Tidewater Reports Results for the Three Months Ended March 31, 2024

Rhea-AI Summary

Tidewater Inc. (NYSE:TDW) reported revenue of $321.2 million for the first quarter of 2024, marking a 6.1% increase from the previous quarter. The average day rate rose to $19,563 per day, with a composite leading edge term contract day rate of $30,641. Net income surged to $47.0 million, and adjusted EBITDA reached $139.0 million. Tidewater also saw improvements in free cash flow and announced a share repurchase program.

Positive

• Tidewater Inc. reported a revenue increase of $18.5 million, reaching $321.2 million for the first quarter of 2024.

• The company's net income rose to $47.0 million, a significant improvement from the previous quarter.

• Adjusted EBITDA increased to $139.0 million, showcasing strong financial performance.

• Free cash flow saw a notable increase to $69.4 million, indicating favorable cash generation.

• Tidewater's share count reduction and additional share repurchase authorization demonstrate a commitment to maximizing shareholder value.

Negative

• Seasonality and a front-loaded drydock schedule impacted activity and utilization during the first quarter.

• While revenue and margin exceeded expectations, the Europe and Mediterranean segment experienced a decrease in activity.

Insights

Financial Analyst

Tidewater Inc.'s first quarter financial report indicates solid growth and positive performance, particularly in their average day rate, which saw a noteworthy increase from the previous quarter. This performance could suggest strong demand for their services and market robustness, potentially translating to investor optimism. The company's efforts to optimize shareholder value through share repurchases could be viewed as a commitment to capital return, which might appeal to value-focused investors.

Their reiteration of the revenue and gross margin guidance for 2024 also reinforces management confidence in the company's trajectory. However, investors should consider the capital expenditure associated with the front-loaded drydock schedule, which could affect liquidity in the short term. The absence of significant newbuilding vessel orders is another factor that may support continued revenue growth, as it indicates a constrained supply that could benefit existing fleet operators like Tidewater.

Market Research Analyst

From a market perspective, the reported increase in Tidewater's average day rates and gross margins reflect a tightening supply-demand dynamic in the offshore support vessel market. The mention of strength in the >16K AHTS vessel class suggests specific market segments are experiencing robust pricing power, potentially indicative of increased offshore drilling activity. The seasonal factors mentioned are typical in this industry and are generally already factored into investor expectations.

The strategic moves to reduce share count through repurchases may support EPS growth, which is often a key metric for investors. Yet, the long-term implications of such capital allocation decisions should be carefully weighed against potential opportunities for reinvestment in fleet expansion or technological enhancements that may offer competitive advantages in the longer term.

First Quarter 2024 Highlights

• Revenue of $321.2 million, an increase of $18.5 million, or 6.1%, from the fourth quarter of 2023
• Average day rate increased to $19,563 per day, $1,497 higher than the fourth quarter of 2023
• Composite leading edge term contract day rate increased to $30,641
• Net income of $47.0 million, an increase of $9.4 million from the fourth quarter of 2023
• Adjusted EBITDA of $139.0 million, an increase of $7.7 million from the fourth quarter of 2023
• Net cash provided by operating activities of $54.8 million, an increase of $7.5 million from the fourth quarter of 2023
• Free cash flow of $69.4 million, an increase of $8.4 million from the fourth quarter of 2023

Share Count Reduction and 2024 Guidance

• Share count was reduced by 171,399 shares through year-to-date share repurchases of $16.0 million at an average price of $93.34 per share
• Share count was further reduced by 320,859 shares in exchange for paying $28.5 million of employee taxes on the vesting of equity compensation at an average price of $88.95 per share
• Board approves additional share repurchase authorization of $18.1 million, for a total outstanding authorization of $50.7 million, the maximum permissible amount under existing debt agreements
• Reiterating 2024 revenue guidance of $1.40 to $1.45 billion and 2024 gross margin guidance of 52%

HOUSTON--(BUSINESS WIRE)-- Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2024 of $321.2 million, compared with $193.1 million, for the three months ended March 31, 2023. Tidewater's net income for the three months ended March 31, 2024, was $47.0 million ($0.89 per common share), compared with net income of $10.7 million ($0.21 per common share), for the three months ended March 31, 2023.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “First quarter results came in nicely above our expectations, especially for a period that is typically the slowest quarter of the year due to seasonality in certain markets and a front-loaded drydock schedule. Our consolidated global average day rate continued the upward trend we saw throughout 2023, with the average day rate increasing nearly $1,500 per day sequentially, an increase of over 8%. Each of our classes of vessels saw day rate expansion during the first quarter, with material improvements in each of our large vessel classes and particular strength in our >16K AHTS class vessels. This is notable as the busiest time of the calendar year for AHTS vessels is typically during the second and third quarters, a seasonably favorable time of year for AHTS activity. We believe the strength shown in our large AHTS vessels is a leading indicator for the relative strength of the market as we progress through 2024.

“Vessel revenue in the first quarter came in at $321.2 million with a gross margin of 47.5%, both of which nicely exceeded our expectations. The improvements in day rates offset the normal first quarter seasonality. Seasonality did play a factor in the first quarter, with activity down modestly in the Europe and Mediterranean segment sequentially, but this was offset by improvements in activity in other regions of the world. Additionally, our front-loaded drydock schedule consumed nearly six percentage points of utilization during the quarter. The improvement in day rates drove the revenue growth and margin performance in the first quarter and we expect as the typical seasonal factors abate and as we progress through our front-loaded drydock schedule, that quarterly revenue will continue to improve throughout the year through a combination of continued increases in day rates and improved utilization.

“We generated $69.4 million of free cash flow and we currently retain the unused capacity under the previously announced share repurchase authorization and are pleased to announce the Board has authorized an additional $18.1 million of additional share repurchase capacity, for a total share repurchase capacity of $50.7 million. The outstanding authorization represents the maximum permissible amount of share repurchases under our existing debt agreements. We will continue to weigh the value of share repurchases against other capital allocation opportunities so as to maximize shareholder value.

“We remain encouraged by the outlook for demand over the coming years and by the persistent tightness in vessel supply. Newbuilding vessel orders still have not materialized in any meaningful way, providing for a significant runway of time before new vessel supply can enter the market. We reiterate our full-year revenue guidance of $1.40 to $1.45 billion and gross margin guidance of 52.0% and we remain optimistic on the continued pace of offshore activity acceleration as a result of the constructive leading indicators we observed during the first quarter.”

