Tidewater Reports Results for the Three and Nine Months Ended September 30, 2024

Rhea-AI Summary

Tidewater Inc. (NYSE:TDW) reported Q3 2024 revenue of $340.4 million, with net income of $46.4 million ($0.87 per share) and Adjusted EBITDA of $142.6 million. The average day rate increased to $22,275, up $1,145 from the previous quarter. The company generated $49.1 million in operating cash flow and $67.0 million in free cash flow. Tidewater repurchased 189,738 shares for $15.0 million and received board approval for an additional $10.1 million share repurchase authorization. The company updated its 2024 revenue guidance to $1.33-1.35 billion with a 48% gross margin.

Positive

• Revenue increased to $340.4 million, up from $299.3 million YoY
• Net income grew to $46.4 million vs $26.2 million YoY
• Average day rate improved by $1,145 to $22,275
• Strong cash flow from operations at $182.5 million for first nine months
• Share repurchase capacity expected to increase by $100 million in Q1 2025

Negative

• Utilization declined across all geographic segments
• Project start-up delays affecting operations
• Higher-than-expected idle time between contracts
• Increased days in drydock impacting performance
• visibility into continued pace of growth for 2025

Insights

Financial Analyst

Strong quarterly performance with $340.4M revenue and $46.4M net income shows robust operational execution. The 5% increase in average day rates to $22,275 reflects strong pricing power. Notable is the $182.5M operating cash flow for the first 9 months - best in 8 years. The company's aggressive share buyback strategy, with $42.8M current authorization and potential $100M increase in Q1 2025, signals management's confidence. However, reduced visibility into 2025 growth and potential slowdown in offshore drilling activity warrant careful monitoring.

The gross margin of 47.2% and updated revenue guidance of $1.33-1.35B demonstrate strong operational efficiency. The lack of new vessel orders and continued vessel attrition suggest favorable long-term supply dynamics, though near-term uncertainty exists due to global economic concerns and non-OPEC supply growth.

Third Quarter 2024 Highlights

• Revenue of $340.4 million, an increase of $1.1 million from the prior quarter
• Average day rate increased to $22,275 per day, $1,145 higher than the prior quarter
• Net income of $46.4 million and Adjusted EBITDA of $142.6 million
• Net cash provided by operating activities of $49.1 million and free cash flow of $67.0 million

Share Repurchases and 2024 Guidance

• Repurchased 189,738 shares since the end of the second quarter of 2024 through the end of October for $15.0 million at an average price of $79.06 per share
• Board approves additional share repurchase authorization of $10.1 million, for a total current outstanding authorized capacity of $42.8 million, the maximum permissible amount under existing debt agreements
• Updated 2024 revenue guidance to $1.33 to $1.35 billion and 2024 gross margin guidance of 48%

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and nine months ended September 30, 2024 of $340.4 million and $1,000.8 million, respectively, compared with $299.3 million and $707.3 million, respectively, for the three and nine months ended September 30, 2023. Tidewater's net income for the three and nine months ended September 30, 2024, was $46.4 million ($0.87 per common share) and $143.8 million ($2.70 per common share), respectively, compared with net income of $26.2 million ($0.49 per common share) and $59.5 million ($1.13 per common share), respectively, for the three and nine months ended September 30, 2023.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Third quarter revenue of $340.4 million and gross margin of 47.2% came in as expected, with our consolidated average day rate up over 5% to $22,275. In particular, the average day rate and average leading-edge day rates in our large PSV and anchor handler fleets continued to show sequential quarterly improvement. Utilization declined in all of our geographic segments and is principally related to project start-up delays, but also due to higher-than-expected idle time between contracts and days in drydock.

“Cash flow from operations for the first nine months of 2024 was $182.5 million, the best performance Tidewater has seen in 8 years. During the same period the company spent $75.2 million on reducing the number of shares outstanding and $89.0 million on the required amortization of outstanding debt. Our expectation for the next two quarters is that quarterly free cash flow generation will increase. Our ability under our existing debt agreements to repurchase shares will increase substantially in the same time frame and our desire to repurchase shares at current trading levels is very strong. The Board has authorized the maximum permissible amount of share repurchases under our existing debt agreements, and our current unused repurchase capacity is now $42.8 million. The company anticipates share repurchase capacity to increase by close to $100 million in the first quarter of 2025.

“Although we are confident in the visibility of free cash flow growth over the next two quarters, the visibility into the continued pace of growth in offshore activity throughout 2025 is more limited. We will be closely monitoring market dynamics in the coming months and look forward to providing updated thoughts around full-year 2025 in our next earnings press release. Global industry discussion on new vessel orders and reactivations, which popped up briefly over the summer, has dropped off significantly from that time due to the same limited visibility.

“Over the past several years, we have employed a contracting strategy appropriate for an improving market, emphasizing shorter-duration contracts, trading off longer-term contract coverage and higher utilization for the opportunity to push day rates and contract terms. This has proven to be a successful strategy, with our realized day rate now more than double our realized day rate at the beginning of 2022 when the offshore vessel recovery began. We believe this remains the correct contracting strategy as day rates have still not returned to a point at which newbuilding vessel activity makes economic sense, which is reflected in the continued record low newbuild OSV orderbook. The lack of newbuild activity combined with vessel attrition expected to occur over the coming years points to persistent longer-term vessel supply constraints.

“The outlook on the timing of the growth in offshore vessel activity has become uncertain recently due to concerns around slower acceleration in oil demand driven by lower-than-expected growth in China and geopolitical events as well as the growth in non-OPEC oil supply. We continue to believe that these concerns will clarify themselves in the coming months and that the longer-term outlook for Tidewater remains quite attractive. The world’s demand for energy of all types will continue to grow and the displacement rate from the growth of renewable energy sources appears to be lower than previously predicted. As such, hydrocarbon energy sources will remain a critical element of satisfying the world’s demand for energy and offshore hydrocarbons will increasingly fill this need. Our customers’ commitment to long cycle exploration and development programs is indicative of the long-term conviction in the role of offshore hydrocarbons in the global energy mix and underpins our outlook for consistently strong offshore vessel demand. Our customers have executed sizable drilling campaigns over the last few years and seem to be taking time to evaluate the outcomes of these projects before they proceed with incremental future activity. The improvements in demand for offshore vessels coming from subsea activities is very evident but it is not clear to what extent that will offset the expected pause in the growth of offshore drilling activity.

“Given our conviction around the positive and improving structural supply and demand fundamentals and Tidewater’s strong position in the offshore vessel industry, we believe that market inefficiencies will provide for opportunities to continue our past success in enhancing shareholder value as the long-term supply and demand fundamentals continue to develop in our favor.”

In addition to the number of outstanding shares, as of September 30, 2024, the Company also has the following in-the-money warrants.

