Tidewater Inc. (NYSE:TDW) announced today revenue for the three
and twelve months ended December 31, 2019, of $118.8 million and
$486.5 million, and net losses for the same periods of $59.9
million (or $1.52 per common share) and $141.7 million (or $3.71
per common share), respectively. Excluding long-lived asset
impairments and one time expenses, net losses for the three and
twelve months ended December 31, 2019 were $25.2 million (or $0.64
per common share) and $91.4 million (or $2.39) per common share),
respectively. Highlights for the three months ended December 31,
2019:
- Generated revenue of $118.8 million, an 8%, or $8.5 million,
increase from the same period in the prior year; driven by a 4%
increase in average day rate and a 4% increase in active vessel
days.
- Continued significant streamlining of shore-based operations
resulted in a pro forma run rate for general and administrative
expense of $81.0 million.
- Active utilization increased to 81.4% for the fourth quarter,
up from 80.4% in the third quarter.
- Net cash flows provided by operating activities for the quarter
was a positive of $5.3 million, and free cash flow for the quarter
was a positive $12.5 million.
- Completed a bond consent and $125 million tender to improve
debt covenants, lower overall debt, and reduce pro-forma negative
interest carry by $8.0 million.
- Continued high-grading active fleet by identifying 46 lower
specification vessels to be disposed of in 2020.
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, “Over the course of 2019, Tidewater has taken a
series of strategic actions to streamline our fleet and increase
our efficiency across the entire organization. These actions were
part of our continuing efforts to achieve our near-term goal of
becoming free cash flow positive and part of our longer-term goal
of attaining an acceptable free cash flow return on our assets.
“The team made significant strides in the fourth quarter and we
are pleased to report that the business had positive operating cash
flow in the fourth quarter, was free cash flow positive in the
fourth quarter, and the strong performance in the fourth quarter
also resulted in the business being free cash flow positive for the
entire year of 2019. Free cash flow for the quarter was $12.5
million and $5.5 million for the year.
“Market conditions around the world continue to improve. Our
anticipated revenue for 2020 is similar to our total revenue for
2019, but with fewer ships as we continue to high-grade the active
fleet. As of this call, we have $440 million of backlog for 2020,
which is over 90% of the revenue we recorded for the prior year.
Key operational objectives for 2020 are to continue to improve our
active utilization percentage, which results in higher
profitability per vessel day, and to lower our annual spend on dry
docks and vessel modifications by over $20 million as compared to
2019.
“Through process improvements, headcount reductions and
technology implementation, the team successfully achieved
merger-related general and administrative cost synergies of $65
million, significantly exceeding the original target of $45
million. We finished 2019 with an annual general and administrative
spend run rate of $81 million, which was $19 million lower than our
original $100 million target, and substantially lower than
Tidewater’s pre-merger general and administrative spend on a
stand-alone basis. The improvement in active utilization, reduced
spend on drydocks and vessel modifications, and reduced spend on
general and administrative costs should result in us nearing our
longer-term goal of attaining an acceptable free cash flow return
on our assets.
“Part of achieving our return objectives is positioning the
Tidewater fleet for the future by obtaining the highest disposal
value for our fleet in lay-up. You will notice that we took the
step of separating the value of the ongoing fleet from the value of
the fleet we intend to sell or scrap, which we are now presenting
on the balance sheet as ‘assets held for sale’, which is stated at
our expected net realizable value. Marking that portion of the
fleet to net realizable value resulted in an impairment in the
fourth quarter of $26.7 million, and results in a value of assets
to be disposed of totaling $39.3 million. The value that remains on
the balance sheet as Net Property and Equipment reflects the book
value of the fleet we intend to remain operational.”
Kneen concluded, “All of these actions are part of our efforts
to achieve our goal of maximizing free cash flow generation while
preserving our pristine balance sheet. We believe the result is a
nimble, efficient and scalable platform that will enable us to
support our growth initiatives and further advance our leadership
position in the offshore industry. This accomplishment was the
result of our more than 5,000 employees pulling together to create
a new culture focused on establishing the safest, most profitable,
most investable offshore vessel company in the world.”
Included in the net loss for the three months and nine months
ended December 31, 2019 were general and administrative expenses of
$2.1 million ($0.05 per common share) and $12.6 million ($0.33 per
common share), respectively, for severance and similar expenses
related to integrating Tidewater and GulfMark operations.
In addition to the number of outstanding shares, as of December
31, 2019, the company also has the following in the money
warrants.
Common shares outstanding
39,941,327
New Creditor Warrants (strike price $0.001
per common share)
821,308
GulfMark Creditor Warrants (strike price
$0.01 per common share)
1,165,066
Total
41,927,701
Tidewater will hold a conference call to discuss results for the
three and twelve months ended December 31, 2019 on Tuesday, March
3, 2020 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 asking for the “Tidewater”
call just prior to the scheduled start time. A replay of the
conference call will be available beginning at 10:30 a.m. Central
Time on March 3, 2020 and will continue until 11:59 p.m. Central
Time on April 3, 2020. To access the replay, call 1-888-843-7419
(1-630-652-3042 if calling from outside the U.S.). The conference
call ID number is 49441491.
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 April 3, 2020.
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
Twelve Months Ended
December 31,
December 31,
December 31,
December 31,
2019
2018
2019
2018
Revenues:
Vessel revenues
$
116,539
108,527
477,015
397,206
Other operating revenues
2,237
1,707
9,534
9,314
Total revenues
118,776
110,234
486,549
406,520
Costs and expenses:
Vessel operating costs
85,935
74,967
329,196
269,580
Costs of other operating revenues
916
733
2,800
5,530
General and administrative (A)
22,406
36,487
103,716
110,023
Depreciation and amortization
28,226
20,101
101,931
58,293
Gain on asset dispositions, net
(1,217
)
(8,938
)
(2,263
)
(10,624
)
Impairment of due from affiliate
—
20,083
—
20,083
Asset impairments and other
32,549
36,878
37,773
61,132
Total operating costs and expenses
168,815
180,311
573,153
514,017
Operating loss
(50,039
)
(70,077
)
(86,604
)
(107,497
)
Other income (expense):
Foreign exchange gain (loss)
(945
)
1,455
(1,269
)
106
Equity in net earnings (losses) of
unconsolidated companies
(2,717
)
(3,871
)
(3,152
)
(18,864
)
Interest income and other
690
5,799
6,598
11,294
Loss on debt extinguishment
—
(8,119
)
—
(8,119
)
Interest and other debt costs
(6,282
)
(7,708
)
(29,068
)
(30,439
)
Total other expense
(9,254
)
(12,444
)
(26,891
)
(46,022
)
Loss before income taxes
(59,293
)
(82,521
)
(113,495
)
(153,519
)
Income tax expense
1,281
7,856
27,724
18,252
Net loss
$
(60,574
)
(90,377
)
(141,219
)
(171,771
)
Less: Net income (loss) attributable
to
noncontrolling interests
(721
)
132
524
(254
)
Net loss attributable to Tidewater
Inc.
