Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2024

Rhea-AI Summary

Tidewater (NYSE:TDW) reported strong financial results for 2024, with revenue reaching $1,345.8 million, up 33.3% from 2023. The company's performance showed significant improvements across key metrics, including:

- Net income increased 85.9% to $180.7 million
- Average day rate rose 26.6% to $21,273 per day
- Adjusted EBITDA grew 44.7% to $559.6 million
- Free cash flow surged 197.1% to $331.0 million

For Q4 2024, revenue was $345.1 million with net income of $36.9 million, though results were impacted by a $14.3 million foreign exchange loss. The company repurchased 864,104 shares for $44.1 million during Q4. Looking ahead, Tidewater provided 2025 revenue guidance of $1.32-1.38 billion with gross margin guidance of 48-50%.

Positive

• Revenue increased 33.3% to $1.35B in 2024
• Net income surged 85.9% to $180.7M
• Average day rate up 26.6% to $21,273
• Free cash flow grew 197.1% to $331M
• Gross margin exceeded 50% in Q4 2024
• New $90.3M share repurchase authorization approved

Negative

• Q4 results impacted by $14.3M forex loss
• Full-year results affected by $15.3M forex loss
• Anticipating relatively slow start to 2025
• 2025 guidance suggests flat to modest growth vs 2024

Insights

Financial Analyst

Tidewater's 2024 results showcase exceptional financial performance in an industry experiencing a fundamental supply-demand imbalance. Revenue surged 33.3% to $1.35 billion, while net income nearly doubled to $180.7 million ($3.40 per share), despite a $15.3 million foreign exchange headwind from the strengthening dollar.

The company's 26.6% increase in average day rates to $21,273 represents extraordinary pricing power, far exceeding historical rate progression in previous offshore cycles. This pricing strength pushed gross margins above 50% in Q4, a level not seen in 16 years, demonstrating TDW's enhanced market position.

Most impressive was the 197.1% surge in free cash flow to $331 million, enabling substantial capital returns while maintaining balance sheet strength. Management's decision to repurchase $119.4 million in shares (including $90.7 million in open market purchases) signals their belief that the stock remains undervalued despite operational outperformance.

TDW's strategic approach deserves highlighting: their fleet high-grading (replacing older, smaller vessels with newer, higher-specification ones) combined with short-term contracting has allowed them to capitalize on vessel scarcity by frequently repricing contracts upward. This strategy has proven particularly effective in the current tight supply environment.

Looking ahead, management's 2025 guidance of $1.32-1.38 billion in revenue with 48-50% gross margins suggests continued strong performance, even with a projected slower Q1. The fundamentals driving TDW's outperformance remain intact - new vessel supply (no new deliveries expected in 2025) combined with anticipated growth in offshore activity creates a favorable backdrop for sustained pricing power.

The additional $90.3 million share repurchase authorization (the maximum allowed under debt covenants) reinforces management's confidence in future cash generation and their commitment to returning capital to shareholders in the near term rather than pursuing aggressive fleet expansion or debt reduction beyond required payments.

Energy Industry Expert

Tidewater's 2024 results highlight a fundamental shift in offshore vessel market dynamics, with day rates increasing by an extraordinary 26.6% to $21,273 - significantly exceeding the 5-10% annual rate growth typically seen in previous cycles. This exceptional pricing power reflects a structural supply shortage rather than merely cyclical improvement.

The global offshore support vessel (OSV) fleet has contracted substantially since the 2014 downturn, with hundreds of vessels scrapped or cold-stacked. Meanwhile, the newbuild orderbook remains at historic lows, with no new deliveries expected in 2025 and only modest additions planned thereafter. This supply constraint creates a ceiling on capacity that will likely persist for years, as shipyard slots for specialized vessels are and lead times exceed 24-30 months.

Tidewater's strategic positioning through fleet high-grading has been prescient. By divesting older, smaller vessels and acquiring higher-specification units, they've concentrated their fleet in vessel categories experiencing the most acute supply shortages. Their Q4 gross margin exceeding 50% - a level not seen since 2008's market peak - demonstrates the exceptional pricing environment.

The company's short-term contracting strategy differs from some competitors who have locked in longer-term contracts at lower rates. While this approach introduces more volatility, it has allowed Tidewater to capture the full benefit of rapidly rising day rates. The 197.1% increase in free cash flow to $331 million validates this approach.

Looking ahead, the projected "slow start" to 2025 likely reflects typical Q1 seasonal patterns (weather-related downtime in the North Sea and other regions) rather than fundamental market weakness. The underlying demand drivers remain robust, with global offshore drilling activity continuing to expand and aging offshore infrastructure requiring increased maintenance and support.

Tidewater's capital allocation strategy prioritizing share repurchases ($90.3 million new authorization) over fleet expansion signals management's belief that organic day rate growth will drive more value than capacity additions. This disciplined approach to fleet growth is precisely what the offshore vessel sector needs to maintain pricing power after decades of oversupply cycles.

With day rates still below inflation-adjusted historical peaks and offshore energy investment continuing to grow, the runway for further rate improvement remains substantial, suggesting Tidewater's exceptional financial performance could continue well beyond 2025.

Full-year 2024 Highlights

• Revenue of $1,345.8 million, a 33.3% increase from 2023
• Average day rate increased to $21,273 per day, $4,471, or 26.6%, higher than 2023
• Net income of $180.7 million, an increase of $83.5 million, or 85.9%, from 2023
• Adjusted EBITDA of $559.6 million, an increase of $172.9 million, or 44.7%, from 2023
  • Net Income and Adjusted EBITDA adversely impacted by the $15.3 million foreign exchange loss due the strengthening of the U.S. dollar
• Net cash provided by operating activities of $273.8 million, an increase of $169.1 million, or 161.5%, from 2023
• Free cash flow of $331.0 million, an increase of $219.6 million, or 197.1% from 2023
• Repurchased 1.4 million shares during full-year 2024 for $90.7 million at an average price of $65.53 per share

Fourth Quarter 2024 Highlights

• Revenue of $345.1 million
• Average day rate of $22,236 per day
• Net income of $36.9 million and Adjusted EBITDA of $138.4 million
  • Net Income and Adjusted EBITDA adversely impacted by the $14.3 million foreign exchange loss due the strengthening of the U.S. dollar
• Net cash provided by operating activities of $91.3 million and free cash flow of $107.0 million
• Repurchased 864,104 shares during the fourth quarter for $44.1 million at an average price of $51.02 per share

Share Repurchase Authorization and 2025 Guidance

• Board approves additional share repurchase authorization of $90.3 million, the maximum permissible amount under existing debt agreements
• Initiating 2025 revenue guidance of $1.32 to $1.38 billion and 2025 gross margin guidance of 48% to 50%

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2024 of $345.1 million and $1,345.8 million, respectively, compared with $302.7 million and $1,010.0 million, respectively, for the three and twelve months ended December 31, 2023. Tidewater's net income for the three and twelve months ended December 31, 2024, was $36.9 million ($0.70 per common share) and $180.7 million ($3.40 per common share), respectively, compared with net income of $37.7 million ($0.70 per common share) and $97.2 million ($1.84 per common share), respectively, for the three and twelve months ended December 31, 2023.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “2024 proved to be a successful year by all measures. Revenue, gross margin, earnings and free cash flow all increased significantly as the fundamental supply and demand imbalance in the offshore vessel market persisted. Day rate progression realized during the year is the most substantial we’ve experienced since the offshore recovery began and well-beyond the historical rate of annual day rate progression we’ve seen in prior cycles. The financial successes realized during 2024 can be attributed to our multi-year effort to high-grade the fleet through the disposal of older, smaller vessels and through the acquisition of younger, higher-specification vessels, along with our short-term contracting strategy that has allowed us to realize the day rate benefits of vessel scarcity in a healthy demand environment.

