Tidewater Reports Results for the Three and Nine Months Ended September 30, 2021

Rhea-AI Summary

Tidewater Inc. (NYSE:TDW) reported revenue of $92.4 million and $265.9 million for Q3 and YTD 2021, respectively, marking increases from $86.5 million and $305.2 million in 2020. Despite net losses of $26.3 million for Q3 and $91.0 million YTD, improvements in operational metrics were noted. The company successfully refinanced $175 million in senior secured notes, enhancing liquidity. Tidewater's ongoing fleet reactivation and strategic agreements signal potential for growth, particularly in offshore renewables and the recovery in hydrocarbon demand.

Positive

• Revenue increased to $92.4 million from $86.5 million in Q3 2020.
• Successful refinancing of $175 million in senior secured notes extends maturity to 2026, enhancing financial flexibility.
• Generated $4.1 million of free cash flow during Q3 2021.
• 15 vessels reactivated in 2021, improving operational capacity.
• Secured a five-year agreement for 17 vessels in West Africa with a major customer.

Negative

• Net losses of $26.3 million in Q3 2021 compared to $37.9 million in 2020.
• A modest reduction in day rates despite increasing revenue and vessel utilization.

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2021 of $92.4 million and $265.9 million, respectively, compared with $86.5 million and $305.2 million, respectively, for the three and nine months ended September 30, 2020. Tidewater's net losses for the three and nine months ended September 30, 2021, were $26.3 million ($0.64 per common share) and $91.0 million ($2.22 per common share), respectively, compared with $37.9 million ($0.94 per common share) and $167.0 million ($4.15 per common share) for the three and nine months ended September 30, 2020. Included in the net losses for the three and nine months ended September 30, 2021 were long-lived asset impairments, affiliate credit loss credit, and severance expenses of $2.3 and $2.1 million, respectively. Excluding these items, we would have reported a net loss for the three and nine months ended September 30, 2021 of $24.0 million ($0.58 per common share) and $88.9 million ($2.17 per common share), respectively. Included in the net losses for the three and nine months ended September 30, 2020 were $2.6 million and $124.4 million, respectively, in long-lived asset impairments, affiliate credit losses, affiliate guarantee obligations, and severance expenses. Excluding these costs, we would have reported net loss for the three months ended September 30, 2020 of $35.3 million ($0.87 per common share) and a net loss for the nine months ended September 30, 2020 of $42.6 million (or $1.06 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “We recently marked an important achievement with the upcoming refinancing of our senior secured notes that were due in August of 2022 with the new senior secured $175.0 million notes that mature in November of 2026. The refinancing is scheduled to close next week, and we anticipate closing on a new $25.0 million revolving credit facility and the establishment of a $30.0 million “At-the-Market” equity issuance facility shortly thereafter. The 2026 notes provide substantially increased flexibility to grow the business. The refinancing transaction was set up to be cash flow neutral, so upon closing we expect to have approximately $150.0 million of cash on hand. The new revolving credit and ATM facilities will be available to provide additional cash as needed, but we do not foresee the need to utilize these facilities in the near term due to our significant current cash position.

“The successful refinancing of the 2022 senior notes is a sign of the progress Tidewater has made over the past four years to streamline the cost structure, high-grade the fleet, generate meaningful free cash flow, and position the business to prosper as the broader industry recovery unfolds. The 2026 notes and the new revolving credit and ATM facilities will provide us with the liquidity and flexibility to take advantage of opportunities in the legacy hydrocarbon business and position us to participate in the rapidly evolving offshore renewables business.

“From an operational perspective, the business continued to show signs of improvement during the third quarter as we move towards a more robust 2022. Revenue, active vessels and utilization continued to trend up, although day rate did see a modest reduction primarily due to geographic mix. During the third quarter, we generated $4.1 million of free cash flow, even after the reinvestment of $11.1 million in drydock and vessel reactivation costs during the quarter. We remain committed to generating sustainable free cash flow, and over the trailing 12 months we generated $58.3 million in free cash flow. The total number of vessels reactivated in 2021 is now up to 15.

“During the third quarter of 2021, revenue improved 2.7% sequentially, driven primarily by the full effect of vessels being reactivated throughout the year in response to the increase in activity, particularly in the West Africa and Americas regions. We continue to see improving demand fundamentals globally, and during the third quarter we executed a five-year agreement for 17 vessels in West Africa with a major customer.

“Our ongoing fleet development program includes the sale or responsible recycling of vessels that are deemed uneconomic or which otherwise do not meet our future strategic goals, and during the third quarter we disposed of six vessels and other assets for $4.4 million. We expect both the sale and recycling of vessels to taper off in the next 12 months as we work through the 14 vessels remaining in assets held for sale.

“Our confidence in 2022 is growing as certain geographic regions and certain vessel classes have tightened such that we’ve seen material price increases, some in-excess of 50%, as the available supply of easy-to-reactivate vessels has been largely consumed by increased demand. This degree of tightness in supply is not yet pervasive in all regions or vessel classes, but we see it as indicative of improving fundamentals and a reflection of fewer available vessels than readily observable metrics would otherwise suggest. Our growing confidence is further underpinned by increased tendering activity for work that was delayed during the pandemic and by new projects scheduled for 2022, particularly in West Africa, the Middle East, and the Americas regions. We are also encouraged by the pricing discipline our competitors are exhibiting as tendering activity continues to build.”

In addition to the number of outstanding shares, as of September 30, 2021, the company also has the following in-the-money warrants.

