Tidewater Reports Results for the Three and Six Months Ended June 30, 2021

Rhea-AI Summary

Tidewater reported revenue of $90.0 million and $173.5 million for the three and six months ended June 30, 2021, down from $102.3 million and $218.7 million in 2020. Net losses were $29.5 million ($0.72/share) and $64.8 million ($1.59/share), significantly improved from losses of $110.6 million and $129.1 million the previous year. Free cash flow reached $26.0 million, with a net debt reduction of $21.1 million. The company managed operational improvements but remains cautious regarding the ongoing impact of the COVID-19 Delta variant.

Positive

• Free cash flow of $26.0 million for Q2 2021.
• Reduced net debt by $21.1 million, ending Q2 with $4.5 million net debt.
• Revenue increased 7.7% sequentially, driven by vessel reactivations.
• Successfully reactivated 12 vessels in 2021, enhancing operational capacity.

Negative

• Total revenue declined from $102.3 million to $90.0 million year-over-year.
• Ongoing costs associated with the pandemic expected to continue for several quarters.
• Severance expenses included in net losses for both periods.

Tidewater Inc. (NYSE:TDW) announced today revenue for the three and six months ended June 30, 2021 of $90.0 million and $173.5 million, respectively, compared with $102.3 million and $218.7 million, respectively, for the three and six months ended June 30, 2020. Tidewater's net losses for the three and six months ended June 30, 2021, were $29.5 million ($0.72 per common share) and $64.8 million ($1.59 per common share), respectively, compared with $110.6 million ($2.74 per common share) and $129.1 million ($3.21 per common share) for the three and six months ended June 30, 2020. Included in the net losses for the three and six months ended June 30, 2021 were severance expenses of $0.8 and $0.9 million, respectively; and a credit loss impairment credit of $1.0 million for both periods. Excluding these items, we would have reported a net loss for the three and six months ended June 30, 2021 of $29.7 million ($0.73 per common share) and $64.9 million ($1.59 per common share), respectively. Included in the net losses for the three and six months ended June 30, 2020 were $111.5 million and $121.8 million, respectively, in long-lived asset impairments, affiliate credit losses, affiliate guarantee obligations, and one-time severance expenses. Excluding these costs, we would have reported net income for the three months ended June 30, 2020 of $0.9 million ($0.02 per common share) and a net loss for the six months ended June 30, 2020 of $7.3 million (or $0.18 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “Revenue, active vessels, average day rate, active utilization, and operating margin were all up on a consolidated basis in the second quarter. Individual geographic segments were mixed, but the overall trend and our outlook are constructive as we proceed through the remainder of the year. We continued our track record of generating meaningful free cash flow during the second quarter of 2021. During the second quarter, we generated $26.0 million of free cash flow, and over the trailing 12 months we have generated $84.0 million. The scalable shore base infrastructure we built over the past few years is helping us drive reliable and increasing free cash flow generation, as demonstrated by the substantial incremental operating income margins in the quarter.

“During the second quarter of 2021, revenue improved 7.7% sequentially, driven primarily by vessels reactivated in response to the increase in activity in the Europe and Mediterranean and West Africa regions. During the second quarter, we reactivated seven vessels, bringing the total number of vessel reactivations to 12 during the first six months of 2021.

“At the end of the second quarter, we had $135.2 million of principal outstanding on our senior secured notes, which are scheduled to mature in August 2022, along with $151.4 million of cash on the balance sheet. We continue to monitor the debt capital markets for the optimal timing of a potential refinance of all or a portion of these notes, as early repayment of this debt carries a significant pre-payment penalty. During the quarter, we decreased our net debt position by $21.1 million, ending the second quarter with $4.5 million of net debt on the balance sheet. We remain dedicated to our objective of meaningful free cash flow generation though the maturity of these notes and thereafter.

“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 second quarter we disposed of seven vessels and other assets for $18.6 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.

“Lastly, we continue to monitor the COVID-19 Delta variant. Similar to the steps we took in 2020 to protect our employees and our cash generation capability, we will take appropriate steps to continue to safeguard our employees and optimize our business as these later phases of the pandemic unfold. We have not seen a significant impact to our operations due to the Delta variant, although we were originally anticipating the additional costs of the pandemic to wane throughout 2021 and we now anticipate those costs to continue at the same level for the next few quarters. The new phase of the pandemic, however, doesn’t seem to be limiting broader market inertia and, in fact, we continue to see activity increase in most geographic regions.”

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

Common Shares Outstanding			41,000,575
New Creditor Warrants (strike price $0.001 per common share)			639,354
GulfMark Creditor Warrants (strike price $0.01 per common share)			669,601
Total			42,309,530

