Tidewater Inc. (NYSE:TDW) announced today revenue for the three
and nine months ended September 30, 2020, of $86.5 million and
$305.2 million, respectively compared with $119.8 million and
$367.8 million, respectively, for the three and nine months ended
September 30, 2019. Tidewater also reported net losses for the
three and nine months ended September 30, 2020, of $37.9 million
($0.94 per share) and $167.0 million ($4.15 per share),
respectively, compared with $44.2 million ($1.15 per share) and
$81.9 million ($2.17 per share), respectively, for the three and
nine months ended September 30, 2019. Included in the net losses
for the three and nine months ended September 30, 2020 were
impairment charges related to assets held for sale, affiliate
credit losses, affiliate guaranteed obligation, inventory
obsolescence and general and administrative severance expenses
totaling $2.6 million and $124.4 million, respectively. Excluding
these costs, we would have reported a net loss for the three months
ended September 30, 2020 of $35.3 million ($0.87 per common share)
and a net loss for the nine months ended September 30, 2020 of
$42.6 million ($1.06 per common share). Included in the net losses
for the three 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 and $10.5 million, respectively. Excluding these costs, net
losses for the three and nine months ended September 30, 2019 were
$37.9 million (or $0.98 per common share) and $71.4 million (or
$1.89 per common share), respectively.
Quintin Kneen, Tidewater’s President and Chief Executive
Officer, commented, "Tidewater generated $30.0 million of free cash
flow in the third-quarter, its best quarterly performance since its
restructuring in 2017. That cash was used to repurchase $27.7
million of our outstanding bonds at 95% of par, and we completed
the quarter with $33.7 million of net debt. We recently launched a
tender for another $50.0 million of the bonds at 100.5% of par, and
we simultaneously launched a consent to relax the financial
covenants in 2021.
“We are executing on the plan we laid out on the first quarter
call after reassessing our business outlook as a result of the
pandemic. As of the third quarter we were positive cash flow from
operations and free cash flow positive for the nine-month period.
We are dedicated to remaining free cash flow positive for the year,
and we are repositioning our shore base operations and our fleet so
our business can remain free cash flow positive under the currently
depressed market conditions.
“Our quarterly cash generation performance is both important and
noteworthy, but the operational impact of the pandemic and overall
lower market demand have been both severe and challenging. The
Tidewater team has dedicated to our objectives of capital
expenditure management, working capital management, and the
restructure of our business to accommodate the lower level of
demand around the world for our vessels.
“Domestic and international travel restrictions have started to
ease in some regions, and as a result we have been able to improve
the frequency of crew changes and allow our mariners to return home
safely to their families and to more easily return to work. The
situation remains far from solved, however, and we continue to urge
global government coordination to support open travel for seafarers
as designated key workers. For 2020, we continue to see the
additional costs associated with managing the travel inefficiencies
to be approximately $20.0 million, and this is in addition to the
decreased level of profitability from lower overall demand.
“Another key element to our strategy is high-grading our fleet
through strategic acquisitions and disposals. We disposed of 22
vessels in the third quarter for $10.6 million and early in the
fourth quarter we made an acquisition of 11 modern crew boats for
$5.3 million.
“I continue to be humbled by the commitment and resilience of
the dedicated women and men across the company during these arduous
times. These individuals are who enabled the company to so readily
adapt and to progress as much as it has towards achieving its goals
in today’s challenging environment.”
In addition to the number of outstanding shares, as of September
30, 2020, the company also has the following in the money
warrants.
Common shares outstanding
40,460,982
New Creditor Warrants (strike price $0.001
per common share)
761,395
GulfMark Creditor Warrants (strike price
$0.01 per common share)
930,027
Total
42,152,404
Tidewater will hold a conference call to discuss results for the
three and nine months ended September 30, 2020 on Friday, November
6, at 8:00 a.m. Central Time. Investors and interested parties may
listen to the earnings conference call 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 live webcast of the
call will also be available in the Investor Relations section of
Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at
10:30 a.m. Central Time on November 6, 2020 and will continue until
11:59 p.m. Central Time on December 6, 2020. To access the replay,
visit the Investor Relations section of Tidewater’s website at
investor.tdw.com.
The conference call will contain forward-looking statements in
addition to statements of historical fact. The actual achievement
of any forecasted results or the unfolding of future economic or
business developments in a way anticipated or projected by the
company involves numerous risks and uncertainties that may cause
the company’s actual performance to be materially different from
that stated or implied in the forward-looking statements. Such
risks and uncertainties include, among other things, risks
associated with the general nature of the oilfield service industry
and other factors discussed within the “Risk Factors” section of
Tidewater’s most recent Forms 10-Q and 10-K.
Tidewater owns and operates 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, 2020
September 30, 2019
September 30, 2020
September 30, 2019
Revenues:
Vessel revenues
$
85,395
$
117,173
$
298,344
$
360,476
Other operating revenues
1,072
2,592
6,835
7,296
Total revenues
86,467
119,765
305,179
367,772
Costs and expenses:
Vessel operating costs
61,784
80,619
205,383
243,261
Costs of other operating revenue
219
534
3,063
1,884
General and administrative
17,438
30,474
56,455
81,310
Depreciation and amortization
30,777
25,735
86,028
73,705
Long-lived asset impairments
1,945
5,224
67,634
5,224
Affiliate credit loss impairment
expense
—
—
53,581
—
Affiliate guarantee obligation
—
—
2,000
—
(Gain) loss on asset dispositions, net
(520
)
(270
)
(7,511
)
(1,047
)
111,643
142,316
466,633
404,337
Operating loss
(25,176
)
(22,551
)
(161,454
)
(36,565
)
Other income (expense):
Foreign exchange gain (loss)
(1,153
)
173
(2,365
)
(324
)
Equity in net losses of unconsolidated
companies
—
(468
)
—
(435
)
Dividend income from unconsolidated
company
—
—
17,150
—
Interest income and other, net
272
1,579
1,084
5,908
Interest and other debt costs, net
(6,071
)
(7,468
)
(18,172
)
(22,786
)
(6,952
)
(6,184
)
(2,303
)
(17,637
)
Loss before income taxes
(32,128
)
(28,735
)
(163,757
)
(54,202
)
Income tax (benefit) expense
5,953
15,071
3,512
26,443
Net loss
$
(38,081
)
$
(43,806
)
$
(167,269
)
$
(80,645
)
Net income (loss) attributable to
noncontrolling interests
(154
)
394
(274
)
1,245
Net loss attributable to Tidewater
Inc.