Common Shares Outstanding			41,277,377
New Creditor Warrants (strike price $0.001 per common share)			635,663
GulfMark Creditor Warrants (strike price $0.01 per common share)			565,155
Total			42,478,195

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2021 on November 10, 2021, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1-888-771-4371 if calling from the U.S. or Canada (+1-847-585-4405 if calling from outside the U.S.) and asking for the “Tidewater” call just 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 10:30 a.m. Central Time on November 10, 2021 and will continue until 11:59 p.m. Central Time on December 10, 2021. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involves numerous risks and uncertainties that may cause the company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide.

Note: All per-share amounts are stated on a diluted basis.

Financial information is displayed beginning on the next page.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)
	Three Months Ended								Nine Months Ended
	September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Revenues:
Vessel revenues	$	91,634			$	85,395			$	261,141			$	298,344
Other operating revenues		767				1,072				4,717				6,835
Total revenues		92,401				86,467				265,858				305,179
Costs and expenses:
Vessel operating costs		65,344				61,784				190,627				205,383
Costs of other operating revenues		355				219				2,003				3,063
General and administrative		18,045				17,438				50,875				56,455
Depreciation and amortization		27,980				30,777				86,256				86,028
Long-lived asset impairments and other		2,167				1,945				2,167				67,634
Affiliate credit loss impairment expense (credit)		—				—				(1,000	)			53,581
Affiliate guarantee obligation		—				—				—				2,000
(Gain) loss on asset dispositions, net		74				(520	)			2,954				(7,511	)
		113,965				111,643				333,882				466,633
Operating loss		(21,564	)			(25,176	)			(68,024	)			(161,454	)
Other income (expense):
Foreign exchange loss		(523	)			(1,153	)			(951	)			(2,365	)
Equity in net earnings (losses) of unconsolidated companies		100				—				(1,697	)			—
Dividend income from unconsolidated company		—				—				—				17,150
Interest income and other, net		148				272				179				1,084
Interest and other debt costs, net		(3,681	)			(6,071	)			(12,166	)			(18,172	)
Total other expense		(3,956	)			(6,952	)			(14,635	)			(2,303	)
Loss before income taxes		(25,520	)			(32,128	)			(82,659	)			(163,757	)
Income tax expense		887				5,953				8,922				3,512
Net loss	$	(26,407	)		$	(38,081	)		$	(91,581	)		$	(167,269	)
Less: Net loss attributable to noncontrolling interests		(149	)			(154	)			(546	)			(274	)
Net loss attributable to Tidewater Inc.	$	(26,258	)		$	(37,927	)		$	(91,035	)		$	(166,995	)
Basic loss per common share	$	(0.64	)		$	(0.94	)		$	(2.22	)		$	(4.15	)
Diluted loss per common share	$	(0.64	)		$	(0.94	)		$	(2.22	)		$	(4.15	)
Weighted average common shares outstanding		41,132				40,405				40,918				40,271
Adjusted weighted average common shares		41,132				40,405				40,918				40,271

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and par value data)
		September 30, 2021				December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents		$	127,414			$	149,933
Restricted cash			24,092				2,079
Trade and other receivables, less allowance for credit losses of $2,134 and $1,516 at September 30, 2021 and December 31, 2020, respectively			86,015				112,623
Due from affiliates, less allowance for credit losses of $70,638 and $71,800 at September 30, 2021 and December 31, 2020, respectively			68,217				62,050
Marine operating supplies			13,335				15,876
Assets held for sale			17,891				34,396
Prepaid expenses and other current assets			13,129				11,692
Total current assets			350,093				388,649
Net properties and equipment			709,324				780,318
Deferred drydocking and survey costs			40,510				56,468
Other assets			23,146				25,742
Total assets		$	1,123,073			$	1,251,177
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	18,042			$	16,981
Accrued expenses			52,133				52,422
Due to affiliates			59,571				53,194
Current portion of long-term debt			140,995				27,797
Other current liabilities			29,139				32,785
Total current liabilities			299,880				183,179
Long-term debt			14,139				164,934
Other liabilities and deferred credits			74,442				79,792
Commitments and contingencies
Equity:
Common stock			41				41
Additional paid-in-capital			1,375,215				1,371,809
Accumulated deficit			(639,966	)			(548,931	)
Accumulated other comprehensive loss			(1,289	)			(804	)
Total stockholder's equity			734,001				822,115
Noncontrolling interests			611				1,157
Total equity			734,612				823,272
Total liabilities and equity		$	1,123,073			$	1,251,177

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (In thousands)
		Three Months Ended								Nine Months Ended
		September 30, 2021				September 30, 2020				September 30, 2021				September 30, 2020
Net loss		$	(26,407	)		$	(38,081	)		$	(91,581	)		$	(167,269	)
Other comprehensive income (loss):
Change in pension plan and supplemental pension plan liability, net of tax of $0, $0.2 million, $0 and $0.4 million, respectively			(207	)			525				(485	)			1,342
Total comprehensive loss		$	(26,614	)		$	(37,556	)		$	(92,066	)		$	(165,927	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)
		Nine Months				Nine Months
		Ended				Ended
		September 30, 2021				September 30, 2020
Operating activities:
Net loss		$	(91,581	)		$	(167,269	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			54,605				53,614
Amortization of deferred drydocking and survey costs			31,651				32,414
Amortization of debt premiums and discounts			2,662				2,418
Provision for deferred income taxes			167				107
(Gain) loss on asset dispositions, net			2,954				(7,511	)
Loss on debt extinguishment			59				—
Affiliate credit loss impairment expense (credit)			(1,000	)			53,581
Affiliate guarantee obligation			—				2,000
Long-lived asset impairments and other			2,167				67,634
Stock-based compensation expense			4,199				3,959
Changes in operating assets and liabilities, net:
Trade and other receivables			26,608				9,434
Changes in due to/from affiliates, net			1,210				9,852
Accounts payable			1,061				(14,548	)
Accrued expenses			(473	)			(18,189	)
Deferred drydocking and survey costs			(17,388	)			(29,499	)
Other, net			(8,833	)			3,809
Net cash provided by operating activities			8,068				1,806
Cash flows from investing activities:
Proceeds from asset dispositions			33,956				31,498
Additions to properties and equipment			(2,583	)			(4,682	)
Net cash provided by investing activities			31,373				26,816
Cash flows from financing activities:
Principal payments on long-term debt			(39,259	)			(33,520	)
Debt modification costs			(855	)			—
Debt extinguishment premium			(59	)			—
Tax on share-based awards			(793	)			(702	)
Net cash used in financing activities			(40,966	)			(34,222	)
Net change in cash, cash equivalents and restricted cash			(1,525	)			(5,600	)
Cash, cash equivalents and restricted cash at beginning of period			155,225				227,608
Cash, cash equivalents and restricted cash at end of period		$	153,700			$	222,008

