Tidewater Inc. (NYSE:TDW) announced today revenue for the three
and nine months ended September 30, 2019, of $119.8 million and
$367.8 million, and net losses for the same periods of $44.2
million (or $1.15 per common share) and $81.9 million (or $2.17 per
common share), respectively. Excluding certain costs outlined
below, net losses for the three and nine months ended September 30,
2019 were $37.9 million (or $0.99 per common share) and $71.4
million (or $1.89 per common share), respectively. Highlights for
the three months ended September 30, 2019:
- Significant streamlining of shore base operations underway
- Adjusted EBITDA for the trailing twelve months of $80.5
million
- Initiated bond consent and $125 million tender to improve debt
capital structure, reduce negative interest carry and improve
operational efficiency
- Third quarter general and administrative expense includes $6.3
million of severance and similar expenses related to significant
reduction in force
- Fourth quarter general and administrative expense will also
include charges for severance and similar expenses related to
further reductions in force
- Rollout of SAP enterprise resource planning system occurred as
scheduled on October 1; the third quarter includes approximately
$0.7 million of general and administrative expense related to third
party cost associated with the implementation
- Generated revenue of $119.8 million, a $20.6 million increase
from the same period in the prior year as a result of the 2018
acquisition of GulfMark Offshore, Inc.
- High-grading active fleet through the stacking of eight
vessels, disposing of three smaller, low specification vessels and
reactivating of five larger, high specification vessels
- Active utilization increased to 80.4% from 79.3% in the second
quarter
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, “We continue to be disciplined with respect to
our fleet composition by maintaining the fleet size in
certain regions and reactivating capacity in other regions when
returns on investment are acceptable. Likewise, we won’t hesitate
to remove smaller, lower specification vessels that do not have
acceptable returns on investment from our active fleet. While
underlying market conditions remain challenging, they are
improving, and Tidewater’s strong balance sheet and focus on
increasing organizational efficiency and scalability supports our
growth initiatives and the expansion of our leadership position in
the market.”
Included in the net loss for the three months and nine months
ended September 30, 2019 were general and administrative expenses
for severance and similar expenses related to integrating
Tidewater and GulfMark operations of $6.3 million ($0.16 per common
share) and $10.5 million ($0.28 per common share),
respectively.
The fully diluted number of shares, as of September 30, 2019,
assuming exercise of all outstanding warrants is as follows:
Common shares outstanding
39,110,938
New Creditor Warrants (strike price $0.001
per common share)
1,329,884
GulfMark Creditor Warrants (strike price
$0.01 per common share)
1,300,359
Total
41,741,181
Tidewater will hold a conference call to discuss results for the
three months ended September 30, 2019 on Tuesday, November 12, 2019
at 8:00 a.m. Central Time. Investors and interested parties may
listen to the teleconference via telephone by calling
1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405
if calling from outside the U.S.) and ask for the “Tidewater” call
just prior to the scheduled start. A replay of the conference call
will be available beginning at 12:00 p.m. Central Time on November
12, 2019, and will continue until 11:59 p.m. Central Time on
December 12, 2019. To hear the replay, call 1-888-843-7419
(1-630-652-3042 if calling from outside the U.S.). The conference
call ID number is 49155275.
A simultaneous webcast of the conference call will be available
online at the Tidewater Inc. website, www.tdw.com. The online
replay will be available until December 12, 2019.
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 the largest fleet of Offshore
Support Vessels in the industry, with over 60 years of experience
supporting offshore energy exploration and production activities
worldwide.
Note: all per-share amounts are stated on a
diluted basis.
Financial information is displayed beginning
on the next page.
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
Revenues:
Vessel revenues
$
117,173
97,011
360,476
288,679
Other operating revenues
2,592
2,181
7,296
7,607
Total revenues
119,765
99,192
367,772
296,286
Costs and expenses:
Vessel operating costs
80,619
65,237
243,261
194,613
Costs of other operating revenues
534
1,681
1,884
4,797
General and administrative (A)
30,474
25,546
81,310
73,536
Depreciation and amortization
25,735
13,390
73,705
38,192
Loss (gain) on asset dispositions, net
(270
)
1,571
(1,047
)
(1,686
)
Long-lived asset impairments
5,224
16,853
5,224
24,254
Total operating costs and expenses
142,316
124,278
404,337
333,706
Operating loss
(22,551
)
(25,086
)
(36,565
)
(37,420
)
Other income (expense):
Foreign exchange gain (loss)
173
1
(324
)
(1,349
)
Equity in net earnings (losses) of
unconsolidated companies
(468
)
56
(435
)
(14,993
)
Interest income and other, net
1,579
2,709
5,908
5,495
Interest and other debt costs, net
(7,468
)
(7,585
)
(22,786
)
(22,731
)
Total other expense
(6,184
)
(4,819
)
(17,637
)
(33,578
)
Loss before income taxes
(28,735
)
(29,905
)
(54,202
)
(70,998
)
Income tax expense
15,071
1,278
26,443
10,396
Net loss
$
(43,806
)
(31,183
)
(80,645
)
(81,394
)
Less: Net income attributable to
noncontrolling interests
394
(287
)
1,245
(386
)
Net loss attributable to Tidewater
Inc.
$
(44,200
)
(30,896
)
(81,890
)
(81,008
)
Basic loss per common share
(1.15
)
(1.16
)
(2.17
)
(3.23
)
Diluted loss per common share
(1.15
)
(1.16
)
(2.17
)
(3.23
)
Weighted average common shares
outstanding
38,537
26,615
37,767
25,073
Dilutive effect of stock options and
restricted stock
—
—
—
—
Adjusted weighted average common
shares
38,537
26,615
37,767
25,073
Total shares outstanding including
warrants
September 30, 2019
September 30, 2018
Common shares outstanding
39,111
26,816
New Creditor Warrants (strike price $0.001
per common share)
1,330
3,512
GulfMark Creditor Warrants (strike price
$0.01 per common share)
1,300
—
Total
41,741
30,328
Note (A): General and administrative
expenses for the three and nine months ended September 30, 2019
included stock-based compensation of $7.4 million and $16.6
million, respectively, and general and administrative expenses for
the three and nine months ended September 30, 2018 included
stock-based compensation of $3.8 million and $10.0 million,
respectively. In addition, general and administrative costs for the
three and nine months ended September 30, 2019 includes $6.3
million and $10.5 million of severance and similar costs related to
integrating Tidewater and GulfMark operations.