$
(37,927
)
$
(44,200
)
$
(166,995
)
$
(81,890
)
Basic loss per common share
$
(0.94
)
$
(1.15
)
$
(4.15
)
$
(2.17
)
Diluted loss per common share
$
(0.94
)
$
(1.15
)
$
(4.15
)
$
(2.17
)
Weighted average common shares
outstanding
40,405
38,537
40,271
37,767
Adjusted weighted average common
shares
40,405
38,537
40,271
37,767
TIDEWATER INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands, except share and par value
data)
September 30,
December 31,
ASSETS
2020
2019
Current assets:
Cash and cash equivalents
$
192,243
$
218,290
Restricted cash
26,401
5,755
Trade and other receivables, less
allowance for credit losses of $651 as of September 30, 2020 and
less allowance for doubtful accounts of $70 as of December 31,
2019.
100,583
110,180
Due from affiliate, less allowance for
credit losses of $72,696 as of September 30, 2020 and less due from
affiliate allowance of $20,083 as of December 31, 2019
65,692
125,972
Marine operating supplies
17,808
21,856
Assets held for sale
19,163
39,287
Prepaid expenses and other current
assets
18,925
15,956
Total current assets
440,815
537,296
Net properties and equipment
820,876
938,961
Deferred drydocking and survey costs
63,975
66,936
Other assets
25,108
36,335
Total assets
$
1,350,774
$
1,579,528
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
12,953
$
27,501
Accrued costs and expenses
55,811
74,000
Due to affiliates
53,355
50,186
Current portion of long-term debt
9,576
9,890
Other current liabilities
31,599
24,100
Total current liabilities
163,294
185,677
Long-term debt
246,179
279,044
Other liabilities and deferred credits
87,724
98,397
Equity:
Common stock
40
40
Additional paid-in-capital
1,370,778
1,367,521
Accumulated deficit
(519,684
)
(352,526
)
Accumulated other comprehensive income
(loss)
1,106
(236
)
Total stockholder's equity
852,240
1,014,799
Noncontrolling interests
1,337
1,611
Total equity
853,577
1,016,410
Total liabilities and equity
$
1,350,774
$
1,579,528
TIDEWATER INC. CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS (In thousands)
Three Months Ended
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
Net loss
$
(38,081
)
$
(43,806
)
$
(167,269
)
$
(80,645
)
Other comprehensive income:
Change in pension plan and supplemental
pension plan liability, net of tax of $0.2 million and $0.4
million, respectively
525
—
1,342
—
Total comprehensive loss
$
(37,556
)
$
(43,806
)
$
(165,927
)
$
(80,645
)
TIDEWATER INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In thousands)
Nine Months
Nine Months
Ended
Ended
September 30, 2020
September 30, 2019
Operating activities:
Net loss
$
(167,269
)
$
(80,645
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation
53,614
57,629
Amortization of deferred drydocking and
survey costs
32,414
16,076
Amortization of debt premiums and
discounts
2,418
(1,562
)
Provision (benefit) for deferred income
taxes
107
759
Gain on asset dispositions, net
(7,511
)
(1,047
)
Affiliate credit loss impairment
expense
53,581
—
Affiliate guarantee obligation
2,000
—
Long-lived asset impairments
67,634
5,224
Changes in investments in unconsolidated
companies
—
435
Compensation expense - stock based
3,959
16,599
Changes in operating assets and
liabilities, net:
Trade and other receivables
9,434
(11,796
)
Changes in due to/from affiliate, net
9,852
14,898
Accounts payable
(14,548
)
(8,267
)
Accrued costs and expenses
(18,189
)
(10,574
)
Cash paid for deferred drydocking and
survey costs
(29,499
)
(43,701
)
Other, net
3,809
9,268
Net cash used in operating activities
1,806
(36,704
)
Cash flows from investing activities:
Proceeds from sales of assets
31,498
25,092
Additions to property and equipment
(4,682
)
(13,931
)
Net cash provided by investing
activities
26,816
11,161
Cash flows from financing activities:
Principal payments on long-term debt
(33,520
)
(6,458
)
Taxes on share-based awards
(702
)
(3,112
)
Other
—
1
Net cash used in financing activities
(34,222
)
(9,569
)
Net change in cash, cash equivalents and
restricted cash
(5,600
)
(35,112
)
Cash, cash equivalents and restricted cash
at beginning of period
227,608
397,744
Cash, cash equivalents and restricted cash
at end of period (A)
$
222,008
$
362,632
Supplemental disclosure of cash flow
information:
Cash paid during the period for:
Interest, net of amounts capitalized
$
16,169
$
24,482
Income taxes
$
9,940
$
10,386
Note (A): Cash, cash
equivalents and restricted cash at September 30, 2020 includes $3.4
million in long-term restricted cash.