Tidewater will hold a conference call to discuss results for the three months ending June 30, 2021 on August 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 August 10, 2021 and will continue until 11:59 p.m. Central Time on September 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 generation 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
(In thousands, except per share data)
		Three Months Ended								Six Months Ended
		June 30,				June 30,				June 30,				June 30,
		2021				2020				2021				2020
Revenues:
Vessel revenues		$	88,514			$	100,975			$	169,507			$	212,949
Other operating revenues			1,439				1,369				3,950				5,763
Total revenues			89,953				102,344				173,457				218,712
Costs and expenses:
Vessel operating costs			64,263				64,774				125,283				143,599
Costs of other operating revenues			581				171				1,648				2,844
General and administrative			16,787				17,597				32,830				39,017
Depreciation and amortization			28,549				28,144				58,276				55,251
Long-lived asset impairments and other			—				55,482				—				65,689
Affiliate credit loss impairment expense (credit)			(1,000	)			53,581				(1,000	)			53,581
Affiliate guarantee obligation			—				2,000				—				2,000
(Gain) loss on asset dispositions, net			932				(1,660	)			2,880				(6,991	)
			110,112				220,089				219,917				354,990
Operating loss			(20,159	)			(117,745	)			(46,460	)			(136,278	)
Other income (expense):
Foreign exchange gain (loss)			422				(2,076	)			(428	)			(1,212	)
Equity in net earnings (losses) of unconsolidated companies			52				—				(1,797	)			—
Dividend income from unconsolidated company			—				17,150				—				17,150
Interest income and other, net			8				696				31				812
Interest and other debt costs, net			(3,944	)			(5,959	)			(8,485	)			(12,101	)
Total other expense			(3,462	)			9,811				(10,679	)			4,649
Loss before income taxes			(23,621	)			(107,934	)			(57,139	)			(131,629	)
Income tax (benefit) expense			6,026				2,730				8,035				(2,441	)
Net loss		$	(29,647	)		$	(110,664	)		$	(65,174	)		$	(129,188	)
Less: Net loss attributable to noncontrolling interests			(185	)			(41	)			(397	)			(120	)
Net loss attributable to Tidewater Inc.		$	(29,462	)		$	(110,623	)		$	(64,777	)		$	(129,068	)
Basic loss per common share		$	(0.72	)		$	(2.74	)		$	(1.59	)		$	(3.21	)
Diluted loss per common share		$	(0.72	)		$	(2.74	)		$	(1.59	)		$	(3.21	)
Weighted average common shares outstanding			40,899				40,306				40,808				40,203
Adjusted weighted average common shares			40,899				40,306				40,808				40,203

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value data)
		June 30,				December 31,
ASSETS		2021				2020
Current assets:
Cash and cash equivalents		$	131,157			$	149,933
Restricted cash			20,284				2,079
Trade and other receivables, less allowance for credit losses of $2,099 and $1,516 at June 30, 2021 and December 31, 2020, respectively			90,229				112,623
Due from affiliates, less allowance for credit losses of $70,695 and $71,800 at June 30, 2021 and December 31, 2020, respectively			64,922				62,050
Marine operating supplies			15,404				15,876
Assets held for sale			17,214				34,396
Prepaid expenses and other current assets			15,953				11,692
Total current assets			355,163				388,649
Net properties and equipment			731,659				780,318
Deferred drydocking and survey costs			40,372				56,468
Other assets			24,539				25,742
Total assets		$	1,151,733			$	1,251,177
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	16,189			$	16,981
Accrued expenses			50,532				52,422
Due to affiliates			59,759				53,194
Current portion of long-term debt			7,355				27,797
Other current liabilities			28,825				32,785
Total current liabilities			162,660				183,179
Long-term debt			148,612				164,934
Other liabilities and deferred credits			80,723				79,792
Commitments and contingencies
Equity:
Common stock			41				41
Additional paid-in-capital			1,373,727				1,371,809
Accumulated deficit			(613,708	)			(548,931	)
Accumulated other comprehensive loss			(1,082	)			(804	)
Total stockholder's equity			758,978				822,115
Noncontrolling interests			760				1,157
Total equity			759,738				823,272
Total liabilities and equity		$	1,151,733			$	1,251,177

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
		Three Months Ended								Six Months Ended
		June 30,				June 30,				June 30,				June 30,
		2021				2020				2021				2020
Net loss		$	(29,647	)		$	(110,664	)		$	(65,174	)		$	(129,188	)
Other comprehensive income (loss):
Change in pension plan and supplemental pension plan liability, net of tax of $0, $0.2 million, $0 and $0.2 million, respectively			(207	)			448				(278	)			817
Total comprehensive loss		$	(29,854	)		$	(110,216	)		$	(65,452	)		$	(128,371	)

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
		Six Months				Six Months
		Ended				Ended
		June 30,				June 30,
		2021				2020
Operating activities:
Net loss		$	(65,174	)		$	(129,188	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			36,694				34,271
Amortization of deferred drydocking and survey costs			21,582				20,980
Amortization of debt premiums and discounts			1,986				1,357
Provision for deferred income taxes			648				206
(Gain) loss on asset dispositions, net			2,880				(6,991	)
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			—				65,689
Stock-based compensation expense			2,676				2,736
Changes in operating assets and liabilities, net:
Trade and other receivables			22,394				(4,991	)
Changes in due to/from affiliates, net			4,693				3,242
Accounts payable			(792	)			(10,390	)
Accrued expenses			(2,074	)			(13,007	)
Deferred drydocking and survey costs			(6,771	)			(28,964	)
Other, net			(7,234	)			(3,354	)
Net cash provided by (used in) operating activities			10,567				(12,823	)
Cash flows from investing activities:
Proceeds from asset dispositions			29,560				20,906
Additions to properties and equipment			(1,861	)			(4,075	)
Net cash provided by investing activities			27,699				16,831
Cash flows from financing activities:
Principal payments on long-term debt			(37,901	)			(4,742	)
Debt modification costs			(855	)			(612	)
Debt extinguishment premium			(59	)			—
Tax on share-based awards			(758	)			—
Net cash used in financing activities			(39,573	)			(5,354	)
Net change in cash, cash equivalents and restricted cash			(1,307	)			(1,346	)
Cash, cash equivalents and restricted cash at beginning of period			155,225				227,608
Cash, cash equivalents and restricted cash at end of period		$	153,918			$	226,262