“Free cash flow for the year was $331.0 million, a significant increase from the prior year, driven by improving day rate realization and the full year’s benefit of the acquisition completed in 2023. During the year, we used $103.0 million of cash to pay down the required amortization on our outstanding debt and $119.4 million to reduce the number of shares outstanding, inclusive of both open market repurchases and the reduction of shares in exchange for payment of employee taxes on the vesting of equity compensation. We are pleased with the free cash flow generation of the business and remain committed to directing our free cash flow to avenues to enhance shareholder value.

“The fourth quarter of 2024 came in slightly better than anticipated, with revenue of $345.1 million driven by an uptick in utilization and gross margin cresting the 50% threshold for the first time in nearly 16 years. Adjusted EBITDA of $138.4 million and net income of $36.9 million were both adversely impacted by the $14.3 million foreign exchange loss due to the strengthening of the U.S. dollar. Free cash flow of $107.0 million improved nearly 60% sequentially primarily through a combination of an increase in gross margin and a reduction in drydock spend. During the fourth quarter, we returned over 41% of our free cash flow to shareholders in the form of share repurchases. The $44.1 million of share repurchases during the fourth quarter was the maximum permissible amount of repurchases available to us under our existing debt agreements and was the largest amount of shares repurchased since the share repurchase program commenced in the fourth quarter of 2023.

“Given our expectations for free cash flow for 2025 and the health of our balance sheet, we are pleased to announce that the Board has authorized a new share repurchase program, under which we are authorized to purchase up to $90.3 million of the Company’s common stock. Our current unused capacity is similarly $90.3 million. The new authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. Our desire to repurchase shares at current trading levels remains strong and we will continue to take advantage of the inefficiencies we see in the market.

“Visibility for 2025 has improved and can be characterized by a relatively slow start to the year, with improving demand fundamentals as we progress towards the end of the year. We anticipate revenue, gross margin and free cash flow for 2025 to look similar to or slightly better than 2024. We are encouraged by the nature of conversations with our customers as it relates to their longer-term plans for continued growth in offshore activity. Offshore vessel supply remains in a favorable position, with only modest additions to the newbuild orderbook and no new deliveries expected during 2025. We are confident that the fundamental supply and demand forces that have propelled our financial performance over the last few years remain intact and that as the anticipated growth in offshore activity resumes, we will be well positioned to continue to drive material improvements in the financial performance of the business.”

In addition to the number of outstanding shares, as of December 31, 2024, the Company also has the following in-the-money warrants.

Common shares outstanding			51,461,472
New Creditor Warrants (strike price $0.001 per common share)			76,175
GulfMark Creditor Warrants (strike price $0.01 per common share)			77,204
Total			51,614,851

Tidewater will hold a conference call to discuss results for the three months ending December 31, 2024 on February 28, 2025, 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: 5089610 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 February 28, 2025. 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; uncertainty around the use and impacts of artificial intelligence applications; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2024 and 2023; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2024 and 2023. Extracts are drawn from the December 31, 2024 and 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								Twelve Months Ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Revenues:
Vessel revenues		$	343,463			$	300,515			$	1,337,637			$	998,993
Other operating revenues			1,622				2,143				8,198				10,992
Total revenues			345,085				302,658				1,345,835				1,009,985
Costs and expenses:
Vessel operating costs			170,384				158,553				693,107				556,515
Costs of other operating revenues			688				1,337				3,555				4,342
General and administrative			30,688				24,724				110,817				95,283
Depreciation and amortization			64,620				59,167				242,770				180,331
Gain on asset dispositions, net			(2,672	)			(4,218	)			(15,762	)			(8,701	)
Total costs and expenses			263,708				239,563				1,034,487				827,770
Operating income			81,377				63,095				311,348				182,215
Other income (expense):
Foreign exchange gain (loss)			(14,337	)			2,250				(15,276	)			(1,370	)
Equity in net earnings of unconsolidated companies			—				10				—				39
Interest income and other, net			2,697				3,029				6,383				6,517
Interest and other debt costs, net			(16,742	)			(20,263	)			(72,967	)			(48,472	)
Total other expense			(28,382	)			(14,974	)			(81,860	)			(43,286	)
Income before income taxes			52,995				48,121				229,488				138,929
Income tax expense			16,376				10,793				50,216				43,308
Net income			36,619				37,328				179,272				95,621
Less: Net loss attributable to noncontrolling interests			(286	)			(336	)			(1,384	)			(1,564	)
Net income attributable to Tidewater Inc.		$	36,905			$	37,664			$	180,656			$	97,185
Basic income per common share		$	0.71			$	0.72			$	3.44			$	1.88
Diluted income per common share		$	0.70			$	0.70			$	3.40			$	1.84
Weighted average common shares outstanding			52,315				52,648				52,452				51,591
Dilutive effect of warrants, restricted stock units and stock options			514				1,351				619				1,346
Adjusted weighted average common shares			52,829				53,999				53,071				52,937

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
		December 31, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	324,918			$	274,437
Restricted cash			2,032				1,241
Trade and other receivables, less allowance for credit losses of $3,184 and $15,914 as of December 31, 2024 and 2023, respectively			323,805				268,352
Marine operating supplies			34,319				31,933
Prepaid expenses and other current assets			13,588				15,172
Total current assets			698,662				591,135
Net properties and equipment			1,184,282				1,315,122
Deferred drydocking and survey costs			152,550				106,698
Indemnification assets			11,946				17,370
Other assets			27,464				32,449
Total assets		$	2,074,904			$	2,062,774
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	71,385			$	44,931
Accrued expenses			129,894				125,590
Current portion of long-term debt			65,386				103,077
Other current liabilities			64,948				55,133
Total current liabilities			331,613				328,731
Long-term debt			571,710				631,361
Other liabilities			60,396				64,985
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized. 51,461,472 and 52,259,303 shares issued and outstanding at December 31, 2024 and 2023, respectively			52				52
Additional paid-in-capital			1,656,830				1,671,759
Accumulated deficit			(548,831	)			(637,838	)
Accumulated other comprehensive loss			6,060				5,266
Total stockholders' equity			1,114,111				1,039,239
Noncontrolling interests			(2,926	)			(1,542	)
Total equity			1,111,185				1,037,697
Total liabilities and equity		$	2,074,904			$	2,062,774

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands)
		Three Months Ended								Twelve Months Ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Net income		$	36,619			$	37,328			$	179,272			$	95,621
Other comprehensive income (loss):
Unrealized gain on note receivable			—				682				283				213
Change in supplemental executive retirement plan pension liability			318				(525	)			318				(525	)
Change in liability of pension plans			1,150				696				193				(2,998	)
Total comprehensive income		$	38,087			$	38,181			$	180,066			$	92,311

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Twelve Months				Twelve Months
		Ended				Ended
		December 31, 2024				December 31, 2023
Cash flows from operating activities:
Net income		$	179,272			$	95,621
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			156,166				128,777
Amortization of deferred drydocking and survey costs			86,604				51,554
Amortization of debt premiums and discounts			6,741				4,619
Amortization of below market contracts			(5,000	)			(3,800	)
Deferred income taxes provision (benefit)			(2,807	)			92
Gain on asset dispositions, net			(15,762	)			(8,701	)
Gain on pension settlement			—				(2,313	)
Stock-based compensation expense			13,681				10,755
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(55,453	)			(109,756	)
Accounts payable			26,454				5,985
Accrued expenses			7,393				20,072
Deferred drydocking and survey costs			(133,258	)			(97,378	)
Other, net			9,818				9,178
Net cash provided by operating activities			273,849				104,705
Cash flows from investing activities:
Proceeds from asset dispositions			19,338				15,506
Proceeds from sale of notes			8,054				—
Acquisitions, net of cash acquired			—				(594,191	)
Additions to properties and equipment			(27,580	)			(31,588	)
Net cash used in investing activities			(188	)			(610,273	)
Cash flows from financing activities:
Exercise of warrants			4				111,483
Issuance of long-term debt			—				575,000
Principal payments on long-term debt			(103,030	)			(13,677	)
Purchase of common stock			(90,742	)			(35,025	)
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)
Debt issuance costs			(213	)			(14,758	)
Share based awards reacquired to pay taxes			(28,614	)			(6,040	)
Net cash provided by (used in) financing activities			(222,595	)			615,556
Net change in cash, cash equivalents and restricted cash			51,066				109,988
Cash, cash equivalents and restricted cash at beginning of period			277,965				167,977
Cash, cash equivalents and restricted cash at end of period		$	329,031			$	277,965