Common shares outstanding			52,322,461
New Creditor Warrants (strike price $0.001 per common share)			76,175
GulfMark Creditor Warrants (strike price $0.01 per common share)			77,313
Total			52,475,949

Tidewater will hold a conference call to discuss results for the three months ending September 30, 2024 on November 8, 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: 6513877 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on November 8, 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 September 30, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023. Extracts are drawn from the September 30, 2024 unaudited quarterly and year to date financial statements and the December 31, 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per share data)
		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Revenues:
Vessel revenues		$	338,485			$	296,975			$	994,174			$	698,478
Other operating revenues			1,871				2,287				6,576				8,849
Total revenues			340,356				299,262				1,000,750				707,327
Costs and expenses:
Vessel operating costs			178,654				164,239				522,723				397,962
Costs of other operating revenues			901				1,481				2,867				3,005
General and administrative			28,471				21,001				80,129				70,559
Depreciation and amortization			62,435				57,730				178,150				121,164
Gain on asset dispositions, net			(51	)			(863	)			(13,090	)			(4,483	)
Total costs and expenses			270,410				243,588				770,779				588,207
Operating income			69,946				55,674				229,971				119,120
Other income (expense):
Foreign exchange gain (loss)			5,522				(2,149	)			(939	)			(3,620	)
Equity in net earnings of unconsolidated companies			—				4				—				29
Interest income and other, net			1,028				568				3,686				3,488
Interest and other debt costs, net			(17,622	)			(19,288	)			(56,225	)			(28,209	)
Total other expense			(11,072	)			(20,865	)			(53,478	)			(28,312	)
Income before income taxes			58,874				34,809				176,493				90,808
Income tax expense			12,883				9,260				33,840				32,515
Net income			45,991				25,549				142,653				58,293
Less: Net loss attributable to noncontrolling interests			(380	)			(650	)			(1,098	)			(1,228	)
Net income attributable to Tidewater Inc.		$	46,371			$	26,199			$	143,751			$	59,521
Basic income per common share		$	0.88			$	0.50			$	2.74			$	1.16
Diluted income per common share		$	0.87			$	0.49			$	2.70			$	1.13
Weighted average common shares outstanding			52,490				52,230				52,498				51,235
Dilutive effect of warrants, restricted stock units and stock options			593				1,380				656				1,322
Adjusted weighted average common shares			53,083				53,610				53,154				52,557

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
		September 30, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	280,840			$	274,437
Restricted cash			7,259				1,241
Trade and other receivables, net of allowance for credit losses of $3,086 and $15,914 at September 30, 2024 and December 31, 2023, respectively			293,085				268,352
Marine operating supplies			26,670				31,933
Prepaid expenses and other current assets			18,117				15,172
Total current assets			625,971				591,135
Net properties and equipment			1,220,056				1,315,122
Deferred drydocking and survey costs			160,944				106,698
Indemnification assets			12,216				17,370
Other assets			27,944				32,449
Total assets		$	2,047,131			$	2,062,774
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	64,058			$	44,931
Accrued expenses			117,878				125,590
Current portion of long-term debt			53,105				103,077
Other current liabilities			38,532				55,133
Total current liabilities			273,573				328,731
Long-term debt			597,352				631,361
Other liabilities			62,366				64,985
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,322,461 and 52,259,303 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively			52				52
Additional paid-in-capital			1,653,027				1,671,759
Accumulated deficit			(541,191	)			(637,838	)
Accumulated other comprehensive loss			4,592				5,266
Total stockholders' equity			1,116,480				1,039,239
Noncontrolling interests			(2,640	)			(1,542	)
Total equity			1,113,840				1,037,697
Total liabilities and equity		$	2,047,131			$	2,062,774

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands)
		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Net income		$	45,991			$	25,549			$	142,653			$	58,293
Other comprehensive income (loss):
Unrealized gain (loss) on note receivable			130				(153	)			283				(469	)
Change in liability of pension plans			(600	)			—				(957	)			(3,694	)
Total comprehensive income		$	45,521			$	25,396			$	141,979			$	54,130

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Nine Months				Nine Months
		Ended				Ended
		September 30, 2024				September 30, 2023
Cash flows from operating activities:
Net income		$	142,653			$	58,293
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			117,430				85,989
Amortization of deferred drydocking and survey costs			60,720				35,175
Amortization of debt premiums and discounts			5,129				2,644
Amortization of below market contracts			(3,929	)			(1,906	)
Provision for deferred income taxes			56				69
Gain on asset dispositions, net			(13,090	)			(4,483	)
Gain on pension settlement			—				(1,807	)
Stock-based compensation expense			9,795				7,247
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(24,733	)			(92,684	)
Accounts payable			19,127				18,237
Accrued expenses			(4,623	)			14,231
Deferred drydocking and survey costs			(115,584	)			(73,309	)
Other, net			(10,405	)			9,778
Net cash provided by operating activities			182,546				57,474
Cash flows from investing activities:
Proceeds from asset dispositions			14,868				9,604
Proceeds from sale of notes			2,208				—
Acquisitions, net of cash acquired			—				(594,191	)
Additions to properties and equipment			(23,046	)			(23,202	)
Net cash used in investing activities			(5,970	)			(607,789	)
Cash flows from financing activities:
Exercise of warrants			—				111,483
Proceeds from issuance of shares			2				—
Issuance of long-term debt			—				575,000
Principal payments on long-term debt			(89,007	)			—
Purchase of common stock			(46,639	)			—
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)
Debt issuance costs			(193	)			(14,758	)
Share based awards reacquired to pay taxes			(28,528	)			(5,899	)
Net cash used in financing activities			(164,365	)			664,399
Net change in cash, cash equivalents and restricted cash			12,211				114,084
Cash, cash equivalents and restricted cash at beginning of period			277,965				167,977
Cash, cash equivalents and restricted cash at end of period		$	290,176			$	282,061

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	54,081			$	8,452
Income taxes		$	45,641			$	36,585
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	—			$	12,198
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels		$	—			$	12,198
Note: Cash, cash equivalents and restricted cash at September 30, 2024 includes $2.1 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 June 30, 2024		$	52			$	1,649,523			$	(573,390	)		$	5,062			$	(2,260	)		$	1,078,987
Total comprehensive income (loss)			—				—				46,371				(470	)			(380	)			45,521
Repurchase and retirement of common stock			—				—				(14,172	)			—				—				(14,172	)
Amortization of share-based awards			—				3,504				—				—				—				3,504
Balance at September 30, 2024		$	52			$	1,653,027			$	(541,191	)		$	4,592			$	(2,640	)		$	1,113,840
Balance at June 30, 2023		$	51			$	1,554,793			$	(666,327	)		$	4,566			$	(556	)		$	892,527
Total comprehensive income (loss)			—				—				26,199				(153	)			(650	)			25,396
Exercise of warrants into common stock			2				111,481				—				—				—				111,483
Amortization of share-based awards			—				2,118				—				—				—				2,118
Balance at September 30, 2023		$	53			$	1,668,392			$	(640,128	)		$	4,413			$	(1,206	)		$	1,031,524

		Nine Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				income (loss)				interest				Total
Balance at December 31, 2023		$	52			$	1,671,759			$	(637,838	)		$	5,266			$	(1,542	)		$	1,037,697
Total comprehensive income (loss)			—				—				143,751				(674	)			(1,098	)			141,979
Issuance of common stock			1				1				—				—				—				2
Repurchase and retirement of common stock			(1	)			—				(47,104	)			—				—				(47,105	)
Amortization of share-based awards			—				(18,733	)			—				—				—				(18,733	)
Balance at September 30, 2024		$	52			$	1,653,027			$	(541,191	)		$	4,592			$	(2,640	)		$	1,113,840
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990
Total comprehensive income (loss)			—				—				59,521				(4,163	)			(1,228	)			54,130
Exercise of warrants into common stock			2				111,481				—				—				—				111,483
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)			—				—				—				(1,427	)
Amortization of share-based awards			—				1,348				—				—				—				1,348
Balance at September 30, 2023		$	53			$	1,668,392			$	(640,128	)		$	4,413			$	(1,206	)		$	1,031,524