TIDEWATER INC. CONDENSED CONSOLIDATED
STATEMENTS OF EQUITY (In thousands)
Three Months Ended
Accumulated
Additional
other
Non
Common
paid-in
Accumulated
comprehensive
controlling
stock
capital
deficit
income (loss)
interest
Total
Balance at June 30,2020
$
40
1,369,645
(481,757
)
581
1,491
890,000
Total comprehensive loss
—
—
(37,927
)
525
(154
)
(37,556
)
Amortization, net of taxes, on share-based
awards
—
1,133
—
—
—
1,133
Balance at September 30, 2020
$
40
1,370,778
(519,684
)
1,106
1,337
853,577
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
Nine Months Ended
Accumulated
Additional
other
Non
Common
paid-in
Accumulated
comprehensive
controlling
stock
capital
deficit
income (loss)
interest
Total
Balance at December 31, 2019
$
40
1,367,521
(352,526
)
(236
)
1,611
1,016,410
Total comprehensive loss
—
—
(166,995
)
1,342
(274
)
(165,927
)
Adoption of credit loss accounting
standard
—
—
(163
)
—
—
(163
)
Amortization, net of taxes, on share-based
awards
—
3,257
—
—
—
3,257
Balance at September 30, 2020
$
40
1,370,778
(519,684
)
1,106
1,337
853,577
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
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, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(In thousands)
%
%
%
%
Vessel revenues:
Americas
$
28,705
34
%
$
33,147
28
%
$
94,608
32
%
$
103,624
29
%
Middle East/Asia Pacific
23,280
27
%
22,765
19
%
72,091
24
%
63,670
18
%
Europe/Mediterranean
17,716
21
%
30,946
26
%
67,827
23
%
94,531
26
%
West Africa
15,694
18
%
30,315
26
%
63,818
21
%
98,651
27
%
Total vessel revenues
$
85,395
100
%
$
117,173
100
%
$
298,344
100
%
$
360,476
100
%
Vessel operating costs:
Crew costs
$
36,686
43
%
$
46,193
39
%
$
119,864
40
%
$
141,528
39
%
Repair and maintenance
5,932
7
%
11,967
10
%
23,186
8
%
32,579
9
%
Insurance
1,953
2
%
2,027
2
%
5,748
2
%
4,955
1
%
Fuel, lube and supplies
6,757
8
%
8,781
7
%
22,892
8
%
26,577
7
%
Other
10,456
12
%
11,651
10
%
33,693
11
%
37,622
10
%
Total vessel operating costs
61,784
72
%
80,619
69
%
205,383
69
%
243,261
67
%
Vessel operating margin (A)
$
23,611
28
%
$
36,554
31
%
$
92,961
31
%
$
117,215
33
%
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
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(In thousands)
%
%
%
%
Vessel operating profit (loss):
Americas
$
107
0
%
$
(168
)
(0
)%
$
3,448
1
%
$
1,702
0
%
Middle East/Asia Pacific
(2,222
)
(3
)%
(809
)
(1
)%
(2,479
)
(1
)%
(4,098
)
(1
)%
Europe/Mediterranean
(3,883
)
(4
)%
(276
)
(0
)%
(4,086
)
(1
)%
(768
)
(0
)%
West Africa
(10,168
)
(12
)%
678
1
%
(19,015
)
(6
)%
11,891
3
%
Other operating profit
853
1
%
2,052
2
%
3,772
1
%
5,381
1
%
(15,313
)
(18
)%
1,477
1
%
(18,360
)
(6
)%
14,108
4
%
Corporate expenses (A)
(8,438
)
(10
)%
(19,074
)
(16
)%
(27,390
)
(9
)%
(46,496
)
(13
)%
Gain (loss) on asset dispositions, net
520
1
%
270
0
%
7,511
2
%
1,047
1
%
Affiliate credit loss impairment
expense
—
0
%
—
0
%
(53,581
)
(18
)%
—
0
%
Affiliate guarantee obligation
—
0
%
—
0
%
(2,000
)
(1
)%
—
0
%
Long-lived asset impairments
(1,945
)
(2
)%
(5,224
)
(4
)%
(67,634
)
(22
)%
(5,224
)
(1
)%
Operating loss
$
(25,176
)
(29
)%
$
(22,551
)
(19
)%
$
(161,454
)
(53
)%
$
(36,565
)
(9
)%
Note (A): General and
administrative expenses for the three and nine months ended
September 30, 2020 include stock-based compensation of $1.3 million
and $4.0 million, respectively. General and administrative expenses
for the three and nine months ended September 30, 2019 includes
stock-based compensation of $7.4 million and $16.6 million,
respectively. In addition, general and administrative costs for the
three months and nine ended September 30, 2020 include $0.6 million
and $1.2 million, respectively, of severance and similar costs
related to integrating Tidewater and GulfMark operations. General
and administrative expenses for the three and nine months ended
September 30, 2019 include $6.3 million and $10.5 million,
respectively, of severance and other 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
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
Revenues:
Vessel revenues
$
85,395
$
100,975
$
111,974
$
116,539
$
117,173
Other operating revenues
1,072
1,369
4,394
2,237
2,592
Total revenues
86,467
102,344
116,368
118,776
119,765
Costs and expenses:
Vessel operating costs
61,784
64,774
78,825
85,935
80,619
Costs of other operating revenue
219
171
2,673
916
534
General and administrative (A)
17,438
17,597
21,420
22,406
30,474
Depreciation and amortization
30,777
28,144
27,107
28,226
25,735
(Gain) loss on asset dispositions, net
1,945
(1,660
)
(5,331
)
(1,217
)
(270
)
Affiliate credit loss impairment
expense
—
53,581
—
—
—
Affiliate guarantee obligation
—
2,000
—
—
—
Asset impairments and other
(520
)
55,482
10,207
32,549
5,224
Total operating costs and expenses
111,643
220,089
134,901
168,815
142,316
Operating loss
(25,176
)
(117,745
)
(18,533
)
(50,039
)
(22,551
)
Other income (expense):
Foreign exchange gain (loss)
(1,153
)
(2,076
)
864
(945
)
173
Equity in net (losses) earnings of
unconsolidated companies
—
—
—
(2,717
)
(468
)
Dividend income from unconsolidated
company
—
17,150
—
—
—
Interest income and other, net
272
696
116
690
1,579
Interest and other debt costs, net
(6,071
)
(5,959
)
(6,142
)
(6,282
)
(7,468
)
Total other expense
(6,952
)
9,811
(5,162
)
(9,254
)
(6,184
)
Loss before income taxes
(32,128
)
(107,934
)
(23,695
)
(59,293
)
(28,735
)
Income tax (benefit) expense
5,953
2,730
(5,171
)
1,281
15,071
Net loss
$
(38,081
)
$
(110,664
)
$
(18,524
)
$
(60,574
)
$
(43,806
)
Net income (loss) attributable to
noncontrolling interests
(154
)
(41
)
(79
)
(721
)
394
Net loss attributable to Tidewater
Inc.
