870
9,827
11,810
AHTS 4 - 8K
2,126
2,745
3,496
2,360
5,780
Other
6,933
7,888
6,747
6,298
6,191
Total
74,643
73,650
66,211
59,457
60,194
Worldwide
fleet:
PSV > 900
126,614
127,955
70,327
62,607
59,898
PSV < 900
103,286
95,403
76,371
68,986
64,634
AHTS > 16K
18,402
18,806
18,064
15,801
14,512
AHTS 8 - 16K
21,335
22,688
21,954
22,624
22,219
AHTS 4 - 8K
18,362
17,088
13,324
12,575
16,260
Other
12,516
15,035
10,283
8,587
7,583
Total
$
300,515
$
296,975
$
210,323
$
191,180
$
185,106
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
AVERAGE NUMBER OF
VESSELS:
Americas
fleet:
PSV > 900
12
12
10
10
10
PSV < 900
18
18
15
15
16
AHTS > 16K
2
2
2
2
2
AHTS 8 - 16K
2
2
2
2
2
AHTS 4 - 8K
2
2
2
2
2
Other
2
2
2
1
1
Total
38
38
33
32
33
Stacked vessels
(1
)
(1
)
(1
)
(1
)
(2
)
Active vessels
37
37
32
31
31
Asia Pacific
fleet:
PSV > 900
8
8
6
5
5
PSV < 900
5
4
2
2
2
AHTS > 16K
2
2
2
1
2
AHTS 8 - 16K
3
3
3
3
3
AHTS 4 - 8K
1
1
1
2
3
Other
—
—
—
1
1
Total
19
18
14
14
16
Stacked vessels
—
—
—
(1
)
(2
)
Active vessels
19
18
14
13
14
Middle East
fleet:
PSV > 900
1
1
1
1
2
PSV < 900
20
20
20
21
20
AHTS > 16K
1
1
1
2
2
AHTS 8 - 16K
5
5
5
5
5
AHTS 4 - 8K
18
18
17
14
14
Total
45
45
44
43
43
Stacked vessels
—
—
—
—
—
Active vessels
45
45
44
43
43
Europe/Mediterranean
fleet:
PSV > 900
39
38
18
19
19
PSV < 900
10
10
7
7
7
AHTS > 16K
2
2
1
1
1
Total
51
50
26
27
27
Stacked vessels
—
—
—
—
—
Active vessels
51
50
26
27
27
West Africa
fleet:
PSV > 900
9
9
7
7
6
PSV < 900
19
19
18
18
18
AHTS > 16K
4
4
5
5
4
AHTS 8 - 16K
11
11
11
11
11
AHTS 4 - 8K
4
5
6
8
8
Other
21
24
23
25
28
Total
68
72
70
74
75
Stacked vessels
(1
)
(3
)
(5
)
(8
)
(10
)
Active vessels
67
69
65
66
65
Worldwide
fleet:
PSV > 900
69
68
42
42
42
PSV < 900
72
71
62
63
63
AHTS > 16K
11
11
11
11
11
AHTS 8 - 16K
21
21
21
21
21
AHTS 4 - 8K
25
26
26
26
27
Other
23
26
25
27
30
Total
221
223
187
190
194
Stacked vessels
(2
)
(4
)
(6
)
(10
)
(14
)
Active vessels
219
219
181
180
180
Total active
219
219
181
180
180
Total stacked
2
4
6
10
14
Total joint venture
—
—
—
—
1
Total
221
223
187
190
195
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
PSV > 900
1,104
1,095
910
907
922
PSV < 900
1,675
1,730
1,365
1,359
1,499
AHTS > 16K
184
184
182
180
184
AHTS 8 - 16K
184
184
182
180
184
AHTS 4 - 8K
184
184
182
180
184
Other
184
184
182
121
92
Total
3,515
3,561
3,003
2,927
3,065
Asia Pacific
fleet:
PSV > 900
736
726
559
481
460
PSV < 900
454
358
182
180
184
AHTS > 16K
184
184
182
90
184
AHTS 8 - 16K
276
276
273
270
276
AHTS 4 - 8K
92
92
91
180
292
Other
—
—
—
48
92
Total
1,742
1,636
1,287
1,249
1,488
Middle East
fleet:
PSV > 900
92
92
91
90
92
PSV < 900
1,840
1,840
1,820
1,842
1,840