$
(59,853
)
(90,509
)
(141,743
)
(171,517
)
Basic loss per common share
$
(1.52
)
(2.83
)
(3.71
)
(6.45
)
Diluted loss per common share
$
(1.52
)
(2.83
)
(3.71
)
(6.45
)
Weighted average common shares
outstanding (B)
39,504,154
31,974,802
38,204,934
26,589,883
Dilutive effect of stock options and
restricted
stock
—
—
—
—
Adjusted weighted average common
shares
39,504,154
31,974,802
38,204,934
26,589,883
Vessel operating margin
$
30,604
33,560
147,819
127,626
Note (A): Restructuring and
merger-related
items:
Professional services costs included
in
general and administrative expenses
related to the business combination
with GulfMark
$
—
4,465
88
4,553
Integration related costs related to
the
business combination with GulfMark
2,123
—
12,527
10,404
Total
$
2,123
4,465
12,615
14,957
Note (B):
Shares issuable upon the exercise of
New
Creditor Warrants held by U.S.
citizens
included in weighted average shares
outstanding
—
2,547
—
2,547
Total shares outstanding including
warrants
Common shares outstanding
39,941,327
26,589,883
New Creditor Warrants
(strike price $0.001 per common share)
821,308
2,220,857
GulfMark Creditor Warrants
(strike price $0.01 per common share)
1,165,066
2,189,709
Total
41,927,701
41,388,846
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share and par value
data)
December 31,
December 31,
ASSETS
2019
2018
Current assets:
Cash and cash equivalents
$
218,290
371,791
Restricted cash
5,755
25,953
Trade and other receivables, net
110,180
111,266
Due from affiliates
125,972
132,951
Marine operating supplies
21,856
29,505
Assets held for sale
39,287
—
Prepaid expenses and other current
assets
15,956
11,836
Total current assets
537,296
683,302
Investments in, at equity, and advances
to
unconsolidated companies
—
1,039
Net properties and equipment
938,961
1,089,857
Deferred drydocking and survey costs
66,936
22,215
Other assets
36,335
31,326
Total assets
$
1,579,528
1,827,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
27,501
31,939
Accrued costs and expenses
74,000
61,784
Due to affiliates
50,186
34,972
Current portion of long-term debt
9,890
8,568
Other current liabilities
24,100
21,092
Total current liabilities
185,677
158,355
Long-term debt
279,044
430,436
Other liabilities and deferred credits
98,397
94,025
Commitments and contingencies
Equity:
Common stock
40
37
Additional paid-in capital
1,367,521
1,352,388
Accumulated deficit
(352,526
)
(210,783
)
Accumulated other comprehensive income
(loss)
(236
)
2,194
Total stockholders’ equity
1,014,799
1,143,836
Noncontrolling interests
1,611
1,087
Total equity
1,016,410
1,144,923
Total liabilities and equity
$
1,579,528
1,827,739
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
(In thousands)
Three Months Ended
Twelve Months Ended
December 31, 2019
December 31, 2018
December 31, 2019
December 31, 2018
Net loss
$
(60,574
)
$
(90,377
)
$
(141,219
)
$
(171,771
)
Other comprehensive income (loss):
Unrealized gains (losses) on available for
sale
securities, net of tax of $0, $0, $0, and
$0,
respectively
—
—
—
(256
)
Change in supplemental executive
retirement plan
pension liability, net of tax of $0, $0,
$0 and
$0, respectively
(2,121
)
2,214
(2,121
)
2,214
Change in pension plan minimum
liability,
net of tax of $0, $0, $0, and $0,
respectively
(309
)
1,919
(309
)
1,919
Change in other benefit plan minimum
liability,
net of tax of $0, $0, $0 and $0,
respectively
—
(1,536
)
—
(1,536
)
Total comprehensive loss
$
(63,004
)
$
(87,780
)
$
(143,649
)
$
(169,430
)
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
Twelve Months Ended
Three Months Ended
Twelve Months Ended
December 31, 2019
December 31, 2019
December 31, 2018
Operating activities:
Net loss
$
(141,219
)
(60,574
)
(171,771
)
Adjustments to reconcile net loss to net
cash provided by
(used in) operating activities:
Depreciation and amortization
77,045
19,416
51,332
Amortization of deferred drydocking and
survey costs
24,886
8,810
6,961
Amortization of debt premiums and
discounts
(4,877
)
(3,315
)
(1,856
)
Provision for deferred income taxes
672
(87
)
572
Gain on asset dispositions, net
(2,263
)
(1,216
)
(10,624
)
Impairment of due from affiliate
—
—
20,083
Long-lived asset impairments and other
37,773
32,549
61,132
Loss on debt extinguishment
—
—
8,119
Changes in investments in, at equity, and
