Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2022

Rhea-AI Summary

Tidewater Inc. (TDW) reported a strong performance for full-year 2022, with revenue increasing 74.6% to $647.7 million compared to 2021. The company achieved a vessel operating margin of 38.1%, an improvement of 10.5 percentage points. Operating income surged to $26.7 million from a loss of $95 million in 2021. Projecting for 2023, Tidewater forecasts revenue of approximately $900 million, marking a 39% increase, with a vessel operating margin expected at 50%. The positive trend is attributed to the acquisition of Swire Pacific Offshore and growing demand for offshore services. The firm ended 2022 with a net debt of only $9.6 million.

Positive

• 2023 revenue forecast of $900 million, up 39% from 2022.
• Vessel operating margin expected to improve to 50%, up 12 percentage points.
• 2022 revenue of $647.7 million, a 74.6% increase from 2021.
• Operating income of $26.7 million, a turnaround from a $95 million loss in 2021.
• Free cash flow of $53.3 million and strong cash position with net debt of $9.6 million.

Negative

• 2022 net losses of $21.7 million ($0.49 per share).
• Incurring merger and severance expenses totaling $24.2 million in 2022.

Full-Year 2023 Guidance

• Forecasted revenue for 2023 of approximately $900 million, an increase of 39.0% compared to full-year 2022 revenue of $647.7 million
• Forecasted 2023 vessel operating margin of approximately 50.0%, an increase of 11.9 percentage points compared to full-year 2022 vessel operating margin of 38.1%

Full-Year 2022 Highlights

• Revenue of $647.7 million, an increase of 74.6% compared to full-year 2021 revenue of $371.0 million
• Vessel operating margin of 38.1%, an increase of 10.5 percentage points compared to full-year 2021 vessel operating margin of 27.6%
• Operating income of $26.7 million, an increase of 128.1% compared to full-year 2021 operating loss of $95.0 million
• Adjusted EBITDA of $166.7 million, an increase of 380.3% compared to full-year 2021 adjusted EBITDA of $34.7 million

Fourth Quarter 2022 Highlights

• Adjusted EBITDA of $51.2 million
• Free cash flow of $53.3 million
• Year-end net debt balance of $9.6 million
• Second consecutive quarter of positive net income, generating $10.6 million in the fourth quarter of 2022

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2022 of $186.7 million and $647.7 million, respectively, compared with $105.2 million and $371.0 million, respectively, for the three and twelve months ended December 31, 2021. Tidewater's net income (losses) for the three and twelve months ended December 31, 2022, were $10.6 million ($0.20 per common share) and $(21.7) million ($0.49 per common share), respectively, compared with $(37.9) million ($0.92 per common share) and $(129.0) million ($3.14 per common share), respectively, for the three and twelve months ended December 31, 2021. Included in the net income for the three months ended December 31, 2022 were merger and severance expenses of $5.1 million. Included in the net losses for the twelve months ended December 31, 2022 were long-lived asset impairment and other of $0.7 million; gain on bargain purchase of $1.3 million; loss on warrants of $14.2 million and merger and severance expenses of $19.1 million. Excluding these items, we would have reported a net income for the three months ended December 31, 2022 of $15.8 million ($0.30 per common share) and net profit for the twelve months ended December 31, 2022 of $10.9 million ($0.22 per common share). Included in the net losses for the three and twelve months ending December 31, 2021 were impairment charges related to assets held for sale, affiliate credit loss expense, inventory obsolescence, loss on debt extinguishment and severance expenses totaling $26.2 million and $28.4 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2021 of $11.7 million ($0.28 per common share) and a net loss for the twelve months ending December 31, 2021 of $100.6 million ($2.45 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “As we mentioned in this year's second quarter earnings press release, 2022 marked an inflection point in the recovery of the offshore vessel market. I am pleased by our annual financial performance and by our accomplishments during the year. Revenue improved by approximately 75.0% due to the acquisition of Swire Pacific Offshore in April and an increase in offshore activity that has been driven by the need to ensure reliable and secure sources of hydrocarbons for a global economy still emerging from the pandemic. This increase in demand combined with an underinvestment in vessels over the past eight years allowed the industry to push utilization and day rates globally. By all financial measures, 2022 represented a marked improvement in our results. Our primary goal is to build a business that maximizes long-term free cash flow generation within the principles and risk tolerances appropriate for this industry and age. We generated over $50.0 million of free cash flow during 2022 and as such, we ended the year in a strong cash position, resulting in a net debt balance of only $9.6 million. The acquisition in April further bolstered our fleet, providing a compelling platform to take advantage of the continued strength in the offshore vessel market.

“While we are pleased with the momentum that was built throughout 2022, we believe that the macroeconomic trends driving the business will persist and that Tidewater is well-positioned to drive continued financial performance and cash flow generation in 2023 and beyond. We are forecasting revenue for 2023 of approximately $900.0 million, up almost 40.0% from 2022, and for vessel operating margin for 2023 of approximately 50.0%, up about 12 percentage points from 2022.

“Our West Africa business continued to perform well during the fourth quarter, with revenue up about 6.8% sequentially, driven by an increase in average day rates. Likewise, our Americas region experienced a strong fourth quarter, with revenue also up 6.8% sequentially, all of which was driven by an 8.1% increase in day rates, with notable day rate enhancement in the U.S. Gulf of Mexico and Mexico. Further, revenue in the Mediterranean expanded by about 9.3% sequentially, resulting from a 4.5% increase in day rates and additional capacity brought to the area from the U.S. Gulf of Mexico. The North Sea experienced typical seasonality which resulted in total revenue in the fourth quarter declining by 2.6% sequentially. Further, our Asia Pacific segment was adversely impacted by a combination of vessels in transit along with drydocking activity and idle time as vessels came off contract; we expect this frictional unemployment to subside in the first quarter. Activity levels in rest of the world were slightly up during the fourth quarter. Overall day rates remained flat from the prior quarter, and if we exclude the declines in our North Sea and Asia Pacific business, our average day rate increased 4.8% sequentially.

“As we look forward into 2023, we are confident that not only is the recovery here, but that the demand for offshore vessels will continue to strengthen throughout this year. The renewed global focus on securing reliable sources of hydrocarbons has prioritized offshore oil and gas development and we believe that offshore oil and gas capital spending plans will accelerate throughout 2023 and beyond.

“Just as encouraging as the acceleration in demand for offshore vessels services is the continued reduction in the available supply of offshore vessels. The number of large OSVs that are currently laid up is quite limited and the likelihood any of these vessels returning to the market is remote. We see a similar situation developing in the mid-sized OSV fleet, where additional available supply is also very limited. We see essentially no new vessels on order, indicating that the supply of vessels will continue to decline modestly as vessels naturally attrition out of the global fleet. Accordingly, it is our view that the industry is positioned to benefit from an increase in demand over the medium-to-long term and a slowly shrinking supply of vessels. We believe this imbalance in supply and demand will continue to provide the opportunity for day rate and utilization increases, and we remain committed to maximizing the earnings and cash flow generation from our fleet.

“Finally, we are excited to announce that we will be publishing our 2022 Sustainability Report later this week. Tidewater remains committed to excellence in safe vessel operations as well as leading the industry through the energy transition. Look for the report later this week on our website.”

In addition to the number of outstanding shares, as of December 31, 2022, the company also has the following in-the-money warrants.