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized			7,028				10,734
Income taxes			6,609				6,461

Note (A):  Cash, cash equivalents and restricted cash at June 30, 2021 includes $2.5 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
		Three Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				income (loss)				interest				Total
Balance at March 31, 2021		$	41				1,372,846				(584,246	)			(875	)			945				788,711
Total comprehensive loss			—				—				(29,462	)			(207	)			(185	)			(29,854	)
Amortization of share-based awards			—				881				—				—				—				881
Balance at June 30, 2021		$	41				1,373,727				(613,708	)			(1,082	)			760				759,738
Balance at March 31, 2020		$	40				1,368,325				(371,134	)			133				1,532				998,896
Total comprehensive income (loss)			—				—				(110,623	)			448				(41	)			(110,216	)
Amortization of share-based awards			—				1,320				—				—				—				1,320
Balance at June 30, 2020		$	40				1,369,645				(481,757	)			581				1,491				890,000

		Six 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			—				—				(64,777	)			(278	)			(397	)			(65,452	)
Amortization of share-based awards			—				1,918				—				—				—				1,918
Balance at June 30, 2021		$	41				1,373,727				(613,708	)			(1,082	)			760				759,738
Balance at December 31, 2019		$	40				1,367,521				(352,526	)			(236	)			1,611				1,016,410
Total comprehensive income (loss)			—				—				(129,068	)			817				(120	)			(128,371	)
Adoption of credit loss accounting standard			—				—				(163	)			—				—				(163	)
Amortization of share-based awards			—				2,124				—				—				—				2,124
Balance at June 30, 2020		$	40				1,369,645				(481,757	)			581				1,491				890,000

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

		Three Months Ended																Six Months Ended
		June 30,								June 30,								June 30,								June 30,
		2021								2020								2021								2020
(In thousands)								%								%								%								%
Vessel revenues:
Americas		$	23,481				27	%		$	34,044				34	%		$	49,705				29	%		$	65,903				31	%
Middle East/Asia Pacific			25,628				29	%			23,983				24	%			50,042				30	%			48,811				23	%
Europe/Mediterranean			22,467				25	%			20,620				20	%			37,216				22	%			50,111				24	%
West Africa			16,938				19	%			22,328				22	%			32,544				19	%			48,124				23	%
Total vessel revenues		$	88,514				100	%		$	100,975				100	%		$	169,507				100	%		$	212,949				100	%
Vessel operating costs:
Crew costs		$	37,685				43	%		$	38,691				38	%		$	72,847				43	%		$	83,178				39	%
Repair and maintenance			9,534				11	%			6,656				7	%			18,971				11	%			17,254				8	%
Insurance			(137	)			(0	)%			2,010				2	%			486				1	%			3,795				2	%
Fuel, lube and supplies			6,541				7	%			6,383				6	%			12,401				7	%			16,135				8	%
Other			10,640				12	%			11,034				11	%			20,578				12	%			23,237				11	%
Total vessel operating costs			64,263				73	%			64,774				64	%			125,283				74	%			143,599				67	%
Vessel operating margin (A)		$	24,251				27	%		$	36,201				36	%		$	44,224				26	%		$	69,350				33	%

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																Six Months Ended
		June 30,								June 30,								June 30,								June 30,
		2021								2020								2021								2020
(In thousands)								%								%								%								%
Vessel operating profit (loss):
Americas		$	(4,940	)			(5	)%		$	4,505				4	%		$	(6,591	)			(4	)%		$	3,341				2	%
Middle East/Asia Pacific			266				0	%			599				1	%			(1,587	)			(1	)%			(257	)			(0	)%
Europe/Mediterranean			(1,986	)			(2	)%			(1,750	)			(2	)%			(10,007	)			(6	)%			(203	)			(0	)%
West Africa			(5,355	)			(6	)%			(3,984	)			(4	)%			(12,122	)			(7	)%			(8,847	)			(4	)%
Other operating profit			858				1	%			1,198				1	%			2,302				1	%			2,919				1	%
			(11,157	)			(12	)%			568				1	%			(28,005	)			(16	)%			(3,047	)			(1	)%
Corporate expenses (A)			(9,070	)			(10	)%			(8,910	)			(9	)%			(16,575	)			(10	)%			(18,952	)			(9	)%
Gain (loss) on asset dispositions, net			(932	)			(1	)%			1,660				2	%			(2,880	)			(2	)%			6,991				3	%
Affiliate credit loss impairment (expense) credit			1,000				1	%			(53,581	)			(52	)%			1,000				1	%			(53,581	)			(24	)%
Affiliate guarantee obligation			—				0	%			(2,000	)			(2	)%			—				0	%			(2,000	)			(1	)%
Long-lived asset impairments and other			—				0	%			(55,482	)			(54	)%			—				0	%			(65,689	)			(30	)%
Operating loss		$	(20,159	)			(22	)%		$	(117,745	)			(115	)%		$	(46,460	)			(27	)%		$	(136,278	)			(62	)%