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share and par value
data)
September 30,
December 31,
ASSETS
2019
2018
Current assets:
Cash and cash equivalents
$
359,332
371,791
Restricted cash
3,300
25,953
Trade and other receivables, net
123,133
111,266
Due from affiliates
124,757
132,951
Marine operating supplies
21,303
29,505
Other current assets
13,116
11,836
Total current assets
644,941
683,302
Investments in, at equity, and advances to
unconsolidated companies
—
1,039
Properties and equipment, net
1,022,786
1,089,857
Deferred drydocking and survey costs
49,025
22,215
Other assets
37,269
31,326
Total assets
$
1,754,021
1,827,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
23,672
31,939
Accrued costs and expenses
54,792
61,784
Due to affiliates
41,676
34,972
Current portion of long-term debt
9,689
8,568
Other current liabilities
30,024
21,092
Total current liabilities
159,853
158,355
Long-term debt
419,905
430,436
Other liabilities
96,499
94,025
Contingencies
Equity:
Common stock of $0.001 par value,
125,000,000 shares authorized,
39,110,938 and 36,978,280 shares issued
and outstanding
at September 30, 2019 and December 31,
2018, respectively
39
37
Additional paid-in capital
1,365,872
1,352,388
Accumulated deficit
(292,673
)
(210,783
)
Accumulated other comprehensive income
2,194
2,194
Total stockholders’ equity
1,075,432
1,143,836
Noncontrolling interests
2,332
1,087
Total equity
1,077,764
1,144,923
Total liabilities and equity
$
1,754,021
1,827,739
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(In thousands)
Three Months Ended
Nine Months Ended
September 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
Net loss
$
(43,806
)
(31,183
)
$
(80,645
)
(81,394
)
Other comprehensive income:
Unrealized losses on available for
sale
securities, net of tax of $0, $0, $0 and
$0
—
—
—
(256
)
Total comprehensive loss
$
(43,806
)
(31,183
)
$
(80,645
)
(81,650
)
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
Six Months Ended
September 30, 2019
September 30, 2018
Operating activities:
Net loss
$
(80,645
)
(81,394
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Depreciation and amortization
57,629
33,949
Amortization of deferred drydocking and
survey costs
16,076
4,243
Amortization of debt premium and
discounts
(1,562
)
(1,371
)
Provision for deferred income taxes
759
—
Gain on asset dispositions, net
(1,047
)
(1,686
)
Long-lived asset impairments
5,224
24,254
Changes in investments in, at equity, and
advances
to unconsolidated companies
435
28,087
Compensation expense - stock-based
16,599
9,967
Changes in assets and liabilities,
net:
Trade and other receivables
(11,796
)
(10,744
)
Changes in due to/from affiliates, net
14,898
28,290
Accounts payable
(8,267
)
1,719
Accrued costs and expenses
(10,574
)
(10,857
)
Cash paid for deferred drydocking and
survey costs
(43,701
)
(17,088
)
Other, net
9,268
14,861
Net cash provided by (used in) operating
activities
(36,704
)
22,230
Cash flows from investing activities:
Proceeds from sales of assets
25,092
16,499
Additions to properties and equipment
(13,931
)
(9,116
)
Net cash provided by investing
activities
11,161
7,383
Cash flows from financing activities:
Principal payment on long-term debt
(6,458
)
(4,020
)
Payments to General Unsecured
Creditors
—
(8,377
)
Taxes on share-based awards
(3,112
)
—
Other
1
(1,997
)
Net cash used in financing activities
(9,569
)
(14,394
)
Net change in cash, cash equivalents and
restricted cash
(35,112
)
15,219
Cash, cash equivalents and restricted cash
at beginning of period
397,744
453,335
Cash, cash equivalents and restricted cash
at end of period
$
362,632
468,554
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
24,482
24,218
Income taxes
$
10,386
13,679
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
loss
interest
Total
Balance at June 30, 2019
$
38
1,359,842
(248,473
)
2,194
1,938
1,115,539
Total comprehensive loss
—
—
(44,200
)
—
394
(43,806
)
Issuance of common stock from exercise of
warrants
1
(1
)
—
—
—
—
Amortization/cancellation of restricted
stock units
—
6,031
—
—
—
6,031
Balance at September 30, 2019
$
39
1,365,872
(292,673
)
2,194
2,332
1,077,764
Balance at June 30, 2018
$
26
1,064,039
(89,378
)
(403
)
1,242
975,526
Total comprehensive loss
—
—
(30,896
)
—
(287
)
(31,183
)
Issuance of common stock
1
—
—
—
—
1
Amortization of restricted stock units
—
(436
)
—
—
—
(436
)
Balance at September 30, 2018
$
27
1,063,603
(120,274
)
(403
)
955
943,908
Nine Months Ended
Accumulated
Additional
other
Non
Common
paid-in
Accumulated
comprehensive
controlling
stock
capital
deficit
loss
interest
Total
Balance at December 31, 2018
$
37
1,352,388
(210,783
)
2,194
1,087
1,144,923
Total comprehensive loss
—
—
(81,890
)
—
1,245
(80,645
)
Issuance of common stock from exercise of
warrants
2
—
—
—
—
2
Amortization/cancellation of restricted
stock units
—
13,484
—
—
—
13,484
Balance at September 30, 2019
$
39
1,365,872
(292,673
)
2,194
2,332
1,077,764
Balance at December 31, 2017