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

Common shares outstanding			52,759,223
New Creditor Warrants (strike price $0.001 per common share)			81,244
GulfMark Creditor Warrants (strike price $0.01 per common share)			88,887
Total			52,929,354

Tidewater will hold a conference call to discuss results for the three months ending March 31, 2024 on May 3, 2024, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 6663124 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 May 3, 2024. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

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

Cautionary Statement

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

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

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

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. Extracts are drawn from the December 31, 2023 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

TIDEWATER INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In Thousands, except per share data)
		Three Months Ended
		March 31, 2024				March 31, 2023
Revenues:
Vessel revenues		$	318,686			$	191,180
Other operating revenues			2,478				1,924
Total revenues			321,164				193,104
Costs and expenses:
Vessel operating costs			167,556				115,459
Costs of other operating revenues			1,150				1,151
General and administrative			25,329				23,545
Depreciation and amortization			56,270				30,666
Gain on asset dispositions, net			(11,039	)			(2,216	)
Total costs and expenses			239,266				168,605
Operating income			81,898				24,499
Other income (expense):
Foreign exchange gain (loss)			(4,085	)			2,348
Equity in net earnings (losses) of unconsolidated companies			(5	)			—
Interest income and other, net			1,483				130
Interest and other debt costs, net			(19,476	)			(4,190	)
Total other expense			(22,083	)			(1,712	)
Income before income taxes			59,815				22,787
Income tax expense			13,070				11,971
Net income			46,745				10,816
Less: Net income (loss) attributable to noncontrolling interests			(281	)			78
Net income attributable to Tidewater Inc.		$	47,026			$	10,738
Basic income per common share		$	0.90			$	0.21
Diluted income per common share		$	0.89			$	0.21
Weighted average common shares outstanding			52,320				50,604
Dilutive effect of warrants, restricted stock units and stock options			580				1,368
Adjusted weighted average common shares			52,900				51,972

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)
		March 31, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	280,853			$	274,437
Restricted cash			6,474				1,241
Trade and other receivables, net of allowance for credit losses of $3,687 and $15,914 at March 31, 2024 and December 31, 2023, respectively			285,968				268,352
Marine operating supplies			24,767				31,933
Prepaid expenses and other current assets			17,447				15,172
Total current assets			615,509				591,135
Net properties and equipment			1,286,618				1,315,122
Deferred drydocking and survey costs			128,639				106,698
Indemnification assets			16,642				17,370
Other assets			30,408				32,449
Total assets		$	2,077,816			$	2,062,774
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	51,774			$	44,931
Accrued expenses			132,190				125,590
Current portion of long-term debt			103,009				103,077
Other current liabilities			52,164				55,133
Total current liabilities			339,137				328,731
Long-term debt			620,329				631,361
Other liabilities			63,197				64,985
Commitments and contingencies
Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,759,223 and 52,259,303 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively			53				52
Additional paid-in-capital			1,646,061				1,671,759
Accumulated deficit			(594,347	)			(637,838	)
Accumulated other comprehensive loss			5,209				5,266
Total stockholders' equity			1,056,976				1,039,239
Noncontrolling interests			(1,823	)			(1,542	)
Total equity			1,055,153				1,037,697
Total liabilities and equity		$	2,077,816			$	2,062,774

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
		Three Months Ended
		March 31, 2024				March 31, 2023
Net income		$	46,745			$	10,816
Other comprehensive income (loss):
Unrealized gain (loss) on note receivable			80				(132	)
Change in liability of pension plans			(137	)			(190	)
Total comprehensive income		$	46,688			$	10,494

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
		Three Months				Three Months
		Ended				Ended
		March 31, 2024				March 31, 2023
Operating activities:
Net income		$	46,745			$	10,816
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			38,811				21,048
Amortization of deferred drydocking and survey costs			17,459				9,618
Amortization of debt premiums and discounts			1,814				420
Amortization of below market contracts			(1,206	)			—
Provision for deferred income taxes			73				35
Gain on asset dispositions, net			(11,039	)			(2,216	)
Stock-based compensation expense			2,766				2,103
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(17,616	)			(25,733	)
Accounts payable			6,843				25,829
Accrued expenses			6,600				1,830
Deferred drydocking and survey costs			(40,018	)			(31,325	)
Other, net			3,533				369
Net cash provided by operating activities			54,765				12,794
Cash flows from investing activities:
Proceeds from asset dispositions			12,463				5,716
Additions to properties and equipment			(10,942	)			(8,651	)
Net cash provided by (used in) investing activities			1,521				(2,935	)
Cash flows from financing activities:
Principal payments on long-term debt			(12,500	)			—
Purchase of common stock			(3,501	)			—
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)
Debt issuance costs			(135	)			—
Share based awards reacquired to pay taxes			(28,462	)			(3,747	)
Net cash used in financing activities			(44,598	)			(5,174	)
Net change in cash, cash equivalents and restricted cash			11,688				4,685
Cash, cash equivalents and restricted cash at beginning of period			277,965				167,977
Cash, cash equivalents and restricted cash at end of period		$	289,653			$	172,662

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	15,621			$	98
Income taxes		$	15,603			$	17,057

Note:  Cash, cash equivalents and restricted cash at March 31, 2024 includes $2.3 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet.

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Thousands)
		Three Months Ended
														Accumulated
						Additional								other				Non
		Common				paid-in				Accumulated				comprehensive				controlling
		stock				capital				deficit				income				interest				Total
Balance at December 31, 2023		$	52			$	1,671,759			$	(637,838	)		$	5,266			$	1,542			$	1,040,781
Total comprehensive income (loss)			—				—				47,026				(57	)			(281	)			46,688
Amortization of share-based awards			—				(25,697	)			—				—				—				(25,697	)
Balance at March 31, 2024		$	53			$	1,647,488			$	(594,347	)		$	5,209			$	1,261			$	1,059,664
Balance at December 31, 2022		$	51			$	1,556,990			$	(699,649	)		$	8,576			$	22			$	865,990
Total comprehensive income (loss)			—				—				10,738				(322	)			78				10,494
Acquisition of non-controlling interest in a majority owned subsidiary			—				(1,427	)			—				—				—				(1,427	)
Amortization of share-based awards			—				(1,644	)			—				—				—				(1,644	)
Balance at March 31, 2023		$	51			$	1,553,919			$	(688,911	)		$	8,254			$	100			$	873,413

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
		March 31, 2024								March 31, 2023
Vessel revenues:
Americas		$	63,941				20	%		$	47,687				25	%
Asia Pacific			47,781				15	%			22,024				12	%
Middle East			37,932				12	%			30,762				16	%
Europe/Mediterranean			80,381				25	%			31,250				16	%
West Africa			88,651				28	%			59,457				31	%
Total vessel revenues		$	318,686				100	%		$	191,180				100	%
Vessel operating costs:
Crew costs		$	102,352				32	%		$	66,643				35	%
Repair and maintenance			21,348				7	%			16,652				9	%
Insurance			2,580				1	%			2,005				1	%
Fuel, lube and supplies			17,318				5	%			13,555				7	%
Other			23,958				8	%			16,604				9	%
Total vessel operating costs			167,556				53	%			115,459				60	%
Vessel operating margin (A)		$	151,130				47	%		$	75,721				40	%

Note (A):  Vessel operating margin equals vessel revenues less vessel operating costs.