Note (A):  General and administrative expenses for the three and six months ended June 30, 2021 include stock-based compensation of $1.5 million and $2.7 million, respectively. General and administrative expenses for the three and six months ended June 30, 2020 include stock-based compensation of $1.4 million and $2.7 million, respectively. In addition, vessel operating and general and administrative costs for the three and six months ended June 30, 2021, include $0.8 million and $0.9 million in one-time restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and six months ended June 30, 2020, include $0.4 million and $0.6 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
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
Revenues:
Vessel revenues		$	88,514				80,993				87,830				85,395				100,975
Other operating revenues			1,439				2,511				4,029				1,072				1,369
Total revenues			89,953				83,504				91,859				86,467				102,344
Costs and expenses:
Vessel operating costs (A)			64,263				61,020				63,397				61,784				64,774
Costs of other operating revenue			581				1,067				342				219				171
General and administrative (A)			16,787				16,043				16,992				17,438				17,597
Depreciation and amortization			28,549				29,727				30,681				30,777				28,144
Long-lived asset impairments and other			—				—				6,475				1,945				55,482
Affiliate credit loss impairment expense (credit)			(1,000	)			—				(600	)			—				53,581
Affiliate guarantee obligation			—				—				—				—				2,000
(Gain) loss on asset dispositions, net			932				1,948				(80	)			(520	)			(1,660	)
Total operating costs and expenses			110,112				109,805				117,207				111,643				220,089
Operating loss			(20,159	)			(26,301	)			(25,348	)			(25,176	)			(117,745	)
Other income (expense):
Foreign exchange gain (loss)			422				(850	)			(2,880	)			(1,153	)			(2,076	)
Equity in net earnings (losses) of unconsolidated companies			52				(1,849	)			164				—				—
Dividend income from unconsolidated company			—				—				—				—				17,150
Interest income and other, net			8				23				144				272				696
Interest and other debt costs, net			(3,944	)			(4,541	)			(5,984	)			(6,071	)			(5,959	)
Total other expense			(3,462	)			(7,217	)			(8,556	)			(6,952	)			9,811
Loss before income taxes			(23,621	)			(33,518	)			(33,904	)			(32,128	)			(107,934	)
Income tax (benefit) expense			6,026				2,009				(4,477	)			5,953				2,730
Net loss			(29,647	)			(35,527	)			(29,427	)			(38,081	)			(110,664	)
Net loss attributable to noncontrolling interests			(185	)			(212	)			(180	)			(154	)			(41	)
Net loss attributable to Tidewater Inc.		$	(29,462	)			(35,315	)			(29,247	)			(37,927	)			(110,623	)
Basic loss per common share		$	(0.72	)			(0.87	)			(0.72	)			(0.94	)			(2.74	)
Diluted loss per common share		$	(0.72	)			(0.87	)			(0.72	)			(0.94	)			(2.74	)
Weighted average common shares outstanding			40,899				40,716				40,604				40,405				40,306
Dilutive effect of stock options and restricted stock			—				—				—				—				—
Adjusted weighted average common shares			40,899				40,716				40,604				40,405				40,306
Vessel operating margin		$	24,251				19,973				24,433				23,611				36,201
Note (A)  One-time restructuring and integration related costs		$	795				103				291				641				446

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
		June 30,				March 31,				December 31,				September 30,				June 30,
ASSETS		2021				2021				2020				2020				2020
Current assets:
Cash and cash equivalents		$	131,157				131,858				149,933				192,243				203,119
Restricted cash			20,284				9,061				2,079				26,401				19,880
Trade and other receivables, net			90,229				99,865				112,623				100,583				115,008
Due from affiliate, net			64,922				62,474				62,050				65,692				65,766
Marine operating supplies			15,404				15,676				15,876				17,808				20,580
Assets held for sale			17,214				31,214				34,396				19,163				29,064
Prepaid expenses and other current assets			15,953				13,594				11,692				18,925				20,350
Total current assets			355,163				363,742				388,649				440,815				473,767
Net properties and equipment			731,659				754,707				780,318				820,876				839,912
Deferred drydocking and survey costs			40,372				46,648				56,468				63,975				74,585
Other assets			24,539				23,833				25,742				25,108				27,411
Total assets		$	1,151,733				1,188,930				1,251,177			$	1,350,774			$	1,415,675
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	16,189				14,622				16,981				12,953				17,111
Accrued expenses			50,532				48,466				52,422				55,811				60,993
Due to affiliates			59,759				56,356				53,194				53,355				48,803
Current portion of long-term debt			7,355				18,201				27,797				9,576				9,437
Other current liabilities			28,825				35,003				32,785				31,599				25,815
Total current liabilities			162,660				172,648				183,179				163,294				162,159
Long-term debt			148,612				148,337				164,934				246,179				273,215
Other liabilities and deferred credits			80,723				79,234				79,792				87,724				90,301
Equity:
Common stock			41				41				41				40				40
Additional paid-in-capital			1,373,727				1,372,846				1,371,809				1,370,778				1,369,645
Accumulated deficit			(613,708	)			(584,246	)			(548,931	)			(519,684	)			(481,757	)
Accumulated other comprehensive income (loss)			(1,082	)			(875	)			(804	)			1,106				581
Total stockholder's equity			758,978				787,766				822,115				852,240				888,509
Noncontrolling interests			760				945				1,157				1,337				1,491
Total equity			759,738				788,711				823,272				853,577				890,000
Total liabilities and equity		$	1,151,733				1,188,930				1,251,177				1,350,774				1,415,675
Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)		$	5,163				6,118				8,856				12,337				16,963