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	66,897			$	26,638
Income taxes		$	56,909			$	43,880
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	—			$	14,265
Supplemental disclosure of noncash financing activities:
Debt incurred for the purchase of vessels		$	—			$	15,235
Note:  Cash, cash equivalents and restricted cash at December 31, 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 September 30, 2024		$	52			$	1,653,027			$	(541,191	)		$	4,592			$	(2,640	)		$	1,113,840
Total comprehensive income (loss)			—				—				36,905				1,468				(286	)			38,087
Exercise of warrants into common stock			—				2				—				—				—				2
Repurchase and retirement of common stock			—				—				(44,545	)			—				—				(44,545	)
Amortization of share-based awards			—				3,801				—				—				—				3,801
Balance at December 31, 2024		$	52			$	1,656,830			$	(548,831	)		$	6,060			$	(2,926	)		$	1,111,185
Balance at September 30, 2023		$	53			$	1,668,392			$	(640,128	)		$	4,413			$	(1,206	)		$	1,031,524
Total comprehensive income (loss)			—				—				37,664				853				(336	)			38,181
Repurchase and retirement of common stock			(1	)			—				(35,374	)			—				—				(35,375	)
Amortization of share-based awards			—				3,367				—				—				—				3,367
Balance at December 31, 2023		$	52			$	1,671,759			$	(637,838	)		$	5,266			$	(1,542	)		$	1,037,697

		Twelve 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)			—				—				180,656				794				(1,384	)			180,066
Exercise of warrants into common stock			—				4				—				—				—				4
Issuance of common stock			1				(1	)			—				—				—				—
Repurchase and retirement of common stock			(1	)			—				(91,649	)			—				—				(91,650	)
Amortization of share-based awards			—				(14,932	)			—				—				—				(14,932	)
Balance at December 31, 2024		$	52			$	1,656,830			$	(548,831	)		$	6,060			$	(2,926	)		$	1,111,185
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990
Total comprehensive income (loss)			—				—				97,185				(3,310	)			(1,564	)			92,311
Exercise of warrants into common stock			2				111,481				—				—				—				111,483
Repurchase and retirement of common stock			(1	)			—				(35,374	)			—				—				(35,375	)
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)			—				—				—				(1,427	)
Amortization of share-based awards			—				4,715				—				—				—				4,715
Balance at December 31, 2023		$	52			$	1,671,759			$	(637,838	)		$	5,266			$	(1,542	)		$	1,037,697

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:
(In Thousands)		Three Months Ended																Twelve Months Ended
		December 31, 2024								December 31, 2023								December 31, 2024								December 31, 2023
Vessel revenues:
Americas		$	60,240				18	%		$	68,425				23	%		$	261,929				20	%		$	237,205				24	%
Asia Pacific			51,043				15	%			38,632				13	%			210,328				16	%			122,235				12	%
Middle East			40,772				12	%			38,072				12	%			152,187				11	%			135,375				14	%
Europe/Mediterranean			84,109				24	%			80,743				27	%			333,081				25	%			230,217				23	%
West Africa			107,299				31	%			74,643				25	%			380,112				28	%			273,961				27	%
Total vessel revenues		$	343,463				100	%		$	300,515				100	%		$	1,337,637				100	%		$	998,993				100	%
Vessel operating costs:
Crew costs		$	99,985				29	%		$	97,537				33	%		$	416,276				31	%		$	329,473				33	%
Repair and maintenance			26,731				8	%			21,635				7	%			98,376				7	%			78,716				8	%
Insurance			2,857				1	%			2,765				1	%			11,027				1	%			9,297				1	%
Fuel, lube and supplies			15,278				5	%			15,265				5	%			65,371				5	%			60,548				6	%
Other			25,533				7	%			21,351				7	%			102,057				8	%			78,481				8	%
Total vessel operating costs			170,384				50	%			158,553				53	%			693,107				52	%			556,515				56	%
Vessel operating margin (A)		$	173,079				50	%		$	141,962				47	%		$	644,530				48	%		$	442,478				44	%
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																Twelve Months Ended
		December 31, 2024								December 31, 2023								December 31, 2024								December 31, 2023
Vessel operating profit:
Americas		$	11,206				3	%		$	16,171				5	%		$	54,779				4	%		$	42,964				4	%
Asia Pacific			12,799				4	%			11,322				4	%			59,869				4	%			38,471				4	%
Middle East			4,983				2	%			2,093				1	%			3,770				0	%			(1,051	)			(0	)%
Europe/Mediterranean			11,624				3	%			13,768				5	%			53,873				4	%			33,687				3	%
West Africa			54,157				16	%			27,360				9	%			176,432				13	%			98,447				10	%
Other operating profit			934				0	%			806				0	%			4,643				1	%			6,650				1	%
			95,703				28	%			71,520				24	%			353,366				26	%			219,168				22	%
Corporate expenses (A)			(16,998	)			(5	)%			(12,643	)			(4	)%			(57,780	)			(4	)%			(45,654	)			(5	)%
Gain on asset dispositions, net			2,672				1	%			4,218				1	%			15,762				1	%			8,701				1	%
Operating income		$	81,377				24	%		$	63,095				21	%		$	311,348				23	%		$	182,215				18	%
Note (A):  General and administrative expenses for the three and twelve months ended December 31, 2024 include stock-based compensation of $3.9 million and $13.7 million, respectively. General and administrative expenses for the three months and twelve months ended December 31, 2023 include stock-based compensation of $3.5 million and $10.8 million, respectively. In addition, vessel operating and general and administrative costs for the three and twelve months ended December 31, 2024, include $1.0 million and $2.3 million in acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2023, include $2.2 million and $10.9 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
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Revenues:
Vessel revenues		$	343,463			$	338,485			$	337,003			$	318,686			$	300,515
Other operating revenues			1,622				1,871				2,227				2,478				2,143
Total revenues			345,085				340,356				339,230				321,164				302,658
Costs and expenses:
Vessel operating costs (A)			170,384				178,654				176,513				167,556				158,553
Costs of other operating revenue			688				901				816				1,150				1,337
General and administrative (A)			30,688				28,471				26,329				25,329				24,724
Depreciation and amortization			64,620				62,435				59,445				56,270				59,167
Gain on asset dispositions, net			(2,672	)			(51	)			(2,000	)			(11,039	)			(4,218	)
Total operating costs and expenses			263,708				270,410				261,103				239,266				239,563
Operating income			81,377				69,946				78,127				81,898				63,095
Other income (expense):
Foreign exchange gain (loss)			(14,337	)			5,522				(2,376	)			(4,085	)			2,250
Equity in net earnings (losses) of unconsolidated companies			—				—				5				(5	)			10
Interest income and other, net			2,697				1,028				1,175				1,483				3,029
Interest and other debt costs, net			(16,742	)			(17,622	)			(19,127	)			(19,476	)			(20,263	)
Total other expense			(28,382	)			(11,072	)			(20,323	)			(22,083	)			(14,974	)
Income before income taxes			52,995				58,874				57,804				59,815				48,121
Income tax expense			16,376				12,883				7,887				13,070				10,793
Net income			36,619				45,991				49,917				46,745				37,328
Net loss attributable to noncontrolling interests			(286	)			(380	)			(437	)			(281	)			(336	)
Net income attributable to Tidewater Inc.		$	36,905			$	46,371			$	50,354			$	47,026			$	37,664
Basic income per common share		$	0.71			$	0.88			$	0.96			$	0.90			$	0.72
Diluted income per common share		$	0.70			$	0.87			$	0.94			$	0.89			$	0.70
Weighted average common shares outstanding			52,315				52,490				52,684				52,320				52,648
Dilutive effect of warrants, restricted stock units and stock options			514				593				663				580				1,351
Adjusted weighted average common shares			52,829				53,083				53,347				52,900				53,999
Vessel operating margin		$	173,079			$	159,831			$	160,490			$	151,130			$	141,962
Note (A):  Acquisition, restructuring and integration related costs		$	978			$	581			$	—			$	709			$	2,177