Common shares outstanding			50,554,179
New Creditor Warrants (strike price $0.001 per common share)			80,954
GulfMark Creditor Warrants (strike price $0.01 per common share)			165,479
Total			50,800,612

Tidewater will hold a conference call to discuss results for the three and twelve months ending December 31, 2022 on February 28, 2023, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 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, 2023 and will continue until 11:59 p.m. Central Time on March 28, 2023. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Cautionary Statement

This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Forms 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 have been audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2022 and December 31, 2021; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2022 and 2021; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2022 and 2021. Extracts are drawn from the December 31, 2022 and 2021 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

In conjunction with the acquisition of Swire Pacific Offshore (SPO), we realigned our reportable segments to better reflect the post-acquisition operating environment. The previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except per share data)
		Three Months Ended								Twelve Months Ended
		December 31, 2022				December 31, 2021				December 31, 2022				December 31, 2021
Revenues:
Vessel revenues		$	185,106			$	100,428			$	641,404			$	361,569
Other operating revenues			1,640				4,747				6,280				9,464
Total revenues			186,746				105,175				647,684				371,033
Costs and expenses:
Vessel operating costs			115,496				71,187				397,301				261,814
Costs of other operating revenues			694				228				2,130				2,231
General and administrative			28,633				17,641				101,921				68,516
Depreciation and amortization			29,881				28,288				119,160				114,544
Long-lived asset impairment and other			—				13,476				714				15,643
Affiliate credit loss impairment			—				1,400				—				400
(Gain) loss on asset dispositions, net			(1,076	)			(53	)			(250	)			2,901
Total costs and expenses			173,628				132,167				620,976				466,049
Operating income (loss)			13,118				(26,992	)			26,708				(95,016	)
Other income (expense):
Foreign exchange gain (loss)			2,105				582				(2,827	)			(369	)
Equity in net earnings (losses) of unconsolidated companies			14				(1,625	)			(221	)			(3,322	)
Interest income and other, net			981				1,426				5,397				1,605
Loss on warrants			—				—				(14,175	)			—
Loss on early extinguishment of debt			—				(11,100	)			—				(11,100	)
Interest and other debt costs, net			(4,339	)			(3,417	)			(17,189	)			(15,583	)
Total other expense			(1,239	)			(14,134	)			(29,015	)			(28,769	)
Income (loss) before income taxes			11,879				(41,126	)			(2,307	)			(123,785	)
Income tax expense (benefit)			1,697				(3,047	)			19,886				5,875
Net income (loss)			10,182				(38,079	)			(22,193	)			(129,660	)
Less: Net loss attributable to noncontrolling interests			(438	)			(145	)			(444	)			(691	)
Net income (loss) attributable to Tidewater Inc.		$	10,620			$	(37,934	)		$	(21,749	)		$	(128,969	)
Basic income (loss) per common share		$	0.22			$	(0.92	)		$	(0.49	)		$	(3.14	)
Diluted income (loss) per common share		$	0.20			$	(0.92	)		$	(0.49	)		$	(3.14	)
Weighted average common shares outstanding			48,766				41,280				44,132				41,009
Dilutive effect of warrants, restricted stock units and stock options			3,069				—				—				—
Adjusted weighted average common shares			51,835				41,280				44,132				41,009

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data)
		December 31, 2022				December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents		$	164,192			$	149,037
Restricted cash			1,241				1,240
Trade and other receivable, less allowance for credit losses of $2,362 and $1,948 at December 31, 2022 and December 31, 2021, respectively			156,465				86,503
Due from affiliates, less allowance for credit losses of $11,698 and $72,456 at December 31, 2022 and December 31, 2021, respectively			—				70,134
Marine operating supplies			30,830				12,606
Assets held for sale			4,195				14,421
Prepaid expenses and other current assets			20,985				8,731
Total current assets			377,908				342,672
Net properties and equipment			796,655				688,040
Deferred drydocking and survey costs			61,080				40,734
Indemnification assets			28,369				—
Other assets			33,644				24,334
Total assets		$	1,297,656			$	1,095,780
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	38,946			$	20,788
Accrued costs and expenses			105,518				51,734
Due to affiliates			—				61,555
Other current liabilities			50,323				23,865
Total current liabilities			194,787				157,942
Long-term debt			169,036				167,885
Other liabilities and deferred credits			67,843				68,184
Commitments and contingencies
Equity:
Common stock			51				41
Additional paid-in-capital			1,556,990				1,376,494
Accumulated deficit			(699,649	)			(677,900	)
Accumulated other comprehensive loss			8,576				2,668
Total stockholders' equity			865,968				701,303
Noncontrolling interests			22				466
Total equity			865,990				701,769
Total liabilities and equity		$	1,297,656			$	1,095,780

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In Thousands)
		Three Months Ended								Twelve Months Ended
		December 31, 2022				December 31, 2021				December 31, 2022				December 31, 2021
Net income (loss)		$	10,182			$	(38,079	)		$	(22,193	)		$	(129,660	)
Other comprehensive income (loss):
Unrealized (gain) loss on note receivable			779				—				(496	)			—
Change in supplemental executive retirement plan pension liability, net of tax			4,561				(763	)			4,561				(763	)
Change in liability of pension plans			1,762				3,957				1,843				4,235
Total comprehensive income (loss)		$	17,284			$	(34,885	)		$	(16,285	)		$	(126,188	)

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Twelve Months				Twelve Months
		Ended				Ended
		December 31, 2022				December 31, 2021
Operating activities:
Net loss		$	(22,193	)		$	(129,660	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			83,522				73,223
Amortization of deferred drydocking and survey costs			35,638				41,321
Amortization of debt premiums and discounts			1,679				3,171
Provision for deferred income taxes			36				(1,287	)
(Gain) loss on asset dispositions, net			(250	)			2,901
Gain on bargain purchase			(1,300	)			—
Affiliate credit loss impairment			—				400
Long-lived asset impairment and other			714				15,643
Loss on warrants			14,175				—
Loss on debt extinguishment			—				11,100
Stock-based compensation expense			7,372				5,638
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(4,129	)			26,120
Changes in due to/from affiliate, net			(20	)			(123	)
Accounts payable			16,481				3,807
Accrued expenses			(1,340	)			(688	)
Deferred drydocking and survey costs			(56,000	)			(27,282	)
Other, net			(34,159	)			(9,278	)
Net cash provided by (used in) operating activities			40,226				15,006
Cash flows from investing activities:
Proceeds from sales of assets			13,568				34,010
Acquisitions, net of cash acquired			(20,740	)			—
Additions to properties and equipment			(16,637	)			(8,951	)
Net cash provided by (used in) investing activities			(23,809	)			25,059
Cash flows from financing activities:
Proceeds from stock offering			187,832				—
Repurchase of SPO Acquisition Warrants			(187,832	)			—
Issuance of long-term debt			—				172,375
Principal payments on long-term debt			—				(198,918	)
Debt extinguishment premium			—				(7,781	)
Debt issuance and modification costs			(393	)			(5,737	)
Tax on share-based awards			(2,323	)			(953	)
Net cash used in financing activities			(2,716	)			(41,014	)
Net change in cash, cash equivalents and restricted cash			13,701				(949	)
Cash, cash equivalents and restricted cash at beginning of period			154,276				155,225
Cash, cash equivalents and restricted cash at end of period		$	167,977			$	154,276

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands)
		Twelve Months				Twelve Months
		Ended				Ended
		December 31, 2022				December 31, 2021
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	15,554			$	13,747
Income taxes		$	22,275			$	19,013
Supplemental disclosure of noncash investing activities:
Acquisition of SPO		$	162,648			$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition		$	162,648			$	—
Repurchase of SPO Acquisition Warrants		$	1,365			$	—
Note: Cash, cash equivalents and restricted cash at December 31, 2022 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 September 30, 2022		$	46			$	1,555,388			$	(710,269	)		$	1,474			$	460			$	847,099
Total comprehensive income (loss)			—				—				10,620				7,102				(438	)			17,284
Issuance of common stock			5				120,629				—				—				—				120,634
Repurchase of SPO Acquisition Warrants			—				(121,007	)			—				—				—				(121,007	)
Amortization of share-based awards			—				1,980				—				—				—				1,980
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990
Balance at September 30, 2021		$	41			$	1,375,215			$	(639,966	)		$	(1,289	)		$	611			$	734,612
Total comprehensive loss			—				—				(37,934	)			3,957				(145	)			(34,122	)
Amortization of share-based awards			—				1,279				—				—				—				1,279
Balance at December 31, 2021		$	41			$	1,376,494			$	(677,900	)		$	2,668			$	466			$	701,769

