Tidewater Reports Results for the Three and Twelve Months Ending December 31, 2021

Rhea-AI Summary

Tidewater Inc. (NYSE:TDW) reported a revenue increase to $105.2 million for Q4 2021, up from $91.9 million in Q4 2020, while total revenue for 2021 was $371.0 million compared to $397.0 million in 2020. Despite revenue growth, net losses increased to $37.9 million for Q4 2021 from $29.2 million in Q4 2020. Included in these losses were significant impairment charges and expenses totaling $26.2 million for Q4 2021. However, the company reported margin improvement and a strong cash position, ending the year with $154.3 million in cash, signaling potential growth ahead.

Positive

• Revenue for Q4 2021 rose 13.8% from Q3 2021.
• Average day rates increased by approximately $300 globally.
• Recurring vessel level cash gross margin improved from 24.7% to 29.1%.
• Successful acquisition of Swire Pacific Offshore enhances fleet capabilities.
• Total liquidity at year-end was $179.3 million.

Negative

• Net losses increased to $37.9 million in Q4 2021 from $29.2 million in Q4 2020.
• Total net losses for 2021 were $129.0 million compared to $196.2 million in 2020.
• Impairment and other expenses totaled $26.2 million in Q4 2021.

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ending December 31, 2021, of $105.2 million and $371.0 million, respectively, compared with $91.9 million and $397.0 million, respectively, for the three and twelve months ending December 31, 2020. Tidewater's net losses for the three and twelve months ending December 31, 2021, were $37.9 million ($0.92 per share) and $129.0 million ($3.14 per share), respectively, compared with $29.2 million ($0.72 per share) and $196.2 million ($4.86 per share), respectively, for the three and twelve months ending December 31, 2020. 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). Included in the net losses for the three and twelve months ending December 31, 2020 were impairment charges related to assets held for sale, affiliate credit losses, affiliate guarantee obligation, inventory obsolescence and severance expenses totaling $6.2 million and $130.6 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2020 of $23.1 million ($0.57 per common share) and a net loss for the twelve months ending December 31, 2020 of $65.6 million ($1.63 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “After a strong fourth quarter of 2021 supported by improving global industry fundamentals, I am excited to announce that we have simultaneously announced in a separate release an agreement to acquire Swire Pacific Offshore, a leading global owner of 50 OSVs with a significant presence in West Africa, Southeast Asia and the Middle East. This acquisition adds a significant number of newer, larger PSVs and AHTSs to our fleet, provides for meaningful synergy opportunities, maintains balance sheet strength and liquidity, and better positions Tidewater to increase earnings and free cash flow generation from the improving offshore supply vessel market.

“In the fourth quarter of 2021, revenue increased 13.8% over the third quarter, driven by six additional vessels working during the quarter as well as increases in the global average day rate and global utilization. The global average day rate moved up approximately $300 per day, driven by improvements in the Americas and West Africa regions, and the slight global utilization increase was driven by improvements in the Middle East region.

"Since the first quarter of 2021, the low point in the pandemic driven portion of the offshore downturn that began in 2014, quarterly revenue increased 26.0%, and recurring vessel level cash gross margin increased from 24.7% to 29.1%. This substantial margin improvement is a function of an improving vessel supply and demand balance, a reduction in the pandemic cost burdens and a reduction in stacked vessel costs.

“The fourth quarter of 2021 demonstrated noteworthy consolidated revenue growth, margin expansion and average day rate improvement in a quarter in which typical seasonal factors lower the overall results, which reflects the fundamental improvements taking place in our industry.

“From a geographic perspective, all of our operating regions saw sequential quarterly revenue growth, with our West Africa and Americas regions up 14.5% and 13.5%, respectively. In West Africa, the revenue improvement, which has begun to rebound from the pandemic, was driven by the increase in average active vessel count of 3, and an increase in the average day rate of $490 per day, or 5.7%. In the Americas, the revenue improvement was driven by an increase in the average active vessel count of 1 and an $861 per day, or 6.3%, increase in the average day rate.

“Complementing the revenue increases in West Africa, vessel operating margin in the region increased 7.2 percentage points to 31.6%. Also in West Africa, during the first quarter of 2022 we bought our partner’s 51% ownership stake in our Angolan joint venture. This transaction will allow us to consolidate this business going forward and enable us to grow our West Africa operations from Angola as the recovery there continues to unfold.

“During the fourth quarter, we closed on the previously announced $175.0 million senior secured notes issuance as well as a new $25.0 million senior secured revolving credit facility. In addition, we established a $30.0 million “at-the-market” (“ATM”) equity issuance facility, which we established for the principal purpose of repurchasing Jones Act Warrants from time to time. At the end of the fourth quarter, there were no outstanding borrowings under the revolving credit facility and no ATM shares were issued or Jones Act Warrants repurchased during the quarter. We ended the year with $154.3 million of cash which includes $4.0 million of long-term restricted cash and total liquidity of $179.3 million inclusive of the availability under our revolving credit facility.

“As we look forward into 2022, our conviction continues to build around the fundamental and long-term improvements taking shape in our industry and for our business. The factors that drove the improvement in the fourth quarter are in their initial stages of development and we continue to see these factors driving demand for our business through the remainder of 2022 and beyond. The pace of tendering activity and capital spending increases by the global E&P industry, sustained by consistently strong and resilient commodity prices, continue to support a strengthening demand outlook. Additionally, vessel supply continues to tighten, which has been evident in the large vessel classes over the past few quarters, and is now also reflected by the quickly reducing supply of easy-to-reactivate ships in the mid-sized vessel classes. Furthermore, we remain encouraged by the pricing discipline our industry is exhibiting on a global basis. While the first quarter is typically the slowest of the year due to seasonality, the combination of the fundamental supply and demand factors described supports our view that 2022 will yield significantly improved operational and financial results.”