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands)		Three Months Ended																Nine Months Ended
		September 30, 2024								September 30, 2023								September 30, 2024								September 30, 2023
Vessel revenues:
Americas		$	64,606				19	%		$	70,717				24	%		$	201,689				20	%		$	168,780				24	%
Asia Pacific			56,283				17	%			38,994				13	%			159,285				16	%			83,603				12	%
Middle East			36,947				11	%			34,685				12	%			111,415				11	%			97,303				14	%
Europe/Mediterranean			85,325				25	%			78,929				26	%			248,972				25	%			149,474				21	%
West Africa			95,324				28	%			73,650				25	%			272,813				28	%			199,318				29	%
Total vessel revenues		$	338,485				100	%		$	296,975				100	%		$	994,174				100	%		$	698,478				100	%
Vessel operating costs:
Crew costs		$	107,708				32	%		$	97,286				32	%		$	316,291				32	%		$	231,936				33	%
Repair and maintenance			25,554				8	%			23,595				8	%			71,645				7	%			57,081				8	%
Insurance			2,965				1	%			2,359				1	%			8,170				1	%			6,532				1	%
Fuel, lube and supplies			17,213				5	%			17,770				6	%			50,093				5	%			45,283				7	%
Other			25,214				7	%			23,229				8	%			76,524				8	%			57,130				8	%
Total vessel operating costs			178,654				53	%			164,239				55	%			522,723				53	%			397,962				57	%
Vessel operating margin (A)		$	159,831				47	%		$	132,736				45	%		$	471,451				47	%		$	300,516				43	%
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows:
(In Thousands)		Three Months Ended																Nine Months Ended
		September 30, 2024								September 30, 2023								September 30, 2024								September 30, 2023
Vessel operating profit:
Americas		$	13,299				4	%		$	12,586				4	%		$	43,573				5	%		$	26,793				4	%
Asia Pacific			15,292				4	%			14,555				5	%			47,070				5	%			27,149				4	%
Middle East			(900	)			(0	)%			(1,143	)			(0	)%			(1,213	)			(0	)%			(3,144	)			(1	)%
Europe/Mediterranean			12,363				4	%			9,576				3	%			42,249				4	%			19,919				3	%
West Africa			43,526				13	%			28,392				10	%			122,275				12	%			71,087				10	%
Other operating profit			970				0	%			806				0	%			3,709				0	%			5,844				1	%
			84,550				25	%			64,772				22	%			257,663				26	%			147,648				21	%
Corporate expenses (A)			(14,655	)			(4	)%			(9,961	)			(3	)%			(40,782	)			(4	)%			(33,011	)			(5	)%
Gain on asset dispositions, net			51				0	%			863				0	%			13,090				1	%			4,483				1	%
Operating income		$	69,946				21	%		$	55,674				19	%		$	229,971				23	%		$	119,120				17	%
Note (A): General and administrative expenses for the three and nine months ended September 30, 2024 include stock-based compensation of $3.7 million and $9.8 million, respectively. General and administrative expenses for the three months and nine months ended September 30, 2023 include stock-based compensation of $2.4 million and $7.2 million, respectively. In addition, vessel operating and general and administrative costs for the three and nine months ended September 30, 2024, include $0.6 million and $1.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and nine months ended September 30, 2023, include $6.0 million and $8.7 million in one-time acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA (In Thousands, except per share data)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Revenues:
Vessel revenues		$	338,485			$	337,003			$	318,686			$	300,515			$	296,975
Other operating revenues			1,871				2,227				2,478				2,143				2,287
Total revenues			340,356				339,230				321,164				302,658				299,262
Costs and expenses:
Vessel operating costs (A)			178,654				176,513				167,556				158,553				164,239
Costs of other operating revenue			901				816				1,150				1,337				1,481
General and administrative (A)			28,471				26,329				25,329				24,724				21,001
Depreciation and amortization			62,435				59,445				56,270				59,167				57,730
Gain on asset dispositions, net			(51	)			(2,000	)			(11,039	)			(4,218	)			(863	)
Total operating costs and expenses			270,410				261,103				239,266				239,563				243,588
Operating income			69,946				78,127				81,898				63,095				55,674
Other income (expense):
Foreign exchange gain (loss)			5,522				(2,376	)			(4,085	)			2,250				(2,149	)
Equity in net earnings (losses) of unconsolidated companies			—				5				(5	)			10				4
Interest income and other, net			1,028				1,175				1,483				3,029				568
Interest and other debt costs, net			(17,622	)			(19,127	)			(19,476	)			(20,263	)			(19,288	)
Total other expense			(11,072	)			(20,323	)			(22,083	)			(14,974	)			(20,865	)
Income before income taxes			58,874				57,804				59,815				48,121				34,809
Income tax expense			12,883				7,887				13,070				10,793				9,260
Net income			45,991				49,917				46,745				37,328				25,549
Net loss attributable to noncontrolling interests			(380	)			(437	)			(281	)			(336	)			(650	)
Net income attributable to Tidewater Inc.		$	46,371			$	50,354			$	47,026			$	37,664			$	26,199
Basic income per common share		$	0.88			$	0.96			$	0.90			$	0.72			$	0.50
Diluted income per common share		$	0.87			$	0.94			$	0.89			$	0.70			$	0.49
Weighted average common shares outstanding			52,490				52,684				52,320				52,648				52,230
Dilutive effect of warrants, restricted stock units and stock options			593				663				580				1,351				1,380
Adjusted weighted average common shares			53,083				53,347				52,900				53,999				53,610
Vessel operating margin		$	159,831			$	160,490			$	151,130			$	141,962			$	132,736
Note (A): Acquisition, restructuring and integration related costs		$	581			$	—			$	709			$	2,177			$	6,079

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
ASSETS
Current assets:
Cash and cash equivalents		$	280,840			$	315,897			$	280,853			$	274,437			$	275,070
Restricted cash			7,259				3,527				6,474				1,241				4,973
Trade and other receivables, net			293,085				280,498				285,968				268,352				250,671
Marine operating supplies			26,670				26,908				24,767				31,933				27,489
Assets held for sale			—				—				—				—				565
Prepaid expenses and other current assets			18,117				20,115				17,447				15,172				16,598
Total current assets			625,971				646,945				615,509				591,135				575,366
Net properties and equipment			1,220,056				1,253,583				1,286,618				1,315,122				1,348,001
Deferred drydocking and survey costs			160,944				148,657				128,639				106,698				99,215
Indemnification assets			12,216				10,920				16,642				17,370				18,648
Other assets			27,944				29,643				30,408				32,449				30,325
Total assets		$	2,047,131			$	2,089,748			$	2,077,816			$	2,062,774			$	2,071,555
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	64,058			$	60,740			$	51,774			$	44,931			$	57,183
Accrued expenses			117,878				133,149				132,190				125,590				119,631
Current portion of long-term debt			53,105				102,993				103,009				103,077				102,369
Other current liabilities			38,532				43,342				52,164				55,133				53,301
Total current liabilities			273,573				340,224				339,137				328,731				332,484
Long-term debt			597,352				607,998				620,329				631,361				641,301
Other liabilities			62,366				62,539				63,197				64,985				66,246
Equity:
Common stock			52				52				53				52				53
Additional paid-in-capital			1,653,027				1,649,523				1,646,061				1,671,759				1,668,392
Accumulated deficit			(541,191	)			(573,390	)			(594,347	)			(637,838	)			(640,128	)
Accumulated other comprehensive income			4,592				5,062				5,209				5,266				4,413
Total stockholders' equity			1,116,480				1,081,247				1,056,976				1,039,239				1,032,730
Noncontrolling interests			(2,640	)			(2,260	)			(1,823	)			(1,542	)			(1,206	)
Total equity			1,113,840				1,078,987				1,055,153				1,037,697				1,031,524
Total liabilities and equity		$	2,047,131			$	2,089,748			$	2,077,816			$	2,062,774			$	2,071,555