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

(In Thousands)		Three Months Ended
		March 31, 2024								March 31, 2023
Vessel operating profit:
Americas		$	10,126				3	%		$	7,962				4	%
Asia Pacific			14,847				5	%			5,568				3	%
Middle East			1,529				0	%			(344	)			(0	)%
Europe/Mediterranean			14,757				5	%			2,036				1	%
West Africa			41,010				13	%			17,221				9	%
Other operating profit			1,328				0	%			773				0	%
			83,597				26	%			33,216				17	%
Corporate expenses (A)			(12,738	)			(4	)%			(10,933	)			(6	)%
Gain on asset dispositions, net			11,039				3	%			2,216				1	%
Operating income		$	81,898				26	%		$	24,499				13	%

Note (A):  General and administrative expenses for the three months ended March 31, 2024 and 2023 include stock-based compensation of $2.8 million and $2.1 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2024 and 2023, include $0.7 million and $1.4 million in acquisition, restructuring and integration related costs, respectively.

TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA
(In Thousands, except per share data)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Revenues:
Vessel revenues		$	318,686			$	300,515			$	296,975			$	210,323			$	191,180
Other operating revenues			2,478				2,143				2,287				4,638				1,924
Total revenues			321,164				302,658				299,262				214,961				193,104
Costs and expenses:
Vessel operating costs (A)			167,556				158,553				164,239				118,264				115,459
Costs of other operating revenue			1,150				1,337				1,481				373				1,151
General and administrative (A)			25,329				24,724				21,001				26,013				23,545
Depreciation and amortization			56,270				59,167				57,730				32,768				30,666
Gain on asset dispositions, net			(11,039	)			(4,218	)			(863	)			(1,404	)			(2,216	)
Total operating costs and expenses			239,266				239,563				243,588				176,014				168,605
Operating income			81,898				63,095				55,674				38,947				24,499
Other income (expense):
Foreign exchange gain (loss)			(4,085	)			2,250				(2,149	)			(3,819	)			2,348
Equity in net earnings (losses) of unconsolidated companies			(5	)			10				4				25				—
Interest income and other, net			1,483				3,029				568				2,790				130
Interest and other debt costs, net			(19,476	)			(20,263	)			(19,288	)			(4,731	)			(4,190	)
Total other expense			(22,083	)			(14,974	)			(20,865	)			(5,735	)			(1,712	)
Income before income taxes			59,815				48,121				34,809				33,212				22,787
Income tax expense			13,070				10,793				9,260				11,284				11,971
Net income			46,745				37,328				25,549				21,928				10,816
Net income (loss) attributable to noncontrolling interests			(281	)			(336	)			(650	)			(656	)			78
Net income attributable to Tidewater Inc.		$	47,026			$	37,664			$	26,199			$	22,584			$	10,738
Basic income per common share		$	0.90			$	0.72			$	0.50			$	0.44			$	0.21
Diluted income per common share		$	0.89			$	0.70			$	0.49			$	0.43			$	0.21
Weighted average common shares outstanding			52,320				52,648				52,230				50,857				50,604
Dilutive effect of warrants, restricted stock units and stock options			580				1,351				1,380				1,148				1,368
Adjusted weighted average common shares			52,900				53,999				53,610				52,005				51,972
Vessel operating margin		$	151,130			$	141,962			$	132,736			$	92,059			$	75,721
Note (A): Acquisition, restructuring and integration related costs		$	709			$	2,177			$	6,079			$	1,242			$	1,426

TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
ASSETS
Current assets:
Cash and cash equivalents		$	280,853			$	274,437			$	275,070			$	171,261			$	165,145
Restricted cash			6,474				1,241				4,973				1,242				4,972
Trade and other receivables, net			285,968				268,352				250,671				195,906				182,198
Marine operating supplies			24,767				31,933				27,489				22,495				24,448
Assets held for sale			—				—				565				630				695
Prepaid expenses and other current assets			17,447				15,172				16,598				18,958				18,978
Total current assets			615,509				591,135				575,366				410,492				396,436
Net properties and equipment			1,286,618				1,315,122				1,348,001				784,873				786,168
Deferred drydocking and survey costs			128,639				106,698				99,215				92,481				82,787
Indemnification assets			16,642				17,370				18,648				22,678				27,698
Other assets			30,408				32,449				30,325				33,640				34,058
Total assets		$	2,077,816			$	2,062,774			$	2,071,555			$	1,344,164			$	1,327,147
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	51,774			$	44,931			$	57,183			$	69,822			$	64,775
Accrued expenses			132,190				125,590				119,631				91,875				107,348
Current portion of long-term debt			103,009				103,077				102,369				2,441				—
Other current liabilities			52,164				55,133				53,301				42,305				43,220
Total current liabilities			339,137				328,731				332,484				206,443				215,343
Long-term debt			620,329				631,361				641,301				179,573				169,423
Other liabilities			63,197				64,985				66,246				65,621				68,968
Equity:
Common stock			53				52				53				51				51
Additional paid-in-capital			1,646,061				1,671,759				1,668,392				1,554,793				1,553,919
Accumulated deficit			(594,347	)			(637,838	)			(640,128	)			(666,327	)			(688,911	)
Accumulated other comprehensive income			5,209				5,266				4,413				4,566				8,254
Total stockholders' equity			1,056,976				1,039,239				1,032,730				893,083				873,313
Noncontrolling interests			(1,823	)			(1,542	)			(1,206	)			(556	)			100
Total equity			1,055,153				1,037,697				1,031,524				892,527				873,413
Total liabilities and equity		$	2,077,816			$	2,062,774			$	2,071,555			$	1,344,164			$	1,327,147

TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Operating activities:
Net income		$	46,745			$	37,328			$	25,549			$	21,928			$	10,816
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			38,811				42,788				43,845				21,096				21,048
Amortization of deferred drydocking and survey costs			17,459				16,379				13,885				11,672				9,618
Amortization of debt premiums and discounts			1,814				1,975				1,802				422				420
Amortization of below market contracts			(1,206	)			(1,894	)			(1,906	)			—				—
(Provision) benefit for deferred income taxes			73				23				35				(1	)			35
Gain on asset dispositions, net			(11,039	)			(4,218	)			(863	)			(1,404	)			(2,216	)
Gain on pension settlement			—				(506	)			—				(1,807	)			—
Stock-based compensation expense			2,766				3,508				2,496				2,648				2,103
Changes in assets and liabilities, net of effects of business acquisition:
Trade and other receivables			(17,616	)			(17,072	)			(54,765	)			(12,186	)			(25,733	)
Accounts payable			6,843				(12,252	)			(12,639	)			5,047				25,829
Accrued expenses			6,600				5,841				27,775				(15,374	)			1,830
Deferred drydocking and survey costs			(40,018	)			(24,069	)			(20,618	)			(21,366	)			(31,325	)
Other, net			3,533				(600	)			10,343				(934	)			369
Net cash provided by operating activities			54,765				47,231				34,939				9,741				12,794
Cash flows from investing activities:
Proceeds from asset dispositions			12,463				5,902				945				2,943				5,716
Acquisitions, net of cash acquired			—				—				(594,191	)			—				—
Additions to properties and equipment			(10,942	)			(8,386	)			(5,702	)			(8,849	)			(8,651	)
Net cash provided by (used in) investing activities			1,521				(2,484	)			(598,948	)			(5,906	)			(2,935	)
Cash flows from financing activities:
Exercise of warrants			—				—				111,483				—				—
Issuance of long-term debt			—				—				575,000				—				—
Principal payments on long-term debt			(12,500	)			(13,677	)			—				—				—
Purchase of common stock			(3,501	)			(35,025	)			—				—				—
Acquisition of non-controlling interest in a majority owned subsidiary			—				—				—				—				(1,427	)
Debt issuance costs			(135	)			—				(14,758	)			—				—
Share based awards reacquired to pay taxes			(28,462	)			(141	)			(378	)			(1,774	)			(3,747	)
Net cash provided by (used in) financing activities			(44,598	)			(48,843	)			671,347				(1,774	)			(5,174	)
Net change in cash, cash equivalents and restricted cash			11,688				(4,096	)			107,338				2,061				4,685
Cash, cash equivalents and restricted cash at beginning of period			277,965				282,061				174,723				172,662				167,977
Cash, cash equivalents and restricted cash at end of period		$	289,653			$	277,965			$	282,061			$	174,723			$	172,662
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized		$	15,621			$	18,186			$	606			$	7,748			$	98
Income taxes		$	15,603			$	7,295			$	9,384			$	10,144			$	17,057
Supplemental disclosure of noncash investing activities:
Purchase of vessels		$	—			$	2,067			$	27			$	12,171			$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels		$	—			$	3,037			$	27			$	12,171			$	—