AHTS > 16K
92
92
91
180
184
AHTS 8 - 16K
460
460
455
450
460
AHTS 4 - 8K
1,615
1,640
1,556
1,291
1,288
Total
4,099
4,124
4,013
3,853
3,864
Europe/Mediterranean
fleet:
PSV > 900
3,588
3,492
1,638
1,672
1,746
PSV < 900
920
907
637
630
644
AHTS > 16K
184
184
139
90
92
Total
4,692
4,583
2,414
2,392
2,482
West Africa
fleet:
PSV > 900
828
819
637
630
644
PSV < 900
1,735
1,744
1,638
1,620
1,656
AHTS > 16K
368
368
407
450
368
AHTS 8 - 16K
1,012
1,012
1,001
990
1,012
AHTS 4 - 8K
385
476
546
720
736
Other
1,899
2,184
2,099
2,256
2,545
Total
6,227
6,603
6,328
6,666
6,961
Worldwide
fleet:
PSV > 900
6,348
6,224
3,835
3,780
3,864
PSV < 900
6,624
6,579
5,642
5,631
5,823
AHTS > 16K
1,012
1,012
1,001
990
1,012
AHTS 8 - 16K
1,932
1,932
1,911
1,890
1,932
AHTS 4 - 8K
2,276
2,392
2,375
2,371
2,500
Other
2,083
2,368
2,281
2,425
2,729
Total
20,275
20,507
17,045
17,087
17,860
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
PSV < 900
92
92
91
99
211
Total
92
92
91
99
211
Asia Pacific
fleet:
AHTS 4 - 8K
—
—
—
—
54
Other
—
—
—
48
92
Total
—
—
—
48
146
West Africa
fleet:
AHTS 4 - 8K
109
184
182
180
158
Other
16
103
265
540
797
Total
125
287
447
720
955
Worldwide
fleet:
PSV < 900
92
92
91
99
211
AHTS 4 - 8K
109
184
182
180
212
Other
16
103
265
588
889
Total
217
379
538
867
1,312
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
AVAILABLE DAYS -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
1,104
1,095
910
907
922
PSV < 900
1,583
1,638
1,274
1,260
1,288
AHTS > 16K
184
184
182
180
184
AHTS 8 - 16K
184
184
182
180
184
AHTS 4 - 8K
184
184
182
180
184
Other
184
184
182
121
92
Total
3,423
3,469
2,912
2,828
2,854
Asia Pacific
fleet:
PSV > 900
736
726
559
481
460
PSV < 900
454
358
182
180
184
AHTS > 16K
184
184
182
90
184
AHTS 8 - 16K
276
276
273
270
276
AHTS 4 - 8K
92
92
91
180
238
Total
1,742
1,636
1,287
1,201
1,342
Middle East
fleet:
PSV > 900
92
92
91
90
92
PSV < 900
1,840
1,840
1,820
1,842
1,840
AHTS > 16K
92
92
91
180
184
AHTS 8 - 16K
460
460
455
450
460
AHTS 4 - 8K
1,615
1,640
1,556
1,291
1,288
Total
4,099
4,124
4,013
3,853
3,864
Europe/Mediterranean
fleet:
PSV > 900
3,588
3,492
1,638
1,672
1,746
PSV < 900
920
907
637
630
644
AHTS > 16K
184
184
139
90
92
Total
4,692
4,583
2,414
2,392
2,482
West Africa
fleet:
PSV > 900
828
819
637
630
644
PSV < 900
1,735
1,744
1,638
1,620
1,656
AHTS > 16K
368
368
407
450
368
AHTS 8 - 16K
1,012
1,012
1,001
990
1,012
AHTS 4 - 8K
276
292
364
540
578
Other
1,883
2,081
1,834
1,716
1,748
Total
6,102
6,316
5,881
5,946
6,006
Worldwide
fleet:
PSV > 900
6,348
6,224
3,835
3,780
3,864
PSV < 900
6,532
6,487
5,551
5,532
5,612
AHTS > 16K
1,012
1,012
1,001
990
1,012
AHTS 8 - 16K
1,932
1,932
1,911
1,890