advances to
unconsolidated companies
1,039
604
28,177
Compensation expense – stock based
19,603
3,004
13,406
Changes in operating assets and
liabilities, net:
Trade and other receivables
1,086
12,882
9,088
Changes in due to/from affiliate, net
22,193
7,295
28,644
Accounts payable
(4,439
)
3,828
(15,174
)
Accrued expenses
8,189
18,763
(13,489
)
Deferred drydocking and survey costs
(70,437
)
(26,736
)
(25,968
)
Other, net
(674
)
(9,942
)
7,427
Net cash provided by (used in) operating
activities
(31,423
)
5,281
(3,941
)
Cash flows from investing activities:
Proceeds from sales of assets
28,847
3,755
46,115
Additions to properties and equipment
(17,998
)
(4,067
)
(21,391
)
Cash and cash equivalents from stock based
merger
—
—
43,806
Net cash provided by (used in) investing
activities
10,849
(312
)
68,530
Cash flows from financing activities:
Principal payments on long-term debt
(133,693
)
(127,235
)
(105,169
)
Premium paid for redemption of secured
notes
(11,402
)
(11,402
)
—
Cash payments to General Unsecured
Creditors
—
—
(8,377
)
Loss on debt extinguishment
—
—
(8,119
)
Cash received for issuance of common
stock
—
—
3
Tax on share-based award
(4,467
)
(1,355
)
(4,400
)
Other
—
(1
)
(2,000
)
Net cash used in financing activities
(149,562
)
(139,993
)
(128,062
)
Net change in cash, cash equivalents and
restricted cash
(170,136
)
(135,024
)
(55,591
)
Cash, cash equivalents and restricted cash
at beginning of period
397,744
362,632
453,335
Cash, cash equivalents and restricted cash
at end of period
$
227,608
227,608
397,744
Year
Three Months
Year
Ended
Ended
Ended
December 31, 2019
December 31, 2018
December 31, 2018
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest, net of amounts capitalized
$
32,687
8,205
32,326
Income taxes
14,378
3,992
16,828
Supplemental disclosure of noncash
investing activities:
—
Merger with GulfMark
—
—
285,492
Supplemental disclosure of noncash
financing activities:
Common stock issued for GulfMark
merger
—
—
285,492
TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF
EQUITY
(In thousands)
Additional
Retained
Accumulated other
Non
Common
paid-in
earnings
comprehensive
controlling
stock
capital
(deficit)
income (loss)
interest
Total
Balance at December 31, 2017
$
22
1,059,120
(39,266
)
(147
)
2,215
1,021,944
Total comprehensive income (loss)
—
—
(171,517
)
2,341
(254
)
(169,430
)
Issuance of common stock from exercise
of
warrants
6
(3
)
—
—
—
3
Issuance of common stock for GulfMark
business
combination
9
285,483
—
—
—
285,492
Amortization of restricted stock units
—
8,914
—
—
—
8,914
Cash paid to noncontrolling interests
—
(1,126
)
—
—
(874
)
(2,000
)
Balance at December 31, 2018
$
37
1,352,388
(210,783
)
2,194
1,087
1,144,923
Total comprehensive income (loss)
—
—
(141,743
)
(2,430
)
524
(143,649
)
Issuance of common stock from exercise
of
warrants
3
(3
)
—
—
—
—
Amortization of restricted stock units
—
15,136
—
—
—
15,136
Balance at December 31, 2019
$
40
1,367,521
(352,526
)
(236
)
1,611
1,016,410
The company’s vessel revenues and vessel operating costs and the
related percentage of total vessel revenues, were as follows:
Three Months Ended
Twelve Months Ended
December 31, 2019
December 31, 2018
December 31, 2019
December 31, 2018
(In thousands)
%
%
%
%
Vessel revenues:
Americas
$
33,333
29
%
31,813
29
%
136,958
29
%
118,534
30
%
Middle East/Asia Pacific
26,651
23
%
19,474
18
%
90,321
19
%
80,195
20
%
Europe/Mediterranean
29,180
25
%
20,717
19
%
123,711
26
%
56,263
14
%
West Africa
27,375
23
%
36,523
34
%
126,025
26
%
142,214
36
%
Total vessel revenues
$
116,539
100
%
108,527
100
%
477,015
100
%
397,206
100
%
Vessel operating costs:
Crew costs
$
46,071
40
%
45,133
42
%
187,599
39
%
153,340
39
%
Repair and maintenance
15,181
13
%
9,405
9
%
47,761
10
%
33,721
8
%
Insurance and loss reserves
1,174
1
%
637
1
%
6,129
1
%
51
(<1
%)
Fuel, lube and supplies
9,782
8
%
9,315
9
%
36,359
8
%
34,489
9
%
Other
13,726
12
%
10,477
10
%
51,348
11
%
47,979
12
%
Total vessel operating costs
85,935
74
%
74,967
69
%
329,196
69
%
269,580
68
%
Vessel operating margin (A)
$
30,604
26
%
33,560
31
%
147,819
31
%
127,626
32
%
Note (A): Vessel operating margin
equals revenues less vessel operating costs and excludes general
and administrative expenses and depreciation and amortization.