In addition to the number of outstanding shares, as of December 31, 2021, the company also has the following in the money warrants.

Common shares outstanding			41,307,617
New Creditor Warrants (strike price $0.001 per common share)			635,663
GulfMark Creditor Warrants (strike price $0.01 per common share)			559,125
Total			42,502,405

Tidewater will hold a conference call to discuss results for the three and twelve-month periods ending December 31, 2021 on March 9, 2022, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.844.200.6205 if calling from the U.S. or Canada (+1.929.526.1599 if calling from outside the U.S.) and provide Access Code: 568379 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 10:30 a.m. Central Time on March 9, 2022 and will continue until 11:59 p.m. Central Time on April 9, 2022. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

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

Tidewater owns and operates one of the largest fleet of offshore support vessels in the industry, with more than 60 years of experience supporting offshore energy exploration and production activities worldwide.

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 31,2021 and 2020 as well as the Consolidated Statements of Operations, Consolidated Statements of Equity and Consolidated Statements of Cash Flows for the twelve months ended December 31, 2021 and 2020 that are drawn from the December 31, 2021 audited financial statements of Tidewater, Inc. All per-share amounts are stated on a diluted basis.

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, except per share data)
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
Revenues:
Vessel revenues		$	100,428			$	87,830			$	361,569			$	386,174
Other operating revenues			4,747				4,029				9,464				10,864
Total revenues			105,175				91,859				371,033				397,038
Costs and expenses:
Vessel operating costs			71,187				63,397				261,814				268,780
Costs of other operating revenues			228				342				2,231				3,405
General and administrative			17,641				16,992				68,516				73,447
Depreciation and amortization			28,288				30,681				114,544				116,709
Long-lived asset impairments and other			13,476				6,475				15,643				74,109
Affiliate credit loss impairment expense (credit)			1,400				(600	)			400				52,981
Affiliate guarantee obligation			—				—				—				2,000
(Gain) loss on asset dispositions, net			(53	)			(80	)			2,901				(7,591	)
Total costs and expenses			132,167				117,207				466,049				583,840
Operating loss			(26,992	)			(25,348	)			(95,016	)			(186,802	)
Other income (expense):
Foreign exchange gain (loss)			582				(2,880	)			(369	)			(5,245	)
Equity in net earnings (losses) of unconsolidated companies			(1,625	)			164				(3,322	)			164
Dividend income from unconsolidated companies			—				—				—				17,150
Interest income and other, net			1,426				144				1,605				1,228
Loss on early extinguishment of debt			(11,100	)			—				(11,100	)			—
Interest and other debt costs, net			(3,417	)			(5,984	)			(15,583	)			(24,156	)
Total other expense			(14,134	)			(8,556	)			(28,769	)			(10,859	)
Loss before income taxes			(41,126	)			(33,904	)			(123,785	)			(197,661	)
Income tax (benefit) expense			(3,047	)			(4,477	)			5,875				(965	)
Net loss			(38,079	)			(29,427	)			(129,660	)			(196,696	)
Less: Net loss attributable to noncontrolling interests			(145	)			(180	)			(691	)			(454	)
Net loss attributable to Tidewater Inc.		$	(37,934	)		$	(29,247	)		$	(128,969	)		$	(196,242	)
Basic loss per common share		$	(0.92	)		$	(0.72	)		$	(3.14	)		$	(4.86	)
Diluted loss per common share		$	(0.92	)		$	(0.72	)		$	(3.14	)		$	(4.86	)
Weighted average common shares outstanding			41,280				40,604				41,009				40,355
Dilutive effect of stock options and restricted stock			—				—				—				—
Adjusted weighted average common shares			41,280				40,604				41,009				40,355

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)
		December 31, 2021				December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents		$	149,037			$	149,933
Restricted cash			1,240				2,079
Trade and other receivables, less allowance for credit losses of $1,948 and $1,516 as of December 31, 2021 and 2020, respectively			86,503				112,623
Due from affiliates, less allowance for credit losses of $72,456 and $71,800 as of December 31, 2021 and 2020, respectively			70,134				62,050
Marine operating supplies			12,606				15,876
Assets held for sale			14,421				34,396
Prepaid expenses and other current assets			8,731				11,692
Total current assets			342,672				388,649
Net properties and equipment			688,040				780,318
Deferred drydocking and survey costs			40,734				56,468
Other assets			24,334				25,742
Total assets		$	1,095,780			$	1,251,177
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	20,788			$	16,981
Accrued costs and expenses			51,734				52,422
Due to affiliates			61,555				53,194
Current portion of long-term debt			—				27,797
Other current liabilities			23,865				32,785
Total current liabilities			157,942				183,179
Long-term debt			167,885				164,934
Other liabilities and deferred credits			68,184				79,792
Commitments and contingencies
Equity:
Common stock			41				41
Additional paid-in-capital			1,376,494				1,371,809
Accumulated deficit			(677,900	)			(548,931	)
Accumulated other comprehensive loss			2,668				(804	)
Total stockholders' equity			701,303				822,115
Noncontrolling interests			466				1,157
Total equity			701,769				823,272
Total liabilities and equity		$	1,095,780			$	1,251,177

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In Thousands)
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
Net loss		$	(38,079	)		$	(29,427	)		$	(129,660	)		$	(196,696	)
Other comprehensive income (loss):
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and $0, respectively			(763	)			(2,011	)			(763	)			(2,309	)
Change in pension plan minimum liability, net of tax of $0, $0, $0, and $0, respectively			4,720				101				4,235				1,741
Total comprehensive loss		$	(34,122	)		$	(31,337	)		$	(126,188	)		$	(197,264	)