1,932
AHTS 4 - 8K
2,167
2,208
2,193
2,191
2,288
Other
2,067
2,265
2,016
1,837
1,840
Total
20,058
20,128
16,507
16,220
16,548
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
UTILIZATION -
TOTAL FLEET:
Americas
fleet:
PSV > 900
77.2
%
84.5
%
78.5
%
84.2
%
82.6
%
PSV < 900
78.9
85.7
83.9
79.8
68.1
AHTS > 16K
59.0
54.7
50.0
50.0
48.2
AHTS 8 - 16K
74.0
65.4
100.0
100.0
76.8
AHTS 4 - 8K
93.7
97.8
93.7
96.4
99.2
Other
100.0
100.0
100.0
97.5
100.0
Total
78.9
%
84.1
%
82.8
%
82.3
%
74.6
%
Asia Pacific
fleet:
PSV > 900
93.4
%
97.3
%
71.1
%
70.8
%
62.6
%
PSV < 900
92.3
99.0
100.0
90.6
78.4
AHTS > 16K
72.7
66.7
60.7
78.1
90.8
AHTS 8 - 16K
63.9
78.9
85.0
79.8
85.4
AHTS 4 - 8K
100.0
100.0
10.4
80.3
79.5
Total
86.6
%
91.3
%
72.4
%
74.8
%
71.7
%
Middle East
fleet:
PSV > 900
100.0
%
90.2
%
100.0
%
100.0
%
100.0
%
PSV < 900
88.6
82.8
81.6
74.4
78.3
AHTS > 16K
100.0
100.0
100.0
100.0
100.0
AHTS 8 - 16K
60.4
69.0
87.0
96.0
84.8
AHTS 4 - 8K
87.6
77.7
63.4
85.7
86.3
Total
85.6
%
79.8
%
76.0
%
82.5
%
83.3
%
Europe/Mediterranean
fleet:
PSV > 900
91.4
%
90.8
%
91.0
%
82.7
%
88.5
%
PSV < 900
86.8
86.4
81.3
85.0
89.2
AHTS > 16K
53.2
63.3
43.4
84.1
65.5
Total
89.0
%
88.8
%
85.7
%
83.4
%
87.8
%
West Africa
fleet:
PSV > 900
64.9
%
88.5
%
83.1
%
83.0
%
85.7
%
PSV < 900
95.4
85.1
91.1
95.3
89.9
AHTS > 16K
91.1
77.0
92.9
73.5
89.4
AHTS 8 - 16K
72.4
79.5
79.6
79.8
91.1
AHTS 4 - 8K
57.6
58.5
62.9
32.4
62.1
Other
56.9
50.0
49.4
50.3
45.4
Total
73.3
%
70.7
%
72.3
%
68.4
%
70.5
%
Worldwide
fleet:
PSV > 900
85.8
%
90.1
%
84.0
%
82.0
%
83.8
%
PSV < 900
87.9
85.6
85.5
83.4
80.2
AHTS > 16K
75.8
70.7
73.0
75.4
81.9
AHTS 8 - 16K
68.5
75.6
84.1
85.6
87.4
AHTS 4 - 8K
83.5
76.3
63.5
69.9
79.4
Other
60.7
53.9
53.4
51.7
45.7
Total
81.5
%
80.5
%
76.9
%
76.5
%
76.5
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
UTILIZATION -
ACTIVE FLEET:
Americas
fleet:
PSV > 900
77.2
%
84.5
%
78.5
%
84.2
%
82.6
%
PSV < 900
83.4
90.5
89.9
86.1
79.3
AHTS > 16K
59.0
54.7
50.0
50.0
48.2
AHTS 8 - 16K
74.0
65.4
100.0
100.0
76.8
AHTS 4 - 8K
93.7
97.8
93.7
96.4
99.2
Other
100.0
100.0
100.0
97.5
100.0
Total
81.0
%
86.3
%
85.4
%
85.2
%
80.1
%
Asia Pacific
fleet:
PSV > 900
93.4
%
97.3
%
71.1
%
70.8
%
62.6
%
PSV < 900
92.3
99.0
100.0
90.6
78.4
AHTS > 16K
72.7
66.7
60.7
78.1
90.8
AHTS 8 - 16K
63.9
78.9
85.0
79.8
85.4
AHTS 4 - 8K
100.0
100.0
10.4
80.3
97.4
Total
86.6
%
91.3
%
72.4
%
77.8
%
79.5
%
Middle East
fleet:
PSV > 900
100.0
%
90.2
%
100.0
%
100.0
%
100.0
%
PSV < 900
88.6
82.8
81.6
74.4
78.3
AHTS > 16K
100.0
100.0
100.0
100.0
100.0
AHTS 8 - 16K
60.4
69.0
87.0
96.0
84.8
AHTS 4 - 8K
87.6
77.7
63.4
85.7
86.3
Total
85.6
%
79.8
%
76.0
%
82.5
%
83.3
%
Europe/Mediterranean