The company’s operating loss and other components of loss before
income taxes and its related percentage of total revenues, were as
follows:
Three Months Ended
Twelve Months Ended
December 31, 2019
December 31, 2018
December 31, 2019
December 31, 2018
(In thousands)
%
%
%
%
Vessel operating profit (loss):
Americas
$
(2,507
)
(2
%)
(2,944
)
(3
%)
(805
)
(0
%)
8,860
2
%
Middle East/Asia Pacific
(1,946
)
(2
%)
(2,088
)
(2
%)
(6,044
)
(1
%)
(4,417
)
(1
%)
Europe/Mediterranean
(521
)
(0
%)
(2,606
)
(2
%)
(1,289
)
(0
%)
(9,359
)
(2
%)
West Africa
(3,593
)
(3
%)
3,373
3
%
8,298
2
%
7,240
2
%
Other operating profit
1,353
1
%
975
1
%
6,734
1
%
3,742
1
%
(7,214
)
(6
%)
(3,290
)
(3
%)
6,894
1
%
6,066
1
%
Corporate expenses (A)
(11,493
)
(10
%)
(18,764
)
(17
%)
(57,988
)
(12
%)
(42,972
)
(11
%)
Gain (loss) on asset dispositions, net
1,217
1
%
8,938
8
%
2,263
0
%
10,624
3
%
Impairment of due from affiliates
0
0
%
(20,083
)
(18
%)
0
0
%
(20,083
)
(5
%)
Long-lived asset impairments
(32,549
)
(27
%)
(36,878
)
(33
%)
(37,773
)
(8
%)
(61,132
)
(15
%)
Operating loss
$
(50,039
)
(42
%)
(70,077
)
(64
%)
(86,604
)
(18
%)
(107,497
)
(26
%)
Note (A): General and administrative
expenses for the three and twelve months ended December 31, 2019
includes stock-based compensation of $3.0 million and $19.6
million, respectively. General and administrative expenses for the
three and twelve months ended December 31, 2018 included
stock-based compensation of $3.6 million and $13.6 million,
respectively. In addition, general and administrative costs for the
three and twelve months ended December 31, 2019 includes $2.1
million and $12.6 million, respectively, 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 per share data)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
December 31,
December 31,
2019
2019
2019
2019
2018
2019
2018
Revenues:
Vessel revenues
$
116,539
117,173
123,641
119,662
108,527
477,015
397,206
Other operating revenues
2,237
2,592
2,218
2,487
1,707
9,534
9,314
Total revenues
118,776
119,765
125,859
122,149
110,234
486,549
406,520
Costs and expenses:
Vessel operating costs
85,935
80,619
80,439
82,203
74,967
329,196
269,580
Costs of other operating revenues
916
534
586
764
733
2,800
5,530
General and administrative (A)
22,406
30,474
23,696
27,140
36,487
103,716
110,023
Depreciation and amortization
28,226
25,735
25,038
22,932
20,101
101,931
58,293
Gain on asset dispositions, net
(1,217
)
(270
)
494
(1,270
)
(8,938
)
(2,263
)
(10,624
)
Impairment of due from affiliate
—
—
—
—
20,083
—
20,083
Asset impairments and other
32,549
5,224
—
—
36,878
37,773
61,132
Total operating costs and expenses
168,815
142,316
130,253
131,769
180,311
573,153
514,017
Operating loss
(50,039
)
(22,551
)
(4,394
)
(9,620
)
(70,077
)
(86,604
)
(107,497
)
Other income (expense):
Foreign exchange gain (loss)
(945
)
173
11
(508
)
1,455
(1,269
)
106
Equity in net earnings (losses) of
unconsolidated companies
(2,717
)
(468
)
95
(62
)
(3,871
)
(3,152
)
(18,864
)
Interest income and other
690
1,579
1,859
2,470
5,799
6,598
11,294
Loss on debt extinguishment
—
—
—
—
(8,119
)
—
(8,119
)
Interest and other debt costs
(6,282
)
(7,468
)
(7,582
)
(7,736
)
(7,708
)
(29,068
)
(30,439
)
Total other expense
(9,254
)
(6,184
)
(5,617
)
(5,836
)
(12,444
)
(26,891
)
(46,022
)
Loss before income taxes
(59,293
)
(28,735
)
(10,011
)
(15,456
)
(82,521
)
(113,495
)
(153,519
)
Income tax expense
1,281
15,071
5,542
5,830
7,856
27,724
18,252
Net loss
$
(60,574
)
(43,806
)
(15,553
)
(21,286
)
(90,377
)
(141,219
)
(171,771
)
Less: Net income (loss) attributable
to
noncontrolling interests
(721
)
394
406
445
132
524
(254
)
Net loss attributable to Tidewater
Inc.
$
(59,853
)
(44,200
)
(15,959
)
(21,731
)
(90,509
)
(141,743
)
(171,517
)
Basic loss per common share
$
(1.52
)
(1.15
)
(0.42
)
(0.58
)
(2.83
)
(3.71
)
(6.45
)
Diluted loss per common share
$
(1.52
)
(1.15
)
(0.42
)
(0.58
)
(2.83
)
(3.71
)
(6.45
)
Weighted average common shares
outstanding (B)
39,504,154
38,537,165
37,570,629
37,178,580
31,974,802
38,204,934
26,589,883
Dilutive effect of stock options and
restricted
stock
—
—
—
—
—
—
—
Adjusted weighted average common
shares
39,504,154
38,537,165
37,570,629
37,178,580
31,974,802
38,204,934
26,589,883
Vessel operating margin
$
30,604
36,554
43,202
37,459
33,560
147,819
127,626
Note (A): Restructuring and
merger-related
items:
Professional services costs included
in
general and administrative expenses
related to the business combination
with GulfMark
$
—
—
—
88
4,465
88
4,553
Integration related costs related to
the
business combination with GulfMark
2,123
6,293
460
3,651
—
12,527
10,404
Total
$
2,123
6,293
460
3,739
4,465
12,615
14,957
Note (B):
Shares issuable upon the exercise of
New
Creditor Warrants held by U.S.
citizens
included in weighted average shares
outstanding
—
—
—
—
2,547
—
2,547
Total shares outstanding including
warrants
Common shares outstanding
39,941,327
26,589,883
New Creditor Warrants
(strike price $0.001 per common share)
821,308
2,220,857
GulfMark Creditor Warrants
(strike price $0.01 per common share)
1,165,066
2,189,709