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
		Twelve Months				Twelve Months
		Ended				Ended
		December 31, 2021				December 31, 2020
Operating activities:
Net loss		$	(129,660	)		$	(196,696	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			73,223				73,030
Amortization of deferred drydocking and survey costs			41,321				43,679
Amortization of debt premiums and discounts			3,171				3,961
Provision for deferred income taxes			(1,287	)			1,224
(Gain) loss on asset dispositions, net			2,901				(7,591	)
Affiliate credit loss impairment expense			400				52,981
Affiliate guarantee obligation			—				2,000
Long-lived asset impairments and other			15,643				74,109
Loss on debt extinguishment			11,100				—
Stock-based compensation expense			5,638				5,117
Changes in operating assets and liabilities, net:
Trade and other receivables			26,120				(2,606	)
Changes in due to/from affiliate, net			(123	)			11,949
Accounts payable			3,807				(10,520	)
Accrued expenses			(688	)			(17,551	)
Deferred drydocking and survey costs			(27,282	)			(33,271	)
Other, net			(9,278	)			4,171
Net cash provided by operating activities			15,006				3,986
Cash flows from investing activities:
Proceeds from sales of assets			34,010				38,296
Additions to properties and equipment			(8,951	)			(14,900	)
Net cash provided by investing activities			25,059				23,396
Cash flows from financing activities:
Issuance of long-term debt			172,375				—
Principal payments on long-term debt			(198,918	)			(98,080	)
Debt extinguishment premium			(7,781	)			—
Debt issuance and modification costs			(5,737	)			—
Tax on share-based award			(953	)			(828	)
Other			—				(857	)
Net cash used in financing activities			(41,014	)			(99,765	)
Net change in cash, cash equivalents and restricted cash			(949	)			(72,383	)
Cash, cash equivalents and restricted cash at beginning of period			155,225				227,608
Cash, cash equivalents and restricted cash at end of period		$	154,276			$	155,225

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	13,747			$	21,235
Income taxes			19,013				13,018

Note:  Cash, cash equivalents and restricted cash at December 31, 2021 and 2020 includes $4.0 million and $3.2 million, respectively, in long-term restricted cash.

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Thousands)
		Twelve Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				income (loss)				interest				Total
Balance at December 31, 2020		$	41				1,371,809				(548,931	)			(804	)			1,157			$	823,272
Total comprehensive loss			—				—				(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
Balance at December 31, 2019		$	40				1,367,521				(352,526	)			(236	)			1,611			$	1,016,410
Total comprehensive loss			—				—				(196,242	)			(568	)			(454	)			(197,264	)
Adoption of credit loss accounting standard			—				—				(163	)			—				—				(163	)
Issuance of common stock			1				(1	)			—				—				—				—
Amortization of share based awards			—				4,289				—				—				—				4,289
Balance at December 31, 2020		$	41				1,371,809				(548,931	)			(804	)			1,157			$	823,272

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, 2021								December 31, 2020									December 31, 2021								December 31, 2020
Vessel revenues:
Americas		$	27,882				28	%		$	32,068				36	%		$	102,151				28	%		$	126,676				33	%
Middle East/Asia Pacific			26,862				27	%			25,042				29	%			102,537				29	%			97,133				25	%
Europe/Mediterranean			22,501				22	%			15,775				18	%			80,914				22	%			83,602				22	%
West Africa			23,183				23	%			14,945				17	%			75,967				21	%			78,763				20	%
Total vessel revenues		$	100,428				100	%		$	87,830				100	%		$	361,569				100	%		$	386,174				100	%
Vessel operating costs:
Crew costs		$	39,715				40	%		$	36,760				42	%		$	148,171				41	%		$	156,624				41	%
Repair and maintenance			11,502				11	%			8,027				9	%			40,970				11	%			31,213				8	%
Insurance			517				1	%			1,447				2	%			1,815				1	%			7,195				2	%
Fuel, lube and supplies			6,405				6	%			6,221				7	%			25,557				7	%			29,113				7	%
Other			13,048				13	%			10,942				12	%			45,301				12	%			44,635				12	%
Total vessel operating costs			71,187				71	%			63,397				72	%			261,814				72	%			268,780				70	%
Vessel operating margin (A)		$	29,241				29	%		$	24,433				28	%		$	99,755				28	%		$	117,394				30	%

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

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

(In Thousands)		Three Months Ended																	Twelve Months Ended
		December 31, 2021									December 31, 2020								December 31, 2021								December 31, 2020
Vessel operating profit (loss):
Americas		$	(2,909	)			(3	)%		$	1,496				2	%		$	(11,270	)			(3	)%		$	4,944				1	%
Middle East/Asia Pacific			1,126				1	%			(3,456	)			(4	)%			(1,174	)			(0	)%			(5,935	)			(1	)%
Europe/Mediterranean			(4,095	)			(4	)%			(4,543	)			(5	)%			(16,968	)			(5	)%			(8,629	)			(2	)%
West Africa			(1,139	)			(1	)%			(8,493	)			(9	)%			(16,985	)			(5	)%			(27,508	)			(7	)%
Other operating profit			4,519				4	%			3,686				4	%			7,233				2	%			7,458				2	%
			(2,498	)			(3	)%			(11,310	)			(12	)%			(39,164	)			(11	)%			(29,670	)			(7	)%
Corporate expenses (A)			(9,671	)			(9	)%			(8,243	)			(9	)%			(36,908	)			(10	)%			(35,633	)			(9	)%
Gain (loss) on asset dispositions, net			53				0	%			80				0	%			(2,901	)			(1	)%			7,591				2	%
Affiliate credit loss impairment expense			(1,400	)			(1	)%			600				0	%			(400	)			(0	)%			(52,981	)			(13	)%
Affiliate guarantee obligation			—				0	%			—				0	%			—				0	%			(2,000	)			(1	)%
Long-lived asset impairments and other			(13,476	)			(13	)%			(6,475	)			(7	)%			(15,643	)			(4	)%			(74,109	)			(19	)%
Operating loss		$	(26,992	)			(26	)%		$	(25,348	)			(28	)%		$	(95,016	)			(26	)%		$	(186,802	)			(47	)%