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
ASSETS
Current assets:
Cash and cash equivalents		$	324,918			$	280,840			$	315,897			$	280,853			$	274,437
Restricted cash			2,032				7,259				3,527				6,474				1,241
Trade and other receivables, net			323,805				293,085				280,498				285,968				268,352
Marine operating supplies			34,319				26,670				26,908				24,767				31,933
Prepaid expenses and other current assets			13,588				18,117				20,115				17,447				15,172
Total current assets			698,662				625,971				646,945				615,509				591,135
Net properties and equipment			1,184,282				1,220,056				1,253,583				1,286,618				1,315,122
Deferred drydocking and survey costs			152,550				160,944				148,657				128,639				106,698
Indemnification assets			11,946				12,216				10,920				16,642				17,370
Other assets			27,464				27,944				29,643				30,408				32,449
Total assets		$	2,074,904			$	2,047,131			$	2,089,748			$	2,077,816			$	2,062,774
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	71,385			$	64,058			$	60,740			$	51,774			$	44,931
Accrued expenses			129,894				117,878				133,149				132,190				125,590
Current portion of long-term debt			65,386				53,105				102,993				103,009				103,077
Other current liabilities			64,948				38,532				43,342				52,164				55,133
Total current liabilities			331,613				273,573				340,224				339,137				328,731
Long-term debt			571,710				597,352				607,998				620,329				631,361
Other liabilities			60,396				62,366				62,539				63,197				64,985
Equity:
Common stock			52				52				52				53				52
Additional paid-in-capital			1,656,830				1,653,027				1,649,523				1,646,061				1,671,759
Accumulated deficit			(548,831	)			(541,191	)			(573,390	)			(594,347	)			(637,838	)
Accumulated other comprehensive income			6,060				4,592				5,062				5,209				5,266
Total stockholders' equity			1,114,111				1,116,480				1,081,247				1,056,976				1,039,239
Noncontrolling interests			(2,926	)			(2,640	)			(2,260	)			(1,823	)			(1,542	)
Total equity			1,111,185				1,113,840				1,078,987				1,055,153				1,037,697
Total liabilities and equity		$	2,074,904			$	2,047,131			$	2,089,748			$	2,077,816			$	2,062,774

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Cash flows from operating activities:
Net income		$	36,619			$	45,991			$	49,917			$	46,745			$	37,328
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			38,736				39,239				39,380				38,811				42,788
Amortization of deferred drydocking and survey costs			25,884				23,196				20,065				17,459				16,379
Amortization of debt premiums and discounts			1,612				1,536				1,779				1,814				1,975
Amortization of below market contracts			(1,071	)			(1,073	)			(1,650	)			(1,206	)			(1,894	)
Deferred income taxes provision (benefit)			(2,863	)			24				(41	)			73				23
Gain on asset dispositions, net			(2,672	)			(51	)			(2,000	)			(11,039	)			(4,218	)
Gain on pension settlement			—				—				—				—				(506	)
Stock-based compensation expense			3,886				3,569				3,460				2,766				3,508
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(30,720	)			(12,587	)			5,470				(17,616	)			(17,072	)
Accounts payable			7,327				3,318				8,966				6,843				(12,252	)
Accrued expenses			12,016				(15,271	)			4,048				6,600				5,841
Deferred drydocking and survey costs			(17,674	)			(35,483	)			(40,083	)			(40,018	)			(24,069	)
Other, net			20,223				(3,272	)			(10,666	)			3,533				(600	)
Net cash provided by operating activities			91,303				49,136				78,645				54,765				47,231
Cash flows from investing activities:
Proceeds from asset dispositions			4,470				51				2,354				12,463				5,902
Proceeds from sale of notes			5,846				1,506				702				—				—
Additions to properties and equipment			(4,534	)			(5,712	)			(6,392	)			(10,942	)			(8,386	)
Net cash provided by (used in) investing activities			5,782				(4,155	)			(3,336	)			1,521				(2,484	)
Cash flows from financing activities:
Exercise of warrants			2				—				2				—				—
Principal payments on long-term debt			(14,023	)			(62,500	)			(14,007	)			(12,500	)			(13,677	)
Purchase of common stock			(44,103	)			(13,741	)			(29,397	)			(3,501	)			(35,025	)
Debt issuance costs			(20	)			—				(58	)			(135	)			—
Share based awards reacquired to pay taxes			(86	)			(65	)			(1	)			(28,462	)			(141	)
Net cash used in financing activities			(58,230	)			(76,306	)			(43,461	)			(44,598	)			(48,843	)
Net change in cash, cash equivalents and restricted cash			38,855				(31,325	)			31,848				11,688				(4,096	)
Cash, cash equivalents and restricted cash at beginning of period			290,176				321,501				289,653				277,965				282,061
Cash, cash equivalents and restricted cash at end of period		$	329,031			$	290,176			$	321,501			$	289,653			$	277,965
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	12,816			$	23,535			$	14,925			$	15,621			$	18,186
Income taxes		$	11,268			$	12,557			$	17,481			$	15,603			$	7,295
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	—			$	—			$	—			$	—			$	2,067
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels		$	—			$	—			$	—			$	—			$	3,037

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	24,158			$	27,192			$	31,400			$	29,924			$	28,714
PSV < 900			26,743				26,926				28,010				24,531				28,143
AHTS > 16K			2,969				6,249				7,228				2,036				4,034
AHTS 8 - 16K			930				908				2,002				2,476				2,316
AHTS 4 - 8K			1,726				351				219				945				1,428
Other			3,714				2,980				4,283				4,029				3,790
Total			60,240				64,606				73,142				63,941				68,425
Asia Pacific fleet:
PSV > 900			18,881				19,535				21,578				23,210				19,485
PSV < 900			16,101				17,214				14,402				11,830				8,679
AHTS > 16K			10,851				12,358				7,815				4,555				3,759
AHTS 8 - 16K			2,836				4,640				7,874				4,507				4,706
AHTS 4 - 8K			2,020				2,182				1,269				1,576				1,601
Other			354				354				2,283				2,103				402
Total			51,043				56,283				55,221				47,781				38,632
Middle East fleet:
PSV > 900			1,485				1,387				1,359				1,365				1,378
PSV < 900			21,962				19,909				19,963				21,017				19,215
AHTS > 16K			—				—				(3	)			287				1,178
AHTS 8 - 16K			3,425				3,450				3,163				2,397				3,094
AHTS 4 - 8K			13,900				12,201				12,054				12,866				13,207
Total			40,772				36,947				36,536				37,932				38,072
Europe/Mediterranean fleet:
PSV > 900			66,380				66,808				64,875				61,827				61,559
PSV < 900			15,287				13,679				13,290				14,126				15,356
AHTS > 16K			1,378				3,790				4,057				3,346				2,437
Other			1,064				1,048				1,044				1,082				1,391
Total			84,109				85,325				83,266				80,381				80,743
West Africa fleet:
PSV > 900			28,064				17,012				20,044				21,743				15,478
PSV < 900			44,047				41,367				32,601				31,812				31,893
AHTS > 16K			9,602				8,916				8,065				8,048				6,994
AHTS 8 - 16K			17,898				18,453				18,466				16,316				11,219
AHTS 4 - 8K			3,185				3,100				2,827				2,370				2,126
Other			4,503				6,476				6,835				8,362				6,933
Total			107,299				95,324				88,838				88,651				74,643
Worldwide fleet:
PSV > 900			138,968				131,934				139,256				138,069				126,614
PSV < 900			124,140				119,095				108,266				103,316				103,286
AHTS > 16K			24,800				31,313				27,162				18,272				18,402
AHTS 8 - 16K			25,089				27,451				31,505				25,696				21,335
AHTS 4 - 8K			20,831				17,834				16,369				17,757				18,362
Other			9,635				10,858				14,445				15,576				12,516
Total		$	343,463			$	338,485			$	337,003			$	318,686			$	300,515