Total
41,927,701
41,388,846
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
December 31,
September 30,
June 30,
March 31,
December 31,
ASSETS
2019
2019
2019
2019
2018
Current assets:
Cash and cash equivalents
$
218,290
359,332
369,549
391,060
371,791
Restricted cash
5,755
3,300
13,614
6,975
25,953
Trade and other receivables, net
110,180
123,133
121,155
112,853
111,266
Due from affiliates
125,972
124,757
121,959
119,049
132,951
Marine operating supplies
21,856
21,303
29,141
29,337
29,505
Assets held for sale
39,287
—
—
—
—
Prepaid expenses and other current
assets
15,956
13,116
14,460
14,844
11,836
Total current assets
537,296
644,941
669,878
674,118
683,302
Investments in, at equity, and advances
to
unconsolidated companies
—
—
658
774
1,039
Net properties and equipment
938,961
1,022,786
1,041,054
1,065,297
1,089,857
Deferred drydocking and survey costs
66,936
49,025
41,029
30,602
22,215
Other assets
36,335
37,269
39,651
38,507
31,326
Total assets
$
1,579,528
1,754,021
1,792,270
1,809,298
1,827,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
27,501
23,672
24,170
29,739
31,939
Accrued costs and expenses
74,000
54,792
56,675
56,025
61,784
Due to affiliates
50,186
41,676
39,060
40,245
34,972
Current portion of long-term debt
9,890
9,689
10,002
9,957
8,568
Other current liabilities
24,100
30,024
24,442
20,115
21,092
Total current liabilities
185,677
159,853
154,349
156,081
158,355
Long-term debt
279,044
419,905
424,911
427,436
430,436
Other liabilities and deferred credits
98,397
96,499
97,471
98,096
94,025
Commitments and contingencies
Equity:
Common stock
40
39
38
37
37
Additional paid-in capital
1,367,521
1,365,872
1,359,842
1,356,436
1,352,388
Accumulated deficit
(352,526
)
(292,673
)
(248,473
)
(232,514
)
(210,783
)
Accumulated other comprehensive income
(loss)
(236
)
2,194
2,194
2,194
2,194
Total stockholders’ equity
1,014,799
1,075,432
1,113,601
1,126,153
1,143,836
Noncontrolling interests
1,611
2,332
1,938
1,532
1,087
Total equity
1,016,410
1,077,764
1,115,539
1,127,685
1,144,923
Total liabilities and equity
$
1,579,528
1,754,021
1,792,270
1,809,298
1,827,739
Supplemental Information
Due from related parties, net of due to
related parties:
Sonatide (Angola)
$
57,771
64,660
66,690
62,591
79,829
DTDW (Nigeria)
18,015
18,421
16,209
16,213
18,150
Total
$
75,786
83,081
82,899
78,804
97,979
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
VESSEL REVENUE BY
VESSEL CLASS
Americas
fleet:
Deepwater
$
22,883
24,575
26,991
25,214
21,412
Towing-supply
8,639
7,831
7,448
8,576
8,283
Other
1,811
741
760
1,489
2,118
Total
$
33,333
33,147
35,199
35,279
31,813
Middle East/Asia
Pacific fleet:
Deepwater
$
16,015
14,960
12,130
10,502
8,705
Towing-supply
10,636
7,805
8,319
9,954
10,959
Other
—
—
—
—
(190
)
Total
$
26,651
22,765
20,449
20,456
19,474
Europe/Mediterranean
fleet:
Deepwater
$
28,652
30,608
34,104
27,577
19,876
Towing-supply
528
338
923
981
841
Total
$
29,180
30,946
35,027
28,558
20,717
West Africa
fleet:
Deepwater
$
14,066
14,923
14,977
15,949
15,287
Towing-supply
9,981
11,598
14,015
15,184
16,807
Other
3,328
3,794
3,974
4,236
4,429
Total
$
27,375
30,315
32,966
35,369
36,523
Worldwide
fleet:
Deepwater
$
81,616
85,066
88,202
79,242
65,278
Towing-supply
29,784
27,572
30,705
34,695
36,890
Other
5,139
4,535
4,734
5,725
6,359
Total
$
116,539
117,173
123,641
119,662
108,527
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
AVERAGE NUMBER OF
VESSELS:
Americas
fleet:
Deepwater
31
32
34
37
35
Towing-supply
17
17
18
27
20
Other
4
5
6
7
7
Total
52
54
58
71
62
Stacked vessels
(15
)
(17
)
(20
)
(32
)
(27
)
Active vessels
37
37
38
39
35
Middle East/Asia
Pacific fleet:
Deepwater
27
26
24
24
20
Towing-supply
28
26
26
27
28
Total
55
52
50
51
48
Stacked vessels
(10
)
(11
)
(9
)
(10
)
(11
)
Active vessels
44
41
41
41
37
Europe/Mediterranean
fleet:
Deepwater
42
42
44
45
31
Towing-supply
3
3
3
3
4
Total
45
45
47
48
35
Stacked vessels
(15
)
(13
)
(13
)
(14
)
(10
)
Active vessels
30
32
34
34
25
West Africa
fleet:
Deepwater
27
29
30
30
28
Towing-supply
19
20
22
31
31
Other
21
21
21
22
23
Total
67
70
73
83
82
Stacked vessels
(22
)
(22
)
(23
)
(29
)
(29
)
Active vessels
45
48
50
54
53
Worldwide
fleet:
Deepwater
126
129
132
136
114
Towing-supply
68
66
69
88
83
Other
25
26
27
29
30
Total
219
221
228
253
227
Stacked vessels
(62
)
(63
)
(65
)
(85
)
(77
)
Active vessels
157
158
163
168
150
Total active
157
158
163
168
150
Total stacked
62
63
65
85
77
Total joint venture and other vessels
4
4
4
4
5
Total
223
225
232
257
232
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
Deepwater
2,852
2,932
3,112
3,332
3,271
Towing-supply
1,580
1,552
1,638
2,426
1,806
Other
368
460
484
619
644
Total
4,800
4,944
5,234
6,377
5,721
Middle East/Asia
Pacific fleet:
Deepwater
2,453
2,370
2,184
2,160
1,840
Towing-supply
2,576
2,392
2,369
2,457
2,588
Other
—
—
—
—
—
Total
5,029
4,762
4,553
4,617
4,428
Europe/Mediterranean
fleet:
Deepwater
3,848
3,874
4,024
4,040
2,806
Towing-supply
276
276
273
294
368
Total
4,124
4,150
4,297
4,334
3,174
West Africa
fleet:
Deepwater
2,439
2,723
2,730
2,668
2,606
Towing-supply
1,779
1,840