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized			10,083				16,169
Income taxes			14,735				9,940

Note: Cash, cash equivalents and restricted cash at September 30, 2021 includes $2.2 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (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, 2021		$	41				1,373,727				(613,708	)			(1,082	)			760				759,738
Total comprehensive loss			—				—				(26,258	)			(207	)			(149	)			(26,614	)
Amortization of share-based awards			—				1,488				—				—				—				1,488
Balance at September 30, 2021		$	41				1,375,215				(639,966	)			(1,289	)			611				734,612
Balance at June 30, 2020		$	40				1,369,645				(481,757	)			581				1,491				890,000
Total comprehensive income (loss)			—				—				(37,927	)			525				(154	)			(37,556	)
Amortization of share-based awards			—				1,133				—				—				—				1,133
Balance at September 30, 2020		$	40				1,370,778				(519,684	)			1,106				1,337				853,577

		Nine Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				income (loss)				interest				Total
Balance at December 31, 2020		$	41				1,371,809				(548,931	)			(804	)			1,157				823,272
Total comprehensive loss			—				—				(91,035	)			(485	)			(546	)			(92,066	)
Amortization of share-based awards			—				3,406				—				—				—				3,406
Balance at September 30, 2021		$	41				1,375,215				(639,966	)			(1,289	)			611				734,612
Balance at December 31, 2019		$	40				1,367,521				(352,526	)			(236	)			1,611				1,016,410
Total comprehensive income (loss)			—				—				(166,995	)			1,342				(274	)			(165,927	)
Adoption of credit loss accounting standard			—				—				(163	)			—				—				(163	)
Amortization of share-based awards			—				3,257				—				—				—				3,257
Balance at September 30, 2020		$	40				1,370,778				(519,684	)			1,106				1,337				853,577

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:

		Three Months Ended																Nine Months Ended
(In thousands, except for percentages)		September 30, 2021								September 30, 2020								September 30, 2021								September 30, 2020
Vessel revenues:
Americas		$	24,564				27	%		$	28,705				34	%		$	74,269				29	%		$	94,608				32	%
Middle East/Asia Pacific			25,633				28	%			23,280				27	%			75,675				29	%			72,091				24	%
Europe/Mediterranean			21,197				23	%			17,716				21	%			58,413				22	%			67,827				23	%
West Africa			20,240				22	%			15,694				18	%			52,784				20	%			63,818				21	%
Total vessel revenues		$	91,634				100	%		$	85,395				100	%		$	261,141				100	%		$	298,344				100	%
Vessel operating costs:
Crew costs		$	35,609				39	%		$	36,686				43	%		$	108,456				42	%		$	119,864				40	%
Repair and maintenance			10,497				11	%			5,932				7	%			29,468				11	%			23,186				8	%
Insurance			812				1	%			1,953				2	%			1,298				1	%			5,748				2	%
Fuel, lube and supplies			6,751				7	%			6,757				8	%			19,152				7	%			22,892				8	%
Other			11,675				13	%			10,456				12	%			32,253				12	%			33,693				11	%
Total vessel operating costs			65,344				71	%			61,784				72	%			190,627				73	%			205,383				69	%
Vessel operating margin (A)		$	26,290				29	%		$	23,611				28	%		$	70,514				27	%		$	92,961				31	%

Note (A): Vessel operating margin equals revenues less vessel operating costs and excludes general and administrative expenses and depreciation and amortization.

The company’s operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:

		Three Months Ended																Nine Months Ended
(In thousands, except for percentages)		September 30, 2021								September 30, 2020								September 30, 2021								September 30, 2020
Vessel operating profit (loss):
Americas		$	(1,770	)			(2	)%		$	107				0	%		$	(8,361	)			(3	)%		$	3,448				1	%
Middle East/Asia Pacific			(713	)			(1	)%			(2,222	)			(3	)%			(2,300	)			(1	)%			(2,479	)			(1	)%
Europe/Mediterranean			(2,866	)			(3	)%			(3,883	)			(4	)%			(12,873	)			(5	)%			(4,086	)			(1	)%
West Africa			(3,724	)			(4	)%			(10,168	)			(12	)%			(15,846	)			(6	)%			(19,015	)			(6	)%
Other operating profit			412				0	%			853				1	%			2,714				1	%			3,772				1	%
			(8,661	)			(9	)%			(15,313	)			(18	)%			(36,666	)			(14	)%			(18,360	)			(6	)%
Corporate expenses (A)			(10,662	)			(12	)%			(8,438	)			(10	)%			(27,237	)			(10	)%			(27,390	)			(9	)%
Gain (loss) on asset dispositions, net			(74	)			(0	)%			520				1	%			(2,954	)			(1	)%			7,511				2	%
Affiliate credit loss impairment (expense) credit			—				0	%			—				0	%			1,000				0	%			(53,581	)			(18	)%
Affiliate guarantee obligation			—				0	%			—				0	%			—				0	%			(2,000	)			(1	)%
Long-lived asset impairments and other			(2,167	)			(2	)%			(1,945	)			(2	)%			(2,167	)			(1	)%			(67,634	)			(22	)%
Operating loss		$	(21,564	)			(23	)%		$	(25,176	)			(29	)%		$	(68,024	)			(26	)%		$	(161,454	)			(53	)%