Note (A):  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. General and administrative expenses for the three and twelve months ended December 31, 2020 includes stock-based compensation of $1.2 million and $5.1 million, respectively. In addition, 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. Vessel operating and general and administrative expenses for the three and twelve months ended December 31, 2020 include $0.3 million and $1.5 million, in 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,
		2021				2021				2021				2021				2020
Revenues:
Vessel revenues		$	100,428			$	91,634			$	88,514			$	80,993			$	87,830
Other operating revenues			4,747				767				1,439				2,511				4,029
Total revenues			105,175				92,401				89,953				83,504				91,859
Costs and expenses:
Vessel operating costs (A)			71,187				65,344				64,263				61,020				63,397
Costs of other operating revenue			228				355				581				1,067				342
General and administrative (A)			17,641				18,045				16,787				16,043				16,992
Depreciation and amortization			28,288				27,980				28,549				29,727				30,681
Long-lived asset impairments and other			13,476				2,167				—				—				6,475
Affiliate credit loss impairment expense (credit)			1,400				—				(1,000	)			—				(600	)
(Gain) loss on asset dispositions, net			(53	)			74				932				1,948				(80	)
Total operating costs and expenses			132,167				113,965				110,112				109,805				117,207
Operating loss			(26,992	)			(21,564	)			(20,159	)			(26,301	)			(25,348	)
Other income (expense):
Foreign exchange gain (loss)			582				(523	)			422				(850	)			(2,880	)
Equity in net earnings (losses) of unconsolidated companies			(1,625	)			100				52				(1,849	)			164
Interest income and other, net			1,426				148				8				23				144
Loss on early extinguishment of debt			(11,100	)			—				—				—				—
Interest and other debt costs, net			(3,417	)			(3,681	)			(3,944	)			(4,541	)			(5,984	)
Total other expense			(14,134	)			(3,956	)			(3,462	)			(7,217	)			(8,556	)
Loss before income taxes			(41,126	)			(25,520	)			(23,621	)			(33,518	)			(33,904	)
Income tax (benefit) expense			(3,047	)			887				6,026				2,009				(4,477	)
Net loss			(38,079	)			(26,407	)			(29,647	)			(35,527	)			(29,427	)
Net loss attributable to noncontrolling interests			(145	)			(149	)			(185	)			(212	)			(180	)
Net loss attributable to Tidewater Inc.		$	(37,934	)		$	(26,258	)		$	(29,462	)		$	(35,315	)		$	(29,247	)
Basic loss per common share		$	(0.92	)		$	(0.64	)		$	(0.72	)		$	(0.87	)		$	(0.72	)
Diluted loss per common share		$	(0.92	)		$	(0.64	)		$	(0.72	)		$	(0.87	)		$	(0.72	)
Weighted average common shares outstanding			41,280				41,132				40,899				40,716				40,604
Dilutive effect of stock options and restricted stock			—				—				—				—				—
Adjusted weighted average common shares			41,280				41,132				40,899				40,716				40,604
Vessel operating margin		$	29,241			$	26,290			$	24,251			$	19,973			$	24,433
Note (A) One-time restructuring and integration related costs		$	221			$	112			$	795			$	103			$	291

 

 

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
ASSETS
Current assets:
Cash and cash equivalents		$	149,037			$	127,414			$	131,157			$	131,858			$	149,933
Restricted cash			1,240				24,092				20,284				9,061				2,079
Trade and other receivables, net			86,503				86,015				90,229				99,865				112,623
Due from affiliates, less allowances			70,134				68,217				64,922				62,474				62,050
Marine operating supplies			12,606				13,335				15,404				15,676				15,876
Assets held for sale			14,421				17,891				17,214				31,214				34,396
Prepaid expenses and other current assets			8,731				13,129				15,953				13,594				11,692
Total current assets			342,672				350,093				355,163				363,742				388,649
Net properties and equipment			688,040				709,324				731,659				754,707				780,318
Deferred drydocking and survey costs			40,734				40,510				40,372				46,648				56,468
Other assets			24,334				23,146				24,539				23,833				25,742
Total assets		$	1,095,780			$	1,123,073			$	1,151,733			$	1,188,930			$	1,251,177
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	20,788			$	18,042			$	16,189			$	14,622			$	16,981
Accrued costs and expenses			51,734				52,133				50,532				48,466				52,422
Due to affiliates			61,555				59,571				59,759				56,356				53,194
Current portion of long-term debt			—				140,995				7,355				18,201				27,797
Other current liabilities			23,865				29,139				28,825				35,003				32,785
Total current liabilities			157,942				299,880				162,660				172,648				183,179
Long-term debt			167,885				14,139				148,612				148,337				164,934
Other liabilities and deferred credits			68,184				74,442				80,723				79,234				79,792
Equity:
Common stock			41				41				41				41				41
Additional paid-in-capital			1,376,494				1,375,215				1,373,727				1,372,846				1,371,809
Accumulated deficit			(677,900	)			(639,966	)			(613,708	)			(584,246	)			(548,931	)
Accumulated other comprehensive income (loss)			2,668				(1,289	)			(1,082	)			(875	)			(804	)
Total stockholders' equity			701,303				734,001				758,978				787,766				822,115
Noncontrolling interests			466				611				760				945				1,157
Total equity			701,769				734,612				759,738				788,711				823,272
Total liabilities and equity		$	1,095,780			$	1,123,073			$	1,151,733			$	1,188,930			$	1,251,177
Supplemental information
Due from related parties, net of due to related parties:
Sonatide (Angola)		$	8,579			$	8,646			$	5,163			$	6,118			$	8,856