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
VESSEL REVENUE BY VESSEL CLASS
Americas fleet:
PSV > 900		$	29,924			$	28,714			$	29,270			$	20,316			$	20,556
PSV < 900			24,531				28,143				28,886				19,134				17,390
AHTS > 16K			2,036				4,034				3,584				3,425				3,395
AHTS 8 - 16K			2,476				2,316				2,064				2,807				2,807
AHTS 4 - 8K			945				1,428				1,570				1,480				1,521
Other			4,029				3,790				5,343				3,214				2,018
Total			63,941				68,425				70,717				50,376				47,687
Asia Pacific fleet:
PSV > 900			23,210				19,485				20,159				9,648				9,101
PSV < 900			11,830				8,679				8,292				5,811				5,133
AHTS > 16K			4,555				3,759				3,271				2,065				1,342
AHTS 8 - 16K			4,507				4,706				5,287				5,001				5,397
AHTS 4 - 8K			1,576				1,601				1,582				8				998
Other			2,103				402				403				52				53
Total			47,781				38,632				38,994				22,585				22,024
Middle East fleet:
PSV > 900			1,365				1,378				1,088				1,211				1,192
PSV < 900			21,017				19,215				17,790				16,812				14,965
AHTS > 16K			287				1,178				1,196				1,217				2,316
AHTS 8 - 16K			2,397				3,094				3,420				4,276				4,593
AHTS 4 - 8K			12,866				13,207				11,191				8,340				7,696
Total			37,932				38,072				34,685				31,856				30,762
Europe/Mediterranean fleet:
PSV > 900			61,827				61,559				59,872				27,602				21,858
PSV < 900			14,126				15,356				14,039				9,195				6,663
AHTS > 16K			3,346				2,437				3,617				2,228				2,511
Other			1,082				1,391				1,401				270				218
Total			80,381				80,743				78,929				39,295				31,250
West Africa fleet:
PSV > 900			21,743				15,478				17,566				11,550				9,900
PSV < 900			31,812				31,893				26,396				25,419				24,835
AHTS > 16K			8,048				6,994				7,138				9,129				6,237
AHTS 8 - 16K			16,316				11,219				11,917				9,870				9,827
AHTS 4 - 8K			2,370				2,126				2,745				3,496				2,360
Other			8,362				6,933				7,888				6,747				6,298
Total			88,651				74,643				73,650				66,211				59,457
Worldwide fleet:
PSV > 900			138,069				126,614				127,955				70,327				62,607
PSV < 900			103,316				103,286				95,403				76,371				68,986
AHTS > 16K			18,272				18,402				18,806				18,064				15,801
AHTS 8 - 16K			25,696				21,335				22,688				21,954				22,624
AHTS 4 - 8K			17,757				18,362				17,088				13,324				12,575
Other			15,576				12,516				15,035				10,283				8,587
Total		$	318,686			$	300,515			$	296,975			$	210,323			$	191,180

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
AVERAGE NUMBER OF VESSELS:
Americas fleet:
PSV > 900			11				12				12				10				10
PSV < 900			18				18				18				15				15
AHTS > 16K			2				2				2				2				2
AHTS 8 - 16K			2				2				2				2				2
AHTS 4 - 8K			2				2				2				2				2
Other			1				2				2				2				1
Total			36				38				38				33				32
Stacked vessels			(1	)			(1	)			(1	)			(1	)			(1	)
Active vessels			35				37				37				32				31
Asia Pacific fleet:
PSV > 900			8				8				8				6				5
PSV < 900			5				5				4				2				2
AHTS > 16K			3				2				2				2				1
AHTS 8 - 16K			3				3				3				3				3
AHTS 4 - 8K			1				1				1				1				2
Other			1				—				—				—				1
Total			21				19				18				14				14
Stacked vessels			—				—				—				—				(1	)
Active vessels			21				19				18				14				13
Middle East fleet:
PSV > 900			1				1				1				1				1
PSV < 900			20				20				20				20				21
AHTS > 16K			—				1				1				1				2
AHTS 8 - 16K			5				5				5				5				5
AHTS 4 - 8K			17				18				18				17				14
Total			43				45				45				44				43
Stacked vessels			—				—				—				—				—
Active vessels			43				45				45				44				43
Europe/Mediterranean fleet:
PSV > 900			40				39				38				18				19
PSV < 900			9				10				10				7				7
AHTS > 16K			2				2				2				1				1
Total			51				51				50				26				27
Stacked vessels			—				—				—				—				—
Active vessels			51				51				50				26				27
West Africa fleet:
PSV > 900			9				9				9				7				7
PSV < 900			19				19				19				18				18
AHTS > 16K			4				4				4				5				5
AHTS 8 - 16K			11				11				11				11				11
AHTS 4 - 8K			4				4				5				6				8
Other			21				21				24				23				25
Total			68				68				72				70				74
Stacked vessels			(1	)			(1	)			(3	)			(5	)			(8	)
Active vessels			67				67				69				65				66
Worldwide fleet:
PSV > 900			69				69				68				42				42
PSV < 900			71				72				71				62				63
AHTS > 16K			11				11				11				11				11
AHTS 8 - 16K			21				21				21				21				21
AHTS 4 - 8K			24				25				26				26				26
Other			23				23				26				25				27
Total			219				221				223				187				190
Stacked vessels			(2	)			(2	)			(4	)			(6	)			(10	)
Active vessels			217				219				219				181				180
Total active			217				219				219				181				180
Total stacked			2				2				4				6				10
Total			219				221				223				187				190