fleet:
PSV > 900
91.4
%
90.8
%
91.0
%
82.7
%
88.5
%
PSV < 900
86.8
86.4
81.3
85.0
89.2
AHTS > 16K
53.2
63.3
43.4
84.1
65.5
Total
89.0
%
88.8
%
85.7
%
83.4
%
87.8
%
West Africa
fleet:
PSV > 900
64.9
%
88.5
%
83.1
%
83.0
%
85.7
%
PSV < 900
95.4
85.1
91.1
95.3
89.9
AHTS > 16K
91.1
77.0
92.9
73.5
89.4
AHTS 8 - 16K
72.4
79.5
79.6
79.8
91.1
AHTS 4 - 8K
80.4
95.4
94.3
43.2
79.1
Other
57.4
52.5
56.5
66.2
66.1
Total
74.8
%
73.9
%
77.8
%
76.6
%
81.7
%
Worldwide
fleet:
PSV > 900
85.8
%
90.1
%
84.0
%
82.0
%
83.8
%
PSV < 900
89.2
86.8
86.9
84.9
83.2
AHTS > 16K
75.8
70.7
73.0
75.4
81.9
AHTS 8 - 16K
68.5
75.6
84.1
85.6
87.4
AHTS 4 - 8K
87.7
82.6
68.8
75.7
86.7
Other
61.2
56.4
60.4
68.2
67.8
Total
82.4
%
82.1
%
79.4
%
80.6
%
82.5
%
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
AVERAGE VESSEL
DAY RATES: (A)
Americas
fleet:
PSV > 900
$
33,707
$
31,648
$
28,446
$
26,930
$
23,401
PSV < 900
21,306
19,479
16,702
16,037
16,146
AHTS > 16K
37,174
35,598
37,640
37,720
32,368
AHTS 8 - 16K
16,997
17,157
15,421
15,593
13,431
AHTS 4 - 8K
8,285
8,717
8,678
8,764
8,511
Other
18,427
26,857
17,658
17,110
12,611
Total
24,524
23,495
20,269
19,794
18,271
Asia Pacific
fleet:
PSV > 900
28,351
28,525
24,276
26,723
23,237
PSV < 900
20,703
23,380
31,927
31,488
21,627
AHTS > 16K
28,120
26,649
18,690
19,095
19,519
AHTS 8 - 16K
26,680
24,275
21,561
25,049
18,509
AHTS 4 - 8K
17,404
17,197
946
6,903
6,822
Total
25,378
25,867
24,250
23,582
17,868
Middle East
fleet:
PSV > 900
14,972
13,112
13,304
13,251
13,234
PSV < 900
11,785
11,677
11,320
10,926
10,768
AHTS > 16K
12,801
13,004
13,378
12,868
12,777
AHTS 8 - 16K
11,140
10,771
10,804
10,632
10,627
AHTS 4 - 8K
9,334
8,787
8,460
6,953
6,604
Total
10,855
10,544
10,449
9,679
9,498
Europe/Mediterranean
fleet:
PSV > 900
18,771
18,879
18,512
15,798
15,306
PSV < 900
19,227
17,926
17,756
12,451
15,696
AHTS > 16K
24,899
31,048
36,913
33,164
10,682
Total
19,061
19,105
18,990
15,669
15,364
West Africa
fleet:
PSV > 900
28,797
24,220
21,815
18,931
19,096
PSV < 900
19,271
17,781
17,040
16,080
13,758
AHTS > 16K
20,869
25,192
24,154
18,863
16,367
AHTS 8 - 16K
15,302
14,804
12,382
12,433
12,809
AHTS 4 - 8K
9,583
9,858
10,178
10,113
12,637
Other
6,415
7,217
6,511
5,548
5,359
Total
16,356
15,772
14,469
13,047
12,272
Worldwide
fleet:
PSV > 900
23,240
22,804
21,820
20,193
18,502
PSV < 900
17,734
16,949
15,837
14,688
13,839
AHTS > 16K
23,985
26,293
24,719
21,163
17,505
AHTS 8 - 16K
16,120
15,533
13,662
13,984
13,153
AHTS 4 - 8K
9,658
9,368
8,828
7,583
8,196
Other
8,397
10,281
8,441
6,852
6,080
Total
$
18,066
$
17,865
$
16,042
$
14,624
$
13,554
Note (A): Average Vessel Day Rates equals
Vessel Revenue / Days Worked.
