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

By: Tidewater Inc. via Business Wire

May 02, 2024 at 16:14 PM EDT

First Quarter 2024 Highlights

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

Share Count Reduction and 2024 Guidance

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

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

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

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

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

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

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

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

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

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on May 3, 2024. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

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

Cautionary Statement

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

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

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

Financial information is displayed beginning on the next page.

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


TIDEWATER INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In Thousands, except per share data)


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


TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)


	March 31, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	280,853		$	274,437
Restricted cash		6,474			1,241
Trade and other receivables, net of allowance for credit losses of $3,687 and $15,914 at March 31, 2024 and December 31, 2023, respectively		285,968			268,352
Marine operating supplies		24,767			31,933
Prepaid expenses and other current assets		17,447			15,172
Total current assets		615,509			591,135
Net properties and equipment		1,286,618			1,315,122
Deferred drydocking and survey costs		128,639			106,698
Indemnification assets		16,642			17,370
Other assets		30,408			32,449
Total assets	$	2,077,816		$	2,062,774

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	51,774		$	44,931
Accrued expenses		132,190			125,590
Current portion of long-term debt		103,009			103,077
Other current liabilities		52,164			55,133
Total current liabilities		339,137			328,731
Long-term debt		620,329			631,361
Other liabilities		63,197			64,985

Commitments and contingencies

Equity:
Common stock of $0.001 par value, 125,000,000 shares authorized, 52,759,223 and 52,259,303 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		53			52
Additional paid-in-capital		1,646,061			1,671,759
Accumulated deficit		(594,347	)		(637,838	)
Accumulated other comprehensive loss		5,209			5,266
Total stockholders' equity		1,056,976			1,039,239
Noncontrolling interests		(1,823	)		(1,542	)
Total equity		1,055,153			1,037,697
Total liabilities and equity	$	2,077,816		$	2,062,774


TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)


	Three Months Ended
	March 31, 2024			March 31, 2023
Net income	$	46,745		$	10,816
Other comprehensive income (loss):
Unrealized gain (loss) on note receivable		80			(132	)
Change in liability of pension plans		(137	)		(190	)
Total comprehensive income	$	46,688		$	10,494


TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)


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


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

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


TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In Thousands)


	Three Months Ended
									Accumulated
			Additional						other			Non
	Common		paid-in			Accumulated			comprehensive			controlling
	stock		capital			deficit			income			interest			Total
Balance at December 31, 2023	$	52	$	1,671,759		$	(637,838	)	$	5,266		$	1,542		$	1,040,781
Total comprehensive income (loss)		—		—			47,026			(57	)		(281	)		46,688
Amortization of share-based awards		—		(25,697	)		—			—			—			(25,697	)
Balance at March 31, 2024	$	53	$	1,647,488		$	(594,347	)	$	5,209		$	1,261		$	1,059,664

Balance at December 31, 2022	$	51	$	1,556,990		$	(699,649	)	$	8,576		$	22		$	865,990
Total comprehensive income (loss)		—		—			10,738			(322	)		78			10,494
Acquisition of non-controlling interest in a majority owned subsidiary		—		(1,427	)		—			—			—			(1,427	)
Amortization of share-based awards		—		(1,644	)		—			—			—			(1,644	)
Balance at March 31, 2023	$	51	$	1,553,919		$	(688,911	)	$	8,254		$	100		$	873,413

The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:


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

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

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


(In Thousands)	Three Months Ended
	March 31, 2024					March 31, 2023
Vessel operating profit:
Americas	$	10,126		3	%	$	7,962		4	%
Asia Pacific		14,847		5	%		5,568		3	%
Middle East		1,529		0	%		(344	)	(0	)%
Europe/Mediterranean		14,757		5	%		2,036		1	%
West Africa		41,010		13	%		17,221		9	%
Other operating profit		1,328		0	%		773		0	%
		83,597		26	%		33,216		17	%

Corporate expenses (A)		(12,738	)	(4	)%		(10,933	)	(6	)%
Gain on asset dispositions, net		11,039		3	%		2,216		1	%
Operating income	$	81,898		26	%	$	24,499		13	%