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900			10				10				11				11				12
PSV < 900			16				17				17				18				18
AHTS > 16K			2				2				2				2				2
AHTS 8 - 16K			1				1				2				2				2
AHTS 4 - 8K			2				2				2				2				2
Other			2				2				1				1				2
Total			33				34				35				36				38
Stacked vessels			—				—				—				(1	)			(1	)
Active vessels			33				34				35				35				37
Asia Pacific fleet:
PSV > 900			9				9				9				8				8
PSV < 900			5				5				5				5				5
AHTS > 16K			3				3				3				3				2
AHTS 8 - 16K			2				2				3				3				3
AHTS 4 - 8K			1				1				1				1				1
Other			—				—				1				1				—
Total			20				20				22				21				19
Stacked vessels			—				—				—				—				—
Active vessels			20				20				22				21				19
Middle East fleet:
PSV > 900			1				1				1				1				1
PSV < 900			20				20				20				20				20
AHTS > 16K			—				—				—				—				1
AHTS 8 - 16K			5				5				5				5				5
AHTS 4 - 8K			17				17				17				17				18
Total			43				43				43				43				45
Stacked vessels			—				—				—				—				—
Active vessels			43				43				43				43				45
Europe/Mediterranean fleet:
PSV > 900			39				40				39				40				39
PSV < 900			9				9				9				9				10
AHTS > 16K			2				2				2				2				2
Total			50				51				50				51				51
Stacked vessels			—				—				—				—				—
Active vessels			50				51				50				51				51
West Africa fleet:
PSV > 900			10				9				9				9				9
PSV < 900			20				19				19				19				19
AHTS > 16K			4				4				4				4				4
AHTS 8 - 16K			13				13				11				11				11
AHTS 4 - 8K			3				3				4				4				4
Other			20				20				20				21				21
Total			70				68				67				68				68
Stacked vessels			—				—				(1	)			(1	)			(1	)
Active vessels			70				68				66				67				67
Worldwide fleet:
PSV > 900			69				69				69				69				69
PSV < 900			70				70				70				71				72
AHTS > 16K			11				11				11				11				11
AHTS 8 - 16K			21				21				21				21				21
AHTS 4 - 8K			23				23				24				24				25
Other			22				22				22				23				23
Total			216				216				217				219				221
Stacked vessels			—				—				(1	)			(2	)			(2	)
Active vessels			216				216				216				217				219
Total active			216				216				216				217				219
Total stacked			—				—				1				2				2
Total			216				216				217				219				221

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900			920				920				960				1,001				1,104
PSV < 900			1,472				1,531				1,547				1,631				1,675
AHTS > 16K			184				184				182				182				184
AHTS 8 - 16K			92				92				182				182				184
AHTS 4 - 8K			184				184				182				182				184
Other			184				184				123				128				184
Total			3,036				3,095				3,176				3,306				3,515
Asia Pacific fleet:
PSV > 900			828				828				819				765				736
PSV < 900			460				460				455				455				454
AHTS > 16K			276				276				273				241				184
AHTS 8 - 16K			184				221				273				273				276
AHTS 4 - 8K			92				92				91				91				92
Other			—				—				59				54				—
Total			1,840				1,877				1,970				1,879				1,742
Middle East fleet:
PSV > 900			92				92				91				91				92
PSV < 900			1,840				1,840				1,820				1,820				1,840
AHTS > 16K			—				—				—				32				92
AHTS 8 - 16K			460				460				455				455				460
AHTS 4 - 8K			1,564				1,564				1,547				1,547				1,615
Total			3,956				3,956				3,913				3,945				4,099
Europe/Mediterranean fleet:
PSV > 900			3,588				3,680				3,590				3,603				3,588
PSV < 900			828				828				819				838				920
AHTS > 16K			184				184				182				182				184
Total			4,600				4,692				4,591				4,623				4,692
West Africa fleet:
PSV > 900			920				828				819				819				828
PSV < 900			1,840				1,781				1,729				1,729				1,735
AHTS > 16K			368				368				364				364				368
AHTS 8 - 16K			1,196				1,159				1,001				1,001				1,012
AHTS 4 - 8K			235				276				330				364				385
Other			1,840				1,840				1,820				1,875				1,899
Total			6,399				6,252				6,063				6,152				6,227
Worldwide fleet:
PSV > 900			6,348				6,348				6,279				6,279				6,348
PSV < 900			6,440				6,440				6,370				6,473				6,624
AHTS > 16K			1,012				1,012				1,001				1,001				1,012
AHTS 8 - 16K			1,932				1,932				1,911				1,911				1,932
AHTS 4 - 8K			2,075				2,116				2,150				2,184				2,276
Other			2,024				2,024				2,002				2,057				2,083
Total			19,831				19,872				19,713				19,905				20,275

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV < 900			15				—				—				84				92
Total			15				—				—				84				92
West Africa fleet:
AHTS 4 - 8K			—				—				57				91				109
Other			—				—				—				—				16
Total			—				—				57				91				125
Worldwide fleet:
PSV < 900			15				—				—				84				92
AHTS 4 - 8K			—				—				57				91				109
Other			—				—				—				—				16
Total			15				—				57				175				217

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900			920				920				960				1,001				1,104
PSV < 900			1,457				1,531				1,547				1,547				1,583
AHTS > 16K			184				184				182				182				184
AHTS 8 - 16K			92				92				182				182				184
AHTS 4 - 8K			184				184				182				182				184
Other			184				184				123				128				184
Total			3,021				3,095				3,176				3,222				3,423
Asia Pacific fleet:
PSV > 900			828				828				819				765				736
PSV < 900			460				460				455				455				454
AHTS > 16K			276				276				273				241				184
AHTS 8 - 16K			184				221				273				273				276
AHTS 4 - 8K			92				92				91				91				92
Other			—				—				59				54				—
Total			1,840				1,877				1,970				1,879				1,742
Middle East fleet:
PSV > 900			92				92				91				91				92
PSV < 900			1,840				1,840				1,820				1,820				1,840
AHTS > 16K			—				—				—				32				92
AHTS 8 - 16K			460				460				455				455				460
AHTS 4 - 8K			1,564				1,564				1,547				1,547				1,615
Total			3,956				3,956				3,913				3,945				4,099
Europe/Mediterranean fleet:
PSV > 900			3,588				3,680				3,590				3,603				3,588
PSV < 900			828				828				819				838				920
AHTS > 16K			184				184				182				182				184
Total			4,600				4,692				4,591				4,623				4,692
West Africa fleet:
PSV > 900			920				828				819				819				828
PSV < 900			1,840				1,781				1,729				1,729				1,735
AHTS > 16K			368				368				364				364				368
AHTS 8 - 16K			1,196				1,159				1,001				1,001				1,012
AHTS 4 - 8K			235				276				273				273				276
Other			1,840				1,840				1,820				1,875				1,883
Total			6,399				6,252				6,006				6,061				6,102
Worldwide fleet:
PSV > 900			6,348				6,348				6,279				6,279				6,348
PSV < 900			6,425				6,440				6,370				6,389				6,532
AHTS > 16K			1,012				1,012				1,001				1,001				1,012
AHTS 8 - 16K			1,932				1,932				1,911				1,911				1,932
AHTS 4 - 8K			2,075				2,116				2,093				2,093				2,167
Other			2,024				2,024				2,002				2,057				2,067
Total			19,816				19,872				19,656				19,730				20,058