Note (A): General and administrative expenses for the three and nine months ended September 30, 2021 include stock-based compensation of $1.5 million and $4.2 million, respectively. General and administrative expenses for the three and nine months ended September 30, 2020 include stock-based compensation of $1.3 million and $4.0 million, respectively. In addition, vessel operating and general and administrative costs for the three and nine months ended September 30, 2021, include $0.1 million and $1.0 million in one-time restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2020, include $0.6 million and $1.2 million in one-time restructuring and integration related costs, respectively.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (Unaudited) (In thousands, except per share data)
		Three Months Ended
			September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
Revenues:
Vessel revenues		$	91,634				88,514				80,993				87,830				85,395
Other operating revenues			767				1,439				2,511				4,029				1,072
Total revenues			92,401				89,953				83,504				91,859				86,467
Costs and expenses:
Vessel operating costs (A)			65,344				64,263				61,020				63,397				61,784
Costs of other operating revenue			355				581				1,067				342				219
General and administrative (A)			18,045				16,787				16,043				16,992				17,438
Depreciation and amortization			27,980				28,549				29,727				30,681				30,777
Long-lived asset impairments and other			2,167				—				—				6,475				1,945
Affiliate credit loss impairment credit			—				(1,000	)			—				(600	)			—
(Gain) loss on asset dispositions, net			74				932				1,948				(80	)			(520	)
Total operating costs and expenses			113,965				110,112				109,805				117,207				111,643
Operating loss			(21,564	)			(20,159	)			(26,301	)			(25,348	)			(25,176	)
Other income (expense):
Foreign exchange gain (loss)			(523	)			422				(850	)			(2,880	)			(1,153	)
Equity in net earnings (losses) of unconsolidated companies			100				52				(1,849	)			164				—
Interest income and other, net			148				8				23				144				272
Interest and other debt costs, net			(3,681	)			(3,944	)			(4,541	)			(5,984	)			(6,071	)
Total other expense			(3,956	)			(3,462	)			(7,217	)			(8,556	)			(6,952	)
Loss before income taxes			(25,520	)			(23,621	)			(33,518	)			(33,904	)			(32,128	)
Income tax (benefit) expense			887				6,026				2,009				(4,477	)			5,953
Net loss			(26,407	)			(29,647	)			(35,527	)			(29,427	)			(38,081	)
Net loss attributable to noncontrolling interests			(149	)			(185	)			(212	)			(180	)			(154	)
Net loss attributable to Tidewater Inc.		$	(26,258	)			(29,462	)			(35,315	)			(29,247	)			(37,927	)
Basic loss per common share		$	(0.64	)			(0.72	)			(0.87	)			(0.72	)			(0.94	)
Diluted loss per common share		$	(0.64	)			(0.72	)			(0.87	)			(0.72	)			(0.94	)
Weighted average common shares outstanding			41,132				40,899				40,716				40,604				40,405
Dilutive effect of stock options and restricted stock			—				—				—				—				—
Adjusted weighted average common shares			41,132				40,899				40,716				40,604				40,405
Vessel operating margin		$	26,290				24,251				19,973				24,433				23,611
Note (A) One-time restructuring and integration related costs		$	112				795				103				291				641

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
ASSETS
Current assets:
Cash and cash equivalents		$	127,414				131,157				131,858				149,933				192,243
Restricted cash			24,092				20,284				9,061				2,079				26,401
Trade and other receivables, net			86,015				90,229				99,865				112,623				100,583
Due from affiliate, net			68,217				64,922				62,474				62,050				65,692
Marine operating supplies			13,335				15,404				15,676				15,876				17,808
Assets held for sale			17,891				17,214				31,214				34,396				19,163
Prepaid expenses and other current assets			13,129				15,953				13,594				11,692				18,925
Total current assets			350,093				355,163				363,742				388,649				440,815
Net properties and equipment			709,324				731,659				754,707				780,318				820,876
Deferred drydocking and survey costs			40,510				40,372				46,648				56,468				63,975
Other assets			23,146				24,539				23,833				25,742				25,108
Total assets		$	1,123,073				1,151,733				1,188,930			$	1,251,177			$	1,350,774
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	18,042				16,189				14,622				16,981				12,953
Accrued expenses			52,133				50,532				48,466				52,422				55,811
Due to affiliates			59,571				59,759				56,356				53,194				53,355
Current portion of long-term debt			140,995				7,355				18,201				27,797				9,576
Other current liabilities			29,139				28,825				35,003				32,785				31,599
Total current liabilities			299,880				162,660				172,648				183,179				163,294
Long-term debt			14,139				148,612				148,337				164,934				246,179
Other liabilities and deferred credits			74,442				80,723				79,234				79,792				87,724
Equity:
Common stock			41				41				41				41				40
Additional paid-in-capital			1,375,215				1,373,727				1,372,846				1,371,809				1,370,778
Accumulated deficit			(639,966	)			(613,708	)			(584,246	)			(548,931	)			(519,684	)
Accumulated other comprehensive income (loss)			(1,289	)			(1,082	)			(875	)			(804	)			1,106
Total stockholder's equity			734,001				758,978				787,766				822,115				852,240
Noncontrolling interests			611				760				945				1,157				1,337
Total equity			734,612				759,738				788,711				823,272				853,577
Total liabilities and equity		$	1,123,073				1,151,733				1,188,930				1,251,177				1,350,774
Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)		$	8,646				5,163				6,118				8,856				12,337