$
22
1,059,120
(39,266
)
(147
)
2,215
1,021,944
Total comprehensive loss
—
—
(81,008
)
(256
)
(386
)
(81,650
)
Issuance of common stock
5
(2
)
—
—
—
3
Amortization of restricted stock units
—
5,611
—
—
—
5,611
Acquisition of non-controlling
interests
—
(1,126
)
—
—
(874
)
(2,000
)
Balance at September 30, 2018
$
27
1,063,603
(120,274
)
(403
)
955
943,908
The company’s vessel revenues and vessel operating costs and the
related percentage of total vessel revenues, were as follows:
Three Months Ended
Nine Months Ended
September 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
(In thousands)
%
%
%
%
Vessel revenues:
Americas
$
33,147
28
%
28,039
29
%
103,624
29
%
86,721
30
%
Middle East/Asia Pacific
22,765
19
%
19,927
21
%
63,670
18
%
60,721
21
%
Europe/Mediterranean Sea
30,946
26
%
12,566
13
%
94,531
26
%
35,546
12
%
West Africa
30,315
26
%
36,479
38
%
98,651
27
%
105,691
37
%
Total vessel revenues
$
117,173
100
%
97,011
100
%
360,476
100
%
288,679
100
%
Vessel operating costs:
Crew costs
$
46,193
39
%
37,615
39
%
141,528
39
%
108,207
37
%
Repair and maintenance
11,967
10
%
8,634
9
%
32,579
9
%
24,316
8
%
Insurance and loss reserves
2,027
2
%
(1,706
)
(2
)%
4,955
1
%
(586
)
(<1
%)
Fuel, lube and supplies
8,781
7
%
7,980
8
%
26,577
7
%
25,174
9
%
Other
11,651
10
%
12,714
13
%
37,622
10
%
37,502
13
%
Total vessel operating costs
80,619
69
%
65,237
67
%
243,261
68
%
194,613
67
%
Vessel operating margin (B)
$
36,554
31
%
31,774
33
%
117,215
32
%
94,066
33
%
Note (B): Vessel operating margin
can be recalculated by adjusting vessel operating profit (loss)
before general and administrative expenses and depreciation and
amortization expenses.
The company’s operating loss and other components of loss before
income taxes and its related percentage of total revenues, were as
follows:
Three Months Ended
Nine Months Ended
September 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
(In thousands)
%
%
%
%
Vessel operating profit (loss):
Americas
$
(168
)
(<1
%)
1,212
1
%
1,702
<1
%
11,804
4
%
Middle East/Asia Pacific
(809
)
(1
%)
(701
)
(1
%)
(4,098
)
(1
%)
(2,329
)
(1
%)
Europe/Mediterranean Sea
(276
)
(<1
%)
(2,056
)
(2
%)
(768
)
(<1
%)
(6,753
)
(2
%)
West Africa
678
1
%
3,912
4
%
11,891
3
%
3,867
1
%
Other operating profit
2,052
2
%
485
(<1
%)
5,381
1
%
2,767
1
%
1,477
1
%
2,852
3
%
14,108
4
%
9,356
3
%
Corporate expenses (C)
(19,074
)
(16
%)
(9,514
)
(10
%)
(46,496
)
(13
%)
(24,208
)
(8
%)
Gain (loss) on asset dispositions, net
270
<1
%
(1,571
)
(2
%)
1,047
1
%
1,686
1
%
Long-lived asset impairments
(5,224
)
(4
%)
(16,853
)
(17
%)
(5,224
)
(1
%)
(24,254
)
(8
%)
Operating loss
(22,551
)
(19
%)
(25,086
)
(25
%)
(36,565
)
(9
%)
(37,420
)
(13
%)
Note (C): General and administrative
expenses for the three and nine months ended September 30, 2019
included stock-based compensation of $7.4 million and $16.6
million, respectively, and general and administrative expenses for
the three and nine months ended September 30, 2018 included
stock-based compensation of $3.8 million and $10.0 million,
respectively. In addition, general and administrative costs for the
three and nine months ended September 30, 2019 includes $6.3
million and $10.5 million of severance and similar costs related to
integrating Tidewater and GulfMark operations.
TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(LOSS) – QUARTERLY DATA
(Unaudited)
(In thousands, except share and per share
data)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2019
2019
2019
2018
2018
Revenues:
Vessel revenues
$
117,173
123,641
119,662
108,527
97,011
Other operating revenues
2,592
2,218
2,487
1,707
2,181
Total revenues
119,765
125,859
122,149
110,234
99,192
Costs and expenses:
Vessel operating costs
80,619
80,439
82,203
74,967
65,237
Costs of other operating revenues
534
586
764
733
1,681
General and administrative (D)
30,474
23,696
27,140
36,487
25,546
Depreciation and amortization
25,735
25,038
22,932
20,101
13,390
Loss (gain) on asset dispositions, net
(270
)
494
(1,270
)
(8,938
)
1,571
Impairment of due from affiliate
—
—
—
20,083
—
Asset impairments
5,224
—
—
36,878
16,853
Total operating costs and expenses
142,316
130,253
131,769
180,311
124,278
Operating loss
(22,551
)
(4,394
)
(9,620
)
(70,077
)
(25,086
)
Other income (expense):
Foreign exchange gain (loss)
173
11
(508
)
1,455
1
Equity in net earnings (losses) of
unconsolidated companies
(468
)
95
(62
)
(3,871
)
56
Interest income and other
1,579
1,859
2,470
5,799
2,709
Loss on debt extinguishment
—
—
—
(8,119
)
—
Interest and other debt costs
(7,468
)
(7,582
)
(7,736
)
(7,708
)
(7,585
)
Total other expense
(6,184
)
(5,617
)
(5,836
)
(12,444
)
(4,819
)
Loss before income taxes
(28,735
)
(10,011
)
(15,456
)
(82,521
)
(28,905
)
Income tax expense
15,071
5,542
5,830
7,856
1,278
Net loss
$
(43,806
)
(15,553
)
(21,286
)
(90,377
)
(31,183
)
Less: Net income (loss) attributable to
noncontrolling interests
394
406
445
132
(287
)
Net loss attributable to Tidewater
Inc.