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


TIDEWATER INC.
CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA
(In Thousands, except per share data)


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

Vessel operating margin	$	151,130		$	141,962		$	132,736		$	92,059		$	75,721

Note (A): Acquisition, restructuring and integration related costs	$	709		$	2,177		$	6,079		$	1,242		$	1,426


TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)


	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023
ASSETS
Current assets:
Cash and cash equivalents	$	280,853		$	274,437		$	275,070		$	171,261		$	165,145
Restricted cash		6,474			1,241			4,973			1,242			4,972
Trade and other receivables, net		285,968			268,352			250,671			195,906			182,198
Marine operating supplies		24,767			31,933			27,489			22,495			24,448
Assets held for sale		—			—			565			630			695
Prepaid expenses and other current assets		17,447			15,172			16,598			18,958			18,978
Total current assets		615,509			591,135			575,366			410,492			396,436
Net properties and equipment		1,286,618			1,315,122			1,348,001			784,873			786,168
Deferred drydocking and survey costs		128,639			106,698			99,215			92,481			82,787
Indemnification assets		16,642			17,370			18,648			22,678			27,698
Other assets		30,408			32,449			30,325			33,640			34,058
Total assets	$	2,077,816		$	2,062,774		$	2,071,555		$	1,344,164		$	1,327,147

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	51,774		$	44,931		$	57,183		$	69,822		$	64,775
Accrued expenses		132,190			125,590			119,631			91,875			107,348
Current portion of long-term debt		103,009			103,077			102,369			2,441			—
Other current liabilities		52,164			55,133			53,301			42,305			43,220
Total current liabilities		339,137			328,731			332,484			206,443			215,343
Long-term debt		620,329			631,361			641,301			179,573			169,423
Other liabilities		63,197			64,985			66,246			65,621			68,968


Equity:
Common stock		53			52			53			51			51
Additional paid-in-capital		1,646,061			1,671,759			1,668,392			1,554,793			1,553,919
Accumulated deficit		(594,347	)		(637,838	)		(640,128	)		(666,327	)		(688,911	)
Accumulated other comprehensive income		5,209			5,266			4,413			4,566			8,254
Total stockholders' equity		1,056,976			1,039,239			1,032,730			893,083			873,313
Noncontrolling interests		(1,823	)		(1,542	)		(1,206	)		(556	)		100
Total equity		1,055,153			1,037,697			1,031,524			892,527			873,413
Total liabilities and equity	$	2,077,816		$	2,062,774		$	2,071,555		$	1,344,164		$	1,327,147


TIDEWATER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA
(In Thousands)


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


Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized	$	15,621		$	18,186		$	606		$	7,748		$	98
Income taxes	$	15,603		$	7,295		$	9,384		$	10,144		$	17,057
Supplemental disclosure of noncash investing activities:
Purchase of vessels	$	—		$	2,067		$	27		$	12,171		$	—
Supplemental disclosure of noncash financing activities:
Debt incurred for purchase of vessels	$	—		$	3,037		$	27		$	12,171		$	—


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2024		2023		2023		2023		2023
VESSEL REVENUE BY VESSEL CLASS

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


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023
AVERAGE NUMBER OF VESSELS:

Americas fleet:
PSV > 900		11			12			12			10			10
PSV < 900		18			18			18			15			15
AHTS > 16K		2			2			2			2			2
AHTS 8 - 16K		2			2			2			2			2
AHTS 4 - 8K		2			2			2			2			2
Other		1			2			2			2			1
Total		36			38			38			33			32
Stacked vessels		(1	)		(1	)		(1	)		(1	)		(1	)
Active vessels		35			37			37			32			31
Asia Pacific fleet:
PSV > 900		8			8			8			6			5
PSV < 900		5			5			4			2			2
AHTS > 16K		3			2			2			2			1
AHTS 8 - 16K		3			3			3			3			3
AHTS 4 - 8K		1			1			1			1			2
Other		1			—			—			—			1
Total		21			19			18			14			14
Stacked vessels		—			—			—			—			(1	)
Active vessels		21			19			18			14			13
Middle East fleet:
PSV > 900		1			1			1			1			1
PSV < 900		20			20			20			20			21
AHTS > 16K		—			1			1			1			2
AHTS 8 - 16K		5			5			5			5			5
AHTS 4 - 8K		17			18			18			17			14
Total		43			45			45			44			43
Stacked vessels		—			—			—			—			—
Active vessels		43			45			45			44			43
Europe/Mediterranean fleet:
PSV > 900		40			39			38			18			19
PSV < 900		9			10			10			7			7
AHTS > 16K		2			2			2			1			1
Total		51			51			50			26			27
Stacked vessels		—			—			—			—			—
Active vessels		51			51			50			26			27
West Africa fleet:
PSV > 900		9			9			9			7			7
PSV < 900		19			19			19			18			18
AHTS > 16K		4			4			4			5			5
AHTS 8 - 16K		11			11			11			11			11
AHTS 4 - 8K		4			4			5			6			8
Other		21			21			24			23			25
Total		68			68			72			70			74
Stacked vessels		(1	)		(1	)		(3	)		(5	)		(8	)
Active vessels		67			67			69			65			66
Worldwide fleet:
PSV > 900		69			69			68			42			42
PSV < 900		71			72			71			62			63
AHTS > 16K		11			11			11			11			11
AHTS 8 - 16K		21			21			21			21			21
AHTS 4 - 8K		24			25			26			26			26
Other		23			23			26			25			27
Total		219			221			223			187			190
Stacked vessels		(2	)		(2	)		(4	)		(6	)		(10	)
Active vessels		217			219			219			181			180

Total active		217			219			219			181			180
Total stacked		2			2			4			6			10
Total		219			221			223			187			190


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2024		2023		2023		2023		2023
AVAILABLE DAYS - TOTAL FLEET:

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


TIDEWATER INC. OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2024		2023		2023		2023		2023
OUT-OF-SERVICE - STACKED DAYS:

Americas fleet:
PSV < 900		84		92		92		91		99
Total		84		92		92		91		99
Asia Pacific fleet:
Other		—		—		—		—		48
Total		—		—		—		—		48
West Africa fleet:
AHTS 4 - 8K		91		109		184		182		180
Other		—		16		103		265		540
Total		91		125		287		447		720
Worldwide fleet:
PSV < 900		84		92		92		91		99
AHTS 4 - 8K		91		109		184		182		180
Other		—		16		103		265		588
Total		175		217		379		538		867


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2024		2023		2023		2023		2023
AVAILABLE DAYS - ACTIVE FLEET:

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


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	March 31,				December 31,			September 30,			June 30,			March 31,
		2024			2023			2023			2023			2023
UTILIZATION - TOTAL FLEET:

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


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

		Three Months Ended
	March 31,				December 31,			September 30,			June 30,			March 31,
		2024			2023			2023			2023			2023
UTILIZATION - ACTIVE FLEET:

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


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2024		2023		2023		2023		2023
AVERAGE VESSEL DAY RATES: (A)

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

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


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023

Americas
Vessel revenues	$	63,941		$	68,425		$	70,717		$	50,376		$	47,687

Vessel operating costs:
Crew costs		24,062			24,045			26,848			18,033			17,402
Repair and maintenance		4,534			3,846			5,588			3,973			3,888
Insurance		494			526			476			479			410
Fuel, lube and supplies		4,522			3,241			4,386			2,549			2,999
Other		5,928			5,172			5,924			4,564			3,572
Total vessel operating costs		39,540			36,830			43,222			29,598			28,271

Vessel operating margin ($)		24,401			31,595			27,495			20,778			19,416
Vessel operating margin (%)		38.2	%		46.2	%		38.9	%		41.2	%		40.7	%

Americas - Select operating statistics
Average vessels - Total fleet		36			38			38			33			32
Utilization - Total fleet		74.5	%		78.9	%		84.1	%		82.8	%		82.3	%