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited) (In thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
Deepwater		$	18,961				17,796				19,876				25,706				22,836
Towing-supply			4,440				4,535				4,817				4,603				4,119
Other			1,163				1,150				1,531				1,759				1,750
Total			24,564				23,481				26,224				32,068				28,705
Middle East/Asia Pacific fleet:
Deepwater		$	17,292				17,264				15,931				16,822				13,819
Towing-supply			8,341				8,364				8,483				8,220				9,461
Total			25,633				25,628				24,414				25,042				23,280
Europe/Mediterranean fleet:
Deepwater		$	21,037				22,293				14,588				15,621				17,578
Towing-supply			—				11				—				—				(13	)
Other			160				163				161				154				151
Total			21,197				22,467				14,749				15,775				17,716
West Africa fleet:
Deepwater		$	10,967				8,814				7,909				6,237				4,905
Towing-supply			5,474				5,564				4,879				5,202				7,711
Other			3,799				2,560				2,818				3,506				3,078
Total		$	20,240				16,938				15,606				14,945				15,694
Worldwide fleet:
Deepwater		$	68,257				66,167				58,304				64,386				59,138
Towing-supply			18,255				18,474				18,179				18,025				21,278
Other			5,122				3,873				4,510				5,419				4,979
Total		$	91,634				88,514				80,993				87,830				85,395

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
AVERAGE NUMBER OF VESSELS:
Americas fleet:
Deepwater			25				27				29				32				32
Towing-supply			8				8				8				10				12
Other			3				3				3				3				3
Total			36				38				40				45				47
Stacked vessels			(11	)			(13	)			(12	)			(15	)			(17	)
Active vessels			25				25				28				30				30
Middle East/Asia Pacific fleet:
Deepwater			20				20				21				21				22
Towing-supply			18				18				20				22				23
Total			38				38				41				43				45
Stacked vessels			(1	)			(1	)			(3	)			(3	)			(4	)
Active vessels			37				37				38				40				41
Europe/Mediterranean fleet:
Deepwater			28				29				31				31				32
Total			28				29				31				31				32
Stacked vessels			(7	)			(8	)			(14	)			(16	)			(17	)
Active vessels			21				21				17				15				15
West Africa fleet:
Deepwater			19				20				20				20				25
Towing-supply			11				11				12				13				17
Other			25				26				26				23				16
Total			55				57				58				56				58
Stacked vessels			(19	)			(22	)			(25	)			(26	)			(31	)
Active vessels			36				35				33				30				27
Worldwide fleet:
Deepwater			92				96				101				104				111
Towing-supply			37				37				40				45				52
Other			28				29				29				26				19
Total			157				162				170				175				182
Stacked vessels			(38	)			(44	)			(54	)			(60	)			(69	)
Active vessels			119				118				116				115				113
Total active			119				118				116				115				113
Total stacked			38				44				54				60				69
Total joint venture and other vessels			3				3				3				3				3
Total			160				165				173				178				185

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
Deepwater			2,300				2,497				2,627				2,944				2,996
Towing-supply			736				728				720				898				1,098
Other			244				273				270				276				276
Total			3,280				3,498				3,617				4,118				4,370
Middle East/Asia Pacific fleet:
Deepwater			1,840				1,820				1,863				1,932				2,025
Towing-supply			1,656				1,667				1,822				2,032				2,118
Total			3,496				3,487				3,685				3,964				4,143
Europe/Mediterranean fleet:
Deepwater			2,612				2,672				2,756				2,852				2,916
Towing-supply			—				—				—				—				24
Total			2,612				2,672				2,756				2,852				2,940
West Africa fleet:
Deepwater			1,718				1,853				1,827				1,840				2,269
Towing-supply			1,011				1,001				1,084				1,196				1,588
Other			2,328				2,366				2,340				2,095				1,469
Total			5,057				5,220				5,251				5,131				5,326
Worldwide fleet:
Deepwater			8,470				8,842				9,073				9,568				10,206
Towing-supply			3,403				3,396				3,626				4,126				4,828
Other			2,572				2,639				2,610				2,371				1,745
Total			14,445				14,877				15,309				16,065				16,779

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
Deepwater			814				889				923				1,105				1,134
Towing-supply			92				91				90				189				362
Other			152				182				90				92				92
Total			1,058				1,162				1,103				1,386				1,588
Middle East/Asia Pacific fleet:
Deepwater			92				91				90				92				185
Towing-supply			—				29				180				177				186
Total			92				120				270				269				371
Europe/Mediterranean fleet:
Deepwater			641				766				1,238				1,448				1,522
Towing-supply			—				—				—				—				24
Total			641				766				1,238				1,448				1,546
West Africa fleet:
Deepwater			537				852				1,104				1,288				1,809
Towing-supply			551				516				544				644				882
Other			655				637				599				417				181
Total			1,743				2,005				2,247				2,349				2,872
Worldwide fleet:
Deepwater			2,084				2,598				3,355				3,933				4,650
Towing-supply			643				636				814				1,010				1,454
Other			807				819				689				509				273
Total			3,534				4,053				4,858				5,452				6,377