$
(44,200
)
(15,959
)
(21,731
)
(90,509
)
(30,896
)
Basic loss per common share
$
(1.15
)
(0.42
)
(0.58
)
(2.83
)
(1.16
)
Diluted loss per common share
$
(1.15
)
(0.42
)
(0.58
)
(2.83
)
(1.16
)
Weighted average common shares outstanding
(E)
38,537,165
37,570,629
37,178,580
31,974,802
26,614,507
Dilutive effect of stock options and
restricted stock
—
—
—
—
—
Adjusted weighted average common
shares
38,537,165
37,570,629
37,178,580
31,974,802
26,614,507
Vessel operating margin
$
36,554
43,202
37,459
33,560
31,774
Note (D): Restructuring and
merger-related items:
Professional services costs included in
general and administrative expenses related to the business
combination with GulfMark
$
—
—
88
4,465
3,036
Integration related costs related to the
business combination with GulfMark
1,686
460
3,651
—
—
Total
$
1,686
460
3,739
4,465
3,036
Note (E):
Shares issuable upon the exercise of New
Creditor Warrants held by U.S. citizens included in weighted
average shares outstanding
—
—
—
2,547
300,646
Total shares outstanding including
warrants
Common shares outstanding
39,110,938
37,845,158
37,381,954
36,978,280
26,815,991
New Creditor Warrants
(strike price $0.001 per common share)
1,329,884
2,034,235
2,070,463
2,220,857
3,512,416
GulfMark Creditor Warrants
(strike price $0.01 per common share)
1,300,359
1,683,147
2,046,795
2,189,709
—
Total
41,741,181
41,562,540
41,499,212
41,388,846
30,328,407
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
September 30,
June 30,
March 31,
December 31,
September 30,
ASSETS
2019
2019
2019
2018
2018
Current assets:
Cash and cash equivalents
$
359,332
369,549
391,060
371,791
461,088
Restricted cash
3,300
13,614
6,975
25,953
7,466
Trade and other receivables, net (F)
123,133
121,155
112,853
111,266
88,013
Due from affiliates
124,757
121,959
119,049
132,951
174,349
Marine operating supplies
21,303
29,141
29,337
29,505
27,591
Other current assets
13,116
14,460
14,844
11,836
9,880
Total current assets
644,941
669,878
674,118
683,302
768,387
Investments in, at equity, and advances to
unconsolidated companies
—
658
774
1,039
1,129
Net properties and equipment
1,022,786
1,041,054
1,065,297
1,089,857
790,055
Deferred drydocking and survey costs
49,025
41,029
30,602
22,215
16,053
Other assets
37,269
39,651
38,507
31,326
28,700
Total assets
$
1,754,021
1,792,270
1,809,298
1,827,739
1,604,324
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (F)
$
23,672
24,170
29,739
31,939
30,571
Accrued costs and expenses
54,792
56,675
56,025
61,784
46,060
Due to affiliates
41,676
39,060
40,245
34,972
48,064
Current portion of long-term debt
9,689
10,002
9,957
8,568
7,671
Other current liabilities
30,024
24,442
20,115
21,092
21,341
Total current liabilities
159,853
154,349
156,081
158,355
153,707
Long-term debt
419,905
424,911
427,436
430,436
435,301
Other liabilities and deferred credits
96,499
97,471
98,096
94,025
71,408
Contingencies
Equity:
Common stock
39
38
37
37
27
Additional paid-in capital
1,365,872
1,359,842
1,356,436
1,352,388
1,063,603
Accumulated deficit
(292,673
)
(248,473
)
(232,514
)
(210,783
)
(120,274
)
Accumulated other comprehensive income
(loss)
2,194
2,194
2,194
2,194
(403
)
Total stockholders’ equity
1,075,432
1,113,601
1,126,153
1,143,836
942,953
Noncontrolling interests
2,332
1,938
1,532
1,087
955
Total equity
1,077,764
1,115,539
1,127,685
1,144,923
943,908
Total liabilities and equity
$
1,754,021
1,792,270
1,809,298
1,827,739
1,604,324
Supplemental Information
Due from related parties, net of due to
related parties:
Sonatide (Angola)
$
64,660
66,690
62,591
79,829
102,512
DTDW (Nigeria)
18,421
16,209
16,213
18,150
23,773
Total
$
83,081
82,899
78,804
97,979
126,285
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2019
2019
2019
2018
2018
VESSEL REVENUE BY VESSEL CLASS
(In thousands):
Americas
fleet:
Deepwater
$
24,575
26,991
25,214
21,412
19,513
Towing-supply
7,831
7,448
8,576
8,283
6,417
Other
741
760
1,489
2,118
2,109
Total
$
33,147
35,199
35,279
31,813
28,039
Middle East/Asia
Pacific fleet:
Deepwater
$
14,960
12,130
10,502
8,705
7,607
Towing-supply
7,805
8,319
9,954
10,959
12,156
Other
—
—
—
(190
)
164
Total
$
22,765
20,449
20,456
19,474
19,927
Europe/Mediterranean
Sea fleet:
Deepwater
$
30,608
34,104
27,577
19,876
11,643
Towing-supply
338
923
981
841
923
Total
$
30,946
35,027
28,558
20,717
12,566
West Africa
fleet:
Deepwater
$
14,923
14,977
15,949
15,287
15,101
Towing-supply
11,598
14,015
15,184
16,807
17,805
Other
3,794
3,974
4,236
4,429
3,573
Total
$
30,315
32,966
35,369
36,523
36,479
Worldwide
fleet:
Deepwater
$
85,066
88,202
79,242
65,278
53,864
Towing-supply
27,572