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Americas
Vessel revenues
$
68,425
$
70,717
$
50,376
$
47,687
$
41,785
Vessel operating costs:
Crew costs
24,045
26,848
18,033
17,402
16,486
Repair and maintenance
3,846
5,588
3,973
3,888
3,619
Insurance
526
476
479
410
410
Fuel, lube and supplies
3,241
4,386
2,549
2,999
2,387
Other
5,172
5,924
4,564
3,572
5,102
Total vessel operating costs
36,830
43,222
29,598
28,271
28,004
Vessel operating margin ($)
31,595
27,495
20,778
19,416
13,781
Vessel operating margin (%)
46.2
%
38.9
%
41.2
%
40.7
%
33.0
%
Americas - Select
operating statistics
Average vessels - Total fleet
38
38
33
32
33
Utilization - Total fleet
78.9
%
84.1
%
82.8
%
82.3
%
74.6
%
Average vessels - Active fleet
37
37
32
31
31
Utilization - Active fleet
81.0
%
86.3
%
85.4
%
85.2
%
80.1
%
Average day rates
$
24,524
$
23,495
$
20,269
$
19,794
$
18,271
Vessels commencing drydocks
3
3
4
2
2
Deferred drydocking and survey costs -
beginning balance
$
29,684
$
29,769
$
27,832
$
21,720
$
21,772
Cash paid for deferred drydocking and
survey costs
5,025
4,658
5,867
8,218
4,389
Amortization of deferred drydocking and
survey costs
(5,353
)
(3,727
)
(2,626
)
(3,417
)
(3,025
)
Disposals, intersegment transfers and
other
(668
)
(1,016
)
(1,304
)
1,311
(1,416
)
Deferred drydocking and survey costs -
ending balance
$
28,688
$
29,684
$
29,769
$
27,832
$
21,720
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Asia
Pacific
Vessel revenues
$
38,632
$
38,994
$
22,585
$
22,024
$
19,070
Vessel operating costs:
Crew costs
15,177
12,390
7,062
7,311
9,876
Repair and maintenance
2,977
2,969
1,517
1,749
901
Insurance
269
183
219
123
183
Fuel, lube and supplies
1,191
909
1,521
1,630
1,299
Other
2,045
2,380
1,648
1,678
1,574
Total vessel operating costs
21,659
18,831
11,967
12,491
13,833
Vessel operating margin ($)
16,973
20,163
10,618
9,533
5,237
Vessel operating margin (%)
43.9
%
51.7
%
47.0
%
43.3
%
27.5
%
Asia Pacific -
Select operating statistics
Average vessels - Total fleet
19
18
14
14
16
Utilization - Total fleet
86.6
%
91.3
%
72.4
%
74.8
%
71.7
%
Average vessels - Active fleet
19
18
14
13
14
Utilization - Active fleet
86.6
%
91.3
%
72.4
%
77.8
%
79.5
%
Average day rates
$
25,378
$
25,867
$
24,250
$
23,582
$
17,868
Vessels commencing drydocks
—
—
—
1
2
Deferred drydocking and survey costs -
beginning balance
$
3,595
$
2,128
$
2,525
$
553
$
979
Cash paid for deferred drydocking and
survey costs
(18
)
84
(4
)
2,368
156
Amortization of deferred drydocking and
survey costs
(720
)
(637
)
(393
)
(282
)
(117
)
Disposals, intersegment transfers and
other
912
2,020
—
(114
)
(465
)
Deferred drydocking and survey costs -
ending balance
$
3,769
$
3,595
$
2,128
$
2,525
$
553
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Middle
East
Vessel revenues
$
38,072
$
34,685
$
31,856
$
30,762
$
30,575
Vessel operating costs:
Crew costs
13,716
13,914
13,170
12,616
12,472
Repair and maintenance
4,105
4,828
3,779
3,475
3,216
Insurance
501
385
465
433
384
Fuel, lube and supplies
2,610
3,142
3,470
2,870
2,991
Other
4,906
4,796
3,756
3,669
2,505
Total vessel operating costs
25,838
27,065