Average vessels - Active fleet		35			37			37			32			31
Utilization - Active fleet		76.5	%		81.0	%		86.3	%		85.4	%		85.2	%

Average day rates	$	25,894		$	24,524		$	23,495		$	20,269		$	19,794

Vessels commencing drydocks		7			3			3			4			2


Deferred drydocking and survey costs - beginning balance	$	28,688		$	29,684		$	29,769		$	27,832		$	21,720
Cash paid for deferred drydocking and survey costs		8,014			5,025			4,658			5,867			8,218
Amortization of deferred drydocking and survey costs		(5,004	)		(5,353	)		(3,727	)		(2,626	)		(3,417	)
Disposals, intersegment transfers and other		—			(668	)		(1,016	)		(1,304	)		1,311
Deferred drydocking and survey costs - ending balance	$	31,698		$	28,688		$	29,684		$	29,769		$	27,832


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023

Asia Pacific
Vessel revenues	$	47,781		$	38,632		$	38,994		$	22,585		$	22,024

Vessel operating costs:
Crew costs		19,306			15,177			12,390			7,062			7,311
Repair and maintenance		2,769			2,977			2,969			1,517			1,749
Insurance		273			269			183			219			123
Fuel, lube and supplies		1,937			1,191			909			1,521			1,630
Other		2,491			2,045			2,380			1,648			1,678
Total vessel operating costs		26,776			21,659			18,831			11,967			12,491

Vessel operating margin ($)		21,005			16,973			20,163			10,618			9,533
Vessel operating margin (%)		44.0	%		43.9	%		51.7	%		47.0	%		43.3	%

Asia Pacific - Select operating statistics
Average vessels - Total fleet		21			19			18			14			14
Utilization - Total fleet		84.0	%		86.6	%		91.3	%		72.4	%		74.8	%

Average vessels - Active fleet		21			19			18			14			13
Utilization - Active fleet		84.0	%		86.6	%		91.3	%		72.4	%		77.8	%

Average day rates	$	30,101		$	25,378		$	25,867		$	24,250		$	23,582

Vessels commencing drydocks		3			—			—			—			1


Deferred drydocking and survey costs - beginning balance	$	3,769		$	3,595		$	2,128		$	2,525		$	553
Cash paid for deferred drydocking and survey costs		4,734			(18	)		84			(4	)		2,368
Amortization of deferred drydocking and survey costs		(844	)		(720	)		(637	)		(393	)		(282	)
Disposals, intersegment transfers and other		717			912			2,020			—			(114	)
Deferred drydocking and survey costs - ending balance	$	8,376		$	3,769		$	3,595		$	2,128		$	2,525


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023

Middle East
Vessel revenues	$	37,932		$	38,072		$	34,685		$	31,856		$	30,762

Vessel operating costs:
Crew costs		13,270			13,716			13,914			13,170			12,616
Repair and maintenance		4,508			4,105			4,828			3,779			3,475
Insurance		420			501			385			465			433
Fuel, lube and supplies		2,304			2,610			3,142			3,470			2,870
Other		6,006			4,906			4,796			3,756			3,669
Total vessel operating costs		26,508			25,838			27,065			24,640			23,063

Vessel operating margin ($)		11,424			12,234			7,620			7,216			7,699
Vessel operating margin (%)		30.1	%		32.1	%		22.0	%		22.7	%		25.0	%

Middle East - Select operating statistics
Average vessels - Total fleet		43			45			45			44			43
Utilization - Total fleet		86.6	%		85.6	%		79.8	%		76.0	%		82.5	%

Average vessels - Active fleet		43			45			45			44			43
Utilization - Active fleet		86.6	%		85.6	%		79.8	%		76.0	%		82.5	%