		Twelve Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				income (loss)				interest				Total
Balance at December 31, 2021		$	41			$	1,376,494			$	(677,900	)		$	2,668			$	466			$	701,769
Total comprehensive income (loss)			—				—				(21,749	)			5,908				(444	)			(16,285	)
Issuance of common stock			10				192,881				—				—				—				192,891
SPO acquisition warrants			—				176,823				—				—				—				176,823
Repurchase of SPO Acquisition Warrants			—				(194,256	)			—				—				—				(194,256	)
Amortization of share-based awards			—				5,048				—				—				—				5,048
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990
Balance at December 31, 2020		$	41			$	1,371,809			$	(548,931	)		$	(804	)		$	1,157			$	823,272
Total comprehensive loss			—				—				(128,969	)			3,472				(691	)			(126,188	)
Amortization of share-based awards			—				4,685				—				—				—				4,685
Balance at December 31, 2021		$	41			$	1,376,494			$	(677,900	)		$	2,668			$	466			$	701,769

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, 2022								December 31, 2021								December 31, 2022								December 31, 2021
Vessel revenues:
Americas		$	41,785				23	%		$	27,882				28	%		$	146,871				23	%		$	102,151				28	%
Asia Pacific			19,070				10	%			4,914				5	%			64,231				10	%			18,142				5	%
Middle East			30,575				16	%			21,948				22	%			110,375				17	%			84,395				24	%
Europe/Mediterranean			33,482				18	%			22,501				22	%			129,578				20	%			80,914				22	%
West Africa			60,194				33	%			23,183				23	%			190,349				30	%			75,967				21	%
Total vessel revenues		$	185,106				100	%		$	100,428				100	%		$	641,404				100	%		$	361,569				100	%
Vessel operating costs:
Crew costs		$	69,699				37	%		$	39,715				40	%		$	242,364				38	%		$	148,171				41	%
Repair and maintenance			14,774				8	%			11,502				11	%			51,256				8	%			40,970				11	%
Insurance			2,027				1	%			517				1	%			6,765				1	%			1,815				1	%
Fuel, lube and supplies			12,841				7	%			6,405				6	%			43,729				7	%			25,557				7	%
Other			16,155				9	%			13,048				13	%			53,187				8	%			45,301				12	%
Total vessel operating costs			115,496				62	%			71,187				71	%			397,301				62	%			261,814				72	%
Vessel operating margin (A)		$	69,610				38	%		$	29,241				29	%		$	244,103				38	%		$	99,755				28	%
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs.

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

(In Thousands)		Three Months Ended																Twelve Months Ended
		December 31, 2022								December 31, 2021								December 31, 2022								December 31, 2021
Vessel operating profit (loss):
Americas		$	3,216				2	%		$	(2,909	)			(3	)%		$	12,016				2	%		$	(11,270	)			(3	)%
Asia Pacific			(808	)			(0	)%			1,873				2	%			3,726				(0	)%			4,896				2	%
Middle East			492				0	%			(747	)			(1	)%			(1,093	)			(0	)%			(6,070	)			(2	)%
Europe/Mediterranean			3,874				2	%			(4,095	)			(4	)%			18,844				3	%			(16,968	)			(5	)%
West Africa			18,305				10	%			(1,139	)			(1	)%			43,112				7	%			(16,985	)			(5	)%
Other operating profit			946				(0	)%			4,519				4	%			4,150				1	%			7,233				2	%
			26,025				14	%			(2,498	)			(3	)%			80,755				13	%			(39,164	)			(11	)%
Corporate expenses (A)			(13,983	)			(7	)%			(9,671	)			(9	)%			(53,583	)			(9	)%			(36,908	)			(10	)%
Gain (loss) on asset dispositions, net			1,076				1	%			53				0	%			250				0	%			(2,901	)			(1	)%
Affiliate credit loss impairment			—				0	%			(1,400	)			(1	)%			—				0	%			(400	)			(0	)%
Long-lived asset impairments and other			—				0	%			(13,476	)			(13	)%			(714	)			(0	)%			(15,643	)			(4	)%
Operating income (loss)		$	13,118				7	%		$	(26,992	)			(26	)%		$	26,708				4	%		$	(95,016	)			(26	)%
Note (A): General and administrative expenses for the three months and twelve months ended December 31, 2022 include stock-based compensation of $2.1 million and $7.4 million, respectively. General and administrative expenses for the three and twelve months ended December 31, 2021 include stock-based compensation of $1.4 million and $5.6 million, respectively. In addition, vessel operating and general and administrative costs for the three months and twelve months ended December 31, 2022, include $5.1 million and $19.1 million in one-time acquisition, restructuring and integration related costs, respectively. Vessel operating and general and administrative costs for the three and twelve months ended December 31, 2021 include $0.2 million and $1.2 million, of one-time restructuring and integration related costs, respectively.

TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA (In Thousands, except per share data)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
Revenues:
Vessel revenues		$	185,106			$	190,247			$	162,175			$	103,876			$	100,428
Other operating revenues			1,640				1,515				1,272				1,853				4,747
Total revenues			186,746				191,762				163,447				105,729				105,175
Costs and expenses:
Vessel operating costs (A)			115,496				113,037				100,257				68,511				71,187
Costs of other operating revenue			694				592				483				361				228
General and administrative (A)			28,633				27,267				27,804				18,217				17,641
Depreciation and amortization			29,881				30,856				31,766				26,657				28,288
Long-lived asset impairment (credit) and other			—				1,214				—				(500	)			13,476
Affiliate credit loss impairment expense			—				—				—				—				1,400
(Gain) loss on asset dispositions, net			(1,076	)			(264	)			1,297				(207	)			(53	)
Total operating costs and expenses			173,628				172,702				161,607				113,039				132,167
Operating income (loss)			13,118				19,060				1,840				(7,310	)			(26,992	)
Other income (expense):
Foreign exchange gain (loss)			2,105				(3,997	)			(1,881	)			946				582
Equity in net earnings (losses) of unconsolidated companies			14				9				(244	)			—				(1,625	)
Interest income and other, net			981				581				349				3,486				1,426
Loss on early extinguishment of debt			—				—				—				—				(11,100	)
Loss on warrants			—				—				(14,175	)			—				—
Interest and other debt costs, net			(4,339	)			(4,391	)			(4,284	)			(4,175	)			(3,417	)
Total other expense			(1,239	)			(7,798	)			(20,235	)			257				(14,134	)
Income (loss) before income taxes			11,879				11,262				(18,395	)			(7,053	)			(41,126	)
Income tax (benefit) expense			1,697				6,352				6,619				5,218				(3,047	)
Net income (loss)			10,182				4,910				(25,014	)			(12,271	)			(38,079	)
Net income (loss) attributable to noncontrolling interests			(438	)			(470	)			567				(103	)			(145	)
Net income (loss) attributable to Tidewater Inc.		$	10,620			$	5,380			$	(25,581	)		$	(12,168	)		$	(37,934	)
Basic income (loss) per common share		$	0.22			$	0.12			$	(0.61	)		$	(0.29	)		$	(0.92	)
Diluted income (loss) per common share		$	0.20			$	0.10			$	(0.61	)		$	(0.29	)		$	(0.92	)
Weighted average common shares outstanding			48,766				44,451				41,814				41,412				41,280
Dilutive effect of warrants, restricted stock units and stock options			3,069				7,069				—				—				—
Adjusted weighted average common shares			51,835				51,520				41,814				41,412				41,280
Vessel operating margin		$	69,610			$	77,210			$	61,918			$	35,365			$	29,241
Note (A): One-time acquisition, restructuring and integration related costs		$	5,150			$	4,332			$	7,314			$	2,305			$	221

TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands)
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
ASSETS
Current assets:
Cash and cash equivalents		$	164,192			$	115,014			$	87,981			$	136,234			$	149,037
Restricted cash			1,241				4,965				1,240				4,958				1,240
Trade and other receivables, net			156,465				181,646				189,259				112,953				86,503
Due from affiliates, net			—				—				—				21,191				70,134
Marine operating supplies			30,830				20,764				21,182				13,252				12,606
Assets held for sale			4,195				6,815				6,862				8,591				14,421
Prepaid expenses and other current assets			20,985				17,509				23,259				12,012				8,731
Total current assets			377,908				346,713				329,783				309,191				342,672
Net properties and equipment			796,655				815,990				838,612				677,580				688,040
Deferred drydocking and survey costs			61,080				57,877				53,661				44,362				40,734
Indemnification assets			28,369				30,117				30,269				—				—
Other assets			33,644				32,364				30,410				22,997				24,334
Total assets		$	1,297,656			$	1,283,061			$	1,282,735			$	1,054,130			$	1,095,780
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	38,946			$	31,829			$	30,537			$	23,696			$	20,788
Accrued costs and expenses			105,518				105,945				109,212				55,141				51,734
Due to affiliates			—				—				—				21,191				61,555
Other current liabilities			50,323				46,629				47,872				25,471				23,865
Total current liabilities			194,787				184,403				187,621				125,499				157,942
Long-term debt			169,036				168,649				168,279				167,997				167,885
Other liabilities and deferred credits			67,843				82,910				85,188				70,892				68,184
Equity:
Common stock			51				46				42				42				41
Additional paid-in-capital			1,556,990				1,555,388				1,554,561				1,376,934				1,376,494
Accumulated deficit			(699,649	)			(710,269	)			(715,649	)			(690,068	)			(677,900	)
Accumulated other comprehensive income			8,576				1,474				1,763				2,471				2,668
Total stockholders' equity			865,968				846,639				840,717				689,379				701,303
Noncontrolling interests			22				460				930				363				466
Total equity			865,990				847,099				841,647				689,742				701,769
Total liabilities and equity		$	1,297,656			$	1,283,061			$	1,282,735			$	1,054,130			$	1,095,780
Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)		$	—			$	—			$	—			$	—			$	8,579

TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - QUARTERLY DATA (In Thousands)
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
Operating activities:
Net income (loss)		$	10,182			$	4,910			$	(25,014	)		$	(12,271	)		$	(38,079	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			20,983				22,252				22,614				17,673				18,618
Amortization of deferred drydocking and survey costs			8,898				8,604				9,152				8,984				9,670
Amortization of debt premiums and discounts			522				392				390				375				509
Provision for deferred income taxes			(98	)			(11	)			(32	)			177				(1,454	)
(Gain) loss on asset dispositions, net			(1,076	)			(264	)			1,297				(207	)			(53	)
Gain on bargain purchase			—				—				—				(1,300	)			—
Affiliate credit loss impairment expense			—				—				—				—				1,400
Long-lived asset impairment and other			—				1,214				—				(500	)			13,476
Loss on warrants			—				—				14,175				—				—
Loss on debt extinguishment			—				—				—				—				11,041
Stock-based compensation expense			2,028				1,923				1,963				1,458				1,439
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			26,172				4,784				(19,515	)			(15,570	)			(488	)
Changes in due to/from affiliate, net			—				—				—				(20	)			(1,333	)
Accounts payable			7,117				1,292				5,247				2,825				2,746
Accrued expenses			(427	)			(3,267	)			(853	)			3,207				(215	)
Deferred drydocking and survey costs			(12,117	)			(12,820	)			(18,451	)			(12,612	)			(9,894	)
Other, net			(16,844	)			(896	)			(12,576	)			(3,843	)			(445	)
Net cash provided by (used in) operating activities			45,340				28,113				(21,603	)			(11,624	)			6,938
Cash flows from investing activities:
Proceeds from sales of assets			5,093				312				3,535				4,628				54
Acquisitions, net of cash acquired			—				8,785				(28,486	)			(1,039	)			—
Additions to properties and equipment			(4,929	)			(6,328	)			(4,151	)			(1,229	)			(6,368	)
Net cash provided by (used in) investing activities			164				2,769				(29,102	)			2,360				(6,314	)
Cash flows from financing activities:
Proceeds from stock offering			117,202				70,630				—				—				—
Repurchase of SPO Acquisition Warrants			(117,202	)			(70,630	)			—				—				—
Issuance of long-term debt			—				—				—				—				172,375
Principal payments on long-term debt			—				—				—				—				(159,659	)
Debt extinguishment premium			—				—				—				—				(7,722	)
Debt issuance and modification costs			—				(22	)			(108	)			(263	)			(4,882	)
Tax on share-based awards			(47	)			(100	)			(1,159	)			(1,017	)			(160	)
Net cash used in financing activities			(47	)			(122	)			(1,267	)			(1,280	)			(48	)
Net change in cash, cash equivalents and restricted cash			45,457				30,760				(51,972	)			(10,544	)			576
Cash, cash equivalents and restricted cash at beginning of period			122,520				91,760				143,732				154,276				153,700
Cash, cash equivalents and restricted cash at end of period		$	167,977			$	122,520			$	91,760			$	143,732			$	154,276
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	7,575			$	353			$	7,626			$	—			$	3,664
Income taxes		$	6,132			$	6,813			$	6,130			$	3,200			$	4,278
Supplemental disclosure of noncash investing activities:
Acquisition of SPO		$	—			$	—			$	162,648			$	—			$	—
Supplemental disclosure of noncash financing activities:
Warrants issued for SPO acquisition		$	—			$	—			$	162,648			$	—			$	—
Repurchase of SPO Acquisition Warrants		$	373			$	992			$	—			$	—			$	—

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	17,814			$	15,676			$	15,204			$	9,462			$	10,491
PSV < 900			16,486				16,460				15,470				14,628				14,261
AHTS > 16K			2,873				3,429				2,390				971				409
AHTS 8 - 16K			1,899				1,601				1,130				774				683
AHTS 4 - 8K			1,553				1,185				1,438				1,472				875
Other			1,160				771				1,888				1,137				1,163
Total			41,785				39,122				37,520				28,444				27,882
Asia Pacific fleet:
PSV > 900			6,692				10,896				7,258				3,923				3,951
PSV < 900			3,120				3,891				3,006				—				—
AHTS > 16K			3,260				3,128				1,504				—				—
AHTS 8 - 16K			4,364				4,333				2,940				—				—
AHTS 4 - 8K			1,584				1,605				1,433				974				963
Other			50				49				221				—				—
Total			19,070				23,902				16,362				4,897				4,914
Middle East fleet:
PSV > 900			1,218				2,771				2,814				1,183				1,203
PSV < 900			15,517				16,063				13,798				9,559				10,279
AHTS > 16K			2,351				2,350				1,750				—				—
AHTS 8 - 16K			4,146				3,397				3,808				4,137				4,076
AHTS 4 - 8K			7,343				6,605				6,226				5,339				6,390
Total			30,575				31,186				28,396				20,218				21,948
Europe/Mediterranean fleet:
PSV > 900			24,783				27,167				23,684				18,390				17,993
PSV < 900			7,874				7,092				6,868				5,375				4,351
AHTS > 16K			643				5,251				1,776				—				—
Other			182				192				147				154				157
Total			33,482				39,702				32,475				23,919				22,501
West Africa fleet:
PSV > 900			10,534				8,041				6,487				3,987				4,011
PSV < 900			20,494				18,249				13,801				8,499				8,076
AHTS > 16K			5,385				6,152				4,315				—				—
AHTS 8 - 16K			11,810				11,236				10,724				5,049				4,388
AHTS 4 - 8K			5,780				6,445				4,576				1,547				782
Other			6,191				6,212				7,519				7,316				5,926
Total			60,194				56,335				47,422				26,398				23,183
Worldwide fleet:
PSV > 900			61,041				64,551				55,447				36,945				37,649
PSV < 900			63,491				61,755				52,943				38,061				36,967
AHTS > 16K			14,512				20,310				11,735				971				409
AHTS 8 - 16K			22,219				20,567				18,602				9,960				9,147
AHTS 4 - 8K			16,260				15,840				13,673				9,332				9,010
Other			7,583				7,224				9,775				8,607				7,246
Total		$	185,106			$	190,247			$	162,175			$	103,876			$	100,428