24,640
23,063
21,568
Vessel operating margin ($)
12,234
7,620
7,216
7,699
9,007
Vessel operating margin (%)
32.1
%
22.0
%
22.7
%
25.0
%
29.5
%
Middle East -
Select operating statistics
Average vessels - Total fleet
45
45
44
43
43
Utilization - Total fleet
85.6
%
79.8
%
76.0
%
82.5
%
83.3
%
Average vessels - Active fleet
45
45
44
43
43
Utilization - Active fleet
85.6
%
79.8
%
76.0
%
82.5
%
83.3
%
Average day rates
$
10,855
$
10,544
$
10,449
$
9,679
$
9,498
Vessels commencing drydocks
3
4
7
5
5
Deferred drydocking and survey costs -
beginning balance
$
21,153
$
22,717
$
20,677
$
15,062
$
14,993
Cash paid for deferred drydocking and
survey costs
1,360
3,234
4,262
7,787
1,930
Amortization of deferred drydocking and
survey costs
(3,182
)
(2,776
)
(3,778
)
(1,913
)
(2,323
)
Disposals, intersegment transfers and
other
—
(2,022
)
1,556
(259
)
462
Deferred drydocking and survey costs -
ending balance
$
19,331
$
21,153
$
22,717
$
20,677
$
15,062
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Europe/Mediterranean
Vessel revenues
$
80,743
$
78,929
$
39,295
$
31,250
$
33,482
Vessel operating costs:
Crew costs
25,848
26,632
13,406
12,727
13,010
Repair and maintenance
6,081
5,342
2,900
2,706
3,067
Insurance
791
689
354
384
386
Fuel, lube and supplies
3,717
4,033
2,363
1,584
2,051
Other
3,719
5,376
2,292
2,371
1,762
Total vessel operating costs
40,156
42,072
21,315
19,772
20,276
Vessel operating margin ($)
40,587
36,857
17,980
11,478
13,206
Vessel operating margin (%)
50.3
%
46.7
%
45.8
%
36.7
%
39.4
%
Europe/Mediterranean - Select operating
statistics
Average vessels - Total fleet
51
50
26
27
27
Utilization - Total fleet
89.0
%
88.8
%
85.7
%
83.4
%
87.8
%
Average vessels - Active fleet
51
50
26
27
27
Utilization - Active fleet
89.0
%
88.8
%
85.7
%
83.4
%
87.8
%
Average day rates
$
19,061
$
19,105
$
18,990
$
15,669
$
15,364
Vessels commencing drydocks
5
5
4
4
3
Deferred drydocking and survey costs -
beginning balance
$
16,256
$
11,705
$
11,363
$
9,566
$
8,588
Cash paid for deferred drydocking and
survey costs
7,580
6,733
2,217
5,128
1,175
Amortization of deferred drydocking and
survey costs
(2,758
)
(3,201
)
(1,875
)
(1,739
)
(1,523
)
Disposals, intersegment transfers and
other
—
1,019
—
(1,592
)
1,326
Deferred drydocking and survey costs -
ending balance
$
21,078
$
16,256
$
11,705
$
11,363
$
9,566
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
West
Africa
Vessel revenues
$
74,643
$
73,650
$
66,211
$
59,457
$
60,194
Vessel operating costs:
Crew costs
18,751
17,502
16,336
16,587
17,855
Repair and maintenance
4,626
4,868
4,665
4,834
3,971
Insurance
678
626
651
655
664
Fuel, lube and supplies
4,506
5,300
4,055
4,472
4,113
Other
5,509
4,753
5,037
5,314
5,212
Total vessel operating costs
34,070
33,049
30,744
31,862
31,815
Vessel operating margin ($)
40,573
40,601
35,467
27,595
28,379
Vessel operating margin (%)
54.4
%
55.1
%
53.6
%
46.4
%
47.1
%
West Africa -
Select operating statistics
Average vessels - Total fleet
68
72
70
74
75
Utilization - Total fleet
73.3
%
70.7
%
72.3
%
68.4
%
70.5
%
Average vessels - Active fleet
67
69
65
66
65
Utilization - Active fleet
74.8
%