30,705
34,695
36,890
37,301
Other
4,535
4,734
5,725
6,359
5,846
Total
$
117,173
123,641
119,662
108,527
97,011
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2019
2019
2019
2018
2018
AVERAGE NUMBER OF
VESSELS (G):
Americas
fleet:
Deepwater
32
34
37
35
26
Towing-supply
17
18
27
20
15
Other
5
6
7
7
6
Total
54
58
71
62
47
Stacked vessels
(17
)
(20
)
(32
)
(27
)
(20
)
Active vessels
37
38
39
35
27
Middle East/Asia
Pacific fleet:
Deepwater
26
24
24
20
17
Towing-supply
26
26
27
28
32
Other
—
—
—
—
—
Total
52
50
51
48
49
Stacked vessels
(11
)
(9
)
(10
)
(11
)
(9
)
Active vessels
41
41
41
37
40
Europe/Mediterranean
Sea fleet:
Deepwater
42
44
45
31
18
Towing-supply
3
3
3
4
4
Other
—
—
—
—
—
Total
45
47
48
35
22
Stacked vessels
(13
)
(13
)
(14
)
(10
)
(4
)
Active vessels
32
34
34
25
18
West Africa
fleet:
Deepwater
29
30
30
28
27
Towing-supply
20
22
31
31
31
Other
21
21
22
23
25
Total
70
73
83
82
83
Stacked vessels
(22
)
(23
)
(29
)
(29
)
(28
)
Active vessels
48
50
54
53
55
Worldwide
fleet:
Deepwater
129
132
136
114
88
Towing-supply
66
69
88
83
82
Other
26
27
29
30
31
Total
221
228
253
227
201
Stacked vessels
(63
)
(65
)
(85
)
(77
)
(61
)
Active vessels
158
163
168
150
140
Total active
158
163
168
150
140
Total stacked
63
65
85
77
61
Total joint venture and other vessels
4
4
4
5
7
Total
225
232
257
232
208
Note (G): Included in total owned or
chartered vessels at September 30, 21019, June 30, 2019, March 31,
2019, December 31, 2018, and September 30, 2018, were 60, 60, 71,
92 and 62 vessels, respectively, which were stacked by the company.
These vessels were considered to be in service and are included in
the calculation of our total fleet utilization statistics. Included
in total joint venture and other at September 30, 2019, June 30,
2019, March 31, 2019, December 31, 2018 and September 30, 2018,
were 1, 1, 1, 2 and 2 vessels, respectively, which were stacked by
the company.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2019
2019
2019
2018
2018
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
Deepwater
2,932
3,112
3,332
3,271
2,392
Towing-supply
1,552
1,638
2,426
1,806
1,422
Other
460
484
619
644
552
Total
4,944
5,234
6,377
5,721
4,366
Middle East/Asia
Pacific fleet:
Deepwater
2,370
2,184
2,160
1,840
1,534
Towing-supply
2,392
2,369
2,457
2,588
2,950
Other
—
—
—
—
—
Total
4,762
4,553
4,617
4,428
4,484
Europe/Mediterranean
Sea fleet:
Deepwater
3,874
4,024
4,040
2,806
1,649
Towing-supply
276
273
294
368
368
Total
4,150
4,297
4,334
3,174
2,017
West Africa
fleet:
Deepwater
2,723
2,730
2,668
2,606
2,491
Towing-supply
1,840
1,974
2,790
2,852
2,852
Other
1,932
1,976
1,980
2,122
2,297
Total
6,495
6,680
7,438
7,580
7,640
Worldwide
fleet:
Deepwater
11,899
12,050
12,200
10,523
8,066
Towing-supply
6,060
6,254
7,967
7,614
7,592
Other
2,392
2,460
2,599
2,766
2,849
Total
20,351
20,764
22,766
20,903
18,507
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2019
2019
2019
2018
2018
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
Deepwater
723
798
992
1,288
858
Towing-supply
632
728
1,467
932
736
Other
184
241
380
296
276
Total
1,539
1,767
2,839
2,516
1,870
Middle East/Asia
Pacific fleet:
Deepwater
552
494
617
572
338
Towing-supply
460
303
270
391
508
Other
—
—
—
—
—
Total
1,012
797
887
963
846
Europe/Mediterranean
Sea fleet:
Deepwater
1,104
1,092
1,122
736
170
Towing-supply
92
91
114
184
184
Total
1,196
1,183
1,236
920
354
West Africa
fleet:
Deepwater
768
698
630
625
552
Towing-supply
552
700
1,486
1,361
1,196
Other
736
689
540
681
799
Total
2,056
2,087
2,656
2,667
2,547
Worldwide
fleet:
Deepwater
3,147
3,082
3,361
3,221
1,918
Towing-supply
1,736
1,822
3,337
2,868
2,624
Other
920
930
920
977
1,075
Total
5,803
5,834
7,618
7,066
5,617
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2019
2019
2019
2018
2018
AVAILABLE DAYS -
ACTIVE FLEET: (H)
Americas
fleet:
Deepwater
2,209
2,314
2,340
1,983
1,534
Towing-supply
920
910
959
874
686
Other
276
243
239
348
276
Total
3,405
3,467
3,538
3,205
2,496
Middle East/Asia
Pacific fleet:
Deepwater
1,818
1,690
1,543
1,268
1,196
Towing-supply
1,932
2,066
2,187
2,197
2,442
Other
—
—
—
—
—
Total
3,750
3,756
3,730
3,465
3,638
Europe/Mediterranean
Sea fleet:
Deepwater
2,770
2,932
2,918
2,070
1,479
Towing-supply
184
182
180
184
184
Total
2,954
3,114
6,159
2,254
1,663
West Africa
fleet:
Deepwater
1,955
2,032
2,038
1,981
1,939
Towing-supply
1,288
1,274
1,304
1,491
1,656
Other
1,196
1,287
1,440
1,441
1,498
Total
4,439
4,593
4,782
4,913
5,093
Worldwide
fleet:
Deepwater
8,752
8,968
8,839
7,302
6,148
Towing-supply
4,324
4,432
4,630
4,746
4,968
Other
1,472
1,530
1,679
1,789
1,774
Total