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
Deepwater		$	17,796				19,876				25,706				22,836				27,858
Towing-supply			4,535				4,817				4,603				4,119				4,455
Other			1,150				1,531				1,759				1,750				1,731
Total			23,481				26,224				32,068				28,705				34,044
Middle East/Asia Pacific fleet:
Deepwater		$	17,264				15,931				16,822				13,819				14,195
Towing-supply			8,364				8,483				8,220				9,461				9,788
Total			25,628				24,414				25,042				23,280				23,983
Europe/Mediterranean fleet:
Deepwater		$	22,293				14,588				15,621				17,578				20,476
Towing-supply			11				—				—				(13	)			—
Other			163				161				154				151				144
Total			22,467				14,749				15,775				17,716				20,620
West Africa fleet:
Deepwater		$	8,814				7,909				6,237				4,905				8,748
Towing-supply			5,564				4,879				5,202				7,711				11,029
Other			2,560				2,818				3,506				3,078				2,552
Total		$	16,938				15,606				14,945				15,694				22,329
Worldwide fleet:
Deepwater		$	66,167				58,304				64,386				59,137				71,277
Towing-supply			18,474				18,179				18,025				21,278				25,271
Other			3,873				4,510				5,419				4,980				4,427
Total		$	88,514				80,993				87,830				85,395				100,975

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
AVERAGE NUMBER OF VESSELS:
Americas fleet:
Deepwater			27				29				32				32				32
Towing-supply			8				8				10				12				15
Other			3				3				3				3				3
Total			38				40				45				47				50
Stacked vessels			(13	)			(12	)			(15	)			(17	)			(17	)
Active vessels			25				28				30				30				33
Middle East/Asia Pacific fleet:
Deepwater			20				21				21				22				26
Towing-supply			18				20				22				23				26
Total			38				41				43				45				52
Stacked vessels			(1	)			(3	)			(3	)			(4	)			(9	)
Active vessels			37				38				40				41				43
Europe/Mediterranean fleet:
Deepwater			29				31				31				32				36
Towing-supply			—				—				—				—				1
Total			29				31				31				32				37
Stacked vessels			(8	)			(14	)			(16	)			(17	)			(17	)
Active vessels			21				17				15				15				20
West Africa fleet:
Deepwater			20				20				20				25				26
Towing-supply			11				12				13				17				18
Other			26				26				23				16				19
Total			57				58				56				58				63
Stacked vessels			(22	)			(25	)			(26	)			(31	)			(21	)
Active vessels			35				33				30				27				42
Worldwide fleet:
Deepwater			96				101				104				111				120
Towing-supply			37				40				45				52				60
Other			29				29				26				19				22
Total			162				170				175				182				202
Stacked vessels			(44	)			(54	)			(60	)			(69	)			(64	)
Active vessels			118				116				115				113				138
Total active			118				116				115				113				138
Total stacked			44				54				60				69				64
Total joint venture and other vessels			3				3				3				3				3
Total			165				173				178				185				205

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
Deepwater			2,497				2,627				2,944				2,996				2,940
Towing-supply			728				720				898				1,098				1,329
Other			273				270				276				276				273
Total			3,498				3,617				4,118				4,370				4,542
Middle East/Asia Pacific fleet:
Deepwater			1,820				1,863				1,932				2,025				2,411
Towing-supply			1,667				1,822				2,032				2,118				2,342
Total			3,487				3,685				3,964				4,143				4,753
Europe/Mediterranean fleet:
Deepwater			2,672				2,756				2,852				2,916				3,256
Towing-supply			—				—				—				24				91
Total			2,672				2,756				2,852				2,940				3,347
West Africa fleet:
Deepwater			1,853				1,827				1,840				2,269				2,366
Towing-supply			1,001				1,084				1,196				1,588				1,654
Other			2,366				2,340				2,095				1,469				1,698
Total			5,220				5,251				5,131				5,326				5,718
Worldwide fleet:
Deepwater			8,842				9,073				9,568				10,206				10,973
Towing-supply			3,396				3,626				4,126				4,828				5,416
Other			2,639				2,610				2,371				1,745				1,971
Total			14,877				15,309				16,065				16,779				18,360

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
Deepwater			889				923				1,105				1,134				863
Towing-supply			91				90				189				362				601
Other			182				90				92				92				91
Total			1,162				1,103				1,386				1,588				1,555
Middle East/Asia Pacific fleet:
Deepwater			91				90				92				185				500
Towing-supply			29				180				177				186				310
Total			120				270				269				371				810
Europe/Mediterranean fleet:
Deepwater			766				1,238				1,448				1,522				1,422
Towing-supply			—				—				—				24				91
Total			766				1,238				1,448				1,546				1,513
West Africa fleet:
Deepwater			852				1,104				1,288				1,809				919
Towing-supply			516				544				644				882				563
Other			637				599				417				181				446
Total			2,005				2,247				2,349				2,872				1,928
Worldwide fleet:
Deepwater			2,598				3,355				3,933				4,650				3,704
Towing-supply			636				814				1,010				1,454				1,565
Other			819				689				509				273				537
Total			4,053				4,858				5,452				6,377				5,806