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
AVAILABLE DAYS - TOTAL FLEET:
Americas fleet:
PSV > 900			1,001				1,104				1,095				910				907
PSV < 900			1,631				1,675				1,730				1,365				1,359
AHTS > 16K			182				184				184				182				180
AHTS 8 - 16K			182				184				184				182				180
AHTS 4 - 8K			182				184				184				182				180
Other			128				184				184				182				121
Total			3,306				3,515				3,561				3,003				2,927
Asia Pacific fleet:
PSV > 900			765				736				726				559				481
PSV < 900			455				454				358				182				180
AHTS > 16K			241				184				184				182				90
AHTS 8 - 16K			273				276				276				273				270
AHTS 4 - 8K			91				92				92				91				180
Other			54				—				—				—				48
Total			1,879				1,742				1,636				1,287				1,249
Middle East fleet:
PSV > 900			91				92				92				91				90
PSV < 900			1,820				1,840				1,840				1,820				1,842
AHTS > 16K			32				92				92				91				180
AHTS 8 - 16K			455				460				460				455				450
AHTS 4 - 8K			1,547				1,615				1,640				1,556				1,291
Total			3,945				4,099				4,124				4,013				3,853
Europe/Mediterranean fleet:
PSV > 900			3,603				3,588				3,492				1,638				1,672
PSV < 900			838				920				907				637				630
AHTS > 16K			182				184				184				139				90
Total			4,623				4,692				4,583				2,414				2,392
West Africa fleet:
PSV > 900			819				828				819				637				630
PSV < 900			1,729				1,735				1,744				1,638				1,620
AHTS > 16K			364				368				368				407				450
AHTS 8 - 16K			1,001				1,012				1,012				1,001				990
AHTS 4 - 8K			364				385				476				546				720
Other			1,875				1,899				2,184				2,099				2,256
Total			6,152				6,227				6,603				6,328				6,666
Worldwide fleet:
PSV > 900			6,279				6,348				6,224				3,835				3,780
PSV < 900			6,473				6,624				6,579				5,642				5,631
AHTS > 16K			1,001				1,012				1,012				1,001				990
AHTS 8 - 16K			1,911				1,932				1,932				1,911				1,890
AHTS 4 - 8K			2,184				2,276				2,392				2,375				2,371
Other			2,057				2,083				2,368				2,281				2,425
Total			19,905				20,275				20,507				17,045				17,087

TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
OUT-OF-SERVICE - STACKED DAYS:
Americas fleet:
PSV < 900			84				92				92				91				99
Total			84				92				92				91				99
Asia Pacific fleet:
Other			—				—				—				—				48
Total			—				—				—				—				48
West Africa fleet:
AHTS 4 - 8K			91				109				184				182				180
Other			—				16				103				265				540
Total			91				125				287				447				720
Worldwide fleet:
PSV < 900			84				92				92				91				99
AHTS 4 - 8K			91				109				184				182				180
Other			—				16				103				265				588
Total			175				217				379				538				867

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
AVAILABLE DAYS - ACTIVE FLEET:
Americas fleet:
PSV > 900			1,001				1,104				1,095				910				907
PSV < 900			1,547				1,583				1,638				1,274				1,260
AHTS > 16K			182				184				184				182				180
AHTS 8 - 16K			182				184				184				182				180
AHTS 4 - 8K			182				184				184				182				180
Other			128				184				184				182				121
Total			3,222				3,423				3,469				2,912				2,828
Asia Pacific fleet:
PSV > 900			765				736				726				559				481
PSV < 900			455				454				358				182				180
AHTS > 16K			241				184				184				182				90
AHTS 8 - 16K			273				276				276				273				270
AHTS 4 - 8K			91				92				92				91				180
Total			1,879				1,742				1,636				1,287				1,201
Middle East fleet:
PSV > 900			91				92				92				91				90
PSV < 900			1,820				1,840				1,840				1,820				1,842
AHTS > 16K			32				92				92				91				180
AHTS 8 - 16K			455				460				460				455				450
AHTS 4 - 8K			1,547				1,615				1,640				1,556				1,291
Total			3,945				4,099				4,124				4,013				3,853
Europe/Mediterranean fleet:
PSV > 900			3,603				3,588				3,492				1,638				1,672
PSV < 900			838				920				907				637				630
AHTS > 16K			182				184				184				139				90
Total			4,623				4,692				4,583				2,414				2,392
West Africa fleet:
PSV > 900			819				828				819				637				630
PSV < 900			1,729				1,735				1,744				1,638				1,620
AHTS > 16K			364				368				368				407				450
AHTS 8 - 16K			1,001				1,012				1,012				1,001				990
AHTS 4 - 8K			273				276				292				364				540
Other			1,875				1,883				2,081				1,834				1,716
Total			6,061				6,102				6,316				5,881				5,946
Worldwide fleet:
PSV > 900			6,279				6,348				6,224				3,835				3,780
PSV < 900			6,389				6,532				6,487				5,551				5,532
AHTS > 16K			1,001				1,012				1,012				1,001				990
AHTS 8 - 16K			1,911				1,932				1,932				1,911				1,890
AHTS 4 - 8K			2,093				2,167				2,208				2,193				2,191
Other			2,057				2,067				2,265				2,016				1,837
Total			19,730				20,058				20,128				16,507				16,220

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	March 31,					December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
UTILIZATION - TOTAL FLEET:
Americas fleet:
PSV > 900			87.9	%			77.2	%			84.5	%			78.5	%			84.2	%
PSV < 900			70.0				78.9				85.7				83.9				79.8
AHTS > 16K			33.4				59.0				54.7				50.0				50.0
AHTS 8 - 16K			80.2				74.0				65.4				100.0				100.0
AHTS 4 - 8K			59.7				93.7				97.8				93.7				96.4
Other			100.0				100.0				100.0				100.0				97.5
Total			74.5	%			78.9	%			84.1	%			82.8	%			82.3	%
Asia Pacific fleet:
PSV > 900			93.7	%			93.4	%			97.3	%			71.1	%			70.8	%
PSV < 900			86.3				92.3				99.0				100.0				90.6
AHTS > 16K			53.4				72.7				66.7				60.7				78.1
AHTS 8 - 16K			75.9				63.9				78.9				85.0				79.8
AHTS 4 - 8K			100.0				100.0				100.0				10.4				80.3
Total			84.0	%			86.6	%			91.3	%			72.4	%			74.8	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			90.2	%			100.0	%			100.0	%
PSV < 900			95.3				88.6				82.8				81.6				74.4
AHTS > 16K			69.3				100.0				100.0				100.0				100.0
AHTS 8 - 16K			50.1				60.4				69.0				87.0				96.0
AHTS 4 - 8K			86.5				87.6				77.7				63.4				85.7
Total			86.6	%			85.6	%			79.8	%			76.0	%			82.5	%
Europe/Mediterranean fleet:
PSV > 900			88.9	%			91.4	%			90.8	%			91.0	%			82.7	%
PSV < 900			90.9				86.8				86.4				81.3				85.0
AHTS > 16K			34.1				53.2				63.3				43.4				84.1
Total			87.1	%			89.0	%			88.8	%			85.7	%			83.4	%
West Africa fleet:
PSV > 900			86.9	%			64.9	%			88.5	%			83.1	%			83.0	%
PSV < 900			82.6				95.4				85.1				91.1				95.3
AHTS > 16K			89.8				91.1				77.0				92.9				73.5
AHTS 8 - 16K			98.6				72.4				79.5				79.6				79.8
AHTS 4 - 8K			66.7				57.6				58.5				62.9				32.4
Other			55.9				56.9				50.0				49.4				50.3
Total			77.1	%			73.3	%			70.7	%			72.3	%			68.4	%
Worldwide fleet:
PSV > 900			89.2	%			85.8	%			90.1	%			84.0	%			82.0	%
PSV < 900			84.3				87.9				85.6				85.5				83.4
AHTS > 16K			60.0				75.8				70.7				73.0				75.4
AHTS 8 - 16K			82.0				68.5				75.6				84.1				85.6
AHTS 4 - 8K			81.6				83.5				76.3				63.5				69.9
Other			59.2				60.7				53.9				53.4				51.7
Total			81.5	%			81.5	%			80.5	%			76.9	%			76.5	%