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Cash flows from operating activities:
Net income		$	45,991			$	49,917			$	46,745			$	37,328			$	25,549
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			39,239				39,380				38,811				42,788				43,845
Amortization of deferred drydocking and survey costs			23,196				20,065				17,459				16,379				13,885
Amortization of debt premiums and discounts			1,536				1,779				1,814				1,975				1,802
Amortization of below market contracts			(1,073	)			(1,650	)			(1,206	)			(1,894	)			(1,906	)
Provision (benefit) for deferred income taxes			24				(41	)			73				23				35
Gain on asset dispositions, net			(51	)			(2,000	)			(11,039	)			(4,218	)			(863	)
Gain on pension settlement			—				—				—				(506	)			—
Stock-based compensation expense			3,569				3,460				2,766				3,508				2,496
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(12,587	)			5,470				(17,616	)			(17,072	)			(54,765	)
Accounts payable			3,318				8,966				6,843				(12,252	)			(12,639	)
Accrued expenses			(15,271	)			4,048				6,600				5,841				27,775
Deferred drydocking and survey costs			(35,483	)			(40,083	)			(40,018	)			(24,069	)			(20,618	)
Other, net			(3,272	)			(10,666	)			3,533				(600	)			10,343
Net cash provided by operating activities			49,136				78,645				54,765				47,231				34,939
Cash flows from investing activities:
Proceeds from asset dispositions			51				2,354				12,463				5,902				945
Proceeds from sale of notes			1,506				702				—				—				—
Acquisitions, net of cash acquired			—				—				—				—				(594,191	)
Additions to properties and equipment			(5,712	)			(6,392	)			(10,942	)			(8,386	)			(5,702	)
Net cash provided by (used in) investing activities			(4,155	)			(3,336	)			1,521				(2,484	)			(598,948	)
Cash flows from financing activities:
Exercise of warrants			—				—				—				—				111,483
Proceeds from issuance of shares			—				2				—				—				—
Issuance of long-term debt			—				—				—				—				575,000
Principal payments on long-term debt			(62,500	)			(14,007	)			(12,500	)			(13,677	)			—
Purchase of common stock			(13,741	)			(29,397	)			(3,501	)			(35,025	)			—
Debt issuance costs			—				(58	)			(135	)			—				(14,758	)
Share based awards reacquired to pay taxes			(65	)			(1	)			(28,462	)			(141	)			(378	)
Net cash provided by (used in) financing activities			(76,306	)			(43,461	)			(44,598	)			(48,843	)			671,347
Net change in cash, cash equivalents and restricted cash			(31,325	)			31,848				11,688				(4,096	)			107,338
Cash, cash equivalents and restricted cash at beginning of period			321,501				289,653				277,965				282,061				174,723
Cash, cash equivalents and restricted cash at end of period		$	290,176			$	321,501			$	289,653			$	277,965			$	282,061
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	23,535			$	14,925			$	15,621			$	18,186			$	606
Income taxes		$	12,557			$	17,481			$	15,603			$	7,295			$	9,384
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	—			$	—			$	—			$	2,067			$	27
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels		$	—			$	—			$	—			$	3,037			$	27

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	27,192			$	31,400			$	29,924			$	28,714			$	29,270
PSV < 900			26,926				28,010				24,531				28,143				28,886
AHTS > 16K			6,249				7,228				2,036				4,034				3,584
AHTS 8 - 16K			908				2,002				2,476				2,316				2,064
AHTS 4 - 8K			351				219				945				1,428				1,570
Other			2,980				4,283				4,029				3,790				5,343
Total			64,606				73,142				63,941				68,425				70,717
Asia Pacific fleet:
PSV > 900			19,535				21,578				23,210				19,485				20,159
PSV < 900			17,214				14,402				11,830				8,679				8,292
AHTS > 16K			12,358				7,815				4,555				3,759				3,271
AHTS 8 - 16K			4,640				7,874				4,507				4,706				5,287
AHTS 4 - 8K			2,182				1,269				1,576				1,601				1,582
Other			354				2,283				2,103				402				403
Total			56,283				55,221				47,781				38,632				38,994
Middle East fleet:
PSV > 900			1,387				1,359				1,365				1,378				1,088
PSV < 900			19,909				19,963				21,017				19,215				17,790
AHTS > 16K			—				(3	)			287				1,178				1,196
AHTS 8 - 16K			3,450				3,163				2,397				3,094				3,420
AHTS 4 - 8K			12,201				12,054				12,866				13,207				11,191
Total			36,947				36,536				37,932				38,072				34,685
Europe/Mediterranean fleet:
PSV > 900			66,808				64,875				61,827				61,559				59,872
PSV < 900			13,679				13,290				14,126				15,356				14,039
AHTS > 16K			3,790				4,057				3,346				2,437				3,617
Other			1,048				1,044				1,082				1,391				1,401
Total			85,325				83,266				80,381				80,743				78,929
West Africa fleet:
PSV > 900			17,012				20,044				21,743				15,478				17,566
PSV < 900			41,367				32,601				31,812				31,893				26,396
AHTS > 16K			8,916				8,065				8,048				6,994				7,138
AHTS 8 - 16K			18,453				18,466				16,316				11,219				11,917
AHTS 4 - 8K			3,100				2,827				2,370				2,126				2,745
Other			6,476				6,835				8,362				6,933				7,888
Total			95,324				88,838				88,651				74,643				73,650
Worldwide fleet:
PSV > 900			131,934				139,256				138,069				126,614				127,955
PSV < 900			119,095				108,266				103,316				103,286				95,403
AHTS > 16K			31,313				27,162				18,272				18,402				18,806
AHTS 8 - 16K			27,451				31,505				25,696				21,335				22,688
AHTS 4 - 8K			17,834				16,369				17,757				18,362				17,088
Other			10,858				14,445				15,576				12,516				15,035
Total		$	338,485			$	337,003			$	318,686			$	300,515			$	296,975