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	December 31,					September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			77.4	%			83.5	%			92.2	%			87.9	%			77.2	%
PSV < 900			74.2				76.5				80.3				70.0				78.9
AHTS > 16K			50.3				83.9				99.1				33.4				59.0
AHTS 8 - 16K			77.3				76.4				58.6				80.2				74.0
AHTS 4 - 8K			90.2				23.4				14.2				59.7				93.7
Other			72.4				69.2				99.4				100.0				100.0
Total			74.7	%			75.4	%			80.7	%			74.5	%			78.9	%
Asia Pacific fleet:
PSV > 900			63.4	%			63.2	%			87.6	%			93.7	%			93.4	%
PSV < 900			99.5				91.7				96.3				86.3				92.3
AHTS > 16K			75.4				81.8				65.3				53.4				72.7
AHTS 8 - 16K			64.9				58.8				80.8				75.9				63.9
AHTS 4 - 8K			100.0				91.7				78.5				100.0				100.0
Other			—				—				77.9				76.8				—
Total			76.2	%			73.8	%			84.9	%			84.0	%			86.6	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
PSV < 900			91.9				85.0				88.0				95.3				88.6
AHTS > 16K			—				—				—				69.3				100.0
AHTS 8 - 16K			64.3				71.0				66.6				50.1				60.4
AHTS 4 - 8K			80.8				75.8				82.9				86.5				87.6
Total			84.5	%			80.1	%			83.8	%			86.6	%			85.6	%
Europe/Mediterranean fleet:
PSV > 900			86.1	%			86.1	%			87.4	%			88.9	%			91.4	%
PSV < 900			93.6				81.2				87.5				90.9				86.8
AHTS > 16K			32.3				52.0				46.4				34.1				53.2
Total			85.3	%			83.9	%			85.8	%			87.1	%			89.0	%
West Africa fleet:
PSV > 900			88.8	%			66.0	%			78.4	%			86.9	%			64.9	%
PSV < 900			80.9				80.0				79.2				82.6				95.4
AHTS > 16K			80.1				74.7				79.5				89.8				91.1
AHTS 8 - 16K			78.6				85.5				98.2				98.6				72.4
AHTS 4 - 8K			73.4				63.3				71.9				66.7				57.6
Other			40.8				49.6				49.5				55.9				56.9
Total			69.8	%			69.2	%			72.9	%			77.1	%			73.3	%
Worldwide fleet:
PSV > 900			82.5	%			80.3	%			87.1	%			89.2	%			85.8	%
PSV < 900			85.5				81.6				84.3				84.3				87.9
AHTS > 16K			64.7				74.2				73.2				60.0				75.8
AHTS 8 - 16K			73.9				78.6				84.4				82.0				68.5
AHTS 4 - 8K			81.6				70.3				75.2				81.6				83.5
Other			43.7				51.4				53.4				59.2				60.7
Total			77.6	%			76.2	%			80.5	%			81.5	%			81.5	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	December 31,					September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			77.4	%			83.5	%			92.2	%			87.9	%			77.2	%
PSV < 900			75.0				76.5				80.3				73.8				83.4
AHTS > 16K			50.3				83.9				99.1				33.4				59.0
AHTS 8 - 16K			77.3				76.4				58.6				80.2				74.0
AHTS 4 - 8K			90.2				23.4				14.2				59.7				93.7
Other			72.4				69.2				99.4				100.0				100.0
Total			75.1	%			75.4	%			80.7	%			76.5	%			81.0	%
Asia Pacific fleet:
PSV > 900			63.4	%			63.2	%			87.6	%			93.7	%			93.4	%
PSV < 900			99.5				91.7				96.3				86.3				92.3
AHTS > 16K			75.4				81.8				65.3				53.4				72.7
AHTS 8 - 16K			64.9				58.8				80.8				75.9				63.9
AHTS 4 - 8K			100.0				91.7				78.5				100.0				100.0
Other			—				—				77.9				76.8				—
Total			76.2	%			73.8	%			84.9	%			84.0	%			86.6	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
PSV < 900			91.9				85.0				88.0				95.3				88.6
AHTS > 16K			—				—				—				69.3				100.0
AHTS 8 - 16K			64.3				71.0				66.6				50.1				60.4
AHTS 4 - 8K			80.8				75.8				82.9				86.5				87.6
Total			84.5	%			80.1	%			83.8	%			86.6	%			85.6	%
Europe/Mediterranean fleet:
PSV > 900			86.1	%			86.1	%			87.4	%			88.9	%			91.4	%
PSV < 900			93.6				81.2				87.5				90.9				86.8
AHTS > 16K			32.3				52.0				46.4				34.1				53.2
Total			85.3	%			83.9	%			85.8	%			87.1	%			89.0	%
West Africa fleet:
PSV > 900			88.8	%			66.0	%			78.4	%			86.9	%			64.9	%
PSV < 900			80.9				80.0				79.2				82.6				95.4
AHTS > 16K			80.1				74.7				79.5				89.8				91.1
AHTS 8 - 16K			78.6				85.5				98.2				98.6				72.4
AHTS 4 - 8K			73.4				63.3				86.9				88.9				80.4
Other			40.8				49.6				49.5				55.9				57.4
Total			69.8	%			69.2	%			73.6	%			78.3	%			74.8	%
Worldwide fleet:
PSV > 900			82.5	%			80.3	%			87.1	%			89.2	%			85.8	%
PSV < 900			85.7				81.6				84.3				85.4				89.2
AHTS > 16K			64.7				74.2				73.2				60.0				75.8
AHTS 8 - 16K			73.9				78.6				84.4				82.0				68.5
AHTS 4 - 8K			81.6				70.3				77.2				85.1				87.7
Other			43.7				51.4				53.4				59.2				61.2
Total			77.7	%			76.2	%			80.7	%			82.3	%			82.4	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900		$	33,907			$	35,404			$	35,490			$	34,015			$	33,707
PSV < 900			24,479				22,986				22,542				21,499				21,306
AHTS > 16K			32,095				40,478				40,088				33,490				37,174
AHTS 8 - 16K			13,079				12,925				18,771				16,964				16,997
AHTS 4 - 8K			10,399				8,167				8,453				8,703				8,285
Other			27,870				23,420				30,266				30,423				18,427
Total			26,563				27,676				28,317				25,894				24,524
Asia Pacific fleet:
PSV > 900			35,984				37,341				30,070				32,387				28,351
PSV < 900			35,192				40,805				32,875				30,122				20,703
AHTS > 16K			52,170				54,756				43,808				35,411				28,120
AHTS 8 - 16K			23,746				35,682				35,678				21,757				26,680
AHTS 4 - 8K			21,959				25,883				17,758				17,315				17,404
Other			—				—				43,350				43,703				—
Total			36,203				40,419				32,848				30,101				25,378
Middle East fleet:
PSV > 900			16,146				15,079				14,936				14,996				14,972
PSV < 900			12,981				12,730				12,466				12,115				11,785
AHTS > 16K			—				—				—				12,968				12,801
AHTS 8 - 16K			11,575				10,558				10,440				10,515				11,140
AHTS 4 - 8K			11,006				10,291				9,404				9,609				9,334
Total			12,197				11,661				11,148				11,108				10,855
Europe/Mediterranean fleet:
PSV > 900			21,499				21,092				20,686				19,294				18,771
PSV < 900			19,727				20,347				18,543				18,557				19,227
AHTS > 16K			23,177				39,597				47,999				53,966				24,899
Total			21,249				21,484				20,950				19,763				19,061
West Africa fleet:
PSV > 900			34,334				31,118				31,231				30,557				28,797
PSV < 900			29,598				29,031				23,818				22,287				19,271
AHTS > 16K			32,557				32,453				27,861				24,611				20,869
AHTS 8 - 16K			19,033				18,627				18,784				16,536				15,302
AHTS 4 - 8K			18,462				17,755				11,915				9,766				9,583
Other			6,001				7,096				7,587				7,975				6,415
Total			24,038				22,044				20,093				18,687				16,356
Worldwide fleet:
PSV > 900			26,550				25,883				25,452				24,640				23,240
PSV < 900			22,550				22,666				20,170				18,932				17,734
AHTS > 16K			37,870				41,721				37,073				30,423				23,985
AHTS 8 - 16K			17,584				18,087				19,527				16,390				16,120
AHTS 4 - 8K			12,301				11,990				10,127				9,969				9,658
Other			9,691				9,410				11,968				11,797				8,397
Total		$	22,236			$	22,275			$	21,130			$	19,563			$	18,066
Note (A):  Average Vessel Day Rates equals Vessel Revenue / Days Worked.