$
(37,927
)
$
(110,623
)
$
(18,445
)
$
(59,853
)
$
(44,200
)
Basic loss per common share
$
(0.94
)
$
(2.74
)
$
(0.46
)
$
(1.52
)
$
(1.15
)
Diluted loss per common share
$
(0.94
)
$
(2.74
)
$
(0.46
)
$
(1.52
)
$
(1.15
)
Weighted average common shares
outstanding
40,405
40,306
40,101
39,504
38,537
Dilutive effect of stock options and
restricted stock
—
—
—
—
—
Adjusted weighted average common
shares
40,405
40,306
40,101
39,504
38,537
Vessel operating margin
$
23,611
$
36,201
$
33,149
$
30,604
$
36,554
Note (A) Integration related costs related
to the business combination with GulfMark
641
446
129
2,123
6,293
TIDEWATER INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (In
thousands)
September 30,
June 30,
March 31,
December 31,
September 30,
ASSETS
2020
2020
2020
2019
2019
Current assets:
Cash and cash equivalents
$
192,243
203,119
187,802
218,290
359,332
Restricted cash
26,401
19,880
12,461
5,755
3,300
Trade and other receivables, net
100,583
115,008
119,455
110,180
123,133
Due from affiliate, less allowances
65,692
65,766
128,204
125,972
124,757
Marine operating supplies
17,808
20,580
21,944
21,856
21,303
Assets held for sale
19,163
29,064
26,142
39,287
—
Prepaid expenses and other current
assets
18,925
20,350
22,185
15,956
13,116
Total current assets
440,815
473,767
518,193
537,296
644,941
Net properties and equipment
820,876
839,912
922,979
938,961
1,022,786
Deferred drydocking and survey costs
63,975
74,585
81,981
66,936
49,025
Other assets
25,108
27,411
29,971
36,335
37,269
Total assets
$
1,350,774
1,415,675
1,553,124
1,579,528
1,754,021
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
12,953
17,111
30,711
27,501
23,672
Accrued costs and expenses
55,811
60,993
72,854
74,000
54,792
Due to affiliates
53,355
48,803
50,013
50,186
41,676
Current portion of long-term debt
9,576
9,437
9,104
9,890
9,689
Other current liabilities
31,599
25,815
26,953
24,100
30,024
Total current liabilities
163,294
162,159
189,635
185,677
159,853
Long-term debt
246,179
273,215
273,015
279,044
419,905
Other liabilities and deferred credits
87,724
90,301
91,578
98,397
96,499
Equity:
Common stock
40
40
40
40
39
Additional paid-in-capital
1,370,778
1,369,645
1,368,325
1,367,521
1,365,872
Accumulated deficit
(519,684
)
(481,757
)
(371,134
)
(352,526
)
(292,673
)
Accumulated other comprehensive income
(loss)
1,106
581
133
(236
)
2,194
Total stockholder's equity
852,240
888,509
997,364
1,014,799
1,075,432
Noncontrolling interests
1,337
1,491
1,532
1,611
2,332
Total equity
853,577
890,000
998,896
1,016,410
1,077,764
Total liabilities and equity
$
1,350,774
1,415,675
1,553,124
1,579,528
1,754,021
Supplemental information
Due from related parties, net of due to
related parties:
Sonatide (Angola)
$
12,337
16,963
64,184
57,771
64,660
DTDW (Nigeria)
—
—
14,007
18,015
18,421
Total
$
12,337
16,963
78,191
75,786
83,081
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
VESSEL REVENUE BY
VESSEL CLASS
Americas
fleet:
Deepwater
$
22,836
27,858
22,882
22,883
24,575
Towing-supply
4,119
4,455
7,243
8,639
7,831
Other
1,750
1,731
1,734
1,811
741
Total
28,705
34,044
31,859
33,333
33,147
Middle East/Asia
Pacific fleet:
Deepwater
$
13,819
14,195
14,326
16,015
14,960
Towing-supply
9,461
9,788
10,502
10,636
7,805
Total
23,280
23,983
24,828
26,651
22,765
Europe/Mediterranean
fleet:
Deepwater
$
17,578
20,476
29,163
28,652
30,608
Towing-supply
(13
)
—
179
528
338
Other
151
144
149
—
—
Total
17,716
20,620
29,491
29,180
30,946
West Africa
fleet:
Deepwater
$
4,905
8,748
12,102
14,066
14,923
Towing-supply
7,711
11,029
10,521
9,981
11,598
Other
3,078
2,552
3,173
3,328
3,794
Total
$
15,694
22,329
25,796
27,375
30,315
Worldwide
fleet:
Deepwater
$
59,137
71,277
78,473
81,616
85,066
Towing-supply
21,278
25,271
28,445
29,784
27,572
Other
4,980
4,427
5,056
5,139
4,535
Total
85,395
100,975
111,974
116,539
117,173
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
AVERAGE NUMBER OF
VESSELS:
Americas
fleet:
Deepwater
32
32
32
31
32
Towing-supply
12
15
17
17
17
Other
3
3
3
4
5
Total
47
50
52
52
54
Stacked vessels
(17
)
(17
)
(17
)
(15
)
(17
)
Active vessels
30
33
35
37
37
Middle East/Asia
Pacific fleet:
Deepwater
22
26
27
27
26
Towing-supply
23
26
28
28
26
Total
45
52
55
55
52
Stacked vessels
(4
)
(9
)
(10
)
(10
)
(11
)
Active vessels
41
43
45
44
41
Europe/Mediterranean
fleet:
Deepwater
32
36
39
42
42
Towing-supply
—
1
2
3
3
Total
32
37
41
45
45
Stacked vessels
(17
)
(17
)
(11
)
(15
)
(13
)
Active vessels
15
20
30
30
32
West Africa
fleet:
Deepwater
25
26
26
27
29
Towing-supply
17
18
19
19
20
Other
16
19
20
21
21
Total
58
63
65