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900			10				11				10				10				11
PSV < 900			16				17				17				17				17
AHTS > 16K			2				2				2				1				1
AHTS 8 - 16K			2				1				1				1				1
AHTS 4 - 8K			2				2				3				3				3
Other			1				1				1				2				2
Total			33				34				34				34				35
Stacked vessels			(2	)			(3	)			(5	)			(7	)			(9	)
Active vessels			31				31				29				27				26
Asia Pacific fleet:
PSV > 900			5				5				6				3				3
PSV < 900			2				2				2				—				—
AHTS > 16K			2				2				1				—				—
AHTS 8 - 16K			3				3				2				—				—
AHTS 4 - 8K			3				4				3				2				2
Other			1				1				5				—				—
Total			16				17				19				5				5
Stacked vessels			(2	)			(2	)			(1	)			—				—
Active vessels			14				15				18				5				5
Middle East fleet:
PSV > 900			2				2				2				1				1
PSV < 900			20				20				19				14				14
AHTS > 16K			2				2				1				—				—
AHTS 8 - 16K			5				5				6				5				5
AHTS 4 - 8K			14				13				13				13				13
Total			43				42				41				33				33
Stacked vessels			—				—				—				—				(1	)
Active vessels			43				42				41				33				32
Europe/Mediterranean fleet:
PSV > 900			20				19				19				19				18
PSV < 900			6				6				7				9				10
AHTS > 16K			1				1				1				—				—
Total			27				26				27				28				28
Stacked vessels			—				—				(2	)			(4	)			(5	)
Active vessels			27				26				25				24				23
West Africa fleet:
PSV > 900			6				6				4				3				3
PSV < 900			18				18				15				12				13
AHTS > 16K			4				4				3				—				—
AHTS 8 - 16K			11				12				10				5				6
AHTS 4 - 8K			8				8				6				3				3
Other			28				28				29				29				27
Total			75				76				67				52				52
Stacked vessels			(10	)			(9	)			(8	)			(10	)			(13	)
Active vessels			65				67				59				42				39
Worldwide fleet:
PSV > 900			43				43				41				36				36
PSV < 900			62				63				60				52				54
AHTS > 16K			11				11				8				1				1
AHTS 8 - 16K			21				21				19				11				12
AHTS 4 - 8K			27				27				25				21				21
Other			30				30				35				31				29
Total			194				195				188				152				153
Stacked vessels			(14	)			(14	)			(16	)			(21	)			(28	)
Active vessels			180				181				172				131				125
Total active			180				181				172				131				125
Total stacked			14				14				16				21				28
Total joint venture			1				1				1				1				3
Total			195				196				189				153				156

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900			922				1,012				943				900				981
PSV < 900			1,499				1,564				1,547				1,530				1,564
AHTS > 16K			184				184				152				90				92
AHTS 8 - 16K			184				122				91				90				92
AHTS 4 - 8K			184				184				246				270				276
Other			92				92				121				145				184
Total			3,065				3,158				3,100				3,025				3,189
Asia Pacific fleet:
PSV > 900			460				460				507				270				276
PSV < 900			184				184				183				—				—
AHTS > 16K			184				184				122				—				—
AHTS 8 - 16K			276				276				183				—				—
AHTS 4 - 8K			292				368				304				180				184
Other			92				92				453				—				—
Total			1,488				1,564				1,752				450				460
Middle East fleet:
PSV > 900			92				123				152				90				92
PSV < 900			1,840				1,840				1,700				1,269				1,288
AHTS > 16K			184				184				122				—				—
AHTS 8 - 16K			460				465				546				458				460
AHTS 4 - 8K			1,288				1,217				1,183				1,170				1,196
Total			3,864				3,829				3,703				2,987				3,036
Europe/Mediterranean fleet:
PSV > 900			1,838				1,748				1,729				1,710				1,687
PSV < 900			552				552				696				826				920
AHTS > 16K			92				92				61				—				—
Total			2,482				2,392				2,486				2,536				2,607
West Africa fleet:
PSV > 900			644				613				406				270				276
PSV < 900			1,656				1,656				1,367				1,103				1,196
AHTS > 16K			368				368				244				—				—
AHTS 8 - 16K			1,012				1,074				882				470				552
AHTS 4 - 8K			736				736				548				255				276
Other			2,545				2,582				2,639				2,610				2,484
Total			6,961				7,029				6,086				4,708				4,784
Worldwide fleet:
PSV > 900			3,956				3,956				3,737				3,240				3,312
PSV < 900			5,731				5,796				5,493				4,728				4,968
AHTS > 16K			1,012				1,012				701				90				92
AHTS 8 - 16K			1,932				1,937				1,702				1,018				1,104
AHTS 4 - 8K			2,500				2,505				2,281				1,875				1,932
Other			2,729				2,766				3,213				2,755				2,668
Total			17,860				17,972				17,127				13,706				14,076

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV > 900			—				—				155				180				271
PSV < 900			211				276				273				270				350
AHTS 4 - 8K			—				—				64				90				92
Other			—				—				—				55				92
Total			211				276				492				595				805
Asia Pacific fleet:
AHTS 4 - 8K			54				61				—				—				—
Other			92				92				61				—				—
Total			146				153				61				—				—
Middle East fleet:
PSV < 900			—				—				—				25				92
Total			—				—				—				25				92
Europe/Mediterranean fleet:
PSV > 900			—				—				—				90				106
PSV < 900			—				—				150				286				368
Total			—				—				150				376				474
West Africa fleet:
PSV < 900			—				—				18				203				307
AHTS 8 - 16K			—				—				—				20				92
AHTS 4 - 8K			158				92				56				75				106
Other			797				747				678				630				690
Total			955				839				752				928				1,195
Worldwide fleet:
PSV > 900			—				—				155				270				377
PSV < 900			211				276				441				784				1,117
AHTS 8 - 16K			—				—				—				20				92
AHTS 4 - 8K			212				153				120				165				198
Other			889				839				739				685				782
Total			1,312				1,268				1,455				1,924				2,566

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900			922				1,012				788				720				710
PSV < 900			1,288				1,288				1,274				1,260				1,214
AHTS > 16K			184				184				152				90				92
AHTS 8 - 16K			184				122				91				90				92
AHTS 4 - 8K			184				184				182				180				184
Other			92				92				121				90				92
Total			2,854				2,882				2,608				2,430				2,384
Asia Pacific fleet:
PSV > 900			460				460				507				270				276
PSV < 900			184				184				183				—				—
AHTS > 16K			184				184				122				—				—
AHTS 8 - 16K			276				276				183				—				—
AHTS 4 - 8K			238				307				304				180				184
Other			—				—				392				—				—
Total			1,342				1,411				1,691				450				460
Middle East fleet:
PSV > 900			92				123				152				90				92
PSV < 900			1,840				1,840				1,700				1,244				1,196
AHTS > 16K			184				184				122				—				—
AHTS 8 - 16K			460				465				546				458				460
AHTS 4 - 8K			1,288				1,217				1,183				1,170				1,196
Total			3,864				3,829				3,703				2,962				2,944
Europe/Mediterranean fleet:
PSV > 900			1,838				1,748				1,729				1,620				1,581
PSV < 900			552				552				546				540				552
AHTS > 16K			92				92				61				—				—
Total			2,482				2,392				2,336				2,160				2,133
West Africa fleet:
PSV > 900			644				613				406				270				276
PSV < 900			1,656				1,656				1,349				900				889
AHTS > 16K			368				368				244				—				—
AHTS 8 - 16K			1,012				1,074				882				450				460
AHTS 4 - 8K			578				644				492				180				170
Other			1,748				1,835				1,961				1,980				1,794
Total			6,006				6,190				5,334				3,780				3,589
Worldwide fleet:
PSV > 900			3,956				3,956				3,582				2,970				2,935
PSV < 900			5,520				5,520				5,052				3,944				3,851
AHTS > 16K			1,012				1,012				701				90				92
AHTS 8 - 16K			1,932				1,937				1,702				998				1,012
AHTS 4 - 8K			2,288				2,352				2,161				1,710				1,734
Other			1,840				1,927				2,474				2,070				1,886
Total			16,548				16,704				15,672				11,782				11,510