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
	March 31,					December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
UTILIZATION - ACTIVE FLEET:
Americas fleet:
PSV > 900			87.9	%			77.2	%			84.5	%			78.5	%			84.2	%
PSV < 900			73.8				83.4				90.5				89.9				86.1
AHTS > 16K			33.4				59.0				54.7				50.0				50.0
AHTS 8 - 16K			80.2				74.0				65.4				100.0				100.0
AHTS 4 - 8K			59.7				93.7				97.8				93.7				96.4
Other			100.0				100.0				100.0				100.0				97.5
Total			76.5	%			81.0	%			86.3	%			85.4	%			85.2	%
Asia Pacific fleet:
PSV > 900			93.7	%			93.4	%			97.3	%			71.1	%			70.8	%
PSV < 900			86.3				92.3				99.0				100.0				90.6
AHTS > 16K			53.4				72.7				66.7				60.7				78.1
AHTS 8 - 16K			75.9				63.9				78.9				85.0				79.8
AHTS 4 - 8K			100.0				100.0				100.0				10.4				80.3
Total			84.0	%			86.6	%			91.3	%			72.4	%			77.8	%
Middle East fleet:
PSV > 900			100.0	%			100.0	%			90.2	%			100.0	%			100.0	%
PSV < 900			95.3				88.6				82.8				81.6				74.4
AHTS > 16K			69.3				100.0				100.0				100.0				100.0
AHTS 8 - 16K			50.1				60.4				69.0				87.0				96.0
AHTS 4 - 8K			86.5				87.6				77.7				63.4				85.7
Total			86.6	%			85.6	%			79.8	%			76.0	%			82.5	%
Europe/Mediterranean fleet:
PSV > 900			88.9	%			91.4	%			90.8	%			91.0	%			82.7	%
PSV < 900			90.9				86.8				86.4				81.3				85.0
AHTS > 16K			34.1				53.2				63.3				43.4				84.1
Total			87.1	%			89.0	%			88.8	%			85.7	%			83.4	%
West Africa fleet:
PSV > 900			86.9	%			64.9	%			88.5	%			83.1	%			83.0	%
PSV < 900			82.6				95.4				85.1				91.1				95.3
AHTS > 16K			89.8				91.1				77.0				92.9				73.5
AHTS 8 - 16K			98.6				72.4				79.5				79.6				79.8
AHTS 4 - 8K			88.9				80.4				95.4				94.3				43.2
Other			55.9				57.4				52.5				56.5				66.2
Total			78.3	%			74.8	%			73.9	%			77.8	%			76.6	%
Worldwide fleet:
PSV > 900			89.2	%			85.8	%			90.1	%			84.0	%			82.0	%
PSV < 900			85.4				89.2				86.8				86.9				84.9
AHTS > 16K			60.0				75.8				70.7				73.0				75.4
AHTS 8 - 16K			82.0				68.5				75.6				84.1				85.6
AHTS 4 - 8K			85.1				87.7				82.6				68.8				75.7
Other			59.2				61.2				56.4				60.4				68.2
Total			82.3	%			82.4	%			82.1	%			79.4	%			80.6	%

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
AVERAGE VESSEL DAY RATES: (A)
Americas fleet:
PSV > 900		$	34,015			$	33,707			$	31,648			$	28,446			$	26,930
PSV < 900			21,499				21,306				19,479				16,702				16,037
AHTS > 16K			33,490				37,174				35,598				37,640				37,720
AHTS 8 - 16K			16,964				16,997				17,157				15,421				15,593
AHTS 4 - 8K			8,703				8,285				8,717				8,678				8,764
Other			30,423				18,427				26,857				17,658				17,110
Total			25,894				24,524				23,495				20,269				19,794
Asia Pacific fleet:
PSV > 900			32,387				28,351				28,525				24,276				26,723
PSV < 900			30,122				20,703				23,380				31,927				31,488
AHTS > 16K			35,411				28,120				26,649				18,690				19,095
AHTS 8 - 16K			21,757				26,680				24,275				21,561				25,049
AHTS 4 - 8K			17,315				17,404				17,197				946				6,903
Total			30,101				25,378				25,867				24,250				23,582
Middle East fleet:
PSV > 900			14,996				14,972				13,112				13,304				13,251
PSV < 900			12,115				11,785				11,677				11,320				10,926
AHTS > 16K			12,968				12,801				13,004				13,378				12,868
AHTS 8 - 16K			10,515				11,140				10,771				10,804				10,632
AHTS 4 - 8K			9,609				9,334				8,787				8,460				6,953
Total			11,108				10,855				10,544				10,449				9,679
Europe/Mediterranean fleet:
PSV > 900			19,294				18,771				18,879				18,512				15,798
PSV < 900			18,557				19,227				17,926				17,756				12,451
AHTS > 16K			53,966				24,899				31,048				36,913				33,164
Total			19,763				19,061				19,105				18,990				15,669
West Africa fleet:
PSV > 900			30,557				28,797				24,220				21,815				18,931
PSV < 900			22,287				19,271				17,781				17,040				16,080
AHTS > 16K			24,611				20,869				25,192				24,154				18,863
AHTS 8 - 16K			16,536				15,302				14,804				12,382				12,433
AHTS 4 - 8K			9,766				9,583				9,858				10,178				10,113
Other			7,975				6,415				7,217				6,511				5,548
Total			18,687				16,356				15,772				14,469				13,047
Worldwide fleet:
PSV > 900			24,640				23,240				22,804				21,820				20,193
PSV < 900			18,932				17,734				16,949				15,837				14,688
AHTS > 16K			30,423				23,985				26,293				24,719				21,163
AHTS 8 - 16K			16,390				16,120				15,533				13,662				13,984
AHTS 4 - 8K			9,969				9,658				9,368				8,828				7,583
Other			11,797				8,397				10,281				8,441				6,852
Total		$	19,563			$	18,066			$	17,865			$	16,042			$	14,624