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
Deepwater		$	21,658			$	18,961			$	17,796			$	19,876			$	25,706
Towing-supply			5,062				4,440				4,535				4,817				4,603
Other			1,162				1,163				1,150				1,531				1,759
Total			27,882				24,564				23,481				26,224				32,068
Middle East/Asia Pacific fleet:
Deepwater			17,311				17,292				17,264				15,931				16,822
Towing-supply			9,551				8,341				8,364				8,483				8,220
Total			26,862				25,633				25,628				24,414				25,042
Europe/Mediterranean fleet:
Deepwater			22,344				21,037				22,293				14,588				15,621
Towing-supply			—				—				11				—				—
Other			157				160				163				161				154
Total			22,501				21,197				22,467				14,749				15,775
West Africa fleet:
Deepwater			13,658				10,967				8,814				7,909				6,237
Towing-supply			5,807				5,474				5,564				4,879				5,202
Other			3,718				3,799				2,560				2,818				3,506
Total			23,183				20,240				16,938				15,606				14,945
Worldwide fleet:
Deepwater			74,971				68,257				66,167				58,304				64,386
Towing-supply			20,420				18,255				18,474				18,179				18,025
Other			5,037				5,122				3,873				4,510				5,419
Total		$	100,428			$	91,634			$	88,514			$	80,993			$	87,830

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
AVERAGE NUMBER OF VESSELS:
Americas fleet:
Deepwater			25				25				27				29				32
Towing-supply			8				8				8				8				10
Other			2				3				3				3				3
Total			35				36				38				40				45
Stacked vessels			(9	)			(11	)			(13	)			(12	)			(15	)
Active vessels			26				25				25				28				30
Middle East/Asia Pacific fleet:
Deepwater			20				20				20				21				21
Towing-supply			18				18				18				20				22
Total			38				38				38				41				43
Stacked vessels			(1	)			(1	)			(1	)			(3	)			(3	)
Active vessels			37				37				37				38				40
Europe/Mediterranean fleet:
Deepwater			28				28				29				31				31
Total			28				28				29				31				31
Stacked vessels			(5	)			(7	)			(8	)			(14	)			(16	)
Active vessels			23				21				21				17				15
West Africa fleet:
Deepwater			18				19				20				20				20
Towing-supply			10				11				11				12				13
Other			24				25				26				26				23
Total			52				55				57				58				56
Stacked vessels			(13	)			(19	)			(22	)			(25	)			(26	)
Active vessels			39				36				35				33				30
Worldwide fleet:
Deepwater			91				92				96				101				104
Towing-supply			36				37				37				40				45
Other			26				28				29				29				26
Total			153				157				162				170				175
Stacked vessels			(28	)			(38	)			(44	)			(54	)			(60	)
Active vessels			125				119				118				116				115
Total active			125				119				118				116				115
Total stacked			28				38				44				54				60
Total joint venture			3				3				3				3				3
Total			156				160				165				173				178

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
Deepwater			2,269				2,300				2,497				2,627				2,944
Towing-supply			736				736				728				720				898
Other			184				244				273				270				276
Total			3,189				3,280				3,498				3,617				4,118
Middle East/Asia Pacific fleet:
Deepwater			1,840				1,840				1,820				1,863				1,932
Towing-supply			1,656				1,656				1,667				1,822				2,032
Total			3,496				3,496				3,487				3,685				3,964
Europe/Mediterranean fleet:
Deepwater			2,607				2,612				2,672				2,756				2,852
Total			2,607				2,612				2,672				2,756				2,852
West Africa fleet:
Deepwater			1,656				1,718				1,853				1,827				1,840
Towing-supply			920				1,011				1,001				1,084				1,196
Other			2,208				2,328				2,366				2,340				2,095
Total			4,784				5,057				5,220				5,251				5,131
Worldwide fleet:
Deepwater			8,372				8,470				8,842				9,073				9,568
Towing-supply			3,312				3,403				3,396				3,626				4,126
Other			2,392				2,572				2,639				2,610				2,371
Total			14,076				14,445				14,877				15,309				16,065

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
Deepwater			621				814				889				923				1,105
Towing-supply			92				92				91				90				189
Other			92				152				182				90				92
Total			805				1,058				1,162				1,103				1,386
Middle East/Asia Pacific fleet:
Deepwater			92				92				91				90				92
Towing-supply			—				—				29				180				177
Total			92				92				120				270				269
Europe/Mediterranean fleet:
Deepwater			474				641				766				1,238				1,448
Total			474				641				766				1,238				1,448
West Africa fleet:
Deepwater			307				537				852				1,104				1,288
Towing-supply			382				551				516				544				644
Other			506				655				637				599				417
Total			1,195				1,743				2,005				2,247				2,349
Worldwide fleet:
Deepwater			1,494				2,084				2,598				3,355				3,933
Towing-supply			474				643				636				814				1,010
Other			598				807				819				689				509
Total			2,566				3,534				4,053				4,858				5,452

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
Deepwater			1,648				1,486				1,608				1,704				1,839
Towing-supply			644				644				637				630				709
Other			92				92				91				180				184
Total			2,384				2,222				2,336				2,514				2,732
Middle East/Asia Pacific fleet:
Deepwater			1,748				1,748				1,729				1,773				1,840
Towing-supply			1,656				1,656				1,638				1,642				1,855
Total			3,404				3,404				3,367				3,415				3,695
Europe/Mediterranean fleet:
Deepwater			2,133				1,971				1,906				1,518				1,404
Total			2,133				1,971				1,906				1,518				1,404
West Africa fleet:
Deepwater			1,349				1,181				1,001				723				552
Towing-supply			538				460				485				540				552
Other			1,702				1,673				1,729				1,741				1,678
Total			3,589				3,314				3,215				3,004				2,782
Worldwide fleet:
Deepwater			6,878				6,386				6,244				5,718				5,635
Towing-supply			2,838				2,760				2,760				2,812				3,116
Other			1,794				1,765				1,820				1,921				1,862
Total			11,510				10,911				10,824				10,451				10,613