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	December 31,					September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			82.6	%			74.6	%			74.4	%			54.6	%			54.0	%
PSV < 900			68.1				69.3				67.7				63.3				69.2
AHTS > 16K			48.2				92.4				90.2				57.6				26.2
AHTS 8 - 16K			76.8				89.5				100.0				68.9				76.4
AHTS 4 - 8K			99.2				74.4				67.2				63.7				40.0
Other			100.0				66.5				100.0				62.1				50.0
Total			74.6	%			73.3	%			73.0	%			60.7	%			59.9	%
Asia Pacific fleet:
PSV > 900			62.6	%			94.5	%			65.5	%			100.0	%			100.0	%
PSV < 900			78.4				100.0				66.7				—				—
AHTS > 16K			90.8				89.9				50.0				—				—
AHTS 8 - 16K			85.4				97.2				91.2				—				—
AHTS 4 - 8K			79.5				64.5				56.9				97.9				100.0
Other			—				—				74.0				—				—
Total			71.7	%			82.5	%			67.9	%			99.2	%			100.0	%
Middle East fleet:
PSV > 900			100.0	%			93.6	%			100.0	%			100.0	%			100.0	%
PSV < 900			78.3				84.1				76.5				78.0				79.3
AHTS > 16K			100.0				94.7				100.0				—				—
AHTS 8 - 16K			84.8				68.5				70.9				99.7				96.3
AHTS 4 - 8K			86.3				84.9				87.1				80.4				93.2
Total			83.3	%			83.3	%			80.8	%			82.9	%			88.0	%
Europe/Mediterranean fleet:
PSV > 900			87.1	%			95.8	%			88.4	%			84.7	%			85.8	%
PSV < 900			93.8				96.4				71.5				63.5				47.8
AHTS > 16K			65.5				76.9				53.4				—				—
Total			87.8	%			95.2	%			82.8	%			77.8	%			72.4	%
West Africa fleet:
PSV > 900			85.7	%			70.9	%			96.3	%			100.0	%			97.1	%
PSV < 900			89.9				86.6				80.6				66.0				57.8
AHTS > 16K			89.4				100.0				98.1				—				—
AHTS 8 - 16K			91.1				85.7				95.4				95.7				73.3
AHTS 4 - 8K			62.1				82.6				82.6				69.6				33.3
Other			45.4				44.4				52.9				52.2				44.5
Total			70.5	%			69.9	%			72.7	%			63.5	%			53.5	%
Worldwide fleet:
PSV > 900			83.3	%			86.3	%			83.1	%			79.3	%			78.9	%
PSV < 900			80.5				82.5				74.1				67.9				65.1
AHTS > 16K			81.9				93.7				84.4				57.6				26.2
AHTS 8 - 16K			87.4				83.4				87.4				95.1				83.1
AHTS 4 - 8K			79.4				80.5				79.8				78.2				77.7
Other			45.7				43.7				57.7				52.7				44.9
Total			76.5	%			77.8	%			75.5	%			70.9	%			67.4	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	December 31,					September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			82.6	%			74.6	%			89.1	%			68.2	%			74.6	%
PSV < 900			79.3				84.1				82.3				76.8				89.2
AHTS > 16K			48.2				92.4				90.2				57.6				26.2
AHTS 8 - 16K			76.8				89.5				100.0				68.9				76.4
AHTS 4 - 8K			99.2				74.4				90.8				95.5				60.0
Other			100.0				66.5				100.0				100.0				100.0
Total			80.1	%			80.3	%			86.8	%			75.5	%			80.1	%
Asia Pacific fleet:
PSV > 900			62.6	%			94.5	%			65.5	%			100.0	%			100.0	%
PSV < 900			78.4				100.0				66.7				—				—
AHTS > 16K			90.8				89.9				50.0				—				—
AHTS 8 - 16K			85.4				97.2				91.2				—				—
AHTS 4 - 8K			97.4				77.4				56.9				97.9				100.0
Other			—				—				85.5				—				—
Total			79.5	%			91.4	%			70.4	%			99.2	%			100.0	%
Middle East fleet:
PSV > 900			100.0	%			93.6	%			100.0	%			100.0	%			100.0	%
PSV < 900			78.3				84.1				76.5				79.6				85.3
AHTS > 16K			100.0				94.7				100.0				—				—
AHTS 8 - 16K			84.8				68.5				70.9				99.7				96.3
AHTS 4 - 8K			86.3				84.9				87.1				80.4				93.2
Total			83.3	%			83.3	%			80.8	%			83.6	%			90.7	%
Europe/Mediterranean fleet:
PSV > 900			87.1	%			95.8	%			88.4	%			89.4	%			91.6	%
PSV < 900			93.8				96.4				91.1				97.1				79.7
AHTS > 16K			65.5				76.9				53.4				—				—
Total			87.8	%			95.2	%			88.1	%			91.3	%			88.5	%
West Africa fleet:
PSV > 900			85.7	%			70.9	%			96.3	%			100.0	%			97.1	%
PSV < 900			89.9				86.6				81.7				80.9				77.8
AHTS > 16K			89.4				100.0				98.1				—				—
AHTS 8 - 16K			91.1				85.7				95.4				100.0				88.0
AHTS 4 - 8K			79.1				94.5				92.0				98.6				54.1
Other			66.1				62.5				71.2				68.8				61.6
Total			81.7	%			79.4	%			82.9	%			79.1	%			71.4	%
Worldwide fleet:
PSV > 900			83.3	%			86.3	%			86.7	%			86.5	%			89.1	%
PSV < 900			83.6				86.6				80.6				81.4				84.0
AHTS > 16K			81.9				93.7				84.4				57.6				26.2
AHTS 8 - 16K			87.4				83.4				87.4				97.0				90.7
AHTS 4 - 8K			86.7				85.7				84.3				85.8				86.6
Other			67.8				62.7				74.9				70.2				63.5
Total			82.5	%			83.7	%			82.5	%			82.5	%			82.4	%