Average day rates	$	11,108		$	10,855		$	10,544		$	10,449		$	9,679

Vessels commencing drydocks		11			3			4			7			5


Deferred drydocking and survey costs - beginning balance	$	19,331		$	21,153		$	22,717		$	20,677		$	15,062
Cash paid for deferred drydocking and survey costs		7,520			1,360			3,234			4,262			7,787
Amortization of deferred drydocking and survey costs		(3,161	)		(3,182	)		(2,776	)		(3,778	)		(1,913	)
Disposals, intersegment transfers and other		—			—			(2,022	)		1,556			(259	)
Deferred drydocking and survey costs - ending balance	$	23,690		$	19,331		$	21,153		$	22,717		$	20,677


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023

Europe/Mediterranean
Vessel revenues	$	80,381		$	80,743		$	78,929		$	39,295		$	31,250

Vessel operating costs:
Crew costs		26,282			25,848			26,632			13,406			12,727
Repair and maintenance		5,493			6,081			5,342			2,900			2,706
Insurance		756			791			689			354			384
Fuel, lube and supplies		4,094			3,717			4,033			2,363			1,584
Other		4,359			3,719			5,376			2,292			2,371
Total vessel operating costs		40,984			40,156			42,072			21,315			19,772

Vessel operating margin ($)		39,397			40,587			36,857			17,980			11,478
Vessel operating margin (%)		49.0	%		50.3	%		46.7	%		45.8	%		36.7	%

Europe/Mediterranean - Select operating statistics
Average vessels - Total fleet		51			51			50			26			27
Utilization - Total fleet		87.1	%		89.0	%		88.8	%		85.7	%		83.4	%

Average vessels - Active fleet		51			51			50			26			27
Utilization - Active fleet		87.1	%		89.0	%		88.8	%		85.7	%		83.4	%

Average day rates	$	19,763		$	19,061		$	19,105		$	18,990		$	15,669

Vessels commencing drydocks		16			5			5			4			4


Deferred drydocking and survey costs - beginning balance	$	21,078		$	16,256		$	11,705		$	11,363		$	9,566
Cash paid for deferred drydocking and survey costs		10,876			7,580			6,733			2,217			5,128
Amortization of deferred drydocking and survey costs		(3,359	)		(2,758	)		(3,201	)		(1,875	)		(1,739	)
Disposals, intersegment transfers and other		(1,335	)		—			1,019			—			(1,592	)
Deferred drydocking and survey costs - ending balance	$	27,260		$	21,078		$	16,256		$	11,705		$	11,363


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023

West Africa
Vessel revenues	$	88,651		$	74,643		$	73,650		$	66,211		$	59,457

Vessel operating costs:
Crew costs		19,432			18,751			17,502			16,336			16,587
Repair and maintenance		4,044			4,626			4,868			4,665			4,834
Insurance		637			678			626			651			655
Fuel, lube and supplies		4,461			4,506			5,300			4,055			4,472
Other		5,174			5,509			4,753			5,037			5,314
Total vessel operating costs		33,748			34,070			33,049			30,744			31,862

Vessel operating margin ($)		54,903			40,573			40,601			35,467			27,595
Vessel operating margin (%)		61.9	%		54.4	%		55.1	%		53.6	%		46.4	%

West Africa - Select operating statistics
Average vessels - Total fleet		68			68			72			70			74
Utilization - Total fleet		77.1	%		73.3	%		70.7	%		72.3	%		68.4	%

Average vessels - Active fleet		67			67			69			65			66
Utilization - Active fleet		78.3	%		74.8	%		73.9	%		77.8	%		76.6	%

Average day rates	$	18,687		$	16,356		$	15,772		$	14,469		$	13,047

Vessels commencing drydocks		7			7			7			4			6


Deferred drydocking and survey costs - beginning balance	$	33,832		$	28,527		$	26,162		$	20,390		$	14,179
Cash paid for deferred drydocking and survey costs		8,874			10,121			5,909			9,024			7,824
Amortization of deferred drydocking and survey costs		(5,091	)		(4,367	)		(3,544	)		(3,000	)		(2,267	)
Disposals, intersegment transfers and other		—			(449	)		—			(252	)		654
Deferred drydocking and survey costs - ending balance	$	37,615		$	33,832		$	28,527		$	26,162		$	20,390