1,974
2,790
2,852
Other
1,932
1,932
1,976
1,980
2,122
Total
6,150
6,495
6,680
7,438
7,580
Worldwide
fleet:
Deepwater
11,592
11,899
12,050
12,200
10,523
Towing-supply
6,211
6,060
6,254
7,967
7,614
Other
2,300
2,392
2,460
2,599
2,766
Total
20,103
20,351
20,764
22,766
20,903
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
Deepwater
656
723
798
992
1,288
Towing-supply
568
632
728
1,467
932
Other
184
184
241
380
296
Total
1,408
1,539
1,767
2,839
2,516
Middle East/Asia
Pacific fleet:
Deepwater
552
552
494
617
572
Towing-supply
399
460
303
270
391
Other
—
—
—
—
—
Total
951
1,012
797
887
963
Europe/Mediterranean
fleet:
Deepwater
1,196
1,104
1,092
1,122
736
Towing-supply
153
92
91
114
184
Total
1,349
1,196
1,183
1,236
920
West Africa
fleet:
Deepwater
766
768
698
630
625
Towing-supply
583
552
700
1,486
1,361
Other
643
736
689
540
681
Total
1,992
2,056
2,087
2,656
2,667
Worldwide
fleet:
Deepwater
3,170
3,147
3,082
3,361
3,221
Towing-supply
1,703
1,736
1,822
3,337
2,868
Other
827
920
930
920
977
Total
5,700
5,803
5,834
7,618
7,066
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
AVAILABLE DAYS -
ACTIVE FLEET: (A)
Americas
fleet:
Deepwater
2,196
2,209
2,314
2,340
1,983
Towing-supply
1,012
920
910
959
874
Other
184
276
243
239
348
Total
3,392
3,405
3,467
3,538
3,205
Middle East/Asia
Pacific fleet:
Deepwater
1,901
1,818
1,690
1,543
1,268
Towing-supply
2,177
1,932
2,066
2,187
2,197
Other
—
—
—
—
—
Total
4,078
3,750
3,756
3,730
3,465
Europe/Mediterranean
fleet:
Deepwater
2,652
2,770
2,932
2,918
2,070
Towing-supply
123
184
182
180
184
Total
2,775
2,954
3,114
6,159
2,254
West Africa
fleet:
Deepwater
1,673
1,955
2,032
2,038
1,981
Towing-supply
1,196
1,288
1,274
1,304
1,491
Other
1,289
1,196
1,287
1,440
1,441
Total
4,158
4,439
4,593
4,782
4,913
Worldwide
fleet:
Deepwater
8,422
8,752
8,968
8,839
7,302
Towing-supply
4,508
4,324
4,432
4,630
4,746
Other
1,473
1,472
1,530
1,679
1,789
Total
14,403
14,548
14,930
15,148
13,837
Note (A): 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
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
UTILIZATION -
TOTAL FLEET: (A)
Americas
fleet:
Deepwater
61.7
%
64.5
%
65.8
%
61.9
%
49.9
%
Towing-supply
58.6
53.1
43.5
35.4
42.8
Other
50.0
21.0
19.0
26.3
35.3
Total
59.8
%
56.9
%
54.5
%
48.4
%
46.0
%
Middle East/Asia
Pacific fleet:
Deepwater
66.7
%
65.4
%
62.1
%
57.8
%
57.6
%
Towing-supply
70.0
61.7
61.1
64.8
62.3
Total
68.4
%
63.6
%
61.6
%
61.5
%
60.3
%
Europe/Mediterranean
fleet:
Deepwater
60.0
%
64.0
%
63.0
%
60.1
%
66.2
%
Towing-supply
31.6
24.5
56.9
59.9
39.0
Total
58.1
%
61.4
%
62.7
%
60.1
%
63.1
%
West Africa
fleet:
Deepwater
46.9
%
50.6
%
51.7
%
52.9
%
58.5
%
Towing-supply
43.8
46.3
50.3
40.0
46.5
Other
56.6
55.6
55.1
57.9
57.3
Total
49.1
%
50.9
%
52.3
%
49.4
%
53.6
%
Worldwide
fleet:
Deepwater
59.1
%
61.4
%
61.0
%
58.6
%
57.7
%
Towing-supply
57.9
53.1
52.9
47.0
50.6
Other
55.6
49.0
48.0
50.4
52.2
Total
58.3
%
57.5
%
57.0
%
53.6
%
54.4
%
Note (A): Utilization Total Fleet
equals Days Worked / Available Days Total Fleet.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
UTILIZATION -
ACTIVE FLEET: (A)
Americas
fleet:
Deepwater
86.1
%
85.7
%
88.4
%
88.2
%
82.3
%
Towing-supply
91.4
89.6
78.4
89.5
88.4
Other
100.0
35.0
37.9
68.2
65.4
Total
84.6
%
82.6
%
82.3
%
87.2
%
82.1
%
Middle East/Asia
Pacific fleet:
Deepwater
86.1
%
85.3
%
80.3
%
80.9
%
83.6
%
Towing-supply
82.9
76.4
70.1
72.8
73.3
Total
84.4
%
80.7
%
74.7
%
76.1
%
77.1
%
Europe/Mediterranean
fleet:
Deepwater
87.1
%
89.5
%
86.5
%
83.2
%
89.8
%
Towing-supply
70.9
36.8
85.3
97.8
78.0
Total
86.4
%
86.3
%
86.5
%
84.1
%
88.8
%
West Africa
fleet:
Deepwater
68.3
%
70.5
%
69.4
%
69.2
%
77.0
%
Towing-supply
65.1
66.1
77.9
85.6
88.9
Other
84.9
89.9
84.6
79.7
84.3
Total
72.5
%
74.4
%
76.0
%
76.8
%
82.8
%
Worldwide
fleet:
Deepwater
81.3
%
83.4
%
82.0
%
80.9
%
83.2
%
Towing-supply
79.8
74.5
74.7
80.8
81.2
Other
86.8
79.6
77.2
78.0
80.7
Total
81.4
%
80.4
%
79.3
%
80.6
%
82.2
%
Note (A): Utilization Active Fleet
equals Days Worked / Available Days - Active Fleet.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
AVERAGE VESSEL
DAY RATES: (A)
Americas
fleet:
Deepwater
$
13,001
12,986
13,186
12,217
13,127
Towing-supply
9,337
9,504
10,442
9,993
10,722
Other
9,838
7,674
8,259
9,135
9,311
Total
$
11,617
11,783
12,341
11,436
12,091
Middle East/Asia
Pacific fleet:
Deepwater
$
9,784
9,648
8,942
8,417
8,215
Towing-supply
5,897
5,285
5,747
6,255
6,801
Other
—
—
—
—
—
Total
$
7,746
7,520
7,293
7,205
7,291
Europe/Mediterranean
fleet:
Deepwater
$
12,336
12,342
13,443
11,356
10,696
Towing-supply
6,055
4,995
5,941
5,566
5,867
Total
$
12,171
12,147
13,010
10,964
10,350
West Africa
fleet:
Deepwater
$
12,304
10,827
10,615
11,307
10,023
Towing-supply
12,810
13,628
14,115
13,601
12,675
Other
3,041
3,530
3,650
3,693
3,645
Total
$
9,075
9,174
9,439
9,627
8,982
Worldwide
fleet:
Deepwater
$
11,892
11,651
11,998
11,082
10,747
Towing-supply
8,284
8,564
9,279
9,271
9,574
Other
4,137
3,871
4,009
4,370
4,407
Total
$
9,940
10,021
10,442
9,806
9,545
Note (A): Average Vessel Day Rates equals
Vessel Revenue / Days Worked.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