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
Deepwater			1,486				1,608				1,704				1,839				1,862
Towing-supply			644				637				630				709				736
Other			92				91				180				184				184
Total			2,222				2,336				2,514				2,732				2,782
Middle East/Asia Pacific fleet:
Deepwater			1,748				1,729				1,773				1,840				1,840
Towing-supply			1,656				1,638				1,642				1,855				1,932
Total			3,404				3,367				3,415				3,695				3,772
Europe/Mediterranean fleet:
Deepwater			1,971				1,906				1,518				1,404				1,394
Total			1,971				1,906				1,518				1,404				1,394
West Africa fleet:
Deepwater			1,181				1,001				723				552				460
Towing-supply			460				485				540				552				706
Other			1,673				1,729				1,741				1,678				1,288
Total			3,314				3,215				3,004				2,782				2,454
Worldwide fleet:
Deepwater			6,386				6,244				5,718				5,635				5,556
Towing-supply			2,760				2,760				2,812				3,116				3,374
Other			1,765				1,820				1,921				1,862				1,472
Total			10,911				10,824				10,451				10,613				10,402

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
UTILIZATION - TOTAL FLEET:
Americas fleet:
Deepwater			53.0	%			45.6	%			55.6	%			53.2	%			51.7	%
Towing-supply			64.9				76.3				83.2				67.7				50.0
Other			37.7				33.3				55.7				66.7				66.7
Total			54.5	%			51.0	%			61.1	%			57.2	%			52.2	%
Middle East/Asia Pacific fleet:
Deepwater			86.2	%			88.3	%			80.1	%			78.2	%			67.4	%
Towing-supply			83.7				82.5				75.6				62.5				72.3
Total			85.0	%			85.5	%			77.9	%			70.2	%			69.9	%
Europe/Mediterranean fleet:
Deepwater			68.3	%			64.7	%			44.7	%			44.7	%			45.5	%
Total			68.3	%			64.7	%			44.7	%			44.7	%			45.1	%
West Africa fleet:
Deepwater			54.6	%			42.3	%			36.2	%			27.2	%			17.5	%
Towing-supply			40.0				38.4				30.1				30.8				28.4
Other			43.9				34.6				34.4				42.3				53.1
Total			46.7	%			38.1	%			34.1	%			34.2	%			30.6	%
Worldwide fleet:
Deepwater			65.2	%			59.4	%			53.4	%			50.7	%			45.4	%
Towing-supply			66.6				68.2				63.5				54.4				52.4
Other			43.3				34.5				36.6				45.2				55.3
Total			61.7	%			57.0	%			52.9	%			50.9	%			48.5	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
UTILIZATION - ACTIVE FLEET:
Americas fleet:
Deepwater			82.0	%			70.7	%			85.7	%			85.1	%			83.2	%
Towing-supply			74.1				87.2				95.1				85.7				74.6
Other			100.0				100.0				83.6				100.0				100.0
Total			80.4	%			76.4	%			87.9	%			86.3	%			82.0	%
Middle East/Asia Pacific fleet:
Deepwater			90.8	%			92.9	%			84.2	%			82.1	%			74.2	%
Towing-supply			83.7				84.0				83.9				68.5				79.2
Total			87.3	%			88.6	%			84.0	%			75.3	%			76.8	%
Europe/Mediterranean fleet:
Deepwater			90.5	%			90.6	%			81.3	%			90.9	%			95.1	%
Total			90.5	%			90.6	%			81.3	%			90.9	%			95.1	%
West Africa fleet:
Deepwater			79.4	%			78.3	%			91.4	%			90.8	%			86.2	%
Towing-supply			87.9				79.2				60.4				66.7				63.8
Other			61.1				47.4				46.2				52.9				60.6
Total			71.3	%			61.8	%			59.6	%			63.1	%			66.3	%
Worldwide fleet:
Deepwater			86.5	%			84.2	%			84.8	%			86.1	%			83.4	%
Towing-supply			82.2				83.9				81.9				72.1				75.0
Other			63.1				50.0				49.7				57.5				65.5
Total			81.6	%			78.4	%			77.6	%			77.0	%			78.2	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
Deepwater		$	15,568				15,646				13,608				16,416				14,743
Towing-supply			9,298				8,162				8,040				7,576				7,506
Other			12,640				12,634				10,179				9,559				9,514
Total		$	13,742				13,162				11,865				13,602				12,581
Middle East/Asia Pacific fleet:
Deepwater		$	10,899				10,743				10,670				11,129				10,127
Towing-supply			6,018				6,080				6,159				6,471				6,180
Total		$	8,623				8,593				8,506				9,002				8,040
Europe/Mediterranean fleet:
Deepwater		$	11,800				12,905				11,829				12,368				13,257
Total		$	11,890				13,005				11,960				12,368				13,361
West Africa fleet:
Deepwater		$	11,700				11,242				11,972				12,449				12,365
Towing-supply			13,536				14,480				14,967				14,136				17,122
Other			3,717				3,124				3,501				3,952				3,944
Total		$	8,562				8,521				8,711				8,510				9,643
Worldwide fleet:
Deepwater		$	12,355				12,589				12,028				13,265				12,756
Towing-supply			8,049				7,978				7,896				8,026				8,411
Other			4,598				4,253				4,721				5,059				5,163
Total		$	10,288				10,435				9,993				10,749				10,503

Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited) (In thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
Americas
Vessel revenues		$	24,564				23,481				26,224				32,068				28,705
Vessel operating costs:
Crew costs		$	8,535				11,132				10,594				12,795				11,711
Repair and maintenance			2,951				2,192				2,714				2,065				1,259
Insurance			219				(30	)			200				402				426
Fuel, lube and supplies			2,028				1,952				1,774				1,822				1,754
Other			3,008				2,972				1,980				2,306				2,486
Total vessel operating costs		$	16,741				18,218				17,262				19,390				17,636
Vessel operating margin ($)		$	7,823				5,263				8,962				12,678				11,069
Vessel operating margin (%)			31.8	%			22.4	%			34.2	%			39.5	%			38.6	%
Americas - Select operating statistics
Average vessels - Total fleet			36				38				40				45				47
Utilization - Total fleet			54.5	%			51.0	%			61.1	%			57.2	%			52.2	%
Average vessels - Active fleet			25				25				28				30				30
Utilization - Active fleet			80.4	%			76.4	%			87.9	%			86.3	%			82.0	%
Average day rates		$	13,742				13,162				11,865				13,602				12,581
Vessels commencing drydocks			4				3				1				1				—
Deferred drydocking and survey costs - beginning balance		$	12,919				11,813				15,440				17,774				20,024
Cash paid for deferred drydocking and survey costs			4,906				2,157				881				1,015				1,086
Amortization of deferred drydocking and survey costs			(2,936	)			(2,753	)			(3,222	)			(3,349	)			(3,336	)
Disposals, intersegment transfers and other			(1,765	)			1,702				(1,286	)			—				—
Deferred drydocking and survey costs - ending balance		$	13,124				12,919				11,813				15,440				17,774

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited) (In thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
Middle East/Asia Pacific
Vessel revenues		$	25,633				25,628				24,414				25,042				23,280
Vessel operating costs:
Crew costs		$	9,950				9,910				9,639				9,982				10,468
Repair and maintenance			2,944				2,632				2,659				2,899				2,385
Insurance			60				37				(224	)			452				562
Fuel, lube and supplies			1,747				1,494				1,569				1,924				1,783
Other			3,334				2,692				2,959				3,532				2,057
Total vessel operating costs		$	18,035				16,765				16,602				18,789				17,255
Vessel operating margin ($)		$	7,598				8,863				7,812				6,253				6,025
Vessel operating margin (%)			29.6	%			34.6	%			32.0	%			25.0	%			25.9	%
Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet			38				38				41				43				45
Utilization - Total fleet			85.0	%			85.5	%			77.9	%			70.2	%			69.9	%
Average vessels - Active fleet			37				37				38				40				41
Utilization - Active fleet			87.3	%			88.6	%			84.0	%			75.3	%			76.8	%
Average day rates		$	8,623				8,593				8,506				9,002				8,040
Vessels commencing drydocks			1				4				—				3				—
Deferred drydocking and survey costs - beginning balance		$	12,124				13,989				17,031				18,666				21,116
Cash paid for deferred drydocking and survey costs			2,441				1,354				72				1,447				386
Amortization of deferred drydocking and survey costs			(2,669	)			(2,820	)			(3,114	)			(3,082	)			(3,036	)
Disposals, intersegment transfers and other			(68	)			(399	)			—				—				200
Deferred drydocking and survey costs - ending balance			11,828				12,124				13,989				17,031				18,666

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited) (In thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
Europe/Mediterranean
Vessel revenues		$	21,197				22,467				14,749				15,775				17,716
Vessel operating costs:
Crew costs		$	10,541				10,519				9,022				8,179				7,952
Repair and maintenance			1,754				2,244				1,673				1,133				869
Insurance			208				(131	)			299				297				448
Fuel, lube and supplies			846				864				759				710				592
Other			1,926				1,803				1,707				1,214				1,274
Total vessel operating costs		$	15,275				15,299				13,460				11,533				11,135
Vessel operating margin ($)		$	5,922				7,168				1,289				4,242				6,581
Vessel operating margin (%)			27.9	%			31.9	%			8.7	%			26.9	%			37.1	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			28				29				31				31				32
Utilization - Total fleet			68.3	%			64.7	%			44.7	%			44.7	%			45.1	%
Average vessels - Active fleet			21				21				17				15				15
Utilization - Active fleet			90.5	%			90.6	%			81.3	%			90.9	%			95.1	%
Average day rates		$	11,890				13,005				11,960				12,368				13,361
Vessels commencing drydocks			1				2				3				4				—
Deferred drydocking and survey costs - beginning balance		$	6,340				7,731				7,317				7,147				9,143
Cash paid for deferred drydocking and survey costs			892				162				2,067				1,710				(361	)
Amortization of deferred drydocking and survey costs			(1,316	)			(1,553	)			(1,653	)			(1,540	)			(1,635	)
Disposals, intersegment transfers and other			(345	)							—				—				—
Deferred drydocking and survey costs - ending balance		$	5,571				6,340				7,731				7,317				7,147

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited) (In thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
West Africa
Vessel revenues		$	20,240				16,938				15,606				14,945				15,694
Vessel operating costs:
Crew costs		$	6,583				6,124				5,907				5,804				6,555
Repair and maintenance			2,848				2,466				2,391				1,930				1,419
Insurance			325				(13	)			348				296				517
Fuel, lube and supplies			2,130				2,231				1,758				1,765				2,628
Other			3,407				3,173				3,292				3,890				4,639
Total vessel operating costs		$	15,293				13,981				13,696				13,685				15,758
Vessel operating margin ($)		$	4,947				2,957				1,910				1,260				(64	)
Vessel operating margin (%)			24.4	%			17.5	%			12.2	%			8.4	%			(0.4	)%
West Africa - Select operating statistics
Average vessels - Total fleet			55				57				58				56				58
Utilization - Total fleet			46.7	%			38.1	%			34.1	%			34.2	%			30.6	%
Average vessels - Active fleet			36				35				33				30				27
Utilization - Active fleet			71.3	%			61.8	%			59.6	%			63.1	%			66.3	%
Average day rates		$	8,562				8,521				8,711				8,510				9,643
Vessels commencing drydocks			3				2				—				—				—
Deferred drydocking and survey costs - beginning balance		$	8,989				13,115				16,680				20,388				24,301
Cash paid for deferred drydocking and survey costs			2,378				376				(298	)			(400	)			(576	)
Amortization of deferred drydocking and survey costs			(3,148	)			(3,199	)			(3,268	)			(3,294	)			(3,426	)
Disposals, intersegment transfers and other			1,768				(1,303	)			1				(14	)			89
Deferred drydocking and survey costs - ending balance		$	9,987				8,989				13,115				16,680				20,388