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

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Americas
Vessel revenues		$	63,941			$	68,425			$	70,717			$	50,376			$	47,687
Vessel operating costs:
Crew costs			24,062				24,045				26,848				18,033				17,402
Repair and maintenance			4,534				3,846				5,588				3,973				3,888
Insurance			494				526				476				479				410
Fuel, lube and supplies			4,522				3,241				4,386				2,549				2,999
Other			5,928				5,172				5,924				4,564				3,572
Total vessel operating costs			39,540				36,830				43,222				29,598				28,271
Vessel operating margin ($)			24,401				31,595				27,495				20,778				19,416
Vessel operating margin (%)			38.2	%			46.2	%			38.9	%			41.2	%			40.7	%
Americas - Select operating statistics
Average vessels - Total fleet			36				38				38				33				32
Utilization - Total fleet			74.5	%			78.9	%			84.1	%			82.8	%			82.3	%
Average vessels - Active fleet			35				37				37				32				31
Utilization - Active fleet			76.5	%			81.0	%			86.3	%			85.4	%			85.2	%
Average day rates		$	25,894			$	24,524			$	23,495			$	20,269			$	19,794
Vessels commencing drydocks			7				3				3				4				2
Deferred drydocking and survey costs - beginning balance		$	28,688			$	29,684			$	29,769			$	27,832			$	21,720
Cash paid for deferred drydocking and survey costs			8,014				5,025				4,658				5,867				8,218
Amortization of deferred drydocking and survey costs			(5,004	)			(5,353	)			(3,727	)			(2,626	)			(3,417	)
Disposals, intersegment transfers and other			—				(668	)			(1,016	)			(1,304	)			1,311
Deferred drydocking and survey costs - ending balance		$	31,698			$	28,688			$	29,684			$	29,769			$	27,832

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Asia Pacific
Vessel revenues		$	47,781			$	38,632			$	38,994			$	22,585			$	22,024
Vessel operating costs:
Crew costs			19,306				15,177				12,390				7,062				7,311
Repair and maintenance			2,769				2,977				2,969				1,517				1,749
Insurance			273				269				183				219				123
Fuel, lube and supplies			1,937				1,191				909				1,521				1,630
Other			2,491				2,045				2,380				1,648				1,678
Total vessel operating costs			26,776				21,659				18,831				11,967				12,491
Vessel operating margin ($)			21,005				16,973				20,163				10,618				9,533
Vessel operating margin (%)			44.0	%			43.9	%			51.7	%			47.0	%			43.3	%
Asia Pacific - Select operating statistics
Average vessels - Total fleet			21				19				18				14				14
Utilization - Total fleet			84.0	%			86.6	%			91.3	%			72.4	%			74.8	%
Average vessels - Active fleet			21				19				18				14				13
Utilization - Active fleet			84.0	%			86.6	%			91.3	%			72.4	%			77.8	%
Average day rates		$	30,101			$	25,378			$	25,867			$	24,250			$	23,582
Vessels commencing drydocks			3				—				—				—				1
Deferred drydocking and survey costs - beginning balance		$	3,769			$	3,595			$	2,128			$	2,525			$	553
Cash paid for deferred drydocking and survey costs			4,734				(18	)			84				(4	)			2,368
Amortization of deferred drydocking and survey costs			(844	)			(720	)			(637	)			(393	)			(282	)
Disposals, intersegment transfers and other			717				912				2,020				—				(114	)
Deferred drydocking and survey costs - ending balance		$	8,376			$	3,769			$	3,595			$	2,128			$	2,525

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Middle East
Vessel revenues		$	37,932			$	38,072			$	34,685			$	31,856			$	30,762
Vessel operating costs:
Crew costs			13,270				13,716				13,914				13,170				12,616
Repair and maintenance			4,508				4,105				4,828				3,779				3,475
Insurance			420				501				385				465				433
Fuel, lube and supplies			2,304				2,610				3,142				3,470				2,870
Other			6,006				4,906				4,796				3,756				3,669
Total vessel operating costs			26,508				25,838				27,065				24,640				23,063
Vessel operating margin ($)			11,424				12,234				7,620				7,216				7,699
Vessel operating margin (%)			30.1	%			32.1	%			22.0	%			22.7	%			25.0	%
Middle East - Select operating statistics
Average vessels - Total fleet			43				45				45				44				43
Utilization - Total fleet			86.6	%			85.6	%			79.8	%			76.0	%			82.5	%
Average vessels - Active fleet			43				45				45				44				43
Utilization - Active fleet			86.6	%			85.6	%			79.8	%			76.0	%			82.5	%
Average day rates		$	11,108			$	10,855			$	10,544			$	10,449			$	9,679
Vessels commencing drydocks			11				3				4				7				5
Deferred drydocking and survey costs - beginning balance		$	19,331			$	21,153			$	22,717			$	20,677			$	15,062
Cash paid for deferred drydocking and survey costs			7,520				1,360				3,234				4,262				7,787
Amortization of deferred drydocking and survey costs			(3,161	)			(3,182	)			(2,776	)			(3,778	)			(1,913	)
Disposals, intersegment transfers and other			—				—				(2,022	)			1,556				(259	)
Deferred drydocking and survey costs - ending balance		$	23,690			$	19,331			$	21,153			$	22,717			$	20,677

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Europe/Mediterranean
Vessel revenues		$	80,381			$	80,743			$	78,929			$	39,295			$	31,250
Vessel operating costs:
Crew costs			26,282				25,848				26,632				13,406				12,727
Repair and maintenance			5,493				6,081				5,342				2,900				2,706
Insurance			756				791				689				354				384
Fuel, lube and supplies			4,094				3,717				4,033				2,363				1,584
Other			4,359				3,719				5,376				2,292				2,371
Total vessel operating costs			40,984				40,156				42,072				21,315				19,772
Vessel operating margin ($)			39,397				40,587				36,857				17,980				11,478
Vessel operating margin (%)			49.0	%			50.3	%			46.7	%			45.8	%			36.7	%
Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet			51				51				50				26				27
Utilization - Total fleet			87.1	%			89.0	%			88.8	%			85.7	%			83.4	%
Average vessels - Active fleet			51				51				50				26				27
Utilization - Active fleet			87.1	%			89.0	%			88.8	%			85.7	%			83.4	%
Average day rates		$	19,763			$	19,061			$	19,105			$	18,990			$	15,669
Vessels commencing drydocks			16				5				5				4				4
Deferred drydocking and survey costs - beginning balance		$	21,078			$	16,256			$	11,705			$	11,363			$	9,566
Cash paid for deferred drydocking and survey costs			10,876				7,580				6,733				2,217				5,128
Amortization of deferred drydocking and survey costs			(3,359	)			(2,758	)			(3,201	)			(1,875	)			(1,739	)
Disposals, intersegment transfers and other			(1,335	)			—				1,019				—				(1,592	)
Deferred drydocking and survey costs - ending balance		$	27,260			$	21,078			$	16,256			$	11,705			$	11,363