Americas
Vessel revenues
$
33,333
33,147
35,199
35,279
31,813
Vessel operating costs:
Crew costs
$
15,307
15,108
16,008
17,099
15,596
Repairs and maintenance
3,067
3,061
2,328
3,620
2,438
Insurance and loss reserves
299
305
(1,118
)
741
(38
)
Fuel, lube and supplies
1,853
1,919
2,115
2,445
2,350
Other
4,082
2,461
2,772
2,771
2,523
Total vessel operating costs
$
24,607
22,854
22,105
26,676
22,869
Vessel operating margin ($)
$
8,726
10,293
13,094
8,603
8,944
Vessel operating margin (%)
26.2
%
31.1
%
37.2
%
24.4
%
28.1
%
Americas - Select
operating statistics
Average vessels - Total fleet
52
54
58
71
62
Utilization - Total fleet
59.8
%
56.9
%
54.5
%
48.3
%
46.0
%
Average vessels - Active fleet
37
37
38
39
35
Utilization - Active fleet
84.6
%
82.6
%
82.3
%
87.2
%
82.1
%
Average day rates
$
11,617
11,783
12,341
11,436
12,091
Vessels commencing drydocks
1
4
6
6
3
Cash paid for deferred drydocking and
survey costs
$
5,381
5,368
6,637
2,178
3,406
Deferred drydocking and survey costs -
beginning
balance
$
15,678
12,154
8,463
7,245
4,638
Cash paid for deferred drydocking and
survey
costs
5,381
5,368
6,637
2,178
3,406
Amortization of deferred drydocking and
survey
costs
(2,498
)
(1,964
)
(1,228
)
(960
)
(799
)
Disposals, intersegment transfers and
other
—
120
(1,718
)
—
—
Deferred drydocking and survey costs -
ending
balance
$
18,561
15,678
12,154
8,463
7,245
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
Middle East/Asia
Pacific
Vessel revenues
$
26,651
22,765
20,449
20,456
19,474
Vessel operating costs:
Crew costs
$
10,308
9,243
8,986
8,627
8,372
Repairs and maintenance
3,838
2,317
1,673
1,581
2,377
Insurance and loss reserves
790
356
186
589
154
Fuel, lube and supplies
1,937
2,431
2,350
2,335
2,402
Other
2,864
1,318
1,844
1,733
1,947
Total vessel operating costs
$
19,738
15,665
15,039
14,865
15,252
Vessel operating margin ($)
$
6,913
7,100
5,410
5,591
4,222
Vessel operating margin (%)
25.9
%
31.2
%
26.5
%
27.3
%
21.7
%
Middle East/Asia
Pacific - Select operating
statistics
Average vessels - Total fleet
55
52
50
51
48
Utilization - Total fleet
68.4
%
63.6
%
61.6
%
61.5
%
60.3
%
Average vessels - Active fleet
44
41
41
41
37
Utilization - Active fleet
84.4
%
80.7
%
74.7
%
76.1
%
77.1
%
Average day rates
$
7,746
7,520
7,293
7,205
7,291
Vessels commencing drydocks
3
3
2
7
3
Cash paid for deferred drydocking and
survey costs
$
6,072
2,269
4,324
4,481
2,459
Deferred drydocking and survey costs -
beginning
balance
$
12,572
11,961
9,178
5,961
4,099
Cash paid for deferred drydocking and
survey
costs
6,072
2,269
4,324
4,481
2,459
Amortization of deferred drydocking and
survey
costs
(2,131
)
(1,911
)
(1,493
)
(1,264
)
(597
)
Disposals, intersegment transfers and
other
—
253
(48
)
—
—
Deferred drydocking and survey costs -
ending
balance
$
16,513
12,572
11,961
9,178
5,961
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
Europe/Mediterranean
Vessel revenues
$
29,180
30,946
35,027
28,558
20,717
Vessel operating costs:
Crew costs
$
11,984
12,974
13,001
13,059
9,271
Repairs and maintenance
3,617
3,307
3,914
2,578
2,349
Insurance and loss reserves
367
503
693
561
380
Fuel, lube and supplies
1,808
1,614
1,314
1,891
1,294
Other
2,098
2,658
2,902
2,994
2,008
Total vessel operating costs
$
19,874
21,056
21,824
21,083
15,302
Vessel operating margin ($)
$
9,306
9,890
13,203
7,475
5,415
Vessel operating margin (%)
31.9
%
32.0
%
37.7
%
26.2
%
26.1
%
Europe/Mediterranean - Select operating
statistics
Average vessels - Total fleet
45
45
47
48
35
Utilization - Total fleet
58.1
%
61.4
%
62.7
%
60.1
%
63.1
%
Average vessels - Active fleet
30
32
34
34
25
Utilization - Active fleet
86.4
%
86.3
%
86.5
%
84.1
%
88.8
%
Average day rates
$
12,171
12,147
13,010
10,964
10,350
Vessels commencing drydocks
3
1
—
6
2
Cash paid for deferred drydocking and
survey costs
$
3,378
316
3,030
2,432
1,635
Deferred drydocking and survey costs -
beginning
balance
$
7,379
8,596
5,831
4,278
3,279
Cash paid for deferred drydocking and
survey
costs
3,378
316
3,030
2,432
1,635
Amortization of deferred drydocking and
survey
costs
(1,335
)
(1,160
)
(1,448
)
(879
)
(636
)
Disposals, intersegment transfers and
other
(16
)
(373
)
1,183
—
—
Deferred drydocking and survey costs -
ending
balance
$
9,406
7,379
8,596
5,831
4,278
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
West
Africa
Vessel revenues
$
27,375
30,315
32,966
35,369
36,523
Vessel operating costs:
Crew costs
$
8,472
8,868
9,196
9,360
11,894
Repairs and maintenance
4,659
3,282
2,996
1,923
2,241
Insurance and loss reserves
(282
)
863
989
287
141
Fuel, lube and supplies
4,184
2,817
2,672
2,674
3,272
Other
4,682
5,214
5,618
5,335
3,998
Total vessel operating costs
$
21,715
21,044
21,471
19,579
21,546
Vessel operating margin ($)
$
5,660
9,271
11,495
15,790
14,977
Vessel operating margin (%)
20.7
%
30.6
%
34.9
%
44.6
%
41.0
%
West Africa -
Select operating statistics
Average vessels - Total fleet
67
70
73
83
82
Utilization - Total fleet
49.1
%
50.9
%
52.3
%
49.4
%
53.6
%
Average vessels - Active fleet
45
48
50
54
53
Utilization - Active fleet
72.5