73.9
%
77.8
%
76.6
%
81.7
%
Average day rates
$
16,356
$
15,772
$
14,469
$
13,047
$
12,272
Vessels commencing drydocks
7
7
4
6
2
Deferred drydocking and survey costs -
beginning balance
$
28,527
$
26,162
$
20,390
$
14,179
$
11,545
Cash paid for deferred drydocking and
survey costs
10,121
5,909
9,024
7,824
4,467
Amortization of deferred drydocking and
survey costs
(4,367
)
(3,544
)
(3,000
)
(2,267
)
(1,909
)
Disposals, intersegment transfers and
other
(449
)
—
(252
)
654
76
Deferred drydocking and survey costs -
ending balance
$
33,832
$
28,527
$
26,162
$
20,390
$
14,179
TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Worldwide
Vessel revenues
$
300,515
$
296,975
$
210,323
$
191,180
$
185,106
Vessel operating costs:
Crew costs
97,537
97,286
68,007
66,643
69,699
Repair and maintenance
21,635
23,595
16,834
16,652
14,774
Insurance
2,765
2,359
2,168
2,005
2,027
Fuel, lube and supplies
15,265
17,770
13,958
13,555
12,841
Other
21,351
23,229
17,297
16,604
16,155
Total vessel operating costs
158,553
164,239
118,264
115,459
115,496
Vessel operating margin ($)
141,962
132,736
92,059
75,721
69,610
Vessel operating margin (%)
47.2
%
44.7
%
43.8
%
39.6
%
37.6
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
221
223
187
190
194
Utilization - Total fleet
81.5
%
80.5
%
76.9
%
76.5
%
76.5
%
Average vessels - Active fleet
219
219
181
180
180
Utilization - Active fleet
82.4
%
82.1
%
79.4
%
80.6
%
82.5
%
Average day rates
$
18,066
$
17,865
$
16,042
$
14,624
$
13,554
Vessels commencing drydocks
18
19
19
18
14
Deferred drydocking and survey costs -
beginning balance
$
99,215
$
92,481
$
82,787
$
61,080
$
57,877
Cash paid for deferred drydocking and
survey costs
24,068
20,618
21,366
31,325
12,117
Amortization of deferred drydocking and
survey costs
(16,380
)
(13,885
)
(11,672
)
(9,618
)
(8,897
)
Disposals, intersegment transfers and
other
(205
)
1
—
—
(17
)
Deferred drydocking and survey costs -
ending balance
$
106,698
$
99,215
$
92,481
$
82,787
$
61,080
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Net income
$
37,328
$
25,549
$
21,928
$
10,816
$
10,182
Interest and other debt costs
20,263
19,288
4,731
4,190
4,339
Income tax expense
10,793
9,260
11,284
11,971
1,697
Depreciation
42,788
43,845
21,096
21,048
20,983
Amortization of deferred drydock and
survey costs
16,379
13,885
11,672
9,618
8,898
Amortization of below market contracts
(1,894
)
(1,906
)
—
—
—
EBITDA (A), (B), (C)
125,657
109,921
70,711
57,643
46,099
Non-cash indemnification assets charge
(70
)
1,184
—
—
—
Non-cash stock compensation expense
3,508
2,496
2,648
2,103
2,028
Acquisition, restructuring and integration
related costs
2,177
6,079
1,242
1,426
5,150
Adjusted EBITDA (A), (B), (C)
$
131,272
$
119,680
$
74,601
$
61,172
$
53,277
Note (A): EBITDA excludes interest and
other debt costs, income tax expense, depreciation and amortization
of deferred drydock and below market contracts. Additionally,
Adjusted EBITDA excludes non-cash indemnification assets charge
included in interest income and other; non-cash stock-based
compensation expense; and acquisition, restructuring and
integration related costs.