67
70
Stacked vessels
(31
)
(21
)
(21
)
(22
)
(22
)
Active vessels
27
42
44
45
48
Worldwide
fleet:
Deepwater
111
120
124
126
129
Towing-supply
52
60
66
68
66
Other
19
22
23
25
26
Total
182
202
213
219
221
Stacked vessels
(69
)
(64
)
(60
)
(62
)
(63
)
Active vessels
113
138
153
157
158
Total active
113
138
153
157
158
Total stacked
69
64
60
62
63
Total joint venture and other vessels
3
3
3
4
4
Total
185
205
216
223
225
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
AVAILABLE DAYS -
TOTAL FLEET:
Americas
fleet:
Deepwater
2,996
2,940
2,873
2,852
2,932
Towing-supply
1,098
1,329
1,547
1,580
1,552
Other
276
273
285
368
460
Total
4,370
4,542
4,705
4,800
4,944
Middle East/Asia
Pacific fleet:
Deepwater
2,025
2,411
2,496
2,453
2,370
Towing-supply
2,118
2,342
2,512
2,576
2,392
Total
4,143
4,753
5,008
5,029
4,762
Europe/Mediterranean
fleet:
Deepwater
2,916
3,256
3,581
3,848
3,874
Towing-supply
24
91
122
276
276
Total
2,940
3,347
3,703
4,124
4,150
West Africa
fleet:
Deepwater
2,269
2,366
2,366
2,439
2,723
Towing-supply
1,588
1,654
1,729
1,779
1,840
Other
1,469
1,698
1,820
1,932
1,932
Total
5,326
5,718
5,915
6,150
6,495
Worldwide
fleet:
Deepwater
10,206
10,973
11,316
11,592
11,899
Towing-supply
4,828
5,416
5,910
6,211
6,060
Other
1,745
1,971
2,105
2,300
2,392
Total
16,779
18,360
19,331
20,103
20,351
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
OUT-OF-SERVICE -
STACKED DAYS:
Americas
fleet:
Deepwater
1,134
863
873
656
723
Towing-supply
362
601
593
568
632
Other
92
91
103
184
184
Total
1,588
1,555
1,569
1,408
1,539
Middle East/Asia
Pacific fleet:
Deepwater
185
500
546
552
552
Towing-supply
186
310
396
399
460
Total
371
810
942
951
1,012
Europe/Mediterranean
fleet:
Deepwater
1,522
1,422
1,004
1,196
1,104
Towing-supply
24
91
—
153
92
Total
1,546
1,513
1,004
1,349
1,196
West Africa
fleet:
Deepwater
1,809
919
819
766
768
Towing-supply
882
563
469
583
552
Other
181
446
637
643
736
Total
2,872
1,928
1,925
1,992
2,056
Worldwide
fleet:
Deepwater
4,650
3,704
3,242
3,170
3,147
Towing-supply
1,454
1,565
1,458
1,703
1,736
Other
273
537
740
827
920
Total
6,377
5,806
5,440
5,700
5,803
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
AVAILABLE DAYS -
ACTIVE FLEET:
Americas
fleet:
Deepwater
1,862
2,077
2,000
2,196
2,209
Towing-supply
736
728
954
1,012
920
Other
184
182
182
184
276
Total
2,782
2,987
3,136
3,392
3,405
Middle East/Asia
Pacific fleet:
Deepwater
1,840
1,911
1,950
1,901
1,818
Towing-supply
1,932
2,032
2,116
2,177
1,932
Total
3,772
3,943
4,066
4,078
3,750
Europe/Mediterranean
fleet:
Deepwater
1,394
1,834
2,577
2,652
2,770
Towing-supply
—
—
122
123
184
Total
1,394
1,834
2,699
2,775
2,954
West Africa
fleet:
Deepwater
460
1,447
1,547
1,673
1,955
Towing-supply
706
1,091
1,260
1,196
1,288
Other
1,288
1,252
1,183
1,289
1,196
Total
2,454
3,790
3,990
4,158
4,439
Worldwide
fleet:
Deepwater
5,556
7,269
8,074
8,422
8,752
Towing-supply
3,374
3,851
4,452
4,508
4,324
Other
1,472
1,434
1,365
1,473
1,472
Total
10,402
12,554
13,891
14,403
14,548
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
UTILIZATION -
TOTAL FLEET:
Americas
fleet:
Deepwater
51.7
%
64.3
%
57.7
%
61.7
%
64.5
%
Towing-supply
50.0
%
43.5
54.9
58.6
53.1
Other
66.7
%
65.2
63.1
50.0
21.0
Total
52.2
%
58.3
%
57.1
%
59.8
%
56.9
%
Middle East/Asia
Pacific fleet:
Deepwater
67.4
%
57.9
%
56.8
%
66.7
%
65.4
%
Towing-supply
72.3
%
68.2
69.2
70.0
61.7
Total
69.9
%
63.0
%
63.0
%
68.4
%
63.6
%
Europe/Mediterranean
fleet:
Deepwater
45.5
%
49.9
%
64.2
%
60.0
%
64.0
%
Towing-supply
0.0
%
—
46.7
31.6
24.5
Total
45.1
%
48.6
%
63.6
%
58.1
%
61.4
%
West Africa
fleet:
Deepwater
17.5
%
31.1
%
41.5
%
46.9
%
50.6
%
Towing-supply
28.4
%
41.3
45.5
43.8
46.3
Other
53.1
%
39.2
51.5
56.6
55.6
Total
30.6
%
36.5
%
45.7
%
49.1
%
50.9
%
Worldwide
fleet:
Deepwater
45.4
%
51.5
%
56.2
%
59.1
%
61.4
%
Towing-supply
52.4
%
52.8
58.0
57.9
53.1
Other
55.3
%
42.8
53.1
55.6
49.0
Total
48.5
%
50.9
%
56.4
%
58.3
%
57.5
%
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
UTILIZATION - ACTIVE FLEET:
Americas
fleet:
Deepwater
83.2
%
91.0
%
72.8
%
80.1
%
85.7
%
Towing-supply
74.6
%
79.4
89.0
91.4
89.6
Other
100.0
%
97.8
98.8
100.0
35.0
Total
82.0
%
88.6
%
85.7
%
84.6
%
82.6
%
Middle East/Asia
Pacific fleet:
Deepwater
74.2
%
73.1
%
72.8
%
86.1
%
85.3
%
Towing-supply
79.2
%
78.6
82.2
82.9
76.4
Total
76.8
%
75.9
%
77.7
%
84.4
%
80.7
%
Europe/Mediterranean
fleet:
Deepwater
95.1
%
88.6
%
89.2
%
87.1
%
89.5
%
Towing-supply
0.0
%
—
46.7
70.9
36.8
Total
95.1
%
88.6
%
87.3
%
86.4
%
86.3
%
West Africa
fleet:
Deepwater
86.2
%
50.9
%
63.4
%
68.3
%
70.5
%
Towing-supply