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited) (In thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
Worldwide
Vessel revenues		$	91,634				88,514				80,993				87,830				85,395
Vessel operating costs:
Crew costs		$	35,609				37,685				35,162				36,760				36,686
Repair and maintenance			10,497				9,534				9,437				8,027				5,932
Insurance			812				(137	)			623				1,447				1,953
Fuel, lube and supplies			6,751				6,541				5,860				6,221				6,757
Other			11,675				10,640				9,938				10,942				10,456
Total vessel operating costs		$	65,344				64,263				61,020				63,397				61,784
Vessel operating margin ($)		$	26,290				24,251				19,973				24,433				23,611
Vessel operating margin (%)			28.7	%			27.4	%			24.7	%			27.8	%			27.6	%
Worldwide - Select operating statistics
Average vessels - Total fleet			157				162				170				175				182
Utilization - Total fleet			61.7	%			57.0	%			52.9	%			50.9	%			48.5	%
Average vessels - Active fleet			119				118				116				115				113
Utilization - Active fleet			81.6	%			78.4	%			77.6	%			77.0	%			78.2	%
Average day rates		$	10,288				10,435				9,993				10,749				10,503
Vessels commencing drydocks			9				11				4				8				—
Deferred drydocking and survey costs - beginning balance		$	40,372				46,648				56,468				63,975				74,584
Cash paid for deferred drydocking and survey costs			10,617				4,049				2,722				3,772				535
Amortization of deferred drydocking and survey costs			(10,069	)			(10,325	)			(11,257	)			(11,265	)			(11,433	)
Disposals, intersegment transfers and other			(410	)			—				(1,285	)			(14	)			289
Deferred drydocking and survey costs - ending balance		$	40,510				40,372				46,648				56,468				63,975

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (Unaudited) (In thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
Net loss		$	(26,407	)			(29,647	)			(35,527	)			(29,427	)			(38,081	)
Interest and other debt costs			3,681				3,944				4,541				5,984				6,071
Income tax (benefit) expense			887				6,026				2,009				(4,477	)			5,953
Depreciation			17,911				18,224				18,470				19,416				19,343
Amortization of deferred drydock and survey costs			10,069				10,325				11,257				11,265				11,434
EBITDA (A), (B), (C)		$	6,141				8,872				750				2,761				4,720
Long-lived asset impairments and other			2,167				—				—				6,475				1,945
Affiliate credit loss impairment expense (credit)			—				(1,000	)			—				(600	)			—
One-time integration related costs			112				795				103				291				641
Adjusted EBITDA (A), (B), (C)		$	8,420				8,667				853				8,927				7,306

Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, and merger and integration related costs.

Note (B): EBITDA and Adjusted EBITDA for the three months ended September 30, 2021, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,523, $1,504, $1,172, $1,158, and $1,223, respectively.

Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2021, and for each of the prior four quarters includes foreign exchange gain (losses) of $(523), $422, $(850), $(2,880), and $(1,153), 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 (Unaudited) (In thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
Net cash provided by (used in) operating activities (A)		$	(2,499	)			4,851				5,716				2,180				14,629
Cash interest expense			3,055				3,282				3,746				5,066				5,435
Interest income and other			(148	)			(8	)			(23	)			(144	)			(272	)
Additions to property and equipment			(722	)			(665	)			(1,196	)			(10,218	)			(607	)
Expansion capital			—				—				—				5,300				—
Free cash flow before proceeds from asset sales			(314	)			7,460				8,243				2,184				19,185
Proceeds from asset sales			4,396				18,577				10,983				6,798				10,592
Free cash flow		$	4,082				26,037				19,226				8,982				29,777

Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by (used in) operating activities adjusted for capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities.

Note (A): Net cash provided by (used in) operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table:

		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2021				2021				2021				2020				2020
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	2,586				7,066				9,921				(4,915	)			18,858
Cash paid for deferred drydock and survey costs			(10,617	)			(4,049	)			(2,722	)			(3,772	)			(535	)
Total sources (uses) of cash for changes in assets and liabilities		$	(8,031	)			3,017				7,199				(8,687	)			18,323

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211109006485/en/

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.

FAQ

What were Tidewater's revenue figures for Q3 2021 compared to Q3 2020?

Tidewater reported revenue of $92.4 million for Q3 2021, up from $86.5 million in Q3 2020.

What is Tidewater's net loss for the nine months ended September 30, 2021?

Tidewater's net loss for the nine months ended September 30, 2021, was $91.0 million.

What major financial milestone did Tidewater achieve recently?

Tidewater successfully refinanced $175 million in senior secured notes, maturing in 2026.

How much free cash flow did Tidewater generate in Q3 2021?

Tidewater generated $4.1 million of free cash flow during Q3 2021.

What strategic agreements did Tidewater secure during the third quarter?

Tidewater executed a five-year agreement for 17 vessels in West Africa with a major customer.