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
Deepwater			1,608				1,704				1,839				1,862				2,077
Towing-supply			637				630				709				736				728
Other			91				180				184				184				182
Total			2,336				2,514				2,732				2,782				2,987
Middle East/Asia Pacific fleet:
Deepwater			1,729				1,773				1,840				1,840				1,911
Towing-supply			1,638				1,642				1,855				1,932				2,032
Total			3,367				3,415				3,695				3,772				3,943
Europe/Mediterranean fleet:
Deepwater			1,906				1,518				1,404				1,394				1,834
Total			1,906				1,518				1,404				1,394				1,834
West Africa fleet:
Deepwater			1,001				723				552				460				1,447
Towing-supply			485				540				552				706				1,091
Other			1,729				1,741				1,678				1,288				1,252
Total			3,215				3,004				2,782				2,454				3,790
Worldwide fleet:
Deepwater			6,244				5,718				5,635				5,556				7,269
Towing-supply			2,760				2,812				3,116				3,374				3,851
Other			1,820				1,921				1,862				1,472				1,434
Total			10,824				10,451				10,613				10,402				12,554

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
UTILIZATION - TOTAL FLEET:
Americas fleet:
Deepwater			45.6	%			55.6	%			53.2	%			51.7	%			64.3	%
Towing-supply			76.3				83.2				67.7				50.0				43.5
Other			33.3				55.7				66.7				66.7				65.2
Total			51.0	%			61.1	%			57.2	%			52.2	%			58.3	%
Middle East/Asia Pacific fleet:
Deepwater			88.3	%			80.1	%			78.2	%			67.4	%			57.9	%
Towing-supply			82.5				75.6				62.5				72.3				68.2
Total			85.5	%			77.9	%			70.2	%			69.9	%			63.0	%
Europe/Mediterranean fleet:
Deepwater			64.7	%			44.7	%			44.7	%			45.5	%			49.9	%
Total			64.7	%			44.7	%			44.7	%			45.1	%			48.6	%
West Africa fleet:
Deepwater			42.3	%			36.2	%			27.2	%			17.5	%			31.1	%
Towing-supply			38.4				30.1				30.8				28.4				41.3
Other			34.6				34.4				42.3				53.1				39.2
Total			38.1	%			34.1	%			34.2	%			30.6	%			36.5	%
Worldwide fleet:
Deepwater			59.4	%			53.4	%			50.7	%			45.4	%			51.5	%
Towing-supply			68.2				63.5				54.4				52.4				52.8
Other			34.5				36.6				45.2				55.3				42.8
Total			57.0	%			52.9	%			50.9	%			48.5	%			50.9	%

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
UTILIZATION - ACTIVE FLEET:
Americas fleet:
Deepwater			70.7	%			85.7	%			85.1	%			83.2	%			91.0	%
Towing-supply			87.2				95.1				85.7				74.6				79.4
Other			100.0				83.6				100.0				100.0				97.8
Total			76.4	%			87.9	%			86.3	%			82.0	%			88.6	%
Middle East/Asia Pacific fleet:
Deepwater			92.9	%			84.2	%			82.1	%			74.2	%			73.1	%
Towing-supply			84.0				83.9				68.5				79.2				78.6
Total			88.6	%			84.0	%			75.3	%			76.8	%			75.9	%
Europe/Mediterranean fleet:
Deepwater			90.6	%			81.3	%			90.9	%			95.1	%			88.6	%
Total			90.6	%			81.3	%			90.9	%			95.1	%			88.6	%
West Africa fleet:
Deepwater			78.3	%			91.4	%			90.8	%			86.2	%			50.9	%
Towing-supply			79.2				60.4				66.7				63.8				62.6
Other			47.4				46.2				52.9				60.6				53.2
Total			61.8	%			59.6	%			63.1	%			66.3	%			55.0	%
Worldwide fleet:
Deepwater			84.2	%			84.8	%			86.1	%			83.4	%			77.7	%
Towing-supply			83.9				81.9				72.1				75.0				74.2
Other			50.0				49.7				57.5				65.5				58.9
Total			78.4	%			77.6	%			77.0	%			78.2	%			74.5	%

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
Deepwater		$	15,646				13,608				16,416				14,743				14,738
Towing-supply			8,162				8,040				7,576				7,506				7,707
Other			12,634				10,179				9,559				9,514				9,723
Total		$	13,162				11,865				13,602				12,581				12,865
Middle East/Asia Pacific fleet:
Deepwater		$	10,743				10,670				11,129				10,127				10,161
Towing-supply			6,080				6,159				6,471				6,180				6,128
Total		$	8,593				8,506				9,002				8,040				8,009
Europe/Mediterranean fleet:
Deepwater		$	12,905				11,829				12,368				13,257				12,600
Total		$	13,005				11,960				12,368				13,361				12,689
West Africa fleet:
Deepwater		$	11,242				11,972				12,449				12,365				11,891
Towing-supply			14,480				14,967				14,136				17,122				16,158
Other			3,124				3,501				3,952				3,944				3,829
Total		$	8,521				8,711				8,510				9,643				10,711
Worldwide fleet:
Deepwater		$	12,589				12,028				13,265				12,756				12,620
Towing-supply			7,978				7,896				8,026				8,411				8,843
Other			4,253				4,721				5,059				5,163				5,243
Total		$	10,435				9,993				10,749				10,503				10,799