14,548
14,930
15,148
13,837
12,890
Note (H): Available Days - Active
Fleet equals Available Days - Total Fleet less Out-Of-Service -
Stacked Days.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2019
2019
2019
2018
2018
UTILIZATION -
TOTAL FLEET: (I)
Americas
fleet:
Deepwater
64.5
%
65.8
%
61.9
%
49.9
%
50.6
%
Towing-supply
53.1
43.5
35.4
42.8
40.6
Other
21.0
19.0
26.3
35.3
41.2
Total
56.9
%
54.5
%
48.4
%
46.0
%
46.1
%
Middle East/Asia
Pacific fleet:
Deepwater
65.4
%
62.1
%
57.8
%
57.6
%
59.0
%
Towing-supply
61.7
61.1
64.8
62.3
64.2
Other
—
—
—
—
—
Total
63.6
%
61.6
%
61.5
%
60.3
%
62.4
%
Europe/Mediterranean
Sea fleet:
Deepwater
64.0
%
63.0
%
60.1
%
66.2
%
72.0
%
Towing-supply
24.5
56.9
59.9
39.0
44.3
Total
61.4
%
62.7
%
60.1
%
63.1
%
67.0
%
West Africa
fleet:
Deepwater
50.6
%
51.7
%
52.9
%
58.5
%
61.9
%
Towing-supply
46.3
50.3
40.0
46.5
48.0
Other
55.6
55.1
57.9
57.3
44.2
Total
50.9
%
52.3
%
49.4
%
53.6
%
51.4
%
Worldwide
fleet:
Deepwater
61.4
%
61.0
%
58.6
%
57.7
%
60.0
%
Towing-supply
53.1
52.9
47.0
50.6
52.7
Other
49.0
48.0
50.4
52.2
43.6
Total
57.5
%
57.0
%
53.6
%
54.4
%
54.5
%
Note (I): Utilization Total Fleet
equals Days Worked / Available Days Total Fleet.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2019
2019
2019
2018
2018
UTILIZATION -
ACTIVE FLEET: (J)
Americas
fleet:
Deepwater
85.7
%
88.4
%
88.2
%
82.3
%
78.8
%
Towing-supply
89.6
78.4
89.5
88.4
84.2
Other
35.0
37.9
68.2
65.4
82.3
Total
82.6
%
82.3
%
87.2
%
82.1
%
80.7
%
Middle East/Asia
Pacific fleet:
Deepwater
85.3
%
80.3
%
80.9
%
83.6
%
75.6
%
Towing-supply
76.4
70.1
72.8
73.3
77.5
Other
—
—
—
—
—
Total
80.7
%
74.7
%
76.1
%
77.1
%
76.9
%
Europe/Mediterranean
Sea fleet:
Deepwater
89.5
%
86.5
%
83.2
%
89.8
%
80.3
%
Towing-supply
36.8
85.3
97.8
78.0
88.7
Total
86.3
%
86.5
%
84.1
%
88.8
%
81.2
%
West Africa
fleet:
Deepwater
70.5
%
69.4
%
69.2
%
77.0
%
79.5
%
Towing-supply
66.1
77.9
85.6
88.9
82.6
Other
89.9
84.6
79.7
84.3
67.8
Total
74.4
%
76.0
%
76.8
%
82.8
%
77.1
%
Worldwide
fleet:
Deepwater
83.4
%
82.0
%
80.9
%
83.2
%
78.8
%
Towing-supply
74.5
74.7
80.8
81.2
80.5
Other
79.6
77.2
78.0
80.7
70.1
Total
80.4
%
79.3
%
80.6
%
82.2
%
78.3
%
Note (J): Utilization Active Fleet
equals Days Worked / Available Days - Active Fleet.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2019
2019
2019
2018
2018
AVERAGE VESSEL
DAY RATES: (K)
Americas
fleet:
Deepwater
$
12,986
13,186
12,217
13,127
16,138
Towing-supply
9,504
10,442
9,993
10,722
11,115
Other
7,674
8,259
9,135
9,311
9,281
Total
$
11,783
12,341
11,436
12,091
13,924
Middle East/Asia
Pacific fleet:
Deepwater
$
9,648
8,942
8,417
8,215
8,411
Towing-supply
5,285
5,747
6,255
6,801
6,422
Other
—
—
—
—
—
Total
$
7,520
7,293
7,205
7,291
7,123
Europe/Mediterranean
Sea fleet:
Deepwater
$
12,342
13,443
11,356
10,696
9,802
Towing-supply
4,995
5,941
5,566
5,867
5,658
Total
$
12,147
13,010
10,964
10,350
9,302
West Africa
fleet:
Deepwater
$
10,827
10,615
11,307
10,023
9,793
Towing-supply
13,628
14,115
13,601
12,675
13,019
Other
3,530
3,650
3,693
3,645
3,515
Total
$
9,174
9,439
9,627
8,982
9,291
Worldwide
fleet:
Deepwater
$
11,651
11,998
11,082
10,747
11,121
Towing-supply
8,564
9,279
9,271
9,574
9,323
Other
3,871
4,009
4,370
4,407
4,701
Total
$
10,021
10,442
9,806
9,545
9,616
Note (K): Average Vessel Day Rates
equals Vessel Revenue / Days Worked.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(In thousands)
2019
2019
2019
2018
2018
Americas
Vessel revenues
$
33,147
35,199
35,279
31,813
28,039
Vessel operating costs:
Crew costs
$
15,108
16,008
17,099
15,596
12,169
Routine repairs and maintenance
2,561
2,388
3,152
2,443
2,017
Major repairs
500
(60
)
468
(5
)
554
Insurance and loss reserves
305
(1,118
)
741
(38
)
(488
)
Fuel, lube and supplies
1,919
2,115
2,445
2,350
2,081
Other
2,461
2,772
2,771
2,523
1,787
Total vessel operating costs
$
22,854
22,105
26,676
22,869
18,120
Vessel operating margin ($)
$
10,293
13,094
8,603
8,944
9,919
Vessel operating margin (%)
31.1
%
37.2
%
24.4
%
28.1
%
35.4
%
Americas - Select
operating statistics
Average vessels - Total fleet
54
58
71
62
47
Utilization - Total fleet
56.9
%
54.5
%
48.3
%
46.0
%
46.1
%
Average vessels - Active fleet
37
38
39
35
27
Utilization - Active fleet
82.6
%
82.3
%
87.2
%
82.1
%
80.7
%
Average day rates
$
11,783
12,341
11,436
12,091
13,924
Vessels commencing drydocks
4
6
6
3
11
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense
$
500
(60
)
468
(5
)
554
Cash paid for deferred
drydocking and survey costs
$
5,368
6,637
2,178
3,406
1,099
$
5,868
6,577
2,646
3,401
1,653
Deferred drydocking and survey costs -
beginning balance
$
12,154
8,463
7,245