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
West Africa
Vessel revenues		$	88,651			$	74,643			$	73,650			$	66,211			$	59,457
Vessel operating costs:
Crew costs			19,432				18,751				17,502				16,336				16,587
Repair and maintenance			4,044				4,626				4,868				4,665				4,834
Insurance			637				678				626				651				655
Fuel, lube and supplies			4,461				4,506				5,300				4,055				4,472
Other			5,174				5,509				4,753				5,037				5,314
Total vessel operating costs			33,748				34,070				33,049				30,744				31,862
Vessel operating margin ($)			54,903				40,573				40,601				35,467				27,595
Vessel operating margin (%)			61.9	%			54.4	%			55.1	%			53.6	%			46.4	%
West Africa - Select operating statistics
Average vessels - Total fleet			68				68				72				70				74
Utilization - Total fleet			77.1	%			73.3	%			70.7	%			72.3	%			68.4	%
Average vessels - Active fleet			67				67				69				65				66
Utilization - Active fleet			78.3	%			74.8	%			73.9	%			77.8	%			76.6	%
Average day rates		$	18,687			$	16,356			$	15,772			$	14,469			$	13,047
Vessels commencing drydocks			7				7				7				4				6
Deferred drydocking and survey costs - beginning balance		$	33,832			$	28,527			$	26,162			$	20,390			$	14,179
Cash paid for deferred drydocking and survey costs			8,874				10,121				5,909				9,024				7,824
Amortization of deferred drydocking and survey costs			(5,091	)			(4,367	)			(3,544	)			(3,000	)			(2,267	)
Disposals, intersegment transfers and other			—				(449	)			—				(252	)			654
Deferred drydocking and survey costs - ending balance		$	37,615			$	33,832			$	28,527			$	26,162			$	20,390

TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Worldwide
Vessel revenues		$	318,686			$	300,515			$	296,975			$	210,323			$	191,180
Vessel operating costs:
Crew costs			102,352				97,537				97,286				68,007				66,643
Repair and maintenance			21,348				21,635				23,595				16,834				16,652
Insurance			2,580				2,765				2,359				2,168				2,005
Fuel, lube and supplies			17,318				15,265				17,770				13,958				13,555
Other			23,958				21,351				23,229				17,297				16,604
Total vessel operating costs			167,556				158,553				164,239				118,264				115,459
Vessel operating margin ($)			151,130				141,962				132,736				92,059				75,721
Vessel operating margin (%)			47.4	%			47.2	%			44.7	%			43.8	%			39.6	%
Worldwide - Select operating statistics
Average vessels - Total fleet			219				221				223				187				190
Utilization - Total fleet			81.5	%			81.5	%			80.5	%			76.9	%			76.5	%
Average vessels - Active fleet			217				219				219				181				180
Utilization - Active fleet			82.3	%			82.4	%			82.1	%			79.4	%			80.6	%
Average day rates		$	19,563			$	18,066			$	17,865			$	16,042			$	14,624
Vessels commencing drydocks			44				18				19				19				18
Deferred drydocking and survey costs - beginning balance		$	106,698			$	99,215			$	92,481			$	82,787			$	61,080
Cash paid for deferred drydocking and survey costs			40,018				24,068				20,618				21,366				31,325
Amortization of deferred drydocking and survey costs			(17,459	)			(16,380	)			(13,885	)			(11,672	)			(9,618	)
Disposals, intersegment transfers and other			(618	)			(205	)			1				—				—
Deferred drydocking and survey costs - ending balance		$	128,639			$	106,698			$	99,215			$	92,481			$	82,787

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Net income		$	46,745			$	37,328			$	25,549			$	21,928			$	10,816
Interest and other debt costs			19,476				20,263				19,288				4,731				4,190
Income tax expense			13,070				10,793				9,260				11,284				11,971
Depreciation			38,811				42,788				43,845				21,096				21,048
Amortization of deferred drydock and survey costs			17,459				16,379				13,885				11,672				9,618
Amortization of below market contracts			(1,206	)			(1,894	)			(1,906	)			—				—
EBITDA (A), (B), (C)			134,355				125,657				109,921				70,711				57,643
Non-cash indemnification assets charge			1,122				(70	)			1,184				—				—
Non-cash stock compensation expense			2,766				3,508				2,496				2,648				2,103
Acquisition, restructuring and integration related costs			709				2,177				6,079				1,242				1,426
Adjusted EBITDA (A), (B), (C)		$	138,952			$	131,272			$	119,680			$	74,601			$	61,172

Note (A):  EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge included in interest income and other; non-cash stock-based compensation expense; and acquisition, restructuring and integration related costs.

Note (B):  EBITDA for the three months ended March 31, 2024, and for each of the prior four quarters includes non-cash stock-based compensation expense of $2,766, $3,508, $2,496, $2,648 and $2,103 respectively.

Note (C):  EBITDA and Adjusted EBITDA for the three months ended March 31, 2024, and for each of the prior four quarters includes foreign exchange gain (losses) of $(4,085), $2,250, $(2,149), $(3,819) and $2,348 respectively.

Non-GAAP Financial Measures

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

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

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

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

TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Net cash provided by operating activities (A)		$	54,765			$	47,231			$	34,939			$	9,741			$	12,794
Cash interest expense			15,621				18,186				606				7,748				98
Interest income and other			(1,483	)			(3,029	)			(568	)			(2,790	)			(130	)
Indemnification assets charge			(1,122	)			70				(1,184	)			—				—
Additions to property and equipment			(10,942	)			(8,386	)			(5,702	)			(8,849	)			(8,651	)
Acquisitions			—				—				(594,191	)			—				—
Expansion capital			71				1,034				594,252				2,493				109
		56,910				55,106				28,152				8,343				4,220
Proceeds from asset sales			12,463				5,902				945				2,943				5,716
Free cash flow		$	69,373			$	61,008			$	29,097			$	11,286			$	9,936

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

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

		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2024				2023				2023				2023				2023
Cash provided by (used in) changes in assets and liabilities, excluding drydock payments		$	(640	)		$	(24,083	)		$	(29,286	)		$	(23,447	)		$	2,295
Cash paid for deferred drydock and survey costs			(40,018	)			(24,069	)			(20,618	)			(21,366	)			(31,325	)
Total uses of cash for changes in assets and liabilities		$	(40,658	)		$	(48,152	)		$	(49,904	)		$	(44,813	)		$	(29,030	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240429256900/en/

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

Source: Tidewater Inc.

FAQ

What was Tidewater's revenue for the first quarter of 2024?

Tidewater reported revenue of $321.2 million for the first quarter of 2024.

What was Tidewater's net income for the first quarter of 2024?

Tidewater's net income for the first quarter of 2024 was $47.0 million.

Did Tidewater announce any share repurchase programs?

Yes, Tidewater announced a share repurchase program with an additional authorization of $18.1 million.

What is Tidewater's share symbol on the NYSE?

Tidewater's stock symbol on the NYSE is TDW.

When will Tidewater hold a conference call to discuss results for the first quarter of 2024?

Tidewater will hold a conference call on May 3, 2024, at 8:00 a.m. Central Time.