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900			10				11				11				12				12
PSV < 900			17				17				18				18				18
AHTS > 16K			2				2				2				2				2
AHTS 8 - 16K			1				2				2				2				2
AHTS 4 - 8K			2				2				2				2				2
Other			2				1				1				2				2
Total			34				35				36				38				38
Stacked vessels			—				—				(1	)			(1	)			(1	)
Active vessels			34				35				35				37				37
Asia Pacific fleet:
PSV > 900			9				9				8				8				8
PSV < 900			5				5				5				5				4
AHTS > 16K			3				3				3				2				2
AHTS 8 - 16K			2				3				3				3				3
AHTS 4 - 8K			1				1				1				1				1
Other			—				1				1				—				—
Total			20				22				21				19				18
Stacked vessels			—				—				—				—				—
Active vessels			20				22				21				19				18
Middle East fleet:
PSV > 900			1				1				1				1				1
PSV < 900			20				20				20				20				20
AHTS > 16K			—				—				—				1				1
AHTS 8 - 16K			5				5				5				5				5
AHTS 4 - 8K			17				17				17				18				18
Total			43				43				43				45				45
Stacked vessels			—				—				—				—				—
Active vessels			43				43				43				45				45
Europe/Mediterranean fleet:
PSV > 900			40				39				40				39				38
PSV < 900			9				9				9				10				10
AHTS > 16K			2				2				2				2				2
Total			51				50				51				51				50
Stacked vessels			—				—				—				—				—
Active vessels			51				50				51				51				50
West Africa fleet:
PSV > 900			9				9				9				9				9
PSV < 900			19				19				19				19				19
AHTS > 16K			4				4				4				4				4
AHTS 8 - 16K			13				11				11				11				11
AHTS 4 - 8K			3				4				4				4				5
Other			20				20				21				21				24
Total			68				67				68				68				72
Stacked vessels			—				(1	)			(1	)			(1	)			(3	)
Active vessels			68				66				67				67				69
Worldwide fleet:
PSV > 900			69				69				69				69				68
PSV < 900			70				70				71				72				71
AHTS > 16K			11				11				11				11				11
AHTS 8 - 16K			21				21				21				21				21
AHTS 4 - 8K			23				24				24				25				26
Other			22				22				23				23				26
Total			216				217				219				221				223
Stacked vessels			—				(1	)			(2	)			(2	)			(4	)
Active vessels			216				216				217				219				219
Total active			216				216				217				219				219
Total stacked			—				1				2				2				4
Total			216				217				219				221				223

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900			920				960				1,001				1,104				1,095
PSV < 900			1,531				1,547				1,631				1,675				1,730
AHTS > 16K			184				182				182				184				184
AHTS 8 - 16K			92				182				182				184				184
AHTS 4 - 8K			184				182				182				184				184
Other			184				123				128				184				184
Total			3,095				3,176				3,306				3,515				3,561
Asia Pacific fleet:
PSV > 900			828				819				765				736				726
PSV < 900			460				455				455				454				358
AHTS > 16K			276				273				241				184				184
AHTS 8 - 16K			221				273				273				276				276
AHTS 4 - 8K			92				91				91				92				92
Other			—				59				54				—				—
Total			1,877				1,970				1,879				1,742				1,636
Middle East fleet:
PSV > 900			92				91				91				92				92
PSV < 900			1,840				1,820				1,820				1,840				1,840
AHTS > 16K			—				—				32				92				92
AHTS 8 - 16K			460				455				455				460				460
AHTS 4 - 8K			1,564				1,547				1,547				1,615				1,640
Total			3,956				3,913				3,945				4,099				4,124
Europe/Mediterranean fleet:
PSV > 900			3,680				3,590				3,603				3,588				3,492
PSV < 900			828				819				838				920				907
AHTS > 16K			184				182				182				184				184
Total			4,692				4,591				4,623				4,692				4,583
West Africa fleet:
PSV > 900			828				819				819				828				819
PSV < 900			1,781				1,729				1,729				1,735				1,744
AHTS > 16K			368				364				364				368				368
AHTS 8 - 16K			1,159				1,001				1,001				1,012				1,012
AHTS 4 - 8K			276				330				364				385				476
Other			1,840				1,820				1,875				1,899				2,184
Total			6,252				6,063				6,152				6,227				6,603
Worldwide fleet:
PSV > 900			6,348				6,279				6,279				6,348				6,224
PSV < 900			6,440				6,370				6,473				6,624				6,579
AHTS > 16K			1,012				1,001				1,001				1,012				1,012
AHTS 8 - 16K			1,932				1,911				1,911				1,932				1,932
AHTS 4 - 8K			2,116				2,150				2,184				2,276				2,392
Other			2,024				2,002				2,057				2,083				2,368
Total			19,872				19,713				19,905				20,275				20,507

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV < 900			—				—				84				92				92
Total			—				—				84				92				92
West Africa fleet:
AHTS 4 - 8K			—				57				91				109				184
Other			—				—				—				16				103
Total			—				57				91				125				287
Worldwide fleet:
PSV < 900			—				—				84				92				92
AHTS 4 - 8K			—				57				91				109				184
Other			—				—				—				16				103
Total			—				57				175				217				379

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900			920				960				1,001				1,104				1,095
PSV < 900			1,531				1,547				1,547				1,583				1,638
AHTS > 16K			184				182				182				184				184
AHTS 8 - 16K			92				182				182				184				184
AHTS 4 - 8K			184				182				182				184				184
Other			184				123				128				184				184
Total			3,095				3,176				3,222				3,423				3,469
Asia Pacific fleet:
PSV > 900			828				819				765				736				726
PSV < 900			460				455				455				454				358
AHTS > 16K			276				273				241				184				184
AHTS 8 - 16K			221				273				273				276				276
AHTS 4 - 8K			92				91				91				92				92
Other			—				59				54				—				—
Total			1,877				1,970				1,879				1,742				1,636
Middle East fleet:
PSV > 900			92				91				91				92				92
PSV < 900			1,840				1,820				1,820				1,840				1,840
AHTS > 16K			—				—				32				92				92
AHTS 8 - 16K			460				455				455				460				460
AHTS 4 - 8K			1,564				1,547				1,547				1,615				1,640
Total			3,956				3,913				3,945				4,099				4,124
Europe/Mediterranean fleet:
PSV > 900			3,680				3,590				3,603				3,588				3,492
PSV < 900			828				819				838				920				907
AHTS > 16K			184				182				182				184				184
Total			4,692				4,591				4,623				4,692				4,583
West Africa fleet:
PSV > 900			828				819				819				828				819
PSV < 900			1,781				1,729				1,729				1,735				1,744
AHTS > 16K			368				364				364				368				368
AHTS 8 - 16K			1,159				1,001				1,001				1,012				1,012
AHTS 4 - 8K			276				273				273				276				292
Other			1,840				1,820				1,875				1,883				2,081
Total			6,252				6,006				6,061				6,102				6,316
Worldwide fleet:
PSV > 900			6,348				6,279				6,279				6,348				6,224
PSV < 900			6,440				6,370				6,389				6,532				6,487
AHTS > 16K			1,012				1,001				1,001				1,012				1,012
AHTS 8 - 16K			1,932				1,911				1,911				1,932				1,932
AHTS 4 - 8K			2,116				2,093				2,093				2,167				2,208
Other			2,024				2,002				2,057				2,067				2,265
Total			19,872				19,656				19,730				20,058				20,128