%
74.4
%
76.0
%
76.8
%
82.8
%
Average day rates
$
9,075
9,174
9,439
9,627
8,982
Vessels commencing drydocks
1
4
4
5
4
Cash paid for deferred drydocking and
survey costs
$
11,905
7,060
2,412
3,194
1,380
Deferred drydocking and survey costs -
beginning
balance
$
13,397
8,318
7,129
4,731
4,037
Cash paid for deferred drydocking and
survey
costs
11,905
7,060
2,412
3,194
1,380
Amortization of deferred drydocking and
survey
costs
(2,846
)
(1,653
)
(1,321
)
(796
)
(686
)
Disposals, intersegment transfers and
other
—
(328
)
98
—
—
Deferred drydocking and survey costs -
ending
balance
$
22,456
13,397
8,318
7,129
4,731
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
Worldwide
Vessel revenues
$
116,539
117,173
123,641
119,662
108,527
Vessel operating costs:
Crew costs
$
46,071
46,193
47,191
48,145
45,133
Repairs and maintenance
15,181
11,967
10,911
9,702
9,405
Insurance and loss reserves
1,174
2,027
750
2,178
636
Fuel, lube and supplies
9,782
8,781
8,451
9,345
9,317
Other
13,726
11,651
13,136
12,833
10,476
Total vessel operating costs
$
85,935
80,619
80,439
82,203
74,967
Vessel operating margin ($)
$
30,604
36,554
43,202
37,459
33,500
Vessel operating margin (%)
26.3
%
31.2
%
34.9
%
31.3
%
30.9
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
219
220
228
253
227
Utilization - Total fleet
58.3
%
57.5
%
57.0
%
53.6
%
54.4
%
Average vessels - Active fleet
157
158
163
168
150
Utilization - Active fleet
81.4
%
80.4
%
79.3
%
80.6
%
82.2
%
Average day rates
$
9,940
10,021
10,442
9,806
9,545
Vessels commencing drydocks
8
12
12
24
12
Cash paid for deferred drydocking and
survey costs
$
26,736
15,013
16,403
12,285
8,880
Deferred drydocking and survey costs -
beginning
balance
$
49,026
41,029
30,601
22,215
16,053
Cash paid for deferred drydocking and
survey
costs
26,736
15,013
16,403
12,285
8,880
Amortization of deferred drydocking and
survey
costs
(8,810
)
(6,688
)
(5,490
)
(3,898
)
(2,718
)
Disposals, intersegment transfers and
other
(16
)
(328
)
(485
)
—
—
Deferred drydocking and survey costs -
ending
balance
$
66,936
49,026
41,029
30,602
22,215
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
Net loss
$
(60,574
)
(43,806
)
(15,553
)
(21,286
)
(90,377
)
Interest and other debt costs
6,282
7,468
7,582
7,736
7,707
Income tax expense
1,281
15,071
5,542
5,830
7,856
Depreciation
19,416
19,047
19,548
19,034
17,383
Amortization of deferred drydocking and
survey costs
8,810
6,688
5,490
3,898
2,718
EBITDA (A), (B), (C), (D)
$
(24,785
)
4,468
22,609
15,212
(54,713
)
Impairment of Due from affiliate
—
—
—
20,083
Long-lived asset impairments
32,549
5,224
—
—
36,878
One time charges
2,123
6,293
460
3,739
12,161
Loss on debt extinguishment
—
—
—
8,119
Adjusted EBITDA (A), (B), (C), (D)
$
9,887
15,985
23,069
18,951
22,528
Note (A): 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 (B): EBITDA and Adjusted EBITDA
for the three months ended December 31, 2019, September 30, 2019,
June 30, 2019, March 31, 2019 and December 31, 2018 includes
non-cash, stock-based compensation expense of $2,972, $7,384,
$3,588, $5,627 and $3,439, respectively.
Note (C): EBITDA and Adjusted EBITDA
for the three months ended December 31, 2019, September 30, 2019,
June 30, 2019, March 31, 2019 and December 31, 2018 includes
foreign exchange gains (losses) of $(945), $173, $11, $(508), and
$1,454, respectively.
Note (D): EBITDA and Adjusted EBITDA
equity in net (earnings) losses of unconsolidated companies for the
three months ended December 31, 2019, September 30, 2019, June 30,
2019, March 31, 2019 and December 31, 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.
TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL
DATA
(In thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
2019
2019
2019
2019
2018
Net cash provided by (used in) operating
activities
$
5,281
(15,981
)
(17,566
)
(3,157
)
(26,171
)
Cash interest expense
8,205
8,189
7,974
8,319
8,108
Interest income
(690
)
(1,579
)
(1,859
)
(2,470
)
(5,799
)
Loss on debt extinguishment
—
—
—
—
8,119
Additions to properties and equipment
(4,067
)
(5,058
)
(5,757
)
(3,116
)
(12,275
)
Free cash flow before proceeds from asset
sales
$
8,729
(14,429
)
(17,208
)
(424
)
(28,018
)
Proceeds from asset sales
3,755
4,526
10,915
9,651
29,616
Free cash flow
$
12,484
(9,903
)
(6,293
)
9,227
1,598
Annual free cash flow
5,515
Free cash flow is a non-GAAP investment performance indicator
which we believe provides useful information regarding the net cash
generated by the Company before any payments to capital providers.
Free cash flow is determined from net cash provided by (used in)
operating activities adjusted for capital expenditures, proceeds
from asset sales, cash interest expense, interest income and loss
on debt extinguishment. Free cash flow is not defined by U.S. GAAP
and is not a substitute for net cash provided by operating
activities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200302006005/en/
Tidewater Inc. Jason Stanley Vice President, Investor Relations
and Marketing 713-470-5300 SOURCE: Tidewater Inc.
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