4,638
4,108
Cash paid for deferred drydocking and
survey costs
$
5,368
6,637
2,178
3,406
1,099
Amortization of deferred drydocking and
survey costs
$
(1,964
)
(1,228
)
(960
)
(799
)
(569
)
Disposals, intersegment transfers and
other
$
120
(1,718
)
—
—
—
Deferred drydocking and survey costs -
ending balance
$
15,678
12,154
8,463
7,245
4,638
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(In thousands)
2019
2019
2019
2018
2018
Middle East/Asia
Pacific
Vessel revenues
$
22,765
20,449
20,456
19,474
19,927
Vessel operating costs:
Crew costs
$
9,243
8,986
8,627
8,372
8,412
Routine repairs and maintenance
2,333
1,550
1,581
2,377
1,898
Major repairs
(16
)
123
—
—
(39
)
Insurance and loss reserves
356
186
589
154
(458
)
Fuel, lube and supplies
2,431
2,350
2,335
2,402
1,394
Other
1,318
1,844
1,733
1,947
2,203
Total vessel operating costs
$
15,665
15,039
14,865
15,252
13,410
Vessel operating margin ($)
$
7,100
5,410
5,591
4,222
6,517
Vessel operating margin (%)
31.2
%
26.5
%
27.3
%
21.7
%
32.7
%
Middle East/Asia
Pacific - Select operating statistics
Average vessels - Total fleet
52
50
51
48
49
Utilization - Total fleet
63.6
%
61.6
%
61.5
%
60.3
%
62.4
%
Average vessels - Active fleet
41
41
41
37
40
Utilization - Active fleet
80.7
%
74.7
%
76.1
%
77.1
%
76.9
%
Average day rates
$
7,520
7,293
7,205
7,291
7,123
Vessels commencing drydocks
3
2
7
3
4
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense
$
(16
)
123
—
—
(39
)
Cash paid for deferred
drydocking and survey costs
$
2,269
4,324
4,481
2,459
1,219
$
2,253
4,447
4,481
2,459
1,180
Deferred drydocking and survey costs -
beginning balance
$
11,961
9,178
5,961
4,099
3,361
Cash paid for deferred drydocking and
survey costs
$
2,269
4,324
4,481
2,459
1,219
Amortization of deferred drydocking and
survey costs
$
(1,911
)
(1,493
)
(1,264
)
(597
)
(481
)
Disposals, intersegment transfers and
other
$
253
(48
)
—
—
—
Deferred drydocking and survey costs -
ending balance
$
12,572
11,961
9,178
5,961
4,099
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(In thousands)
2019
2019
2019
2018
2018
Europe/Mediterranean Sea
Vessel revenues
$
30,946
35,027
28,558
20,717
12,566
Vessel operating costs:
Crew costs
$
12,974
13,001
13,059
9,271
5,642
Routine repairs and maintenance
3,307
3,491
2,404
1,799
1,645
Major repairs
—
423
174
550
192
Insurance and loss reserves
503
693
561
380
116
Fuel, lube and supplies
1,614
1,314
1,891
1,294
1,195
Other
2,658
2,902
2,994
2,008
1,838
Total vessel operating costs
$
21,056
21,824
21,083
15,302
10,628
Vessel operating margin ($)
$
9,890
13,203
7,475
5,415
1,938
Vessel operating margin (%)
32.0
%
37.7
%
26.2
%
26.1
%
15.4
%
Europe/Mediterranean Sea - Select operating
statistics
Average vessels - Total fleet
45
47
48
35
22
Utilization - Total fleet
61.4
%
62.7
%
60.1
%
63.1
%
67.0
%
Average vessels - Active fleet
32
34
34
25
18
Utilization - Active fleet
86.3
%
86.5
%
84.1
%
88.8
%
81.2
%
Average day rates
$
12,147
13,010
10,964
10,350
9,302
Vessels commencing drydocks
1
—
6
2
2
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense
$
—
423
174
550
192
Cash paid for deferred
drydocking and survey costs
$
316
3,030
2,432
1,635
383
$
316
3,453
2,606
2,185
575
Deferred drydocking and survey costs -
beginning balance
$
8,596
5,831
4,278
3,279
3,356
Cash paid for deferred drydocking and
survey costs
$
316
3,030
2,432
1,635
383
Amortization of deferred drydocking and
survey costs
$
(1,160
)
(1,448
)
(879
)
(636
)
(460
)
Disposals, intersegment transfers and
other
$
(373
)
1,183
—
—
—
Deferred drydocking and survey costs -
ending balance
$
7,379
8,596
5,831
4,278
3,279
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(In thousands)
2019
2019
2019
2018
2018
West
Africa
Vessel revenues
$
30,315
32,966
35,369
36,523
36,479
Vessel operating costs:
Crew costs
$
8,868
9,196
9,360
11,894
11,392
Routine repairs and maintenance
3,208
2,831
1,734
1,826
2,382
Major repairs
74
165
189
415
(15
)
Insurance and loss reserves
863
989
287
141
(876
)
Fuel, lube and supplies
2,817
2,672
2,674
3,272
3,310
Other
5,214
5,618
5,335
3,998
6,886
Total vessel operating costs
$
21,044
21,471
19,579
21,546
23,079
Vessel operating margin ($)
$
9,271
11,495
15,790
14,977
13,400
Vessel operating margin (%)
30.6
%
34.9
%
44.6
%
41.0
%
36.7
%
West Africa -
Select operating statistics
Average vessels - Total fleet
70
73
83
82
83
Utilization - Total fleet
50.9
%
52.3
%
49.4
%
53.6
%
51.4
%
Average vessels - Active fleet
48
50
54
53
55
Utilization - Active fleet
74.4
%
76.0
%
76.8
%
82.8
%
77.1
%
Average day rates
$
9,174
9,439
9,627
8,982
9,291
Vessels commencing drydocks