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	September 30,					June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			83.5	%			92.2	%			87.9	%			77.2	%			84.5	%
PSV < 900			76.5				80.3				70.0				78.9				85.7
AHTS > 16K			83.9				99.1				33.4				59.0				54.7
AHTS 8 - 16K			76.4				58.6				80.2				74.0				65.4
AHTS 4 - 8K			23.4				14.2				59.7				93.7				97.8
Other			69.2				99.4				100.0				100.0				100.0
Total			75.4	%			80.7	%			74.5	%			78.9	%			84.1	%
Asia Pacific fleet:
PSV > 900			63.2	%			87.6	%			93.7	%			93.4	%			97.3	%
PSV < 900			91.7				96.3				86.3				92.3				99.0
AHTS > 16K			81.8				65.3				53.4				72.7				66.7
AHTS 8 - 16K			58.8				80.8				75.9				63.9				78.9
AHTS 4 - 8K			91.7				78.5				100.0				100.0				100.0
Other			—				77.9				76.8				—				—
Total			73.8	%			84.9	%			84.0	%			86.6	%			91.3	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			100.0	%			100.0	%			90.2	%
PSV < 900			85.0				88.0				95.3				88.6				82.8
AHTS > 16K			—				—				69.3				100.0				100.0
AHTS 8 - 16K			71.0				66.6				50.1				60.4				69.0
AHTS 4 - 8K			75.8				82.9				86.5				87.6				77.7
Total			80.1	%			83.8	%			86.6	%			85.6	%			79.8	%
Europe/Mediterranean fleet:
PSV > 900			86.1	%			87.4	%			88.9	%			91.4	%			90.8	%
PSV < 900			81.2				87.5				90.9				86.8				86.4
AHTS > 16K			52.0				46.4				34.1				53.2				63.3
Total			83.9	%			85.8	%			87.1	%			89.0	%			88.8	%
West Africa fleet:
PSV > 900			66.0	%			78.4	%			86.9	%			64.9	%			88.5	%
PSV < 900			80.0				79.2				82.6				95.4				85.1
AHTS > 16K			74.7				79.5				89.8				91.1				77.0
AHTS 8 - 16K			85.5				98.2				98.6				72.4				79.5
AHTS 4 - 8K			63.3				71.9				66.7				57.6				58.5
Other			49.6				49.5				55.9				56.9				50.0
Total			69.2	%			72.9	%			77.1	%			73.3	%			70.7	%
Worldwide fleet:
PSV > 900			80.3	%			87.1	%			89.2	%			85.8	%			90.1	%
PSV < 900			81.6				84.3				84.3				87.9				85.6
AHTS > 16K			74.2				73.2				60.0				75.8				70.7
AHTS 8 - 16K			78.6				84.4				82.0				68.5				75.6
AHTS 4 - 8K			70.3				75.2				81.6				83.5				76.3
Other			51.4				53.4				59.2				60.7				53.9
Total			76.2	%			80.5	%			81.5	%			81.5	%			80.5	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	September 30,					June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			83.5	%			92.2	%			87.9	%			77.2	%			84.5	%
PSV < 900			76.5				80.3				73.8				83.4				90.5
AHTS > 16K			83.9				99.1				33.4				59.0				54.7
AHTS 8 - 16K			76.4				58.6				80.2				74.0				65.4
AHTS 4 - 8K			23.4				14.2				59.7				93.7				97.8
Other			69.2				99.4				100.0				100.0				100.0
Total			75.4	%			80.7	%			76.5	%			81.0	%			86.3	%
Asia Pacific fleet:
PSV > 900			63.2	%			87.6	%			93.7	%			93.4	%			97.3	%
PSV < 900			91.7				96.3				86.3				92.3				99.0
AHTS > 16K			81.8				65.3				53.4				72.7				66.7
AHTS 8 - 16K			58.8				80.8				75.9				63.9				78.9
AHTS 4 - 8K			91.7				78.5				100.0				100.0				100.0
Other			—				77.9				76.8				—				—
Total			73.8	%			84.9	%			84.0	%			86.6	%			91.3	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			100.0	%			100.0	%			90.2	%
PSV < 900			85.0				88.0				95.3				88.6				82.8
AHTS > 16K			—				—				69.3				100.0				100.0
AHTS 8 - 16K			71.0				66.6				50.1				60.4				69.0
AHTS 4 - 8K			75.8				82.9				86.5				87.6				77.7
Total			80.1	%			83.8	%			86.6	%			85.6	%			79.8	%
Europe/Mediterranean fleet:
PSV > 900			86.1	%			87.4	%			88.9	%			91.4	%			90.8	%
PSV < 900			81.2				87.5				90.9				86.8				86.4
AHTS > 16K			52.0				46.4				34.1				53.2				63.3
Total			83.9	%			85.8	%			87.1	%			89.0	%			88.8	%
West Africa fleet:
PSV > 900			66.0	%			78.4	%			86.9	%			64.9	%			88.5	%
PSV < 900			80.0				79.2				82.6				95.4				85.1
AHTS > 16K			74.7				79.5				89.8				91.1				77.0
AHTS 8 - 16K			85.5				98.2				98.6				72.4				79.5
AHTS 4 - 8K			63.3				86.9				88.9				80.4				95.4
Other			49.6				49.5				55.9				57.4				52.5
Total			69.2	%			73.6	%			78.3	%			74.8	%			73.9	%
Worldwide fleet:
PSV > 900			80.3	%			87.1	%			89.2	%			85.8	%			90.1	%
PSV < 900			81.6				84.3				85.4				89.2				86.8
AHTS > 16K			74.2				73.2				60.0				75.8				70.7
AHTS 8 - 16K			78.6				84.4				82.0				68.5				75.6
AHTS 4 - 8K			70.3				77.2				85.1				87.7				82.6
Other			51.4				53.4				59.2				61.2				56.4
Total			76.2	%			80.7	%			82.3	%			82.4	%			82.1	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900		$	35,404			$	35,490			$	34,015			$	33,707			$	31,648
PSV < 900			22,986				22,542				21,499				21,306				19,479
AHTS > 16K			40,478				40,088				33,490				37,174				35,598
AHTS 8 - 16K			12,925				18,771				16,964				16,997				17,157
AHTS 4 - 8K			8,167				8,453				8,703				8,285				8,717
Other			23,420				30,266				30,423				18,427				26,857
Total			27,676				28,317				25,894				24,524				23,495
Asia Pacific fleet:
PSV > 900			37,341				30,070				32,387				28,351				28,525
PSV < 900			40,805				32,875				30,122				20,703				23,380
AHTS > 16K			54,756				43,808				35,411				28,120				26,649
AHTS 8 - 16K			35,682				35,678				21,757				26,680				24,275
AHTS 4 - 8K			25,883				17,758				17,315				17,404				17,197
Other			—				43,350				43,703				—				—
Total			40,419				32,848				30,101				25,378				25,867
Middle East fleet:
PSV > 900			15,079				14,936				14,996				14,972				13,112
PSV < 900			12,730				12,466				12,115				11,785				11,677
AHTS > 16K			—				—				12,968				12,801				13,004
AHTS 8 - 16K			10,558				10,440				10,515				11,140				10,771
AHTS 4 - 8K			10,291				9,404				9,609				9,334				8,787
Total			11,661				11,148				11,108				10,855				10,544
Europe/Mediterranean fleet:
PSV > 900			21,092				20,686				19,294				18,771				18,879
PSV < 900			20,347				18,543				18,557				19,227				17,926
AHTS > 16K			39,597				47,999				53,966				24,899				31,048
Total			21,484				20,950				19,763				19,061				19,105
West Africa fleet:
PSV > 900			31,118				31,231				30,557				28,797				24,220
PSV < 900			29,031				23,818				22,287				19,271				17,781
AHTS > 16K			32,453				27,861				24,611				20,869				25,192
AHTS 8 - 16K			18,627				18,784				16,536				15,302				14,804
AHTS 4 - 8K			17,755				11,915				9,766				9,583				9,858
Other			7,096				7,587				7,975				6,415				7,217
Total			22,044				20,093				18,687				16,356				15,772
Worldwide fleet:
PSV > 900			25,883				25,452				24,640				23,240				22,804
PSV < 900			22,666				20,170				18,932				17,734				16,949
AHTS > 16K			41,721				37,073				30,423				23,985				26,293
AHTS 8 - 16K			18,087				19,527				16,390				16,120				15,533
AHTS 4 - 8K			11,990				10,127				9,969				9,658				9,368
Other			9,410				11,968				11,797				8,397				10,281
Total		$	22,275			$	21,130			$	19,563			$	18,066			$	17,865
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Americas
Vessel revenues		$	64,606			$	73,142			$	63,941			$	68,425			$	70,717
Vessel operating costs:
Crew costs			21,646				23,318				24,062				24,045				26,848
Repair and maintenance			5,227				5,645				4,534				3,846				5,588
Insurance			571				463				494				526				476
Fuel, lube and supplies			3,165				2,994				4,522				3,241				4,386
Other			5,921				5,747				5,928				5,172				5,924
Total vessel operating costs			36,530				38,167				39,540				36,830				43,222
Vessel operating margin ($)			28,076				34,975				24,401				31,595				27,495
Vessel operating margin (%)			43.5	%			47.8	%			38.2	%			46.2	%			38.9	%
Americas - Select operating statistics
Average vessels - Total fleet			34				35				36				38				38
Utilization - Total fleet			75.4	%			80.7	%			74.5	%			78.9	%			84.1	%
Average vessels - Active fleet			34				35				35				37				37
Utilization - Active fleet			75.4	%			80.7	%			76.5	%			81.0	%			86.3	%
Average day rates		$	27,676			$	28,317			$	25,894			$	24,524			$	23,495
Vessels commencing drydocks			4				3				7				3				3
Deferred drydocking and survey costs - beginning balance		$	37,103			$	31,698			$	28,688			$	29,684			$	29,769
Cash paid for deferred drydocking and survey costs			5,009				9,190				8,014				5,025				4,658
Amortization of deferred drydocking and survey costs			(5,621	)			(5,704	)			(5,004	)			(5,353	)			(3,727	)
Disposals, intersegment transfers and other			(2,679	)			1,919				—				(668	)			(1,016	)
Deferred drydocking and survey costs - ending balance		$	33,812			$	37,103			$	31,698			$	28,688			$	29,684