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Americas
Vessel revenues		$	60,240			$	64,606			$	73,142			$	63,941			$	68,425
Vessel operating costs:
Crew costs			18,519				21,646				23,318				24,062				24,045
Repair and maintenance			5,271				5,227				5,645				4,534				3,846
Insurance			506				571				463				494				526
Fuel, lube and supplies			2,954				3,165				2,994				4,522				3,241
Other			6,795				5,921				5,747				5,928				5,172
Total vessel operating costs			34,045				36,530				38,167				39,540				36,830
Vessel operating margin ($)			26,195				28,076				34,975				24,401				31,595
Vessel operating margin (%)			43.5	%			43.5	%			47.8	%			38.2	%			46.2	%
Americas - Select operating statistics
Average vessels - Total fleet			33				34				35				36				38
Utilization - Total fleet			74.7	%			75.4	%			80.7	%			74.5	%			78.9	%
Average vessels - Active fleet			33				34				35				35				37
Utilization - Active fleet			75.1	%			75.4	%			80.7	%			76.5	%			81.0	%
Average day rates		$	26,563			$	27,676			$	28,317			$	25,894			$	24,524
Vessels commencing drydocks			1				4				3				7				3
Deferred drydocking and survey costs - beginning balance		$	33,812			$	37,103			$	31,698			$	28,688			$	29,684
Cash paid for deferred drydocking and survey costs			3,317				5,009				9,190				8,014				5,025
Amortization of deferred drydocking and survey costs			(5,980	)			(5,621	)			(5,704	)			(5,004	)			(5,353	)
Disposals, intersegment transfers and other			—				(2,679	)			1,919				—				(668	)
Deferred drydocking and survey costs - ending balance		$	31,149			$	33,812			$	37,103			$	31,698			$	28,688

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Asia Pacific
Vessel revenues		$	51,043			$	56,283			$	55,221			$	47,781			$	38,632
Vessel operating costs:
Crew costs			21,954				24,685				23,023				19,306				15,177
Repair and maintenance			4,304				3,834				3,092				2,769				2,977
Insurance			319				327				278				273				269
Fuel, lube and supplies			2,002				2,560				2,335				1,937				1,191
Other			2,456				2,396				2,968				2,491				2,045
Total vessel operating costs			31,035				33,802				31,696				26,776				21,659
Vessel operating margin ($)			20,008				22,481				23,525				21,005				16,973
Vessel operating margin (%)			39.2	%			39.9	%			42.6	%			44.0	%			43.9	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet			20				20				22				21				19
Utilization - Total fleet			76.2	%			73.8	%			84.9	%			84.0	%			86.6	%
Average vessels - Active fleet			20				20				22				21				19
Utilization - Active fleet			76.2	%			73.8	%			84.9	%			84.0	%			86.6	%
Average day rates		$	36,203			$	40,419			$	32,848			$	30,101			$	25,378
Vessels commencing drydocks			—				2				2				3				—
Deferred drydocking and survey costs - beginning balance		$	11,248			$	8,744			$	8,376			$	3,769			$	3,595
Cash paid for deferred drydocking and survey costs			1,138				4,069				1,602				4,734				(18	)
Amortization of deferred drydocking and survey costs			(1,968	)			(1,565	)			(1,234	)			(844	)			(720	)
Disposals, intersegment transfers and other			—				—				—				717				912
Deferred drydocking and survey costs - ending balance		$	10,418			$	11,248			$	8,744			$	8,376			$	3,769

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Middle East
Vessel revenues		$	40,772			$	36,947			$	36,536			$	37,932			$	38,072
Vessel operating costs:
Crew costs			13,509				13,071				13,540				13,270				13,716
Repair and maintenance			4,162				4,625				4,300				4,508				4,105
Insurance			488				510				464				420				501
Fuel, lube and supplies			2,599				2,842				2,274				2,304				2,610
Other			4,932				6,000				7,138				6,006				4,906
Total vessel operating costs			25,690				27,048				27,716				26,508				25,838
Vessel operating margin ($)			15,082				9,899				8,820				11,424				12,234
Vessel operating margin (%)			37.0	%			26.8	%			24.1	%			30.1	%			32.1	%
Middle East - Select operating statistics
Average vessels - Total fleet			43				43				43				43				45
Utilization - Total fleet			84.5	%			80.1	%			83.8	%			86.6	%			85.6	%
Average vessels - Active fleet			43				43				43				43				45
Utilization - Active fleet			84.5	%			80.1	%			83.8	%			86.6	%			85.6	%
Average day rates		$	12,197			$	11,661			$	11,148			$	11,108			$	10,855
Vessels commencing drydocks			6				4				3				11				3
Deferred drydocking and survey costs - beginning balance		$	24,159			$	23,089			$	23,690			$	19,331			$	21,153
Cash paid for deferred drydocking and survey costs			1,328				4,764				2,737				7,520				1,360
Amortization of deferred drydocking and survey costs			(3,695	)			(3,694	)			(3,338	)			(3,161	)			(3,182	)
Disposals, intersegment transfers and other			—				—				—				—				—
Deferred drydocking and survey costs - ending balance		$	21,792			$	24,159			$	23,089			$	23,690			$	19,331