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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
Americas
Vessel revenues		$	23,481				26,224				32,068				28,705				34,044
Vessel operating costs:
Crew costs		$	11,132				10,594				12,795				11,711				13,138
Repair and maintenance			2,192				2,714				2,065				1,259				1,703
Insurance			(30	)			200				402				426				427
Fuel, lube and supplies			1,952				1,774				1,822				1,754				1,373
Other			2,972				1,980				2,306				2,486				1,956
Total vessel operating costs		$	18,218				17,262				19,390				17,636				18,597
Vessel operating margin ($)		$	5,263				8,962				12,678				11,069				15,447
Vessel operating margin (%)			22.4	%			34.2	%			39.5	%			38.6	%			45.4	%
Americas - Select operating statistics
Average vessels - Total fleet			38				40				45				47				50
Utilization - Total fleet			51.0	%			61.1	%			57.2	%			52.2	%			58.3	%
Average vessels - Active fleet			25				28				30				30				33
Utilization - Active fleet			76.4	%			87.9	%			86.3	%			82.0	%			88.6	%
Average day rates		$	13,162				11,865				13,602				12,581				12,865
Vessels commencing drydocks			3				1				1				—				5
Deferred drydocking and survey costs - beginning balance		$	11,813				15,440				17,774				20,024				21,599
Cash paid for deferred drydocking and survey costs			2,157				881				1,015				1,086				1,819
Amortization of deferred drydocking and survey costs			(2,753	)			(3,222	)			(3,349	)			(3,336	)			(3,394	)
Disposals, intersegment transfers and other			1,702				(1,286	)			—				—				—
Deferred drydocking and survey costs - ending balance		$	12,919				11,813				15,440				17,774				20,024

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
Middle East/Asia Pacific
Vessel revenues		$	25,628				24,414				25,042				23,280				23,983
Vessel operating costs:
Crew costs		$	9,910				9,639				9,982				10,468				8,726
Repair and maintenance			2,632				2,659				2,899				2,385				2,196
Insurance			37				(224	)			452				562				739
Fuel, lube and supplies			1,494				1,569				1,924				1,783				1,405
Other			2,692				2,959				3,532				2,057				2,412
Total vessel operating costs		$	16,765				16,602				18,789				17,255				15,478
Vessel operating margin ($)		$	8,863				7,812				6,253				6,025				8,505
Vessel operating margin (%)			34.6	%			32.0	%			25.0	%			25.9	%			35.5	%
Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet			38				41				43				45				52
Utilization - Total fleet			85.5	%			77.9	%			70.2	%			69.9	%			63.0	%
Average vessels - Active fleet			37				38				40				41				43
Utilization - Active fleet			88.6	%			84.0	%			75.3	%			76.8	%			75.9	%
Average day rates		$	8,593				8,506				9,002				8,040				8,009
Vessels commencing drydocks			4				—				3				—				—
Deferred drydocking and survey costs - beginning balance		$	13,989				17,031				18,666				21,116				23,139
Cash paid for deferred drydocking and survey costs			1,354				72				1,447				386				850
Amortization of deferred drydocking and survey costs			(2,820	)			(3,114	)			(3,082	)			(3,036	)			(2,589	)
Disposals, intersegment transfers and other			(399	)			—				—				200				(284	)
Deferred drydocking and survey costs - ending balance			12,124				13,989				17,031				18,666				21,116

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
Europe/Mediterranean
Vessel revenues		$	22,467				14,749				15,775				17,716				20,620
Vessel operating costs:
Crew costs		$	10,519				9,022				8,179				7,952				9,707
Repair and maintenance			2,244				1,673				1,133				869				1,278
Insurance			(131	)			299				297				448				420
Fuel, lube and supplies			864				759				710				592				924
Other			1,803				1,707				1,214				1,274				1,547
Total vessel operating costs		$	15,299				13,460				11,533				11,135				13,876
Vessel operating margin ($)		$	7,168				1,289				4,243				6,581				6,744
Vessel operating margin (%)			31.9	%			8.7	%			26.9	%			37.1	%			32.7	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			29				31				31				32				37
Utilization - Total fleet			64.7	%			44.7	%			44.7	%			45.1	%			48.6	%
Average vessels - Active fleet			21				17				15				15				20
Utilization - Active fleet			90.6	%			81.3	%			90.9	%			95.1	%			88.6	%
Average day rates		$	13,005				11,960				12,368				13,361				12,689
Vessels commencing drydocks			2				3				4				—				—
Deferred drydocking and survey costs - beginning balance		$	7,731				7,317				7,147				9,143				10,387
Cash paid for deferred drydocking and survey costs			162				2,067				1,710				(361	)			517
Amortization of deferred drydocking and survey costs			(1,553	)			(1,653	)			(1,540	)			(1,635	)			(1,710	)
Disposals, intersegment transfers and other							—				—				—				(51	)
Deferred drydocking and survey costs - ending balance		$	6,340				7,731				7,317				7,147				9,143

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
West Africa
Vessel revenues		$	16,938				15,606				14,945				15,694				22,328
Vessel operating costs:
Crew costs		$	6,124				5,907				5,804				6,555				7,120
Repair and maintenance			2,466				2,391				1,930				1,419				1,479
Insurance			(13	)			348				296				517				424
Fuel, lube and supplies			2,231				1,758				1,765				2,628				2,681
Other			3,173				3,292				3,890				4,639				5,119
Total vessel operating costs		$	13,981				13,696				13,685				15,758				16,823
Vessel operating margin ($)		$	2,957				1,910				1,260				(64	)			5,505
Vessel operating margin (%)			17.5	%			12.2	%			8.4	%			(0.4	)%			24.7	%
West Africa - Select operating statistics
Average vessels - Total fleet			57				58				56				58				63
Utilization - Total fleet			38.1	%			34.1	%			34.2	%			30.6	%			36.5	%
Average vessels - Active fleet			35				33				30				27				42
Utilization - Active fleet			61.8	%			59.6	%			63.1	%			66.3	%			55.0	%
Average day rates		$	8,521				8,711				8,510				9,643				10,711
Vessels commencing drydocks			2				—				—				—				—
Deferred drydocking and survey costs - beginning balance		$	13,115				16,680				20,388				24,301				26,856
Cash paid for deferred drydocking and survey costs			376				(298	)			(400	)			(576	)			911
Amortization of deferred drydocking and survey costs			(3,199	)			(3,268	)			(3,294	)			(3,426	)			(3,466	)
Disposals, intersegment transfers and other			(1,303	)			1				(14	)			89				—
Deferred drydocking and survey costs - ending balance		$	8,989				13,115				16,680				20,388				24,301