Note (B): EBITDA for the three months
ended December 31, 2023, and for each of the prior four quarters
includes non-cash stock-based compensation expense of $3,508,
$2,496, $2,648, $2,103 and $2,028 respectively.
Note (C): EBITDA and Adjusted EBITDA for
the three months ended December 31, 2023, and for each of the prior
four quarters includes foreign exchange gain (losses) of $2,250,
$(2,149), $(3,819), $2,348 and $2,105 respectively.
Non-GAAP Financial Measures
We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP
financial measures in our public releases, including quarterly
earnings releases, investor conference calls and other filings with
the Securities and Exchange Commission. We define EBITDA as
earnings (net income or loss) before interest and other debt costs,
income tax expense, depreciation and amortization. Additionally,
Adjusted EBITDA excludes impairment charges, non-cash
indemnification asset charge, non-cash stock-based compensation
expense and merger and integration related costs. Our measures of
EBITDA and Adjusted EBITDA may not be comparable to similarly
titled measures presented by other companies. Other companies may
calculate EBITDA and Adjusted EBITDA differently than we do, which
may limit its usefulness as a comparative measure.
Because EBITDA and Adjusted EBITDA are not measures of financial
performance calculated in accordance with GAAP, they should not be
considered in isolation or as a substitute for operating income,
net income or loss, cash provided (used) in operating activities,
investing and financing activities, or other income or cash flow
statement data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA are widely used by investors and
other users of our financial statements as a supplemental financial
measure that, when viewed with our GAAP results and the
accompanying reconciliations, we believe provide additional
information that is useful to gain an understanding of the factors
and trends affecting our ability to service debt, pay taxes and
fund drydocking and survey costs and capital expenditures. We also
believe the disclosure of EBITDA and Adjusted EBITDA helps
investors meaningfully evaluate and compare our cash flow
generating capacity from quarter-to-quarter and year-to-year.
EBITDA and Adjusted EBITDA are also financial metrics used by
management (i) as a supplemental internal measure for planning and
forecasting overall expectations and for evaluating actual results
against such expectations; (ii) to compare to the EBITDA and
Adjusted EBITDA of other companies when evaluating potential
acquisitions; and (iii) to assess our ability to service existing
fixed charges and incur additional indebtedness.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In Thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Net cash provided by operating activities
(A)
$
47,231
$
34,939
$
9,741
$
12,794
$
45,340
Cash interest expense
18,186
606
7,748
98
7,575
Interest income and other
(3,029
)
(568
)
(2,790
)
(130
)
(981
)
Indemnification assets charge
70
(1,184
)
—
—
—
Additions to property and equipment
(8,386
)
(5,702
)
(8,849
)
(8,651
)
(4,929
)
Acquisitions
—
(594,191
)
—
—
—
Expansion capital
1,034
594,252
2,493
109
1,240
55,106
28,152
8,343
4,220
48,245
Proceeds from asset sales
5,902
945
2,943
5,716
5,093
Free cash flow
$
61,008
$
29,097
$
11,286
$
9,936
$
53,338
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
December 31,
September 30,
June 30,
March 31,
December 31,
2023
2023
2023
2023
2022
Cash provided by (used in) changes in
assets and liabilities, excluding drydock payments
$
(24,083
)
$
(29,286
)
$
(23,447
)
$
2,295
$
16,018
Cash paid for deferred drydock and survey
costs
(24,069
)
(20,618
)
(21,366
)
(31,325
)
(12,117
)
Total sources (uses) of cash for changes
in assets and liabilities
$
(48,152
)
$
(49,904
)
$
(44,813
)
$
(29,030
)
$
3,901
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240226697169/en/
Tidewater Inc. West Gotcher Vice President, Finance and Investor
Relations +1.713.470.5285
Tidewater (NYSE:TDW)
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