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
UTILIZATION - TOTAL FLEET:
Americas fleet:
Deepwater			57.0	%			53.0	%			45.6	%			55.6	%			53.2	%
Towing-supply			71.4				64.9				76.3				83.2				67.7
Other			50.0				37.7				33.3				55.7				66.7
Total			59.9	%			54.5	%			51.0	%			61.1	%			57.2	%
Middle East/Asia Pacific fleet:
Deepwater			85.4	%			86.2	%			88.3	%			80.1	%			78.2	%
Towing-supply			94.2				83.7				82.5				75.6				62.5
Total			89.6	%			85.0	%			85.5	%			77.9	%			70.2	%
Europe/Mediterranean fleet:
Deepwater			72.4	%			68.3	%			64.7	%			44.7	%			44.7	%
Total			72.4	%			68.3	%			64.7	%			44.7	%			44.7	%
West Africa fleet:
Deepwater			65.7	%			54.6	%			42.3	%			36.2	%			27.2	%
Towing-supply			50.0				40.0				38.4				30.1				30.8
Other			45.9				43.9				34.6				34.4				42.3
Total			53.5	%			46.7	%			38.1	%			34.1	%			34.2	%
Worldwide fleet:
Deepwater			69.7	%			65.2	%			59.4	%			53.4	%			50.7	%
Towing-supply			76.9				66.6				68.2				63.5				54.4
Other			46.2				43.3				34.5				36.6				45.2
Total			67.4	%			61.7	%			57.0	%			52.9	%			50.9	%

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
UTILIZATION - ACTIVE FLEET:
Americas fleet:
Deepwater			78.4	%			82.0	%			70.7	%			85.7	%			85.1	%
Towing-supply			81.5				74.1				87.2				95.1				85.7
Other			100.0				100.0				100.0				83.6				100.0
Total			80.1	%			80.4	%			76.4	%			87.9	%			86.3	%
Middle East/Asia Pacific fleet:
Deepwater			89.9	%			90.8	%			92.9	%			84.2	%			82.1	%
Towing-supply			94.2				83.7				84.0				83.9				68.5
Total			92.0	%			87.3	%			88.6	%			84.0	%			75.3	%
Europe/Mediterranean fleet:
Deepwater			88.5	%			90.5	%			90.6	%			81.3	%			90.9	%
Total			88.5	%			90.5	%			90.6	%			81.3	%			90.9	%
West Africa fleet:
Deepwater			80.7	%			79.4	%			78.3	%			91.4	%			90.8	%
Towing-supply			85.5				87.9				79.2				60.4				66.7
Other			59.5				61.1				47.4				46.2				52.9
Total			71.4	%			71.3	%			61.8	%			59.6	%			63.1	%
Worldwide fleet:
Deepwater			84.9	%			86.5	%			84.2	%			84.8	%			86.1	%
Towing-supply			89.7				82.2				83.9				81.9				72.1
Other			61.6				63.1				50.0				49.7				57.5
Total			82.4	%			81.6	%			78.4	%			77.6	%			77.0	%

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
Deepwater		$	16,760			$	15,568			$	15,646			$	13,608			$	16,416
Towing-supply			9,638				9,298				8,162				8,040				7,576
Other			12,644				12,640				12,634				10,179				9,559
Total			14,603				13,742				13,162				11,865				13,602
Middle East/Asia Pacific fleet:
Deepwater			11,021				10,899				10,743				10,670				11,129
Towing-supply			6,121				6,018				6,080				6,159				6,471
Total			8,580				8,623				8,593				8,506				9,002
Europe/Mediterranean fleet:
Deepwater			11,834				11,800				12,905				11,829				12,368
Total			11,917				11,890				13,005				11,960				12,368
West Africa fleet:
Deepwater			12,553				11,700				11,242				11,972				12,449
Towing-supply			12,624				13,536				14,480				14,967				14,136
Other			3,669				3,717				3,124				3,501				3,952
Total			9,052				8,562				8,521				8,711				8,510
Worldwide fleet:
Deepwater			12,840				12,355				12,589				12,028				13,265
Towing-supply			8,022				8,049				7,978				7,896				8,026
Other			4,558				4,598				4,253				4,721				5,059
Total		$	10,583			$	10,288			$	10,435			$	9,993			$	10,749

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,
		2021				2021				2021				2021				2020
Americas
Vessel revenues		$	27,882			$	24,564			$	23,481			$	26,224			$	32,068
Vessel operating costs:
Crew costs			11,080				8,535				11,132				10,594				12,795
Repair and maintenance			2,487				2,951				2,192				2,714				2,065
Insurance			161				219				(30	)			200				402
Fuel, lube and supplies			2,019				2,028				1,952				1,774				1,822
Other			4,347				3,008				2,972				1,980				2,306
Total vessel operating costs			20,094				16,741				18,218				17,262				19,390
Vessel operating margin ($)			7,788				7,823				5,263				8,962				12,678
Vessel operating margin (%)			27.9	%			31.8	%			22.4	%			34.2	%			39.5	%
Americas - Select operating statistics
Average vessels - Total fleet			35				36				38				40				45
Utilization - Total fleet			59.9	%			54.5	%			51.0	%			61.1	%			57.2	%
Average vessels - Active fleet			26				25				25				28				30
Utilization - Active fleet			80.1	%			80.4	%			76.4	%			87.9	%			86.3	%
Average day rates		$	14,603			$	13,742			$	13,162			$	11,865			$	13,602
Vessels commencing drydocks			5				4				3				1				1
Deferred drydocking and survey costs - beginning balance		$	13,124			$	12,919			$	11,813			$	15,440			$	17,774
Cash paid for deferred drydocking and survey costs			6,470				4,906				2,157				881				1,015
Amortization of deferred drydocking and survey costs			(2,909	)			(2,936	)			(2,753	)			(3,222	)			(3,349	)
Disposals, intersegment transfers and other			(415	)			(1,765	)			1,702				(1,286	)			—
Deferred drydocking and survey costs - ending balance		$	16,270			$	13,124			$	12,919			$	11,813			$	15,440