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900		$	23,401			$	20,775			$	21,658			$	19,265			$	19,806
PSV < 900			16,146				15,197				14,762				15,111				13,169
AHTS > 16K			32,368				20,175				17,430				18,745				16,942
AHTS 8 - 16K			13,431				14,668				12,424				12,480				9,724
AHTS 4 - 8K			8,511				8,654				8,701				8,562				7,929
Other			12,611				12,616				15,601				12,633				12,644
Total			18,271				16,901				16,569				15,501				14,603
Asia Pacific fleet:
PSV > 900			23,237				25,072				21,850				14,529				14,315
PSV < 900			21,627				21,148				24,640				—				—
AHTS > 16K			19,519				18,902				24,664				—				—
AHTS 8 - 16K			18,509				16,144				17,609				—				—
AHTS 4 - 8K			6,822				6,759				8,281				5,528				5,236
Other			—				—				660				—				—
Total			17,868				18,530				13,748				10,975				10,683
Middle East fleet:
PSV > 900			13,234				24,061				18,513				13,147				13,071
PSV < 900			10,768				10,378				10,607				9,658				10,071
AHTS > 16K			12,777				13,487				14,348				—				—
AHTS 8 - 16K			10,627				10,666				9,832				9,058				9,201
AHTS 4 - 8K			6,604				6,396				6,044				5,672				5,730
Total			9,498				9,781				9,490				8,160				8,217
Europe/Mediterranean fleet:
PSV > 900			15,476				16,229				15,496				12,697				12,426
PSV < 900			15,212				13,323				13,806				10,248				9,887
AHTS > 16K			10,682				74,231				54,472				—				—
Total			15,364				17,436				15,776				12,124				11,917
West Africa fleet:
PSV > 900			19,096				18,502				16,592				14,768				14,966
PSV < 900			13,758				12,721				12,528				11,672				11,682
AHTS > 16K			16,367				16,719				18,036				—				—
AHTS 8 - 16K			12,809				12,212				12,743				11,219				10,842
AHTS 4 - 8K			12,637				10,595				10,105				8,721				8,500
Other			5,359				5,415				5,381				5,368				5,362
Total			12,272				11,467				10,721				8,834				9,052
Worldwide fleet:
PSV > 900			18,529				18,914				17,854				14,378				14,404
PSV < 900			13,762				12,915				13,008				11,855				11,427
AHTS > 16K			17,505				21,415				19,824				18,745				16,942
AHTS 8 - 16K			13,153				12,726				12,511				10,281				9,965
AHTS 4 - 8K			8,196				7,859				7,507				6,362				6,000
Other			6,080				5,979				5,275				5,924				6,053
Total		$	13,554			$	13,606			$	12,544			$	10,687			$	10,583
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,
		2022				2022				2022				2022				2021
Americas
Vessel revenues		$	41,785			$	39,122			$	37,520			$	28,444			$	27,882
Vessel operating costs:
Crew costs			16,486				16,080				12,949				11,252				11,080
Repair and maintenance			3,619				3,594				2,866				2,627				2,487
Insurance			410				414				248				367				161
Fuel, lube and supplies			2,387				2,557				2,326				2,385				2,019
Other			5,102				3,090				3,054				2,196				4,347
Total vessel operating costs			28,004				25,735				21,443				18,827				20,094
Vessel operating margin ($)			13,781				13,387				16,077				9,617				7,788
Vessel operating margin (%)			33.0	%			34.2	%			42.8	%			33.8	%			27.9	%
Americas - Select operating statistics
Average vessels - Total fleet			33				34				34				34				35
Utilization - Total fleet			74.6	%			73.3	%			73.0	%			60.7	%			59.9	%
Average vessels - Active fleet			31				31				29				27				26
Utilization - Active fleet			80.1	%			80.3	%			86.8	%			75.5	%			80.1	%
Average day rates		$	18,271			$	16,901			$	16,569			$	15,501			$	14,603
Vessels commencing drydocks			2				4				3				5				5
Deferred drydocking and survey costs - beginning balance		$	21,772			$	19,208			$	18,422			$	16,270			$	13,124
Cash paid for deferred drydocking and survey costs			4,389				5,678				3,857				5,060				6,470
Amortization of deferred drydocking and survey costs			(3,025	)			(2,932	)			(3,071	)			(2,908	)			(2,909	)
Disposals, intersegment transfers and other			(1,416	)			(182	)			—				—				(415	)
Deferred drydocking and survey costs - ending balance		$	21,720			$	21,772			$	19,208			$	18,422			$	16,270

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
Asia Pacific
Vessel revenues		$	19,070			$	23,902			$	16,362			$	4,897			$	4,914
Vessel operating costs:
Crew costs			9,876				10,631				8,138				788				883
Repair and maintenance			901				947				945				284				342
Insurance			183				189				90				54				24
Fuel, lube and supplies			1,299				1,145				1,590				105				166
Other			1,574				1,909				1,176				422				459
Total vessel operating costs			13,833				14,821				11,939				1,653				1,874
Vessel operating margin ($)			5,237				9,081				4,423				3,244				3,040
Vessel operating margin (%)			27.5	%			38.0	%			27.0	%			66.2	%			61.9	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet			16				17				19				5				5
Utilization - Total fleet			71.7	%			82.5	%			67.9	%			99.2	%			100.0	%
Average vessels - Active fleet			14				15				18				5				5
Utilization - Active fleet			79.5	%			91.4	%			70.4	%			99.2	%			100.0	%
Average day rates		$	17,868			$	18,530			$	13,748			$	10,975			$	10,683
Vessels commencing drydocks			2				—				2				—				—
Deferred drydocking and survey costs - beginning balance		$	979			$	852			$	542			$	710			$	1,019
Cash paid for deferred drydocking and survey costs			156				702				1,262				—				—
Amortization of deferred drydocking and survey costs			(117	)			(139	)			(163	)			(168	)			(309	)
Disposals, intersegment transfers and other			(465	)			(436	)			(789	)			—				—
Deferred drydocking and survey costs - ending balance		$	553			$	979			$	852			$	542			$	710

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
Middle East
Vessel revenues		$	30,575			$	31,186			$	28,396			$	20,218			$	21,948
Vessel operating costs:
Crew costs			12,472				12,814				11,193				8,465				8,827
Repair and maintenance			3,216				3,441				3,429				2,124				2,804
Insurance			384				406				325				297				179
Fuel, lube and supplies			2,991				3,281				2,700				1,559				1,148
Other			2,505				1,804				2,249				2,457				2,708
Total vessel operating costs			21,568				21,746				19,896				14,902				15,666
Vessel operating margin ($)			9,007				9,440				8,500				5,316				6,282
Vessel operating margin (%)			29.5	%			30.3	%			29.9	%			26.3	%			28.6	%
Middle East - Select operating statistics
Average vessels - Total fleet			43				42				41				33				33
Utilization - Total fleet			83.3	%			83.3	%			80.8	%			82.9	%			88.0	%
Average vessels - Active fleet			43				42				41				33				32
Utilization - Active fleet			83.3	%			83.3	%			80.8	%			83.6	%			90.7	%
Average day rates		$	9,498			$	9,781			$	9,490			$	8,160			$	8,217
Vessels commencing drydocks			5				5				7				2				2
Deferred drydocking and survey costs - beginning balance		$	14,993			$	14,980			$	10,665			$	8,994			$	10,809
Cash paid for deferred drydocking and survey costs			1,930				2,345				6,362				3,855				327
Amortization of deferred drydocking and survey costs			(2,323	)			(2,346	)			(2,308	)			(2,184	)			(2,142	)
Disposals, intersegment transfers and other			462				14				261				—				—
Deferred drydocking and survey costs - ending balance		$	15,062			$	14,993			$	14,980			$	10,665			$	8,994

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
Europe/Mediterranean
Vessel revenues		$	33,482			$	39,702			$	32,475			$	23,919			$	22,501
Vessel operating costs:
Crew costs			13,010				12,347				12,349				12,003				11,235
Repair and maintenance			3,067				1,652				2,414				2,106				3,562
Insurance			386				440				307				309				38
Fuel, lube and supplies			2,051				1,158				1,740				1,077				936
Other			1,762				2,170				2,468				2,026				1,919
Total vessel operating costs			20,276				17,767				19,278				17,521				17,690
Vessel operating margin ($)			13,206				21,935				13,197				6,398				4,811
Vessel operating margin (%)			39.4	%			55.2	%			40.6	%			26.7	%			21.4	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			27				26				27				28				28
Utilization - Total fleet			87.8	%			95.2	%			82.8	%			77.8	%			72.4	%
Average vessels - Active fleet			27				26				25				24				23
Utilization - Active fleet			87.8	%			95.2	%			88.1	%			91.3	%			88.5	%
Average day rates		$	15,364			$	17,436			$	15,776			$	12,124			$	11,917
Vessels commencing drydocks			3				1				3				1				1
Deferred drydocking and survey costs - beginning balance		$	8,588			$	9,231			$	6,425			$	4,983			$	5,571
Cash paid for deferred drydocking and survey costs			1,175				315				4,206				2,575				93
Amortization of deferred drydocking and survey costs			(1,523	)			(1,244	)			(1,400	)			(1,133	)			(1,096	)
Disposals, intersegment transfers and other			1,326				286				—				—				415
Deferred drydocking and survey costs - ending balance		$	9,566			$	8,588			$	9,231			$	6,425			$	4,983