TIDEWATER INC.
OTHER FLEET AND FINANCIAL DATA
(In Thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023

Worldwide
Vessel revenues	$	318,686		$	300,515		$	296,975		$	210,323		$	191,180

Vessel operating costs:
Crew costs		102,352			97,537			97,286			68,007			66,643
Repair and maintenance		21,348			21,635			23,595			16,834			16,652
Insurance		2,580			2,765			2,359			2,168			2,005
Fuel, lube and supplies		17,318			15,265			17,770			13,958			13,555
Other		23,958			21,351			23,229			17,297			16,604
Total vessel operating costs		167,556			158,553			164,239			118,264			115,459

Vessel operating margin ($)		151,130			141,962			132,736			92,059			75,721
Vessel operating margin (%)		47.4	%		47.2	%		44.7	%		43.8	%		39.6	%

Worldwide - Select operating statistics
Average vessels - Total fleet		219			221			223			187			190
Utilization - Total fleet		81.5	%		81.5	%		80.5	%		76.9	%		76.5	%

Average vessels - Active fleet		217			219			219			181			180
Utilization - Active fleet		82.3	%		82.4	%		82.1	%		79.4	%		80.6	%

Average day rates	$	19,563		$	18,066		$	17,865		$	16,042		$	14,624

Vessels commencing drydocks		44			18			19			19			18


Deferred drydocking and survey costs - beginning balance	$	106,698		$	99,215		$	92,481		$	82,787		$	61,080
Cash paid for deferred drydocking and survey costs		40,018			24,068			20,618			21,366			31,325
Amortization of deferred drydocking and survey costs		(17,459	)		(16,380	)		(13,885	)		(11,672	)		(9,618	)
Disposals, intersegment transfers and other		(618	)		(205	)		1			—			—
Deferred drydocking and survey costs - ending balance	$	128,639		$	106,698		$	99,215		$	92,481		$	82,787


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,		March 31,
	2024			2023			2023			2023		2023

Net income	$	46,745		$	37,328		$	25,549		$	21,928	$	10,816

Interest and other debt costs		19,476			20,263			19,288			4,731		4,190
Income tax expense		13,070			10,793			9,260			11,284		11,971
Depreciation		38,811			42,788			43,845			21,096		21,048
Amortization of deferred drydock and survey costs		17,459			16,379			13,885			11,672		9,618
Amortization of below market contracts		(1,206	)		(1,894	)		(1,906	)		—		—
EBITDA (A), (B), (C)		134,355			125,657			109,921			70,711		57,643

Non-cash indemnification assets charge		1,122			(70	)		1,184			—		—
Non-cash stock compensation expense		2,766			3,508			2,496			2,648		2,103
Acquisition, restructuring and integration related costs		709			2,177			6,079			1,242		1,426
Adjusted EBITDA (A), (B), (C)	$	138,952		$	131,272		$	119,680		$	74,601	$	61,172

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

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

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

Non-GAAP Financial Measures

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

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

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

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


TIDEWATER INC.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
(In Thousands)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023

Net cash provided by operating activities (A)	$	54,765		$	47,231		$	34,939		$	9,741		$	12,794

Cash interest expense		15,621			18,186			606			7,748			98
Interest income and other		(1,483	)		(3,029	)		(568	)		(2,790	)		(130	)
Indemnification assets charge		(1,122	)		70			(1,184	)		—			—
Additions to property and equipment		(10,942	)		(8,386	)		(5,702	)		(8,849	)		(8,651	)
Acquisitions		—			—			(594,191	)		—			—
Expansion capital		71			1,034			594,252			2,493			109
	56,910			55,106			28,152			8,343			4,220

Proceeds from asset sales		12,463			5,902			945			2,943			5,716

Free cash flow	$	69,373		$	61,008		$	29,097		$	11,286		$	9,936

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

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

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

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

Contacts

Tidewater Inc.

West Gotcher

Senior Vice President,

Strategy, Corporate Development and Investor Relations

+1.713.470.5285

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

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