4
4
5
4
2
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense
$
74
165
189
415
(15
)
Cash paid for deferred
drydocking and survey costs
$
7,060
2,412
3,194
1,380
993
$
7,134
2,577
3,383
1,795
978
Deferred drydocking and survey costs -
beginning balance
$
8,318
7,129
4,731
4,037
3,547
Cash paid for deferred drydocking and
survey costs
$
7,060
2,412
3,194
1,380
993
Amortization of deferred drydocking and
survey costs
$
(1,653
)
(1,321
)
(796
)
(686
)
(503
)
Disposals, intersegment transfers and
other
$
(328
)
98
—
—
—
Deferred drydocking and survey costs -
ending balance
$
13,397
8,318
7,129
4,731
4,037
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(In thousands)
2019
2019
2019
2018
2018
Worldwide
Vessel revenues
$
117,173
123,641
119,662
108,527
97,011
Vessel operating costs:
Crew costs
$
46,193
47,191
48,145
45,133
37,615
Routine repairs and maintenance
11,409
10,260
8,871
8,445
7,942
Major repairs
558
651
830
960
692
Insurance and loss reserves
2,027
750
2,178
636
(1,706
)
Fuel, lube and supplies
8,781
8,451
9,345
9,317
7,980
Other
11,651
13,136
12,834
10,476
12,714
Total vessel operating costs
$
80,619
80,439
82,203
74,967
65,237
Vessel operating margin ($)
$
36,554
43,202
37,459
33,500
31,774
Vessel operating margin (%)
31.2
%
34.9
%
31.3
%
30.9
%
32.8
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
220
228
253
227
201
Utilization - Total fleet
57.5
%
57.0
%
53.6
%
54.4
%
54.5
%
Average vessels - Active fleet
158
163
168
150
140
Utilization - Active fleet
80.4
%
79.3
%
80.6
%
82.2
%
78.3
%
Average day rates
$
10,021
10,442
9,806
9,545
9,616
Vessels commencing drydocks
12
12
24
12
19
Major repairs expense and deferred
drydocking and survey costs:
Major repairs expense
$
558
651
831
960
692
Cash paid for deferred
drydocking and survey costs
$
15,013
16,403
12,285
8,880
3,694
$
15,571
17,054
13,116
9,840
4,386
Deferred drydocking and survey costs -
beginning balance
$
41,029
30,601
22,215
16,053
14,372
Cash paid for deferred drydocking and
survey costs
$
15,013
16,403
12,285
8,880
3,694
Amortization of deferred drydocking and
survey costs
$
(6,688
)
(5,490
)
(3,898
)
(2,718
)
(2,013
)
Disposals, intersegment transfers and
other
$
(328
)
(485
)
—
—
—
Deferred drydocking and survey costs -
ending balance
$
49,026
41,029
30,602
22,215
16,053
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
(In thousands)
2019
2019
2019
2018
2018
Net loss
$
(43,806
)
(15,553
)
(21,286
)
(90,377
)
(31,183
)
Interest and other debt costs
7,468
7,582
7,736
7,707
7,585
Income tax expense
15,071
5,542
5,830
7,856
1,278
Depreciation
19,047
19,548
19,034
17,383
11,377
Amortization of deferred drydocking and
survey costs
6,688
5,490
3,898
2,718
2,012
EBITDA (L), (M), (N), (O)
4,468
22,609
15,212
(54,713
)
(8,931
)
Impairment of Due from affiliate
—
—
—
20,083
—
Long-lived asset impairments
5,224
—
—
36,878
16,853
One time charges
6,293
460
3,739
12,161
3,036
Loss on debt extinguishment
—
—
—
8,119
—
Adjusted EBITDA (L), (M), (N), (O)
15,985
23,069
18,951
22,528
10,958
Note (L): EBITDA excludes interest
and other debt costs, income tax expense, depreciation and
amortization. Additionally, Adjusted EBITDA excludes impairment
charges, merger and integration related costs and loss on the
extinguishment of debt prior to maturity.
Note (M): EBITDA and Adjusted EBITDA
for the three months ended September 30, 2019, June 30, 2019, March
31, 2019, December 31, 2018 and September 30, 2018 includes
non-cash, stock-based compensation expense of $7,384, $3,588,
$5,627, $3,439 and $3,828, respectively.
Note (N): EBITDA and Adjusted EBITDA
for the three months ended September 30, 2019, June 30, 2019, March
31, 2019, December 31, 2018 and September 30, 2018 includes foreign
exchange gains (losses) of $173, $11, $(508), $1,454 and $1,
respectively.
Note (O): EBITDA and Adjusted EBITDA
equity in net (earnings) losses of unconsolidated companies for the
three months ended September 30, 2019, June 30, 2019, March 31,
2019, December 31, 2018 and September 30, 2018 includes foreign
exchange gains (losses) of $0, $0, $0, $0 and $0, 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) before interest and other debt costs, income
tax expense, depreciation and amortization. Additionally, Adjusted
EBITDA excludes impairment charges, merger and integration related
costs and losses on the extinguishment of debt prior to maturity.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191111005674/en/
Tidewater Inc. Quintin V. Kneen Chief Executive Officer
713-470-5300
SOURCE: Tidewater Inc.
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