Financial News
Tidewater Reports Results for the Three and Nine Months Ended September 30, 2020
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.
| ||||||||||||||||
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.
| ||||||||
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.
| ||||||||||||||||
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.
| ||||||||
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.
| ||||||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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.
| ||||||||||||||||||||
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/
Contacts:
Jason Stanley
Vice President Investor Relations and ESG
+1.713.470.5292
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