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Asia Pacific
Vessel revenues		$	56,283			$	55,221			$	47,781			$	38,632			$	38,994
Vessel operating costs:
Crew costs			24,685				23,023				19,306				15,177				12,390
Repair and maintenance			3,834				3,092				2,769				2,977				2,969
Insurance			327				278				273				269				183
Fuel, lube and supplies			2,560				2,335				1,937				1,191				909
Other			2,396				2,968				2,491				2,045				2,380
Total vessel operating costs			33,802				31,696				26,776				21,659				18,831
Vessel operating margin ($)			22,481				23,525				21,005				16,973				20,163
Vessel operating margin (%)			39.9	%			42.6	%			44.0	%			43.9	%			51.7	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet			20				22				21				19				18
Utilization - Total fleet			73.8	%			84.9	%			84.0	%			86.6	%			91.3	%
Average vessels - Active fleet			20				22				21				19				18
Utilization - Active fleet			73.8	%			84.9	%			84.0	%			86.6	%			91.3	%
Average day rates		$	40,419			$	32,848			$	30,101			$	25,378			$	25,867
Vessels commencing drydocks			2				2				3				—				—
Deferred drydocking and survey costs - beginning balance		$	8,744			$	8,376			$	3,769			$	3,595			$	2,128
Cash paid for deferred drydocking and survey costs			4,069				1,602				4,734				(18	)			84
Amortization of deferred drydocking and survey costs			(1,565	)			(1,234	)			(844	)			(720	)			(637	)
Disposals, intersegment transfers and other			—				—				717				912				2,020
Deferred drydocking and survey costs - ending balance		$	11,248			$	8,744			$	8,376			$	3,769			$	3,595

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Middle East
Vessel revenues		$	36,947			$	36,536			$	37,932			$	38,072			$	34,685
Vessel operating costs:
Crew costs			13,071				13,540				13,270				13,716				13,914
Repair and maintenance			4,625				4,300				4,508				4,105				4,828
Insurance			510				464				420				501				385
Fuel, lube and supplies			2,842				2,274				2,304				2,610				3,142
Other			6,000				7,138				6,006				4,906				4,796
Total vessel operating costs			27,048				27,716				26,508				25,838				27,065
Vessel operating margin ($)			9,899				8,820				11,424				12,234				7,620
Vessel operating margin (%)			26.8	%			24.1	%			30.1	%			32.1	%			22.0	%
Middle East - Select operating statistics
Average vessels - Total fleet			43				43				43				45				45
Utilization - Total fleet			80.1	%			83.8	%			86.6	%			85.6	%			79.8	%
Average vessels - Active fleet			43				43				43				45				45
Utilization - Active fleet			80.1	%			83.8	%			86.6	%			85.6	%			79.8	%
Average day rates		$	11,661			$	11,148			$	11,108			$	10,855			$	10,544
Vessels commencing drydocks			4				3				11				3				4
Deferred drydocking and survey costs - beginning balance		$	23,089			$	23,690			$	19,331			$	21,153			$	22,717
Cash paid for deferred drydocking and survey costs			4,764				2,737				7,520				1,360				3,234
Amortization of deferred drydocking and survey costs			(3,694	)			(3,338	)			(3,161	)			(3,182	)			(2,776	)
Disposals, intersegment transfers and other			—				—				—				—				(2,022	)
Deferred drydocking and survey costs - ending balance		$	24,159			$	23,089			$	23,690			$	19,331			$	21,153

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Europe/Mediterranean
Vessel revenues		$	85,325			$	83,266			$	80,381			$	80,743			$	78,929
Vessel operating costs:
Crew costs			28,818				27,085				26,282				25,848				26,632
Repair and maintenance			7,279				7,058				5,493				6,081				5,342
Insurance			827				761				756				791				689
Fuel, lube and supplies			3,924				3,461				4,094				3,717				4,033
Other			4,974				4,351				4,359				3,719				5,376
Total vessel operating costs			45,822				42,716				40,984				40,156				42,072
Vessel operating margin ($)			39,503				40,550				39,397				40,587				36,857
Vessel operating margin (%)			46.3	%			48.7	%			49.0	%			50.3	%			46.7	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			51				50				51				51				50
Utilization - Total fleet			83.9	%			85.8	%			87.1	%			89.0	%			88.8	%
Average vessels - Active fleet			51				50				51				51				50
Utilization - Active fleet			83.9	%			85.8	%			87.1	%			89.0	%			88.8	%
Average day rates		$	21,484			$	20,950			$	19,763			$	19,061			$	19,105
Vessels commencing drydocks			8				8				16				5				5
Deferred drydocking and survey costs - beginning balance		$	34,779			$	27,260			$	21,078			$	16,256			$	11,705
Cash paid for deferred drydocking and survey costs			12,225				11,584				10,876				7,580				6,733
Amortization of deferred drydocking and survey costs			(5,367	)			(4,065	)			(3,359	)			(2,758	)			(3,201	)
Disposals, intersegment transfers and other			—				—				(1,335	)			—				1,019
Deferred drydocking and survey costs - ending balance		$	41,637			$	34,779			$	27,260			$	21,078			$	16,256