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Europe/Mediterranean
Vessel revenues		$	84,109			$	85,325			$	83,266			$	80,381			$	80,743
Vessel operating costs:
Crew costs			26,993				28,818				27,085				26,282				25,848
Repair and maintenance			8,458				7,279				7,058				5,493				6,081
Insurance			827				827				761				756				791
Fuel, lube and supplies			3,171				3,924				3,461				4,094				3,717
Other			5,180				4,974				4,351				4,359				3,719
Total vessel operating costs			44,629				45,822				42,716				40,984				40,156
Vessel operating margin ($)			39,480				39,503				40,550				39,397				40,587
Vessel operating margin (%)			46.9	%			46.3	%			48.7	%			49.0	%			50.3	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			50				51				50				51				51
Utilization - Total fleet			85.3	%			83.9	%			85.8	%			87.1	%			89.0	%
Average vessels - Active fleet			50				51				50				51				51
Utilization - Active fleet			85.3	%			83.9	%			85.8	%			87.1	%			89.0	%
Average day rates		$	21,249			$	21,484			$	20,950			$	19,763			$	19,061
Vessels commencing drydocks			4				8				8				16				5
Deferred drydocking and survey costs - beginning balance		$	41,637			$	34,779			$	27,260			$	21,078			$	16,256
Cash paid for deferred drydocking and survey costs			3,554				12,225				11,584				10,876				7,580
Amortization of deferred drydocking and survey costs			(6,126	)			(5,367	)			(4,065	)			(3,359	)			(2,758	)
Disposals, intersegment transfers and other			(634	)			—				—				(1,335	)			—
Deferred drydocking and survey costs - ending balance		$	38,431			$	41,637			$	34,779			$	27,260			$	21,078

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
West Africa
Vessel revenues		$	107,299			$	95,324			$	88,838			$	88,651			$	74,643
Vessel operating costs:
Crew costs			19,010				19,488				19,265				19,432				18,751
Repair and maintenance			4,536				4,589				4,648				4,044				4,626
Insurance			717				730				659				637				678
Fuel, lube and supplies			4,552				4,722				4,498				4,461				4,506
Other			6,170				5,923				7,148				5,174				5,509
Total vessel operating costs			34,985				35,452				36,218				33,748				34,070
Vessel operating margin ($)			72,314				59,872				52,620				54,903				40,573
Vessel operating margin (%)			67.4	%			62.8	%			59.2	%			61.9	%			54.4	%
West Africa - Select operating statistics
Average vessels - Total fleet			70				68				67				68				68
Utilization - Total fleet			69.8	%			69.2	%			72.9	%			77.1	%			73.3	%
Average vessels - Active fleet			70				68				66				67				67
Utilization - Active fleet			69.8	%			69.2	%			73.6	%			78.3	%			74.8	%
Average day rates		$	24,038			$	22,044			$	20,093			$	18,687			$	16,356
Vessels commencing drydocks			1				5				4				7				7
Deferred drydocking and survey costs - beginning balance		$	50,088			$	44,942			$	37,615			$	33,832			$	28,527
Cash paid for deferred drydocking and survey costs			8,337				9,416				14,970				8,874				10,121
Amortization of deferred drydocking and survey costs			(8,115	)			(6,949	)			(5,724	)			(5,091	)			(4,367	)
Disposals, intersegment transfers and other			450				2,679				(1,919	)			—				(449	)
Deferred drydocking and survey costs - ending balance		$	50,760			$	50,088			$	44,942			$	37,615			$	33,832

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Worldwide
Vessel revenues		$	343,463			$	338,485			$	337,003			$	318,686			$	300,515
Vessel operating costs:
Crew costs			99,985				107,708				106,231				102,352				97,537
Repair and maintenance			26,731				25,554				24,743				21,348				21,635
Insurance			2,857				2,965				2,625				2,580				2,765
Fuel, lube and supplies			15,278				17,213				15,562				17,318				15,265
Other			25,533				25,214				27,352				23,958				21,351
Total vessel operating costs			170,384				178,654				176,513				167,556				158,553
Vessel operating margin ($)			173,079				159,831				160,490				151,130				141,962
Vessel operating margin (%)			50.4	%			47.2	%			47.6	%			47.4	%			47.2	%
Worldwide - Select operating statistics
Average vessels - Total fleet			216				216				217				219				221
Utilization - Total fleet			77.6	%			76.2	%			80.5	%			81.5	%			81.5	%
Average vessels - Active fleet			216				216				216				217				219
Utilization - Active fleet			77.7	%			76.2	%			80.7	%			82.3	%			82.4	%
Average day rates		$	22,236			$	22,275			$	21,130			$	19,563			$	18,066
Vessels commencing drydocks			12				23				20				44				18
Deferred drydocking and survey costs - beginning balance		$	160,944			$	148,657			$	128,639			$	106,698			$	99,215
Cash paid for deferred drydocking and survey costs			17,674				35,483				40,083				40,018				24,068
Amortization of deferred drydocking and survey costs			(25,884	)			(23,196	)			(20,065	)			(17,459	)			(16,380	)
Disposals, intersegment transfers and other			(184	)			—				—				(618	)			(205	)
Deferred drydocking and survey costs - ending balance		$	152,550			$	160,944			$	148,657			$	128,639			$	106,698

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Net income		$	36,619			$	45,991			$	49,917			$	46,745			$	37,328
Interest and other debt costs			16,742				17,622				19,127				19,476				20,263
Income tax expense			16,376				12,883				7,887				13,070				10,793
Depreciation			38,736				39,239				39,380				38,811				42,788
Amortization of deferred drydock and survey costs			25,884				23,196				20,065				17,459				16,379
Amortization of below market contracts			(1,071	)			(1,073	)			(1,650	)			(1,206	)			(1,894	)
EBITDA (A), (B), (C)			133,286				137,858				134,726				134,355				125,657
Non-cash indemnification assets credit (charge)			242				553				1,556				1,122				(70	)
Non-cash stock compensation expense			3,886				3,569				3,460				2,766				3,508
Acquisition, restructuring and integration related costs			978				581				—				709				2,177
Adjusted EBITDA (A), (B), (C)		$	138,392			$	142,561			$	139,742			$	138,952			$	131,272
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs.
Note (B): EBITDA for the three months ended December 31, 2024, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,886, $3,569, $3,460, $2,766 and $3,508 respectively.
Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2024, and for each of the prior four quarters includes foreign exchange gain (losses) of $(14,337), $5,522, $(2,376), $(4,085) and $2,250 respectively.

Non-GAAP Financial Measures

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

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

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

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

TIDEWATER INC. UNAUDITED OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Net cash provided by operating activities (A)		$	91,303			$	49,136			$	78,645			$	54,765			$	47,231
Cash interest expense			12,816				23,535				14,925				15,621				18,186
Interest income and other			(2,697	)			(1,028	)			(1,175	)			(1,483	)			(3,029	)
Indemnification assets credit (charge)			(242	)			(553	)			(1,556	)			(1,122	)			70
Additions to property and equipment			(4,534	)			(5,712	)			(6,392	)			(10,942	)			(8,386	)
Expansion capital			63				55				66				71				1,034
		96,709				65,433				84,513				56,910				55,106
Proceeds from asset sales			10,316				1,557				3,056				12,463				5,902
Free cash flow		$	107,025			$	66,990			$	87,569			$	69,373			$	61,008
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
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	8,846			$	(27,812	)		$	7,818			$	(640	)		$	(24,083	)
Cash paid for deferred drydock and survey costs			(17,674	)			(35,483	)			(40,083	)			(40,018	)			(24,069	)
Total uses of cash for changes in assets and liabilities		$	(8,828	)		$	(63,295	)		$	(32,265	)		$	(40,658	)		$	(48,152	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250221673524/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 growth in 2024 compared to 2023?

Tidewater's revenue grew 33.3% to $1,345.8 million in 2024 compared to $1,010.0 million in 2023.

How much did TDW's average day rate increase in 2024?

TDW's average day rate increased by $4,471 (26.6%) to $21,273 per day in 2024.

What is Tidewater's (TDW) share repurchase authorization for 2025?

The Board authorized a new share repurchase program of up to $90.3 million, the maximum permissible amount under existing debt agreements.

What is TDW's revenue guidance for 2025?

Tidewater provided 2025 revenue guidance of $1.32 to $1.38 billion with gross margin guidance of 48% to 50%.

How many shares did TDW repurchase in 2024 and at what cost?

TDW repurchased 1.4 million shares during 2024 for $90.7 million at an average price of $65.53 per share.