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Middle East/Asia Pacific
Vessel revenues		$	26,862			$	25,633			$	25,628			$	24,414			$	25,042
Vessel operating costs:
Crew costs			9,710				9,950				9,910				9,639				9,982
Repair and maintenance			3,146				2,944				2,632				2,659				2,899
Insurance			203				60				37				(224	)			452
Fuel, lube and supplies			1,314				1,747				1,494				1,569				1,924
Other			3,167				3,334				2,692				2,959				3,532
Total vessel operating costs			17,540				18,035				16,765				16,602				18,789
Vessel operating margin ($)			9,322				7,598				8,863				7,812				6,253
Vessel operating margin (%)			34.7	%			29.6	%			34.6	%			32.0	%			25.0	%
Middle East/Asia Pacific - Select operating statistics
Average vessels - Total fleet			38				38				38				41				43
Utilization - Total fleet			89.6	%			85.0	%			85.5	%			77.9	%			70.2	%
Average vessels - Active fleet			37				37				37				38				40
Utilization - Active fleet			92.0	%			87.3	%			88.6	%			84.0	%			75.3	%
Average day rates		$	8,580			$	8,623			$	8,593			$	8,506			$	9,002
Vessels commencing drydocks			2				1				4				—				3
Deferred drydocking and survey costs - beginning balance		$	11,828			$	12,124			$	13,989			$	17,031			$	18,666
Cash paid for deferred drydocking and survey costs			327				2,441				1,354				72				1,447
Amortization of deferred drydocking and survey costs			(2,451	)			(2,669	)			(2,820	)			(3,114	)			(3,082	)
Disposals, intersegment transfers and other			—				(68	)			(399	)			—				—
Deferred drydocking and survey costs - ending balance		$	9,704			$	11,828			$	12,124			$	13,989			$	17,031

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Europe/Mediterranean
Vessel revenues		$	22,501			$	21,197			$	22,467			$	14,749			$	15,775
Vessel operating costs:
Crew costs			11,235				10,541				10,519				9,022				8,179
Repair and maintenance			3,562				1,754				2,244				1,673				1,133
Insurance			38				208				(131	)			299				297
Fuel, lube and supplies			936				846				864				759				710
Other			1,919				1,926				1,803				1,707				1,214
Total vessel operating costs			17,690				15,275				15,299				13,460				11,533
Vessel operating margin ($)			4,811				5,922				7,168				1,289				4,242
Vessel operating margin (%)			21.4	%			27.9	%			31.9	%			8.7	%			26.9	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			28				28				29				31				31
Utilization - Total fleet			72.4	%			68.3	%			64.7	%			44.7	%			44.7	%
Average vessels - Active fleet			23				21				21				17				15
Utilization - Active fleet			88.5	%			90.5	%			90.6	%			81.3	%			90.9	%
Average day rates		$	11,917			$	11,890			$	13,005			$	11,960			$	12,368
Vessels commencing drydocks			1				1				2				3				4
Deferred drydocking and survey costs - beginning balance		$	5,571			$	6,340			$	7,731			$	7,317			$	7,147
Cash paid for deferred drydocking and survey costs			93				892				162				2,067				1,710
Amortization of deferred drydocking and survey costs			(1,096	)			(1,316	)			(1,553	)			(1,653	)			(1,540	)
Disposals, intersegment transfers and other			415				(345	)			—				—				—
Deferred drydocking and survey costs - ending balance		$	4,983			$	5,571			$	6,340			$	7,731			$	7,317

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
West Africa
Vessel revenues		$	23,183			$	20,240			$	16,938			$	15,606			$	14,945
Vessel operating costs:
Crew costs			7,690				6,583				6,124				5,907				5,804
Repair and maintenance			2,307				2,848				2,466				2,391				1,930
Insurance			115				325				(13	)			348				296
Fuel, lube and supplies			2,136				2,130				2,231				1,758				1,765
Other			3,615				3,407				3,173				3,292				3,890
Total vessel operating costs			15,863				15,293				13,981				13,696				13,685
Vessel operating margin ($)			7,320				4,947				2,957				1,910				1,260
Vessel operating margin (%)			31.6	%			24.4	%			17.5	%			12.2	%			8.4	%
West Africa - Select operating statistics
Average vessels - Total fleet			52				55				57				58				56
Utilization - Total fleet			53.5	%			46.7	%			38.1	%			34.1	%			34.2	%
Average vessels - Active fleet			39				36				35				33				30
Utilization - Active fleet			71.4	%			71.3	%			61.8	%			59.6	%			63.1	%
Average day rates		$	9,052			$	8,562			$	8,521			$	8,711			$	8,510
Vessels commencing drydocks			3				3				2				—				—
Deferred drydocking and survey costs - beginning balance		$	9,987			$	8,989			$	13,115			$	16,680			$	20,388
Cash paid for deferred drydocking and survey costs			3,004				2,378				376				(298	)			(400	)
Amortization of deferred drydocking and survey costs			(3,214	)			(3,148	)			(3,199	)			(3,268	)			(3,294	)
Disposals, intersegment transfers and other			—				1,768				(1,303	)			1				(14	)
Deferred drydocking and survey costs - ending balance		$	9,777			$	9,987			$	8,989			$	13,115			$	16,680