63.8
%
62.6
62.4
65.1
66.1
Other
60.6
%
53.2
79.2
84.9
89.9
Total
66.3
%
55.0
%
67.8
%
72.5
%
74.4
%
Worldwide
fleet:
Deepwater
83.4
%
77.7
%
78.8
%
81.3
%
83.4
%
Towing-supply
75.0
%
74.2
77.0
79.8
74.5
Other
65.5
%
58.9
81.9
86.8
79.6
Total
78.2
%
74.5
%
78.5
%
81.4
%
80.4
%
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
AVERAGE VESSEL
DAY RATES: (A)
Americas
fleet:
Deepwater
$
14,743
14,738
13,793
13,001
12,986
Towing-supply
7,506
7,707
8,532
9,337
9,504
Other
9,514
9,723
9,638
9,838
7,674
Total
$
12,581
12,865
11,854
11,617
11,783
Middle East/Asia
Pacific fleet:
Deepwater
$
10,127
10,161
10,097
9,784
9,648
Towing-supply
6,180
6,128
6,041
5,897
5,285
Total
$
8,040
8,009
7,863
7,746
7,520
Europe/Mediterranean
fleet:
Deepwater
$
13,257
12,600
12,682
12,336
12,342
Towing-supply
—
—
3,138
6,055
4,995
Total
$
13,361
12,689
12,514
12,171
12,147
West Africa
fleet:
Deepwater
$
12,365
11,891
12,337
12,304
10,827
Towing-supply
17,122
16,158
13,389
12,810
13,628
Other
3,944
3,829
3,384
3,041
3,530
Total
$
9,643
10,711
9,539
9,075
9,174
Worldwide
fleet:
Deepwater
$
12,756
12,620
12,342
11,892
11,651
Towing-supply
8,411
8,843
8,292
8,284
8,564
Other
5,163
5,243
4,524
4,137
3,871
Total
$
10,503
10,799
10,267
9,940
10,021
Note (A): Average Vessel Day
Rates equals Vessel Revenue / Days Worked.
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
Americas
Vessel revenues
$
28,705
34,044
31,859
33,333
33,147
Vessel operating costs:
Crew costs
$
11,711
13,138
14,186
15,307
15,108
Repair and maintenance
1,259
1,703
2,171
3,067
3,061
Insurance
426
427
417
299
305
Fuel, lube and supplies
1,754
1,373
2,615
1,853
1,919
Other
2,486
1,956
2,673
4,082
2,461
Total vessel operating costs
$
17,636
18,597
22,062
24,608
22,854
Vessel operating margin ($)
$
11,069
15,447
9,797
8,726
10,293
Vessel operating margin (%)
38.6
%
45.4
%
30.8
%
26.2
%
31.1
%
Americas - Select
operating statistics
Average vessels - Total fleet
47
50
52
52
54
Utilization - Total fleet
52.2
%
58.3
%
57.1
%
59.8
%
56.9
%
Average vessels - Active fleet
30
33
35
37
37
Utilization - Active fleet
82.0
%
88.6
%
85.7
%
84.6
%
82.6
%
Average day rates
$
12,581
12,865
11,854
11,617
11,783
Vessels commencing drydocks
—
5
5
1
4
Cash paid for deferred drydocking and
survey costs
$
1,086
1,819
5,912
5,381
5,368
Deferred drydocking and survey costs -
beginning balance
$
20,024
21,599
18,561
15,678
12,154
Cash paid for deferred drydocking and
survey costs
1,086
1,819
5,912
5,381
5,368
Amortization of deferred drydocking and
survey costs
(3,336
)
(3,394
)
(2,874
)
(2,498
)
(1,964
)
Disposals, intersegment transfers and
other
—
—
—
—
120
Deferred drydocking and survey costs -
ending balance
$
17,774
20,024
21,599
18,561
15,678
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
Middle East/Asia
Pacific
Vessel revenues
$
23,280
23,983
24,828
26,651
22,765
Vessel operating costs:
Crew costs
$
10,468
8,726
10,085
10,308
9,243
Repair and maintenance
2,385
2,196
2,586
3,838
2,317
Insurance
562
739
591
790
358
Fuel, lube and supplies
1,783
1,405
2,665
1,937
2,431
Other
2,057
2,412
1,696
2,864
1,318
Total vessel operating costs
$
17,255
15,478
17,623
19,737
15,667
Vessel operating margin ($)
$
6,025
8,505
7,205
6,913
7,100
Vessel operating margin (%)
25.9
%
35.5
%
29.0
%
25.9
%
31.2
%
Middle East/Asia
Pacific - Select operating statistics
Average vessels - Total fleet
45
52
55
55
52
Utilization - Total fleet
69.9
%
63.0
%
63.0
%
68.4
%
63.6
%
Average vessels - Active fleet
41
43
45
44
41
Utilization - Active fleet
76.8
%
75.9
%
77.7
%
84.4
%
80.7
%
Average day rates
$
8,040
8,009
7,863
7,746
7,520
Vessels commencing drydocks
—
—
5
3
3
Cash paid for deferred drydocking and
survey costs
$
386
850
8,897
6,072
2,269
Deferred drydocking and survey costs -
beginning balance
$
21,116
23,139
16,513
12,572
11,961
Cash paid for deferred drydocking and
survey costs
386
850
8,897
6,072
2,269
Amortization of deferred drydocking and
survey costs
(3,036
)
(2,589
)
(2,271
)
(2,131
)
(1,911
)
Disposals, intersegment transfers and
other
200
(284
)
—
—
253
Deferred drydocking and survey costs -
ending balance
$
18,666
21,116
23,139
16,513
12,572
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
Europe/Mediterranean
Vessel revenues
$
17,716
20,620
29,491
29,180
30,946
Vessel operating costs:
Crew costs
$
7,952
9,707
11,696
11,984
12,974
Repair and maintenance
869
1,278
3,141
3,617
3,307
Insurance
448
420
431
367
503
Fuel, lube and supplies
592
924
1,098
1,808
1,614
Other
1,274
1,547
2,522
2,098
2,658
Total vessel operating costs
$
11,135
13,876
18,888
19,874