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
Worldwide
Vessel revenues		$	88,514				80,993				87,830				85,395				100,975
Vessel operating costs:
Crew costs		$	37,685				35,162				36,760				36,686				38,691
Repair and maintenance			9,534				9,437				8,027				5,932				6,656
Insurance			(137	)			623				1,447				1,953				2,010
Fuel, lube and supplies			6,541				5,860				6,221				6,757				6,383
Other			10,640				9,938				10,942				10,456				11,034
Total vessel operating costs		$	64,263				61,020				63,397				61,784				64,774
Vessel operating margin ($)		$	24,251				19,973				24,434				23,611				36,201
Vessel operating margin (%)			27.4	%			24.7	%			27.8	%			27.6	%			35.9	%
Worldwide - Select operating statistics
Average vessels - Total fleet			162				170				175				182				202
Utilization - Total fleet			57.0	%			52.9	%			50.9	%			48.5	%			50.9	%
Average vessels - Active fleet			118				116				115				113				138
Utilization - Active fleet			78.4	%			77.6	%			77.0	%			78.2	%			74.5	%
Average day rates		$	10,435				9,993				10,749				10,503				10,799
Vessels commencing drydocks			11				4				8				—				5
Deferred drydocking and survey costs - beginning balance		$	46,648				56,468				63,975				74,584				81,981
Cash paid for deferred drydocking and survey costs			4,049				2,722				3,772				535				4,097
Amortization of deferred drydocking and survey costs			(10,325	)			(11,257	)			(11,265	)			(11,433	)			(11,159	)
Disposals, intersegment transfers and other			—				(1,285	)			(14	)			289				(335	)
Deferred drydocking and survey costs - ending balance		$	40,372				46,648				56,468				63,975				74,584

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
Net loss		$	(29,647	)			(35,527	)			(29,427	)			(38,081	)			(110,664	)
Interest and other debt costs			3,944				4,541				5,984				6,071				5,959
Income tax (benefit) expense			6,026				2,009				(4,477	)			5,953				2,730
Depreciation			18,224				18,470				19,416				19,343				16,986
Amortization of deferred drydock and survey costs			10,325				11,257				11,265				11,434				11,158
EBITDA (A), (B), (C)		$	8,872				750				2,761				4,720				(73,831	)
Long-lived asset impairments and other			—				—				6,475				1,945				55,482
Affiliate credit loss impairment expense (credit)			(1,000	)			—				(600	)			—				53,581
Affiliate guarantee obligation			—				—				—				—				2,000
One-time integration related costs			795				103				291				641				446
Adjusted EBITDA (A), (B), (C)		$	8,667				853				8,927				7,306				37,678

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 June 30, 2021, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,504, $1,172, $1,158, $1,223, and $1,401, respectively.

Note (C):  EBITDA and Adjusted EBITDA for the three months ended June 30, 2021, and for each of the prior four quarters includes foreign exchange gain (losses) of $422, $(850), $(2,880), $(1,153), and $(2,076), respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges and merger and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In thousands)
		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
Net cash provided by (used in) operating activities (A)		$	4,851				5,716				2,180				14,629				14,702
Cash interest expense			3,282				3,746				5,066				5,435				5,292
Interest income and other			(8	)			(23	)			(144	)			(272	)			(696	)
Additions to property and equipment			(665	)			(1,196	)			(10,218	)			(607	)			(1,626	)
Expansion capital			—				—				5,300				—				—
Free cash flow before proceeds from asset sales			7,460				8,243				2,184				19,185				17,672
Proceeds from asset sales			18,577				10,983				6,798				10,592				11,454
Free cash flow		$	26,037				19,226				8,982				29,777				29,126

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

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

		Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
		2021				2021				2020				2020				2020
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	7,066				9,921				(4,915	)			18,858				(10,373	)
Cash paid for deferred drydock and survey costs			(4,049	)			(2,722	)			(3,772	)			(535	)			(4,097	)
Total sources (uses) of cash for changes in assets and liabilities		$	3,017				7,199				(8,687	)			18,323				(14,470	)

 

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FAQ

What were Tidewater's revenues for Q2 2021?

Tidewater reported revenues of $90.0 million for Q2 2021.

How much did Tidewater lose in Q2 2021?

Tidewater reported a net loss of $29.5 million in Q2 2021.

What is Tidewater's free cash flow for the second quarter of 2021?

Tidewater generated free cash flow of $26.0 million in Q2 2021.

What impact did COVID-19 have on Tidewater's operations?

Tidewater has not seen significant operational impacts from COVID-19 but anticipates continued pandemic-related costs.

How much did Tidewater reduce its net debt in Q2 2021?

Tidewater reduced its net debt by $21.1 million during Q2 2021.