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Worldwide
Vessel revenues		$	100,428			$	91,634			$	88,514			$	80,993			$	87,830
Vessel operating costs:
Crew costs			39,715				35,609				37,685				35,162				36,760
Repair and maintenance			11,502				10,497				9,534				9,437				8,027
Insurance			517				812				(137	)			623				1,447
Fuel, lube and supplies			6,405				6,751				6,541				5,860				6,221
Other			13,048				11,675				10,640				9,938				10,942
Total vessel operating costs			71,187				65,344				64,263				61,020				63,397
Vessel operating margin ($)			29,241				26,290				24,251				19,973				24,433
Vessel operating margin (%)			29.1	%			28.7	%			27.4	%			24.7	%			27.8	%
Worldwide - Select operating statistics
Average vessels - Total fleet			153				157				162				170				175
Utilization - Total fleet			67.4	%			61.7	%			57.0	%			52.9	%			50.9	%
Average vessels - Active fleet			125				119				118				116				115
Utilization - Active fleet			82.4	%			81.6	%			78.4	%			77.6	%			77.0	%
Average day rates		$	10,583			$	10,288			$	10,435			$	9,993			$	10,749
Vessels commencing drydocks			11				9				11				4				8
Deferred drydocking and survey costs - beginning balance		$	40,510			$	40,372			$	46,648			$	56,468			$	63,975
Cash paid for deferred drydocking and survey costs			9,894				10,617				4,049				2,722				3,772
Amortization of deferred drydocking and survey costs			(9,670	)			(10,069	)			(10,325	)			(11,257	)			(11,265	)
Disposals, intersegment transfers and other			—				(410	)			—				(1,285	)			(14	)
Deferred drydocking and survey costs - ending balance		$	40,734			$	40,510			$	40,372			$	46,648			$	56,468

 

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2021				2021				2021				2021				2020
Net loss		$	(38,079	)		$	(26,407	)		$	(29,647	)		$	(35,527	)		$	(29,427	)
Interest and other debt costs			3,417				3,681				3,944				4,541				5,984
Income tax (benefit) expense			(3,047	)			887				6,026				2,009				(4,477	)
Depreciation			18,618				17,911				18,224				18,470				19,416
Amortization of deferred drydock and survey costs			9,670				10,069				10,325				11,257				11,265
EBITDA (A), (B), (C)			(9,421	)			6,141				8,872				750				2,761
Long-lived asset impairments and other			13,476				2,167				—				—				6,475
Affiliate credit loss impairment expense (credit)			1,400				—				(1,000	)			—				(600	)
Loss on early extinguishment of debt			11,100				—				—				—				—
One-time integration related costs			221				112				795				103				291
Adjusted EBITDA (A), (B), (C)		$	16,776			$	8,420			$	8,667			$	853			$	8,927

Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes impairment charges, affiliate credit loss impairment expense, loss on early extinguishment of debt and one-time integration related costs.

Note (B):  EBITDA and Adjusted EBITDA for the three months ended December 31, 2021, and for each of the prior four quarters includes non-cash, stock-based compensation expense of $1,439, $1,523, $1,504, $1,172, and $1,158, respectively.

Note (C):  EBITDA and Adjusted EBITDA for the three months ended December 31, 2021, and for each of the prior four quarters includes foreign exchange gains (losses) of $582, $(523), $422, $(850), and $(2,880), 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,
		2021				2021				2021				2021				2020
Net cash provided by (used in) operating activities (A)		$	6,938			$	(2,499	)		$	4,851			$	5,716			$	2,180
Cash interest expense			3,664				3,055				3,282				3,746				5,066
Interest income and other			(1,426	)			(148	)			(8	)			(23	)			(144	)
Additions to property and equipment			(6,368	)			(722	)			(665	)			(1,196	)			(10,218	)
Expansion capital			—				—				—				—				5,300
Free cash flow before proceeds from asset sales			2,808				(314	)			7,460				8,243				2,184
Proceeds from asset sales			54				4,396				18,577				10,983				6,798
Free cash flow		$	2,862			$	4,082			$	26,037			$	19,226			$	8,982

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,
		2021				2021				2021				2021				2020
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	265			$	2,586			$	7,066			$	9,921			$	(4,915	)
Cash paid for deferred drydock and survey costs			(9,894	)			(10,617	)			(4,049	)			(2,722	)			(3,772	)
Total sources (uses) of cash for changes in assets and liabilities		$	(9,629	)		$	(8,031	)		$	3,017			$	7,199			$	(8,687

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220304005585/en/

Tidewater Inc.

West Gotcher

Vice President, Finance and Investor Relations

+1 713.470.5285

Source: Tidewater Inc.

FAQ

What were Tidewater's revenues for Q4 2021?

Tidewater reported revenues of $105.2 million for the fourth quarter of 2021.

How did Tidewater's net loss in Q4 2021 compare to Q4 2020?

Net loss increased to $37.9 million in Q4 2021, up from $29.2 million in Q4 2020.

What is Tidewater's cash position as of the end of 2021?

Tidewater ended 2021 with $154.3 million in cash, indicating strong liquidity.

What acquisition did Tidewater announce in 2021?

Tidewater announced an agreement to acquire Swire Pacific Offshore, adding significant assets to its fleet.

When will Tidewater hold its earnings conference call?

Tidewater will hold its earnings conference call on March 9, 2022, at 8:00 a.m. Central Time.