21,056
Vessel operating margin ($)
$
6,581
6,744
10,603
9,306
9,890
Vessel operating margin (%)
37.1
%
32.7
%
36.0
%
31.9
%
32.0
%
Europe/Mediterranean - Select operating
statistics
Average vessels - Total fleet
32
37
41
45
45
Utilization - Total fleet
45.1
%
48.6
%
63.6
%
58.1
%
61.4
%
Average vessels - Active fleet
15
20
30
30
32
Utilization - Active fleet
95.1
%
88.6
%
87.3
%
86.4
%
86.3
%
Average day rates
$
13,361
12,689
12,514
12,171
12,147
Vessels commencing drydocks
—
—
2
3
1
Cash paid for deferred drydocking and
survey costs
$
(361
)
517
2,591
3,378
316
Deferred drydocking and survey costs -
beginning balance
$
9,143
10,387
9,406
7,379
8,596
Cash paid for deferred drydocking and
survey costs
(361
)
517
2,591
3,378
316
Amortization of deferred drydocking and
survey costs
(1,635
)
(1,710
)
(1,610
)
(1,335
)
(1,160
)
Disposals, intersegment transfers and
other
—
(51
)
—
(16
)
(373
)
Deferred drydocking and survey costs -
ending balance
$
7,147
9,143
10,387
9,406
7,379
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
West
Africa
Vessel revenues
$
15,694
22,328
25,796
27,375
30,315
Vessel operating costs:
Crew costs
$
6,555
7,120
8,520
8,472
8,868
Repair and maintenance
1,419
1,479
2,700
4,659
3,282
Insurance
517
424
346
(282
)
863
Fuel, lube and supplies
2,628
2,681
3,374
4,184
2,817
Other
4,639
5,119
5,312
4,682
5,214
Total vessel operating costs
$
15,758
16,823
20,252
21,715
21,044
Vessel operating margin ($)
$
(64
)
5,505
5,544
5,660
9,271
Vessel operating margin (%)
(0.4
)%
24.7
%
21.5
%
20.7
%
30.6
%
West Africa -
Select operating statistics
Average vessels - Total fleet
58
63
65
67
70
Utilization - Total fleet
30.6
%
36.5
%
45.7
%
49.1
%
50.9
%
Average vessels - Active fleet
27
42
44
45
48
Utilization - Active fleet
66.3
%
55.0
%
67.8
%
72.5
%
74.4
%
Average day rates
$
9,643
10,711
9,539
9,075
9,174
Vessels commencing drydocks
—
—
3
1
4
Cash paid for deferred drydocking and
survey costs
$
(576
)
911
7,467
11,905
7,060
Deferred drydocking and survey costs -
beginning balance
$
24,301
26,856
22,456
13,397
8,318
Cash paid for deferred drydocking and
survey costs
(576
)
911
7,467
11,905
7,060
Amortization of deferred drydocking and
survey costs
(3,426
)
(3,466
)
(3,067
)
(2,846
)
(1,653
)
Disposals, intersegment transfers and
other
89
—
—
—
(328
)
Deferred drydocking and survey costs -
ending balance
$
20,388
24,301
26,856
22,456
13,397
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
Worldwide
Vessel revenues
$
85,395
100,975
111,974
116,539
117,173
Vessel operating costs:
Crew costs
$
36,686
38,691
44,487
46,071
46,193
Repair and maintenance
5,932
6,656
10,598
15,181
11,967
Insurance
1,953
2,010
1,785
1,174
2,027
Fuel, lube and supplies
6,757
6,383
9,752
9,782
8,781
Other
10,456
11,034
12,203
13,726
11,651
Total vessel operating costs
$
61,784
64,774
78,825
85,934
80,619
Vessel operating margin ($)
$
23,611
36,201
33,149
30,604
36,554
Vessel operating margin (%)
27.6
%
35.9
%
29.6
%
26.3
%
31.2
%
Worldwide -
Select operating statistics
Average vessels - Total fleet
182
202
213
219
220
Utilization - Total fleet
48.5
%
50.9
%
56.4
%
58.3
%
57.5
%
Average vessels - Active fleet
113
138
153
157
158
Utilization - Active fleet
78.2
%
74.5
%
78.5
%
81.4
%
80.4
%
Average day rates
$
10,503
10,799
10,267
9,940
10,021
Vessels commencing drydocks
—
5
15
8
12
Cash paid for deferred drydocking and
survey costs
$
535
4,097
24,867
26,736
15,013
Deferred drydocking and survey costs -
beginning balance
$
74,584
81,981
66,936
49,026
41,029
Cash paid for deferred drydocking and
survey costs
535
4,097
24,867
26,736
15,013
Amortization of deferred drydocking and
survey costs
(11,433
)
(11,159
)
(9,822
)
(8,810
)
(6,688
)
Disposals, intersegment transfers and
other
289
(335
)
—
(16
)
(328
)
Deferred drydocking and survey costs -
ending balance
$
63,975
74,584
81,981
66,936
49,026
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
Net loss
$
(38,081
)
(110,664
)
(18,524
)
(60,574
)
(43,806
)
Interest and other debt costs
6,071
5,959
6,142
6,282
7,468
Income tax (benefit) expense
5,953
2,730
(5,171
)
1,281
15,071
Depreciation
19,344
16,986
17,285
19,416
19,047
Amortization of deferred drydock and
survey costs
11,433
11,158
9,822
8,810
6,688
EBITDA (A), (B), (C)
$
4,720
(73,831
)
9,554
(24,785
)
4,468
Long-lived asset impairments
1,945
55,482
10,207
32,549
5,224
Affiliate credit loss impairment
expense
—
53,581
Affiliate guarantee obligation
—
2,000
—
—
—
One-time charges
641
446
129
2,123
6,293
Adjusted EBITDA (A), (B), (C)
$
7,306
37,678
19,890
9,887
15,985
Note (A): EBITDA excludes