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
West Africa
Vessel revenues		$	60,194			$	56,335			$	47,422			$	26,398			$	23,183
Vessel operating costs:
Crew costs			17,855				19,317				16,010				8,329				7,690
Repair and maintenance			3,971				3,910				3,823				2,320				2,307
Insurance			664				539				396				357				115
Fuel, lube and supplies			4,113				4,150				3,165				1,950				2,136
Other			5,212				5,052				4,307				2,652				3,615
Total vessel operating costs			31,815				32,968				27,701				15,608				15,863
Vessel operating margin ($)			28,379				23,367				19,721				10,790				7,320
Vessel operating margin (%)			47.1	%			41.5	%			41.6	%			40.9	%			31.6	%
West Africa - Select operating statistics
Average vessels - Total fleet			75				76				67				52				52
Utilization - Total fleet			70.5	%			69.9	%			72.7	%			63.5	%			53.5	%
Average vessels - Active fleet			65				67				59				42				39
Utilization - Active fleet			81.7	%			79.4	%			82.9	%			79.1	%			71.4	%
Average day rates		$	12,272			$	11,467			$	10,721			$	8,834			$	9,052
Vessels commencing drydocks			2				5				5				3				3
Deferred drydocking and survey costs - beginning balance		$	11,545			$	9,390			$	8,308			$	9,777			$	9,987
Cash paid for deferred drydocking and survey costs			4,467				3,780				2,764				1,122				3,004
Amortization of deferred drydocking and survey costs			(1,909	)			(1,943	)			(2,210	)			(2,591	)			(3,214	)
Disposals, intersegment transfers and other			76				318				528				—				—
Deferred drydocking and survey costs - ending balance		$	14,179			$	11,545			$	9,390			$	8,308			$	9,777

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
Worldwide
Vessel revenues		$	185,106			$	190,247			$	162,175			$	103,876			$	100,428
Vessel operating costs:
Crew costs			69,699				71,189				60,639				40,837				39,715
Repair and maintenance			14,774				13,544				13,477				9,461				11,502
Insurance			2,027				1,988				1,366				1,384				517
Fuel, lube and supplies			12,841				12,291				11,521				7,076				6,405
Other			16,155				14,025				13,254				9,753				13,048
Total vessel operating costs			115,496				113,037				100,257				68,511				71,187
Vessel operating margin ($)			69,610				77,210				61,918				35,365				29,241
Vessel operating margin (%)			37.6	%			40.6	%			38.2	%			34.0	%			29.1	%
Worldwide - Select operating statistics
Average vessels - Total fleet			194				195				188				152				153
Utilization - Total fleet			76.5	%			77.8	%			75.5	%			70.9	%			67.4	%
Average vessels - Active fleet			180				181				172				131				125
Utilization - Active fleet			82.5	%			83.7	%			82.5	%			82.5	%			82.4	%
Average day rates		$	13,554			$	13,606			$	12,544			$	10,687			$	10,583
Vessels commencing drydocks			14				15				20				11				11
Deferred drydocking and survey costs - beginning balance		$	57,877			$	53,661			$	44,362			$	40,734			$	40,510
Cash paid for deferred drydocking and survey costs			12,117				12,820				18,451				12,612				9,894
Amortization of deferred drydocking and survey costs			(8,897	)			(8,604	)			(9,152	)			(8,984	)			(9,670	)
Disposals, intersegment transfers and other			(17	)			—				—				—				—
Deferred drydocking and survey costs - ending balance		$	61,080			$	57,877			$	53,661			$	44,362			$	40,734

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
Net income (loss)		$	10,182			$	4,910			$	(25,014	)		$	(12,271	)		$	(38,079	)
Interest and other debt costs			4,339				4,391				4,284				4,175				3,417
Income tax (benefit) expense			1,697				6,352				6,619				5,218				(3,047	)
Depreciation			20,983				22,252				22,614				17,673				18,618
Amortization of deferred drydock and survey costs			8,898				8,604				9,152				8,984				9,670
EBITDA (A), (B), (C)			46,099				46,509				17,655				23,779				(9,421	)
Long-lived asset impairment (credit) and other			—				1,214				—				(500	)			13,476
Affiliate credit loss impairment expense			—				—				—				—				1,400
Loss on early extinguishment of debt			—				—				—				—				11,100
Loss on warrants			—				—				14,175				—				—
Gain on bargain purchase			—				—				—				(1,300	)			—
One-time acquisition, restructuring and integration related costs			5,150				4,332				7,314				2,305				221
Adjusted EBITDA (A), (B), (C)		$	51,249			$	52,055			$	39,144			$	24,284			$	16,776
Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, loss on early extinguishment of debt, loss on warrants, gain on bargain purchase and acquisition, restructuring and integration related costs.   Note (B): EBITDA and Adjusted EBITDA for the three months ended December 31, 2022, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $2,028, $1,923, $1,963, $1,458, and $1,439 respectively.   Note (C): EBITDA and Adjusted EBITDA for the three months ended December 31, 2022, and for each of the prior four quarters includes foreign exchange gain (losses) of $2,105, $(3,997), $(1,881), $946, and $582 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. OTHER FLEET AND FINANCIAL DATA (In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
Net cash provided by (used in) operating activities (A)		$	45,340			$	28,113			$	(21,603	)		$	(11,624	)		$	6,938
Cash interest expense			7,575				353				7,626				—				3,664
Interest income and other			(981	)			(581	)			(349	)			(2,186	)			(1,426	)
Additions to property and equipment			(4,929	)			(6,328	)			(4,151	)			(1,229	)			(6,368	)
Acquisitions			—				8,785				(28,486	)			(1,039	)			—
Expansion capital			1,240				(8,441	)			28,678				1,207				2,302
Free cash flow before proceeds from asset sales			48,245				21,901				(18,285	)			(14,871	)			5,110
Proceeds from asset sales			5,093				312				3,535				4,628				54
Free cash flow		$	53,338			$	22,213			$	(14,750	)		$	(10,243	)		$	5,164
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
		December 31,				September 30,				June 30,				March 31,				December 31,
		2022				2022				2022				2022				2021
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	16,018			$	1,913			$	(27,697	)		$	(13,401	)		$	265
Cash paid for deferred drydock and survey costs			(12,117	)			(12,820	)			(18,451	)			(12,612	)			(9,894	)
Total sources (uses) of cash for changes in assets and liabilities		$	3,901			$	(10,907	)		$	(46,148	)		$	(26,013	)		$	(9,629	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230224005409/en/

Tidewater Inc.

West Gotcher

Vice President,

Finance and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.

FAQ

What is Tidewater's revenue forecast for 2023?

Tidewater forecasts revenue of approximately $900 million for 2023, an increase of 39% from 2022.

What was Tidewater's revenue for full-year 2022?

Tidewater reported revenue of $647.7 million for full-year 2022, a 74.6% increase compared to 2021.

What are Tidewater's projected vessel operating margins for 2023?

The company expects vessel operating margins to reach approximately 50% in 2023.

How much free cash flow did Tidewater generate in 2022?

Tidewater generated free cash flow of $53.3 million in 2022.

What was Tidewater's operating income for 2022?

Tidewater's operating income for 2022 was $26.7 million, a significant increase from a loss of $95 million in 2021.