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
West Africa
Vessel revenues		$	95,324			$	88,838			$	88,651			$	74,643			$	73,650
Vessel operating costs:
Crew costs			19,488				19,265				19,432				18,751				17,502
Repair and maintenance			4,589				4,648				4,044				4,626				4,868
Insurance			730				659				637				678				626
Fuel, lube and supplies			4,722				4,498				4,461				4,506				5,300
Other			5,923				7,148				5,174				5,509				4,753
Total vessel operating costs			35,452				36,218				33,748				34,070				33,049
Vessel operating margin ($)			59,872				52,620				54,903				40,573				40,601
Vessel operating margin (%)			62.8	%			59.2	%			61.9	%			54.4	%			55.1	%
West Africa - Select operating statistics
Average vessels - Total fleet			68				67				68				68				72
Utilization - Total fleet			69.2	%			72.9	%			77.1	%			73.3	%			70.7	%
Average vessels - Active fleet			68				66				67				67				69
Utilization - Active fleet			69.2	%			73.6	%			78.3	%			74.8	%			73.9	%
Average day rates		$	22,044			$	20,093			$	18,687			$	16,356			$	15,772
Vessels commencing drydocks			5				4				7				7				7
Deferred drydocking and survey costs - beginning balance		$	44,942			$	37,615			$	33,832			$	28,527			$	26,162
Cash paid for deferred drydocking and survey costs			9,416				14,970				8,874				10,121				5,909
Amortization of deferred drydocking and survey costs			(6,949	)			(5,724	)			(5,091	)			(4,367	)			(3,544	)
Disposals, intersegment transfers and other			2,679				(1,919	)			—				(449	)			—
Deferred drydocking and survey costs - ending balance		$	50,088			$	44,942			$	37,615			$	33,832			$	28,527

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Worldwide
Vessel revenues		$	338,485			$	337,003			$	318,686			$	300,515			$	296,975
Vessel operating costs:
Crew costs			107,708				106,231				102,352				97,537				97,286
Repair and maintenance			25,554				24,743				21,348				21,635				23,595
Insurance			2,965				2,625				2,580				2,765				2,359
Fuel, lube and supplies			17,213				15,562				17,318				15,265				17,770
Other			25,214				27,352				23,958				21,351				23,229
Total vessel operating costs			178,654				176,513				167,556				158,553				164,239
Vessel operating margin ($)			159,831				160,490				151,130				141,962				132,736
Vessel operating margin (%)			47.2	%			47.6	%			47.4	%			47.2	%			44.7	%
Worldwide - Select operating statistics
Average vessels - Total fleet			216				217				219				221				223
Utilization - Total fleet			76.2	%			80.5	%			81.5	%			81.5	%			80.5	%
Average vessels - Active fleet			216				216				217				219				219
Utilization - Active fleet			76.2	%			80.7	%			82.3	%			82.4	%			82.1	%
Average day rates		$	22,275			$	21,130			$	19,563			$	18,066			$	17,865
Vessels commencing drydocks			23				20				44				18				19
Deferred drydocking and survey costs - beginning balance		$	148,657			$	128,639			$	106,698			$	99,215			$	92,481
Cash paid for deferred drydocking and survey costs			35,483				40,083				40,018				24,068				20,618
Amortization of deferred drydocking and survey costs			(23,196	)			(20,065	)			(17,459	)			(16,380	)			(13,885	)
Disposals, intersegment transfers and other			—				—				(618	)			(205	)			1
Deferred drydocking and survey costs - ending balance		$	160,944			$	148,657			$	128,639			$	106,698			$	99,215

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Net income		$	45,991			$	49,917			$	46,745			$	37,328			$	25,549
Interest and other debt costs			17,622				19,127				19,476				20,263				19,288
Income tax expense			12,883				7,887				13,070				10,793				9,260
Depreciation			39,239				39,380				38,811				42,788				43,845
Amortization of deferred drydock and survey costs			23,196				20,065				17,459				16,379				13,885
Amortization of below market contracts			(1,073	)			(1,650	)			(1,206	)			(1,894	)			(1,906	)
EBITDA (A), (B), (C)			137,858				134,726				134,355				125,657				109,921
Non-cash indemnification assets credit (charge)			553				1,556				1,122				(70	)			1,184
Non-cash stock compensation expense			3,569				3,460				2,766				3,508				2,496
Acquisition, restructuring and integration related costs			581				—				709				2,177				6,079
Adjusted EBITDA (A), (B), (C)		$	142,561			$	139,742			$	138,952			$	131,272			$	119,680
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 September 30, 2024, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,569, $3,460, $2,766, $3,508 and $2,496 respectively.   Note (C): EBITDA and Adjusted EBITDA for the three months ended September 30, 2024, and for each of the prior four quarters includes foreign exchange gain (losses) of $5,522, $(2,376), $(4,085), $2,250 and $(2,149) 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
		September 30,				June 30,				March 31,				December 31,				September 30,
		2024				2024				2024				2023				2023
Net cash provided by operating activities (A)		$	49,136			$	78,645			$	54,765			$	47,231			$	34,939
Cash interest expense			23,535				14,925				15,621				18,186				606
Interest income and other			(1,028	)			(1,175	)			(1,483	)			(3,029	)			(568	)
Indemnification assets credit (charge)			(553	)			(1,556	)			(1,122	)			70				(1,184	)
Additions to property and equipment			(5,712	)			(6,392	)			(10,942	)			(8,386	)			(5,702	)
Acquisitions			—				—				—				—				(594,191	)
Expansion capital			55				66				71				1,034				594,252
		65,433				84,513				56,910				55,106				28,152
Proceeds from asset sales			1,557				3,056				12,463				5,902				945
Free cash flow		$	66,990			$	87,569			$	69,373			$	61,008			$	29,097

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 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 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,
		2024				2024				2024				2023				2023
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	(27,812	)		$	7,818			$	(640	)		$	(24,083	)		$	(29,286	)
Cash paid for deferred drydock and survey costs			(35,483	)			(40,083	)			(40,018	)			(24,069	)			(20,618	)
Total uses of cash for changes in assets and liabilities		$	(63,295	)		$	(32,265	)		$	(40,658	)		$	(48,152	)		$	(49,904	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241101880838/en/

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.

FAQ

What was Tidewater's (TDW) revenue in Q3 2024?

Tidewater reported revenue of $340.4 million in Q3 2024, a slight increase of $1.1 million from the previous quarter.

How much did Tidewater (TDW) spend on share repurchases in Q3 2024?

Tidewater repurchased 189,738 shares for $15.0 million at an average price of $79.06 per share through the end of October 2024.

What is Tidewater's (TDW) revenue guidance for 2024?

Tidewater updated its 2024 revenue guidance to between $1.33 billion and $1.35 billion, with a gross margin guidance of 48%.

What was Tidewater's (TDW) average day rate in Q3 2024?

Tidewater's average day rate in Q3 2024 was $22,275, representing an increase of $1,145 from the previous quarter.