interest and other debt costs, income tax expense, depreciation and
amortization. Additionally, Adjusted EBITDA excludes impairment
charges, and merger and integration related costs.
Note (B): EBITDA and Adjusted
EBITDA for the three months ended September 30, 2020, and for each
of the prior four quarters includes non-cash, stock-based
compensation expense of $1,223, $1,401, $1,335, $2,972, and $7,384,
respectively.
Note (C): EBITDA and Adjusted
EBITDA for the three months ended September 30, 2020, and for each
of the prior four quarters includes foreign exchange gains (losses)
of $(1,153), $(2,076), $864, $(945), and $173, respectively.
Non-GAAP Financial Measures
We disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP
financial measures in our public releases, including quarterly
earnings releases, investor conference calls and other filings with
the Securities and Exchange Commission. We define EBITDA as
earnings (net income or loss) before interest and other debt costs,
income tax expense, depreciation and amortization. Additionally,
Adjusted EBITDA excludes impairment charges and merger and
integration related costs. Our measures of EBITDA and Adjusted
EBITDA may not be comparable to similarly titled measures presented
by other companies. Other companies may calculate EBITDA and
Adjusted EBITDA differently than we do, which may limit its
usefulness as a comparative measure.
Because EBITDA and Adjusted EBITDA are not measures of financial
performance calculated in accordance with GAAP, they should not be
considered in isolation or as a substitute for operating income,
net income or loss, cash provided (used) in operating activities,
investing and financing activities, or other income or cash flow
statement data prepared in accordance with GAAP.
EBITDA and Adjusted EBITDA are widely used by investors and
other users of our financial statements as a supplemental financial
measure that, when viewed with our GAAP results and the
accompanying reconciliations, we believe provide additional
information that is useful to gain an understanding of the factors
and trends affecting our ability to service debt, pay taxes and
fund drydocking and survey costs and capital expenditures. We also
believe the disclosure of EBITDA and Adjusted EBITDA helps
investors meaningfully evaluate and compare our cash flow
generating capacity from quarter-to-quarter and year-to-year.
EBITDA and Adjusted EBITDA are also financial metrics used by
management (i) as a supplemental internal measure for planning and
forecasting overall expectations and for evaluating actual results
against such expectations; (ii) to compare to the EBITDA and
Adjusted EBITDA of other companies when evaluating potential
acquisitions; and (iii) to assess our ability to service existing
fixed charges and incur additional indebtedness.
TIDEWATER INC. UNAUDITED OTHER FLEET
AND FINANCIAL DATA (In thousands)
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
Net cash provided by (used in) operating
activities (A)
$
14,629
14,702
(27,525
)
5,281
(15,981
)
Cash interest expense
5,435
5,292
5,442
8,205
8,189
Interest income and other
(272
)
(696
)
(116
)
(690
)
(1,579
)
Additions to property and equipment
(607
)
(1,626
)
(2,449
)
(4,067
)
(5,058
)
Free cash flow before proceeds from asset
sales
$
19,185
17,672
(24,648
)
8,729
(14,429
)
Proceeds from asset sales
10,592
11,454
9,452
3,755
4,526
Free cash flow
$
29,777
29,126
(15,196
)
12,484
(9,903
)
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 and interest income. Free
cash flow is not defined by U.S. GAAP and is not a substitute for
net cash provided by operating activities.
Note (A): Net cash provided by
(used in) operating activities is affected by changes in our assets
and liabilities and the amounts we pay in cash for our drydocks and
vessel surveys as illustrated in the following table:
Three Months Ended
September 30,
June 30,
March 31,
December 31,
September 30,
2020
2020
2020
2019
2019
Cash provided by (used in) changes in
assets and liabilities, excluding drydock payments
$
18,858
$
(10,373
)
(18,127
)
32,826
4,502
Cash paid for deferred drydock and survey
costs
(535
)
(4,097
)
(24,867
)
(26,736
)
(15,013
)
Total sources (uses) of cash for changes
in assets and liabilities
$
18,323
$
(14,470
)
(42,994
)
6,090
(10,511
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201105006113/en/
Tidewater Inc. Jason Stanley Vice President Investor Relations
and ESG +1.713.470.5292
SOURCE: Tidewater Inc.
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